BLACKROCK FUNDS

Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock Funds, 55 East 52^ndStreet, New York, NY 10055

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The Markets in Review

Dear Shareholder,

The last 12 months have been a time of sudden change in global financial markets, as a long period of growth and positive returns was interrupted in early 2020 by the emergence and spread of the coronavirus. For much of the reporting period, U.S. equities and bonds both delivered impressive returns, despite fears and doubts about the economy that were ultimately laid to rest with unprecedented monetary stimulus and a sluggish yet resolute performance from the U.S. economy. But as the threat from the coronavirus became more apparent throughout February and March 2020, leading countries around the world took economically disruptive countermeasures, causing equity prices to fall sharply. While markets have since recovered some of these losses as countries around the world begin reopening, there is still significant uncertainty surrounding the long-term impact of the pandemic on the global economy.

Returns for most securities were robust for the first three quarters of the reporting period, as investors began to realize that the U.S. economy was maintaining the modest yet steady growth that had characterized this economic cycle. However, once stay-at-home orders and closures of non-essential businesses became widespread, many workers were laid off and unemployment claims spiked. With large portions of the global economy on hold, all types of international equities ended the reporting period with negative performance, while in the U.S. only large-capitalization stocks delivered a slightly positive return.

The performance of different types of fixed-income securities diverged substantially due to a reduced investor appetite for risk. Treasuries benefited from the risk-off environment, and posted healthy returns, as the 10-year yield (which is inversely related to bond prices) fell to an all-time low. Investment-grade corporate bonds also delivered a positive return, while high-yield corporates were down due to credit concerns.

The U.S. Federal Reserve (the “Fed”) reduced interest rates three times in 2019, to support slowing economic growth. After the coronavirus outbreak, the Fed instituted two emergency rate cuts, pushing short-term interest rates close to zero. To stabilize credit markets, the Fed also announced a new bond-buying program, as did several other central banks around the world, including the European Central Bank and the Bank of Japan.

Looking ahead, while coronavirus-related disruption is certain to hurt worldwide economic growth, the global expansion is likely to continue once the impact of the outbreak subsides. Nonetheless, there are promising signs that a strong coordinated monetary and fiscal response is underway, both in the United States and abroad. With measures being taken to contain the virus and provide support to impacted businesses and individuals, we anticipate a sharp increase in economic activity as life returns to normal.

Overall, we favor a neutral stance toward risk, given the uncertainty surrounding the economic impact of coronavirus countermeasures. Among equities, we see an advantage in U.S. stocks compared to other developed markets, given the diversity of the U.S. economy and the impressive scope of monetary and fiscal stimulus. In bonds, the swift action taken by the world’s central banks means there are attractive opportunities in credit, and we expect credit spreads to narrow as markets stabilize. Both U.S. Treasuries and sustainable investments can help provide portfolio resilience, and the disruption created by the coronavirus appears to be accelerating the shift toward sustainable investments.

In this environment, investors need to think globally, extend their scope across a broad array of asset classes, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visit blackrock.com for further insight about investing in today’s markets.

Sincerely,

LOGO

Rob Kapito

President, BlackRock Advisors, LLC

LOGO

Rob Kapito

President, BlackRock Advisors, LLC


Total Returns as of April 30, 2020
	6-month	12-month
U.S. large cap equities (S&P 500^® Index)	(3.16)%	0.86%
U.S. small cap equities (Russell 2000^® Index)	(15.47)	(16.39)
International equities (MSCI Europe, Australasia, Far East Index)	(14.21)	(11.34)
Emerging market equities (MSCI Emerging Markets Index)	(10.50)	(12.00)
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	0.85	2.07
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	10.73	19.78
U.S. investment grade bonds (Bloomberg Barclays U.S. Aggregate Bond Index)	4.86	10.84
Tax-exempt municipal bonds (S&P Municipal Bond Index)	(1.26)	2.21
U.S. high yield bonds (Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Capped Index)	(6.60)	(4.08)
Past performance is no guarantee of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

BlackRock Advantage Emerging Markets Fund’s (the “Fund”) investment objective is to seek long-term capital appreciation.

On November 13, 2019, the Board of Trustees of BlackRock Funds^SM (the “Board”) approved a change in the fiscal year-end of the Fund, effective as of April 30, 2020, from July 31 to April 30.

For the abbreviated annual period from August 1, 2019 to April 30, 2020, the Fund’s Institutional, Investor A, Investor C and Class K Shares returned (11.78)%, (12.05)%, (12.57)% and (11.87)%, respectively, underperforming its benchmark, the MSCI Emerging Markets Index, which returned (9.58)%.

Overall, the Fund struggled against the highly changeable market backdrop during the period. Trade concerns that caused a broad market decline early in the period gave way to a risk-on rally amid excitement for a trade deal between the United States and China. Entering 2020, the resolution of trade issues initially supported stocks before the global spread of the coronavirus led to a steep market decline. Investor concerns mounted amid broadly enforced economic shutdowns, as expectations of growth and employment fell sharply. The selloff in the first quarter of 2020 led to one of the worst quarterly returns on record for equities globally. Volatility climbed to levels last observed during the global financial crisis in 2008 and 2009. Within emerging markets, equities began their descent in January, as China shut down its economy. As the coronavirus spread to other countries around the world, China outperformed the rest of the asset class.

Given the prevalence of headline risk, a major theme that emerged during the period was a lack of investor focus on underlying company financials. This theme resulted in losses across fundamental stock selection insights focusing on value and quality and was a key detractor from the Fund’s relative performance. Specifically, contrarian insights detracted, as more traditional value measures such as an insight that compares companies across sales struggled due to growth concerns. This headwind was particularly acute across Asian emerging market stocks in January and February, coinciding with the regional shutdowns necessary to curb the spread of the coronavirus. The shutdowns prompted a sharp adjustment of economic expectations, which had an impact on cyclical sectors of the market such as industrials and materials. Traditional quality measures similarly declined as balance sheet and cash flow measures came under pressure. Given the evolving market backdrop during the period, sentiment insights looking toward informed market participants saw equally significant challenges. As economic uncertainty from the coronavirus put pressure on guidance expectations, insights from text analyses from sell-side analysts broadly detracted from performance. However, text analyses of company executive conference calls helped offset losses, with notable strength in South African materials stocks. The Fund’s regional China A model was slightly down for the period, as the combination of trade concerns and coronavirus-related uncertainty weighed on the model’s performance.

On the positive side, macro thematic measures performed better and were able to provide ballast for the portfolio. This was highlighted by strength from a country timing model that motivated underweight positions to Brazil and Thailand, which added to performance. The underweight to Brazil in particular proved beneficial, as oil prices fell sharply during the period, impacting the country’s resource-heavy economy. The signal also prompted an underweight position in Chile, adding to performance as stocks in the country struggled against considerable political uncertainty early in the period.

Elsewhere, industry timing models were similarly additive, having motivated underweight positions to consumer discretionary stocks in India and communication services stocks in China. Finally, within macro-thematic insights, style timing also provided positive returns as it decreased the Fund’s sensitivity to generic momentum styles ahead of the sizable factor rotation in September. Further supporting performance, economic, social and governance (“ESG”)-related fundamental insights produced differentiated returns compared to more traditional measures. Collectively, these insights were able to provide some defensive quality properties amid the market’s volatility and helped insulate the portfolio from broader fundamental stock selection weakness. A recently added ESG insight that looks toward investor positioning in ESG-related holdings was a top performer, as it was able to capture the broader market trend to the space.

The Fund was fully invested throughout the period. The investment adviser kept a higher average cash balance over the period, which was hedged by MSCI Emerging Markets Index futures to manage client flows. The Fund’s cash exposure had no material impact on Fund performance.

Over the course of the period, the portfolio maintained a balanced allocation of risk across all major return drivers. There were, however, several new signals added within the stock selection model. These included an insight that expands upon earlier research for machine-learned signal combination by using our full library of researched insights to create bespoke portfolios of individual securities. This also expanded into creating bespoke macro-thematic models using the same approach. In addition, a new sentiment measure looked to capture investor positioning in ESG-related holdings. This continued to build out the Fund’s positioning based on investor flows toward ESG and away from generic quant exposures. Finally, given the dynamic nature of the current environment, the Fund instituted enhanced signal constructs to best identify emerging trends such as domestically focused firms.

Relative to the benchmark, the Fund ended the period overweight to stocks in India and Russia, with a focus on information technology (“IT”) and energy stocks, respectively. In India, the potential for policy accommodation prompted the overweight position, while in Russia, attractive valuations provided the motivation for the Fund’s positioning. Also, the Fund moved to a slight overweight position in China on expectations of policy accommodation and reform, expressed through financial stocks in the local China A market and communication services companies in the China H market. This was funded by underweights to Qatar and Brazil, predominantly in financials and consumer discretionary stocks, respectively. The Fund also maintained an underweight in South Korea, predominantly in industrials and IT stocks, motivated by declining fundamentals and export competitiveness.

The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

BlackRock Global Long/Short Equity Fund’s (the “Fund”) investment objective is to seek total return over the long term.

On November 13, 2019, the Board approved a change in the fiscal year-end of the Fund, effective as of April 30, 2020, from July 31 to April 30.

For the abbreviated annual period from August 1, 2019 to April 30, 2020, the Fund’s Institutional, Investor A, Investor C and Class K Shares returned (3.80)%, (3.94)%, (4.51)% and (3.77)%, respectively, underperforming its benchmark, the ICE BofAML 3-Month U.S. Treasury Bill Index, which returned 1.43%.

Overall, the Fund struggled against the highly changeable market backdrop during the period. Trade concerns that caused a broad market decline early in the period gave way to a risk-on rally amid anticipation of a trade agreement between the United States and China. Favorable negotiations and the resulting phase-one trade deal supported stocks through mid-February. However, exuberance quickly faded with the global spread of coronavirus, leading to a steep market decline. Investor concerns mounted amid broadly enforced economic shutdowns, as expectations of growth and employment fell sharply. The selloff in the first quarter of 2020 led to one of the worst quarterly returns on record for equities. Volatility climbed to levels last observed during the global financial crisis in 2008 and 2009. In response, policymakers stepped in with fiscal and monetary stimulus packages aimed at supporting markets. The Bank of Japan, for example, invested in a record level of equity exchange traded funds to help bolster Japanese equity markets.

Weakness in the Fund’s sentiment stock selection measures was the most significant detractor from relative performance during the period. Specifically, measures seeking to capture informed investor positioning and text analyses of executives and analysts proved wrong-footed, as investors questioned prior guidance. Performance challenges were most acute during August 2019 and in the first quarter of 2020. The Fund’s positioning entering the period had reflected a defensive posture that was suited to perform well in a continued “slow-flation” market environment. However, a more reflationary tone emerged that moved against the Fund’s positioning. Preferred long positions in communication services and short positions in riskier European cyclical stocks detracted from performance. The Fund’s defensive stance also struggled into December once improving trade dynamics triggered a broad market rally.

Many of these positions began to recover early in 2020 until February’s market volatility prompted another round of declines. Among macro-thematic signals, a style-timing model struggled in March through a preference for dividend yield. Positioning within real estate securities drove losses for this insight, as the Fund demonstrated a preference for higher-yielding stocks. This came under significant pressure as investors weighed the impact of mass economic closures on their business models. Hedging-related short positions in Japanese retail industry stocks, especially automakers, detracted from Fund performance, as the Bank of Japan’s ETF purchases helped Japanese equities outperform other regions. Finally, beta-timing models had motivated the Fund to take a slight net long position entering 2020, which had an adverse impact on performance as markets dropped.

Despite the underperformance relative to the benchmark, the Fund performed well compared to broader equity markets. The strongest contributors to performance were macro-thematic and fundamental quality insights. Notably, macro-thematic insights were able to generate gains through industry positioning. Industry timing insights performed well during the period, as the Fund’s sector positioning largely reflected its pro-growth posture.

Specifically, the Fund maintained preferred long positions among pharmaceutical and software companies, driven by trends across inventories, supply chains, and business invoicing. Additionally, a continued negative stance toward energy provided gains. Helping to provide ballast for the portfolio, fundamental stock selection insights contributed to relative performance, giving much-needed defense during the market decline. Notably, quality measures like profitability and operational sustainability insights were some of the best performers. Similarly, less traditional quality measures, such as environmental, social and governance (“ESG”)-related insights, also remained strong. Specifically, a recently added insight that identifies investor flows into ESG-related positions was one of the top performing signals after successfully capturing an evolving investor preference for sustainable investing. Finally, signals that were driven by more timely data were able to capture the rapid market evolution correctly and provide gains. These included insights that approximate sales from online browsing activity and mobile app users. Importantly, these insights provided gains toward the end of the period by successfully positioning the portfolio in April during earnings season.

The Fund was fully invested throughout the period. The Fund’s cash exposure had no material impact on performance, as cash was principally held in conjunction with the Fund taking long and short positions via the use of total return swap contracts. These derivative positions had a negative impact on performance.

Over the course of the period, the portfolio maintained a balanced allocation of risk across all major return drivers. There were, however, several new signals added within the stock selection group of insights. These included a new insight that expands upon earlier research for machine-learned signal combination. The new signal uses the full library of the investment adviser’s researched insights, and through machine learning, it creates bespoke portfolios of those insights at a security level. Additionally, a new insight was added that looks to capture investor positioning to ESG-related holdings based on investor flows toward ESG and away from generic quantitative exposures. Finally, given the dynamic nature of the current market environment, the Fund instituted enhanced signal constructs to identify emerging trends such as “work from home.”

The Fund’s market timing models adjusted to reflect the unprecedented rapid collapse in global macro data, as the Fund retained a neutral equity market exposure. Broadly, top-down macro signals that look toward market regimes continue to emphasize defense. In response, the Fund continued to prefer large cap and growth stocks, with short positions in volatility, value and leverage. Industry positioning continued to demonstrate the preference for growth over value and is reflected in long positions across information technology and health care stocks, along with short positions in financials and consumer discretionary stocks. More strategically, the Fund continued to emphasize the diverging outlook between generic quantitative factors and ESG measures by preferring the latter over the former. Geographically, the Fund was long stocks in Australia, the United States and France, and short in Japan, Canada and Sweden.

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.

See “Disclosure of Expenses” on page 9 for further information on how expenses were calculated.

Institutional and Class K Shares are not subject to any sales charge. These shares bear no ongoing distribution or service fees and are available only to certain eligible investors. Class K Shares performance of BlackRock Global Long/Short Equity Fund shown prior to the Class K Shares inception date of March 28, 2016 is that of Institutional Shares. Class K Shares performance of BlackRock Advantage Emerging Markets Fund shown prior to the Class K Shares inception date of January 25, 2018 is that of Institutional Shares. The performance of each Fund’s Class K Shares would be substantially similar to Institutional Shares because Class K Shares and Institutional Shares invest in the same portfolio of securities and performance would only differ to the extent that Class K Shares and Institutional Shares have different expenses. The actual returns of Class K Shares would have been higher than those of the Institutional Shares because Class K Shares have lower expenses than the Institutional Shares.

Investor A Shares are subject to a maximum initial sales charge (front-end load) of 5.25% and a service fee of 0.25% per year (but no distribution fee). Certain redemptions of these shares may be subject to a contingent deferred sales charge (“CDSC”) where no initial sales charge was paid at the time of purchase. These shares are generally available through financial intermediaries.

Investor C Shares are subject to a 1.00% CDSC if redeemed within one year of purchase. In addition, these shares are subject to a distribution fee of 0.75% per year and a service fee of 0.25% per year. These shares are generally available through financial intermediaries. These shares automatically convert to Investor A Shares after approximately ten years.

Performance information reflects past performance and does not guarantee future results. Current performance may be lower or higher than the performance data quoted. Refer to blackrock.com to obtain performance data current to the most recent month-end. Performance results do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Figures shown in the performance tables on the previous pages assume reinvestment of all distributions, if any, at net asset value (“NAV”) on the ex-dividend date or payable date, as applicable. Investment return and principal value of shares will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Distributions paid to each class of shares will vary because of the different levels of service, distribution and transfer agency fees applicable to each class, which are deducted from the income available to be paid to shareholders.

BlackRock Advisors, LLC (the “Manager”), each Fund’s investment adviser, has contractually agreed to waive and/or reimburse a portion of each Fund’s expenses. Without such waiver and/or reimbursement, each Fund’s performance would have been lower. With respect to each Fund’s contractual waivers, the Manager is under no obligation to continue waiving and/or reimbursing its fees after the applicable termination date of such agreement. See Note 6 of the Notes to Financial Statements for additional information on waivers and/or reimbursements.

Shareholders of each Fund may incur the following charges: (a) transactional expenses, such as sales charges; and (b) operating expenses, including investment advisory fees, administration fees, service and distribution fees, including 12b-1 fees, acquired fund fees and expenses, and other fund expenses. The expense examples shown on the previous pages (which are based on a hypothetical investment of $1,000 invested on November 1, 2019 and held through April 30, 2020) are intended to assist shareholders both in calculating expenses based on an investment in each Fund and in comparing these expenses with similar costs of investing in other mutual funds.

The expense examples provide information about actual account values and actual expenses. In order to estimate the expenses a shareholder paid during the period covered by this report, shareholders can divide their account value by $1,000 and then multiply the result by the number corresponding to their Fund and share class under the heading entitled “Expenses Paid During the Period.”

The expense examples also provide information about hypothetical account values and hypothetical expenses based on a Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. In order to assist shareholders in comparing the ongoing expenses of investing in these Funds and other funds, compare the 5% hypothetical examples with the 5% hypothetical examples that appear in shareholder reports of other funds.

The expenses shown in the expense examples are intended to highlight shareholders’ ongoing costs only and do not reflect transactional expenses, such as sales charges, if any. Therefore, the hypothetical examples are useful in comparing ongoing expenses only, and will not help shareholders determine the relative total expenses of owning different funds. If these transactional expenses were included, shareholder expenses would have been higher.

The Funds may invest in various derivative financial instruments. These instruments are used to obtain exposure to a security, commodity, index, market, and/or other assets without owning or taking physical custody of securities, commodities and/or other referenced assets or to manage market, equity, credit, interest rate, foreign currency exchange rate, commodity and/or other risks. Derivative financial instruments may give rise to a form of economic leverage and involve risks, including the imperfect correlation between the value of a derivative financial instrument and the underlying asset, possible default of the counterparty to the transaction or illiquidity of the instrument. The Funds’ successful use of a derivative financial instrument depends on the investment adviser’s ability to predict pertinent market movements accurately, which cannot be assured. The use of these instruments may result in losses greater than if they had not been used, may limit the amount of appreciation a Fund can realize on an investment and/or may result in lower distributions paid to shareholders. The Funds’ investments in these instruments, if any, are discussed in detail in the Notes to Financial Statements.

BlackRock Advantage Emerging Markets Fund

GEOGRAPHIC ALLOCATION


Country/Geographic Region	Percent of Net Assets
China		36	%
Taiwan		12
South Korea		9
India		9
South Africa		4
Russia		4
Brazil		4
Mexico		2
Saudi Arabia		2
Thailand		2
Malaysia		1
Indonesia		1
Turkey		1
Poland		1
Others^(a)		2
Short-Term Securities		10

^(a)

Other includes less than 1% of investments in each of the following countries: Argentina, Chile, Colombia, Greece, Hong Kong, Hungary, Luxembourg, Peru, Philippines and United Arab Emirates.

BlackRock Global Long/Short Equity Fund

GEOGRAPHIC ALLOCATION


	Percent of Total Investments ^(b)
Country/Geographic Region	Long			Short			Total
United States		25	%		23	%		48	%
Japan		10			10			20
United Kingdom		3			3			6
Germany		2			2			4
Canada		2			2			4
Australia		2			1			3
France		1			1			2
Switzerland		1			2			3
Sweden		1			1			2
Netherlands		1			—	^(c)		1
Denmark		1			1			2
Ireland^(c)		—			—			—
Finland		—	^(c)		1			1
Italy^(c)		—			—			—
Norway^(c)		—			—			—
Others^(d)		1			3			4
		50	%		50	%		100	%

^(b)

Total investments include the gross notional values of long and short equity securities of the underlying derivative contracts utilized by the Fund and exclude short-term securities.

^(c)

Represents less than 1% of total investments. Please refer to the Schedule of Investments for such countries.

^(d)

Includes holdings within countries representing less than 1% of total investments. Please refer to the Schedules of Investments for such countries.


Security	Shares		Value

Common Stocks — 87.9%

Argentina — 0.0%
YPF SA, ADR		10,771	$	41,361


Brazil — 2.3%
AMBEV SA		87,700		182,886
AMBEV SA, ADR		52,468		112,806
B3 SA — Brasil Bolsa Balcao		27,119		191,602
BRF SA^(a)		8,576		30,579
Cosan Ltd., Class A^(a)		2,123		28,321
Cosan SA		2,113		23,446
CPFL Energia SA		27,287		145,721
Duratex SA		13,705		24,547
Hapvida Participacoes e Investimentos SA^(b)		3,795		36,597
Hypera SA		6,459		34,540
Iochpe-Maxion SA		17,351		40,554
Klabin SA		46,982		153,874
Lojas Renner SA		9,172		64,752
M Dias Branco SA		4,536		26,693
Natura & Co. Holding SA		11,638		76,019
Notre Dame Intermedica Participacoes SA		7,700		77,610
Raia Drogasil SA		10,955		211,086
Rumo SA^(a)		8,801		32,029
Tim Participacoes SA		22,080		51,811
Totvs SA		4,892		53,212
Ultrapar Participacoes SA		28,985		77,288
Vale SA		54,247		447,511
WEG SA		27,802		204,199

				2,327,683

Chile — 0.2%
Aguas Andinas SA, Class A		81,479		27,326
Empresa Nacional de Telecomunicaciones SA (ENTEL)^(a)		5,477		33,128
Enersis SA		290,053		47,595
SACI Falabella		49,453		135,050

				243,099

China — 35.5%
3SBio, Inc.^(a)(b)		73,500		74,516
58.com, Inc. — ADR^(a)		504		26,183
A-Living Services Co. Ltd., Class H^(b)		6,750		37,313
AAC Technologies Holdings, Inc.^(a)		8,000		37,837
Agricultural Bank of China Ltd., Class H		494,000		205,495
Alibaba Group Holding Ltd.^(a)		5,600		142,124
Alibaba Group Holding Ltd. — ADR^(a)		30,685		6,218,929
Alibaba Health Information Technology Ltd.^(a)		62,000		148,304
Anhui Conch Cement Co. Ltd., Class A		22,029		184,034
Anhui Conch Cement Co. Ltd., Class H		24,000		189,249
Anta Sports Products Ltd.		20,000		170,321
Autohome, Inc. — ADR		506		41,568
BAIC Motor Corp. Ltd., Class H^(b)		322,500		141,091
Baidu, Inc. — ADR^(a)		4,702		474,573
Bank of Beijing Co. Ltd., Class A		193,400		135,358
Bank of China Ltd., Class H		1,965,000		748,081
Bank of Communications Co. Ltd., Class H		72,000		45,627
Bank of Jiangsu Co. Ltd., Class A		79,399		67,438
Baoshan Iron & Steel Co. Ltd., Class A		253,530		173,155
BBMG Corp., Class H		167,000		42,221
Beijing Enterprises Holdings Ltd.		37,000		131,076
Betta Pharmaceuticals Co. Ltd., Class A		2,100		27,565
Bosideng International Holdings Ltd.		200,000		54,223
Changchun High & New Technology Industry Group, Inc., Class A		469		38,894
China CITIC Bank Corp. Ltd., Class H		142,000		69,372
China Communications Services Corp. Ltd., Class H		160,000		114,050
China Construction Bank Corp., Class A		63,000		56,969


Security	Shares		Value

China (continued)
China Construction Bank Corp., Class H		1,863,000	$	1,495,361
China Everbright Bank Co. Ltd., Class A		312,600		163,880
China Everbright Bank Co., Ltd., Class H		63,000		26,734
China Galaxy Securities Co. Ltd., Class H		53,500		27,167
China International Capital Corp. Ltd.^(a)(b)		24,000		36,857
China Lesso Group Holdings, Ltd.		18,000		25,793
China Life Insurance Co. Ltd., Class H		235,000		501,184
China Medical System Holdings, Ltd.		32,000		37,669
China Mengniu Dairy Co. Ltd.^(a)		78,000		276,206
China Merchants Bank Co. Ltd., Class A		13,900		68,207
China Merchants Bank Co. Ltd., Class H		72,500		343,092
China Merchants Securities Co. Ltd., Class A^(a)		14,000		36,042
China Minsheng Banking Corp. Ltd., Class A		316,697		262,173
China Mobile Ltd.		105,000		844,101
China Molybdenum Co. Ltd., Class H		81,000		24,438
China National Building Material Co. Ltd., Class H		56,000		69,952
China National Medicines Corp. Ltd., Class A		6,099		26,671
China Oilfield Services Ltd., Class H		48,000		37,388
China Overseas Land & Investment Ltd.		36,000		132,982
China Pacific Insurance Group Co. Ltd., Class A		26,450		113,456
China Pacific Insurance Group Co. Ltd., Class H		60,000		198,506
China Petroleum & Chemical Corp., Class H		60,000		29,905
China Railway Construction Corp. Ltd., Class A		25,000		27,450
China Railway Group Ltd., Class A		222,194		182,257
China Railway Group Ltd., Class H		284,000		169,811
China Resources Beer Holdings Co. Ltd.		34,000		160,134
China Resources Cement Holdings Ltd.		80,000		108,856
China Resources Land Ltd.		54,000		223,139
China Resources Pharmaceutical Group Ltd.^(b)		61,500		38,624
China Telecom Corp. Ltd., Class H		1,182,000		408,263
China Tower Corp. Ltd., Class H^(b)		292,000		64,983
China Unicom Hong Kong Ltd.		94,000		60,793
China Vanke Co. Ltd., Class H		15,400		51,755
Chongqing Rural Commercial Bank Co. Ltd., Class H		123,000		53,659
CITIC Securities Co. Ltd., Class H		25,000		47,887
CNOOC Ltd.		244,000		269,772
Country Garden Holdings Co. Ltd.		53,000		68,655
Country Garden Services Holdings Co. Ltd.		53,000		244,869
CSPC Pharmaceutical Group Ltd.		94,000		186,093
CSR Corp. Ltd., Class H		92,000		48,701
East Money Information Co. Ltd., Class A		18,399		46,654
ENN Energy Holdings Ltd.		22,800		257,012
First Capital Securities Co. Ltd., Class A		38,600		37,367
Foshan Haitian Flavouring & Food Co. Ltd., Class A		3,746		64,435
G-bits Network Technology Xiamen Co. Ltd., Class A		1,699		90,244
GCL System Integration Technology Co. Ltd.^(a)		64,600		22,878
GDS Holdings Ltd. — ADR^(a)		711		40,755
Geely Automobile Holdings Ltd.		47,000		73,110
Genscript Biotech Corp.^(a)		16,000		28,534
GF Securities Co. Ltd., Class H		40,800		44,273
Gigadevice Semiconductor Beijing, Inc., Class A		2,200		85,175
Glodon Co. Ltd., Class A		20,200		147,829
GoerTek, Inc., Class A		16,917		45,437
Guangshen Railway Co. Ltd., Class A		94,700		31,552
Guotai Junan Securities Co. Ltd., Class A		13,200		31,132
Guotai Junan Securities Co. Ltd., Class H^(b)		25,800		36,722
Haier Electronics Group Co. Ltd.		18,000		49,574
Haitong Securities Co. Ltd., Class H^(a)		41,600		37,661
Hansoh Pharmaceutical Group Co. Ltd.^(a)(b)		10,000		38,613
Henan Shuanghui Investment & Development Co. Ltd., Class A		21,898		124,057
Hengan International Group Co. Ltd.		9,000		80,037
Huadong Medicine Co. Ltd., Class A		17,240		48,044
Huatai Securities Co. Ltd., Class A		49,000		123,631


Security	Shares		Value

China (continued)
Huatai Securities Co. Ltd., Class H^(b)		71,000	$	117,745
Hunan Valin Steel Co. Ltd., Class A		64,995		36,309
Hytera Communications Corp. Ltd., Class A		30,300		27,869
Industrial & Commercial Bank of China Ltd., Class H		1,201,000		805,281
Industrial Bank Co. Ltd., Class A		72,700		169,204
Inner Mongolia Yili Industrial Group Co. Ltd., Class A		26,100		106,625
Innovent Biologics, Inc.^(a)(b)		17,000		83,721
JD.com, Inc. — ADR^(a)		13,739		592,151
Jiangsu Expressway Co. Ltd., Class H		82,000		97,881
Jiangsu Hengrui Medicine Co. Ltd., Class A		14,156		183,434
Jiangsu Yanghe Brewery Joint-Stock Co., Ltd., Class A		3,592		49,595
Jonjee Hi-Tech Industrial and Commercial Holding Co. Ltd., Class A		6,000		39,611
JOYY, Inc., ADR^(a)		892		54,376
Kingdee International Software Group Co., Ltd.^(a)		64,000		91,531
Kingsoft Corp. Ltd.		14,000		48,079
Kunlun Energy Co. Ltd.		390,000		254,083
Kweichow Moutai Co. Ltd., Class A		1,100		195,243
Legend Holdings Corp., Class H^(b)		19,000		22,234
Lenovo Group Ltd.		300,000		162,059
Lens Technology Co. Ltd., Class A		11,699		29,351
Li Ning Co. Ltd.		24,500		77,358
Longfor Properties Co. Ltd.^(b)		20,000		101,681
Luckin Coffee, Inc., ADR^(a)		1,261		5,536
Luxshare Precision Industry Co. Ltd., Class A		10,811		71,027
Luye Pharma Group Ltd.^(b)		78,000		37,875
Meituan Dianping, Class B^(a)		23,400		313,305
Muyuan Foodstuff Co. Ltd., Class A		4,482		79,937
NetEase, Inc. — ADR		1,387		478,460
New China Life Insurance Co. Ltd., Class A		19,500		122,327
New China Life Insurance Co. Ltd., Class H		19,000		65,830
New Hope Liuhe Co. Ltd., Class A		12,100		55,695
New Oriental Education & Technology Group, Inc. — ADR^(a)		2,585		330,001
PetroChina Co. Ltd., Class H		712,000		255,744
PICC Property & Casualty Co. Ltd., Class H		178,000		170,336
Pinduoduo, Inc., ADR^(a)		4,005		189,997
Ping An Healthcare and Technology Co. Ltd.^(a)(b)		5,500		75,768
Ping An Insurance Group Co. of China Ltd., Class H		99,500		1,012,538
Poly Developments and Holdings Group Co. Ltd., Class A		45,400		102,682
Poly Property Development Co. Ltd., Class H		5,200		55,291
Postal Savings Bank of China Co. Ltd., Class H^(b)		39,000		23,305
Q Technology Group Co. Ltd.		7,000		8,375
RiseSun Real Estate Development Co. Ltd., Class A		1		1
Sangfor Technologies, Inc., Class A		3,400		91,348
Shandong Weigao Group Medical Polymer Co. Ltd., Class H		28,000		42,536
Shanghai Baosight Software Co. Ltd., Class A		5,768		40,834
Shanghai Fosun Pharmaceutical Group Co., Ltd.		9,500		35,891
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		89,900		158,242
Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A, Class A		3,500		52,472
Shennan Circuits Co. Ltd., Class A		1,300		41,706
Shenzhen Kangtai Biological Products Co. Ltd., Class A^(a)		2,600		48,485
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A		1,100		39,267
Shenzhou International Group Holdings Ltd.		5,100		58,862
Shimao Property Holdings Ltd.		7,000		28,454
Sichuan Kelun Pharmaceutical Co. Ltd., Class A		12,700		34,467
Silergy Corp.		1,000		39,728
Sinopec Engineering Group Co. Ltd., Class H		65,000		31,164
Sinopec Shanghai Petrochemical Co. Ltd., Class H		118,000		32,037
Sinopharm Group Co. Ltd., Class H		88,400		238,358
Sunac China Holdings Ltd.		30,000		134,198
Sunny Optical Technology Group Co. Ltd.		20,300		282,688
TAL Education Group — ADR^(a)		6,856		371,527
Tencent Holdings Ltd.		120,200		6,318,846


Security	Shares		Value

China (continued)
Tingyi Cayman Islands Holding Corp.		122,000	$	216,562
Trip.com Group Ltd., ADR^(a)		5,262		135,549
Tsingtao Brewery Co. Ltd., Class H		4,000		24,300
Uni-President China Holdings Ltd.		32,000		32,126
Venustech Group, Inc., Class A		8,800		50,376
Vipshop Holdings Ltd. — ADR^(a)		4,054		64,580
Want Want China Holdings Ltd.		228,000		162,505
Weihai Guangwei Composites Co. Ltd., Class A		7,199		54,949
Will Semiconductor Ltd., Class A		1,200		32,452
Wuhu Sanqi Interactive Entertainment Network Technology Group Co. Ltd., Class A		21,422		108,326
WuXi AppTec Co. Ltd., Class A		3,300		46,483
WuXi AppTec Co. Ltd., Class H^(b)		2,700		38,066
Wuxi Biologics Cayman, Inc.^(a)(b)		13,500		210,147
Xiaomi Corp., Class B^(a)(b)		123,200		161,588
Yealink Network Technology Corp. Ltd., Class A		3,907		49,437
Yihai International Holding, Ltd.^(a)		5,000		39,844
Yum China Holdings, Inc.^(a)		3,789		183,615
Yunnan Baiyao Group Co. Ltd., Class A		5,499		69,810
Yunnan Energy New Material Co. Ltd.		5,400		40,793
Zai Lab Ltd., ADR^(a)		634		39,765
Zhejiang Expressway Co. Ltd., Class H		60,000		45,378
Zhuzhou CSR Times Electric Co. Ltd., Class H		8,400		25,697
Zijin Mining Group Co. Ltd., Class A		61,800		33,680
Zijin Mining Group Co. Ltd., Class H		164,000		66,956
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A^(a)		204,098		183,178
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class H^(a)		159,000		128,724
ZTO Express Cayman, Inc., — ADR		5,819		173,173

				35,912,377

Colombia — 0.1%
Bancolombia SA — ADR		3,304		86,234


Greece — 0.1%
Hellenic Telecommunications Organization SA		4,341		57,351
OPAP SA		3,965		35,516

				92,867

Hong Kong — 0.3%
Nine Dragons Paper Holdings Ltd.		142,000		135,854
Sino Biopharmaceutical Ltd.		105,000		153,048

				288,902

Hungary — 0.3%
MOL Hungarian Oil & Gas PLC^(a)		15,380		97,368
OTP Bank PLC^(a)		2,193		64,948
Richter Gedeon Nyrt		5,465		116,780

				279,096

India — 8.9%
Ambuja Cements Ltd.		22,111		50,073
APL Apollo Tubes Ltd.		1,555		29,479
Asian Paints Ltd.		11,901		277,687
Aurobindo Pharma Ltd.		4,489		36,716
Axis Bank Ltd.		25,227		147,388
Bajaj Finance Ltd.		1,843		56,351
Berger Paints India Ltd.		4,212		28,324
Bharti Airtel Ltd.^(a)		41,937		285,596
Biocon Ltd.		8,589		40,082
Cipla Ltd.		8,448		65,748
Dabur India Ltd.		37,755		244,248
Divi’s Laboratories Ltd.		1,356		41,812
Dr. Reddy’s Laboratories Ltd.		4,459		230,964
GAIL India Ltd.		53,789		68,061
Glenmark Pharmaceuticals Ltd.		27,607		122,027


Security	Shares		Value

India (continued)
Godrej Consumer Products Ltd.		16,809	$	120,627
HCL Technologies Ltd.		40,113		287,686
HDFC Asset Management Co. Ltd.^(b)		1,134		37,960
HDFC Bank Ltd. — ADR		4,682		202,965
Hemisphere Properties India Ltd.^(a)		11,589		23,761
Hindalco Industries Ltd.		126,974		215,367
Hindustan Unilever Ltd.		20,177		584,236
Housing Development Finance Corp. Ltd.		32,089		811,685
ICICI Bank Ltd.		81,623		409,489
Infosys Ltd.		59,568		556,790
Infosys Ltd. — ADR		12,431		114,738
ITC Ltd.		105,195		253,435
JSW Steel Ltd.		21,187		50,040
Just Dial Ltd.^(a)		14,579		78,218
Kotak Mahindra Bank Ltd.		7,130		128,045
Lupin Ltd.		3,778		41,663
Marico Ltd.		10,349		39,311
Mindtree Ltd.		12,058		145,976
Mphasis Ltd.		11,204		108,876
Nestle India Ltd.		1,348		319,747
Oil & Natural Gas Corp. Ltd.		58,586		61,996
Persistent Systems Ltd.		6,238		39,181
Petronet LNG Ltd.		47,758		153,859
PI Industries Ltd.		2,076		43,533
Pidilite Industries Ltd.		4,058		81,809
Reliance Industries Ltd.		49,551		963,421
Sanofi India Ltd.		234		24,017
Siemens Ltd.		3,314		49,994
State Bank of India^(a)		26,035		65,154
Sun Pharmaceutical Industries Ltd.		14,299		87,209
Tata Chemicals Ltd.		35,347		132,126
Tata Consultancy Services Ltd.		23,313		617,150
Tech Mahindra Ltd.		35,482		255,189
Titan Co. Ltd.		2,727		34,874
UPL Ltd.		11,058		61,191
Wipro Ltd.		15,845		40,228

				8,966,102

Indonesia — 0.9%
Bank Central Asia Tbk PT		234,100		405,506
Bank Mandiri Persero Tbk PT		229,800		68,310
Bank Negara Indonesia Persero Tbk PT		294,600		80,395
Bank Rakyat Indonesia Persero Tbk PT		474,700		86,342
Gudang Garam Tbk PT		30,700		93,322
Kalbe Farma Tbk PT		280,700		27,117
Telekomunikasi Indonesia Persero Tbk PT		823,000		189,250

				950,242

Luxembourg — 0.0%
Reinet Investments SCA		2,560		40,953


Malaysia — 1.4%
CIMB Group Holdings Bhd		298,200		238,435
Hartalega Holdings Bhd		130,700		230,889
IHH Healthcare Bhd		73,500		89,437
Malayan Banking Bhd		65,800		115,483
Malaysia Airports Holdings Bhd		24,900		30,273
Maxis Bhd		129,200		164,159
Nestle Malaysia Bhd		1,100		35,801
Petronas Gas Bhd		14,100		50,365
Public Bank Bhd		62,100		236,015
QL Resources BHD		9,700		18,340
RHB Capital Bhd		9,000		9,904
Telekom Malaysia Bhd		152,500		142,336
Top Glove Corp. Bhd		32,000		53,931

				1,415,368


Security	Shares		Value

Mexico — 2.4%
America Movil SAB de CV, Series L		568,735	$	344,531
Arca Continental SAB de CV		86,811		334,371
Coca-Cola Femsa SAB de CV		6,900		27,799
Fomento Economico Mexicano SAB de CV		77,668		501,985
Grupo Aeroportuario del Centro Norte SAB de CV		38,908		141,742
Grupo Aeroportuario del Pacifico SAB de CV, Series B		10,155		63,456
Grupo Bimbo SAB de CV, Series A		5,878		8,680
Grupo Financiero Banorte SAB de CV, Series O		110,381		301,863
Grupo Mexico SAB de CV, Series B		17,103		36,475
Kimberly-Clark de Mexico SAB de CV, Series A		128,281		181,183
Wal-Mart de Mexico SAB de CV		198,140		476,585

				2,418,670

Peru — 0.2%
Credicorp Ltd.		856		127,561
Hochschild Mining PLC^(a)		60,787		106,051

				233,612

Philippines — 0.3%
Ayala Land, Inc.		65,540		40,918
Bank of the Philippine Islands		19,770		22,707
BDO Unibank, Inc.		59,220		116,525
Manila Electric Co.		14,170		70,751
Metro Pacific Investments Corp.		506,000		25,511
Metropolitan Bank & Trust		33,600		25,698

				302,110

Poland — 0.7%
Bank Polska Kasa Opieki SA^(a)		13,628		172,868
KGHM Polska Miedz SA^(a)		4,648		87,425
Polski Koncern Naftowy ORLEN SA		12,610		191,411
Polskie Gornictwo Naftowe i Gazownictwo SA		50,354		45,325
Powszechna Kasa Oszczednosci Bank Polski SA		22,760		121,806
Santander Bank Polska SA^(a)		902		35,855

				654,690

Russia — 3.8%
Alrosa AO		60,970		50,498
Federal Grid Co. Unified Energy System JSC		9,493,999		23,398
Gazprom PJSC — ADR		89,619		453,827
Inter Rao UES PJSC		2,496,939		167,272
LUKOIL PJSC		8,338		538,031
LUKOIL PJSC — ADR		10,793		704,111
Magnitogorsk Iron & Steel Works PJSC		385,903		207,591
MMC Norilsk Nickel PJSC		1,455		395,301
MMC Norilsk Nickel PJSC, ADR		4,942		137,080
Mobile Telesystems OJSC — ADR		11,735		100,569
Novatek OAO		8,796		122,343
Novatek PJSC — GDR		1,688		236,712
PhosAgro PJSC — GDR		9,037		108,932
Severstal PJSC		24,983		296,701
Surgutneftegas OAO		206,070		102,329
Tatneft PJSC^(a)		27,200		200,235

				3,844,930

Saudi Arabia — 2.3%
Advanced Petrochemical Co.		2,447		28,952
Al Rajhi Bank		44,647		678,672
Alinma Bank^(a)		32,796		138,660
Almarai Co. JSC		5,756		75,051
Arab National Bank		12,342		66,747
Bank Al-Jazira		35,251		111,891
Bank AlBilad		9,228		55,620
Banque Saudi Fransi		5,260		43,230
Etihad Etisalat Co.^(a)		9,514		70,274
National Commercial Bank		31,488		310,766
Rabigh Refining & Petrochemical Co.^(a)		7,314		26,561


Security	Shares		Value

Saudi Arabia (continued)
Riyad Bank		16,632	$	75,190
Samba Financial Group		16,993		104,955
Saudi Basic Industries Corp.		6,819		135,322
Saudi British Bank		9,048		59,102
Saudi Cement Co.		3,806		53,168
Saudi Industrial Investment Group		9,202		45,414
Saudi Kayan Petrochemical Co.^(a)		19,741		45,328
Saudi Telecom Co.		2,944		70,899
Yanbu National Petrochemical Co.		7,732		92,130

				2,287,932

South Africa — 4.1%
Absa Group, Ltd.		35,693		176,150
Anglo American Platinum Ltd.		2,739		143,743
AngloGold Ashanti Ltd.		6,119		149,366
Aspen Pharmacare Holdings Ltd.^(a)		4,608		28,743
Barloworld Ltd.		30,420		111,605
Capitec Bank Holdings, Ltd.^(a)		790		38,512
Clicks Group, Ltd.^(a)		13,174		163,976
FirstRand Ltd.		169,438		369,799
The Foschini Group Ltd.		26,002		102,019
Gold Fields Ltd.		15,041		111,959
Gold Fields Ltd., ADR		13,082		96,022
Impala Platinum Holdings Ltd.		5,625		33,549
Life Healthcare Group Holdings Ltd.		23,736		22,871
MTN Group Ltd.		44,822		117,786
MultiChoice Group Ltd.^(a)		20,151		94,446
Naspers Ltd., Class N		9,058		1,409,863
Nedbank Group Ltd.		22,207		129,100
Netcare Ltd.		150,381		125,754
Northam Platinum Ltd.^(a)		2,463		12,208
Old Mutual Ltd.		121,324		88,069
Pick n Pay Stores Ltd.		7,249		22,683
Shoprite Holdings Ltd.		4,618		26,691
Spar Group Ltd.		12,451		118,680
Standard Bank Group Ltd.		64,273		354,142
Vodacom Group Ltd.		9,437		62,735

				4,110,471

South Korea — 9.3%
Celltrion Healthcare Co. Ltd.^(a)		900		62,379
Celltrion, Inc.^(a)		1,976		341,524
Cheil Worldwide, Inc.		7,003		102,208
Dongbu Insurance Co., Ltd.		1,152		42,077
Doosan Bobcat, Inc.		2,820		54,582
Doosan Infracore Co. Ltd.^(a)		15,871		55,839
GS Holdings Corp.		1,545		48,614
Hana Financial Group, Inc.		1,310		29,905
Hanwha Chemical Corp.		3,079		36,849
HLB, Inc.^(a)		650		50,966
Hyundai Mobis Co. Ltd.		1,377		194,681
Hyundai Motor Co.		2,762		213,482
Kakao Corp.		370		55,914
KB Financial Group, Inc.		6,626		189,579
KCC Corp.		202		27,493
Korea Zinc Co., Ltd.		278		88,358
KT Corp. — ADR		23,903		234,488
Kumho Petrochemical Co. Ltd.		1,590		100,269
LG Chem Ltd.		723		224,646
LG Electronics, Inc.		6,596		296,853
LG Household & Health Care Ltd.		187		212,057
LG Innotek Co., Ltd.		279		30,228
NAVER Corp.		3,595		582,859
NCSoft Corp.		398		210,880
POSCO		4,026		608,350


Security	Shares		Value

South Korea (continued)
Posco International Corp.		3,700	$	43,006
Samsung Biologics Co. Ltd.^(a)(b)		284		135,662
Samsung Electronics Co. Ltd.		100,122		4,116,769
Samsung Life Insurance Co. Ltd.		670		27,172
Samsung SDI Co. Ltd.		319		75,359
Samsung SDS Co. Ltd.		100		13,340
Shinhan Financial Group Co. Ltd.		15,034		381,150
SK Holdings Co. Ltd.		276		41,197
SK Hynix, Inc.		6,440		443,185
Woori Financial Group, Inc.		9,825		68,043
Yuhan Corp.		505		19,620

				9,459,583

Taiwan — 12.0%
Acer, Inc.		131,000		72,528
Asia Cement Corp.		44,000		64,640
ASPEED Technology, Inc.		2,000		79,088
Asustek Computer, Inc.		22,000		148,712
Bizlink Holding, Inc.		4,000		26,063
Catcher Technology Co., Ltd.		19,000		143,915
Cathay Financial Holding Co. Ltd.		292,298		390,019
Chailease Holding Co. Ltd.		80,552		306,046
Chicony Electronics Co., Ltd.		38,000		107,039
China Life Insurance Co. Ltd.		66,000		45,066
Chipbond Technology Corp.		81,000		152,483
Chunghwa Telecom Co. Ltd.		41,000		150,692
CTBC Financial Holding Co. Ltd.		701,000		467,141
Delta Electronics, Inc.		33,000		153,919
E.Sun Financial Holding Co. Ltd.		115,000		104,488
Far EasTone Telecommunications Co. Ltd.		34,000		75,727
Faraday Technology Corp.		26,000		37,379
Formosa Plastics Corp.		17,000		49,899
Foxconn Technology Co., Ltd.		21,000		40,322
Fubon Financial Holding Co. Ltd.		286,000		404,398
General Interface Solution Holding Ltd.		16,000		50,827
Hon Hai Precision Industry Co. Ltd.		204,000		524,273
King Slide Works Co., Ltd.		3,000		31,199
Kinsus Interconnect Technology Corp.		24,000		41,983
Largan Precision Co. Ltd.		2,000		272,627
Makalot Industrial Co. Ltd.		7,000		29,805
MediaTek, Inc.		35,000		483,295
Novatek Microelectronics Corp.		10,000		62,190
President Chain Store Corp.		14,000		144,770
Quanta Computer, Inc.		36,000		77,784
Radiant Opto-Electronics Corp.		6,000		19,692
Realtek Semiconductor Corp.		21,000		179,830
Sercomm Corp.		60,000		149,930
Simplo Technology Co. Ltd.		7,000		72,699
SinoPac Financial Holdings Co. Ltd.		93,000		37,852
Sitronix Technology Corp.		9,000		43,758
Standard Foods Corp.		12,000		27,046
Synnex Technology International Corp.		38,000		50,715
Taiwan Mobile Co. Ltd.		146,000		526,054
Taiwan Semiconductor Manufacturing Co. Ltd.		487,000		4,912,757
Taiwan Semiconductor Manufacturing Co., Ltd. — ADR		4,529		240,626
Tong Hsing Electronic Industries, Ltd.		7,000		28,409
TPK Holding Co. Ltd.^(a)		73,000		102,121
TXC Corp.		26,000		56,040
Uni-President Enterprises Corp.		260,000		605,380
United Microelectronics Corp.		121,000		62,601
Vanguard International Semiconductor Corp.		22,000		51,040
Wistron Corp.		69,000		64,704
WPG Holdings Ltd.		21,000		27,356
Yuanta Financial Holding Co., Ltd.		268,000		152,754

				12,149,681


Security	Shares		Value

Thailand — 1.6%
Advanced Info Service PCL — NVDR		40,000	$	243,636
Bangkok Dusit Medical Services PCL — NVDR		162,400		103,187
Bumrungrad Hospital PCL — NVDR		4,400		15,839
Central Pattana PCL — NVDR		27,200		40,273
CP ALL PCL — NVDR		195,000		426,255
Home Product Center PCL — NVDR		867,000		361,975
Kiatnakin Bank PCL		20,100		25,904
PTT Global Chemical PCL — NVDR		71,400		82,190
PTT PCL — NVDR		113,500		123,926
Siam Cement PCL — NVDR		8,000		84,979
Siam Commercial Bank PCL — NVDR		35,400		73,936

				1,582,100

Turkey — 0.8%
Akbank TAS^(a)		60,850		51,369
BIM Birlesik Magazalar AS		16,169		128,387
KOC Holding AS		36,484		80,055
Koza Altin Isletmeleri AS^(a)		3,416		34,817
Tekfen Holding AS		44,723		91,180
Tupras Turkiye Petrol Rafinerileri AS^(a)		1,954		25,375
Turk Telekomunikasyon AS		38,411		40,557
Turkcell Iletisim Hizmetleri AS		199,847		398,129

				849,869

United Arab Emirates — 0.4%
Abu Dhabi Commercial Bank PJSC		25,948		31,185
Aldar Properties PJSC		221,657		108,200
DP World PLC		3,073		49,072
Dubai Islamic Bank PJSC		8,609		8,588
Emaar Properties PJSC^(a)		47,249		34,651
Emirates Telecommunications Group Co. PJSC		21,150		88,879
First Abu Dhabi Bank PJSC		25,880		80,702

				401,277


Total Common Stocks — 87.9% (Cost — $87,342,610)				88,939,209


Preferred Securities — 1.4%

Preferred Stocks — 1.4%

Brazil — 1.4%
Banco Bradesco SA, Preference Shares		169,344		596,358
Cia de Transmissao de Energia Eletrica Paulista		15,555		55,579


Security	Shares		Value

Brazil (continued)
Cia Energetica de Minas Gerais, Preference Shares		13,700	$	23,984
Itau Unibanco Holding SA, Preference Shares		93,660		392,180
Lojas Americanas SA, Preference Shares		8,783		40,185
Petroleo Brasileiro SA, Preference Shares^(a)		76,333		253,372
Telefonica Brasil SA, Preference Shares		6,193		51,989

				1,413,647

South Korea — 0.0%
LG Electronics, Inc., Preference Shares		2,131		37,046


Total Preferred Stocks — 1.4%				1,450,693


Total Preferred Securities — 1.4% (Cost — $2,309,922)				1,450,693


Rights — 0.0%

South Korea — 0.0%
HLB, Inc. (Expires 06/05/20)^(a)		64		909

Total Rights — 0.0% (Cost — $—)				909

Total Long-Term Investments — 89.3% (Cost — $89,652,532)				90,390,811


Short-Term Securities — 10.5%
BlackRock Liquidity Funds, T-Fund, Institutional Class,
0.12%^(c)(d)		10,615,413		10,615,413


Total Short-Term Securities — 10.5% (Cost — $10,615,413)				10,615,413


Total Investments — 99.8% (Cost — $100,267,945)				101,006,224

Other Assets Less Liabilities — 0.2%				234,566


Net Assets — 100.0%			$	101,240,790

^(a)	Non-income producing security.

^(b)	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(c)	Annualized 7-day yield as of period end.

The following table represents the individual long positions and related values of the equity securities underlying the total return swap with UBS AG as of April 30, 2020 termination dates 06/12/23 — 06/14/23:


	Shares		Value		% of Basket Value

Reference Entity — Long

United Arab Emirates
Aldar Properties PJSC		273,141	$	133,331		56.6	%
Dubai Islamic Bank PJSC		30,118		30,045		12.8
Emaar Properties PJSC		98,381		72,149		30.6


Total Reference Entity — Long				235,525


Net Value of Reference Entity — UBS AG			$	235,525

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

For the period ended April 30, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

The following table presents the Fund’s derivative assets (and liabilities) by counterparty net of amounts available for offset under an MNA and net of the related collateral received (and pledged) by the Fund:

Various inputs are used in determining the fair value of investments and derivative financial instruments. For information about the Fund’s policy regarding valuation of investments and derivative financial instruments, refer to the Notes to Financial Statements.

The following tables summarize the Fund’s investments and derivative financial instruments categorized in the disclosure hierarchy:


Security	Shares		Value

Preferred Securities — 0.7%

Preferred Stocks — 0.7%^(a)(b)

United States — 0.7%
AliphCom, Series 6, (Acquired 12/15/15, cost $—)^(c)(d)		8,264	$	—
AliphCom, Series 8, (Acquired 03/10/15, cost $1,750,010)^(c)(d)		823,530		8
Illumio Inc., Series C (Acquired 3/10/15, cost $1,500,001)		466,730		1,922,928
Palantir Technologies, Inc., Series I (Acquired 3/27/14, cost $1,999,998)		326,264		1,748,775


Total Preferred Securities — 0.7% (Cost — $5,250,009)				3,671,711


	Par (000)
U.S. Treasury Obligations — 7.2%
U.S. Treasury Notes^(e):
(3 mo. Treasury money market yield + 0.22%), 0.35%, 07/31/21	$	20,000		20,039,218
(3 mo. Treasury money market yield + 0.30%), 0.43%, 10/31/21		13,000		13,045,938
(3 mo. Treasury money market yield + 0.15%), 0.28%, 01/31/22		4,925		4,930,699


Total U.S. Treasury Obligations — 7.2% (Cost — $37,928,401)				38,015,855


Total Long-Term Investments — 7.9% (Cost — $43,178,410)				41,687,566


	Shares

Short-Term Securities — 76.5%

Money Market Fund — 2.7%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 0.12%^(e)(h)		14,238,130		14,238,130


Total Money Market Fund — 2.7%				14,238,130

	Par (000)

U.S. Treasury Obligations — 73.8%
U.S. Treasury Bills:
0.66%, 05/05/20^(f)	$	215		214,999
1.57%, 05/07/20^(f)		3,985		3,984,963
0.08%-0.20%, 05/12/20^(f)		122,790		122,787,561


Security	Par (000)		Value

U.S. Treasury Obligations (continued)
1.58%, 05/14/20^(f)	$	28,000	$	27,999,191
1.50%-3.50%, 05/15/20		1,615		1,616,400
0.10%, 05/19/20^(f)		640		639,974
0.10%, 05/21/20^(f)		4,000		3,999,811
0.08%-0.09%, 05/26/20^(f)		58,000		57,996,980
0.06%-0.10%, 06/02/20^(f)		32,360		32,357,627
1.17%, 06/04/20^(f)		12,000		11,998,952
0.12%, 06/23/20^(f)		5,000		4,999,356
0.00%-0.19%, 06/25/20^(f)		17,500		17,498,162
0.13%, 07/23/20^(f)		13,000		12,997,452
0.12%-0.13%, 07/30/20^(f)		2,665		2,664,367
2.63%, 07/31/20		23,905		24,055,823
0.83%, 09/03/20^(f)		1,785		1,784,287
1.38%-2.75%, 09/30/20		1,665		1,674,566
0.29%, 10/15/20^(f)		2,240		2,238,831
2.50%, 12/31/20		12,610		12,809,002
0.17%, 01/28/21^(f)		5,000		4,994,428
U.S. Treasury Notes:
1.38%, 09/15/20		4,390		4,410,578
(3 mo. Treasury money market yield + 0.05%), 0.17%, 10/31/20^(g)		6,000		6,001,067
(3 mo. Treasury money market yield + 0.12%), 0.24%, 01/31/21^(e)		6,575		6,579,894
(3 mo. Treasury money market yield + 0.14%), 0.26%, 04/30/21^(e)		22,795		22,817,800


Total U.S. Treasury Obligations — 73.8%				389,122,071


Total Short-Term Securities — 76.5% (Cost — $403,032,864)				403,360,201


Options Purchased — 0.1% (Cost — $2,616,394)				505,835


Total Investments Before Options Written — 84.5% (Cost — $448,827,668)				445,553,602


Options Written — (0.1)% (Premiums Received — $2,075,186)				(361,470	)


Total Investments, Net of Options Written — 84.4% (Cost — $446,752,482)				445,192,132

Other Assets Less Liabilities — 15.6%				82,202,331


Net Assets — 100.0%			$	527,394,463

The following table represents the individual long and short positions and related values of the equity securities underlying the total return swap with Bank of America, N.A. as of April 30, 2020, termination date 02/15/23:


	Shares		Value		% of Basket Value

Reference Entity — Long

Argentina
MercadoLibre, Inc.		3,412	$	1,990,936		(1,089.4	)%


Australia
Alumina Ltd.		48,787		54,117		(29.6	)
Aristocrat Leisure Ltd.		45,162		740,647		(405.3	)
Brambles Ltd.		24,234		173,214		(94.8	)
Downer EDI Ltd.		35,655		95,916		(52.5	)
Harvey Norman Holdings Ltd.		7,427		13,326		(7.3	)
IGO Ltd.		78,789		239,020		(130.8	)
Mineral Resources Ltd.		9,198		99,135		(54.2	)
National Australia Bank Ltd.		42,382		464,400		(254.1	)
Newcrest Mining Ltd.		9,213		183,644		(100.5	)
Oil Search Ltd.		189,534		371,963		(203.5	)
Perpetual Ltd.		1,034		20,099		(11.0	)
Rio Tinto Ltd.		240		13,527		(7.4	)
SEEK Ltd.		27,400		305,901		(167.4	)
South32 Ltd.		248,459		312,475		(171.0	)
Spark Infrastructure Group		124,146		152,476		(83.4	)
St Barbara Ltd.		33,577		55,266		(30.2	)
Star Entertainment Group Ltd.		31,505		61,764		(33.8	)
WiseTech Global Ltd.		16,023		190,804		(104.4	)
Woodside Petroleum Ltd.		21,106		302,222		(165.4	)
Worley Ltd.		8,175		47,384		(25.9	)

				3,897,300

Austria
ams AG		48,323		634,329		(347.1	)


Canada
Bank of Nova Scotia		11,593		464,736		(254.3	)
Boralex, Inc.		735		14,231		(7.8	)
CAE, Inc.		13,758		227,332		(124.4	)
Canadian Apartment Properties REIT		5,489		188,888		(103.4	)
CCL Industries, Inc., Class B		9,823		307,050		(168.0	)
Innergex Renewable Energy, Inc.		4,304		57,760		(31.6	)
Lightspeed POS, Inc.		1,240		23,491		(12.8	)
Methanex Corp.		3,658		58,157		(31.8	)
Onex Corp.		5,133		236,599		(129.5	)
Parkland Fuel Corp.		890		21,055		(11.5	)
Quebecor, Inc., Class B		4,036		87,885		(48.1	)
Teck Resources Ltd., Class B		5,176		45,626		(25.0	)
TELUS Corp.		156,988		2,565,808		(1,403.9	)
West Fraser Timber Co. Ltd.		986		27,442		(15.0	)

				4,326,060

Denmark
Chr Hansen Holding A/S		7,527		649,005		(355.1	)
Demant A/S		21,424		512,201		(280.3	)
Novozymes A/S, Class B		922		45,171		(24.7	)
SimCorp A/S		2,917		269,440		(147.4	)

				1,475,817

Finland
Huhtamaki OYJ		6,656		248,429		(135.9	)
Orion OYJ, Class B		4,311		219,078		(119.9	)
Wartsila OYJ Abp		20,971		153,932		(84.2	)

				621,439


	Shares		Value		% of Basket Value

France
Alten SA		2,213	$	159,330		(87.2	) %
AXA SA		23,250		413,303		(226.1	)
Cie Plastic Omnium SA		6,934		131,301		(71.8	)
CNP Assurances		19,684		203,074		(111.1	)
Danone SA		10,052		700,595		(383.3	)
Edenred		3,855		155,291		(85.0	)
Engie SA		14,683		159,359		(87.2	)
Gaztransport Et Technigaz SA		1,111		80,544		(44.1	)
Kering SA		715		360,582		(197.3	)
Korian SA		707		23,746		(13.0	)
Orpea		1,511		168,073		(92.0	)
Remy Cointreau SA		5,403		602,685		(329.8	)
Rexel SA		46,128		430,825		(235.7	)
Rubis SCA		837		37,570		(20.6	)
Societe Generale SA		1,046		16,411		(9.0	)
Teleperformance		3,053		683,899		(374.2	)

				4,326,588

Germany
adidas AG		3,620		829,891		(454.1	)
Carl Zeiss Meditec AG, Bearer Shares		1,389		136,916		(74.9	)
Deutsche Post AG, Registered Shares		42,834		1,272,477		(696.3	)
Evonik Industries AG		17,639		433,927		(237.4	)
Evotec SE		2,302		56,803		(31.1	)
MTU Aero Engines AG		11,485		1,563,975		(855.8	)
Rational AG		2,222		1,072,282		(586.7	)
Rheinmetall AG		7,851		531,349		(290.7	)
Sartorius AG, Preference Shares		1,492		419,164		(229.4	)
Symrise AG		291		29,440		(16.1	)
Zalando SE		3,932		192,722		(105.5	)

				6,538,946

Hong Kong
Hang Lung Properties Ltd.		25,000		53,480		(29.3	)
Hysan Development Co. Ltd.		29,000		96,749		(52.9	)
NWS Holdings Ltd.		43,000		44,813		(24.5	)
Swire Properties Ltd.		121,400		340,499		(186.3	)

				535,541

Ireland
AIB Group PLC		147,300		203,836		(111.5	)
Bank of Ireland Group PLC		178,546		366,394		(200.5	)
Kerry Group PLC, Class A		1,340		153,746		(84.1	)
Kingspan Group PLC		11,419		581,878		(318.4	)

				1,305,854

Israel
Amot Investments Ltd.		6,611		37,131		(20.3	)
Shapir Engineering and Industry Ltd.		1,974		13,839		(7.6	)

				50,970

Italy
Amplifon SpA		2,861		65,492		(35.8	)
Davide Campari-Milano SpA		10,900		84,719		(46.4	)
Ferrari NV		2,806		438,565		(240.0	)
Interpump Group SpA		554		16,165		(8.8	)
Terna Rete Elettrica Nazionale SpA		4,381		27,433		(15.0	)

				632,374

Japan
ABC-Mart, Inc.		2,300		116,883		(64.0	)
Advantest Corp.		4,700		228,051		(124.8	)
AEON Financial Service Co. Ltd.		7,500		77,994		(42.7	)
Aeon Mall Co. Ltd.		2,800		35,198		(19.3	)
AGC, Inc.		2,600		64,116		(35.1	)


	Shares		Value		% of Basket Value

Japan (continued)
Alfresa Holdings Corp.		8,900	$	177,478		(97.1	) %
Alps Alpine Co. Ltd.		2,800		28,880		(15.8	)
Asahi Group Holdings Ltd.		12,200		419,501		(229.5	)
Asahi Kasei Corp.		49,400		350,467		(191.8	)
Benesse Holdings, Inc.		3,100		88,280		(48.3	)
Central Japan Railway Co.		1,600		251,767		(137.8	)
COMSYS Holdings Corp.		1,400		38,497		(21.1	)
Daiichi Sankyo Co. Ltd.		2,100		144,357		(79.0	)
Daiichikosho Co., Ltd.		1,900		57,027		(31.2	)
Daikin Industries Ltd.		400		51,332		(28.1	)
Daito Trust Construction Co. Ltd.		2,300		218,696		(119.7	)
Daiwa House Industry Co. Ltd.		2,200		55,749		(30.5	)
DeNA Co. Ltd.		13,200		162,493		(88.9	)
Dentsu Group Inc.		14,700		306,993		(168.0	)
DIC Corp.		4,300		99,857		(54.6	)
Dip Corp.		13,100		279,585		(153.0	)
East Japan Railway Co.		13,400		978,468		(535.4	)
Electric Power Development Co. Ltd.		31,700		634,448		(347.2	)
FamilyMart Co. Ltd.		3,200		54,264		(29.7	)
Fuji Media Holdings, Inc.		27,800		276,152		(151.1	)
Fuji Seal International, Inc.		3,200		55,549		(30.4	)
Fukuoka Financial Group, Inc.		1,100		15,715		(8.6	)
H2O Retailing Corp.		28,600		224,315		(122.7	)
House Foods Group, Inc.		1,900		59,840		(32.7	)
Isuzu Motors Ltd.		57,700		438,494		(239.9	)
Izumi Co. Ltd.		29,500		863,538		(472.5	)
Japan Retail Fund Investment Corp.		33		35,977		(19.7	)
Japan Tobacco, Inc.		2,800		52,145		(28.5	)
JCR Pharmaceuticals Co. Ltd.		1,100		105,363		(57.6	)
JFE Holdings, Inc.		87,000		577,335		(315.9	)
JGC Holdings Corp.		8,200		79,186		(43.3	)
Kajima Corp.		5,800		60,266		(33.0	)
Kao Corp.		1,500		115,674		(63.3	)
KDDI Corp.		4,800		139,028		(76.1	)
Konica Minolta, Inc.		113,500		439,202		(240.3	)
Kyocera Corp.		300		16,029		(8.8	)
Lintec Corp.		14,200		304,724		(166.7	)
Marubeni Corp.		101,200		487,363		(266.7	)
Maruha Nichiro Corp.		14,700		307,629		(168.3	)
Mazda Motor Corp.		17,700		100,064		(54.8	)
Mitsubishi Materials Corp.		700		14,338		(7.8	)
Mitsui Chemicals, Inc.		1,800		35,339		(19.3	)
Nexon Co. Ltd.		9,800		158,231		(86.6	)
Nidec Corp.		3,500		203,749		(111.5	)
Nihon M&A Center, Inc.		3,200		104,392		(57.1	)
Nikon Corp.		96,900		901,346		(493.2	)
Nippon Electric Glass Co. Ltd.		86,900		1,265,936		(692.7	)
Nippon Shinyaku Co. Ltd.		400		28,089		(15.4	)
Nippon Shokubai Co. Ltd.		3,200		151,124		(82.7	)
Nippon Suisan Kaisha Ltd.		37,700		167,745		(91.8	)
Nippon Television Holdings, Inc.		1,000		11,170		(6.1	)
Nitori Holdings Co. Ltd.		1,100		168,603		(92.3	)
Recruit Holdings Co. Ltd.		20,200		589,258		(322.4	)
Relo Group, Inc.		700		15,164		(8.3	)
Rohm Co. Ltd.		2,400		151,737		(83.0	)
Ryohin Keikaku Co. Ltd.		31,800		378,468		(207.1	)
Sankyu, Inc.		1,200		46,113		(25.2	)
Sanwa Holdings Corp.		17,700		137,347		(75.2	)
Seiko Epson Corp.		19,400		220,298		(120.5	)
Sekisui House Ltd.		900		15,439		(8.4	)
Seria Co. Ltd.		2,300		74,751		(40.9	)
Shionogi & Co. Ltd.		4,700		259,569		(142.0	)


	Shares		Value		% of Basket Value

Japan (continued)
SKY Perfect JSAT Holdings, Inc.		32,200	$	121,051		(66.2	) %
Sumitomo Bakelite Co. Ltd.		700		18,080		(9.9	)
Sumitomo Chemical Co. Ltd.		132,600		406,711		(222.5	)
Sumitomo Dainippon Pharma Co. Ltd.		3,400		47,460		(26.0	)
Sumitomo Mitsui Financial Group, Inc.		20,300		533,834		(292.1	)
Sundrug Co. Ltd.		1,200		41,086		(22.5	)
Sysmex Corp.		700		48,361		(26.5	)
Taisei Corp.		2,700		84,165		(46.1	)
Taisho Pharmaceutical Holdings Co. Ltd.		3,100		193,676		(106.0	)
Takara Holdings, Inc.		9,300		68,441		(37.4	)
Takeda Pharmaceutical Co. Ltd.		9,600		346,190		(189.4	)
Topcon Corp.		19,500		160,111		(87.6	)
Toray Industries, Inc.		35,000		160,465		(87.8	)
TOTO Ltd.		2,000		69,614		(38.1	)
Toyo Seikan Group Holdings Ltd.		10,300		104,492		(57.2	)
Ube Industries Ltd.		87,900		1,474,030		(806.6	)
Ulvac, Inc.		2,500		68,907		(37.7	)
Yamaha Corp.		7,100		286,593		(156.8	)
Yamaha Motor Co. Ltd.		8,700		111,932		(61.2	)
Yamato Kogyo Co. Ltd.		700		13,737		(7.5	)
Yokogawa Electric Corp.		10,400		141,756		(77.6	)
Zenkoku Hosho Co. Ltd.		2,100		61,190		(33.5	)

				19,334,057

Luxembourg
SES SA		10,931		72,822		(39.9	)


Macau
Sands China Ltd.		17,200		69,634		(38.1	)


Netherlands
Akzo Nobel NV		1,128		85,539		(46.8	)
Boskalis Westminster		1,922		33,384		(18.3	)
Euronext NV		4,476		375,778		(205.6	)
ING Groep NV		57,457		321,919		(176.1	)
Koninklijke Philips NV		17,430		759,817		(415.8	)

				1,576,437

New Zealand
Fisher & Paykel Healthcare Corp. Ltd.		1,223		20,432		(11.2	)


Norway
Aker BP ASA		30,717		504,296		(275.9	)
Leroy Seafood Group ASA		35,496		188,509		(103.2	)
Norsk Hydro ASA		5,555		14,092		(7.7	)
Schibsted ASA, Class A		6,700		142,141		(77.8	)

				849,038

Singapore
City Developments Ltd.		53,700		300,169		(164.3	)
Wilmar International Ltd.		80,800		203,477		(111.3	)

				503,646

Spain
Merlin Properties Socimi SA		15,692		145,623		(79.7	)


Sweden
Assa Abloy AB, Class B		4,489		80,362		(44.0	)
BillerudKorsnas AB		2,984		37,619		(20.6	)
Elekta AB, B Shares, Class B		39,307		357,120		(195.4	)
Fabege AB		58,151		688,852		(376.9	)
Hufvudstaden AB, A Shares		125,470		1,607,714		(879.7	)
Indutrade AB		2,272		73,043		(40.0	)
Investment AB Latour, -B Shares		11,042		165,087		(90.3	)
L E Lundbergforetagen AB, B Shares		2,440		102,448		(56.1	)

				3,112,245


	Shares		Value		% of Basket Value

Switzerland
Coca-Cola HBC AG		38,720	$	981,115		(536.9	) %
Geberit AG, Registered Shares		642		287,104		(157.1	)
Givaudan SA, Registered Shares		109		365,508		(200.0	)
Landis+Gyr Group AG		899		60,710		(33.2	)
PSP Swiss Property AG, Registered Shares		8,236		956,755		(523.5	)
Sika AG, Registered Shares		2,676		442,635		(242.2	)
Swiss Prime Site AG, Registered Shares		1,517		144,428		(79.0	)
Vifor Pharma AG		1,969		295,397		(161.6	)

				3,533,652

United Kingdom
Ashmore Group PLC		19,049		90,822		(49.7	)
Bellway PLC		27,951		935,278		(511.8	)
Centrica PLC		362,602		182,222		(99.7	)
Coca-Cola European Partners PLC		12,977		514,408		(281.5	)
Croda International PLC		8,106		497,057		(272.0	)
Dialog Semiconductor PLC		6,809		213,836		(117.0	)
Dunelm Group PLC		6,816		78,751		(43.1	)
Fevertree Drinks PLC		4,092		89,313		(48.9	)
Great Portland Estates PLC		4,493		38,268		(20.9	)
Hiscox Ltd.		30,928		272,080		(148.9	)
HomeServe PLC		46,694		654,073		(357.9	)
Howden Joinery Group PLC		102,618		676,684		(370.3	)
Informa PLC		92,049		508,465		(278.2	)
Janus Henderson Group PLC		1,863		33,348		(18.2	)
John Wood Group PLC		43,573		110,331		(60.4	)
Meggitt PLC		9,354		32,755		(17.9	)
Melrose Industries PLC		290,809		363,483		(198.9	)
Redrow PLC		18,740		108,885		(59.6	)
Renishaw PLC		331		14,650		(8.0	)
Schroders PLC		1,580		52,771		(28.9	)
Taylor Wimpey PLC		59,996		110,803		(60.6	)
Travis Perkins PLC		22,624		295,412		(161.6	)
Vistry Group PLC		9,789		99,413		(54.4	)
Vodafone Group PLC		514,937		726,408		(397.5	)
WPP PLC		23,372		181,346		(99.2	)

				6,880,862

United States
10X Genomics, Inc., Class A		7,470		596,629		(326.5	)
Acuity Brands, Inc.		4,596		397,968		(217.8	)
Aerojet Rocketdyne Holdings, Inc.		5,271		216,849		(118.7	)
Air Products & Chemicals, Inc.		174		39,251		(21.5	)
Alexandria Real Estate Equities, Inc.		1,252		196,677		(107.6	)
Altria Group, Inc.		40,507		1,589,900		(870.0	)
Amedisys, Inc.		1,346		247,879		(135.6	)
Americold Realty Trust		3,156		96,542		(52.8	)
ANSYS, Inc.		271		70,956		(38.8	)
Aptiv PLC		2,279		158,504		(86.7	)
Arch Capital Group Ltd.		18,944		455,224		(249.1	)
Avalara, Inc.		140		12,512		(6.8	)
Avangrid, Inc.		10,699		460,057		(251.7	)
Axalta Coating Systems Ltd.		73,296		1,446,863		(791.7	)
Axis Capital Holdings Ltd.		11,052		404,503		(221.3	)
Axon Enterprise, Inc.		12,711		924,217		(505.7	)
Ball Corp.		8,887		582,898		(319.0	)
Best Buy Co., Inc.		4,265		327,253		(179.1	)
Boeing Co.		842		118,739		(65.0	)
Boston Scientific Corp.		7,818		293,019		(160.3	)
Brink’s Co.		628		32,103		(17.6	)
Broadridge Financial Solutions, Inc.		648		75,168		(41.1	)
Bruker Corp.		5,215		205,054		(112.2	)
BWX Technologies, Inc.		12,475		661,923		(362.2	)


	Shares		Value		% of Basket Value

United States (continued)
Cabot Microelectronics Corp.		1,495	$	183,197		(100.2	) %
Cargurus, Inc.		17,748		406,074		(222.2	)
Carlisle Cos., Inc.		775		93,744		(51.3	)
Charles Schwab Corp.		2,555		96,375		(52.7	)
Chegg, Inc.		11,533		493,036		(269.8	)
Cirrus Logic, Inc.		9,879		746,852		(408.7	)
Coca-Cola Co.		24,522		1,125,315		(615.8	)
Copart, Inc.		3,848		308,263		(168.7	)
CoreSite Realty Corp.		607		73,562		(40.3	)
CoStar Group, Inc.		576		373,398		(204.3	)
Crane Co.		2,799		152,406		(83.4	)
CSX Corp.		4,671		309,360		(169.3	)
CyberArk Software Ltd.		12,577		1,242,104		(679.7	)
CyrusOne, Inc.		9,587		672,528		(368.0	)
Deckers Outdoor Corp.		302		44,925		(24.6	)
Dell Technologies, Inc., Class C		3,498		149,330		(81.7	)
DENTSPLY SIRONA, Inc.		4,577		194,248		(106.3	)
Dolby Laboratories, Inc., Class A		1,426		85,603		(46.8	)
Dollar General Corp.		1,627		285,213		(156.1	)
Domino’s Pizza, Inc.		167		60,442		(33.1	)
Dynatrace, Inc.		12,055		359,842		(196.9	)
eBay, Inc.		6,373		253,837		(138.9	)
eHealth, Inc.		4,645		495,621		(271.2	)
EPAM Systems, Inc.		3,829		845,788		(462.8	)
Essent Group Ltd.		22,232		607,378		(332.3	)
Etsy, Inc.		10,056		652,333		(356.9	)
Exponent, Inc.		2,997		210,779		(115.3	)
FactSet Research Systems, Inc.		809		222,475		(121.7	)
FedEx Corp.		461		58,441		(32.0	)
Fortune Brands Home & Security, Inc.		14,868		716,638		(392.1	)
Franklin Resources, Inc.		28,630		539,389		(295.1	)
frontdoor, Inc.		4,673		180,892		(99.0	)
Garmin Ltd.		8,829		716,562		(392.1	)
General Electric Co.		192,941		1,311,999		(717.9	)
Globus Medical, Inc., Class A		6,694		317,697		(173.8	)
Grand Canyon Education, Inc.		441		37,935		(20.8	)
GrubHub, Inc.		12,271		586,431		(320.9	)
Guardant Health, Inc.		1,404		108,052		(59.1	)
Guidewire Software, Inc.		417		37,880		(20.7	)
H&R Block, Inc.		34,287		570,879		(312.4	)
HD Supply Holdings, Inc.		19,500		578,760		(316.7	)
Healthcare Trust of America, Inc., Class A		14,010		345,066		(188.8	)
HealthEquity, Inc.		17,050		959,403		(525.0	)
HEICO Corp.		1,513		132,539		(72.5	)
Helen of Troy Ltd.		2,417		397,065		(217.3	)
Home Depot, Inc.		13,911		3,058,055		(1,673.3	)
Honeywell International, Inc.		12,349		1,752,323		(958.8	)
HubSpot, Inc.		2,145		361,711		(197.9	)
IAA, Inc.		8,774		338,676		(185.3	)
IDACORP, Inc.		5,882		539,850		(295.4	)
IDEXX Laboratories, Inc.		1,221		338,950		(185.5	)
Intercontinental Exchange, Inc.		5,960		533,122		(291.7	)
International Flavors & Fragrances, Inc.		1,764		231,137		(126.5	)
Intuitive Surgical, Inc.		50		25,544		(14.0	)
Invesco Ltd.		60,281		519,622		(284.3	)
ITT, Inc.		13,675		720,946		(394.5	)
JB Hunt Transport Services, Inc.		195		19,718		(10.8	)
Johnson Controls International PLC		8,034		233,870		(128.0	)
Keurig Dr Pepper, Inc.		13,795		365,016		(199.7	)
Keysight Technologies, Inc.		9,298		899,767		(492.3	)
L3Harris Technologies, Inc.		8,388		1,624,756		(889.0	)
Levi Strauss & Co., Class A		3,310		42,666		(23.3	)


	Shares		Value		% of Basket Value

United States (continued)
Littelfuse, Inc.		861	$	125,052		(68.4	) %
LivaNova PLC		7,249		385,067		(210.7	)
Livongo Health, Inc.		5,962		238,540		(130.5	)
Lowe’s Cos., Inc.		30,360		3,180,210		(1,740.1	)
LPL Financial Holdings, Inc.		3,636		218,960		(119.8	)
MarketAxess Holdings, Inc.		1,878		854,509		(467.6	)
Marsh & McLennan Cos., Inc.		7,083		689,388		(377.2	)
Marvell Technology Group Ltd.		27,128		725,403		(396.9	)
Masimo Corp.		1,292		276,372		(151.2	)
Mattel, Inc.		9,678		84,392		(46.2	)
Maxim Integrated Products, Inc.		2,214		121,726		(66.6	)
Mercury Systems, Inc.		2,485		221,563		(121.2	)
MGIC Investment Corp.		65,912		481,817		(263.6	)
Middleby Corp.		6,246		347,465		(190.1	)
Monolithic Power Systems, Inc.		14		2,799		(1.5	)
Mosaic Co.		19,148		220,393		(120.6	)
MSA Safety, Inc.		165		18,567		(10.2	)
MyoKardia, Inc.		3,780		237,460		(129.9	)
National Instruments Corp.		282		10,834		(5.9	)
NeoGenomics, Inc.		1,267		34,640		(19.0	)
Nevro Corp.		4,783		562,672		(307.9	)
New Relic, Inc.		4,542		243,860		(133.4	)
New York Times Co., Class A		2,973		96,682		(52.9	)
Nexstar Media Group, Inc., Class A		2,485		174,049		(95.2	)
Nielsen Holdings PLC		16,389		241,410		(132.1	)
NIKE, Inc., Class B		1,242		108,278		(59.3	)
Northrop Grumman Corp.		323		106,806		(58.4	)
Nutanix, Inc., Class A		8,066		165,272		(90.4	)
Otis Worldwide Corp.		8,460		430,699		(235.7	)
Owens Corning		3,722		161,386		(88.3	)
Pinnacle Financial Partners, Inc.		1,759		70,800		(38.7	)
PPL Corp.		24,423		620,833		(339.7	)
PRA Health Sciences, Inc.		1,084		104,606		(57.2	)
Premier, Inc., Class A		1,986		65,856		(36.0	)
Public Service Enterprise Group, Inc.		5,463		277,029		(151.6	)
QTS Realty Trust, Inc., Class A		4,308		269,379		(147.4	)
Reata Pharmaceuticals, Inc., Class A		1,767		279,469		(152.9	)
Reliance Steel & Aluminum Co.		3,084		276,265		(151.2	)
Repligen Corp.		1,372		159,358		(87.2	)
RingCentral, Inc., Class A		3,413		779,973		(426.8	)
Robert Half International, Inc.		10,571		499,691		(273.4	)
Rockwell Automation, Inc.		1,721		326,095		(178.4	)
Roper Technologies, Inc.		5,754		1,962,287		(1,073.7	)
Service Corp. International		7,486		275,036		(150.5	)
ServiceNow, Inc.		2,632		925,253		(506.3	)
Sherwin-Williams Co.		63		33,791		(18.5	)
Silicon Laboratories, Inc.		7,446		723,900		(396.1	)
Skyworks Solutions, Inc.		1,495		155,301		(85.0	)
Smartsheet, Inc., Class A		5,195		273,880		(149.9	)
SolarEdge Technologies, Inc.		1,955		218,158		(119.4	)
Splunk, Inc.,		1,031		144,711		(79.2	)
Sterling Bancorp		44,193		544,900		(298.2	)
STORE Capital Corp.		10,320		207,122		(113.3	)
Synovus Financial Corp.		13,933		292,732		(160.2	)
T. Rowe Price Group, Inc.		12,043		1,392,532		(762.0	)
Target Corp.		6,319		693,447		(379.4	)
TEGNA, Inc.		1,718		18,417		(10.1	)
Texas Instruments, Inc.		1,244		144,391		(79.0	)
TJX Cos., Inc.		7,352		360,616		(197.3	)
Toro Co.		2,061		131,512		(72.0	)
Tractor Supply Co.		8,530		865,198		(473.4	)
Trane Technologies PLC		15,268		1,334,729		(730.3	)


	Shares			Value			% of Basket Value

United States (continued)
TransDigm Group, Inc.		532		$	193,159			(105.7	) %
TriNet Group, Inc.		463			22,673			(12.4	)
Twilio, Inc., Class A		3,294			369,916			(202.4	)
Twitter, Inc.		46,101			1,322,177			(723.5	)
Ubiquiti, Inc.		118			19,120			(10.5	)
UGI Corp.		22,258			671,746			(367.6	)
Union Pacific Corp.		2,986			477,133			(261.1	)
United Parcel Service, Inc., Class B		8,979			849,952			(465.1	)
Universal Display Corp.		582			87,370			(47.8	)
Varian Medical Systems, Inc.		11,017			1,260,124			(689.5	)
Veeva Systems, Inc., Class A		1,555			296,694			(162.3	)
Virtu Financial, Inc., Class A		6,577			153,704			(84.1	)
VMware, Inc., Class A		3,181			418,365			(228.9	)
Vulcan Materials Co.		6,476			731,594			(400.3	)
W.W. Grainger, Inc.		2,312			637,141			(348.6	)
Wells Fargo & Co.		6,376			185,223			(101.4	)
Westlake Chemical Corp.		9,905			430,372			(235.5	)
Whirlpool Corp.		501			55,982			(30.6	)
Wingstop, Inc.		2,439			286,021			(156.5	)
Woodward, Inc.		4,311			261,074			(142.9	)
Workday, Inc., Class A		209			32,165			(17.6	)
Xilinx, Inc.		6,505			568,537			(311.1	)
XPO Logistics, Inc.		1,078			71,946			(39.4	)
Xylem, Inc.		13,777			990,566			(542.0	)
Yum! Brands, Inc.		1,152			99,567			(54.5	)
Zendesk, Inc.		15,001			1,153,277			(631.1	)
Zions Bancorp. NA		34,356			1,085,993			(594.2	)
Zoetis, Inc.		652			84,310			(46.1	)

					77,565,512

Zambia
First Quantum Minerals Ltd.		6,627			40,468			(22.1	)


Total Reference Entity — Long					140,040,582


Reference Entity — Short

Australia
AMP Ltd.		(71,368	)		(65,848	)		36.0
Bank of Queensland, Ltd.		(57,208	)		(192,896	)		105.6
Boral Ltd.		(17,605	)		(34,215	)		18.7
Magellan Financial Group, Ltd.		(3,854	)		(126,244	)		69.1
Orora Ltd.		(55,485	)		(92,208	)		50.5
Qube Holdings Ltd.		(74,906	)		(155,933	)		85.3
Seven Group Holdings Ltd.		(168,788	)		(1,659,773	)		908.2
St Barbara Ltd.		(33,559	)		(55,236	)		30.2
Suncorp Group Ltd.		(14,812	)		(88,055	)		48.2

					(2,470,408	)

Bermuda
RenaissanceRe Holdings Ltd.		(4,392	)		(641,276	)		350.9


Canada
Alimentation Couche-Tard, Inc., Class B		(12,828	)		(357,944	)		195.9
AltaGas Ltd.		(3,805	)		(45,487	)		24.9
Bombardier, Inc., Class B		(68,476	)		(24,105	)		13.2
Canadian Utilities, Ltd.		(1,322	)		(32,253	)		17.6
Constellation Software, Inc.		(736	)		(707,754	)		387.3
Eldorado Gold Corp.		(19,131	)		(182,383	)		99.8
Kinaxis, Inc.		(619	)		(62,222	)		34.0
Maple Leaf Foods, Inc.		(22,709	)		(419,773	)		229.7
Norbord, Inc.		(17,711	)		(287,305	)		157.2
Northland Power, Inc.		(1,459	)		(31,309	)		17.1
Novagold Resources, Inc.		(67,877	)		(761,693	)		416.8


	Shares			Value			% of Basket Value

Canada (continued)
Pembina Pipeline Corp.		(9,418	)	$	(215,972	)		118.2	%
Premium Brands Holdings Corp.		(6,218	)		(374,970	)		205.2
Restaurant Brands International, Inc.		(21,965	)		(1,071,463	)		586.3
Ritchie Bros Auctioneers, Inc.		(27,453	)		(1,181,586	)		646.5
Saputo, Inc.		(9,440	)		(237,365	)		129.9
Shopify, Inc., Class A		(970	)		(615,178	)		336.6
SmartCentres Real Estate Investment Trust		(36,599	)		(560,574	)		306.7
Stantec, Inc.		(21,072	)		(621,132	)		339.9
Stars Group, Inc.		(19,598	)		(546,708	)		299.1
TC Energy Corp.		(24,756	)		(1,139,315	)		623.4
Thomson Reuters Corp.		(33,706	)		(2,374,760	)		1,299.4

					(11,851,251	)

China
Budweiser Brewing Co. APAC Ltd.		(6,700	)		(18,207	)		10.0


Denmark
Carlsberg A/S		(891	)		(112,402	)		61.5
Danske Bank A/S		(45,695	)		(542,540	)		296.9
ISS A/S		(6,080	)		(90,393	)		49.5
Rockwool International A/S, -B Shares		(124	)		(26,060	)		14.2

					(771,395	)

Finland
Fortum OYJ		(2,937	)		(48,666	)		26.7
Konecranes OYJ		(22,238	)		(482,658	)		264.1
Metsa Board OYJ		(32,665	)		(227,524	)		124.5
Nordea Bank Abp		(172,081	)		(1,103,717	)		603.9
Stora Enso OYJ, -R Shares		(31,586	)		(371,595	)		203.3

					(2,234,160	)

France
Bollore SA		(226,489	)		(600,246	)		328.4
Dassault Aviation SA		(147	)		(119,718	)		65.5
Eurazeo SE		(5,699	)		(272,943	)		149.4
Faurecia SE		(2,235	)		(80,083	)		43.8
La Francaise des Jeux SAEM		(776	)		(22,199	)		12.2

					(1,095,189	)

Germany
Bayer AG, Registered Shares		(739	)		(48,703	)		26.7
Daimler AG		(28,428	)		(972,322	)		532.0
Deutsche Bank AG		(154,710	)		(1,145,817	)		627.0
Fuchs Petrolub SE		(12,653	)		(490,627	)		268.5
Hapag-Lloyd AG		(4,967	)		(711,565	)		389.4
HeidelbergCement AG		(15,872	)		(752,509	)		411.8
LANXESS AG		(3,395	)		(167,052	)		91.4
ProSiebenSat.1 Media SE		(5,385	)		(53,816	)		29.4
Schaeffler AG		(15,133	)		(102,185	)		55.9
Siltronic AG		(778	)		(66,605	)		36.4
Talanx AG		(2,754	)		(97,802	)		53.5
TeamViewer AG		(10,669	)		(462,988	)		253.3
TUI AG		(199,471	)		(794,632	)		434.8
Volkswagen AG		(179	)		(26,464	)		14.5
Volkswagen AG		(8,616	)		(1,198,754	)		655.9

					(7,091,841	)

Hong Kong
Bank of East Asia Ltd.		(8,200	)		(17,371	)		9.5
BOC Hong Kong Holdings Ltd.		(35,000	)		(107,420	)		58.8
Cafe de Coral Holdings Ltd.		(20,000	)		(41,259	)		22.6
Champion REIT		(102,000	)		(60,469	)		33.1
CK Asset Holdings Ltd.		(27,500	)		(173,766	)		95.1
Hang Seng Bank Ltd.		(4,600	)		(80,454	)		44.0
Hong Kong & China Gas Co. Ltd.		(637,000	)		(1,141,631	)		624.7
Johnson Electric Holdings, Ltd.		(119,500	)		(200,653	)		109.8


	Shares			Value			% of Basket Value

Hong Kong (continued)
Li & Fung Ltd.		(984,000	)	$	(147,739	)		80.8	%
Melco International Development Ltd.		(157,000	)		(293,482	)		160.6
Shangri-La Asia Ltd.		(576,000	)		(475,645	)		260.2
Shun Tak Holdings Ltd.		(1,382,000	)		(483,346	)		264.5
SJM Holdings Ltd.		(74,000	)		(73,063	)		40.0
Swire Pacific, Ltd.		(8,500	)		(55,277	)		30.2
Techtronic Industries Co. Ltd.		(105,000	)		(796,163	)		435.6
VTech Holdings Ltd.		(39,700	)		(299,338	)		163.8
WH Group, Ltd.		(298,000	)		(284,218	)		155.5
Wheelock & Co. Ltd.		(9,000	)		(65,961	)		36.1

					(4,797,255	)

Israel
First International Bank Of Israel Ltd.		(5,474	)		(135,029	)		73.9
Gazit-Globe Ltd.		(13,848	)		(102,529	)		56.1
Israel Corp. Ltd.		(3,510	)		(452,900	)		247.8
Mizrahi Tefahot Bank Ltd.		(7,142	)		(146,276	)		80.1
Oil Refineries Ltd.		(229,717	)		(63,484	)		34.7
Teva Pharmaceutical Industries, Ltd., ADR		(10,162	)		(109,140	)		59.7

					(1,009,358	)

Italy
Prada SpA		(573,000	)		(1,860,341	)		1,017.9


Japan
Acom Co. Ltd.		(3,300	)		(13,333	)		7.3
Advance Residence Investment Corp.		(27	)		(82,843	)		45.3
Aozora Bank, Ltd.		(800	)		(14,237	)		7.8
ASKUL Corp.		(500	)		(14,276	)		7.8
Bank of Kyoto Ltd.		(32,700	)		(1,119,267	)		612.4
Brother Industries Ltd.		(3,600	)		(61,015	)		33.4
Canon Marketing Japan, Inc.		(6,300	)		(121,254	)		66.3
Chugoku Bank Ltd.		(97,100	)		(894,098	)		489.2
Daiwa House REIT Investment Corp.		(28	)		(67,749	)		37.1
FP Corp.		(400	)		(30,174	)		16.5
Freee KK		(14,400	)		(508,959	)		278.5
FUJIFILM Holdings Corp.		(15,100	)		(719,251	)		393.6
GMO Payment Gateway, Inc.		(3,500	)		(312,023	)		170.7
Gunma Bank Ltd.		(10,800	)		(34,578	)		18.9
Hachijuni Bank Ltd.		(76,200	)		(272,099	)		148.9
Hamamatsu Photonics KK		(15,900	)		(694,977	)		380.3
Hitachi Construction Machinery Co., Ltd.		(15,100	)		(354,280	)		193.9
Ibiden Co. Ltd.		(11,900	)		(304,164	)		166.4
Ichigo, Inc.		(40,300	)		(103,200	)		56.5
Invincible Investment Corp.		(360	)		(92,110	)		50.4
Ito En Ltd.		(3,600	)		(199,987	)		109.4
ITOCHU Corp.		(6,800	)		(133,315	)		72.9
Itochu Techno-Solutions Corp.		(3,800	)		(116,107	)		63.5
Iyo Bank Ltd.		(75,200	)		(402,864	)		220.4
Japan Airport Terminal Co. Ltd.		(2,800	)		(113,546	)		62.1
Japan Exchange Group, Inc.		(10,500	)		(195,304	)		106.9
Justsystems Corp.		(2,900	)		(177,341	)		97.0
Kagome Co., Ltd.		(1,600	)		(40,860	)		22.4
Kaken Pharmaceutical Co. Ltd.		(400	)		(22,017	)		12.0
Kansai Mirai Financial Group, Inc.		(42,100	)		(141,546	)		77.4
Kawasaki Kisen Kaisha Ltd.		(1,200	)		(11,806	)		6.5
Keihan Holdings Co. Ltd.		(8,500	)		(382,038	)		209.0
Keikyu Corp.		(20,400	)		(335,287	)		183.5
Kinden Corp.		(6,300	)		(101,374	)		55.5
Kintetsu Group Holdings Co. Ltd.		(5,700	)		(272,292	)		149.0
Koei Tecmo Holdings Co. Ltd.		(36,400	)		(957,538	)		523.9
Komatsu, Ltd.		(7,300	)		(138,123	)		75.6
Kyushu Financial Group, Inc.		(20,500	)		(86,483	)		47.3
Lion Corp.		(1,300	)		(27,329	)		15.0


	Shares			Value			% of Basket Value

Japan (continued)
Makita Corp.		(1,700	)	$	(55,356	)		30.3	%
Maruichi Steel Tube Ltd.		(1,900	)		(42,721	)		23.4
McDonald’s Holdings Co. Japan Ltd.		(400	)		(19,680	)		10.8
Minebea Mitsumi, Inc.		(27,900	)		(453,631	)		248.2
Mitsubishi Corp.		(63,300	)		(1,342,466	)		734.6
Mitsubishi Heavy Industries, Ltd.		(35,400	)		(907,784	)		496.7
Mitsubishi Logistics Corp.		(6,100	)		(134,683	)		73.7
Mitsubishi UFJ Financial Group, Inc.		(67,100	)		(271,084	)		148.3
Mitsui OSK Lines Ltd.		(47,000	)		(815,199	)		446.1
Nabtesco Corp.		(8,800	)		(251,815	)		137.8
Nagoya Railroad Co. Ltd.		(3,100	)		(88,710	)		48.5
NEC Corp.		(50,200	)		(1,926,414	)		1,054.1
NGK Insulators Ltd.		(19,200	)		(251,190	)		137.4
Nippo Corp.		(2,700	)		(60,719	)		33.2
Nippon Accommodations Fund, Inc.		(4	)		(23,757	)		13.0
Nishi-Nippon Financial Holdings, Inc.		(4,000	)		(23,344	)		12.8
Noevir Holdings Co. Ltd.		(400	)		(18,738	)		10.3
NOF Corp.		(6,500	)		(215,389	)		117.9
NTT DOCOMO, Inc.		(22,000	)		(648,367	)		354.8
Oji Holdings Corp.		(12,200	)		(61,945	)		33.9
Orient Corp.		(38,500	)		(44,036	)		24.1
Oriental Land Co. Ltd.		(2,100	)		(265,535	)		145.3
Panasonic Corp.		(1,800	)		(13,721	)		7.5
Rinnai Corp.		(300	)		(22,724	)		12.4
Sega Sammy Holdings, Inc.		(7,000	)		(84,790	)		46.4
Shiga Bank Ltd.		(23,100	)		(544,079	)		297.7
Shimano, Inc.		(400	)		(58,942	)		32.3
Shinsei Bank Ltd.		(12,700	)		(153,199	)		83.8
Shizuoka Bank Ltd.		(4,600	)		(27,928	)		15.3
SMC Corp.		(1,700	)		(768,438	)		420.5
Sony Financial Holdings, Inc.		(13,800	)		(261,602	)		143.1
Square Enix Holdings Co. Ltd.		(6,900	)		(282,804	)		154.7
Sumitomo Forestry Co., Ltd.		(1,100	)		(13,589	)		7.4
Suzuki Motor Corp.		(8,900	)		(284,046	)		155.4
Tadano Ltd.		(1,900	)		(14,642	)		8.0
Taiyo Nippon Sanso Corp.		(2,400	)		(37,226	)		20.4
Tobu Railway Co. Ltd.		(10,100	)		(342,592	)		187.5
Toho Gas Co. Ltd.		(6,200	)		(304,635	)		166.7
Tokai Carbon Co. Ltd.		(26,303	)		(217,517	)		119.0
Tokuyama Corp.		(5,000	)		(105,500	)		57.7
Tokyo Electric Power Co. Holdings, Inc.		(19,000	)		(63,960	)		35.0
Tokyo Tatemono Co. Ltd.		(7,600	)		(85,474	)		46.8
Toppan Printing Co., Ltd.		(11,900	)		(176,776	)		96.7
Toyo Suisan Kaisha Ltd.		(2,600	)		(125,026	)		68.4
Toyo Tire Corp.		(3,100	)		(36,299	)		19.9
Yamada Denki Co. Ltd.		(8,000	)		(37,937	)		20.8
Yamazaki Baking Co., Ltd.		(24,400	)		(431,491	)		236.1
Zeon Corp.		(2,000	)		(17,524	)		9.6

					(22,104,068	)

Luxembourg
APERAM SA		(3,088	)		(80,013	)		43.8


Netherlands
Aalberts NV		(1,983	)		(55,841	)		30.6
Flow Traders		(1,412	)		(47,039	)		25.7
Koninklijke Ahold Delhaize NV		(2,116	)		(51,377	)		28.1

					(154,257	)

New Zealand
SKYCITY Entertainment Group Ltd.		(62,848	)		(101,431	)		55.5


Norway
Orkla ASA		(3,712	)		(33,602	)		18.4


	Shares			Value			% of Basket Value

Singapore
Genting Singapore Ltd.		(1,013,400	)	$	(562,303	)		307.7	%
Jardine Cycle & Carriage Ltd.		(16,200	)		(230,330	)		126.0
Mapletree Industrial Trust		(148,800	)		(267,149	)		146.2
SembCorp Industries Ltd.		(300,500	)		(344,255	)		188.4

					(1,404,037	)

Sweden
Autoliv, Inc.		(588	)		(35,292	)		19.3
Electrolux Professional AB		(51,792	)		(119,238	)		65.2
Fastighets AB Balder		(7,896	)		(312,028	)		170.7
Loomis AB		(763	)		(18,606	)		10.2
Nibe Industrier AB, -B Shares		(15,987	)		(298,266	)		163.2
Samhallsbyggnadsbolaget i Norden AB		(202,358	)		(391,878	)		214.4
Securitas AB, -B Shares		(1,307	)		(15,464	)		8.5
SKF AB, -B Shares		(14,632	)		(230,946	)		126.4
Svenska Cellulosa AB SCA, Class B		(6,136	)		(65,083	)		35.6
Svenska Handelsbanken AB, -A Shares		(14,242	)		(131,826	)		72.1
Telefonaktiebolaget LM Ericsson, -B Shares		(63,379	)		(541,457	)		296.3
Telia Co. AB		(60,595	)		(210,686	)		115.3
Volvo AB, -B Shares		(58,827	)		(753,842	)		412.5

					(3,124,612	)

Switzerland
Banque Cantonale Vaudoise		(20	)		(17,659	)		9.7
Cembra Money Bank AG		(2,057	)		(195,555	)		107.0
EMS-Chemie Holding AG		(1,117	)		(722,333	)		395.2
Flughafen Zurich AG		(1,777	)		(219,756	)		120.2
Georg Fischer AG, Registered Shares		(960	)		(716,447	)		392.0
LafargeHolcim Ltd.		(19,951	)		(828,624	)		453.4
Lonza Group AG, Registered Shares		(562	)		(245,406	)		134.3
Roche Holding AG		(482	)		(166,915	)		91.3
Swatch Group AG, Registered Shares		(7,839	)		(304,760	)		166.8
UBS Group AG		(14,101	)		(151,053	)		82.7

					(3,568,508	)

United Kingdom
Admiral Group PLC		(7,619	)		(222,327	)		121.7
Ashtead Group PLC		(28,655	)		(782,718	)		428.3
Avast PLC		(11,048	)		(63,758	)		34.9
B&M European Value Retail SA		(31,012	)		(129,990	)		71.1
Barclays PLC		(254,197	)		(339,429	)		185.7
Berkeley Group Holdings PLC		(1,393	)		(73,123	)		40.0
CK Hutchison Holdings, Ltd.		(224,000	)		(1,660,326	)		908.5
CRH PLC		(8,147	)		(247,169	)		135.2
Domino’s Pizza Group PLC		(52,100	)		(225,769	)		123.5
DS Smith PLC		(99,493	)		(390,107	)		213.5
GVC Holdings PLC		(8,419	)		(79,952	)		43.8
Halma PLC		(2,362	)		(62,098	)		34.0
HSBC Holdings PLC		(109,512	)		(562,887	)		308.0
Inchcape PLC		(58,217	)		(366,714	)		200.7
InterContinental Hotels Group PLC		(5,388	)		(245,438	)		134.3
Legal & General Group PLC		(85,381	)		(220,021	)		120.4
Pets at Home Group PLC		(34,998	)		(112,056	)		61.3
Quilter PLC		(18,609	)		(28,780	)		15.7
Signature Aviation PLC		(154,949	)		(380,541	)		208.2
Victrex PLC		(25,758	)		(645,391	)		353.1
Weir Group PLC		(49,164	)		(587,542	)		321.5

					(7,426,136	)

United States
1Life Healthcare, Inc.		(14,084	)		(347,452	)		190.1
Advance Auto Parts, Inc.		(4,357	)		(526,805	)		288.3
Affiliated Managers Group, Inc.		(2,168	)		(151,673	)		83.0
Aflac, Inc.		(5,394	)		(200,873	)		109.9


	Shares			Value			% of Basket Value

United States (continued)
Air Lease Corp.		(14,881	)	$	(389,138	)		212.9	%
Alleghany Corp.		(813	)		(433,906	)		237.4
Alliance Data Systems Corp.		(9,906	)		(495,993	)		271.4
Allstate Corp.		(13,206	)		(1,343,314	)		735.0
American Campus Communities, Inc.		(5,735	)		(202,388	)		110.7
Apartment Investment & Management Co., Class A		(12,338	)		(464,772	)		254.3
Archer-Daniels-Midland Co.		(48,515	)		(1,801,847	)		985.9
Assurant, Inc.		(6,672	)		(708,833	)		387.9
AutoNation, Inc.		(31,874	)		(1,186,988	)		649.5
Bank OZK		(7,559	)		(170,985	)		93.6
Berkshire Hathaway, Inc., Class B		(2,262	)		(423,808	)		231.9
Black Knight, Inc.		(3,899	)		(275,152	)		150.6
Brunswick Corp.		(9,927	)		(473,716	)		259.2
CarMax, Inc.		(8,556	)		(630,149	)		344.8
Caterpillar, Inc.		(13	)		(1,513	)		0.8
CenturyLink, Inc.		(25,895	)		(275,005	)		150.5
Ceridian HCM Holding, Inc.		(6,093	)		(359,304	)		196.6
CF Industries Holdings, Inc.		(26,889	)		(739,448	)		404.6
Change Healthcare, Inc.		(27,396	)		(318,889	)		174.5
Charter Communications, Inc., Class A		(562	)		(278,319	)		152.3
Cheniere Energy, Inc.		(5,717	)		(266,927	)		146.1
Chevron Corp.		(8,360	)		(769,120	)		420.8
Chewy, Inc., Class A		(6,915	)		(299,005	)		163.6
Choice Hotels International, Inc.		(7,852	)		(589,293	)		322.4
Churchill Downs, Inc.		(3,009	)		(301,562	)		165.0
Cincinnati Financial Corp.		(6,690	)		(440,202	)		240.9
Cintas Corp.		(4,067	)		(902,183	)		493.7
Clorox Co.		(3,145	)		(586,354	)		320.8
Colfax Corp.		(1,589	)		(40,980	)		22.4
Commerce Bancshares, Inc.		(2,751	)		(168,334	)		92.1
Concho Resources, Inc.		(940	)		(53,317	)		29.2
Cooper Cos., Inc.		(134	)		(38,418	)		21.0
CoreLogic, Inc.		(5,582	)		(214,460	)		117.3
Corning, Inc.		(10,482	)		(230,709	)		126.2
Cousins Properties, Inc.		(14,016	)		(422,863	)		231.4
Credit Acceptance Corp.		(529	)		(164,821	)		90.2
Crowdstrike Holdings, Inc., Class A		(467	)		(31,597	)		17.3
Darling International, Inc.		(28,935	)		(595,772	)		326.0
DaVita, Inc.		(233	)		(18,409	)		10.1
Diamondback Energy, Inc.		(1,528	)		(66,529	)		36.4
Discovery Communications, Inc.		(47,567	)		(1,066,452	)		583.5
Dominion Energy, Inc.		(3,413	)		(263,245	)		144.0
Dover Corp.		(960	)		(89,904	)		49.2
DXC Technology Co.		(7,457	)		(135,195	)		74.0
Eaton Vance Corp.		(1,072	)		(39,342	)		21.5
Element Solutions, Inc.		(24,165	)		(247,691	)		135.5
Eli Lilly & Co.		(1,481	)		(229,022	)		125.3
Envista Holdings Corp.		(4,358	)		(84,850	)		46.4
Essex Property Trust, Inc.		(1,758	)		(429,128	)		234.8
Everest Re Group Ltd.		(770	)		(133,310	)		72.9
Eversource Energy		(1,372	)		(110,720	)		60.6
Expedia Group, Inc.		(17,034	)		(1,209,073	)		661.6
Fifth Third Bancorp		(29,690	)		(554,906	)		303.6
FireEye, Inc.		(19,935	)		(229,452	)		125.6
First Citizens BancShares, Inc., Class A		(1,200	)		(458,400	)		250.8
FirstCash, Inc.		(2,363	)		(169,758	)		92.9
FleetCor Technologies, Inc.		(833	)		(200,961	)		110.0
Flex Ltd.		(24,112	)		(235,333	)		128.8
Flowers Foods, Inc.		(4,433	)		(98,767	)		54.0
Gap, Inc.		(8,705	)		(70,685	)		38.7
Genuine Parts Co.		(1,502	)		(119,079	)		65.2
Global Payments, Inc.		(528	)		(87,659	)		48.0


	Shares			Value			% of Basket Value

United States (continued)
GoDaddy, Inc., Class A		(5,831	)	$	(404,846	)		221.5	%
Goldman Sachs Group, Inc.		(7,092	)		(1,300,815	)		711.8
Graphic Packaging Holding Co.		(14,948	)		(199,556	)		109.2
Hain Celestial Group, Inc.		(19,758	)		(510,547	)		279.4
Hanesbrands, Inc.		(47,954	)		(476,663	)		260.8
Healthcare Realty Trust, Inc.		(5,473	)		(160,851	)		88.0
Highwoods Properties, Inc.		(1,077	)		(41,798	)		22.9
Host Hotels & Resorts, Inc.		(90	)		(1,108	)		0.6
Huntington Bancshares, Inc.		(13,783	)		(127,355	)		69.7
ICU Medical, Inc.		(2,501	)		(548,494	)		300.1
International Business Machines Corp.		(5,508	)		(691,584	)		378.4
Jabil, Inc.		(53,469	)		(1,520,658	)		832.1
Jefferies Financial Group, Inc.		(5,892	)		(80,838	)		44.2
Kemper Corp.		(1,845	)		(124,021	)		67.9
Kimberly-Clark Corp.		(1,386	)		(191,933	)		105.0
Kinder Morgan, Inc.		(1,312	)		(19,982	)		10.9
Kirby Corp.		(2,722	)		(145,409	)		79.6
Lamar Advertising Co.		(2,235	)		(128,848	)		70.5
Leidos Holdings, Inc.		(2,255	)		(222,817	)		121.9
Lennar Corp., Class A		(15,769	)		(789,554	)		432.0
Liberty Media Corp-Liberty SiriusXM		(11,506	)		(392,009	)		214.5
Liberty SiriusXM Group		(2,558	)		(86,230	)		47.2
LKQ Corp.		(9,140	)		(239,011	)		130.8
Loews Corp.		(43,335	)		(1,501,991	)		821.9
ManpowerGroup, Inc.		(1,549	)		(114,998	)		62.9
Marriott International, Inc., Class A		(909	)		(82,664	)		45.2
Marriott Vacations Worldwide Corp.		(7,676	)		(637,108	)		348.6
Medpace Holdings, Inc.		(4,133	)		(330,061	)		180.6
MetLife, Inc.		(68,813	)		(2,482,773	)		1,358.5
MGM Resorts International		(20,495	)		(344,931	)		188.7
MongoDB, Inc.		(531	)		(86,091	)		47.1
Murphy USA, Inc.		(8,798	)		(939,626	)		514.1
National Fuel Gas Co.		(1,348	)		(55,268	)		30.2
National Retail Properties, Inc.		(12,321	)		(402,157	)		220.1
New Jersey Resources Corp.		(4,056	)		(137,012	)		75.0
New York Community Bancorp, Inc.		(52,678	)		(572,083	)		313.0
Nordstrom, Inc.		(29,682	)		(557,428	)		305.0
NRG Energy, Inc.		(9,059	)		(303,748	)		166.2
Nucor Corp.		(8,406	)		(346,243	)		189.5
NVR, Inc.		(53	)		(164,300	)		89.9
Old Republic International Corp.		(6,383	)		(101,809	)		55.7
Ollie’s Bargain Outlet Holdings, Inc.		(281	)		(19,083	)		10.4
Omega Healthcare Investors, Inc.		(18,412	)		(536,710	)		293.7
Oracle Corp.		(12,078	)		(639,772	)		350.1
Oshkosh Corp.		(65	)		(4,389	)		2.4
PACCAR, Inc.		(4,109	)		(284,466	)		155.7
Parsley Energy, Inc., Class A		(11,966	)		(113,079	)		61.9
Peloton Interactive, Inc., Class A		(12,179	)		(383,639	)		209.9
People’s United Financial, Inc.		(59,752	)		(758,253	)		414.9
Philip Morris International, Inc.		(8,998	)		(671,251	)		367.3
Physicians Realty Trust		(4,457	)		(68,727	)		37.6
Polaris Industries, Inc.		(15,306	)		(1,085,655	)		594.0
Primerica, Inc.		(390	)		(40,525	)		22.2
PTC, Inc.		(928	)		(64,264	)		35.2
Public Storage		(459	)		(85,122	)		46.6
Quaker Chemical Corp.		(843	)		(128,237	)		70.2
Raymond James Financial, Inc.		(5,704	)		(376,008	)		205.7
Restoration Hardware		(14,205	)		(2,042,395	)		1,117.6
Rexnord Corp.		(4,706	)		(128,333	)		70.2
Royal Caribbean Cruises Ltd.		(320	)		(14,966	)		8.2
RPM International, Inc.		(3,015	)		(200,226	)		109.6
Sanderson Farms, Inc.		(571	)		(77,736	)		42.5


	Shares			Value			% of Basket Value

United States (continued)
Santander Consumer USA Holdings, Inc.		(36,674	)	$	(571,748	)		312.8	%
Scotts Miracle-Gro Co., Class A		(677	)		(83,968	)		45.9
SL Green Realty Corp.		(19,137	)		(1,015,218	)		555.5
SLM Corp.		(125,261	)		(1,044,677	)		571.6
Snap, Inc., Class A		(37,470	)		(659,847	)		361.1
Southern Co.		(3,283	)		(186,245	)		101.9
Spirit Realty Capital, Inc.		(18,430	)		(566,907	)		310.2
SS&C Technologies Holdings, Inc.		(19,216	)		(1,059,955	)		580.0
STAG Industrial, Inc.		(3,701	)		(97,151	)		53.2
Stericycle, Inc.		(2,088	)		(101,894	)		55.8
Stifel Financial Corp.		(6,158	)		(272,676	)		149.2
Switch, Inc.		(7,103	)		(121,959	)		66.7
Synchrony Financial		(3,689	)		(73,005	)		39.9
Sysco Corp.		(2,009	)		(113,046	)		61.9
T-Mobile U.S., Inc.		(14,182	)		(1,245,180	)		681.3
Teradyne, Inc.		(12,323	)		(770,680	)		421.7
Textron, Inc.		(15,687	)		(413,509	)		226.3
Thor Industries, Inc.		(1,578	)		(104,464	)		57.2
Timken Co.		(5,003	)		(188,013	)		102.9
TopBuild Corp.		(2,030	)		(189,176	)		103.5
Travelers Cos., Inc.		(7,764	)		(785,794	)		430.0
TripAdvisor, Inc.		(3,247	)		(64,843	)		35.5
Tyler Technologies, Inc.		(2,020	)		(647,794	)		354.5
Under Armour, Inc., Class A		(1,651	)		(17,203	)		9.4
Under Armour, Inc., Class C		(2,536	)		(23,509	)		12.9
Universal Health Services, Inc., Class B		(14,332	)		(1,514,749	)		828.8
Unum Group		(3,992	)		(69,660	)		38.1
VEREIT, Inc.		(28,881	)		(158,268	)		86.6
VeriSign, Inc.		(279	)		(58,448	)		32.0
ViaSat, Inc.		(1,591	)		(67,458	)		36.9
Viavi Solutions, Inc.		(35,485	)		(428,659	)		234.6
Vistra Energy Corp.		(1,156	)		(22,588	)		12.4
Vornado Realty Trust		(62	)		(2,717	)		1.5
Voya Financial, Inc.		(17,139	)		(774,169	)		423.6
Watsco, Inc.		(4,986	)		(802,696	)		439.2
Western Alliance Bancorp		(352	)		(12,630	)		6.9
Western Union Co.		(1,784	)		(34,021	)		18.6
Whirlpool Corp.		(11,751	)		(1,313,057	)		718.5
Williams Cos., Inc.		(56,628	)		(1,096,884	)		600.2
WP Carey, Inc.		(1,081	)		(71,108	)		38.9
Wynn Resorts Ltd.		(1,904	)		(162,849	)		89.1
Zimmer Biomet Holdings, Inc.		(7,451	)		(891,885	)		488.0
Zoom Video Communications, Inc., Class A		(3,675	)		(496,750	)		271.8
Zynga, Inc., Class A		(4,884	)		(36,825	)		20.1

					(68,385,993	)


Total Reference Entity — Short					(140,223,338	)


Net Value of Reference Entity — Bank of America, N.A.				$	(182,756	)


	Shares		Value		% of Basket Value

Reference Entity — Long

Australia
ALS Ltd.		12,610	$	55,066		37.8	%
Ansell Ltd.		455		8,391		5.8
Austal Ltd.		8,545		18,544		12.7
BWP Trust		10,396		23,914		16.4
Centuria Office REIT		68,719		86,593		59.5
Charter Hall Retail REIT		12,594		25,916		17.8
Downer EDI Ltd.		19,742		53,108		36.5
Growthpoint Properties Australia Ltd.		20,849		41,828		28.7
IGO Ltd.		7,107		21,560		14.8
Inghams Group Ltd.		43,560		98,689		67.8
InvoCare Ltd.		1,156		7,731		5.3
IOOF Holdings Ltd.		46,421		129,596		89.0
JB Hi-Fi Ltd.		7,489		169,307		116.3
Jumbo Interactive Ltd.		6,562		51,542		35.4
Kogan.com Ltd.		6,238		32,184		22.1
Megaport Ltd.		2,057		15,829		10.9
Metcash Ltd.		11,857		19,125		13.1
Mineral Resources Ltd.		12,172		131,188		90.1
Nanosonics Ltd.		21,070		93,897		64.5
Netwealth Group Ltd.		3,391		16,613		11.4
NEXTDC Ltd.		5,698		32,517		22.3
OZ Minerals Ltd.		9,970		57,469		39.5
Perpetual Ltd.		2,910		56,566		38.9
Pro Medicus Ltd.		1,645		27,688		19.0
Sandfire Resources NL		53,304		154,703		106.3
Saracen Mineral Holdings Ltd.		15,554		42,658		29.3
Service Stream Ltd.		84,116		107,026		73.5
SmartGroup Corp. Ltd.		18,470		64,561		44.4
Steadfast Group Ltd.		21,785		43,019		29.6
Tassal Group Ltd.		10,140		24,734		17.0
Technology One Ltd.		333		2,043		1.4
Viva Energy REIT		13,596		21,244		14.6

				1,734,849

Austria
Lenzing AG		1,088		62,186		42.7
Oesterreichische Post AG		5,976		225,209		154.7
S&T AG		5,128		112,940		77.6
Telekom Austria AG		7,953		55,952		38.4
UNIQA Insurance Group AG		7,902		53,275		36.6
Wienerberger AG		865		16,201		11.1

				525,763

Belgium
Befimmo SA		1,075		47,985		33.0
Orange Belgium SA		1,146		19,063		13.1
Sofina SA		349		82,195		56.4
Warehouses De Pauw CVA		1,735		47,597		32.7

				196,840

Canada
Aecon Group, Inc.		8,545		93,863		64.5
AGF Management Ltd., Class B		7,526		23,249		16.0
Alaris Royalty Corp.		7,606		55,408		38.1
Allied Properties Real Estate Investment Trust		5,964		190,923		131.1
Altius Minerals Corp.		7,282		44,991		30.9
ARC Resources Ltd.		11,506		48,522		33.3
Aritzia, Inc.		1,440		17,142		11.8


	Shares		Value		% of Basket Value

Canada (continued)
ATS Automation Tooling Systems, Inc.		6,622	$	98,239		67.5	%
B2Gold Corp.		3,075		15,552		10.7
Birchcliff Energy, Ltd.		12,273		13,490		9.3
Boardwalk REIT		9,335		178,324		122.5
Boralex, Inc.		1,867		36,148		24.8
Canadian Western Bank		2,715		42,970		29.5
Computer Modelling Group Ltd.		5,487		18,448		12.7
CT Real Estate Investment Trust		5,339		49,671		34.1
Dream Office Real Estate Investment Trust		1,736		27,089		18.6
Enerflex Ltd.		855		3,225		2.2
Equitable Group, Inc.		1,886		92,136		63.3
Fiera Capital Corp.		22,890		148,001		101.7
Fortuna Silver Mines, Inc.		6,735		20,225		13.9
Freehold Royalties Ltd.		22,057		59,106		40.6
IAMGOLD Corp.		14,329		50,133		34.4
Intertape Polymer Group, Inc.		8,470		83,121		57.1
Knight Therapeutics, Inc.		12,290		67,015		46.0
Laurentian Bank of Canada		4,577		102,230		70.2
Lightspeed POS, Inc.		3,447		65,302		44.9
Magellan Aerospace Corp.		1,999		9,206		6.3
Major Drilling Group International, Inc.		36,109		92,092		63.3
Minto Apartment Real Estate Investment Trust		3,813		56,512		38.8
Morguard North American Residential Real Estate Investment Trust		8,618		91,631		62.9
Morguard Real Estate Investment Trust		37,633		156,539		107.5
Morneau Shepell, Inc.		1,761		42,572		29.2
MTY Food Group, Inc.		2,524		43,609		30.0
North West Co., Inc.		1,970		37,222		25.6
NorthWest Healthcare Properties Real Estate Investment Trust		17,175		120,427		82.7
Pan American Silver Corp.		1,224		26,029		17.9
Parex Resources, Inc.		14,840		162,692		111.8
Pason Systems, Inc.		10,878		59,159		40.6
Real Matters, Inc.		1,428		16,373		11.2
Recipe Un Ltd. Corp.		2,182		20,771		14.3
Sandstorm Gold Ltd.		7,442		57,795		39.7
Seabridge Gold, Inc.		3,724		52,143		35.8
Secure Energy Services, Inc.		8,865		7,961		5.5
Seven Generations Energy Ltd., Class A		3,959		8,191		5.6
Sierra Wireless, Inc.		1,674		15,706		10.8
Silvercorp Metals, Inc.		4,248		15,931		10.9
Sleep Country Canada Holdings, Inc.		1,539		14,561		10.0
SSR Mining, Inc.		2,610		45,733		31.4
Timbercreek Financial Corp.		12,920		73,049		50.2
TMX Group Ltd.		742		64,282		44.2
TORC Oil & Gas, Ltd.		2,809		2,260		1.5
Tourmaline Oil Corp.		7,673		76,071		52.3
Tricon Capital Group, Inc.		9,281		53,941		37.0
Whitecap Resources, Inc.		50,034		65,780		45.2

				3,132,761

Chile
Liberty Latin America Ltd., Class C		4,667		48,257		33.1


China
Ausnutria Dairy Corp. Ltd.		48,000		88,523		60.8


Denmark
Alm Brand A/S		8,661		67,871		46.6
GN Store Nord A/S		2,861		130,565		89.7
Royal Unibrew A/S		922		71,332		49.0
SimCorp A/S		459		42,467		29.2

				312,235


	Shares		Value		% of Basket Value

Finland
Aktia Bank OYJ		17,538	$	147,919		101.6	%
Cargotec OYJ, -B Shares		6,928		151,160		103.8
Citycon OYJ		10,399		68,688		47.2
Huhtamaki OYJ		529		19,744		13.6
Kemira OYJ		5,512		66,383		45.6
Kesko OYJ, Class B		1,416		23,043		15.8
YIT OYJ		37,746		206,907		142.1

				683,844

France
Albioma SA		618		20,468		14.1
Alten SA		1,114		80,206		55.1
Carmila SA		3,547		45,571		31.3
Cie des Alpes		5,083		95,183		65.4
Cie Plastic Omnium SA		6,477		122,647		84.2
Coface SA		15,638		91,977		63.2
Europcar Mobility Group		24,768		46,169		31.7
Gaztransport Et Technigaz SA		510		36,998		25.4
GL Events		3,863		46,271		31.8
IPSOS		5,247		101,033		69.4
Maisons du Monde SA		3,317		29,841		20.5
Mercialys SA		4,207		32,740		22.5
Mersen SA		1,216		26,832		18.4
Metropole Television SA		5,777		64,303		44.2
Rubis SCA		1,457		65,399		44.9
SMCP SA		2,990		14,089		9.7

				919,727

Germany
ADO Properties SA		714		20,003		13.7
Cewe Stiftung & Co. KGAA		1,549		161,217		110.7
CompuGroup Medical SE		1,209		91,882		63.1
Draegerwerk AG & Co. KGaA		372		31,131		21.4
Duerr AG		1,293		30,172		20.7
Encavis AG		10,146		124,454		85.5
Gerresheimer AG		539		42,866		29.4
Grand City Properties SA		936		19,574		13.4
Hamborner REIT AG		11,095		99,968		68.7
HelloFresh SE		562		20,032		13.8
Hypoport SE		100		35,254		24.2
Indus Holding AG		1,010		31,087		21.4
LEG Immobilien AG		716		82,200		56.5
MLP SE		23,549		121,337		83.3
Nemetschek SE		1,563		98,336		67.6
New Work SE		506		120,261		82.6
Norma Group SE		1,766		44,229		30.4
Rheinmetall AG		1,276		86,359		59.3
Stroeer SE & Co. KGaA		312		19,747		13.6
Wuestenrot & Wuerttembergische AG		618		10,892		7.5

				1,291,001

Hong Kong
Dah Sing Financial Holdings, Ltd.		42,400		139,867		96.0
Hang Lung Group Ltd.		20,000		45,681		31.4
VTech Holdings Ltd.		3,300		24,882		17.1

				210,430

India
Rhi Magnesita NV		756		23,222		16.0


Ireland
Glanbia PLC		2,361		25,126		17.3
Hibernia REIT PLC		16,057		20,887		14.3
UDG Healthcare PLC		4,495		35,476		24.4

				81,489


	Shares		Value		% of Basket Value

Israel
AFI Properties Ltd.		2,025	$	61,623		42.3	%
Amot Investments Ltd.		4,290		24,095		16.6
Bayside Land Corp.		33		19,662		13.5
Elco Ltd.		1,480		53,051		36.4
Electra Ltd.		230		105,498		72.5
Energix-Renewable Energies Ltd.		15,171		52,894		36.3
FIBI Holdings Ltd.		179		5,295		3.6
Hilan Ltd.		818		32,249		22.2
Melisron Ltd.		1,180		47,496		32.6
Mivne Real Estate KD Ltd.		25,250		54,238		37.3
Plus500 Ltd.		2,501		39,391		27.1
Property & Building Corp. Ltd.		675		49,832		34.2
Radware Ltd.		5,258		124,562		85.6
Reit 1 Ltd.		31,174		155,189		106.6
Shapir Engineering and Industry Ltd.		23,349		163,690		112.4
Strauss Group Ltd.		1,598		45,168		31.0

				1,033,933

Italy
ACEA SpA		4,821		80,581		55.3
Anima Holding SpA		5,642		19,974		13.7
Banca Farmafactoring SpA		5,058		26,118		17.9
Credito Emiliano SpA		13,958		61,869		42.5
Interpump Group SpA		2,153		62,821		43.1
Italgas SpA		67		375		0.3
MARR SpA		2,108		27,772		19.1
Piaggio & C SpA		20,680		47,412		32.6
RAI Way SpA		3,509		18,917		13.0
Reply SpA		2,322		162,549		111.7

				508,388

Japan
A/S One Corp.		400		35,733		24.5
ADEKA Corp.		11,100		139,384		95.7
Ai Holdings Corp.		7,300		90,180		61.9
Ain Holdings, Inc.		400		22,438		15.4
Aisan Industry Co. Ltd.		3,100		16,439		11.3
Amano Corp.		9,500		195,047		134.0
Anritsu Corp.		3,800		77,351		53.1
AOKI Holdings, Inc.		27,400		166,468		114.3
Arcland Sakamoto Co. Ltd.		11,800		112,521		77.3
Arcland Service Holdings Co. Ltd.		12,500		193,952		133.2
Arcs Co. Ltd.		17,900		335,857		230.7
Ateam, Inc.		8,900		58,360		40.1
Atom Corp.		4,400		34,391		23.6
Autobacs Seven Co. Ltd.		1,600		18,684		12.8
Avex, Inc.		7,700		58,282		40.0
Azbil Corp.		3,300		86,787		59.6
Bando Chemical Industries Ltd.		4,800		28,584		19.6
Bank of Saga Ltd.		2,200		22,778		15.6
Belluna Co. Ltd.		23,900		111,650		76.7
BeNEXT Group, Inc.		8,900		55,602		38.2
Bengo4.com, Inc.		500		31,625		21.7
Bunka Shutter Co. Ltd.		31,100		227,048		156.0
Chiyoda Integre Co. Ltd.		4,000		65,117		44.7
CI Takiron Corp.		10,600		57,627		39.6
CMIC Holdings Co. Ltd.		1,600		23,036		15.8
COLOPL, Inc.		2,200		17,976		12.4
COMSYS Holdings Corp.		4,300		118,240		81.2
CONEXIO Corp.		7,300		98,183		67.4
Cosmos Pharmaceutical Corp.		100		26,769		18.4
Daiichi Jitsugyo Co. Ltd.		900		30,429		20.9
Daiichikosho Co., Ltd.		1,600		48,023		33.0


	Shares		Value		% of Basket Value

Japan (continued)
Daio Paper Corp.		9,000	$	122,804		84.4	%
Daiseki Co. Ltd.		1,900		41,976		28.8
DCM Holdings Co. Ltd.		49,900		487,579		334.9
DeNA Co. Ltd.		2,100		25,851		17.8
Dip Corp.		4,800		102,443		70.4
Doshisha Co. Ltd.		20,500		252,219		173.3
Doutor Nichires Holdings Co. Ltd.		18,800		284,516		195.4
DTS Corp.		5,800		111,162		76.4
Eagle Industry Co. Ltd.		6,600		41,516		28.5
EDION Corp.		16,700		145,161		99.7
en-japan, Inc.		4,100		90,377		62.1
EPS Holdings, Inc.		11,500		119,602		82.2
ESPEC Corp.		2,200		35,189		24.2
FP Corp.		300		22,630		15.5
Fuji Co. Ltd/Ehime		4,200		67,079		46.1
Fuji Soft, Inc.		900		31,681		21.8
Fujicco Co. Ltd.		4,100		73,698		50.6
Fujimori Kogyo Co. Ltd.		800		23,537		16.2
Fujitsu General Ltd.		2,400		39,735		27.3
Fukuoka REIT Corp.		72		72,415		49.7
FULLCAST Holdings Co. Ltd.		4,300		54,457		37.4
Funai Soken Holdings, Inc.		1,600		34,094		23.4
Furukawa Electric Co. Ltd.		5,500		103,524		71.1
Future Corp.		500		6,616		4.5
Fuyo General Lease Co. Ltd.		1,500		74,999		51.5
G-Tekt Corp.		11,000		112,516		77.3
Giken Ltd.		2,500		91,308		62.7
Glory Ltd.		5,700		128,103		88.0
GMO internet, Inc.		2,400		52,239		35.9
Goldcrest Co. Ltd.		5,700		85,985		59.1
Gree, Inc.		35,300		138,775		95.3
GungHo Online Entertainment, Inc.		11,400		176,786		121.4
Gunma Bank Ltd.		7,700		24,653		16.9
Hamakyorex Co. Ltd.		2,500		68,337		46.9
Hanwa Co. Ltd.		4,200		66,721		45.8
Hazama Ando Corp.		6,800		42,349		29.1
Heiwa Corp.		1,700		28,625		19.7
Heiwado Co. Ltd.		9,300		158,497		108.9
Hiday Hidaka Corp.		14,100		217,501		149.4
Hiroshima Bank Ltd.		62,600		260,096		178.7
Hogy Medical Co. Ltd.		800		25,015		17.2
Hokuetsu Corp.		68,500		270,510		185.8
Horiba Ltd.		1,200		63,496		43.6
Ichiyoshi Securities Co. Ltd.		8,100		33,914		23.3
Internet Initiative Japan, Inc.		600		20,509		14.1
Itochu Enex Co. Ltd.		5,000		37,124		25.5
Itoham Yonekyu Holdings, Inc.		4,400		25,527		17.5
Iwatani Corp.		7,000		239,135		164.3
Izumi Co. Ltd.		11,700		342,488		235.3
JAC Recruitment Co. Ltd.		11,300		118,360		81.3
JCR Pharmaceuticals Co. Ltd.		200		19,157		13.2
JSP Corp.		3,700		47,759		32.8
Kanamoto Co. Ltd.		2,800		54,296		37.3
Kandenko Co. Ltd.		18,200		152,298		104.6
Kinden Corp.		1,900		30,930		21.2
Kisoji Co. Ltd.		900		19,732		13.6
Kitanotatsujin Corp.		11,000		52,255		35.9
Koa Corp.		2,400		19,870		13.7
Kobe Bussan Co. Ltd.		400		19,324		13.3
Kohnan Shoji Co. Ltd.		3,500		81,234		55.8
Kokuyo Co. Ltd.		2,400		29,342		20.2
KOMEDA Holdings Co. Ltd.		3,300		50,141		34.4


	Shares		Value		% of Basket Value

Japan (continued)
Konoike Transport Co. Ltd.		12,800	$	137,984		94.8	%
Kotobuki Spirits Co. Ltd.		600		23,435		16.1
Kumagai Gumi Co., Ltd.		3,900		85,450		58.7
Kureha Corp.		500		20,166		13.9
Kyudenko Corp.		900		25,233		17.3
Mars Group Holdings Corp.		1,500		23,418		16.1
Maruha Nichiro Corp.		5,400		113,006		77.6
Marvelous, Inc.		11,900		59,316		40.7
Matsuda Sangyo Co. Ltd.		1,500		18,349		12.6
Matsumotokiyoshi Holdings Co. Ltd.		4,400		151,442		104.0
MCUBS MidCity Investment Corp.		60		41,644		28.6
Media Do Holdings Co. Ltd.		600		22,998		15.8
Meiko Network Japan Co. Ltd.		8,400		61,031		41.9
Meitec Corp.		5,900		260,510		178.9
METAWATER Co., Ltd.		5,500		218,726		150.2
Milbon Co. Ltd.		900		39,502		27.1
Mirait Holdings Corp.		3,500		45,212		31.1
Miroku Jyoho Service Co. Ltd.		1,700		42,866		29.4
Mitsubishi Pencil Co. Ltd.		2,200		27,535		18.9
Mizuno Corp.		5,400		93,681		64.4
Modec, Inc.		1,400		19,837		13.6
Morinaga Milk Industry Co. Ltd.		800		31,006		21.3
MOS Food Services, Inc.		6,300		158,631		109.0
Nagase & Co. Ltd.		14,100		169,604		116.5
Nankai Electric Railway Co. Ltd.		700		15,627		10.7
Nanto Bank Ltd.		3,100		65,014		44.7
Nichicon Corp.		2,800		18,453		12.7
Nichiha Corp.		8,400		153,442		105.4
Nichirei Corp.		1,100		27,517		18.9
Nifco, Inc.		2,400		46,341		31.8
Nihon Kohden Corp.		1,200		42,924		29.5
Nihon M&A Center, Inc.		1,600		52,196		35.9
Nihon Trim Co. Ltd.		5,200		146,622		100.7
Nikkon Holdings Co. Ltd.		16,900		328,155		225.4
Nippon Ceramic Co. Ltd.		1,100		20,349		14.0
Nippon Densetsu Kogyo Co. Ltd.		1,100		21,440		14.7
Nippon Light Metal Holdings Co. Ltd.		185,100		291,517		200.2
Nippon Seiki Co. Ltd.		2,500		26,901		18.5
Nippon Shokubai Co. Ltd.		800		37,781		26.0
Nippon Suisan Kaisha Ltd.		13,800		61,403		42.2
Nishimatsu Construction Co. Ltd.		6,100		115,508		79.3
Nishimatsuya Chain Co. Ltd.		2,900		22,942		15.8
Nishio Rent All Co. Ltd.		7,000		144,137		99.0
Nissin Electric Co., Ltd.		9,700		90,109		61.9
Noevir Holdings Co. Ltd.		1,400		65,582		45.1
Nomura Co. Ltd.		24,800		187,868		129.0
Noritake Co. Ltd/Nagoya Japan		600		19,650		13.5
Noritz Corp.		7,700		85,659		58.8
NS Solutions Corp.		2,100		53,045		36.4
Obara Group, Inc.		2,400		62,182		42.7
Ohsho Food Service Corp.		1,300		69,161		47.5
Oiles Corp.		2,000		25,869		17.8
Oisix ra daichi, Inc.		2,100		33,158		22.8
Okabe Co. Ltd.		21,800		153,010		105.1
Okamura Corp.		14,900		107,684		74.0
Oki Electric Industry Co. Ltd.		13,600		130,819		89.9
Okumura Corp.		1,900		40,540		27.8
Okuwa Co. Ltd.		1,200		16,324		11.2
One REIT, Inc.		10		21,847		15.0
Open Door, Inc.		4,500		39,897		27.4
Optim Corp.		800		15,848		10.9
Outsourcing, Inc.		5,100		24,109		16.6


	Shares		Value		% of Basket Value

Japan (continued)
PIA Corp.		2,300	$	62,605		43.0	%
Press Kogyo Co. Ltd.		10,300		25,386		17.4
Prestige International, Inc.		19,500		152,317		104.6
Raksul, Inc.		1,400		31,891		21.9
Relia, Inc.		10,400		109,628		75.3
Relo Group, Inc.		2,900		62,821		43.2
Riken Corp.		2,200		58,687		40.3
Ringer Hut Co. Ltd.		5,500		110,155		75.7
Rock Field Co. Ltd.		4,600		55,694		38.3
Roland DG Corp.		1,700		20,866		14.3
Ryobi Ltd.		2,100		24,743		17.0
Sac’s Bar Holdings, Inc.		1,800		9,235		6.3
Sangetsu Corp.		7,500		111,623		76.7
Sanki Engineering Co. Ltd.		20,900		235,664		161.9
Sankyu, Inc.		6,100		234,410		161.0
Sanshin Electronics Co. Ltd.		2,300		32,036		22.0
Sanwa Holdings Corp.		34,300		266,158		182.8
Sanyo Chemical Industries Ltd.		1,700		66,971		46.0
Sawai Pharmaceutical Co. Ltd.		1,600		87,367		60.0
SCSK Corp.		300		13,581		9.3
Sekisui Plastics Co. Ltd.		1,400		7,833		5.4
Senko Group Holdings Co. Ltd.		15,700		127,953		87.9
Seria Co. Ltd.		3,600		117,001		80.4
SFP Holdings Co. Ltd.		1,500		18,663		12.8
Shikoku Bank Ltd.		1,100		8,538		5.9
Shikoku Electric Power Co., Inc.		3,800		29,372		20.2
Shimachu Co. Ltd.		1,000		24,974		17.2
Shindengen Electric Manufacturing Co. Ltd.		1,700		39,197		26.9
Ship Healthcare Holdings, Inc.		2,600		117,590		80.8
Shoei Co. Ltd.		2,400		45,656		31.4
Sinko Industries Ltd.		4,900		63,639		43.7
Sintokogio Ltd.		14,900		103,000		70.8
SKY Perfect JSAT Holdings, Inc.		29,200		109,773		75.4
SMS Co. Ltd.		3,600		78,467		53.9
Sojitz Corp.		79,700		184,453		126.7
St Marc Holdings Co. Ltd.		13,100		218,736		150.3
Star Asia Investment Corp.		312		246,962		169.6
Star Micronics Co. Ltd.		10,300		113,712		78.1
Starts Corp., Inc.		12,700		245,684		168.8
Studio Alice Co. Ltd.		600		8,078		5.6
Sumitomo Bakelite Co. Ltd.		3,300		85,234		58.6
Sumitomo Mitsui Construction Co., Ltd.		20,100		82,940		57.0
Taiho Kogyo Co. Ltd.		700		3,368		2.3
Takamatsu Construction Group Co. Ltd.		2,900		59,538		40.9
Takara Holdings, Inc.		2,500		18,398		12.6
Takasago International Corp.		800		16,960		11.7
Takasago Thermal Engineering Co. Ltd.		5,800		91,426		62.8
Takashimaya Co. Ltd.		5,800		52,416		36.0
Takuma Co. Ltd.		7,500		81,087		55.7
Tanseisha Co. Ltd.		31,300		200,741		137.9
TechMatrix Corp.		800		19,988		13.7
TechnoPro Holdings, Inc.		700		39,876		27.4
Tenma Corp.		1,400		20,196		13.9
Toagosei Co. Ltd.		22,900		209,520		143.9
Toenec Corp.		700		21,221		14.6
Toho Holdings Co., Ltd.		8,900		184,319		126.6
Tokyu Construction Co. Ltd.		3,700		19,128		13.1
Topcon Corp.		7,900		64,866		44.6
Topre Corp.		3,600		41,644		28.6
Topy Industries Ltd.		6,400		74,833		51.4
Tosei Corp.		5,900		57,259		39.3
Towa Pharmaceutical Co. Ltd.		8,600		177,308		121.8


	Shares		Value		% of Basket Value

Japan (continued)
TPR Co. Ltd.		4,900	$	57,200		39.3	%
Transcosmos, Inc.		2,600		51,879		35.6
TSI Holdings Co. Ltd.		13,400		51,878		35.6
Tsubaki Nakashima Co. Ltd.		2,800		19,650		13.5
Ube Industries Ltd.		25,000		419,235		288.0
Ushio, Inc.		3,400		35,852		24.6
UT Group Co., Ltd.		6,300		88,550		60.8
YAMABIKO Corp.		1,900		14,643		10.1
Yamaguchi Financial Group, Inc.		63,300		341,143		234.3
Yamato Kogyo Co. Ltd.		14,000		274,746		188.7
Yamazen Corp.		10,800		90,823		62.4
Yaoko Co. Ltd.		1,000		61,984		42.6
Yellow Hat Ltd.		1,800		25,010		17.2
Yokohama Reito Co. Ltd.		19,700		166,296		114.2
Yondoshi Holdings, Inc.		8,300		134,526		92.4
Yoshinoya Holdings Co. Ltd.		2,600		53,731		36.9
Yuasa Trading Co. Ltd.		4,300		115,714		79.5
Yumeshin Holdings Co. Ltd.		15,800		87,347		60.0
Yurtec Corp.		9,200		51,677		35.5
Yushin Precision Equipment Co. Ltd.		4,000		24,677		17.0
Zenkoku Hosho Co. Ltd.		1,300		37,879		26.0
ZIGExN Co. Ltd.		7,900		23,027		15.8

				20,776,392

Luxembourg
Stabilus SA		814		34,770		23.9


Malta
Kindred Group PLC		5,234		24,785		17.0


Netherlands
Argenx SE		259		38,733		26.6
ASR Nederland NV		1,421		38,229		26.3
BE Semiconductor Industries NV		2,257		92,898		63.8
Corbion NV		5,227		187,019		128.5
Core Laboratories NV		1,655		32,455		22.3
Eurocommercial Properties NV		1,580		17,604		12.1
Euronext NV		4,217		354,034		243.2
Flow Traders		809		26,988		18.5
Fugro NV		14,704		55,080		37.8
IMCD NV		3,248		286,812		197.0
Shop Apotheke Europe NV		680		50,225		34.5
Vastned Retail NV		626		11,546		7.9

				1,191,623

Norway
Austevoll Seafood ASA		6,561		51,109		35.1
Entra ASA		15,926		200,522		137.7
Grieg Seafood ASA		2,416		23,694		16.3
Leroy Seafood Group ASA		8,056		42,783		29.4
Ocean Yield ASA		56,766		147,189		101.1
Salmar ASA		1,224		47,703		32.8
Sbanken ASA		11,194		59,614		40.9
SpareBank 1 SMN		6,290		45,702		31.4
SpareBank 1 SR-Bank ASA		4,005		25,433		17.5
Storebrand ASA		7,601		38,156		26.2
Veidekke ASA		4,069		36,126		24.8

				718,031

Portugal
NOS SGPS SA		76,642		287,071		197.2
REN-Redes Energeticas Nacionais SGPS SA		75,733		205,134		140.9

				492,205

Singapore
Parkway Life Real Estate Investment Trust		7,000		16,381		11.3


	Shares		Value		% of Basket Value

South Africa
Investec PLC		41,420	$	85,009		58.4	%


Spain
Acciona SA		682		67,596		46.4
Applus Services SA		4,384		28,762		19.8
Ebro Foods SA		2,573		54,701		37.6
Euskaltel SA		6,440		51,377		35.3
Faes Farma SA		17,839		78,001		53.6
Zardoya Otis SA		9,842		68,496		47.0

				348,933

Sweden
AF Poyry AB		5,555		100,924		69.3
Axfood AB		5,576		118,617		81.5
Bravida Holding AB		2,246		18,134		12.5
Bufab AB		2,901		23,386		16.1
Castellum AB		12,227		214,459		147.3
Dustin Group AB		10,850		55,377		38.0
Elekta AB, B Shares, Class B		6,104		55,457		38.1
Evolution Gaming Group AB		1,484		67,962		46.7
Fabege AB		9,704		114,953		79.0
Hufvudstaden AB, A Shares		6,636		85,031		58.4
Indutrade AB		2,785		89,535		61.5
Kungsleden AB		16,177		123,195		84.6
Lindab International AB		4,270		39,126		26.9
Mycronic AB		3,085		51,534		35.4
Peab AB		9,240		70,390		48.3
Recipharm AB, -B Shares		1,703		20,234		13.9
Resurs Holding AB		24,845		91,418		62.8
Scandi Standard AB		16,344		106,850		73.4
Stillfront Group AB		969		57,574		39.5
Sweco AB, -B Shares		1,089		37,205		25.6
Swedish Orphan Biovitrum AB		4,560		87,366		60.0
Thule Group AB		1,359		25,341		17.4

				1,654,068

Switzerland
ALSO Holding AG		257		52,871		36.3
Arbonia AG		10,583		89,736		61.6
BKW AG		702		56,943		39.1
Emmi AG		166		152,480		104.7
Helvetia Holding AG		198		18,049		12.4
Implenia AG		1,238		50,637		34.8
Inficon Holding AG		70		47,317		32.5
Landis+Gyr Group AG		3,582		241,892		166.1
LEM Holding SA		16		20,692		14.2
Logitech International SA, Registered Shares		3,736		179,938		123.6
Mediclinic International PLC		6,771		22,015		15.1
OC Oerlikon Corp. AG, Registered Shares		3,018		22,665		15.6
Orior AG		246		20,434		14.0
PSP Swiss Property AG, Registered Shares		224		26,022		17.9
Sensirion Holding AG		1,732		61,685		42.4
SFS Group AG		789		62,435		42.9
Siegfried Holding AG		48		21,930		15.1
Tecan Group AG		421		135,538		93.1
Valiant Holding AG		2,131		205,842		141.4
VAT Group AG		524		86,482		59.4
Ypsomed Holding AG		144		18,887		13.0
Zur Rose Group AG		813		133,746		91.9

				1,728,236

Ukraine
Ferrexpo PLC		11,165		19,068		13.1


	Shares		Value		% of Basket Value

United Kingdom
888 Holdings PLC		9,257	$	16,810		11.5	%
Abcam PLC		2,012		32,183		22.1
AG Barr PLC		4,852		30,140		20.7
Anglo Pacific Group PLC		9,688		19,343		13.3
Arrow Global Group PLC		14,479		18,385		12.6
Ascential PLC		9,048		28,735		19.7
Ashmore Group PLC		27,558		131,392		90.3
Bellway PLC		4,009		134,146		92.1
Big Yellow Group PLC		7,462		100,442		69.0
Brewin Dolphin Holdings PLC		28,348		97,674		67.1
Computacenter PLC		2,194		40,098		27.5
Craneware PLC		732		17,702		12.2
Cranswick PLC		2,593		121,284		83.3
Crest Nicholson Holdings PLC		44,215		142,469		97.9
Daily Mail & General Trust PLC		6,540		58,080		39.9
Derwent London PLC		3,831		149,693		102.8
Dialog Semiconductor PLC		2,763		86,772		59.6
Dignity PLC		4,798		14,653		10.1
Diploma PLC		11,681		253,182		173.9
Drax Group PLC		16,658		43,671		30.0
Dunelm Group PLC		2,872		33,182		22.8
EMIS Group PLC		1,447		19,100		13.1
Fevertree Drinks PLC		4,589		100,161		68.8
Games Workshop Group PLC		1,586		120,036		82.5
Gamesys Group PLC		4,123		45,554		31.3
Grainger PLC		8,091		27,183		18.7
Great Portland Estates PLC		8,340		71,034		48.8
HomeServe PLC		9,526		133,437		91.7
Hotel Chocolat Group PLC		9,007		38,514		26.5
Howden Joinery Group PLC		153		1,009		0.7
IG Group Holdings PLC		3,743		35,477		24.4
John Wood Group PLC		39,809		100,800		69.2
Jupiter Fund Management PLC		19,280		53,000		36.4
Kainos Group PLC		4,468		39,306		27.0
Lancashire Holdings Ltd.		2,819		21,729		14.9
LondonMetric Property PLC		50,048		122,278		84.0
Marshalls PLC		4,159		33,310		22.9
Moneysupermarket.com Group PLC		9,092		36,370		25.0
Morgan Advanced Materials PLC		5,191		14,319		9.8
Morgan Sindall Group PLC		8,964		144,440		99.2
Pennon Group PLC		3,473		47,823		32.8
Phoenix Group Holdings PLC		5,491		41,667		28.6
Playtech PLC		9,861		28,930		19.9
Polypipe Group PLC		11,752		73,721		50.6
Provident Financial PLC		8,690		21,191		14.6
Renishaw PLC		1,154		51,076		35.1
Safestore Holdings PLC		7,116		64,371		44.2
Shaftesbury PLC		6,415		48,478		33.3
Spirent Communications PLC		14,186		42,912		29.5
Telecom Plus PLC		4,064		67,770		46.6
TORM PLC		2,375		20,300		13.9
Travis Perkins PLC		1,508		19,691		13.5
Watkin Jones PLC		56,592		122,761		84.3
Workspace Group PLC		6,782		66,799		45.9

				3,444,583

United States
1-800-Flowers.com, Inc., Class A		4,439		85,184		58.5
2U, Inc.		2,060		48,925		33.6
3D Systems Corp.		3,049		25,886		17.8
8x8, Inc.		6,799		115,311		79.2
Acadia Realty Trust		2,359		29,228		20.1
Accelerate Diagnostics, Inc.		10,658		116,279		79.9


	Shares		Value		% of Basket Value

United States (continued)
Acceleron Pharma, Inc.		320	$	28,970		19.9	%
Addus HomeCare Corp.		314		25,440		17.5
Advanced Energy Industries, Inc.		620		34,472		23.7
AeroVironment, Inc.		600		36,156		24.8
Agree Realty Corp.		1,110		72,272		49.6
ALLETE, Inc.		2,644		152,189		104.5
Allogene Therapeutics, Inc.		709		20,490		14.1
Allscripts Healthcare Solutions, Inc.		29,555		192,108		132.0
Altair Engineering, Inc., Class A		1,216		40,116		27.6
Altra Industrial Motion Corp.		3,003		83,814		57.6
Amalgamated Bank, Class A		3,615		38,681		26.6
Ambarella, Inc.		2,572		135,236		92.9
AMC Networks, Inc., Class A		4,353		103,819		71.3
Ameresco, Inc., Class A		1,969		35,560		24.4
American Campus Communities, Inc.		3,104		109,540		75.2
American Homes 4 Rent, Class A		7,937		191,599		131.6
American Software, Inc., Class A		1,520		25,050		17.2
American States Water Co.		519		41,193		28.3
American Woodmark Corp.		312		16,040		11.0
Apartment Investment & Management Co., Class A		2,680		100,956		69.3
Appfolio, Inc., Class A		2,263		248,613		170.8
AptarGroup, Inc.		340		36,407		25.0
Archrock, Inc.		17,983		86,498		59.4
Ares Management Corp., Class A		1,549		51,969		35.7
Armada Hoffler Properties, Inc.		2,490		23,929		16.4
ASGN, Inc.		952		44,220		30.4
Ashland Global Holdings, Inc.		648		39,975		27.5
Associated Banc-Corp		15,491		219,043		150.5
Assured Guaranty Ltd.		688		20,454		14.1
Astronics Corp.		2,234		20,061		13.8
Atrion Corp.		60		37,910		26.0
Axon Enterprise, Inc.		1,346		97,868		67.2
Axonics Modulation Technologies, Inc.		590		19,004		13.1
Axos Financial, Inc.		821		18,924		13.0
AZZ, Inc.		7,614		239,003		164.2
Badger Meter, Inc.		1,897		111,980		76.9
Balchem Corp.		433		38,641		26.5
Banc of California, Inc.		2,904		30,260		20.8
BancFirst Corp.		6,032		232,292		159.6
Bancorp, Inc.		3,744		26,096		17.9
BankUnited, Inc.		6,992		138,512		95.1
Bar Harbor Bankshares		1,159		21,302		14.6
Bed Bath & Beyond, Inc.		6,897		42,692		29.3
Benchmark Electronics, Inc.		2,255		46,588		32.0
Benefitfocus, Inc.		5,304		57,442		39.5
Berry Global Group, Inc.		1,492		59,367		40.8
Big Lots, Inc.		2,968		69,600		47.8
Bio-Techne Corp.		293		65,925		45.3
BioTelemetry, Inc.		1,660		77,539		53.3
Blackbaud, Inc.		1,142		63,107		43.3
Blackline, Inc.		2,689		163,330		112.2
Blue Bird Corp.		4,879		59,865		41.1
BMC Stock Holdings, Inc.		746		15,853		10.9
Box, Inc., Class A		9,078		146,519		100.6
Brandywine Realty Trust		5,589		62,373		42.8
Bridge Bancorp, Inc.		275		5,690		3.9
BRP, Inc.		1,209		36,184		24.9
Burford Capital Ltd.		11,278		70,846		48.7
Cabot Microelectronics Corp.		182		22,302		15.3
CalAmp Corp.		4,958		33,318		22.9
Camping World Holdings, Inc., Class A		5,529		49,042		33.7
Cara Therapeutics, Inc.		1,404		20,807		14.3


	Shares		Value		% of Basket Value

United States (continued)
Carriage Services, Inc.		190	$	2,854		2.0	%
Catalent, Inc.		618		42,735		29.4
CBTX, Inc.		179		3,233		2.2
Central Garden & Pet Co., Class A		1,145		34,819		23.9
Cerus Corp.		4,155		25,553		17.6
Cheesecake Factory, Inc.		2,220		49,484		34.0
Chegg, Inc.		3,247		138,809		95.4
Chemours Co.		5,692		66,767		45.9
Chuy’s Holdings, Inc.		2,310		38,716		26.6
Cirrus Logic, Inc.		2,052		155,131		106.6
CIT Group, Inc.		3,609		68,499		47.1
Clean Energy Fuels Corp.		8,349		17,992		12.4
Clearway Energy, Inc., Class A		1,129		21,112		14.5
Clearway Energy, Inc., Class C		4,675		93,640		64.3
CNO Financial Group, Inc.		2,205		31,002		21.3
Codexis, Inc.		1,769		20,538		14.1
Cohen & Steers, Inc.		1,034		59,703		41.0
Collegium Pharmaceutical, Inc.		1,619		33,481		23.0
Columbia Property Trust, Inc.		4,864		69,507		47.7
Commerce Bancshares, Inc.		173		10,586		7.3
CommScope Holding Co., Inc.		1,935		21,304		14.6
Community Healthcare Trust, Inc.		578		21,502		14.8
Conduent, Inc.		12,477		31,442		21.6
ConnectOne Bancorp, Inc.		2,963		44,267		30.4
CoreSite Realty Corp.		740		89,681		61.6
Cornerstone OnDemand, Inc.		4,135		138,771		95.3
CorVel Corp.		975		51,373		35.3
Cousins Properties, Inc.		1,384		41,755		28.7
Covetrus, Inc.		2,100		24,969		17.2
Cowen, Inc., Class A		8,892		97,367		66.9
Crocs, Inc.		6,004		145,597		100.0
CryoLife, Inc.		558		12,460		8.6
Cubic Corp.		4,485		171,372		117.7
Curtiss-Wright Corp.		2,883		298,823		205.3
Dana, Inc.		2,968		34,132		23.4
Deckers Outdoor Corp.		572		85,091		58.5
Del Taco Restaurants, Inc.		691		4,063		2.8
Denny’s Corp.		2,793		31,477		21.6
Designer Brands, Inc., Class A		6,467		41,065		28.2
Dicerna Pharmaceuticals, Inc.		776		15,287		10.5
Dine Brands Global, Inc.		2,335		103,651		71.2
Dolby Laboratories, Inc., Class A		7,614		457,068		314.0
Domo, Inc., Class B		4,275		83,149		57.1
Douglas Dynamics, Inc.		2,245		82,975		57.0
eHealth, Inc.		360		38,412		26.4
Emergent Biosolutions, Inc.		863		63,819		43.8
Endo International PLC		11,558		53,167		36.5
Ennis, Inc.		959		17,847		12.3
Enterprise Financial Services Corp.		2,278		70,026		48.1
ESCO Technologies, Inc.		1,706		130,168		89.4
Esperion Therapeutics, Inc.		614		24,314		16.7
Essent Group Ltd.		1,649		45,051		30.9
Etsy, Inc.		3,155		204,665		140.6
Eventbrite, Inc., Class A		3,501		31,929		21.9
Everbridge, Inc.		369		41,099		28.2
Evolent Health, Inc., Class A		6,853		49,410		33.9
Exponent, Inc.		3,055		214,858		147.6
Fair Isaac Corp.		427		150,705		103.5
Fate Therapeutics, Inc.		1,572		43,041		29.6
FB Financial Corp.		3,612		80,692		55.4
FBL Financial Group, Inc., Class A		1,550		60,574		41.6
First Busey Corp.		300		5,526		3.8


	Shares		Value		% of Basket Value

United States (continued)
First Defiance Financial Corp.		9,502	$	165,145		113.4	%
First Foundation, Inc.		4,359		59,980		41.2
First Hawaiian, Inc.		1,360		23,922		16.4
First Horizon National Corp.		15,510		140,831		96.7
First Mid Bancshares, Inc.		3,710		99,057		68.0
Fitbit, Inc., Series A		9,911		66,305		45.5
Flushing Financial Corp.		4,892		61,101		42.0
FNB Corp.		23,839		192,858		132.5
Forrester Research, Inc.		3,237		101,318		69.6
Franklin Electric Co., Inc.		586		29,769		20.4
Freshpet, Inc.		508		38,308		26.3
frontdoor, Inc.		487		18,852		13.0
G-III Apparel Group Ltd.		2,602		29,481		20.3
GameStop Corp., Class A		3,759		21,539		14.8
Generac Holdings, Inc.		1,129		110,010		75.6
Gentherm, Inc.		3,328		124,600		85.6
Gladstone Commercial Corp.		11,635		183,833		126.3
Global Medical REIT, Inc.		2,064		21,507		14.8
Globus Medical, Inc., Class A		837		39,724		27.3
GoPro, Inc., Class A		25,260		88,915		61.1
Granite Construction, Inc.		4,715		77,515		53.2
Green Brick Partners, Inc.		3,147		28,040		19.3
Greif, Inc., Class A		692		23,452		16.1
H&R Block, Inc.		16,896		281,318		193.2
Haemonetics Corp.		282		32,086		22.0
Hancock Whitney Corp.		2,268		47,424		32.6
Hanover Insurance Group, Inc.		739		74,181		51.0
Hawaiian Electric Industries, Inc.		3,995		157,683		108.3
HB Fuller Co.		2,275		83,697		57.5
HCI Group, Inc.		2,081		86,674		59.5
Healthcare Trust of America, Inc., Class A		6,699		164,996		113.3
Heartland Express, Inc.		10,950		214,510		147.3
Helen of Troy Ltd.		1,130		185,636		127.5
Heritage Commerce Corp.		6,316		56,086		38.5
Herman Miller, Inc.		3,426		77,222		53.0
Heska Corp.		82		5,806		4.0
Hillenbrand, Inc.		11,620		243,439		167.2
HMS Holdings Corp.		1,473		42,238		29.0
Hooker Furniture Corp.		3,652		54,743		37.6
Horizon Bancorp		12,938		147,234		101.1
Horizon Therapeutics PLC		1,561		56,258		38.6
Hub Group, Inc., Class A		859		41,326		28.4
Hubbell, Inc.		2,378		295,895		203.3
HubSpot, Inc.		719		121,245		83.3
Huron Consulting Group, Inc.		1,306		73,188		50.3
ICF International, Inc.		1,173		86,262		59.3
IDACORP, Inc.		1,566		143,727		98.7
Independence Realty Trust, Inc.		2,781		28,005		19.2
Independent Bank Corp.		11,565		169,890		116.7
Independent Bank Group, Inc.		1,734		52,558		36.1
Ingevity Corp.		229		11,890		8.2
Inogen, Inc.		469		23,450		16.1
Inphi Corp.		666		64,296		44.2
Insight Enterprises, Inc.		4,374		237,464		163.1
Insperity, Inc.		6,700		319,657		219.6
Inspire Medical Systems, Inc.		283		20,280		13.9
Interactive Brokers Group, Inc., Class A		2,578		105,698		72.6
InterDigital, Inc.		2,585		149,335		102.6
INTL. FCStone, Inc.		1,534		61,299		42.1
Invitae Corp.		6,212		102,809		70.6
ITT, Inc.		3,846		202,761		139.3
J&J Snack Foods Corp.		265		33,663		23.1


	Shares		Value		% of Basket Value

United States (continued)
j2 Global, Inc.		1,625	$	131,040		90.0	%
Jabil, Inc.		921		26,193		18.0
Jack in the Box, Inc.		386		23,276		16.0
John Bean Technologies Corp.		568		43,588		29.9
Johnson Outdoors, Inc., Class A		1,075		73,487		50.5
Kelly Services, Inc., Class A		1,810		27,965		19.2
Kforce, Inc.		2,655		79,517		54.6
Kimball International, Inc., Class B		6,389		78,393		53.8
Knowles Corp.		1,100		17,105		11.8
Kraton Corp.		2,045		31,922		21.9
Kratos Defense & Security Solutions, Inc.		1,249		18,760		12.9
La-Z-Boy, Inc.		3,023		70,889		48.7
Lakeland Bancorp, Inc.		12,637		141,408		97.1
Lancaster Colony Corp.		1,137		153,074		105.1
LeMaitre Vascular, Inc.		490		13,960		9.6
Levi Strauss & Co., Class A		3,007		38,760		26.6
LGI Homes, Inc.		390		23,626		16.2
LHC Group, Inc.		368		47,836		32.9
Limelight Networks, Inc.		10,698		54,239		37.3
Littelfuse, Inc.		55		7,988		5.5
LivePerson, Inc.		5,422		129,803		89.2
Lumentum Holdings, Inc.		497		40,212		27.6
Magellan Health, Inc.		842		51,135		35.1
ManTech International Corp., Class A		268		19,982		13.7
Masimo Corp.		1,325		283,431		194.7
Materion Corp.		1,678		86,820		59.6
Matrix Service Co.		2,761		28,825		19.8
MaxLinear, Inc.		6,597		108,785		74.7
MDC Holdings, Inc.		4,865		142,301		97.7
MEDIA GEN, Inc. CVR		3,231		—		0.0
MEDNAX, Inc.		3,095		44,939		30.9
Mercantile Bank Corp.		7,252		171,147		117.6
Mercury Systems, Inc.		521		46,452		31.9
MFA Financial, Inc.		798		1,397		1.0
MGIC Investment Corp.		4,814		35,190		24.2
Midland States Bancorp, Inc.		9,653		156,572		107.6
MidWestOne Financial Group, Inc.		2,558		53,385		36.7
MobileIron, Inc.		8,272		42,104		28.9
Model N, Inc.		4,223		121,876		83.7
Modine Manufacturing Co.		15,494		71,737		49.3
Moog, Inc., Class A		1,514		74,913		51.5
Morningstar, Inc.		2,160		336,874		231.4
MSA Safety, Inc.		536		60,316		41.4
MSC Industrial Direct Co., Inc., Class A		196		11,689		8.0
Myers Industries, Inc.		2,434		30,084		20.7
MyoKardia, Inc.		482		30,279		20.8
MYR Group, Inc.		3,290		98,700		67.8
Myriad Genetics, Inc.		1,663		25,710		17.7
NanoString Technologies, Inc.		1,146		36,397		25.0
National General Holdings Corp.		11,047		210,224		144.4
National Research Corp., Class A		3,016		155,595		106.9
Navient Corp.		3,447		26,266		18.0
Neenah, Inc.		1,353		66,108		45.4
Nelnet, Inc., Class A		1,811		87,200		59.9
NetScout Systems, Inc.		877		23,223		16.0
Nevro Corp.		310		36,468		25.1
New Relic, Inc.		2,415		129,661		89.1
Nexstar Media Group, Inc., Class A		1,205		84,398		58.0
Nicolet Bankshares, Inc.		1,568		86,271		59.3
NOW, Inc.		8,568		52,865		36.3
Nu Skin Enterprises, Inc., Class A		1,349		39,404		27.1
Nutanix, Inc., Class A		4,934		101,098		69.4


	Shares		Value		% of Basket Value

United States (continued)
NV5 Global, Inc.		582	$	27,209		18.7	%
Oceaneering International, Inc.		405		2,082		1.4
OceanFirst Financial Corp.		14,899		251,048		172.4
Omnicell, Inc.		397		28,941		19.9
Onto Innovation, Inc.		1,543		50,086		34.4
Ormat Technologies, Inc.		296		18,473		12.7
Orthofix Medical, Inc.		1,433		50,800		34.9
Oshkosh Corp.		1,502		101,430		69.7
Outfront Media, Inc.		1,516		23,786		16.3
Oxford Industries, Inc.		3,412		143,031		98.3
Pacific Biosciences of California, Inc.		20,665		68,298		46.9
PacWest Bancorp		1,312		26,555		18.2
Parsley Energy, Inc., Class A		4,225		39,926		27.4
Parsons Corp.		549		20,533		14.1
Paylocity Holding Corp.		3,356		384,363		264.0
Paysign, Inc.		3,650		31,390		21.6
Peapack Gladstone Financial Corp.		1,597		30,135		20.7
Pegasystems, Inc.		648		54,186		37.2
Penumbra, Inc.		408		72,347		49.7
Perficient, Inc.		2,249		78,333		53.8
Physicians Realty Trust		2,235		34,464		23.7
Pinnacle Financial Partners, Inc.		10,367		417,272		286.6
PJT Partners, Inc., Class A		520		25,293		17.4
Plantronics, Inc.		1,739		24,555		16.9
Plug Power, Inc.		12,181		50,977		35.0
Post Holdings, Inc.		2,938		269,855		185.4
Power Integrations, Inc.		1,056		108,082		74.2
PRA Group, Inc.		2,644		73,345		50.4
Progress Software Corp.		1,468		60,056		41.3
Proofpoint, Inc.		1,078		131,225		90.1
PROS Holdings, Inc.		640		22,010		15.1
Pure Storage, Inc., Class A		4,477		64,469		44.3
Q2 Holdings, Inc.		1,007		80,278		55.1
QCR Holdings, Inc.		7,552		232,451		159.7
QTS Realty Trust, Inc., Class A		4,716		294,891		202.6
Qualys, Inc.		782		82,454		56.6
Quotient Technology, Inc.		27,162		195,023		134.0
RadNet, Inc.		6,841		96,595		66.4
Rambus, Inc.		1,608		20,148		13.8
Rapid7, Inc.		4,043		184,159		126.5
Raven Industries, Inc.		14,257		317,503		218.1
Rayonier, Inc.		1,708		41,043		28.2
RE/MAX Holdings, Inc., Class A		1,611		42,353		29.1
Realogy Holdings Corp.		11,656		50,587		34.7
RealReal, Inc.		2,050		24,067		16.5
Reata Pharmaceuticals, Inc., Class A		337		53,300		36.6
Red Robin Gourmet Burgers, Inc.		1,115		16,312		11.2
Reliance Steel & Aluminum Co.		3,555		318,457		218.8
Reliance Worldwide Corp., Ltd.		14,594		25,675		17.6
Repay Holdings Corp.		2,782		49,714		34.2
Repligen Corp.		832		96,637		66.4
Republic Bancorp, Inc., Class A		2,561		85,358		58.6
Rite Aid Corp.		4,329		62,035		42.6
Rubicon Project, Inc.		3,629		26,020		17.9
Sage Therapeutics, Inc.		1,023		39,877		27.4
SailPoint Technologies Holding, Inc.		7,044		130,948		90.0
ScanSource, Inc.		854		22,136		15.2
Schneider National, Inc., Class B		1,855		40,643		27.9
Scholastic Corp.		908		26,396		18.1
Scientific Games Corp., Class A		8,527		107,525		73.9
Seritage Growth Properties, Class A		6,454		68,283		46.9
Service Corp. International		928		34,095		23.4


	Shares		Value		% of Basket Value

United States (continued)
Shutterstock, Inc.		3,916	$	148,808		102.2	%
Sims Ltd.		5,034		22,630		15.5
Simulations Plus, Inc.		1,160		44,138		30.3
Solaris Oilfield Infrastructure, Inc., Class A		3,475		23,769		16.3
SpartanNash Co.		4,042		69,320		47.6
Sprouts Farmers Market, Inc.		3,821		79,400		54.5
Stamps.com, Inc.		166		26,273		18.0
Steelcase, Inc., Class A		8,914		97,608		67.0
Sterling Bancorp		2,576		31,762		21.8
Strategic Education, Inc.		176		28,037		19.3
Summit Materials, Inc., Class A		1,726		26,080		17.9
Sunrun, Inc.		3,527		49,484		34.0
Supernus Pharmaceuticals, Inc.		6,299		147,397		101.2
SVMK, Inc.		2,897		45,483		31.2
SYNNEX Corp.		1,047		91,675		63.0
Systemax, Inc.		1,181		23,455		16.1
Tabula Rasa HealthCare, Inc.		407		25,779		17.7
Tactile Systems Technology, Inc.		858		44,290		30.4
Taylor Morrison Home Corp., Class A		2,767		40,260		27.7
TCF Financial Corp.		878		26,068		17.9
TechTarget, Inc.		3,518		82,040		56.4
Teladoc Health, Inc.		417		68,634		47.1
Tennant Co.		1,561		92,364		63.4
Terex Corp.		1,648		25,033		17.2
Tetra Tech, Inc.		886		66,698		45.8
Texas Roadhouse, Inc.		2,587		121,822		83.7
Tivity Health, Inc.		5,518		49,496		34.0
Toro Co.		2,513		160,355		110.1
TPI Composites, Inc.		1,761		30,870		21.2
Tradeweb Markets, Inc., Class A		511		26,654		18.3
TriState Capital Holdings, Inc.		8,603		122,335		84.0
Tronox Holdings PLC, Class A		3,006		20,501		14.1
TTM Technologies, Inc.		5,164		59,851		41.1
U.S. Physical Therapy, Inc.		1,977		149,264		102.5
Ultragenyx Pharmaceutical, Inc.		247		14,926		10.3
United Fire Group, Inc.		730		20,878		14.3
Uniti Group, Inc.		3,557		25,112		17.3
Unitil Corp.		1,310		65,906		45.3
Univest Financial Corp.		5,269		93,261		64.1
Upwork, Inc.		1,500		12,495		8.6
US Concrete, Inc.		1,949		37,382		25.7
USANA Health Sciences, Inc.		1,025		91,451		62.8
Valmont Industries, Inc.		748		87,696		60.2
Varonis Systems, Inc.		1,129		75,699		52.0
Vectrus, Inc.		1,563		81,292		55.8
Veracyte, Inc.		3,308		89,217		61.3
ViaSat, Inc.		1,288		54,611		37.5
Vicor Corp.		1,560		82,945		57.0
Virtus Investment Partners, Inc.		1,103		89,641		61.6
Virtusa Corp.		2,344		77,352		53.1
Visteon Corp.		648		39,074		26.8
Vivint Solar, Inc.		14,059		89,134		61.2
Vocera Communications, Inc.		2,824		53,543		36.8
Wabash National Corp.		4,229		34,678		23.8
Watts Water Technologies, Inc., Class A		2,506		206,494		141.8
Webster Financial Corp.		2,420		68,365		47.0
Weis Markets, Inc.		1,554		77,747		53.4
Welbilt, Inc.		11,156		54,999		37.8
Werner Enterprises, Inc.		1,678		67,321		46.2
WesBanco, Inc.		2,737		67,549		46.4
Wintrust Financial Corp.		108		4,525		3.1
WisdomTree Investments, Inc.		4,679		15,160		10.4


	Shares			Value			% of Basket Value

United States (continued)
Woodward, Inc.		1,284		$	77,759			53.4	%
Workiva, Inc.		2,014			77,237			53.1
WW International, Inc.		5,197			132,575			91.1
Yext, Inc.		4,420			56,576			38.9
Zendesk, Inc.		4,660			358,261			246.1
Zscaler, Inc.		1,084			72,715			49.9
Zuora, Inc., Class A		3,414			36,086			24.8
Zynga, Inc., Class A		28,375			213,948			147.0

					30,579,583


Total Reference Entity — Long					71,904,929


Reference Entity — Short

Australia
Abacus Property Group		(23,187	)		(38,228	)		(26.3	)
Adelaide Brighton, Ltd.		(76,797	)		(135,276	)		(92.9	)
Altium Ltd.		(804	)		(17,892	)		(12.3	)
ARB Corp. Ltd.		(5,599	)		(54,984	)		(37.8	)
Bank of Queensland, Ltd.		(122,817	)		(414,118	)		(284.5	)
Bingo Industries Ltd.		(16,589	)		(25,124	)		(17.3	)
Bravura Solutions Ltd.		(47,652	)		(148,801	)		(102.2	)
Breville Group Ltd.		(3,100	)		(35,080	)		(24.1	)
Brickworks Ltd.		(10,222	)		(90,215	)		(62.0	)
carsales.com, Ltd.		(13,574	)		(124,172	)		(85.3	)
Charter Hall Group		(29,525	)		(145,899	)		(100.2	)
Cleanaway Waste Management, Ltd.		(12,757	)		(15,392	)		(10.6	)
Collins Foods Ltd.		(9,368	)		(44,550	)		(30.6	)
Elders Ltd.		(6,493	)		(36,405	)		(25.0	)
EML Payments Ltd.		(35,379	)		(63,894	)		(43.9	)
G8 Education, Ltd.		(15,990	)		(8,238	)		(5.7	)
G8 Education, Ltd.		(35,178	)		(19,727	)		(13.5	)
GrainCorp Ltd.		(14,834	)		(34,065	)		(23.4	)
Healius Ltd.		(19,199	)		(32,111	)		(22.0	)
Iluka Resources Ltd.		(32,887	)		(163,121	)		(112.0	)
Link Administration Holdings Ltd.		(10,001	)		(24,403	)		(16.8	)
nib holdings Ltd.		(20,831	)		(66,570	)		(45.7	)
Orora Ltd.		(19,407	)		(32,252	)		(22.1	)
Premier Investments Ltd.		(10,807	)		(108,309	)		(74.4	)
Qube Holdings Ltd.		(137,620	)		(286,485	)		(196.8	)
Seven Group Holdings Ltd.		(31,691	)		(311,633	)		(214.1	)
St Barbara Ltd.		(27,020	)		(45,604	)		(31.3	)
Star Entertainment Grp Ltd. (The)		(37,194	)		(72,917	)		(50.1	)
Super Retail Group Ltd.		(5,133	)		(20,941	)		(14.4	)
Village Roadshow Ltd.		(3,511	)		(5,103	)		(3.5	)
Webjet Ltd.		(15,828	)		(31,034	)		(21.3	)
Western Areas Ltd.		(46,032	)		(64,887	)		(44.6	)
Westgold Resources Ltd.		(30,197	)		(39,671	)		(27.2	)

					(2,757,101	)

Austria
Agrana Beteiligungs AG		(2,594	)		(47,725	)		(32.8	)
AT&S Austria Technologie & Systemtechnik AG		(4,951	)		(85,336	)		(58.6	)
DO & Co. AG		(46	)		(2,295	)		(1.6	)
FACC AG		(7,615	)		(60,996	)		(41.9	)
Kapsch TrafficCom AG		(2,615	)		(51,009	)		(35.0	)
Schoeller-Bleckmann Oilfield Equipment AG		(2,947	)		(87,073	)		(59.8	)
Semperit AG Holding		(770	)		(9,580	)		(6.6	)

					(344,014	)

Belgium
Aedifica SA		(190	)		(18,415	)		(12.7	)
AGFA-Gevaert NV		(30,937	)		(122,551	)		(84.2	)


	Shares			Value			% of Basket Value

Belgium (continued)
Bekaert SA		(2,008	)	$	(42,451	)		(29.2	) %
Cie d’Entreprises CFE		(875	)		(67,910	)		(46.6	)
D’ieteren SA		(1,228	)		(61,540	)		(42.3	)
Econocom Group SA		(7,521	)		(14,476	)		(9.9	)
Elia System Operator SA		(334	)		(38,404	)		(26.4	)
Ion Beam Applications		(4,410	)		(36,584	)		(25.1	)
Mithra Pharmaceuticals SA		(2,999	)		(74,854	)		(51.4	)
Van de Velde NV		(398	)		(10,075	)		(6.9	)

					(487,260	)

Canada
Altus Group Ltd.		(5,784	)		(174,648	)		(120.0	)
Badger Daylighting, Ltd.		(5,130	)		(111,486	)		(76.6	)
Canfor Corp.		(13,776	)		(96,000	)		(65.9	)
Capital Power Corp.		(10,637	)		(205,870	)		(141.4	)
Cascades, Inc.		(2,492	)		(24,939	)		(17.1	)
Centerra Gold, Inc.		(9,248	)		(73,947	)		(50.8	)
Cineplex, Inc.		(3,447	)		(41,207	)		(28.3	)
Cogeco Communications, Inc.		(464	)		(34,305	)		(23.6	)
Colliers International Group, Inc.		(342	)		(18,769	)		(12.9	)
Descartes Systems Group, Inc.		(8,450	)		(355,192	)		(244.0	)
DREAM Un Ltd. Corp., Class A		(44,168	)		(278,281	)		(191.2	)
Eldorado Gold Corp.		(5,885	)		(56,104	)		(38.5	)
Enghouse Systems Ltd.		(7,189	)		(269,339	)		(185.0	)
Equinox Gold Corp.		(5,748	)		(48,026	)		(33.0	)
Finning International, Inc.		(6,010	)		(76,293	)		(52.4	)
goeasy Ltd.		(679	)		(21,688	)		(14.9	)
Great Canadian Gaming Corp.		(4,436	)		(86,397	)		(59.3	)
Interfor Corp.		(10,399	)		(61,335	)		(42.1	)
InterRent Real Estate Investment Trust		(2,632	)		(27,474	)		(18.9	)
Kinaxis, Inc.		(2,232	)		(224,363	)		(154.1	)
Linamar Corp.		(1,162	)		(27,916	)		(19.2	)
MAG Silver Corp.		(3,448	)		(39,213	)		(26.9	)
Mercer International, Inc.		(9,078	)		(91,506	)		(62.9	)
Norbord, Inc.		(9,909	)		(160,742	)		(110.4	)
Northland Power, Inc.		(5,976	)		(128,240	)		(88.1	)
Northview Apartment Real Estate Investment Trust		(5,007	)		(126,618	)		(87.0	)
Novagold Resources, Inc.		(14,543	)		(163,197	)		(112.1	)
Osisko Gold Royalties Ltd.		(2,000	)		(18,262	)		(12.5	)
Park Lawn Corp.		(14,137	)		(221,610	)		(152.2	)
Premium Brands Holdings Corp.		(9,090	)		(548,162	)		(376.5	)
Pretium Resources, Inc.		(2,096	)		(16,007	)		(11.0	)
Richelieu Hardware Ltd.		(9,454	)		(179,578	)		(123.4	)
SEMAFO, Inc.		(11,685	)		(29,381	)		(20.2	)
Stantec, Inc.		(6,091	)		(179,542	)		(123.3	)
Stella-Jones, Inc.		(14,020	)		(349,505	)		(240.1	)
Superior Plus Corp.		(11,300	)		(80,207	)		(55.1	)
TFI International, Inc.		(671	)		(18,607	)		(12.8	)
Torex Gold Resources, Inc.		(2,988	)		(42,525	)		(29.2	)
Toromont Industries Ltd.		(3,242	)		(152,324	)		(104.6	)
TransAlta Corp.		(11,439	)		(67,305	)		(46.2	)
Transat AT, Inc.		(11,632	)		(84,402	)		(58.0	)
Transcontinental, Inc., Class A		(2,673	)		(24,215	)		(16.6	)
Uni-Select, Inc.		(900	)		(2,754	)		(1.9	)
Uranium Participation Corp.		(21,737	)		(76,519	)		(52.6	)
Winpak Ltd.		(2,348	)		(78,185	)		(53.7	)
WPT Industrial Real Estate Investment Trust		(14,177	)		(162,610	)		(111.7	)

					(5,354,795	)

China
Health & Happiness H&H International Holdings Ltd.		(8,000	)		(30,594	)		(21.0	)
Minth Group Ltd.		(10,000	)		(24,046	)		(16.5	)

					(54,640	)


	Shares			Value			% of Basket Value

Denmark
ALK-Abello A/S		(144	)	$	(36,631	)		(25.2	) %
Dfds A/S		(6,461	)		(164,016	)		(112.7	)
FLSmidth & Co. A/S		(1,853	)		(48,769	)		(33.5	)
Netcompany Group A/S		(1,712	)		(88,446	)		(60.7	)
Nilfisk Holding A/S		(6,319	)		(89,503	)		(61.5	)
NNIT A/S		(5,490	)		(93,986	)		(64.6	)
Ringkjoebing Landbobank A/S		(697	)		(43,753	)		(30.0	)
Rockwool International A/S, -B Shares		(619	)		(130,089	)		(89.4	)
Sydbank A/S		(2,935	)		(48,496	)		(33.3	)
Topdanmark A/S		(9,659	)		(389,908	)		(267.8	)

					(1,133,597	)

Faeroe Islands
Bakkafrost P/F		(925	)		(45,731	)		(31.4	)


Finland
Adapteo OYJ		(2,487	)		(17,834	)		(12.2	)
F-Secure OYJ		(25,068	)		(75,474	)		(51.8	)
Konecranes OYJ		(1,174	)		(25,481	)		(17.5	)
Metsa Board OYJ		(16,656	)		(116,015	)		(79.7	)
Sanoma OYJ		(8,051	)		(72,692	)		(49.9	)
TietoEVRY OYJ		(1,198	)		(29,191	)		(20.1	)
Uponor OYJ		(2,385	)		(26,743	)		(18.4	)

					(363,430	)

France
Adevinta ASA		(1,072	)		(8,904	)		(6.1	)
Beneteau SA		(19,722	)		(124,879	)		(85.8	)
Bonduelle SCA		(4,278	)		(93,585	)		(64.3	)
Chargeurs SA		(2,125	)		(40,321	)		(27.7	)
Derichebourg SA		(66,752	)		(187,306	)		(128.7	)
FFP		(218	)		(14,785	)		(10.1	)
Guerbet		(129	)		(4,069	)		(2.8	)
Jacquet Metal Service SA		(993	)		(10,120	)		(6.9	)
Nexans SA		(1,037	)		(36,936	)		(25.4	)
Oeneo SA		(13,322	)		(157,757	)		(108.4	)
Trigano SA		(778	)		(57,253	)		(39.3	)

					(735,915	)

Germany
Aareal Bank AG		(7,357	)		(119,838	)		(82.3	)
ADLER Real Estate AG		—			—			0.0
Amadeus Fire AG		(218	)		(22,449	)		(15.4	)
AURELIUS Equity Opportunities SE & Co. KGaA		(8,318	)		(145,604	)		(100.0	)
Aurubis AG		(424	)		(21,981	)		(15.1	)
Bechtle AG		(262	)		(37,890	)		(26.0	)
Bertrandt AG		(1,162	)		(44,759	)		(30.7	)
Borussia Dortmund GmbH & Co. KGaA		(8,626	)		(60,809	)		(41.8	)
CropEnergies AG		(6,240	)		(49,258	)		(33.8	)
Dermapharm Holding SE		(529	)		(25,086	)		(17.2	)
Deutz AG		(11,093	)		(42,639	)		(29.3	)
Elmos Semiconductor AG		(1,133	)		(22,568	)		(15.5	)
ElringKlinger AG		(5,655	)		(30,830	)		(21.2	)
Flatex AG		(5,625	)		(176,273	)		(121.1	)
H&R GmbH & Co. KGaA		(10	)		(45	)		0.0
HUGO BOSS AG		(3,071	)		(85,264	)		(58.6	)
Jenoptik AG		(2,766	)		(56,965	)		(39.1	)
JOST Werke AG		(4,107	)		(111,391	)		(76.5	)
Jungheinrich AG		(11,210	)		(202,435	)		(139.1	)
KWS Saat SE & Co. KGaA		(4,647	)		(267,352	)		(183.6	)
Pfeiffer Vacuum Technology AG		(524	)		(86,342	)		(59.3	)
RHOEN-KLINIKUM AG		(3,794	)		(75,523	)		(51.9	)
SGL Carbon SE		(39,578	)		(122,571	)		(84.2	)
Siltronic AG		(84	)		(7,191	)		(4.9	)


	Shares			Value			% of Basket Value

Germany (continued)
VERBIO Vereinigte BioEnergie AG		(6,088	)	$	(55,278	)		(38.0	) %
Vossloh AG		(5,503	)		(207,819	)		(142.8	)
Wacker Chemie AG		(967	)		(56,384	)		(38.7	)
Wacker Neuson SE		(3,561	)		(44,212	)		(30.4	)
Washtec AG		(1,076	)		(42,454	)		(29.2	)

					(2,221,210	)

Hong Kong
HKBN Ltd.		(27,500	)		(47,358	)		(32.5	)
Johnson Electric Holdings, Ltd.		(120,000	)		(201,493	)		(138.4	)
Mandarin Oriental International Ltd.		(66,085	)		(92,519	)		(63.6	)
Melco International Development Ltd.		(270,000	)		(504,715	)		(346.7	)

					(846,085	)

Ireland
Greencore Group PLC		(47,565	)		(108,937	)		(74.8	)
Keywords Studios PLC		(1,058	)		(21,195	)		(14.6	)
Origin Enterprises PLC		(31,474	)		(91,902	)		(63.1	)

					(222,034	)

Israel
Airport City Ltd.		(7,673	)		(116,413	)		(80.0	)
Cellcom Israel Ltd.		(16,565	)		(60,997	)		(41.9	)
Clal Insurance Enterprises Holdings Ltd.		(13,751	)		(136,642	)		(93.9	)
Delek Group Ltd.		(728	)		(33,147	)		(22.8	)
Fattal Holdings 1998 Ltd.		(432	)		(29,595	)		(20.3	)
Gazit-Globe Ltd.		(1,561	)		(11,557	)		(7.9	)
Gilat Satellite Networks Ltd.		(15,347	)		(132,031	)		(90.7	)
Hadera Paper Ltd.		(1,434	)		(66,373	)		(45.6	)
Isracard Ltd.		(48,261	)		(126,532	)		(86.9	)
Israel Corp. Ltd.		(233	)		(30,064	)		(20.6	)
Menora Mivtachim Holdings Ltd.		(6,466	)		(86,307	)		(59.3	)
Partner Communications Co. Ltd.		(26,797	)		(116,846	)		(80.3	)
Phoenix Holdings Ltd.		(33,138	)		(174,268	)		(119.7	)
Shikun & Binui Ltd.		(24,693	)		(102,490	)		(70.4	)
Summit Real Estate Holdings Ltd.		(1,375	)		(17,177	)		(11.8	)

					(1,240,439	)

Italy
Arnoldo Mondadori Editore SpA		(47,012	)		(63,965	)		(43.9	)
Banca Popolare di Sondrio SCPA		(109,021	)		(173,079	)		(118.9	)
Brunello Cucinelli SpA		(2,240	)		(72,234	)		(49.6	)
Danieli & C Officine Meccaniche SpA		(1,689	)		(21,468	)		(14.8	)
Danieli & C Officine Meccaniche SpA		(20,576	)		(152,817	)		(105.0	)
De’ Longhi SpA		(2,780	)		(50,246	)		(34.5	)
doValue SpA		(7,466	)		(55,144	)		(37.9	)
Falck Renewables SpA		(6,081	)		(29,888	)		(20.5	)
Freni Brembo SpA		(10,025	)		(85,045	)		(58.4	)
Gruppo MutuiOnline SpA		(475	)		(8,627	)		(5.9	)
Illimity Bank SpA		(14,119	)		(94,646	)		(65.0	)
Italmobiliare SpA		(2,332	)		(69,789	)		(47.9	)
La Doria SpA		(6,746	)		(71,609	)		(49.2	)
SAES Getters SpA		(2,201	)		(53,283	)		(36.6	)
Societa Cattolica di Assicurazioni		(11,529	)		(63,874	)		(43.9	)
Tamburi Investment Partners SpA		(22,135	)		(143,176	)		(98.4	)
Tod’s SpA		(4,427	)		(135,560	)		(93.1	)

					(1,344,450	)

Japan
ARTERIA Networks Corp.		(2,100	)		(41,624	)		(28.6	)
ASKUL Corp.		(1,600	)		(45,682	)		(31.4	)
Bank of Nagoya Ltd.		(4,700	)		(98,633	)		(67.7	)
Bic Camera, Inc.		(37,400	)		(346,240	)		(237.8	)
Change, Inc.		(1,800	)		(69,734	)		(47.9	)
Chiyoda Corp.		(34,900	)		(78,595	)		(54.0	)


	Shares			Value			% of Basket Value

Japan (continued)
Descente Ltd.		(7,200	)	$	(95,866	)		(65.8	) %
eRex Co. Ltd.		(6,900	)		(96,125	)		(66.0	)
euglena Co. Ltd.		(4,000	)		(22,770	)		(15.6	)
Ferrotec Holdings Corp.		(7,500	)		(45,050	)		(30.9	)
Fukuda Corp.		(1,300	)		(50,026	)		(34.4	)
Fuso Chemical Co. Ltd.		(2,900	)		(85,888	)		(59.0	)
Gunosy, Inc.		(3,700	)		(29,640	)		(20.4	)
Harmonic Drive Systems, Inc.		(2,600	)		(120,117	)		(82.5	)
Heiwa Real Estate REIT, Inc.		(232	)		(204,622	)		(140.6	)
Hirata Corp.		(1,800	)		(86,349	)		(59.3	)
Ichibanya Co. Ltd.		(500	)		(20,769	)		(14.3	)
IDOM, Inc.		(27,600	)		(110,484	)		(75.9	)
Information Services International-Dentsu Ltd.		(2,800	)		(118,809	)		(81.6	)
IR Japan Holdings Ltd.		(900	)		(53,859	)		(37.0	)
Japan Best Rescue System Co. Ltd.		(6,700	)		(47,370	)		(32.5	)
Japan Elevator Service Holdings Co. Ltd.		(1,200	)		(30,519	)		(21.0	)
Japan Lifeline Co. Ltd.		(8,000	)		(94,081	)		(64.6	)
JINS Holdings, Inc.		(400	)		(21,099	)		(14.5	)
Kanto Denka Kogyo Co. Ltd.		(22,400	)		(178,075	)		(122.3	)
Kappa Create Co. Ltd.		(8,800	)		(108,184	)		(74.3	)
Kawasaki Kisen Kaisha Ltd.		(23,300	)		(229,230	)		(157.5	)
Keiyo Co. Ltd.		(4,100	)		(21,895	)		(15.0	)
Kenko Mayonnaise Co. Ltd.		(2,500	)		(45,947	)		(31.6	)
KLab, Inc.		(7,300	)		(49,403	)		(33.9	)
LEC, Inc.		(1,900	)		(20,969	)		(14.4	)
MCJ Co. Ltd.		(10,200	)		(67,667	)		(46.5	)
Megachips Corp.		(2,300	)		(34,581	)		(23.8	)
Mirai Corp.		(115	)		(38,723	)		(26.6	)
Mitsubishi Estate Logistics REIT Investment Corp.		(7	)		(22,796	)		(15.7	)
Mitsui High-Tec, Inc.		(1,200	)		(13,445	)		(9.2	)
Money Forward, Inc.		(900	)		(41,900	)		(28.8	)
Nextage Co. Ltd.		(1,200	)		(8,094	)		(5.6	)
Nippon Sharyo Ltd.		(2,200	)		(56,285	)		(38.7	)
Nishi-Nippon Railroad Co. Ltd.		(4,700	)		(115,043	)		(79.0	)
Nissan Shatai Co. Ltd.		(31,200	)		(249,769	)		(171.6	)
Nissei ASB Machine Co. Ltd.		(600	)		(16,147	)		(11.1	)
Onward Holdings Co. Ltd.		(20,400	)		(63,825	)		(43.8	)
Optorun Co. Ltd.		(1,500	)		(40,742	)		(28.0	)
PKSHA Technology, Inc.		(1,200	)		(26,871	)		(18.5	)
Rokko Butter Co. Ltd.		(5,800	)		(76,857	)		(52.8	)
Rorze Corp.		(2,100	)		(86,403	)		(59.3	)
RS Technologies Co. Ltd.		(2,400	)		(57,815	)		(39.7	)
Sanken Electric Co., Ltd.		(3,500	)		(72,946	)		(50.1	)
Sansan, Inc.		(500	)		(24,534	)		(16.9	)
Stella Chemifa Corp.		(3,300	)		(71,965	)		(49.4	)
Taiyo Yuden Co. Ltd.		(5,400	)		(150,567	)		(103.4	)
Takara Leben Real Estate Investment Corp.		(52	)		(40,271	)		(27.7	)
Tanaka Chemical Corp.		(1,700	)		(8,513	)		(5.8	)
Tokai Carbon Co. Ltd.		(38,637	)		(319,515	)		(219.5	)
Toyobo Co., Ltd.		(3,500	)		(40,771	)		(28.0	)
Tri Chemical Laboratories, Inc.		(900	)		(79,966	)		(54.9	)
Yokowo Co. Ltd.		(5,200	)		(117,349	)		(80.6	)

					(4,611,014	)

Jordan
Hikma Pharmaceuticals PLC		(3,577	)		(106,538	)		(73.2	)


Kazakhstan
KAZ Minerals PLC		(13,482	)		(70,122	)		(48.2	)


Luxembourg
APERAM SA		(7,373	)		(191,041	)		(131.2	)


	Shares			Value			% of Basket Value

Monaco
Endeavour Mining Corp.		(3,519	)	$	(63,354	)		(43.5	) %


Netherlands
Aalberts NV		(3,633	)		(102,304	)		(70.3	)
Accell Group NV		(4,515	)		(84,374	)		(57.9	)
AMG Advanced Metallurgical Group NV		(1,554	)		(26,147	)		(18.0	)
Basic-Fit NV		(1,144	)		(23,239	)		(16.0	)
ForFarmers NV		(7,813	)		(52,056	)		(35.8	)
Intertrust NV		(3,048	)		(48,032	)		(33.0	)
NIBC Holding NV		(11,666	)		(87,999	)		(60.4	)
OCI NV		(4,380	)		(52,890	)		(36.3	)
SIF Holding NV		(8,479	)		(90,819	)		(62.4	)
TKH Group NV		(869	)		(30,488	)		(20.9	)

					(598,348	)

New Zealand
Contact Energy Ltd.		(14,564	)		(55,544	)		(38.2	)
Genesis Energy Ltd.		(11,903	)		(20,518	)		(14.1	)
Infratil Ltd.		(43,179	)		(120,901	)		(83.0	)
Summerset Group Holdings Ltd.		(23,354	)		(86,132	)		(59.2	)
Synlait Milk Ltd.		(3,251	)		(13,575	)		(9.3	)

					(296,670	)

Norway
Atea ASA		(4,741	)		(41,504	)		(28.5	)
Axactor SE		(18,955	)		(12,336	)		(8.5	)
Golden Ocean Group Ltd.		(8,487	)		(30,368	)		(20.8	)
Sparebank 1 Oestlandet		(5,464	)		(44,491	)		(30.6	)
Stolt-Nielsen Ltd.		(19,714	)		(167,960	)		(115.4	)
TGS Nopec Geophysical Co. ASA		(7,034	)		(107,721	)		(74.0	)

					(404,380	)

Peru
Hochschild Mining PLC		(20,084	)		(35,039	)		(24.1	)


Portugal
Altri SGPS SA		(70,982	)		(374,628	)		(257.3	)
Corticeira Amorim SGPS SA		(22,350	)		(235,490	)		(161.8	)
CTT-Correios de Portugal SA		(17,435	)		(41,078	)		(28.2	)
Mota-Engil SGPS SA		(57,228	)		(72,072	)		(49.5	)
Navigator Co. SA		(19,953	)		(51,843	)		(35.6	)
Semapa-Sociedade de Investimento e Gestao		(3,155	)		(31,117	)		(21.4	)

					(806,228	)

Puerto Rico
EVERTEC, Inc.		(3,312	)		(83,926	)		(57.6	)
First BanCorp		(3,984	)		(23,227	)		(16.0	)
Popular, Inc.		(1,179	)		(45,497	)		(31.2	)

					(152,650	)

Singapore
Kulicke & Soffa Industries, Inc.		(194	)		(4,650	)		(3.2	)
Mapletree Industrial Trust		(18,900	)		(33,932	)		(23.3	)
Wing Tai Holdings Ltd.		(163,700	)		(200,134	)		(137.5	)

					(238,716	)

Spain
Aedas Homes SA		(15,968	)		(244,273	)		(167.8	)
Almirall SA		(3,123	)		(40,275	)		(27.7	)
Befesa SA		(6,974	)		(220,321	)		(151.3	)
Construcciones y Auxiliar de Ferrocarriles SA		(1,932	)		(66,145	)		(45.4	)
Metrovacesa SA		(27,151	)		(149,626	)		(102.8	)
Neinor Homes SA		(8,725	)		(76,446	)		(52.5	)

					(797,086	)


	Shares			Value			% of Basket Value

Sweden
Arjo AB, -B Shares		(19,263	)	$	(95,139	)		(65.3	) %
Beijer Ref AB		(2,375	)		(48,800	)		(33.5	)
Betsson AB		(8,569	)		(48,288	)		(33.2	)
Bilia AB, -A Shares		(15,877	)		(107,675	)		(74.0	)
Bonava AB, -B Shares		(10,709	)		(51,904	)		(35.7	)
Boozt AB		(12,685	)		(78,578	)		(54.0	)
Camurus AB		(6,320	)		(76,965	)		(52.9	)
Cellavision AB		(3,638	)		(104,834	)		(72.0	)
Climeon AB		(8,302	)		(46,294	)		(31.8	)
Cloetta AB, -B Shares		(8,041	)		(18,611	)		(12.8	)
Collector AB		—			—			0.0
Electrolux Professional AB		(61,802	)		(142,283	)		(97.7	)
Fastighets AB Balder		(3,611	)		(142,697	)		(98.0	)
Fingerprint Cards AB		(14,605	)		(22,958	)		(15.8	)
Fortnox AB		(849	)		(19,494	)		(13.4	)
Granges AB		(5,004	)		(36,564	)		(25.1	)
Hexpol AB		(11,226	)		(80,650	)		(55.4	)
JM AB		(2,651	)		(49,129	)		(33.7	)
Loomis AB		(6,962	)		(169,774	)		(116.6	)
Mekonomen AB		(3,412	)		(17,670	)		(12.1	)
Modern Times Group MTG AB, -B Shares		(4,051	)		(40,755	)		(28.0	)
Nibe Industrier AB, -B Shares		(16,680	)		(311,195	)		(213.8	)
Nordic Entertainment Group AB		(314	)		(7,442	)		(5.1	)
Ratos AB, -B Shares		(9,138	)		(21,631	)		(14.9	)
RaySearch Laboratories AB		(5,567	)		(42,322	)		(29.1	)
SSAB AB, -A Shares		(63,335	)		(152,138	)		(104.5	)
SSAB AB, -B Shares		(71,007	)		(164,112	)		(112.7	)
Trelleborg AB, -B Shares		(37,069	)		(472,033	)		(324.2	)
Troax Group AB		(4,067	)		(46,585	)		(32.0	)
Xvivo Perfusion AB		(2,895	)		(40,903	)		(28.1	)

					(2,657,423	)

Switzerland
Ascom Holding AG		(10,695	)		(81,112	)		(55.7	)
Autoneum Holding AG		(1,208	)		(106,439	)		(73.1	)
Bachem Holding AG		(161	)		(38,033	)		(26.1	)
Banque Cantonale Vaudoise		(62	)		(54,744	)		(37.6	)
Bossard Holding AG		(1,746	)		(217,766	)		(149.6	)
Bucher Industries AG		(1,092	)		(307,982	)		(211.6	)
Burckhardt Compression Holding AG		(1,090	)		(221,172	)		(151.9	)
Cembra Money Bank AG		(1,016	)		(96,589	)		(66.3	)
Coltene Holding AG		(2,368	)		(158,179	)		(108.7	)
Comet Holding AG		(210	)		(28,146	)		(19.3	)
Conzzeta AG		(117	)		(100,275	)		(68.9	)
Daetwyler Holding AG		(363	)		(62,211	)		(42.7	)
dormakaba Holding AG		(206	)		(102,802	)		(70.6	)
EFG International AG		(14,223	)		(88,314	)		(60.7	)
Flughafen Zurich AG		(4,054	)		(501,345	)		(344.4	)
Garrett Motion, Inc.		(22,019	)		(120,004	)		(82.4	)
Georg Fischer AG, Registered Shares		(99	)		(73,884	)		(50.7	)
Gurit Holding AG		(132	)		(188,242	)		(129.3	)
Huber + Suhner AG		(1,395	)		(89,084	)		(61.2	)
Komax Holding AG		(504	)		(73,103	)		(50.2	)
Medartis Holding AG		(973	)		(39,162	)		(26.9	)
Mobilezone Holding AG		(19,097	)		(169,113	)		(116.2	)
Rieter Holding AG		(474	)		(46,233	)		(31.8	)
Swissquote Group Holding SA		(2,718	)		(175,991	)		(120.9	)

					(3,139,925	)

United Arab Emirates
Network International Holdings PLC		(4,517	)		(23,559	)		(16.2	)


	Shares			Value			% of Basket Value

United Kingdom
B&M European Value Retail SA		(73,529	)	$	(307,494	)		(211.2	) %
Balfour Beatty PLC		(18,478	)		(60,140	)		(41.3	)
Beazley PLC		(9,710	)		(48,012	)		(33.0	)
Bodycote PLC		(18,911	)		(138,351	)		(95.0	)
Cairn Energy PLC		(30,653	)		(43,188	)		(29.7	)
CVS Group PLC		(4,100	)		(47,250	)		(32.5	)
De La Rue PLC		(64,696	)		(54,432	)		(37.4	)
Domino’s Pizza Group PLC		(8,094	)		(35,074	)		(24.1	)
DS Smith PLC		(22,614	)		(88,668	)		(60.9	)
Electrocomponents PLC		(2,459	)		(17,862	)		(12.3	)
Equiniti Group PLC		(56,079	)		(120,902	)		(83.1	)
Essentra PLC		(45,554	)		(159,889	)		(109.8	)
GB Group PLC		(2,213	)		(18,755	)		(12.9	)
Greggs PLC		(1,491	)		(34,403	)		(23.6	)
Hill & Smith Holdings PLC		(3,684	)		(53,407	)		(36.7	)
IG Design Group PLC		(5,551	)		(36,685	)		(25.2	)
Intermediate Capital Group PLC		(1,673	)		(23,668	)		(16.3	)
LXI REIT PLC		(20,561	)		(27,381	)		(18.8	)
National Express Group PLC		(10,595	)		(36,459	)		(25.0	)
NCC Group PLC		(40,050	)		(82,737	)		(56.8	)
Numis Corp. PLC		(8,218	)		(27,484	)		(18.9	)
Pagegroup PLC		(4,723	)		(22,367	)		(15.4	)
Paragon Banking Group PLC		(6,005	)		(25,141	)		(17.3	)
Quilter PLC		(37,596	)		(58,362	)		(40.1	)
Restaurant Group PLC		(23,371	)		(15,898	)		(10.9	)
Restore PLC		(14,333	)		(69,842	)		(48.0	)
Rightmove PLC		(22,077	)		(138,035	)		(94.8	)
Rotork PLC		(27,944	)		(87,113	)		(59.8	)
RWS Holdings PLC		(19,504	)		(131,734	)		(90.5	)
Savills PLC		(14,926	)		(181,707	)		(124.8	)
Serica Energy PLC		(14,600	)		(17,339	)		(11.9	)
Signature Aviation PLC		(49,543	)		(121,673	)		(83.6	)
Spectris PLC		(4,112	)		(138,659	)		(95.3	)
Stagecoach Group PLC		(68,619	)		(64,339	)		(44.2	)
Ted Baker PLC		(3,898	)		(7,487	)		(5.1	)
TP ICAP PLC		(932	)		(3,979	)		(2.7	)
Tritax Big Box REIT PLC		(20,052	)		(30,435	)		(20.9	)
Vesuvius PLC		(35,455	)		(178,980	)		(122.9	)
Victrex PLC		(3,575	)		(89,575	)		(61.5	)

					(2,844,906	)

United States
A10 Networks, Inc.		(7,479	)		(51,082	)		(35.1	)
ABM Industries, Inc.		(2,944	)		(101,539	)		(69.7	)
ACI Worldwide, Inc.		(8,522	)		(233,503	)		(160.4	)
Acushnet Holdings Corp.		(3,625	)		(99,325	)		(68.2	)
Adtran, Inc.		(5,658	)		(58,164	)		(40.0	)
Aegion Corp.		(2,315	)		(37,156	)		(25.5	)
Affiliated Managers Group, Inc.		(3,078	)		(215,337	)		(147.9	)
AGCO Corp.		(806	)		(42,589	)		(29.3	)
Air Lease Corp.		(8,945	)		(233,912	)		(160.7	)
Air Transport Services Group, Inc.		(3,975	)		(80,454	)		(55.3	)
Alacer Gold Corp.		(5,198	)		(26,663	)		(18.3	)
Alexander’s, Inc.		(949	)		(299,182	)		(205.5	)
Allison Transmission Holdings, Inc.		(2,940	)		(106,840	)		(73.4	)
Alteryx, Inc., Class A		(253	)		(28,635	)		(19.7	)
Ambac Financial Group, Inc.		(9,700	)		(166,840	)		(114.6	)
American Assets Trust, Inc.		(3,978	)		(112,657	)		(77.4	)
American Eagle Outfitters, Inc.		(7,838	)		(62,312	)		(42.8	)
American Vanguard Corp.		(5,738	)		(72,127	)		(49.5	)
Ameris Bancorp		(3,961	)		(100,728	)		(69.2	)
AMERISAFE, Inc.		(746	)		(47,498	)		(32.6	)
Amneal Pharmaceuticals, Inc.		(7,862	)		(28,539	)		(19.6	)


	Shares			Value			% of Basket Value

United States (continued)
Anaplan, Inc.		(2,308	)	$	(94,305	)		(64.8	) %
Andersons, Inc.		(2,139	)		(36,299	)		(24.9	)
ANI Pharmaceuticals, Inc.		(417	)		(16,684	)		(11.5	)
Anterix, Inc.		(1,122	)		(58,905	)		(40.5	)
Apollo Medical Holdings, Inc.		(1,445	)		(22,455	)		(15.4	)
Applied Industrial Technologies, Inc.		(1,800	)		(94,302	)		(64.8	)
Arcosa, Inc.		(2,394	)		(89,224	)		(61.3	)
Armstrong World Industries, Inc.		(2,095	)		(161,483	)		(110.9	)
Arrow Financial Corp.		(4,067	)		(115,909	)		(79.6	)
Asbury Automotive Group, Inc.		(1,856	)		(125,280	)		(86.1	)
Assetmark Financial Holdings, Inc.		(5,624	)		(134,920	)		(92.7	)
Astec Industries, Inc.		(3,688	)		(147,926	)		(101.6	)
Atlantic Union Bankshares Corp.		(3,042	)		(72,613	)		(49.9	)
Atlas Air Worldwide Holdings, Inc.		(3,383	)		(111,132	)		(76.3	)
AutoNation, Inc.		(6,487	)		(241,576	)		(165.9	)
Avanos Medical, Inc.		(2,537	)		(78,774	)		(54.1	)
Axcelis Technologies, Inc.		(1,249	)		(29,177	)		(20.0	)
Axis Capital Holdings Ltd.		(2,690	)		(98,454	)		(67.6	)
B&G Foods, Inc.		(1,300	)		(25,246	)		(17.3	)
BancorpSouth Bank		(995	)		(21,781	)		(15.0	)
Bank of Marin Bancorp		(528	)		(17,403	)		(12.0	)
Banner Corp.		(1,531	)		(58,836	)		(40.4	)
Barnes Group, Inc.		(4,864	)		(186,680	)		(128.2	)
BGC Partners, Inc., Class A		(25,149	)		(77,836	)		(53.5	)
BioDelivery Sciences International, Inc.		(8,294	)		(37,821	)		(26.0	)
Bloomin’ Brands, Inc.		(3,142	)		(37,861	)		(26.0	)
BMC Stock Holdings, Inc.		(16,301	)		(346,396	)		(237.9	)
Bonanza Creek Energy, Inc.		(1,500	)		(26,190	)		(18.0	)
Boston Omaha Corp., Class A		(1,091	)		(17,707	)		(12.2	)
Boyd Gaming Corp.		(3,125	)		(52,156	)		(35.8	)
Bright Horizons Family Solutions, Inc.		(412	)		(47,977	)		(33.0	)
BrightSphere Investment Group PLC		(2,472	)		(18,318	)		(12.6	)
BrightView Holdings, Inc.		(3,214	)		(41,203	)		(28.3	)
Brink’s Co.		(1,114	)		(56,948	)		(39.1	)
Brixmor Property Group, Inc.		(4,923	)		(56,368	)		(38.7	)
Brookdale Senior Living, Inc.		(5,697	)		(20,566	)		(14.1	)
Brooks Automation, Inc.		(1,683	)		(64,779	)		(44.5	)
Brunswick Corp.		(2,830	)		(135,048	)		(92.8	)
Bryn Mawr Bank Corp.		(4,045	)		(117,770	)		(80.9	)
Buckle, Inc.		(7,403	)		(113,340	)		(77.9	)
Builders FirstSource, Inc.		(3,819	)		(70,079	)		(48.1	)
Cabot Corp.		(2,299	)		(77,913	)		(53.5	)
Cactus, Inc.		(1,491	)		(26,510	)		(18.2	)
Cal-Maine Foods, Inc.		(7,308	)		(303,355	)		(208.4	)
Cannae Holdings, Inc.		(1,376	)		(43,413	)		(29.8	)
Cardlytics, Inc.		(782	)		(35,151	)		(24.1	)
Carvana Co.		(245	)		(19,627	)		(13.5	)
Casella Waste Systems, Inc.		(3,942	)		(182,830	)		(125.6	)
Cass Information Systems, Inc.		(4,442	)		(178,169	)		(122.4	)
CatchMark Timber Trust, Inc.		(2,968	)		(23,328	)		(16.0	)
Cato Corp., Class A		(2,777	)		(31,269	)		(21.5	)
Cavco Industries, Inc.		(302	)		(46,713	)		(32.1	)
CBIZ, Inc.		(1,994	)		(47,357	)		(32.5	)
CenterState Bank Corp.		(4,673	)		(81,263	)		(55.8	)
Central Garden & Pet Co., Class A		(418	)		(12,711	)		(8.7	)
Century Aluminum Co.		(4,719	)		(20,528	)		(14.1	)
Century Bancorp, Inc., Class A		(346	)		(25,843	)		(17.8	)
Ceridian HCM Holding, Inc.		(826	)		(48,709	)		(33.5	)
Change Healthcare, Inc.		(7,101	)		(82,656	)		(56.8	)
Chart Industries, Inc.		(951	)		(33,970	)		(23.3	)
Chase Corp.		(442	)		(41,663	)		(28.6	)
Choice Hotels International, Inc.		(2,814	)		(211,191	)		(145.1	)


	Shares			Value			% of Basket Value

United States (continued)
Cimarex Energy Co.		(5,228	)	$	(132,896	)		(91.3	) %
Cinemark Holdings, Inc.		(2,998	)		(42,811	)		(29.4	)
City Holding Co.		(4,771	)		(322,472	)		(221.5	)
Clean Harbors, Inc.		(2,043	)		(109,157	)		(75.0	)
Clearwater Paper Corp.		(2,066	)		(49,460	)		(34.0	)
Cleveland-Cliffs, Inc.		(8,049	)		(35,255	)		(24.2	)
CNX Resources Corp.		(3,142	)		(33,305	)		(22.9	)
Coca-Cola Bottling Co. Consolidated		(572	)		(134,689	)		(92.5	)
Cogent Communications Group, Inc.		(271	)		(22,718	)		(15.6	)
Columbia Banking System, Inc.		(1,021	)		(27,557	)		(18.9	)
Columbia Financial, Inc.		(14,877	)		(210,584	)		(144.7	)
Commerce Bancshares, Inc.		(2,840	)		(173,780	)		(119.4	)
Commercial Metals Co.		(11,244	)		(179,229	)		(123.1	)
Community Health Systems, Inc.		(12,859	)		(38,963	)		(26.8	)
CommVault Systems, Inc.		(78	)		(3,330	)		(2.3	)
Compass Minerals International, Inc.		(1,729	)		(84,998	)		(58.4	)
CONMED Corp.		(1,615	)		(119,365	)		(82.0	)
Consolidated Communications Holdings, Inc.		(8,920	)		(55,928	)		(38.4	)
Core-Mark Holding Co., Inc.		(1,330	)		(38,224	)		(26.3	)
CoreCivic, Inc.		(7,290	)		(95,645	)		(65.7	)
Covanta Holding Corp.		(3,302	)		(25,690	)		(17.6	)
Cracker Barrel Old Country Store, Inc.		(2,434	)		(237,072	)		(162.8	)
Crane Co.		(2,590	)		(141,025	)		(96.9	)
Cree, Inc.		(2,666	)		(114,985	)		(79.0	)
CryoPort, Inc.		(3,759	)		(70,820	)		(48.6	)
CubeSmart		(5,559	)		(140,087	)		(96.2	)
CVB Financial Corp.		(9,200	)		(191,222	)		(131.4	)
Darling International, Inc.		(4,815	)		(99,141	)		(68.1	)
Digital Turbine, Inc.		(10,693	)		(62,661	)		(43.0	)
Diodes, Inc.		(3,111	)		(158,319	)		(108.8	)
Dril-Quip, Inc.		(2,432	)		(80,572	)		(55.3	)
Eagle Bancorp, Inc.		(3,532	)		(123,903	)		(85.1	)
Eagle Materials, Inc.		(1,516	)		(92,491	)		(63.5	)
Easterly Government Properties, Inc.		(6,714	)		(180,674	)		(124.1	)
EastGroup Properties, Inc.		(1,404	)		(148,824	)		(102.2	)
EchoStar Corp.		(1,101	)		(34,737	)		(23.9	)
Element Solutions, Inc.		(21,312	)		(218,448	)		(150.1	)
Empire State Realty Trust, Inc.		(5,350	)		(44,726	)		(30.7	)
Encompass Health Corp.		(2,734	)		(181,127	)		(124.4	)
Encore Wire Corp.		(1,554	)		(71,142	)		(48.9	)
Energizer Holdings, Inc.		(1,161	)		(45,233	)		(31.1	)
Enerpac Tool Group Corp.		(2,841	)		(48,467	)		(33.3	)
Enova International, Inc.		(1,937	)		(31,069	)		(21.3	)
Entegris, Inc.		(2,551	)		(138,341	)		(95.0	)
Envista Holdings Corp.		(3,409	)		(66,373	)		(45.6	)
Equity Bancshares, Inc., Class A		(3,409	)		(63,885	)		(43.9	)
Equity Commonwealth		(6,420	)		(217,959	)		(149.7	)
Essential Properties Realty Trust, Inc.		(3,664	)		(53,824	)		(37.0	)
Ethan Allen Interiors, Inc.		(5,226	)		(59,106	)		(40.6	)
Euronet Worldwide, Inc.		(333	)		(30,556	)		(21.0	)
FireEye, Inc.		(5,779	)		(66,516	)		(45.7	)
First Citizens BancShares, Inc., Class A		(1,255	)		(479,410	)		(329.3	)
First Financial Corp.		(4,582	)		(162,753	)		(111.8	)
First Interstate BancSystem, Inc., Class A		(11,306	)		(382,143	)		(262.5	)
First Merchants Corp.		(3,974	)		(112,504	)		(77.3	)
FirstCash, Inc.		(1,570	)		(112,789	)		(77.5	)
Flagstar Bancorp, Inc.		(3,016	)		(78,145	)		(53.7	)
Floor & Decor Holdings, Inc., Class A		(2,236	)		(94,806	)		(65.1	)
Flowers Foods, Inc.		(5,360	)		(119,421	)		(82.0	)
Forestar Group, Inc.		(20,656	)		(272,453	)		(187.1	)
Forward Air Corp.		(357	)		(18,421	)		(12.7	)
Fresh Del Monte Produce, Inc.		(2,409	)		(68,681	)		(47.2	)


	Shares			Value			% of Basket Value

United States (continued)
FutureFuel Corp.		(1,496	)	$	(15,528	)		(10.7	) %
GCP Applied Technologies, Inc.		(7,510	)		(128,571	)		(88.3	)
GEO Group, Inc.		(4,596	)		(58,277	)		(40.0	)
German American Bancorp, Inc.		(1,952	)		(58,033	)		(39.9	)
Getty Realty Corp.		(2,923	)		(79,389	)		(54.5	)
Gibraltar Industries, Inc.		(1,915	)		(88,664	)		(60.9	)
Golden Entertainment, Inc.		(6,194	)		(58,471	)		(40.2	)
Gorman-Rupp Co.		(1,883	)		(55,548	)		(38.2	)
GrafTech International Ltd.		(5,252	)		(42,646	)		(29.3	)
Graham Holdings Co., Class B		(208	)		(81,122	)		(55.7	)
Graphic Packaging Holding Co.		(6,417	)		(85,667	)		(58.8	)
Gray Television, Inc.		(1,684	)		(19,551	)		(13.4	)
Group 1 Automotive, Inc.		(1,188	)		(67,229	)		(46.2	)
Guess?, Inc.		(2,782	)		(26,012	)		(17.9	)
Gulfport Energy Corp.		(11,354	)		(29,009	)		(19.9	)
H&E Equipment Services, Inc.		(4,321	)		(70,259	)		(48.3	)
Hain Celestial Group, Inc.		(6,757	)		(174,601	)		(119.9	)
Hamilton Lane, Inc., Class A		(906	)		(58,754	)		(40.4	)
Haynes International, Inc.		(2,019	)		(44,620	)		(30.7	)
Healthcare Realty Trust, Inc.		(5,324	)		(156,472	)		(107.5	)
Healthcare Services Group, Inc.		(2,084	)		(53,121	)		(36.5	)
Heartland Financial USA, Inc.		(3,811	)		(129,460	)		(88.9	)
Hecla Mining Co.		(29,897	)		(78,629	)		(54.0	)
Helios Technologies, Inc.		(2,429	)		(86,400	)		(59.3	)
Helmerich & Payne, Inc.		(7,168	)		(141,711	)		(97.3	)
Hibbett Sports, Inc.		(4,664	)		(71,966	)		(49.4	)
Hilltop Holdings, Inc.		(2,338	)		(45,123	)		(31.0	)
HNI Corp.		(1,859	)		(45,248	)		(31.1	)
HomeTrust Bancshares, Inc.		(1,186	)		(18,229	)		(12.5	)
Hope Bancorp, Inc.		(3,927	)		(39,074	)		(26.8	)
Houlihan Lokey, Inc.		(839	)		(49,820	)		(34.2	)
Huntsman Corp.		(2,877	)		(48,362	)		(33.2	)
ICU Medical, Inc.		(721	)		(158,123	)		(108.6	)
Independent Bank Corp.		(4,594	)		(334,857	)		(230.0	)
Innospec, Inc.		(3,832	)		(277,897	)		(190.9	)
Innoviva, Inc.		(2,120	)		(30,062	)		(20.7	)
Installed Building Products, Inc.		(894	)		(44,083	)		(30.3	)
Insteel Industries, Inc.		(3,085	)		(54,203	)		(37.2	)
Integer Holdings Corp.		(419	)		(31,199	)		(21.4	)
Integra LifeSciences Holdings Corp.		(276	)		(14,090	)		(9.7	)
Inter Parfums, Inc.		(1,415	)		(63,236	)		(43.4	)
Interface, Inc.		(7,159	)		(66,149	)		(45.4	)
International Bancshares Corp.		(3,503	)		(101,552	)		(69.8	)
Investors Bancorp, Inc.		(15,437	)		(143,718	)		(98.7	)
iRhythm Technologies, Inc.		(472	)		(49,862	)		(34.3	)
Itron, Inc.		(1,577	)		(110,106	)		(75.6	)
John B Sanfilippo & Son, Inc.		(2,620	)		(215,181	)		(147.8	)
K12, Inc.		(1,500	)		(34,065	)		(23.4	)
Kadant, Inc.		(575	)		(48,352	)		(33.2	)
Kaiser Aluminum Corp.		(458	)		(33,081	)		(22.7	)
KB Home		(879	)		(23,065	)		(15.8	)
KBR, Inc.		(2,744	)		(55,593	)		(38.2	)
Kearny Financial Corp.		(12,293	)		(114,325	)		(78.5	)
Kemper Corp.		(223	)		(14,990	)		(10.3	)
Kennametal, Inc.		(9,835	)		(251,874	)		(173.0	)
Kimball Electronics, Inc.		(3,430	)		(46,374	)		(31.9	)
Kirby Corp.		(1,734	)		(92,630	)		(63.6	)
Kite Realty Group Trust		(17,946	)		(183,588	)		(126.1	)
Kontoor Brands, Inc.		(959	)		(18,614	)		(12.8	)
Korn Ferry		(2,227	)		(64,204	)		(44.1	)
Lakeland Financial Corp.		(415	)		(17,567	)		(12.1	)
Lamar Advertising Co.		(957	)		(55,171	)		(37.9	)


	Shares			Value			% of Basket Value

United States (continued)
Lattice Semiconductor Corp.		(3,097	)	$	(69,713	)		(47.9	) %
LCI Industries		(831	)		(72,064	)		(49.5	)
LendingClub Corp.		(1,825	)		(13,998	)		(9.6	)
Lexington Realty Trust		(3,343	)		(34,934	)		(24.0	)
Liberty Media Corp-Liberty Braves		(8,400	)		(168,756	)		(115.9	)
Life Storage, Inc.		(757	)		(66,306	)		(45.5	)
Lincoln Electric Holdings, Inc.		(1,594	)		(128,333	)		(88.2	)
Lindsay Corp.		(526	)		(47,340	)		(32.5	)
Lithia Motors, Inc., Class A		(265	)		(29,298	)		(20.1	)
Livent Corp.		(3,263	)		(20,231	)		(13.9	)
Louisiana-Pacific Corp.		(4,803	)		(96,060	)		(66.0	)
LTC Properties, Inc.		(2,447	)		(87,113	)		(59.8	)
Lumber Liquidators Holdings, Inc.		(2,029	)		(14,304	)		(9.8	)
M/A-COM Technology Solutions Holdings, Inc.		(2,648	)		(81,188	)		(55.8	)
Macquarie Infrastructure Corp.		(1,324	)		(36,529	)		(25.1	)
Madison Square Garden Co., Class A		(499	)		(85,489	)		(58.7	)
Madison Square Garden Entertainment Corp.		(1,026	)		(84,850	)		(58.3	)
Malibu Boats, Inc.		(1,637	)		(56,280	)		(38.7	)
Manitowoc Co., Inc.		(2,398	)		(22,110	)		(15.2	)
Marcus Corp.		(8,183	)		(118,981	)		(81.7	)
MarineMax, Inc.		(3,341	)		(48,144	)		(33.1	)
Marriott Vacations Worldwide Corp.		(1,418	)		(117,694	)		(80.8	)
Masonite International Corp.		(1,025	)		(60,557	)		(41.6	)
Matador Resources Co.		(4,506	)		(31,722	)		(21.8	)
Matson, Inc.		(3,334	)		(100,820	)		(69.3	)
MAXIMUS, Inc.		(5,372	)		(361,643	)		(248.4	)
MDU Resources Group, Inc.		(7,647	)		(171,752	)		(118.0	)
Medpace Holdings, Inc.		(666	)		(53,187	)		(36.5	)
Mercury General Corp.		(1,390	)		(56,934	)		(39.1	)
Meredith Corp.		(2,063	)		(30,594	)		(21.0	)
Meritor, Inc.		(1,933	)		(39,626	)		(27.2	)
Mesa Laboratories, Inc.		(194	)		(46,172	)		(31.7	)
Methode Electronics, Inc.		(2,663	)		(79,943	)		(54.9	)
MFA Financial, Inc.		(798	)		(1,396	)		(1.0	)
MGE Energy, Inc.		(602	)		(38,925	)		(26.7	)
MGM Growth Properties LLC, Class A		(1,405	)		(35,364	)		(24.3	)
MGP Ingredients, Inc.		(697	)		(26,298	)		(18.1	)
Middlesex Water Co.		(1,074	)		(64,762	)		(44.5	)
MKS Instruments, Inc.		(574	)		(57,532	)		(39.5	)
Monarch Casino & Resort, Inc.		(2,451	)		(81,716	)		(56.1	)
Monro, Inc.		(1,481	)		(82,181	)		(56.5	)
Mr Cooper Group, Inc.		(8,707	)		(83,413	)		(57.3	)
MSC Industrial Direct Co., Inc., Class A		(196	)		(11,689	)		(8.0	)
Mueller Industries, Inc.		(19,624	)		(508,262	)		(349.1	)
Mueller Water Products, Inc., Class A		(2,400	)		(22,776	)		(15.6	)
Murphy Oil Corp.		(8,179	)		(97,003	)		(66.6	)
Murphy USA, Inc.		(520	)		(55,536	)		(38.1	)
National Fuel Gas Co.		(1,326	)		(54,366	)		(37.3	)
National Storage Affiliates Trust		(3,749	)		(106,772	)		(73.3	)
National Western Life Group, Inc., Class A		(439	)		(84,608	)		(58.1	)
NBT Bancorp, Inc.		(3,036	)		(100,583	)		(69.1	)
New Jersey Resources Corp.		(2,591	)		(87,524	)		(60.1	)
New York Community Bancorp, Inc.		(5,016	)		(54,474	)		(37.4	)
Newmark Group, Inc., Class A		(4,598	)		(17,840	)		(12.3	)
NewMarket Corp.		(159	)		(65,419	)		(44.9	)
nLight, Inc.		(1,145	)		(18,045	)		(12.4	)
Northern Oil and Gas, Inc.		(23,999	)		(20,092	)		(13.8	)
NorthWestern Corp.		(302	)		(17,422	)		(12.0	)
NVE Corp.		(1,641	)		(93,160	)		(64.0	)
Odonate Therapeutics, Inc.		(2,628	)		(73,978	)		(50.8	)
Old Republic International Corp.		(17,318	)		(276,222	)		(189.7	)
Ollie’s Bargain Outlet Holdings, Inc.		(768	)		(52,155	)		(35.8	)


	Shares			Value			% of Basket Value

United States (continued)
ONE Gas, Inc.		(1,134	)	$	(90,391	)		(62.1	) %
OneMain Holdings, Inc.		(5,800	)		(140,418	)		(96.5	)
OSI Systems, Inc.		(330	)		(23,885	)		(16.4	)
Otter Tail Corp.		(2,255	)		(100,077	)		(68.7	)
Owens & Minor, Inc.		(2,337	)		(16,546	)		(11.4	)
Pacific Premier Bancorp, Inc.		(2,127	)		(45,411	)		(31.2	)
Park Aerospace Corp.		(5,302	)		(70,570	)		(48.5	)
Park National Corp.		(1,585	)		(126,768	)		(87.1	)
Patterson Cos., Inc.		(2,496	)		(45,627	)		(31.3	)
Patterson-UTI Energy, Inc.		(10,184	)		(37,579	)		(25.8	)
PDC Energy, Inc.		(7,617	)		(98,945	)		(68.0	)
Penn National Gaming, Inc.		(1,721	)		(30,668	)		(21.1	)
Pennant Group, Inc.		(936	)		(18,523	)		(12.7	)
Penske Automotive Group, Inc.		(6,424	)		(231,136	)		(158.8	)
Peoples Bancorp, Inc.		(1,640	)		(39,868	)		(27.4	)
PetMed Express, Inc.		(759	)		(30,034	)		(20.6	)
PH Glatfelter Co.		(8,487	)		(123,910	)		(85.1	)
Phibro Animal Health Corp.		(1,571	)		(41,961	)		(28.8	)
Photronics, Inc.		(1,669	)		(19,945	)		(13.7	)
Piedmont Office Realty Trust, Inc., Class A		(2,105	)		(36,522	)		(25.1	)
Piper Sandler Cos.		(1,837	)		(99,033	)		(68.0	)
Planet Fitness, Inc., Class A		(1,037	)		(62,562	)		(43.0	)
PNM Resources, Inc.		(835	)		(33,809	)		(23.2	)
Portland General Electric Co.		(2,670	)		(124,929	)		(85.8	)
PotlatchDeltic Corp.		(4,793	)		(168,282	)		(115.6	)
Powell Industries, Inc.		(1,196	)		(30,343	)		(20.8	)
Preferred Apartment Communities, Inc.		(5,615	)		(41,607	)		(28.6	)
Prestige Consumer Healthcare, Inc.		(2,863	)		(116,495	)		(80.0	)
PriceSmart, Inc.		(253	)		(16,076	)		(11.0	)
Primo Water Corp.		(11,565	)		(118,396	)		(81.3	)
Primoris Services Corp.		(1,167	)		(18,217	)		(12.5	)
ProAssurance Corp.		(1,239	)		(26,502	)		(18.2	)
Prosperity Bancshares, Inc.		(4,733	)		(283,649	)		(194.8	)
Providence Service Corp.		(687	)		(39,853	)		(27.4	)
PS Business Parks, Inc.		(1,460	)		(188,471	)		(129.5	)
Quad/Graphics, Inc.		(18,027	)		(67,060	)		(46.1	)
Quaker Chemical Corp.		(435	)		(66,172	)		(45.5	)
Quanex Building Products Corp.		(4,347	)		(54,207	)		(37.2	)
R1 RCM, Inc.		(2,087	)		(21,538	)		(14.8	)
Radian Group, Inc.		(4,259	)		(63,800	)		(43.8	)
Range Resources Corp.		(5,935	)		(34,601	)		(23.8	)
RBC Bearings, Inc.		(1,015	)		(128,580	)		(88.3	)
RealPage, Inc.		(2,443	)		(157,549	)		(108.2	)
Regal-Beloit Corp.		(781	)		(55,459	)		(38.1	)
Regis Corp.		(7,030	)		(87,313	)		(60.0	)
Renasant Corp.		(5,459	)		(143,190	)		(98.4	)
Renewable Energy Group, Inc.		(3,266	)		(81,029	)		(55.7	)
Rent-A-Center, Inc.		(5,194	)		(103,387	)		(71.0	)
Resideo Technologies, Inc.		(6,208	)		(31,847	)		(21.9	)
Restoration Hardware		(1,605	)		(230,767	)		(158.5	)
Retail Opportunity Investments Corp.		(3,676	)		(35,676	)		(24.5	)
REX American Resources Corp.		(2,439	)		(145,072	)		(99.7	)
Rexford Industrial Realty, Inc.		(7,842	)		(319,326	)		(219.3	)
Rexnord Corp.		(1,498	)		(40,850	)		(28.1	)
Rogers Corp.		(287	)		(31,868	)		(21.9	)
RPC, Inc.		(5,241	)		(17,872	)		(12.3	)
Ryman Hospitality Properties, Inc.		(1,454	)		(51,384	)		(35.3	)
Safehold, Inc.		(2,059	)		(118,928	)		(81.7	)
Safety Insurance Group, Inc.		(1,368	)		(115,076	)		(79.0	)
Sally Beauty Holdings, Inc.		(5,465	)		(53,065	)		(36.5	)
Sanderson Farms, Inc.		(1,360	)		(185,150	)		(127.2	)
Sanmina Corp.		(3,156	)		(87,516	)		(60.1	)


	Shares			Value			% of Basket Value

United States (continued)
Saul Centers, Inc.		(2,785	)	$	(90,847	)		(62.4	) %
Schweitzer-Mauduit International, Inc.		(2,352	)		(75,781	)		(52.1	)
Selective Insurance Group, Inc.		(5,719	)		(286,693	)		(196.9	)
Service Properties Trust		(2,916	)		(20,208	)		(13.9	)
ServiceMaster Global Holdings, Inc.		(754	)		(25,674	)		(17.6	)
ServisFirst Bancshares, Inc.		(877	)		(31,151	)		(21.4	)
Shutterstock, Inc.		(540	)		(20,520	)		(14.1	)
SIGA Technologies, Inc.		(6,721	)		(39,721	)		(27.3	)
Signet Jewelers Ltd.		(3,246	)		(32,655	)		(22.4	)
Simmons First National Corp., Class A		(2,178	)		(40,729	)		(28.0	)
Simpson Manufacturing Co., Inc.		(454	)		(32,733	)		(22.5	)
SITE Centers Corp.		(6,107	)		(37,008	)		(25.4	)
Skyline Champion Corp.		(7,914	)		(155,985	)		(107.1	)
South Jersey Industries, Inc.		(3,500	)		(100,065	)		(68.7	)
South State Corp.		(1,926	)		(111,400	)		(76.5	)
Spartan Motors, Inc.		(1,288	)		(18,148	)		(12.5	)
SPIRE, Inc.		(2,581	)		(188,310	)		(129.4	)
Spirit Realty Capital, Inc.		(8,655	)		(266,228	)		(182.9	)
SPX Corp.		(3,181	)		(121,292	)		(83.3	)
SPX FLOW, Inc.		(2,153	)		(70,123	)		(48.2	)
STAAR Surgical Co.		(1,425	)		(54,606	)		(37.5	)
STAG Industrial, Inc.		(9,431	)		(247,564	)		(170.1	)
State Auto Financial Corp.		(1,711	)		(42,929	)		(29.5	)
Stericycle, Inc.		(2,820	)		(137,616	)		(94.5	)
Stewart Information Services Corp.		(7,337	)		(233,757	)		(160.6	)
Stifel Financial Corp.		(1,245	)		(55,129	)		(37.9	)
SunCoke Energy, Inc.		(2,918	)		(9,192	)		(6.3	)
SunPower Corp.		(3,032	)		(22,285	)		(15.3	)
Sykes Enterprises, Inc.		(5,599	)		(160,299	)		(110.1	)
TCF Financial Corp.		(878	)		(26,068	)		(17.9	)
Team, Inc.		(5,670	)		(34,984	)		(24.0	)
TEGNA, Inc.		(6,142	)		(65,842	)		(45.2	)
Tejon Ranch Co.		(8,165	)		(111,860	)		(76.8	)
Tempur Sealy International, Inc.		(2,313	)		(124,324	)		(85.4	)
TerraForm Power, Inc.		(9,005	)		(155,967	)		(107.1	)
TFS Financial Corp.		(4,812	)		(65,684	)		(45.1	)
Thermon Group Holdings, Inc.		(4,047	)		(61,838	)		(42.5	)
Thor Industries, Inc.		(2,836	)		(187,743	)		(129.0	)
TI Fluid Systems PLC		(32,235	)		(64,798	)		(44.5	)
Timken Co.		(4,092	)		(153,777	)		(105.6	)
Toll Brothers, Inc.		(917	)		(22,026	)		(15.1	)
Tompkins Financial Corp.		(2,637	)		(178,024	)		(122.3	)
Tootsie Roll Industries, Inc.		(1,683	)		(59,124	)		(40.6	)
TopBuild Corp.		(227	)		(21,154	)		(14.5	)
Towne Bank		(3,205	)		(64,741	)		(44.5	)
TRI Pointe Group, Inc.		(1,707	)		(19,596	)		(13.5	)
TriCo Bancshares		(3,903	)		(117,558	)		(80.8	)
Trinity Industries, Inc.		(8,337	)		(160,821	)		(110.5	)
Tucows, Inc., Class A		(1,565	)		(82,804	)		(56.9	)
Twin River Worldwide Holdings, Inc.		(2,161	)		(34,101	)		(23.4	)
UFP Industries, Inc.		(3,875	)		(159,340	)		(109.5	)
Ultra Clean Holdings, Inc.		(2,573	)		(47,317	)		(32.5	)
Umpqua Holdings Corp.		(2,781	)		(34,832	)		(23.9	)
Unisys Corp.		(2,938	)		(36,989	)		(25.4	)
United Community Banks, Inc.		(1,279	)		(27,044	)		(18.6	)
United States Lime & Minerals, Inc.		(822	)		(65,842	)		(45.2	)
United States Steel Corp.		(11,793	)		(90,570	)		(62.2	)
Univar Solutions, Inc.		(1,463	)		(21,243	)		(14.6	)
Universal Corp.		(1,237	)		(59,834	)		(41.1	)
Universal Electronics, Inc.		(1,905	)		(78,638	)		(54.0	)
Universal Health Realty Income Trust		(1,426	)		(152,525	)		(104.8	)
Universal Logistics Holdings, Inc.		(4,495	)		(62,615	)		(43.0	)


	Shares			Value			% of Basket Value

United States (continued)
Upland Software, Inc.		(2,346	)	$	(74,204	)		(51.0	) %
Urban Edge Properties		(4,889	)		(56,223	)		(38.6	)
Urban Outfitters, Inc.		(5,833	)		(101,144	)		(69.5	)
Urstadt Biddle Properties, Inc., Class A		(3,241	)		(47,351	)		(32.5	)
US Ecology, Inc.		(1,065	)		(34,911	)		(24.0	)
Verint Systems, Inc.		(2,694	)		(115,142	)		(79.1	)
Verra Mobility Corp.		(21,219	)		(190,122	)		(130.6	)
Verso Corp., Class A		(3,929	)		(54,574	)		(37.5	)
Viavi Solutions, Inc.		(44,280	)		(534,902	)		(367.4	)
Victory Capital Holdings, Inc.		(2,831	)		(42,720	)		(29.3	)
ViewRay, Inc.		(6,526	)		(13,574	)		(9.3	)
Vishay Intertechnology, Inc.		(3,307	)		(54,863	)		(37.7	)
Vishay Precision Group, Inc.		(2,201	)		(50,887	)		(35.0	)
Waddell & Reed Financial, Inc., Class A		(11,780	)		(171,399	)		(117.7	)
Walker & Dunlop, Inc.		(2,166	)		(83,239	)		(57.2	)
Watsco, Inc.		(1,618	)		(260,482	)		(178.9	)
Weingarten Realty Investors		(4,008	)		(72,906	)		(50.1	)
Westamerica BanCorp.		(3,436	)		(216,468	)		(148.7	)
Westwood Holdings Group, Inc.		(3,528	)		(81,250	)		(55.8	)
Willdan Group, Inc.		(1,450	)		(36,772	)		(25.3	)
Winnebago Industries, Inc.		(2,873	)		(127,475	)		(87.6	)
Wolverine World Wide, Inc.		(2,829	)		(57,966	)		(39.8	)
World Acceptance Corp.		(1,073	)		(72,803	)		(50.0	)
World Fuel Services Corp.		(711	)		(17,775	)		(12.2	)
World Wrestling Entertainment, Inc., Class A		(2,146	)		(95,433	)		(65.6	)
Worthington Industries, Inc.		(720	)		(19,037	)		(13.1	)
Wyndham Hotels & Resorts, Inc.		(1,635	)		(61,656	)		(42.4	)
Yelp, Inc.		(1,547	)		(34,575	)		(23.8	)
YETI Holdings, Inc.		(772	)		(21,315	)		(14.6	)
York Water Co.		(3,559	)		(143,499	)		(98.6	)


				(37,571,648)


Total Reference Entity — Short					(71,759,348	)


Net Value of Reference Entity — Bank of America, N.A.				$	145,581

The following table represents the individual long and short positions and related values of the equity securities underlying the total return swap with Deutsche Bank A.G. as of April 30, 2020 termination date 02/17/23:


	Shares		Value		% of Basket Value

Reference Entity — Long

Germany
Solarworld AG		10	$	1		100.0	%


Total Reference Entity — Long						1


Net Value of Reference Entity — Deutsche Bank A.G.					$	1

The following table represents the individual long and short positions and related values of the equity securities underlying the total return swap with Goldman Sachs & Co. as of April 30, 2020, termination dates 06/24/20 – 03/01/23:


	Shares		Value		% of Basket Value

Reference Entity — Long

Argentina
MercadoLibre, Inc.		1,364	$	795,908		29.3	%


Australia
Alumina Ltd.		370,539		411,021		15.1
Aristocrat Leisure Ltd.		56,278		922,947		34.0
Atlas Arteria Ltd.		10,054		40,571		1.5
Australia & New Zealand Banking Group Ltd.		158,741		1,724,318		63.5
BHP Group Ltd.		41,229		841,661		31.0
BlueScope Steel Ltd.		7,610		49,669		1.8
Caltex Australia Ltd.		1,481		23,844		0.9
Downer EDI Ltd.		11,039		29,696		1.1
IGO Ltd.		23,989		72,775		2.7
Mineral Resources Ltd.		3,199		34,478		1.3
National Australia Bank Ltd.		11,128		121,935		4.5
Newcrest Mining Ltd.		1,186		23,641		0.9
Oil Search Ltd.		244,773		480,371		17.7
OZ Minerals Ltd.		3,435		19,800		0.7
Rio Tinto Ltd.		29,452		1,659,948		61.1
SEEK Ltd.		13,880		154,960		5.7
South32 Ltd.		38,942		48,976		1.8
Spark Infrastructure Group		57,974		71,203		2.6
WiseTech Global Ltd.		3,596		42,822		1.6
Worley Ltd.		28,796		166,909		6.1


			6,941,545

Austria
ams AG		33,892		444,895		16.4


Canada
Bank of Nova Scotia		8,899		356,740		13.1
Boralex, Inc.		3,103		60,078		2.2
CAE, Inc.		46,131		762,249		28.1
Canadian Apartment Properties REIT		22,640		779,091		28.7
CCL Industries, Inc., Class B		4,435		138,631		5.1
CI Financial Corp.		1,319		14,015		0.5
Great-West Lifeco, Inc.		3,571		58,800		2.1
Innergex Renewable Energy, Inc.		4,791		64,295		2.4
Lightspeed POS, Inc.		4,110		77,863		2.9
Methanex Corp.		11,782		187,317		6.9
Onex Corp.		1,844		84,997		3.1
Parex Resources, Inc.		1,456		15,962		0.6
Parkland Fuel Corp.		3,073		72,699		2.7
Quebecor, Inc., Class B		2,470		53,785		2.0
SSR Mining, Inc.		18,907		331,292		12.2
Suncor Energy, Inc.		6,907		123,159		4.5
Teck Resources Ltd., Class B		43,034		379,344		14.0
TELUS Corp.		26,740		437,038		16.1
TFI International, Inc.		3,710		102,882		3.8

				4,100,237

Chile
Liberty Latin America Ltd., Class A		2		21		0.0


Denmark
Chr Hansen Holding A/S		4,565		393,611		14.5
Demant A/S		17,642		421,782		15.5
GN Store Nord A/S		7,409		338,120		12.5
Novozymes A/S, Class B		14,295		701,264		25.8


	Shares		Value		% of Basket Value

Denmark (continued)
Royal Unibrew A/S		1,818	$	140,652		5.2	%
SimCorp A/S		2,121		195,914		7.2

				2,191,343

Finland
Elisa OYJ		2,860		173,797		6.4
Huhtamaki OYJ		3,427		127,910		4.7
Kesko OYJ, Class B		34,117		555,906		20.5
Orion OYJ, Class B		4,665		237,067		8.7
Wartsila OYJ Abp		42,119		309,163		11.4

				1,403,843

France
Airbus SE		54,008		3,419,705		125.9
ALD SA		1,974		19,230		0.7
AXA SA		29,756		528,957		19.5
Cie Plastic Omnium SA		2,759		52,244		1.9
CNP Assurances		41,645		429,639		15.8
Danone SA		1,242		86,564		3.2
Dassault Systemes SE		307		44,930		1.7
Gaztransport Et Technigaz SA		1,910		138,469		5.1
Ipsen SA		1,425		106,109		3.9
Korian SA		1,495		50,213		1.8
Legrand SA		4,912		329,313		12.1
LVMH Moet Hennessy Louis Vuitton SE		1,011		390,481		14.4
Pernod Ricard SA		1,070		162,587		6.0
Rexel SA		5,100		47,633		1.8
Schneider Electric SE		16,640		1,537,741		56.6
Societe BIC SA		301		15,068		0.6
Societe Generale SA		73,465		1,152,594		42.4
Teleperformance		3,708		830,625		30.6
Thales SA		7,301		553,175		20.4
Unibail-Rodamco-Westfield		6,735		398,789		14.7

				10,294,066

Germany
BASF SE		12,428		636,021		23.4
Carl Zeiss Meditec AG, Bearer Shares		792		78,069		2.9
Deutsche Boerse AG		3,990		618,603		22.8
Deutsche Post AG, Registered Shares		70,639		2,098,486		77.3
Evotec SE		4,019		99,171		3.6
Grand City Properties SA		23,861		498,979		18.4
Hochtief AG		9,055		708,565		26.1
Infineon Technologies AG		84,468		1,570,338		57.8
Merck KGaA		6,889		799,526		29.4
MTU Aero Engines AG		3,300		449,379		16.5
Rational AG		1,261		608,527		22.4
Rheinmetall AG		4,210		284,929		10.5
SAP SE		9,709		1,156,412		42.6
Sartorius AG, Preference Shares		1,404		394,441		14.6
Stroeer SE & Co. KGaA		242		15,316		0.6
Zalando SE		14,991		734,764		27.1

				10,751,526

Hong Kong
Hysan Development Co. Ltd.		27,000		90,076		3.3
NWS Holdings Ltd.		89,000		92,753		3.4
Swire Properties Ltd.		81,600		228,869		8.5
Wharf Real Estate Investment Co. Ltd.		39,000		165,105		6.1

				576,803

Ireland
AIB Group PLC		447,308		618,993		22.9
Bank of Ireland Group PLC		37,596		77,151		2.8


	Shares		Value		% of Basket Value

Ireland (continued)
Kerry Group PLC, Class A		1,461	$	167,628		6.2	%
Kingspan Group PLC		22,664		1,154,890		42.5

				2,018,662

Israel
Azrieli Group Ltd.		322		19,067		0.7


Italy
Amplifon SpA		5,093		116,585		4.3
Ferrari NV		914		142,854		5.3
Terna Rete Elettrica Nazionale SpA		10,221		64,003		2.3

				323,442

Japan
ABC-Mart, Inc.		1,000		50,819		1.9
Advantest Corp.		2,000		97,043		3.6
AEON Financial Service Co. Ltd.		2,200		22,878		0.8
Aeon Mall Co. Ltd.		3,500		43,997		1.6
AGC, Inc.		1,400		34,524		1.3
Alfresa Holdings Corp.		15,600		311,085		11.5
Alps Alpine Co. Ltd.		22,400		231,041		8.5
Asahi Group Holdings Ltd.		6,900		237,259		8.7
Asahi Intecc Co. Ltd.		900		23,842		0.9
Asahi Kasei Corp.		51,900		368,203		13.6
Astellas Pharma, Inc.		16,800		277,858		10.2
Benesse Holdings, Inc.		19,200		546,766		20.1
Bridgestone Corp.		900		28,015		1.0
Central Japan Railway Co.		10,100		1,589,280		58.5
Chugai Pharmaceutical Co. Ltd.		2,900		345,685		12.7
COMSYS Holdings Corp.		1,600		43,996		1.6
Daiichikosho Co., Ltd.		7,900		237,112		8.7
Daikin Industries Ltd.		700		89,832		3.3
Daito Trust Construction Co. Ltd.		2,800		266,239		9.8
DeNA Co. Ltd.		6,900		84,940		3.1
Dentsu Group Inc.		20,900		436,473		16.1
DIC Corp.		13,500		313,504		11.6
Dip Corp.		10,300		219,826		8.1
East Japan Railway Co.		21,200		1,548,023		57.0
Electric Power Development Co. Ltd.		22,200		444,313		16.4
FamilyMart Co. Ltd.		2,300		39,003		1.4
Fast Retailing Co. Ltd.		800		379,397		14.0
Fuji Media Holdings, Inc.		68,100		676,474		24.9
Fuji Seal International, Inc.		4,300		74,643		2.8
H2O Retailing Corp.		27,800		218,040		8.0
Hitachi Transport System Ltd.		700		16,990		0.6
Hoshizaki Corp.		900		68,586		2.5
House Foods Group, Inc.		1,700		53,541		2.0
Isuzu Motors Ltd.		18,600		141,352		5.2
Izumi Co. Ltd.		23,600		690,830		25.4
Japan Retail Fund Investment Corp.		376		409,925		15.1
Japan Tobacco, Inc.		22,800		424,606		15.6
JCR Pharmaceuticals Co. Ltd.		500		47,892		1.8
JFE Holdings, Inc.		46,300		307,248		11.3
JGC Holdings Corp.		11,000		106,225		3.9
JXTG Holdings, Inc.		529,200		1,876,205		69.1
Kajima Corp.		5,600		58,188		2.2
Kaneka Corp.		6,600		170,711		6.3
Kao Corp.		600		46,270		1.7
KDDI Corp.		29,700		860,239		31.7
Konica Minolta, Inc.		101,800		393,927		14.5
Kyocera Corp.		5,300		283,181		10.4
Lintec Corp.		23,400		502,151		18.5
Mabuchi Motor Co. Ltd.		700		21,676		0.8
Marubeni Corp.		21,600		104,022		3.8


	Shares		Value		% of Basket Value

Japan (continued)
Maruha Nichiro Corp.		17,000	$	355,761		13.1	%
Marui Group Co. Ltd.		2,100		34,375		1.3
Mazda Motor Corp.		14,100		79,712		2.9
Miraca Holdings, Inc.		800		20,032		0.7
Mitsui Chemicals, Inc.		2,900		56,936		2.1
Nexon Co. Ltd.		14,000		226,044		8.3
Nikon Corp.		53,600		498,577		18.4
Nippon Electric Glass Co. Ltd.		60,400		879,891		32.4
Nippon Paper Industries Co. Ltd.		1,100		15,708		0.6
Nippon Shinyaku Co. Ltd.		900		63,201		2.3
Nippon Shokubai Co. Ltd.		5,800		273,912		10.1
Nippon Steel Corp.		14,500		121,998		4.5
Nippon Television Holdings, Inc.		12,700		141,863		5.2
Nitori Holdings Co. Ltd.		2,900		444,500		16.4
Recruit Holdings Co. Ltd.		8,800		256,706		9.5
Rohm Co. Ltd.		1,000		63,224		2.3
Ryohin Keikaku Co. Ltd.		31,300		372,517		13.7
Sanwa Holdings Corp.		36,600		284,005		10.5
Seiko Epson Corp.		11,900		135,131		5.0
Sekisui House Ltd.		37,500		643,302		23.7
Seria Co. Ltd.		11,200		364,004		13.4
Seven Bank Ltd.		49,200		133,372		4.9
Shionogi & Co. Ltd.		3,800		209,865		7.7
SKY Perfect JSAT Holdings, Inc.		5,700		21,428		0.8
SMS Co. Ltd.		3,200		69,748		2.6
Sumitomo Chemical Co. Ltd.		105,600		323,896		11.9
Sysmex Corp.		5,800		400,706		14.8
Taisei Corp.		500		15,586		0.6
Taisho Pharmaceutical Holdings Co. Ltd.		3,900		243,657		9.0
Takara Holdings, Inc.		4,900		36,060		1.3
Takeda Pharmaceutical Co. Ltd.		3,700		133,427		4.9
Terumo Corp.		4,800		159,276		5.9
Toho Co. Ltd.		2,100		68,770		2.5
Tokyo Electron Ltd.		1,100		234,279		8.6
Topcon Corp.		47,500		390,015		14.4
Toray Industries, Inc.		67,100		307,634		11.3
TOTO Ltd.		2,000		69,614		2.6
Ube Industries Ltd.		194,200		3,256,616		119.9
Ulvac, Inc.		2,500		68,907		2.5
Yamaha Corp.		5,000		201,826		7.4
Yamaha Motor Co. Ltd.		14,900		191,700		7.1
Yamato Kogyo Co. Ltd.		6,300		123,636		4.6
Yokogawa Electric Corp.		6,500		88,597		3.3
Zenkoku Hosho Co. Ltd.		5,500		160,259		5.9

				28,104,148

Netherlands
Akzo Nobel NV		12,855		975,564		35.9
ASML Holding NV		2,362		689,905		25.4
BE Semiconductor Industries NV		1,242		51,121		1.9
Euronext NV		11,052		927,860		34.2
ING Groep NV		9,259		51,876		1.9
Just Eat Takeaway		2,183		224,393		8.3

				2,920,719

New Zealand
Fisher & Paykel Healthcare Corp. Ltd.		1,336		22,320		0.8


Norway
Aker BP ASA		7,495		123,049		4.5
Leroy Seafood Group ASA		3,829		20,335		0.8
Norsk Hydro ASA		96,523		244,865		9.0
Schibsted ASA, Class A		4,918		104,336		3.8
TGS Nopec Geophysical Co. ASA		1,025		15,697		0.6

				508,282


	Shares		Value		% of Basket Value

Portugal
Galp Energia SGPS SA		9,678	$	111,695		4.1	%


Singapore
City Developments Ltd.		28,800		160,985		5.9
ComfortDelGro Corp. Ltd.		266,800		311,042		11.5
Wilmar International Ltd.		276,500		696,304		25.6

				1,168,331

Spain
Industria de Diseno Textil SA		37,736		966,509		35.6
Merlin Properties Socimi SA		2,774		25,743		1.0

				992,252

Sweden
Assa Abloy AB, Class B		60,857		1,089,458		40.1
Castellum AB		107,508		1,885,670		69.4
Elekta AB, B Shares, Class B		25,982		236,057		8.7
Fabege AB		41,917		496,545		18.3
Hufvudstaden AB, A Shares		47,280		605,824		22.3
Indutrade AB		9,570		307,665		11.3
Investment AB Latour, -B Shares		9,019		134,842		5.0
L E Lundbergforetagen AB, B Shares		1,421		59,663		2.2
Swedish Match AB		2,665		164,687		6.1

				4,980,411

Switzerland
Belimo Holding AG		3		19,973		0.7
Cie Financiere Richemont SA, Registered Shares		297		16,868		0.6
Coca-Cola HBC AG		22,734		576,050		21.2
Galenica AG		474		33,943		1.3
Geberit AG, Registered Shares		3,662		1,637,657		60.3
Givaudan SA, Registered Shares		762		2,555,202		94.1
Kuehne + Nagel International AG, Registered Shares		135		19,308		0.7
Landis+Gyr Group AG		1,060		71,600		2.7
Nestle SA, Registered Shares		12,352		1,308,200		48.2
PSP Swiss Property AG, Registered Shares		10,002		1,161,906		42.8
Sika AG, Registered Shares		376		62,194		2.3
Sunrise Communications Group AG		2,892		231,654		8.5
Vifor Pharma AG		2,666		399,964		14.7

				8,094,519

United Kingdom
Ashmore Group PLC		30,828		146,983		5.4
ASOS PLC		1,400		42,213		1.6
Barratt Developments PLC		91,708		597,877		22.0
Bellway PLC		896		29,981		1.1
boohoo Group PLC		60,710		246,690		9.1
Burberry Group PLC		24,169		419,659		15.5
Coca-Cola European Partners PLC		10,076		399,413		14.7
Croda International PLC		22,631		1,387,726		51.1
Dunelm Group PLC		4,554		52,616		1.9
Experian PLC		97,308		2,922,195		107.6
Fevertree Drinks PLC		7,112		155,228		5.7
Games Workshop Group PLC		1,006		76,139		2.8
Great Portland Estates PLC		8,231		70,106		2.6
Hiscox Ltd.		3,762		33,095		1.2
HomeServe PLC		25,633		359,058		13.2
Howden Joinery Group PLC		84,535		557,441		20.5
Informa PLC		148,249		818,906		30.2
Johnson Matthey PLC		2,133		53,529		2.0
Jupiter Fund Management PLC		5,295		14,556		0.5
Marks & Spencer Group PLC		66,564		77,552		2.9
Meggitt PLC		104,213		364,918		13.4
Melrose Industries PLC		190,448		238,041		8.8


	Shares		Value		% of Basket Value

United Kingdom (continued)
Moneysupermarket.com Group PLC		170,304	$	678,539		25.0	%
Redrow PLC		35,940		208,823		7.7
Rotork PLC		37,014		115,388		4.2
Schroders PLC		3,397		113,458		4.2
Smiths Group PLC		32,046		498,969		18.4
Subsea 7 SA		173,417		951,910		35.1
Taylor Wimpey PLC		447,123		825,765		30.4
Travis Perkins PLC		12,680		165,569		6.1
Vistry Group PLC		12,263		124,538		4.6
Vodafone Group PLC		195,130		275,265		10.1
WH Smith PLC		6,938		109,492		4.0
WPP PLC		21,017		163,073		6.0

				13,294,711

United States
10X Genomics, Inc., Class A		5,022		401,107		14.8
3M Co.		4,235		643,381		23.7
Acuity Brands, Inc.		902		78,104		2.9
Adobe, Inc.		1,637		578,909		21.3
Aerojet Rocketdyne Holdings, Inc.		9,270		381,368		14.0
Air Products & Chemicals, Inc.		4,152		936,608		34.5
Alexandria Real Estate Equities, Inc.		3,599		565,367		20.8
Alphabet, Inc., Class A		1,819		2,449,647		90.2
Altria Group, Inc.		54,961		2,157,219		79.4
Amazon.com, Inc.		2,129		5,267,146		194.0
Amedisys, Inc.		2,124		391,156		14.4
Americold Realty Trust		30,322		927,550		34.2
AMETEK, Inc.		289		24,238		0.9
ANSYS, Inc.		1,688		441,969		16.3
AO Smith Corp.		9,527		403,754		14.9
Apple, Inc.		6,093		1,790,123		65.9
Aptiv PLC		393		27,333		1.0
Arch Capital Group Ltd.		33,378		802,073		29.5
Aspen Technology, Inc.		1,233		126,074		4.6
Autodesk, Inc.		1,719		321,676		11.8
Avalara, Inc.		2,536		226,642		8.3
Avangrid, Inc.		36,646		1,575,778		58.0
Avnet, Inc.		8,515		255,620		9.4
Axalta Coating Systems Ltd.		72,018		1,421,635		52.4
Axis Capital Holdings Ltd.		5,522		202,105		7.4
Axon Enterprise, Inc.		6,253		454,656		16.7
Baker Hughes Co.		1,655		23,087		0.9
Ball Corp.		4,387		287,743		10.6
Best Buy Co., Inc.		6,557		503,119		18.5
Bio-Techne Corp.		588		132,300		4.9
Boeing Co.		8,723		1,230,117		45.3
Booz Allen Hamilton Holding Corp.		5,813		426,907		15.7
Boston Scientific Corp.		19,265		722,052		26.6
Brink’s Co.		710		36,295		1.3
Broadridge Financial Solutions, Inc.		2,681		310,996		11.5
Bruker Corp.		14,782		581,228		21.4
BWX Technologies, Inc.		10,020		531,661		19.6
Cabot Microelectronics Corp.		531		65,069		2.4
Cadence Design Systems, Inc.		4,237		343,748		12.7
Camden Property Trust		5,431		478,308		17.6
Cargurus, Inc.		24,334		556,762		20.5
Carrier Global Corp.		61,106		1,082,187		39.9
Cboe Global Markets, Inc.		6,832		678,964		25.0
Centene Corp.		2,513		167,316		6.2
Charles Schwab Corp.		6,083		229,451		8.4
Chegg, Inc.		4,097		175,147		6.4
Cirrus Logic, Inc.		9,198		695,369		25.6
Coca-Cola Co.		22,420		1,028,854		37.9


	Shares		Value		% of Basket Value

United States (continued)
Copart, Inc.		21,137	$	1,693,285		62.4	%
CoreSite Realty Corp.		281		34,054		1.3
CoStar Group, Inc.		1,807		1,171,406		43.1
Costco Wholesale Corp.		8,308		2,517,324		92.7
Crane Co.		4,359		237,348		8.7
Crimson Wine Group Ltd.		1		6		0.0
CVS Health Corp.		16,153		994,217		36.6
CyberArk Software Ltd.		7,550		745,638		27.5
CyrusOne, Inc.		1,488		104,383		3.8
Deckers Outdoor Corp.		818		121,686		4.5
Dell Technologies, Inc., Class C		3,977		169,778		6.3
DENTSPLY SIRONA, Inc.		2,108		89,464		3.3
DexCom, Inc.		1,068		357,994		13.2
Discover Financial Services		5,920		254,382		9.4
Dolby Laboratories, Inc., Class A		1,973		118,439		4.4
Dollar General Corp.		8,819		1,545,971		56.9
Domino’s Pizza, Inc.		5,145		1,862,130		68.6
Dropbox, Inc., Class A		16,972		356,751		13.1
eBay, Inc.		28,861		1,149,534		42.3
Edwards Lifesciences Corp.		10,559		2,296,583		84.6
eHealth, Inc.		2,546		271,658		10.0
EPAM Systems, Inc.		6,005		1,326,444		48.9
Essent Group Ltd.		29,391		802,962		29.6
Etsy, Inc.		10,744		696,963		25.7
Exponent, Inc.		2,092		147,130		5.4
Facebook, Inc., Class A		19,294		3,949,675		145.5
FactSet Research Systems, Inc.		8,767		2,410,925		88.8
FedEx Corp.		1,707		216,396		8.0
Fidelity National Financial, Inc.		56,082		1,517,018		55.9
Five9, Inc.		3,477		322,214		11.9
FLIR Systems, Inc.		14,835		643,839		23.7
Flowserve Corp.		14,510		408,747		15.1
Fortinet, Inc.		9,079		978,171		36.0
Fortune Brands Home & Security, Inc.		2,131		102,714		3.8
Franklin Resources, Inc.		9,113		171,689		6.3
frontdoor, Inc.		14,040		543,488		20.0
Garmin Ltd.		605		49,102		1.8
General Dynamics Corp.		18,766		2,451,215		90.3
General Electric Co.		50,912		346,202		12.7
Gentex Corp.		33,998		824,112		30.3
Globus Medical, Inc., Class A		2,171		103,036		3.8
GrubHub, Inc.		28,848		1,378,646		50.8
Guardant Health, Inc.		2,356		181,318		6.7
Guidewire Software, Inc.		3,621		328,932		12.1
H&R Block, Inc.		84,214		1,402,163		51.6
HD Supply Holdings, Inc.		26,191		777,349		28.6
HealthEquity, Inc.		21,844		1,229,162		45.3
HEICO Corp.		883		77,351		2.8
Helen of Troy Ltd.		3,728		612,436		22.6
Hologic, Inc.		5,484		274,748		10.1
Home Depot, Inc.		22,680		4,985,744		183.6
Honeywell International, Inc.		6,548		929,161		34.2
Howard Hughes Corp.		796		43,111		1.6
HubSpot, Inc.		2,620		441,811		16.3
IAA, Inc.		6,946		268,116		9.9
IDACORP, Inc.		3,384		310,584		11.4
IDEXX Laboratories, Inc.		97		26,927		1.0
Inphi Corp.		7,115		686,882		25.3
Intercontinental Exchange, Inc.		40,078		3,584,977		132.0
International Flavors & Fragrances, Inc.		4,127		540,761		19.9
Interpublic Group of Cos., Inc.		9,103		154,569		5.7
Invesco Ltd.		43,220		372,556		13.7


	Shares		Value		% of Basket Value

United States (continued)
IPG Photonics Corp.		2,109	$	272,757		10.0	%
ITT, Inc.		10,726		565,475		20.8
JB Hunt Transport Services, Inc.		185		18,707		0.7
Johnson Controls International PLC		26,425		769,232		28.3
JPMorgan Chase & Co.		13,717		1,313,540		48.4
Kansas City Southern		3,066		400,266		14.7
Keurig Dr Pepper, Inc.		49,740		1,316,120		48.5
Keysight Technologies, Inc.		6,036		584,104		21.5
L3Harris Technologies, Inc.		4,807		931,116		34.3
Littelfuse, Inc.		2,263		328,678		12.1
LivaNova PLC		5,934		315,214		11.6
Livongo Health, Inc.		12,265		490,723		18.1
Lowe’s Cos., Inc.		5,744		601,684		22.2
LPL Financial Holdings, Inc.		1,605		96,653		3.6
MarketAxess Holdings, Inc.		213		96,917		3.6
Marsh & McLennan Cos., Inc.		34,011		3,310,291		121.9
Marvell Technology Group Ltd.		4,951		132,390		4.9
Masimo Corp.		520		111,233		4.1
Mastercard, Inc., Class A		3,456		950,296		35.0
Mattel, Inc.		19,677		171,583		6.3
Maxim Integrated Products, Inc.		35,224		1,936,616		71.3
McCormick & Co., Inc.		1,740		272,902		10.1
Medtronic PLC		10,023		978,546		36.0
Mercury Systems, Inc.		6,265		558,587		20.6
MGIC Investment Corp.		103,380		755,708		27.8
Microsoft Corp.		11,526		2,065,574		76.1
Monolithic Power Systems, Inc.		2,441		487,980		18.0
Mosaic Co.		30,426		350,203		12.9
MSA Safety, Inc.		13,256		1,491,698		54.9
MSC Industrial Direct Co., Inc., Class A		5,863		349,669		12.9
National Instruments Corp.		4,227		162,401		6.0
NeoGenomics, Inc.		5,743		157,014		5.8
New Relic, Inc.		14,656		786,881		29.0
New York Times Co., Class A		19,519		634,758		23.4
Nexstar Media Group, Inc., Class A		17,721		1,241,179		45.7
Nielsen Holdings PLC		11,048		162,737		6.0
NIKE, Inc., Class B		5,744		500,762		18.4
Northrop Grumman Corp.		4,229		1,398,403		51.5
Nutanix, Inc., Class A		2,669		54,688		2.0
NVIDIA Corp.		4,570		1,335,720		49.2
Otis Worldwide Corp.		27,656		1,407,967		51.9
Owens Corning		8,631		374,240		13.8
PacWest Bancorp		73,198		1,481,528		54.6
Paylocity Holding Corp.		16,488		1,888,371		69.5
PayPal Holdings, Inc.		53,783		6,615,309		243.6
PerkinElmer, Inc.		3,929		355,692		13.1
PPD, Inc.		35,213		841,591		31.0
PPL Corp.		10,877		276,493		10.2
PRA Health Sciences, Inc.		6,498		627,057		23.1
Premier, Inc., Class A		1,899		62,971		2.3
Prudential Financial, Inc.		19,695		1,228,377		45.2
Public Service Enterprise Group, Inc.		957		48,529		1.8
Q2 Holdings, Inc.		1,474		117,507		4.3
QTS Realty Trust, Inc., Class A		11,685		730,663		26.9
Reata Pharmaceuticals, Inc., Class A		354		55,989		2.1
Reliance Steel & Aluminum Co.		7,244		648,918		23.9
Repligen Corp.		493		57,262		2.1
RingCentral, Inc., Class A		2,652		606,062		22.3
Robert Half International, Inc.		8,571		405,151		14.9
Rockwell Automation, Inc.		6,134		1,162,270		42.8
Roper Technologies, Inc.		6,000		2,046,180		75.4
salesforce.com, Inc.		9,556		1,547,594		57.0


	Shares			Value			% of Basket Value

United States (continued)
Schlumberger Ltd.		15,897		$	267,388			9.8	%
Service Corp. International		1,052			38,650			1.4
ServiceNow, Inc.		3,571			1,255,349			46.2
Sherwin-Williams Co.		8,279			4,440,607			163.5
Silicon Laboratories, Inc.		8,091			786,607			29.0
Sirius XM Holdings, Inc.		701,772			4,147,473			152.7
Smartsheet, Inc., Class A		3,657			192,797			7.1
SolarEdge Technologies, Inc.		5,730			639,411			23.5
Spirit AeroSystems Holdings, Inc., Class A		1,280			28,365			1.0
Splunk, Inc.,		3,635			510,209			18.8
Sterling Bancorp		18,327			225,972			8.3
STORE Capital Corp.		41,699			836,899			30.8
Synovus Financial Corp.		82,542			1,734,207			63.9
T. Rowe Price Group, Inc.		7,626			881,794			32.5
Target Corp.		8,819			967,797			35.6
Telephone & Data Systems, Inc.		38,535			756,057			27.8
Tetra Tech, Inc.		15			1,129			0.0
Texas Instruments, Inc.		21,514			2,497,130			92.0
TJX Cos., Inc.		15,415			756,106			27.8
Toro Co.		1,123			71,659			2.6
Tractor Supply Co.		5,701			578,252			21.3
Trane Technologies PLC		15,125			1,322,228			48.7
TransDigm Group, Inc.		741			269,042			9.9
TransUnion		35,184			2,772,147			102.1
Twilio, Inc., Class A		9,126			1,024,850			37.7
Twitter, Inc.		103,599			2,971,219			109.4
Uber Technologies, Inc.		4,239			128,315			4.7
UGI Corp.		16,719			504,579			18.6
Union Pacific Corp.		17,743			2,835,154			104.4
United Parcel Service, Inc., Class B		15,070			1,426,526			52.5
Universal Display Corp.		160			24,019			0.9
Varian Medical Systems, Inc.		22,845			2,613,011			96.2
Veeva Systems, Inc., Class A		1,065			203,202			7.5
Verisk Analytics, Inc.		1,217			185,994			6.8
Virtu Financial, Inc., Class A		2,711			63,356			2.3
Visa, Inc., Class A		9,165			1,637,969			60.3
VMware, Inc., Class A		8,582			1,128,705			41.6
Vulcan Materials Co.		5,996			677,368			24.9
W.W. Grainger, Inc.		2,069			570,175			21.0
Webster Financial Corp.		43,416			1,226,502			45.2
Wells Fargo & Co.		33,255			966,058			35.6
Westlake Chemical Corp.		3,768			163,720			6.0
Wingstop, Inc.		878			102,963			3.8
Woodward, Inc.		3,877			234,791			8.6
Workday, Inc., Class A		22,100			3,401,190			125.3
Xylem, Inc.		38,668			2,780,229			102.4
Yum! Brands, Inc.		14,411			1,245,543			45.9
Zendesk, Inc.		53,503			4,113,311			151.5
Zoetis, Inc.		7,410			958,187			35.3


				194,058,232


Total Reference Entity — Long					294,116,978


Reference Entity — Short

Australia
Afterpay Ltd.		(25,375	)		(504,598	)		(18.6	)
AMP Ltd.		(81,077	)		(74,806	)		(2.8	)
AusNet Services		(232,320	)		(283,343	)		(10.4	)
Boral Ltd.		(36,756	)		(71,435	)		(2.6	)
Coles Group Ltd.		(13,251	)		(132,879	)		(4.9	)
Computershare, Ltd.		(16,407	)		(129,085	)		(4.7	)
Iluka Resources Ltd.		(12,053	)		(59,783	)		(2.2	)
Magellan Financial Group, Ltd.		(2,260	)		(74,030	)		(2.7	)


	Shares			Value			% of Basket Value

Australia (continued)
Orora Ltd.		(274,257	)	$	(455,777	)		(16.8	) %
Qube Holdings Ltd.		(199,923	)		(416,181	)		(15.3	)
Ramsay Health Care, Ltd.		(4,721	)		(191,727	)		(7.1	)
Scentre Group		(12,446	)		(18,697	)		(0.7	)
Seven Group Holdings Ltd.		(13,561	)		(133,352	)		(4.9	)
Tabcorp Holdings, Ltd.		(46,688	)		(97,339	)		(3.6	)
TPG Telecom Ltd.		(46,468	)		(221,732	)		(8.2	)
Vicinity Centres		(75,185	)		(71,977	)		(2.6	)

					(2,936,741	)

Belgium
Euronav NV		(10,932	)		(122,101	)		(4.5	)
Proximus SADP		(25,292	)		(539,818	)		(19.9	)

					(661,919	)

Bermuda
RenaissanceRe Holdings Ltd.		(13,969	)		(2,039,614	)		(75.1	)


Canada
Bombardier, Inc., Class B		(376,577	)		(132,564	)		(4.9	)
Canadian Utilities, Ltd.		(14,667	)		(357,837	)		(13.2	)
Centerra Gold, Inc.		(2,353	)		(18,814	)		(0.7	)
Fairfax Financial Holdings Ltd.		(731	)		(198,207	)		(7.3	)
Fortis, Inc.		(7,732	)		(299,626	)		(11.0	)
GFL Environmental, Inc.		(16,184	)		(279,983	)		(10.3	)
Northland Power, Inc.		(1,869	)		(40,107	)		(1.5	)
Osisko Gold Royalties Ltd.		(5	)		(46	)		0.0
Restaurant Brands International, Inc.		(24,817	)		(1,210,585	)		(44.6	)
Saputo, Inc.		(10,289	)		(258,713	)		(9.5	)
Stars Group, Inc.		(16,648	)		(464,415	)		(17.1	)
Thomson Reuters Corp.		(1,426	)		(100,469	)		(3.7	)

					(3,361,366	)

China
Budweiser Brewing Co. APAC Ltd.		(74,900	)		(203,535	)		(7.5	)
Minth Group Ltd.		(106,000	)		(254,890	)		(9.4	)

					(458,425	)

Denmark
Ambu A/S, Class B		(12,471	)		(390,620	)		(14.4	)
AP Moeller — Maersk A/S		(1,030	)		(954,394	)		(35.1	)
AP Moeller — Maersk A/S		(946	)		(941,509	)		(34.7	)
Danske Bank A/S		(172,454	)		(2,047,558	)		(75.4	)
ISS A/S		(14,169	)		(210,655	)		(7.8	)
Jyske Bank A/S, Registered Shares		(1,403	)		(37,871	)		(1.4	)
Rockwool International A/S, -B Shares		(917	)		(192,716	)		(7.1	)

					(4,775,323	)

Finland
Fortum OYJ		(22,608	)		(374,618	)		(13.9	)
Konecranes OYJ		(14,610	)		(317,098	)		(11.7	)
Metsa Board OYJ		(8,557	)		(59,603	)		(2.2	)
Nordea Bank Abp		(415,939	)		(2,667,806	)		(98.2	)
Outokumpu OYJ		(57,201	)		(154,014	)		(5.7	)
Stora Enso OYJ, -R Shares		(23,669	)		(278,455	)		(10.2	)

					(3,851,594	)

France
Bollore SA		(300,879	)		(797,396	)		(29.3	)
Dassault Aviation SA		(333	)		(271,197	)		(10.0	)
Faurecia SE		(2,277	)		(81,588	)		(3.0	)
Iliad SA		(835	)		(124,349	)		(4.6	)
La Francaise des Jeux SAEM		(2,003	)		(57,300	)		(2.1	)

					(1,331,830	)


	Shares			Value			% of Basket Value

Germany
Bayer AG, Registered Shares		(21,472	)	$	(1,412,200	)		(52.0	) %
Bechtle AG		(850	)		(122,925	)		(4.5	)
Daimler AG		(26,228	)		(897,076	)		(33.0	)
Deutsche Bank AG		(13,711	)		(101,547	)		(3.7	)
Deutsche Telekom AG		(95,769	)		(1,400,106	)		(51.6	)
Fuchs Petrolub SE		(22,046	)		(854,846	)		(31.5	)
Hannover Rueck SE		(736	)		(117,352	)		(4.3	)
Hapag-Lloyd AG		(2,723	)		(390,093	)		(14.4	)
HeidelbergCement AG		(28,214	)		(1,337,657	)		(49.3	)
ProSiebenSat.1 Media SE		(18,142	)		(181,305	)		(6.7	)
Schaeffler AG		(32,083	)		(216,638	)		(8.0	)
Siltronic AG		(4,193	)		(358,962	)		(13.2	)
Suedzucker AG		(47,710	)		(631,235	)		(23.2	)
Talanx AG		(8,991	)		(319,296	)		(11.8	)
TeamViewer AG		(15,576	)		(675,931	)		(24.9	)
TUI AG		(18,996	)		(75,674	)		(2.8	)
Volkswagen AG		(10,881	)		(1,608,688	)		(59.2	)

					(10,701,531	)

Hong Kong
ASM Pacific Technology Ltd.		(2,700	)		(27,283	)		(1.0	)
Shangri-La Asia Ltd.		(26,000	)		(21,470	)		(0.8	)
SJM Holdings Ltd.		(1,917,000	)		(1,892,735	)		(69.7	)

					(1,941,488	)

Israel
First International Bank Of Israel Ltd.		(1,809	)		(44,623	)		(1.7	)
Gazit-Globe Ltd.		(1,870	)		(13,845	)		(0.5	)
ICL Ltd.		(111,591	)		(389,344	)		(14.3	)
Israel Corp. Ltd.		(700	)		(90,322	)		(3.3	)
Shufersal Ltd.		(4,130	)		(26,506	)		(1.0	)
Teva Pharmaceutical Industries Ltd.		(50,346	)		(544,587	)		(20.1	)
Teva Pharmaceutical Industries, Ltd., ADR		(47,324	)		(508,260	)		(18.7	)
Wix.com Ltd.		(1,181	)		(154,487	)		(5.7	)

					(1,771,974	)

Italy
Prada SpA		(5,800	)		(18,831	)		(0.7	)


Japan
Acom Co. Ltd.		(3,200	)		(12,929	)		(0.5	)
Bandai Namco Holdings, Inc.		(12,000	)		(599,597	)		(22.1	)
Bank of Kyoto Ltd.		(42,800	)		(1,464,973	)		(53.9	)
Brother Industries Ltd.		(3,300	)		(55,930	)		(2.1	)
The Chiba Bank Ltd.		(3,400	)		(15,776	)		(0.6	)
Chugoku Bank Ltd.		(80,800	)		(744,008	)		(27.4	)
DMG Mori Co., Ltd.		(62,700	)		(641,087	)		(23.6	)
Dowa Holdings Co. Ltd.		(35,100	)		(970,798	)		(35.7	)
FUJIFILM Holdings Corp.		(13,700	)		(652,566	)		(24.0	)
Fujitsu Ltd.		(6,200	)		(602,320	)		(22.2	)
Gunma Bank Ltd.		(5,600	)		(17,929	)		(0.7	)
Hachijuni Bank Ltd.		(172,700	)		(616,686	)		(22.7	)
Hamamatsu Photonics KK		(8,400	)		(367,157	)		(13.5	)
Hitachi Chemical Co. Ltd.		(1,064	)		(45,642	)		(1.7	)
Hitachi Construction Machinery Co., Ltd.		(26,600	)		(624,095	)		(23.0	)
Hitachi Metals Ltd.		(50,900	)		(490,459	)		(18.1	)
Ibiden Co. Ltd.		(20,200	)		(516,312	)		(19.0	)
Ichigo, Inc.		(45,400	)		(116,260	)		(4.3	)
Invincible Investment Corp.		(821	)		(210,063	)		(7.7	)
Ito En Ltd.		(8,100	)		(449,970	)		(16.6	)
ITOCHU Corp.		(19,800	)		(388,181	)		(14.3	)
Itochu Techno-Solutions Corp.		(4,700	)		(143,606	)		(5.3	)
Iyo Bank Ltd.		(76,400	)		(409,293	)		(15.1	)
Japan Airport Terminal Co. Ltd.		(7,100	)		(287,921	)		(10.6	)


	Shares			Value			% of Basket Value

Japan (continued)
Japan Aviation Electronics Industry, Ltd.		(1,600	)	$	(20,756	)		(0.8	) %
Japan Exchange Group, Inc.		(1,600	)		(29,761	)		(1.1	)
Japan Post Bank Co. Ltd.		(2,000	)		(18,618	)		(0.7	)
Japan Real Estate Investment Corp.		(120	)		(648,151	)		(23.9	)
JSR Corp.		(3,900	)		(73,363	)		(2.7	)
Justsystems Corp.		(4,800	)		(293,530	)		(10.8	)
Kansai Mirai Financial Group, Inc.		(48,500	)		(163,064	)		(6.0	)
Kawasaki Heavy Industries Ltd.		(1,700	)		(25,687	)		(0.9	)
Keihan Holdings Co. Ltd.		(18,000	)		(809,023	)		(29.8	)
Keihin Corp.		(8,100	)		(193,212	)		(7.1	)
Keikyu Corp.		(4,300	)		(70,673	)		(2.6	)
Keio Corp.		(16,600	)		(939,021	)		(34.6	)
Keisei Electric Railway Co. Ltd.		(15,500	)		(467,547	)		(17.2	)
Kikkoman Corp.		(4,100	)		(188,395	)		(6.9	)
Kinden Corp.		(2,300	)		(37,009	)		(1.4	)
Kintetsu Group Holdings Co. Ltd.		(3,900	)		(186,305	)		(6.9	)
Kobe Steel, Ltd.		(7,500	)		(25,084	)		(0.9	)
Koei Tecmo Holdings Co. Ltd.		(34,300	)		(902,295	)		(33.2	)
Kurita Water Industries Ltd.		(600	)		(16,739	)		(0.6	)
Kyushu Financial Group, Inc.		(17,800	)		(75,092	)		(2.8	)
Makita Corp.		(12,000	)		(390,749	)		(14.4	)
Mani, Inc.		(800	)		(17,818	)		(0.6	)
Minebea Mitsumi, Inc.		(99,800	)		(1,622,667	)		(59.8	)
Mitsubishi Corp.		(45,800	)		(971,326	)		(35.8	)
Mitsubishi Estate Co. Ltd.		(13,700	)		(221,640	)		(8.2	)
Mitsubishi Heavy Industries, Ltd.		(40,200	)		(1,030,874	)		(38.0	)
Mitsubishi Logistics Corp.		(30,900	)		(682,246	)		(25.1	)
Mitsubishi UFJ Financial Group, Inc.		(150,100	)		(606,404	)		(22.3	)
Mitsui & Co., Ltd.		(35,300	)		(492,729	)		(18.1	)
Mitsui OSK Lines Ltd.		(14,700	)		(254,967	)		(9.4	)
Mizuho Financial Group, Inc.		(195,000	)		(227,062	)		(8.4	)
Nabtesco Corp.		(1,900	)		(54,369	)		(2.0	)
Nagoya Railroad Co. Ltd.		(18,500	)		(529,399	)		(19.5	)
NGK Insulators Ltd.		(40,700	)		(532,471	)		(19.6	)
Nippo Corp.		(4,400	)		(98,950	)		(3.6	)
Nippon Yusen KK		(15,900	)		(209,300	)		(7.7	)
NOF Corp.		(6,300	)		(208,761	)		(7.7	)
Nomura Holdings, Inc.		(95,300	)		(395,458	)		(14.6	)
NTN Corp.		(12,200	)		(23,400	)		(0.9	)
NTT Data Corp.		(2,100	)		(21,429	)		(0.8	)
Oji Holdings Corp.		(6,800	)		(34,527	)		(1.3	)
Olympus Corp.		(9,400	)		(149,149	)		(5.5	)
Orient Corp.		(171,000	)		(195,589	)		(7.2	)
Oriental Land Co. Ltd.		(5,900	)		(746,027	)		(27.5	)
Panasonic Corp.		(5,300	)		(40,402	)		(1.5	)
Pigeon Corp.		(4,900	)		(174,488	)		(6.4	)
Sega Sammy Holdings, Inc.		(17,600	)		(213,186	)		(7.8	)
Sharp Corp.		(103,900	)		(1,143,739	)		(42.1	)
Shiga Bank Ltd.		(15,400	)		(362,720	)		(13.4	)
Shimano, Inc.		(500	)		(73,678	)		(2.7	)
Shinsei Bank Ltd.		(21,400	)		(258,147	)		(9.5	)
Shizuoka Bank Ltd.		(22,000	)		(133,567	)		(4.9	)
Shochiku Co. Ltd.		(12,200	)		(1,330,019	)		(49.0	)
Showa Corp.		(16,400	)		(344,611	)		(12.7	)
Skylark Holdings Co. Ltd.		(8,300	)		(122,686	)		(4.5	)
SMC Corp.		(700	)		(316,416	)		(11.6	)
SoftBank Group Corp.		(1,500	)		(64,758	)		(2.4	)
Sony Corp.		(5,400	)		(348,812	)		(12.8	)
Sony Financial Holdings, Inc.		(35,000	)		(663,483	)		(24.4	)
Square Enix Holdings Co. Ltd.		(10,700	)		(438,551	)		(16.1	)
Sumco Corp.		(26,600	)		(378,707	)		(13.9	)
Sumitomo Forestry Co., Ltd.		(2,100	)		(25,944	)		(0.9	)


	Shares			Value			% of Basket Value

Japan (continued)
Sumitomo Heavy Industries Ltd.		(3,500	)	$	(73,760	)		(2.7	) %
Sumitomo Rubber Industries, Ltd.		(1,700	)		(16,501	)		(0.6	)
Sushiro Global Holdings Ltd.		(11,300	)		(174,284	)		(6.4	)
Suzuki Motor Corp.		(1,500	)		(47,873	)		(1.8	)
Taiyo Nippon Sanso Corp.		(5,200	)		(80,656	)		(3.0	)
Tobu Railway Co. Ltd.		(7,000	)		(237,440	)		(8.7	)
Toho Gas Co. Ltd.		(10,700	)		(525,741	)		(19.4	)
Tokai Carbon Co. Ltd.		(45,600	)		(377,096	)		(13.9	)
Tokuyama Corp.		(1,500	)		(31,650	)		(1.2	)
Tokyo Broadcasting System Holdings, Inc.		(900	)		(14,123	)		(0.5	)
Tokyo Electric Power Co. Holdings, Inc.		(49,700	)		(167,306	)		(6.2	)
Toyo Suisan Kaisha Ltd.		(9,000	)		(432,781	)		(15.9	)
Toyo Tire Corp.		(6,200	)		(72,597	)		(2.7	)
Yamazaki Baking Co., Ltd.		(12,500	)		(221,051	)		(8.1	)
Zensho Holdings Co. Ltd.		(2,700	)		(53,148	)		(2.0	)

					(34,304,115	)

Jordan
Hikma Pharmaceuticals PLC		(24,440	)		(727,922	)		(26.8	)


Kazakhstan
KAZ Minerals PLC		(6,711	)		(34,905	)		(1.3	)


Luxembourg
APERAM SA		(24,104	)		(624,555	)		(23.0	)
Millicom International Cellular SA		(814	)		(21,152	)		(0.8	)

					(645,707	)

Netherlands
Aalberts NV		(2,019	)		(56,855	)		(2.1	)
Adyen NV		(472	)		(466,138	)		(17.2	)
Koninklijke Ahold Delhaize NV		(33,375	)		(810,356	)		(29.8	)
OCI NV		(64,381	)		(777,427	)		(28.6	)
SBM Offshore NV		(13,929	)		(176,551	)		(6.5	)

					(2,287,327	)

Norway
Equinor ASA		(16,776	)		(232,294	)		(8.6	)
Frontline Ltd.		(23,289	)		(218,411	)		(8.0	)
Gjensidige Forsikring ASA		(64,317	)		(1,134,862	)		(41.8	)
Yara International ASA		(816	)		(27,821	)		(1.0	)

					(1,613,388	)

Portugal
Banco Comercial Portugues SA		(6,839,637	)		(765,239	)		(28.2	)


Singapore
Genting Singapore Ltd.		(1,801,600	)		(999,650	)		(36.8	)
Jardine Cycle & Carriage Ltd.		(19,700	)		(280,093	)		(10.3	)
Mapletree Industrial Trust		(22,300	)		(40,036	)		(1.5	)
Mapletree Logistics Trust		(454,400	)		(575,601	)		(21.2	)
SembCorp Industries Ltd.		(90,700	)		(103,906	)		(3.8	)
Suntec Real Estate Investment Trust		(914,900	)		(903,666	)		(33.3	)

					(2,902,952	)

Sweden
Autoliv, Inc.		(2,561	)		(153,711	)		(5.7	)
Electrolux Professional AB		(28,833	)		(66,381	)		(2.4	)
EQT AB		(8,402	)		(116,101	)		(4.3	)
Fastighets AB Balder		(408	)		(16,123	)		(0.6	)
Hennes & Mauritz AB, - B Shares		(24,986	)		(341,548	)		(12.6	)
Husqvarna AB, B Shares		(183,123	)		(1,101,904	)		(40.6	)
JM AB		(27,674	)		(512,864	)		(18.9	)
Loomis AB		(4,023	)		(98,104	)		(3.6	)
Lundin Energy AB		(1,633	)		(42,467	)		(1.6	)
Nibe Industrier AB, -B Shares		(28,259	)		(527,222	)		(19.4	)


	Shares			Value			% of Basket Value

Sweden (continued)
Samhallsbyggnadsbolaget i Norden AB		(35,262	)	$	(68,287	)		(2.5	) %
Securitas AB, -B Shares		(40,469	)		(478,837	)		(17.6	)
SKF AB, -B Shares		(46,464	)		(733,370	)		(27.0	)
Svenska Cellulosa AB SCA, Class B		(113,959	)		(1,208,730	)		(44.5	)
Telefonaktiebolaget LM Ericsson, -B Shares		(222,564	)		(1,901,399	)		(70.0	)
Telia Co. AB		(3,880	)		(13,491	)		(0.5	)
Volvo AB, -B Shares		(54,747	)		(701,559	)		(25.8	)

					(8,082,098	)

Switzerland
ABB Ltd.		(53,648	)		(1,018,361	)		(37.5	)
Banque Cantonale Vaudoise		(200	)		(176,594	)		(6.5	)
EMS-Chemie Holding AG		(486	)		(314,283	)		(11.6	)
Flughafen Zurich AG		(884	)		(109,321	)		(4.0	)
Georg Fischer AG, Registered Shares		(609	)		(454,496	)		(16.7	)
LafargeHolcim Ltd.		(64,189	)		(2,665,959	)		(98.2	)
Lonza Group AG, Registered Shares		(2,724	)		(1,189,477	)		(43.8	)
Swatch Group AG		(2,390	)		(479,581	)		(17.7	)
Swatch Group AG, Registered Shares		(12,301	)		(478,231	)		(17.6	)
TE Connectivity Ltd.		(3,787	)		(278,193	)		(10.3	)
UBS Group AG		(29,730	)		(318,334	)		(11.7	)
Zurich Insurance Group AG		(9,492	)		(3,009,480	)		(110.8	)

					(10,492,310	)

United Kingdom
Admiral Group PLC		(10,990	)		(320,694	)		(11.8	)
Ashtead Group PLC		(92,609	)		(2,529,636	)		(93.2	)
Auto Trader Group PLC		(5,349	)		(30,903	)		(1.1	)
Avast PLC		(28,367	)		(163,707	)		(6.0	)
B&M European Value Retail SA		(533,527	)		(2,231,181	)		(82.2	)
British American Tobacco PLC		(20,649	)		(795,900	)		(29.3	)
BT Group PLC		(15,035	)		(21,914	)		(0.8	)
Cineworld Group PLC		(279,309	)		(230,273	)		(8.5	)
CRH PLC		(29,880	)		(906,517	)		(33.4	)
Domino’s Pizza Group PLC		(67,562	)		(292,772	)		(10.8	)
GVC Holdings PLC		(10,376	)		(98,487	)		(3.6	)
Halma PLC		(104,107	)		(2,737,012	)		(100.8	)
HSBC Holdings PLC		(82,468	)		(425,861	)		(15.7	)
Inchcape PLC		(72,030	)		(453,723	)		(16.7	)
InterContinental Hotels Group PLC		(8,453	)		(384,128	)		(14.1	)
Legal & General Group PLC		(55,193	)		(142,229	)		(5.2	)
National Grid PLC		(14,553	)		(170,543	)		(6.3	)
Pentair PLC		(17,235	)		(596,159	)		(22.0	)
Pets at Home Group PLC		(52,971	)		(169,602	)		(6.2	)
Prudential PLC		(47,998	)		(677,127	)		(24.9	)
Quilter PLC		(296,368	)		(458,349	)		(16.9	)
Signature Aviation PLC		(150,311	)		(369,151	)		(13.6	)
St. James’s Place PLC		(38,533	)		(410,306	)		(15.1	)
Tesco PLC		(483,028	)		(1,428,708	)		(52.6	)
Victrex PLC		(17,733	)		(444,317	)		(16.4	)
Weir Group PLC		(44,109	)		(527,131	)		(19.4	)

					(17,016,330	)

United States
Advance Auto Parts, Inc.		(10,083	)		(1,219,136	)		(44.9	)
AECOM		(10,387	)		(376,633	)		(13.9	)
Aflac, Inc.		(1,502	)		(55,934	)		(2.1	)
Air Lease Corp.		(81,606	)		(2,133,997	)		(78.6	)
Albemarle Corp.		(1,093	)		(67,143	)		(2.5	)
Alleghany Corp.		(140	)		(74,719	)		(2.8	)
Alliance Data Systems Corp.		(9,951	)		(498,247	)		(18.4	)
Allison Transmission Holdings, Inc.		(17,400	)		(632,316	)		(23.3	)
Allstate Corp.		(36,058	)		(3,667,820	)		(135.1	)
American Campus Communities, Inc.		(2,592	)		(91,472	)		(3.4	)


	Shares			Value			% of Basket Value

United States (continued)
Ameriprise Financial, Inc.		(6,326	)	$	(727,110	)		(26.8	) %
AmerisourceBergen Corp.		(5,341	)		(478,874	)		(17.6	)
Analog Devices, Inc.		(9,524	)		(1,043,830	)		(38.4	)
Apartment Investment & Management Co., Class A		(14,791	)		(557,177	)		(20.5	)
Appian Corp.		(8,242	)		(376,412	)		(13.9	)
Archer-Daniels-Midland Co.		(112,099	)		(4,163,357	)		(153.3	)
Assurant, Inc.		(28,967	)		(3,077,454	)		(113.3	)
Athene Holding Ltd., Class A		(6,442	)		(173,934	)		(6.4	)
AutoNation, Inc.		(25,525	)		(950,551	)		(35.0	)
AutoZone, Inc.		(468	)		(477,510	)		(17.6	)
Avalonbay Communities, Inc.		(2,915	)		(474,999	)		(17.5	)
Bank OZK		(4,265	)		(96,474	)		(3.6	)
Berkshire Hathaway, Inc., Class B		(9,784	)		(1,833,130	)		(67.5	)
Bill.com Holdings, Inc.		(8,380	)		(493,498	)		(18.2	)
Black Knight, Inc.		(10,637	)		(750,653	)		(27.6	)
Brixmor Property Group, Inc.		(25,336	)		(290,097	)		(10.7	)
Brunswick Corp.		(54,441	)		(2,597,925	)		(95.7	)
CACI International, Inc., Class A		(6,989	)		(1,748,228	)		(64.4	)
Capri Holdings Ltd.		(22,852	)		(348,493	)		(12.8	)
CarMax, Inc.		(12,095	)		(890,797	)		(32.8	)
Carnival Corp.		(76,961	)		(1,223,680	)		(45.1	)
Carnival PLC		(88,363	)		(1,217,662	)		(44.8	)
Carvana Co.		(7,160	)		(573,588	)		(21.1	)
Caterpillar, Inc.		(18,365	)		(2,137,319	)		(78.7	)
Celanese Corp.		(242	)		(20,103	)		(0.7	)
CenturyLink, Inc.		(70,958	)		(753,574	)		(27.8	)
CF Industries Holdings, Inc.		(47,762	)		(1,313,455	)		(48.4	)
Change Healthcare, Inc.		(10,769	)		(125,351	)		(4.6	)
Cheniere Energy, Inc.		(5,225	)		(243,955	)		(9.0	)
Chevron Corp.		(12,826	)		(1,179,992	)		(43.5	)
Chewy, Inc., Class A		(19,180	)		(829,343	)		(30.5	)
Choice Hotels International, Inc.		(12,177	)		(913,884	)		(33.7	)
Churchill Downs, Inc.		(11,139	)		(1,116,351	)		(41.1	)
Cincinnati Financial Corp.		(18,918	)		(1,244,804	)		(45.8	)
Cintas Corp.		(630	)		(139,753	)		(5.1	)
Citrix Systems, Inc.		(946	)		(137,179	)		(5.1	)
Clorox Co.		(9,984	)		(1,861,417	)		(68.6	)
Cognizant Technology Solutions Corp., Class A		(34,547	)		(2,004,417	)		(73.8	)
Colfax Corp.		(48,401	)		(1,248,262	)		(46.0	)
Commerce Bancshares, Inc.		(1,618	)		(99,005	)		(3.6	)
Concho Resources, Inc.		(1,783	)		(101,132	)		(3.7	)
Cooper Cos., Inc.		(3,763	)		(1,078,852	)		(39.7	)
CoreLogic, Inc.		(7,242	)		(278,238	)		(10.2	)
Corning, Inc.		(6,838	)		(150,504	)		(5.5	)
Coty, Inc., Class A		(119,652	)		(652,103	)		(24.0	)
Cousins Properties, Inc.		(5,751	)		(173,508	)		(6.4	)
Credit Acceptance Corp.		(3,151	)		(981,757	)		(36.2	)
Crowdstrike Holdings, Inc., Class A		(16,808	)		(1,137,229	)		(41.9	)
Crown Holdings, Inc.		(11,303	)		(728,026	)		(26.8	)
Darling International, Inc.		(29,290	)		(603,081	)		(22.2	)
DaVita, Inc.		(2,419	)		(191,125	)		(7.0	)
Devon Energy Corp.		(1,627	)		(20,289	)		(0.8	)
Diamondback Energy, Inc.		(2,101	)		(91,478	)		(3.4	)
Digital Realty Trust, Inc.		(907	)		(135,587	)		(5.0	)
Dominion Energy, Inc.		(20,418	)		(1,574,840	)		(58.0	)
DR Horton, Inc.		(3,515	)		(165,978	)		(6.1	)
DXC Technology Co.		(19,478	)		(353,136	)		(13.0	)
EastGroup Properties, Inc.		(2,424	)		(256,944	)		(9.5	)
Eastman Chemical Co.		(6,253	)		(378,369	)		(13.9	)
Eaton Corp. PLC		(20,522	)		(1,713,587	)		(63.1	)
Eaton Vance Corp.		(8,742	)		(320,831	)		(11.8	)
Element Solutions, Inc.		(25,731	)		(263,743	)		(9.7	)


	Shares			Value			% of Basket Value

United States (continued)
Eli Lilly & Co.		(17,567	)	$	(2,716,561	)		(100.0	) %
Envista Holdings Corp.		(4,093	)		(79,691	)		(2.9	)
Essex Property Trust, Inc.		(736	)		(179,658	)		(6.6	)
Everest Re Group Ltd.		(1,225	)		(212,084	)		(7.8	)
Eversource Energy		(1,630	)		(131,541	)		(4.8	)
Expedia Group, Inc.		(8,047	)		(571,176	)		(21.0	)
Fifth Third Bancorp		(15,079	)		(281,826	)		(10.4	)
FireEye, Inc.		(53,138	)		(611,618	)		(22.5	)
First Citizens BancShares, Inc., Class A		(1,123	)		(428,986	)		(15.8	)
FirstCash, Inc.		(4,156	)		(298,567	)		(11.0	)
FirstEnergy Corp.		(90,868	)		(3,750,122	)		(138.1	)
FleetCor Technologies, Inc.		(2,043	)		(492,874	)		(18.2	)
Flex Ltd.		(66,583	)		(649,850	)		(23.9	)
Flowers Foods, Inc.		(2,593	)		(57,772	)		(2.1	)
Gaming and Leisure Properties, Inc.		(36,444	)		(1,029,179	)		(37.9	)
Gap, Inc.		(16,566	)		(134,516	)		(5.0	)
Genuine Parts Co.		(2,184	)		(173,148	)		(6.4	)
Global Payments, Inc.		(8,034	)		(1,333,805	)		(49.1	)
Graphic Packaging Holding Co.		(21,410	)		(285,823	)		(10.5	)
Hain Celestial Group, Inc.		(17,599	)		(454,758	)		(16.7	)
Hanesbrands, Inc.		(82,466	)		(819,712	)		(30.2	)
The Hartford Financial Services Group, Inc.		(1,796	)		(68,230	)		(2.5	)
Healthcare Realty Trust, Inc.		(8,612	)		(253,107	)		(9.3	)
Healthpeak Properties, Inc.		(2,801	)		(73,218	)		(2.7	)
Highwoods Properties, Inc.		(5,547	)		(215,279	)		(7.9	)
HollyFrontier Corp.		(3,521	)		(116,334	)		(4.3	)
Hormel Foods Corp.		(1,028	)		(48,162	)		(1.8	)
Host Hotels & Resorts, Inc.		(82,926	)		(1,020,819	)		(37.6	)
Howmet Aerospace, Inc.		(59,617	)		(779,194	)		(28.7	)
Huntington Bancshares, Inc.		(36,003	)		(332,668	)		(12.3	)
Hyatt Hotels Corp., Class A		(8,284	)		(466,058	)		(17.2	)
ICU Medical, Inc.		(1,296	)		(284,226	)		(10.5	)
II-VI, Inc.		(24,142	)		(830,968	)		(30.6	)
Ingersoll Rand, Inc.		(23,420	)		(681,054	)		(25.1	)
International Business Machines Corp.		(60,964	)		(7,654,640	)		(281.9	)
Iridium Communications, Inc.		(25,252	)		(568,296	)		(20.9	)
Jabil, Inc.		(73,305	)		(2,084,794	)		(76.8	)
Jacobs Engineering Group, Inc.		(7,505	)		(621,039	)		(22.9	)
JBG SMITH Properties		(31,422	)		(1,066,777	)		(39.3	)
JM Smucker Co.		(8,424	)		(968,002	)		(35.7	)
KBR, Inc.		(71,798	)		(1,454,627	)		(53.6	)
Kemper Corp.		(2,464	)		(165,630	)		(6.1	)
Kimberly-Clark Corp.		(15,691	)		(2,172,890	)		(80.0	)
Kirby Corp.		(8,562	)		(457,382	)		(16.8	)
Lear Corp.		(1,141	)		(111,419	)		(4.1	)
Leidos Holdings, Inc.		(5,802	)		(573,296	)		(21.1	)
Lennar Corp., Class A		(14,672	)		(734,627	)		(27.1	)
Liberty Broadband Corp.		(6,088	)		(746,876	)		(27.5	)
Liberty Media Corp-Liberty SiriusXM		(2,940	)		(100,166	)		(3.7	)
Liberty SiriusXM Group		(1,656	)		(55,824	)		(2.1	)
Lincoln Electric Holdings, Inc.		(13,616	)		(1,096,224	)		(40.4	)
LKQ Corp.		(30,827	)		(806,126	)		(29.7	)
Loews Corp.		(52,995	)		(1,836,807	)		(67.6	)
LyondellBasell Industries NV, Class A		(3,168	)		(183,586	)		(6.8	)
Madison Square Garden Co., Class A		(3,907	)		(669,347	)		(24.7	)
ManpowerGroup, Inc.		(819	)		(60,803	)		(2.2	)
Marriott International, Inc., Class A		(1,215	)		(110,492	)		(4.1	)
Marriott Vacations Worldwide Corp.		(9,543	)		(792,069	)		(29.2	)
MDU Resources Group, Inc.		(24,299	)		(545,756	)		(20.1	)
Medpace Holdings, Inc.		(1,975	)		(157,723	)		(5.8	)
Merck & Co., Inc.		(2,343	)		(185,894	)		(6.8	)
MetLife, Inc.		(10,370	)		(374,150	)		(13.8	)


	Shares			Value			% of Basket Value

United States (continued)
MGM Resorts International		(27,788	)	$	(467,672	)		(17.2	) %
Mid-America Apartment Communities, Inc.		(9,542	)		(1,067,941	)		(39.3	)
MKS Instruments, Inc.		(5,755	)		(576,824	)		(21.2	)
Morgan Stanley		(31,112	)		(1,226,746	)		(45.2	)
Murphy USA, Inc.		(6,673	)		(712,676	)		(26.2	)
National Fuel Gas Co.		(5,651	)		(231,691	)		(8.5	)
National Retail Properties, Inc.		(5,387	)		(175,832	)		(6.5	)
New Jersey Resources Corp.		(8,928	)		(301,588	)		(11.1	)
New York Community Bancorp, Inc.		(21,930	)		(238,160	)		(8.8	)
Newell Brands, Inc.		(7,900	)		(109,652	)		(4.0	)
NewMarket Corp.		(5,250	)		(2,160,060	)		(79.5	)
News Corp., Class A		(145,096	)		(1,437,901	)		(53.0	)
NiSource, Inc.		(44,901	)		(1,127,464	)		(41.5	)
NRG Energy, Inc.		(6,616	)		(221,834	)		(8.2	)
Nucor Corp.		(1,100	)		(45,309	)		(1.7	)
NVR, Inc.		(364	)		(1,128,400	)		(41.6	)
O’Reilly Automotive, Inc.		(4,400	)		(1,699,896	)		(62.6	)
Old Republic International Corp.		(6,859	)		(109,401	)		(4.0	)
Ollie’s Bargain Outlet Holdings, Inc.		(8,865	)		(602,022	)		(22.2	)
Omega Healthcare Investors, Inc.		(16,806	)		(489,895	)		(18.0	)
Oracle Corp.		(75,880	)		(4,019,364	)		(148.0	)
Oshkosh Corp.		(2,588	)		(174,768	)		(6.4	)
PACCAR, Inc.		(33,830	)		(2,342,051	)		(86.3	)
Parsley Energy, Inc., Class A		(1,890	)		(17,860	)		(0.7	)
Paychex, Inc.		(20,962	)		(1,436,316	)		(52.9	)
Peloton Interactive, Inc., Class A		(4,389	)		(138,253	)		(5.1	)
Performance Food Group Co.		(1,117	)		(32,784	)		(1.2	)
Philip Morris International, Inc.		(1,048	)		(78,181	)		(2.9	)
Physicians Realty Trust		(1,779	)		(27,432	)		(1.0	)
Pilgrim’s Pride Corp.		(10,901	)		(239,822	)		(8.8	)
Pioneer Natural Resources Co.		(11,528	)		(1,029,566	)		(37.9	)
Polaris Industries, Inc.		(16,347	)		(1,159,493	)		(42.7	)
Primerica, Inc.		(536	)		(55,696	)		(2.1	)
PTC, Inc.		(7,427	)		(514,320	)		(18.9	)
Public Storage		(1,424	)		(264,081	)		(9.7	)
Quaker Chemical Corp.		(5,519	)		(839,550	)		(30.9	)
Ralph Lauren Corp.		(3,394	)		(250,409	)		(9.2	)
Raymond James Financial, Inc.		(2,960	)		(195,123	)		(7.2	)
RealPage, Inc.		(11,515	)		(742,602	)		(27.3	)
Regions Financial Corp.		(10,875	)		(116,906	)		(4.3	)
Rollins, Inc.		(20,434	)		(817,360	)		(30.1	)
Royal Caribbean Cruises Ltd.		(32,249	)		(1,508,286	)		(55.5	)
RPM International, Inc.		(9,031	)		(599,749	)		(22.1	)
Sanderson Farms, Inc.		(9,912	)		(1,349,420	)		(49.7	)
Scotts Miracle-Gro Co., Class A		(7,181	)		(890,659	)		(32.8	)
Sempra Energy		(4,047	)		(501,221	)		(18.5	)
Southern Co.		(19,737	)		(1,119,680	)		(41.2	)
Spirit Realty Capital, Inc.		(13,916	)		(428,056	)		(15.8	)
SS&C Technologies Holdings, Inc.		(24,631	)		(1,358,646	)		(50.0	)
STAG Industrial, Inc.		(803	)		(21,079	)		(0.8	)
Stericycle, Inc.		(9,980	)		(487,024	)		(17.9	)
STERIS PLC		(10,573	)		(1,506,652	)		(55.5	)
Stifel Financial Corp.		(11,723	)		(519,094	)		(19.1	)
Sun Communities, Inc.		(2,115	)		(284,256	)		(10.5	)
Synchrony Financial		(4,023	)		(79,615	)		(2.9	)
Sysco Corp.		(12,747	)		(717,274	)		(26.4	)
T-Mobile U.S., Inc.		(52,889	)		(4,643,654	)		(171.0	)
Teradyne, Inc.		(15,234	)		(952,734	)		(35.1	)
Textron, Inc.		(24,084	)		(634,854	)		(23.4	)
Thor Industries, Inc.		(20,077	)		(1,329,097	)		(48.9	)
Timken Co.		(7,618	)		(286,284	)		(10.5	)


	Shares			Value			% of Basket Value

United States (continued)
TopBuild Corp.		(2,675	)	$	(249,283	)		(9.2	) %
Travelers Cos., Inc.		(7,274	)		(736,202	)		(27.1	)
TriNet Group, Inc.		(241	)		(11,802	)		(0.4	)
TripAdvisor, Inc.		(3,851	)		(76,904	)		(2.8	)
Tyler Technologies, Inc.		(3,429	)		(1,099,646	)		(40.5	)
United Rentals, Inc.		(6,626	)		(851,441	)		(31.4	)
Universal Health Services, Inc., Class B		(18,686	)		(1,974,923	)		(72.7	)
US Foods Holding Corp.		(1,301	)		(27,971	)		(1.0	)
VEREIT, Inc.		(113,718	)		(623,175	)		(23.0	)
VeriSign, Inc.		(382	)		(80,025	)		(2.9	)
Verizon Communications, Inc.		(103,185	)		(5,927,978	)		(218.3	)
ViaSat, Inc.		(2,267	)		(96,121	)		(3.5	)
Vishay Intertechnology, Inc.		(37,529	)		(622,606	)		(22.9	)
Vistra Energy Corp.		(38,379	)		(749,926	)		(27.6	)
Vornado Realty Trust		(23,499	)		(1,029,726	)		(37.9	)
Voya Financial, Inc.		(17,944	)		(810,530	)		(29.9	)
Waters Corp.		(1,503	)		(281,061	)		(10.4	)
Watsco, Inc.		(4,214	)		(678,412	)		(25.0	)
Wendy’s Co.		(8,906	)		(176,873	)		(6.5	)
Western Alliance Bancorp		(475	)		(17,043	)		(0.6	)
Western Union Co.		(11,536	)		(219,992	)		(8.1	)
Whirlpool Corp.		(23,340	)		(2,608,012	)		(96.0	)
Williams Cos., Inc.		(58,156	)		(1,126,482	)		(41.5	)
WP Carey, Inc.		(3,413	)		(224,507	)		(8.3	)
WR Grace & Co.		(2,307	)		(108,960	)		(4.0	)
Wynn Resorts Ltd.		(13,118	)		(1,121,983	)		(41.3	)
Xerox Holdings Corp.		(16,463	)		(301,108	)		(11.1	)
Zillow Group, Inc., Class C		(13,592	)		(597,504	)		(22.0	)
Zimmer Biomet Holdings, Inc.		(6,778	)		(811,327	)		(29.9	)
Zoom Video Communications, Inc., Class A		(7,970	)		(1,077,305	)		(39.7	)
Zynga, Inc., Class A		(26,569	)		(200,330	)		(7.4	)


				(178,678,590)


Total Reference Entity — Short					(291,401,519	)


Net Value of Reference Entity — Goldman Sachs & Co.				$	2,715,459


	Shares		Value		% of Basket Value

Reference Entity — Long

Australia
ALS Ltd.		4,435	$	19,367		(1.6	)%
Ansell Ltd.		5,332		98,334		(8.2	)
Blackmores, Ltd.		1,933		94,879		(8.0	)
BWP Trust		46,158		105,483		(8.8	)
Centuria Industrial REIT		65,367		112,103		(9.4	)
Centuria Office REIT		35,709		44,997		(3.8	)
Costa Group Holdings Ltd.		10,888		20,338		(1.7	)
Credit Corp. Group Ltd.		3,027		32,235		(2.7	)
CSR Ltd.		19,750		47,468		(4.0	)
Downer EDI Ltd.		51,963		139,787		(11.7	)
Growthpoint Properties Australia Ltd.		30,847		61,886		(5.2	)
GUD Holdings Ltd.		13,392		79,494		(6.7	)


	Shares		Value		% of Basket Value

Australia (continued)
GWA Group Ltd.		41,811	$	75,049		(6.3	) %
IDP Education Ltd.		5,033		47,709		(4.0	)
IGO Ltd.		21,952		66,595		(5.6	)
Inghams Group Ltd.		39,841		90,263		(7.6	)
InvoCare Ltd.		13,385		89,511		(7.5	)
JB Hi-Fi Ltd.		2,099		47,453		(4.0	)
Kogan.com Ltd.		3,320		17,286		(1.4	)
Mineral Resources Ltd.		7,166		77,234		(6.5	)
Netwealth Group Ltd.		9,637		47,214		(4.0	)
OZ Minerals Ltd.		12,948		74,635		(6.3	)
Pendal Group Ltd.		73,701		261,745		(22.0	)
Perpetual Ltd.		3,245		63,078		(5.3	)
Regis Resources Ltd.		22,274		63,690		(5.3	)
Saracen Mineral Holdings Ltd.		12,859		35,267		(3.0	)
Service Stream Ltd.		5,057		6,434		(0.5	)
Steadfast Group Ltd.		101,119		199,678		(16.8	)
Tassal Group Ltd.		6,901		16,833		(1.4	)
Technology One Ltd.		33,518		205,618		(17.3	)

				2,341,663

Austria
ams AG		1,692		22,211		(1.9	)
S&T AG		2,382		52,462		(4.4	)
Telekom Austria AG		29,402		206,853		(17.4	)
UNIQA Insurance Group AG		7,378		49,742		(4.2	)
Vienna Insurance Group AG Wiener Versicherung Gruppe		1,881		37,598		(3.1	)

				368,866

Belgium
Akka Technologies		1,959		62,357		(5.2	)
Befimmo SA		3,946		176,140		(14.8	)
bpost SA		7,439		51,906		(4.4	)
Fagron		2,760		62,232		(5.2	)
Gimv NV		889		48,842		(4.1	)
Intervest Offices & Warehouses NV		2,099		51,965		(4.4	)
Orange Belgium SA		6,803		113,165		(9.5	)

				566,607

Canada
Aecon Group, Inc.		13,951		153,246		(12.9	)
Alaris Royalty Corp.		21,863		159,266		(13.4	)
Allied Properties Real Estate Investment Trust		3,934		125,938		(10.6	)
Altius Minerals Corp.		12,547		77,520		(6.5	)
Aritis REIT		5,197		32,632		(2.7	)
Aritzia, Inc.		1,914		22,785		(1.9	)
ATS Automation Tooling Systems, Inc.		2,848		42,251		(3.5	)
B2Gold Corp.		7,905		39,981		(3.4	)
Birchcliff Energy, Ltd.		9,306		10,229		(0.9	)
Canadian Western Bank		24,616		389,591		(32.7	)
Celestica, Inc.		4,681		29,224		(2.5	)
Computer Modelling Group Ltd.		15,014		50,480		(4.2	)
Corus Entertainment, Inc., -B Shares		24,674		56,192		(4.7	)
Crombie Real Estate Investment Trust		7,083		66,151		(5.5	)
CT Real Estate Investment Trust		19,500		181,418		(15.2	)
Dream Office Real Estate Investment Trust		6,201		96,760		(8.1	)
Enerflex Ltd.		5,342		20,148		(1.7	)
Equitable Group, Inc.		1,352		66,048		(5.5	)
Fiera Capital Corp.		16,492		106,633		(8.9	)
First Majestic Silver Corp.		2,221		17,935		(1.5	)
Freehold Royalties Ltd.		16,736		44,847		(3.8	)
Genworth MI Canada, Inc.		6,717		165,615		(13.9	)
Gibson Energy, Inc.		2,664		37,952		(3.2	)
HudBay Minerals, Inc.		13,366		32,648		(2.7	)


	Shares		Value		% of Basket Value

Canada (continued)
Killam Apartment Real Estate Investment Trust		2,251	$	27,055		(2.3	) %
Kirkland Lake Gold Ltd.		1,049		43,363		(3.6	)
Knight Therapeutics, Inc.		3,650		19,903		(1.7	)
Laurentian Bank of Canada		17,593		392,950		(33.0	)
Magellan Aerospace Corp.		2,102		9,680		(0.8	)
Major Drilling Group International, Inc.		14,516		37,021		(3.1	)
Minto Apartment Real Estate Investment Trust		1,364		20,216		(1.7	)
Morguard North American Residential Real Estate Investment Trust		12,782		135,906		(11.4	)
Morguard Real Estate Investment Trust		5,241		21,801		(1.8	)
Morneau Shepell, Inc.		1,662		40,178		(3.4	)
MTY Food Group, Inc.		2,711		46,840		(3.9	)
North West Co., Inc.		1,109		20,954		(1.8	)
NorthWest Healthcare Properties Real Estate Investment Trust		28,033		196,560		(16.5	)
Pan American Silver Corp.		1,846		39,255		(3.3	)
Parex Resources, Inc.		3,559		39,017		(3.3	)
Pason Systems, Inc.		1,523		8,283		(0.7	)
Peyto Exploration & Development Corp.		8,073		16,297		(1.4	)
Sandstorm Gold Ltd.		45,687		354,809		(29.8	)
Savaria Corp.		10,498		86,355		(7.2	)
Seabridge Gold, Inc.		4,227		59,186		(5.0	)
Secure Energy Services, Inc.		15,748		14,142		(1.2	)
ShawCor, Ltd.		2,419		3,545		(0.3	)
Sierra Wireless, Inc.		3,650		34,246		(2.9	)
SilverCrest Metals, Inc.		4,945		32,080		(2.7	)
Sleep Country Canada Holdings, Inc.		4,358		41,233		(3.5	)
Teranga Gold Corp.		4,873		33,748		(2.8	)
Timbercreek Financial Corp.		7,357		41,596		(3.5	)
TMX Group Ltd.		582		50,421		(4.2	)
TORC Oil & Gas, Ltd.		2,672		2,150		(0.2	)
TransAlta Renewables, Inc.		6,607		71,389		(6.0	)
Vermilion Energy, Inc.		28,956		142,497		(12.0	)
Whitecap Resources, Inc.		7,426		9,763		(0.8	)

				4,117,929

Chile
Liberty Latin America Ltd., Class C		7,425		76,774		(6.4	)


China
Ausnutria Dairy Corp. Ltd.		38,000		70,081		(5.9	)


Denmark
Alm Brand A/S		11,109		87,054		(7.3	)
Drilling Co. of 1972 A/S		4,037		94,982		(8.0	)
GN Store Nord A/S		1,825		83,286		(7.0	)
Royal Unibrew A/S		1,172		90,673		(7.6	)
Scandinavian Tobacco Group A/S		5,337		61,332		(5.1	)

				417,327

Finland
Aktia Bank OYJ		16,590		139,923		(11.8	)
Cargotec OYJ, -B Shares		3,394		74,053		(6.2	)
Citycon OYJ		37,464		247,457		(20.8	)
Huhtamaki OYJ		898		33,517		(2.8	)
Valmet OYJ		4,383		100,235		(8.4	)
YIT OYJ		27,863		152,732		(12.8	)

				747,917

France
Alten SA		1,794		129,164		(10.8	)
Cie des Alpes		3,524		65,990		(5.5	)
Coface SA		3,518		20,692		(1.7	)
Europcar Mobility Group		18,688		34,835		(2.9	)
Fnac Darty SA		874		28,178		(2.4	)


	Shares		Value		% of Basket Value

France (continued)
Gaztransport Et Technigaz SA		557	$	40,381		(3.4	) %
GL Events		1,818		21,776		(1.8	)
Innate Pharma SA		5,079		35,739		(3.0	)
IPSOS		4,853		93,446		(7.9	)
Maisons du Monde SA		2,978		26,791		(2.3	)
Mersen SA		2,618		57,768		(4.9	)
Metropole Television SA		9,343		103,995		(8.7	)
Nexity SA		9,117		279,653		(23.5	)
Rubis SCA		646		28,942		(2.4	)

				967,350

Germany
Bilfinger SE		1,043		19,614		(1.6	)
Cewe Stiftung & Co. KGAA		949		98,770		(8.3	)
Deutsche Euroshop AG		11,102		159,889		(13.4	)
Deutsche Pfandbriefbank AG		26,422		194,205		(16.3	)
Duerr AG		4,933		115,110		(9.7	)
Encavis AG		4,952		60,743		(5.1	)
Freenet AG		4,527		85,880		(7.2	)
Gerresheimer AG		157		12,486		(1.0	)
Grand City Properties SA		6,424		134,338		(11.3	)
GRENKE AG		1,797		125,423		(10.5	)
HelloFresh SE		1,375		49,009		(4.1	)
Hypoport SE		357		125,857		(10.6	)
Indus Holding AG		878		27,024		(2.3	)
LEG Immobilien AG		2,475		284,142		(23.8	)
MLP SE		37,081		191,061		(16.0	)
Nemetschek SE		2,522		158,671		(13.3	)
New Work SE		130		30,897		(2.6	)
Norma Group SE		2,234		55,950		(4.7	)
ProSiebenSat.1 Media SE		3,045		30,431		(2.6	)
Rheinmetall AG		2,422		163,919		(13.8	)
Stroeer SE & Co. KGaA		436		27,595		(2.3	)
TAG Immobilien AG		8,350		182,896		(15.4	)

				2,333,910

Hong Kong
Dah Sing Financial Holdings, Ltd.		67,200		221,676		(18.6	)
Hang Lung Group Ltd.		121,000		276,372		(23.2	)
Hysan Development Co. Ltd.		36,000		120,102		(10.1	)

				618,150

India
Rhi Magnesita NV		668		20,519		(1.7	)


Ireland
UDG Healthcare PLC		11,653		91,971		(7.7	)


Israel
Amot Investments Ltd.		11,465		64,394		(5.4	)
Electra Ltd.		138		63,299		(5.3	)
Energix-Renewable Energies Ltd.		19,331		67,397		(5.7	)
Equital Ltd.		1,119		27,829		(2.3	)
FIBI Holdings Ltd.		1,758		52,008		(4.4	)
Hilan Ltd.		3,364		132,621		(11.1	)
Kornit Digital Ltd.		1,966		65,222		(5.5	)
Melisron Ltd.		3,650		146,915		(12.3	)
Mivne Real Estate KD Ltd.		63,985		137,443		(11.5	)
Nova Measuring Instruments Ltd.		3,159		126,422		(10.6	)
Paz Oil Co. Ltd.		222		19,344		(1.6	)
Property & Building Corp. Ltd.		1,191		87,925		(7.4	)
Radware Ltd.		9,375		222,094		(18.6	)
Shapir Engineering and Industry Ltd.		7,728		54,178		(4.6	)
Strauss Group Ltd.		6,464		182,708		(15.3	)
Tower Semiconductor, Ltd.		6,354		124,474		(10.5	)

				1,574,273


	Shares		Value		% of Basket Value

Italy
Anima Holding SpA		5,932	$	21,001		(1.8	) %
Banca Farmafactoring SpA		43,494		224,586		(18.8	)
Credito Emiliano SpA		5,383		23,860		(2.0	)
DiaSorin SpA		425		72,472		(6.1	)
ERG SpA		6,417		115,295		(9.7	)
Hera SpA		24,938		92,314		(7.7	)
Immobiliare Grande Distribuzione SIIQ SpA		6,080		24,073		(2.0	)
Infrastrutture Wireless Italiane SpA		2,985		31,583		(2.6	)
Interpump Group SpA		7,216		210,551		(17.7	)
Italgas SpA		63,574		356,194		(29.9	)
MARR SpA		7,735		101,907		(8.6	)
Piaggio & C SpA		49,254		112,921		(9.5	)
RAI Way SpA		4,359		23,499		(2.0	)
Sesa SpA		549		29,270		(2.5	)
Technogym SpA		17,715		131,034		(11.0	)
Unipol Gruppo SpA		34,323		118,428		(9.9	)

				1,688,988

Japan
A/S One Corp.		500		44,667		(3.7	)
ADEKA Corp.		8,600		107,992		(9.1	)
Ai Holdings Corp.		3,800		46,943		(3.9	)
Aisan Industry Co. Ltd.		7,600		40,301		(3.4	)
Akita Bank Ltd.		3,700		49,601		(4.2	)
Anritsu Corp.		1,300		26,462		(2.2	)
AOKI Holdings, Inc.		15,100		91,739		(7.7	)
Aomori Bank Ltd.		1,100		23,240		(1.9	)
Aoyama Trading Co. Ltd.		20,400		172,336		(14.5	)
Arcland Sakamoto Co. Ltd.		28,700		273,675		(23.0	)
Arcland Service Holdings Co. Ltd.		16,500		256,017		(21.5	)
Ateam, Inc.		3,000		19,672		(1.6	)
Atom Corp.		9,100		71,126		(6.0	)
Autobacs Seven Co. Ltd.		1,600		18,684		(1.6	)
Bank of the Ryukyus Ltd.		2,000		18,670		(1.6	)
Bell System24 Holdings, Inc.		21,800		257,998		(21.7	)
Belluna Co. Ltd.		21,900		102,307		(8.6	)
BRONCO BILLY Co. Ltd.		1,700		32,469		(2.7	)
Bunka Shutter Co. Ltd.		26,200		191,275		(16.1	)
Canon Marketing Japan, Inc.		3,000		57,740		(4.8	)
Chiyoda Integre Co. Ltd.		2,300		37,442		(3.1	)
CMIC Holdings Co. Ltd.		1,300		18,717		(1.6	)
COMSYS Holdings Corp.		10,200		280,477		(23.5	)
CONEXIO Corp.		2,400		32,279		(2.7	)
Daiichi Jitsugyo Co. Ltd.		300		10,143		(0.8	)
Daiichikosho Co., Ltd.		900		27,013		(2.3	)
Daio Paper Corp.		17,300		236,056		(19.8	)
Daiseki Co. Ltd.		7,700		170,112		(14.3	)
DeNA Co. Ltd.		8,700		107,098		(9.0	)
Doshisha Co. Ltd.		19,500		239,915		(20.1	)
Doutor Nichires Holdings Co. Ltd.		22,400		338,997		(28.5	)
DTS Corp.		4,700		90,080		(7.6	)
DyDo Group Holdings, Inc.		6,700		264,890		(22.2	)
Eagle Industry Co. Ltd.		12,800		80,516		(6.8	)
Ebara Corp.		1,100		24,590		(2.1	)
EDION Corp.		27,300		237,299		(19.9	)
Elecom Co. Ltd.		5,400		212,955		(17.9	)
en-japan, Inc.		3,100		68,334		(5.7	)
EPS Holdings, Inc.		12,100		125,842		(10.6	)
Financial Products Group Co. Ltd.		3,500		16,603		(1.4	)
FP Corp.		400		30,174		(2.5	)
Frontier Real Estate Investment Corp.		15		42,081		(3.5	)
Fuji Soft, Inc.		2,000		70,402		(5.9	)
Fujicco Co. Ltd.		5,000		89,876		(7.5	)


	Shares		Value		% of Basket Value

Japan (continued)
Fujitsu General Ltd.		3,100	$	51,324		(4.3	) %
Fukuoka REIT Corp.		42		42,242		(3.5	)
FULLCAST Holdings Co. Ltd.		6,700		84,851		(7.1	)
Furukawa Co., Ltd.		5,900		60,306		(5.1	)
Futaba Corp.		6,300		58,822		(4.9	)
Future Corp.		3,600		47,633		(4.0	)
Fuyo General Lease Co. Ltd.		400		20,000		(1.7	)
G-Tekt Corp.		3,700		37,846		(3.2	)
Gecoss Corp.		5,800		46,753		(3.9	)
Giken Ltd.		3,200		116,875		(9.8	)
Glory Ltd.		2,300		51,691		(4.3	)
Goldcrest Co. Ltd.		3,900		58,832		(4.9	)
Gree, Inc.		5,100		20,050		(1.7	)
GungHo Online Entertainment, Inc.		1,300		20,160		(1.7	)
Gunma Bank Ltd.		33,400		106,935		(9.0	)
H2O Retailing Corp.		11,000		86,275		(7.2	)
Hamakyorex Co. Ltd.		9,800		267,881		(22.5	)
Hanwa Co. Ltd.		1,600		25,418		(2.1	)
Hazama Ando Corp.		13,900		86,566		(7.3	)
Heiwa Corp.		3,800		63,984		(5.4	)
Heiwado Co. Ltd.		9,900		168,723		(14.2	)
Hiday Hidaka Corp.		7,000		107,979		(9.1	)
Hitachi Capital Corp.		14,200		274,636		(23.1	)
Hitachi Transport System Ltd.		4,300		104,366		(8.8	)
Hitachi Zosen Corp.		9,800		32,425		(2.7	)
Hokkaido Electric Power Co., Inc.		21,300		81,513		(6.8	)
Hokuetsu Corp.		56,800		224,306		(18.8	)
House Foods Group, Inc.		6,100		192,119		(16.1	)
Hyakujushi Bank Ltd.		900		16,010		(1.3	)
Ichigo Office REIT Investment Corp.		31		19,543		(1.6	)
Ichiyoshi Securities Co. Ltd.		8,700		36,427		(3.1	)
Internet Initiative Japan, Inc.		1,700		58,109		(4.9	)
Iriso Electronics Co. Ltd.		600		16,720		(1.4	)
Itochu Enex Co. Ltd.		4,800		35,639		(3.0	)
Itoham Yonekyu Holdings, Inc.		6,200		35,970		(3.0	)
Iwatani Corp.		2,800		95,654		(8.0	)
Izumi Co. Ltd.		4,600		134,653		(11.3	)
J Trust Co., Ltd.		13,700		26,587		(2.2	)
JAC Recruitment Co. Ltd.		16,000		167,590		(14.1	)
Jaccs Co. Ltd.		16,400		272,260		(22.9	)
Japan Investment Adviser Co. Ltd.		2,800		18,399		(1.5	)
JSP Corp.		5,400		69,702		(5.8	)
Kanamoto Co. Ltd.		4,400		85,323		(7.2	)
Kandenko Co. Ltd.		2,800		23,431		(2.0	)
Kanematsu Electronics Ltd.		2,100		71,214		(6.0	)
Kasai Kogyo Co. Ltd.		7,000		32,532		(2.7	)
Kisoji Co. Ltd.		1,900		41,656		(3.5	)
Kohnan Shoji Co. Ltd.		2,100		48,740		(4.1	)
Komeri Co. Ltd.		4,900		95,175		(8.0	)
Konoike Transport Co. Ltd.		11,400		122,892		(10.3	)
Kotobuki Spirits Co. Ltd.		1,300		50,776		(4.3	)
Kumagai Gumi Co., Ltd.		4,300		94,214		(7.9	)
Kyowa Exeo Corp.		6,000		146,171		(12.3	)
Kyushu Financial Group, Inc.		6,000		25,312		(2.1	)
LAC Co. Ltd.		2,500		21,331		(1.8	)
LIFULL Co. Ltd.		16,800		51,309		(4.3	)
Mars Group Holdings Corp.		3,000		46,837		(3.9	)
Maruha Nichiro Corp.		13,200		276,238		(23.2	)
Maruwa Unyu Kikan Co. Ltd.		4,000		116,476		(9.8	)
Marvelous, Inc.		16,200		80,750		(6.8	)
Matsuda Sangyo Co. Ltd.		1,500		18,349		(1.5	)
Matsumotokiyoshi Holdings Co. Ltd.		7,700		265,023		(22.2	)


	Shares		Value		% of Basket Value

Japan (continued)
MCUBS MidCity Investment Corp.		122	$	84,676		(7.1	) %
Meiko Network Japan Co. Ltd.		2,000		14,531		(1.2	)
Meitec Corp.		1,400		61,816		(5.2	)
METAWATER Co., Ltd.		5,900		234,633		(19.7	)
Mirait Holdings Corp.		1,600		20,668		(1.7	)
Miroku Jyoho Service Co. Ltd.		5,900		148,771		(12.5	)
Mitsubishi Pencil Co. Ltd.		2,100		26,283		(2.2	)
Mizuno Corp.		10,600		183,893		(15.4	)
Modec, Inc.		3,300		46,758		(3.9	)
Monogatari Corp.		1,100		65,436		(5.5	)
Morinaga & Co., Ltd.		600		24,657		(2.1	)
MOS Food Services, Inc.		1,100		27,697		(2.3	)
Musashino Bank Ltd.		2,100		26,449		(2.2	)
Nagaileben Co. Ltd.		1,000		24,360		(2.0	)
Nagase & Co. Ltd.		7,900		95,026		(8.0	)
Nankai Electric Railway Co. Ltd.		3,400		75,902		(6.4	)
Nanto Bank Ltd.		2,600		54,528		(4.6	)
Nichicon Corp.		3,300		21,748		(1.8	)
Nichiha Corp.		5,100		93,161		(7.8	)
Nihon Kohden Corp.		2,400		85,847		(7.2	)
Nihon M&A Center, Inc.		2,500		81,556		(6.8	)
Nihon Trim Co. Ltd.		4,400		124,065		(10.4	)
Nikkon Holdings Co. Ltd.		14,100		273,786		(23.0	)
Nippon Densetsu Kogyo Co. Ltd.		1,300		25,338		(2.1	)
Nippon Flour Mills Co. Ltd.		6,700		105,473		(8.9	)
Nippon Light Metal Holdings Co. Ltd.		30,300		47,720		(4.0	)
Nippon Paper Industries Co. Ltd.		12,500		178,505		(15.0	)
Nippon Seiki Co. Ltd.		1,000		10,760		(0.9	)
Nippon Sheet Glass Co. Ltd.		9,800		31,000		(2.6	)
Nippon Shokubai Co. Ltd.		3,400		160,569		(13.5	)
Nishimatsu Construction Co. Ltd.		6,500		123,083		(10.3	)
Nishimatsuya Chain Co. Ltd.		10,000		79,112		(6.6	)
Nishio Rent All Co. Ltd.		13,400		275,918		(23.2	)
Nissin Electric Co., Ltd.		2,800		26,011		(2.2	)
NOF Corp.		700		23,196		(1.9	)
Nomura Co. Ltd.		28,900		218,927		(18.4	)
Noritake Co. Ltd/Nagoya Japan		1,600		52,401		(4.4	)
Noritz Corp.		10,300		114,583		(9.6	)
Obara Group, Inc.		1,800		46,637		(3.9	)
Ohsho Food Service Corp.		500		26,601		(2.2	)
Oiles Corp.		700		9,054		(0.8	)
Okabe Co. Ltd.		34,800		244,255		(20.5	)
Okamura Corp.		19,400		140,205		(11.8	)
Oki Electric Industry Co. Ltd.		14,100		135,628		(11.4	)
Okumura Corp.		900		19,203		(1.6	)
Okuwa Co. Ltd.		1,300		17,684		(1.5	)
Open Door, Inc.		5,500		48,762		(4.1	)
Outsourcing, Inc.		16,100		76,110		(6.4	)
PIA Corp.		900		24,498		(2.1	)
Premier Investment Corp.		93		93,390		(7.8	)
Press Kogyo Co. Ltd.		21,400		52,744		(4.4	)
Prestige International, Inc.		13,900		108,575		(9.1	)
Rakus Co. Ltd.		8,200		129,893		(10.9	)
Relo Group, Inc.		4,500		97,481		(8.2	)
Riken Corp.		800		21,341		(1.8	)
Rock Field Co. Ltd.		16,600		200,984		(16.9	)
Rohto Pharmaceutical Co. Ltd.		700		20,367		(1.7	)
Roland DG Corp.		5,300		65,054		(5.5	)
Ryobi Ltd.		2,700		31,813		(2.7	)
S Foods, Inc.		2,300		48,568		(4.1	)
Sac’s Bar Holdings, Inc.		900		4,617		(0.4	)
Sangetsu Corp.		13,100		194,968		(16.4	)


	Shares		Value		% of Basket Value

Japan (continued)
Sanki Engineering Co. Ltd.		16,500	$	186,050		(15.6	) %
Sankyu, Inc.		3,100		119,126		(10.0	)
Sanshin Electronics Co. Ltd.		900		12,536		(1.0	)
Sanwa Holdings Corp.		2,600		20,175		(1.7	)
Sanyo Chemical Industries Ltd.		2,500		98,487		(8.3	)
Sawai Pharmaceutical Co. Ltd.		2,200		120,129		(10.1	)
SCSK Corp.		2,400		108,647		(9.1	)
Sekisui Plastics Co. Ltd.		5,800		32,451		(2.7	)
Senko Group Holdings Co. Ltd.		22,000		179,297		(15.0	)
Seria Co. Ltd.		6,300		204,752		(17.2	)
SFP Holdings Co. Ltd.		2,500		31,104		(2.6	)
Shimachu Co. Ltd.		800		19,979		(1.7	)
Ship Healthcare Holdings, Inc.		1,300		58,795		(4.9	)
Sinko Industries Ltd.		9,900		128,577		(10.8	)
Sintokogio Ltd.		1,400		9,678		(0.8	)
SKY Perfect JSAT Holdings, Inc.		25,400		95,488		(8.0	)
SMS Co. Ltd.		2,300		50,132		(4.2	)
Sojitz Corp.		60,400		139,786		(11.7	)
Sourcenext Corp.		7,500		21,894		(1.8	)
St Marc Holdings Co. Ltd.		14,900		248,791		(20.9	)
Star Micronics Co. Ltd.		11,200		123,647		(10.4	)
Starts Corp., Inc.		10,000		193,452		(16.2	)
Studio Alice Co. Ltd.		800		10,771		(0.9	)
Sumitomo Bakelite Co. Ltd.		3,900		100,732		(8.5	)
Sumitomo Mitsui Construction Co., Ltd.		16,100		66,434		(5.6	)
Takamatsu Construction Group Co. Ltd.		10,100		207,357		(17.4	)
Takasago International Corp.		400		8,480		(0.7	)
Takasago Thermal Engineering Co. Ltd.		4,800		75,663		(6.3	)
Takuma Co. Ltd.		3,500		37,841		(3.2	)
Tanseisha Co. Ltd.		16,900		108,387		(9.1	)
TechMatrix Corp.		1,300		32,481		(2.7	)
Tenma Corp.		800		11,541		(1.0	)
Toagosei Co. Ltd.		5,900		53,981		(4.5	)
Toho Holdings Co., Ltd.		2,300		47,633		(4.0	)
Tokyo Kiraboshi Financial Group, Inc.		1,600		15,570		(1.3	)
Topcon Corp.		4,900		40,233		(3.4	)
Topre Corp.		4,900		56,682		(4.8	)
Topy Industries Ltd.		5,700		66,648		(5.6	)
Tosei Corp.		6,600		64,052		(5.4	)
Towa Pharmaceutical Co. Ltd.		7,800		160,814		(13.5	)
TPR Co. Ltd.		11,200		130,743		(11.0	)
Transcosmos, Inc.		4,700		93,782		(7.9	)
TSI Holdings Co. Ltd.		25,100		97,175		(8.2	)
Ube Industries Ltd.		9,800		164,340		(13.8	)
Ulvac, Inc.		2,500		68,907		(5.8	)
United Super Markets Holdings, Inc.		6,500		63,872		(5.4	)
Valor Holdings Co. Ltd.		3,100		57,575		(4.8	)
Vector, Inc.		5,400		35,342		(3.0	)
Vision Inc/Tokyo Japan		8,000		55,119		(4.6	)
YAMABIKO Corp.		4,100		31,599		(2.7	)
YAMADA Consulting Group Co. Ltd.		4,400		45,594		(3.8	)
Yamato Kogyo Co. Ltd.		8,000		156,998		(13.2	)
Yamazen Corp.		8,100		68,118		(5.7	)
Yaoko Co. Ltd.		2,200		136,365		(11.4	)
Yodogawa Steel Works Ltd.		5,700		89,680		(7.5	)
Yokohama Reito Co. Ltd.		10,300		86,946		(7.3	)
Yondoshi Holdings, Inc.		7,400		119,939		(10.1	)
Yuasa Trading Co. Ltd.		2,400		64,584		(5.4	)
Yumeshin Holdings Co. Ltd.		16,300		90,111		(7.6	)
Yurtec Corp.		4,800		26,962		(2.3	)
Yushin Precision Equipment Co. Ltd.		1,100		6,786		(0.6	)
Zenkoku Hosho Co. Ltd.		9,100		265,156		(22.3	)
ZIGExN Co. Ltd.		6,500		18,946		(1.6	)

				20,582,515


	Shares		Value		% of Basket Value

Luxembourg
Stabilus SA		495	$	21,144		(1.8	) %


Netherlands
Arcadis NV		8,709		135,426		(11.3	)
Argenx SE		1,012		151,343		(12.7	)
ASM International NV		1,815		199,792		(16.8	)
ASR Nederland NV		7,169		192,868		(16.2	)
BE Semiconductor Industries NV		3,868		160,080		(13.4	)
Corbion NV		4,625		165,480		(13.9	)
Euronext NV		6,517		547,128		(45.9	)
Fugro NV		11,989		44,910		(3.8	)
Shop Apotheke Europe NV		1,286		94,984		(8.0	)
Vastned Retail NV		1,287		23,738		(2.0	)

				1,715,749

New Zealand
Z Energy Ltd.		8,563		16,131		(1.3	)


Norway
Austevoll Seafood ASA		4,611		35,919		(3.0	)
Entra ASA		18,301		230,425		(19.3	)
Grieg Seafood ASA		1,420		13,926		(1.2	)
Ocean Yield ASA		43,410		112,558		(9.4	)
Sbanken ASA		27,457		146,224		(12.3	)
SpareBank 1 SMN		17,841		129,628		(10.9	)
Veidekke ASA		3,975		35,292		(3.0	)

				703,972

Portugal
NOS SGPS SA		40,730		152,559		(12.8	)
REN-Redes Energeticas Nacionais SGPS SA		34,542		93,562		(7.9	)

				246,121

South Africa
Investec PLC		19,099		39,198		(3.3	)


Spain
Acciona SA		455		45,097		(3.8	)
Cia de Distribucion Integral Logista Holdings SA		6,617		118,115		(9.9	)
Ebro Foods SA		2,397		50,959		(4.3	)
Euskaltel SA		12,014		95,845		(8.0	)
Faes Farma SA		3,366		14,718		(1.2	)
Tecnicas Reunidas SA		3,385		51,873		(4.4	)
Zardoya Otis SA		9,433		65,650		(5.5	)

				442,257

Sweden
AF Poyry AB		3,305		60,472		(5.1	)
Atrium Ljungberg AB, -B Shares		3,411		47,271		(4.0	)
Axfood AB		11,532		245,318		(20.6	)
Bravida Holding AB		3,475		28,057		(2.4	)
Bufab AB		1,686		13,592		(1.1	)
Dios Fastigheter AB		5,866		36,121		(3.0	)
Dustin Group AB		15,301		78,095		(6.6	)
Elekta AB, B Shares, Class B		10,657		96,823		(8.1	)
Evolution Gaming Group AB		1,132		51,842		(4.3	)
Fabege AB		4,332		51,316		(4.3	)
Hufvudstaden AB, A Shares		20,269		259,717		(21.8	)
Indutrade AB		871		28,106		(2.4	)
Klovern AB, B Shares		48,769		65,875		(5.5	)
Kungsleden AB		10,018		76,292		(6.4	)
Lindab International AB		2,413		22,110		(1.9	)
Munters Group AB		5,757		24,191		(2.0	)
Nolato AB, -B Shares		3,178		167,034		(14.0	)
Peab AB		15,305		116,593		(9.8	)
Resurs Holding AB		51,440		189,274		(15.9	)


	Shares		Value		% of Basket Value

Sweden (continued)
Scandi Standard AB		8,080	$	52,824		(4.4	) %
SkiStar AB		1,610		14,956		(1.3	)
Stillfront Group AB		682		40,522		(3.4	)
Sweco AB, -B Shares		1,118		38,196		(3.2	)
Thule Group AB		10,859		202,486		(17.0	)
Wihlborgs Fastigheter AB		1,871		26,698		(2.2	)

				2,033,781

Switzerland
ALSO Holding AG		121		24,893		(2.1	)
Arbonia AG		16,059		136,168		(11.4	)
Belimo Holding AG		22		146,467		(12.3	)
BKW AG		4,522		366,806		(30.8	)
Burkhalter Holding AG		763		49,396		(4.1	)
Emmi AG		234		214,941		(18.0	)
Galenica AG		1,110		79,488		(6.7	)
Implenia AG		587		24,010		(2.0	)
Inficon Holding AG		62		41,910		(3.5	)
IWG PLC		17,142		51,260		(4.3	)
Landis+Gyr Group AG		221		14,924		(1.3	)
LEM Holding SA		22		28,451		(2.4	)
Logitech International SA, Registered Shares		1,160		55,869		(4.7	)
Mediclinic International PLC		15,512		50,435		(4.2	)
Orior AG		456		37,878		(3.2	)
PSP Swiss Property AG, Registered Shares		3,451		400,894		(33.7	)
Sensirion Holding AG		2,071		73,758		(6.2	)
SIG Combibloc Group AG		5,489		88,904		(7.5	)
Stadler Rail AG		286		12,495		(1.0	)
Sunrise Communications Group AG		6,321		506,322		(42.5	)
Tecan Group AG		1,297		417,559		(35.1	)
U-Blox Holding AG		620		43,427		(3.6	)
Vontobel Holding AG		338		17,553		(1.5	)
Zur Rose Group AG		117		19,248		(1.6	)

				2,903,056

Ukraine
Ferrexpo PLC		11,668		19,758		(1.6	)


United Kingdom
AB Dynamics PLC		3,776		85,600		(7.2	)
Arrow Global Group PLC		21,633		27,468		(2.3	)
Ascential PLC		5,696		18,090		(1.5	)
Big Yellow Group PLC		9,164		123,352		(10.4	)
boohoo Group PLC		11,257		45,796		(3.8	)
Brewin Dolphin Holdings PLC		16,429		56,607		(4.8	)
Britvic PLC		4,344		39,985		(3.4	)
Countryside Properties PLC		4,414		22,488		(1.9	)
Craneware PLC		831		20,096		(1.7	)
Cranswick PLC		3,442		160,995		(13.5	)
Daily Mail & General Trust PLC		7,304		64,864		(5.4	)
Delphi Technologies PLC		1,755		17,532		(1.5	)
Derwent London PLC		421		16,470		(1.4	)
Dialog Semiconductor PLC		5,113		160,573		(13.5	)
Diploma PLC		3,757		81,432		(6.8	)
EMIS Group PLC		5,530		72,994		(6.1	)
Grainger PLC		51,323		172,431		(14.5	)
Helical PLC		1,801		8,181		(0.7	)
HomeServe PLC		48,948		685,647		(57.6	)
Hotel Chocolat Group PLC		5,916		25,297		(2.1	)
Howden Joinery Group PLC		46,850		308,939		(25.9	)
IG Group Holdings PLC		22,164		210,076		(17.6	)
John Wood Group PLC		31,094		78,733		(6.6	)
Jupiter Fund Management PLC		55,293		151,999		(12.8	)
Kainos Group PLC		4,069		35,796		(3.0	)


	Shares		Value		% of Basket Value

United Kingdom (continued)
LondonMetric Property PLC		8,331	$	20,354		(1.7	) %
Marshalls PLC		2,095		16,779		(1.4	)
Morgan Advanced Materials PLC		17,336		47,822		(4.0	)
Morgan Sindall Group PLC		6,383		102,851		(8.6	)
Ninety One PLC		9,865		21,085		(1.8	)
OneSavings Bank PLC		31,528		96,761		(8.1	)
Pennon Group PLC		2,836		39,148		(3.3	)
Pets at Home Group PLC		10,726		34,342		(2.9	)
Phoenix Group Holdings PLC		3,156		23,949		(2.0	)
Polypipe Group PLC		11,441		71,770		(6.0	)
Qinetiq Group PLC		70,555		269,813		(22.6	)
Redrow PLC		5,750		33,409		(2.8	)
Renishaw PLC		568		25,139		(2.1	)
Safestore Holdings PLC		9,910		89,646		(7.5	)
Shaftesbury PLC		3,564		26,917		(2.3	)
Telecom Plus PLC		5,161		86,064		(7.2	)
Travis Perkins PLC		1,060		13,841		(1.2	)
Vistry Group PLC		7,829		79,508		(6.7	)
Watkin Jones PLC		29,156		63,246		(5.3	)

				3,853,885

United States
1-800-Flowers.com, Inc., Class A		3,519		67,530		(5.7	)
2U, Inc.		807		19,166		(1.6	)
8x8, Inc.		3,372		57,189		(4.8	)
Aaron’s, Inc.		780		24,890		(2.1	)
Acadia Realty Trust		5,365		66,472		(5.6	)
Accelerate Diagnostics, Inc.		6,056		66,071		(5.5	)
ACCO Brands Corp.		3,119		23,081		(1.9	)
Addus HomeCare Corp.		1,361		110,268		(9.3	)
Advanced Drainage Systems, Inc.		1,070		43,378		(3.6	)
AeroVironment, Inc.		846		50,980		(4.3	)
Agree Realty Corp.		772		50,265		(4.2	)
Alarm.com Holdings, Inc.		1,780		79,619		(6.7	)
Alcoa Corp.		20,622		168,069		(14.1	)
Allegheny Technologies, Inc.		3,217		24,160		(2.0	)
ALLETE, Inc.		3,056		175,903		(14.8	)
Allscripts Healthcare Solutions, Inc.		9,357		60,820		(5.1	)
Altair Engineering, Inc., Class A		1,979		65,287		(5.5	)
Altra Industrial Motion Corp.		1,006		28,077		(2.4	)
Amalgamated Bank, Class A		10,717		114,672		(9.6	)
AMC Networks, Inc., Class A		4,718		112,524		(9.4	)
Amedisys, Inc.		389		71,638		(6.0	)
Ameresco, Inc., Class A		3,263		58,930		(4.9	)
American Campus Communities, Inc.		2,569		90,660		(7.6	)
American Homes 4 Rent, Class A		5,570		134,460		(11.3	)
Americold Realty Trust		1,039		31,783		(2.7	)
Apellis Pharmaceuticals, Inc.		1,121		38,417		(3.2	)
Apergy Corp.		3,580		32,972		(2.8	)
Apogee Enterprises, Inc.		2,398		49,015		(4.1	)
Appfolio, Inc., Class A		102		11,206		(0.9	)
AptarGroup, Inc.		394		42,190		(3.5	)
Archrock, Inc.		23,621		113,617		(9.5	)
Ares Management Corp., Class A		3,406		114,271		(9.6	)
Armada Hoffler Properties, Inc.		21,182		203,559		(17.1	)
Arvinas Holding Co. LLC		946		49,665		(4.2	)
Ashland Global Holdings, Inc.		2,216		136,705		(11.5	)
Associated Banc-Corp		5,743		81,206		(6.8	)
Assured Guaranty Ltd.		1,439		42,781		(3.6	)
Atkore International Group, Inc.		3,792		92,297		(7.7	)
Atrion Corp.		126		79,611		(6.7	)
Avista Corp.		592		25,480		(2.1	)
Axon Enterprise, Inc.		1,403		102,012		(8.6	)


	Shares		Value		% of Basket Value

United States (continued)
Axonics Modulation Technologies, Inc.		458	$	14,752		(1.2	) %
Axos Financial, Inc.		3,831		88,305		(7.4	)
BancFirst Corp.		1,598		61,539		(5.2	)
Bancorp, Inc.		1,517		10,573		(0.9	)
Bandwidth, Inc., Class A		757		61,741		(5.2	)
BankUnited, Inc.		4,505		89,244		(7.5	)
Bar Harbor Bankshares		3,259		59,900		(5.0	)
Beazer Homes USA, Inc.		3,728		26,245		(2.2	)
Bed Bath & Beyond, Inc.		11,903		73,680		(6.2	)
Berkshire Hills Bancorp, Inc.		7,524		128,209		(10.8	)
Big Lots, Inc.		3,837		89,978		(7.6	)
Bio-Techne Corp.		1,073		241,425		(20.3	)
BioTelemetry, Inc.		3,272		152,835		(12.8	)
BJ’s Restaurants, Inc.		2,598		56,792		(4.8	)
Blackbaud, Inc.		1,286		71,064		(6.0	)
Blackline, Inc.		978		59,404		(5.0	)
Bloom Energy Corp., Class A		8,608		66,023		(5.5	)
Blucora, Inc.		1,862		26,198		(2.2	)
Blue Bird Corp.		4,011		49,215		(4.1	)
Bluebird Bio, Inc.		335		18,050		(1.5	)
Box, Inc., Class A		2,759		44,530		(3.7	)
Brandywine Realty Trust		10,297		114,915		(9.6	)
Bridge Bancorp, Inc.		2,075		42,932		(3.6	)
Brighthouse Financial, Inc.		1,874		48,181		(4.0	)
Brinker International, Inc.		1,130		26,306		(2.2	)
Bruker Corp.		2,885		113,438		(9.5	)
BWX Technologies, Inc.		891		47,276		(4.0	)
Cable One, Inc.		83		158,767		(13.3	)
Cabot Microelectronics Corp.		437		53,550		(4.5	)
CalAmp Corp.		7,372		49,540		(4.2	)
Camping World Holdings, Inc., Class A		3,491		30,965		(2.6	)
Cara Therapeutics, Inc.		1,343		19,903		(1.7	)
Cardiovascular Systems, Inc.		1,305		54,810		(4.6	)
CareTrust REIT, Inc.		3,016		49,704		(4.2	)
Cargurus, Inc.		2,211		50,588		(4.2	)
Carlisle Cos., Inc.		1,924		232,727		(19.5	)
Carpenter Technology Corp.		4,013		88,968		(7.5	)
Carriage Services, Inc.		1,922		28,868		(2.4	)
Casey’s General Stores, Inc.		689		104,321		(8.8	)
CBTX, Inc.		2,106		38,034		(3.2	)
Central Garden & Pet Co.		1,105		36,399		(3.1	)
Central Garden & Pet Co., Class A		2,036		61,915		(5.2	)
Cheesecake Factory, Inc.		2,384		53,139		(4.5	)
Chefs’ Warehouse, Inc.		2,805		39,494		(3.3	)
Chegg, Inc.		4,626		197,761		(16.6	)
Chemed Corp.		129		53,738		(4.5	)
Chuy’s Holdings, Inc.		1,337		22,408		(1.9	)
Ciena Corp.		3,724		172,235		(14.5	)
Cirrus Logic, Inc.		3,427		259,081		(21.7	)
CIT Group, Inc.		7,853		149,050		(12.5	)
Clearway Energy, Inc., Class C		6,606		132,318		(11.1	)
CNO Financial Group, Inc.		2,524		35,487		(3.0	)
Coherus Biosciences, Inc.		2,152		35,723		(3.0	)
Colony Capital, Inc.		13,150		30,376		(2.6	)
Columbus McKinnon Corp.		1,355		36,693		(3.1	)
CommScope Holding Co., Inc.		2,324		25,587		(2.1	)
Conduent, Inc.		10,743		27,072		(2.3	)
ConnectOne Bancorp, Inc.		4,993		74,595		(6.3	)
Corcept Therapeutics, Inc.		5,163		65,364		(5.5	)
CorEnergy Infrastructure Trust, Inc.		630		7,648		(0.6	)
CoreSite Realty Corp.		136		16,482		(1.4	)
Cornerstone OnDemand, Inc.		6,165		206,897		(17.4	)


	Shares		Value		% of Basket Value

United States (continued)
CorVel Corp.		336	$	17,704		(1.5	) %
Covenant Transportation Group, Inc., Class A		2,219		19,705		(1.7	)
Cowen, Inc., Class A		2,119		23,203		(1.9	)
Crocs, Inc.		2,524		61,207		(5.1	)
CryoLife, Inc.		3,773		84,251		(7.1	)
Cubic Corp.		3,576		136,639		(11.5	)
Curtiss-Wright Corp.		2,345		243,059		(20.4	)
CyrusOne, Inc.		470		32,970		(2.8	)
Deckers Outdoor Corp.		1,060		157,686		(13.2	)
Del Taco Restaurants, Inc.		4,121		24,231		(2.0	)
Dine Brands Global, Inc.		577		25,613		(2.2	)
Diversified Healthcare Trust		7,380		22,952		(1.9	)
Dolby Laboratories, Inc., Class A		1,699		101,991		(8.6	)
Douglas Dynamics, Inc.		948		35,038		(2.9	)
Douglas Emmett, Inc.		3,942		120,192		(10.1	)
Dycom Industries, Inc.		2,473		80,620		(6.8	)
Eagle Pharmaceuticals, Inc.		1,409		71,831		(6.0	)
eHealth, Inc.		494		52,710		(4.4	)
Elastic NV		1,406		90,181		(7.6	)
Eldorado Resorts, Inc.		2,318		49,698		(4.2	)
EMCOR Group, Inc.		2,186		138,877		(11.7	)
EnerSys		2,471		144,282		(12.1	)
Ensign Group, Inc.		445		16,647		(1.4	)
Enterprise Financial Services Corp.		2,440		75,006		(6.3	)
ESCO Technologies, Inc.		1,843		140,621		(11.8	)
Essent Group Ltd.		2,099		57,345		(4.8	)
Etsy, Inc.		301		19,526		(1.6	)
Evercore, Inc., Class A		557		28,741		(2.4	)
Everi Holdings, Inc.		5,081		25,151		(2.1	)
Exelixis, Inc.		3,556		87,815		(7.4	)
Exponent, Inc.		1,848		129,970		(10.9	)
FB Financial Corp.		4,465		99,748		(8.4	)
FBL Financial Group, Inc., Class A		984		38,455		(3.2	)
Federal Agricultural Mortgage Corp., Class C		973		64,831		(5.4	)
Federal Signal Corp.		1,668		44,919		(3.8	)
Federated Hermes, Inc.		3,728		84,887		(7.1	)
Financial Institutions, Inc.		2,309		44,679		(3.8	)
First Busey Corp.		2,605		47,984		(4.0	)
First Defiance Financial Corp.		8,760		152,249		(12.8	)
First Foundation, Inc.		3,564		49,041		(4.1	)
First Hawaiian, Inc.		7,770		136,674		(11.5	)
First Horizon National Corp.		14,841		134,756		(11.3	)
First Mid Bancshares, Inc.		2,720		72,624		(6.1	)
First Solar, Inc.		1,487		65,443		(5.5	)
Five9, Inc.		1,099		101,844		(8.5	)
Flexion Therapeutics, Inc.		2,248		23,919		(2.0	)
Flushing Financial Corp.		6,055		75,627		(6.3	)
FNB Corp.		11,124		89,993		(7.6	)
Four Corners Property Trust, Inc.		5,574		124,802		(10.5	)
Fox Factory Holding Corp.		1,993		101,663		(8.5	)
Franklin Covey Co.		1,947		40,400		(3.4	)
Franklin Electric Co., Inc.		1,388		70,510		(5.9	)
Freshpet, Inc.		4,040		304,656		(25.6	)
frontdoor, Inc.		3,822		147,950		(12.4	)
FTI Consulting, Inc.		224		28,529		(2.4	)
G-III Apparel Group Ltd.		3,118		35,327		(3.0	)
GameStop Corp., Class A		7,538		43,193		(3.6	)
Generac Holdings, Inc.		2,006		195,465		(16.4	)
Gentherm, Inc.		2,643		98,954		(8.3	)
Glaukos Corp.		1,768		64,868		(5.4	)
Global Medical REIT, Inc.		1,831		19,079		(1.6	)
Grand Canyon Education, Inc.		194		16,688		(1.4	)


	Shares		Value		% of Basket Value

United States (continued)
Green Brick Partners, Inc.		3,885	$	34,615		(2.9	) %
Greif, Inc., Class A		2,168		73,474		(6.2	)
Grocery Outlet Holding Corp.		1,362		45,314		(3.8	)
Guardant Health, Inc.		376		28,937		(2.4	)
H&R Block, Inc.		3,456		57,542		(4.8	)
Hancock Whitney Corp.		19,658		411,049		(34.5	)
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		3,163		88,532		(7.4	)
Hanover Insurance Group, Inc.		1,103		110,719		(9.3	)
Harsco Corp.		5,804		57,924		(4.9	)
Hawaiian Electric Industries, Inc.		2,631		103,846		(8.7	)
Health Catalyst, Inc.		655		17,469		(1.5	)
Healthcare Trust of America, Inc., Class A		1,096		26,994		(2.3	)
HealthEquity, Inc.		439		24,703		(2.1	)
Heartland Express, Inc.		5,428		106,335		(8.9	)
Helen of Troy Ltd.		200		32,856		(2.8	)
Heritage Commerce Corp.		7,887		70,037		(5.9	)
Heska Corp.		801		56,711		(4.8	)
Hillenbrand, Inc.		9,186		192,447		(16.2	)
HMS Holdings Corp.		3,896		111,718		(9.4	)
Hooker Furniture Corp.		1,327		19,892		(1.7	)
Horizon Bancorp		3,495		39,773		(3.3	)
Horizon Therapeutics PLC		1,476		53,195		(4.5	)
Houghton Mifflin Harcourt Co.		10,233		16,373		(1.4	)
Howard Hughes Corp.		1,110		60,118		(5.0	)
Hubbell, Inc.		1,237		153,920		(12.9	)
HubSpot, Inc.		1,637		276,047		(23.2	)
Hudson Pacific Properties, Inc.		1,788		43,949		(3.7	)
IAA, Inc.		653		25,206		(2.1	)
ICF International, Inc.		2,141		157,449		(13.2	)
IDACORP, Inc.		1,183		108,576		(9.1	)
Independence Realty Trust, Inc.		17,563		176,859		(14.8	)
Independent Bank Corp.		21,857		321,079		(27.0	)
Independent Bank Group, Inc.		2,358		71,471		(6.0	)
Ingevity Corp.		2,601		135,044		(11.3	)
Inphi Corp.		1,276		123,185		(10.3	)
Insight Enterprises, Inc.		2,621		142,294		(11.9	)
Inspire Medical Systems, Inc.		731		52,383		(4.4	)
Intercept Pharmaceuticals, Inc.		331		27,116		(2.3	)
INTL. FCStone, Inc.		2,093		83,636		(7.0	)
Invitae Corp.		2,948		48,789		(4.1	)
iRobot Corp.		865		52,730		(4.4	)
ITT, Inc.		3,541		186,681		(15.7	)
J&J Snack Foods Corp.		1,779		225,986		(19.0	)
Jack in the Box, Inc.		2,121		127,896		(10.7	)
John Bean Technologies Corp.		847		64,999		(5.5	)
Johnson Outdoors, Inc., Class A		682		46,622		(3.9	)
Kelly Services, Inc., Class A		1,289		19,915		(1.7	)
Kimball International, Inc., Class B		1,283		15,742		(1.3	)
Knowles Corp.		8,211		127,681		(10.7	)
Kraton Corp.		3,860		60,255		(5.1	)
Kratos Defense & Security Solutions, Inc.		1,215		18,249		(1.5	)
L Brands, Inc.		2,197		26,122		(2.2	)
La-Z-Boy, Inc.		225		5,276		(0.4	)
Lakeland Bancorp, Inc.		7,157		80,087		(6.7	)
Lancaster Colony Corp.		398		53,583		(4.5	)
Lands’ End, Inc.		2,875		24,466		(2.1	)
LeMaitre Vascular, Inc.		1,176		33,504		(2.8	)
LendingTree, Inc.		185		46,133		(3.9	)
Levi Strauss & Co., Class A		4,430		57,103		(4.8	)
LGI Homes, Inc.		646		39,135		(3.3	)
Limelight Networks, Inc.		4,022		20,392		(1.7	)


	Shares		Value		% of Basket Value

United States (continued)
Littelfuse, Inc.		789	$	114,594		(9.6	) %
LivaNova PLC		757		40,212		(3.4	)
Live Oak Bancshares, Inc.		1,210		16,879		(1.4	)
LivePerson, Inc.		2,940		70,384		(5.9	)
LPL Financial Holdings, Inc.		1,164		70,096		(5.9	)
Luminex Corp.		966		34,824		(2.9	)
Magellan Health, Inc.		792		48,098		(4.0	)
ManTech International Corp., Class A		1,060		79,034		(6.6	)
Marcus & Millichap, Inc.		3,333		96,824		(8.1	)
Marten Transport Ltd.		2,611		58,539		(4.9	)
Masimo Corp.		1,379		294,982		(24.8	)
MasTec, Inc.		827		29,689		(2.5	)
Materion Corp.		60		3,104		(0.3	)
Mattel, Inc.		3,204		27,939		(2.3	)
MaxLinear, Inc.		4,972		81,988		(6.9	)
MDC Holdings, Inc.		3,193		93,395		(7.8	)
Medallia, Inc.		1,990		42,745		(3.6	)
Medifast, Inc.		435		33,008		(2.8	)
MEDNAX, Inc.		7,543		109,524		(9.2	)
Mercantile Bank Corp.		7,779		183,584		(15.4	)
Mercury Systems, Inc.		2,525		225,129		(18.9	)
MGIC Investment Corp.		13,090		95,688		(8.0	)
Midland States Bancorp, Inc.		8,544		138,584		(11.6	)
Minerals Technologies, Inc.		621		27,349		(2.3	)
Model N, Inc.		5,205		150,216		(12.6	)
Modine Manufacturing Co.		4,877		22,580		(1.9	)
Morningstar, Inc.		1,158		180,602		(15.2	)
MRC Global, Inc.		4,371		23,429		(2.0	)
MSA Safety, Inc.		2,734		307,657		(25.8	)
MSC Industrial Direct Co., Inc., Class A		3,424		204,207		(17.1	)
MTS Systems Corp.		1,360		28,927		(2.4	)
Myers Industries, Inc.		5,960		73,666		(6.2	)
MYR Group, Inc.		3,196		95,880		(8.0	)
Myriad Genetics, Inc.		2,498		38,619		(3.2	)
NanoString Technologies, Inc.		779		24,741		(2.1	)
Natera, Inc.		807		29,891		(2.5	)
National General Holdings Corp.		13,478		256,486		(21.5	)
National Instruments Corp.		1,700		65,314		(5.5	)
National Research Corp., Class A		1,851		95,493		(8.0	)
Navient Corp.		6,213		47,343		(4.0	)
Neenah, Inc.		4,351		212,590		(17.8	)
NeoGenomics, Inc.		2,687		73,463		(6.2	)
NETGEAR, Inc.		901		21,606		(1.8	)
NetScout Systems, Inc.		1,828		48,405		(4.1	)
New Relic, Inc.		4,457		239,296		(20.1	)
New York Times Co., Class A		3,987		129,657		(10.9	)
Nexstar Media Group, Inc., Class A		1,843		129,084		(10.8	)
NextGen Healthcare, Inc.		1,904		20,087		(1.7	)
Nicolet Bankshares, Inc.		2,309		127,041		(10.7	)
NMI Holdings, Inc., Class A		1,641		22,186		(1.9	)
Nordson Corp.		276		44,411		(3.7	)
Nutanix, Inc., Class A		1,267		25,961		(2.2	)
NV5 Global, Inc.		878		41,046		(3.4	)
Oceaneering International, Inc.		4,999		25,695		(2.2	)
Omeros Corp.		3,147		52,303		(4.4	)
Omnicell, Inc.		1,281		93,385		(7.8	)
OraSure Technologies, Inc.		2,255		35,945		(3.0	)
Ormat Technologies, Inc.		677		42,252		(3.5	)
Orthofix Medical, Inc.		1,596		56,578		(4.7	)
Outfront Media, Inc.		4,395		68,958		(5.8	)
Pacific Biosciences of California, Inc.		11,061		36,557		(3.1	)
PacWest Bancorp		1,768		35,784		(3.0	)


	Shares		Value		% of Basket Value

United States (continued)
PagerDuty, Inc.		3,769	$	79,564		(6.7	) %
Papa John’s International, Inc.		1,653		118,884		(10.0	)
Par Pacific Holdings, Inc.		2,232		21,695		(1.8	)
Parsons Corp.		2,155		80,597		(6.8	)
Patrick Industries, Inc.		639		26,340		(2.2	)
Peapack Gladstone Financial Corp.		6,262		118,164		(9.9	)
Perficient, Inc.		3,977		138,519		(11.6	)
PGT Innovations, Inc.		1,486		15,365		(1.3	)
Pinnacle Financial Partners, Inc.		5,745		231,236		(19.4	)
PlayAGS, Inc.		5,462		23,978		(2.0	)
Plexus Corp.		827		51,845		(4.4	)
Pluralsight, Inc., Class A		4,859		79,882		(6.7	)
PolyOne Corp.		2,062		48,024		(4.0	)
Portola Pharmaceuticals, Inc.		3,128		22,146		(1.9	)
Post Holdings, Inc.		2,668		245,056		(20.6	)
Power Integrations, Inc.		951		97,335		(8.2	)
PQ Group Holdings, Inc.		1,532		17,955		(1.5	)
PRA Group, Inc.		1,054		29,238		(2.5	)
PRA Health Sciences, Inc.		1,039		100,263		(8.4	)
Preferred Bank		466		17,778		(1.5	)
Primerica, Inc.		2,174		225,900		(19.0	)
Progress Software Corp.		1,773		72,533		(6.1	)
PROS Holdings, Inc.		2,981		102,517		(8.6	)
Proto Labs, Inc.		1,741		176,868		(14.8	)
Pure Storage, Inc., Class A		8,942		128,765		(10.8	)
Q2 Holdings, Inc.		826		65,849		(5.5	)
QCR Holdings, Inc.		5,060		155,747		(13.1	)
Qualys, Inc.		1,682		177,350		(14.9	)
Quanta Services, Inc.		4,006		145,658		(12.2	)
Quidel Corp.		211		29,329		(2.5	)
Quotient Technology, Inc.		2,731		19,609		(1.6	)
Qurate Retail, Inc., Series A		3,668		29,546		(2.5	)
Rambus, Inc.		6,454		80,869		(6.8	)
Rapid7, Inc.		2,633		119,933		(10.1	)
Raven Industries, Inc.		5,040		112,241		(9.4	)
Rayonier, Inc.		2,233		53,659		(4.5	)
RE/MAX Holdings, Inc., Class A		2,367		62,228		(5.2	)
RealReal, Inc.		4,095		48,075		(4.0	)
REGENXBIO, Inc.		758		30,184		(2.5	)
Reliance Steel & Aluminum Co.		2,282		204,422		(17.2	)
Repligen Corp.		863		100,237		(8.4	)
Republic Bancorp, Inc., Class A		4,735		157,818		(13.2	)
Revolve Group, Inc.		2,481		27,266		(2.3	)
RMR Group, Inc., Class A		1,196		35,473		(3.0	)
Saia, Inc.		242		22,390		(1.9	)
SailPoint Technologies Holding, Inc.		3,399		63,187		(5.3	)
Sandy Spring Bancorp, Inc.		6,617		168,733		(14.2	)
ScanSource, Inc.		1,758		45,567		(3.8	)
Scholastic Corp.		946		27,500		(2.3	)
SEACOR Holdings, Inc.		176		4,974		(0.4	)
Select Medical Holdings Corp.		5,303		90,522		(7.6	)
Sensient Technologies Corp.		8,495		405,976		(34.1	)
Shockwave Medical, Inc.		1,697		68,084		(5.7	)
Shutterstock, Inc.		3,088		117,344		(9.9	)
Silicon Laboratories, Inc.		5,967		580,112		(48.7	)
Simulations Plus, Inc.		2,294		87,287		(7.3	)
SiteOne Landscape Supply, Inc.		796		70,549		(5.9	)
Skechers U.S.A., Inc., Class A		5,603		157,893		(13.3	)
Smartsheet, Inc., Class A		923		48,661		(4.1	)
Solaris Oilfield Infrastructure, Inc., Class A		5,503		37,641		(3.2	)
Sonoco Products Co.		827		40,391		(3.4	)
Sonos, Inc.		2,098		21,442		(1.8	)


	Shares		Value		% of Basket Value

United States (continued)
SpartanNash Co.		1,417	$	24,302		(2.0	) %
Sprouts Farmers Market, Inc.		4,944		102,736		(8.6	)
Stamps.com, Inc.		584		92,430		(7.8	)
Standard Motor Products, Inc.		1,220		49,642		(4.2	)
Sterling Bancorp		5,628		69,393		(5.8	)
Sterling Construction Co., Inc.		2,721		26,883		(2.3	)
Stitch Fix, Inc., Class A		2,195		35,230		(3.0	)
STORE Capital Corp.		7,780		156,145		(13.1	)
Summit Materials, Inc., Class A		2,514		37,987		(3.2	)
Synaptics, Inc.		304		19,879		(1.7	)
SYNNEX Corp.		1,128		98,768		(8.3	)
Synovus Financial Corp.		10,838		227,706		(19.1	)
Tactile Systems Technology, Inc.		73		3,768		(0.3	)
TCF Financial Corp.		4,260		126,479		(10.6	)
TechTarget, Inc.		5,330		124,296		(10.4	)
Telephone & Data Systems, Inc.		7,670		150,485		(12.6	)
Tenable Holdings, Inc.		1,095		28,536		(2.4	)
Terex Corp.		2,433		36,957		(3.1	)
Terreno Realty Corp.		1,100		60,302		(5.1	)
Tetra Tech, Inc.		1,251		94,175		(7.9	)
Texas Roadhouse, Inc.		555		26,135		(2.2	)
Titan Machinery, Inc.		6,765		63,591		(5.3	)
Toro Co.		1,763		112,497		(9.4	)
TPI Composites, Inc.		3,408		59,742		(5.0	)
TreeHouse Foods, Inc.		788		40,763		(3.4	)
TriNet Group, Inc.		412		20,176		(1.7	)
Trinseo SA		5,137		105,052		(8.8	)
TriState Capital Holdings, Inc.		8,639		122,847		(10.3	)
Trupanion, Inc.		2,222		66,460		(5.6	)
Tupperware Brands Corp.		6,551		21,094		(1.8	)
UMB Financial Corp.		799		40,621		(3.4	)
United Fire Group, Inc.		3,383		96,754		(8.1	)
Univest Financial Corp.		3,514		62,198		(5.2	)
Upwork, Inc.		2,640		21,991		(1.8	)
US Concrete, Inc.		5,934		113,814		(9.6	)
USANA Health Sciences, Inc.		271		24,179		(2.0	)
Valmont Industries, Inc.		1,498		175,625		(14.7	)
Varonis Systems, Inc.		271		18,171		(1.5	)
Vectrus, Inc.		1,497		77,859		(6.5	)
Veracyte, Inc.		820		22,115		(1.9	)
Viad Corp.		842		20,183		(1.7	)
ViaSat, Inc.		424		17,978		(1.5	)
Vicor Corp.		1,923		102,246		(8.6	)
Virtus Investment Partners, Inc.		895		72,737		(6.1	)
Virtusa Corp.		1,116		36,828		(3.1	)
Visteon Corp.		704		42,451		(3.6	)
Vivint Solar, Inc.		3,938		24,967		(2.1	)
Vonage Holdings Corp.		7,889		65,952		(5.5	)
W&T Offshore, Inc.		10,610		29,390		(2.5	)
Wabash National Corp.		14,959		122,664		(10.3	)
WaVe Life Sciences Ltd.		2,129		18,480		(1.6	)
Weis Markets, Inc.		2,734		136,782		(11.5	)
Welbilt, Inc.		8,959		44,168		(3.7	)
Wendy’s Co.		1,612		32,014		(2.7	)
WesBanco, Inc.		7,148		176,413		(14.8	)
WESCO International, Inc.		4,241		109,715		(9.2	)
WillScot Corp.		1,807		21,052		(1.8	)
Wingstop, Inc.		1,586		185,990		(15.6	)
Wintrust Financial Corp.		11,944		500,454		(42.0	)
WisdomTree Investments, Inc.		9,605		31,120		(2.6	)
Woodward, Inc.		1,871		113,308		(9.5	)
Workiva, Inc.		646		24,774		(2.1	)


	Shares			Value			% of Basket Value

United States (continued)
WSFS Financial Corp.		4,259		$	124,278			(10.4	) %
WW International, Inc.		2,183			55,688			(4.7	)
Yext, Inc.		7,696			98,509			(8.3	)
Zendesk, Inc.		3,068			235,868			(19.8	)
Zogenix, Inc.		599			16,910			(1.4	)
Zuora, Inc., Class A		7,314			77,309			(6.5	)
Zynga, Inc., Class A		9,217			69,496			(5.8	)

					34,342,438


Total Reference Entity — Long					82,922,330


Reference Entity — Short

Australia
Adelaide Brighton, Ltd.		(9,222	)		(16,244	)		1.4
Afterpay Ltd.		(495	)		(9,843	)		0.8
Altium Ltd.		(1,451	)		(31,851	)		2.7
AP Eagers Ltd.		(8,964	)		(29,662	)		2.5
ARB Corp. Ltd.		(2,625	)		(25,778	)		2.2
Bravura Solutions Ltd.		(15,902	)		(49,657	)		4.2
carsales.com, Ltd.		(14,631	)		(133,841	)		11.2
Cleanaway Waste Management, Ltd.		(37,446	)		(45,180	)		3.8
Domain Holdings Australia Ltd.		(22,249	)		(37,675	)		3.2
EML Payments Ltd.		(22,501	)		(40,636	)		3.4
G8 Education, Ltd.		(2,814	)		(1,450	)		0.1
G8 Education, Ltd.		(14,340	)		(8,042	)		0.7
Healius Ltd.		(36,131	)		(60,431	)		5.1
Iluka Resources Ltd.		(8,948	)		(44,383	)		3.7
Ingenia Communities Group		(37,434	)		(96,569	)		8.1
Link Administration Holdings Ltd.		(66,110	)		(161,311	)		13.5
McMillan Shakespeare Ltd.		(9,902	)		(42,773	)		3.6
Orora Ltd.		(198,024	)		(329,089	)		27.6
Qube Holdings Ltd.		(66,607	)		(138,656	)		11.6
Village Roadshow Ltd.		(4,692	)		(6,820	)		0.6
Webjet Ltd.		(61,812	)		(121,195	)		10.2
Western Areas Ltd.		(12,281	)		(17,311	)		1.4

					(1,448,397	)

Austria
AT&S Austria Technologie & Systemtechnik AG		(6,920	)		(119,274	)		10.0
FACC AG		(2,680	)		(21,467	)		1.8
Kapsch TrafficCom AG		(935	)		(18,238	)		1.6
Semperit AG Holding		(3,946	)		(49,096	)		4.1

					(208,075	)

Bahamas
OneSpaWorld Holdings Ltd.		(8,829	)		(57,477	)		4.8


Belgium
Aedifica SA		(661	)		(64,063	)		5.4
AGFA-Gevaert NV		(38,430	)		(152,233	)		12.8
Cie d’Entreprises CFE		(3,018	)		(234,232	)		19.7
D’ieteren SA		(717	)		(35,932	)		3.0
Econocom Group SA		(20,449	)		(39,359	)		3.3
Euronav NV		(5,467	)		(61,062	)		5.1
Exmar NV		(34,473	)		(168,221	)		14.1
Ion Beam Applications		(4,985	)		(41,353	)		3.5
Mithra Pharmaceuticals SA		(1,691	)		(42,207	)		3.5

					(838,662	)

Bermuda
Enstar Group Ltd.		(498	)		(72,021	)		6.0
Triton International Ltd.		(11,369	)		(352,211	)		29.6

					(424,232	)


	Shares			Value			% of Basket Value

Canada
Canfor Corp.		(1,862	)	$	(12,976	)		1.1	%
Colliers International Group, Inc.		(399	)		(21,897	)		1.8
Element Financial Corp.		(28,666	)		(211,502	)		17.7
Finning International, Inc.		(4,234	)		(53,748	)		4.5
Great Canadian Gaming Corp.		(5,934	)		(115,572	)		9.7
Interfor Corp.		(1,611	)		(9,502	)		0.8
Northland Power, Inc.		(10,414	)		(223,475	)		18.8
Park Lawn Corp.		(3,582	)		(56,151	)		4.7
Superior Plus Corp.		(17,066	)		(121,134	)		10.2
TransAlta Corp.		(40,225	)		(236,677	)		19.9
Uranium Participation Corp.		(32,730	)		(115,217	)		9.7
WPT Industrial Real Estate Investment Trust		(738	)		(8,465	)		0.7

					(1,186,316	)

Cayman Islands
Global Indemnity Ltd.		(4,443	)		(109,253	)		9.2


China
Minth Group Ltd.		(30,000	)		(72,139	)		6.0


Denmark
Ambu A/S, Class B		(1,016	)		(31,823	)		2.7
D/S Norden A/S		(2,848	)		(40,029	)		3.3

					(71,852	)

Finland
Adapteo OYJ		(5,290	)		(37,933	)		3.2
Caverion OYJ		(8,399	)		(47,866	)		4.0
F-Secure OYJ		(38,508	)		(115,940	)		9.7
Outokumpu OYJ		(56,403	)		(150,025	)		12.6
Rovio Entertainment OYJ		(9,745	)		(58,307	)		4.9
Sanoma OYJ		(12,193	)		(110,090	)		9.3
TietoEVRY OYJ		(8,517	)		(207,530	)		17.4

					(727,691	)

France
Adevinta ASA		(3,881	)		(32,234	)		2.7
Beneteau SA		(10,787	)		(68,303	)		5.7
Boiron SA		(1,402	)		(51,622	)		4.3
Bonduelle SCA		(4,290	)		(93,848	)		7.9
Elis SA		(1,626	)		(20,042	)		1.7
Guerbet		(641	)		(20,218	)		1.7
Jacquet Metal Service SA		(1,394	)		(14,207	)		1.2
LISI		(718	)		(11,613	)		1.0
Nexans SA		(365	)		(13,001	)		1.1
Tarkett SA		(5,276	)		(52,177	)		4.4
Trigano SA		(393	)		(28,921	)		2.4

					(406,186	)

Germany
Aareal Bank AG		(1,307	)		(21,290	)		1.8
ADO Properties SA		(1,737	)		(48,663	)		4.1
Amadeus Fire AG		(282	)		(29,040	)		2.4
Aurubis AG		(1,734	)		(89,891	)		7.6
Bertrandt AG		(1,134	)		(43,681	)		3.7
CECONOMY AG		(19,260	)		(49,302	)		4.1
CropEnergies AG		(1,340	)		(10,578	)		0.9
Dermapharm Holding SE		(428	)		(20,296	)		1.7
Isra Vision AG		(2,252	)		(123,013	)		10.3
JOST Werke AG		(1,670	)		(45,294	)		3.8
Jungheinrich AG		(4,252	)		(76,784	)		6.5
Kloeckner & Co. SE		(47,160	)		(193,281	)		16.2
Krones AG		(2,568	)		(154,733	)		13.0
OHB SE		(508	)		(19,100	)		1.6
Salzgitter AG		(9,194	)		(122,834	)		10.3


	Shares			Value			% of Basket Value

Germany (continued)
Siltronic AG		(1,096	)	$	(93,829	)		7.9	%
Sixt SE		(3,289	)		(223,887	)		18.8
SMA Solar Technology AG		(3,120	)		(99,289	)		8.3
STRATEC SE		(70	)		(6,629	)		0.6
Suedzucker AG		(6,589	)		(87,177	)		7.3
VERBIO Vereinigte BioEnergie AG		(6,220	)		(56,477	)		4.7
Vossloh AG		(255	)		(9,630	)		0.8
Wacker Chemie AG		(674	)		(39,299	)		3.3
Wacker Neuson SE		(22,267	)		(276,460	)		23.2
Washtec AG		(2,548	)		(100,533	)		8.4

					(2,040,990	)

Hong Kong
Johnson Electric Holdings, Ltd.		(12,000	)		(20,149	)		1.7
Luk Fook Holdings International Ltd.		(33,000	)		(70,661	)		5.9

					(90,810	)

Ireland
COSMO Pharmaceuticals NV		(2,687	)		(204,527	)		17.2
Dalata Hotel Group PLC		(44,909	)		(145,535	)		12.2
Greencore Group PLC		(8,009	)		(18,343	)		1.5
Keywords Studios PLC		(1,200	)		(24,040	)		2.0

					(392,445	)

Israel
Alony Hetz Properties & Investments Ltd.		(2,932	)		(35,290	)		3.0
Cellcom Israel Ltd.		(2,285	)		(8,414	)		0.7
Delek Automotive Systems Ltd.		(31,796	)		(167,424	)		14.1
Delek Group Ltd.		(80	)		(3,642	)		0.3
Delta Galil Industries Ltd.		(3,550	)		(63,184	)		5.3
First International Bank Of Israel Ltd.		(13,230	)		(326,350	)		27.4
Gazit-Globe Ltd.		(30,558	)		(226,248	)		19.0
Harel Insurance Investments & Financial Services Ltd.		(23,900	)		(153,881	)		12.9
IDI Insurance Co. Ltd.		(5,024	)		(154,440	)		13.0
Israel Corp. Ltd.		(1,268	)		(163,612	)		13.7
Matrix IT Ltd.		(3,454	)		(66,953	)		5.6
Sapiens International Corp. NV		(1,338	)		(33,354	)		2.8
Shufersal Ltd.		(9,778	)		(62,774	)		5.3
Summit Real Estate Holdings Ltd.		(2,044	)		(25,534	)		2.1

					(1,491,100	)

Italy
Arnoldo Mondadori Editore SpA		(12,082	)		(16,439	)		1.4
Banca Monte dei Paschi di Siena SpA		(40,443	)		(49,344	)		4.1
Banca Popolare di Sondrio SCPA		(21,692	)		(34,438	)		2.9
Cairo Communication SpA		(13,479	)		(24,309	)		2.0
Danieli & C Officine Meccaniche SpA		(576	)		(7,321	)		0.6
Danieli & C Officine Meccaniche SpA		(10,314	)		(76,601	)		6.4
De’ Longhi SpA		(1,090	)		(19,701	)		1.7
Falck Renewables SpA		(11,040	)		(54,262	)		4.6
Fila SpA		(47,899	)		(432,891	)		36.3
Freni Brembo SpA		(2,010	)		(17,051	)		1.4
Gruppo MutuiOnline SpA		(1,190	)		(21,614	)		1.8
Illimity Bank SpA		(4,110	)		(27,551	)		2.3
Italmobiliare SpA		(3,735	)		(111,776	)		9.4
Juventus Football Club SpA		(57,886	)		(57,371	)		4.8
La Doria SpA		(2,192	)		(23,268	)		1.9
OVS SpA		(70,461	)		(60,729	)		5.1
SAES Getters SpA		(1,061	)		(25,685	)		2.2
Salini Impregilo SpA		(31,135	)		(46,089	)		3.9
Societa Cattolica di Assicurazioni		(3,693	)		(20,461	)		1.7
Tamburi Investment Partners SpA		(17,287	)		(111,817	)		9.4
Tod’s SpA		(3,328	)		(101,908	)		8.6

					(1,340,626	)


	Shares			Value			% of Basket Value

Japan
77 Bank Ltd.		(5,300	)	$	(70,674	)		5.9	%
Adastria Holdings Co., Ltd.		(6,100	)		(84,320	)		7.1
Advance Residence Investment Corp.		(103	)		(316,031	)		26.5
Aeon Delight Co. Ltd.		(1,100	)		(31,504	)		2.6
Aida Engineering Ltd.		(2,700	)		(18,532	)		1.6
Aiful Corp.		(53,100	)		(117,008	)		9.8
Alpen Co. Ltd.		(10,800	)		(165,612	)		13.9
Anest Iwata Corp.		(11,100	)		(85,894	)		7.2
Arata Corp.		(5,800	)		(239,542	)		20.1
Argo Graphics, Inc.		(600	)		(18,792	)		1.6
Ariake Japan Co., Ltd.		(1,400	)		(80,737	)		6.8
Asahi Holdings, Inc.		(2,300	)		(51,971	)		4.4
Asics Corp.		(3,100	)		(29,395	)		2.5
ASKUL Corp.		(2,800	)		(79,943	)		6.7
Awa Bank Ltd.		(3,600	)		(78,329	)		6.6
Bank of Okinawa Ltd.		(8,100	)		(240,041	)		20.1
BayCurrent Consulting, Inc.		(600	)		(34,001	)		2.9
Benefit One, Inc.		(1,500	)		(26,334	)		2.2
Cawachi Ltd.		(10,200	)		(241,192	)		20.2
Chofu Seisakusho Co. Ltd.		(3,000	)		(65,681	)		5.5
Chubu Shiryo Co. Ltd.		(5,000	)		(76,647	)		6.4
Chugoku Bank Ltd.		(3,100	)		(28,545	)		2.4
Chugoku Marine Paints Ltd.		(9,500	)		(72,643	)		6.1
Chukyo Bank Ltd.		(5,000	)		(97,690	)		8.2
Citizen Watch Co. Ltd.		(37,000	)		(130,586	)		11.0
CKD Corp.		(7,700	)		(128,373	)		10.8
Comforia Residential REIT, Inc.		(66	)		(195,966	)		16.4
Cosmo Energy Holdings Co. Ltd.		(1,500	)		(22,534	)		1.9
Create Restaurants Holdings, Inc.		(5,400	)		(29,784	)		2.5
Create SD Holdings Co. Ltd.		(8,700	)		(247,891	)		20.8
Curves Holdings Co. Ltd.		(12,100	)		(57,955	)		4.9
CYBERDYNE, Inc.		(17,400	)		(69,072	)		5.8
Cybozu, Inc.		(1,800	)		(34,856	)		2.9
Daibiru Corp.		(12,500	)		(114,382	)		9.6
Daido Steel Co. Ltd.		(3,600	)		(118,892	)		10.0
Daishi Hokuetsu Financial Group, Inc.		(5,000	)		(108,650	)		9.1
Daiwa Office Investment Corp.		(16	)		(88,515	)		7.4
Daiwa Securities Living Investments Corp.		(41	)		(34,262	)		2.9
Daiwabo Holdings Co. Ltd.		(1,700	)		(104,728	)		8.8
Denka Co., Ltd.		(6,200	)		(149,791	)		12.6
Digital Garage, Inc.		(3,300	)		(118,235	)		9.9
DMG Mori Co., Ltd.		(21,000	)		(214,718	)		18.0
Dowa Holdings Co. Ltd.		(1,000	)		(27,658	)		2.3
Duskin Co. Ltd.		(2,500	)		(64,603	)		5.4
Earth Corp.		(2,500	)		(145,010	)		12.2
Eiken Chemical Co. Ltd.		(5,200	)		(90,552	)		7.6
Eizo Corp.		(2,600	)		(77,974	)		6.5
Enplas Corp.		(3,900	)		(81,880	)		6.9
ES-Con Japan Ltd.		(10,600	)		(71,307	)		6.0
euglena Co. Ltd.		(2,900	)		(16,509	)		1.4
Exedy Corp.		(1,200	)		(19,335	)		1.6
Ezaki Glico Co., Ltd.		(11,300	)		(496,296	)		41.7
Fancl Corp.		(4,600	)		(110,277	)		9.3
Feed One Co. Ltd.		(12,900	)		(20,110	)		1.7
Fuji Corp/Aichi		(16,700	)		(279,613	)		23.5
Fuji Kyuko Co. Ltd.		(700	)		(20,449	)		1.7
Fuji Oil Holdings, Inc.		(1,100	)		(25,663	)		2.2
Fuji Seal International, Inc.		(8,100	)		(140,607	)		11.8
Fujibo Holdings, Inc.		(5,200	)		(139,026	)		11.7
Fujikura Ltd.		(15,900	)		(46,748	)		3.9
Fujimi, Inc.		(5,300	)		(147,021	)		12.3
Fujitec Co. Ltd.		(16,400	)		(233,937	)		19.6


	Shares			Value			% of Basket Value

Japan (continued)
Fujiya Co. Ltd.		(16,900	)	$	(317,243	)		26.6	%
Fukushima Galilei Co. Ltd.		(8,900	)		(261,798	)		22.0
Futaba Industrial Co. Ltd.		(12,400	)		(58,946	)		4.9
G-7 Holdings, Inc.		(1,300	)		(28,540	)		2.4
Gakken Holdings Co. Ltd.		(5,600	)		(92,146	)		7.7
Genky DrugStores Co. Ltd.		(4,600	)		(104,835	)		8.8
Global One Real Estate Investment Corp.		(84	)		(71,025	)		6.0
GLP J-Reit		(18	)		(23,206	)		1.9
Godo Steel Ltd.		(4,000	)		(75,250	)		6.3
Gunosy, Inc.		(1,300	)		(10,414	)		0.9
Gunze Ltd.		(5,400	)		(183,049	)		15.4
Gurunavi, Inc.		(9,200	)		(49,051	)		4.1
Hachijuni Bank Ltd.		(10,400	)		(37,137	)		3.1
Haseko Corp.		(3,900	)		(42,341	)		3.6
Heiwa Real Estate Co. Ltd.		(5,800	)		(155,735	)		13.1
HIS Co. Ltd.		(1,900	)		(25,018	)		2.1
Hodogaya Chemical Co. Ltd.		(3,300	)		(106,972	)		9.0
Hokkoku Bank Ltd.		(3,000	)		(89,169	)		7.5
Hokuriku Electric Power Co.		(15,400	)		(103,793	)		8.7
Hokuto Corp.		(7,600	)		(136,142	)		11.4
Hosiden Corp.		(15,100	)		(128,863	)		10.8
Hosokawa Micron Corp.		(10,700	)		(487,095	)		40.9
Ibiden Co. Ltd.		(19,800	)		(506,088	)		42.5
Ichikoh Industries Ltd.		(13,900	)		(61,455	)		5.2
Idec Corp.		(10,400	)		(152,230	)		12.8
Industrial & Infrastructure Fund Investment Corp.		(14	)		(19,502	)		1.6
Infocom Corp.		(3,400	)		(81,413	)		6.8
Infomart Corp.		(7,100	)		(49,023	)		4.1
Invesco Office J-Reit, Inc.		(795	)		(105,418	)		8.8
Invincible Investment Corp.		(339	)		(86,737	)		7.3
Ishihara Sangyo Kaisha Ltd.		(9,300	)		(55,292	)		4.6
Ito En Ltd.		(5,700	)		(316,646	)		26.6
Iyo Bank Ltd.		(34,500	)		(184,825	)		15.5
Jafco Co., Ltd.		(1,400	)		(44,848	)		3.8
Japan Aviation Electronics Industry, Ltd.		(2,600	)		(33,729	)		2.8
Japan Best Rescue System Co. Ltd.		(1,000	)		(7,070	)		0.6
Japan Lifeline Co. Ltd.		(7,800	)		(91,729	)		7.7
Japan Logistics Fund, Inc.		(91	)		(213,917	)		18.0
Japan Medical Dynamic Marketing, Inc.		(1,200	)		(17,645	)		1.5
Japan Petroleum Exploration Co. Ltd.		(4,500	)		(77,344	)		6.5
Japan Securities Finance Co. Ltd.		(8,600	)		(40,475	)		3.4
Japan Steel Works, Ltd.		(13,500	)		(165,737	)		13.9
JCU Corp.		(4,200	)		(98,250	)		8.2
Jeol Ltd.		(5,400	)		(159,667	)		13.4
Juroku Bank Ltd.		(8,600	)		(151,079	)		12.7
Justsystems Corp.		(700	)		(42,806	)		3.6
JVCKenwood Corp.		(11,900	)		(18,915	)		1.6
Kadokawa Corp.		(2,200	)		(31,630	)		2.7
Kaga Electronics Co. Ltd.		(2,800	)		(50,632	)		4.2
Kagome Co., Ltd.		(2,400	)		(61,291	)		5.1
Kaken Pharmaceutical Co. Ltd.		(1,600	)		(88,066	)		7.4
Kameda Seika Co. Ltd.		(1,100	)		(52,751	)		4.4
Kaneka Corp.		(10,500	)		(271,585	)		22.8
Kansai Mirai Financial Group, Inc.		(47,600	)		(160,038	)		13.4
Kawasaki Kisen Kaisha Ltd.		(2,000	)		(19,676	)		1.7
Keihin Corp.		(12,100	)		(288,626	)		24.2
Keiyo Bank Ltd.		(28,400	)		(138,416	)		11.6
Keiyo Co. Ltd.		(3,800	)		(20,293	)		1.7
Kenedix Residential Next Investment Corp.		(154	)		(243,028	)		20.4
Kenko Mayonnaise Co. Ltd.		(300	)		(5,514	)		0.5
Kewpie Corp.		(13,800	)		(274,042	)		23.0
Key Coffee, Inc.		(15,500	)		(321,297	)		27.0


	Shares			Value			% of Basket Value

Japan (continued)
KH Neochem Co. Ltd.		(2,200	)	$	(38,007	)		3.2	%
Kintetsu Department Store Co. Ltd.		(6,600	)		(159,233	)		13.4
Kintetsu World Express, Inc.		(24,200	)		(352,249	)		29.6
Kitz Corp.		(10,500	)		(64,408	)		5.4
Kiyo Bank Ltd.		(14,000	)		(206,874	)		17.4
Kobe Steel, Ltd.		(67,700	)		(226,429	)		19.0
Koei Tecmo Holdings Co. Ltd.		(5,600	)		(147,313	)		12.4
Krosaki Harima Corp.		(2,300	)		(80,913	)		6.8
Kumiai Chemical Industry Co. Ltd.		(30,500	)		(246,168	)		20.7
Kurabo Industries Ltd.		(3,600	)		(82,418	)		6.9
Kusuri no Aoki Holdings Co. Ltd.		(2,300	)		(180,929	)		15.2
KYORIN Holdings, Inc.		(18,300	)		(380,289	)		31.9
LaSalle Logiport REIT		(121	)		(169,390	)		14.2
Lasertec Corp.		(2,100	)		(138,887	)		11.7
LEC, Inc.		(8,000	)		(88,291	)		7.4
LIXIL VIVA Corp.		(11,100	)		(188,929	)		15.9
Mabuchi Motor Co., Ltd.		(2,100	)		(65,027	)		5.5
Macnica Fuji Electronics Holdings, Inc.		(4,100	)		(55,811	)		4.7
Mani, Inc.		(2,200	)		(49,000	)		4.1
Maruwa Co. Ltd/Aichi		(2,400	)		(169,286	)		14.2
Matsui Securities Co. Ltd.		(23,800	)		(173,721	)		14.6
Matsuyafoods Holdings Co. Ltd.		(3,200	)		(114,910	)		9.6
Max Co. Ltd.		(1,700	)		(25,243	)		2.1
Megachips Corp.		(1,100	)		(16,539	)		1.4
Megmilk Snow Brand Co. Ltd.		(900	)		(20,535	)		1.7
Meiko Electronics Co. Ltd.		(4,100	)		(53,200	)		4.5
Meisei Industrial Co. Ltd.		(17,600	)		(128,024	)		10.7
Menicon Co. Ltd.		(2,500	)		(108,500	)		9.1
Mimasu Semiconductor Industry Co. Ltd.		(3,600	)		(69,706	)		5.9
Miraca Holdings, Inc.		(5,400	)		(135,213	)		11.3
Mitsubishi Logisnext Co. Ltd.		(8,500	)		(79,074	)		6.6
Mitsubishi Logistics Corp.		(15,400	)		(340,019	)		28.5
Mitsui Fudosan Logistics Park, Inc.		(62	)		(243,854	)		20.5
Mitsui Mining & Smelting Co., Ltd.		(10,100	)		(188,438	)		15.8
Mitsui-Soko Holdings Co. Ltd.		(1,400	)		(18,968	)		1.6
Miura Co. Ltd.		(500	)		(20,631	)		1.7
Mixi, Inc.		(1,800	)		(31,057	)		2.6
Mizuho Leasing Co. Ltd.		(2,200	)		(42,297	)		3.6
Mori Hills REIT Investment Corp.		(86	)		(110,039	)		9.2
Mori Trust Sogo Reit, Inc.		(91	)		(100,558	)		8.4
Nachi-Fujikoshi Corp.		(3,500	)		(101,222	)		8.5
Nanto Bank Ltd.		(1,000	)		(20,972	)		1.8
NET One Systems Co. Ltd.		(800	)		(23,062	)		1.9
Nextage Co. Ltd.		(3,300	)		(22,257	)		1.9
NHK Spring Co. Ltd.		(57,600	)		(381,127	)		32.0
Nichi-iko Pharmaceutical Co., Ltd.		(1,500	)		(19,503	)		1.6
Nichias Corp.		(2,300	)		(45,724	)		3.8
Nihon Nohyaku Co. Ltd.		(65,200	)		(260,908	)		21.9
Nihon Parkerizing Co. Ltd.		(16,400	)		(167,828	)		14.1
Nikkiso Co., Ltd.		(2,000	)		(15,562	)		1.3
Nippon Accommodations Fund, Inc.		(50	)		(296,960	)		24.9
Nippon Carbon Co. Ltd.		(4,700	)		(144,138	)		12.1
Nippon Chemi-Con Corp.		(8,100	)		(91,359	)		7.7
Nippon Denko Co. Ltd.		(3,500	)		(4,827	)		0.4
Nippon Electric Glass Co. Ltd.		(2,000	)		(29,135	)		2.4
Nippon Gas Co. Ltd.		(5,900	)		(194,575	)		16.3
Nippon Kanzai Co. Ltd.		(6,900	)		(118,015	)		9.9
NIPPON REIT Investment Corp.		(17	)		(50,636	)		4.3
Nippon Sharyo Ltd.		(300	)		(7,675	)		0.6
Nippon Soda Co. Ltd.		(6,500	)		(166,775	)		14.0
Nipro Corp.		(72,800	)		(814,242	)		68.3
Nishi-Nippon Financial Holdings, Inc.		(71,000	)		(414,362	)		34.8


	Shares			Value			% of Basket Value

Japan (continued)
Nissei ASB Machine Co. Ltd.		(1,100	)	$	(29,603	)		2.5	%
Nisshinbo Holdings, Inc.		(31,100	)		(216,838	)		18.2
Nissin Kogyo Co. Ltd.		(17,500	)		(363,093	)		30.5
Nitto Boseki Co. Ltd.		(3,500	)		(165,529	)		13.9
Nojima Corp.		(8,200	)		(142,131	)		11.9
NOK Corp.		(1,900	)		(22,127	)		1.9
North Pacific Bank, Ltd.		(44,000	)		(78,818	)		6.6
NTN Corp.		(51,200	)		(98,203	)		8.2
OBIC Business Consultants Co. Ltd.		(400	)		(17,886	)		1.5
Ogaki Kyoritsu Bank Ltd.		(16,400	)		(334,629	)		28.1
Okamoto Industries, Inc.		(3,000	)		(120,353	)		10.1
OKUMA Corp.		(4,200	)		(158,360	)		13.3
Open House Co. Ltd.		(5,100	)		(111,170	)		9.3
Optorun Co. Ltd.		(1,300	)		(35,310	)		3.0
Organo Corp.		(2,400	)		(127,471	)		10.7
Oro Co. Ltd.		(1,234	)		(35,830	)		3.0
Osaka Steel Co. Ltd.		(1,400	)		(15,308	)		1.3
OSG Corp.		(6,600	)		(85,747	)		7.2
Pacific Metals Co., Ltd.		(3,200	)		(49,333	)		4.1
Pack Corp.		(2,100	)		(66,454	)		5.6
PALTAC Corp.		(2,600	)		(135,782	)		11.4
Paramount Bed Holdings Co. Ltd.		(4,200	)		(173,266	)		14.5
Penta-Ocean Construction Co., Ltd.		(15,500	)		(78,304	)		6.6
Pilot Corp.		(500	)		(16,751	)		1.4
Pressance Corp.		(2,700	)		(27,633	)		2.3
Qol Holdings Co. Ltd.		(7,300	)		(80,708	)		6.8
Raito Kogyo Co. Ltd.		(6,300	)		(78,349	)		6.6
Rengo Co. Ltd.		(11,500	)		(89,593	)		7.5
Restar Holdings Corp.		(1,500	)		(24,192	)		2.0
Rheon Automatic Machinery Co. Ltd.		(1,900	)		(21,495	)		1.8
Ricoh Leasing Co. Ltd.		(2,000	)		(53,240	)		4.5
Rokko Butter Co. Ltd.		(1,400	)		(18,552	)		1.6
Rorze Corp.		(600	)		(24,686	)		2.1
Round One Corp.		(2,900	)		(23,747	)		2.0
Royal Holdings Co. Ltd.		(1,100	)		(18,119	)		1.5
Ryosan Co. Ltd.		(3,600	)		(78,724	)		6.6
Saizeriya Co. Ltd.		(3,400	)		(67,398	)		5.7
Sakai Moving Service Co. Ltd.		(2,000	)		(105,175	)		8.8
Sakata Seed Corp.		(13,500	)		(436,149	)		36.6
San-In Godo Bank Ltd.		(13,800	)		(72,392	)		6.1
Sansan, Inc.		(500	)		(24,534	)		2.1
Sanyo Denki Co. Ltd.		(3,000	)		(131,779	)		11.1
Sanyo Special Steel Co. Ltd.		(12,400	)		(108,273	)		9.1
Sapporo Holdings, Ltd.		(41,900	)		(797,617	)		67.0
SB Technology Corp.		(1,600	)		(39,725	)		3.3
SBS Holdings, Inc.		(8,300	)		(140,352	)		11.8
SCREEN Holdings Co., Ltd.		(1,600	)		(77,278	)		6.5
SEC Carbon Ltd.		(100	)		(5,923	)		0.5
Seino Holdings Co. Ltd.		(1,900	)		(22,620	)		1.9
Seiren Co. Ltd.		(8,900	)		(105,376	)		8.8
Sekisui House Reit, Inc.		(438	)		(267,553	)		22.5
Shibaura Machine Co., Ltd.		(13,100	)		(257,715	)		21.6
Shibuya Corp.		(2,400	)		(59,069	)		5.0
Shiga Bank Ltd.		(5,000	)		(117,766	)		9.9
Shin-Etsu Polymer Co. Ltd.		(37,300	)		(290,806	)		24.4
Shinko Electric Industries Co. Ltd.		(6,700	)		(83,630	)		7.0
Shinmaywa Industries Ltd.		(27,000	)		(274,217	)		23.0
Shochiku Co. Ltd.		(700	)		(76,313	)		6.4
Showa Corp.		(21,100	)		(443,372	)		37.2
Showa Sangyo Co. Ltd.		(1,800	)		(53,904	)		4.5
Sinanen Holdings Co. Ltd.		(5,700	)		(145,970	)		12.3
Skylark Holdings Co. Ltd.		(4,200	)		(62,082	)		5.2


	Shares			Value			% of Basket Value

Japan (continued)
Sodick Co. Ltd.		(7,800	)	$	(53,759	)		4.5	%
Sotetsu Holdings, Inc.		(5,000	)		(128,203	)		10.8
Starzen Co. Ltd.		(1,100	)		(44,906	)		3.8
Sugi Holdings Co. Ltd.		(3,800	)		(229,148	)		19.2
Sumitomo Densetsu Co. Ltd.		(15,000	)		(312,226	)		26.2
Sumitomo Warehouse Co. Ltd.		(1,700	)		(19,405	)		1.6
Sushiro Global Holdings Ltd.		(16,600	)		(256,028	)		21.5
Tadano Ltd.		(37,300	)		(284,515	)		23.9
Taiyo Holdings Co. Ltd.		(5,800	)		(237,169	)		19.9
Takara Leben Real Estate Investment Corp.		(125	)		(96,806	)		8.1
Takeuchi Manufacturing Co. Ltd.		(1,500	)		(21,557	)		1.8
Tama Home Co. Ltd.		(3,300	)		(38,301	)		3.2
Tanaka Chemical Corp.		(5,000	)		(25,039	)		2.1
Teikoku Sen-I Co. Ltd.		(9,300	)		(189,511	)		15.9
TIS Inc.		(2,700	)		(51,487	)		4.3
Toa Corp.		(2,700	)		(35,408	)		3.0
Tocalo Co. Ltd.		(43,900	)		(432,201	)		36.3
Toei Animation Co. Ltd.		(1,400	)		(69,149	)		5.8
Toei Co. Ltd.		(1,700	)		(211,143	)		17.7
Toho Bank Ltd.		(31,200	)		(72,640	)		6.1
Tokai Carbon Co. Ltd.		(10,983	)		(90,826	)		7.6
Tokai Corp/Gifu		(4,700	)		(121,640	)		10.2
Tokai Rika Co. Ltd.		(1,600	)		(20,649	)		1.7
Tokai Tokyo Financial Holdings, Inc.		(64,800	)		(137,680	)		11.6
Token Corp.		(800	)		(54,925	)		4.6
Tokuyama Corp.		(2,900	)		(61,190	)		5.1
Tokyo Broadcasting System Holdings, Inc.		(8,900	)		(137,602	)		11.5
Tokyo Dome Corp.		(39,100	)		(285,649	)		24.0
Tokyo Ohka Kogyo Co. Ltd.		(2,400	)		(103,221	)		8.7
Tokyo Seimitsu Co. Ltd.		(600	)		(19,408	)		1.6
Tokyo Steel Manufacturing Co. Ltd.		(8,400	)		(53,480	)		4.5
Tokyo Tatemono Co. Ltd.		(12,700	)		(142,832	)		12.0
Tokyotokeiba Co., Ltd.		(3,700	)		(121,927	)		10.2
Tokyu REIT, Inc.		(14	)		(18,546	)		1.6
TOMONY Holdings, Inc.		(90,000	)		(301,510	)		25.3
Toppan Forms Co. Ltd.		(19,200	)		(168,676	)		14.2
Toridoll Holdings Corp.		(4,800	)		(54,805	)		4.6
Torii Pharmaceutical Co. Ltd.		(1,400	)		(38,546	)		3.2
Toshiba TEC Corp.		(7,300	)		(237,714	)		20.0
Toyo Construction Co. Ltd.		(17,800	)		(71,081	)		6.0
Toyo Tanso Co. Ltd.		(6,900	)		(94,758	)		8.0
Toyo Tire Corp.		(27,800	)		(325,517	)		27.3
Toyota Boshoku Corp.		(11,600	)		(144,824	)		12.2
Trusco Nakayama Corp.		(3,600	)		(77,877	)		6.5
TS Tech Co. Ltd.		(8,200	)		(222,341	)		18.7
Tsugami Corp.		(30,800	)		(266,025	)		22.3
Tsukishima Kikai Co. Ltd.		(3,000	)		(33,799	)		2.8
Tsumura & Co.		(1,000	)		(27,662	)		2.3
Universal Entertainment Corp.		(3,500	)		(57,401	)		4.8
Wacoal Holdings Corp.		(8,800	)		(177,486	)		14.9
Wacom Co., Ltd.		(11,200	)		(38,948	)		3.3
YAKUODO Holdings Co. Ltd.		(2,700	)		(63,961	)		5.4
Yokogawa Bridge Holdings Corp.		(1,500	)		(26,328	)		2.2
Yomiuri Land Co. Ltd.		(600	)		(19,258	)		1.6
Zensho Holdings Co. Ltd.		(10,100	)		(198,813	)		16.7
Zeon Corp.		(2,400	)		(21,335	)		1.8
ZERIA Pharmaceutical Co. Ltd.		(10,400	)		(202,041	)		17.0

					(37,005,761	)

Jordan
Hikma Pharmaceuticals PLC		(3,531	)		(105,167	)		8.8


	Shares			Value			% of Basket Value

Luxembourg
APERAM SA		(3,006	)	$	(78,203	)		6.6	%


Netherlands
Aalberts NV		(8,496	)		(239,245	)		20.1
Accell Group NV		(2,442	)		(45,635	)		3.8
AMG Advanced Metallurgical Group NV		(3,476	)		(58,486	)		4.9
Brack Capital Properties NV		(2,111	)		(191,893	)		16.1
ForFarmers NV		(3,091	)		(20,595	)		1.7
Intertrust NV		(8,617	)		(135,789	)		11.4
SBM Offshore NV		(7,057	)		(89,448	)		7.5
SIF Holding NV		(4,403	)		(47,161	)		4.0
TKH Group NV		(831	)		(29,154	)		2.5

					(857,406	)

New Zealand
Chorus Ltd.		(4,396	)		(19,184	)		1.6
Metlifecare Ltd.		(19,501	)		(49,897	)		4.2
SKYCITY Entertainment Group Ltd.		(153,131	)		(247,139	)		20.7
Summerset Group Holdings Ltd.		(6,002	)		(22,136	)		1.9
Synlait Milk Ltd.		(1,474	)		(6,155	)		0.5

					(344,511	)

Norway
Axactor SE		(9,795	)		(6,375	)		0.5
Frontline Ltd.		(3,615	)		(33,902	)		2.9
Protector Forsikring ASA		(15,942	)		(53,620	)		4.5
Sparebank 1 Oestlandet		(1,250	)		(10,178	)		0.9
Stolt-Nielsen Ltd.		(9,824	)		(83,699	)		7.0
TGS Nopec Geophysical Co. ASA		(10,176	)		(155,839	)		13.1
TOMRA Systems ASA		(3,421	)		(113,669	)		9.5

					(457,282	)

Peru
Hochschild Mining PLC		(11,781	)		(20,554	)		1.7


Portugal
Altri SGPS SA		(6,606	)		(34,865	)		2.9
Corticeira Amorim SGPS SA		(5,458	)		(57,508	)		4.8
Mota-Engil SGPS SA		(13,729	)		(17,290	)		1.5

					(109,663	)

Puerto Rico
EVERTEC, Inc.		(7,336	)		(185,894	)		15.6


Singapore
Kenon Holdings Ltd.		(13,246	)		(269,279	)		22.6
Kulicke & Soffa Industries, Inc.		(1,995	)		(47,820	)		4.0
Mapletree Industrial Trust		(63,700	)		(114,364	)		9.6

					(431,463	)

Spain
Aedas Homes SA		(5,384	)		(82,363	)		6.9
Almirall SA		(2,864	)		(36,934	)		3.1
Befesa SA		(981	)		(30,991	)		2.6
Fomento de Construcciones y Contratas SA		(10,015	)		(95,118	)		8.0
Gestamp Automocion SA		(8,984	)		(22,497	)		1.9
Grupo Empresarial San Jose SA		(11,064	)		(54,744	)		4.6
Metrovacesa SA		(13,113	)		(72,264	)		6.1
Neinor Homes SA		(6,499	)		(56,943	)		4.8
Sacyr SA		(53,035	)		(99,466	)		8.3

					(551,320	)

Sweden
AAK AB		(2,860	)		(47,038	)		4.0
Arjo AB, -B Shares		(10,445	)		(51,588	)		4.3
Attendo AB		(16,851	)		(64,042	)		5.4
Avanza Bank Holding AB		(5,265	)		(63,611	)		5.4


	Shares			Value			% of Basket Value

Sweden (continued)
Beijer Ref AB		(2,416	)	$	(49,643	)		4.2	%
Biotage AB		(3,491	)		(43,154	)		3.6
Bonava AB, -B Shares		(2,911	)		(14,109	)		1.2
Boozt AB		(1,541	)		(9,546	)		0.8
Bure Equity AB		(2,662	)		(48,605	)		4.1
Camurus AB		(2,258	)		(27,498	)		2.3
Catena AB		(2,477	)		(78,817	)		6.6
Electrolux Professional AB		(18,143	)		(41,770	)		3.5
Eltel AB		(16,895	)		(34,312	)		2.9
Embracer Group AB		(5,698	)		(60,333	)		5.1
Fastighets AB Balder		(4,638	)		(183,281	)		15.4
Granges AB		(7,550	)		(55,167	)		4.6
Karo Pharma AB		(34,094	)		(194,377	)		16.3
Loomis AB		(3,580	)		(87,301	)		7.3
Mekonomen AB		(21,137	)		(109,465	)		9.2
Modern Times Group MTG AB, -B Shares		(10,916	)		(109,821	)		9.2
Nordic Entertainment Group AB		(1,451	)		(34,391	)		2.9
Ratos AB, -B Shares		(30,795	)		(72,895	)		6.1
RaySearch Laboratories AB		(5,983	)		(45,484	)		3.8
SSAB AB, -B Shares		(57,416	)		(132,700	)		11.1
Trelleborg AB, -B Shares		(1,125	)		(14,326	)		1.2
Xvivo Perfusion AB		(1,961	)		(27,706	)		2.3

					(1,700,980	)

Switzerland
Ascom Holding AG		(6,942	)		(52,649	)		4.4
Autoneum Holding AG		(349	)		(30,751	)		2.6
Bachem Holding AG		(127	)		(30,001	)		2.5
Bobst Group SA		(1,524	)		(76,074	)		6.4
Bossard Holding AG		(176	)		(21,951	)		1.8
Bucher Industries AG		(1,446	)		(407,823	)		34.2
Burckhardt Compression Holding AG		(548	)		(111,195	)		9.3
Cembra Money Bank AG		(1,107	)		(105,240	)		8.8
Coltene Holding AG		(880	)		(58,783	)		4.9
Comet Holding AG		(620	)		(83,096	)		7.0
Conzzeta AG		(22	)		(18,855	)		1.6
Daetwyler Holding AG		(1,028	)		(176,180	)		14.8
dormakaba Holding AG		(163	)		(81,344	)		6.8
Feintool International Holding AG		(496	)		(24,303	)		2.0
Flughafen Zurich AG		(2,060	)		(254,753	)		21.4
Forbo Holding AG		(166	)		(222,537	)		18.7
Garrett Motion, Inc.		(4,400	)		(23,980	)		2.0
Georg Fischer AG, Registered Shares		(496	)		(370,164	)		31.1
Gurit Holding AG		(66	)		(94,121	)		7.9
Huber + Suhner AG		(569	)		(36,336	)		3.1
Interroll Holding AG		(13	)		(24,718	)		2.1
Leonteq AG		(1,585	)		(57,144	)		4.8
Medacta Group SA		(2,199	)		(153,055	)		12.8
Medartis Holding AG		(375	)		(15,093	)		1.3
Mobilezone Holding AG		(28,585	)		(253,134	)		21.3
Mobimo Holding AG		(126	)		(34,732	)		2.9
Orascom Development Holding AG		(4,412	)		(38,143	)		3.2
St Galler Kantonalbank AG		(236	)		(101,904	)		8.6
Stadler Rail AG		(286	)		(12,495	)		1.1
TX Group AG		(306	)		(20,358	)		1.7

					(2,990,912	)

Thailand
Fabrinet		(290	)		(18,198	)		1.5


United Arab Emirates
Network International Holdings PLC		(8,048	)		(41,975	)		3.5


	Shares			Value			% of Basket Value

United Kingdom
Aggreko PLC		(5,798	)	$	(33,435	)		2.8	%
Avast PLC		(10,930	)		(62,956	)		5.3
Babcock International Group PLC		(1,729	)		(9,158	)		0.8
Beazley PLC		(12,450	)		(61,559	)		5.2
Bodycote PLC		(18,618	)		(136,207	)		11.4
Cairn Energy PLC		(24,815	)		(34,963	)		2.9
CVS Group PLC		(6,402	)		(73,779	)		6.2
De La Rue PLC		(31,178	)		(26,231	)		2.2
DS Smith PLC		(11,125	)		(43,621	)		3.7
Equiniti Group PLC		(44,792	)		(96,568	)		8.1
Essentra PLC		(8,831	)		(30,996	)		2.6
Finablr PLC		(44,203	)		(3,062	)		0.2
First Derivatives PLC		(1,789	)		(58,359	)		4.9
Hill & Smith Holdings PLC		(4,025	)		(58,350	)		4.9
IG Design Group PLC		(12,653	)		(83,619	)		7.0
Intermediate Capital Group PLC		(2,249	)		(31,816	)		2.7
J D Wetherspoon PLC		(1,936	)		(23,043	)		1.9
Learning Technologies Group PLC		(103,979	)		(167,644	)		14.1
LXI REIT PLC		(12,508	)		(16,657	)		1.4
Pagegroup PLC		(11,301	)		(53,518	)		4.5
Paragon Banking Group PLC		(20,124	)		(84,254	)		7.1
Quilter PLC		(42,030	)		(65,245	)		5.5
Redde Northgate PLC		(11,356	)		(25,619	)		2.1
Restaurant Group PLC		(24,783	)		(16,858	)		1.4
Restore PLC		(16,522	)		(80,509	)		6.8
Rightmove PLC		(38,466	)		(240,506	)		20.2
Rotork PLC		(35,207	)		(109,755	)		9.2
Royal Mail PLC		(51,834	)		(108,170	)		9.1
RWS Holdings PLC		(9,022	)		(60,937	)		5.1
Savills PLC		(1,697	)		(20,659	)		1.7
Serco Group PLC		(124,928	)		(202,220	)		17.0
Serica Energy PLC		(20,882	)		(24,800	)		2.1
Signature Aviation PLC		(93,254	)		(229,024	)		19.2
Spectris PLC		(4,482	)		(151,136	)		12.7
Stagecoach Group PLC		(35,325	)		(33,121	)		2.8
Synthomer PLC		(11,415	)		(40,687	)		3.4
Ted Baker PLC		(21,184	)		(40,689	)		3.4
TP ICAP PLC		(38,796	)		(165,629	)		13.9
Tritax Big Box REIT PLC		(55,081	)		(83,603	)		7.0
UNITE Group PLC		(5,821	)		(64,277	)		5.4

					(2,953,239	)

United States
ABM Industries, Inc.		(1,178	)		(40,629	)		3.4
Acadia Healthcare Co., Inc.		(2,268	)		(54,455	)		4.6
ACI Worldwide, Inc.		(4,722	)		(129,383	)		10.9
Acushnet Holdings Corp.		(7,868	)		(215,583	)		18.1
Adient PLC		(2,131	)		(31,922	)		2.7
ADT, Inc.		(11,688	)		(66,972	)		5.6
Aegion Corp.		(1,472	)		(23,626	)		2.0
Air Transport Services Group, Inc.		(3,172	)		(64,201	)		5.4
Alamo Group, Inc.		(453	)		(44,593	)		3.7
Alpha & Omega Semiconductor Ltd.		(8,128	)		(97,780	)		8.2
Ambac Financial Group, Inc.		(1,856	)		(31,923	)		2.7
AMC Entertainment Holdings, Inc., Class A		(9,196	)		(45,244	)		3.8
American Assets Trust, Inc.		(6,662	)		(188,668	)		15.8
American Equity Investment Life Holding Co.		(733	)		(15,408	)		1.3
American Vanguard Corp.		(4,171	)		(52,429	)		4.4
Ameris Bancorp		(7,265	)		(184,749	)		15.5
AMERISAFE, Inc.		(1,086	)		(69,146	)		5.8
ANGI Homeservices, Inc., Class A		(11,892	)		(80,568	)		6.8
Anterix, Inc.		(658	)		(34,545	)		2.9
Applied Industrial Technologies, Inc.		(1,154	)		(60,458	)		5.1


	Shares			Value			% of Basket Value

United States (continued)
Arcosa, Inc.		(3,338	)	$	(124,407	)		10.4	%
Argo Group International Holdings Ltd.		(1,002	)		(35,431	)		3.0
Armstrong World Industries, Inc.		(2,750	)		(211,970	)		17.8
Arrow Financial Corp.		(941	)		(26,819	)		2.2
Aspen Technology, Inc.		(1,208	)		(123,518	)		10.4
Atlantic Union Bankshares Corp.		(2,688	)		(64,163	)		5.4
AutoNation, Inc.		(3,851	)		(143,411	)		12.0
Avanos Medical, Inc.		(530	)		(16,456	)		1.4
Avnet, Inc.		(2,879	)		(86,428	)		7.3
Axcelis Technologies, Inc.		(1,814	)		(42,375	)		3.6
Axis Capital Holdings Ltd.		(1,618	)		(59,219	)		5.0
BancorpSouth Bank		(2,757	)		(60,351	)		5.1
Bank of Marin Bancorp		(846	)		(27,884	)		2.3
Bank OZK		(1,569	)		(35,491	)		3.0
Beacon Roofing Supply, Inc.		(938	)		(20,636	)		1.7
BGC Partners, Inc., Class A		(34,959	)		(108,198	)		9.1
Bloomin’ Brands, Inc.		(2,208	)		(26,606	)		2.2
BMC Stock Holdings, Inc.		(1,269	)		(26,966	)		2.3
Boingo Wireless, Inc.		(1,673	)		(23,322	)		2.0
Bonanza Creek Energy, Inc.		(3,050	)		(53,253	)		4.5
Boston Omaha Corp., Class A		(619	)		(10,046	)		0.8
BrightView Holdings, Inc.		(2,220	)		(28,460	)		2.4
Brink’s Co.		(972	)		(49,689	)		4.2
Brookdale Senior Living, Inc.		(1,647	)		(5,946	)		0.5
Brooks Automation, Inc.		(694	)		(26,712	)		2.2
Brunswick Corp.		(4,791	)		(228,627	)		19.2
Bryn Mawr Bank Corp.		(2,812	)		(81,871	)		6.9
Cabot Corp.		(690	)		(23,384	)		2.0
Cactus, Inc.		(1,521	)		(27,043	)		2.3
Cannae Holdings, Inc.		(1,083	)		(34,169	)		2.9
Capitol Federal Financial, Inc.		(15,207	)		(182,332	)		15.3
Cardtronics PLC, Class A		(5,553	)		(127,164	)		10.7
Carter’s, Inc.		(688	)		(53,802	)		4.5
Carvana Co.		(448	)		(35,889	)		3.0
Casella Waste Systems, Inc.		(4,358	)		(202,124	)		17.0
Cass Information Systems, Inc.		(1,143	)		(45,846	)		3.8
Cathay General Bancorp		(7,300	)		(203,816	)		17.1
Cato Corp., Class A		(1,865	)		(21,000	)		1.8
Century Bancorp, Inc., Class A		(989	)		(73,868	)		6.2
CEVA, Inc.		(2,727	)		(85,491	)		7.2
Charles River Laboratories International, Inc.		(3,194	)		(462,076	)		38.8
Chart Industries, Inc.		(982	)		(35,077	)		2.9
Chatham Lodging Trust		(2,422	)		(18,189	)		1.5
Chesapeake Utilities Corp.		(190	)		(16,697	)		1.4
Children’s Place, Inc.		(1,208	)		(35,708	)		3.0
Choice Hotels International, Inc.		(3,194	)		(239,710	)		20.1
Cinemark Holdings, Inc.		(1,194	)		(17,050	)		1.4
City Holding Co.		(1,105	)		(74,687	)		6.3
Clearwater Paper Corp.		(267	)		(6,392	)		0.5
Cleveland-Cliffs, Inc.		(4,923	)		(21,563	)		1.8
Cloudera, Inc.		(5,624	)		(46,567	)		3.9
CNX Resources Corp.		(2,439	)		(25,853	)		2.2
Coca-Cola Bottling Co. Consolidated		(75	)		(17,660	)		1.5
Colfax Corp.		(1,542	)		(39,768	)		3.3
Columbia Financial, Inc.		(3,592	)		(50,845	)		4.3
Columbia Sportswear Co.		(1,542	)		(112,396	)		9.4
Community Bank System, Inc.		(566	)		(35,369	)		3.0
CommVault Systems, Inc.		(1,304	)		(55,668	)		4.7
CONMED Corp.		(339	)		(25,055	)		2.1
Consolidated Communications Holdings, Inc.		(1,313	)		(8,233	)		0.7
Construction Partners, Inc.		(2,607	)		(47,786	)		4.0
Core-Mark Holding Co., Inc.		(2,390	)		(68,689	)		5.8


	Shares			Value			% of Basket Value

United States (continued)
CoreLogic, Inc.		(521	)	$	(20,017	)		1.7	%
Covanta Holding Corp.		(5,644	)		(43,910	)		3.7
Crane Co.		(3,278	)		(178,487	)		15.0
Credit Acceptance Corp.		(203	)		(63,249	)		5.3
CSG Systems International, Inc.		(376	)		(18,266	)		1.5
CubeSmart		(2,859	)		(72,047	)		6.0
Cushman & Wakefield PLC		(7,749	)		(94,305	)		7.9
CVB Financial Corp.		(9,876	)		(205,273	)		17.2
Cymabay Therapeutics, Inc.		(11,581	)		(20,498	)		1.7
Darling International, Inc.		(7,077	)		(145,715	)		12.2
Dave & Buster’s Entertainment, Inc.		(4,178	)		(61,166	)		5.1
Delek US Holdings, Inc.		(1,288	)		(30,075	)		2.5
Deluxe Corp.		(1,145	)		(32,255	)		2.7
Dillard’s, Inc., Class A Class A		(1,364	)		(40,211	)		3.4
DMC Global, Inc.		(1,108	)		(28,597	)		2.4
Dril-Quip, Inc.		(250	)		(8,282	)		0.7
Dunkin’ Brands Group, Inc.		(491	)		(30,854	)		2.6
Eagle Materials, Inc.		(2,121	)		(129,402	)		10.9
Easterly Government Properties, Inc.		(4,526	)		(121,795	)		10.2
EastGroup Properties, Inc.		(757	)		(80,242	)		6.7
EchoStar Corp.		(6,318	)		(199,333	)		16.7
El Pollo Loco Holdings, Inc.		(1,609	)		(19,678	)		1.6
elf Beauty, Inc.		(2,685	)		(35,093	)		2.9
Empire State Realty Trust, Inc.		(5,254	)		(43,923	)		3.7
Encompass Health Corp.		(5,568	)		(368,880	)		31.0
Enerpac Tool Group Corp.		(4,229	)		(72,147	)		6.1
Entegris, Inc.		(2,331	)		(126,410	)		10.6
Equity Bancshares, Inc., Class A		(710	)		(13,305	)		1.1
Essential Properties Realty Trust, Inc.		(13	)		(191	)		0.0
Euronet Worldwide, Inc.		(571	)		(52,395	)		4.4
EverQuote, Inc., Class A Class A		(480	)		(18,706	)		1.6
Evo Payments, Inc., Class A		(2,096	)		(41,731	)		3.5
EZCORP, Inc., Class A Class A		(3,911	)		(21,902	)		1.8
Farmer Brothers Co.		(2,971	)		(27,452	)		2.3
FireEye, Inc.		(2,808	)		(32,320	)		2.7
First Bancorp/Southern Pines		(2,752	)		(73,176	)		6.1
First Citizens BancShares, Inc., Class A		(554	)		(211,628	)		17.8
First Commonwealth Financial Corp.		(5,242	)		(49,904	)		4.2
First Financial Corp.		(3,488	)		(123,894	)		10.4
First Interstate BancSystem, Inc., Class A		(1,998	)		(67,532	)		5.7
FirstCash, Inc.		(4,249	)		(305,248	)		25.6
Flagstar Bancorp, Inc.		(847	)		(21,946	)		1.8
Floor & Decor Holdings, Inc., Class A		(1,124	)		(47,658	)		4.0
Flowers Foods, Inc.		(8,072	)		(179,844	)		15.1
Forestar Group, Inc.		(454	)		(5,988	)		0.5
Forward Air Corp.		(1,104	)		(56,966	)		4.8
Fossil Group, Inc.		(6,164	)		(24,409	)		2.0
Fresh Del Monte Produce, Inc.		(1,026	)		(29,251	)		2.5
Fulton Financial Corp.		(9,699	)		(113,381	)		9.5
Gaming and Leisure Properties, Inc.		(1,662	)		(46,935	)		3.9
Gates Industrial Corp. PLC		(5,217	)		(44,814	)		3.8
Genco Shipping & Trading Ltd.		(13,263	)		(77,323	)		6.5
Gentex Corp.		(1,770	)		(42,905	)		3.6
German American Bancorp, Inc.		(2,100	)		(62,433	)		5.2
Getty Realty Corp.		(1,019	)		(27,676	)		2.3
Gibraltar Industries, Inc.		(959	)		(44,402	)		3.7
Global Net Lease, Inc.		(14,617	)		(210,339	)		17.7
Goodyear Tire & Rubber Co.		(4,651	)		(33,348	)		2.8
Graphic Packaging Holding Co.		(10,624	)		(141,830	)		11.9
Greenbrier Cos., Inc.		(2,024	)		(34,368	)		2.9
Group 1 Automotive, Inc.		(1,611	)		(91,166	)		7.6
H&E Equipment Services, Inc.		(1,618	)		(26,309	)		2.2


	Shares			Value			% of Basket Value

United States (continued)
Hain Celestial Group, Inc.		(1,460	)	$	(37,726	)		3.2	%
Hanger, Inc.		(926	)		(17,001	)		1.4
Harmonic, Inc.		(5,797	)		(33,623	)		2.8
Haynes International, Inc.		(849	)		(18,763	)		1.6
Healthcare Realty Trust, Inc.		(5,088	)		(149,536	)		12.5
Healthcare Services Group, Inc.		(1,522	)		(38,796	)		3.3
Heartland Financial USA, Inc.		(851	)		(28,908	)		2.4
Hecla Mining Co.		(8,858	)		(23,297	)		2.0
Helios Technologies, Inc.		(1,612	)		(57,339	)		4.8
Helmerich & Payne, Inc.		(3,445	)		(68,108	)		5.7
Hilltop Holdings, Inc.		(5,883	)		(113,542	)		9.5
HNI Corp.		(2,456	)		(59,779	)		5.0
HomeTrust Bancshares, Inc.		(3,972	)		(61,050	)		5.1
Houlihan Lokey, Inc.		(960	)		(57,005	)		4.8
Huntsman Corp.		(8,379	)		(140,851	)		11.8
Ichor Holdings Ltd.		(1,749	)		(43,550	)		3.7
II-VI, Inc.		(597	)		(20,549	)		1.7
IMAX Corp.		(2,770	)		(31,855	)		2.7
Innoviva, Inc.		(1,344	)		(19,058	)		1.6
Installed Building Products, Inc.		(385	)		(18,984	)		1.6
Insteel Industries, Inc.		(1,992	)		(34,999	)		2.9
Integer Holdings Corp.		(1,024	)		(76,247	)		6.4
Integra LifeSciences Holdings Corp.		(6,326	)		(322,942	)		27.1
Interface, Inc.		(5,461	)		(50,460	)		4.2
International Bancshares Corp.		(11,651	)		(337,762	)		28.3
Iridium Communications, Inc.		(908	)		(20,435	)		1.7
Itron, Inc.		(984	)		(68,703	)		5.8
JBG SMITH Properties		(8,540	)		(289,933	)		24.3
John B Sanfilippo & Son, Inc.		(200	)		(16,426	)		1.4
Kadant, Inc.		(1,057	)		(88,883	)		7.5
KAR Auction Services, Inc.		(3,073	)		(46,034	)		3.9
KBR, Inc.		(10,305	)		(208,779	)		17.5
Kearny Financial Corp.		(8,542	)		(79,441	)		6.7
Kemper Corp.		(1,780	)		(119,652	)		10.0
Kilroy Realty Corp.		(259	)		(16,125	)		1.4
Kimball Electronics, Inc.		(1,432	)		(19,361	)		1.6
Kirby Corp.		(3,893	)		(207,964	)		17.5
Kite Realty Group Trust		(6,679	)		(68,326	)		5.7
Knoll, Inc.		(3,336	)		(38,898	)		3.3
Lattice Semiconductor Corp.		(913	)		(20,552	)		1.7
LCI Industries		(263	)		(22,807	)		1.9
LendingClub Corp.		(2,000	)		(15,340	)		1.3
Lexington Realty Trust		(15,201	)		(158,850	)		13.3
Liberty Latin America Ltd., Class A Class A		(4,749	)		(50,814	)		4.3
Liberty Media Corp-Liberty Braves		(745	)		(14,967	)		1.3
Lincoln Electric Holdings, Inc.		(4,782	)		(384,999	)		32.3
Lions Gate Entertainment Corp.		(5,003	)		(33,420	)		2.8
LTC Properties, Inc.		(836	)		(29,762	)		2.5
Lumber Liquidators Holdings, Inc.		(6,023	)		(42,462	)		3.6
M/A-COM Technology Solutions Holdings, Inc.		(4,086	)		(125,277	)		10.5
Madison Square Garden Co., Class A		(417	)		(71,440	)		6.0
Madison Square Garden Entertainment Corp.		(371	)		(30,682	)		2.6
Marcus Corp.		(4,107	)		(59,716	)		5.0
MarineMax, Inc.		(9,340	)		(134,589	)		11.3
Marriott Vacations Worldwide Corp.		(656	)		(54,448	)		4.6
Matson, Inc.		(745	)		(22,529	)		1.9
MAXIMUS, Inc.		(5,781	)		(389,177	)		32.7
MBIA, Inc.		(2,795	)		(22,751	)		1.9
Mercury General Corp.		(677	)		(27,730	)		2.3
Meridian Bancorp, Inc.		(3,565	)		(41,996	)		3.5
Meritor, Inc.		(1,647	)		(33,764	)		2.8
Mesa Laboratories, Inc.		(279	)		(66,402	)		5.6


	Shares			Value			% of Basket Value

United States (continued)
Methode Electronics, Inc.		(4,082	)	$	(122,542	)		10.3	%
MGM Growth Properties LLC, Class A		(2,654	)		(66,801	)		5.6
MicroStrategy, Inc., Class A		(168	)		(21,223	)		1.8
Middlesex Water Co.		(2,110	)		(127,233	)		10.7
Mimecast Ltd.		(625	)		(25,562	)		2.1
MKS Instruments, Inc.		(1,918	)		(192,241	)		16.1
Monro, Inc.		(1,774	)		(98,439	)		8.3
Mr Cooper Group, Inc.		(1,535	)		(14,705	)		1.2
MSG Networks, Inc.		(1,958	)		(23,261	)		2.0
Mueller Industries, Inc.		(4,412	)		(114,271	)		9.6
Murphy Oil Corp.		(1,953	)		(23,163	)		1.9
Murphy USA, Inc.		(270	)		(28,836	)		2.4
National Fuel Gas Co.		(17	)		(697	)		0.1
National Presto Industries, Inc.		(221	)		(17,970	)		1.5
NBT Bancorp, Inc.		(5,842	)		(193,545	)		16.2
New Jersey Resources Corp.		(1,710	)		(57,764	)		4.8
New York Community Bancorp, Inc.		(7,319	)		(79,484	)		6.7
NewMarket Corp.		(502	)		(206,543	)		17.3
nLight, Inc.		(2,755	)		(43,419	)		3.6
Northern Oil and Gas, Inc.		(20,212	)		(16,921	)		1.4
Northwest Bancshares, Inc.		(3,853	)		(40,880	)		3.4
NorthWestern Corp.		(5,171	)		(298,315	)		25.0
NVE Corp.		(1,357	)		(77,037	)		6.5
nVent Electric PLC		(23,013	)		(429,192	)		36.0
Odonate Therapeutics, Inc.		(1,550	)		(43,633	)		3.7
Old Republic International Corp.		(20,385	)		(325,141	)		27.3
ONE Gas, Inc.		(1,098	)		(87,522	)		7.3
OneSpan, Inc.		(2,488	)		(41,798	)		3.5
OrthoPediatrics Corp.		(809	)		(39,520	)		3.3
Otter Tail Corp.		(3,128	)		(138,821	)		11.7
Pacific Premier Bancorp, Inc.		(1,172	)		(25,022	)		2.1
Pacira BioSciences, Inc.		(1,429	)		(59,003	)		5.0
Park Aerospace Corp.		(2,880	)		(38,333	)		3.2
PDC Energy, Inc.		(2,605	)		(33,839	)		2.8
Pebblebrook Hotel Trust		(2,445	)		(28,949	)		2.4
Perdoceo Education Corp.		(1,609	)		(20,917	)		1.8
Perspecta, Inc.		(6,581	)		(141,952	)		11.9
PetMed Express, Inc.		(2,152	)		(85,155	)		7.1
PH Glatfelter Co.		(3,495	)		(51,027	)		4.3
Phibro Animal Health Corp.		(760	)		(20,300	)		1.7
Piedmont Office Realty Trust, Inc., Class A		(2,539	)		(44,052	)		3.7
Piper Sandler Cos.		(531	)		(28,626	)		2.4
Playa Hotels & Resorts NV		(17,065	)		(42,151	)		3.5
PNM Resources, Inc.		(999	)		(40,450	)		3.4
Portland General Electric Co.		(3,011	)		(140,885	)		11.8
Preferred Apartment Communities, Inc.		(4,767	)		(35,323	)		3.0
Prestige Consumer Healthcare, Inc.		(2,797	)		(113,810	)		9.6
Primoris Services Corp.		(1,910	)		(29,815	)		2.5
ProPetro Holding Corp.		(7,032	)		(29,816	)		2.5
Providence Service Corp.		(607	)		(35,212	)		3.0
PS Business Parks, Inc.		(640	)		(82,618	)		6.9
Quaker Chemical Corp.		(697	)		(106,028	)		8.9
Quanex Building Products Corp.		(4,379	)		(54,606	)		4.6
RealPage, Inc.		(2,942	)		(189,730	)		15.9
Regal-Beloit Corp.		(2,069	)		(146,920	)		12.3
Regis Corp.		(756	)		(9,390	)		0.8
Renewable Energy Group, Inc.		(890	)		(22,081	)		1.9
Rent-A-Center, Inc.		(2,250	)		(44,786	)		3.8
Retail Properties of America, Inc., Class A		(4,527	)		(28,067	)		2.4
Rexnord Corp.		(1,169	)		(31,879	)		2.7
Rush Enterprises, Inc., Class A Class A		(833	)		(31,238	)		2.6
Saul Centers, Inc.		(1,633	)		(53,268	)		4.5


	Shares			Value			% of Basket Value

United States (continued)
Schweitzer-Mauduit International, Inc.		(1,733	)	$	(55,837	)		4.7	%
Scotts Miracle-Gro Co., Class A		(288	)		(35,721	)		3.0
SeaWorld Entertainment, Inc.		(3,249	)		(47,728	)		4.0
Selective Insurance Group, Inc.		(1,590	)		(79,707	)		6.7
ServisFirst Bancshares, Inc.		(496	)		(17,618	)		1.5
Shake Shack, Inc., Class A Class A		(2,004	)		(109,238	)		9.2
SIGA Technologies, Inc.		(3,381	)		(19,982	)		1.7
Signet Jewelers Ltd.		(2,647	)		(26,629	)		2.2
Simply Good Foods Co.		(1,252	)		(23,600	)		2.0
SITE Centers Corp.		(4,675	)		(28,331	)		2.4
Sleep Number Corp.		(2,965	)		(88,654	)		7.4
SMART Global Holdings, Inc.		(2,603	)		(65,830	)		5.5
SolarEdge Technologies, Inc.		(224	)		(24,996	)		2.1
South State Corp.		(1,915	)		(110,764	)		9.3
Southwest Gas Holdings, Inc.		(2,150	)		(162,970	)		13.7
Southwestern Energy Co.		(11,649	)		(37,626	)		3.2
Spartan Motors, Inc.		(1,446	)		(20,374	)		1.7
SPIRE, Inc.		(2,475	)		(180,576	)		15.2
Spirit Realty Capital, Inc.		(1,410	)		(43,372	)		3.6
SPX Corp.		(1,432	)		(54,602	)		4.6
SPX FLOW, Inc.		(1,062	)		(34,589	)		2.9
St Joe Co.		(8,543	)		(156,337	)		13.1
STAAR Surgical Co.		(1,997	)		(76,525	)		6.4
Stepan Co.		(191	)		(18,221	)		1.5
Stericycle, Inc.		(2,545	)		(124,196	)		10.4
Stifel Financial Corp.		(2,062	)		(91,305	)		7.7
Sunstone Hotel Investors, Inc.		(10,458	)		(96,109	)		8.1
Syneos Health, Inc.		(1,661	)		(92,667	)		7.8
Team, Inc.		(1,392	)		(8,589	)		0.7
TEGNA, Inc.		(1,303	)		(13,968	)		1.2
Tejon Ranch Co.		(4,082	)		(55,923	)		4.7
TerraForm Power, Inc.		(6,717	)		(116,338	)		9.8
TFS Financial Corp.		(3,981	)		(54,341	)		4.6
Thermon Group Holdings, Inc.		(3,338	)		(51,005	)		4.3
Toll Brothers, Inc.		(1,523	)		(36,582	)		3.1
Tompkins Financial Corp.		(1,143	)		(77,164	)		6.5
Tootsie Roll Industries, Inc.		(10,001	)		(351,335	)		29.5
TopBuild Corp.		(216	)		(20,129	)		1.7
TRI Pointe Group, Inc.		(7,101	)		(81,519	)		6.8
Tribune Publishing Co.		(684	)		(5,862	)		0.5
TriCo Bancshares		(3,229	)		(97,257	)		8.2
Trinity Industries, Inc.		(3,810	)		(73,495	)		6.2
TrueBlue, Inc.		(2,739	)		(42,537	)		3.6
Tucows, Inc., Class A		(1,416	)		(74,921	)		6.3
Ultra Clean Holdings, Inc.		(4,333	)		(79,684	)		6.7
Umpqua Holdings Corp.		(4,703	)		(58,905	)		4.9
UniFirst Corp.		(245	)		(41,197	)		3.5
United Bankshares, Inc.		(2,188	)		(65,552	)		5.5
United Community Banks, Inc.		(3,740	)		(79,082	)		6.6
United States Lime & Minerals, Inc.		(740	)		(59,274	)		5.0
United States Steel Corp.		(6,193	)		(47,562	)		4.0
Universal Health Realty Income Trust		(341	)		(36,473	)		3.1
Urban Edge Properties		(8,384	)		(96,416	)		8.1
Urstadt Biddle Properties, Inc., Class A		(1,861	)		(27,189	)		2.3
US Ecology, Inc.		(806	)		(26,421	)		2.2
Valley National Bancorp		(10,292	)		(86,041	)		7.2
Veeco Instruments, Inc.		(1,923	)		(21,018	)		1.8
Verint Systems, Inc.		(2,404	)		(102,747	)		8.6
Verra Mobility Corp.		(2,591	)		(23,215	)		1.9
Verso Corp., Class A		(2,216	)		(30,780	)		2.6
ViewRay, Inc.		(12,768	)		(26,557	)		2.2
Waddell & Reed Financial, Inc., Class A		(8,658	)		(125,974	)		10.6


	Shares			Value			% of Basket Value

United States (continued)
Warrior Met Coal, Inc.		(5,356	)	$	(67,218	)		5.6	%
Washington Federal, Inc.		(2,159	)		(57,732	)		4.8
Weingarten Realty Investors		(1,274	)		(23,174	)		1.9
Westamerica BanCorp.		(3,756	)		(236,628	)		19.9
Western Alliance Bancorp		(816	)		(29,278	)		2.5
Westwood Holdings Group, Inc.		(1,984	)		(45,692	)		3.8
Willdan Group, Inc.		(1,666	)		(42,250	)		3.5
Wolverine World Wide, Inc.		(3,312	)		(67,863	)		5.7
World Fuel Services Corp.		(1,603	)		(40,075	)		3.4
Yelp, Inc.		(3,818	)		(85,332	)		7.2
York Water Co.		(1,699	)		(68,504	)		5.7
Zumiez, Inc.		(3,538	)		(74,793	)		6.3

					(25,354,874	)


Total Reference Entity — Short					(84,113,653	)


Net Value of Reference Entity — Goldman Sachs & Co.				$	(1,191,323	)

The following table represents the individual long and short positions and related values of the equity securities underlying the total return swap with UBS AG as of April 30, 2020 termination date 06/10/20 — 06/19/20:


	Shares		Value		% of Basket Value

Reference Entity — Long

Australia
Alumina Ltd.		241,419	$	267,794		97.3	%
Atlas Arteria Ltd.		36,504		147,306		53.5
Australia & New Zealand Banking Group Ltd.		54,274		589,549		214.3
BlueScope Steel Ltd.		9,559		63,849		23.2
Brambles Ltd.		50,798		363,082		132.0
Caltex Australia Ltd.		1,540		24,794		9.0
Harvey Norman Holdings Ltd.		56,917		102,121		37.1
IGO Ltd.		138,175		419,178		152.4
Mineral Resources Ltd.		31,506		339,567		123.4
National Australia Bank Ltd.		29,834		326,905		118.8
Newcrest Mining Ltd.		4,112		81,965		29.8
Oil Search Ltd.		284,911		559,142		203.2
Origin Energy Ltd.		96,473		346,984		126.1
OZ Minerals Ltd.		5,161		29,749		10.8
Regis Resources Ltd.		11,921		34,087		12.4
Rio Tinto Ltd.		1,191		67,126		24.4
SEEK Ltd.		29,755		332,193		120.7
South32 Ltd.		268,133		337,218		122.6
Spark Infrastructure Group		477,283		586,197		213.0
WiseTech Global Ltd.		7,449		88,704		32.2
Worley Ltd.		77,993		452,066		164.3

				5,559,576

Austria
Ams AG		17,931		235,378		85.5
OMV AG		4,279		139,717		50.8

				375,095

Brazil
Yamana Gold, Inc.		32,782		154,495		56.2


Canada
Bank of Nova Scotia		15,941		639,037		232.2
Boralex, Inc.		6,630		128,366		46.7
CAE, Inc.		50,021		826,526		300.4
Canadian Apartment Properties REIT		2,922		100,552		36.5


	Shares		Value		% of Basket Value

Canada (continued)
CCL Industries, Inc., Class B		8,002	$	250,129		90.9	%
CI Financial Corp.		5,776		61,372		22.3
Great-West Lifeco, Inc.		25,104		413,365		150.2
Husky Energy, Inc.		14,064		45,164		16.4
Innergex Renewable Energy, Inc.		10,916		146,493		53.2
Lightspeed POS, Inc.		4,219		79,928		29.1
Methanex Corp.		16,768		266,587		96.9
Onex Corp.		10,944		504,449		183.3
Parex Resources, Inc.		3,123		34,238		12.4
Parkland Fuel Corp.		978		23,137		8.4
Quebecor, Inc., Class B		7,242		157,696		57.3
SSR Mining, Inc.		39,240		687,570		249.9
Suncor Energy, Inc.		864		15,406		5.6
Teck Resources Ltd., Class B		49,217		433,847		157.7
TELUS Corp.		55,978		914,903		332.5
West Fraser Timber Co. Ltd.		3,439		95,712		34.8

				5,824,477

Denmark
Chr Hansen Holding A/S		8,823		760,752		276.5
Demant A/S		2,142		51,210		18.6
Novozymes A/S, Class B		9,331		457,747		166.3
Royal Unibrew A/S		4,890		378,321		137.5
SimCorp A/S		2,774		256,231		93.1

				1,904,261

Finland
Huhtamaki OYJ		8,740		326,212		118.6
Orion OYJ, Class B		5,048		256,531		93.2

				582,743

France
ALD SA		2,358		22,971		8.3
Alten SA		3,492		251,416		91.4
Cie Plastic Omnium SA		7,481		141,658		51.5
CNP Assurances		97,388		1,004,724		365.1
Danone SA		497		34,454		12.5
Korian SA		4,612		154,905		56.3
Orpea		3,131		348,270		126.6
Pernod Ricard SA		1,878		286,268		104.0
Remy Cointreau SA		3,799		423,765		154.0
Rexel SA		21,381		199,694		72.6
Rubis SCA		1,037		46,547		16.9
Societe Generale SA		8,323		130,580		47.5
Teleperformance		575		128,805		46.8
UbiSoft Entertainment SA		3,713		276,180		100.4

				3,450,237

Germany
Carl Zeiss Meditec AG, Bearer Shares		781		77,013		28.0
Deutsche Post AG, Registered Shares		12,468		370,389		134.6
E.ON SE		40,794		408,645		148.5
Evotec SE		2,905		71,682		26.1
Hochtief AG		992		77,625		28.2
Infineon Technologies AG		19,748		366,812		133.3
MTU Aero Engines AG		3,171		431,812		156.9
Puma SE		2,660		167,260		60.8
Rational AG		255		123,057		44.7
Rheinmetall AG		5,209		352,541		128.1
Sartorius AG, Preference Shares		1,338		375,899		136.6
Symrise AG		152		15,378		5.6

				2,838,113


	Shares		Value		% of Basket Value

Hong Kong
Hysan Development Co. Ltd.		47,000	$	156,799		57.0	%
NWS Holdings Ltd.		80,000		83,373		30.3
Swire Properties Ltd.		62,600		175,579		63.8

				415,751

Ireland
AIB Group PLC		13,772		19,058		6.9
Bank of Ireland Group PLC		162,502		333,470		121.2
Kerry Group PLC, Class A		2,002		229,700		83.5
Kingspan Group PLC		5,743		292,646		106.3

				874,874

Israel
Azrieli Group Ltd.		516		30,554		11.1
Shapir Engineering and Industry Ltd.		23,929		167,756		61.0

				198,310

Italy
Amplifon SpA		3,062		70,163		25.5
Davide Campari-Milano SpA		38,714		300,899		109.3
Ferrari NV		1,311		204,903		74.5
Interpump Group SpA		1,390		40,488		14.7
Terna Rete Elettrica Nazionale SpA		34,535		216,256		78.6

				832,709

Japan
ABC-Mart, Inc.		4,200		213,438		77.6
Advantest Corp.		6,300		305,685		111.1
Aeon Co. Ltd.		5,700		114,750		41.7
AEON Financial Service Co. Ltd.		8,900		92,553		33.6
Aeon Mall Co. Ltd.		36,900		463,858		168.6
AGC, Inc.		2,600		64,116		23.3
Ain Holdings, Inc.		700		39,266		14.3
Alfresa Holdings Corp.		9,200		183,460		66.7
Alps Alpine Co. Ltd.		35,200		363,064		131.9
Anritsu Corp.		3,000		61,066		22.2
Asahi Group Holdings Ltd.		13,600		467,640		169.9
Asahi Kasei Corp.		35,600		252,563		91.8
Bic Camera, Inc.		1,500		14,033		5.1
Bridgestone Corp.		11,200		348,626		126.7
Central Japan Railway Co.		6,600		1,038,539		377.4
Chugai Pharmaceutical Co. Ltd.		5,900		703,290		255.6
Coca-Cola Bottlers Japan Holdings, Inc.		900		16,115		5.9
COMSYS Holdings Corp.		15,400		423,465		153.9
Daiichi Sankyo Co. Ltd.		1,000		68,741		25.0
Daiichikosho Co., Ltd.		12,800		384,182		139.6
Daikin Industries Ltd.		12,000		1,539,971		559.7
Daito Trust Construction Co. Ltd.		1,900		180,662		65.7
Daiwa House Industry Co. Ltd.		6,100		154,576		56.2
DeNA Co. Ltd.		32,900		405,002		147.2
Dentsu Group Inc.		56,700		1,184,115		430.3
DIC Corp.		9,700		225,258		81.9
Dip Corp.		25,800		550,633		200.1
East Japan Railway Co.		4,800		350,496		127.4
Electric Power Development Co. Ltd.		44,700		894,631		325.1
FamilyMart Co. Ltd.		32,300		547,731		199.1
Fuji Media Holdings, Inc.		20,300		201,651		73.3
Fujitsu General Ltd.		3,100		51,324		18.7
Hitachi Transport System Ltd.		5,000		121,356		44.1
Hoshizaki Corp.		3,300		251,483		91.4
House Foods Group, Inc.		9,700		305,501		111.0
Isuzu Motors Ltd.		70,800		538,048		195.5
Izumi Co. Ltd.		51,900		1,519,242		552.1
Japan Retail Fund Investment Corp.		167		182,068		66.2


	Shares		Value		% of Basket Value

Japan (continued)
Japan Tobacco, Inc.		29,500	$	549,380		199.7	%
JCR Pharmaceuticals Co. Ltd.		1,000		95,785		34.8
JGC Holdings Corp.		67,300		649,902		236.2
Kajima Corp.		31,800		330,426		120.1
Kansai Paint Co. Ltd.		3,400		64,582		23.5
Konami Holdings Corp.		3,900		122,457		44.5
Konica Minolta, Inc.		206,200		797,915		290.0
Kyocera Corp.		1,500		80,146		29.1
Lintec Corp.		18,100		388,416		141.2
Mabuchi Motor Co. Ltd.		3,200		99,088		36.0
Maeda Corp.		2,000		16,043		5.8
Marubeni Corp.		117,500		565,861		205.6
Maruha Nichiro Corp.		28,500		596,423		216.7
Marui Group Co. Ltd.		1,000		16,369		5.9
Mazda Motor Corp.		61,200		345,985		125.7
Miraca Holdings, Inc.		4,800		120,190		43.7
Mitsui Chemicals, Inc.		4,200		82,459		30.0
Nexon Co. Ltd.		35,500		573,182		208.3
NGK Spark Plug Co. Ltd.		1,600		23,956		8.7
Nidec Corp.		300		17,464		6.3
Nihon M&A Center, Inc.		3,400		110,916		40.3
Nikon Corp.		135,300		1,258,535		457.4
Nippon Electric Glass Co. Ltd.		21,000		305,922		111.2
Nippon Kayaku Co. Ltd.		2,200		21,283		7.7
Nippon Paper Industries Co. Ltd.		24,300		347,013		126.1
Nippon Shinyaku Co. Ltd.		3,900		273,872		99.5
Nippon Shokubai Co. Ltd.		15,500		732,007		266.0
Nippon Steel Corp.		10,900		91,709		33.3
Nippon Suisan Kaisha Ltd.		40,900		181,983		66.1
Nisshin Seifun Group, Inc.		19,000		295,224		107.3
Nitori Holdings Co. Ltd.		9,600		1,471,447		534.8
Nitto Denko Corp.		7,600		379,646		138.0
Persol Holdings Co. Ltd.		1,500		17,251		6.3
Recruit Holdings Co. Ltd.		4,700		137,105		49.8
Rohm Co. Ltd.		13,400		847,199		307.9
Ryohin Keikaku Co. Ltd.		88,700		1,055,663		383.6
Sankyu, Inc.		2,900		111,441		40.5
Sanwa Holdings Corp.		54,100		419,800		152.6
Seiko Epson Corp.		22,200		252,094		91.6
Sekisui House Ltd.		81,000		1,389,531		505.0
Seria Co. Ltd.		5,300		172,252		62.6
Seven Bank Ltd.		53,900		146,113		53.1
Shionogi & Co. Ltd.		3,200		176,728		64.2
SKY Perfect JSAT Holdings, Inc.		3,500		13,158		4.8
SMS Co. Ltd.		4,800		104,622		38.0
Sumitomo Bakelite Co. Ltd.		17,100		441,669		160.5
Sumitomo Chemical Co. Ltd.		500,600		1,535,441		558.0
Sumitomo Dainippon Pharma Co. Ltd.		1,700		23,521		8.5
Sumitomo Mitsui Financial Group, Inc.		10,300		270,861		98.4
Sysmex Corp.		6,100		421,432		153.2
Taisei Corp.		3,300		102,868		37.4
Taisho Pharmaceutical Holdings Co. Ltd.		16,100		1,005,868		365.5
Takara Holdings, Inc.		28,600		210,473		76.5
Takeda Pharmaceutical Co. Ltd.		23,300		840,232		305.4
Terumo Corp.		17,300		574,059		208.6
Toho Co. Ltd.		2,000		65,495		23.8
Tokyo Electron Ltd.		1,300		276,875		100.6
Topcon Corp.		4,800		39,412		14.3
Toray Industries, Inc.		67,500		309,468		112.5
TOTO Ltd.		4,300		149,671		54.4
Toyo Seikan Group Holdings Ltd.		7,000		71,014		25.8
Ulvac, Inc.		9,100		250,820		91.2


	Shares		Value		% of Basket Value

Japan (continued)
Yamaha Corp.		6,300	$	254,301		92.4	%
Yamaha Motor Co. Ltd.		4,900		63,042		22.9
Yamato Kogyo Co. Ltd.		13,700		268,859		97.7
Yokogawa Electric Corp.		26,100		355,752		129.3
Zenkoku Hosho Co. Ltd.		2,500		72,845		26.5

				38,274,719

Luxembourg
SES SA		3,272		21,798		7.9


Macau
Sands China Ltd.		241,600		978,117		355.5


Netherlands
Akzo Nobel NV		9,752		740,077		269.0
ASML Holding NV		1,066		316,167		114.9
BE Semiconductor Industries NV		1,526		63,155		22.9
Euronext NV		13,533		1,136,149		412.9
ING Groep NV		49,541		277,568		100.9
Just Eat Takeaway		3,054		313,924		114.1

				2,847,040

New Zealand
Fisher & Paykel Healthcare Corp. Ltd.		2,966		49,552		18.0


Norway
Aker BP ASA		5,278		86,651		31.5
Leroy Seafood Group ASA		81,904		434,968		158.1
Schibsted ASA, Class A		11,653		247,219		89.8
TGS Nopec Geophysical Co. ASA		1,166		17,857		6.5

				786,695

Portugal
Galp Energia SGPS SA		3,937		45,437		16.5


Singapore
City Developments Ltd.		48,100		268,867		97.7
ComfortDelGro Corp. Ltd.		49,600		57,825		21.0
Singapore Post Ltd.		104,700		53,951		19.6
Wilmar International Ltd.		210,800		530,853		193.0

				911,496

Spain
Industria de Diseno Textil SA		7,377		188,942		68.6
Merlin Properties Socimi SA		10,646		98,698		35.9

				287,640

Sweden
BillerudKorsnas AB		18,755		236,445		85.9
Castellum AB		6,896		120,955		44.0
Elekta AB, B Shares, Class B		34,584		314,209		114.2
Fabege AB		76,076		901,190		327.5
Hufvudstaden AB, A Shares		44,446		569,510		207.0
Indutrade AB		4,151		133,450		48.5
Investment AB Latour, -B Shares		3,980		59,505		21.6
L E Lundbergforetagen AB, B Shares		1,531		64,282		23.4
Swedish Match AB		38		2,348		0.8

				2,401,894

Switzerland
Belimo Holding AG		24		159,782		58.1
Coca-Cola HBC AG		9,531		241,503		87.8
Galenica AG		3,386		242,473		88.1
Geberit AG, Registered Shares		225		100,621		36.6
Givaudan SA, Registered Shares		153		513,053		186.5
Kuehne + Nagel International AG, Registered Shares		670		95,838		34.8


	Shares			Value			% of Basket Value

Switzerland (continued)
Landis+Gyr Group AG		5,572		$	376,277			136.7	%
PSP Swiss Property AG, Registered Shares		233			27,067			9.8
Sika AG, Registered Shares		873			144,402			52.5
Swiss Prime Site AG, Registered Shares		6,631			631,314			229.4
Vifor Pharma AG		6,317			947,702			344.4

					3,480,032

United Kingdom
Ashmore Group PLC		278,798			1,329,262			483.1
ASOS PLC		460			13,870			5.0
Barratt Developments PLC		120,786			787,447			286.2
Britvic PLC		17,772			163,586			59.5
Centrica PLC		177,560			89,231			32.4
Dialog Semiconductor PLC		21,062			661,449			240.4
Dunelm Group PLC		37,736			435,994			158.4
Fevertree Drinks PLC		12,917			281,929			102.5
Games Workshop Group PLC		397			30,101			10.9
Great Portland Estates PLC		2,989			25,458			9.3
Hiscox Ltd.		1,638			14,410			5.2
HomeServe PLC		19,582			274,298			99.7
Howden Joinery Group PLC		158,731			1,046,705			380.4
Informa PLC		141,330			780,687			283.7
Marks & Spencer Group PLC		175,294			204,229			74.2
Meggitt PLC		191,094			669,145			243.2
Melrose Industries PLC		395,390			494,199			179.6
Redrow PLC		66,325			385,369			140.1
Renishaw PLC		842			37,267			13.5
Schroders PLC		7,541			251,866			91.5
Taylor Wimpey PLC		6,916			12,773			4.6
Travis Perkins PLC		22,497			293,754			106.8
Vistry Group PLC		68,380			694,437			252.4
Vodafone Group PLC		101,692			143,454			52.1
WPP PLC		93,044			721,940			262.4

					9,842,860

United States
Elastic NV		3,639			233,405			84.8
Etsy, Inc.		1,590			103,143			37.5
Green Dot Corp., Class A		1,257			38,339			13.9
Hill-Rom Holdings, Inc.		1,491			167,723			61.0
HubSpot, Inc.		1,911			322,252			117.1
Mettler-Toledo International, Inc.		171			123,110			44.7
New Relic, Inc.		1,993			107,004			38.9
Paylocity Holding Corp.		848			97,121			35.3
Ryder System, Inc.		2,465			87,261			31.7
ServiceMaster Global Holdings, Inc.		369			12,564			4.6
Sims Ltd.		2,536			11,400			4.1
Snap-on, Inc.		150			19,544			7.1
TriNet Group, Inc.		241			11,802			4.3

					1,334,668

Zambia
First Quantum Minerals Ltd.		34,511			210,743			76.6


Total Reference Entity — Long					84,483,332


Reference Entity — Short

Australia
AMP Ltd.		(88,853	)		(81,981	)		(29.8	)
AusNet Services		(108,380	)		(132,183	)		(48.0	)
Boral Ltd.		(63,451	)		(123,316	)		(44.8	)
Cleanaway Waste Management, Ltd.		(326,180	)		(393,544	)		(143.0	)
Domain Holdings Australia Ltd.		(11,461	)		(19,407	)		(7.1	)


	Shares			Value			% of Basket Value

Australia
Iluka Resources Ltd.		(35,701	)	$	(177,078	)		(64.4	) %
Magellan Financial Group, Ltd.		(3,161	)		(103,544	)		(37.6	)
Orora Ltd.		(326,789	)		(543,078	)		(197.4	)
Qube Holdings Ltd.		(86,889	)		(180,878	)		(65.7	)
Ramsay Health Care, Ltd.		(6,812	)		(276,646	)		(100.6	)
Scentre Group		(151,868	)		(228,143	)		(82.9	)
Seven Group Holdings Ltd.		(1,268	)		(12,469	)		(4.5	)
Suncorp Group Ltd.		(8,353	)		(49,657	)		(18.1	)
Tabcorp Holdings, Ltd.		(160,611	)		(334,854	)		(121.7	)
TPG Telecom Ltd.		(70,312	)		(335,509	)		(121.9	)
Vicinity Centres		(73,350	)		(70,220	)		(25.5	)
Wesfarmers, Ltd.		(38,679	)		(939,491	)		(341.4	)
Woolworths, Ltd.		(3,282	)		(76,459	)		(27.8	)

					(4,078,457	)

Canada
Alimentation Couche-Tard, Inc., Class B		(3,535	)		(98,638	)		(35.9	)
Bombardier, Inc., Class B		(606,508	)		(213,505	)		(77.6	)
Canadian Utilities, Ltd.		(7,702	)		(187,909	)		(68.3	)
Centerra Gold, Inc.		(7,618	)		(60,913	)		(22.1	)
Constellation Software, Inc.		(1,087	)		(1,045,283	)		(379.9	)
Descartes Systems Group, Inc.		(498	)		(20,933	)		(7.6	)
Empire Co. Ltd., Class A		(666	)		(14,703	)		(5.3	)
Imperial Oil, Ltd.		(7,633	)		(123,328	)		(44.8	)
Kinaxis, Inc.		(1,234	)		(124,043	)		(45.1	)
Kinross Gold Corp.		(34,834	)		(229,983	)		(83.6	)
Maple Leaf Foods, Inc.		(22,176	)		(409,920	)		(149.0	)
Norbord, Inc.		(1,526	)		(24,755	)		(9.0	)
Northland Power, Inc.		(4,303	)		(92,339	)		(33.6	)
Novagold Resources, Inc.		(59,584	)		(668,632	)		(243.0	)
Pembina Pipeline Corp.		(4,949	)		(113,490	)		(41.2	)
Premium Brands Holdings Corp.		(9,588	)		(578,194	)		(210.1	)
Restaurant Brands International, Inc.		(12,357	)		(602,780	)		(219.1	)
Ritchie Bros Auctioneers, Inc.		(14,275	)		(614,401	)		(223.3	)
Saputo, Inc.		(15,566	)		(391,401	)		(142.2	)
Shopify, Inc., Class A		(204	)		(129,378	)		(47.0	)
SmartCentres Real Estate Investment Trust		(30,881	)		(472,993	)		(171.9	)
Stars Group, Inc.		(11,384	)		(317,569	)		(115.4	)
TransAlta Corp.		(15,542	)		(91,446	)		(33.2	)

					(6,626,536	)

Chile
Antofagasta PLC		(21,628	)		(221,469	)		(80.5	)


China
FIH Mobile, Ltd.		(48,000	)		(5,365	)		(1.9	)
Minth Group Ltd.		(8,000	)		(19,237	)		(7.0	)

					(24,602	)

Denmark
AP Moeller — Maersk A/S		(512	)		(509,570	)		(185.2	)
AP Moeller — Maersk A/S		(623	)		(577,269	)		(209.8	)
Danske Bank A/S		(104,296	)		(1,238,314	)		(450.0	)
ISS A/S		(2,569	)		(38,194	)		(13.9	)
Jyske Bank A/S, Registered Shares		(4,814	)		(129,944	)		(47.2	)
Rockwool International A/S, -B Shares		(2,808	)		(590,127	)		(214.5	)
Topdanmark A/S		(4,746	)		(191,583	)		(69.6	)

					(3,275,001	)

Finland
Fortum OYJ		(3,093	)		(51,251	)		(18.6	)
Metsa Board OYJ		(39,292	)		(273,683	)		(99.5	)
Nordea Bank Abp		(91,373	)		(586,061	)		(213.0	)
Stora Enso OYJ, -R Shares		(87,093	)		(1,024,610	)		(372.4	)
TietoEVRY OYJ		(7,299	)		(177,852	)		(64.6	)

					(2,113,457	)


	Shares			Value			% of Basket Value

France
Bollore SA		(299,916	)	$	(794,844	)		(288.9	) %
Dassault Aviation SA		(104	)		(84,698	)		(30.8	)
Eurazeo SE		(12,267	)		(587,505	)		(213.5	)
Faurecia SE		(6,415	)		(229,859	)		(83.5	)
La Francaise des Jeux SAEM		(5,898	)		(168,725	)		(61.3	)

					(1,865,631	)

Germany
Bayer AG, Registered Shares		(3,181	)		(209,212	)		(76.0	)
Bechtle AG		(872	)		(126,107	)		(45.8	)
Daimler AG		(3,461	)		(119,604	)		(43.5	)
Deutsche Bank AG		(112,064	)		(829,971	)		(301.6	)
Fuchs Petrolub SE		(8,311	)		(322,264	)		(117.1	)
HeidelbergCement AG		(5,317	)		(252,085	)		(91.6	)
LANXESS AG		(12,261	)		(603,307	)		(219.3	)
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		(754	)		(165,144	)		(60.0	)
Schaeffler AG		(19,125	)		(129,140	)		(46.9	)
TeamViewer AG		(7,814	)		(339,094	)		(123.3	)
TUI AG		(92,770	)		(369,568	)		(134.3	)
Volkswagen AG		(3,219	)		(447,863	)		(162.8	)

					(3,913,359	)

Hong Kong
Haitong International Securities Group Ltd.		(108,000	)		(25,286	)		(9.2	)
Vitasoy International Holdings Ltd.		(24,000	)		(85,596	)		(31.1	)

					(110,882	)

Japan
Acom Co. Ltd.		(62,100	)		(250,898	)		(91.2	)
Advance Residence Investment Corp.		(29	)		(88,980	)		(32.3	)
Amada Co. Ltd.		(10,600	)		(95,814	)		(34.8	)
Bank of Kyoto Ltd.		(24,200	)		(828,326	)		(301.0	)
Brother Industries Ltd.		(8,400	)		(142,367	)		(51.7	)
Canon Marketing Japan, Inc.		(1,800	)		(34,644	)		(12.6	)
The Chiba Bank Ltd.		(5,200	)		(24,128	)		(8.8	)
Chubu Electric Power Co., Inc.		(11,300	)		(152,821	)		(55.5	)
Chugoku Bank Ltd.		(52,400	)		(482,500	)		(175.4	)
Daiwa House REIT Investment Corp.		(21	)		(50,812	)		(18.5	)
Daiwa Office Investment Corp.		(26	)		(143,838	)		(52.3	)
DMG Mori Co., Ltd.		(27,700	)		(283,224	)		(102.9	)
Dowa Holdings Co. Ltd.		(2,000	)		(55,316	)		(20.1	)
Ebara Corp.		(1,500	)		(33,070	)		(12.0	)
Ezaki Glico Co., Ltd.		(1,400	)		(61,488	)		(22.3	)
FP Corp.		(3,800	)		(286,652	)		(104.2	)
FUJIFILM Holdings Corp.		(21,000	)		(1,000,283	)		(363.5	)
Fujitsu Ltd.		(6,200	)		(602,320	)		(218.9	)
Furukawa Electric Co., Ltd.		(1,000	)		(18,823	)		(6.8	)
GMO Payment Gateway, Inc.		(7,800	)		(695,365	)		(252.7	)
Gunma Bank Ltd.		(23,700	)		(75,879	)		(27.6	)
Hachijuni Bank Ltd.		(383,300	)		(1,368,707	)		(497.4	)
Hamamatsu Photonics KK		(15,800	)		(690,606	)		(251.0	)
Hitachi Construction Machinery Co., Ltd.		(47,800	)		(1,121,494	)		(407.6	)
Hokuhoku Financial Group, Inc.		(3,500	)		(28,438	)		(10.3	)
Hulic Co., Ltd.		(5,400	)		(53,406	)		(19.4	)
Ibiden Co. Ltd.		(23,500	)		(600,660	)		(218.3	)
Ichigo, Inc.		(58,200	)		(149,038	)		(54.2	)
Ito En Ltd.		(11,200	)		(622,181	)		(226.1	)
ITOCHU Corp.		(4,500	)		(88,223	)		(32.1	)
Itochu Techno-Solutions Corp.		(31,300	)		(956,358	)		(347.6	)
Iyo Bank Ltd.		(241,100	)		(1,291,630	)		(469.4	)
Japan Airport Terminal Co. Ltd.		(19,400	)		(786,714	)		(285.9	)
Japan Aviation Electronics Industry, Ltd.		(6,300	)		(81,728	)		(29.7	)
Japan Exchange Group, Inc.		(5,000	)		(93,002	)		(33.8	)


	Shares			Value			% of Basket Value

Japan (continued)
JSR Corp.		(4,800	)	$	(90,293	)		(32.8	) %
Kagome Co., Ltd.		(1,600	)		(40,860	)		(14.8	)
Kaken Pharmaceutical Co. Ltd.		(4,600	)		(253,191	)		(92.0	)
Kansai Mirai Financial Group, Inc.		(29,600	)		(99,519	)		(36.2	)
Kawasaki Heavy Industries Ltd.		(2,800	)		(42,308	)		(15.4	)
Kawasaki Kisen Kaisha Ltd.		(59,200	)		(582,421	)		(211.7	)
Keihan Holdings Co. Ltd.		(11,100	)		(498,897	)		(181.3	)
Keihin Corp.		(5,900	)		(140,735	)		(51.1	)
Keikyu Corp.		(35,500	)		(583,466	)		(212.0	)
Keio Corp.		(800	)		(45,254	)		(16.4	)
Kikkoman Corp.		(4,200	)		(192,990	)		(70.1	)
Kinden Corp.		(7,600	)		(122,292	)		(44.4	)
Kintetsu Group Holdings Co. Ltd.		(11,000	)		(525,476	)		(191.0	)
Kobayashi Pharmaceutical Co., Ltd.		(7,600	)		(704,502	)		(256.0	)
Kobe Steel, Ltd.		(67,900	)		(227,098	)		(82.5	)
Koei Tecmo Holdings Co. Ltd.		(29,800	)		(783,918	)		(284.9	)
Kurita Water Industries Ltd.		(18,500	)		(516,129	)		(187.6	)
Kyushu Financial Group, Inc.		(73,900	)		(311,759	)		(113.3	)
LINE Corp.		(12,700	)		(621,228	)		(225.8	)
Makita Corp.		(13,100	)		(426,568	)		(155.0	)
Maruichi Steel Tube Ltd.		(5,300	)		(119,170	)		(43.3	)
Mebuki Financial Group, Inc.		(14,300	)		(30,039	)		(10.9	)
Minebea Mitsumi, Inc.		(2,300	)		(37,396	)		(13.6	)
Mitsubishi Corp.		(34,900	)		(740,159	)		(269.0	)
Mitsubishi Estate Co. Ltd.		(3,500	)		(56,624	)		(20.6	)
Mitsubishi Heavy Industries, Ltd.		(21,500	)		(551,338	)		(200.4	)
Mitsubishi Logistics Corp.		(2,100	)		(46,366	)		(16.9	)
Mitsui OSK Lines Ltd.		(42,500	)		(737,149	)		(267.9	)
Miura Co. Ltd.		(5,700	)		(235,192	)		(85.5	)
Mizuho Financial Group, Inc.		(130,000	)		(151,375	)		(55.0	)
Morinaga & Co., Ltd.		(500	)		(20,548	)		(7.5	)
Nabtesco Corp.		(12,600	)		(360,553	)		(131.0	)
Nagoya Railroad Co. Ltd.		(31,700	)		(907,132	)		(329.7	)
NET One Systems Co. Ltd.		(700	)		(20,286	)		(7.4	)
Nippo Corp.		(1,900	)		(42,728	)		(15.5	)
Nippon Accommodations Fund, Inc.		(26	)		(154,419	)		(56.1	)
Nippon Yusen KK		(6,400	)		(84,247	)		(30.6	)
Nishi-Nippon Financial Holdings, Inc.		(2,800	)		(16,341	)		(5.9	)
Nissan Shatai Co. Ltd.		(1,900	)		(15,210	)		(5.5	)
NOF Corp.		(1,500	)		(49,705	)		(18.1	)
Nomura Holdings, Inc.		(109,400	)		(453,968	)		(165.0	)
Nomura Research Institute Ltd.		(800	)		(19,585	)		(7.1	)
NTN Corp.		(19,100	)		(36,634	)		(13.3	)
NTT Data Corp.		(7,600	)		(77,552	)		(28.2	)
NTT DOCOMO, Inc.		(3,100	)		(91,361	)		(33.2	)
OBIC Business Consultants Co. Ltd.		(5,700	)		(254,871	)		(92.6	)
Oji Holdings Corp.		(10,600	)		(53,821	)		(19.6	)
Olympus Corp.		(900	)		(14,280	)		(5.2	)
Oracle Corp. Japan		(1,800	)		(185,306	)		(67.3	)
Orient Corp.		(170,700	)		(195,246	)		(71.0	)
Oriental Land Co. Ltd.		(1,100	)		(139,090	)		(50.5	)
PALTAC Corp.		(1,100	)		(57,446	)		(20.9	)
Panasonic Corp.		(50,900	)		(388,010	)		(141.0	)
Pigeon Corp.		(7,000	)		(249,269	)		(90.6	)
Rinnai Corp.		(1,300	)		(98,469	)		(35.8	)
Sega Sammy Holdings, Inc.		(10,200	)		(123,551	)		(44.9	)
Sekisui House Reit, Inc.		(34	)		(20,769	)		(7.5	)
Sharp Corp.		(43,400	)		(477,750	)		(173.6	)
Shiga Bank Ltd.		(30,000	)		(706,597	)		(256.8	)
Shimano, Inc.		(100	)		(14,736	)		(5.4	)
Shinsei Bank Ltd.		(28,700	)		(346,206	)		(125.8	)
Shizuoka Bank Ltd.		(16,300	)		(98,961	)		(36.0	)
Shochiku Co. Ltd.		(8,100	)		(883,046	)		(320.9	)
Showa Corp.		(24,700	)		(519,018	)		(188.6	)


	Shares			Value			% of Basket Value

Japan (continued)
Showa Denko KK		(7,100	)	$	(155,404	)		(56.5	) %
Skylark Holdings Co. Ltd.		(49,500	)		(731,684	)		(265.9	)
SMC Corp.		(1,200	)		(542,427	)		(197.1	)
SoftBank Group Corp.		(600	)		(25,718	)		(9.3	)
Sony Corp.		(6,600	)		(424,737	)		(154.4	)
Sony Financial Holdings, Inc.		(40,700	)		(771,535	)		(280.4	)
Square Enix Holdings Co. Ltd.		(3,200	)		(131,155	)		(47.7	)
Sumco Corp.		(15,700	)		(223,522	)		(81.2	)
Sumitomo Forestry Co., Ltd.		(4,400	)		(54,358	)		(19.8	)
Sumitomo Heavy Industries Ltd.		(6,100	)		(128,552	)		(46.7	)
Sumitomo Rubber Industries, Ltd.		(11,100	)		(107,743	)		(39.2	)
Sushiro Global Holdings Ltd.		(49,700	)		(766,542	)		(278.6	)
Suzuki Motor Corp.		(6,700	)		(213,832	)		(77.7	)
Taiyo Nippon Sanso Corp.		(37,400	)		(580,101	)		(210.8	)
Taiyo Yuden Co. Ltd.		(17,100	)		(476,795	)		(173.3	)
Tobu Railway Co. Ltd.		(32,400	)		(1,099,009	)		(399.4	)
Toho Gas Co. Ltd.		(26,500	)		(1,302,069	)		(473.2	)
Tokai Carbon Co. Ltd.		(79,900	)		(660,746	)		(240.1	)
Tokuyama Corp.		(10,600	)		(223,660	)		(81.3	)
Tokyo Broadcasting System Holdings, Inc.		(3,000	)		(46,383	)		(16.9	)
Tokyo Electric Power Co. Holdings, Inc.		(94,400	)		(317,780	)		(115.5	)
Tokyo Tatemono Co. Ltd.		(7,000	)		(78,726	)		(28.6	)
Toppan Printing Co., Ltd.		(6,100	)		(90,616	)		(32.9	)
Toyo Suisan Kaisha Ltd.		(3,700	)		(177,921	)		(64.7	)
Toyo Tire Corp.		(40,600	)		(475,396	)		(172.8	)
Toyota Industries Corp.		(7,600	)		(382,536	)		(139.0	)
Workman Co. Ltd.		(600	)		(37,965	)		(13.8	)
Yamada Denki Co. Ltd.		(15,000	)		(71,132	)		(25.9	)
Yamazaki Baking Co., Ltd.		(48,500	)		(857,676	)		(311.7	)
Yoshinoya Holdings Co. Ltd.		(8,400	)		(173,591	)		(63.1	)
Zensho Holdings Co. Ltd.		(5,500	)		(108,264	)		(39.3	)

					(41,467,731	)

Jordan
Hikma Pharmaceuticals PLC		(3,504	)		(104,363	)		(37.9	)


Kazakhstan
KAZ Minerals PLC		(109,649	)		(570,299	)		(207.2	)


Luxembourg
Millicom International Cellular SA		(1,097	)		(28,507	)		(10.4	)


Macau
MGM China Holdings Ltd.		(53,200	)		(65,697	)		(23.9	)


Netherlands
Aalberts NV		(4,387	)		(123,537	)		(44.9	)
Koninklijke Ahold Delhaize NV		(527	)		(12,798	)		(4.6	)
SBM Offshore NV		(37,135	)		(470,689	)		(171.1	)

					(607,024	)

New Zealand
a2 Milk Co. Ltd.		(45,198	)		(533,045	)		(193.7	)
Fletcher Building Ltd.		(11,238	)		(25,179	)		(9.2	)
Spark New Zealand Ltd.		(18,111	)		(49,014	)		(17.8	)

					(607,238	)

Norway
Equinor ASA		(5,086	)		(71,214	)		(25.9	)


Singapore
Genting Singapore Ltd.		(338,300	)		(187,712	)		(68.2	)
Golden Agri-Resources Ltd.		(270,800	)		(29,779	)		(10.8	)
Keppel REIT		(93,900	)		(70,135	)		(25.5	)
Mapletree North Asia Commercial Trust		(168,300	)		(111,775	)		(40.6	)
SembCorp Industries Ltd.		(372,200	)		(426,395	)		(155.0	)
Sembcorp Marine Ltd.		(2,731,863	)		(1,444,277	)		(524.9	)
Suntec Real Estate Investment Trust		(183,000	)		(180,753	)		(65.7	)

					(2,450,826	)


	Shares			Value			% of Basket Value

Sweden
Electrolux Professional AB		(132,913	)	$	(305,998	)		(111.2	) %
EQT AB		(17,932	)		(247,790	)		(90.0	)
Essity AB		(4,183	)		(136,136	)		(49.5	)
Fastighets AB Balder		(8,919	)		(352,454	)		(128.1	)
Loomis AB		(21,130	)		(515,271	)		(187.3	)
Nibe Industrier AB, -B Shares		(43,157	)		(805,170	)		(292.6	)
Samhallsbyggnadsbolaget i Norden AB		(174,523	)		(337,974	)		(122.8	)
Securitas AB, -B Shares		(24,229	)		(286,682	)		(104.2	)
SKF AB, -B Shares		(49,440	)		(780,342	)		(283.6	)
Svenska Cellulosa AB SCA, Class B		(13,643	)		(144,707	)		(52.6	)
Volvo AB, -B Shares		(18,081	)		(231,700	)		(84.2	)

					(4,144,224	)

Switzerland
Banque Cantonale Vaudoise		(803	)		(709,025	)		(257.6	)
Cembra Money Bank AG		(3,597	)		(341,959	)		(124.3	)
EMS-Chemie Holding AG		(1,097	)		(709,399	)		(257.8	)
Flughafen Zurich AG		(2,214	)		(273,798	)		(99.5	)
Georg Fischer AG, Registered Shares		(376	)		(280,608	)		(102.0	)
LafargeHolcim Ltd.		(49,940	)		(2,074,156	)		(753.8	)
Lonza Group AG, Registered Shares		(387	)		(168,990	)		(61.4	)

					(4,557,935	)

United Kingdom
Admiral Group PLC		(13,110	)		(382,557	)		(139.0	)
Auto Trader Group PLC		(74,555	)		(429,176	)		(156.0	)
Avast PLC		(15,233	)		(87,742	)		(31.9	)


	Shares			Value			% of Basket Value

United Kingdom (continued)
Barclays PLC		(32,757	)	$	(45,808	)		(16.6	) %
BT Group PLC		(376,150	)		(548,247	)		(199.2	)
CRH PLC		(8,905	)		(270,165	)		(98.2	)
Domino’s Pizza Group PLC		(41,616	)		(180,338	)		(65.5	)
DS Smith PLC		(86,959	)		(340,962	)		(123.9	)
GVC Holdings PLC		(36,357	)		(345,094	)		(125.4	)
Halma PLC		(26,889	)		(706,922	)		(256.9	)
Inchcape PLC		(64,205	)		(404,433	)		(147.0	)
InterContinental Hotels Group PLC		(4,555	)		(207,492	)		(75.4	)
National Grid PLC		(5,807	)		(68,051	)		(24.7	)
Pearson PLC		(20,041	)		(115,569	)		(42.0	)
Pets at Home Group PLC		(15,340	)		(49,116	)		(17.9	)
Prudential PLC		(30,438	)		(429,401	)		(156.1	)
Signature Aviation PLC		(288,732	)		(709,100	)		(257.7	)
St. James’s Place PLC		(3,411	)		(36,321	)		(13.2	)

					(5,356,494	)

United States
Carnival PLC		(20,090	)		(276,845	)		(100.6	)
Chewy, Inc., Class A		(9,127	)		(394,651	)		(143.4	)
Slack Technologies, Inc., Class A		(46,778	)		(1,248,505	)		(453.8	)
Ubiquiti, Inc.		(168	)		(27,221	)		(9.9	)

					(1,947,222	)


Total Reference Entity — Short					(84,208,168	)


Net Value of Reference Entity — UBS AG				$	275,164

Balances Reported in the Statements of Assets and Liabilities for OTC Swaps and Options Written

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

For the period ended April 30, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

The following tables summarize the Fund’s investments and derivative financial instruments categorized in the disclosure hierarchy:

BlackRock Funds^SM (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust is organized as a Massachusetts business trust. The following, each of which is a series of the Trust, are referred to herein collectively as the “Funds” or individually as a “Fund”:

Each Fund offers multiple classes of shares. All classes of shares have identical voting, dividend, liquidation and other rights and are subject to the same terms and conditions, except that certain classes bear expenses related to the shareholder servicing and distribution of such shares. Institutional and Class K Shares are sold only to certain eligible investors. Investor A and Investor C Shares bear certain expenses related to shareholder servicing of such shares, and Investor C Shares also bear certain expenses related to the distribution of such shares. Investor A and Investor C Shares are generally available through financial intermediaries. Each class has exclusive voting rights with respect to matters relating to its shareholder servicing and distribution expenditures (except that Investor C shareholders may vote on material changes to the Investor A Shares distribution and service plan).

On November 13, 2019, the Board of Trustees of the Trust (the “Board”) approved a change in the fiscal year-end of each Fund, effective as of April 30 from July 31 to April 30.

The Funds, together with certain other registered investment companies advised by BlackRock Advisors, LLC (the “Manager”) or its affiliates, are included in a complex of equity, multi-asset, index and money market funds referred to as the BlackRock Multi-Asset Complex.

The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:

Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined on the identified cost basis. Dividend income is recorded on the ex-dividend date. Dividends from foreign securities where the ex-dividend date may have passed are subsequently recorded when the Funds are informed of the ex-dividend date. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest. Upon notification from issuers, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain. Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized on an accrual basis. Income, expenses and realized and unrealized gains and losses are allocated daily to each class based on its relative net assets.

Foreign Currency Translation: Each Fund’s books and records are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using exchange rates determined as of the close of trading on the New York Stock Exchange (“NYSE”). Purchases and sales of investments are recorded at the rates of exchange prevailing on the respective dates of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the investments denominated in that currency will lose value; the opposite effect occurs if the U.S. dollar falls in relative value.

Each Fund does not isolate the portion of the results of operations arising as a result of changes in the exchange rates from the changes in the market prices of investments held or sold for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the Statements of Operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments. Each Fund reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.

Segregation and Collateralization: In cases where a Fund enters into certain investments (e.g., futures contracts, options written and swaps) that would be treated as “senior securities” for 1940 Act purposes, a Fund may segregate or designate on its books and records cash or liquid assets having a market value at least equal to the amount of its future obligations under such investments. Doing so allows the investment to be excluded from treatment as a “senior security.” Furthermore, if required by an exchange or counterparty agreement, the Funds may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments or obligations.

Distributions: Distributions paid by the Funds are recorded on the ex-dividend date. Distributions of capital gains are recorded on the ex-dividend date and made at least annually. The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.

Indemnifications: In the normal course of business, a Fund enters into contracts that contain a variety of representations that provide general indemnification. A Fund’s maximum exposure under these arrangements is unknown because it involves future potential claims against a Fund, which cannot be predicted with any certainty.

Other: Expenses directly related to a Fund or its classes are charged to that Fund or the applicable class. Other operating expenses shared by several funds, including other funds managed by the Manager, are prorated among those funds on the basis of relative net assets or other appropriate methods. Expenses directly related to the Funds and other shared expenses prorated to the Funds are allocated daily to each class based on their relative net assets or other appropriate methods.

Investment Valuation Policies: The Funds’ investments are valued at fair value (also referred to as “market value” within the financial statements) as of the close of trading on the NYSE (generally 4:00 p.m., Eastern time). U.S. GAAP defines fair value as the price the Funds would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Funds determine the fair values of their financial instruments using various independent dealers or pricing services under policies approved by the Board. If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with a policy approved by the Board as reflecting fair value. The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed by management to develop global pricing policies and procedures and to oversee the pricing function for all financial instruments.

Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of each Fund’s assets and liabilities:

Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the NYSE. Occasionally, events affecting the values of such instruments may occur between the foreign market close and the close of trading on the NYSE that may not be reflected in the computation of the Funds’ net assets. Each business day, the Funds use a pricing service to assist with the valuation of certain foreign exchange-traded equity securities and foreign exchange-traded and over-the-counter (“OTC”) options (the “Systematic Fair Value Price”). Using current market factors, the Systematic Fair Value Price is designed to value such foreign securities and foreign options at fair value as of the close of trading on the NYSE, which follows the close of the local markets.

If events (e.g., a company announcement, market volatility or a natural disaster) occur that are expected to materially affect the value of such investments, or in the event that the application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Global Valuation Committee, or its delegate, in accordance with a policy approved by the Board as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Global Valuation Committee will include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Global Valuation Committee, or its delegate, seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Global Valuation Committee, or its delegate, deems relevant and consistent with the principles of fair value measurement. The pricing of all Fair Valued Investments is subsequently reported to the Board or a committee thereof on a quarterly basis.

For investments in equity or debt issued by privately held companies or funds (“Private Company” or collectively, the “Private Companies”) and other Fair Valued Investments, the fair valuation approaches that are used by the Global Valuation Committee and third party pricing services utilize one or a combination of, but not limited to, the following inputs.

Investments in series of preferred stock issued by Private Companies are typically valued utilizing market approach in determining the enterprise value of the company. Such investments often contain rights and preferences that differ from other series of preferred and common stock of the same issuer. Valuation techniques such as an option pricing model (“OPM”), a probability weighted expected return model (“PWERM”) or a hybrid of those techniques are used in allocating enterprise value of the company, as deemed appropriate under the circumstances. The use of OPM and PWERM techniques involve a determination of the exit scenarios of the investment in order to appropriately allocate the enterprise value of the company among the various parts of its capital structure.

The Private Companies are not subject to the public company disclosure, timing, and reporting standards as other investments held by a Fund. Typically, the most recently available information by a Private Company is as of a date that is earlier than the date a Fund is calculating its NAV. This factor may result in a difference between the value of the investment and the price a Fund could receive upon the sale of the investment.

Fair Value Hierarchy: Various inputs are used in determining the fair value of investments and derivative financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial statement purposes as follows:

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Global Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by Private Companies. There may not be a secondary market, and/or there are a limited number of investors. The categorization of a value determined for investments and derivative financial instruments is based on the pricing transparency of the investments and derivative financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

Preferred Stocks: Preferred stock has a preference over common stock in liquidation (and generally in receiving dividends as well), but is subordinated to the liabilities of the issuer in all respects. As a general rule, the market value of preferred stock with a fixed dividend rate and no conversion element varies inversely with interest rates and perceived credit risk, while the market price of convertible preferred stock generally also reflects some element of conversion value. Because preferred stock is junior to debt securities and other obligations of the issuer, deterioration in the credit quality of the issuer will cause greater changes in the value of a preferred stock than in a more senior debt security with similar stated yield characteristics. Unlike interest payments on debt securities, preferred stock dividends are payable only if declared by the issuer’s board of directors. Preferred stock also may be subject to optional or mandatory redemption provisions.

Securities Lending: Certain Funds may lend their securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Funds collateral consisting of cash, an irrevocable letter of credit issued by a bank, or securities issued or guaranteed by the U.S. Government. The initial collateral received by each Fund is required to have a value of at least 102% of the current value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current market value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund, or excess collateral returned by the Fund, on the next business day. During the term of the loan, the Funds are entitled to all distributions made on or in respect of the loaned securities, but do not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

The market value of any securities on loan, all of which were classified as common stocks in the Funds’ Schedules of Investments, and the value of any related collateral are shown separately in the Statements of Assets and Liabilities as a component of investments at value-unaffiliated, and collateral on securities loaned at value, respectively. As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested by the securities lending agent, BlackRock Investment Management, LLC (“BIM”), if any, is disclosed in the Schedules of Investments.

The Funds engage in various portfolio investment strategies using derivative contracts both to increase the returns of the Funds and/or to manage their exposure to certain risks such as credit risk, equity risk, interest rate risk, foreign currency exchange rate risk, commodity price risk or other risks (e.g., inflation risk). Derivative financial instruments categorized by risk exposure are included in the Schedules of Investments. These contracts may be transacted on an exchange or OTC.

Futures Contracts: Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk) and changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk).

Futures contracts are agreements between the Funds and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. Upon entering into a futures contract, the Funds are required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract’s size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the Statements of Assets and Liabilities.

Securities deposited as initial margin are designated in the Schedules of Investments and cash deposited, if any, are shown as cash pledged for futures contracts in the Statements of Assets and Liabilities. Pursuant to the contract, the Funds agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable) on futures contracts in the Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest, foreign currency exchange rates or underlying assets.

Options: Certain Funds purchase and write call and put options to increase or decrease their exposure to the risks of underlying instruments, including equity risk, interest rate risk and/or commodity price risk and/or, in the case of options written, to generate gains from options premiums.

A call option gives the purchaser (holder) of the option the right (but not the obligation) to buy, and obligates the seller (writer) to sell (when the option is exercised) the underlying instrument at the exercise or strike price at any time or at a specified time during the option period. A put option gives the holder the right to sell and obligates the writer to buy the underlying instrument at the exercise or strike price at any time or at a specified time during the option period.

Premiums paid on options purchased and premiums received on options written, as well as the daily fluctuation in market value, are included in investments at value — unaffiliated and options written at value, respectively, in the Statements of Assets and Liabilities. When an instrument is purchased or sold through the exercise of an option, the premium is offset against the cost or proceeds of the underlying instrument. When an option expires, a realized gain or loss is recorded in the Statements of Operations to the extent of the premiums received or paid. When an option is closed or sold, a gain or loss is recorded in the Statements of Operations to the extent the cost of the closing transaction exceeds the premiums received or paid. When the Funds write a call option, such option is typically “covered,” meaning that they hold the underlying instrument subject to being called by the option counterparty. When the Funds write a put option, cash is segregated in an amount sufficient to cover the obligation. These amounts, which are considered restricted, are included in cash pledged as collateral for options written in the Statements of Assets and Liabilities.

In purchasing and writing options, the Funds bear the risk of an unfavorable change in the value of the underlying instrument or the risk that they may not be able to enter into a closing transaction due to an illiquid market. Exercise of a written option could result in the Funds purchasing or selling a security when they otherwise would not, or at a price different from the current market value.

Swaps: Swap contracts are entered into to manage exposure to issuers, markets and securities. Such contracts are agreements between the Funds and a counterparty to make periodic net payments on a specified notional amount or a net payment upon termination. Swap agreements are privately negotiated in the OTC market and may be entered into as a bilateral contract (“OTC swaps”) or centrally cleared (“centrally cleared swaps”).

For OTC swaps, any upfront premiums paid and any upfront fees received are shown as swap premiums paid and swap premiums received, respectively, in the Statements of Assets and Liabilities and amortized over the term of the contract. The daily fluctuation in market value is recorded as unrealized appreciation (depreciation) on OTC Swaps in the Statements of Assets and Liabilities. Payments received or paid are recorded in the Statements of Operations as realized gains or losses, respectively. When an OTC swap is terminated, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the proceeds from (or cost of) the closing transaction and the Funds’ basis in the contract, if any. Generally, the basis of the contract is the premium received or paid.

In a centrally cleared swap, immediately following execution of the swap contract, the swap contract is novated to a central counterparty (the “CCP”) and the Funds’ counterparty on the swap agreement becomes the CCP. The Funds are required to interface with the CCP through the broker. Upon entering into a centrally cleared swap, the Funds are required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on the size and risk profile of the particular swap. Securities deposited as initial margin are designated in the Schedules of Investments and cash deposited is shown as cash pledged for centrally cleared swaps in the Statements of Assets and Liabilities. Amounts pledged, which are considered restricted cash, are included in cash pledged for centrally cleared swaps in the Statements of Assets and Liabilities. Pursuant to the contract, the Funds agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation (depreciation) and shown as variation margin receivable (or payable) on centrally cleared swaps in the Statements of Assets and Liabilities. Payments received from (paid to) the counterparty, including at termination, are recorded as realized gains (losses) in the Statements of Operations.

Total return swaps are agreements in which there is an exchange of cash flows whereby one party commits to make payments based on the total return (distributions plus capital gains/losses) of an underlying instrument, or basket of underlying instruments, in exchange for fixed or floating rate interest payments. If the total return of the instrument(s) or index underlying the transaction exceeds or falls short of the offsetting fixed or floating interest rate obligation, the Funds receive payment from or make a payment to the counterparty.

Certain total return swaps are designed to function as a portfolio of direct investments in long and short equity positions. This means that each Fund has the ability to trade in and out of these long and short positions within the swap and will receive the economic benefits and risks equivalent to direct investment in these positions, subject to certain adjustments due to events related to the counterparty. Benefits and risks include capital appreciation (depreciation), corporate actions and dividends received and paid, all of which are reflected in the swap’s market value. The market value also includes interest charges and credits (“financing fees”) related to the notional values of the long and short positions and cash balances within the swap. These interest charges and credits are based on a specified benchmark rate plus or minus a specified spread determined based upon the country and/or currency of the positions in the portfolio.

Positions within the swap and financing fees are reset periodically. During a reset, any unrealized appreciation (depreciation) on positions and accrued financing fees become available for cash settlement between the Funds and the counterparty. The amounts that are available for cash settlement are recorded as realized gains or losses in the Statements of Operations. Cash settlement in and out of the swap may occur at a reset date or any other date, at the discretion of the Funds and the counterparty, over the life of the agreement. Certain swaps have no stated expiration and can be terminated by either party at any time.

Swap transactions involve, to varying degrees, elements of interest rate, credit and market risk in excess of the amounts recognized in the Statements of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of the contractual terms in the agreements, and that there may be unfavorable changes in interest rates and/or market values associated with these transactions.

Master Netting Arrangements: In order to define their contractual rights and to secure rights that will help them mitigate their counterparty risk, the Funds may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with their counterparties. An ISDA Master Agreement is a bilateral agreement between each Fund and a counterparty that governs certain OTC derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, each Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. Bankruptcy or insolvency laws of a particular jurisdiction may restrict or prohibit the right of offset in bankruptcy, insolvency or other events.

Collateral Requirements: For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by the Fund and the counterparty.

Cash collateral that has been pledged to cover obligations of the Funds and cash collateral received from the counterparty, if any, is reported separately in the Statements of Assets and Liabilities as cash pledged as collateral and cash received as collateral, respectively. Non-cash collateral pledged by the Funds, if any, is noted in the Schedules of Investments. Generally, the amount of collateral due from or to a counterparty is subject to a certain minimum transfer amount threshold before a transfer is required, which is determined at the close of business of the Funds. Any additional required collateral is delivered to/pledged by the Funds on the next business day. Typically, the counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. A Fund generally agrees not to use non-cash collateral that it receives but may, absent default or certain other circumstances defined in the underlying ISDA Master Agreement, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty. To the extent amounts due to the Funds from their counterparties are not fully collateralized, they bear the risk of loss from counterparty non-performance. Likewise, to the extent the Funds have delivered collateral to a counterparty and stand ready to perform under the terms of their agreement with such counterparty, they bear the risk of loss from a counterparty in the amount of the value of the collateral in the event the counterparty fails to return such collateral. Based on the terms of agreements, collateral may not be required for all derivative contracts.

For financial reporting purposes, the Funds do not offset derivative assets and derivative liabilities that are subject to netting arrangements, if any, in the Statements of Assets and Liabilities.

Investment Advisory: The Trust, on behalf of the Funds, entered into an Investment Advisory Agreement with the Manager, the Funds’ investment adviser and an indirect, wholly-owned subsidiary of BlackRock, Inc. (“BlackRock”), to provide investment advisory services. The Manager is responsible for the management of each Fund’s portfolio and provides the personnel, facilities, equipment and certain other services necessary to the operations of each Fund.

For such services, each Fund pays the Manager a monthly fee at an annual rate equal to the following percentages of the average daily value of each Fund’s net assets.

Service and Distribution Fees: The Trust, on behalf of each Fund, entered into a Distribution Agreement and a Distribution and Service Plan with BlackRock Investments, LLC (“BRIL”), an affiliate of the Manager. Pursuant to the Distribution and Service Plan and in accordance with Rule 12b-1 under the 1940 Act, each Fund pays BRIL ongoing service and distribution fees. The fees are accrued daily and paid monthly at annual rates based upon the average daily net assets of the relevant share class of each Fund as follows:

BRIL and broker-dealers, pursuant to sub-agreements with BRIL, provide shareholder servicing and distribution services to the Funds. The ongoing service and/or distribution fee compensates BRIL and each broker-dealer for providing shareholder servicing and/or distribution related services to shareholders.

The following table shows the class specific service and distribution fees borne directly by each share class of each Fund:

Administration: The Trust, on behalf of each Fund, entered into an Administration Agreement with the Manager, an indirect, wholly-owned subsidiary of BlackRock, to provide administrative services. For these services, the Manager receives an administration fee computed daily and payable monthly, based on a percentage of the average daily net assets of each Fund. The administration fee, which is shown as administration in the Statements of Operations, is paid at the annual rates below.

In addition, the Manager charges each of the share classes an administration fee, which is shown as administration — class specific in the Statements of Operations, at an annual rate of 0.02% of the average daily net assets of each respective class.

The following table shows the class specific administration fees borne directly by each share class of each Fund:

Transfer Agent: Pursuant to written agreements, certain financial intermediaries, some of which may be affiliates, provide the Funds with sub-accounting, recordkeeping, sub-transfer agency and other administrative services with respect to servicing of underlying investor accounts. For these services, these entities receive an asset-based fee or an annual fee per shareholder account, which will vary depending on share class and/or net assets. Global Long/Short Equity paid the following amounts to affiliates of BlackRock in return for these services, which are included in transfer agent — class specific in the Statements of Operations:

For the period ended April 30, 2020 and year ended July 31, 2019, Advantage Emerging Markets did not pay any amounts to affiliates in return for these services.

The Manager maintains a call center that is responsible for providing certain shareholder services to the Funds. Shareholder services include responding to inquiries and processing purchases and sales based upon instructions from shareholders. Each Fund reimbursed the Manager the following amounts for costs incurred in running the call center, which are included in transfer agent — class specific in the Statements of Operations:

The following table shows the class specific transfer agent fees borne directly by each share class of each Fund:

Other Fees: Affiliates earned underwriting discounts, direct commissions and dealer concessions on sales of each Fund’s Investor A Shares as follows:

Expense Limitations, Waivers, Reimbursements, and Recoupments: With respect to each Fund, the Manager contractually agreed to waive its investment advisory fees by the amount of investment advisory fees each Fund pays to the Manager indirectly through its investment in affiliated money market funds (the “affiliated money market fund waiver”) through November 30, 2020. The contractual agreement may be terminated upon 90 days’ notice by a majority of the trustees who are not “interested persons” of the Trust, as defined in the 1940 Act (“Independent Trustees”) or by a vote of a majority of the outstanding voting securities of a Fund. The amount of waivers and/or reimbursements of fees and expenses made pursuant to the expense limitation described below will be reduced by the amount of the affiliated money market fund waiver. Prior to May 24, 2019 for Advantage Emerging Markets and November 27, 2019 for Global Long/Short Equity, this waiver was voluntary. This amount is included in fees waived and/or reimbursed by the Manager in the Statements of Operations. The amounts waived were as follows:

The Manager has contractually agreed to waive its investment advisory fee with respect to any portion of each Fund’s assets invested in affiliated equity and fixed-income mutual funds and affiliated exchange-traded funds that have a contractual management fee through November 30, 2020. The contractual agreement may be terminated upon 90 days’ notice by a majority of the Independent Trustees by a vote of a majority of the outstanding voting securities of a Fund. This amount is included in fees waived and/or reimbursed by the Manager in the Statements of Operations. The amount waived for Advantage Emerging Markets in investment advisory fees pursuant to these arrangements were as follows:

With respect to Global Long/Short Equity, for the period ended April 30, 2020 and year ended July 31, 2019, there were no fees waived and/or reimbursed by the Manager pursuant to this agreement.

With respect to Advantage Emerging Markets, the Manager contractually agreed to waive and/or reimburse fees or expenses in order to limit other expenses, excluding dividend expense, interest expense, acquired fund fees and expenses, and certain other fund expenses, which constitute extraordinary expenses not incurred in the ordinary course of the Fund’s business (“expense limitation”) through November 30, 2020. The current expense limitations as a percentage of average daily net assets are as follows:

With respect to Global Long/Short Equity, the Manager contractually agreed to waive and/or reimburse fees or expenses in order to limit expenses, excluding interest expense, dividend expense, tax expense, acquired fund fees and expenses, and certain other fund expenses, which constitute extraordinary expenses not incurred in the ordinary course of the Fund’s business. The current expense limitations as a percentage of average daily net assets are as follows:

The Manager has agreed not to reduce or discontinue these contractual expense limitations through November 30, 2020, unless approved by the Board, including a majority of the Independent Trustees, or by a vote of a majority of the outstanding voting securities of the Fund. Amounts included in the Statement of Operations were as follows:

Prior to May 24, 2019, with respect to each Fund, the Manager contractually agreed to waive and/or reimburse fees or expenses in order to limit expenses, excluding interest expense, dividend expense, tax expense, acquired fund fees and expenses, and certain other fund expenses, which constitute extraordinary expenses not incurred in the ordinary course of each Fund’s business. The expense limitations as a percentage of average daily net assets were as follows:

For the period ended April 30, 2020, there were no fees waived and/or reimbursed by the Administrator. However, for the year ended July 31, 2019, with respect to Advantage Emerging Markets, the Manager waived $8,308, which is shown as administration fees waived in the Statements of Operations.

These amounts waived and/or reimbursed are included in administration fees waived — class specific and transfer agent fees waived and/or reimbursed, respectively, in the Statements of Operations. Class specific expense waivers and/or reimbursements were as follows:

The Funds have incurred expenses in connection with the realignment and consolidation of the boards of trustees of certain BlackRock advised funds. The Manager has voluntarily agreed to reimburse the Funds for all or a portion of such expenses, which amounts are included in fees waived and/or reimbursed by the Manager in the Statements of Operations. The amounts reimbursed were as follows:

With respect to the contractual expense limitation, if during a Fund’s fiscal year the operating expenses of a share class, that at any time during the prior two fiscal years received a waiver and/or reimbursement from the Manager, are less than the current expense limitation for that share class, the Manager is entitled to be reimbursed by such share class up to the lesser of: (a) the amount of fees waived and/or expenses reimbursed during those prior two fiscal years under the agreement and (b) an amount not to exceed either the current expense limitation of that share class or the expense limitation of the share class in effect at the time that the share class received the applicable waiver and/or reimbursement, provided that:

(1) each Fund, of which the share class is a part, has more than $50 million in assets for the fiscal year, and

(2) the Manager or an affiliate continues to serve as a Fund’s investment adviser or administrator.

This repayment applies only to the contractual expense limitation on net expenses and does not apply to the contractual investment advisory fee waiver described above or any voluntary waivers that may be in effect from time to time. Effective December 1, 2019 for Advantage Emerging Markets and effective December 20, 2019 for Global Long/Short Equity, the repayment arrangement between each Fund and the Manager pursuant to which such Fund may be required to repay amounts waived and/or reimbursed under each Fund’s contractual caps on net expenses was terminated.

The Manager recouped the following fund level and class specific waivers and/or reimbursements previously recorded by Advantage Emerging Markets:

The following fund level and class specific waivers and/or reimbursements previously recorded by the Funds, which were subject to recoupment by the Manager, expired on December 1, 2019 and December 20, 2019, respectively:

Securities Lending: The U.S. Securities and Exchange Commission (“SEC”) has issued an exemptive order which permits BIM, an affiliate of the Manager, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BIM bears all operational costs directly related to securities lending. The Funds are responsible for expenses in connection with the investment of cash collateral received for securities on loan (the “collateral investment expenses”). The cash collateral is invested in a private investment company managed by the Manager or its affiliates. However, BIM has agreed to cap the collateral investment expenses of the private investment company to an annual rate of 0.04%. The investment adviser to the private investment company will not charge any advisory fees with respect to shares purchased by the Funds. The private investment company in which the cash collateral has been invested may, under certain circumstances, impose a liquidity fee of up to 2% of the value withdrawn or temporarily restrict withdrawals for up to 10 business days during a 90 day period, in the event that the private investment company’s weekly liquid assets fall below certain thresholds.

Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, net of fees and other payments to and from borrowers of securities, and less the collateral investment expenses. Each Fund retains a portion of securities lending income and remits a remaining portion to BIM as compensation for its services as securities lending agent.

Pursuant to the current securities lending agreement, each Fund retains 82% of securities lending income (which excludes collateral investment expenses), and this amount retained can never be less than 70% of the total of securities lending income plus the collateral investment expenses.

In addition, commencing the business day following the date that the aggregate securities lending income earned across the BlackRock Multi-Asset Complex in a calendar year exceeds a specified threshold, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year securities lending income in an amount equal to 85% of securities lending income (which excludes collateral investment expenses), and this amount retained can never be less than 70% of the total of securities lending income plus the collateral investment expenses.

The share of securities lending income earned by each Fund is shown as securities lending income — affiliated — net in the Statements of Operations. Advantage Emerging Markets paid BIM the following amounts for securities lending agent services:

Interfund Lending: In accordance with an exemptive order (the “Order”) from the SEC, each Fund may participate in a joint lending and borrowing facility for temporary purposes (the “Interfund Lending Program”), subject to compliance with the terms and conditions of the Order, and to the extent permitted by each Fund’s investment policies and restrictions. Each Fund is currently permitted to borrow and lend under the Interfund Lending Program.

A lending BlackRock fund may lend in aggregate up to 15% of its net assets, but may not lend more than 5% of its net assets to any one borrowing fund through the Interfund Lending Program. A borrowing BlackRock fund may not borrow through the Interfund Lending Program or from any other source more than 33 1/3% of its total assets (or any lower threshold provided for by the fund’s investment restrictions). If a borrowing BlackRock fund’s total outstanding borrowings exceed 10% of its total assets, each of its outstanding interfund loans will be subject to collateralization of at least 102% of the outstanding principal value of the loan. All interfund loans are for temporary or emergency purposes and the interest rate to be charged will be the average of the highest current overnight repurchase agreement rate available to a lending fund and the bank loan rate, as calculated according to a formula established by the Board.

During the period ended April 30, 2020, the Funds did not participate in the Interfund Lending Program.

Trustees and Officers: Certain trustees and/or officers of the Trust are directors and/or officers of BlackRock or its affiliates. The Funds reimburse the Manager for a portion of the compensation paid to the Trust’s Chief Compliance Officer, which is included in Trustees and Officer in the Statements of Operations.

Other Transactions: For the period ended April 30, 2020 there was no reimbursement from an affiliate related to an operating event, however during the year ended July 31, 2019, Advantage Emerging Markets received a reimbursement of $5,923 from an affiliate, which is included in other income — affiliated in the Statements of Operations, related to an operating event.

For the period ended April 30, 2020, purchases and sales of investments, excluding short-term securities, were as follows:

It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.

Each Fund files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on each Fund’s U.S. federal tax returns generally remains open for the period ended April 30, 2020 and each of the four years ended July 30, 2019. The statutes of limitations on each Fund’s state and local tax returns may remain open for an additional year depending upon the jurisdiction.

Management has analyzed tax laws and regulations and their application to the Funds as of April 30, 2020, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

As of April 30, 2020, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows:

The Trust, on behalf of the Funds along with certain other funds managed by the Manager and its affiliates (“Participating Funds”), is a party to a 364-day, $2.25 billion credit agreement with a group of lenders. Under this agreement, the Funds may borrow to fund shareholder redemptions. Excluding commitments designated for certain individual funds, the Participating Funds, including the Funds, can borrow up to an aggregate commitment amount of $1.75 billion at any time outstanding, subject to asset coverage and other limitations as specified in the agreement. The credit agreement has the following terms: a fee of 0.10% per annum on unused commitment amounts and interest at a rate equal to the higher of (a) one-month LIBOR (but, in any event, not less than 0.00%) on the date the loan is made plus 0.80% per annum or (b) the Fed Funds rate (but, in any event, not less than 0.00%) in effect from time to time plus 0.80% per annum on amounts borrowed. The agreement expires in April 2021 unless extended or renewed. These fees were allocated among such funds based upon portions of the aggregate commitment available to them and relative net assets of Participating Funds. During the period ended April 30, 2020, the Funds did not borrow under the credit agreement.

In the normal course of business, certain Funds invest in securities or other instruments and may enter into certain transactions, and such activities subject each Fund to various risks, including among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate and price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. Each Fund’s prospectus provides details of the risks to which each Fund is subject.

Investments in the securities of issuers domiciled in countries with emerging capital markets involve certain additional risks that do not generally apply to investments in securities of issuers in more developed capital markets, such as (i) low or nonexistent trading volume, resulting in a lack of liquidity and increased volatility in prices for such securities; (ii) uncertain national policies and social, political and economic instability, increasing the potential for expropriation of assets, confiscatory taxation, high rates of inflation or unfavorable diplomatic developments; and (iii) possible fluctuations in exchange rates, differing legal systems and the existence or possible imposition of exchange controls, custodial restrictions or other foreign or U.S. governmental laws or restrictions applicable to such investments.

The Funds may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to redemption gates or liquidity fees under certain circumstances.

Valuation Risk: The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A Fund may invest in illiquid investments. An illiquid investment is any investment that a Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A Fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause each Fund’s NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a Fund may lose value, regardless of the individual results of the securities and other instruments in which a Fund invests.

The price a Fund could receive upon the sale of any particular portfolio investment may differ from a Fund’s valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant unobservable inputs and assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs may significantly impact the resulting fair value and therefore a Fund’s results of operations. As a result, the price received upon the sale of an investment may be less than the value ascribed by a Fund, and a Fund could realize a greater than expected loss or lesser than expected gain upon the sale of the investment. A Fund’s ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third party service providers.

An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. This pandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a fund’s investments. The impact of the pandemic may be short term or may last for an extended period of time.

Counterparty Credit Risk: The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions. The Funds manage counterparty credit risk by entering into transactions only with counterparties that the Manager believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.

A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.

A Fund’s risk of loss from counterparty credit risk on OTC derivatives is generally limited to the aggregate unrealized gain less the value of any collateral held by such Fund.

For OTC options purchased, each Fund bears the risk of loss in the amount of the premiums paid plus the positive change in market values net of any collateral held by the Funds should the counterparty fail to perform under the contracts. Options written by the Funds do not typically give rise to counterparty credit risk, as options written generally obligate the Funds, and not the counterparty, to perform. The Funds may be exposed to counterparty credit risk with respect to options written to the extent each Fund deposits collateral with its counterparty to a written option.

With exchange-traded options purchased and futures, there is less counterparty credit risk to the Funds since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a Fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Funds.

Concentration Risk: Certain Funds invest a substantial amount of their assets in issuers located in a single country or a limited number of countries. When the Funds concentrate their investments in this manner, it assumes the risk that economic, political and social conditions in those countries may have a significant impact on their investment performance. Foreign issuers may not be subject to the same uniform accounting, auditing and financial reporting standards and practices as used in the United States. Foreign securities markets may also be more volatile and less liquid than U.S. securities and may be less subject to governmental supervision not typically associated with investing in U.S. securities. Investment percentages in specific countries are presented in the Schedules of Investments.

Advantage Emerging Markets invests a significant portion of its assets in securities of issuers located in Asia or with significant exposure to Asian issuers or countries. The Asian financial markets have recently experienced volatility and adverse trends due to concerns in several Asian countries regarding monetary policy, government intervention in the markets, rising government debt levels or economic downturns. These events may spread to other countries in Asia and may affect the value and liquidity of certain of the Fund’s investments.

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.

To the Shareholders of BlackRock Advantage Emerging Markets Fund and BlackRock Global Long/Short Equity Fund and the Board of Trustees of BlackRock Funds^SM:

We have audited the accompanying statements of assets and liabilities of BlackRock Advantage Emerging Markets Fund and BlackRock Global Long/Short Equity Fund of BlackRock Funds^SM (the “Funds”), including the schedules of investments, as of April 30, 2020, the related statements of operations, the statements of changes in net assets, and the financial highlights for the period from August 1, 2019 through April 30, 2020, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Funds as of April 30, 2020, and the results of their operations, the changes in their net assets, and the financial highlights for the period from August 1, 2019 through April 30, 2020, in conformity with accounting principles generally accepted in the United States of America.

The statements of operations for the year ended July 31, 2019, the statements of changes in net assets for each of the two years in the period ended July 31, 2019, and the financial highlights for each of the five years in the period ended July 31, 2019 of the Funds were audited by other auditors whose report dated September 24, 2019, expressed an unqualified opinion on those financial statements and financial highlights.

These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of April 30, 2020, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more BlackRock investment companies since 1992.

The following maximum amounts are hereby designated as qualified dividend income for individuals for the fiscal year ended April 30, 2020:

For the fiscal year ended April 30, 2020, the Fund intends to pass through to its shareholders foreign source income earned and foreign taxes paid by the underlying funds:

For the fiscal year ended April 30, 2020, the Funds hereby designate the following maximum amounts allowable as interest-related dividends eligible for exemption from U.S. withholding tax for nonresident aliens and foreign corporations:

The Fund hereby designates the following amount of distributions from direct federal obligation interest for the fiscal year ended April 30, 2020:

The law varies in each state as to whether and what percent of ordinary income dividends attribute to federal obligations is exempt from state income tax. Shareholders are advised to check with their tax advisers to determine if any portion of the dividends received is exempt from state income tax.

The following distribution amounts are hereby designated for the fiscal year ended April 30, 2020:

The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.

The Board of Trustees the “Board” of BlackRock Funds^SM, on behalf of BlackRock Advantage Emerging Markets Fund and BlackRock Global Long/Short Equity Fund, met on November 12-13, 2019 (the “Meeting”) to review the liquidity risk management program (the “Program”) applicable to the BlackRock open-end funds, excluding money market funds (each, a “Fund”), pursuant to the Liquidity Rule. The Board has appointed BlackRock Advisors, LLC or BlackRock Fund Advisors (“BlackRock”), each an investment adviser to certain Funds, as the program administrator for each Fund’s Program, as applicable. BlackRock has delegated oversight of the Program to the 40 Act Liquidity Risk Management Committee (the “Committee”). At the Meeting, the Committee, on behalf of BlackRock, provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including the operation of each Fund’s Highly Liquid Investment Minimum (“HLIM”) where applicable, and any material changes to the Program (the “Report”). The Report covered the period from December 1, 2018 through September 30, 2019 (the “Program Reporting Period”).

The Report described the Program’s liquidity classification methodology for categorizing a Fund’s investments (including derivative transactions) into one of four liquidity buckets. It also described BlackRock’s methodology in establishing a Fund’s HLIM and noted that the Committee reviews and ratifies the HLIM assigned to each Fund no less frequently than annually.

The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing a Fund’s liquidity risk, as follows:

A. The Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions: During the Program Reporting Period, the Committee reviewed whether each Fund’s strategy is appropriate for an open-end fund structure with a focus on Funds with more significant and consistent holdings of less liquid and illiquid assets. The Committee also factored a Fund’s concentration in an issuer into the liquidity classification methodology by taking issuer position sizes into account. Where a Fund participated in borrowings for investment purposes (such as tender option bonds and reverse repurchase agreements), such borrowings were factored into the Program’s calculation of a Fund’s liquidity bucketing. Derivative exposure was also considered in such calculation.

B. Short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions: During the Program Reporting Period, the Committee reviewed historical net redemption activity and used this information as a component to establish each Fund’s reasonably anticipated trading size (“RATS”). Each Fund has adopted an in-kind redemption policy which may be utilized to meet larger redemption requests. The Committee may also take into consideration a Fund’sshareholder ownership concentration (which, depending on product type and distribution channel, may or may not be available), a Fund’s distribution channels, and the degree of certainty associated with a Fund’s short-term and long-term cash flow projections.

C. Holdings of cash and cash equivalents, as well as borrowing arrangements: The Committee considered the terms of the credit facility applicable to the Funds, the financial health of the institution providing the facility and the fact that the credit facility is shared among multiple Funds (including that a portion of the aggregate commitment amount is specifically designated for BlackRock Floating Rate Income Portfolio, a series of BlackRock Funds V). The Committee also considered other types of borrowing available to the Funds, such as the ability to use reverse repurchase agreements and interfund lending, as applicable.

There were no material changes to the Program during the Program Reporting Period. The Report provided to the Board stated that the Committee concluded that based on the operation of the functions, as described in the Report, the Program is operating as intended and is effective in implementing the requirements of the Liquidity Rule.

Further information about the Trust’s Trustees and Officers is available in the Trust’s Statement of Additional Information, which can be obtained without charge by calling (800) 441-7762.

The Funds will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Funds at (800) 441-7762.

The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT, and for reporting periods ended prior to March 31, 2019, filed such information on Form N-Q. The Funds’ Forms N-PORT and N-Q are available on the SEC’s website at sec.gov. The Funds’ Forms N-Q may also be obtained upon request and without charge by calling (800) 441-7762.

A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available upon request and without charge (1) by calling (800) 441-7762; (2) at blackrock.com; and (3) on the SEC’s website at sec.gov.

Information about how the Funds voted proxies relating to securities held in the Funds’ portfolios during the most recent 12-month period ended June 30 is available upon request and without charge (1) at blackrock.com; or by calling (800) 441-7762 and (2) on the SEC’s website at sec.gov.

BlackRock offers a diverse lineup of open-end mutual funds crossing all investment styles and managed by experts in equity, fixed-income and tax-exempt investing. Visit blackrock.com for more information.

Call us at (800) 441-7762 from 8:00 AM to 6:00 PM ET on any business day to get information about your account balances, recent transactions and share prices. You can visit blackrock.com for more information.

Investor class shareholders who want to invest regularly can arrange to have $50 or more automatically deducted from their checking or savings account and invested in any of the BlackRock funds.

Investor class shareholders can establish a systematic withdrawal plan and receive periodic payments of $50 or more from their BlackRock funds, as long as their account balance is at least $10,000.

Shareholders may make investments in conjunction with Traditional, Rollover, Roth, Coverdell, Simple IRAs, SEP IRAs and 403(b) Plans.

BlackRock is committed to maintaining the privacy of its current and former fund investors and individual clients (collectively, “Clients”) and to safeguarding their non-public personal information. The following information is provided to help you understand what personal information BlackRock collects, how we protect that information and why in certain cases we share such information with select parties.

If you are located in a jurisdiction where specific laws, rules or regulations require BlackRock to provide you with additional or different privacy-related rights beyond what is set forth below, then BlackRock will comply with those specific laws, rules or regulations.

BlackRock obtains or verifies personal non-public information from and about you from different sources, including the following: (i) information we receive from you or, if applicable, your financial intermediary, on applications, forms or other documents; (ii) information about your transactions with us, our affiliates, or others; (iii) information we receive from a consumer reporting agency; and (iv) from visits to our websites.

BlackRock does not sell or disclose to non-affiliated third parties any non-public personal information about its Clients, except as permitted by law or as is necessary to respond to regulatory requests or to service Client accounts. These non-affiliated third parties are required to protect the confidentiality and security of this information and to use it only for its intended purpose.

We may share information with our affiliates to service your account or to provide you with information about other BlackRock products or services that may be of interest to you. In addition, BlackRock restricts access to non-public personal information about its Clients to those BlackRock employees with a legitimate business need for the information. BlackRock maintains physical, electronic and procedural safeguards that are designed to protect the non-public personal information of its Clients, including procedures relating to the proper storage and disposal of such information.

This report is intended for current holders. It is not authorized for use as an offer of sale or a solicitation of an offer to buy shares of the Funds unless preceded or accompanied by the Funds’ current prospectus. Past performance results shown in this report should not be considered a representation of future performance. Investment returns and principal value of shares will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Statements and other information herein are as dated and are subject to change.

¹ The nature of the services includes assurance and related services reasonably related to the performance of the audit or review of financial statements not included in Audit Fees, including accounting consultations, agreed-upon procedure reports, attestation reports, comfort letters, out-of-pocket expenses and internal control reviews not required by regulators.

² The nature of the services includes tax compliance and/or tax preparation, including services relating to the filing or amendment of federal, state or local income tax returns, regulated investment company qualification reviews, taxable income and tax distribution calculations.

³ BlackRock Advantage Emerging Markets Fund and BlackRock Global Long/Short Equity Fund each changed their fiscal year ends from July 31 to April 30 effective April 30, 2020 whereby the fiscal period for each fund consists of the nine months ended April 30.

⁴ Aggregate fees borne by BlackRock in connection with the review of compliance procedures and attestation thereto performed by PwC with respect to all of the registered closed-end funds and some of the registered open-end funds advised by BlackRock.

The Committee has adopted policies and procedures with regard to the pre-approval of services. Audit, audit-related and tax compliance services provided to the registrant on an annual basis require specific pre-approval by the Committee. The Committee also must approve other non-audit services provided to the registrant and those non-audit services provided to the Investment Adviser and Affiliated Service Providers that relate directly to the operations and the financial reporting of the registrant. Certain of these non-audit services that the Committee believes are (a) consistent with the SEC’s auditor independence rules and (b) routine and recurring services that will not impair the independence of the independent accountants may be approved by the Committee without consideration on a specific case-by-case basis (“general pre-approval”). The term of any general pre-approval is 12 months from the date of the pre-approval, unless the Committee provides for a different period. Tax or other non-audit services provided to the registrant which have a direct impact on the operations or financial reporting of the registrant will only be deemed pre-approved provided that any individual project does not exceed $10,000 attributable to the registrant or $50,000 per project. For this purpose, multiple projects will be aggregated to determine if they exceed the previously mentioned cost levels.

Any proposed services exceeding the pre-approved cost levels will require specific pre-approval by the Committee, as will any other services not subject to general pre-approval (e.g., unanticipated but permissible services). The Committee is informed of each service approved subject to general pre-approval at the next regularly scheduled in-person board meeting. At this meeting, an analysis of such services is presented to the Committee for ratification. The Committee may delegate to the Committee Chairman the authority to approve the provision of and fees for any specific engagement of permitted non-audit services, including services exceeding pre-approved cost levels.

¹ BlackRock Advantage Emerging Markets Fund and BlackRock Global Long/Short Equity Fund each changed their fiscal year ends from

July 31 to April 30 effective April 30, 2020 whereby the fiscal period for each fund consists of the nine months ended April 30.

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.


				Average Annual Total Returns^(a)(b)
				1 Year						5 Years						Since Inception^(c)
	6-Month Total Returns			w/o sales charge			w/sales charge			w/o sales charge			w/sales charge			w/o sales charge			w/sales charge
Institutional		(12.89	)%		(14.45	)%		N/A			(2.66	)%		N/A			(0.91	)%		N/A
Investor A		(13.17	)		(14.76	)		(19.24	)%		(2.94	)		(3.98	)%		(1.17	)		(1.79	)%
Investor C		(13.48	)		(15.41	)		(16.25	)		(3.66	)		(3.66	)		(1.92	)		(1.92	)
Class K		(12.97	)		(14.45	)		N/A			(2.66	)		N/A			(0.91	)		N/A
MSCI Emerging Markets Index		(10.50	)		(12.00	)		N/A			(0.10	)		N/A			3.23			N/A


	Actual						Hypothetical^(a)(b)
	Beginning Account Value (11/01/19)		Ending Account Value (04/30/20)		Expenses Paid During the Period^(a)		Beginning Account Value (11/01/19)		Ending Account Value (04/30/20)		Expenses Paid During the Period^(a)		Annualized Expense Ratio
Institutional	$	1,000.00	$	871.10	$	3.68	$	1,000.00	$	1,020.93	$	3.97		0.79	%
Investor A		1,000.00		868.30		5.16		1,000.00		1,019.34		5.57		1.11
Investor C		1,000.00		865.20		8.81		1,000.00		1,015.41		9.52		1.90
Class K		1,000.00		870.30		3.77		1,000.00		1,020.84		4.07		0.81


				Average Annual Total Returns^(a)
				1 Year						5 Years						Since Inception^(b)
	6-Month Total Returns			w/o sales charge			w/sales charge			w/o sales charge			w/sales charge			w/o sales charge			w/sales charge
Institutional		(0.18	)%		(2.03	)%		N/A			1.06	%		N/A			3.31	%		N/A
Investor A		(0.27	)		(2.30	)		(7.43	)%		0.78			(0.30	)%		3.04			2.28	%
Investor C		(0.70	)		(2.97	)		(3.88	)		0.03			0.03			2.27			2.27
Class K		(0.15	)		(1.99	)		N/A			1.10			N/A			3.34			N/A
ICE BofAML 3-Month U.S. Treasury Bill Index		0.85			2.07			N/A			1.19			N/A			0.82			N/A


	Actual						Hypothetical^(b)
	Beginning Account Value (11/01/19)		Ending Account Value (04/30/20)		Expenses Paid During the Period^(a)		Beginning Account Value (11/01/19)		Ending Account Value (04/30/20)		Expenses Paid During the Period^(a)		Annualized Expense Ratio
Institutional	$	1,000.00	$	998.20	$	7.80	$	1,000.00	$	1,017.06	$	7.87		1.57	%
Investor A		1,000.00		997.30		9.04		1,000.00		1,015.81		9.12		1.82
Investor C		1,000.00		993.00		12.74		1,000.00		1,012.08		12.86		2.57
Class K		1,000.00		998.50		7.55		1,000.00		1,017.30		7.62		1.52


Reference Entity	Counterparty	Termination Date		Net Notional		Unrealized Appreciation (Depreciation)			Net Value of Reference Entity		Gross Notional Amount Net Asset Percentage
Equity Securities Long	Morgan Stanley & Co., Inc.		02/22/23	USD	164,673	$	10,948	^(b)	$	125,637		0.2	%
	UBS AG		06/12/23 - 06/14/23	USD	346,479		(98,419	)^(c)		235,525		0.3

						$	(87,471	)	$	361,162


	Page
The Markets in Review		2
Annual Report:
Fund Summaries		4
About Fund Performance		9
Disclosure of Expenses		9
Derivative Financial Instruments		10
Portfolio Information		10
Financial Statements:
Schedules of Investments		11
Statements of Assets and Liabilities		79
Statements of Operations		81
Statements of Changes in Net Assets		82
Financial Highlights		83
Notes to Financial Statements		91
Report of Independent Registered Public Accounting Firm		105
Important Tax Information		106
Statement Regarding Liquidity Risk Management Program		107
Trustee and Officer Information		108
Additional Information		112
Glossary of Terms Used in This Report		113


Fund Summary as of April 30, 2020		BlackRock Advantage Emerging Markets Fund


Fund Summary as of April 30, 2020 (continued)		BlackRock Advantage Emerging Markets Fund


Affiliated Issuer	Shares Held at 07/31/19		Shares Purchased			Shares Sold			Shares Held at 04/30/20		Value at 04/30/20		Income			Net Realized Gain (Loss)^(a)			Change in Unrealized Appreciation (Depreciation)
BlackRock Liquidity Funds, T-Fund, Institutional Class		4,510,382		6,105,031	^(b)		—			10,615,413	$	10,615,413	$	59,205		$	13		$	—
SL Liquidity Series, LLC, Money Market Series^(c)		745,051		—			(745,051	)^(b)		—		—		184	^(d)		(160	)		—

											$	10,615,413	$	59,389		$	(147	)	$	—


	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts^(a)	$	—	$	—	$	725,953	$	—	$	—	$	—	$	725,953
Swaps — OTC
Unrealized appreciation on OTC swaps; Swap premiums paid		—		—		10,948		—		—		—		10,948

	$	—	$	—	$	736,901	$	—	$	—	$	—	$	736,901

Liabilities — Derivative Financial Instruments
Swaps — OTC
Unrealized depreciation on OTC swaps; Swap premiums received	$	—	$	—	$	98,419	$	—	$	—	$	—	$	98,419


Futures contracts:
Average notional value of contracts — long	$	7,653,425
Total return swaps:
Average notional amount		511,868


	Assets		Liabilities
Derivative Financial Instruments:
Futures contracts	$	—	$	245,413
Swaps – OTC^(a)		10,948		98,419

Total derivative assets and liabilities in the Statements of Assets and Liabilities	$	10,948	$	343,832
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		—		(245,413	)

Total derivative assets and liabilities subject to an MNA	$	10,948	$	98,419


Counterparty	Derivative Assets Subject to an MNA by Counterparty		Derivatives Available for Offset		Non-cash Collateral Received		Cash Collateral Received		Net Amount of Derivative Assets^(a)
Morgan Stanley & Co., Inc.	$	10,948	$	—	$	—	$	—	$	10,948


Counterparty	Derivative Liabilities Subject to an MNA by Counterparty		Derivatives Available for Offset		Non-cash Collateral Pledged		Cash Collateral Pledged		Net Amount of Derivative Liabilities^(b)
UBS AG	$	98,419	$	—	$	—	$	—	$	98,419


	Level 1		Level 2			Level 3		Total
Assets:
Investments:
Common Stocks:
Argentina	$	41,361	$	—		$	—	$	41,361
Brazil		2,327,683		—			—		2,327,683
Chile		243,099		—			—		243,099
China		9,415,202		26,497,175			—		35,912,377
Colombia		86,234		—			—		86,234
Greece		—		92,867			—		92,867
Hong Kong		—		288,902			—		288,902
Hungary		—		279,096			—		279,096
India		317,703		8,648,399			—		8,966,102
Indonesia		—		950,242			—		950,242
Luxembourg		—		40,953			—		40,953
Malaysia		—		1,415,368			—		1,415,368
Mexico		2,418,670		—			—		2,418,670
Peru		127,561		106,051			—		233,612
Philippines		—		302,110			—		302,110
Poland		—		654,690			—		654,690
Russia		100,569		3,744,361			—		3,844,930
Saudi Arabia		—		2,287,932			—		2,287,932
South Africa		874,874		3,235,597			—		4,110,471
South Korea		234,488		9,225,095			—		9,459,583
Taiwan		240,626		11,909,055			—		12,149,681
Thailand		—		1,582,100			—		1,582,100
Turkey		131,737		718,132			—		849,869
United Arab Emirates		—		401,277			—		401,277
Preferred Securities^(a)		1,413,647		37,046			—		1,450,693
Rights^(a)		909		—			—		909
Short-Term Securities		10,615,413		—			—		10,615,413

	$	28,589,776	$	72,416,448		$	—	$	101,006,224

Derivative Financial Instruments^(b)
Assets:
Equity contracts	$	725,953	$	10,948		$	—	$	736,901
Liabilities:
Equity contracts		—		(98,419	)		—		(98,419	)

	$	725,953	$	(87,471	)	$	—	$	638,482


Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value / Unrealized Appreciation (Depreciation)
Long Contracts
Amsterdam Index		111		05/15/20	$	12,444	$	134,167
CAC 40 Index		82		05/15/20		4,085		84,574
IBEX 35 Index		168		05/15/20		12,734		(129,549	)
Hang Seng Index		16		05/28/20		2,528		35,257
SPI 200 Index		247		06/18/20		22,293		2,559,256
FTSE/MIB Index		4		06/19/20		385		15,320

								2,699,025

Short Contracts
OMXS 30 Index		1,009		05/15/20		16,321		(592,813	)
MSCI Sing Index		146		05/28/20		3,087		(138,599	)
Topix Index		37		06/11/20		5,013		(154,223	)
S&P/TSX 60 Index		125		06/18/20		15,952		(1,917,523	)
DAX Index		6		06/19/20		1,784		(8,947	)
FTSE 100 Index		25		06/19/20		1,853		(43,291	)
S&P 500 E-Mini Index		34		06/19/20		4,934		34,624

								(2,820,772	)

							$	(121,747	)



		2020 Annual Report


2		THIS PAGE IS NOT PART OF YOUR FUND REPORT


4		2020 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS


FUND SUMMARY			5


Reference Entity	Fixed Amount Paid/(Received) by the Fund^(a)				Counterparty		Termination Date		Notional Amount (000)			Value			Upfront Premiums Paid (Received)		Unrealized Appreciation (Depreciation)
Swiss Market Future June 2020		CHF	(192,262	)		Morgan Stanley & Co. International PLC		06/19/20		CHF	199	$	(205	)	$	—	$	(205	)
Swiss Market Future June 2020		CHF	(2,643,518	)		Morgan Stanley & Co. International PLC		06/19/20		CHF	2,739		(52,756	)		—		(52,756	)
Swiss Market Future June 2020		CHF	(668,159	)		Morgan Stanley & Co. International PLC		06/19/20		CHF	692		(5,647	)		—		(5,647	)
Swiss Market Future June 2020		CHF	(983,345	)		Morgan Stanley & Co. International PLC		06/19/20		CHF	1,019		21,803			—		21,803

												$	(36,805	)	$	—	$	(36,805	)


	Swap Premiums Paid		Swap Premiums Received		Unrealized Appreciation		Unrealized Depreciation			Value
OTC Swaps	$	—	$	—	$	17,381,863	$	(59,724	)	$	—
Options Written		N/A		N/A		1,713,716		—			(361,470	)


	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts^(a)	$	—	$	—	$	2,863,198	$	—	$	—	$	—	$	2,863,198
Options purchased^(b)
Investments at value — unaffiliated^(b)		—		—		505,835		—		—		—		505,835
Swaps — OTC
Unrealized appreciation on OTC swaps; Swap premiums paid		—		—		17,381,863		—		—		—		17,381,863

	$	—	$	—	$	20,750,896	$	—	$	—	$	—	$	20,750,896

Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	—	$	—	$	2,984,945	$	—	$	—	$	—	$	2,984,945
Options written
Options written at value		—		—		361,470		—		—		—		361,470
Swaps — OTC
Unrealized depreciation on OTC swaps; Swap premiums received		—		—		59,724		—		—		—		59,724

	$	—	$	—	$	3,406,139	$	—	$	—	$	—	$	3,406,139


Futures contracts:
Average notional value of contracts — long	$	87,114,766
Average notional value of contracts — short		58,059,764
Options:
Average value of option contracts purchased		168,612
Average value of option contracts written		120,490
Total return swaps:
Average notional value		4,426,994


Counterparty	Derivative Assets Subject to an MNA by Counterparty		Derivatives Available for Offset^(a)			Non-cash Collateral Received		Cash Collateral Received			Net Amount of Derivative Assets^(b)
Bank of America, N.A.	$	1,594,892	$	—		$	—	$	—		$	1,594,892
Goldman Sachs & Co.		13,040,752		—			—		(12,580,000	)		460,752
Morgan Stanley & Co. International PLC		21,803		(21,803	)		—		—			—
UBS AG		2,724,416		—			—		—			2,724,416

	$	17,381,863	$	(21,803	)	$	—	$	(12,580,000	)	$	4,780,060


	BlackRock Advantage Emerging Markets Fund			BlackRock Global Long/Short Equity Fund

ASSETS
Investments at value — unaffiliated^(a)	$	90,390,811		$	431,315,472
Investments at value — affiliated^(b)		10,615,413			14,238,130
Cash		—			40,579,736
Cash pledged:
Collateral for OTC derivatives		—			14,650,000
Futures contracts		1,417,000			10,701,000
Foreign currency at value^(c)		462,128			12,568,445
Receivables:
Securities lending income — affiliated		44			—
Swaps		—			3,292,145
Capital shares sold		746,461			776,601
Dividends — affiliated		1,910			292,381
Dividends — unaffiliated		94,445			—
Interest — unaffiliated		—			594
From Manager		149,568			—
Variation margin on futures contracts		—			1,574,107
Unrealized appreciation on OTC swaps		10,948			17,381,863
Prepaid expenses		40,747			73,814

Total assets		103,929,475			547,444,288


LIABILITIES
Cash received as collateral for OTC derivatives		—			12,890,000
Options written at value^(d)		—			361,470
Payables:
Swaps		—			2,631,122
Administration fees		7,254			37,654
Capital shares redeemed		1,952,324			1,621,947
Distribution fees		1,727			13,952
Investment advisory fees		127,085			1,116,698
Trustees’ and Officer’s		2,585			2,332
Other accrued expenses		253,878			493,033
Variation margin on futures contracts		245,413			821,893
Unrealized depreciation on OTC swaps		98,419			59,724

Total liabilities		2,688,685			20,049,825


NET ASSETS	$	101,240,790		$	527,394,463


NET ASSETS CONSIST OF
Paid-in capital	$	131,288,212		$	587,557,794
Accumulated loss		(30,047,422	)		(60,163,331	)

NET ASSETS	$	101,240,790		$	527,394,463


	BlackRock Advantage Emerging Markets Fund		BlackRock Global Long/Short Equity Fund

NET ASSET VALUE

Institutional
Net assets	$	9,688,892	$	492,020,853

Shares outstanding^(e)		1,095,333		43,080,978

Net asset value	$	8.85	$	11.42


Investor A
Net assets	$	5,224,393	$	23,509,405

Shares outstanding^(e)		600,981		2,086,102

Net asset value	$	8.69	$	11.27


Investor C
Net assets	$	1,163,947	$	11,538,911

Shares outstanding^(e)		140,341		1,071,132

Net asset value	$	8.29	$	10.77


Class K
Net assets	$	85,163,558	$	325,294

Shares outstanding^(e)		9,633,114		28,425

Net asset value	$	8.84	$	11.44


^(a) Investments at cost — unaffiliated	$	89,652,532	$	434,589,538
^(b) Investments at cost — affiliated	$	10,615,413	$	14,238,130
^(c) Foreign currency at cost	$	461,680	$	12,467,418
^(d) Premiums received	$	—	$	2,075,186
^(e) Unlimited number of shares authorized, $0.001 par value


	BlackRock Advantage Emerging Markets Fund						BlackRock Global Long/Short Equity Fund
	Period from 08/01/19 to 04/30/20			Year Ended 07/31/19			Period from 08/01/19 to 04/30/20			Year Ended 07/31/19

INVESTMENT INCOME
Dividends — affiliated	$	59,205		$	160,946		$	253,609		$	427,174
Dividends — unaffiliated		1,710,997			3,813,179			—			—
Interest — unaffiliated		—			—			6,197,210			11,964,582
Securities lending income — affiliated — net		184			2,621			—			—
Non-cash dividends — unaffiliated		109,218			—			—			—
Other income — affiliated^(a)		—			5,923			—			—
Foreign taxes withheld		(183,970	)		(458,291	)		—			—

Total investment income		1,695,634			3,524,378			6,450,819			12,391,756


EXPENSES
Investment advisory		632,750			1,103,381			6,515,798			9,332,399
Professional		164,725			137,614			150,879			116,552
Custodian		95,225			195,544			140,727			239,315
Accounting services		62,052			34,658			172,103			97,119
Printing		57,865			41,485			63,816			55,842
Registration		45,408			62,011			78,967			171,379
Administration		33,615			53,530			183,113			261,364
Service and distribution — class specific		20,380			34,738			165,421			313,778
Administration — class specific		15,819			25,190			86,877			124,433
Trustees and Officer		7,782			13,149			11,318			19,319
Transfer agent — class specific		7,129			7,103			315,403			448,564
Organization and offering		—			31,582			—			—
Board realignment and consolidation		—			3,275			—			19,243
Miscellaneous		21,301			31,877			90,877			87,080
Recoupment of past waived and/or reimbursed fees — class specific		—			7,087			—			—

Total expenses		1,164,051			1,782,224			7,975,299			11,286,387
Less:
Fees reimbursed by the Manager		(487,164	)		(604,741	)		(803,293	)		(586,588	)
Administration fees waived		—			(8,308	)		—			—
Administration fees waived — class specific		(14,117	)		(20,206	)		(86,845	)		(124,433	)
Transfer agent fees waived and/or reimbursed		(1,269	)		(2,888	)		(98,394	)		(137,676	)

Total expenses after fees waived and/or reimbursed		661,501			1,146,081			6,986,767			10,437,690

Net investment income (loss)		1,034,133			2,378,297			(535,948	)		1,954,066


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Capital gain distributions from investment companies — affiliated		13			—			53			—
Futures contracts		(1,202,885	)		49,320			(5,045,402	)		(1,748,244	)
Foreign currency transactions		(272,261	)		(215,337	)		(58,457	)		910,503
Investments — affiliated		(160	)		730,468			—			—
Investments — unaffiliated		(11,726,790	)		(17,368,319	)		(2,021,203	)		(1,682,332	)
Options written		—			—			1,298,304			1,220,764
Swaps		(302	)		(195,062	)		(31,071,200	)		38,890,034

		(13,202,385	)		(16,998,930	)		(36,897,905	)		37,590,725

Net change in unrealized appreciation (depreciation) on:
Futures contracts		912,550			(283,745	)		673,710			(800,298	)
Foreign currency translations		25,465			(10,070	)		187,699			(58,756	)
Investments — affiliated		—			(737,424	)		—			—
Investments — unaffiliated		(2,094,224	)		8,813,575			(2,269,428	)		586,213
Options written		—			—			1,713,716			—
Swaps		(150,980	)		(293,324	)		13,222,024			(8,933,437	)

		(1,307,189	)		7,489,012			13,527,721			(9,206,278	)

Net realized and unrealized gain (loss)		(14,509,574	)		(9,509,918	)		(23,370,184	)		28,384,447

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(13,475,441	)	$	(7,131,621	)	$	(23,906,132	)	$	30,338,513


	BlackRock Advantage Emerging Markets Fund									BlackRock Global Long/Short Equity Fund
	Period from 08/01/19 to 04/30/20			Year Ended July 31,						Period from 08/01/19 to 04/30/20			Year Ended July 31,
	Period from 08/01/19 to 04/30/20			2019			2018			Period from 08/01/19 to 04/30/20			2019			2018

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income (loss)	$	1,034,133		$	2,378,297		$	2,487,778		$	(535,948	)	$	1,954,066		$	(3,657,572	)
Net realized gain (loss)		(13,202,385	)		(16,998,930	)		16,195,469			(36,897,905	)		37,590,725			39,880,503
Net change in unrealized appreciation (depreciation)		(1,307,189	)		7,489,012			(19,213,037	)		13,527,721			(9,206,278	)		(7,933,702	)

Net increase (decrease) in net assets resulting from operations		(13,475,441	)		(7,131,621	)		(529,790	)		(23,906,132	)		30,338,513			28,289,229


DISTRIBUTIONS^(a)
Institutional		(298,493	)		—			—			(34,641,431	)		(5,220,529	)		—
Investor A		(79,169	)		—			—			(1,923,928	)		(407,324	)		—
Investor C		(9,325	)		—			—			(858,199	)		(103,706	)		—
Class K		(2,033,150	)		—			—			(24,794	)		(3,097	)		—

Decrease in net assets resulting from distributions to shareholders		(2,420,137	)		—			—			(37,448,352	)		(5,734,656	)		—


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		14,606,634			(77,284,727	)		74,137,236			(25,061,624	)		(40,385,376	)		(4,621,417	)


NET ASSETS
Total increase (decrease) in net assets		(1,288,944	)		(84,416,348	)		73,607,446			(86,416,108	)		(15,781,519	)		23,667,812
Beginning of period		102,529,734			186,946,082			113,338,636			613,810,571			629,592,090			605,924,278

End of period	$	101,240,790		$	102,529,734		$	186,946,082		$	527,394,463		$	613,810,571		$	629,592,090


	BlackRock Advantage Emerging Markets Fund

	Institutional
	Period from 08/01/19 to 04/30/20			Year Ended July 31,
	Period from 08/01/19 to 04/30/20			2019			2018			2017			2016			2015

Net asset value, beginning of period	$	10.25		$	10.59		$	10.10		$	9.76		$	9.84		$	10.34

Net investment income (loss)^(a)		0.10			0.18			0.07			(0.12	)		(0.14	)		(0.17	)
Net realized and unrealized gain (loss)		(1.27	)		(0.52	)		0.42			0.46			0.17			(0.33	)

Net increase (decrease) from investment operations		(1.17	)		(0.34	)		0.49			0.34			0.03			(0.50	)


Distributions^(b)
From net investment income		(0.23	)		—			—			—			—			—
From net realized gain		—			—			—			—			(0.11	)		—

Total distributions		(0.23	)		—			—			—			(0.11	)		—


Net asset value, end of period	$	8.85		$	10.25		$	10.59		$	10.10		$	9.76		$	9.84


Total Return^(c)
Based on net asset value		(11.78	)%^(d)		(3.21	)%^(e)		4.85	%		3.48	%^(f)		0.34	%		(4.84	)%


Ratios to Average Net Assets^(g)
Total expenses		1.38	%^(h)(i)		1.42	%^(j)		1.28	%		1.91	%		1.85	%		1.86	%

Total expenses excluding recoupment of past fees waived and/or reimbursed		1.38	%^(h)(i)		1.39	%^(j)		1.28	%		1.90	%		1.84	%		1.85	%

Total expenses after fees waived and/or reimbursed		0.81	%^(h)		0.92	%^(j)		0.94	%		1.70	%		1.75	%		1.75	%

Net investment income (loss)		1.38	%^(h)		1.83	%		0.67	%		(1.29	)%		(1.49	)%		(1.68	)%


Supplemental Data
Net assets, end of period (000)	$	9,689		$	15,904		$	32,775		$	106,243		$	177,981		$	400,181

Portfolio turnover rate		141	%^(k)		128	%^(k)		111	%^(k)		7	%^(k)		—	%		—	%


	Period from 08/01/19 to 04/30/20			Year Ended July 31, 2019			Period from 01/25/18 ^(a) to 07/31/18
Investments in underlying funds		0.01	%		0.02	%		0.07	%


	BlackRock Global Long/Short Equity Fund (continued)

	Investor A
	Period from 08/01/19 to 04/30/20			Year Ended July 31,
	Period from 08/01/19 to 04/30/20			2019			2018			2017			2016			2015

Net asset value, beginning of period	$	12.50		$	12.03		$	11.52		$	10.49		$	11.84		$	11.57

Net investment income (loss)^(a)		(0.02	)		0.01			(0.10	)		(0.17	)		(0.18	)		(0.21	)
Net realized and unrealized gain (loss)		(0.46	)		0.56			0.61			1.20			(0.99	)		0.49

Net increase (decrease) from investment operations		(0.48	)		0.57			0.51			1.03			(1.17	)		0.28


Distributions^(b)
From net investment income		(0.01	)		—			—			—			—			—
From net realized gain		(0.74	)		(0.10	)		—			—			(0.18	)		(0.01	)

Total distributions		(0.75	)		(0.10	)		—			—			(0.18	)		(0.01	)


Net asset value, end of period	$	11.27		$	12.50		$	12.03		$	11.52		$	10.49		$	11.84


Total Return^(c)
Based on net asset value		(3.94	)%^(d)		4.79	%		4.43	%		9.82	%		(10.02	)%		2.44	%


Ratios to Average Net Assets^(e)
Total expenses		2.07	%^(f)		2.04	%		2.03	%		2.10	%		1.95	%		1.93	%

Total expenses excluding recoupment of past fees waived and/or reimbursed		2.07	%^(f)		2.04	%		1.95	%		2.10	%		1.94	%		1.92	%

Total expenses after fees waived and/or reimbursed		1.82	%^(f)		1.88	%		1.96	%		1.98	%		1.88	%		1.86	%

Net investment income (loss)		(0.28	)%^(f)		0.12	%		(0.84	)%		(1.60	)%		(1.61	)%		(1.80	)%


Supplemental Data
Net assets, end of period (000)	$	23,509		$	49,514		$	49,180		$	35,658		$	122,464		$	225,910

Portfolio turnover rate		53	%^(g)		7	%^(g)		20	%^(g)		—	%		34	%^(g)		17	%^(g)


	Period from 08/01/19 to 04/30/20			Year Ended July 31,									Period from 03/28/16 to ^(a) 07/31/16
	Period from 08/01/19 to 04/30/20			2019			2018			2017			Period from 03/28/16 to ^(a) 07/31/16
Investments in underlying funds		0.01	%		0.01	%		0.13	%		0.16	%		0.18	%


Fund Name	Herein Referred To As	Diversification Classification
BlackRock Advantage Emerging Markets Fund	Advantage Emerging Markets	Diversified
BlackRock Global Long/Short Equity Fund	Global Long/Short Equity	Diversified


Share Class	Initial Sales Charge	CDSC			Conversion Privilege
Institutional and Class K Shares	No		No		None
Investor A Shares	Yes		No	^(a)	None
Investor C Shares	No		Yes	^(b)	To Investor A Shares after approximately 10 years


		Standard Inputs Generally Considered By Third Party Pricing Services
Market approach		(i) recent market transactions, including subsequent rounds of financing, in the underlying investment or comparable issuers; (ii) recapitalizations and other transactions across the capital structure; and (iii) market multiples of comparable issuers.
Income approach		(i) future cash flows discounted to present and adjusted as appropriate for liquidity, credit, and/or market risks; (ii) quoted prices for similar investments or assets in active markets; and (iii) other risk factors, such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, recovery rates, liquidation amounts and/or default rates.


Average Daily Net Assets	Advantage Emerging Markets			Global Long/Short Equity
First $1 Billion		0.80	%		1.50	%
$1 Billion — $3 Billion		0.75			1.41
$3 Billion — $5 Billion		0.72			1.35
$5 Billion — $10 Billion		0.70			1.31
Greater than $10 Billion		0.68			1.28


	Service Fees			Distribution Fees
Investor A		0.25	%		—	%
Investor C		0.25			0.75


Service and Distribution Fees	Period from 08/01/19 to 04/30/20		Year Ended 07/31/19
Advantage Emerging Markets
Investor A	$	7,672	$	9,156
Investor C		12,708		25,582

Total	$	20,380	$	34,738

Global Long/Short Equity
Investor A	$	57,697	$	122,692
Investor C		107,724		191,086

Total	$	165,421	$	313,778


Average Daily Net Assets	Administration Fee
First $500 Million		0.0425	%
$500 Million — $1 Billion		0.0400
$1 Billion — $2 Billion		0.0375
$2 Billion — $4 Billion		0.0350
$4 Billion — $13 Billion		0.0325
Greater than $13 Billion		0.0300