Form N-CSRS BNY MELLON INDEX FUNDS, For: Apr 30

June 23, 2021 4:57 PM EDT

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

Investment Company Act file number 811-05883
   
  BNY Mellon Index Funds, Inc.  
  (Exact name of Registrant as specified in charter)  
     
 

 

c/o BNY Mellon Investment Adviser, Inc.

240 Greenwich Street

New York, New York 10286

 
  (Address of principal executive offices)        (Zip code)  
     
 

Bennett A. MacDougall, Esq.

240 Greenwich Street

New York, New York 10286

 
  (Name and address of agent for service)  
 
Registrant's telephone number, including area code:   (212) 922-6400
   

Date of fiscal year end:

 

10/31  
Date of reporting period:

04/30/2021

 

 
             

 

 

 

 
 

 

FORM N-CSR

Item 1.Reports to Stockholders.

 

BNY Mellon International Stock Index Fund

 

SEMIANNUAL REPORT

April 30, 2021

 

 

 

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The views expressed in this report reflect those of the portfolio manager(s) only through the end of the period covered and do not necessarily represent the views of BNY Mellon Investment Adviser, Inc. or any other person in the BNY Mellon Investment Adviser, Inc. organization. Any such views are subject to change at any time based upon market or other conditions and BNY Mellon Investment Adviser, Inc. disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund in the BNY Mellon Family of Funds are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund in the BNY Mellon Family of Funds.

 

Not FDIC-Insured • Not Bank-Guaranteed • May Lose Value

 

Contents

THE FUND

  

Discussion of Fund Performance

2

Understanding Your Fund’s Expenses

4

Comparing Your Fund’s Expenses
With Those of Other Funds

4

Statement of Investments

5

Statement of Investments
in Affiliated Issuers

30

Statement of Futures

31

Statement of Assets and Liabilities

32

Statement of Operations

33

Statement of Changes in Net Assets

34

Financial Highlights

35

Notes to Financial Statements

37

Information About the Renewal of
the Fund’s Management Agreement

47

FOR MORE INFORMATION

 

Back Cover

 

DISCUSSION OF FUND PERFORMANCE (Unaudited)

For the period from November 1, 2020 through April 30, 2021, as provided by Thomas J. Durante, CFA, David France, CFA, Todd Frysinger, CFA, Vlasta Sheremeta, CFA, Michael Stoll, and Marlene Walker Smith, Portfolio Managers

Market and Fund Performance Overview

For the six-month period ended April 30, 2021, the BNY Mellon International Stock Index Fund’s Class I shares produced a total return of 28.32%, and its Investor shares returned 28.09%.1 This compares with a 28.84% total return for the fund’s benchmark, the MSCI EAFE® Index (the “Index”), during the same period.2

International stocks gained ground during the reporting period amid central bank policies that supported investor confidence, the implementation of a COVID-19 vaccine rollout and impending economic reopening. The difference in returns between the fund and the Index was primarily the result of transaction costs and operating expenses that are not reflected in the Index’s results.

The Fund’s Investment Approach

The fund seeks to match the performance of the Index. To pursue its goal, the fund generally is fully invested in stocks included in the Index and in futures whose performance is tied to certain countries included in the Index. The fund generally invests in all stocks included in the Index. The fund’s investments are selected to match the benchmark composition along individual name, country and industry weighting, and other benchmark characteristics. Under these circumstances, the fund maintains approximately the same weighting for each stock as the Index does.

The Index is an unmanaged, free float-adjusted, market capitalization-weighted index that is designed to measure the equity market performance of developed markets, excluding the United States and Canada. Each stock in the Index is weighted by its float-adjusted market capitalization.

Stimulus and Optimism Supports Equity Rally

After a bout of fall volatility, investor sentiment turned optimistic in November 2020. Resolution in the U.S. presidential election and promising progress towards a COVID-19 vaccine helped stocks resurrect their upward momentum. December 2020 brought vaccine approvals and passage of another U.S. fiscal stimulus package, both of which helped to support the rally. Ten-year U.S. Treasury rates began to rise as market participants anticipated the beginning of a strong global economic recovery. A strong rotation began out of companies that were able to benefit in the COVID-19 economy, such as technology and growth stocks. Investors began to support COVID-19-sensitive sectors of the market, which had previously lagged, as well as cyclical areas of the market on the theory that these sectors were offering more attractive valuations and would benefit most from economic reopening.

As the equity rally continued and sentiment strengthened, global bond yields rose and investors pulled back in March 2021. Economic centers of Europe such as Italy, France and Spain reinstituted lockdown measures as COVID-19 cases once again began to surge. During the month, the U.S. government passed another COVID-19 relief bill. The Biden administration also began to lay the groundwork for an infrastructure plan. Investor concerns were mollified as earnings season brought positive financial news from reporting companies. The equity rally continued in April. Stocks produced strong results for the six months.

Consumer Discretionary Sector Drives Index Returns

The consumer discretionary sector was among the leading contributors to returns during the period. High demand from Chinese consumers, which was one of the first markets impacted by COVID-19 and one of the first to recover, supported sales of several consumer brands during the six months. Luxury goods saw the highest demand. Companies that provide online gambling services also posted

2

 

strong performance. Information technology was another standout performer. A shortage of chips and other semiconductor products has led to price increases for these goods. Widespread 5G technology rollout and an increased need for cloud storage has increased demand for these items. Software companies also saw increased demand for their products, as people continued to work from home and upgrade their software. From a country perspective, companies based in Japan made the largest contribution to returns, as performance was positive, and it is the largest country in the Index. European companies also posted strong performance. Banks based in France were among the standout leaders, as were financial companies based in the United Kingdom.

In a period of such strong equity returns, a few sectors trailed the broader market. The utilities sector lagged, due in part to its positioning as a defensive investment. Defensive investments were out of favor during the period. In addition, the real estate sector faced several headwinds. REITs that own office and commercial real estate, as well as commuter transportation such as trains, faced difficulties as people in developed-world major metropolitan hubs largely continued to work from home.

Replicating the Performance of the Index

Although we do not actively manage the fund’s investments in response to macroeconomic trends, it is worth noting that while COVID-19 and resulting economic implications continue to impact markets and the economy, the U.S. government and the U.S. Federal Reserve remain dedicated to supporting capital markets and the economy with various fiscal and monetary techniques. We expect the vaccine rollout and resulting economic reopening to support markets as well. As always, we continue to monitor factors that affect the fund’s investments.

May 17, 2021

1 DUE TO RECENT MARKET VOLATILITY, CURRENT PERFORMANCE MAY BE DIFFERENT THAN THE FIGURES SHOWN. Investors should note that the fund’s short-term performance is highly unusual, in part due to unusually favorable market conditions, and is unlikely to be repeated or consistently achieved in the future. Total return includes reinvestment of dividends and any capital gains paid. The fund’s return reflects the absorption of certain fund expenses by BNY Mellon Investment Adviser, Inc. pursuant to an agreement. Had these expenses not been absorbed, returns would have been lower. Past performance is no guarantee of future results. Share price, yield and investment return fluctuate such that upon redemption, fund shares may be worth more or less than their original cost.

2 Source: Lipper Inc. — The MSCI EAFE® Index (Europe, Australasia, Far East) is a free float-adjusted, market capitalization-weighted index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. It reflects reinvestment of net dividends and, where applicable, capital gain distributions. Investors cannot invest directly in any index.

Equities are subject generally to market, market sector, market liquidity, issuer and investment style risks, among other factors, to varying degrees, all of which are more fully described in the fund’s prospectus.

The fund uses an indexing strategy. It does not attempt to manage market volatility, use defensive strategies or reduce the effects of any long-term periods of poor stock performance.

Recent market risks include pandemic risks related to COVID-19. The effects of COVID-19 have contributed to increased volatility in global markets and will likely affect certain countries, companies, industries and market sectors more dramatically than others. To the extent the fund may overweight its investments in certain countries, companies, industries or market sectors, such positions will increase the fund’s exposure to risk of loss from adverse developments affecting those countries, companies, industries or sectors.

Currencies are subject to the risk that those currencies will decline in value relative to a local currency, or, in the case of hedged positions, that the local currency will decline relative to the currency being hedged. Each of these risks could increase the fund’s volatility.

Investing in foreign-denominated and/or domiciled securities involves special risks, including changes in currency exchange rates, political, economic and social instability, limited company information, differing auditing and legal standards and less market liquidity. These risks generally are greater with emerging-market countries.

Diversification cannot assure a profit or protect against loss.

The fund may, but is not required, to use derivative instruments. A small investment in derivatives could have a potentially large impact on the fund’s performance. The use of derivatives involves risks different from, or possibly greater than, the risks associated with investing directly in the underlying assets.

3

 

UNDERSTANDING YOUR FUND’S EXPENSES (Unaudited)

As a mutual fund investor, you pay ongoing expenses, such as management fees and other expenses. Using the information below, you can estimate how these expenses affect your investment and compare them with the expenses of other funds. You also may pay one-time transaction expenses, including sales charges (loads) and redemption fees, which are not shown in this section and would have resulted in higher total expenses. For more information, see your fund’s prospectus or talk to your financial adviser.

Review your fund’s expenses

The table below shows the expenses you would have paid on a $1,000 investment in BNY Mellon International Stock Index Fund from November 1, 2020 to April 30, 2021. It also shows how much a $1,000 investment would be worth at the close of the period, assuming actual returns and expenses.

     

Expenses and Value of a $1,000 Investment

 

Assume actual returns for the six months ended April 30, 2021

 

 

 

 

 

 

 

 

Investor Shares

Class I

 

Expenses paid per $1,000

$3.39

$1.98

 

Ending value (after expenses)

$1,280.90

$1,283.20

 

COMPARING YOUR FUND’S EXPENSES
WITH THOSE OF OTHER FUNDS (Unaudited)

Using the SEC’s method to compare expenses

The Securities and Exchange Commission (“SEC”) has established guidelines to help investors assess fund expenses. Per these guidelines, the table below shows your fund’s expenses based on a $1,000 investment, assuming a hypothetical 5% annualized return. You can use this information to compare the ongoing expenses (but not transaction expenses or total cost) of investing in the fund with those of other funds. All mutual fund shareholder reports will provide this information to help you make this comparison. Please note that you cannot use this information to estimate your actual ending account balance and expenses paid during the period.

     

Expenses and Value of a $1,000 Investment

 

Assuming a hypothetical 5% annualized return for the six months ended April 30, 2021

 

 

 

 

 

 

 

 

Investor Shares

Class I

 

Expenses paid per $1,000

$3.01

$1.76

 

Ending value (after expenses)

$1,021.82

$1,023.06

 

Expenses are equal to the fund’s annualized expense ratio of .60% for Investor Shares and .35% for Class I, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

4

 

STATEMENT OF INVESTMENTS
April 30, 2021 (Unaudited)

        
 

Description

   

Shares

 

Value ($)

 

Common Stocks - 97.6%

     

Australia - 7.3%

     

Afterpay

   

7,164

a 

642,832

 

AGL Energy

   

21,139

 

145,537

 

AMP

   

120,305

a 

103,355

 

Ampol

   

8,189

 

161,311

 

APA Group

   

39,736

 

307,151

 

Aristocrat Leisure

   

18,915

 

542,429

 

ASX

   

6,342

 

356,716

 

Aurizon Holdings

   

63,696

 

184,220

 

AusNet Services

   

58,160

 

84,945

 

Australia & New Zealand Banking Group

   

94,962

 

2,104,754

 

BHP Group

   

97,840

 

3,556,511

 

BHP Group

   

70,070

 

2,116,934

 

BlueScope Steel

   

16,817

 

280,521

 

Brambles

   

48,542

 

389,158

 

CIMIC Group

   

3,476

b 

51,967

 

Coca-Cola Amatil

   

17,542

c 

179,729

 

Cochlear

   

2,196

 

375,860

 

Coles Group

   

44,371

 

558,229

 

Commonwealth Bank of Australia

   

58,936

 

4,047,880

 

Computershare

   

16,721

 

182,005

 

Crown Resorts

   

13,142

a 

123,647

 

CSL

   

15,108

 

3,149,620

 

Dexus

   

36,321

 

284,781

 

Evolution Mining

   

55,063

 

195,093

 

Fortescue Metals Group

   

55,970

 

974,573

 

Goodman Group

   

56,017

 

816,739

 

Insurance Australia Group

   

82,365

 

310,547

 

LendLease Group

   

23,781

 

233,067

 

Macquarie Group

   

11,478

 

1,420,166

 

Magellan Financial Group

   

4,531

 

169,442

 

Medibank Private

   

90,828

 

215,605

 

Mirvac Group

   

134,453

 

278,980

 

National Australia Bank

   

109,182

 

2,245,024

 

Newcrest Mining

   

27,100

 

550,030

 

Northern Star Resources

   

34,266

 

274,930

 

Oil Search

   

67,429

 

195,438

 

Orica

   

14,150

 

147,594

 

Origin Energy

   

61,010

 

195,326

 

Qantas Airways

   

29,853

a 

113,975

 

QBE Insurance Group

   

49,075

a 

371,893

 

Ramsay Health Care

   

6,266

 

325,439

 

5

 

STATEMENT OF INVESTMENTS (Unaudited) (continued)

        
 

Description

   

Shares

 

Value ($)

 

Common Stocks - 97.6% (continued)

     

Australia - 7.3% (continued)

     

REA Group

   

1,804

 

220,344

 

Rio Tinto

   

12,402

 

1,159,740

 

Santos

   

61,143

 

328,407

 

Scentre Group

   

173,823

 

363,882

 

SEEK

   

11,515

a 

275,021

 

Sonic Healthcare

   

14,962

 

412,977

 

South32

   

163,366

 

362,666

 

Stockland

   

81,370

 

293,760

 

Suncorp Group

   

43,867

 

355,303

 

Sydney Airport

   

44,895

a 

214,289

 

Tabcorp Holdings

   

71,699

 

274,991

 

Telstra

   

139,122

 

363,555

 

The GPT Group

   

63,105

 

224,831

 

TPG Telecom

   

13,924

 

59,096

 

Transurban Group

   

91,311

 

997,647

 

Treasury Wine Estates

   

23,286

 

180,190

 

Vicinity Centres

   

134,226

 

163,744

 

Washington H Soul Pattinson & Co.

   

3,612

 

84,321

 

Wesfarmers

   

37,948

 

1,583,288

 

Westpac Banking

   

119,856

 

2,317,273

 

WiseTech Global

   

4,994

 

120,076

 

Woodside Petroleum

   

32,468

 

567,270

 

Woolworths Group

   

42,244

 

1,280,157

 
    

41,166,781

 

Austria - .2%

     

Erste Group Bank

   

9,154

a 

325,638

 

OMV

   

5,033

a 

247,413

 

Raiffeisen Bank International

   

4,817

 

105,311

 

Verbund

   

2,347

 

192,675

 

Voestalpine

   

3,878

a 

168,257

 
    

1,039,294

 

Belgium - .9%

     

Ageas

   

5,905

 

357,592

 

Anheuser-Busch InBev

   

25,503

 

1,808,448

 

Colruyt

   

1,939

a 

114,990

 

Elia Group

   

1,103

 

119,422

 

Galapagos

   

1,373

a 

107,002

 

Groupe Bruxelles Lambert

   

1,430

 

156,376

 

Groupe Bruxelles Lambert

   

2,354

 

257,421

 

KBC Group

   

8,409

 

653,500

 

Proximus

   

4,764

 

101,527

 

Sofina

   

498

 

189,274

 

Solvay

   

2,538

 

322,640

 

6

 

        
 

Description

   

Shares

 

Value ($)

 

Common Stocks - 97.6% (continued)

     

Belgium - .9% (continued)

     

UCB

   

4,300

 

398,662

 

Umicore

   

6,667

 

405,120

 
    

4,991,974

 

Chile - .1%

     

Antofagasta

   

12,885

 

332,289

 

Denmark - 2.4%

     

Ambu, Cl. B

   

5,454

 

305,194

 

AP Moller - Maersk, Cl. A

   

108

 

253,823

 

AP Moller - Maersk, Cl. B

   

201

 

498,963

 

Carlsberg, Cl. B

   

3,393

 

594,356

 

Chr. Hansen Holding

   

3,565

a 

327,574

 

Coloplast, Cl. B

   

3,917

 

648,121

 

Danske Bank

   

22,661

 

430,879

 

Demant

   

3,761

a 

188,060

 

DSV Panalpina

   

6,857

 

1,526,632

 

Genmab

   

2,209

a 

814,960

 

GN Store Nord

   

4,283

 

386,643

 

H. Lundbeck

   

2,476

 

76,222

 

Novo Nordisk, Cl. B

   

57,203

 

4,227,935

 

Novozymes, Cl. B

   

7,047

 

501,283

 

Orsted

   

6,259

d 

910,081

 

Pandora

   

3,275

a 

371,456

 

Rockwool International, Cl. B

   

244

 

109,131

 

Tryg

   

11,422

 

261,152

 

Vestas Wind Systems

   

32,935

 

1,367,325

 
    

13,799,790

 

Finland - 1.2%

     

Elisa

   

4,735

 

268,719

 

Fortum

   

14,664

 

385,793

 

Kesko, Cl. B

   

9,122

 

277,857

 

Kone, Cl. B

   

11,341

 

891,218

 

Neste

   

13,981

 

848,287

 

Nokia

   

188,775

 

894,417

 

Nordea Bank

   

2,007

 

20,790

 

Nordea Bank

   

105,233

 

1,093,179

 

Orion, Cl. B

   

3,458

 

153,235

 

Sampo, Cl. A

   

15,545

 

739,790

 

Stora Enso, Cl. R

   

19,203

 

367,589

 

UPM-Kymmene

   

17,758

 

694,596

 

Wartsila

   

15,073

 

194,960

 
    

6,830,430

 

France - 10.9%

     

Accor

   

6,061

a 

243,821

 

7

 

STATEMENT OF INVESTMENTS (Unaudited) (continued)

        
 

Description

   

Shares

 

Value ($)

 

Common Stocks - 97.6% (continued)

     

France - 10.9% (continued)

     

Aeroports de Paris

   

1,018

a 

130,550

 

Air Liquide

   

15,722

 

2,648,064

 

Airbus

   

19,521

a 

2,344,458

 

Alstom

   

8,423

a 

460,003

 

Amundi

   

2,059

d 

183,393

 

Arkema

   

2,359

 

294,846

 

Atos

   

3,346

 

227,452

 

AXA

   

64,709

 

1,830,643

 

BioMerieux

   

1,382

 

164,403

 

BNP Paribas

   

37,330

 

2,396,948

 

Bollore

   

29,639

 

149,602

 

Bouygues

   

7,618

 

326,331

 

Bureau Veritas

   

9,624

 

287,848

 

Capgemini

   

5,323

 

974,983

 

Carrefour

   

20,128

 

389,636

 

Cie de Saint-Gobain

   

16,846

 

1,063,008

 

Cie Generale des Etablissements Michelin

   

5,599

 

809,923

 

CNP Assurances

   

5,455

 

95,487

 

Covivio

   

1,790

 

159,891

 

Credit Agricole

   

38,007

 

588,320

 

Danone

   

20,480

 

1,443,333

 

Dassault Aviation

   

84

 

91,477

 

Dassault Systemes

   

4,370

 

1,013,473

 

Edenred

   

8,170

 

463,038

 

Eiffage

   

2,825

 

309,381

 

Electricite de France

   

20,749

 

303,057

 

Engie

   

60,956

 

906,273

 

EssilorLuxottica

   

9,450

 

1,572,062

 

Eurazeo

   

1,238

 

103,122

 

Faurecia

   

3,881

 

209,431

 

Gecina

   

1,536

 

224,611

 

Getlink

   

14,362

 

228,384

 

Hermes International

   

1,058

 

1,327,632

 

Iliad

   

477

 

86,644

 

Ipsen

   

1,242

 

120,096

 

Kering

   

2,512

 

2,012,249

 

Klepierre

   

6,672

a 

177,424

 

La Francaise des Jeux SAEM

   

3,066

d 

157,076

 

Legrand

   

8,904

 

866,889

 

L'Oreal

   

8,367

 

3,436,246

 

LVMH

   

9,227

 

6,944,710

 

Natixis

   

30,620

 

149,576

 

8

 

        
 

Description

   

Shares

 

Value ($)

 

Common Stocks - 97.6% (continued)

     

France - 10.9% (continued)

     

Orange

   

65,931

 

821,704

 

Orpea

   

1,774

a 

228,275

 

Pernod Ricard

   

6,940

 

1,424,016

 

Publicis Groupe

   

7,447

 

482,083

 

Remy Cointreau

   

797

a 

159,228

 

Renault

   

6,410

a 

258,251

 

Safran

   

10,625

 

1,585,808

 

Sanofi

   

37,637

 

3,946,637

 

Sartorius Stedim Biotech

   

907

 

416,732

 

Schneider Electric

   

17,888

 

2,859,967

 

SCOR

   

5,202

a 

168,357

 

SEB

   

867

 

157,894

 

Societe Generale

   

27,281

 

776,630

 

Sodexo

   

2,892

a 

288,815

 

Suez

   

11,751

 

280,660

 

Teleperformance

   

1,938

 

748,378

 

Thales

   

3,490

 

355,623

 

Total

   

83,733

 

3,707,103

 

Ubisoft Entertainment

   

3,094

a 

232,303

 

Unibail-Rodamco-Westfield

   

4,579

 

378,017

 

Valeo

   

7,710

 

249,632

 

Veolia Environnement

   

18,277

 

581,956

 

Vinci

   

17,423

 

1,913,942

 

Vivendi

   

27,444

 

956,641

 

Wendel

   

887

 

118,122

 

Worldline

   

7,969

a,d 

781,855

 
    

61,794,423

 

Germany - 8.6%

     

adidas

   

6,318

 

1,951,014

 

Allianz

   

13,695

 

3,562,954

 

BASF

   

30,490

 

2,458,994

 

Bayer

   

32,597

 

2,108,660

 

Bayerische Motoren Werke

   

10,959

 

1,098,468

 

Bechtle

   

898

 

183,034

 

Beiersdorf

   

3,302

 

372,794

 

Brenntag

   

5,261

 

472,398

 

Carl Zeiss Meditec-BR

   

1,359

 

239,386

 

Commerzbank

   

34,484

a 

227,645

 

Continental

   

3,699

 

501,028

 

Covestro

   

6,070

d 

397,140

 

Daimler

   

28,408

 

2,528,332

 

Delivery Hero

   

4,269

a,d 

677,768

 

Deutsche Bank

   

64,887

a 

905,101

 

9

 

STATEMENT OF INVESTMENTS (Unaudited) (continued)

        
 

Description

   

Shares

 

Value ($)

 

Common Stocks - 97.6% (continued)

     

Germany - 8.6% (continued)

     

Deutsche Boerse

   

6,345

 

1,094,995

 

Deutsche Lufthansa

   

9,899

a,b 

127,776

 

Deutsche Post

   

33,112

 

1,948,722

 

Deutsche Telekom

   

110,606

 

2,130,368

 

Deutsche Wohnen

   

11,512

 

623,596

 

E.ON

   

74,836

 

901,920

 

Evonik Industries

   

7,020

 

245,793

 

Fresenius & Co.

   

13,909

 

684,687

 

Fresenius Medical Care & Co.

   

7,014

 

558,284

 

GEA Group

   

5,214

 

228,840

 

Hannover Rueck

   

1,973

 

364,757

 

HeidelbergCement

   

4,889

 

448,031

 

HelloFresh

   

4,977

a 

412,858

 

Henkel & Co.

   

3,401

 

338,622

 

HOCHTIEF

   

910

 

85,290

 

Infineon Technologies

   

43,311

 

1,749,041

 

KION Group

   

2,469

 

246,200

 

Knorr-Bremse

   

2,502

 

307,326

 

LANXESS

   

2,890

 

212,652

 

LEG Immobilien

   

2,405

 

334,830

 

Merck

   

4,304

 

757,634

 

MTU Aero Engines

   

1,783

 

449,937

 

Muenchener Rueckversicherungs-Gesellschaft

   

4,644

 

1,343,210

 

Nemetschek

   

2,077

 

154,801

 

Puma

   

3,207

 

338,203

 

Rational

   

164

 

137,157

 

RWE

   

21,231

 

804,468

 

SAP

   

34,694

 

4,880,139

 

Scout24

   

3,622

d 

301,705

 

Siemens

   

25,419

 

4,242,385

 

Siemens Energy

   

13,261

a 

443,176

 

Siemens Healthineers

   

9,123

d 

521,672

 

Symrise

   

4,330

 

559,237

 

TeamViewer

   

4,945

a,d 

235,149

 

Telefonica Deutschland Holding

   

38,134

 

110,884

 

Uniper

   

6,564

 

239,374

 

United Internet

   

3,522

 

148,393

 

Volkswagen

   

1,084

a 

345,423

 

Vonovia

   

17,425

 

1,145,944

 

Zalando

   

5,151

a,d 

535,802

 
    

48,423,997

 

10

 

        
 

Description

   

Shares

 

Value ($)

 

Common Stocks - 97.6% (continued)

     

Hong Kong - 3.2%

     

AIA Group

   

401,800

 

5,107,830

 

ASM Pacific Technology

   

10,800

 

163,150

 

BOC Hong Kong Holdings

   

121,500

 

428,156

 

Budweiser Brewing

   

55,500

d 

175,239

 

CK Asset Holdings

   

85,475

 

535,944

 

CK Hutchison Holdings

   

88,975

 

729,081

 

CK Infrastructure Holdings

   

21,000

 

128,630

 

CLP Holdings

   

54,288

 

535,645

 

ESR Cayman

   

54,800

a,d 

186,798

 

Galaxy Entertainment Group

   

73,277

a 

643,363

 

Hang Lung Properties

   

69,000

 

187,957

 

Hang Seng Bank

   

25,300

 

496,414

 

Henderson Land Development

   

47,138

 

209,459

 

HK Electric Investments

   

91,000

 

91,133

 

HKT Trust & HKT

   

124,660

 

180,932

 

Hong Kong & China Gas

   

353,588

 

567,023

 

Hong Kong Exchanges & Clearing

   

39,942

 

2,412,515

 

Hongkong Land Holdings

   

38,300

 

189,612

 

Jardine Matheson Holdings

   

7,146

 

479,073

 

Link REIT

   

69,722

 

658,815

 

Melco Resorts & Entertainment, ADR

   

7,348

a 

141,743

 

MTR

   

50,756

 

282,657

 

New World Development

   

50,141

 

264,995

 

PCCW

   

149,476

 

86,553

 

Power Assets Holdings

   

48,000

 

295,003

 

Sino Land

   

107,730

 

159,818

 

SJM Holdings

   

59,530

a 

76,899

 

Sun Hung Kai Properties

   

43,199

 

652,101

 

Swire Pacific, Cl. A

   

16,500

 

133,267

 

Swire Properties

   

40,400

 

120,633

 

Techtronic Industries

   

45,865

 

829,689

 

The Bank of East Asia

   

42,589

 

89,409

 

WH Group

   

322,500

d 

281,550

 

Wharf Real Estate Investment

   

56,311

 

323,542

 

Xinyi Glass Holdings

   

58,000

 

204,965

 
    

18,049,593

 

Ireland - 1.0%

     

CRH

   

25,995

 

1,228,354

 

DCC

   

3,227

 

279,977

 

Experian

   

30,353

 

1,171,474

 

Flutter Entertainment

   

5,436

a 

1,110,503

 

James Hardie Industries-CDI

   

15,033

 

497,604

 

Kerry Group, Cl. A

   

5,297

 

686,451

 

11

 

STATEMENT OF INVESTMENTS (Unaudited) (continued)

        
 

Description

   

Shares

 

Value ($)

 

Common Stocks - 97.6% (continued)

     

Ireland - 1.0% (continued)

     

Kingspan Group

   

5,217

 

465,001

 

Smurfit Kappa Group

   

8,212

 

420,080

 
    

5,859,444

 

Isle Of Man - .1%

     

Entain

   

19,686

a 

459,685

 

Israel - .6%

     

Azrieli Group

   

1,315

 

92,350

 

Bank Hapoalim

   

38,741

a 

308,248

 

Bank Leumi Le-Israel

   

49,699

a 

349,332

 

Check Point Software Technologies

   

3,769

a 

440,257

 

CyberArk Software

   

1,255

a 

176,328

 

Elbit Systems

   

843

 

115,785

 

ICL Group

   

22,932

 

146,916

 

Israel Discount Bank, Cl. A

   

37,847

a 

170,755

 

Mizrahi Tefahot Bank

   

4,405

a 

123,991

 

NICE

   

2,065

a 

499,140

 

Teva Pharmaceutical Industries, ADR

   

36,028

a 

385,500

 

Wix.com

   

1,872

a 

595,071

 
    

3,403,673

 

Italy - 2.0%

     

Amplifon

   

4,027

 

170,000

 

Assicurazioni Generali

   

37,165

 

747,195

 

Atlantia

   

16,194

 

316,590

 

Davide Campari-Milano

   

19,240

 

227,254

 

DiaSorin

   

834

 

141,615

 

Enel

   

270,027

 

2,689,625

 

Eni

   

83,517

 

996,517

 

Ferrari

   

4,166

 

893,025

 

FinecoBank Banca Fineco

   

20,649

a 

356,277

 

Infrastrutture Wireless Italiane

   

11,458

d 

133,802

 

Intesa Sanpaolo

   

552,737

 

1,546,201

 

Mediobanca Banca Di Credito Finanziario

   

21,201

a 

240,168

 

Moncler

   

6,398

 

393,275

 

Nexi

   

14,398

a,d 

275,776

 

Poste Italiane

   

18,086

d 

237,607

 

Prysmian

   

7,907

 

247,531

 

Recordati Industria Chimica E Farmaceutica

   

3,568

 

196,593

 

Snam

   

66,565

 

374,936

 

Telecom Italia

   

284,717

 

156,604

 

Telecom Italia-RSP

   

200,063

a 

117,654

 

Terna Rete Elettrica Nazionale

   

46,085

 

339,547

 

12

 

        
 

Description

   

Shares

 

Value ($)

 

Common Stocks - 97.6% (continued)

     

Italy - 2.0% (continued)

     

UniCredit

   

70,203

 

725,207

 
    

11,522,999

 

Japan - 23.4%

     

ABC-Mart

   

1,200

 

64,175

 

Acom

   

12,100

 

51,861

 

Advantest

   

6,600

 

624,416

 

Aeon

   

21,800

 

595,196

 

AEON Mall

   

3,380

 

53,648

 

AGC

   

6,460

 

294,606

 

Air Water

   

5,800

 

95,763

 

Aisin

   

5,300

 

204,291

 

Ajinomoto

   

16,000

 

319,805

 

Alfresa Holdings

   

6,700

 

120,006

 

Amada

   

11,400

 

123,484

 

ANA Holdings

   

4,100

 

93,906

 

Asahi Group Holdings

   

15,300

 

639,412

 

Asahi Intecc

   

6,500

 

175,072

 

Asahi Kasei

   

41,600

 

437,840

 

Astellas Pharma

   

62,195

 

934,036

 

Azbil

   

4,000

 

161,552

 

Bandai Namco Holdings

   

6,750

 

495,050

 

Bridgestone

   

17,800

 

713,335

 

Brother Industries

   

7,400

 

156,577

 

CALBEE

   

3,000

 

71,904

 

Canon

   

33,317

 

789,480

 

Capcom

   

5,600

 

181,619

 

Casio Computer

   

6,400

 

113,138

 

Central Japan Railway

   

4,800

 

701,520

 

Chubu Electric Power

   

21,600

 

261,479

 

Chugai Pharmaceutical

   

22,184

 

833,527

 

Coca-Cola Bottlers Japan Holdings

   

3,800

 

60,699

 

Concordia Financial Group

   

32,900

 

123,485

 

Cosmos Pharmaceutical

   

700

 

100,405

 

CyberAgent

   

13,600

 

279,111

 

Dai Nippon Printing

   

8,100

 

161,005

 

Daifuku

   

3,400

 

336,898

 

Dai-ichi Life Holdings

   

36,300

 

653,341

 

Daiichi Sankyo

   

56,949

 

1,453,034

 

Daikin Industries

   

8,300

 

1,666,406

 

Daito Trust Construction

   

2,200

 

234,011

 

Daiwa House Industry

   

19,000

 

562,681

 

Daiwa House REIT Investment

   

69

 

185,093

 

Daiwa Securities Group

   

49,100

 

261,656

 

13

 

STATEMENT OF INVESTMENTS (Unaudited) (continued)

        
 

Description

   

Shares

 

Value ($)

 

Common Stocks - 97.6% (continued)

     

Japan - 23.4% (continued)

     

Denso

   

14,500

 

937,259

 

Dentsu Group

   

7,100

 

218,436

 

Disco

   

900

 

290,769

 

East Japan Railway

   

10,200

 

697,318

 

Eisai

   

8,400

 

548,531

 

ENEOS Holdings

   

101,026

 

433,347

 

FANUC

   

6,329

 

1,459,219

 

Fast Retailing

   

1,958

 

1,608,515

 

Fuji Electric

   

4,100

 

186,779

 

FUJIFILM Holdings

   

12,000

 

778,609

 

Fujitsu

   

6,580

 

1,042,431

 

Fukuoka Financial Group

   

5,700

 

97,094

 

GLP J-REIT

   

133

 

222,854

 

GMO Payment Gateway

   

1,300

 

164,862

 

Hakuhodo DY Holdings

   

8,100

 

136,534

 

Hamamatsu Photonics K.K.

   

4,600

 

266,460

 

Hankyu Hanshin Holdings

   

7,500

 

236,036

 

Harmonic Drive Systems

   

1,200

 

80,749

 

Hikari Tsushin

   

700

 

140,555

 

Hino Motors

   

9,400

 

78,751

 

Hirose Electric

   

1,133

 

180,574

 

Hisamitsu Pharmaceutical

   

1,700

 

98,983

 

Hitachi

   

32,380

 

1,595,245

 

Hitachi Construction Machinery

   

3,400

 

104,447

 

Hitachi Metals

   

7,400

 

143,589

 

Honda Motor

   

54,059

 

1,599,543

 

Hoshizaki

   

1,700

 

150,936

 

Hoya

   

12,500

 

1,423,164

 

Hulic

   

10,300

 

117,311

 

Ibiden

   

3,400

 

160,678

 

Idemitsu Kosan

   

6,775

 

161,587

 

Iida Group Holdings

   

4,600

 

112,159

 

Inpex

   

34,600

 

234,297

 

Isuzu Motors

   

18,200

 

184,269

 

Ito En

   

1,900

 

105,218

 

ITOCHU

   

45,100

 

1,407,056

 

Itochu Techno-Solutions

   

3,400

 

117,467

 

Japan Airlines

   

4,300

a 

91,187

 

Japan Airport Terminal

   

1,600

a 

71,811

 

Japan Exchange Group

   

17,100

 

399,928

 

Japan Post Bank

   

13,500

 

123,472

 

Japan Post Holdings

   

52,700

 

442,652

 

Japan Post Insurance

   

7,200

 

138,810

 

14

 

        
 

Description

   

Shares

 

Value ($)

 

Common Stocks - 97.6% (continued)

     

Japan - 23.4% (continued)

     

Japan Real Estate Investment

   

44

 

273,021

 

Japan Retail Fund Investment

   

220

 

216,846

 

Japan Tobacco

   

40,000

 

748,358

 

JFE Holdings

   

16,760

 

219,846

 

JSR

   

6,700

 

206,466

 

Kajima

   

14,800

 

204,616

 

Kakaku.com

   

4,700

 

127,812

 

Kansai Paint

   

5,800

 

146,183

 

Kao

   

16,100

 

1,034,158

 

KDDI

   

53,963

 

1,633,023

 

Keihan Holdings

   

3,400

 

124,019

 

Keikyu

   

7,700

 

98,534

 

Keio

   

3,400

 

221,057

 

Keisei Electric Railway

   

4,600

 

143,424

 

Keyence

   

6,040

 

2,904,903

 

Kikkoman

   

4,900

 

301,056

 

Kintetsu Group Holdings

   

5,635

a 

201,381

 

Kirin Holdings

   

27,100

 

508,595

 

Kobayashi Pharmaceutical

   

1,600

 

142,814

 

Kobe Bussan

   

4,400

 

117,687

 

Koei Tecmo Holdings

   

1,820

 

81,196

 

Koito Manufacturing

   

3,500

 

218,264

 

Komatsu

   

29,200

 

857,050

 

Konami Holdings

   

3,000

 

179,085

 

Kose

   

1,100

 

165,543

 

Kubota

   

34,000

 

799,966

 

Kuraray

   

10,900

 

118,369

 

Kurita Water Industries

   

3,300

 

152,245

 

Kyocera

   

10,700

 

650,147

 

Kyowa Kirin

   

9,205

 

279,911

 

Kyushu Electric Power

   

13,600

 

124,227

 

Kyushu Railway

   

5,300

 

118,980

 

Lasertec

   

2,500

 

438,231

 

Lawson

   

1,800

 

80,762

 

Lion

   

7,900

 

148,223

 

LIXIL Group

   

8,724

 

236,474

 

M3

   

14,600

 

1,009,786

 

Makita

   

7,500

 

337,390

 

Marubeni

   

55,200

 

459,276

 

Marui Group

   

6,800

 

127,358

 

Mazda Motor

   

18,100

a 

140,243

 

McDonald's Holdings

   

2,300

 

104,987

 

Medipal Holdings

   

6,100

 

112,113

 

15

 

STATEMENT OF INVESTMENTS (Unaudited) (continued)

        
 

Description

   

Shares

 

Value ($)

 

Common Stocks - 97.6% (continued)

     

Japan - 23.4% (continued)

     

MEIJI Holdings

   

3,742

 

231,827

 

Mercari

   

3,000

a 

147,736

 

Minebea Mitsumi

   

12,000

 

301,216

 

MISUMI Group

   

9,738

 

274,549

 

Mitsubishi

   

44,298

 

1,224,704

 

Mitsubishi Chemical Holdings

   

42,480

 

315,733

 

Mitsubishi Electric

   

60,400

 

930,282

 

Mitsubishi Estate

   

39,000

 

641,086

 

Mitsubishi Gas Chemical

   

5,500

 

127,266

 

Mitsubishi HC Capital

   

20,700

 

118,339

 

Mitsubishi Heavy Industries

   

10,470

 

310,855

 

Mitsubishi UFJ Financial Group

   

405,690

 

2,167,948

 

Mitsui & Co.

   

54,500

 

1,149,392

 

Mitsui Chemicals

   

6,300

 

198,439

 

Mitsui Fudosan

   

30,886

 

670,162

 

Miura

   

3,100

 

162,629

 

Mizuho Financial Group

   

79,850

 

1,137,369

 

MonotaRO

   

8,200

 

208,838

 

MS&AD Insurance Group Holdings

   

14,957

 

423,739

 

Murata Manufacturing

   

19,200

 

1,524,854

 

Nabtesco

   

3,700

 

166,531

 

Nagoya Railroad

   

6,100

a 

139,915

 

NEC

   

8,780

 

511,196

 

NEXON

   

16,200

 

536,854

 

NGK Insulators

   

8,300

 

151,327

 

NGK Spark Plug

   

5,526

 

92,285

 

NH Foods

   

2,900

 

129,404

 

Nidec

   

14,800

 

1,715,564

 

Nihon M&A Center

   

10,400

 

272,016

 

Nintendo

   

3,725

 

2,134,122

 

Nippon Building Fund

   

49

 

321,999

 

Nippon Express

   

2,300

 

175,815

 

Nippon Paint Holdings

   

25,000

 

357,133

 

Nippon Prologis REIT

   

70

 

224,692

 

Nippon Shinyaku

   

1,600

 

107,852

 

Nippon Steel

   

27,361

 

476,259

 

Nippon Telegraph & Telephone

   

42,600

 

1,072,660

 

Nippon Yusen KK

   

4,980

 

195,635

 

Nissan Chemical

   

4,100

 

210,980

 

Nissan Motor

   

77,700

a 

389,697

 

Nisshin Seifun Group

   

7,138

 

115,125

 

Nissin Foods Holdings

   

2,200

 

156,031

 

Nitori Holdings

   

2,700

 

483,906

 

16

 

        
 

Description

   

Shares

 

Value ($)

 

Common Stocks - 97.6% (continued)

     

Japan - 23.4% (continued)

     

Nitto Denko

   

5,300

 

439,714

 

Nomura Holdings

   

105,700

 

569,960

 

Nomura Real Estate Holdings

   

3,800

 

93,575

 

Nomura Real Estate Master Fund

   

147

 

232,752

 

Nomura Research Institute

   

10,849

 

333,361

 

NSK

   

12,200

 

112,233

 

NTT Data

   

20,800

 

323,391

 

Obayashi

   

21,600

 

197,180

 

OBIC

   

2,300

 

442,519

 

Odakyu Electric Railway

   

9,600

 

259,607

 

Oji Holdings

   

29,400

 

185,458

 

Olympus

   

38,800

 

798,230

 

Omron

   

6,200

 

470,639

 

Ono Pharmaceutical

   

12,700

 

319,833

 

Oracle

   

1,300

 

122,026

 

Oriental Land

   

6,700

 

949,103

 

ORIX

   

43,400

 

701,690

 

Orix JREIT

   

83

 

146,475

 

Osaka Gas

   

12,300

 

237,880

 

Otsuka

   

3,500

 

176,354

 

Otsuka Holdings

   

13,100

 

504,121

 

Pan Pacific International Holdings

   

13,900

 

299,610

 

Panasonic

   

72,995

 

861,579

 

PeptiDream

   

3,100

a 

132,946

 

Persol Holdings

   

6,200

 

114,056

 

Pigeon

   

3,700

 

125,477

 

Pola Orbis Holdings

   

3,000

 

77,809

 

Rakuten

   

28,900

 

367,191

 

Recruit Holdings

   

45,000

 

2,035,475

 

Renesas Electronics

   

25,800

a 

300,173

 

Resona Holdings

   

67,700

 

278,384

 

Ricoh

   

21,800

 

231,885

 

Rinnai

   

1,200

 

120,613

 

Rohm

   

3,000

 

296,285

 

Ryohin Keikaku

   

7,700

 

162,144

 

Santen Pharmaceutical

   

12,200

 

156,337

 

SBI Holdings

   

7,630

 

215,868

 

SCSK

   

1,600

 

92,861

 

Secom

   

7,100

 

589,858

 

Sega Sammy Holdings

   

5,384

 

77,321

 

Seibu Holdings

   

6,500

a 

69,983

 

Seiko Epson

   

9,000

 

153,111

 

Sekisui Chemical

   

11,900

 

207,207

 

17

 

STATEMENT OF INVESTMENTS (Unaudited) (continued)

        
 

Description

   

Shares

 

Value ($)

 

Common Stocks - 97.6% (continued)

     

Japan - 23.4% (continued)

     

Sekisui House

   

20,600

 

416,545

 

Seven & i Holdings

   

24,960

 

1,074,623

 

SG Holdings

   

10,400

 

236,011

 

Sharp

   

6,800

 

115,011

 

Shimadzu

   

7,200

 

252,133

 

Shimamura

   

800

 

79,220

 

Shimano

   

2,500

 

571,962

 

Shimizu

   

17,800

 

145,683

 

Shin-Etsu Chemical

   

11,700

 

1,976,957

 

Shinsei Bank

   

5,300

 

77,075

 

Shionogi & Co.

   

9,000

 

473,476

 

Shiseido

   

13,300

 

965,287

 

SMC

   

1,900

 

1,103,833

 

Softbank

   

96,000

 

1,238,426

 

SoftBank Group

   

52,040

 

4,695,371

 

Sohgo Security Services

   

2,500

 

109,469

 

Sompo Holdings

   

11,170

 

415,252

 

Sony Group

   

41,880

 

4,191,536

 

Square Enix Holdings

   

3,100

 

172,521

 

Stanley Electric

   

4,100

 

117,494

 

Subaru

   

20,800

 

386,109

 

Sumco

   

9,000

 

232,562

 

Sumitomo

   

39,200

 

534,010

 

Sumitomo Chemical

   

48,800

 

248,897

 

Sumitomo Dainippon Pharma

   

6,300

 

109,293

 

Sumitomo Electric Industries

   

25,500

 

379,634

 

Sumitomo Metal Mining

   

7,700

 

327,182

 

Sumitomo Mitsui Financial Group

   

43,300

 

1,507,524

 

Sumitomo Mitsui Trust Holdings

   

11,464

 

390,481

 

Sumitomo Realty & Development

   

10,300

 

343,120

 

Sundrug

   

2,500

 

85,237

 

Suntory Beverage & Food

   

4,900

 

165,491

 

Suzuken

   

2,212

 

79,694

 

Suzuki Motor

   

12,200

 

463,455

 

Sysmex

   

5,500

 

550,029

 

T&D Holdings

   

17,900

 

219,448

 

Taiheiyo Cement

   

3,800

 

95,300

 

Taisei

   

6,200

 

228,749

 

Taisho Pharmaceutical Holdings

   

1,000

 

58,946

 

Taiyo Nippon Sanso

   

5,000

 

94,034

 

Takeda Pharmaceutical

   

52,323

 

1,749,988

 

TDK

   

4,300

 

582,572

 

Teijin

   

5,900

 

97,010

 

18

 

        
 

Description

   

Shares

 

Value ($)

 

Common Stocks - 97.6% (continued)

     

Japan - 23.4% (continued)

     

Terumo

   

21,500

 

813,288

 

The Bank of Kyoto

   

2,000

 

107,297

 

The Chiba Bank

   

18,400

 

114,897

 

The Chugoku Electric Power Company

   

9,300

 

103,992

 

The Kansai Electric Power Company

   

23,899

 

237,078

 

The Shizuoka Bank

   

13,000

 

99,651

 

THK

   

3,800

 

129,421

 

TIS

   

7,300

 

180,711

 

Tobu Railway

   

6,400

 

164,531

 

Toho

   

3,800

 

151,302

 

Toho Gas

   

2,600

 

144,320

 

Tohoku Electric Power

   

15,200

 

133,979

 

Tokio Marine Holdings

   

20,900

 

1,001,447

 

Tokyo Century

   

1,400

 

86,525

 

Tokyo Electric Power Holdings

   

46,072

a 

135,984

 

Tokyo Electron

   

5,000

 

2,202,292

 

Tokyo Gas

   

12,900

 

261,274

 

Tokyu

   

17,210

 

221,350

 

Tokyu Fudosan Holdings

   

20,100

 

111,700

 

Toppan Printing

   

8,400

 

143,261

 

Toray Industries

   

45,600

 

283,083

 

Toshiba

   

12,800

 

527,805

 

Tosoh

   

8,300

 

147,080

 

TOTO

   

4,800

 

249,158

 

Toyo Suisan Kaisha

   

2,900

 

118,233

 

Toyoda Gosei

   

2,400

 

58,667

 

Toyota Industries

   

4,900

 

392,480

 

Toyota Motor

   

70,455

 

5,283,274

 

Toyota Tsusho

   

7,300

 

308,863

 

Trend Micro

   

4,400

 

209,201

 

Tsuruha Holdings

   

1,300

 

150,259

 

Unicharm

   

13,600

 

527,057

 

United Urban Investment

   

99

 

148,070

 

USS

   

7,000

 

126,958

 

Welcia Holdings

   

3,400

 

106,114

 

West Japan Railway

   

5,300

 

292,206

 

Yakult Honsha

   

4,400

 

214,258

 

Yamada Holdings

   

24,600

 

122,489

 

Yamaha

   

4,600

 

250,577

 

Yamaha Motor

   

9,100

 

227,385

 

Yamato Holdings

   

9,900

 

279,571

 

Yamazaki Baking

   

4,000

 

63,369

 

Yaskawa Electric

   

8,100

 

373,919

 

19

 

STATEMENT OF INVESTMENTS (Unaudited) (continued)

        
 

Description

   

Shares

 

Value ($)

 

Common Stocks - 97.6% (continued)

     

Japan - 23.4% (continued)

     

Yokogawa Electric

   

7,300

 

132,613

 

Z Holdings

   

87,200

 

402,223

 

ZOZO

   

3,500

 

118,012

 
    

132,687,748

 

Jordan - .0%

     

Hikma Pharmaceuticals

   

5,763

 

194,332

 

Luxembourg - .3%

     

ArcelorMittal

   

23,645

a 

689,660

 

Aroundtown

   

33,212

 

255,664

 

Eurofins Scientific

   

4,495

a 

444,918

 

SES

   

13,837

 

104,848

 

Tenaris

   

15,837

 

170,155

 
    

1,665,245

 

Macau - .1%

     

Sands China

   

81,413

 

385,921

 

Wynn Macau

   

55,200

 

106,021

 
    

491,942

 

Mexico - .0%

     

Fresnillo

   

5,577

 

63,414

 

Netherlands - 5.4%

     

ABN AMRO Bank-CVA

   

14,731

a,d 

190,418

 

Adyen

   

603

a,d 

1,480,679

 

Aegon

   

58,365

 

271,364

 

Akzo Nobel

   

6,507

 

781,393

 

argenx

   

1,499

a 

431,348

 

ASM International

   

1,386

 

421,686

 

ASML Holding

   

14,151

 

9,213,092

 

EXOR

   

3,538

 

291,466

 

Heineken

   

8,648

 

1,002,563

 

Heineken Holding

   

3,904

 

387,642

 

ING Groep

   

130,342

 

1,666,398

 

JDE Peet's

   

2,269

 

88,189

 

Just Eat Takeaway.com

   

4,249

a,b,d 

439,225

 

Koninklijke Ahold Delhaize

   

36,770

 

989,698

 

Koninklijke DSM

   

5,703

a 

1,022,682

 

Koninklijke KPN

   

118,042

 

406,655

 

Koninklijke Philips

   

30,210

 

1,702,297

 

Koninklijke Vopak

   

2,264

 

103,711

 

NN Group

   

9,670

 

483,406

 

Prosus

   

16,165

a 

1,752,771

 

QIAGEN

   

7,739

a 

377,113

 

Randstad

   

3,896

 

281,470

 

20

 

        
 

Description

   

Shares

 

Value ($)

 

Common Stocks - 97.6% (continued)

     

Netherlands - 5.4% (continued)

     

Royal Dutch Shell, Cl. A

   

136,166

 

2,557,682

 

Royal Dutch Shell, Cl. B

   

123,009

 

2,202,507

 

Stellantis

   

14,164

 

235,380

 

Stellantis

   

53,648

 

894,118

 

Wolters Kluwer

   

8,829

 

799,189

 
    

30,474,142

 

New Zealand - .3%

     

Auckland International Airport

   

40,601

a 

220,253

 

Fisher & Paykel Healthcare

   

19,065

 

490,151

 

Mercury NZ

   

22,832

 

113,542

 

Meridian Energy

   

43,406

 

166,126

 

Ryman Healthcare

   

12,782

 

129,797

 

Spark New Zealand

   

63,764

 

200,581

 

The a2 Milk Company

   

25,978

a 

141,907

 

Xero

   

3,988

a 

432,250

 
    

1,894,607

 

Norway - .6%

     

Adevinta

   

8,196

a 

149,968

 

DNB

   

30,688

 

659,330

 

Equinor

   

32,889

 

665,241

 

Gjensidige Forsikring

   

6,584

 

150,020

 

Mowi

   

14,854

 

367,248

 

Norsk Hydro

   

45,917

 

293,344

 

Orkla

   

25,986

 

265,346

 

Schibsted, Cl. A

   

2,321

 

116,802

 

Schibsted, Cl. B

   

3,508

 

153,619

 

Telenor

   

23,777

 

424,309

 

Yara International

   

5,793

 

302,293

 
    

3,547,520

 

Portugal - .2%

     

Banco Espirito Santo

   

118,053

a,e 

0

 

EDP - Energias de Portugal

   

93,524

 

520,504

 

Galp Energia

   

16,653

a 

191,843

 

Jeronimo Martins

   

8,281

 

151,213

 
    

863,560

 

Singapore - 1.1%

     

Ascendas Real Estate Investment Trust

   

106,827

 

249,388

 

CapitaLand

   

86,000

 

240,045

 

CapitaLand Integrated Commercial Trust

   

147,276

 

238,023

 

City Developments

   

13,900

 

82,293

 

DBS Group Holdings

   

59,476

 

1,337,589

 

Genting Singapore

   

211,227

 

137,124

 

Keppel

   

47,400

 

192,740

 

21

 

STATEMENT OF INVESTMENTS (Unaudited) (continued)

        
 

Description

   

Shares

 

Value ($)

 

Common Stocks - 97.6% (continued)

     

Singapore - 1.1% (continued)

     

Mapletree Commercial Trust

   

71,200

 

117,216

 

Mapletree Logistics Trust

   

94,900

 

141,727

 

Oversea-Chinese Banking

   

111,636

 

1,023,941

 

Singapore Airlines

   

42,933

a 

163,346

 

Singapore Exchange

   

26,200

 

205,431

 

Singapore Technologies Engineering

   

51,400

 

149,141

 

Singapore Telecommunications

   

268,551

 

503,975

 

Suntec Real Estate Investment Trust

   

67,800

 

77,917

 

United Overseas Bank

   

39,163

 

782,876

 

UOL Group

   

15,111

 

87,326

 

Venture

   

9,800

 

148,145

 

Wilmar International

   

63,800

 

250,330

 
    

6,128,573

 

Spain - 2.4%

     

ACS Actividades de Construccion y Servicios

   

8,187

 

266,951

 

Aena SME

   

2,284

a,d 

397,237

 

Amadeus IT Group

   

15,038

a 

1,024,030

 

Banco Bilbao Vizcaya Argentaria

   

222,671

 

1,247,689

 

Banco Santander

   

575,279

 

2,222,538

 

CaixaBank

   

138,912

 

445,540

 

Cellnex Telecom

   

14,546

d 

822,927

 

Enagas

   

8,506

 

185,279

 

Endesa

   

10,362

 

272,306

 

Ferrovial

   

16,002

a 

454,714

 

Grifols

   

10,067

a 

272,937

 

Iberdrola

   

203,132

a 

2,748,282

 

Industria de Diseno Textil

   

36,442

 

1,297,403

 

Natural Energy Group

   

9,459

 

242,522

 

Red Electrica

   

14,591

 

267,942

 

Repsol

   

49,466

a 

589,620

 

Siemens Gamesa Renewable Energy

   

7,851

a 

283,989

 

Telefonica

   

168,661

 

782,308

 
    

13,824,214

 

Sweden - 3.4%

     

Alfa Laval

   

10,328

 

350,752

 

Assa Abloy, Cl. B

   

33,427

 

953,106

 

Atlas Copco, Cl. A

   

22,258

 

1,349,266

 

Atlas Copco, Cl. B

   

13,141

 

682,487

 

Boliden

   

9,233

 

359,841

 

Electrolux, Ser. B

   

7,462

 

209,402

 

Epiroc, Cl. A

   

22,404

 

485,731

 

Epiroc, Cl. B

   

13,363

 

262,239

 

22

 

        
 

Description

   

Shares

 

Value ($)

 

Common Stocks - 97.6% (continued)

     

Sweden - 3.4% (continued)

     

EQT

   

7,796

 

263,774

 

Essity, Cl. B

   

20,256

 

661,196

 

Evolution Gaming Group

   

5,286

d 

1,044,429

 

Fastighets AB Balder, CI. B

   

3,295

a 

190,123

 

Hennes & Mauritz, Cl. B

   

26,705

a 

658,301

 

Hexagon, Cl. B

   

9,385

 

895,014

 

Husqvarna, Cl. B

   

13,710

 

190,932

 

ICA Gruppen

   

3,387

 

156,031

 

Industrivarden, Cl. A

   

3,302

 

126,678

 

Industrivarden, Cl. C

   

5,219

 

188,442

 

Investment AB Latour, Cl. B

   

5,282

 

161,631

 

Investor, Cl. B

   

15,221

 

1,292,889

 

Kinnevik, Cl. B

   

7,939

a 

438,853

 

L E Lundbergforetagen, Cl. B

   

2,481

 

141,808

 

Lundin Energy

   

6,335

 

202,213

 

Nibe Industrier, Cl. B

   

10,430

 

381,805

 

Sandvik

   

37,377

 

923,281

 

Securitas, Cl. B

   

10,223

 

174,282

 

Skandinaviska Enskilda Banken, Cl. A

   

53,717

 

689,251

 

Skanska, Cl. B

   

11,135

 

302,068

 

SKF, Cl. B

   

12,565

 

324,551

 

Svenska Cellulosa, Cl. B

   

20,277

 

355,764

 

Svenska Handelsbanken, Cl. A

   

52,317