Dodge & Cox Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
BN	Brookfield Corp.	41,280,320	$1,894,354	1.0%	$45.55	0.0%	CL A LTD VT SH	11271J107
TRU	TransUnion	9,842,006	$843,952	0.5%	$82.11	0.0%	COM	89400J107
PDD	PDD Holdings, Inc.	4,439,800	$503,429	0.3%	$113.39	—	SPONSORED ADS	722304102
AJG	Arthur J Gallagher & Co.	880,585	$227,887	0.1%	$264.22	0.0%	COM	363576109
FCNCA	First Citizens BancShares, Inc.	31,566	$67,746	0.0%	$1883.58	0.0%	CL A	31946M103
KARO	Karooooo, Ltd.	24,423	$1,111	0.0%	$46.85	0.0%	ORD SHS	Y4600W108
ATAT	Atour Lifestyle Holdings, Ltd.	28,152	$1,109	0.0%	$39.40	—	SPONSORED ADS	04965M106
Q	Qnity Electronics, Inc.	7,503	$613	0.0%	$84.91	0.0%	COMMON STOCK	74743L100
UL	Unilever PLC	5,244	$343	0.0%	$65.40	—	SPON ADR NEW	904767803
RIO	Rio Tinto PLC	3,000	$240	0.0%	$80.03	—	SPONSORED ADR	767204100

Increased Positions (31)

FISV Fiserv, Inc. 1.8%

Value ($000) $3,323,210 (-33.3%) Shares 49,474,622 (+28.1%) Est. Cost $110.34 Unrealized -24.0%

AON Aon PLC 1.5%

Value ($000) $2,770,975 (+124.3%) Shares 7,852,456 (+126.6%) Est. Cost $354.60 Unrealized -1.5%

WTW Willis Towers Watson PLC 1.2%

Value ($000) $2,275,728 (+81.4%) Shares 6,925,525 (+90.7%) Est. Cost $321.49 Unrealized +1.6%

REGN Regeneron Pharmaceuticals, Inc. 1.9%

Value ($000) $3,547,791 (+38.7%) Shares 4,596,358 (+1.0%) Est. Cost $598.77 Unrealized +13.3%

GEHC GE HealthCare Technologies, Inc. 1.4%

Value ($000) $2,559,945 (+23.9%) Shares 31,211,229 (+13.4%) Est. Cost $72.37 Unrealized +7.7%

SBAC SBA Communications Corp. 1.3%

Value ($000) $2,320,412 (+24.1%) Shares 11,996,134 (+24.1%) Est. Cost $212.37 Unrealized -9.3%

FIS Fidelity National Information Services, Inc. 1.8%

Value ($000) $3,264,070 (+14.8%) Shares 49,113,297 (+13.9%) Est. Cost $68.33 Unrealized -3.9%

META Meta Platforms, Inc. 1.8%

Value ($000) $3,313,544 (+13.8%) Shares 5,019,837 (+26.7%) Est. Cost $384.32 Unrealized +73.6%

CI The Cigna Group 1.7%

Value ($000) $3,065,681 (+14.3%) Shares 11,138,614 (+19.7%) Est. Cost $213.03 Unrealized +31.1%

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

Value ($000) $1,256,000 (+40.2%) Shares 6,185,972 (+65.2%) Est. Cost $158.29 Unrealized +33.5%

FTV Fortive Corp. 1.3%

Value ($000) $2,437,953 (+16.8%) Shares 44,157,822 (+3.7%) Est. Cost $54.41 Unrealized -4.7%

CPNG Coupang, Inc. 0.6%

Value ($000) $1,161,414 (-23.2%) Shares 49,233,320 (+4.9%) Est. Cost $23.21 Unrealized +22.6%

LPLA LPL Financial Holdings, Inc. 0.8%

Value ($000) $1,410,454 (+27.3%) Shares 3,948,970 (+18.6%) Est. Cost $345.45 Unrealized +2.4%

BKNG Booking Holdings, Inc. 2.1%

Value ($000) $3,920,535 (+7.6%) Shares 732,081 (+8.4%) Est. Cost $2141.08 Unrealized +140.0%

CHTR Charter Communications, Inc. 1.6%

Value ($000) $3,049,675 (-6.1%) Shares 14,609,220 (+23.7%) Est. Cost $317.94 Unrealized -29.2%

ADBE Adobe, Inc. 0.4%

Value ($000) $757,545 (+34.8%) Shares 2,164,475 (+35.8%) Est. Cost $350.98 Unrealized -3.1%

APD Air Products & Chemicals, Inc. 1.2%

Value ($000) $2,281,627 (-7.1%) Shares 9,236,610 (+2.6%) Est. Cost $271.77 Unrealized -7.4%

ZBH Zimmer Biomet Holdings, Inc. 1.1%

Value ($000) $2,113,736 (-7.6%) Shares 23,506,849 (+1.3%) Est. Cost $111.00 Unrealized -14.8%

IEX IDEX Corp. 0.1%

Value ($000) $224,658 (+300.9%) Shares 1,262,550 (+266.7%) Est. Cost $170.06 Unrealized +0.4%

RAL Ralliant Corp. 0.3%

Value ($000) $621,849 (+31.9%) Shares 12,214,679 (+13.3%) Est. Cost $48.96 Unrealized -4.3%

ADM Archer-Daniels-Midland Co. 0.5%

Value ($000) $982,196 (+9.1%) Shares 17,084,645 (+13.4%) Est. Cost $54.06 Unrealized +10.0%

KSPI Kaspi.KZ JSC 0.0%

Value ($000) $14,355 (+885.9%) Shares 183,726 (+930.7%) Est. Cost $79.98 Unrealized —

MELI MercadoLibre, Inc. 0.0%

Value ($000) $2,804 (+206.1%) Shares 1,392 (+255.1%) Est. Cost $2184.94 Unrealized -3.9%

AAPL Apple, Inc. 0.0%

Value ($000) $8,647 (+8.4%) Shares 31,807 (+1.5%) Est. Cost $119.34 Unrealized +124.8%

ZH Zhihu, Inc. 0.0%

Value ($000) $1,047 (-25.4%) Shares 319,164 (+15.3%) Est. Cost $4.83 Unrealized —

LOMA Loma Negra Cia Industrial Argentina SA 0.0%

Value ($000) $563 (+109.9%) Shares 43,482 (+19.5%) Est. Cost $7.62 Unrealized —

ITUB Itau Unibanco Holding SA 0.1%

Value ($000) $136,900 (+0.2%) Shares 19,120,110 (+2.7%) Est. Cost $6.48 Unrealized —

ABEV Ambev SA 0.0%

Value ($000) $732 (+18.8%) Shares 296,300 (+7.2%) Est. Cost $2.00 Unrealized —

ARCO Arcos Dorados Holdings, Inc. 0.0%

Value ($000) $829 (+11.7%) Shares 112,966 (+2.7%) Est. Cost $8.18 Unrealized -12.7%

JBS JBS NV 0.0%

Value ($000) $244 (+2.6%) Shares 16,950 (+6.3%) Est. Cost $14.05 Unrealized -2.2%

BLK Blackrock, Inc. 0.0%

Value ($000) $761 (-0.3%) Shares 711 (+8.5%) Est. Cost $998.80 Unrealized +9.1%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
FISV	Fiserv, Inc.	49,474,622 (+28.1%)	$3,323,210 (-33.3%)	1.8%	$110.34	-24.0%	COM	337738108
AON	Aon PLC	7,852,456 (+126.6%)	$2,770,975 (+124.3%)	1.5%	$354.60	-1.5%	SHS CL A	G0403H108
WTW	Willis Towers Watson PLC	6,925,525 (+90.7%)	$2,275,728 (+81.4%)	1.2%	$321.49	+1.6%	SHS	G96629103
REGN	Regeneron Pharmaceuticals, Inc.	4,596,358 (+1.0%)	$3,547,791 (+38.7%)	1.9%	$598.77	+13.3%	COM	75886F107
GEHC	GE HealthCare Technologies, Inc.	31,211,229 (+13.4%)	$2,559,945 (+23.9%)	1.4%	$72.37	+7.7%	COMMON STOCK	36266G107
SBAC	SBA Communications Corp.	11,996,134 (+24.1%)	$2,320,412 (+24.1%)	1.3%	$212.37	-9.3%	CL A	78410G104
FIS	Fidelity National Information Services, Inc.	49,113,297 (+13.9%)	$3,264,070 (+14.8%)	1.8%	$68.33	-3.9%	COM	31620M106
META	Meta Platforms, Inc.	5,019,837 (+26.7%)	$3,313,544 (+13.8%)	1.8%	$384.32	+73.6%	CL A	30303M102
CI	The Cigna Group	11,138,614 (+19.7%)	$3,065,681 (+14.3%)	1.7%	$213.03	+31.1%	COM	125523100
TMUS	T-Mobile U.S., Inc.	6,185,972 (+65.2%)	$1,256,000 (+40.2%)	0.7%	$158.29	+33.5%	COM	872590104
FTV	Fortive Corp.	44,157,822 (+3.7%)	$2,437,953 (+16.8%)	1.3%	$54.41	-4.7%	COM	34959J108
CPNG	Coupang, Inc.	49,233,320 (+4.9%)	$1,161,414 (-23.2%)	0.6%	$23.21	+22.6%	CL A	22266T109
LPLA	LPL Financial Holdings, Inc.	3,948,970 (+18.6%)	$1,410,454 (+27.3%)	0.8%	$345.45	+2.4%	COM	50212V100
BKNG	Booking Holdings, Inc.	732,081 (+8.4%)	$3,920,535 (+7.6%)	2.1%	$2141.08	+140.0%	COM	09857L108
CHTR	Charter Communications, Inc.	14,609,220 (+23.7%)	$3,049,675 (-6.1%)	1.6%	$317.94	-29.2%	CL A	16119P108
ADBE	Adobe, Inc.	2,164,475 (+35.8%)	$757,545 (+34.8%)	0.4%	$350.98	-3.1%	COM	00724F101
APD	Air Products & Chemicals, Inc.	9,236,610 (+2.6%)	$2,281,627 (-7.1%)	1.2%	$271.77	-7.4%	COM	009158106
ZBH	Zimmer Biomet Holdings, Inc.	23,506,849 (+1.3%)	$2,113,736 (-7.6%)	1.1%	$111.00	-14.8%	COM	98956P102
IEX	IDEX Corp.	1,262,550 (+266.7%)	$224,658 (+300.9%)	0.1%	$170.06	+0.4%	COM	45167R104
RAL	Ralliant Corp.	12,214,679 (+13.3%)	$621,849 (+31.9%)	0.3%	$48.96	-4.3%	COM	750940108
ADM	Archer-Daniels-Midland Co.	17,084,645 (+13.4%)	$982,196 (+9.1%)	0.5%	$54.06	+10.0%	COM	039483102
KSPI	Kaspi.KZ JSC	183,726 (+930.7%)	$14,355 (+885.9%)	0.0%	$79.98	—	SPONSORED ADS	48581R205
MELI	MercadoLibre, Inc.	1,392 (+255.1%)	$2,804 (+206.1%)	0.0%	$2184.94	-3.9%	COM	58733R102
AAPL	Apple, Inc.	31,807 (+1.5%)	$8,647 (+8.4%)	0.0%	$119.34	+124.8%	COM	037833100
ZH	Zhihu, Inc.	319,164 (+15.3%)	$1,047 (-25.4%)	0.0%	$4.83	—	SPONSORED ADS	98955N207
LOMA	Loma Negra Cia Industrial Argentina SA	43,482 (+19.5%)	$563 (+109.9%)	0.0%	$7.62	—	SPONSORED ADS	54150E104
ITUB	Itau Unibanco Holding SA	19,120,110 (+2.7%)	$136,900 (+0.2%)	0.1%	$6.48	—	SPON ADR REP PFD	465562106
ABEV	Ambev SA	296,300 (+7.2%)	$732 (+18.8%)	0.0%	$2.00	—	SPONSORED ADR	02319V103
ARCO	Arcos Dorados Holdings, Inc.	112,966 (+2.7%)	$829 (+11.7%)	0.0%	$8.18	-12.7%	SHS CLASS -A -	G0457F107
JBS	JBS NV	16,950 (+6.3%)	$244 (+2.6%)	0.0%	$14.05	-2.2%	CL A SHS	N4732M103
BLK	Blackrock, Inc.	711 (+8.5%)	$761 (-0.3%)	0.0%	$998.80	+9.1%	COM	09290D101

Exited Positions (7)

TECK Teck Resources, Ltd. 0.2%

Value ($000) $345,478 Shares 7,871,440 Est. Cost $20.55 Unrealized +110.8%

TV Grupo Televisa SAB 0.1%

Value ($000) $172,721 Shares 64,208,690 Est. Cost $19.40 Unrealized —

GAP The Gap, Inc. 0.1%

Value ($000) $116,138 Shares 5,429,526 Est. Cost $16.38 Unrealized +46.9%

— Unilever PLC 0.0%

Value ($000) $1,417 Shares 23,900 Est. Cost $58.52 Unrealized —

AMG Affiliated Managers Group, Inc. 0.0%

Value ($000) $572 Shares 2,400 Est. Cost $186.57 Unrealized +38.5%

HAL Halliburton Co. 0.0%

Value ($000) $362 Shares 14,700 Est. Cost $25.27 Unrealized +4.0%

ZTS Zoetis, Inc. 0.0%

Value ($000) $219 Shares 1,500 Est. Cost $124.46 Unrealized +4.7%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
TECK	Teck Resources, Ltd.	7,871,440	$345,478	0.2%	$20.55	+110.8%	—	878742204
TV	Grupo Televisa SAB	64,208,690	$172,721	0.1%	$19.40	—	—	40049J206
GAP	The Gap, Inc.	5,429,526	$116,138	0.1%	$16.38	+46.9%	—	364760108
—	Unilever PLC	23,900	$1,417	0.0%	$58.52	—	—	904767704
AMG	Affiliated Managers Group, Inc.	2,400	$572	0.0%	$186.57	+38.5%	—	008252108
HAL	Halliburton Co.	14,700	$362	0.0%	$25.27	+4.0%	—	406216101
ZTS	Zoetis, Inc.	1,500	$219	0.0%	$124.46	+4.7%	—	98978V103

Decreased Positions (90)

SATS EchoStar Corp. 0.0%

Value ($000) $3,527 (-99.6%) Shares 32,443 (-99.7%) Est. Cost $13.94 Unrealized +484.1%

BK The Bank of New York Mellon Corp. 1.6%

Value ($000) $2,996,427 (-21.1%) Shares 25,811,239 (-25.9%) Est. Cost $27.39 Unrealized +303.5%

BAC Bank of America Corp. 0.1%

Value ($000) $110,496 (-86.0%) Shares 2,009,022 (-86.9%) Est. Cost $20.26 Unrealized +159.9%

FDX FedEx Corp. 2.4%

Value ($000) $4,501,065 (+17.6%) Shares 15,582,168 (-4.0%) Est. Cost $171.57 Unrealized +52.5%

GOOGL Alphabet, Inc. 1.8%

Value ($000) $3,390,766 (+23.0%) Shares 10,833,118 (-4.5%) Est. Cost $101.42 Unrealized +181.6%

GOOG Alphabet, Inc. 2.2%

Value ($000) $4,040,425 (+18.6%) Shares 12,875,798 (-8.0%) Est. Cost $106.75 Unrealized +168.2%

BIDU Baidu, Inc. 0.0%

Value ($000) $2,160 (-99.6%) Shares 16,530 (-99.6%) Est. Cost $126.57 Unrealized —

CVS CVS Health Corp. 2.7%

Value ($000) $4,960,793 (-10.1%) Shares 62,509,988 (-14.6%) Est. Cost $60.62 Unrealized +29.8%

SNY Sanofi SA 1.5%

Value ($000) $2,737,631 (-15.9%) Shares 56,492,599 (-18.0%) Est. Cost $48.63 Unrealized —

BABA Alibaba Group Holding, Ltd. 0.8%

Value ($000) $1,468,273 (-25.2%) Shares 10,016,870 (-8.7%) Est. Cost $127.45 Unrealized —

NSC Norfolk Southern Corp. 1.5%

Value ($000) $2,778,608 (-14.9%) Shares 9,623,885 (-11.5%) Est. Cost $207.53 Unrealized +39.1%

MSFT Microsoft Corp. 1.9%

Value ($000) $3,598,979 (-11.7%) Shares 7,441,750 (-5.5%) Est. Cost $75.75 Unrealized +560.9%

COF Capital One Financial Corp. 1.2%

Value ($000) $2,220,761 (-13.7%) Shares 9,163,067 (-24.3%) Est. Cost $58.50 Unrealized +279.8%

JD JD.com, Inc. 0.2%

Value ($000) $349,986 (-46.8%) Shares 12,194,648 (-35.1%) Est. Cost $42.51 Unrealized —

MET MetLife, Inc. 2.2%

Value ($000) $4,124,777 (-6.7%) Shares 52,252,050 (-2.6%) Est. Cost $32.47 Unrealized +143.1%

BKR Baker Hughes Co. 1.0%

Value ($000) $1,856,185 (-13.5%) Shares 40,759,438 (-7.5%) Est. Cost $24.85 Unrealized +90.5%

GE GE Aerospace 0.9%

Value ($000) $1,599,161 (-15.2%) Shares 5,191,577 (-17.2%) Est. Cost $49.70 Unrealized +505.3%

SCHW The Charles Schwab Corp. 4.1%

Value ($000) $7,644,506 (-3.6%) Shares 76,513,926 (-7.9%) Est. Cost $31.65 Unrealized +199.3%

ALNY Alnylam Pharmaceuticals, Inc. 0.4%

Value ($000) $781,150 (-26.2%) Shares 1,964,415 (-15.4%) Est. Cost $80.95 Unrealized +446.7%

GS The Goldman Sachs Group, Inc. 0.8%

Value ($000) $1,502,803 (-14.6%) Shares 1,709,674 (-22.6%) Est. Cost $143.52 Unrealized +466.7%

UNH UnitedHealth Group, Inc. 1.6%

Value ($000) $3,028,023 (-7.7%) Shares 9,172,769 (-3.5%) Est. Cost $285.68 Unrealized +18.0%

WFC Wells Fargo & Co. 1.6%

Value ($000) $3,011,451 (-7.6%) Shares 32,311,711 (-16.9%) Est. Cost $28.13 Unrealized +208.0%

UBS UBS Group AG 0.8%

Value ($000) $1,556,250 (-11.2%) Shares 33,665,342 (-21.1%) Est. Cost $16.27 Unrealized +148.4%

BAP Credicorp, Ltd. 0.6%

Value ($000) $1,110,960 (-14.8%) Shares 3,870,940 (-21.0%) Est. Cost $117.30 Unrealized +125.7%

RTX RTX Corp. 3.7%

Value ($000) $6,890,670 (+2.7%) Shares 37,571,811 (-6.3%) Est. Cost $61.26 Unrealized +182.9%

IFF International Flavors & Fragrances, Inc. 1.3%

Value ($000) $2,453,066 (+7.8%) Shares 36,401,042 (-1.5%) Est. Cost $74.75 Unrealized -13.8%

STT State Street Corp. 0.3%

Value ($000) $612,043 (-22.4%) Shares 4,744,154 (-30.2%) Est. Cost $59.02 Unrealized +101.6%

JCI Johnson Controls International PLC 3.9%

Value ($000) $7,230,861 (+2.4%) Shares 60,382,969 (-6.0%) Est. Cost $40.54 Unrealized +183.2%

CTSH Cognizant Technology Solutions Corp. 0.7%

Value ($000) $1,243,617 (+14.4%) Shares 14,983,337 (-7.5%) Est. Cost $61.29 Unrealized +21.8%

HLN Haleon PLC 0.8%

Value ($000) $1,534,248 (+10.8%) Shares 151,755,452 (-1.7%) Est. Cost $7.44 Unrealized —

AEG Aegon, Ltd. 0.3%

Value ($000) $543,731 (-20.7%) Shares 70,522,831 (-17.8%) Est. Cost $5.76 Unrealized —

TEL TE Connectivity PLC 1.8%

Value ($000) $3,383,950 (-3.9%) Shares 14,873,850 (-7.3%) Est. Cost $147.14 Unrealized +57.2%

INCY Incyte Corp. 0.7%

Value ($000) $1,309,862 (+10.9%) Shares 13,261,742 (-4.8%) Est. Cost $77.91 Unrealized +24.2%

ELAN Elanco Animal Health, Inc. 1.0%

Value ($000) $1,789,678 (+7.4%) Shares 79,084,305 (-4.4%) Est. Cost $21.47 Unrealized +1.4%

GILD Gilead Sciences, Inc. 1.7%

Value ($000) $3,226,038 (-3.5%) Shares 26,283,511 (-12.8%) Est. Cost $55.67 Unrealized +117.1%

NVS Novartis AG 0.7%

Value ($000) $1,242,849 (-8.4%) Shares 9,014,641 (-14.8%) Est. Cost $77.14 Unrealized —

CX Cemex SAB de CV 0.5%

Value ($000) $974,291 (+12.0%) Shares 84,794,670 (-12.3%) Est. Cost $6.03 Unrealized —

D Dominion Energy, Inc. 0.7%

Value ($000) $1,297,764 (-6.9%) Shares 22,149,918 (-2.8%) Est. Cost $47.45 Unrealized +25.9%

XP XP, Inc. 0.3%

Value ($000) $555,934 (-14.2%) Shares 33,960,545 (-1.5%) Est. Cost $23.03 Unrealized -23.6%

AMZN Amazon.com, Inc. 1.9%

Value ($000) $3,515,480 (-1.8%) Shares 15,230,394 (-6.5%) Est. Cost $112.47 Unrealized +103.4%

BUD Anheuser-Busch InBev SA/NV 1.1%

Value ($000) $2,120,584 (-2.7%) Shares 33,113,431 (-9.4%) Est. Cost $56.46 Unrealized —

NTES NetEase, Inc. 0.2%

Value ($000) $296,485 (-14.9%) Shares 2,154,376 (-6.0%) Est. Cost $91.83 Unrealized —

BMY Bristol-Myers Squibb Co. 0.2%

Value ($000) $381,801 (+14.0%) Shares 7,078,250 (-4.7%) Est. Cost $40.30 Unrealized +17.9%

COHR Coherent Corp. 0.1%

Value ($000) $123,635 (+54.1%) Shares 669,855 (-10.1%) Est. Cost $46.15 Unrealized +224.1%

TIGO Millicom International Cellular SA 0.2%

Value ($000) $450,901 (+9.9%) Shares 8,133,132 (-3.7%) Est. Cost $27.65 Unrealized +82.1%

GSK GSK PLC 1.8%

Value ($000) $3,360,121 (-0.7%) Shares 68,517,969 (-12.6%) Est. Cost $31.46 Unrealized —

JPM JPMorgan Chase & Co. 0.0%

Value ($000) $40,086 (-34.7%) Shares 124,405 (-36.1%) Est. Cost $41.16 Unrealized +652.0%

FOXA Fox Corp. 0.5%

Value ($000) $848,594 (+2.3%) Shares 11,613,443 (-11.7%) Est. Cost $31.57 Unrealized +107.0%

TRP TC Energy Corp. 0.3%

Value ($000) $511,279 (-2.6%) Shares 9,294,300 (-3.6%) Est. Cost $33.49 Unrealized +59.3%

AMRZ Amrize, Ltd. 0.2%

Value ($000) $293,372 (+4.6%) Shares 5,385,441 (-6.9%) Est. Cost $50.45 Unrealized +1.1%

LLY Eli Lilly & Co. 0.0%

Value ($000) $45,665 (+38.0%) Shares 42,492 (-2.1%) Est. Cost $72.19 Unrealized +1223.7%

HDB HDFC Bank, Ltd. 0.1%

Value ($000) $201,036 (-5.3%) Shares 5,501,800 (-11.5%) Est. Cost $46.85 Unrealized —

WMB The Williams Co., Inc. 0.0%

Value ($000) $60,164 (-14.9%) Shares 1,000,892 (-10.3%) Est. Cost $15.73 Unrealized +281.8%

CDNS Cadence Design Systems, Inc. 0.0%

Value ($000) $74,195 (-12.2%) Shares 237,363 (-1.3%) Est. Cost $14.08 Unrealized +2218.3%

SLB SLB, Ltd. 0.0%

Value ($000) $6,787 (-58.5%) Shares 176,849 (-62.9%) Est. Cost $41.46 Unrealized -13.0%

NESR National Energy Services Reunited Corp. 0.0%

Value ($000) $30,210 (+30.5%) Shares 1,929,094 (-14.5%) Est. Cost $7.13 Unrealized +83.9%

AXP American Express Co. 0.1%

Value ($000) $108,229 (-5.7%) Shares 292,549 (-15.3%) Est. Cost $63.74 Unrealized +460.0%

AEP American Electric Power Co., Inc. 0.6%

Value ($000) $1,077,288 (+0.6%) Shares 9,342,540 (-1.9%) Est. Cost $76.25 Unrealized +54.4%

LBTYA Liberty Global, Ltd. 0.0%

Value ($000) $49,919 (-8.6%) Shares 4,481,061 (-6.0%) Est. Cost $8.35 Unrealized +32.6%

GEV GE Vernova, Inc. 0.0%

Value ($000) $90,333 (-4.4%) Shares 138,214 (-10.1%) Est. Cost $158.10 Unrealized +285.2%

UNP Union Pacific Corp. 0.0%

Value ($000) $60,864 (-5.6%) Shares 263,116 (-3.6%) Est. Cost $72.99 Unrealized +211.4%

CSCO Cisco Systems, Inc. 0.0%

Value ($000) $12,565 (-15.7%) Shares 163,114 (-25.1%) Est. Cost $31.45 Unrealized +134.6%

CVX Chevron Corp. 0.0%

Value ($000) $32,420 (-6.5%) Shares 212,714 (-4.7%) Est. Cost $86.23 Unrealized +75.6%

DIS The Walt Disney Co. 0.0%

Value ($000) $30,756 (-6.8%) Shares 270,339 (-6.2%) Est. Cost $105.44 Unrealized +3.9%

ADI Analog Devices, Inc. 0.0%

Value ($000) $5,634 (-25.6%) Shares 20,775 (-32.6%) Est. Cost $155.29 Unrealized +61.4%

MRK Merck & Co., Inc. 0.0%

Value ($000) $14,547 (+12.4%) Shares 138,205 (-10.4%) Est. Cost $30.33 Unrealized +207.4%

DELL Dell Technologies, Inc. 0.0%

Value ($000) $2,414 (-27.9%) Shares 19,180 (-18.8%) Est. Cost $25.46 Unrealized +452.8%

TRV The Travelers Co., Inc. 0.0%

Value ($000) $27,492 (-2.5%) Shares 94,782 (-6.1%) Est. Cost $63.44 Unrealized +342.3%

SNPS Synopsys, Inc. 0.0%

Value ($000) $4,791 (-10.9%) Shares 10,200 (-6.4%) Est. Cost $62.80 Unrealized +607.3%

DD DuPont de Nemours, Inc. 0.0%

Value ($000) $597 (-49.5%) Shares 14,843 (-2.2%) Est. Cost $27.24 Unrealized +37.3%

AZN AstraZeneca PLC 0.0%

Value ($000) $11,127 (+5.5%) Shares 121,043 (-12.0%) Est. Cost $30.66 Unrealized —

IBM International Business Machines Corp. 0.0%

Value ($000) $13,834 (+3.9%) Shares 46,702 (-1.0%) Est. Cost $158.70 Unrealized +88.3%

XOM Exxon Mobil Corp. 0.0%

Value ($000) $8,964 (+4.8%) Shares 74,493 (-1.8%) Est. Cost $53.76 Unrealized +114.8%

ACMR ACM Research, Inc. 0.0%

Value ($000) $4,434 (-7.8%) Shares 112,392 (-8.5%) Est. Cost $23.42 Unrealized +59.1%

APA APA Corp. 0.0%

Value ($000) $550 (-35.6%) Shares 22,500 (-36.1%) Est. Cost $16.01 Unrealized +50.7%

LYV Live Nation Entertainment, Inc. 0.0%

Value ($000) $499 (-32.2%) Shares 3,500 (-22.2%) Est. Cost $125.90 Unrealized +14.2%

AVGO Broadcom, Inc. 0.0%

Value ($000) $7,123 (+2.7%) Shares 20,580 (-2.1%) Est. Cost $152.49 Unrealized +134.1%

EBAY eBay, Inc. 0.0%

Value ($000) $1,111 (-13.1%) Shares 12,750 (-9.3%) Est. Cost $19.92 Unrealized +333.7%

MCO Moody's Corp. 0.0%

Value ($000) $620 (-17.0%) Shares 1,213 (-22.5%) Est. Cost $65.04 Unrealized +649.3%

OTIS Otis Worldwide Corp. 0.0%

Value ($000) $1,398 (-7.9%) Shares 16,010 (-3.6%) Est. Cost $47.48 Unrealized +88.0%

PFE Pfizer, Inc. 0.0%

Value ($000) $2,250 (-5.1%) Shares 90,364 (-2.8%) Est. Cost $16.46 Unrealized +52.1%

MGM MGM Resorts International 0.0%

Value ($000) $274 (-24.8%) Shares 7,500 (-28.6%) Est. Cost $37.80 Unrealized -10.2%

HPE Hewlett Packard Enterprise Co. 0.0%

Value ($000) $2,077 (-3.6%) Shares 86,454 (-1.5%) Est. Cost $7.49 Unrealized +212.9%

TGT Target Corp. 0.0%

Value ($000) $9,592 (+0.8%) Shares 98,129 (-7.5%) Est. Cost $43.13 Unrealized +112.4%

SHEL Shell PLC 0.0%

Value ($000) $4,056 (+1.4%) Shares 55,194 (-1.3%) Est. Cost $54.93 Unrealized —

GLW Corning, Inc. 0.0%

Value ($000) $3,227 (-1.4%) Shares 36,850 (-7.6%) Est. Cost $11.15 Unrealized +670.8%

PBR Petroleo Brasileiro SA - Petrobras 0.0%

Value ($000) $370 (-10.7%) Shares 31,200 (-4.6%) Est. Cost $12.86 Unrealized —

DOW Dow, Inc. 0.0%

Value ($000) $227 (-15.4%) Shares 9,713 (-17.1%) Est. Cost $36.37 Unrealized -37.4%

VOO Vanguard S&P 500 ETF 0.0%

Value ($000) $376 (-5.5%) Shares 600 (-7.7%) Est. Cost $513.97 Unrealized —

TFC Truist Financial Corp. 0.0%

Value ($000) $942 (-1.4%) Shares 19,151 (-8.4%) Est. Cost $32.23 Unrealized +42.1%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
SATS	EchoStar Corp.	32,443 (-99.7%)	$3,527 (-99.6%)	0.0%	$13.94	+484.1%	CL A	278768106
BK	The Bank of New York Mellon Corp.	25,811,239 (-25.9%)	$2,996,427 (-21.1%)	1.6%	$27.39	+303.5%	COM	064058100
BAC	Bank of America Corp.	2,009,022 (-86.9%)	$110,496 (-86.0%)	0.1%	$20.26	+159.9%	COM	060505104
FDX	FedEx Corp.	15,582,168 (-4.0%)	$4,501,065 (+17.6%)	2.4%	$171.57	+52.5%	COM	31428X106
GOOGL	Alphabet, Inc.	10,833,118 (-4.5%)	$3,390,766 (+23.0%)	1.8%	$101.42	+181.6%	CAP STK CL A	02079K305
GOOG	Alphabet, Inc.	12,875,798 (-8.0%)	$4,040,425 (+18.6%)	2.2%	$106.75	+168.2%	CAP STK CL C	02079K107
BIDU	Baidu, Inc.	16,530 (-99.6%)	$2,160 (-99.6%)	0.0%	$126.57	—	SPON ADR REP A	056752108
CVS	CVS Health Corp.	62,509,988 (-14.6%)	$4,960,793 (-10.1%)	2.7%	$60.62	+29.8%	COM	126650100
SNY	Sanofi SA	56,492,599 (-18.0%)	$2,737,631 (-15.9%)	1.5%	$48.63	—	SPONSORED ADR	80105N105
BABA	Alibaba Group Holding, Ltd.	10,016,870 (-8.7%)	$1,468,273 (-25.2%)	0.8%	$127.45	—	SPONSORED ADS	01609W102
NSC	Norfolk Southern Corp.	9,623,885 (-11.5%)	$2,778,608 (-14.9%)	1.5%	$207.53	+39.1%	COM	655844108
MSFT	Microsoft Corp.	7,441,750 (-5.5%)	$3,598,979 (-11.7%)	1.9%	$75.75	+560.9%	COM	594918104
COF	Capital One Financial Corp.	9,163,067 (-24.3%)	$2,220,761 (-13.7%)	1.2%	$58.50	+279.8%	COM	14040H105
JD	JD.com, Inc.	12,194,648 (-35.1%)	$349,986 (-46.8%)	0.2%	$42.51	—	SPON ADS CL A	47215P106
MET	MetLife, Inc.	52,252,050 (-2.6%)	$4,124,777 (-6.7%)	2.2%	$32.47	+143.1%	COM	59156R108
BKR	Baker Hughes Co.	40,759,438 (-7.5%)	$1,856,185 (-13.5%)	1.0%	$24.85	+90.5%	CL A	05722G100
GE	GE Aerospace	5,191,577 (-17.2%)	$1,599,161 (-15.2%)	0.9%	$49.70	+505.3%	COM NEW	369604301
SCHW	The Charles Schwab Corp.	76,513,926 (-7.9%)	$7,644,506 (-3.6%)	4.1%	$31.65	+199.3%	COM	808513105
ALNY	Alnylam Pharmaceuticals, Inc.	1,964,415 (-15.4%)	$781,150 (-26.2%)	0.4%	$80.95	+446.7%	COM	02043Q107
GS	The Goldman Sachs Group, Inc.	1,709,674 (-22.6%)	$1,502,803 (-14.6%)	0.8%	$143.52	+466.7%	COM	38141G104
UNH	UnitedHealth Group, Inc.	9,172,769 (-3.5%)	$3,028,023 (-7.7%)	1.6%	$285.68	+18.0%	COM	91324P102
WFC	Wells Fargo & Co.	32,311,711 (-16.9%)	$3,011,451 (-7.6%)	1.6%	$28.13	+208.0%	COM	949746101
UBS	UBS Group AG	33,665,342 (-21.1%)	$1,556,250 (-11.2%)	0.8%	$16.27	+148.4%	SHS	H42097107
BAP	Credicorp, Ltd.	3,870,940 (-21.0%)	$1,110,960 (-14.8%)	0.6%	$117.30	+125.7%	COM	G2519Y108
RTX	RTX Corp.	37,571,811 (-6.3%)	$6,890,670 (+2.7%)	3.7%	$61.26	+182.9%	COM	75513E101
IFF	International Flavors & Fragrances, Inc.	36,401,042 (-1.5%)	$2,453,066 (+7.8%)	1.3%	$74.75	-13.8%	COM	459506101
STT	State Street Corp.	4,744,154 (-30.2%)	$612,043 (-22.4%)	0.3%	$59.02	+101.6%	COM	857477103
JCI	Johnson Controls International PLC	60,382,969 (-6.0%)	$7,230,861 (+2.4%)	3.9%	$40.54	+183.2%	SHS	G51502105
CTSH	Cognizant Technology Solutions Corp.	14,983,337 (-7.5%)	$1,243,617 (+14.4%)	0.7%	$61.29	+21.8%	CL A	192446102
HLN	Haleon PLC	151,755,452 (-1.7%)	$1,534,248 (+10.8%)	0.8%	$7.44	—	SPON ADS	405552100
AEG	Aegon, Ltd.	70,522,831 (-17.8%)	$543,731 (-20.7%)	0.3%	$5.76	—	AMER REG 1 CERT	0076CA104
TEL	TE Connectivity PLC	14,873,850 (-7.3%)	$3,383,950 (-3.9%)	1.8%	$147.14	+57.2%	ORD SHS	G87052109
INCY	Incyte Corp.	13,261,742 (-4.8%)	$1,309,862 (+10.9%)	0.7%	$77.91	+24.2%	COM	45337C102
ELAN	Elanco Animal Health, Inc.	79,084,305 (-4.4%)	$1,789,678 (+7.4%)	1.0%	$21.47	+1.4%	COM	28414H103
GILD	Gilead Sciences, Inc.	26,283,511 (-12.8%)	$3,226,038 (-3.5%)	1.7%	$55.67	+117.1%	COM	375558103
NVS	Novartis AG	9,014,641 (-14.8%)	$1,242,849 (-8.4%)	0.7%	$77.14	—	SPONSORED ADR	66987V109
CX	Cemex SAB de CV	84,794,670 (-12.3%)	$974,291 (+12.0%)	0.5%	$6.03	—	SPON ADR NEW	151290889
D	Dominion Energy, Inc.	22,149,918 (-2.8%)	$1,297,764 (-6.9%)	0.7%	$47.45	+25.9%	COM	25746U109
XP	XP, Inc.	33,960,545 (-1.5%)	$555,934 (-14.2%)	0.3%	$23.03	-23.6%	CL A	G98239109
AMZN	Amazon.com, Inc.	15,230,394 (-6.5%)	$3,515,480 (-1.8%)	1.9%	$112.47	+103.4%	COM	023135106
BUD	Anheuser-Busch InBev SA/NV	33,113,431 (-9.4%)	$2,120,584 (-2.7%)	1.1%	$56.46	—	SPONSORED ADR	03524A108
NTES	NetEase, Inc.	2,154,376 (-6.0%)	$296,485 (-14.9%)	0.2%	$91.83	—	SPONSORED ADS	64110W102
BMY	Bristol-Myers Squibb Co.	7,078,250 (-4.7%)	$381,801 (+14.0%)	0.2%	$40.30	+17.9%	COM	110122108
COHR	Coherent Corp.	669,855 (-10.1%)	$123,635 (+54.1%)	0.1%	$46.15	+224.1%	COM	19247G107
TIGO	Millicom International Cellular SA	8,133,132 (-3.7%)	$450,901 (+9.9%)	0.2%	$27.65	+82.1%	COM STK	L6388F110
GSK	GSK PLC	68,517,969 (-12.6%)	$3,360,121 (-0.7%)	1.8%	$31.46	—	SPONSORED ADR	37733W204
JPM	JPMorgan Chase & Co.	124,405 (-36.1%)	$40,086 (-34.7%)	0.0%	$41.16	+652.0%	COM	46625H100
FOXA	Fox Corp.	11,613,443 (-11.7%)	$848,594 (+2.3%)	0.5%	$31.57	+107.0%	CL A COM	35137L105
TRP	TC Energy Corp.	9,294,300 (-3.6%)	$511,279 (-2.6%)	0.3%	$33.49	+59.3%	COM	87807B107
AMRZ	Amrize, Ltd.	5,385,441 (-6.9%)	$293,372 (+4.6%)	0.2%	$50.45	+1.1%	SHS	H2927K103
LLY	Eli Lilly & Co.	42,492 (-2.1%)	$45,665 (+38.0%)	0.0%	$72.19	+1223.7%	COM	532457108
HDB	HDFC Bank, Ltd.	5,501,800 (-11.5%)	$201,036 (-5.3%)	0.1%	$46.85	—	SPONSORED ADS	40415F101
WMB	The Williams Co., Inc.	1,000,892 (-10.3%)	$60,164 (-14.9%)	0.0%	$15.73	+281.8%	COM	969457100
CDNS	Cadence Design Systems, Inc.	237,363 (-1.3%)	$74,195 (-12.2%)	0.0%	$14.08	+2218.3%	COM	127387108
SLB	SLB, Ltd.	176,849 (-62.9%)	$6,787 (-58.5%)	0.0%	$41.46	-13.0%	COM STK	806857108
NESR	National Energy Services Reunited Corp.	1,929,094 (-14.5%)	$30,210 (+30.5%)	0.0%	$7.13	+83.9%	SHS	G6375R107
AXP	American Express Co.	292,549 (-15.3%)	$108,229 (-5.7%)	0.1%	$63.74	+460.0%	COM	025816109
AEP	American Electric Power Co., Inc.	9,342,540 (-1.9%)	$1,077,288 (+0.6%)	0.6%	$76.25	+54.4%	COM	025537101
LBTYA	Liberty Global, Ltd.	4,481,061 (-6.0%)	$49,919 (-8.6%)	0.0%	$8.35	+32.6%	COM CL A	G61188101
GEV	GE Vernova, Inc.	138,214 (-10.1%)	$90,333 (-4.4%)	0.0%	$158.10	+285.2%	COM	36828A101
UNP	Union Pacific Corp.	263,116 (-3.6%)	$60,864 (-5.6%)	0.0%	$72.99	+211.4%	COM	907818108
CSCO	Cisco Systems, Inc.	163,114 (-25.1%)	$12,565 (-15.7%)	0.0%	$31.45	+134.6%	COM	17275R102
CVX	Chevron Corp.	212,714 (-4.7%)	$32,420 (-6.5%)	0.0%	$86.23	+75.6%	COM	166764100
DIS	The Walt Disney Co.	270,339 (-6.2%)	$30,756 (-6.8%)	0.0%	$105.44	+3.9%	COM	254687106
ADI	Analog Devices, Inc.	20,775 (-32.6%)	$5,634 (-25.6%)	0.0%	$155.29	+61.4%	COM	032654105
MRK	Merck & Co., Inc.	138,205 (-10.4%)	$14,547 (+12.4%)	0.0%	$30.33	+207.4%	COM	58933Y105
DELL	Dell Technologies, Inc.	19,180 (-18.8%)	$2,414 (-27.9%)	0.0%	$25.46	+452.8%	CL C	24703L202
TRV	The Travelers Co., Inc.	94,782 (-6.1%)	$27,492 (-2.5%)	0.0%	$63.44	+342.3%	COM	89417E109
SNPS	Synopsys, Inc.	10,200 (-6.4%)	$4,791 (-10.9%)	0.0%	$62.80	+607.3%	COM	871607107
DD	DuPont de Nemours, Inc.	14,843 (-2.2%)	$597 (-49.5%)	0.0%	$27.24	+37.3%	COM	26614N102
AZN	AstraZeneca PLC	121,043 (-12.0%)	$11,127 (+5.5%)	0.0%	$30.66	—	SPONSORED ADR	046353108
IBM	International Business Machines Corp.	46,702 (-1.0%)	$13,834 (+3.9%)	0.0%	$158.70	+88.3%	COM	459200101
XOM	Exxon Mobil Corp.	74,493 (-1.8%)	$8,964 (+4.8%)	0.0%	$53.76	+114.8%	COM	30231G102
ACMR	ACM Research, Inc.	112,392 (-8.5%)	$4,434 (-7.8%)	0.0%	$23.42	+59.1%	COM CL A	00108J109
APA	APA Corp.	22,500 (-36.1%)	$550 (-35.6%)	0.0%	$16.01	+50.7%	COM	03743Q108
LYV	Live Nation Entertainment, Inc.	3,500 (-22.2%)	$499 (-32.2%)	0.0%	$125.90	+14.2%	COM	538034109
AVGO	Broadcom, Inc.	20,580 (-2.1%)	$7,123 (+2.7%)	0.0%	$152.49	+134.1%	COM	11135F101
EBAY	eBay, Inc.	12,750 (-9.3%)	$1,111 (-13.1%)	0.0%	$19.92	+333.7%	COM	278642103
MCO	Moody's Corp.	1,213 (-22.5%)	$620 (-17.0%)	0.0%	$65.04	+649.3%	COM	615369105
OTIS	Otis Worldwide Corp.	16,010 (-3.6%)	$1,398 (-7.9%)	0.0%	$47.48	+88.0%	COM	68902V107
PFE	Pfizer, Inc.	90,364 (-2.8%)	$2,250 (-5.1%)	0.0%	$16.46	+52.1%	COM	717081103
MGM	MGM Resorts International	7,500 (-28.6%)	$274 (-24.8%)	0.0%	$37.80	-10.2%	COM	552953101
HPE	Hewlett Packard Enterprise Co.	86,454 (-1.5%)	$2,077 (-3.6%)	0.0%	$7.49	+212.9%	COM	42824C109
TGT	Target Corp.	98,129 (-7.5%)	$9,592 (+0.8%)	0.0%	$43.13	+112.4%	COM	87612E106
SHEL	Shell PLC	55,194 (-1.3%)	$4,056 (+1.4%)	0.0%	$54.93	—	SPON ADS	780259305
GLW	Corning, Inc.	36,850 (-7.6%)	$3,227 (-1.4%)	0.0%	$11.15	+670.8%	COM	219350105
PBR	Petroleo Brasileiro SA - Petrobras	31,200 (-4.6%)	$370 (-10.7%)	0.0%	$12.86	—	SPONSORED ADR	71654V408
DOW	Dow, Inc.	9,713 (-17.1%)	$227 (-15.4%)	0.0%	$36.37	-37.4%	COM	260557103
VOO	Vanguard S&P 500 ETF	600 (-7.7%)	$376 (-5.5%)	0.0%	$513.97	—	S&P 500 ETF SHS	922908363
TFC	Truist Financial Corp.	19,151 (-8.4%)	$942 (-1.4%)	0.0%	$32.23	+42.1%	COM	89832Q109

Unchanged Positions (91)

OXY Occidental Petroleum Corp. 1.8%

Value ($000) $3,267,933 Shares 79,473,071 Est. Cost $43.84 Unrealized -5.2%

BAX Baxter International, Inc. 0.6%

Value ($000) $1,089,269 Shares 56,999,970 Est. Cost $34.46 Unrealized -42.0%

HPQ HP, Inc. 0.4%

Value ($000) $768,730 Shares 34,503,131 Est. Cost $13.15 Unrealized +92.0%

CMCSA Comcast Corp. 1.8%

Value ($000) $3,376,599 Shares 112,967,514 Est. Cost $29.83 Unrealized -4.4%

VFC VF Corp. 0.4%

Value ($000) $735,492 Shares 40,679,850 Est. Cost $17.83 Unrealized -9.1%

AVTR Avantor, Inc. 0.7%

Value ($000) $1,341,567 Shares 117,065,143 Est. Cost $20.32 Unrealized -39.4%

TDY Teledyne Technologies, Inc. 0.5%

Value ($000) $860,754 Shares 1,685,340 Est. Cost $489.56 Unrealized +7.6%

LYB LyondellBasell Industries NV 0.4%

Value ($000) $730,864 Shares 16,879,077 Est. Cost $65.42 Unrealized -32.1%

CARR Carrier Global Corp. 0.4%

Value ($000) $709,181 Shares 13,421,292 Est. Cost $19.58 Unrealized +183.5%

SUI Sun Communities, Inc. 1.0%

Value ($000) $1,795,687 Shares 14,491,865 Est. Cost $127.20 Unrealized —

BMRN BioMarin Pharmaceutical, Inc. 0.5%

Value ($000) $866,037 Shares 14,572,384 Est. Cost $83.23 Unrealized -34.6%

LIN Linde PLC 0.3%

Value ($000) $566,924 Shares 1,329,590 Est. Cost $322.30 Unrealized +32.6%

SU Suncor Energy, Inc. 0.7%

Value ($000) $1,209,154 Shares 27,257,754 Est. Cost $19.97 Unrealized +111.6%

HUM Humana, Inc. 1.6%

Value ($000) $2,891,819 Shares 11,290,435 Est. Cost $292.80 Unrealized -10.8%

NWSA News Corp. 0.2%

Value ($000) $325,176 Shares 12,449,295 Est. Cost $16.54 Unrealized +58.6%

FOX Fox Corp. 0.3%

Value ($000) $471,251 Shares 7,257,827 Est. Cost $30.69 Unrealized +90.2%

YUMC Yum China Holdings, Inc. 0.2%

Value ($000) $408,366 Shares 8,553,962 Est. Cost $40.51 Unrealized +13.1%

GLPI Gaming & Leisure Properties, Inc. 0.3%

Value ($000) $607,335 Shares 13,589,962 Est. Cost $47.44 Unrealized —

TAP Molson Coors Beverage Co. 0.5%

Value ($000) $868,758 Shares 18,610,924 Est. Cost $46.06 Unrealized -0.6%

FLUT Flutter Entertainment PLC 0.1%

Value ($000) $135,234 Shares 628,878 Est. Cost $203.33 Unrealized +10.6%

BNTX BioNTech SE 0.2%

Value ($000) $344,100 Shares 3,614,491 Est. Cost $100.51 Unrealized —

COP ConocoPhillips 0.5%

Value ($000) $963,263 Shares 10,290,169 Est. Cost $41.39 Unrealized +117.5%

FMS Fresenius Medical Care AG 0.0%

Value ($000) $91,157 Shares 3,826,910 Est. Cost $22.41 Unrealized —

MDT Medtronic PLC 0.4%

Value ($000) $743,316 Shares 7,738,043 Est. Cost $70.93 Unrealized +36.9%

LBTYK Liberty Global, Ltd. 0.0%

Value ($000) $73,770 Shares 6,682,068 Est. Cost $9.07 Unrealized +22.6%

MCHP Microchip Technology, Inc. 0.2%

Value ($000) $394,266 Shares 6,187,474 Est. Cost $54.12 Unrealized +13.4%

CAT Caterpillar, Inc. 0.0%

Value ($000) $23,330 Shares 40,724 Est. Cost $119.95 Unrealized +363.1%

TSM Taiwan Semiconductor Manufacturing Co., Ltd. 0.0%

Value ($000) $32,759 Shares 107,800 Est. Cost $125.06 Unrealized —

TMO Thermo Fisher Scientific, Inc. 0.0%

Value ($000) $14,916 Shares 25,741 Est. Cost $129.43 Unrealized +336.7%

HD The Home Depot, Inc. 0.0%

Value ($000) $7,999 Shares 23,247 Est. Cost $60.50 Unrealized +502.7%

WMT Walmart, Inc. 0.0%

Value ($000) $20,002 Shares 179,535 Est. Cost $43.96 Unrealized +143.9%

NBIX Neurocrine Biosciences, Inc. 0.4%

Value ($000) $781,206 Shares 5,508,042 Est. Cost $122.73 Unrealized +18.0%

PG The Procter & Gamble Co. 0.0%

Value ($000) $13,017 Shares 90,831 Est. Cost $55.13 Unrealized +166.9%

MSI Motorola Solutions, Inc. 0.0%

Value ($000) $4,314 Shares 11,255 Est. Cost $141.82 Unrealized +182.6%

CE Celanese Corp. 0.3%

Value ($000) $647,055 Shares 15,304,050 Est. Cost $69.61 Unrealized -41.4%

AMGN Amgen, Inc. 0.0%

Value ($000) $4,375 Shares 13,367 Est. Cost $75.58 Unrealized +318.0%

VMC Vulcan Materials Co. 0.0%

Value ($000) $6,845 Shares 24,000 Est. Cost $46.69 Unrealized +527.8%

DHR Danaher Corp. 0.0%

Value ($000) $3,766 Shares 16,450 Est. Cost $34.17 Unrealized +542.4%

JNJ Johnson & Johnson 0.0%

Value ($000) $4,335 Shares 20,947 Est. Cost $65.21 Unrealized +202.1%

LVS Las Vegas Sands Corp. 0.0%

Value ($000) $1,835 Shares 28,186 Est. Cost $41.01 Unrealized +49.2%

JOYY JOYY, Inc. 0.0%

Value ($000) $3,212 Shares 49,606 Est. Cost $36.73 Unrealized —

PH Parker-Hannifin Corp. 0.0%

Value ($000) $2,197 Shares 2,500 Est. Cost $75.97 Unrealized +976.4%

VIPS Vipshop Holdings, Ltd. 0.0%

Value ($000) $2,197 Shares 124,197 Est. Cost $14.27 Unrealized —

BSX Boston Scientific Corp. 0.0%

Value ($000) $8,475 Shares 88,885 Est. Cost $8.48 Unrealized +1055.8%

SPGI S&P Global, Inc. 0.0%

Value ($000) $2,822 Shares 5,400 Est. Cost $108.55 Unrealized +355.3%

MO Altria Group, Inc. 0.0%

Value ($000) $1,211 Shares 21,000 Est. Cost $16.28 Unrealized +264.7%

NUE Nucor Corp. 0.0%

Value ($000) $1,011 Shares 6,200 Est. Cost $32.49 Unrealized +360.9%

ABT Abbott Laboratories 0.0%

Value ($000) $2,171 Shares 17,324 Est. Cost $34.09 Unrealized +273.4%

CIB Grupo Cibest SA 0.0%

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

HON Honeywell International, Inc. 0.0%

Value ($000) $1,564 Shares 8,019 Est. Cost $77.35 Unrealized +152.1%

NEE NextEra Energy, Inc. 0.0%

Value ($000) $1,895 Shares 23,600 Est. Cost $52.32 Unrealized +57.7%

DE Deere & Co. 0.0%

Value ($000) $5,878 Shares 12,626 Est. Cost $89.27 Unrealized +423.9%

MDLZ Mondelez International, Inc. 0.0%

Value ($000) $637 Shares 11,840 Est. Cost $30.15 Unrealized +89.3%

DEO Diageo PLC 0.0%

Value ($000) $956 Shares 11,077 Est. Cost $115.85 Unrealized —

GPRK Geopark, Ltd. 0.0%

Value ($000) $689 Shares 93,045 Est. Cost $10.43 Unrealized -29.8%

PNC The PNC Financial Services Group, Inc. 0.0%

Value ($000) $2,922 Shares 14,000 Est. Cost $47.34 Unrealized +307.2%

KO The Coca-Cola Co. 0.0%

Value ($000) $1,678 Shares 24,000 Est. Cost $28.59 Unrealized +142.7%

GPC Genuine Parts Co. 0.0%

Value ($000) $572 Shares 4,650 Est. Cost $54.12 Unrealized +137.8%

TCOM Trip.com Group, Ltd. 0.0%

Value ($000) $1,384 Shares 19,250 Est. Cost $37.34 Unrealized —

ISRG Intuitive Surgical, Inc. 0.0%

Value ($000) $283 Shares 500 Est. Cost $398.28 Unrealized +33.7%

ABBV AbbVie, Inc. 0.0%

Value ($000) $2,375 Shares 10,393 Est. Cost $29.33 Unrealized +675.9%

GIS General Mills, Inc. 0.0%

Value ($000) $521 Shares 11,200 Est. Cost $32.37 Unrealized +46.6%

PYPL PayPal Holdings, Inc. 0.0%

Value ($000) $261 Shares 4,475 Est. Cost $86.37 Unrealized -24.9%

ELV Elevance Health, Inc. 0.0%

Value ($000) $456 Shares 1,300 Est. Cost $166.87 Unrealized +101.8%

IFS Intercorp Financial Services, Inc. 0.0%

Value ($000) $737 Shares 17,391 Est. Cost $19.73 Unrealized +108.5%

MMM 3M Co. 0.0%

Value ($000) $1,229 Shares 7,676 Est. Cost $61.26 Unrealized +166.3%

LAUR Laureate Education, Inc. 0.0%

Value ($000) $529 Shares 15,700 Est. Cost $22.23 Unrealized +38.8%

CTAS Cintas Corp. 0.0%

Value ($000) $339 Shares 1,800 Est. Cost $169.46 Unrealized +11.0%

PM Philip Morris International, Inc. 0.0%

Value ($000) $2,727 Shares 17,000 Est. Cost $49.85 Unrealized +208.1%

PAX Patria Investments, Ltd. 0.0%

Value ($000) $337 Shares 21,200 Est. Cost $11.11 Unrealized +32.6%

CB Chubb, Ltd. 0.0%

Value ($000) $225 Shares 722 Est. Cost $276.25 Unrealized +5.8%

PSX Phillips 66 0.0%

Value ($000) $336 Shares 2,600 Est. Cost $48.30 Unrealized +177.5%

VZ Verizon Communications, Inc. 0.0%

Value ($000) $224 Shares 5,500 Est. Cost $31.23 Unrealized +29.6%

ALL The Allstate Corp. 0.0%

Value ($000) $540 Shares 2,595 Est. Cost $37.12 Unrealized +449.9%

CTVA Corteva, Inc. 0.0%

Value ($000) $1,376 Shares 20,527 Est. Cost $25.02 Unrealized +158.0%

CL Colgate-Palmolive Co. 0.0%

Value ($000) $1,106 Shares 14,000 Est. Cost $44.63 Unrealized +75.5%

LMT Lockheed Martin Corp. 0.0%

Value ($000) $375 Shares 775 Est. Cost $268.37 Unrealized +77.4%

MCD McDonald's Corp. 0.0%

Value ($000) $1,979 Shares 6,475 Est. Cost $71.80 Unrealized +324.9%

PEP PepsiCo, Inc. 0.0%

Value ($000) $441 Shares 3,075 Est. Cost $82.29 Unrealized +77.3%

PSMT PriceSmart, Inc. 0.0%

Value ($000) $755 Shares 6,156 Est. Cost $109.77 Unrealized +10.7%

V Visa, Inc. 0.0%

Value ($000) $301 Shares 859 Est. Cost $151.06 Unrealized +125.3%

CPA Copa Holdings SA 0.0%

Value ($000) $476 Shares 3,950 Est. Cost $63.67 Unrealized +90.5%

PPG PPG Industries, Inc. 0.0%

Value ($000) $225 Shares 2,200 Est. Cost $86.36 Unrealized +15.9%

DLO Dlocal, Ltd. 0.0%

Value ($000) $519 Shares 36,700 Est. Cost $11.19 Unrealized +26.0%

AFYA Afya, Ltd. 0.0%

Value ($000) $545 Shares 35,387 Est. Cost $13.97 Unrealized +5.5%

BRK/A Berkshire Hathaway, Inc. 0.0%

Value ($000) $3,019 Shares 4 Est. Cost $222884.05 Unrealized +234.9%

CIG Cia Energetica de Minas Gerais 0.0%

Value ($000) $30 Shares 15,000 Est. Cost $1.77 Unrealized —

AMP Ameriprise Financial, Inc. 0.0%

Value ($000) $736 Shares 1,500 Est. Cost $59.93 Unrealized +690.6%

BRK/B Berkshire Hathaway, Inc. 0.0%

Value ($000) $5,750 Shares 11,440 Est. Cost $114.08 Unrealized +336.1%

NVDA NVIDIA Corp. 0.0%

Value ($000) $634 Shares 3,400 Est. Cost $174.29 Unrealized +6.8%

ASR Grupo Aeroportuario del Sureste SAB de CV 0.0%

Value ($000) $550 Shares 1,700 Est. Cost $257.63 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
OXY	Occidental Petroleum Corp.	79,473,071	$3,267,933	1.8%	$43.84	-5.2%	COM	674599105
BAX	Baxter International, Inc.	56,999,970	$1,089,269	0.6%	$34.46	-42.0%	COM	071813109
HPQ	HP, Inc.	34,503,131	$768,730	0.4%	$13.15	+92.0%	COM	40434L105
CMCSA	Comcast Corp.	112,967,514	$3,376,599	1.8%	$29.83	-4.4%	CL A	20030N101
VFC	VF Corp.	40,679,850	$735,492	0.4%	$17.83	-9.1%	COM	918204108
AVTR	Avantor, Inc.	117,065,143	$1,341,567	0.7%	$20.32	-39.4%	COM	05352A100
TDY	Teledyne Technologies, Inc.	1,685,340	$860,754	0.5%	$489.56	+7.6%	COM	879360105
LYB	LyondellBasell Industries NV	16,879,077	$730,864	0.4%	$65.42	-32.1%	SHS - A -	N53745100
CARR	Carrier Global Corp.	13,421,292	$709,181	0.4%	$19.58	+183.5%	COM	14448C104
SUI	Sun Communities, Inc.	14,491,865	$1,795,687	1.0%	$127.20	—	COM	866674104
BMRN	BioMarin Pharmaceutical, Inc.	14,572,384	$866,037	0.5%	$83.23	-34.6%	COM	09061G101
LIN	Linde PLC	1,329,590	$566,924	0.3%	$322.30	+32.6%	SHS	G54950103
SU	Suncor Energy, Inc.	27,257,754	$1,209,154	0.7%	$19.97	+111.6%	COM	867224107
HUM	Humana, Inc.	11,290,435	$2,891,819	1.6%	$292.80	-10.8%	COM	444859102
NWSA	News Corp.	12,449,295	$325,176	0.2%	$16.54	+58.6%	CL A	65249B109
FOX	Fox Corp.	7,257,827	$471,251	0.3%	$30.69	+90.2%	CL B COM	35137L204
YUMC	Yum China Holdings, Inc.	8,553,962	$408,366	0.2%	$40.51	+13.1%	COM	98850P109
GLPI	Gaming & Leisure Properties, Inc.	13,589,962	$607,335	0.3%	$47.44	—	COM	36467J108
TAP	Molson Coors Beverage Co.	18,610,924	$868,758	0.5%	$46.06	-0.6%	CL B	60871R209
FLUT	Flutter Entertainment PLC	628,878	$135,234	0.1%	$203.33	+10.6%	SHS	G3643J108
BNTX	BioNTech SE	3,614,491	$344,100	0.2%	$100.51	—	SPONSORED ADS	09075V102
COP	ConocoPhillips	10,290,169	$963,263	0.5%	$41.39	+117.5%	COM	20825C104
FMS	Fresenius Medical Care AG	3,826,910	$91,157	0.0%	$22.41	—	SPONSORED ADR	358029106
MDT	Medtronic PLC	7,738,043	$743,316	0.4%	$70.93	+36.9%	SHS	G5960L103
LBTYK	Liberty Global, Ltd.	6,682,068	$73,770	0.0%	$9.07	+22.6%	COM CL C	G61188127
MCHP	Microchip Technology, Inc.	6,187,474	$394,266	0.2%	$54.12	+13.4%	COM	595017104
CAT	Caterpillar, Inc.	40,724	$23,330	0.0%	$119.95	+363.1%	COM	149123101
TSM	Taiwan Semiconductor Manufacturing Co., Ltd.	107,800	$32,759	0.0%	$125.06	—	SPONSORED ADS	874039100
TMO	Thermo Fisher Scientific, Inc.	25,741	$14,916	0.0%	$129.43	+336.7%	COM	883556102
HD	The Home Depot, Inc.	23,247	$7,999	0.0%	$60.50	+502.7%	COM	437076102
WMT	Walmart, Inc.	179,535	$20,002	0.0%	$43.96	+143.9%	COM	931142103
NBIX	Neurocrine Biosciences, Inc.	5,508,042	$781,206	0.4%	$122.73	+18.0%	COM	64125C109
PG	The Procter & Gamble Co.	90,831	$13,017	0.0%	$55.13	+166.9%	COM	742718109
MSI	Motorola Solutions, Inc.	11,255	$4,314	0.0%	$141.82	+182.6%	COM NEW	620076307
CE	Celanese Corp.	15,304,050	$647,055	0.3%	$69.61	-41.4%	COM	150870103
AMGN	Amgen, Inc.	13,367	$4,375	0.0%	$75.58	+318.0%	COM	031162100
VMC	Vulcan Materials Co.	24,000	$6,845	0.0%	$46.69	+527.8%	COM	929160109
DHR	Danaher Corp.	16,450	$3,766	0.0%	$34.17	+542.4%	COM	235851102
JNJ	Johnson & Johnson	20,947	$4,335	0.0%	$65.21	+202.1%	COM	478160104
LVS	Las Vegas Sands Corp.	28,186	$1,835	0.0%	$41.01	+49.2%	COM	517834107
JOYY	JOYY, Inc.	49,606	$3,212	0.0%	$36.73	—	ADS REPSTG COM A	46591M109
PH	Parker-Hannifin Corp.	2,500	$2,197	0.0%	$75.97	+976.4%	COM	701094104
VIPS	Vipshop Holdings, Ltd.	124,197	$2,197	0.0%	$14.27	—	SPONSORED ADS A	92763W103
BSX	Boston Scientific Corp.	88,885	$8,475	0.0%	$8.48	+1055.8%	COM	101137107
SPGI	S&P Global, Inc.	5,400	$2,822	0.0%	$108.55	+355.3%	COM	78409V104
MO	Altria Group, Inc.	21,000	$1,211	0.0%	$16.28	+264.7%	COM	02209S103
NUE	Nucor Corp.	6,200	$1,011	0.0%	$32.49	+360.9%	COM	670346105
ABT	Abbott Laboratories	17,324	$2,171	0.0%	$34.09	+273.4%	COM	002824100
CIB	Grupo Cibest SA	12,046	$766	0.0%	$46.19	—	SPON ADS	40090E106
HON	Honeywell International, Inc.	8,019	$1,564	0.0%	$77.35	+152.1%	COM	438516106
NEE	NextEra Energy, Inc.	23,600	$1,895	0.0%	$52.32	+57.7%	COM	65339F101
DE	Deere & Co.	12,626	$5,878	0.0%	$89.27	+423.9%	COM	244199105
MDLZ	Mondelez International, Inc.	11,840	$637	0.0%	$30.15	+89.3%	CL A	609207105
DEO	Diageo PLC	11,077	$956	0.0%	$115.85	—	SPON ADR NEW	25243Q205
GPRK	Geopark, Ltd.	93,045	$689	0.0%	$10.43	-29.8%	USD SHS	G38327105
PNC	The PNC Financial Services Group, Inc.	14,000	$2,922	0.0%	$47.34	+307.2%	COM	693475105
KO	The Coca-Cola Co.	24,000	$1,678	0.0%	$28.59	+142.7%	COM	191216100
GPC	Genuine Parts Co.	4,650	$572	0.0%	$54.12	+137.8%	COM	372460105
TCOM	Trip.com Group, Ltd.	19,250	$1,384	0.0%	$37.34	—	ADS	89677Q107
ISRG	Intuitive Surgical, Inc.	500	$283	0.0%	$398.28	+33.7%	COM NEW	46120E602
ABBV	AbbVie, Inc.	10,393	$2,375	0.0%	$29.33	+675.9%	COM	00287Y109
GIS	General Mills, Inc.	11,200	$521	0.0%	$32.37	+46.6%	COM	370334104
PYPL	PayPal Holdings, Inc.	4,475	$261	0.0%	$86.37	-24.9%	COM	70450Y103
ELV	Elevance Health, Inc.	1,300	$456	0.0%	$166.87	+101.8%	COM	036752103
IFS	Intercorp Financial Services, Inc.	17,391	$737	0.0%	$19.73	+108.5%	SHS	P5626F128
MMM	3M Co.	7,676	$1,229	0.0%	$61.26	+166.3%	COM	88579Y101
LAUR	Laureate Education, Inc.	15,700	$529	0.0%	$22.23	+38.8%	COMMON STOCK	518613203
CTAS	Cintas Corp.	1,800	$339	0.0%	$169.46	+11.0%	COM	172908105
PM	Philip Morris International, Inc.	17,000	$2,727	0.0%	$49.85	+208.1%	COM	718172109
PAX	Patria Investments, Ltd.	21,200	$337	0.0%	$11.11	+32.6%	COM CL A	G69451105
CB	Chubb, Ltd.	722	$225	0.0%	$276.25	+5.8%	COM	H1467J104
PSX	Phillips 66	2,600	$336	0.0%	$48.30	+177.5%	COM	718546104
VZ	Verizon Communications, Inc.	5,500	$224	0.0%	$31.23	+29.6%	COM	92343V104
ALL	The Allstate Corp.	2,595	$540	0.0%	$37.12	+449.9%	COM	020002101
CTVA	Corteva, Inc.	20,527	$1,376	0.0%	$25.02	+158.0%	COM	22052L104
CL	Colgate-Palmolive Co.	14,000	$1,106	0.0%	$44.63	+75.5%	COM	194162103
LMT	Lockheed Martin Corp.	775	$375	0.0%	$268.37	+77.4%	COM	539830109
MCD	McDonald's Corp.	6,475	$1,979	0.0%	$71.80	+324.9%	COM	580135101
PEP	PepsiCo, Inc.	3,075	$441	0.0%	$82.29	+77.3%	COM	713448108
PSMT	PriceSmart, Inc.	6,156	$755	0.0%	$109.77	+10.7%	COM	741511109
V	Visa, Inc.	859	$301	0.0%	$151.06	+125.3%	COM CL A	92826C839
CPA	Copa Holdings SA	3,950	$476	0.0%	$63.67	+90.5%	CL A	P31076105
PPG	PPG Industries, Inc.	2,200	$225	0.0%	$86.36	+15.9%	COM	693506107
DLO	Dlocal, Ltd.	36,700	$519	0.0%	$11.19	+26.0%	CLASS A COM	G29018101
AFYA	Afya, Ltd.	35,387	$545	0.0%	$13.97	+5.5%	CL A COM	G01125106
BRK/A	Berkshire Hathaway, Inc.	4	$3,019	0.0%	$222884.05	+234.9%	CL A	084670108
CIG	Cia Energetica de Minas Gerais	15,000	$30	0.0%	$1.77	—	SP ADR N-V PFD	204409601
AMP	Ameriprise Financial, Inc.	1,500	$736	0.0%	$59.93	+690.6%	COM	03076C106
BRK/B	Berkshire Hathaway, Inc.	11,440	$5,750	0.0%	$114.08	+336.1%	CL B NEW	084670702
NVDA	NVIDIA Corp.	3,400	$634	0.0%	$174.29	+6.8%	COM	67066G104
ASR	Grupo Aeroportuario del Sureste SAB de CV	1,700	$550	0.0%	$257.63	—	SPON ADR SER B	40051E202