Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
XOM	ExxonMobil Holdings Corp.	1,492,052	$204M	2.0%	$136.72	—	COM	30233Q108
HON	Honeywell International Inc.	106,631	$23.87M	0.2%	$223.90	—	COM	438516205
HONA	Honeywell Aerospace Inc.	106,610	$23.57M	0.2%	$221.08	—	COM	43849R105
KSPI	Kaspi.kz JSC (ADR)	234,294	$20.3M	0.2%	$86.64	—	ADR	48581R205
NU	Nu Holdings	162,115	$2.166M	0.0%	$13.36	—	COM	G6683N103
DD	DuPont De Nemours Inc.	15,341	$2.081M	0.0%	$135.64	—	COM	26614N201
DVN	Devon Energy Corp.	9,969	$412K	0.0%	$41.32	—	COM	25179M103
EWM	iShares MSCI Malaysia ETF	11,560	$312K	0.0%	$26.95	—	COM	46434G814
XLU	State Street Utilities Select	6,250	$283K	0.0%	$45.34	—	COM	81369Y886
RY	Royal Bank of Canada	1,215	$251K	0.0%	$206.97	—	COM	780087102
MAS	Masco Corp.	3,003	$244K	0.0%	$81.37	—	COM	574599106
TEX	Terex Corp.	2,896	$210K	0.0%	$72.39	—	COM	880779103
ERII	Energy Recovery Inc.	18,459	$167K	0.0%	$9.02	—	COM	29270J100

Increased Positions (69)

QCOM Qualcomm Inc. 1.7%

Value $174M (+50.3%) Shares 939,601 (+4.7%) Est. Cost $166.80 Unrealized —

BTI British American Tobacco PLC (ADR) 1.3%

Value $134M (+71.0%) Shares 2,175,636 (+61.9%) Est. Cost $46.39 Unrealized —

QSR Restaurant Brands Internationa 1.3%

Value $128M (+57.1%) Shares 1,770,095 (+60.1%) Est. Cost $69.94 Unrealized —

CPA Copa Holdings SA 0.9%

Value $88.87M (+89.3%) Shares 571,263 (+38.2%) Est. Cost $130.23 Unrealized —

MSFT Microsoft Corp. 1.1%

Value $109M (+46.4%) Shares 292,959 (+45.3%) Est. Cost $272.69 Unrealized —

IBM International Business Machine 0.7%

Value $71.56M (+74.9%) Shares 254,463 (+50.7%) Est. Cost $213.12 Unrealized —

NVO Novo Nordisk A/S (ADR) 0.6%

Value $58.72M (+101.7%) Shares 1,224,955 (+54.6%) Est. Cost $47.02 Unrealized —

SYY Sysco Corp. 0.6%

Value $65.41M (+51.1%) Shares 782,576 (+29.0%) Est. Cost $75.68 Unrealized —

UPS United Parcel Service Inc. 1.8%

Value $178M (+11.5%) Shares 1,656,471 (+2.0%) Est. Cost $117.99 Unrealized —

UL Unilever PLC (ADR) 1.6%

Value $165M (+9.4%) Shares 2,745,360 (+3.7%) Est. Cost $63.80 Unrealized —

IX ORIX Corp. (ADR) 0.5%

Value $46.44M (+43.3%) Shares 1,220,846 (+13.0%) Est. Cost $30.92 Unrealized —

PWCDF Power Corporation of Canada 0.5%

Value $55.12M (+32.1%) Shares 886,766 (+2.1%) Est. Cost $50.47 Unrealized —

SW Smurfit Westrock PLC 0.6%

Value $62.88M (+26.7%) Shares 1,359,382 (+9.1%) Est. Cost $44.53 Unrealized —

PBR Petroleo Brasileiro SA (ADR) 0.5%

Value $47.22M (-19.0%) Shares 2,922,208 (+4.0%) Est. Cost $15.23 Unrealized —

VZ Verizon Communications Inc. 0.5%

Value $50.57M (+25.2%) Shares 1,194,320 (+48.4%) Est. Cost $38.46 Unrealized —

BDX Becton Dickinson & Co. 1.2%

Value $125M (+8.9%) Shares 824,720 (+13.1%) Est. Cost $178.08 Unrealized —

DEO Diageo PLC (ADR) 0.8%

Value $81.85M (+14.0%) Shares 1,018,308 (+5.6%) Est. Cost $108.02 Unrealized —

XLC State Street Communication Ser 0.1%

Value $8.182M (+1155.5%) Shares 76,370 (+1199.3%) Est. Cost $107.92 Unrealized —

XLV State Street Health Care Selec 0.1%

Value $8.158M (+654.0%) Shares 51,416 (+596.7%) Est. Cost $157.85 Unrealized —

SHEL Shell PLC (ADR) 0.3%

Value $34.77M (+25.0%) Shares 448,464 (+50.0%) Est. Cost $65.90 Unrealized —

EWT iShares MSCI Taiwan ETF 0.2%

Value $17.4M (+57.8%) Shares 160,199 (+3.0%) Est. Cost $52.55 Unrealized —

KOF Coca-Cola Femsa SAB de CV (ADR) 0.5%

Value $47.57M (+15.2%) Shares 447,737 (+5.8%) Est. Cost $78.74 Unrealized —

LOW Lowe's Companies Inc. 1.4%

Value $139M (-4.2%) Shares 631,354 (+2.7%) Est. Cost $180.56 Unrealized —

RIO Rio Tinto PLC (ADR) 0.6%

Value $64.97M (+6.0%) Shares 684,440 (+4.2%) Est. Cost $79.94 Unrealized —

KB KB Financial Group Inc. (ADR) 0.1%

Value $13.66M (+28.3%) Shares 130,140 (+21.9%) Est. Cost $67.32 Unrealized —

AXIA Axia Energia ADR 0.1%

Value $10.97M (+32.4%) Shares 1,038,647 (+41.5%) Est. Cost $10.39 Unrealized —

BMY Bristol-Myers Squibb Co. 0.6%

Value $65.25M (-3.9%) Shares 1,132,367 (+1.1%) Est. Cost $51.68 Unrealized —

TTE TotalEnergies SE 0.5%

Value $55.91M (-4.0%) Shares 718,986 (+12.3%) Est. Cost $69.92 Unrealized —

SNY Sanofi (ADR) 0.3%

Value $26.26M (-8.1%) Shares 615,593 (+3.8%) Est. Cost $50.02 Unrealized —

OMC Omnicom Group Inc. 0.8%

Value $85.7M (-2.3%) Shares 1,176,691 (+1.0%) Est. Cost $79.29 Unrealized —

ABBV AbbVie Inc. 0.0%

Value $1.8M (+475.9%) Shares 7,152 (+397.7%) Est. Cost $232.09 Unrealized —

TM Toyota Motor Corp. (ADR) 0.6%

Value $65.91M (+2.3%) Shares 391,325 (+25.2%) Est. Cost $194.95 Unrealized —

ENB Enbridge Inc. 0.6%

Value $62.08M (+2.1%) Shares 1,145,111 (+2.0%) Est. Cost $42.62 Unrealized —

KT KT Corp. (ADR) 0.1%

Value $6.534M (+15.9%) Shares 378,147 (+43.8%) Est. Cost $20.12 Unrealized —

AXP American Express Co. 0.0%

Value $5.045M (+15.2%) Shares 14,915 (+3.0%) Est. Cost $166.27 Unrealized —

SRE Sempra 0.0%

Value $3.32M (+24.6%) Shares 35,807 (+30.5%) Est. Cost $76.97 Unrealized —

CSX CSX Corp. 0.0%

Value $2.375M (+25.6%) Shares 49,968 (+8.5%) Est. Cost $31.98 Unrealized —

VICI Vici Properties Inc. 1.8%

Value $185M (-0.2%) Shares 6,969,674 (+2.7%) Est. Cost $25.96 Unrealized —

NGG National Grid PLC (ADR) 0.7%

Value $67.58M (+0.6%) Shares 815,548 (+2.7%) Est. Cost $75.14 Unrealized —

FBIN Fortune Brands Innovations Inc 0.0%

Value $678K (+121.0%) Shares 12,353 (+56.9%) Est. Cost $56.13 Unrealized —

YORW The York Water Co. 0.0%

Value $702K (+95.2%) Shares 22,899 (+93.9%) Est. Cost $31.26 Unrealized —

DIS The Walt Disney Co. 0.0%

Value $4.092M (+9.1%) Shares 42,518 (+9.2%) Est. Cost $119.86 Unrealized —

CNI Canadian National Railway Co. 0.0%

Value $2.299M (+17.3%) Shares 19,278 (+1.1%) Est. Cost $102.78 Unrealized —

BMI Badger Meter Inc. 0.0%

Value $658K (+106.5%) Shares 4,436 (+112.0%) Est. Cost $154.70 Unrealized —

XLY State Street Consumer Discreti 0.0%

Value $1.153M (+41.7%) Shares 9,833 (+31.7%) Est. Cost $123.15 Unrealized —

ORCL Oracle Corp. 0.0%

Value $3.333M (+10.9%) Shares 22,741 (+11.3%) Est. Cost $75.81 Unrealized —

ZTS Zoetis Inc. 0.0%

Value $801K (-27.9%) Shares 11,152 (+18.5%) Est. Cost $117.52 Unrealized —

ITUB Itau Unibanco Holding SA (ADR) 0.1%

Value $7.593M (+3.1%) Shares 929,368 (+5.8%) Est. Cost $7.20 Unrealized —

WMS Advanced Drainage Systems Inc. 0.0%

Value $814K (+39.0%) Shares 5,184 (+21.5%) Est. Cost $135.34 Unrealized —

SWIM Latham Group Inc. 0.0%

Value $799K (+38.6%) Shares 123,530 (+15.0%) Est. Cost $3.89 Unrealized —

ECH iShares MSCI Chile ETF 0.0%

Value $3.521M (+6.2%) Shares 88,688 (+6.3%) Est. Cost $39.76 Unrealized —

SBS Companhia de Saneamento Basico (ADR) 0.0%

Value $694K (-20.3%) Shares 120,127 (+320.8%) Est. Cost $9.46 Unrealized —

MBC Masterbrand Inc. 0.0%

Value $669K (+33.2%) Shares 65,046 (+7.6%) Est. Cost $14.62 Unrealized —

BA BOEING CO/THE 0.0%

Value $1.692M (+10.8%) Shares 7,818 (+1.9%) Est. Cost $195.72 Unrealized —

BBSI Barrett Business Services Inc. 0.0%

Value $598K (+32.2%) Shares 16,844 (+8.6%) Est. Cost $35.86 Unrealized —

MSEX Middlesex Water Co. 0.0%

Value $390K (+42.9%) Shares 6,943 (+32.4%) Est. Cost $55.36 Unrealized —

ARTNA Artesian Resources Corp. 0.0%

Value $394K (+40.0%) Shares 11,583 (+31.2%) Est. Cost $31.21 Unrealized —

STN Stantec Inc. 0.0%

Value $494K (-18.0%) Shares 7,175 (+2.8%) Est. Cost $84.92 Unrealized —

MDLZ Mondelez International Inc. 0.0%

Value $3.482M (+2.9%) Shares 60,200 (+2.5%) Est. Cost $60.21 Unrealized —

VREX Varex Imaging Corp. 0.0%

Value $300K (+34.1%) Shares 28,808 (+36.4%) Est. Cost $10.65 Unrealized —

TTEK Tetra Tech Inc. 0.0%

Value $667K (+11.7%) Shares 23,096 (+16.4%) Est. Cost $36.10 Unrealized —

MBUU Malibu Boats Inc. 0.0%

Value $349K (+20.9%) Shares 12,706 (+14.2%) Est. Cost $35.75 Unrealized —

PFSI PennyMac Financial Services In 0.0%

Value $546K (+8.7%) Shares 6,266 (+9.1%) Est. Cost $109.00 Unrealized —

LDI LoanDepot Inc. 0.0%

Value $347K (-8.0%) Shares 277,526 (+4.5%) Est. Cost $2.34 Unrealized —

ADBE Adobe Systems Inc. 0.0%

Value $1.113M (+2.8%) Shares 5,431 (+21.9%) Est. Cost $326.39 Unrealized —

XLP State Street Consumer Staples 0.0%

Value $983K (+2.5%) Shares 11,834 (+1.1%) Est. Cost $77.76 Unrealized —

CLX The Clorox Co. 0.0%

Value $1.021M (-1.7%) Shares 10,694 (+6.7%) Est. Cost $113.21 Unrealized —

AOS A.O. Smith Corp. 0.0%

Value $295K (+2.5%) Shares 4,701 (+7.8%) Est. Cost $66.37 Unrealized —

CNM Core & Main Inc 0.0%

Value $643K (+0.9%) Shares 13,330 (+3.3%) Est. Cost $44.84 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
QCOM	Qualcomm Inc.	939,601 (+4.7%)	$174M (+50.3%)	1.7%	$166.80	—	COM	747525103
BTI	British American Tobacco PLC (ADR)	2,175,636 (+61.9%)	$134M (+71.0%)	1.3%	$46.39	—	ADR	110448107
QSR	Restaurant Brands Internationa	1,770,095 (+60.1%)	$128M (+57.1%)	1.3%	$69.94	—	COM	76131D103
CPA	Copa Holdings SA	571,263 (+38.2%)	$88.87M (+89.3%)	0.9%	$130.23	—	COM	P31076105
MSFT	Microsoft Corp.	292,959 (+45.3%)	$109M (+46.4%)	1.1%	$272.69	—	COM	594918104
IBM	International Business Machine	254,463 (+50.7%)	$71.56M (+74.9%)	0.7%	$213.12	—	COM	459200101
NVO	Novo Nordisk A/S (ADR)	1,224,955 (+54.6%)	$58.72M (+101.7%)	0.6%	$47.02	—	ADR	670100205
SYY	Sysco Corp.	782,576 (+29.0%)	$65.41M (+51.1%)	0.6%	$75.68	—	COM	871829107
UPS	United Parcel Service Inc.	1,656,471 (+2.0%)	$178M (+11.5%)	1.8%	$117.99	—	COM	911312106
UL	Unilever PLC (ADR)	2,745,360 (+3.7%)	$165M (+9.4%)	1.6%	$63.80	—	ADR	904767803
IX	ORIX Corp. (ADR)	1,220,846 (+13.0%)	$46.44M (+43.3%)	0.5%	$30.92	—	ADR	686330101
PWCDF	Power Corporation of Canada	886,766 (+2.1%)	$55.12M (+32.1%)	0.5%	$50.47	—	COM	739239101
SW	Smurfit Westrock PLC	1,359,382 (+9.1%)	$62.88M (+26.7%)	0.6%	$44.53	—	COM	G8267P108
PBR	Petroleo Brasileiro SA (ADR)	2,922,208 (+4.0%)	$47.22M (-19.0%)	0.5%	$15.23	—	ADR	71654V408
VZ	Verizon Communications Inc.	1,194,320 (+48.4%)	$50.57M (+25.2%)	0.5%	$38.46	—	COM	92343V104
BDX	Becton Dickinson & Co.	824,720 (+13.1%)	$125M (+8.9%)	1.2%	$178.08	—	COM	075887109
DEO	Diageo PLC (ADR)	1,018,308 (+5.6%)	$81.85M (+14.0%)	0.8%	$108.02	—	ADR	25243Q205
XLC	State Street Communication Ser	76,370 (+1199.3%)	$8.182M (+1155.5%)	0.1%	$107.92	—	COM	81369Y852
XLV	State Street Health Care Selec	51,416 (+596.7%)	$8.158M (+654.0%)	0.1%	$157.85	—	COM	81369Y209
SHEL	Shell PLC (ADR)	448,464 (+50.0%)	$34.77M (+25.0%)	0.3%	$65.90	—	ADR	780259305
EWT	iShares MSCI Taiwan ETF	160,199 (+3.0%)	$17.4M (+57.8%)	0.2%	$52.55	—	COM	46434G772
KOF	Coca-Cola Femsa SAB de CV (ADR)	447,737 (+5.8%)	$47.57M (+15.2%)	0.5%	$78.74	—	ADR	191241108
LOW	Lowe's Companies Inc.	631,354 (+2.7%)	$139M (-4.2%)	1.4%	$180.56	—	COM	548661107
RIO	Rio Tinto PLC (ADR)	684,440 (+4.2%)	$64.97M (+6.0%)	0.6%	$79.94	—	ADR	767204100
KB	KB Financial Group Inc. (ADR)	130,140 (+21.9%)	$13.66M (+28.3%)	0.1%	$67.32	—	ADR	48241A105
AXIA	Axia Energia ADR	1,038,647 (+41.5%)	$10.97M (+32.4%)	0.1%	$10.39	—	ADR	15234Q207
BMY	Bristol-Myers Squibb Co.	1,132,367 (+1.1%)	$65.25M (-3.9%)	0.6%	$51.68	—	COM	110122108
TTE	TotalEnergies SE	718,986 (+12.3%)	$55.91M (-4.0%)	0.5%	$69.92	—	COM	F92124100
SNY	Sanofi (ADR)	615,593 (+3.8%)	$26.26M (-8.1%)	0.3%	$50.02	—	ADR	80105N105
OMC	Omnicom Group Inc.	1,176,691 (+1.0%)	$85.7M (-2.3%)	0.8%	$79.29	—	COM	681919106
ABBV	AbbVie Inc.	7,152 (+397.7%)	$1.8M (+475.9%)	0.0%	$232.09	—	COM	00287Y109
TM	Toyota Motor Corp. (ADR)	391,325 (+25.2%)	$65.91M (+2.3%)	0.6%	$194.95	—	ADR	892331307
ENB	Enbridge Inc.	1,145,111 (+2.0%)	$62.08M (+2.1%)	0.6%	$42.62	—	COM	29250N105
KT	KT Corp. (ADR)	378,147 (+43.8%)	$6.534M (+15.9%)	0.1%	$20.12	—	ADR	48268K101
AXP	American Express Co.	14,915 (+3.0%)	$5.045M (+15.2%)	0.0%	$166.27	—	COM	025816109
SRE	Sempra	35,807 (+30.5%)	$3.32M (+24.6%)	0.0%	$76.97	—	COM	816851109
CSX	CSX Corp.	49,968 (+8.5%)	$2.375M (+25.6%)	0.0%	$31.98	—	COM	126408103
VICI	Vici Properties Inc.	6,969,674 (+2.7%)	$185M (-0.2%)	1.8%	$25.96	—	COM	925652109
NGG	National Grid PLC (ADR)	815,548 (+2.7%)	$67.58M (+0.6%)	0.7%	$75.14	—	ADR	636274409
FBIN	Fortune Brands Innovations Inc	12,353 (+56.9%)	$678K (+121.0%)	0.0%	$56.13	—	COM	34964C106
YORW	The York Water Co.	22,899 (+93.9%)	$702K (+95.2%)	0.0%	$31.26	—	COM	987184108
DIS	The Walt Disney Co.	42,518 (+9.2%)	$4.092M (+9.1%)	0.0%	$119.86	—	COM	254687106
CNI	Canadian National Railway Co.	19,278 (+1.1%)	$2.299M (+17.3%)	0.0%	$102.78	—	COM	136375102
BMI	Badger Meter Inc.	4,436 (+112.0%)	$658K (+106.5%)	0.0%	$154.70	—	COM	056525108
XLY	State Street Consumer Discreti	9,833 (+31.7%)	$1.153M (+41.7%)	0.0%	$123.15	—	COM	81369Y407
ORCL	Oracle Corp.	22,741 (+11.3%)	$3.333M (+10.9%)	0.0%	$75.81	—	COM	68389X105
ZTS	Zoetis Inc.	11,152 (+18.5%)	$801K (-27.9%)	0.0%	$117.52	—	COM	98978V103
ITUB	Itau Unibanco Holding SA (ADR)	929,368 (+5.8%)	$7.593M (+3.1%)	0.1%	$7.20	—	ADR	465562106
WMS	Advanced Drainage Systems Inc.	5,184 (+21.5%)	$814K (+39.0%)	0.0%	$135.34	—	COM	00790R104
SWIM	Latham Group Inc.	123,530 (+15.0%)	$799K (+38.6%)	0.0%	$3.89	—	COM	51819L107
ECH	iShares MSCI Chile ETF	88,688 (+6.3%)	$3.521M (+6.2%)	0.0%	$39.76	—	COM	464286640
SBS	Companhia de Saneamento Basico (ADR)	120,127 (+320.8%)	$694K (-20.3%)	0.0%	$9.46	—	ADR	20441A102
MBC	Masterbrand Inc.	65,046 (+7.6%)	$669K (+33.2%)	0.0%	$14.62	—	COM	57638P104
BA	BOEING CO/THE	7,818 (+1.9%)	$1.692M (+10.8%)	0.0%	$195.72	—	COM	097023105
BBSI	Barrett Business Services Inc.	16,844 (+8.6%)	$598K (+32.2%)	0.0%	$35.86	—	COM	068463108
MSEX	Middlesex Water Co.	6,943 (+32.4%)	$390K (+42.9%)	0.0%	$55.36	—	COM	596680108
ARTNA	Artesian Resources Corp.	11,583 (+31.2%)	$394K (+40.0%)	0.0%	$31.21	—	COM	043113208
STN	Stantec Inc.	7,175 (+2.8%)	$494K (-18.0%)	0.0%	$84.92	—	COM	85472N109
MDLZ	Mondelez International Inc.	60,200 (+2.5%)	$3.482M (+2.9%)	0.0%	$60.21	—	COM	609207105
VREX	Varex Imaging Corp.	28,808 (+36.4%)	$300K (+34.1%)	0.0%	$10.65	—	COM	92214X106
TTEK	Tetra Tech Inc.	23,096 (+16.4%)	$667K (+11.7%)	0.0%	$36.10	—	COM	88162G103
MBUU	Malibu Boats Inc.	12,706 (+14.2%)	$349K (+20.9%)	0.0%	$35.75	—	COM	56117J100
PFSI	PennyMac Financial Services In	6,266 (+9.1%)	$546K (+8.7%)	0.0%	$109.00	—	COM	70932M107
LDI	LoanDepot Inc.	277,526 (+4.5%)	$347K (-8.0%)	0.0%	$2.34	—	COM	53946R106
ADBE	Adobe Systems Inc.	5,431 (+21.9%)	$1.113M (+2.8%)	0.0%	$326.39	—	COM	00724F101
XLP	State Street Consumer Staples	11,834 (+1.1%)	$983K (+2.5%)	0.0%	$77.76	—	COM	81369Y308
CLX	The Clorox Co.	10,694 (+6.7%)	$1.021M (-1.7%)	0.0%	$113.21	—	COM	189054109
AOS	A.O. Smith Corp.	4,701 (+7.8%)	$295K (+2.5%)	0.0%	$66.37	—	COM	831865209
CNM	Core & Main Inc	13,330 (+3.3%)	$643K (+0.9%)	0.0%	$44.84	—	COM	21874C102

Exited Positions (18)

XOM Exxon Mobil Corp. 2.5%

Value $254M Shares 1,499,613 Est. Cost $64.43 Unrealized —

HON Honeywell International Inc. 0.5%

Value $48.26M Shares 213,520 Est. Cost $221.76 Unrealized —

EEM iShares MSCI Emerging Markets 0.0%

Value $1.176M Shares 20,700 Est. Cost $53.40 Unrealized —

DD DuPont De Nemours Inc. 0.0%

Value $1.067M Shares 23,290 Est. Cost $29.73 Unrealized —

FIS Fidelity National Information 0.0%

Value $1.063M Shares 22,665 Est. Cost $67.37 Unrealized —

ACWX iShares MSCI ACWI ex US ETF 0.0%

Value $945K Shares 13,806 Est. Cost $65.77 Unrealized —

CTRA Coterra Energy Inc. 0.0%

Value $507K Shares 14,441 Est. Cost $19.11 Unrealized —

GLDD Great Lakes Dredge & Dock Corp 0.0%

Value $492K Shares 28,963 Est. Cost $6.72 Unrealized —

WOOD iShares Global Timber & Forest 0.0%

Value $385K Shares 5,430 Est. Cost $72.01 Unrealized —

PSIX Power Solutions International 0.0%

Value $371K Shares 6,090 Est. Cost $78.59 Unrealized —

WY Weyerhaeuser Co. 0.0%

Value $350K Shares 14,317 Est. Cost $28.08 Unrealized —

ILF iShares S&P Latin America 40 E 0.0%

Value $324K Shares 9,108 Est. Cost $35.52 Unrealized —

WAT Waters Corp. 0.0%

Value $304K Shares 1,020 Est. Cost $367.10 Unrealized —

SM SM Energy Co. 0.0%

Value $256K Shares 8,206 Est. Cost $19.89 Unrealized —

DIA SPDR Dow Jones Industrial Aver 0.0%

Value $241K Shares 520 Est. Cost $463.19 Unrealized —

NOC Northrop Grumman Corp. 0.0%

Value $228K Shares 334 Est. Cost $673.66 Unrealized —

RYN Rayonier Inc. 0.0%

Value $222K Shares 10,776 Est. Cost $20.62 Unrealized —

SUZ Suzano SA (ADR) 0.0%

Value $215K Shares 21,440 Est. Cost $10.01 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
XOM	Exxon Mobil Corp.	1,499,613	$254M	2.5%	$64.43	—	—	30231G102
HON	Honeywell International Inc.	213,520	$48.26M	0.5%	$221.76	—	—	438516106
EEM	iShares MSCI Emerging Markets	20,700	$1.176M	0.0%	$53.40	—	—	464287234
DD	DuPont De Nemours Inc.	23,290	$1.067M	0.0%	$29.73	—	—	26614N102
FIS	Fidelity National Information	22,665	$1.063M	0.0%	$67.37	—	—	31620M106
ACWX	iShares MSCI ACWI ex US ETF	13,806	$945K	0.0%	$65.77	—	—	464288240
CTRA	Coterra Energy Inc.	14,441	$507K	0.0%	$19.11	—	—	127097103
GLDD	Great Lakes Dredge & Dock Corp	28,963	$492K	0.0%	$6.72	—	—	390607109
WOOD	iShares Global Timber & Forest	5,430	$385K	0.0%	$72.01	—	—	464288174
PSIX	Power Solutions International	6,090	$371K	0.0%	$78.59	—	—	73933G202
WY	Weyerhaeuser Co.	14,317	$350K	0.0%	$28.08	—	—	962166104
ILF	iShares S&P Latin America 40 E	9,108	$324K	0.0%	$35.52	—	—	464287390
WAT	Waters Corp.	1,020	$304K	0.0%	$367.10	—	—	941848103
SM	SM Energy Co.	8,206	$256K	0.0%	$19.89	—	—	78454L100
DIA	SPDR Dow Jones Industrial Aver	520	$241K	0.0%	$463.19	—	—	78467X109
NOC	Northrop Grumman Corp.	334	$228K	0.0%	$673.66	—	—	666807102
RYN	Rayonier Inc.	10,776	$222K	0.0%	$20.62	—	—	754907103
SUZ	Suzano SA (ADR)	21,440	$215K	0.0%	$10.01	—	—	86959K105

Decreased Positions (82)

CMCSA Comcast Corp. (Cl A) 1.3%

Value $130M (-36.8%) Shares 5,287,200 (-26.1%) Est. Cost $34.04 Unrealized —

DOW Dow Inc 0.4%

Value $45.44M (-57.4%) Shares 1,660,870 (-35.2%) Est. Cost $39.65 Unrealized —

MS Morgan Stanley 2.9%

Value $295M (+25.2%) Shares 1,413,521 (-1.4%) Est. Cost $68.84 Unrealized —

COP ConocoPhillips 1.8%

Value $182M (-22.9%) Shares 1,748,628 (-2.1%) Est. Cost $77.18 Unrealized —

BIL State Street SPDR Bloomberg 1- 0.0%

Value $2.025M (-96.2%) Shares 22,099 (-96.2%) Est. Cost $91.64 Unrealized —

BCE BCE Inc. 1.1%

Value $107M (-28.9%) Shares 4,975,496 (-16.6%) Est. Cost $25.90 Unrealized —

CVX Chevron Corp. 1.4%

Value $142M (-21.4%) Shares 859,592 (-1.9%) Est. Cost $106.48 Unrealized —

DOC Healthpeak Properties Inc 2.1%

Value $209M (+15.8%) Shares 9,768,642 (-11.1%) Est. Cost $19.64 Unrealized —

MDT Medtronic PLC 2.0%

Value $203M (-11.1%) Shares 2,591,898 (-1.5%) Est. Cost $78.04 Unrealized —

JCI Johnson Controls International 2.4%

Value $244M (+10.3%) Shares 1,671,438 (-1.1%) Est. Cost $59.80 Unrealized —

TSM Taiwan Semiconductor Manufacturing (ADR) 0.8%

Value $85.86M (+32.6%) Shares 179,777 (-6.2%) Est. Cost $139.32 Unrealized —

CCI Crown Castle Inc. 0.8%

Value $77.73M (-19.6%) Shares 1,026,370 (-13.6%) Est. Cost $91.62 Unrealized —

C Citigroup Inc. 2.7%

Value $270M (+7.3%) Shares 1,929,255 (-13.0%) Est. Cost $54.74 Unrealized —

CSCO Cisco Systems Inc. 3.0%

Value $300M (+6.2%) Shares 2,557,662 (-29.8%) Est. Cost $42.38 Unrealized —

PFE Pfizer Inc. 0.6%

Value $58.93M (-22.1%) Shares 2,447,200 (-9.1%) Est. Cost $26.98 Unrealized —

EWY iShares MSCI South Korea ETF 0.4%

Value $40.72M (+46.1%) Shares 201,699 (-11.0%) Est. Cost $71.98 Unrealized —

MRK Merck & Co. Inc. 2.5%

Value $259M (+3.9%) Shares 2,016,795 (-2.7%) Est. Cost $79.87 Unrealized —

MO Altria Group Inc. 1.6%

Value $166M (+6.2%) Shares 2,311,947 (-2.6%) Est. Cost $34.43 Unrealized —

TIGO Millicom Intl Cellular 0.7%

Value $71.26M (+14.9%) Shares 785,131 (-5.1%) Est. Cost $47.55 Unrealized —

KDP Keurig Dr Pepper Inc 0.5%

Value $55.66M (+19.8%) Shares 1,700,621 (-3.6%) Est. Cost $30.97 Unrealized —

TGT Target Corp. 1.4%

Value $146M (+6.1%) Shares 1,116,467 (-1.6%) Est. Cost $131.06 Unrealized —

EOG EOG Resources Inc. 0.6%

Value $62.27M (-11.7%) Shares 479,999 (-1.6%) Est. Cost $104.61 Unrealized —

ASX ASE Technology Holding Company (ADR) 0.9%

Value $94.34M (+8.5%) Shares 2,090,788 (-47.9%) Est. Cost $9.25 Unrealized —

JNJ Johnson & Johnson 2.7%

Value $279M (+2.4%) Shares 1,099,077 (-1.4%) Est. Cost $138.53 Unrealized —

AMAT Applied Materials Inc. 0.1%

Value $11.89M (+84.3%) Shares 16,439 (-12.9%) Est. Cost $127.18 Unrealized —

BAC Bank of America Corp. 2.4%

Value $247M (-1.9%) Shares 4,335,818 (-16.1%) Est. Cost $31.22 Unrealized —

PPG PPG Industries Inc. 0.4%

Value $45.32M (+10.6%) Shares 373,663 (-2.5%) Est. Cost $106.34 Unrealized —

PPL PPL Corp. 0.5%

Value $54.61M (-7.3%) Shares 1,502,353 (-2.5%) Est. Cost $24.88 Unrealized —

IBN ICICI Bank Ltd. (ADR) 0.3%

Value $30.49M (-8.8%) Shares 1,050,299 (-18.6%) Est. Cost $23.09 Unrealized —

EFV iShares MSCI EAFE Value ETF 0.0%

Value $2.916M (-50.1%) Shares 38,095 (-51.6%) Est. Cost $67.83 Unrealized —

CCEP Coca Cola Euro Pacific Partner 0.3%

Value $30.52M (-7.7%) Shares 304,979 (-16.3%) Est. Cost $63.16 Unrealized —

FHN First Horizon Corp. 0.5%

Value $46.97M (+5.0%) Shares 1,831,996 (-6.8%) Est. Cost $21.92 Unrealized —

IWD iShares Russell 1000 Value ETF 0.0%

Value $485K (-77.4%) Shares 2,000 (-80.1%) Est. Cost $209.98 Unrealized —

ARW Arrow Electronics Inc. 0.0%

Value $4.477M (+46.3%) Shares 20,980 (-1.7%) Est. Cost $101.26 Unrealized —

XLRE State Street Real Estate Selec 0.0%

Value $601K (-66.5%) Shares 13,645 (-69.0%) Est. Cost $40.36 Unrealized —

INDA iShares MSCI India ETF 0.0%

Value $316K (-76.2%) Shares 6,408 (-77.4%) Est. Cost $43.17 Unrealized —

GPC Genuine Parts Co. 1.6%

Value $166M (+0.6%) Shares 1,411,008 (-9.8%) Est. Cost $116.66 Unrealized —

LAUR Laureate Education Inc. 0.0%

Value $593K (-62.1%) Shares 16,320 (-63.7%) Est. Cost $15.28 Unrealized —

ET Energy Transfer LP 0.0%

Value $3.12M (-23.0%) Shares 163,181 (-22.3%) Est. Cost $13.47 Unrealized —

ETN Eaton Corp. PLC 0.1%

Value $6.109M (+17.6%) Shares 14,337 (-1.3%) Est. Cost $182.83 Unrealized —

MU Micron Technology Inc. 0.0%

Value $2.566M (+55.1%) Shares 2,223 (-54.6%) Est. Cost $100.55 Unrealized —

EPD Enterprise Products Partners L 0.0%

Value $2.944M (-22.1%) Shares 80,089 (-19.8%) Est. Cost $28.84 Unrealized —

WMT Walmart Inc. 0.0%

Value $4.381M (-15.1%) Shares 38,704 (-6.8%) Est. Cost $51.39 Unrealized —

EPI WisdomTree India Earnings Fund 0.0%

Value $3.996M (-14.2%) Shares 93,411 (-18.2%) Est. Cost $42.65 Unrealized —

VAC Marriot Vacations Worldwide Co 0.0%

Value $1.311M (+52.2%) Shares 12,870 (-2.7%) Est. Cost $81.69 Unrealized —

WTRG Essential Utilites Inc. 0.0%

Value $728K (-32.8%) Shares 19,014 (-29.3%) Est. Cost $37.66 Unrealized —

XLI State Street Industrial Select 0.0%

Value $549K (-31.2%) Shares 2,964 (-39.9%) Est. Cost $154.85 Unrealized —

XLK State Street Technology Select 0.0%

Value $987K (+32.4%) Shares 5,179 (-7.6%) Est. Cost $137.11 Unrealized —

MCD McDonald's Corp. 0.0%

Value $1.118M (-17.6%) Shares 4,137 (-5.2%) Est. Cost $201.37 Unrealized —

TREE LendingTree Inc. 0.0%

Value $624K (-27.0%) Shares 14,088 (-29.4%) Est. Cost $27.58 Unrealized —

AWK American Water Works Company I 0.0%

Value $562K (-22.7%) Shares 4,268 (-20.0%) Est. Cost $127.46 Unrealized —

DOUG Douglas Elliman Inc. 0.0%

Value $547K (-19.2%) Shares 309,289 (-25.2%) Est. Cost $1.99 Unrealized —

KWR Quaker Chemical Corp. 0.0%

Value $628K (+23.7%) Shares 3,955 (-3.3%) Est. Cost $132.76 Unrealized —

HUN Huntsman Corp. 0.0%

Value $393K (-22.8%) Shares 37,023 (-3.3%) Est. Cost $11.04 Unrealized —

HIW Highwoods Properties Inc. 0.0%

Value $399K (+36.3%) Shares 13,217 (-3.3%) Est. Cost $28.50 Unrealized —

VNOM Viper Energy Inc 0.0%

Value $229K (-31.4%) Shares 5,399 (-24.0%) Est. Cost $40.01 Unrealized —

ABCB Ameris Bancorp 0.0%

Value $825K (+14.4%) Shares 9,142 (-1.2%) Est. Cost $44.79 Unrealized —

HTO H2O America 0.0%

Value $569K (-15.4%) Shares 9,359 (-18.3%) Est. Cost $51.82 Unrealized —

VMI Valmont Industries Inc. 0.0%

Value $358K (+39.2%) Shares 619 (-3.7%) Est. Cost $240.88 Unrealized —

SJM The JM Smucker Co. 0.0%

Value $2.316M (+4.5%) Shares 20,587 (-10.4%) Est. Cost $113.90 Unrealized —

FIBK First Interstate Bancsystem In 0.0%

Value $701K (+14.1%) Shares 18,177 (-1.2%) Est. Cost $27.21 Unrealized —

XYL Xylem Inc. 0.0%

Value $965K (-7.9%) Shares 8,167 (-6.9%) Est. Cost $122.74 Unrealized —

XLF State Street Financial Select 0.0%

Value $284K (-20.4%) Shares 5,296 (-26.7%) Est. Cost $54.77 Unrealized —

WSBC WesBanco Inc. 0.0%

Value $705K (+11.1%) Shares 18,055 (-1.8%) Est. Cost $33.39 Unrealized —

SFNC Simons First National Corp. 0.0%

Value $568K (+14.0%) Shares 25,070 (-2.1%) Est. Cost $20.66 Unrealized —

MHO M/I Homes Inc. 0.0%

Value $658K (-8.7%) Shares 4,095 (-30.5%) Est. Cost $138.31 Unrealized —

ADM Archer-Daniels-Midland Co. 0.0%

Value $1.653M (+3.9%) Shares 21,630 (-1.1%) Est. Cost $55.51 Unrealized —

EFSC Enterprise Financial Services 0.0%

Value $383K (+17.8%) Shares 5,821 (-3.3%) Est. Cost $45.28 Unrealized —

POOL Pool Corp. 0.0%

Value $603K (-8.0%) Shares 2,804 (-13.3%) Est. Cost $256.52 Unrealized —

BWA BorgWarner Inc. 0.0%

Value $4.937M (+0.8%) Shares 74,351 (-17.6%) Est. Cost $36.44 Unrealized —

AXIA/PC Axia Energia Preferred C (ADR) 0.0%

Value $822K (-4.4%) Shares 77,893 (-1.1%) Est. Cost $8.62 Unrealized —

SSB SouthState Bank Corp. 0.0%

Value $600K (+6.2%) Shares 6,007 (-1.7%) Est. Cost $85.95 Unrealized —

WTTR Select Water Solutions Inc. 0.0%

Value $498K (-6.2%) Shares 24,901 (-28.2%) Est. Cost $8.26 Unrealized —

CRI Carter's Inc. 0.0%

Value $258K (+12.2%) Shares 6,274 (-2.5%) Est. Cost $31.07 Unrealized —

PG The Procter & Gamble Co. 0.0%

Value $487K (-5.1%) Shares 3,323 (-6.6%) Est. Cost $122.36 Unrealized —

CP Canadian Pacific Kansas City L 0.0%

Value $404K (+4.8%) Shares 4,666 (-4.9%) Est. Cost $75.65 Unrealized —

JBSS John B. Sanfilippo & Son Inc. 0.0%

Value $297K (+4.9%) Shares 3,450 (-3.2%) Est. Cost $67.96 Unrealized —

CUZ Cousins Properties Inc. 0.0%

Value $519K (-1.6%) Shares 17,304 (-25.9%) Est. Cost $26.32 Unrealized —

NMRK Newmark Group Inc. 0.0%

Value $248K (-2.4%) Shares 16,394 (-3.2%) Est. Cost $11.13 Unrealized —

BDC Belden Inc. 0.0%

Value $408K (+1.0%) Shares 3,401 (-3.3%) Est. Cost $128.68 Unrealized —

AVNT Avient Corp. 0.0%

Value $1.013M (-0.2%) Shares 27,416 (-1.9%) Est. Cost $33.10 Unrealized —

ECL Ecolab Inc. 0.0%

Value $257K (+0.1%) Shares 924 (-4.4%) Est. Cost $217.29 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
CMCSA	Comcast Corp. (Cl A)	5,287,200 (-26.1%)	$130M (-36.8%)	1.3%	$34.04	—	COM	20030N101
DOW	Dow Inc	1,660,870 (-35.2%)	$45.44M (-57.4%)	0.4%	$39.65	—	COM	260557103
MS	Morgan Stanley	1,413,521 (-1.4%)	$295M (+25.2%)	2.9%	$68.84	—	COM	617446448
COP	ConocoPhillips	1,748,628 (-2.1%)	$182M (-22.9%)	1.8%	$77.18	—	COM	20825C104
BIL	State Street SPDR Bloomberg 1-	22,099 (-96.2%)	$2.025M (-96.2%)	0.0%	$91.64	—	COM	78468R663
BCE	BCE Inc.	4,975,496 (-16.6%)	$107M (-28.9%)	1.1%	$25.90	—	COM	05534B760
CVX	Chevron Corp.	859,592 (-1.9%)	$142M (-21.4%)	1.4%	$106.48	—	COM	166764100
DOC	Healthpeak Properties Inc	9,768,642 (-11.1%)	$209M (+15.8%)	2.1%	$19.64	—	COM	42250P103
MDT	Medtronic PLC	2,591,898 (-1.5%)	$203M (-11.1%)	2.0%	$78.04	—	COM	G5960L103
JCI	Johnson Controls International	1,671,438 (-1.1%)	$244M (+10.3%)	2.4%	$59.80	—	COM	G51502105
TSM	Taiwan Semiconductor Manufacturing (ADR)	179,777 (-6.2%)	$85.86M (+32.6%)	0.8%	$139.32	—	ADR	874039100
CCI	Crown Castle Inc.	1,026,370 (-13.6%)	$77.73M (-19.6%)	0.8%	$91.62	—	COM	22822V101
C	Citigroup Inc.	1,929,255 (-13.0%)	$270M (+7.3%)	2.7%	$54.74	—	COM	172967424
CSCO	Cisco Systems Inc.	2,557,662 (-29.8%)	$300M (+6.2%)	3.0%	$42.38	—	COM	17275R102
PFE	Pfizer Inc.	2,447,200 (-9.1%)	$58.93M (-22.1%)	0.6%	$26.98	—	COM	717081103
EWY	iShares MSCI South Korea ETF	201,699 (-11.0%)	$40.72M (+46.1%)	0.4%	$71.98	—	COM	464286772
MRK	Merck & Co. Inc.	2,016,795 (-2.7%)	$259M (+3.9%)	2.5%	$79.87	—	COM	58933Y105
MO	Altria Group Inc.	2,311,947 (-2.6%)	$166M (+6.2%)	1.6%	$34.43	—	COM	02209S103
TIGO	Millicom Intl Cellular	785,131 (-5.1%)	$71.26M (+14.9%)	0.7%	$47.55	—	COM	L6388F110
KDP	Keurig Dr Pepper Inc	1,700,621 (-3.6%)	$55.66M (+19.8%)	0.5%	$30.97	—	COM	49271V100
TGT	Target Corp.	1,116,467 (-1.6%)	$146M (+6.1%)	1.4%	$131.06	—	COM	87612E106
EOG	EOG Resources Inc.	479,999 (-1.6%)	$62.27M (-11.7%)	0.6%	$104.61	—	COM	26875P101
ASX	ASE Technology Holding Company (ADR)	2,090,788 (-47.9%)	$94.34M (+8.5%)	0.9%	$9.25	—	ADR	00215W100
JNJ	Johnson & Johnson	1,099,077 (-1.4%)	$279M (+2.4%)	2.7%	$138.53	—	COM	478160104
AMAT	Applied Materials Inc.	16,439 (-12.9%)	$11.89M (+84.3%)	0.1%	$127.18	—	COM	038222105
BAC	Bank of America Corp.	4,335,818 (-16.1%)	$247M (-1.9%)	2.4%	$31.22	—	COM	060505104
PPG	PPG Industries Inc.	373,663 (-2.5%)	$45.32M (+10.6%)	0.4%	$106.34	—	COM	693506107
PPL	PPL Corp.	1,502,353 (-2.5%)	$54.61M (-7.3%)	0.5%	$24.88	—	COM	69351T106
IBN	ICICI Bank Ltd. (ADR)	1,050,299 (-18.6%)	$30.49M (-8.8%)	0.3%	$23.09	—	ADR	45104G104
EFV	iShares MSCI EAFE Value ETF	38,095 (-51.6%)	$2.916M (-50.1%)	0.0%	$67.83	—	COM	464288877
CCEP	Coca Cola Euro Pacific Partner	304,979 (-16.3%)	$30.52M (-7.7%)	0.3%	$63.16	—	COM	G25839104
FHN	First Horizon Corp.	1,831,996 (-6.8%)	$46.97M (+5.0%)	0.5%	$21.92	—	COM	320517105
IWD	iShares Russell 1000 Value ETF	2,000 (-80.1%)	$485K (-77.4%)	0.0%	$209.98	—	COM	464287598
ARW	Arrow Electronics Inc.	20,980 (-1.7%)	$4.477M (+46.3%)	0.0%	$101.26	—	COM	042735100
XLRE	State Street Real Estate Selec	13,645 (-69.0%)	$601K (-66.5%)	0.0%	$40.36	—	COM	81369Y860
INDA	iShares MSCI India ETF	6,408 (-77.4%)	$316K (-76.2%)	0.0%	$43.17	—	COM	46429B598
GPC	Genuine Parts Co.	1,411,008 (-9.8%)	$166M (+0.6%)	1.6%	$116.66	—	COM	372460105
LAUR	Laureate Education Inc.	16,320 (-63.7%)	$593K (-62.1%)	0.0%	$15.28	—	COM	518613203
ET	Energy Transfer LP	163,181 (-22.3%)	$3.12M (-23.0%)	0.0%	$13.47	—	COM	29273V100
ETN	Eaton Corp. PLC	14,337 (-1.3%)	$6.109M (+17.6%)	0.1%	$182.83	—	COM	G29183103
MU	Micron Technology Inc.	2,223 (-54.6%)	$2.566M (+55.1%)	0.0%	$100.55	—	COM	595112103
EPD	Enterprise Products Partners L	80,089 (-19.8%)	$2.944M (-22.1%)	0.0%	$28.84	—	COM	293792107
WMT	Walmart Inc.	38,704 (-6.8%)	$4.381M (-15.1%)	0.0%	$51.39	—	COM	931142103
EPI	WisdomTree India Earnings Fund	93,411 (-18.2%)	$3.996M (-14.2%)	0.0%	$42.65	—	COM	97717W422
VAC	Marriot Vacations Worldwide Co	12,870 (-2.7%)	$1.311M (+52.2%)	0.0%	$81.69	—	COM	57164Y107
WTRG	Essential Utilites Inc.	19,014 (-29.3%)	$728K (-32.8%)	0.0%	$37.66	—	COM	29670G102
XLI	State Street Industrial Select	2,964 (-39.9%)	$549K (-31.2%)	0.0%	$154.85	—	COM	81369Y704
XLK	State Street Technology Select	5,179 (-7.6%)	$987K (+32.4%)	0.0%	$137.11	—	COM	81369Y803
MCD	McDonald's Corp.	4,137 (-5.2%)	$1.118M (-17.6%)	0.0%	$201.37	—	COM	580135101
TREE	LendingTree Inc.	14,088 (-29.4%)	$624K (-27.0%)	0.0%	$27.58	—	COM	52603B107
AWK	American Water Works Company I	4,268 (-20.0%)	$562K (-22.7%)	0.0%	$127.46	—	COM	030420103
DOUG	Douglas Elliman Inc.	309,289 (-25.2%)	$547K (-19.2%)	0.0%	$1.99	—	COM	25961D105
KWR	Quaker Chemical Corp.	3,955 (-3.3%)	$628K (+23.7%)	0.0%	$132.76	—	COM	747316107
HUN	Huntsman Corp.	37,023 (-3.3%)	$393K (-22.8%)	0.0%	$11.04	—	COM	447011107
HIW	Highwoods Properties Inc.	13,217 (-3.3%)	$399K (+36.3%)	0.0%	$28.50	—	COM	431284108
VNOM	Viper Energy Inc	5,399 (-24.0%)	$229K (-31.4%)	0.0%	$40.01	—	COM	64361Q101
ABCB	Ameris Bancorp	9,142 (-1.2%)	$825K (+14.4%)	0.0%	$44.79	—	COM	03076K108
HTO	H2O America	9,359 (-18.3%)	$569K (-15.4%)	0.0%	$51.82	—	COM	784305104
VMI	Valmont Industries Inc.	619 (-3.7%)	$358K (+39.2%)	0.0%	$240.88	—	COM	920253101
SJM	The JM Smucker Co.	20,587 (-10.4%)	$2.316M (+4.5%)	0.0%	$113.90	—	COM	832696405
FIBK	First Interstate Bancsystem In	18,177 (-1.2%)	$701K (+14.1%)	0.0%	$27.21	—	COM	32055Y201
XYL	Xylem Inc.	8,167 (-6.9%)	$965K (-7.9%)	0.0%	$122.74	—	COM	98419M100
XLF	State Street Financial Select	5,296 (-26.7%)	$284K (-20.4%)	0.0%	$54.77	—	COM	81369Y605
WSBC	WesBanco Inc.	18,055 (-1.8%)	$705K (+11.1%)	0.0%	$33.39	—	COM	950810101
SFNC	Simons First National Corp.	25,070 (-2.1%)	$568K (+14.0%)	0.0%	$20.66	—	COM	828730200
MHO	M/I Homes Inc.	4,095 (-30.5%)	$658K (-8.7%)	0.0%	$138.31	—	COM	55305B101
ADM	Archer-Daniels-Midland Co.	21,630 (-1.1%)	$1.653M (+3.9%)	0.0%	$55.51	—	COM	039483102
EFSC	Enterprise Financial Services	5,821 (-3.3%)	$383K (+17.8%)	0.0%	$45.28	—	COM	293712105
POOL	Pool Corp.	2,804 (-13.3%)	$603K (-8.0%)	0.0%	$256.52	—	COM	73278L105
BWA	BorgWarner Inc.	74,351 (-17.6%)	$4.937M (+0.8%)	0.0%	$36.44	—	COM	099724106
AXIA/PC	Axia Energia Preferred C (ADR)	77,893 (-1.1%)	$822K (-4.4%)	0.0%	$8.62	—	ADR	15236F100
SSB	SouthState Bank Corp.	6,007 (-1.7%)	$600K (+6.2%)	0.0%	$85.95	—	COM	84472E102
WTTR	Select Water Solutions Inc.	24,901 (-28.2%)	$498K (-6.2%)	0.0%	$8.26	—	COM	81617J301
CRI	Carter's Inc.	6,274 (-2.5%)	$258K (+12.2%)	0.0%	$31.07	—	COM	146229109
PG	The Procter & Gamble Co.	3,323 (-6.6%)	$487K (-5.1%)	0.0%	$122.36	—	COM	742718109
CP	Canadian Pacific Kansas City L	4,666 (-4.9%)	$404K (+4.8%)	0.0%	$75.65	—	COM	13646K108
JBSS	John B. Sanfilippo & Son Inc.	3,450 (-3.2%)	$297K (+4.9%)	0.0%	$67.96	—	COM	800422107
CUZ	Cousins Properties Inc.	17,304 (-25.9%)	$519K (-1.6%)	0.0%	$26.32	—	COM	222795502
NMRK	Newmark Group Inc.	16,394 (-3.2%)	$248K (-2.4%)	0.0%	$11.13	—	COM	65158N102
BDC	Belden Inc.	3,401 (-3.3%)	$408K (+1.0%)	0.0%	$128.68	—	COM	077454106
AVNT	Avient Corp.	27,416 (-1.9%)	$1.013M (-0.2%)	0.0%	$33.10	—	COM	05368V106
ECL	Ecolab Inc.	924 (-4.4%)	$257K (+0.1%)	0.0%	$217.29	—	COM	278865100

Unchanged Positions (44)

UNH UnitedHealth Group Inc. 1.9%

Value $198M Shares 475,519 Est. Cost $309.61 Unrealized —

T AT&T Inc. 1.2%

Value $118M Shares 5,722,075 Est. Cost $17.74 Unrealized —

AVGO Broadcom Ltd. 2.0%

Value $201M Shares 532,119 Est. Cost $147.47 Unrealized —

JPM JP Morgan Chase & Co. 2.6%

Value $265M Shares 810,780 Est. Cost $123.53 Unrealized —

PM Philip Morris International In 2.1%

Value $217M Shares 1,197,637 Est. Cost $75.46 Unrealized —

TFC Truist Financial Corp 2.2%

Value $223M Shares 4,473,955 Est. Cost $37.99 Unrealized —

TRV The Travelers Companies Inc. 1.6%

Value $159M Shares 480,235 Est. Cost $144.24 Unrealized —

NEE NextEra Energy Inc. 2.1%

Value $212M Shares 2,418,915 Est. Cost $61.72 Unrealized —

CB Chubb Ltd. 2.3%

Value $230M Shares 674,693 Est. Cost $211.39 Unrealized —

GD General Dynamics Corp. 2.4%

Value $239M Shares 675,358 Est. Cost $192.58 Unrealized —

NVS Novartis AG (ADR) 3.1%

Value $319M Shares 2,033,040 Est. Cost $90.60 Unrealized —

PNC The PNC Financial Services Gro 0.4%

Value $44.64M Shares 181,298 Est. Cost $180.96 Unrealized —

DUK Duke Energy Corp. 2.4%

Value $245M Shares 1,933,412 Est. Cost $82.17 Unrealized —

UNP Union Pacific Corp. 0.4%

Value $41.44M Shares 152,353 Est. Cost $225.94 Unrealized —

RTX RTX Corp 2.1%

Value $218M Shares 1,151,388 Est. Cost $80.29 Unrealized —

AXTA Axalta Coating Systems Ltd. 0.0%

Value $3.339M Shares 97,586 Est. Cost $29.29 Unrealized —

ALL The Allstate Corp. 0.0%

Value $4.033M Shares 16,951 Est. Cost $110.73 Unrealized —

GOOGL Alphabet Inc. 0.0%

Value $2.374M Shares 6,643 Est. Cost $194.34 Unrealized —

SPG Simon Property Group Inc. 0.0%

Value $2.196M Shares 9,821 Est. Cost $122.81 Unrealized —

ST Sensata Technologies Holding P 0.0%

Value $1.415M Shares 29,638 Est. Cost $42.56 Unrealized —

PKG Packaging Corp. of America 0.0%

Value $2.785M Shares 11,686 Est. Cost $125.06 Unrealized —

AIG American International Group I 0.4%

Value $42.78M Shares 573,977 Est. Cost $79.23 Unrealized —

CVS CVS Health Corp. 0.0%

Value $491K Shares 4,745 Est. Cost $67.82 Unrealized —

PEP PepsiCo Inc. 0.0%

Value $843K Shares 6,224 Est. Cost $128.06 Unrealized —

RJF Raymond James Financial Inc. 0.0%

Value $2.564M Shares 16,866 Est. Cost $132.79 Unrealized —

CI The Cigna Group 0.0%

Value $3.974M Shares 14,417 Est. Cost $257.20 Unrealized —

PNR Pentair PLC 0.0%

Value $752K Shares 9,810 Est. Cost $87.95 Unrealized —

AAPL Apple Inc. 0.0%

Value $764K Shares 2,640 Est. Cost $133.79 Unrealized —

AWR American States Water Co. 0.0%

Value $816K Shares 9,878 Est. Cost $74.61 Unrealized —

NOK Nokia OYJ (ADR) 0.0%

Value $160K Shares 12,060 Est. Cost $8.04 Unrealized —

SOLS Solstice Advanced Materials In 0.0%

Value $400K Shares 4,516 Est. Cost $47.08 Unrealized —

WPC WP Carey Inc. 0.0%

Value $988K Shares 13,817 Est. Cost $63.95 Unrealized —

KO The Coca-Cola Co. 0.0%

Value $722K Shares 8,879 Est. Cost $51.79 Unrealized —

CWT California Water Service Group 0.0%

Value $635K Shares 13,060 Est. Cost $44.82 Unrealized —

CWCO Consolidated Water Company Ltd 0.0%

Value $294K Shares 9,952 Est. Cost $27.74 Unrealized —

D Dominion Energy Inc. 0.0%

Value $365K Shares 5,346 Est. Cost $58.49 Unrealized —

GWRS Global Water Resources Inc. 0.0%

Value $242K Shares 33,471 Est. Cost $10.42 Unrealized —

POR Portland General Electric Co. 0.0%

Value $395K Shares 7,612 Est. Cost $37.45 Unrealized —

PLD Prologis Inc. 0.0%

Value $396K Shares 2,920 Est. Cost $111.87 Unrealized —

LNN Lindsay Corp. 0.0%

Value $228K Shares 1,845 Est. Cost $114.95 Unrealized —

EPRT Essential Properties Realty Tr 0.0%

Value $213K Shares 7,120 Est. Cost $29.76 Unrealized —

VLTO Veralto Corp. 0.0%

Value $935K Shares 10,547 Est. Cost $94.43 Unrealized —

PEG Public Service Enterprise Grou 0.0%

Value $726K Shares 8,948 Est. Cost $49.97 Unrealized —

ADC Agree Realty Corp. 0.0%

Value $223K Shares 2,950 Est. Cost $71.04 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
UNH	UnitedHealth Group Inc.	475,519	$198M	1.9%	$309.61	—	COM	91324P102
T	AT&T Inc.	5,722,075	$118M	1.2%	$17.74	—	COM	00206R102
AVGO	Broadcom Ltd.	532,119	$201M	2.0%	$147.47	—	COM	11135F101
JPM	JP Morgan Chase & Co.	810,780	$265M	2.6%	$123.53	—	COM	46625H100
PM	Philip Morris International In	1,197,637	$217M	2.1%	$75.46	—	COM	718172109
TFC	Truist Financial Corp	4,473,955	$223M	2.2%	$37.99	—	COM	89832Q109
TRV	The Travelers Companies Inc.	480,235	$159M	1.6%	$144.24	—	COM	89417E109
NEE	NextEra Energy Inc.	2,418,915	$212M	2.1%	$61.72	—	COM	65339F101
CB	Chubb Ltd.	674,693	$230M	2.3%	$211.39	—	COM	H1467J104
GD	General Dynamics Corp.	675,358	$239M	2.4%	$192.58	—	COM	369550108
NVS	Novartis AG (ADR)	2,033,040	$319M	3.1%	$90.60	—	ADR	66987V109
PNC	The PNC Financial Services Gro	181,298	$44.64M	0.4%	$180.96	—	COM	693475105
DUK	Duke Energy Corp.	1,933,412	$245M	2.4%	$82.17	—	COM	26441C204
UNP	Union Pacific Corp.	152,353	$41.44M	0.4%	$225.94	—	COM	907818108
RTX	RTX Corp	1,151,388	$218M	2.1%	$80.29	—	COM	75513E101
AXTA	Axalta Coating Systems Ltd.	97,586	$3.339M	0.0%	$29.29	—	COM	G0750C108
ALL	The Allstate Corp.	16,951	$4.033M	0.0%	$110.73	—	COM	020002101
GOOGL	Alphabet Inc.	6,643	$2.374M	0.0%	$194.34	—	COM	02079K305
SPG	Simon Property Group Inc.	9,821	$2.196M	0.0%	$122.81	—	COM	828806109
ST	Sensata Technologies Holding P	29,638	$1.415M	0.0%	$42.56	—	COM	G8060N102
PKG	Packaging Corp. of America	11,686	$2.785M	0.0%	$125.06	—	COM	695156109
AIG	American International Group I	573,977	$42.78M	0.4%	$79.23	—	COM	026874784
CVS	CVS Health Corp.	4,745	$491K	0.0%	$67.82	—	COM	126650100
PEP	PepsiCo Inc.	6,224	$843K	0.0%	$128.06	—	COM	713448108
RJF	Raymond James Financial Inc.	16,866	$2.564M	0.0%	$132.79	—	COM	754730109
CI	The Cigna Group	14,417	$3.974M	0.0%	$257.20	—	COM	125523100
PNR	Pentair PLC	9,810	$752K	0.0%	$87.95	—	COM	G7S00T104
AAPL	Apple Inc.	2,640	$764K	0.0%	$133.79	—	COM	037833100
AWR	American States Water Co.	9,878	$816K	0.0%	$74.61	—	COM	029899101
NOK	Nokia OYJ (ADR)	12,060	$160K	0.0%	$8.04	—	ADR	654902204
SOLS	Solstice Advanced Materials In	4,516	$400K	0.0%	$47.08	—	COM	83443Q103
WPC	WP Carey Inc.	13,817	$988K	0.0%	$63.95	—	COM	92936U109
KO	The Coca-Cola Co.	8,879	$722K	0.0%	$51.79	—	COM	191216100
CWT	California Water Service Group	13,060	$635K	0.0%	$44.82	—	COM	130788102
CWCO	Consolidated Water Company Ltd	9,952	$294K	0.0%	$27.74	—	COM	G23773107
D	Dominion Energy Inc.	5,346	$365K	0.0%	$58.49	—	COM	25746U109
GWRS	Global Water Resources Inc.	33,471	$242K	0.0%	$10.42	—	COM	379463102
POR	Portland General Electric Co.	7,612	$395K	0.0%	$37.45	—	COM	736508847
PLD	Prologis Inc.	2,920	$396K	0.0%	$111.87	—	COM	74340W103
LNN	Lindsay Corp.	1,845	$228K	0.0%	$114.95	—	COM	535555106
EPRT	Essential Properties Realty Tr	7,120	$213K	0.0%	$29.76	—	COM	29670E107
VLTO	Veralto Corp.	10,547	$935K	0.0%	$94.43	—	COM	92338C103
PEG	Public Service Enterprise Grou	8,948	$726K	0.0%	$49.97	—	COM	744573106
ADC	Agree Realty Corp.	2,950	$223K	0.0%	$71.04	—	COM	008492100