AQUARIUS INTERNATIONAL FUND
|
|||||||||
CONSOLIDATED PORTFOLIO OF INVESTMENTS
|
|||||||||
NOVEMBER 30, 2020 (UNAUDITED)
|
|||||||||
NUMBER
|
|||||||||
OF SHARES
|
VALUE
|
||||||||
COMMON STOCKS - 92.1%
|
|||||||||
Advertising — 0.1%
|
|||||||||
Dentsu, Inc.
|
1,800
|
$
|
58,188
|
||||||
Publicis Groupe SA
|
2,188
|
98,596
|
|||||||
WPP, PLC
|
3,536
|
34,072
|
|||||||
190,856
|
|||||||||
Aerospace/Defense — 0.1%
|
|||||||||
Airbus Group SE*
|
1,204
|
125,875
|
|||||||
MTU Aero Engines AG, ADR
|
562
|
67,092
|
|||||||
Safran SA*
|
649
|
94,607
|
|||||||
Thales SA
|
486
|
44,541
|
|||||||
332,115
|
|||||||||
Agriculture — 0.4%
|
|||||||||
British American Tabacco, PLC, SP ADR
|
6,138
|
216,733
|
|||||||
Imperial Brands, PLC, SP ADR
|
3,146
|
57,855
|
|||||||
Japan Tobacco, Inc.
|
4,730
|
95,746
|
|||||||
Origin Enterprises, PLC
|
147,132
|
628,938
|
|||||||
Swedish Match AB
|
498
|
40,289
|
|||||||
1,039,561
|
|||||||||
Airlines — 1.1%
|
|||||||||
Ryanair Holding, PLC, SP ADR*
|
31,113
|
3,228,596
|
|||||||
Apparel — 2.1%
|
|||||||||
adidas AG*
|
3,886
|
1,240,190
|
|||||||
Adidas AG, SP ADR
|
1,152
|
184,435
|
|||||||
Gildan Activewear, Inc.*
|
5,757
|
150,430
|
|||||||
Hermes International
|
80
|
77,836
|
|||||||
Kering SA
|
139
|
100,354
|
|||||||
LVMH Moet Hennessy Louis Vuitton SE
|
6,182
|
3,550,908
|
|||||||
LVMH Moet Hennessy Louis Vuitton SE, ADR
|
2,000
|
230,840
|
|||||||
NIKE, Inc., Class B
|
6,384
|
859,925
|
|||||||
Shenzhou International Group Holdings, Ltd.
|
4,000
|
67,230
|
|||||||
6,462,148
|
|||||||||
Auto Manufacturers — 0.9%
|
|||||||||
Bayerische Motoren Werke AG, SP ADR
|
3,309
|
95,928
|
|||||||
BYD Co., Ltd.
|
1,500
|
34,379
|
|||||||
Cummins, Inc.
|
2,495
|
576,769
|
|||||||
Daimler AG
|
3,623
|
242,564
|
|||||||
Ferrari NV
|
141
|
29,875
|
|||||||
Ferrari NV
|
642
|
135,533
|
|||||||
Geely Automobile Holdings, Ltd.
|
6,982
|
19,315
|
|||||||
Geely Automobile Holdings, Ltd., ADR
|
883
|
48,803
|
|||||||
Hyundai Motor Co.
|
353
|
57,997
|
|||||||
Kia Motors Corp.
|
8,101
|
423,717
|
|||||||
NIO, Inc., ADR*
|
2,072
|
104,698
|
|||||||
Nissan Motor Co., Ltd.
|
10,100
|
47,803
|
|||||||
Peugeot SA*
|
2,962
|
69,492
|
|||||||
Tata Motors, Ltd., SP ADR*
|
32,755
|
391,095
|
|||||||
Toyota Motor Corp.
|
600
|
40,494
|
|||||||
Toyota Motor Corp., SP ADR
|
1,862
|
250,365
|
|||||||
Volkswagen AG, ADR
|
5,060
|
93,914
|
|||||||
Volvo AB, Class B*
|
3,636
|
82,816
|
|||||||
2,745,557
|
|||||||||
Auto Parts & Equipment — 0.3%
|
|||||||||
Continental AG
|
442
|
59,825
|
|||||||
Fuyao Glass Industrials Group, Ltd. (a)
|
142,800
|
682,707
|
|||||||
Magna International, Inc.
|
3,010
|
184,874
|
|||||||
Michelin
|
463
|
57,592
|
|||||||
984,998
|
|||||||||
Banks — 6.0%
|
|||||||||
Australia & New Zealand Banking Group, Ltd.
|
5,980
|
98,915
|
|||||||
Banco Santander SA
|
37,238
|
107,994
|
|||||||
Bangkok Bank
|
251,800
|
1,036,199
|
|||||||
Bank Central Asia Tbk PT
|
241,417
|
530,235
|
|||||||
Bank Leumi Le Israel
|
340,938
|
1,914,394
|
|||||||
Bank Montreal
|
867
|
63,048
|
|||||||
Bank of Ireland Group, PLC*
|
460,104
|
1,441,551
|
|||||||
Bank of Nova Scotia, (The)
|
1,749
|
85,281
|
|||||||
Bank Rakyat Indonesia Persero Tbk PT, ADR
|
2,219
|
31,909
|
|||||||
Bankia SA
|
40,101
|
68,972
|
|||||||
Barclays PLC
|
126,063
|
223,732
|
|||||||
Bendigo & Adelaide Bank, Ltd.
|
12,614
|
82,125
|
|||||||
BNP Paribas SA*
|
2,636
|
134,175
|
|||||||
BOC Hong Kong Holdings, Ltd.
|
28,000
|
91,122
|
|||||||
CaixaBank SA
|
38,503
|
98,497
|
|||||||
Canadian Imperial Bank of Commerce
|
573
|
48,247
|
|||||||
China Construction Bank Corp.
|
106,000
|
82,864
|
|||||||
China Merchants Bank Co., Ltd., ADR
|
554
|
17,390
|
|||||||
China Merchants Bank Co., Ltd.
|
84,836
|
537,714
|
|||||||
Commercial International Bank Egypt SAE, ADR
|
4,572
|
17,785
|
|||||||
Commercial International Bank Egypt SAE
|
48,225
|
189,764
|
|||||||
Commerzbank AG*
|
18,102
|
111,734
|
|||||||
Commonwealth Bank Of Australia
|
4,044
|
234,514
|
|||||||
Concordia Financial Group, Ltd.
|
11,723
|
41,405
|
|||||||
Credit Suisse Group AG*
|
13,720
|
173,783
|
|||||||
Dah Sing Financial Holdings, Ltd.
|
210,000
|
617,894
|
|||||||
DBS Group Holdings, Ltd.
|
72,900
|
1,359,993
|
|||||||
DBS Group Holdings, Ltd., SP ADR
|
1,611
|
120,438
|
|||||||
Deutsche Bank AG*
|
8,776
|
97,589
|
|||||||
DNB ASA*
|
12,189
|
219,783
|
|||||||
FinecoBank Banca Fineco SpA*
|
5,751
|
90,795
|
|||||||
FirstRand, Ltd.
|
13,495
|
39,579
|
|||||||
Fukuoka Financial Group, Inc.
|
3,000
|
53,042
|
|||||||
Grupo Aval Acciones y Valores SA, ADR
|
8,589
|
48,700
|
|||||||
Grupo Financiero Banorte SAB de CV
|
58,246
|
290,016
|
|||||||
Hang Seng Bank, Ltd.
|
4,400
|
76,499
|
|||||||
HDFC Bank, Ltd.
|
103,213
|
1,993,362
|
|||||||
HDFC Bank, Ltd., ADR
|
15,129
|
1,043,901
|
|||||||
HSBC Holdings, PLC, SP ADR*
|
9,910
|
256,570
|
|||||||
ICICI Bank, Ltd., SP ADR*
|
62,462
|
803,261
|
|||||||
ING Groep NV
|
7,103
|
69,089
|
|||||||
Macquarie Group, Ltd.
|
749
|
76,168
|
|||||||
Mediobanca Banca di Credito Finanziario SpA
|
3,974
|
35,651
|
|||||||
Mitsubishi UFJ Financial Group Inc., SP ADR
|
53,334
|
228,803
|
|||||||
National Australia Bank, Ltd.
|
7,689
|
127,915
|
|||||||
National Australia Bank, Ltd., SP ADR
|
11,208
|
93,587
|
|||||||
Nedbank Group, Ltd., SP ADR
|
2,666
|
20,955
|
|||||||
Nordea Bank Abp*
|
93
|
788
|
|||||||
Nordea Bank Abp*
|
11,504
|
98,318
|
|||||||
OTP Bank, PLC*
|
9,446
|
375,943
|
|||||||
Oversea-Chinese Bank Corp., Ltd.
|
9,000
|
67,100
|
|||||||
Royal Bank Canada
|
3,116
|
255,450
|
|||||||
Sberbank Russia, SP ADR
|
52,165
|
695,359
|
|||||||
Shinhan Financial Group Co., Ltd., SP ADR
|
9,162
|
273,028
|
|||||||
Societe Generale SA*
|
2,392
|
47,428
|
|||||||
Standard Bank Group, Ltd.
|
9,099
|
71,111
|
|||||||
Sumitomo Mitsui Financial Group Inc., SP ADR
|
56,610
|
326,640
|
|||||||
Toronto-Dominion Bank, (The)
|
3,414
|
183,434
|
|||||||
UBS Group AG*
|
13,717
|
194,564
|
|||||||
United Overseas Bank, Ltd.
|
6,000
|
99,795
|
|||||||
Woori Financial Group, Inc., SP ADR
|
4,696
|
126,980
|
|||||||
18,042,877
|
|||||||||
Beverages — 5.2%
|
|||||||||
Anheuser-Busch InBev SA NV, SP ADR
|
2,087
|
139,161
|
|||||||
Asahi Group Holdings Ltd.
|
1,700
|
65,323
|
|||||||
Carlsberg A/S, Class B
|
499
|
74,326
|
|||||||
China Resources Beer Holdings Co. Ltd.
|
10,000
|
73,524
|
|||||||
Coca-Cola Amatil, Ltd.
|
543,299
|
5,031,082
|
|||||||
Coca-Cola European Partners, PLC
|
476
|
21,268
|
|||||||
Diageo, PLC
|
127,558
|
4,910,493
|
|||||||
Diageo, PLC, SP ADR
|
2,046
|
317,028
|
|||||||
Fomento Economico Mexicano SAB de CV, SP ADR
|
461
|
33,261
|
|||||||
Heineken NV
|
592
|
62,510
|
|||||||
Kirin Holdings Co., Ltd.
|
2,000
|
43,425
|
|||||||
Kweichow Moutai Co., Ltd., Class A
|
2,365
|
615,061
|
|||||||
Pernod Ricard SA
|
300
|
57,325
|
|||||||
Suntory Beverage & Food Ltd.
|
800
|
29,215
|
|||||||
Thai Beverage, PCL
|
5,886,900
|
3,240,541
|
|||||||
Wuliangye Yibin Co., Ltd., Class A
|
22,399
|
863,872
|
|||||||
15,577,415
|
|||||||||
Biotechnology — 0.3%
|
|||||||||
BeiGene Ltd., ADR*
|
238
|
60,854
|
|||||||
CSL Ltd., SP ADR
|
1,030
|
113,558
|
|||||||
CSL, Ltd.
|
628
|
137,523
|
|||||||
Genmab A/S, SP ADR*
|
2,330
|
89,961
|
|||||||
Genmab A/S*
|
184
|
70,761
|
|||||||
Innovent Biologics, Inc. (a)*
|
36,112
|
237,186
|
|||||||
Zai Lab Ltd., ADR*
|
2,482
|
274,956
|
|||||||
984,799
|
|||||||||
Building Materials — 1.8%
|
|||||||||
Anhui Conch Cement Co., Ltd., ADR
|
455
|
14,492
|
|||||||
Anhui Conch Cement Co., Ltd.
|
3,500
|
22,372
|
|||||||
Cemex SAB de CV, SP ADR
|
69,925
|
321,655
|
|||||||
China Resources Cement Holdings, Ltd.
|
252,779
|
313,933
|
|||||||
CRH, PLC
|
60,005
|
2,360,181
|
|||||||
CRH, PLC, SP ADR
|
3,605
|
141,496
|
|||||||
Daikin Industries, Ltd., ADR
|
1,490
|
33,681
|
|||||||
Daikin Industries, Ltd.
|
249
|
56,396
|
|||||||
Geberit AG
|
90
|
54,171
|
|||||||
James Hardie Industries PLC*
|
2,896
|
83,791
|
|||||||
LafargeHolcim, Ltd.*
|
2,013
|
105,656
|
|||||||
Semen Indonesia Persero Tbk PT, ADR
|
2,421
|
39,922
|
|||||||
Sika AG
|
6,651
|
1,692,319
|
|||||||
TOTO, Ltd.
|
365
|
20,641
|
|||||||
5,260,706
|
|||||||||
Chemicals — 3.0%
|
|||||||||
Air Liquide SA
|
18,775
|
3,068,211
|
|||||||
Air Liquide SA, ADR
|
1,771
|
58,177
|
|||||||
Akzo Nobel NV, ADR
|
2,496
|
88,234
|
|||||||
Asahi Kasei Corp.
|
6,000
|
54,855
|
|||||||
Asian Paints Ltd.
|
14,003
|
417,051
|
|||||||
BASF SE, SP ADR
|
9,844
|
180,096
|
|||||||
Covestro AG (a)
|
1,716
|
95,483
|
|||||||
Croda International PLC
|
19,482
|
1,534,100
|
|||||||
Fuchs Petrolub SE
|
26,345
|
1,197,192
|
|||||||
Givaudan SA, ADR
|
600
|
48,888
|
|||||||
Givaudan SA
|
27
|
110,604
|
|||||||
ICL Group, Ltd.
|
12,592
|
59,182
|
|||||||
Johnson Matthey, PLC
|
1,377
|
40,576
|
|||||||
Kansai Paint Co., Ltd.
|
1,360
|
41,041
|
|||||||
Koninklijke DSM NV
|
561
|
91,604
|
|||||||
LANXESS AG
|
1,023
|
71,171
|
|||||||
LG Chem, Ltd.
|
1,017
|
738,954
|
|||||||
Mitsui Chemicals, Inc.
|
22
|
615
|
|||||||
Nippon Paint Holdings Co., Ltd.
|
722
|
92,508
|
|||||||
Novozymes A/S, ADR
|
920
|
52,523
|
|||||||
Novozymes A/S, Class B
|
8,322
|
475,306
|
|||||||
Shin Etsu Chemical Co., Ltd., ADR
|
2,744
|
112,614
|
|||||||
Shin-Etsu Chemical Co., Ltd.
|
654
|
107,142
|
|||||||
Solvay SA
|
373
|
42,606
|
|||||||
Sumitomo Chemical Co., Ltd.
|
13,000
|
45,927
|
|||||||
Symrise AG
|
500
|
62,669
|
|||||||
Umicore SA, ADR
|
3,052
|
34,091
|
|||||||
8,921,420
|
|||||||||
Coal — 0.0%
|
|||||||||
China Shenhua Energy Co. Ltd.
|
30,000
|
57,860
|
|||||||
Commercial Services — 3.9%
|
|||||||||
Adecco Group AG
|
374
|
22,609
|
|||||||
Adyen NV (a)*
|
850
|
1,623,627
|
|||||||
ALD SA (a)
|
54,903
|
702,508
|
|||||||
Amadeus IT Group SA, ADR
|
1,437
|
98,779
|
|||||||
Amadeus IT Holdings SA
|
10,382
|
713,911
|
|||||||
Ashtead Group, PLC
|
2,764
|
116,665
|
|||||||
Atlantia SpA
|
2,018
|
36,962
|
|||||||
Bidvest Group, Ltd., (The)
|
3,146
|
32,981
|
|||||||
Bureau Veritas SA*
|
1,739
|
44,984
|
|||||||
China Merchants Port Holdings Co., Ltd.
|
60,000
|
71,123
|
|||||||
Edenred
|
1,223
|
69,888
|
|||||||
Experian, PLC
|
2,543
|
90,098
|
|||||||
IHS Markit, Ltd.
|
10,130
|
1,007,530
|
|||||||
Intertek Group, PLC
|
34,014
|
2,492,383
|
|||||||
Localiza Rent a Car SA*
|
33,678
|
422,374
|
|||||||
Localiza Rent a Car SA, SP ADR*
|
4,006
|
51,637
|
|||||||
New Oriental Education & Tech Group, Inc., SP ADR*
|
662
|
109,131
|
|||||||
Offcn Education Technology Co., Ltd.,Class A
|
63,433
|
347,968
|
|||||||
Recruit Holdings Co., Ltd.
|
3,292
|
138,004
|
|||||||
RELX, PLC
|
95,445
|
2,208,714
|
|||||||
Rentokil Initial PLC*
|
7,414
|
49,087
|
|||||||
Secom Co., Ltd.
|
358
|
35,726
|
|||||||
SGS SA
|
401
|
1,145,127
|
|||||||
TAL Education Group, ADR*
|
1,488
|
104,249
|
|||||||
Transurban Group
|
6,366
|
65,689
|
|||||||
Worldline SA (France) (a)*
|
573
|
53,053
|
|||||||
11,854,807
|
|||||||||
Computers — 1.4%
|
|||||||||
CGI, Inc.*
|
279
|
20,590
|
|||||||
CyberArk Software Ltd.*
|
576
|
66,165
|
|||||||
EPAM Systems, Inc.*
|
1,975
|
636,602
|
|||||||
Fujitsu Ltd.
|
422
|
58,379
|
|||||||
Globant S.A.*
|
147
|
27,736
|
|||||||
Infosys Ltd., SP ADR
|
12,897
|
196,292
|
|||||||
Logitech International SA
|
536
|
48,401
|
|||||||
Nomura Research Institute Ltd.
|
52,200
|
1,765,115
|
|||||||
Obic Co., Ltd.
|
400
|
89,944
|
|||||||
Sangfor Technologies, Inc.
|
8,618
|
264,087
|
|||||||
Tata Consultancy Services, Ltd.
|
20,654
|
742,157
|
|||||||
Teleperformance
|
266
|
88,458
|
|||||||
Wipro Ltd., ADR
|
38,844
|
200,047
|
|||||||
4,203,973
|
|||||||||
Cosmetics/Personal Care — 2.2%
|
|||||||||
Essity AB, Class B
|
3,135
|
99,627
|
|||||||
Kao Corp.
|
1,250
|
93,694
|
|||||||
Kose Corp.
|
300
|
45,761
|
|||||||
LG Household & Health Care, Ltd.
|
452
|
617,854
|
|||||||
Lion Corp.
|
2,631
|
62,346
|
|||||||
L'Oreal SA
|
2,708
|
996,802
|
|||||||
L'Oreal SA, ADR
|
3,400
|
248,574
|
|||||||
Natura & Co. Holding SA, ADR*
|
5,256
|
98,550
|
|||||||
Shiseido Co., Ltd.
|
1,100
|
77,621
|
|||||||
Unicharm Corp.
|
1,087
|
52,800
|
|||||||
Unilever PLC, SP ADR
|
4,479
|
273,488
|
|||||||
Unilever PLC-CVA*
|
65,322
|
3,959,853
|
|||||||
6,626,970
|
|||||||||
Distribution/Wholesale — 1.1%
|
|||||||||
Bunzl, PLC
|
100,920
|
3,143,319
|
|||||||
ITOCHU Corp.
|
3,700
|
97,640
|
|||||||
ITOCHU Corp., ADR
|
426
|
22,766
|
|||||||
Jardine Cycle & Carriage Ltd.
|
4,000
|
57,531
|
|||||||
Mitsui & Co., Ltd.
|
3,159
|
53,675
|
|||||||
3,374,931
|
|||||||||
Diversified Financial Services — 2.6%
|
|||||||||
ASX, Ltd.
|
1,017
|
57,515
|
|||||||
B3 SA - Brasil Bolsa Balcao
|
64,273
|
673,395
|
|||||||
Bajaj Finance Ltd.
|
4,527
|
298,361
|
|||||||
China International Capital Corp. Ltd. (a)*
|
105,739
|
246,361
|
|||||||
Deutsche Boerse AG
|
8,899
|
1,482,322
|
|||||||
Deutsche Boerse AG, ADR
|
2,810
|
46,674
|
|||||||
East Money Information Co., Ltd., Class A
|
137,000
|
571,906
|
|||||||
Guotai Junan Securities Co., Ltd. (a)
|
33,000
|
48,441
|
|||||||
Hong Kong Exchange & Clearing, Ltd.
|
16,203
|
804,753
|
|||||||
Japan Exchange Group, Inc., ADR
|
62,500
|
1,546,224
|
|||||||
KB Financial Group, Inc.
|
11,448
|
473,262
|
|||||||
KB Financial Group, Inc., ADR
|
6,431
|
267,465
|
|||||||
London Stock Exchange Group PLC, ADR
|
2,464
|
67,144
|
|||||||
London Stock Exchange Group, PLC
|
791
|
85,311
|
|||||||
Nomura Holdings, Inc.
|
14,100
|
70,738
|
|||||||
Pagseguro Digital, Ltd., Class A*
|
7,325
|
346,912
|
|||||||
Rathbone Brothers, PLC
|
23,415
|
457,448
|
|||||||
Sanlam Ltd., SP ADR
|
5,156
|
36,865
|
|||||||
SBI Holdings Inc. (Japan)
|
2,600
|
70,141
|
|||||||
Singapore Exchange, Ltd.
|
6,000
|
39,562
|
|||||||
St James's Place, PLC
|
5,807
|
77,795
|
|||||||
Standard Life Aberdeen PLC
|
15,283
|
54,494
|
|||||||
7,823,089
|
|||||||||
Electric — 0.4%
|
|||||||||
Chugoku Electric Power Co. Inc., (The)
|
2,300
|
29,194
|
|||||||
E.ON SE
|
4,210
|
45,554
|
|||||||
Enel SpA
|
14,744
|
147,924
|
|||||||
Engie SA, SP ADR
|
8,968
|
131,561
|
|||||||
Fortis, Inc.
|
2,870
|
115,575
|
|||||||
Iberdrola SA
|
8,686
|
119,239
|
|||||||
Iberdrola SA, SP ADR
|
1,618
|
88,424
|
|||||||
National Grid PLC
|
2,867
|
32,106
|
|||||||
National Grid, PLC, SP ADR
|
2,605
|
147,651
|
|||||||
Orsted A/S (a)
|
381
|
68,552
|
|||||||
Power Assets Holdings, Ltd.
|
9,500
|
49,836
|
|||||||
RWE AG
|
1,019
|
42,148
|
|||||||
SSE PLC, ADR
|
5,415
|
97,091
|
|||||||
Terna Rete Elettrica Nazionale SpA
|
6,010
|
45,143
|
|||||||
1,159,998
|
|||||||||
Electrical Components & Equipment — 0.7%
|
|||||||||
Contemporary Amperex Technology Co., Ltd., Class A
|
10,000
|
364,527
|
|||||||
Legrand SA
|
18,483
|
1,565,146
|
|||||||
Schneider Electric SE
|
698
|
97,249
|
|||||||
Schneider Electric SE, ADR
|
4,025
|
111,815
|
|||||||
2,138,737
|
|||||||||
Electronics — 1.7%
|
|||||||||
ABB Ltd.
|
4,533
|
119,888
|
|||||||
Assa Abloy AB, Class B
|
105,386
|
2,521,765
|
|||||||
Halma, PLC
|
48,072
|
1,414,500
|
|||||||
Hirose Electric Co., Ltd.
|
427
|
60,233
|
|||||||
Hon Hai Precision
|
56,353
|
162,683
|
|||||||
Hoya Corp.
|
670
|
89,102
|
|||||||
Hoya Corp., SP ADR
|
487
|
64,600
|
|||||||
Kyocera Corp.
|
900
|
51,248
|
|||||||
Murata Manufacturing Co., Ltd.
|
1,119
|
97,567
|
|||||||
Murata Manufacturing Co., Ltd., ADR
|
5,048
|
109,542
|
|||||||
Nidec Corp.
|
78
|
9,893
|
|||||||
Nidec Corp., SP ADR
|
4,640
|
147,320
|
|||||||
Silergy Corp.
|
4,208
|
327,845
|
|||||||
5,176,186
|
|||||||||
Energy-Alternate Sources — 0.1%
|
|||||||||
Vestas Wind Systems A/S
|
496
|
101,092
|
|||||||
Xinyi Solar Holdings Ltd.
|
158,584
|
290,447
|
|||||||
391,539
|
|||||||||
Engineering & Construction — 0.1%
|
|||||||||
Cellnex Telecom SA (a)*
|
574
|
36,361
|
|||||||
Ferrovial SA
|
3,085
|
86,150
|
|||||||
Grupo Aeroportuario del Pacifico SAB de CV, SP ADR
|
392
|
39,996
|
|||||||
Grupo Aeroportuario del Sureste SAB de CV, SP ADR
|
471
|
70,414
|
|||||||
HOCHTIEF AG
|
774
|
74,485
|
|||||||
Vinci SA, ADR
|
3,476
|
88,290
|
|||||||
395,696
|
|||||||||
Entertainment — 0.1%
|
|||||||||
Oriental Land Co., Ltd.
|
613
|
104,121
|
|||||||
Paddy Power Betfair PLC
|
321
|
59,558
|
|||||||
163,679
|
|||||||||
Environmental Control — 0.1%
|
|||||||||
China Conch Venture Holdings, Ltd.
|
79,500
|
376,399
|
|||||||
Food — 2.4%
|
|||||||||
a2 Milk Co., Ltd.*
|
3,567
|
36,884
|
|||||||
BRF SA, ADR*
|
3,487
|
14,331
|
|||||||
China Mengniu Dairy Co., Ltd.*
|
89,925
|
452,263
|
|||||||
Chocoladefabriken Lindt & Spruengli AG
|
6
|
51,313
|
|||||||
Cia Brasileira de Distribuicao, SP ADR
|
2,775
|
35,326
|
|||||||
Coles Group Ltd.
|
4,109
|
53,716
|
|||||||
Colruyt SA
|
628
|
37,470
|
|||||||
Danone SA
|
1,545
|
99,630
|
|||||||
Dino Polska SA (a)*
|
4,212
|
283,717
|
|||||||
Foshan Haitian Flavouring & Food Co., Ltd., Class A
|
13,264
|
320,634
|
|||||||
Glanbia, PLC
|
88,877
|
1,093,042
|
|||||||
ICA Gruppen AB
|
691
|
33,454
|
|||||||
Jardine Strategic Holdings Ltd.
|
1,000
|
23,890
|
|||||||
JBS SA, SP ADR
|
690
|
5,982
|
|||||||
Kerry Group, PLC, Class A
|
7,146
|
1,001,997
|
|||||||
Koninklijke Ahold Delhaize NV
|
696
|
19,899
|
|||||||
Koninklijke Ahold Delhaize NV, SP ADR
|
4,031
|
114,964
|
|||||||
Marine Harvest*
|
1,851
|
37,464
|
|||||||
Meiji Holdings Co., Ltd.
|
400
|
28,309
|
|||||||
Nestle SA
|
13,992
|
1,567,307
|
|||||||
Nestle SA, SP ADR
|
6,845
|
760,342
|
|||||||
Ocado Group PLC*
|
2,138
|
62,860
|
|||||||
Seven & i Holdings Co., Ltd., SP ADR
|
3,000
|
47,190
|
|||||||
Seven & i Holdings Co., Ltd.
|
22,200
|
700,146
|
|||||||
Tesco, PLC
|
11,883
|
35,767
|
|||||||
Wilmar International Ltd.
|
29,000
|
90,274
|
|||||||
Woolworths Group, Ltd.
|
2,137
|
57,992
|
|||||||
X5 Retail Group NV, GDR
|
6,727
|
240,733
|
|||||||
7,306,896
|
|||||||||
Food Service — 0.5%
|
|||||||||
Compass Group, PLC
|
82,635
|
1,454,024
|
|||||||
Compass Group, PLC, SP ADR
|
7,353
|
131,251
|
|||||||
1,585,275
|
|||||||||
Forest Products & Paper — 0.0%
|
|||||||||
Smurfit Kappa Group PLC, ADR
|
736
|
31,615
|
|||||||
UPM-Kymmene Corp.
|
1,590
|
52,171
|
|||||||
83,786
|
|||||||||
Gas — 0.1%
|
|||||||||
Beijing Enterprises Holdings, Ltd.
|
23,500
|
76,149
|
|||||||
China Gas Holdings, Ltd.
|
14,200
|
52,165
|
|||||||
China Resources Gas Group Ltd.
|
6,000
|
28,918
|
|||||||
ENN Energy Holdings, Ltd.
|
6,000
|
79,153
|
|||||||
Snam SpA
|
9,397
|
53,076
|
|||||||
Tokyo Gas Co., Ltd.
|
1,000
|
22,409
|
|||||||
311,870
|
|||||||||
Hand/Machine Tools — 0.6%
|
|||||||||
Amada Co., Ltd.
|
129,300
|
1,239,419
|
|||||||
Sandvik AB*
|
3,286
|
74,109
|
|||||||
Schindler Holding AG
|
216
|
57,390
|
|||||||
Techtronic Industrials Co., Ltd.
|
37,360
|
476,936
|
|||||||
1,847,854
|
|||||||||
Healthcare-Products — 2.0%
|
|||||||||
Alcon, Inc.*
|
1,128
|
72,440
|
|||||||
Alcon, Inc.*
|
65,868
|
4,206,019
|
|||||||
Asahi Intecc Co., Ltd.
|
1,004
|
36,783
|
|||||||
Cochlear, Ltd.*
|
376
|
60,931
|
|||||||
Coloplast A/S, SP ADR
|
1,070
|
15,943
|
|||||||
Coloplast A/S, Class B
|
327
|
48,885
|
|||||||
Essilor International Cie Generale d'Opitque SA*
|
384
|
55,510
|
|||||||
EssilorLuxottica SA, ADR*
|
144
|
10,440
|
|||||||
Fisher & Paykel Healthcare Corp. Ltd.
|
1,584
|
39,888
|
|||||||
Hengan International Group Co., Ltd.
|
7,010
|
48,215
|
|||||||
Koninklijke Philips NVR-NY*
|
1,898
|
97,785
|
|||||||
Koninklijke Philips NV*
|
21,194
|
1,092,197
|
|||||||
Olympus Corp.
|
2,000
|
43,171
|
|||||||
QIAGEN NV*
|
2,099
|
101,298
|
|||||||
Siemens Healthineers AG (a)
|
1,037
|
47,669
|
|||||||
Smith & Nephew PLC
|
2,242
|
43,304
|
|||||||
Sysmex Corp.
|
300
|
31,408
|
|||||||
Sysmex Corp., ADR
|
450
|
23,472
|
|||||||
Terumo Corp.
|
1,362
|
54,045
|
|||||||
6,129,403
|
|||||||||
Healthcare-Services — 0.5%
|
|||||||||
Apollo Hospitals Enterprise Ltd.
|
18,390
|
579,197
|
|||||||
Fresenius Medical Care AG & Co., KGaA, ADR
|
1,104
|
46,644
|
|||||||
Lonza Group AG
|
182
|
114,509
|
|||||||
Lonza Group AG, ADR*
|
370
|
23,181
|
|||||||
PeptiDream, Inc.*
|
639
|
32,491
|
|||||||
Sonic Healthcare Ltd., SP ADR
|
3,345
|
80,999
|
|||||||
Wuxi Biologics Cayman, Inc. (a)*
|
72,867
|
721,371
|
|||||||
1,598,392
|
|||||||||
Holding Companies-Diversification — 0.1%
|
|||||||||
CK Hutchison Holdings, Ltd.
|
10,000
|
72,536
|
|||||||
Jardine Matheson Holdings, Ltd.
|
1,000
|
52,895
|
|||||||
125,431
|
|||||||||
Home Builders — 0.5%
|
|||||||||
Berkeley Group Holdings, PLC
|
683
|
41,748
|
|||||||
Daiwa House Industry Co., Ltd.
|
730
|
22,309
|
|||||||
Persimmon, PLC
|
1,243
|
43,620
|
|||||||
Sekisui Chemical Co., Ltd.
|
81,500
|
1,404,920
|
|||||||
Sekisui House Ltd.
|
4,000
|
71,725
|
|||||||
1,584,322
|
|||||||||
Home Furnishings — 0.2%
|
|||||||||
Electrolux AB, Class B
|
972
|
23,322
|
|||||||
Panasonic Corp.
|
4,000
|
42,422
|
|||||||
Sharp Corp.
|
3,000
|
40,111
|
|||||||
Sony Corp., SP ADR
|
4,806
|
448,352
|
|||||||
554,207
|
|||||||||
Household Products/Wares — 0.2%
|
|||||||||
Henkel Ag & Co., KGaA
|
590
|
56,925
|
|||||||
Hindustan Unilever Ltd.
|
13,993
|
402,273
|
|||||||
Reckitt Benckiser Group, SP ADR
|
9,130
|
162,742
|
|||||||
621,940
|
|||||||||
Insurance — 5.0%
|
|||||||||
Admiral Group, PLC
|
16,942
|
638,155
|
|||||||
Aegon NV
|
14,288
|
52,855
|
|||||||
Ageas SA/NV
|
2,481
|
121,471
|
|||||||
AIA Group, Ltd.
|
159,661
|
1,752,182
|
|||||||
AIA Group, Ltd., SP ADR
|
9,630
|
421,794
|
|||||||
Allianz SE, SP ADR
|
6,060
|
141,986
|
|||||||
Aon, PLC, Class A
|
17,859
|
3,659,131
|
|||||||
Baloise Holding AG
|
522
|
89,947
|
|||||||
China Life Insurance Co., Ltd., ADR
|
4,936
|
55,530
|
|||||||
CNP Assurances*
|
12,462
|
197,733
|
|||||||
Dai-ichi Life Holdings, Inc.
|
6,692
|
105,430
|
|||||||
Hannover Rueck SE
|
286
|
47,796
|
|||||||
HDFC Life Insurance Co., Ltd. (a)*
|
48,950
|
424,247
|
|||||||
Insurance Australia Group Ltd.
|
12,776
|
48,210
|
|||||||
Lancashire Holdings, Ltd.
|
285,287
|
2,802,983
|
|||||||
Legal & General Group PLC
|
36,815
|
121,577
|
|||||||
Manulife Finanical Corp.
|
6,860
|
117,032
|
|||||||
New China Life Insurance Co., Ltd.
|
16,800
|
70,579
|
|||||||
NN Group NV
|
3,039
|
122,821
|
|||||||
Ping An Insurance Group Co. of China, Ltd.
|
46,746
|
549,805
|
|||||||
Ping An Insurance Group Co. of China, Ltd., ADR
|
8,016
|
188,857
|
|||||||
Prudential PLC, SP ADR
|
2,925
|
44,980
|
|||||||
RSA Insurance Group, PLC
|
8,130
|
72,265
|
|||||||
Sampo, Class A, PLC
|
40,908
|
1,757,938
|
|||||||
Sun Life Financial, Inc.
|
2,753
|
122,481
|
|||||||
Suncorp Group, Ltd.
|
18,597
|
137,931
|
|||||||
T&D Holdings, Inc.
|
5,200
|
60,537
|
|||||||
Tokio Marine Holdings, Inc.
|
460
|
22,778
|
|||||||
Topdanmark AS
|
25,523
|
1,077,432
|
|||||||
Zurich Insurance Group AG
|
126
|
51,099
|
|||||||
15,077,562
|
|||||||||
Internet — 6.2%
|
|||||||||
51job, Inc., ADR*
|
1,093
|
77,056
|
|||||||
Alibaba Group Holding, Ltd.*
|
14,309
|
470,075
|
|||||||
Alibaba Group Holdings, Ltd., SP ADR*
|
20,082
|
5,288,796
|
|||||||
Autohome, Inc., ADR
|
467
|
44,094
|
|||||||
Baidu, Inc., SP ADR*
|
1,335
|
185,552
|
|||||||
Dada Nexus Ltd., ADR*
|
6,925
|
401,304
|
|||||||
Delivery Hero SE (a)*
|
2,777
|
337,647
|
|||||||
iQIYI, Inc., ADR*
|
1,374
|
30,723
|
|||||||
JD.com, Inc., Class A*
|
6,562
|
281,600
|
|||||||
JD.com, Inc., ADR*
|
2,393
|
204,243
|
|||||||
JOYY, Inc., ADR
|
721
|
64,219
|
|||||||
Kakao Corp.
|
976
|
325,280
|
|||||||
LINE Corp.*
|
99
|
5,101
|
|||||||
LINE Corp., SP ADR*
|
1,409
|
72,747
|
|||||||
M3, Inc.
|
1,300
|
119,628
|
|||||||
Meituan Dianping, Class B*
|
10,957
|
409,753
|
|||||||
Mercadolibre, Inc.*
|
502
|
779,772
|
|||||||
Momo, Inc., SP ADR
|
2,185
|
31,420
|
|||||||
MonotaRO Co., Ltd.
|
600
|
36,496
|
|||||||
Naspers, Ltd.
|
2,957
|
594,466
|
|||||||
Naver Corp.
|
1,033
|
260,066
|
|||||||
Prosus NV*
|
949
|
102,870
|
|||||||
SEEK Ltd.
|
4,272
|
81,102
|
|||||||
SINA Corp. (China)*
|
739
|
32,021
|
|||||||
Tencent Holdings, Ltd.
|
86,789
|
6,326,722
|
|||||||
Tencent Holdings, Ltd., ADR
|
17,513
|
1,278,449
|
|||||||
Tencent Music Entertainment Group, ADR*
|
19,718
|
330,474
|
|||||||
Trip.com Group Ltd., ADR
|
897
|
30,130
|
|||||||
Vipshop Holdings, Ltd. ADR*
|
4,069
|
103,922
|
|||||||
Weibo Corp., SP ADR*
|
653
|
27,589
|
|||||||
Wix.com Ltd.*
|
100
|
25,543
|
|||||||
Yandex NV*
|
5,946
|
410,036
|
|||||||
Z Holdings Corp.
|
6,577
|
41,475
|
|||||||
18,810,371
|
|||||||||
Investment Companies — 2.6%
|
|||||||||
Groupe Bruxelles Lambert SA
|
57,851
|
5,639,643
|
|||||||
Kinnevik AB, Class B*
|
849
|
42,292
|
|||||||
Melrose Industries, PLC
|
1,095,152
|
2,191,339
|
|||||||
Wendel SA
|
888
|
100,331
|
|||||||
7,973,605
|
|||||||||
Iron/Steel — 0.4%
|
|||||||||
BlueScope Steel, Ltd.
|
6,357
|
79,542
|
|||||||
Century Iron & Steel Industrial Co., Ltd.
|
63,068
|
288,842
|
|||||||
Cia Siderurgica Nacional SA, SP ADR
|
41,580
|
180,873
|
|||||||
Fortescue Metals Group, Ltd.
|
5,658
|
75,379
|
|||||||
Nippon Steel & Sumitomo Metal Corp.
|
8,000
|
97,380
|
|||||||
Posco, SP ADR
|
3,580
|
190,957
|
|||||||
Vale SA, SP ADR
|
12,347
|
179,772
|
|||||||
voestalpine AG
|
1,763
|
56,474
|
|||||||
1,149,219
|
|||||||||
Leisure Time — 0.1%
|
|||||||||
Merida Industry Co., Ltd.
|
25,165
|
220,187
|
|||||||
Shimano, Inc.
|
236
|
55,829
|
|||||||
276,016
|
|||||||||
Lodging — 1.0%
|
|||||||||
Galaxy Entertainment Group, Ltd.
|
85,833
|
651,283
|
|||||||
Huazhu Group, Ltd., ADR
|
8,695
|
432,837
|
|||||||
InterContinental Hotels Group PLC
|
29,501
|
1,820,109
|
|||||||
Melco Resorts & Entertainment, Ltd., ADR*
|
988
|
17,913
|
|||||||
2,922,142
|
|||||||||
Machinery-Construction & Mining — 0.1%
|
|||||||||
Hitachi Ltd.
|
901
|
34,196
|
|||||||
Hitachi Ltd., ADR
|
1,830
|
138,476
|
|||||||
Komatsu, Ltd.
|
4,400
|
107,307
|
|||||||
Mitsubishi Electical Corp.
|
3,000
|
43,954
|
|||||||
Siemens Energy AG*
|
960
|
28,514
|
|||||||
352,447
|
|||||||||
Machinery-Diversified — 1.7%
|
|||||||||
Atlas Copco AB, Class A
|
1,701
|
86,055
|
|||||||
Atlas Copco AB, Class A, SP ADR
|
1,656
|
83,164
|
|||||||
CNH Industrial NV*
|
6,623
|
72,156
|
|||||||
FANUC Corp.
|
300
|
73,587
|
|||||||
GEA Group AG
|
72,561
|
2,480,511
|
|||||||
Keyence Corp.
|
922
|
470,094
|
|||||||
Kone Corp., Class B
|
748
|
62,710
|
|||||||
Kubota Corp., SP ADR
|
883
|
87,382
|
|||||||
SMC Corp.
|
110
|
69,966
|
|||||||
SMC Corp., ADR
|
2,280
|
72,572
|
|||||||
Spirax-Sarco Engineering, PLC
|
8,535
|
1,257,255
|
|||||||
Sumitomo Heavy Industries Ltd.
|
2,000
|
43,238
|
|||||||
WEG SA
|
21,446
|
297,347
|
|||||||
5,156,037
|
|||||||||
Media — 1.5%
|
|||||||||
Informa, PLC*
|
4,850
|
33,973
|
|||||||
MultiChoice Group
|
5,548
|
46,379
|
|||||||
MultiChoice Group, Ltd., ADR
|
93
|
791
|
|||||||
Pearson, PLC, SP ADR
|
15,198
|
130,855
|
|||||||
Shaw Communications, Inc., Class B
|
9,386
|
163,223
|
|||||||
Thomson Reuters Corp.
|
1,419
|
112,569
|
|||||||
Vivendi SA, ADR
|
5,370
|
160,348
|
|||||||
Wolters Kluwer
|
44,793
|
3,749,995
|
|||||||
Wolters Kluwer NV, SP ADR
|
667
|
56,001
|
|||||||
4,454,134
|
|||||||||
Metal Fabricate/Hardware — 0.1%
|
|||||||||
Zhejiang Sanhua Intelligent Controls Co., Ltd.
|
110,800
|
393,863
|
|||||||
Mining — 0.7%
|
|||||||||
Agnico Eagle Mines Ltd.
|
1,499
|
98,739
|
|||||||
Antofagasta, PLC
|
8,790
|
145,150
|
|||||||
Barrick Gold Corp.
|
6,196
|
143,375
|
|||||||
Boliden AB
|
2,900
|
100,299
|
|||||||
Cameco Corp.
|
3,460
|
34,669
|
|||||||
Franco-Nevada Corp.
|
1,038
|
138,095
|
|||||||
Kirkland Lake Gold Ltd.
|
749
|
30,694
|
|||||||
MMC Norilsk Nickel PJSC, ADR
|
2,034
|
57,013
|
|||||||
Newcrest Mining Ltd.
|
1,769
|
35,019
|
|||||||
Newmont Corp.
|
9,434
|
554,908
|
|||||||
Norsk Hydro ASA
|
15,202
|
61,557
|
|||||||
Rio Tinto, PLC, SP ADR
|
1,211
|
78,679
|
|||||||
South32 Ltd.
|
44,192
|
77,885
|
|||||||
Southern Copper Corp.
|
3,807
|
226,022
|
|||||||
Sumitomo Metal Mining Co., Ltd.
|
2,000
|
74,256
|
|||||||
Teck Resources, Ltd., Class B
|
8,215
|
129,797
|
|||||||
Vedanta, Ltd., ADR
|
19,203
|
125,972
|
|||||||
Wheaton Precious Metals Corp.
|
2,998
|
117,342
|
|||||||
2,229,471
|
|||||||||
Miscellaneous Manufacturing — 1.0%
|
|||||||||
Airtac International Group
|
14,917
|
434,917
|
|||||||
Orica Ltd.
|
5,536
|
65,748
|
|||||||
Siemens AG
|
1,920
|
256,271
|
|||||||
Smiths Group, PLC
|
106,737
|
2,050,882
|
|||||||
Sunny Optical Technology Group Co., Ltd.
|
3,869
|
75,576
|
|||||||
Toshiba Corp.
|
96
|
2,680
|
|||||||
2,886,074
|
|||||||||
Office/Business Equipment — 0.0%
|
|||||||||
Canon, Inc.
|
2,700
|
47,829
|
|||||||
Fujifilm Holdings Corp.
|
1,100
|
59,177
|
|||||||
107,006
|
|||||||||
Oil & Gas — 2.8%
|
|||||||||
BP, PLC, SP ADR
|
1
|
20
|
|||||||
Canadian Natural Resources, Ltd.
|
4,335
|
99,011
|
|||||||
DCC, PLC
|
65,934
|
4,964,257
|
|||||||
Eni SpA
|
72,951
|
726,429
|
|||||||
Equinor ASA, SP ADR
|
3,137
|
48,122
|
|||||||
Galp Energia SGPS SA
|
6,634
|
71,174
|
|||||||
Idemitsu Kosan Co., Ltd.
|
1,100
|
22,805
|
|||||||
Imperial Oil, Ltd.
|
2,792
|
48,441
|
|||||||
Inpex Corp.
|
6,228
|
34,496
|
|||||||
Lundin Petroleum AB
|
1,163
|
27,785
|
|||||||
Neste Oyj
|
756
|
50,516
|
|||||||
Oil Search Ltd.
|
31,786
|
83,968
|
|||||||
OMV AG
|
4,843
|
162,168
|
|||||||
Petroleo Brasileiro, SP ADR
|
10,959
|
104,878
|
|||||||
Reliance Industries Ltd.
|
31,301
|
809,408
|
|||||||
Repsol SA
|
7,844
|
75,183
|
|||||||
Royal Dutch Shell, PLC, Class A, SP ADR
|
14,983
|
507,025
|
|||||||
Total SA, SP ADR
|
7,259
|
305,894
|
|||||||
Ultrapar Participacoes SA, SP ADR
|
7,935
|
29,994
|
|||||||
Woodside Petroleum, Ltd.
|
7,291
|
118,927
|
|||||||
8,290,501
|
|||||||||
Oil & Gas Services — 0.0%
|
|||||||||
Dialog Group Bhd
|
133,607
|
117,433
|
|||||||
Pharmaceuticals — 7.8%
|
|||||||||
Alfresa Holdings Corp.
|
194,400
|
3,886,370
|
|||||||
Aspen Pharmacare Holdings Ltd., ADR
|
6,986
|
56,482
|
|||||||
Astellas Pharma, Inc.
|
3,700
|
52,701
|
|||||||
Astellas Pharma, Inc., ADR
|
190
|
2,718
|
|||||||
AstraZeneca, PLC, SP ADR
|
5,764
|
305,146
|
|||||||
Bausch Health Cos., Inc.*
|
3,548
|
65,886
|
|||||||
Celltrion, Inc.*
|
118
|
36,299
|
|||||||
China Feihe Ltd. (a)
|
74,319
|
177,489
|
|||||||
Chugai Pharmaceutical Co., Ltd.
|
2,100
|
101,571
|
|||||||
CSPC Pharmaceutical Group, Ltd.
|
23,040
|
22,396
|
|||||||
Daiichi Sankyo Co., Ltd.
|
2,748
|
97,294
|
|||||||
Daiichi Sankyo Co., Ltd., ADR
|
876
|
31,177
|
|||||||
Divi's Laboratories Ltd.
|
12,361
|
596,514
|
|||||||
Dr. Reddy's Laboratories, Ltd., ADR
|
3,953
|
259,277
|
|||||||
Eisai Co., Ltd.
|
492
|
37,079
|
|||||||
Glaxosmithkline, PLC
|
142,956
|
2,594,636
|
|||||||
Glaxosmithkline, PLC, SP ADR
|
7,009
|
257,861
|
|||||||
Kobayashi Pharmaceutical Co., Ltd.
|
471
|
56,563
|
|||||||
Merck KGaA
|
587
|
93,732
|
|||||||
Novartis AG
|
40,806
|
3,694,393
|
|||||||
Novartis AG, SP ADR
|
27,175
|
2,468,305
|
|||||||
Novo-Nordisk AS, SP ADR
|
6,449
|
432,922
|
|||||||
Orion Corporation, Class B
|
672
|
31,609
|
|||||||
Otsuka Holdings Co., Ltd.
|
1,100
|
44,605
|
|||||||
Recordati SpA
|
41,552
|
2,222,424
|
|||||||
Roche Holdings AG
|
5,949
|
1,953,932
|
|||||||
Roche Holdings AG, SP ADR
|
12,760
|
520,863
|
|||||||
Sanofi
|
32,381
|
3,263,961
|
|||||||
Sanofi, ADR
|
4,424
|
222,085
|
|||||||
Shionogi & Co., Ltd.
|
227
|
12,151
|
|||||||
UCB SA
|
21
|
2,247
|
|||||||
23,600,688
|
|||||||||
Pipelines — 0.1%
|
|||||||||
Enbridge, Inc.
|
6,937
|
216,504
|
|||||||
TC Energy Corp.
|
166
|
7,292
|
|||||||
223,796
|
|||||||||
Private Equity — 0.4%
|
|||||||||
3i Group, PLC
|
3,463
|
48,957
|
|||||||
Macquarie Korea Infrastructure Fund
|
23,033
|
224,766
|
|||||||
Macquarie Korea Infrastructure Fund*
|
1,528
|
214
|
|||||||
Partners Group Holding AG
|
812
|
875,483
|
|||||||
1,149,420
|
|||||||||
Real Estate — 0.9%
|
|||||||||
Aroundtown SA
|
6,368
|
44,073
|
|||||||
China Overseas Land & Investment, Ltd.
|
26,000
|
63,305
|
|||||||
China Resources Land, Ltd.
|
5,714
|
24,729
|
|||||||
China Vanke Co., Ltd.
|
19,900
|
75,583
|
|||||||
CK Asset Holdings, Ltd.
|
11,000
|
60,108
|
|||||||
Country Garden Holdings Co., Ltd.
|
31,000
|
40,879
|
|||||||
Country Garden Services Holdings Co., Ltd.
|
74,282
|
415,050
|
|||||||
Daito Trust Construction Co., Ltd.
|
300
|
29,336
|
|||||||
Deutsche Wohnen SE
|
1,095
|
54,918
|
|||||||
Great Eagle Holdings, Ltd.
|
356,662
|
950,777
|
|||||||
Longfor Group Holdings, Ltd. (a)
|
6,500
|
42,476
|
|||||||
Multiplan Empreendimentos Imobiliarios SA*
|
64,978
|
276,533
|
|||||||
REA Group, Ltd.
|
633
|
67,385
|
|||||||
Shanghai Industrial Urban Development Group, Ltd.
|
20,000
|
2,121
|
|||||||
Sun Hung Kai Properties, Ltd.
|
8,472
|
112,613
|
|||||||
Sunac China Holdings, Ltd.
|
19,261
|
73,848
|
|||||||
Sunac Services Holdings Ltd. (a)*
|
620
|
955
|
|||||||
Swiss Prime Site AG
|
543
|
48,923
|
|||||||
Vonovia SE
|
1,595
|
109,065
|
|||||||
Wharf Holdings Ltd., (The)
|
14,000
|
34,632
|
|||||||
Wharf Real Estate Investment Co., Ltd.
|
14,000
|
65,073
|
|||||||
2,592,382
|
|||||||||
REITS — 0.2%
|
|||||||||
Ascendas Real Estate Investment Trust
|
23,000
|
50,791
|
|||||||
CapitaLand Mall Trust
|
25,000
|
36,019
|
|||||||
Daiwa House REIT Investment Corp.
|
12
|
28,809
|
|||||||
Goodman Group
|
6,677
|
91,632
|
|||||||
Japan Prime Realty Investment Corp.
|
15
|
43,946
|
|||||||
Japan Retail Fund Investment Corp.
|
38
|
60,243
|
|||||||
Nippon Prologis REIT, Inc.
|
15
|
47,012
|
|||||||
Segro, PLC
|
5,434
|
65,747
|
|||||||
Unibail-Rodamco-Westfield
|
938
|
66,001
|
|||||||
United Urban Investment Corp.
|
51
|
57,444
|
|||||||
547,644
|
|||||||||
Retail — 2.7%
|
|||||||||
ABC-Mart, Inc.
|
500
|
26,031
|
|||||||
Aeon Co., Ltd.
|
676
|
20,082
|
|||||||
Alibaba Health Information Technology, Ltd.*
|
108,082
|
317,559
|
|||||||
ANTA Sports Products, Ltd.
|
5,561
|
75,463
|
|||||||
Astra International Tbk PT, SP ADR
|
3,615
|
26,227
|
|||||||
Cie Financiere Richemont SA, ADR
|
12,160
|
100,685
|
|||||||
Dufry AG*
|
2,857
|
160,120
|
|||||||
Fast Retailing Co., Ltd.
|
147
|
120,446
|
|||||||
Hennes & Mauritz AB, Class B
|
2,490
|
53,026
|
|||||||
Industria de Diseno Textil SA, ADR
|
7,152
|
119,581
|
|||||||
Li Ning Co., Ltd.
|
100,768
|
544,446
|
|||||||
Moncler SpA*
|
774
|
38,168
|
|||||||
Next, PLC
|
352
|
30,407
|
|||||||
Nitori Holdings Co., Ltd.
|
353
|
75,054
|
|||||||
Pan Pacific International Holdings Corp.
|
2,000
|
47,189
|
|||||||
Raia Drogasil SA
|
64,359
|
313,061
|
|||||||
Restaurant Brands International, Inc.
|
3,260
|
185,690
|
|||||||
Shimamura Co., Ltd.
|
300
|
30,910
|
|||||||
Sundrug Co., Ltd.
|
13,600
|
570,120
|
|||||||
Swatch Group AG, (The)
|
9,378
|
2,309,697
|
|||||||
TITAN COMPANY, Ltd.
|
11,580
|
211,236
|
|||||||
Tsuruha Holdings
|
18,100
|
2,654,285
|
|||||||
Wal-Mart de Mexico SAB de CV, SP ADR
|
1,129
|
29,839
|
|||||||
Yum China Holdings, Inc.
|
1,728
|
97,425
|
|||||||
Zhongsheng Group Holdings Ltd.
|
7,000
|
52,631
|
|||||||
8,209,378
|
|||||||||
Semiconductors — 7.4%
|
|||||||||
Advanced Micro Devices, Inc.*
|
10,110
|
936,793
|
|||||||
ASE Technology Holding Co., Ltd. ADR
|
6,033
|
32,096
|
|||||||
ASML Holding NV
|
771
|
334,986
|
|||||||
ASML Holding NV, ADR
|
1,129
|
494,197
|
|||||||
Infineon Technologies AG
|
16,944
|
597,799
|
|||||||
Mediatek, Inc.
|
30,962
|
764,605
|
|||||||
Micron Technology, Inc.*
|
6,162
|
394,923
|
|||||||
NVIDIA Corp.
|
1,058
|
567,151
|
|||||||
Rohm Co., Ltd.
|
40
|
3,326
|
|||||||
Samsung Electronic Co., Ltd.
|
79,941
|
4,818,904
|
|||||||
Samsung Electronic Co., Ltd., GDR
|
3,102
|
4,699,189
|
|||||||
SK Hynix, Inc.
|
917
|
80,805
|
|||||||
SUMCO Corp.
|
34
|
688
|
|||||||
Taiwan Semiconductor Manufacturing Co., Ltd.
|
169,000
|
2,876,689
|
|||||||
Taiwan Semiconductor Manufacturing Co., Ltd., SP ADR
|
53,464
|
5,187,077
|
|||||||
Tokyo Electron, Ltd.
|
400
|
135,942
|
|||||||
Tokyo Electron, Ltd., ADR
|
1,048
|
88,766
|
|||||||
United Microelectronics Corp., SP ADR
|
36,418
|
259,660
|
|||||||
22,273,596
|
|||||||||
Software — 2.1%
|
|||||||||
Bilibili, Inc., SP ADR*
|
785
|
49,345
|
|||||||
BlackBerry Ltd.*
|
10,732
|
62,997
|
|||||||
Dassault Systemes SE, SP ADR
|
490
|
90,630
|
|||||||
Dassault Systemes SE
|
475
|
87,727
|
|||||||
Hundsun Technologies, Inc., Class A
|
9,300
|
124,820
|
|||||||
NetEase, Inc., ADR
|
13,930
|
1,258,854
|
|||||||
Nexon Co., Ltd.
|
20,300
|
612,244
|
|||||||
Open Text Corp.
|
2,121
|
93,685
|
|||||||
Playtech, PLC*
|
286,011
|
1,459,933
|
|||||||
SAP SE, SP ADR
|
2,021
|
244,864
|
|||||||
Sea, Ltd., ADR*
|
3,044
|
549,046
|
|||||||
SimCorp A/S
|
9,149
|
1,200,173
|
|||||||
Unity Software, Inc.*
|
3,433
|
521,747
|
|||||||
6,356,065
|
|||||||||
Telecommunications — 3.2%
|
|||||||||
America Movil SAB de CV, Class L, SP ADR
|
7,257
|
108,057
|
|||||||
BCE, Inc.
|
5,954
|
258,165
|
|||||||
Belgacom SA
|
48,548
|
1,013,561
|
|||||||
Chunghwa Telecom Co., Ltd., SP ADR
|
10,212
|
388,873
|
|||||||
Deutsche Telekom AG, SP ADR
|
5,690
|
102,761
|
|||||||
Elisa OYJ
|
619
|
33,214
|
|||||||
GDS Holdings Ltd., ADR*
|
373
|
33,581
|
|||||||
Hikari Tsushin, Inc.
|
200
|
48,006
|
|||||||
KDDI Corp.
|
57,948
|
1,648,990
|
|||||||
Millicom International Cellular SA, SDR
|
116
|
4,614
|
|||||||
MTN Group, Ltd.
|
23,254
|
99,860
|
|||||||
NICE Ltd., SP ADR
|
288
|
70,191
|
|||||||
Nippon Telegraph & Telephone Corp.
|
2,100
|
49,666
|
|||||||
Nippon Telegraph & Telephone Corp. ADR
|
984
|
23,262
|
|||||||
Nokia OYJ, SP ADR
|
12,708
|
51,213
|
|||||||
NTT DOCOMO, Inc., SP ADR
|
2,092
|
77,341
|
|||||||
NTT DOCOMO, Inc.
|
2,753
|
102,388
|
|||||||
Orange SA
|
5,001
|
63,303
|
|||||||
PLDT, Inc., SP ADR
|
2,630
|
72,483
|
|||||||
Samsung SDI Co., Ltd.
|
561
|
270,849
|
|||||||
SK Telecom Ltd., SP ADR
|
6,177
|
145,221
|
|||||||
SoftBank Corp.
|
7,979
|
98,308
|
|||||||
Softbank Group Corp., ADR
|
7,968
|
273,781
|
|||||||
Swisscom AG
|
80
|
42,335
|
|||||||
Tele2 AB, Class B
|
1,551
|
20,039
|
|||||||
Telefonaktiebolaget LM Ericsson, Class B
|
359,167
|
4,409,032
|
|||||||
Telefonaktiebolaget LM Ericsson, SP ADR
|
2,495
|
30,539
|
|||||||
Telefonica SA
|
9,365
|
40,911
|
|||||||
Telenor ASA, ADR
|
3,481
|
59,108
|
|||||||
Turkcell Iletisim Hizmetleri AS, ADR
|
6,168
|
30,100
|
|||||||
Xiaomi Corp., ADR*
|
4,033
|
69,085
|
|||||||
9,738,837
|
|||||||||
Toys/Games/Hobbies — 0.1%
|
|||||||||
Bandai Namco Holdings, Inc.
|
800
|
72,807
|
|||||||
Nintendo Co., Ltd.
|
200
|
113,476
|
|||||||
Nintendo, Ltd., ADR
|
1,152
|
81,734
|
|||||||
268,017
|
|||||||||
Transportation — 0.4%
|
|||||||||
Aurizon Holdings Ltd.
|
22,111
|
68,879
|
|||||||
Canadian National Railway Co.
|
3,433
|
367,503
|
|||||||
Canadian Pacific Railway, Ltd.
|
211
|
67,910
|
|||||||
Central Japan Railway Co.
|
218
|
27,706
|
|||||||
Deutsche Post AG, SP ADR
|
3,012
|
145,721
|
|||||||
DSV PANALPINA A S, ADR
|
826
|
64,948
|
|||||||
East Japan Railway Co.
|
900
|
55,663
|
|||||||
Keio Corp.
|
1,000
|
70,922
|
|||||||
Kyushu Railway Co.
|
1,100
|
23,130
|
|||||||
Mitsui OSK Lines Ltd.
|
3,000
|
78,011
|
|||||||
Nagoya Railroad Co., Ltd.
|
1,000
|
27,506
|
|||||||
Odakyu Electric Railway Co., Ltd.
|
2,000
|
60,543
|
|||||||
Poste Italiane SpA (a)
|
3,442
|
35,368
|
|||||||
SG Holdings Co., Ltd.
|
2,446
|
73,185
|
|||||||
Tokyu Corp.
|
4,000
|
48,445
|
|||||||
West Japan Railway Co.
|
475
|
21,632
|
|||||||
ZTO Express Cayman, Inc., ADR
|
3,209
|
90,622
|
|||||||
1,327,694
|
|||||||||
Water — 0.8%
|
|||||||||
Severn Trent, PLC
|
1,160
|
36,660
|
|||||||
United Utilities Group, PLC
|
204,071
|
2,430,735
|
|||||||
2,467,395
|
|||||||||
TOTAL COMMON STOCKS
|
|||||||||
(Cost $228,755,583)
|
278,215,081
|
||||||||
PREFERRED STOCKS - 0.9%
|
|||||||||
Airlines — 0.1%
|
|||||||||
Azul SA*
|
32,963
|
234,175
|
|||||||
Auto Manufacturers — 0.0%
|
|||||||||
Porsche Auto SE, 4.029%
|
851
|
54,049
|
|||||||
Banks — 0.1%
|
|||||||||
Banco Bradesco SA, ADR, 3.863%
|
36,819
|
167,158
|
|||||||
Bancolombia SA, SP ADR, 4.930%
|
1,414
|
43,057
|
|||||||
210,215
|
|||||||||
Chemicals — 0.3%
|
|||||||||
Fuchs Petrolub SE, 2.044%
|
17,783
|
1,010,773
|
|||||||
Cosmetics/Personal Care — 0.3%
|
|||||||||
LG Household & Health Care, Ltd., 1.589%
|
1,482
|
929,865
|
|||||||
Electric — 0.0%
|
|||||||||
Cia Paranaense de Energia, SP ADR, 3.441%*
|
3,320
|
42,430
|
|||||||
Electronics — 0.0%
|
|||||||||
Sartorius AG, 0.099%
|
88
|
40,124
|
|||||||
Semiconductors — 0.1%
|
|||||||||
Samsung Electronic Co., Ltd., 2.319%
|
3,734
|
206,010
|
|||||||
TOTAL PREFERRED STOCKS
|
|||||||||
(Cost $2,358,048)
|
2,727,641
|
||||||||
EXCHANGE TRADED FUNDS - 0.1%
|
|||||||||
Diversified Financial Services — 0.1%
|
|||||||||
Ishares MSCI India ETF
|
10,140
|
369,907
|
|||||||
TOTAL EXCHANGE TRADED FUNDS
|
|||||||||
(Cost $331,886)
|
369,907
|
||||||||
SHORT-TERM INVESTMENTS - 6.6%
|
|||||||||
U.S. Bank Money Market Deposit Account, 0.03%(b)
|
19,918,080
|
19,918,080
|
|||||||
TOTAL SHORT-TERM INVESTMENTS
|
|||||||||
(Cost $19,918,080)
|
19,918,080
|
||||||||
TOTAL INVESTMENTS - 99.7%
|
|||||||||
(Cost $251,363,598)
|
301,230,709
|
||||||||
OTHER ASSETS IN EXCESS OF LIABILITIES - 0.3%
|
966,543
|
||||||||
NET ASSETS - 100.0%
|
$
|
302,197,252
|
|
||||||||||||
*
|
Non-income producing security.
|
|||||||||||
(a)
|
Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional buyers.
As of November 30, 2020, total market value of Rule 144A securities is $5,865,218 and represents 1.90% of net assets.
|
|||||||||||
(b)
|
The rate shown is as of November 30, 2020.
|
|||||||||||
ADR
|
American Depositary Receipt
|
|||||||||||
GDR
|
Global Depositary Receipt
|
|||||||||||
PLC
|
Public Limited Company
|
|||||||||||
REIT
|
Real Estate Investment Trust
|
|||||||||||
SDR
|
Special Drawing Right
|
|||||||||||
SP ADR
|
Sponsored ADR
|
|||||||||||
The accompanying notes are an integral part of the financial statements.
|
AQUARIUS INTERNATIONAL FUND
|
||||||||
NOTES TO PORTFOLIO OF INVESTMENTS
|
||||||||
NOVEMBER 30, 2020 (UNAUDITED)
|
||||||||
PORTFOLIO VALUATION – The Fund's net asset value (“NAV”) is calculated once daily at the close of regular trading hours on the New York Stock Exchange (“NYSE”) (generally
4:00 p.m. Eastern time) on each day the NYSE is open. Securities held by the Funds are valued using the closing price or the last sale price on a national securities exchange or the National Association of Securities Dealers Automatic
Quotation System (“NASDAQ”) market system where they are primarily traded. Equity securities traded in the over-the-counter ("OTC") market are valued at their closing prices. If there were no transactions on that day, securities traded
principally on an exchange or on NASDAQ will be valued at the mean of the last bid and ask prices prior to the market close. Fixed income securities are valued using an independent pricing service, which considers such factors as security
prices, yields, maturities and ratings, and are deemed representative of market values at the close of the market. Investments in Exchange-Traded Funds ("ETFs") are valued at their last reported sale price. Foreign securities are valued
based on prices from the primary market in which they are traded, and are translated from the local currency into U.S. dollars using current exchange rates. Investments in other open-end investment companies, if any, are valued based on the
NAV of those investment companies (which may use fair value pricing as disclosed in their prospectuses). If market quotations are unavailable or deemed unreliable, securities will be valued in accordance with procedures adopted by the RBB
Fund, Inc.’s Board of Directors (the “Board”). Relying on prices supplied by pricing services or dealers or using fair valuation may result in values that are higher or lower than the values used by other investment companies and investors
to price the same investments.
|
||||||||
FAIR VALUE MEASUREMENTS – The inputs and valuation techniques used to measure the fair value of the Fund's investments are summarized into three levels as described in the
hierarchy below:
|
||||||||
• Level 1 — Prices are determined using quoted prices in active markets for identical securities.
|
||||||||
• Level 2 — Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
|
||||||||
• Level 3 — Prices are determined using significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments).
|
||||||||
The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
|
||||||||
The following is a summary of the inputs used, as of November 30, 2020, in valuing the Fund's investments carried at fair value:
|
|
TOTAL
|
LEVEL 1
|
LEVEL 2
|
LEVEL 3
|
||||||||||||
AQUARIUS INTERNATIONAL FUND
|
||||||||||||||||
Common Stocks
|
$
|
278,215,081
|
$
|
65,552,022
|
$
|
212,663,059
|
$
|
–
|
||||||||
Exchange-Traded Funds
|
369,907
|
369,907
|
–
|
–
|
||||||||||||
Preferred Stocks
|
2,727,641
|
486,820
|
2,240,821
|
–
|
||||||||||||
Short-Term Investments
|
19,918,080
|
19,918,080
|
–
|
–
|
||||||||||||
Total Investments*
|
$
|
301,230,709
|
$
|
86,326,829
|
$
|
214,903,880
|
$
|
–
|
||||||||
* Please refer to Portfolio of Investments for further details.
|
At the end of each quarter, management evaluates the classification of Levels 1, 2 and 3 assets and liabilities. Various factors are considered, such as changes in liquidity from the prior reporting period;
whether or not a broker is willing to execute at the quoted price; the depth and consistency of prices from third party pricing services; and the existence of contemporaneous, observable trades in the market. Additionally, management
evaluates the classification of Levels 1, 2 and 3 assets and liabilities on a quarterly basis for changes in listings or delistings on national exchanges.
|
||||||||
Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Fund’s investments may fluctuate from period to period.
Additionally, the fair value of investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values the Fund may ultimately realize.
Further, such investments may be subject to legal and other restrictions on resale or otherwise less liquid than publicly traded securities.
|
||||||||
For fair valuations using significant unobservable inputs, U.S. generally accepted accounting principles (“U.S. GAAP”) requires the Fund to present a reconciliation of the beginning to ending balances for reported
market values that presents changes attributable to total realized and unrealized gains or losses, purchase and sales, and transfers in and out of Level 3 during the period. Transfers in and out between levels are based on values at the end
of the period. A reconciliation of Level 3 investments is presented only when the Fund had an amount of Level 3 investments at the end of the reporting period that was meaningful in relation to its net assets. The amounts and reasons for
Level 3 transfers are disclosed if the Fund had an amount of total transfers during the reporting period that was meaningful in relation to its net assets as of the end of the reporting period.
|
||||||||
For the period ended November 30, 2020, the Fund had no Level 3 transfers.
|
||||||||
For more information with regard to significant accounting policies, see the most recent semi-annual or annual report filed with the Securities and Exchange Commission.
|