NPORT-EX 2 aquarius.htm NPORT-EX

AQUARIUS INTERNATIONAL FUND
  
CONSOLIDATED PORTFOLIO OF INVESTMENTS
  
MAY 31, 2021 (UNAUDITED)
  
             
   
NUMBER
        
   
OF SHARES
    
VALUE
  
COMMON STOCKS - 93.0%
            
Advertising — 0.1%
            
Dentsu, Inc.
    
1,800
    
$
62,642
  
Publicis Groupe SA
    
2,188
      
147,901
  
WPP, PLC
    
3,536
      
48,845
  
             
259,388
  
Aerospace/Defense — 0.1%
                
Airbus Group SE*
    
1,204
      
158,189
  
MTU Aero Engines AG, ADR
    
562
      
73,251
  
Safran SA
    
649
      
98,136
  
Thales SA
    
486
      
49,833
  
             
379,409
  
Agriculture — 0.3%
                
British American Tabacco, PLC, SP ADR
    
6,138
      
237,356
  
Imperial Brands, PLC, SP ADR
    
3,146
      
72,736
  
Japan Tobacco, Inc.
    
4,730
      
93,963
  
Origin Enterprises, PLC
    
115,290
      
517,374
  
Swedish Match AB
    
4,980
      
46,170
  
             
967,599
  
Airlines — 1.1%
                
Ryanair Holding, PLC, SP ADR*
    
35,823
      
4,182,335
  
Apparel — 2.2%
                
Adidas AG
    
4,474
      
1,631,607
  
Adidas AG, SP ADR
    
1,152
      
211,242
  
Gildan Activewear, Inc.
    
5,757
      
208,173
  
Hermes International
    
80
      
111,460
  
Kering SA
    
139
      
127,296
  
LVMH Moet Hennessy Louis Vuitton SE
    
6,696
      
5,363,728
  
LVMH Moet Hennessy Louis Vuitton SE, ADR
    
2,000
      
321,460
  
Shenzhou International Group Holdings, Ltd.
    
4,000
      
105,442
  
             
8,080,408
  
Auto Manufacturers — 0.7%
                
Bayerische Motoren Werke AG, SP ADR
    
3,309
      
117,337
  
Daimler AG
    
3,623
      
338,019
  
Ferrari NV
    
141
      
29,731
  
Ferrari NV, ADR
    
642
      
135,404
  
Geely Automobile Holdings, Ltd.
    
6,982
      
17,680
  
Geely Automobile Holdings, Ltd., ADR
    
883
      
45,042
  
Hyundai Motor Co.
    
353
      
73,261
  
Kia Corp.
    
4,031
      
304,940
  
NIO, Inc., ADR*
    
2,072
      
80,021
  
Nissan Motor Co., Ltd.*
    
10,100
      
50,804
  
Stellantis NV
    
5,160
      
100,946
  
Tata Motors, Ltd., SP ADR*
    
32,755
      
711,766
  
Toyota Motor Corp.
    
600
      
49,793
  
Toyota Motor Corp., SP ADR
    
1,862
      
309,055
  
Volkswagen AG, ADR
    
5,060
      
182,995
  
Volvo AB, Class B
    
3,636
      
95,827
  
             
2,642,621
  
Auto Parts & Equipment — 0.3%
                
Continental AG*
    
442
      
65,535
  
Faurecia SE
    
87
      
4,774
  
Magna International, Inc.
    
3,010
      
302,776
  
Mando Corp.*
    
6,882
      
399,656
  
Michelin
    
463
      
70,765
  
Motherson Sumi Systems Ltd.*
    
104,753
      
339,480
  
             
1,182,986
  
Banks — 7.7%
                
Australia & New Zealand Banking Group, Ltd.
    
5,980
      
133,386
  
Banco Santander SA*
    
37,238
      
156,836
  
Bangkok Bank
    
290,100
      
1,067,704
  
Bank Central Asia Tbk PT
    
328,970
      
729,568
  
Bank Leumi Le Israel
    
502,678
      
4,033,904
  
Bank Montreal
    
867
      
91,052
  
Bank of Ireland Group, PLC
    
529,735
      
3,432,893
  
Bank of Nova Scotia, (The)
    
1,749
      
117,708
  
Bank Rakyat Indonesia Persero Tbk PT, ADR
    
1,382
      
19,859
  
Barclays, PLC
    
126,063
      
327,359
  
Bendigo & Adelaide Bank, Ltd.
    
12,614
      
102,059
  
BNP Paribas SA
    
2,636
      
181,476
  
BOC Hong Kong Holdings, Ltd.
    
28,000
      
103,281
  
CaixaBank SA
    
65,952
      
228,650
  
Canadian Imperial Bank of Commerce
    
573
      
67,539
  
China Construction Bank Corp.
    
106,000
      
87,336
  
China Merchants Bank Co., Ltd.
    
117,298
      
1,085,245
  
China Merchants Bank Co., Ltd., ADR
    
554
      
25,739
  
Commerzbank AG*
    
18,102
      
146,020
  
Commonwealth Bank Of Australia
    
4,044
      
314,182
  
Concordia Financial Group, Ltd.
    
11,723
      
44,413
  
Credit Suisse Group AG
    
13,720
      
149,914
  
Dah Sing Financial Holdings, Ltd.
    
222,400
      
791,695
  
DBS Group Holdings, Ltd.
    
82,000
      
1,884,082
  
DBS Group Holdings, Ltd., SP ADR
    
1,611
      
149,259
  
Deutsche Bank AG*
    
8,776
      
132,430
  
DNB ASA
    
12,189
      
272,042
  
FinecoBank Banca Fineco SpA
    
5,751
      
95,763
  
FirstRand, Ltd.
    
13,495
      
55,267
  
Fukuoka Financial Group, Inc.
    
3,000
      
57,209
  
Grupo Aval Acciones y Valores SA, ADR
    
8,589
      
49,644
  
Grupo Financiero Banorte SAB de CV
    
141,978
      
968,427
  
Hang Seng Bank, Ltd.
    
4,400
      
93,794
  
HDFC Bank, Ltd.
    
117,916
      
2,446,105
  
HDFC Bank, Ltd., ADR
    
9,894
      
757,188
  
HSBC Holdings, PLC, SP ADR*
    
9,910
      
320,886
  
ICICI Bank, Ltd., SP ADR*
    
71,258
      
1,283,357
  
ING Groep NV
    
7,103
      
99,393
  
Macquarie Group, Ltd.
    
749
      
88,142
  
Mediobanca Banca di Credito Finanziario SpA
    
3,974
      
47,318
  
Mitsubishi UFJ Financial Group Inc., SP ADR
    
53,334
      
308,804
  
National Australia Bank, Ltd.
    
7,689
      
160,866
  
National Australia Bank, Ltd., SP ADR
    
11,208
      
117,908
  
Nedbank Group, Ltd., SP ADR*
    
2,666
      
30,766
  
Nordea Bank Abp
    
11,504
      
124,974
  
Nordea Bank Abp
    
93
      
1,008
  
OTP Bank, PLC
    
13,513
      
741,751
  
Oversea-Chinese Bank Corp., Ltd.
    
9,000
      
85,018
  
Royal Bank Canada
    
3,116
      
324,033
  
Sberbank Russia, SP ADR
    
40,143
      
677,614
  
Shinhan Financial Group Co., Ltd., SP ADR
    
9,162
      
349,439
  
Societe Generale SA
    
2,392
      
76,590
  
Standard Bank Group, Ltd.
    
9,099
      
87,863
  
Sumitomo Mitsui Financial Group Inc., SP ADR
    
56,610
      
414,385
  
Svenska Handelsbanken AB, Class A
    
175,717
      
2,009,195
  
Toronto-Dominion Bank, (The)
    
3,414
      
246,149
  
UBS Group AG
    
13,717
      
223,536
  
United Overseas Bank, Ltd.
    
6,000
      
119,136
  
Woori Financial Group, Inc., SP ADR
    
4,696
      
138,579
  
             
28,475,738
  
Beverages — 3.7%
                
Anheuser-Busch InBev SA NV, SP ADR
    
2,087
      
158,132
  
Asahi Group Holdings Ltd.
    
1,700
      
82,177
  
Carlsberg A/S
    
499
      
91,650
  
China Resources Beer Holdings Co., Ltd.
    
10,000
      
88,716
  
Coca-Cola European Partners, PLC
    
476
      
28,807
  
Diageo, PLC
    
143,487
      
6,919,413
  
Diageo, PLC, SP ADR
    
2,046
      
395,389
  
Fomento Economico Mexicano SAB de CV, SP ADR
    
461
      
37,802
  
Heineken NV
    
592
      
70,865
  
Kweichow Moutai Co., Ltd., Class A
    
2,472
      
866,753
  
Pernod Ricard SA
    
300
      
66,233
  
Thai Beverage, PLC
    
6,778,200
      
3,559,239
  
Wuliangye Yibin Co., Ltd., Class A
    
25,599
      
1,276,997
  
             
13,642,173
  
Biotechnology — 0.5%
                
BeiGene Ltd., ADR*
    
1,779
      
637,789
  
CSL Ltd., SP ADR
    
1,030
      
115,267
  
CSL, Ltd.
    
628
      
140,260
  
Genmab A/S*
    
1,553
      
634,356
  
Genmab A/S, SP ADR*
    
2,330
      
94,645
  
Zai Lab Ltd., ADR*
    
1,967
      
349,457
  
             
1,971,774
  
Building Materials — 1.9%
                
Anhui Conch Cement Co., Ltd.
    
3,500
      
21,668
  
Anhui Conch Cement Co., Ltd., ADR
    
455
      
13,486
  
Beijing Oriental Yuhong Waterproof Technology Co., Ltd., Class A
    
65,000
      
584,578
  
Cemex SAB de CV, SP ADR*
    
5,460
      
45,209
  
CRH, PLC
    
69,087
      
3,614,429
  
CRH, PLC, SP ADR
    
3,605
      
187,713
  
Daikin Industries, Ltd.
    
249
      
49,794
  
Daikin Industries, Ltd., SP ADR
    
1,490
      
29,755
  
Geberit AG
    
90
      
65,331
  
James Hardie Industries PLC
    
2,896
      
94,793
  
LafargeHolcim, Ltd.*
    
2,013
      
120,435
  
Semen Indonesia Persero Tbk PT, ADR
    
2,421
      
32,478
  
Sika AG
    
6,787
      
2,185,144
  
TOTO, Ltd.
    
365
      
20,079
  
             
7,064,892
  
Chemicals — 2.5%
                
Air Liquide SA
    
17,009
      
2,892,661
  
Air Liquide SA, ADR
    
1,771
      
60,072
  
Akzo Nobel NV, ADR
    
2,496
      
106,629
  
Asahi Kasei Corp.
    
6,000
      
67,371
  
Asian Paints Ltd.
    
16,641
      
675,029
  
BASF SE, SP ADR
    
9,844
      
201,900
  
Covestro AG(a)
    
1,716
      
119,861
  
Croda International, PLC
    
14,201
      
1,405,482
  
Fuchs Petrolub SE
    
29,650
      
1,250,709
  
Givaudan SA, ADR
    
600
      
53,808
  
Givaudan SA
    
27
      
120,673
  
ICL Group, Ltd.
    
12,592
      
90,536
  
Johnson Matthey, PLC
    
1,377
      
59,400
  
Kansai Paint Co., Ltd.
    
1,360
      
36,796
  
Koninklijke DSM NV
    
561
      
103,375
  
LANXESS AG
    
1,023
      
76,461
  
LG Chem, Ltd.
    
1,110
      
827,213
  
LyondellBasell Industries NV, Class A
    
4,716
      
531,116
  
Mitsui Chemicals, Inc.
    
22
      
744
  
Nippon Paint Holdings Co., Ltd.
    
3,610
      
52,556
  
Novozymes A/S, ADR
    
920
      
67,372
  
Shin Etsu Chemical Co., Ltd., ADR
    
2,744
      
118,898
  
Shin-Etsu Chemical Co., Ltd.
    
654
      
113,295
  
Solvay SA
    
373
      
50,485
  
Sumitomo Chemical Co., Ltd.
    
13,000
      
72,098
  
Symrise AG
    
500
      
66,503
  
Umicore SA, ADR
    
3,052
      
45,811
  
             
9,266,854
  
Coal — 0.0%
                
China Shenhua Energy Co., Ltd.
    
30,000
      
66,243
  
Commercial Services — 3.8%
                
Adecco Group AG
    
374
      
25,885
  
Adyen NV*(a)
    
954
      
2,208,003
  
ALD SA(a)
    
55,364
      
848,353
  
Allfunds Group, PLC*
    
86,890
      
1,456,502
  
Amadeus IT Group SA, ADR*
    
1,437
      
108,105
  
Ashtead Group, PLC
    
23,093
      
1,684,573
  
Bidvest Group, Ltd., (The)
    
3,146
      
44,394
  
Bureau Veritas SA
    
1,739
      
53,322
  
China Merchants Port Holdings Co., Ltd.
    
60,000
      
99,108
  
Edenred
    
1,223
      
67,354
  
Experian, PLC
    
2,543
      
97,432
  
IHS Markit, Ltd.
    
5,330
      
561,302
  
Intertek Group, PLC
    
30,344
      
2,332,591
  
Localiza Rent a Car SA, SP ADR
    
4,006
      
47,271
  
New Oriental Education & Tech Group, Inc., SP ADR*
    
45,120
      
461,578
  
Recruit Holdings Co., Ltd.
    
3,292
      
168,735
  
RELX, PLC
    
118,208
      
3,078,957
  
Rentokil Initial, PLC
    
7,414
      
49,733
  
Secom Co., Ltd.
    
358
      
28,297
  
TAL Education Group, ADR*
    
1,488
      
59,475
  
Transurban Group
    
6,366
      
68,293
  
Vamos Locacao de Caminhoes Maquinas e Equipamentos SA*
    
49,441
      
485,901
  
Worldline SA (France)*(a)
    
573
      
55,062
  
             
14,090,226
  
Computers — 1.3%
                
CGI, Inc.*
    
279
      
24,942
  
CyberArk Software Ltd.*
    
576
      
72,887
  
EPAM Systems, Inc.*
    
1,756
      
838,666
  
Fujitsu Ltd.
    
422
      
68,838
  
Globant S.A.*
    
1,324
      
288,460
  
Infosys Ltd., SP ADR
    
12,897
      
249,428
  
Logitech International SA
    
536
      
65,982
  
Nomura Research Institute Ltd.
    
58,700
      
1,870,225
  
Obic Co., Ltd.
    
400
      
74,931
  
Tata Consultancy Services, Ltd.
    
18,737
      
812,180
  
Teleperformance
    
266
      
101,917
  
Wipro Ltd., ADR
    
38,844
      
308,033
  
             
4,776,489
  
Cosmetics/Personal Care — 1.9%
                
Beiersdorf AG
    
1,479
      
175,342
  
Essity AB, Class B
    
3,135
      
108,509
  
Kao Corp.
    
4,250
      
260,922
  
Kose Corp.
    
300
      
47,867
  
LG Household & Health Care, Ltd.
    
166
      
227,556
  
L'Oreal SA
    
1,866
      
844,777
  
L'Oreal SA, ADR
    
3,400
      
308,040
  
Natura & Co. Holding SA, ADR*
    
5,256
      
102,755
  
Pigeon Corp.
    
1,300
      
37,471
  
Unicharm Corp.
    
1,087
      
43,158
  
Unilever PLC-CVA
    
75,208
      
4,510,426
  
Unilever, PLC, SP ADR
    
4,479
      
268,606
  
             
6,935,429
  
Distribution/Wholesale — 1.2%
                
Bunzl, PLC
    
123,262
      
3,992,442
  
ITOCHU Corp.
    
3,700
      
111,577
  
ITOCHU Corp., ADR
    
426
      
25,679
  
Jardine Cycle & Carriage Ltd.
    
4,000
      
66,995
  
Mitsui & Co., Ltd.
    
3,159
      
69,872
  
Sendas Distribuidora SA
    
2,775
      
47,092
  
             
4,313,657
  
Diversified Financial Services — 2.5%
                
Banco BTG Pactual SA*
    
33,684
      
792,382
  
Capitec Bank Holdings Ltd.
    
4,512
      
542,101
  
Chailease Holding Co., Ltd.
    
47,000
      
354,982
  
China International Capital Corp., Ltd.(a)
    
19,000
      
55,847
  
Deutsche Boerse AG
    
8,586
      
1,403,937
  
Deutsche Boerse AG, ADR
    
2,810
      
45,691
  
Guotai Junan Securities Co., Ltd.(a)
    
33,000
      
49,673
  
Hong Kong Exchange & Clearing, Ltd.
    
3,780
      
232,631
  
Housing Development Finance Corp., Ltd.
    
17,576
      
615,434
  
Japan Exchange Group, Inc., ADR
    
64,100
      
1,494,231
  
KB Financial Group, Inc.
    
9,095
      
465,989
  
KB Financial Group, Inc., ADR
    
6,431
      
331,132
  
London Stock Exchange Group, PLC
    
791
      
84,875
  
London Stock Exchange Group, PLC, ADR
    
2,464
      
66,996
  
Nomura Holdings, Inc.
    
14,100
      
77,337
  
Pagseguro Digital, Ltd., Class A*
    
13,213
      
648,891
  
Sanlam Ltd., SP ADR
    
5,156
      
43,981
  
SBI Cards & Payment
    
36,790
      
531,109
  
SBI Holdings, Inc. (Japan)
    
2,600
      
66,165
  
Singapore Exchange, Ltd.
    
6,000
      
47,097
  
St James's Place, PLC
    
5,807
      
114,879
  
Standard Life Aberdeen, PLC
    
15,283
      
59,469
  
Visa, Inc., Class A
    
4,319
      
981,709
  
             
9,106,538
  
Electric — 0.4%
                
CLP Holdings, Ltd.
    
6,000
      
61,916
  
E.ON SE
    
4,210
      
51,200
  
Enel SpA
    
14,744
      
146,221
  
Engie SA, SP ADR
    
8,968
      
134,072
  
Equatorial Energia SA
    
64,930
      
318,066
  
Fortis, Inc.
    
2,870
      
131,015
  
Iberdrola SA
    
8,686
      
119,728
  
Iberdrola SA, SP ADR
    
1,618
      
89,637
  
National Grid, PLC
    
2,867
      
38,268
  
National Grid, PLC, SP ADR
    
2,605
      
174,196
  
Orsted A/S(a)
    
381
      
58,266
  
Power Assets Holdings, Ltd.
    
9,500
      
59,605
  
RWE AG
    
1,019
      
38,722
  
SSE, PLC, ADR
    
5,415
      
118,426
  
Terna Rete Elettrica Nazionale SpA
    
6,010
      
45,924
  
             
1,585,262
  
Electrical Components & Equipment — 1.1%
                
ABB Ltd.
    
4,533
      
154,480
  
Contemporary Amperex Technology Co., Ltd., Class A
    
13,908
      
895,212
  
Delta Electronics, Inc.
    
92,255
      
967,972
  
Legrand SA
    
18,610
      
1,952,127
  
Schneider Electric SE
    
698
      
111,094
  
Schneider Electric SE, ADR
    
4,025
      
127,753
  
             
4,208,638
  
Electronics — 1.8%
                
Assa Abloy AB, Class B
    
98,664
      
3,037,486
  
Halma, PLC
    
34,969
      
1,290,749
  
Hirose Electric Co., Ltd.
    
427
      
61,073
  
Hon Hai Precision
    
124,315
      
496,720
  
Hoya Corp.
    
670
      
88,039
  
Hoya Corp., SP ADR
    
487
      
64,355
  
Kyocera Corp.
    
900
      
55,326
  
Murata Manufacturing Co., Ltd.
    
1,119
      
84,761
  
Murata Manufacturing Co., Ltd., ADR
    
5,048
      
95,205
  
Nidec Corp.
    
78
      
8,944
  
Nidec Corp., SP ADR
    
4,640
      
133,818
  
Shenzhen Inovance Technology Co., Ltd., Class A
    
23,990
      
362,390
  
Silergy Corp.
    
1,950
      
244,730
  
Unimicron Technology Corp.
    
125,597
      
471,724
  
             
6,495,320
  
Energy-Alternate Sources — 0.0%
                
Vestas Wind Systems A/S
    
2,480
      
96,950
  
Engineering & Construction — 0.1%
                
Cellnex Telecom SA*(a)
    
792
      
48,047
  
Ferrovial SA
    
3,085
      
90,127
  
Grupo Aeroportuario del Pacifico SAB de CV, SP ADR, Class B*
    
392
      
41,321
  
Grupo Aeroportuario del Sureste SAB de CV, SP ADR
    
471
      
83,193
  
HOCHTIEF AG
    
774
      
65,276
  
Vinci SA, ADR
    
3,476
      
98,649
  
             
426,613
  
Entertainment — 0.1%
                
MultiChoice Group
    
5,548
      
55,036
  
MultiChoice Group, Ltd., ADR
    
93
      
918
  
OPAP SA
    
14,085
      
221,360
  
Oriental Land Co., Ltd.
    
613
      
90,746
  
Paddy Power Betfair, PLC*
    
321
      
59,985
  
             
428,045
  
Environmental Control — 0.2%
                
China Conch Venture Holdings, Ltd.
    
159,500
      
734,442
  
Food — 1.7%
                
BRF SA, ADR*
    
3,487
      
17,191
  
Calbee, Inc.
    
2,300
      
53,481
  
China Mengniu Dairy Co., Ltd.*
    
113,724
      
673,126
  
Chocoladefabriken Lindt & Spruengli AG
    
6
      
56,632
  
Cia Brasileira de Distribuicao, SP ADR*
    
2,775
      
20,813
  
Coles Group, Ltd.
    
4,109
      
52,632
  
Colruyt SA
    
628
      
38,260
  
Danone SA
    
1,659
      
118,262
  
Glanbia, PLC
    
84,404
      
1,406,041
  
ICA Gruppen AB
    
882
      
43,260
  
JBS SA, SP ADR
    
690
      
8,042
  
Koninklijke Ahold Delhaize NV
    
696
      
20,262
  
Koninklijke Ahold Delhaize NV, SP ADR
    
4,031
      
118,673
  
Marine Harvest
    
1,851
      
48,192
  
Meiji Holdings Co., Ltd.
    
2,400
      
149,160
  
Nestle SA
    
16,653
      
2,056,948
  
Nestle SA, SP ADR
    
6,845
      
846,521
  
Ocado Group, PLC*
    
2,138
      
57,202
  
Seven & i Holdings Co., Ltd.
    
2,500
      
110,025
  
Seven & i Holdings Co., Ltd., ADR
    
3,000
      
66,000
  
Tesco, PLC
    
1,409
      
4,461
  
Toyo Suisan Kaisha Ltd.
    
2,000
      
81,526
  
Wilmar International Ltd.
    
29,000
      
104,932
  
Woolworths Group, Ltd.
    
2,137
      
69,137
  
Yamazaki Baking Co., Ltd.
    
3,000
      
45,279
  
             
6,266,058
  
Food Service — 0.5%
                
Compass Group, PLC*
    
80,021
      
1,824,111
  
Compass Group, PLC, SP ADR*
    
7,353
      
169,340
  
             
1,993,451
  
Forest Products & Paper — 0.0%
                
Smurfit Kappa Group PLC, ADR
    
736
      
39,122
  
UPM-Kymmene Corp.
    
1,590
      
60,716
  
             
99,838
  
Gas — 0.2%
                
Beijing Enterprises Holdings, Ltd.
    
23,500
      
82,025
  
China Gas Holdings, Ltd.
    
14,200
      
54,007
  
China Resources Gas Group, Ltd.
    
6,000
      
37,204
  
ENN Energy Holdings, Ltd.
    
6,000
      
110,301
  
Hong Kong & China Gas Co., Ltd.
    
80,000
      
140,830
  
Indraprastha Gas Ltd.
    
52,563
      
372,326
  
Snam SpA
    
9,397
      
55,300
  
             
851,993
  
Hand/Machine Tools — 0.6%
                
Amada Co., Ltd.
    
148,900
      
1,608,520
  
Sandvik AB
    
3,286
      
87,351
  
Schindler Holding AG
    
216
      
62,758
  
Techtronic Industrials Co., Ltd.
    
30,300
      
570,371
  
             
2,329,000
  
Healthcare-Products — 2.4%
                
Alcon, Inc.
    
66,729
      
4,642,892
  
Alcon, Inc., ADR
    
1,128
      
78,599
  
Cochlear, Ltd.
    
376
      
65,322
  
Coloplast A/S, ADR
    
1,070
      
17,034
  
Coloplast A/S, Class B
    
327
      
51,891
  
Essilor International Cie Generale d'Opitque SA
    
11,122
      
1,931,101
  
EssilorLuxottica SA, ADR
    
144
      
12,603
  
Koninklijke Philips
    
29,017
      
1,639,649
  
Koninklijke Philips NV, ADR
    
1,898
      
107,199
  
Olympus Corp.
    
2,000
      
42,608
  
QIAGEN NV*
    
2,099
      
103,607
  
Siemens Healthineers AG(a)
    
1,037
      
58,410
  
Smith & Nephew, PLC
    
2,242
      
48,837
  
Sysmex Corp.
    
300
      
31,109
  
Sysmex Corp., ADR
    
450
      
23,405
  
Terumo Corp.
    
1,362
      
52,582
  
             
8,906,848
  
Healthcare-Services — 0.6%
                
Apollo Hospitals Enterprise, Ltd.
    
15,809
      
686,453
  
Fresenius Medical Care AG & Co., KGaA, ADR
    
1,104
      
44,248
  
Hapvida Participacoes e Investimentos SA(a)
    
83,800
      
256,463
  
Lonza Group AG
    
182
      
117,656
  
Lonza Group AG, ADR*
    
370
      
23,787
  
PeptiDream, Inc.*
    
639
      
29,485
  
Sonic Healthcare Ltd., SP ADR
    
3,345
      
89,345
  
WuXi AppTec Co., Ltd.(a)
    
22,861
      
472,911
  
Wuxi Biologics Cayman, Inc.*(a)
    
31,879
      
473,122
  
             
2,193,470
  
Holding Companies-Diversification — 0.0%
                
CK Hutchison Holdings, Ltd.
    
10,000
      
79,724
  
Jardine Matheson Holdings, Ltd.
    
1,000
      
64,813
  
             
144,537
  
Home Builders — 0.5%
                
Berkeley Group Holdings, PLC
    
683
      
45,267
  
Persimmon, PLC*
    
1,243
      
55,577
  
Sekisui Chemical Co., Ltd.
    
91,600
      
1,597,021
  
Sekisui House Ltd.
    
4,000
      
84,184
  
             
1,782,049
  
Home Furnishings — 0.2%
                
Electrolux AB, Class B
    
972
      
27,671
  
Panasonic Corp.
    
4,000
      
45,431
  
Sharp Corp. (Japan)
    
3,000
      
55,938
  
Sony Corp., SP ADR
    
4,806
      
478,726
  
             
607,766
  
Household Products/Wares — 0.1%
                
Hindustan Unilever Ltd.
    
5,666
      
181,415
  
Reckitt Benckiser Group, PLC, SP ADR
    
11,185
      
205,290
  
             
386,705
  
Insurance — 5.4%
                
Admiral Group, PLC
    
45,688
      
1,902,427
  
Aegon NV
    
14,288
      
67,736
  
Ageas SA NV
    
2,481
      
160,507
  
AIA Group, Ltd.
    
201,317
      
2,686,840
  
AIA Group, Ltd., SP ADR
    
9,630
      
515,398
  
Allianz SE, SP ADR
    
6,060
      
160,287
  
Aon, PLC, Class A
    
20,396
      
5,167,734
  
Baloise Holding AG
    
522
      
86,902
  
CNP Assurances
    
12,462
      
229,123
  
Dai-ichi Life Holdings, Inc.
    
6,692
      
139,997
  
Hannover Rueck SE
    
286
      
50,057
  
HDFC Life Insurance Co., Ltd.(a)
    
48,950
      
451,561
  
Insurance Australia Group, Ltd.
    
12,776
      
49,251
  
Lancashire Holdings, Ltd.
    
328,462
      
2,937,240
  
Legal & General Group, PLC
    
36,815
      
148,419
  
Manulife Finanical Corp.
    
6,860
      
143,374
  
New China Life Insurance Co., Ltd.
    
16,800
      
63,216
  
NN Group NV
    
3,039
      
154,680
  
Ping An Insurance Group Co. of China, Ltd.
    
43,775
      
478,162
  
Ping An Insurance Group Co. of China, Ltd., ADR
    
8,016
      
175,871
  
Prudential PLC, SP ADR
    
2,925
      
62,236
  
RSA Insurance Group, PLC*
    
8,130
      
78,927
  
Sampo, Class A, PLC
    
46,433
      
2,211,540
  
Sun Life Financial, Inc.
    
2,753
      
148,277
  
Suncorp Group, Ltd.
    
18,597
      
160,647
  
T&D Holdings, Inc.
    
5,200
      
70,734
  
Tokio Marine Holdings, Inc.
    
460
      
21,560
  
Topdanmark AS
    
28,793
      
1,484,639
  
Zurich Insurance Group AG
    
126
      
52,996
  
             
20,060,338
  
Internet — 5.2%
                
51job, Inc., ADR*
    
1,093
      
78,346
  
Alibaba Group Holding, Ltd.*
    
26,874
      
718,759
  
Alibaba Group Holdings, Ltd., SP ADR*
    
19,509
      
4,174,146
  
Autohome, Inc., SP ADR
    
11,717
      
903,029
  
Baidu, Inc., SP ADR*
    
2,813
      
552,107
  
Delivery Hero SE*(a)
    
387
      
52,355
  
East Money Information Co., Ltd., Class A
    
94,823
      
467,448
  
IndiaMart InterMesh Ltd.(a)
    
1,223
      
125,367
  
JD.com, Inc., ADR*
    
2,393
      
176,938
  
JOYY, Inc., ADR
    
721
      
55,481
  
Kakao Corp.
    
4,239
      
463,437
  
Locaweb Servicos de Internet SA*(a)
    
32,686
      
164,756
  
M3, Inc.
    
1,300
      
87,329
  
Meituan Dianping, Class B*(a)
    
12,773
      
447,690
  
Momo, Inc., SP ADR
    
2,185
      
30,656
  
MonotaRO Co., Ltd.
    
1,200
      
27,958
  
Naspers, Ltd.
    
6,823
      
1,503,973
  
Naver Corp.
    
1,033
      
331,432
  
Ozon Holdings, PLC, ADR*
    
5,194
      
275,646
  
Pinduoduo, Inc., ADR*
    
437
      
54,573
  
Prosus NV*
    
949
      
98,320
  
Sea, Ltd., ADR*
    
1,505
      
381,126
  
SEEK Ltd.
    
4,272
      
102,380
  
Shopify, Inc., Class A*
    
72
      
89,487
  
Tencent Holdings, Ltd.
    
74,551
      
5,828,465
  
Tencent Holdings, Ltd., ADR
    
17,513
      
1,372,669
  
Tencent Music Entertainment Group, ADR*
    
293
      
4,612
  
Trip.com Group Ltd., ADR*
    
897
      
37,539
  
Vipshop Holdings, Ltd., ADR*
    
4,069
      
94,116
  
Weibo Corp., SP ADR*
    
653
      
33,199
  
Wix.com Ltd.*
    
100
      
25,986
  
Yandex NV, Class A*
    
5,525
      
373,158
  
Z Holdings Corp.
    
6,577
      
31,372
  
             
19,163,855
  
Investment Companies — 2.9%
                
Groupe Bruxelles Lambert SA
    
66,607
      
7,557,758
  
Kinnevik AB*
    
849
      
30,736
  
Kinnevik AB*
    
849
      
16,051
  
Melrose Industries, PLC
    
1,260,883
      
3,081,796
  
Wendel SA
    
888
      
124,197
  
             
10,810,538
  
Iron/Steel — 0.5%
                
BlueScope Steel, Ltd.
    
6,357
      
104,948
  
Cia Siderurgica Nacional SA, SP ADR
    
41,580
      
354,677
  
Fortescue Metals Group, Ltd.
    
5,658
      
96,629
  
Nippon Steel & Sumitomo Metal Corp.
    
8,000
      
152,316
  
Posco, SP ADR
    
3,580
      
286,794
  
Vale SA, SP ADR
    
32,381
      
696,839
  
Voestalpine AG
    
1,763
      
79,138
  
             
1,771,341
  
Leisure Time — 0.1%
                
Merida Industry Co., Ltd.
    
14,392
      
166,481
  
Shimano, Inc.
    
236
      
53,743
  
             
220,224
  
Life Sciences Tools & Services — 0.2%
                
Eurofins Scientific SE*
    
8,412
      
901,231
  
Lodging — 0.8%
                
Galaxy Entertainment Group, Ltd.*
    
55,200
      
462,514
  
Huazhu Group, Ltd., ADR
    
13,266
      
758,417
  
InterContinental Hotels Group, PLC*
    
26,972
      
1,878,158
  
Melco Resorts & Entertainment, Ltd., ADR*
    
988
      
16,984
  
             
3,116,073
  
Machinery-Construction & Mining — 0.4%
                
Epiroc AB, Class A
    
39,502
      
901,071
  
Hitachi Ltd., ADR
    
1,830
      
192,717
  
Hitachi, Ltd.
    
901
      
47,473
  
Komatsu, Ltd.
    
4,400
      
132,640
  
Mitsubishi Electical Corp.
    
3,000
      
46,771
  
Siemens Energy AG*
    
960
      
30,563
  
             
1,351,235
  
Machinery-Diversified — 1.8%
                
Atlas Copco AB, Class A
    
1,701
      
104,149
  
Atlas Copco AB, Class A, SP ADR
    
1,656
      
101,844
  
CNH Industrial NV
    
6,623
      
113,873
  
FANUC Corp.
    
2,819
      
675,828
  
GEA Group AG
    
83,544
      
3,634,952
  
Keyence Corp.
    
400
      
197,726
  
Kone Corp., Class B
    
748
      
60,855
  
Kubota Corp., SP ADR
    
883
      
102,172
  
SMC Corp.
    
110
      
66,182
  
SMC Corp., ADR
    
2,280
      
68,651
  
Spirax-Sarco Engineering, PLC
    
7,538
      
1,354,922
  
Sumitomo Heavy Industries, Ltd.
    
2,000
      
62,819
  
WEG SA
    
38,720
      
255,350
  
             
6,799,323
  
Media — 1.7%
                
Informa, PLC*
    
4,850
      
37,337
  
Pearson, PLC, SP ADR
    
15,198
      
177,513
  
Shaw Communications, Inc., Class B
    
9,386
      
280,547
  
Thomson Reuters Corp.
    
1,419
      
139,019
  
Vivendi SA, ADR
    
5,370
      
195,522
  
Wolters Kluwer
    
56,898
      
5,464,323
  
Wolters Kluwer NV, SP ADR
    
667
      
63,812
  
             
6,358,073
  
Mining — 1.5%
                
Aluminum Corp. of China, Ltd.*
    
693,555
      
407,500
  
Antofagasta, PLC
    
8,790
      
192,440
  
Barrick Gold Corp.
    
6,196
      
149,200
  
Boliden AB*
    
2,900
      
116,498
  
Cameco Corp.
    
3,460
      
69,096
  
Franco-Nevada Corp.
    
1,038
      
155,295
  
Groupo Mexico SAB de CV SA
    
214,871
      
1,031,312
  
Hindalco Industries Ltd.
    
62,983
      
336,426
  
Impala Platinum Holdings, Ltd.
    
7,877
      
136,021
  
Kirkland Lake Gold Ltd.
    
1,043
      
45,193
  
Lynas Rare Earths, Ltd.*
    
65,320
      
278,852
  
MMC Norilsk Nickel PJSC, ADR*
    
2,034
      
72,105
  
Newcrest Mining, Ltd.
    
1,769
      
38,257
  
Norsk Hydro ASA
    
15,202
      
98,492
  
Pan American Silver Corp.
    
16,067
      
540,494
  
Polyus PJSC
    
2,251
      
487,944
  
Rio Tinto, PLC, SP ADR
    
1,211
      
105,878
  
South32 Ltd.
    
44,192
      
102,211
  
Southern Copper Corp.
    
3,807
      
265,500
  
Sumitomo Metal Mining Co., Ltd.
    
2,000
      
89,314
  
Teck Resources, Ltd., Class B
    
8,215
      
202,993
  
Vedanta, Ltd., ADR
    
19,203
      
284,780
  
Wheaton Precious Metals Corp.
    
2,998
      
143,964
  
             
5,349,765
  
Miscellaneous Manufacturing — 1.0%
                
Airtac International Group
    
11,883
      
430,201
  
Alfa Laval AB
    
31,767
      
1,184,675
  
Orica Ltd.
    
5,536
      
58,742
  
Siemens AG
    
1,920
      
315,145
  
Smiths Group, PLC
    
68,827
      
1,509,430
  
Sunny Optical Technology Group Co., Ltd.
    
3,869
      
98,595
  
Toshiba Corp.
    
96
      
4,045
  
             
3,600,833
  
Office/Business Equipment — 0.0%
                
Canon, Inc.
    
2,700
      
64,403
  
Fujifilm Holdings Corp.
    
1,100
      
75,735
  
             
140,138
  
Oil & Gas — 3.1%
                
BP, PLC, SP ADR
    
1
      
26
  
Canadian Natural Resources, Ltd.
    
4,335
      
150,078
  
DCC, PLC
    
71,649
      
6,083,872
  
Eni SpA
    
83,994
      
1,031,954
  
Equinor ASA, SP ADR
    
3,137
      
68,732
  
Galp Energia SGPS SA
    
6,634
      
83,189
  
Idemitsu Kosan Co., Ltd.
    
1,100
      
26,110
  
Imperial Oil, Ltd.
    
2,792
      
92,136
  
Inpex Corp.
    
6,228
      
42,522
  
Lukoil , PJSC, SP ADR
    
8,382
      
680,702
  
Lundin Petroleum AB
    
1,163
      
39,876
  
Neste Oyj
    
756
      
49,863
  
Oil Search Ltd.
    
31,786
      
91,263
  
OMV AG
    
4,843
      
280,987
  
Petro Rio SA*
    
156,520
      
590,137
  
Petroleo Brasileiro, SP ADR
    
10,959
      
111,891
  
Reliance Industries Ltd.
    
34,829
      
1,005,820
  
Repsol SA
    
7,844
      
104,939
  
Royal Dutch Shell, PLC, Class A, SP ADR
    
14,983
      
578,494
  
Total SA, SP ADR
    
7,259
      
338,923
  
Ultrapar Participacoes SA, SP ADR
    
7,935
      
29,121
  
Woodside Petroleum, Ltd.
    
7,291
      
124,415
  
             
11,605,050
  
Pharmaceuticals — 6.8%
                
Alfresa Holdings Corp.
    
223,700
      
3,457,736
  
Aspen Pharmacare Holdings Ltd., ADR
    
6,986
      
82,365
  
Astellas Pharma, Inc.
    
65,100
      
1,038,736
  
Astellas Pharma, Inc., ADR
    
190
      
3,082
  
AstraZeneca, PLC, SP ADR
    
5,764
      
327,222
  
Bausch Health Cos., Inc.*
    
3,548
      
114,104
  
Celltrion, Inc.*
    
120
      
29,397
  
Chugai Pharmaceutical Co., Ltd.
    
2,100
      
79,464
  
CSPC Pharmaceutical Group, Ltd.
    
23,040
      
34,648
  
Daiichi Sankyo Co., Ltd.
    
2,748
      
63,061
  
Daiichi Sankyo Co., Ltd., ADR
    
876
      
20,323
  
Dr. Reddy's Laboratories, Ltd., ADR
    
3,953
      
282,126
  
Eisai Co., Ltd.
    
692
      
46,418
  
Galapagos NV, SP ADR*
    
491
      
37,385
  
Glaxosmithkline, PLC
    
164,592
      
3,139,386
  
Glaxosmithkline, PLC, SP ADR
    
8,330
      
322,954
  
Grifols SA, ADR
    
4,327
      
75,679
  
Kobayashi Pharmaceutical Co., Ltd.
    
471
      
41,757
  
Merck KGaA
    
587
      
105,520
  
Novartis AG
    
43,298
      
3,824,976
  
Novartis AG, SP ADR
    
17,275
      
1,526,765
  
Novo-Nordisk AS, SP ADR
    
6,449
      
508,826
  
Orion Corporation, Class B
    
672
      
29,670
  
Otsuka Holdings Co., Ltd.
    
1,100
      
46,120
  
Recordati SpA
    
46,394
      
2,585,741
  
Roche Holdings AG
    
7,508
      
2,628,188
  
Roche Holdings AG, SP ADR
    
12,016
      
525,820
  
Sanofi
    
34,238
      
3,663,246
  
Sanofi, ADR
    
5,170
      
276,233
  
Shionogi & Co., Ltd.
    
227
      
11,599
  
UCB SA
    
546
      
51,250
  
             
24,979,797
  
Pipelines — 0.1%
                
Enbridge, Inc.
    
6,937
      
266,936
  
TC Energy Corp.
    
166
      
8,476
  
             
275,412
  
Private Equity — 0.5%
                
3i Group, PLC
    
3,463
      
60,937
  
Macquarie Korea Infrastructure Fund
    
23,033
      
255,030
  
Partners Group Holding AG
    
916
      
1,382,570
  
             
1,698,537
  
Real Estate — 0.8%
                
Aroundtown SA
    
6,368
      
53,711
  
China Resources Land, Ltd.
    
5,714
      
26,998
  
China Vanke Co., Ltd.
    
6,000
      
20,686
  
CK Asset Holdings, Ltd.
    
11,000
      
74,892
  
Country Garden Holdings Co., Ltd.
    
31,000
      
39,522
  
Country Garden Services Holdings Co., Ltd.
    
58,402
      
592,616
  
Daito Trust Construction Co., Ltd.
    
300
      
32,664
  
Deutsche Wohnen SE
    
1,095
      
69,717
  
Great Eagle Holdings, Ltd.
    
377,662
      
1,287,731
  
Iguatemi Empresa de Shopping Centers SA
    
11,736
      
99,802
  
Longfor Group Holdings, Ltd.(a)
    
6,500
      
38,094
  
REA Group, Ltd.
    
633
      
80,322
  
Shanghai Industrial Urban Development Group, Ltd.
    
20,000
      
1,983
  
Shimao Group Holdings Ltd.
    
14,500
      
41,602
  
Sun Hung Kai Properties, Ltd.
    
8,472
      
132,305
  
Sunac China Holdings, Ltd.
    
261
      
960
  
Sunac Services Holdings Ltd.(a)
    
620
      
1,852
  
Swiss Prime Site AG
    
543
      
55,762
  
Vonovia SE
    
1,595
      
100,117
  
Wharf Holdings Ltd., (The)
    
14,000
      
48,239
  
Wharf Real Estate Investment Co., Ltd.
    
14,000
      
84,736
  
             
2,884,311
  
REITS — 0.2%
                
Ascendas Real Estate Investment Trust
    
23,000
      
50,562
  
CapitaLand Mall Trust
    
25,000
      
38,706
  
Daiwa House REIT Investment Corp.
    
12
      
32,793
  
Goodman Group
    
6,677
      
99,705
  
Japan Prime Realty Investment Corp.
    
15
      
58,634
  
Japan Retail Fund Investment Corp.
    
76
      
76,022
  
Link
    
6,000
      
57,880
  
Nippon Building Fund Inc.
    
9
      
57,544
  
Nippon Prologis REIT, Inc.*
    
15
      
46,438
  
Segro, PLC
    
5,434
      
80,350
  
Unibail-Rodamco-Westfield*
    
938
      
82,586
  
United Urban Investment Corp.
    
51
      
73,045
  
             
754,265
  
Retail — 2.8%
                
ABC-Mart, Inc.
    
500
      
28,697
  
Aeon Co., Ltd.
    
676
      
18,254
  
Alibaba Health Information Technology, Ltd.*
    
14,000
      
34,702
  
ANTA Sports Products, Ltd.
    
5,561
      
112,256
  
Astra International Tbk PT, ADR
    
3,615
      
26,281
  
China International Travel Service Corp., Ltd., Class A
    
9,151
      
496,088
  
Cie Financiere Richemont SA
    
12,160
      
147,136
  
Dufry AG*
    
4,307
      
272,000
  
Fast Retailing Co., Ltd.
    
147
      
119,521
  
Hennes & Mauritz AB, Class B*
    
2,490
      
64,356
  
Industria de Diseno Textil SA, ADR
    
7,152
      
138,892
  
Li Ning Co., Ltd.
    
58,295
      
535,953
  
Moncler SpA
    
774
      
54,681
  
Next, PLC*
    
352
      
40,650
  
Nitori Holdings Co., Ltd.
    
353
      
61,005
  
Pan Pacific International Holdings Corp.
    
2,000
      
39,996
  
Restaurant Brands International, Inc.
    
3,260
      
227,287
  
Shimamura Co., Ltd.
    
300
      
28,799
  
Shinsegae, Inc.
    
1,217
      
343,354
  
Sun Art Retail Group Ltd.
    
121,000
      
92,002
  
Sundrug Co., Ltd.
    
17,900
      
607,297
  
Swatch Group AG, (The)
    
10,798
      
3,908,750
  
Tsuruha Holdings
    
21,300
      
2,591,246
  
Wal-Mart de Mexico SAB de CV, SP ADR
    
1,129
      
35,950
  
Yum China Holdings, Inc.
    
1,728
      
116,882
  
Zhongsheng Group Holdings, Ltd.
    
7,000
      
58,221
  
             
10,200,256
  
Semiconductors — 8.1%
                
ASE Technology Holding Co., Ltd. ADR
    
6,033
      
48,385
  
ASML Holding NV
    
1,854
      
1,252,547
  
ASML Holding NV, ADR
    
1,129
      
762,606
  
Mediatek, Inc.*
    
22,981
      
793,927
  
NVIDIA Corp.
    
1,596
      
1,037,049
  
Rohm Co., Ltd.
    
40
      
3,747
  
Samsung Electronic Co., Ltd.
    
95,310
      
6,841,375
  
Samsung Electronic Co., Ltd., GDR
    
3,055
      
5,520,128
  
SK Hynix, Inc.
    
917
      
102,815
  
SUMCO Corp.
    
34
      
785
  
Taiwan Semiconductor Manufacturing Co., Ltd.
    
221,000
      
4,692,313
  
Taiwan Semiconductor Manufacturing Co., Ltd., SP ADR
    
71,776
      
8,423,631
  
Tokyo Electron, Ltd.
    
400
      
175,499
  
Tokyo Electron, Ltd., ADR
    
1,048
      
114,840
  
United Microelectronics Corp., SP ADR
    
36,418
      
342,693
  
             
30,112,340
  
Software — 2.4%
                
Bilibili, Inc., SP ADR*
    
3,665
      
392,815
  
BlackBerry Ltd.*
    
10,732
      
108,071
  
Dassault Systemes SE
    
475
      
109,101
  
Dassault Systemes SE, ADR
    
490
      
112,832
  
NetEase, Inc.
    
24,362
      
572,287
  
NetEase, Inc., ADR
    
15,430
      
1,819,660
  
Nexon Co., Ltd.
    
31,200
      
739,794
  
Open Text Corp.
    
2,121
      
99,645
  
Playtech, PLC*
    
329,297
      
2,148,099
  
ROBLOX Corp., Class A*
    
6,221
      
583,343
  
SAP SE, SP ADR
    
2,021
      
282,799
  
SimCorp A/S
    
14,621
      
1,979,535
  
             
8,947,981
  
Telecommunications — 3.0%
                
America Movil SAB de CV, Class L, SP ADR
    
7,257
      
111,540
  
BCE, Inc.
    
5,954
      
296,033
  
Belgacom SA
    
39,681
      
808,732
  
Chunghwa Telecom Co., Ltd., SP ADR
    
10,212
      
418,386
  
Deutsche Telekom AG, SP ADR
    
5,690
      
118,807
  
Elisa OYJ
    
619
      
36,704
  
GDS Holdings Ltd., ADR*
    
5,398
      
406,037
  
Hikari Tsushin, Inc.
    
200
      
39,656
  
KDDI Corp.
    
66,048
      
2,251,492
  
Millicom International Cellular SA, SDR*
    
116
      
5,184
  
MTN Group, Ltd.*
    
23,254
      
171,030
  
NICE Ltd., SP ADR
    
288
      
64,040
  
Nippon Telegraph & Telephone Corp.
    
2,100
      
56,869
  
Nippon Telegraph & Telephone Corp., ADR
    
984
      
26,627
  
Nokia OYJ, SP ADR
    
12,708
      
65,573
  
Orange SA
    
5,001
      
63,820
  
PLDT, Inc., SP ADR
    
2,630
      
72,509
  
SK Telecom Ltd., SP ADR
    
6,177
      
197,911
  
SoftBank Corp.
    
7,979
      
102,307
  
Softbank Group Corp., ADR
    
7,968
      
304,138
  
Swisscom AG
    
318
      
179,640
  
Tele2 AB, Class B
    
1,551
      
21,126
  
Telefonaktiebolaget LM Ericsson, Class B
    
374,935
      
5,028,843
  
Telefonaktiebolaget LM Ericsson, SP ADR
    
2,495
      
33,508
  
Telefonica SA
    
9,365
      
46,135
  
Telenor ASA, ADR
    
3,481
      
60,569
  
Turkcell Iletisim Hizmetleri AS, ADR
    
4,138
      
19,242
  
             
11,006,458
  
Toys/Games/Hobbies — 0.1%
                
Bandai Namco Holdings, Inc.
    
800
      
57,435
  
Nintendo Co., Ltd.
    
200
      
123,843
  
Nintendo Co., Ltd., ADR
    
1,152
      
89,073
  
             
270,351
  
Transportation — 0.4%
                
Aurizon Holdings Ltd.
    
22,111
      
62,263
  
Canadian National Railway Co.
    
3,433
      
386,453
  
Canadian Pacific Railway, Ltd.
    
1,055
      
85,729
  
Central Japan Railway Co.
    
304
      
45,471
  
Deutsche Post AG, SP ADR
    
3,012
      
204,635
  
DSV PANALPINA A S, ADR
    
826
      
100,912
  
East Japan Railway Co.
    
900
      
63,660
  
Keio Corp.
    
1,000
      
63,498
  
Mitsui OSK Lines, Ltd.
    
3,000
      
118,671
  
Nagoya Railroad Co., Ltd.
    
4,000
      
78,007
  
Odakyu Electric Railway Co., Ltd.*
    
2,000
      
52,574
  
Poste Italiane SpA(a)
    
3,442
      
48,260
  
SG Holdings Co., Ltd.
    
2,446
      
54,221
  
Tobu Railway Co., Ltd.
    
1,000
      
25,656
  
West Japan Railway Co.
    
475
      
27,135
  
ZTO Express Cayman, Inc., ADR
    
3,209
      
102,977
  
             
1,520,122
  
Water — 0.9%
                
Severn Trent, PLC
    
1,160
      
40,320
  
United Utilities Group, PLC
    
234,955
      
3,266,472
  
             
3,306,792
  
TOTAL COMMON STOCKS
                
(Cost $264,320,173)
            
344,146,383
  
PREFERRED STOCKS - 0.6%
                
Auto Manufacturers — 0.0%
                
Porsche Auto SE, 2.433%
    
851
      
94,676
  
Banks — 0.1%
                
Banco Bradesco SA, ADR*, 2.241%
    
40,500
      
205,740
  
Bancolombia SA, SP ADR, 3.064%
    
1,414
      
42,448
  
             
248,188
  
Chemicals — 0.2%
                
Fuchs Petrolub SE, 2.355%
    
13,896
      
714,063
  
Cosmetics/Personal Care — 0.3%
                
LG Household & Health Care, Ltd., 1.537%
    
1,677
      
1,079,190
  
Electronics — 0.0%
                
Sartorius AG, 0.178%
    
88
      
43,678
  
TOTAL PREFERRED STOCKS
                
(Cost $1,932,430)
            
2,179,795
  
EXCHANGE TRADED FUNDS - 0.2%
                
Diversified Financial Services — 0.2%
                
Ishares MSCI India ETF
    
10,140
      
448,999
  
iShares MSCI Saudi Arabia ETF
    
7,882
      
303,773
  
             
752,772
  
TOTAL EXCHANGE TRADED FUNDS
                
(Cost $635,506)
            
752,772
  
SHORT-TERM INVESTMENTS - 5.9%
                
U.S. Bank Money Market Deposit Account, 0.01%(b)
    
21,649,364
      
21,649,364
  
TOTAL SHORT-TERM INVESTMENTS
                
(Cost $21,649,364)
            
21,649,364
  
TOTAL INVESTMENTS - 99.7%
                
(Cost $288,537,473)
            
368,728,314
  
OTHER ASSETS IN EXCESS OF LIABILITIES - 0.3%
            
1,182,433
  
NET ASSETS - 100.0%
          
$
369,910,747
  

 
                  
*
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 May 31, 2021, total market value of Rule 144A securities is $6,033,955 and represents 1.60% of net assets.
  
(b)
The rate shown is as of May 31, 2021.
                
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
  
MAY 31, 2021 (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 May 31, 2021, in valuing the Fund's investments carried at fair value:
            

   
TOTAL
    
LEVEL 1
    
LEVEL 2
    
LEVEL 3
  
AQUARIUS INTERNATIONAL FUND
                        
Common Stocks
  
$
344,146,383
    
$
83,592,155
    
$
260,554,228
    
$
–
  
Exchange-Traded Funds
    
752,772
      
752,772
      
–
      
–
  
Preferred Stocks
    
2,179,795
      
248,188
      
1,931,607
      
–
  
Short-Term Investments
    
21,649,364
      
21,649,364
      
–
      
–
  
Total Investments*
  
$
368,728,314
    
$
106,242,479
    
$
262,485,835
    
$
–
  
 
                                
* 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 May 31, 2021, 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.