DODGE & COX Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
SUNB	Sunbelt Rentals Holdings, Inc.	53,101,847	$3,456,399	1.9%	$65.09	—	SHS	866966104
ROP	Roper Technologies, Inc.	3,343,694	$1,183,200	0.7%	$378.09	0.0%	COM	776696106
NVO	Novo Nordisk A/S	19,333,750	$710,515	0.4%	$36.75	—	ADR	670100205
VSNT	Versant Media Group, Inc.	4,510,956	$166,996	0.1%	$32.14	0.0%	COM CL A	925283103
AZN	AstraZeneca PLC	57,474	$11,335	0.0%	$190.39	0.0%	ORD	G0593M107
TBBB	BBB Foods, Inc.	90,700	$3,208	0.0%	$35.61	0.0%	CL A COM	G0896C103
HAL	Halliburton Co.	5,500	$214	0.0%	$33.54	0.0%	COM	406216101

Increased Positions (37)

AJG Arthur J Gallagher & Co. 0.9%

Value ($000) $1,592,927 (+599.0%) Shares 7,354,915 (+735.2%) Est. Cost $243.26 Unrealized -1.2%

MSFT Microsoft Corp. 2.4%

Value ($000) $4,427,209 (+23.0%) Shares 11,959,935 (+60.7%) Est. Cost $211.32 Unrealized +105.7%

CARR Carrier Global Corp. 0.8%

Value ($000) $1,499,100 (+111.4%) Shares 26,622,273 (+98.4%) Est. Cost $39.46 Unrealized +51.2%

FCNCA First Citizens BancShares, Inc. 0.4%

Value ($000) $740,835 (+993.5%) Shares 393,087 (+1145.3%) Est. Cost $2076.17 Unrealized +0.8%

FISV Fiserv, Inc. 1.5%

Value ($000) $2,804,561 (-15.6%) Shares 50,260,950 (+1.6%) Est. Cost $109.61 Unrealized -41.7%

BN Brookfield Corp. 1.3%

Value ($000) $2,395,292 (+26.4%) Shares 59,186,855 (+43.4%) Est. Cost $45.89 Unrealized +1.7%

UNH UnitedHealth Group, Inc. 1.4%

Value ($000) $2,561,610 (-15.4%) Shares 9,466,756 (+3.2%) Est. Cost $286.39 Unrealized +7.8%

AVTR Avantor, Inc. 0.5%

Value ($000) $938,043 (-30.1%) Shares 119,648,329 (+2.2%) Est. Cost $20.12 Unrealized -45.3%

BKNG Booking Holdings, Inc. 2.3%

Value ($000) $4,199,786 (+7.1%) Shares 997,498 (+36.3%) Est. Cost $2843.71 Unrealized +68.2%

TRU TransUnion 0.6%

Value ($000) $1,120,152 (+32.7%) Shares 16,189,511 (+64.5%) Est. Cost $80.86 Unrealized -2.4%

CPNG Coupang, Inc. 0.7%

Value ($000) $1,359,513 (+17.1%) Shares 72,008,120 (+46.3%) Est. Cost $22.15 Unrealized -10.3%

LPLA LPL Financial Holdings, Inc. 0.7%

Value ($000) $1,247,406 (-11.6%) Shares 4,146,547 (+5.0%) Est. Cost $346.00 Unrealized +3.2%

AON Aon PLC 1.4%

Value ($000) $2,619,713 (-5.5%) Shares 8,116,095 (+3.4%) Est. Cost $354.00 Unrealized -5.1%

ADBE Adobe, Inc. 0.3%

Value ($000) $606,629 (-19.9%) Shares 2,495,595 (+15.3%) Est. Cost $342.87 Unrealized -15.5%

WTW Willis Towers Watson PLC 1.2%

Value ($000) $2,131,533 (-6.3%) Shares 7,332,414 (+5.9%) Est. Cost $321.13 Unrealized -1.9%

HDB HDFC Bank, Ltd. 0.1%

Value ($000) $141,525 (-29.6%) Shares 5,688,300 (+3.4%) Est. Cost $46.13 Unrealized —

RAL Ralliant Corp. 0.3%

Value ($000) $571,761 (-8.1%) Shares 13,747,551 (+12.5%) Est. Cost $48.99 Unrealized +0.4%

PDD PDD Holdings, Inc. 0.3%

Value ($000) $463,652 (-7.9%) Shares 4,537,600 (+2.2%) Est. Cost $113.15 Unrealized —

HPQ HP, Inc. 0.4%

Value ($000) $798,993 (+3.9%) Shares 41,592,541 (+20.5%) Est. Cost $14.28 Unrealized +38.5%

BNTX BioNTech SE 0.2%

Value ($000) $326,793 (-5.0%) Shares 3,676,791 (+1.7%) Est. Cost $100.31 Unrealized —

CI The Cigna Group 1.7%

Value ($000) $3,082,506 (+0.5%) Shares 11,555,787 (+3.7%) Est. Cost $215.47 Unrealized +30.3%

KSPI Kaspi.KZ JSC 0.0%

Value ($000) $15,571 (+8.5%) Shares 210,226 (+14.4%) Est. Cost $79.23 Unrealized —

TCOM Trip.com Group, Ltd. 0.0%

Value ($000) $2,452 (+77.1%) Shares 49,250 (+155.8%) Est. Cost $44.92 Unrealized —

KARO Karooooo, Ltd. 0.0%

Value ($000) $2,105 (+89.4%) Shares 42,233 (+72.9%) Est. Cost $47.06 Unrealized +0.6%

BIDU Baidu, Inc. 0.0%

Value ($000) $3,065 (+41.9%) Shares 27,506 (+66.4%) Est. Cost $120.52 Unrealized —

VIPS Vipshop Holdings, Ltd. 0.0%

Value ($000) $2,999 (+36.5%) Shares 190,797 (+53.6%) Est. Cost $14.78 Unrealized —

MELI MercadoLibre, Inc. 0.0%

Value ($000) $3,436 (+22.5%) Shares 1,987 (+42.7%) Est. Cost $2149.47 Unrealized -3.9%

JBS JBS NV 0.0%

Value ($000) $804 (+228.8%) Shares 44,750 (+164.0%) Est. Cost $14.89 Unrealized +3.4%

PAX Patria Investments, Ltd. 0.0%

Value ($000) $663 (+96.7%) Shares 52,600 (+148.1%) Est. Cost $13.59 Unrealized +12.3%

ZH Zhihu, Inc. 0.0%

Value ($000) $1,366 (+30.5%) Shares 481,092 (+50.7%) Est. Cost $4.16 Unrealized —

ACMR ACM Research, Inc. 0.0%

Value ($000) $4,718 (+6.4%) Shares 119,892 (+6.7%) Est. Cost $25.53 Unrealized +123.6%

LOMA Loma Negra Cia Industrial Argentina SA 0.0%

Value ($000) $800 (+42.2%) Shares 72,182 (+66.0%) Est. Cost $9.00 Unrealized —

LAUR Laureate Education, Inc. 0.0%

Value ($000) $756 (+43.0%) Shares 21,700 (+38.2%) Est. Cost $25.65 Unrealized +34.9%

AFYA Afya, Ltd. 0.0%

Value ($000) $763 (+39.9%) Shares 51,287 (+44.9%) Est. Cost $14.19 Unrealized +3.4%

CPA Copa Holdings SA 0.0%

Value ($000) $682 (+43.1%) Shares 6,000 (+51.9%) Est. Cost $89.36 Unrealized +55.4%

ABEV Ambev SA 0.0%

Value ($000) $894 (+22.2%) Shares 306,300 (+3.4%) Est. Cost $2.03 Unrealized —

DLO Dlocal, Ltd. 0.0%

Value ($000) $580 (+11.7%) Shares 44,700 (+21.8%) Est. Cost $11.62 Unrealized +16.8%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
AJG	Arthur J Gallagher & Co.	7,354,915 (+735.2%)	$1,592,927 (+599.0%)	0.9%	$243.26	-1.2%	COM	363576109
MSFT	Microsoft Corp.	11,959,935 (+60.7%)	$4,427,209 (+23.0%)	2.4%	$211.32	+105.7%	COM	594918104
CARR	Carrier Global Corp.	26,622,273 (+98.4%)	$1,499,100 (+111.4%)	0.8%	$39.46	+51.2%	COM	14448C104
FCNCA	First Citizens BancShares, Inc.	393,087 (+1145.3%)	$740,835 (+993.5%)	0.4%	$2076.17	+0.8%	CL A	31946M103
FISV	Fiserv, Inc.	50,260,950 (+1.6%)	$2,804,561 (-15.6%)	1.5%	$109.61	-41.7%	COM	337738108
BN	Brookfield Corp.	59,186,855 (+43.4%)	$2,395,292 (+26.4%)	1.3%	$45.89	+1.7%	CL A LTD VT SH	11271J107
UNH	UnitedHealth Group, Inc.	9,466,756 (+3.2%)	$2,561,610 (-15.4%)	1.4%	$286.39	+7.8%	COM	91324P102
AVTR	Avantor, Inc.	119,648,329 (+2.2%)	$938,043 (-30.1%)	0.5%	$20.12	-45.3%	COM	05352A100
BKNG	Booking Holdings, Inc.	997,498 (+36.3%)	$4,199,786 (+7.1%)	2.3%	$2843.71	+68.2%	COM	09857L108
TRU	TransUnion	16,189,511 (+64.5%)	$1,120,152 (+32.7%)	0.6%	$80.86	-2.4%	COM	89400J107
CPNG	Coupang, Inc.	72,008,120 (+46.3%)	$1,359,513 (+17.1%)	0.7%	$22.15	-10.3%	CL A	22266T109
LPLA	LPL Financial Holdings, Inc.	4,146,547 (+5.0%)	$1,247,406 (-11.6%)	0.7%	$346.00	+3.2%	COM	50212V100
AON	Aon PLC	8,116,095 (+3.4%)	$2,619,713 (-5.5%)	1.4%	$354.00	-5.1%	SHS CL A	G0403H108
ADBE	Adobe, Inc.	2,495,595 (+15.3%)	$606,629 (-19.9%)	0.3%	$342.87	-15.5%	COM	00724F101
WTW	Willis Towers Watson PLC	7,332,414 (+5.9%)	$2,131,533 (-6.3%)	1.2%	$321.13	-1.9%	SHS	G96629103
HDB	HDFC Bank, Ltd.	5,688,300 (+3.4%)	$141,525 (-29.6%)	0.1%	$46.13	—	SPONSORED ADS	40415F101
RAL	Ralliant Corp.	13,747,551 (+12.5%)	$571,761 (-8.1%)	0.3%	$48.99	+0.4%	COM	750940108
PDD	PDD Holdings, Inc.	4,537,600 (+2.2%)	$463,652 (-7.9%)	0.3%	$113.15	—	SPONSORED ADS	722304102
HPQ	HP, Inc.	41,592,541 (+20.5%)	$798,993 (+3.9%)	0.4%	$14.28	+38.5%	COM	40434L105
BNTX	BioNTech SE	3,676,791 (+1.7%)	$326,793 (-5.0%)	0.2%	$100.31	—	SPONSORED ADS	09075V102
CI	The Cigna Group	11,555,787 (+3.7%)	$3,082,506 (+0.5%)	1.7%	$215.47	+30.3%	COM	125523100
KSPI	Kaspi.KZ JSC	210,226 (+14.4%)	$15,571 (+8.5%)	0.0%	$79.23	—	SPONSORED ADS	48581R205
TCOM	Trip.com Group, Ltd.	49,250 (+155.8%)	$2,452 (+77.1%)	0.0%	$44.92	—	ADS	89677Q107
KARO	Karooooo, Ltd.	42,233 (+72.9%)	$2,105 (+89.4%)	0.0%	$47.06	+0.6%	ORD SHS	Y4600W108
BIDU	Baidu, Inc.	27,506 (+66.4%)	$3,065 (+41.9%)	0.0%	$120.52	—	SPON ADR REP A	056752108
VIPS	Vipshop Holdings, Ltd.	190,797 (+53.6%)	$2,999 (+36.5%)	0.0%	$14.78	—	SPONSORED ADS A	92763W103
MELI	MercadoLibre, Inc.	1,987 (+42.7%)	$3,436 (+22.5%)	0.0%	$2149.47	-3.9%	COM	58733R102
JBS	JBS NV	44,750 (+164.0%)	$804 (+228.8%)	0.0%	$14.89	+3.4%	CL A SHS	N4732M103
PAX	Patria Investments, Ltd.	52,600 (+148.1%)	$663 (+96.7%)	0.0%	$13.59	+12.3%	COM CL A	G69451105
ZH	Zhihu, Inc.	481,092 (+50.7%)	$1,366 (+30.5%)	0.0%	$4.16	—	SPONSORED ADS	98955N207
ACMR	ACM Research, Inc.	119,892 (+6.7%)	$4,718 (+6.4%)	0.0%	$25.53	+123.6%	COM CL A	00108J109
LOMA	Loma Negra Cia Industrial Argentina SA	72,182 (+66.0%)	$800 (+42.2%)	0.0%	$9.00	—	SPONSORED ADS	54150E104
LAUR	Laureate Education, Inc.	21,700 (+38.2%)	$756 (+43.0%)	0.0%	$25.65	+34.9%	COMMON STOCK	518613203
AFYA	Afya, Ltd.	51,287 (+44.9%)	$763 (+39.9%)	0.0%	$14.19	+3.4%	CL A COM	G01125106
CPA	Copa Holdings SA	6,000 (+51.9%)	$682 (+43.1%)	0.0%	$89.36	+55.4%	CL A	P31076105
ABEV	Ambev SA	306,300 (+3.4%)	$894 (+22.2%)	0.0%	$2.03	—	SPONSORED ADR	02319V103
DLO	Dlocal, Ltd.	44,700 (+21.8%)	$580 (+11.7%)	0.0%	$11.62	+16.8%	CLASS A COM	G29018101

Exited Positions (7)

AMRZ Amrize, Ltd. 0.2%

Value ($000) $293,372 Shares 5,385,441 Est. Cost $50.45 Unrealized +13.2%

IEX IDEX Corp. 0.1%

Value ($000) $224,658 Shares 1,262,550 Est. Cost $170.06 Unrealized +17.1%

AZN AstraZeneca PLC 0.0%

Value ($000) $11,127 Shares 121,043 Est. Cost $30.66 Unrealized —

SATS EchoStar Corp. 0.0%

Value ($000) $3,527 Shares 32,443 Est. Cost $13.94 Unrealized +734.7%

CIB Grupo Cibest SA 0.0%

Value ($000) $766 Shares 12,046 Est. Cost $46.19 Unrealized —

VOO Vanguard S&P 500 ETF 0.0%

Value ($000) $376 Shares 600 Est. Cost $513.97 Unrealized —

PYPL PayPal Holdings, Inc. 0.0%

Value ($000) $261 Shares 4,475 Est. Cost $86.37 Unrealized -42.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
AMRZ	Amrize, Ltd.	5,385,441	$293,372	0.2%	$50.45	+13.2%	—	H2927K103
IEX	IDEX Corp.	1,262,550	$224,658	0.1%	$170.06	+17.1%	—	45167R104
AZN	AstraZeneca PLC	121,043	$11,127	0.0%	$30.66	—	—	046353108
SATS	EchoStar Corp.	32,443	$3,527	0.0%	$13.94	+734.7%	—	278768106
CIB	Grupo Cibest SA	12,046	$766	0.0%	$46.19	—	—	40090E106
VOO	Vanguard S&P 500 ETF	600	$376	0.0%	$513.97	—	—	922908363
PYPL	PayPal Holdings, Inc.	4,475	$261	0.0%	$86.37	-42.0%	—	70450Y103

Decreased Positions (85)

OXY Occidental Petroleum Corp. 2.6%

Value ($000) $4,815,562 (+47.4%) Shares 74,085,572 (-6.8%) Est. Cost $43.84 Unrealized +3.6%

GE GE Aerospace 0.1%

Value ($000) $209,422 (-86.9%) Shares 737,999 (-85.8%) Est. Cost $49.70 Unrealized +540.3%

SNY Sanofi SA 0.8%

Value ($000) $1,421,533 (-48.1%) Shares 29,504,632 (-47.8%) Est. Cost $48.63 Unrealized —

CVS CVS Health Corp. 2.0%

Value ($000) $3,718,848 (-25.0%) Shares 51,780,116 (-17.2%) Est. Cost $60.62 Unrealized +28.6%

NSC Norfolk Southern Corp. 1.0%

Value ($000) $1,795,974 (-35.4%) Shares 6,257,750 (-35.0%) Est. Cost $207.53 Unrealized +43.7%

FDX FedEx Corp. 2.0%

Value ($000) $3,555,905 (-21.0%) Shares 9,983,449 (-35.9%) Est. Cost $171.57 Unrealized +97.6%

COF Capital One Financial Corp. 0.9%

Value ($000) $1,600,811 (-27.9%) Shares 8,774,932 (-4.2%) Est. Cost $58.50 Unrealized +281.6%

SCHW The Charles Schwab Corp. 3.9%

Value ($000) $7,048,771 (-7.8%) Shares 75,002,881 (-2.0%) Est. Cost $31.65 Unrealized +216.3%

GOOG Alphabet, Inc. 1.9%

Value ($000) $3,507,873 (-13.2%) Shares 12,228,518 (-5.0%) Est. Cost $106.75 Unrealized +203.2%

WFC Wells Fargo & Co. 1.4%

Value ($000) $2,481,311 (-17.6%) Shares 31,168,331 (-3.5%) Est. Cost $28.13 Unrealized +220.1%

SU Suncor Energy, Inc. 1.0%

Value ($000) $1,736,211 (+43.6%) Shares 26,262,454 (-3.7%) Est. Cost $19.97 Unrealized +159.4%

MET MetLife, Inc. 2.0%

Value ($000) $3,614,837 (-12.4%) Shares 51,114,776 (-2.2%) Est. Cost $32.47 Unrealized +138.5%

CTSH Cognizant Technology Solutions Corp. 0.5%

Value ($000) $875,643 (-29.6%) Shares 14,272,907 (-4.7%) Est. Cost $61.29 Unrealized +25.3%

GOOGL Alphabet, Inc. 1.7%

Value ($000) $3,055,157 (-9.9%) Shares 10,624,415 (-1.9%) Est. Cost $101.42 Unrealized +218.8%

GS The Goldman Sachs Group, Inc. 0.6%

Value ($000) $1,167,851 (-22.3%) Shares 1,380,455 (-19.3%) Est. Cost $143.52 Unrealized +549.8%

BKR Baker Hughes Co. 1.2%

Value ($000) $2,189,959 (+18.0%) Shares 35,871,558 (-12.0%) Est. Cost $24.85 Unrealized +125.7%

TEL TE Connectivity PLC 1.7%

Value ($000) $3,070,284 (-9.3%) Shares 14,688,950 (-1.2%) Est. Cost $147.14 Unrealized +56.2%

COP ConocoPhillips 0.7%

Value ($000) $1,273,253 (+32.2%) Shares 9,645,858 (-6.3%) Est. Cost $41.39 Unrealized +148.0%

JCI Johnson Controls International PLC 4.1%

Value ($000) $7,530,439 (+4.1%) Shares 57,506,214 (-4.8%) Est. Cost $40.54 Unrealized +210.9%

BK The Bank of New York Mellon Corp. 1.5%

Value ($000) $2,776,155 (-7.4%) Shares 23,401,794 (-9.3%) Est. Cost $27.39 Unrealized +338.7%

FOXA Fox Corp. 0.3%

Value ($000) $636,376 (-25.0%) Shares 10,896,842 (-6.2%) Est. Cost $31.57 Unrealized +112.9%

NVS Novartis AG 0.6%

Value ($000) $1,064,268 (-14.4%) Shares 6,967,383 (-22.7%) Est. Cost $77.14 Unrealized —

AEG Aegon, Ltd. 0.2%

Value ($000) $367,040 (-32.5%) Shares 50,556,509 (-28.3%) Est. Cost $5.76 Unrealized —

VFC VF Corp. 0.3%

Value ($000) $561,088 (-23.7%) Shares 33,024,625 (-18.8%) Est. Cost $17.83 Unrealized +11.8%

STT State Street Corp. 0.2%

Value ($000) $442,945 (-27.6%) Shares 3,499,879 (-26.2%) Est. Cost $59.02 Unrealized +120.7%

ADM Archer-Daniels-Midland Co. 0.6%

Value ($000) $1,145,387 (+16.6%) Shares 15,757,140 (-7.8%) Est. Cost $54.06 Unrealized +21.4%

INCY Incyte Corp. 0.6%

Value ($000) $1,153,192 (-12.0%) Shares 12,252,356 (-7.6%) Est. Cost $77.91 Unrealized +32.4%

GILD Gilead Sciences, Inc. 1.9%

Value ($000) $3,379,838 (+4.8%) Shares 24,250,826 (-7.7%) Est. Cost $55.67 Unrealized +148.6%

ALNY Alnylam Pharmaceuticals, Inc. 0.4%

Value ($000) $638,332 (-18.3%) Shares 1,929,253 (-1.8%) Est. Cost $80.95 Unrealized +336.4%

ELAN Elanco Animal Health, Inc. 0.9%

Value ($000) $1,649,832 (-7.8%) Shares 68,944,100 (-12.8%) Est. Cost $21.47 Unrealized +14.4%

GSK GSK PLC 1.8%

Value ($000) $3,237,610 (-3.6%) Shares 58,662,974 (-14.4%) Est. Cost $31.46 Unrealized —

TDY Teledyne Technologies, Inc. 0.5%

Value ($000) $970,596 (+12.8%) Shares 1,604,265 (-4.8%) Est. Cost $489.56 Unrealized +25.4%

REGN Regeneron Pharmaceuticals, Inc. 1.9%

Value ($000) $3,444,613 (-2.9%) Shares 4,458,238 (-3.0%) Est. Cost $598.77 Unrealized +28.5%

BMY Bristol-Myers Squibb Co. 0.2%

Value ($000) $280,374 (-26.6%) Shares 4,622,820 (-34.7%) Est. Cost $40.30 Unrealized +42.5%

D Dominion Energy, Inc. 0.7%

Value ($000) $1,204,100 (-7.2%) Shares 19,477,520 (-12.1%) Est. Cost $47.45 Unrealized +29.9%

FOX Fox Corp. 0.2%

Value ($000) $381,199 (-19.1%) Shares 7,178,894 (-1.1%) Est. Cost $30.69 Unrealized +97.9%

AEP American Electric Power Co., Inc. 0.6%

Value ($000) $1,145,618 (+6.3%) Shares 8,739,835 (-6.5%) Est. Cost $76.25 Unrealized +58.1%

HLN Haleon PLC 0.8%

Value ($000) $1,466,862 (-4.4%) Shares 146,539,663 (-3.4%) Est. Cost $7.44 Unrealized —

XP XP, Inc. 0.3%

Value ($000) $623,116 (+12.1%) Shares 32,726,688 (-3.6%) Est. Cost $23.03 Unrealized -16.0%

BUD Anheuser-Busch InBev SA/NV 1.1%

Value ($000) $2,059,161 (-2.9%) Shares 29,683,736 (-10.4%) Est. Cost $56.46 Unrealized —

FTV Fortive Corp. 1.3%

Value ($000) $2,385,675 (-2.1%) Shares 43,156,197 (-2.3%) Est. Cost $54.41 Unrealized +3.2%

RTX RTX Corp. 3.8%

Value ($000) $6,842,815 (-0.7%) Shares 35,473,379 (-5.6%) Est. Cost $61.26 Unrealized +220.9%

BAP Credicorp, Ltd. 0.6%

Value ($000) $1,156,663 (+4.1%) Shares 3,410,175 (-11.9%) Est. Cost $117.30 Unrealized +187.2%

TRP TC Energy Corp. 0.3%

Value ($000) $556,664 (+8.9%) Shares 8,892,400 (-4.3%) Est. Cost $33.49 Unrealized +73.8%

AXP American Express Co. 0.0%

Value ($000) $83,935 (-22.4%) Shares 277,490 (-5.1%) Est. Cost $63.74 Unrealized +458.8%

LBTYA Liberty Global, Ltd. 0.0%

Value ($000) $25,871 (-48.2%) Shares 2,139,861 (-52.2%) Est. Cost $8.35 Unrealized +34.8%

GEV GE Vernova, Inc. 0.1%

Value ($000) $112,763 (+24.8%) Shares 129,182 (-6.5%) Est. Cost $158.10 Unrealized +366.1%

BAC Bank of America Corp. 0.0%

Value ($000) $88,704 (-19.7%) Shares 1,819,565 (-9.4%) Est. Cost $20.26 Unrealized +164.8%

NWSA News Corp. 0.2%

Value ($000) $305,548 (-6.0%) Shares 12,256,246 (-1.6%) Est. Cost $16.54 Unrealized +52.0%

LBTYK Liberty Global, Ltd. 0.0%

Value ($000) $61,648 (-16.4%) Shares 5,255,568 (-21.3%) Est. Cost $9.07 Unrealized +23.0%

WMB The Williams Co., Inc. 0.0%

Value ($000) $70,331 (+16.9%) Shares 966,347 (-3.5%) Est. Cost $15.73 Unrealized +321.8%

CDNS Cadence Design Systems, Inc. 0.0%

Value ($000) $64,160 (-13.5%) Shares 230,899 (-2.7%) Est. Cost $14.08 Unrealized +2055.0%

CVX Chevron Corp. 0.0%

Value ($000) $42,437 (+30.9%) Shares 205,109 (-3.6%) Est. Cost $86.23 Unrealized +99.3%

COHR Coherent Corp. 0.1%

Value ($000) $133,140 (+7.7%) Shares 558,920 (-16.6%) Est. Cost $46.15 Unrealized +362.3%

LLY Eli Lilly & Co. 0.0%

Value ($000) $38,641 (-15.4%) Shares 42,012 (-1.1%) Est. Cost $72.19 Unrealized +1350.5%

JPM JPMorgan Chase & Co. 0.0%

Value ($000) $34,845 (-13.1%) Shares 118,455 (-4.8%) Est. Cost $41.16 Unrealized +656.6%

DIS The Walt Disney Co. 0.0%

Value ($000) $25,721 (-16.4%) Shares 266,866 (-1.3%) Est. Cost $105.44 Unrealized +3.8%

CAT Caterpillar, Inc. 0.0%

Value ($000) $28,334 (+21.5%) Shares 39,994 (-1.8%) Est. Cost $119.95 Unrealized +470.5%

CSCO Cisco Systems, Inc. 0.0%

Value ($000) $8,156 (-35.1%) Shares 105,119 (-35.6%) Est. Cost $31.45 Unrealized +147.7%

NESR National Energy Services Reunited Corp. 0.0%

Value ($000) $34,352 (+13.7%) Shares 1,599,994 (-17.1%) Est. Cost $7.13 Unrealized +186.4%

TGT Target Corp. 0.0%

Value ($000) $11,716 (+22.1%) Shares 96,664 (-1.5%) Est. Cost $43.13 Unrealized +153.2%

MRK Merck & Co., Inc. 0.0%

Value ($000) $16,365 (+12.5%) Shares 136,050 (-1.6%) Est. Cost $30.33 Unrealized +276.8%

GLW Corning, Inc. 0.0%

Value ($000) $4,939 (+53.1%) Shares 36,325 (-1.4%) Est. Cost $11.15 Unrealized +901.2%

WMT Walmart, Inc. 0.0%

Value ($000) $21,663 (+8.3%) Shares 174,310 (-2.9%) Est. Cost $43.96 Unrealized +177.6%

SUI Sun Communities, Inc. 1.0%

Value ($000) $1,796,949 (+0.1%) Shares 14,266,030 (-1.6%) Est. Cost $127.20 Unrealized —

AVGO Broadcom, Inc. 0.0%

Value ($000) $5,970 (-16.2%) Shares 19,290 (-6.3%) Est. Cost $152.49 Unrealized +119.1%

SLB SLB, Ltd. 0.0%

Value ($000) $5,644 (-16.8%) Shares 109,824 (-37.9%) Est. Cost $41.46 Unrealized +16.5%

YUMC Yum China Holdings, Inc. 0.2%

Value ($000) $407,399 (-0.2%) Shares 8,351,762 (-2.4%) Est. Cost $40.51 Unrealized +27.2%

OTIS Otis Worldwide Corp. 0.0%

Value ($000) $463 (-66.9%) Shares 6,010 (-62.5%) Est. Cost $47.48 Unrealized +88.5%

JOYY JOYY, Inc. 0.0%

Value ($000) $2,453 (-23.7%) Shares 42,006 (-15.3%) Est. Cost $36.73 Unrealized —

ADI Analog Devices, Inc. 0.0%

Value ($000) $6,369 (+13.1%) Shares 20,021 (-3.6%) Est. Cost $155.29 Unrealized +103.6%

DELL Dell Technologies, Inc. 0.0%

Value ($000) $3,102 (+28.5%) Shares 18,900 (-1.5%) Est. Cost $25.46 Unrealized +367.5%

HD The Home Depot, Inc. 0.0%

Value ($000) $7,383 (-7.7%) Shares 22,447 (-3.4%) Est. Cost $60.50 Unrealized +523.2%

TRV The Travelers Co., Inc. 0.0%

Value ($000) $27,061 (-1.6%) Shares 92,776 (-2.1%) Est. Cost $63.44 Unrealized +354.8%

APA APA Corp. 0.0%

Value ($000) $912 (+65.8%) Shares 21,500 (-4.4%) Est. Cost $16.01 Unrealized +65.1%

LYV Live Nation Entertainment, Inc. 0.0%

Value ($000) $229 (-54.1%) Shares 1,500 (-57.1%) Est. Cost $125.90 Unrealized +17.8%

HPE Hewlett Packard Enterprise Co. 0.0%

Value ($000) $1,828 (-12.0%) Shares 76,754 (-11.2%) Est. Cost $7.49 Unrealized +194.6%

PFE Pfizer, Inc. 0.0%

Value ($000) $2,487 (+10.5%) Shares 88,564 (-2.0%) Est. Cost $16.46 Unrealized +59.1%

Q Qnity Electronics, Inc. 0.0%

Value ($000) $776 (+26.7%) Shares 6,727 (-10.3%) Est. Cost $84.91 Unrealized +19.2%

MO Altria Group, Inc. 0.0%

Value ($000) $1,353 (+11.7%) Shares 20,500 (-2.4%) Est. Cost $16.28 Unrealized +287.2%

ASR Grupo Aeroportuario del Sureste SAB de CV 0.0%

Value ($000) $420 (-23.6%) Shares 1,250 (-26.5%) Est. Cost $257.63 Unrealized —

DD DuPont de Nemours, Inc. 0.0%

Value ($000) $672 (+12.7%) Shares 14,677 (-1.1%) Est. Cost $27.24 Unrealized +69.3%

EBAY eBay, Inc. 0.0%

Value ($000) $1,069 (-3.7%) Shares 11,750 (-7.8%) Est. Cost $19.92 Unrealized +348.5%

MGM MGM Resorts International 0.0%

Value ($000) $241 (-12.1%) Shares 6,500 (-13.3%) Est. Cost $37.80 Unrealized -7.2%

PM Philip Morris International, Inc. 0.0%

Value ($000) $2,728 (+0.0%) Shares 16,500 (-2.9%) Est. Cost $49.85 Unrealized +252.9%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
OXY	Occidental Petroleum Corp.	74,085,572 (-6.8%)	$4,815,562 (+47.4%)	2.6%	$43.84	+3.6%	COM	674599105
GE	GE Aerospace	737,999 (-85.8%)	$209,422 (-86.9%)	0.1%	$49.70	+540.3%	COM NEW	369604301
SNY	Sanofi SA	29,504,632 (-47.8%)	$1,421,533 (-48.1%)	0.8%	$48.63	—	SPONSORED ADR	80105N105
CVS	CVS Health Corp.	51,780,116 (-17.2%)	$3,718,848 (-25.0%)	2.0%	$60.62	+28.6%	COM	126650100
NSC	Norfolk Southern Corp.	6,257,750 (-35.0%)	$1,795,974 (-35.4%)	1.0%	$207.53	+43.7%	COM	655844108
FDX	FedEx Corp.	9,983,449 (-35.9%)	$3,555,905 (-21.0%)	2.0%	$171.57	+97.6%	COM	31428X106
COF	Capital One Financial Corp.	8,774,932 (-4.2%)	$1,600,811 (-27.9%)	0.9%	$58.50	+281.6%	COM	14040H105
SCHW	The Charles Schwab Corp.	75,002,881 (-2.0%)	$7,048,771 (-7.8%)	3.9%	$31.65	+216.3%	COM	808513105
GOOG	Alphabet, Inc.	12,228,518 (-5.0%)	$3,507,873 (-13.2%)	1.9%	$106.75	+203.2%	CAP STK CL C	02079K107
WFC	Wells Fargo & Co.	31,168,331 (-3.5%)	$2,481,311 (-17.6%)	1.4%	$28.13	+220.1%	COM	949746101
SU	Suncor Energy, Inc.	26,262,454 (-3.7%)	$1,736,211 (+43.6%)	1.0%	$19.97	+159.4%	COM	867224107
MET	MetLife, Inc.	51,114,776 (-2.2%)	$3,614,837 (-12.4%)	2.0%	$32.47	+138.5%	COM	59156R108
CTSH	Cognizant Technology Solutions Corp.	14,272,907 (-4.7%)	$875,643 (-29.6%)	0.5%	$61.29	+25.3%	CL A	192446102
GOOGL	Alphabet, Inc.	10,624,415 (-1.9%)	$3,055,157 (-9.9%)	1.7%	$101.42	+218.8%	CAP STK CL A	02079K305
GS	The Goldman Sachs Group, Inc.	1,380,455 (-19.3%)	$1,167,851 (-22.3%)	0.6%	$143.52	+549.8%	COM	38141G104
BKR	Baker Hughes Co.	35,871,558 (-12.0%)	$2,189,959 (+18.0%)	1.2%	$24.85	+125.7%	CL A	05722G100
TEL	TE Connectivity PLC	14,688,950 (-1.2%)	$3,070,284 (-9.3%)	1.7%	$147.14	+56.2%	ORD SHS	G87052109
COP	ConocoPhillips	9,645,858 (-6.3%)	$1,273,253 (+32.2%)	0.7%	$41.39	+148.0%	COM	20825C104
JCI	Johnson Controls International PLC	57,506,214 (-4.8%)	$7,530,439 (+4.1%)	4.1%	$40.54	+210.9%	SHS	G51502105
BK	The Bank of New York Mellon Corp.	23,401,794 (-9.3%)	$2,776,155 (-7.4%)	1.5%	$27.39	+338.7%	COM	064058100
FOXA	Fox Corp.	10,896,842 (-6.2%)	$636,376 (-25.0%)	0.3%	$31.57	+112.9%	CL A COM	35137L105
NVS	Novartis AG	6,967,383 (-22.7%)	$1,064,268 (-14.4%)	0.6%	$77.14	—	SPONSORED ADR	66987V109
AEG	Aegon, Ltd.	50,556,509 (-28.3%)	$367,040 (-32.5%)	0.2%	$5.76	—	AMER REG 1 CERT	0076CA104
VFC	VF Corp.	33,024,625 (-18.8%)	$561,088 (-23.7%)	0.3%	$17.83	+11.8%	COM	918204108
STT	State Street Corp.	3,499,879 (-26.2%)	$442,945 (-27.6%)	0.2%	$59.02	+120.7%	COM	857477103
ADM	Archer-Daniels-Midland Co.	15,757,140 (-7.8%)	$1,145,387 (+16.6%)	0.6%	$54.06	+21.4%	COM	039483102
INCY	Incyte Corp.	12,252,356 (-7.6%)	$1,153,192 (-12.0%)	0.6%	$77.91	+32.4%	COM	45337C102
GILD	Gilead Sciences, Inc.	24,250,826 (-7.7%)	$3,379,838 (+4.8%)	1.9%	$55.67	+148.6%	COM	375558103
ALNY	Alnylam Pharmaceuticals, Inc.	1,929,253 (-1.8%)	$638,332 (-18.3%)	0.4%	$80.95	+336.4%	COM	02043Q107
ELAN	Elanco Animal Health, Inc.	68,944,100 (-12.8%)	$1,649,832 (-7.8%)	0.9%	$21.47	+14.4%	COM	28414H103
GSK	GSK PLC	58,662,974 (-14.4%)	$3,237,610 (-3.6%)	1.8%	$31.46	—	SPONSORED ADR	37733W204
TDY	Teledyne Technologies, Inc.	1,604,265 (-4.8%)	$970,596 (+12.8%)	0.5%	$489.56	+25.4%	COM	879360105
REGN	Regeneron Pharmaceuticals, Inc.	4,458,238 (-3.0%)	$3,444,613 (-2.9%)	1.9%	$598.77	+28.5%	COM	75886F107
BMY	Bristol-Myers Squibb Co.	4,622,820 (-34.7%)	$280,374 (-26.6%)	0.2%	$40.30	+42.5%	COM	110122108
D	Dominion Energy, Inc.	19,477,520 (-12.1%)	$1,204,100 (-7.2%)	0.7%	$47.45	+29.9%	COM	25746U109
FOX	Fox Corp.	7,178,894 (-1.1%)	$381,199 (-19.1%)	0.2%	$30.69	+97.9%	CL B COM	35137L204
AEP	American Electric Power Co., Inc.	8,739,835 (-6.5%)	$1,145,618 (+6.3%)	0.6%	$76.25	+58.1%	COM	025537101
HLN	Haleon PLC	146,539,663 (-3.4%)	$1,466,862 (-4.4%)	0.8%	$7.44	—	SPON ADS	405552100
XP	XP, Inc.	32,726,688 (-3.6%)	$623,116 (+12.1%)	0.3%	$23.03	-16.0%	CL A	G98239109
BUD	Anheuser-Busch InBev SA/NV	29,683,736 (-10.4%)	$2,059,161 (-2.9%)	1.1%	$56.46	—	SPONSORED ADR	03524A108
FTV	Fortive Corp.	43,156,197 (-2.3%)	$2,385,675 (-2.1%)	1.3%	$54.41	+3.2%	COM	34959J108
RTX	RTX Corp.	35,473,379 (-5.6%)	$6,842,815 (-0.7%)	3.8%	$61.26	+220.9%	COM	75513E101
BAP	Credicorp, Ltd.	3,410,175 (-11.9%)	$1,156,663 (+4.1%)	0.6%	$117.30	+187.2%	COM	G2519Y108
TRP	TC Energy Corp.	8,892,400 (-4.3%)	$556,664 (+8.9%)	0.3%	$33.49	+73.8%	COM	87807B107
AXP	American Express Co.	277,490 (-5.1%)	$83,935 (-22.4%)	0.0%	$63.74	+458.8%	COM	025816109
LBTYA	Liberty Global, Ltd.	2,139,861 (-52.2%)	$25,871 (-48.2%)	0.0%	$8.35	+34.8%	COM CL A	G61188101
GEV	GE Vernova, Inc.	129,182 (-6.5%)	$112,763 (+24.8%)	0.1%	$158.10	+366.1%	COM	36828A101
BAC	Bank of America Corp.	1,819,565 (-9.4%)	$88,704 (-19.7%)	0.0%	$20.26	+164.8%	COM	060505104
NWSA	News Corp.	12,256,246 (-1.6%)	$305,548 (-6.0%)	0.2%	$16.54	+52.0%	CL A	65249B109
LBTYK	Liberty Global, Ltd.	5,255,568 (-21.3%)	$61,648 (-16.4%)	0.0%	$9.07	+23.0%	COM CL C	G61188127
WMB	The Williams Co., Inc.	966,347 (-3.5%)	$70,331 (+16.9%)	0.0%	$15.73	+321.8%	COM	969457100
CDNS	Cadence Design Systems, Inc.	230,899 (-2.7%)	$64,160 (-13.5%)	0.0%	$14.08	+2055.0%	COM	127387108
CVX	Chevron Corp.	205,109 (-3.6%)	$42,437 (+30.9%)	0.0%	$86.23	+99.3%	COM	166764100
COHR	Coherent Corp.	558,920 (-16.6%)	$133,140 (+7.7%)	0.1%	$46.15	+362.3%	COM	19247G107
LLY	Eli Lilly & Co.	42,012 (-1.1%)	$38,641 (-15.4%)	0.0%	$72.19	+1350.5%	COM	532457108
JPM	JPMorgan Chase & Co.	118,455 (-4.8%)	$34,845 (-13.1%)	0.0%	$41.16	+656.6%	COM	46625H100
DIS	The Walt Disney Co.	266,866 (-1.3%)	$25,721 (-16.4%)	0.0%	$105.44	+3.8%	COM	254687106
CAT	Caterpillar, Inc.	39,994 (-1.8%)	$28,334 (+21.5%)	0.0%	$119.95	+470.5%	COM	149123101
CSCO	Cisco Systems, Inc.	105,119 (-35.6%)	$8,156 (-35.1%)	0.0%	$31.45	+147.7%	COM	17275R102
NESR	National Energy Services Reunited Corp.	1,599,994 (-17.1%)	$34,352 (+13.7%)	0.0%	$7.13	+186.4%	SHS	G6375R107
TGT	Target Corp.	96,664 (-1.5%)	$11,716 (+22.1%)	0.0%	$43.13	+153.2%	COM	87612E106
MRK	Merck & Co., Inc.	136,050 (-1.6%)	$16,365 (+12.5%)	0.0%	$30.33	+276.8%	COM	58933Y105
GLW	Corning, Inc.	36,325 (-1.4%)	$4,939 (+53.1%)	0.0%	$11.15	+901.2%	COM	219350105
WMT	Walmart, Inc.	174,310 (-2.9%)	$21,663 (+8.3%)	0.0%	$43.96	+177.6%	COM	931142103
SUI	Sun Communities, Inc.	14,266,030 (-1.6%)	$1,796,949 (+0.1%)	1.0%	$127.20	—	COM	866674104
AVGO	Broadcom, Inc.	19,290 (-6.3%)	$5,970 (-16.2%)	0.0%	$152.49	+119.1%	COM	11135F101
SLB	SLB, Ltd.	109,824 (-37.9%)	$5,644 (-16.8%)	0.0%	$41.46	+16.5%	COM STK	806857108
YUMC	Yum China Holdings, Inc.	8,351,762 (-2.4%)	$407,399 (-0.2%)	0.2%	$40.51	+27.2%	COM	98850P109
OTIS	Otis Worldwide Corp.	6,010 (-62.5%)	$463 (-66.9%)	0.0%	$47.48	+88.5%	COM	68902V107
JOYY	JOYY, Inc.	42,006 (-15.3%)	$2,453 (-23.7%)	0.0%	$36.73	—	ADS REPSTG COM A	46591M109
ADI	Analog Devices, Inc.	20,021 (-3.6%)	$6,369 (+13.1%)	0.0%	$155.29	+103.6%	COM	032654105
DELL	Dell Technologies, Inc.	18,900 (-1.5%)	$3,102 (+28.5%)	0.0%	$25.46	+367.5%	CL C	24703L202
HD	The Home Depot, Inc.	22,447 (-3.4%)	$7,383 (-7.7%)	0.0%	$60.50	+523.2%	COM	437076102
TRV	The Travelers Co., Inc.	92,776 (-2.1%)	$27,061 (-1.6%)	0.0%	$63.44	+354.8%	COM	89417E109
APA	APA Corp.	21,500 (-4.4%)	$912 (+65.8%)	0.0%	$16.01	+65.1%	COM	03743Q108
LYV	Live Nation Entertainment, Inc.	1,500 (-57.1%)	$229 (-54.1%)	0.0%	$125.90	+17.8%	COM	538034109
HPE	Hewlett Packard Enterprise Co.	76,754 (-11.2%)	$1,828 (-12.0%)	0.0%	$7.49	+194.6%	COM	42824C109
PFE	Pfizer, Inc.	88,564 (-2.0%)	$2,487 (+10.5%)	0.0%	$16.46	+59.1%	COM	717081103
Q	Qnity Electronics, Inc.	6,727 (-10.3%)	$776 (+26.7%)	0.0%	$84.91	+19.2%	COMMON STOCK	74743L100
MO	Altria Group, Inc.	20,500 (-2.4%)	$1,353 (+11.7%)	0.0%	$16.28	+287.2%	COM	02209S103
ASR	Grupo Aeroportuario del Sureste SAB de CV	1,250 (-26.5%)	$420 (-23.6%)	0.0%	$257.63	—	SPON ADR SER B	40051E202
DD	DuPont de Nemours, Inc.	14,677 (-1.1%)	$672 (+12.7%)	0.0%	$27.24	+69.3%	COM	26614N102
EBAY	eBay, Inc.	11,750 (-7.8%)	$1,069 (-3.7%)	0.0%	$19.92	+348.5%	COM	278642103
MGM	MGM Resorts International	6,500 (-13.3%)	$241 (-12.1%)	0.0%	$37.80	-7.2%	COM	552953101
PM	Philip Morris International, Inc.	16,500 (-2.9%)	$2,728 (+0.0%)	0.0%	$49.85	+252.9%	COM	718172109

Unchanged Positions (93)

FIS Fidelity National Information Services, Inc. 1.3%

Value ($000) $2,302,022 Shares 49,073,157 Est. Cost $68.33 Unrealized -17.6%

HUM Humana, Inc. 1.1%

Value ($000) $1,973,295 Shares 11,380,673 Est. Cost $292.80 Unrealized -23.7%

LYB LyondellBasell Industries NV 0.7%

Value ($000) $1,356,562 Shares 16,839,152 Est. Cost $65.42 Unrealized -19.9%

META Meta Platforms, Inc. 1.6%

Value ($000) $2,868,842 Shares 5,014,319 Est. Cost $384.32 Unrealized +70.6%

APD Air Products & Chemicals, Inc. 1.5%

Value ($000) $2,681,680 Shares 9,231,575 Est. Cost $271.77 Unrealized -0.1%

AMZN Amazon.com, Inc. 1.7%

Value ($000) $3,146,939 Shares 15,109,899 Est. Cost $112.47 Unrealized +101.7%

CE Celanese Corp. 0.6%

Value ($000) $1,009,301 Shares 15,345,910 Est. Cost $69.61 Unrealized -28.9%

GEHC GE HealthCare Technologies, Inc. 1.2%

Value ($000) $2,228,793 Shares 31,312,064 Est. Cost $72.37 Unrealized +13.7%

UBS UBS Group AG 0.7%

Value ($000) $1,308,575 Shares 33,644,642 Est. Cost $16.27 Unrealized +180.1%

SBAC SBA Communications Corp. 1.1%

Value ($000) $2,079,138 Shares 12,080,284 Est. Cost $212.37 Unrealized -9.4%

BABA Alibaba Group Holding, Ltd. 0.7%

Value ($000) $1,244,283 Shares 9,917,770 Est. Cost $127.45 Unrealized —

IFF International Flavors & Fragrances, Inc. 1.5%

Value ($000) $2,646,112 Shares 36,472,942 Est. Cost $74.75 Unrealized -0.9%

TIGO Millicom International Cellular SA 0.3%

Value ($000) $611,693 Shares 8,162,432 Est. Cost $27.65 Unrealized +120.9%

CMCSA Comcast Corp. 1.8%

Value ($000) $3,247,338 Shares 113,108,244 Est. Cost $29.83 Unrealized -0.0%

BAX Baxter International, Inc. 0.5%

Value ($000) $961,877 Shares 57,254,570 Est. Cost $34.46 Unrealized -40.6%

CHTR Charter Communications, Inc. 1.7%

Value ($000) $3,157,722 Shares 14,627,209 Est. Cost $317.94 Unrealized -32.8%

LIN Linde PLC 0.4%

Value ($000) $657,670 Shares 1,326,590 Est. Cost $322.30 Unrealized +42.7%

MDT Medtronic PLC 0.4%

Value ($000) $666,738 Shares 7,694,608 Est. Cost $70.93 Unrealized +40.3%

TAP Molson Coors Beverage Co. 0.4%

Value ($000) $797,602 Shares 18,523,049 Est. Cost $46.06 Unrealized +7.4%

FLUT Flutter Entertainment PLC 0.0%

Value ($000) $64,114 Shares 628,878 Est. Cost $203.33 Unrealized -18.1%

NBIX Neurocrine Biosciences, Inc. 0.4%

Value ($000) $719,437 Shares 5,461,037 Est. Cost $122.73 Unrealized +9.5%

NTES NetEase, Inc. 0.1%

Value ($000) $241,452 Shares 2,156,976 Est. Cost $91.83 Unrealized —

BMRN BioMarin Pharmaceutical, Inc. 0.5%

Value ($000) $822,594 Shares 14,561,759 Est. Cost $83.23 Unrealized -29.5%

TMUS T-Mobile U.S., Inc. 0.7%

Value ($000) $1,293,323 Shares 6,157,799 Est. Cost $158.29 Unrealized +26.5%

ITUB Itau Unibanco Holding SA 0.1%

Value ($000) $160,639 Shares 19,169,381 Est. Cost $6.48 Unrealized —

ZBH Zimmer Biomet Holdings, Inc. 1.2%

Value ($000) $2,128,731 Shares 23,542,700 Est. Cost $111.00 Unrealized -17.4%

JD JD.com, Inc. 0.2%

Value ($000) $360,596 Shares 12,194,648 Est. Cost $42.51 Unrealized —

GLPI Gaming & Leisure Properties, Inc. 0.3%

Value ($000) $597,138 Shares 13,458,157 Est. Cost $47.44 Unrealized —

FMS Fresenius Medical Care AG 0.0%

Value ($000) $86,335 Shares 3,826,910 Est. Cost $22.41 Unrealized —

TSM Taiwan Semiconductor Manufacturing Co., Ltd. 0.0%

Value ($000) $36,431 Shares 107,800 Est. Cost $125.06 Unrealized —

XOM Exxon Mobil Corp. 0.0%

Value ($000) $12,531 Shares 73,858 Est. Cost $53.76 Unrealized +158.1%

BSX Boston Scientific Corp. 0.0%

Value ($000) $5,578 Shares 88,885 Est. Cost $8.48 Unrealized +911.8%

IBM International Business Machines Corp. 0.0%

Value ($000) $11,292 Shares 46,587 Est. Cost $158.70 Unrealized +78.9%

UNP Union Pacific Corp. 0.0%

Value ($000) $63,312 Shares 260,952 Est. Cost $72.99 Unrealized +233.4%

TMO Thermo Fisher Scientific, Inc. 0.0%

Value ($000) $12,652 Shares 25,741 Est. Cost $129.43 Unrealized +344.0%

MCHP Microchip Technology, Inc. 0.2%

Value ($000) $396,041 Shares 6,129,716 Est. Cost $54.12 Unrealized +40.0%

DE Deere & Co. 0.0%

Value ($000) $7,112 Shares 12,626 Est. Cost $89.27 Unrealized +517.6%

SHEL Shell PLC 0.0%

Value ($000) $5,114 Shares 54,994 Est. Cost $54.93 Unrealized —

CX Cemex SAB de CV 0.5%

Value ($000) $975,106 Shares 85,236,570 Est. Cost $6.03 Unrealized —

JNJ Johnson & Johnson 0.0%

Value ($000) $5,120 Shares 20,947 Est. Cost $65.21 Unrealized +249.4%

SNPS Synopsys, Inc. 0.0%

Value ($000) $4,044 Shares 10,200 Est. Cost $62.80 Unrealized +651.0%

DHR Danaher Corp. 0.0%

Value ($000) $3,119 Shares 16,450 Est. Cost $34.17 Unrealized +557.5%

AAPL Apple, Inc. 0.0%

Value ($000) $8,022 Shares 31,607 Est. Cost $119.34 Unrealized +120.2%

MSI Motorola Solutions, Inc. 0.0%

Value ($000) $4,884 Shares 11,255 Est. Cost $141.82 Unrealized +193.3%

SPGI S&P Global, Inc. 0.0%

Value ($000) $2,297 Shares 5,400 Est. Cost $108.55 Unrealized +347.0%

ABT Abbott Laboratories 0.0%

Value ($000) $1,779 Shares 17,324 Est. Cost $34.09 Unrealized +238.6%

AMGN Amgen, Inc. 0.0%

Value ($000) $4,703 Shares 13,367 Est. Cost $75.58 Unrealized +362.6%

CTVA Corteva, Inc. 0.0%

Value ($000) $1,702 Shares 20,336 Est. Cost $25.02 Unrealized +190.9%

LVS Las Vegas Sands Corp. 0.0%

Value ($000) $1,519 Shares 28,186 Est. Cost $41.01 Unrealized +42.4%

VMC Vulcan Materials Co. 0.0%

Value ($000) $6,535 Shares 24,000 Est. Cost $46.69 Unrealized +557.0%

NEE NextEra Energy, Inc. 0.0%

Value ($000) $2,192 Shares 23,600 Est. Cost $52.32 Unrealized +66.6%

PBR Petroleo Brasileiro SA - Petrobras 0.0%

Value ($000) $647 Shares 31,200 Est. Cost $12.86 Unrealized —

BRK/B Berkshire Hathaway, Inc. 0.0%

Value ($000) $5,482 Shares 11,440 Est. Cost $114.08 Unrealized +332.6%

HON Honeywell International, Inc. 0.0%

Value ($000) $1,813 Shares 8,019 Est. Cost $77.35 Unrealized +192.1%

GPRK Geopark, Ltd. 0.0%

Value ($000) $884 Shares 93,045 Est. Cost $10.43 Unrealized -23.4%

DOW Dow, Inc. 0.0%

Value ($000) $405 Shares 9,713 Est. Cost $36.37 Unrealized -20.1%

PSMT PriceSmart, Inc. 0.0%

Value ($000) $926 Shares 6,156 Est. Cost $109.77 Unrealized +31.5%

KO The Coca-Cola Co. 0.0%

Value ($000) $1,825 Shares 24,000 Est. Cost $28.59 Unrealized +161.5%

BRK/A Berkshire Hathaway, Inc. 0.0%

Value ($000) $2,873 Shares 4 Est. Cost $222884.05 Unrealized +232.2%

PSX Phillips 66 0.0%

Value ($000) $474 Shares 2,600 Est. Cost $48.30 Unrealized +204.6%

IFS Intercorp Financial Services, Inc. 0.0%

Value ($000) $873 Shares 17,391 Est. Cost $19.73 Unrealized +142.3%

DEO Diageo PLC 0.0%

Value ($000) $825 Shares 11,077 Est. Cost $115.85 Unrealized —

ABBV AbbVie, Inc. 0.0%

Value ($000) $2,260 Shares 10,393 Est. Cost $29.33 Unrealized +658.9%

MMM 3M Co. 0.0%

Value ($000) $1,115 Shares 7,676 Est. Cost $61.26 Unrealized +167.6%

GIS General Mills, Inc. 0.0%

Value ($000) $417 Shares 11,200 Est. Cost $32.37 Unrealized +40.5%

ARCO Arcos Dorados Holdings, Inc. 0.0%

Value ($000) $932 Shares 112,966 Est. Cost $8.18 Unrealized -0.7%

LMT Lockheed Martin Corp. 0.0%

Value ($000) $468 Shares 775 Est. Cost $268.37 Unrealized +123.9%

PG The Procter & Gamble Co. 0.0%

Value ($000) $13,109 Shares 90,756 Est. Cost $55.13 Unrealized +175.3%

MCO Moody's Corp. 0.0%

Value ($000) $529 Shares 1,213 Est. Cost $65.04 Unrealized +652.7%

CL Colgate-Palmolive Co. 0.0%

Value ($000) $1,193 Shares 14,000 Est. Cost $44.63 Unrealized +98.9%

GPC Genuine Parts Co. 0.0%

Value ($000) $492 Shares 4,650 Est. Cost $54.12 Unrealized +146.7%

BLK Blackrock, Inc. 0.0%

Value ($000) $684 Shares 711 Est. Cost $998.80 Unrealized +9.9%

ELV Elevance Health, Inc. 0.0%

Value ($000) $381 Shares 1,300 Est. Cost $166.87 Unrealized +110.7%

ATAT Atour Lifestyle Holdings, Ltd. 0.0%

Value ($000) $1,036 Shares 28,152 Est. Cost $39.40 Unrealized —

AMP Ameriprise Financial, Inc. 0.0%

Value ($000) $667 Shares 1,500 Est. Cost $59.93 Unrealized +734.7%

TFC Truist Financial Corp. 0.0%

Value ($000) $880 Shares 19,151 Est. Cost $32.23 Unrealized +58.7%

ISRG Intuitive Surgical, Inc. 0.0%

Value ($000) $230 Shares 500 Est. Cost $398.28 Unrealized +30.8%

VZ Verizon Communications, Inc. 0.0%

Value ($000) $276 Shares 5,500 Est. Cost $31.23 Unrealized +40.3%

MDLZ Mondelez International, Inc. 0.0%

Value ($000) $682 Shares 11,840 Est. Cost $30.15 Unrealized +92.9%

UL Unilever PLC 0.0%

Value ($000) $299 Shares 5,243 Est. Cost $65.40 Unrealized —

V Visa, Inc. 0.0%

Value ($000) $260 Shares 859 Est. Cost $151.06 Unrealized +117.9%

NVDA NVIDIA Corp. 0.0%

Value ($000) $593 Shares 3,400 Est. Cost $174.29 Unrealized +7.1%

PH Parker-Hannifin Corp. 0.0%

Value ($000) $2,238 Shares 2,500 Est. Cost $75.97 Unrealized +1160.7%

RIO Rio Tinto PLC 0.0%

Value ($000) $280 Shares 3,000 Est. Cost $80.03 Unrealized —

NUE Nucor Corp. 0.0%

Value ($000) $1,048 Shares 6,200 Est. Cost $32.49 Unrealized +449.2%

PEP PepsiCo, Inc. 0.0%

Value ($000) $478 Shares 3,075 Est. Cost $82.29 Unrealized +88.0%

CTAS Cintas Corp. 0.0%

Value ($000) $304 Shares 1,800 Est. Cost $169.46 Unrealized +14.1%

MCD McDonald's Corp. 0.0%

Value ($000) $1,997 Shares 6,425 Est. Cost $71.80 Unrealized +341.9%

CB Chubb, Ltd. 0.0%

Value ($000) $235 Shares 722 Est. Cost $276.25 Unrealized +14.5%

PPG PPG Industries, Inc. 0.0%

Value ($000) $235 Shares 2,200 Est. Cost $86.36 Unrealized +35.3%

PNC The PNC Financial Services Group, Inc. 0.0%

Value ($000) $2,913 Shares 14,000 Est. Cost $47.34 Unrealized +375.1%

CIG Cia Energetica de Minas Gerais 0.0%

Value ($000) $36 Shares 15,000 Est. Cost $1.77 Unrealized —

ALL The Allstate Corp. 0.0%

Value ($000) $538 Shares 2,595 Est. Cost $37.12 Unrealized +446.7%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
FIS	Fidelity National Information Services, Inc.	49,073,157	$2,302,022	1.3%	$68.33	-17.6%	COM	31620M106
HUM	Humana, Inc.	11,380,673	$1,973,295	1.1%	$292.80	-23.7%	COM	444859102
LYB	LyondellBasell Industries NV	16,839,152	$1,356,562	0.7%	$65.42	-19.9%	SHS - A -	N53745100
META	Meta Platforms, Inc.	5,014,319	$2,868,842	1.6%	$384.32	+70.6%	CL A	30303M102
APD	Air Products & Chemicals, Inc.	9,231,575	$2,681,680	1.5%	$271.77	-0.1%	COM	009158106
AMZN	Amazon.com, Inc.	15,109,899	$3,146,939	1.7%	$112.47	+101.7%	COM	023135106
CE	Celanese Corp.	15,345,910	$1,009,301	0.6%	$69.61	-28.9%	COM	150870103
GEHC	GE HealthCare Technologies, Inc.	31,312,064	$2,228,793	1.2%	$72.37	+13.7%	COMMON STOCK	36266G107
UBS	UBS Group AG	33,644,642	$1,308,575	0.7%	$16.27	+180.1%	SHS	H42097107
SBAC	SBA Communications Corp.	12,080,284	$2,079,138	1.1%	$212.37	-9.4%	CL A	78410G104
BABA	Alibaba Group Holding, Ltd.	9,917,770	$1,244,283	0.7%	$127.45	—	SPONSORED ADS	01609W102
IFF	International Flavors & Fragrances, Inc.	36,472,942	$2,646,112	1.5%	$74.75	-0.9%	COM	459506101
TIGO	Millicom International Cellular SA	8,162,432	$611,693	0.3%	$27.65	+120.9%	COM STK	L6388F110
CMCSA	Comcast Corp.	113,108,244	$3,247,338	1.8%	$29.83	-0.0%	CL A	20030N101
BAX	Baxter International, Inc.	57,254,570	$961,877	0.5%	$34.46	-40.6%	COM	071813109
CHTR	Charter Communications, Inc.	14,627,209	$3,157,722	1.7%	$317.94	-32.8%	CL A	16119P108
LIN	Linde PLC	1,326,590	$657,670	0.4%	$322.30	+42.7%	SHS	G54950103
MDT	Medtronic PLC	7,694,608	$666,738	0.4%	$70.93	+40.3%	SHS	G5960L103
TAP	Molson Coors Beverage Co.	18,523,049	$797,602	0.4%	$46.06	+7.4%	CL B	60871R209
FLUT	Flutter Entertainment PLC	628,878	$64,114	0.0%	$203.33	-18.1%	SHS	G3643J108
NBIX	Neurocrine Biosciences, Inc.	5,461,037	$719,437	0.4%	$122.73	+9.5%	COM	64125C109
NTES	NetEase, Inc.	2,156,976	$241,452	0.1%	$91.83	—	SPONSORED ADS	64110W102
BMRN	BioMarin Pharmaceutical, Inc.	14,561,759	$822,594	0.5%	$83.23	-29.5%	COM	09061G101
TMUS	T-Mobile U.S., Inc.	6,157,799	$1,293,323	0.7%	$158.29	+26.5%	COM	872590104
ITUB	Itau Unibanco Holding SA	19,169,381	$160,639	0.1%	$6.48	—	SPON ADR REP PFD	465562106
ZBH	Zimmer Biomet Holdings, Inc.	23,542,700	$2,128,731	1.2%	$111.00	-17.4%	COM	98956P102
JD	JD.com, Inc.	12,194,648	$360,596	0.2%	$42.51	—	SPON ADS CL A	47215P106
GLPI	Gaming & Leisure Properties, Inc.	13,458,157	$597,138	0.3%	$47.44	—	COM	36467J108
FMS	Fresenius Medical Care AG	3,826,910	$86,335	0.0%	$22.41	—	SPONSORED ADR	358029106
TSM	Taiwan Semiconductor Manufacturing Co., Ltd.	107,800	$36,431	0.0%	$125.06	—	SPONSORED ADS	874039100
XOM	Exxon Mobil Corp.	73,858	$12,531	0.0%	$53.76	+158.1%	COM	30231G102
BSX	Boston Scientific Corp.	88,885	$5,578	0.0%	$8.48	+911.8%	COM	101137107
IBM	International Business Machines Corp.	46,587	$11,292	0.0%	$158.70	+78.9%	COM	459200101
UNP	Union Pacific Corp.	260,952	$63,312	0.0%	$72.99	+233.4%	COM	907818108
TMO	Thermo Fisher Scientific, Inc.	25,741	$12,652	0.0%	$129.43	+344.0%	COM	883556102
MCHP	Microchip Technology, Inc.	6,129,716	$396,041	0.2%	$54.12	+40.0%	COM	595017104
DE	Deere & Co.	12,626	$7,112	0.0%	$89.27	+517.6%	COM	244199105
SHEL	Shell PLC	54,994	$5,114	0.0%	$54.93	—	SPON ADS	780259305
CX	Cemex SAB de CV	85,236,570	$975,106	0.5%	$6.03	—	SPON ADR NEW	151290889
JNJ	Johnson & Johnson	20,947	$5,120	0.0%	$65.21	+249.4%	COM	478160104
SNPS	Synopsys, Inc.	10,200	$4,044	0.0%	$62.80	+651.0%	COM	871607107
DHR	Danaher Corp.	16,450	$3,119	0.0%	$34.17	+557.5%	COM	235851102
AAPL	Apple, Inc.	31,607	$8,022	0.0%	$119.34	+120.2%	COM	037833100
MSI	Motorola Solutions, Inc.	11,255	$4,884	0.0%	$141.82	+193.3%	COM NEW	620076307
SPGI	S&P Global, Inc.	5,400	$2,297	0.0%	$108.55	+347.0%	COM	78409V104
ABT	Abbott Laboratories	17,324	$1,779	0.0%	$34.09	+238.6%	COM	002824100
AMGN	Amgen, Inc.	13,367	$4,703	0.0%	$75.58	+362.6%	COM	031162100
CTVA	Corteva, Inc.	20,336	$1,702	0.0%	$25.02	+190.9%	COM	22052L104
LVS	Las Vegas Sands Corp.	28,186	$1,519	0.0%	$41.01	+42.4%	COM	517834107
VMC	Vulcan Materials Co.	24,000	$6,535	0.0%	$46.69	+557.0%	COM	929160109
NEE	NextEra Energy, Inc.	23,600	$2,192	0.0%	$52.32	+66.6%	COM	65339F101
PBR	Petroleo Brasileiro SA - Petrobras	31,200	$647	0.0%	$12.86	—	SPONSORED ADR	71654V408
BRK/B	Berkshire Hathaway, Inc.	11,440	$5,482	0.0%	$114.08	+332.6%	CL B NEW	084670702
HON	Honeywell International, Inc.	8,019	$1,813	0.0%	$77.35	+192.1%	COM	438516106
GPRK	Geopark, Ltd.	93,045	$884	0.0%	$10.43	-23.4%	USD SHS	G38327105
DOW	Dow, Inc.	9,713	$405	0.0%	$36.37	-20.1%	COM	260557103
PSMT	PriceSmart, Inc.	6,156	$926	0.0%	$109.77	+31.5%	COM	741511109
KO	The Coca-Cola Co.	24,000	$1,825	0.0%	$28.59	+161.5%	COM	191216100
BRK/A	Berkshire Hathaway, Inc.	4	$2,873	0.0%	$222884.05	+232.2%	CL A	084670108
PSX	Phillips 66	2,600	$474	0.0%	$48.30	+204.6%	COM	718546104
IFS	Intercorp Financial Services, Inc.	17,391	$873	0.0%	$19.73	+142.3%	SHS	P5626F128
DEO	Diageo PLC	11,077	$825	0.0%	$115.85	—	SPON ADR NEW	25243Q205
ABBV	AbbVie, Inc.	10,393	$2,260	0.0%	$29.33	+658.9%	COM	00287Y109
MMM	3M Co.	7,676	$1,115	0.0%	$61.26	+167.6%	COM	88579Y101
GIS	General Mills, Inc.	11,200	$417	0.0%	$32.37	+40.5%	COM	370334104
ARCO	Arcos Dorados Holdings, Inc.	112,966	$932	0.0%	$8.18	-0.7%	SHS CLASS -A -	G0457F107
LMT	Lockheed Martin Corp.	775	$468	0.0%	$268.37	+123.9%	COM	539830109
PG	The Procter & Gamble Co.	90,756	$13,109	0.0%	$55.13	+175.3%	COM	742718109
MCO	Moody's Corp.	1,213	$529	0.0%	$65.04	+652.7%	COM	615369105
CL	Colgate-Palmolive Co.	14,000	$1,193	0.0%	$44.63	+98.9%	COM	194162103
GPC	Genuine Parts Co.	4,650	$492	0.0%	$54.12	+146.7%	COM	372460105
BLK	Blackrock, Inc.	711	$684	0.0%	$998.80	+9.9%	COM	09290D101
ELV	Elevance Health, Inc.	1,300	$381	0.0%	$166.87	+110.7%	COM	036752103
ATAT	Atour Lifestyle Holdings, Ltd.	28,152	$1,036	0.0%	$39.40	—	SPONSORED ADS	04965M106
AMP	Ameriprise Financial, Inc.	1,500	$667	0.0%	$59.93	+734.7%	COM	03076C106
TFC	Truist Financial Corp.	19,151	$880	0.0%	$32.23	+58.7%	COM	89832Q109
ISRG	Intuitive Surgical, Inc.	500	$230	0.0%	$398.28	+30.8%	COM NEW	46120E602
VZ	Verizon Communications, Inc.	5,500	$276	0.0%	$31.23	+40.3%	COM	92343V104
MDLZ	Mondelez International, Inc.	11,840	$682	0.0%	$30.15	+92.9%	CL A	609207105
UL	Unilever PLC	5,243	$299	0.0%	$65.40	—	SPON ADR NEW	904767803
V	Visa, Inc.	859	$260	0.0%	$151.06	+117.9%	COM CL A	92826C839
NVDA	NVIDIA Corp.	3,400	$593	0.0%	$174.29	+7.1%	COM	67066G104
PH	Parker-Hannifin Corp.	2,500	$2,238	0.0%	$75.97	+1160.7%	COM	701094104
RIO	Rio Tinto PLC	3,000	$280	0.0%	$80.03	—	SPONSORED ADR	767204100
NUE	Nucor Corp.	6,200	$1,048	0.0%	$32.49	+449.2%	COM	670346105
PEP	PepsiCo, Inc.	3,075	$478	0.0%	$82.29	+88.0%	COM	713448108
CTAS	Cintas Corp.	1,800	$304	0.0%	$169.46	+14.1%	COM	172908105
MCD	McDonald's Corp.	6,425	$1,997	0.0%	$71.80	+341.9%	COM	580135101
CB	Chubb, Ltd.	722	$235	0.0%	$276.25	+14.5%	COM	H1467J104
PPG	PPG Industries, Inc.	2,200	$235	0.0%	$86.36	+35.3%	COM	693506107
PNC	The PNC Financial Services Group, Inc.	14,000	$2,913	0.0%	$47.34	+375.1%	COM	693475105
CIG	Cia Energetica de Minas Gerais	15,000	$36	0.0%	$1.77	—	SP ADR N-V PFD	204409601
ALL	The Allstate Corp.	2,595	$538	0.0%	$37.12	+446.7%	COM	020002101