| BrandywineGLOBAL - Dynamic US Large Cap Value ETF | Country | Shares | Value | ||
| Common Stocks 98.6% | |||||
| Aerospace & Defense 4.9% | |||||
| Lockheed Martin Corp. | United States | 10,009 | $ 4,863,773 | ||
| Textron, Inc. | United States | 7,001 | 535,507 | ||
| 5,399,280 | |||||
| Air Freight & Logistics 1.0% | |||||
| Expeditors International of Washington, Inc. | United States | 10,052 | 1,113,460 | ||
| Automobile Components 0.1% | |||||
| BorgWarner, Inc. | United States | 3,126 | 99,376 | ||
| Automobiles 3.3% | |||||
| General Motors Co. | United States | 68,426 | 3,645,053 | ||
| Banks 0.7% | |||||
| Wells Fargo & Co. | United States | 11,181 | 785,353 | ||
| Beverages 0.3% | |||||
| Coca-Cola Consolidated, Inc. | United States | 271 | 341,457 | ||
| Biotechnology 0.6% | |||||
| Amgen, Inc. | United States | 2,637 | 687,308 | ||
| Broadline Retail 1.1% | |||||
| Dillard’s, Inc., Class A | United States | 168 | 72,533 | ||
| eBay, Inc. | United States | 18,175 | 1,125,941 | ||
| 1,198,474 | |||||
| Building Products 2.8% | |||||
| A.O. Smith Corp. | United States | 4,534 | 309,264 | ||
| a | Builders FirstSource, Inc. | United States | 12,116 | 1,731,740 | |
| Carlisle Cos., Inc. | United States | 2,790 | 1,029,064 | ||
| 3,070,068 | |||||
| Capital Markets 1.2% | |||||
| Affiliated Managers Group, Inc. | United States | 2,494 | 461,190 | ||
| Evercore, Inc., Class A | United States | 1,879 | 520,840 | ||
| T. Rowe Price Group, Inc. | United States | 3,176 | 359,174 | ||
| 1,341,204 | |||||
| Chemicals 2.8% | |||||
| Cabot Corp. | United States | 2,141 | 195,495 | ||
| CF Industries Holdings, Inc. | United States | 11,055 | 943,213 | ||
| Eastman Chemical Co. | United States | 3,598 | 328,569 | ||
| FMC Corp. | United States | 3,859 | 187,586 | ||
| LyondellBasell Industries NV, Class A | United States | 20,113 | 1,493,792 | ||
| 3,148,655 | |||||
| Construction & Engineering 0.0%† | |||||
| a | WillScot Holdings Corp. | United States | 1,103 | 36,895 | |
| Construction Materials 0.8% | |||||
| Eagle Materials, Inc. | United States | 851 | 209,993 | ||
| Martin Marietta Materials, Inc. | United States | 1,315 | 679,197 | ||
| 889,190 | |||||
| Consumer Finance 2.1% | |||||
| American Express Co. | United States | 6,066 | 1,800,328 | ||
| OneMain Holdings, Inc. | United States | 9,437 | 491,951 | ||
| 2,292,279 | |||||
| Consumer Staples Distribution & Retail 2.8% | |||||
| Sysco Corp. | United States | 6,901 | 527,650 | ||
| Target Corp. | United States | 6,572 | 888,403 |
| Walmart, Inc. | United States | 18,874 | 1,705,266 | ||
| 3,121,319 | |||||
| Containers & Packaging 0.4% | |||||
| Amcor PLC | United States | 20,982 | 197,441 | ||
| Graphic Packaging Holding Co. | United States | 7,507 | 203,890 | ||
| 401,331 | |||||
| Diversified Consumer Services 0.9% | |||||
| Service Corp. International | United States | 12,579 | 1,004,056 | ||
| Diversified Telecommunication Services 0.4% | |||||
| Verizon Communications, Inc. | United States | 11,703 | 468,003 | ||
| Electric Utilities 3.1% | |||||
| NextEra Energy, Inc. | United States | 17,745 | 1,272,139 | ||
| NRG Energy, Inc. | United States | 10,238 | 923,672 | ||
| Southern Co. | United States | 15,664 | 1,289,461 | ||
| 3,485,272 | |||||
| Electronic Equipment, Instruments & Components 2.3% | |||||
| a | Flex Ltd. | United States | 15,210 | 583,912 | |
| Jabil, Inc. | United States | 7,996 | 1,150,624 | ||
| TD SYNNEX Corp. | United States | 2,621 | 307,391 | ||
| a | Trimble, Inc. | United States | 6,741 | 476,319 | |
| 2,518,246 | |||||
| Energy Equipment & Services 0.1% | |||||
| ChampionX Corp. | United States | 3,581 | 97,367 | ||
| Entertainment 0.5% | |||||
| Walt Disney Co. | United States | 5,292 | 589,264 | ||
| Financial Services 4.4% | |||||
| a | Corpay, Inc. | United States | 1,896 | 641,644 | |
| Equitable Holdings, Inc. | United States | 14,847 | 700,333 | ||
| MGIC Investment Corp. | United States | 21,258 | 504,027 | ||
| a | PayPal Holdings, Inc. | United States | 32,329 | 2,759,280 | |
| a | WEX, Inc. | United States | 1,212 | 212,488 | |
| 4,817,772 | |||||
| Food Products 2.4% | |||||
| General Mills, Inc. | United States | 21,462 | 1,368,632 | ||
| Ingredion, Inc. | United States | 1,398 | 192,309 | ||
| Kraft Heinz Co. | United States | 36,477 | 1,120,208 | ||
| 2,681,149 | |||||
| Health Care Providers & Services 0.5% | |||||
| a | DaVita, Inc. | United States | 2,899 | 433,546 | |
| Universal Health Services, Inc., Class B | United States | 834 | 149,636 | ||
| 583,182 | |||||
| Hotels, Restaurants & Leisure 3.3% | |||||
| Boyd Gaming Corp. | United States | 2,908 | 210,946 | ||
| Darden Restaurants, Inc. | United States | 4,752 | 887,151 | ||
| a | Expedia Group, Inc. | United States | 4,997 | 931,091 | |
| Hyatt Hotels Corp., Class A | United States | 1,669 | 262,000 | ||
| a | MGM Resorts International | United States | 23,618 | 818,364 | |
| Wyndham Hotels & Resorts, Inc. | United States | 5,889 | 593,552 | ||
| 3,703,104 | |||||
| Household Durables 3.1% | |||||
| KB Home | United States | 4,997 | 328,403 | ||
| Lennar Corp., Class A | United States | 3,421 | 466,522 | ||
| a | NVR, Inc. | United States | 101 | 826,069 | |
| PulteGroup, Inc. | United States | 10,212 | 1,112,087 | ||
| Toll Brothers, Inc. | United States | 3,261 | 410,723 |
| a | TopBuild Corp. | United States | 910 | 283,319 | |
| 3,427,123 | |||||
| Household Products 1.1% | |||||
| Procter & Gamble Co. | United States | 6,496 | 1,089,054 | ||
| Reynolds Consumer Products, Inc. | United States | 3,008 | 81,186 | ||
| 1,170,240 | |||||
| Industrial Conglomerates 5.6% | |||||
| 3M Co. | United States | 16,869 | 2,177,619 | ||
| Honeywell International, Inc. | United States | 17,880 | 4,038,913 | ||
| 6,216,532 | |||||
| Insurance 1.2% | |||||
| Arch Capital Group Ltd. | United States | 5,393 | 498,044 | ||
| Old Republic International Corp. | United States | 20,095 | 727,238 | ||
| Primerica, Inc. | United States | 472 | 128,110 | ||
| 1,353,392 | |||||
| IT Services 4.7% | |||||
| International Business Machines Corp. | United States | 23,441 | 5,153,035 | ||
| Machinery 9.7% | |||||
| Caterpillar, Inc. | United States | 10,752 | 3,900,396 | ||
| CNH Industrial NV | United Kingdom | 18,100 | 205,073 | ||
| Deere & Co. | United States | 11,526 | 4,883,566 | ||
| PACCAR, Inc. | United States | 17,071 | 1,775,725 | ||
| 10,764,760 | |||||
| Media 5.5% | |||||
| Comcast Corp., Class A | United States | 121,973 | 4,577,647 | ||
| Fox Corp., Class A | United States | 13,194 | 640,964 | ||
| Interpublic Group of Cos., Inc. | United States | 27,561 | 772,259 | ||
| Omnicom Group, Inc. | United States | 540 | 46,462 | ||
| 6,037,332 | |||||
| Metals & Mining 2.1% | |||||
| Reliance, Inc. | United States | 3,623 | 975,529 | ||
| Steel Dynamics, Inc. | United States | 11,636 | 1,327,319 | ||
| 2,302,848 | |||||
| Multi-Utilities 0.6% | |||||
| Dominion Energy, Inc. | United States | 12,099 | 651,652 | ||
| Oil, Gas & Consumable Fuels 12.2% | |||||
| Antero Midstream Corp. | United States | 21,166 | 319,395 | ||
| Chevron Corp. | United States | 15,891 | 2,301,652 | ||
| ConocoPhillips | United States | 38,118 | 3,780,162 | ||
| EOG Resources, Inc. | United States | 4,525 | 554,675 | ||
| Marathon Petroleum Corp. | United States | 19,843 | 2,768,098 | ||
| Phillips 66 | United States | 6,303 | 718,101 | ||
| Targa Resources Corp. | United States | 2,149 | 383,597 | ||
| Valero Energy Corp. | United States | 10,170 | 1,246,740 | ||
| Williams Cos., Inc. | United States | 26,516 | 1,435,046 | ||
| 13,507,466 | |||||
| Paper & Forest Products 0.0%† | |||||
| a | Magnera Corp. | United States | 322 | 5,851 | |
| Pharmaceuticals 2.8% | |||||
| Bristol-Myers Squibb Co. | United States | 13,843 | 782,960 | ||
| Johnson & Johnson | United States | 11,644 | 1,683,955 | ||
| Merck & Co., Inc. | United States | 4,222 | 420,005 | ||
| Royalty Pharma PLC, Class A | United States | 6,370 | 162,499 | ||
| 3,049,419 |
| Professional Services 0.6% | |||||
| Robert Half, Inc. | United States | 4,070 | 286,772 | ||
| Science Applications International Corp. | United States | 2,983 | 333,440 | ||
| 620,212 | |||||
| Specialty Retail 1.9% | |||||
| a | AutoNation, Inc. | United States | 4,365 | 741,352 | |
| Best Buy Co., Inc. | United States | 3,076 | 263,921 | ||
| Dick’s Sporting Goods, Inc. | United States | 1,575 | 360,423 | ||
| Murphy USA, Inc. | United States | 783 | 392,870 | ||
| Williams-Sonoma, Inc. | United States | 1,753 | 324,620 | ||
| 2,083,186 | |||||
| Textiles, Apparel & Luxury Goods 0.6% | |||||
| PVH Corp. | United States | 2,502 | 264,587 | ||
| Ralph Lauren Corp. | United States | 1,989 | 459,419 | ||
| 724,006 | |||||
| Trading Companies & Distributors 0.5% | |||||
| Boise Cascade Co. | United States | 2,191 | 260,422 | ||
| a | Core & Main, Inc., Class A | United States | 6,252 | 318,290 | |
| 578,712 | |||||
| Wireless Telecommunication Services 3.6% | |||||
| T-Mobile U.S., Inc. | United States | 17,829 | 3,935,395 | ||
| Total Common Stocks (Cost $102,726,570) | 109,099,278 | ||||
| Total Investments before Short-Term Investments (Cost $102,726,570) | 109,099,278 | ||||
| Short-Term Investments 1.3% | |||||
| Money Market Funds 1.3% | |||||
| b | State Street Institutional U.S. Government Money Market Fund, 4.43% | United States | 1,425,686 | 1,425,686 | |
| Total Short-Term Investments (Cost $1,425,686) | 1,425,686 | ||||
| Total Investments (Cost $104,152,256) 99.9% | 110,524,964 | ||||
| Other Assets, less Liabilities 0.1% | 62,650 | ||||
| Net Assets 100.0% | $ 110,587,614 |
| †Rounds to less than 0.1% of net assets. |
| aNon-income producing. |
| bThe rate shown is the annualized seven-day effective yield at period end. |
| BrandywineGLOBAL - U.S. Fixed Income ETF | Country | Principal Amount* | Value | |||
| Corporate Bonds & Notes 3.8% | ||||||
| Aerospace & Defense 0.5% | ||||||
| Boeing Co., | ||||||
| 5.15%, 5/01/30 | United States | 30,000 | $ 29,601 | |||
| 3.20%, 3/01/29 | United States | 40,000 | 36,883 | |||
| 66,484 | ||||||
| Agriculture 0.2% | ||||||
| BAT Capital Corp., 3.462%, 9/06/29 | United Kingdom | 20,000 | 18,651 | |||
| Banks 0.2% | ||||||
| Citizens Financial Group, Inc., 5.841% to 1/23/29, FRN thereafter, 1/23/30 | United States | 30,000 | 30,452 | |||
| Financial Services 1.6% | ||||||
| ARES Capital Corp., | ||||||
| 2.875%, 6/15/28 | United States | 40,000 | 36,891 | |||
| 7.00%, 1/15/27 | United States | 10,000 | 10,367 | |||
| Blue Owl Capital Corp., 2.875%, 6/11/28 | United States | 40,000 | 36,397 | |||
| Golub Capital BDC, Inc., 2.50%, 8/24/26 | United States | 110,000 | 104,878 | |||
| 188,533 | ||||||
| Media 0.5% | ||||||
| Charter Communications Operating LLC/Charter Communications Operating Capital, | ||||||
| 4.20%, 3/15/28 | United States | 20,000 | 19,343 | |||
| 6.10%, 6/01/29 | United States | 40,000 | 40,789 | |||
| 60,132 | ||||||
| Oil & Gas 0.8% | ||||||
| Devon Energy Corp., 7.875%, 9/30/31 | United States | 30,000 | 33,864 | |||
| Occidental Petroleum Corp., | ||||||
| 6.625%, 9/01/30 | United States | 40,000 | 41,889 | |||
| 5.20%, 8/01/29 | United States | 20,000 | 19,857 | |||
| 95,610 | ||||||
| Total Corporate Bonds & Notes (Cost $461,640) | 459,862 | |||||
| U.S. Government & Agency Securities 92.8% | ||||||
| Federal Home Loan Mortgage Corp., 5.50%, 12/01/52 | United States | 387,057 | 383,135 | |||
| Federal National Mortgage Association, 5.50%, 1/01/53 | United States | 474,887 | 469,137 | |||
| Government National Mortgage Association, | ||||||
| 5.50%, 1/20/53 | United States | 190,322 | 189,562 | |||
| 5.50%, 4/20/53 | United States | 445,980 | 443,834 | |||
| 5.50%, 5/20/53 | United States | 452,858 | 450,586 | |||
| 5.50%, 9/20/53 | United States | 214,371 | 213,119 | |||
| 5.50%, 10/20/53 | United States | 226,416 | 225,048 | |||
| 5.50%, 2/20/54 | United States | 174,735 | 173,483 | |||
| 5.50%, 5/20/54 | United States | 88,421 | 87,814 | |||
| 5.50%, 9/20/54 | United States | 148,849 | 147,743 | |||
| 6.00%, 4/20/54 | United States | 132,943 | 133,962 | |||
| 6.00%, 5/20/54 | United States | 214,914 | 216,769 | |||
| 6.00%, 6/20/54 | United States | 88,317 | 88,993 | |||
| 6.00%, 7/20/54 | United States | 502,494 | 506,335 | |||
| 6.00%, 8/20/54 | United States | 346,430 | 349,078 | |||
| 6.00%, 9/20/54 | United States | 505,503 | 509,456 | |||
| 6.00%, 10/20/54 | United States | 119,384 | 120,297 | |||
| U.S. Treasury Bonds, 3.00%, 8/15/52 | United States | 1,880,000 | 1,349,351 | |||
| U.S. Treasury Floating Rate Notes, | ||||||
| a 3 mo. Treasury money market yield + 0.15%, 4.426%, 4/30/26 | United States | 2,720,000 | 2,720,222 | |||
| a 3 mo. Treasury money market yield + 0.21%, 4.481%, 10/31/26 | United States | 200,000 | 200,230 |
| U.S. Treasury Notes, | ||||||
| 3.875%, 8/15/33 | United States | 1,090,000 | 1,037,715 | |||
| 3.875%, 8/15/34 | United States | 1,240,000 | 1,172,855 | |||
| Total U.S. Government & Agency Securities (Cost $11,336,037) | 11,188,724 | |||||
| Total Investments before Short-Term Investments (Cost $11,797,677) | 11,648,586 | |||||
| Short-Term Investments 2.1% | ||||||
| Money Market Funds 2.1% | ||||||
| b | State Street Institutional U.S. Government Money Market Fund, 4.43% | United States | 247,876 | 247,876 | ||
| Total Short-Term Investments (Cost $247,876) | 247,876 | |||||
| Total Investments (Cost $12,045,553) 98.7% | 11,896,462 | |||||
| Other Assets, less Liabilities 1.3% | 156,351 | |||||
| Net Assets 100.0% | $ 12,052,813 |
| *The principal amount is stated in U.S. dollars unless otherwise indicated. |
| aVariable rate security. The rate shown represents the yield at period end. |
| bThe rate shown is the annualized seven-day effective yield at period end. |
| Description | Type | Number of Contracts | Notional Amount* | Expiration Date | Value/Unrealized Appreciation (Depreciation) |
| Interest rate contracts | |||||
| U.S. Treasury 5 Yr. Note | Long | 29 | $ 3,082,836 | 3/31/25 | $ (23,307) |
| *As of period end. |
| Selected Portfolio | ||
| FRN | – | Floating Rate Note |
| ClearBridge Sustainable Infrastructure ETF | Industry | Shares | Value | ||
| Common Stocks 98.2% | |||||
| Australia 3.7% | |||||
| Atlas Arteria Ltd. | Transportation Infrastructure | 48,313 | $ 142,087 | ||
| Transurban Group | Transportation Infrastructure | 23,072 | 191,276 | ||
| 333,363 | |||||
| Brazil 4.4% | |||||
| CCR SA | Transportation Infrastructure | 68,277 | 112,398 | ||
| Equatorial Energia SA | Electric Utilities | 30,886 | 136,986 | ||
| Rumo SA | Ground Transportation | 51,405 | 148,444 | ||
| 397,828 | |||||
| Canada 3.2% | |||||
| a | Hydro One Ltd. | Electric Utilities | 9,434 | 290,393 | |
| Denmark 3.2% | |||||
| a,b | Orsted AS | Independent Power Producers & Energy Traders | 6,339 | 285,368 | |
| France 5.5% | |||||
| Getlink SE | Transportation Infrastructure | 30,997 | 494,460 | ||
| Germany 2.7% | |||||
| E.ON SE | Multi-Utilities | 21,009 | 244,633 | ||
| Italy 10.9% | |||||
| a | Enav SpA | Transportation Infrastructure | 75,834 | 320,229 | |
| Enel SpA | Electric Utilities | 54,538 | 388,881 | ||
| Terna - Rete Elettrica Nazionale | Electric Utilities | 34,266 | 270,376 | ||
| 979,486 | |||||
| Netherlands 4.7% | |||||
| Ferrovial SE | Construction & Engineering | 9,963 | 418,857 | ||
| Portugal 3.2% | |||||
| EDP SA | Electric Utilities | 90,350 | 289,186 | ||
| Spain 9.7% | |||||
| a,b | Cellnex Telecom SA | Diversified Telecommunication Services | 6,032 | 190,570 | |
| Iberdrola SA | Electric Utilities | 16,009 | 220,478 | ||
| Redeia Corp. SA | Electric Utilities | 27,190 | 464,562 | ||
| 875,610 | |||||
| United Kingdom 16.0% | |||||
| National Grid PLC | Multi-Utilities | 25,084 | 298,444 | ||
| Pennon Group PLC | Water Utilities | 31,608 | 234,942 | ||
| Severn Trent PLC | Water Utilities | 15,936 | 500,553 | ||
| SSE PLC | Electric Utilities | 8,697 | 174,710 | ||
| United Utilities Group PLC | Water Utilities | 17,646 | 232,380 | ||
| 1,441,029 | |||||
| United States 31.0% | |||||
| American Water Works Co., Inc. | Water Utilities | 2,449 | 304,876 | ||
| Crown Castle, Inc. | Specialized REITs | 3,473 | 315,210 | ||
| CSX Corp. | Ground Transportation | 12,092 | 390,209 | ||
| Entergy Corp. | Electric Utilities | 3,796 | 287,813 | ||
| Eversource Energy | Electric Utilities | 4,289 | 246,317 | ||
| Exelon Corp. | Electric Utilities | 5,450 | 205,138 | ||
| NextEra Energy Partners LP | Independent Power Producers & Energy Traders | 9,394 | 167,213 | ||
| NextEra Energy, Inc. | Electric Utilities | 6,077 | 435,660 |
| PG&E Corp. | Electric Utilities | 21,450 | 432,861 | ||
| 2,785,297 | |||||
| Total Common Stocks (Cost $9,354,481) | 8,835,510 | ||||
| Total Investments before Short-Term Investments (Cost $9,354,481) | 8,835,510 | ||||
| Short-Term Investments 1.5% | |||||
| Money Market Funds 1.5% | |||||
| United States 1.5% | |||||
| c | JPMorgan 100% U.S. Treasury Securities Money Market Fund, 4.02% | Money Market Funds | 139,335 | 139,335 | |
| Total Short-Term Investments (Cost $139,335) | 139,335 | ||||
| Total Investments (Cost $9,493,816) 99.7% | 8,974,845 | ||||
| Other Assets, less Liabilities 0.3% | 23,651 | ||||
| Net Assets 100.0% | $ 8,998,496 |
| aSecurity was purchased pursuant to Rule 144A under the Securities Act of 1933 and may be sold in transactions exempt from registration only to qualified institutional buyers or in a public offering registered under the Securities Act of 1933. At December 31, 2024, the aggregate value of these securities was $1,086,560, representing 12.1% of net assets. |
| bNon-income producing. |
| cThe rate shown is the annualized seven-day effective yield at period end. |
| Franklin Disruptive Commerce ETF | Country | Shares | Value | ||
| Common Stocks 97.8% | |||||
| Broadline Retail 20.0% | |||||
| Alibaba Group Holding Ltd., Class A | China | 16,753 | $ 177,711 | ||
| a | Amazon.com, Inc. | United States | 7,335 | 1,609,226 | |
| a | Coupang, Inc. | United States | 3,448 | 75,787 | |
| eBay, Inc. | United States | 2,253 | 139,573 | ||
| a | Etsy, Inc. | United States | 613 | 32,422 | |
| a | Global-e Online Ltd. | Israel | 6,868 | 374,512 | |
| a | MercadoLibre, Inc. | Brazil | 339 | 576,449 | |
| Naspers Ltd., Class N | South Africa | 381 | 84,261 | ||
| a | PDD Holdings, Inc., ADR | China | 1,767 | 171,381 | |
| Prosus NV | Netherlands | 2,164 | 85,935 | ||
| 3,327,257 | |||||
| Commercial Services & Supplies 2.9% | |||||
| a | Copart, Inc. | United States | 5,941 | 340,954 | |
| a | Liquidity Services, Inc. | United States | 3,385 | 109,301 | |
| RB Global, Inc. | Canada | 452 | 40,775 | ||
| 491,030 | |||||
| Consumer Staples Distribution & Retail 5.6% | |||||
| Costco Wholesale Corp. | United States | 931 | 853,048 | ||
| a | Maplebear, Inc. | United States | 1,746 | 72,319 | |
| 925,367 | |||||
| Containers & Packaging 0.9% | |||||
| Graphic Packaging Holding Co. | United States | 2,486 | 67,520 | ||
| Packaging Corp. of America | United States | 346 | 77,895 | ||
| 145,415 | |||||
| Diversified Consumer Services 0.2% | |||||
| a | Duolingo, Inc. | United States | 127 | 41,177 | |
| Entertainment 5.6% | |||||
| a | Netflix, Inc. | United States | 576 | 513,400 | |
| Nintendo Co. Ltd., ADR | Japan | 6,232 | 91,174 | ||
| a | ROBLOX Corp., Class A | United States | 1,588 | 91,882 | |
| a | Sea Ltd., ADR | Singapore | 1,286 | 136,444 | |
| a | Spotify Technology SA | United States | 207 | 92,608 | |
| 925,508 | |||||
| Financial Services 10.3% | |||||
| a | Adyen NV, ADR | Netherlands | 11,979 | 175,612 | |
| a | Affirm Holdings, Inc. | United States | 1,287 | 78,378 | |
| a | Block, Inc. | United States | 928 | 78,871 | |
| Jack Henry & Associates, Inc. | United States | 594 | 104,128 | ||
| Mastercard, Inc., Class A | United States | 1,049 | 552,372 | ||
| a | PayPal Holdings, Inc. | United States | 1,002 | 85,521 | |
| a | Shift4 Payments, Inc., Class A | United States | 410 | 42,550 | |
| a | Toast, Inc., Class A | United States | 2,223 | 81,028 | |
| Visa, Inc., Class A | United States | 1,633 | 516,093 | ||
| 1,714,553 | |||||
| Food Products 1.2% | |||||
| a | Freshpet, Inc. | United States | 1,336 | 197,875 | |
| Ground Transportation 3.4% | |||||
| a | Lyft, Inc., Class A | United States | 2,342 | 30,212 | |
| Old Dominion Freight Line, Inc. | United States | 182 | 32,105 | ||
| a | Uber Technologies, Inc. | United States | 4,860 | 293,155 | |
| a | XPO, Inc. | United States | 1,579 | 207,086 | |
| 562,558 |
| Hotels, Restaurants & Leisure 16.2% | |||||
| a | Airbnb, Inc., Class A | United States | 1,236 | 162,423 | |
| Booking Holdings, Inc. | United States | 149 | 740,295 | ||
| a,b | Delivery Hero SE | Germany | 1,045 | 29,346 | |
| a | Despegar.com Corp. | Argentina | 2,776 | 53,438 | |
| a | DoorDash, Inc., Class A | United States | 6,157 | 1,032,837 | |
| a | Expedia Group, Inc. | United States | 884 | 164,716 | |
| a | MakeMyTrip Ltd. | India | 3,619 | 406,341 | |
| a,b | Meituan, Class B | China | 4,938 | 96,434 | |
| 2,685,830 | |||||
| Industrial REITs 0.2% | |||||
| Prologis, Inc. | United States | 356 | 37,629 | ||
| Interactive Media & Services 4.0% | |||||
| Alphabet, Inc., Class A | United States | 932 | 176,427 | ||
| Meta Platforms, Inc., Class A | United States | 621 | 363,602 | ||
| Tencent Holdings Ltd. | China | 1,476 | 79,235 | ||
| a,b | Trustpilot Group PLC | United Kingdom | 12,550 | 48,253 | |
| 667,517 | |||||
| IT Services 9.3% | |||||
| a | GoDaddy, Inc., Class A | United States | 870 | 171,712 | |
| a | Shopify, Inc., Class A | Canada | 11,309 | 1,202,486 | |
| a | Wix.com Ltd. | Israel | 787 | 168,851 | |
| 1,543,049 | |||||
| Media 1.4% | |||||
| a | Trade Desk, Inc., Class A | United States | 1,981 | 232,827 | |
| Professional Services 0.4% | |||||
| TransUnion | United States | 804 | 74,539 | ||
| Real Estate Management & Development 0.2% | |||||
| a | CoStar Group, Inc. | United States | 396 | 28,350 | |
| Software 9.1% | |||||
| a | Agilysys, Inc. | United States | 316 | 41,620 | |
| a | AppLovin Corp., Class A | United States | 895 | 289,828 | |
| a | Autodesk, Inc. | United States | 271 | 80,100 | |
| a | Descartes Systems Group, Inc. | Canada | 3,150 | 357,840 | |
| a | Fair Isaac Corp. | United States | 12 | 23,891 | |
| a | HubSpot, Inc. | United States | 63 | 43,897 | |
| a | Life360, Inc. | United States | 876 | 36,153 | |
| a | Manhattan Associates, Inc. | United States | 1,710 | 462,110 | |
| a | Samsara, Inc., Class A | United States | 1,518 | 66,321 | |
| a | SPS Commerce, Inc. | United States | 562 | 103,402 | |
| 1,505,162 | |||||
| Specialty Retail 1.1% | |||||
| a | Carvana Co. | United States | 338 | 68,736 | |
| a | Chewy, Inc., Class A | United States | 1,359 | 45,513 | |
| a | Revolve Group, Inc. | United States | 1,057 | 35,399 | |
| ZOZO, Inc. | Japan | 1,118 | 34,836 | ||
| 184,484 |
| Trading Companies & Distributors 5.8% | |||||
| Fastenal Co. | United States | 4,999 | 359,478 | ||
| WW Grainger, Inc. | United States | 567 | 597,646 | ||
| 957,124 | |||||
| Total Common Stocks (Cost $13,761,234) | 16,247,251 | ||||
| Total Investments (Cost $13,761,234) 97.8% | 16,247,251 | ||||
| Other Assets, less Liabilities 2.2% | 364,195 | ||||
| Net Assets 100.0% | $ 16,611,446 |
| aNon-income producing. |
| bSecurity was purchased pursuant to Rule 144A under the Securities Act of 1933 and may be sold in transactions exempt from registration only to qualified institutional buyers or in a public offering registered under the Securities Act of 1933. At December 31, 2024, the aggregate value of these securities was $174,033, representing 1.0% of net assets. |
| Selected Portfolio | ||
| ADR | – | American Depositary Receipt |
| REIT | – | Real Estate Investment Trust |
| Franklin Dynamic Municipal Bond ETF | Principal Amount* | Value | ||
| Corporate Bonds & Notes 0.9% | ||||
| Arizona 0.8% | ||||
| Grand Canyon University, 5.125%, 10/01/28 | 3,500,000 | $ 3,285,416 | ||
| Puerto Rico 0.1% | ||||
| a,b | AES Puerto Rico LP, 12.50%, 12/15/25 | 200,740 | 200,741 | |
| Total Corporate Bonds & Notes (Cost $3,442,747) | 3,486,157 | |||
| Municipal Bonds 98.8% | ||||
| Alabama 5.5% | ||||
| Black Belt Energy Gas District, | ||||
| c Gas Project No 8, VRDN, Series A, 4.00%, 12/01/52 | 500,000 | 495,458 | ||
| c Gas Project, VRDN, Series E, 5.00%, 5/01/53 | 525,000 | 544,050 | ||
| c VRDN, Refunding, 4.00%, 6/01/51 | 240,000 | 240,173 | ||
| c VRDN, Series A, 5.25%, 5/01/55 | 4,010,000 | 4,276,469 | ||
| d | County of Mobile, Gomesa Projects, 4.00%, 11/01/45 | 100,000 | 92,135 | |
| Energy Southeast A Cooperative District, | ||||
| c VRDN, Series A-1, 5.50%, 11/01/53 | 1,940,000 | 2,093,153 | ||
| c VRDN, Series B, 5.25%, 7/01/54 | 4,105,000 | 4,432,497 | ||
| c VRDN, Series B-1, 5.75%, 4/01/54 | 500,000 | 550,733 | ||
| Homewood Educational Building Authority, CHF - Horizons II LLC, 5.50%, 10/01/44 | 1,070,000 | 1,137,987 | ||
| MidCity Improvement District, | ||||
| d Special Assessment Area, Series 2024, 6.50%, 11/01/44 | 250,000 | 244,558 | ||
| Special Assessment, Series 2022, 4.25%, 11/01/32 | 600,000 | 550,613 | ||
| c | Southeast Alabama Gas Supply District, Project No.1, Refunding, VRDN, Series A, 5.00%, 8/01/54 | 2,040,000 | 2,161,546 | |
| Southeast Energy Authority A Cooperative District, | ||||
| Refunding, Series A-1, 5.00%, 11/01/35 | 3,220,000 | 3,340,539 | ||
| c VRDN, Refunding, Series A-1, 5.00%, 11/01/55 | 1,555,000 | 1,654,146 | ||
| c VRDN, Series A-1, 5.50%, 1/01/53 | 1,115,000 | 1,188,130 | ||
| 23,002,187 | ||||
| Alaska 0.2% | ||||
| Northern Tobacco Securitization Corp., Series A, 4.00%, 6/01/39 | 1,000,000 | 971,130 | ||
| Arizona 1.2% | ||||
| c | Chandler Industrial Development Authority, Intel Corp, AMT, VRDN, 5.00%, 9/01/42 | 1,030,000 | 1,050,470 | |
| Glendale Industrial Development Authority, People of Faith Inc Obligated Group, 4.00%, 5/15/31 | 160,000 | 154,316 | ||
| d | Maricopa County Industrial Development Authority, Grand Canyon University Obligated Group, 7.375%, 10/01/29 | 1,925,000 | 1,963,579 | |
| Sierra Vista Industrial Development Authority, | ||||
| d American Leadership Academy Inc, 5.00%, 6/15/44 | 1,500,000 | 1,495,196 | ||
| d Georgetown Community Development Authority, 9.00%, 10/01/37 | 250,000 | 236,407 | ||
| Tempe Industrial Development Authority, Tempe Life Care Village Obligated Group, Refunding, 4.00%, 12/01/31 | 225,000 | 219,416 | ||
| 5,119,384 | ||||
| Arkansas 0.4% | ||||
| Arkansas Development Finance Authority, 5.00%, 2/01/35 | 1,475,000 | 1,513,052 | ||
| California 7.7% | ||||
| California Community Choice Financing Authority, | ||||
| c Clean Energy, VRDN, Series B, 5.00%, 1/01/55 | 1,000,000 | 1,055,343 | ||
| c VRDN, 5.25%, 1/01/54 | 7,045,000 | 7,487,529 | ||
| c VRDN, 5.50%, 10/01/54 | 1,825,000 | 1,986,994 | ||
| d | California Community College Financing Authority, NCCD-Napa Valley Properties LLC, Series 2022A, 4.25%, 7/01/32 | 500,000 | 472,600 | |
| California Community Housing Agency, | ||||
| d Arbors Apartments, Series A, 5.00%, 8/01/50 | 1,650,000 | 1,554,620 | ||
| d Aster Apartments, Series A-2, 4.00%, 2/01/43 | 900,000 | 805,551 | ||
| d Brio Apartments & Next on Lex Apartments, Series A, 4.00%, 8/01/47 | 1,000,000 | 779,339 | ||
| d Fountains at Emerald Park, 4.00%, 8/01/46 | 995,000 | 835,484 | ||
| d K Street Flats, 4.00%, 8/01/50 | 740,000 | 578,336 |
| d Verdant at Green Valley Apartments, 5.00%, 8/01/49 | 1,685,000 | 1,559,717 | ||
| California Health Facilities Financing Authority, Episcopal Communities & Services for Seniors Obligated Group, Series A, 3.85%, 11/15/27 | 1,000,000 | 999,915 | ||
| California Municipal Finance Authority, | ||||
| Caritas Corp, Refunding Series 2021B, 3.00%, 8/15/31 | 145,000 | 137,564 | ||
| LAX Integrated Express Solutions LLC, AMT, 3.50%, 12/31/35 | 150,000 | 137,904 | ||
| LAX Integrated Express Solutions LLC, AMT, Series A-P3, 5.00%, 6/30/29 | 210,000 | 217,230 | ||
| LAX Integrated Express Solutions LLC, AMT, Series A-P3, 5.00%, 12/31/43 | 110,000 | 111,041 | ||
| Series C, 5.50%, 9/01/34 | 60,000 | 65,088 | ||
| Series C, 5.75%, 9/01/37 | 400,000 | 433,447 | ||
| Series C, 6.00%, 9/01/42 | 630,000 | 686,639 | ||
| Series D, 6.00%, 9/01/42 | 265,000 | 288,824 | ||
| California Pollution Control Financing Authority, | ||||
| d,e CalPlant I LLC, AMT, 7.50%, 7/01/32 | 250,000 | 3,375 | ||
| c,d Republic Services Inc, AMT, Refunding, VRDN, 4.05%, 7/01/43 | 500,000 | 499,973 | ||
| California School Finance Authority, | ||||
| d 5.00%, 6/01/27 | 50,000 | 50,907 | ||
| d Classical Academy Obligated Group, Series 2020A, 3.00%, 10/01/30 | 160,000 | 150,580 | ||
| d John Adams Academies Obligated Group, Series 2022A, 4.50%, 7/01/32 | 250,000 | 250,157 | ||
| d Summit Public Schools Obligated Group, 5.00%, 6/01/27 | 50,000 | 51,931 | ||
| d | City & County of San Francisco Special Tax District No., 4.00%, 9/01/36 | 100,000 | 97,343 | |
| d | CMFA Special Finance Agency, Solana at Grand, Series A-2, 4.00%, 8/01/45 | 985,000 | 838,676 | |
| d | CMFA Special Finance Agency VII, The Breakwater Apartments, 4.00%, 8/01/47 | 1,220,000 | 1,021,039 | |
| d | CMFA Special Finance Agency VIII, Junior-Elan Huntington Beach, 4.00%, 8/01/47 | 1,350,000 | 1,152,532 | |
| d | CMFA Special Finance Agency XII, Allure Apartments, 4.375%, 8/01/49 | 1,625,000 | 1,329,112 | |
| CSCDA Community Improvement Authority, | ||||
| d Jefferson Anaheim Social Bonds, 2.875%, 8/01/41 | 155,000 | 139,793 | ||
| d Renaissance at City Center, 5.00%, 7/01/51 | 1,100,000 | 1,044,308 | ||
| d Towne at Glendale Apartments, 5.00%, 9/01/37 | 900,000 | 900,506 | ||
| d Waterscape Apartments, Series B, 4.00%, 9/01/46 | 1,055,000 | 871,179 | ||
| d | Elsinore Valley Municipal Water District, Community Facilities District No 2020, Series 2021A, 4.00%, 9/01/27 | 100,000 | 99,706 | |
| c | Long Beach Bond Finance Authority, VRDN, Series B, 3 mo. USD Term SOFR + 1.45%, 4.656%, 11/15/27 | 1,000,000 | 1,010,420 | |
| Perris Joint Powers Authority, Refunding, Series 2017B, 5.00%, 9/01/25 | 100,000 | 101,129 | ||
| River Islands Public Financing Authority, | ||||
| Community Facilities District No 2003-, 5.00%, 9/01/32 | 500,000 | 526,228 | ||
| Series 2023-1, 5.00%, 9/01/38 | 435,000 | 453,949 | ||
| c | Southern California Public Power Authority, Libor-Project No 1, VRDN, Series A, 3 mo. USD Term SOFR + 1.47%, 4.708%, 11/01/38 | 1,255,000 | 1,240,174 | |
| 32,026,182 | ||||
| Colorado 3.5% | ||||
| Colorado Educational & Cultural Facilities Authority, Golden View Classical Academy, Refunding, 4.00%, 1/01/32 | 200,000 | 197,017 | ||
| Colorado Health Facilities Authority, | ||||
| c Children’s Hospital Colorado Obligated Group, Refunding, VRDN, Series A, 4.05%, 12/01/52 | 100,000 | 100,000 | ||
| Christian Living Neighborhoods Obligated Group, Refunding, 4.00%, 1/01/29 | 100,000 | 99,453 | ||
| CommonSpirit Health Obligated Group, Refunding, Series A-1, 4.00%, 8/01/38 | 550,000 | 543,915 | ||
| CommonSpirit Health Obligated Group, Series A, 4.00%, 8/01/37 | 1,480,000 | 1,466,535 | ||
| CommonSpirit Health Obligated Group, Series A, 4.00%, 8/01/39 | 1,405,000 | 1,373,380 | ||
| CommonSpirit Health Obligated Group, Series A, Refunding, 5.00%, 8/01/39 | 1,935,000 | 2,021,481 | ||
| Denver Health & Hospital Authority, | ||||
| Denver Health & Hospital Authority, Refunding, Series A, 4.00%, 12/01/38 | 1,000,000 | 950,478 | ||
| Denver Health & Hospital Authority, Refunding, Series A, 4.00%, 12/01/39 | 1,770,000 | 1,672,649 | ||
| d Refunding, Series A, 4.00%, 12/01/36 | 105,000 | 101,012 | ||
| Refunding, Series A, 4.00%, 12/01/37 | 1,020,000 | 975,165 | ||
| c | E-470 Public Highway Authority, Refunding, Series B, VRDN, 1 day USD SOFR + 0.75%, 3.738%, 9/01/39 | 1,000,000 | 999,679 | |
| d | Karl’s Farm Metropolitan District No. 2, Series A, 5.625%, 12/01/50 | 1,695,000 | 1,772,639 | |
| Southglenn Metropolitan District, Refunding, 5.00%, 12/01/30 | 100,000 | 100,017 | ||
| Southlands Metropolitan District No. 1, | ||||
| Refunding, Series 2017A-1, 3.50%, 12/01/27 | 100,000 | 98,193 | ||
| Refunding, Series A-1, 5.00%, 12/01/37 | 310,000 | 311,486 | ||
| Series A-2, 3.50%, 12/01/27 | 160,000 | 157,045 |
| Sterling Ranch Community Authority Board, Special Assessment, Special Improvement District N, 5.625%, 12/01/43 | 1,314,000 | 1,358,629 | ||
| 14,298,773 | ||||
| Connecticut 0.3% | ||||
| Connecticut State Health & Educational Facilities Authority, | ||||
| Masonicare Corp Obligated Group, Refunding, Series F, 5.00%, 7/01/37 | 1,065,000 | 1,067,127 | ||
| d McLean Affiliates Obligated Group, Series A, 5.00%, 1/01/30 | 150,000 | 149,215 | ||
| Sacred Heart University Inc, 5.00%, 7/01/29 | 5,000 | 5,183 | ||
| 1,221,525 | ||||
| Delaware 0.3% | ||||
| County of Kent, CHF-Dover LLC, 5.00%, 7/01/29 | 100,000 | 102,174 | ||
| Delaware State Economic Development Authority, Newark Charter School Inc, Refunding, 4.00%, 9/01/41 | 1,000,000 | 933,037 | ||
| 1,035,211 | ||||
| Florida 15.1% | ||||
| Abbott Square Community Development District, 2022 Project, Special Assessment, 5.00%, 6/15/32 | 200,000 | 204,706 | ||
| c | Alachua County Health Facilities Authority, Shands Teaching Hospital & Clinics Obligated Group, VRDN, Series A, 1 day USD SOFR + 0.87%, 3.858%, 12/01/37 | 405,000 | 394,892 | |
| Antillia Community Development District, Special Assessment, Series 2024, 5.00%, 5/01/31 | 215,000 | 216,235 | ||
| d | Artisan Lakes East Community Development District, Special Assessment, Series 2021-2, 2.30%, 5/01/26 | 100,000 | 97,511 | |
| d | Astonia Community Development District, Assessment Area One Project, Special Assessment, Series 2020, 3.375%, 5/01/30 | 145,000 | 140,968 | |
| Avalon Groves Community Development District, Assessment Area 3, Special Assessment, 2.375%, 5/01/26 | 65,000 | 63,592 | ||
| d | Avalon Park West Community Development District, 2020 Project Area, Special Assessment, Refunding, 3.25%, 5/01/30 | 100,000 | 95,562 | |
| Avenir Community Development District, 2021A Project, Assessment Area Two, Special Assessment, 2.75%, 5/01/31 | 85,000 | 77,319 | ||
| Aventura Isles Community Development District, Special Assessment, Refunding, 5.00%, 5/01/43 | 1,210,000 | 1,214,956 | ||
| Babcock Ranch Community Independent Special District, | ||||
| Assessment Area 2C, Special Assessment, 3.00%, 5/01/30 | 50,000 | 47,814 | ||
| Assessment Area 3B, Special Assessment, 3.00%, 5/01/30 | 145,000 | 137,976 | ||
| Assessment Area, Special Assessment, Refunding, Series 2022, 4.125%, 5/01/27 | 500,000 | 498,689 | ||
| Belmond Reserve Community Development District, 2020 Project, Special Assessment, 3.25%, 5/01/30 | 100,000 | 95,917 | ||
| Berry Bay Community Development District, Assessment Area One, Special Assessment, 3.125%, 5/01/31 | 100,000 | 92,860 | ||
| Black Creek Community Development District, Expansion Area Project, Special Assessment, Series 2022, 5.125%, 6/15/32 | 100,000 | 103,470 | ||
| d | Brightwater Community Development District, Assessment Area Two, Special Assessment, 5.35%, 5/01/44 | 250,000 | 251,515 | |
| Capital Projects Finance Authority, | ||||
| Florida University Project, Refunding, Series A-1, 5.00%, 10/01/30 | 1,000,000 | 1,052,318 | ||
| Florida University Project, Refunding, Series A-1, 5.00%, 10/01/34 | 1,000,000 | 1,037,341 | ||
| d PRG - UnionWest Properties LLC, Series 2024A-1, 5.25%, 6/01/44 | 1,000,000 | 1,017,793 | ||
| Series A-1, 5.00%, 10/01/35 | 1,000,000 | 1,033,363 | ||
| University Project, Series 2020A-1, 5.00%, 10/01/32 | 1,555,000 | 1,626,757 | ||
| Capital Trust Agency, Inc., | ||||
| d AcadeMir Charter School West, 3.00%, 7/01/31 | 125,000 | 115,203 | ||
| d Educational Growth Fund LLC, 3.375%, 7/01/31 | 95,000 | 91,054 | ||
| Liza Jackson Preparatory School Inc, 4.00%, 8/01/30 | 245,000 | 242,699 | ||
| d WFCS Holdings II LLC, Series 2021A, 3.30%, 1/01/31 | 300,000 | 282,165 | ||
| d,f | Capital Trust Authority, 5.326%, 3/01/29 | 855,000 | 689,102 | |
| Caymas Community Development District, Assessment Area One, Special Assessment, 4.45%, 5/01/31 | 270,000 | 270,360 | ||
| Celebration Community Development District, Assessment Area One Project, Special Assessment, Series 2021, 3.125%, 5/01/41 | 50,000 | 41,953 | ||
| Central Parc Community Development District, Special Assessment, Series 2024, 5.70%, 5/01/44 | 250,000 | 250,343 |
| Chaparral Palm Bay Community Development District, Assessment Area Two, Special Assessment, 4.50%, 5/01/31 | 410,000 | 408,946 | ||
| d | City of Venice, Refunding, Series B-2, 4.50%, 1/01/30 | 550,000 | 549,999 | |
| Coddington Community Development District, Special Assessment, Series 2022, 5.00%, 5/01/32 | 275,000 | 286,083 | ||
| Connerton East Community Development District, Assessment Area One, Special Assessment, Series 2023, 4.25%, 6/15/30 | 160,000 | 161,608 | ||
| Coral Keys Homes Community Development District, Special Assessment, Series 2020, 3.125%, 5/01/30 | 165,000 | 157,972 | ||
| Cordoba Ranch Community Development District, Special Assessment, Refunding, 3.00%, 5/01/31 | 100,000 | 94,883 | ||
| Cordova Palms Community Development District, | ||||
| Assessment Area 1, Special Assessment, 4.80%, 5/01/27 | 80,000 | 80,466 | ||
| Special Assessment, Series 2021, 2.80%, 5/01/31 | 100,000 | 90,965 | ||
| f | County of Osceola Transportation Revenue, 3.129%, 10/01/32 | 150,000 | 109,579 | |
| Creekview Community Development District, Phase 2, Special Assessment, Series 2024, 5.375%, 5/01/44 | 470,000 | 465,279 | ||
| d | Curiosity Creek Community Development District, Assessment Area One, Special Assessment, 4.65%, 5/01/31 | 300,000 | 299,224 | |
| d | Cypress Bluff Community Development District, Special Assessment, Series 2020A, 3.125%, 5/01/30 | 55,000 | 53,344 | |
| Cypress Park Estates Community Development District, Special Assessment, Series 2022, 4.375%, 5/01/27 | 80,000 | 79,891 | ||
| Cypress Ridge Community Development District, Assessment Area One Project, Special Assessment, 4.875%, 5/01/30 | 440,000 | 445,038 | ||
| Darby Community Development District, Special Assessment, Series A-2, 5.875%, 5/01/35 | 500,000 | 510,434 | ||
| Del Webb Oak Creek Community Development District, 2023 Project, Special Assessment, 4.125%, 5/01/30 | 120,000 | 120,412 | ||
| d | Downtown Doral South Community Development District, Assessment Area 2, Special Assessment, 4.25%, 12/15/28 | 160,000 | 159,947 | |
| d | DW Bayview Community Development District, Special Assessment, Series 2021, 3.00%, 5/01/32 | 100,000 | 94,551 | |
| East 547 Community Development District, Assessment Area 2, Special Assessment, 5.50%, 5/01/30 | 185,000 | 189,300 | ||
| East Bonita Beach Road Community Development District, Assessment Area Two, Special Assessment, 3.00%, 5/01/32 | 100,000 | 94,123 | ||
| Edgewater East Community Development District, | ||||
| Assessment Area One, Special Assessment, 3.10%, 5/01/31 | 100,000 | 93,263 | ||
| Assessment Area Two, Special Assessment, 3.00%, 5/01/27 | 180,000 | 174,934 | ||
| d | Enbrook Community Development District, Special Assessment, Series 2020, 3.00%, 5/01/30 | 100,000 | 93,318 | |
| Entrada Community Development District, Special Assessment, Series 2024, 5.00%, 5/01/44 | 300,000 | 292,149 | ||
| Epperson North Community Development District, | ||||
| Assessment Area 2, Special Assessment, 3.00%, 5/01/31 | 80,000 | 73,825 | ||
| Assessment Area Four, Special Assessment, 4.50%, 5/01/31 | 135,000 | 134,835 | ||
| Escambia County Health Facilities Authority, Baptist Hospital Inc Obligated Group, Refunding, 5.00%, 8/15/34 | 2,000,000 | 2,099,083 | ||
| Everlands Community Development District, Assessment Area Two, Special Assessment, 5.25%, 6/15/44 | 275,000 | 277,850 | ||
| Everlands II Community Development District, Special Assessment, Series 2024, 5.20%, 6/15/44 | 125,000 | 123,958 | ||
| Florida Development Finance Corp., | ||||
| c,d AAF Operations Holdings LLC, AMT, Refunding, VRDN, 12.00%, 7/15/32 | 800,000 | 853,236 | ||
| c,d Brightline Florida Holdings LLC, AMT, VRDN, Series A, 8.25%, 7/01/57 | 325,000 | 336,016 | ||
| d Glenridge on Palmer Ranch Obligated Group, Refunding, 5.00%, 6/01/31 | 200,000 | 205,622 | ||
| d Mayflower Retirement Community, Refunding, 4.00%, 6/01/31 | 100,000 | 96,159 | ||
| Refunding, Series A, 5.00%, 2/01/39 | 2,600,000 | 2,660,516 | ||
| Florida Municipal Loan Council, AMT, Special Assessment, 5.15%, 5/01/44 | 220,000 | 218,255 | ||
| Flow Way Community Development District, Special Assessment, Series 2024, Refunding, 5.00%, 5/01/44 | 1,000,000 | 1,004,570 | ||
| d | Forest Lake Community Development District, Assessment Area 1 Project, Special Assessment, 3.25%, 5/01/30 | 145,000 | 140,091 | |
| Gardens at Hammock Beach Community Development District, Special Assessment, Assessment Area One, 5.375%, 5/01/44 | 305,000 | 302,849 | ||
| Grand Oaks Community Development District, Assessment Area 2, Special Assessment, 4.00%, 5/01/30 | 150,000 | 147,715 |
| Grande Pines Community Development District, Assessment Area Two, Special Assessment, 4.65%, 5/01/34 | 515,000 | 517,820 | ||
| Hacienda North Community Development District, Special Assessment, Series 2023, 5.50%, 5/01/33 | 135,000 | 140,701 | ||
| Hammock Oaks Community Development District, Special Assessment, Assessment Area Two, 5.00%, 5/01/31 | 100,000 | 100,602 | ||
| Hammock Reserve Community Development District, Assessment Area One Project, Special Assessment, 3.25%, 5/01/30 | 100,000 | 96,102 | ||
| Harvest Ridge Community Development District, Special Assessment, Series 2024, 5.125%, 5/01/44 | 500,000 | 497,400 | ||
| Hawkstone Community Development District, Assessment Area 4, Special Assessment, 4.375%, 5/01/30 | 95,000 | 95,416 | ||
| Herons Glen Recreation District, Special Assessment, Refunding, 3.00%, 5/01/32 | 100,000 | 95,459 | ||
| Hickory Tree Community Development District, Assessment Area One, Special Assessment, 4.50%, 5/01/31 | 455,000 | 451,923 | ||
| Highland Trails Community Development District, Assessment Area One, Special Assessment, 4.70%, 5/01/31 | 220,000 | 221,059 | ||
| d | Hillcrest Preserve Community Development District, Special Assessment, Series 2024, 5.00%, 5/01/44 | 250,000 | 241,916 | |
| Hills of Minneola Community Development District, South Parcel Assessment Area, Special Assessment, 2.375%, 5/01/26 | 45,000 | 43,974 | ||
| Holly Hill Road East Community Development District, Assessment Area 3 Project, Special Assessment, 4.00%, 11/01/25 | 25,000 | 24,973 | ||
| Hunt Club Grove Community Development District, | ||||
| Assessment Area One, Special Assessment, 5.375%, 6/15/44 | 185,000 | 184,884 | ||
| Special Assessment, Assessment Area One, 4.85%, 6/15/31 | 210,000 | 210,081 | ||
| Indigo Community Development District, 2021 Assessment Area, Phase A1, Special Assessment, 2.70%, 5/01/31 | 100,000 | 91,844 | ||
| Kelly Park Community Development District, Assessment Area One Project, Special Assessment, 5.125%, 11/01/30 | 250,000 | 254,158 | ||
| Keys Edge Community Development District, Assessment Area One Project, Special Assessment, 5.10%, 5/01/44 | 475,000 | 468,134 | ||
| Kindred Community Development District II, | ||||
| Special Assessment, 5.65%, 5/01/43 | 315,000 | 328,569 | ||
| Special Assessment, Series 2020, 3.00%, 5/01/30 | 155,000 | 148,066 | ||
| Special Assessment, Series 2021, 2.20%, 5/01/26 | 25,000 | 24,420 | ||
| Kingman Gate Community Development District, | ||||
| Special Assessment, Series 2020, 3.125%, 6/15/30 | 110,000 | 106,545 | ||
| Special Assessment, Series 2021, 2.50%, 6/15/26 | 45,000 | 44,135 | ||
| Lakes at Bella Lago Community Development District, Special Assessment, 5.75%, 5/01/43 | 165,000 | 169,935 | ||
| Lakes by the Bay South Community Development District, Special Assessment, Refunding, Series 2024, 5.00%, 5/01/34 | 440,000 | 465,523 | ||
| Lakes of Sarasota Community Development District, | ||||
| Assessment Area One, Special Assessment, 3.40%, 5/01/31 | 135,000 | 128,035 | ||
| Assessment Area Two, Special Assessment, 3.00%, 5/01/26 | 80,000 | 78,982 | ||
| Special Assessment, Series A, 5.30%, 5/01/44 | 425,000 | 421,012 | ||
| Lakewood Ranch Stewardship District, | ||||
| Azario Project, Special Assessment, Series 2020, 3.20%, 5/01/30 | 175,000 | 166,978 | ||
| d Lorraine Lakes Project, Special Assessment, Series 2020, 3.125%, 5/01/30 | 60,000 | 56,715 | ||
| d Northeast Sector Project, Special Assessment, Refunding, 3.20%, 5/01/30 | 100,000 | 94,848 | ||
| Special Assessment, Series 2024, 5.25%, 5/01/44 | 580,000 | 577,412 | ||
| Star Farms at Lakewood Ranch Proj-Phase 1/2, Special Assessment, 2.70%, 5/01/31 | 100,000 | 90,424 | ||
| Taylor Ranch Project, Special Assessment, 6.125%, 5/01/43 | 500,000 | 529,346 | ||
| Villages Lakewood Ranch South, Special Assessment, Series 2016, 4.25%, 5/01/26 | 940,000 | 940,648 | ||
| Langley South Community Development District, Assessment Area One, Special Assessment, 5.125%, 5/01/44 | 250,000 | 248,492 | ||
| Lawson Dunes Community Development District, Special Assessment, Series 2022, 4.375%, 5/01/27 | 100,000 | 100,096 | ||
| Lee County Industrial Development Authority, Shell Point Obligated Group, 4.375%, 11/15/29 | 1,000,000 | 1,002,180 | ||
| Longleaf Community Development District, | ||||
| d Neighborhood 4 Assessment Area One, Special Assessment, 4.50%, 5/01/31 | 140,000 | 140,902 | ||
| Special Assessment, Series A, 4.375%, 5/01/31 | 250,000 | 246,992 |
| Los Cayos Community Development District, 2024 Project, Special Assessment, 4.40%, 6/15/31 | 300,000 | 301,091 | ||
| LT Ranch Community Development District, Phase IIA Assessment Area, Special Assessment, 5.00%, 5/01/27 | 105,000 | 105,944 | ||
| d | Magnolia Park Community Development District, Special Assessment, Refunding, 4.00%, 5/01/31 | 47,000 | 47,771 | |
| Marion Ranch Community Development District, Special Assessment, 5.10%, 5/01/31 | 215,000 | 216,180 | ||
| Meadow View at Twin Creeks Community Development District, Phase 4, Special Assessment, 3.00%, 5/01/31 | 75,000 | 68,865 | ||
| Miami Health Facilities Authority, Miami Jewish Health Systems Obligated Group, Refunding, 5.00%, 7/01/28 | 150,000 | 148,863 | ||
| Middleton Community Development District A, Special Assessment, Series 2022, 5.45%, 5/01/32 | 200,000 | 212,543 | ||
| Mirada II Community Development District, 2021 Project Area, Special Assessment, 3.125%, 5/01/31 | 100,000 | 90,842 | ||
| Newport Isles Community Development District, Special Assessment, Series 2024, 5.00%, 5/01/44 | 440,000 | 432,536 | ||
| Normandy Community Development District, | ||||
| d Assessment Area One, Special Assessment, 4.625%, 5/01/31 | 500,000 | 494,167 | ||
| d Assessment Area One, Special Assessment, 5.30%, 5/01/44 | 335,000 | 326,425 | ||
| d | North Powerline Road Community Development District, Special Assessment, Series 2022, 4.75%, 5/01/27 | 125,000 | 125,664 | |
| North River Ranch Improvement Stewardship District, Special Assessment, Series A, 5.70%, 5/01/29 | 145,000 | 147,694 | ||
| North-1 Pasco Community Development District, Assessment Area Two, Special Assessment, Series A, 3.25%, 5/01/31 | 35,000 | 32,688 | ||
| Old Hickory Community Development District, Special Assessment, Series 2020, 3.00%, 6/15/30 | 100,000 | 94,907 | ||
| g | Pacific Ace Community Development District, Assessment Area Two, Special Assessment, 5.20%, 5/01/44 | 500,000 | 501,626 | |
| Palermo Community Development District, 2023 Project, Special Assessment, 4.125%, 6/15/30 | 75,000 | 75,407 | ||
| Palm Beach County Health Facilities Authority, | ||||
| Jupiter Medical Center Obligated Group, 5.00%, 11/01/32 | 300,000 | 322,213 | ||
| Jupiter Medical Center Obligated Group, 5.00%, 11/01/40 | 285,000 | 293,540 | ||
| Jupiter Medical Center Obligated Group, Refunding, Series A, 5.00%, 11/01/36 | 165,000 | 172,834 | ||
| Jupiter Medical Center Obligated Group, Refunding, Series A, 5.00%, 11/01/37 | 535,000 | 557,262 | ||
| Jupiter Medical Center Obligated Group, Series A, 5.00%, 11/01/42 | 145,000 | 148,294 | ||
| Lifespace Communities Inc Obligated Group, Refunding, Series C, 4.00%, 5/15/35 | 55,000 | 53,494 | ||
| Lifespace Communities Inc Obligated Group, Refunding, Series C, 5.00%, 5/15/27 | 292,000 | 292,585 | ||
| Lifespace Communities, Inc., 5.00%, 5/15/41 | 555,000 | 556,714 | ||
| Palm Coast Park Community Development District, | ||||
| Sawmill Branch - Phase 7, Special Assessment, 5.00%, 5/01/44 | 270,000 | 263,580 | ||
| Sawmill Branch Phase 2, Special Assessment, 4.15%, 5/01/27 | 200,000 | 199,968 | ||
| Parkview at Long Lake Ranch Community Development District, Special Assessment, Series 2020, 3.125%, 5/01/30 | 100,000 | 93,641 | ||
| Parrish Lakes Community Development District, | ||||
| Assessment Area One Project, Special Assessment, 4.00%, 5/01/30 | 200,000 | 197,910 | ||
| Assessment Area Three, Special Assessment, 5.00%, 5/01/31 | 285,000 | 284,619 | ||
| Parrish Lakes II Community Development District, Assessment Area One, Special Assessment, 5.125%, 5/01/44 | 500,000 | 487,158 | ||
| Parrish Plantation Community Development District, | ||||
| Assessment Area One, Special Assessment, 3.125%, 5/01/31 | 100,000 | 93,503 | ||
| Special Assessment, Assessment Area Four Project-S, 4.75%, 5/01/31 | 90,000 | 90,911 | ||
| Special Assessment, Assessment Area Three Project, 5.80%, 5/01/44 | 200,000 | 205,786 | ||
| Pasadena Ridge Community Development District, Assessment Area One, Special Assessment, 5.05%, 5/01/44 | 250,000 | 246,666 | ||
| Peace Creek Village Community Development District, Special Assessment, Series 2024, 4.625%, 5/01/31 | 370,000 | 371,720 | ||
| Peace Crossing Community Development District, Assessment Area One, Special Assessment, 5.00%, 5/01/31 | 375,000 | 371,467 | ||
| Pine Ridge Plantation Community Development District, Subordinate Lien, Special Assessment, Refunding, Series 2020A-2, 3.30%, 5/01/30 | 150,000 | 145,535 | ||
| Pioneer Ranch Community Development District, Special Assessment, Series 2024, 5.00%, 5/01/44 | 565,000 | 546,171 |
| Preserve at South Branch Community Development District, Phase 3, Special Assessment, Series 2021, 3.00%, 5/01/31 | 100,000 | 95,533 | ||
| Regal Village Community Development District, Special Assessment Area, 5.20%, 5/01/44 | 190,000 | 190,833 | ||
| Reunion East Community Development District, Special Assessment, Series 2021, 2.85%, 5/01/31 | 100,000 | 90,839 | ||
| River Hall Community Development District, | ||||
| d Assessment Area 5, Special Assessment, 5.35%, 5/01/44 | 600,000 | 597,350 | ||
| Special Assessment, Series A, 6.25%, 5/01/43 | 170,000 | 180,738 | ||
| Rivers Edge II Community Development District, Special Assessment, Series 2021, 3.00%, 5/01/31 | 100,000 | 92,011 | ||
| d | Rivers Edge III Community Development District, Special Assessment, Series 2021, 2.40%, 5/01/26 | 100,000 | 97,652 | |
| d | Rolling Oaks Community Development District, 2022 Assessment Area, Special Assessment, 6.25%, 5/01/42 | 60,000 | 63,215 | |
| d | Rye Ranch Community Development District, Assessment Area One, Special Assessment, Refunding, 5.00%, 11/01/30 | 40,000 | 40,546 | |
| Saddle Creek Preserve of Polk County Community Development District, Assessment Area One, Special Assessment, 3.00%, 6/15/30 | 80,000 | 76,241 | ||
| Sanctuary Cove Community Development District, Special Assessment, Series 2018, 2.125%, 5/01/26 | 135,000 | 131,366 | ||
| Sandmine Road Community Development District, | ||||
| d Assessment Area One, Special Assessment, 3.125%, 5/01/30 | 100,000 | 96,955 | ||
| Assessment Area Two, Special Assessment, 2.30%, 11/01/26 | 25,000 | 24,322 | ||
| Sandridge Community Development District, Special Assessment, Series 2021A1, 2.875%, 5/01/26 | 100,000 | 98,686 | ||
| Sawgrass Village Community Development District, Assessment Area Two, Special Assessment, 6.125%, 11/01/43 | 155,000 | 162,976 | ||
| Sawyers Landing Community Development District, Special Assessment, Series 2021, 3.75%, 5/01/31 | 150,000 | 143,138 | ||
| Scenic Terrace North Community Development District, 2023 Assessment Area, Special Assessment, 5.125%, 5/01/30 | 500,000 | 506,868 | ||
| d | Seaton Creek Reserve Community Development District, Assessment Area One, Special Assessment, 4.625%, 6/15/30 | 25,000 | 25,264 | |
| Sebastian Isles Community Development District, Special Assessment, Series 2024, 5.00%, 5/01/44 | 175,000 | 172,531 | ||
| Sherwood Manor Community Development District, Assessment Area Two, Special Assessment, 4.625%, 5/01/30 | 110,000 | 111,125 | ||
| Shingle Creek at Bronson Community Development District, Special Assessment, Series 2021, 3.10%, 6/15/31 | 100,000 | 95,694 | ||
| Silver Oaks Community Development District, Special Assessment, 4.70%, 5/01/31 | 235,000 | 236,292 | ||
| Six Mile Creek Community Development District, | ||||
| Assessment Area 2, Phase 3, Special Assessment, 3.10%, 5/01/31 | 75,000 | 69,586 | ||
| Project Area, Special Assessment, Series 2024, 5.10%, 5/01/44 | 490,000 | 476,925 | ||
| d | Somerset Bay Community Development District, Special Assessment, Assessment Area One, 4.85%, 5/01/31 | 315,000 | 315,566 | |
| Sorrento Pines Community Development District, Assessment Area One, 4.375%, 5/01/30 | 50,000 | 50,435 | ||
| South Fork East Community Development District, Special Assessment, Refunding, Series 2005, 4.00%, 5/01/31 | 1,335,000 | 1,303,131 | ||
| Southern Groves Community Development District No. 5, | ||||
| Special Assessment, Series 2022, 5.80%, 5/01/42 | 400,000 | 425,715 | ||
| Special Assessment, Series 2024, 5.45%, 5/01/44 | 350,000 | 362,523 | ||
| Springs at Lake Alfred Community Development District, Assessment Area One, Special Assessment, 5.25%, 5/01/44 | 365,000 | 365,773 | ||
| St. Augustine Lakes Community Development District, | ||||
| 2022 Project, Special Assessment, 4.70%, 6/15/29 | 360,000 | 362,982 | ||
| 2022 Project, Special Assessment, 5.375%, 6/15/42 | 95,000 | 97,327 | ||
| d | Stillwater Community Development District, 2021 Project, Special Assessment, 3.00%, 6/15/31 | 100,000 | 91,789 | |
| d | Stuart Crossing Community Development District, Assessment Area One Project, Special Assessment, 4.375%, 5/01/31 | 195,000 | 195,134 | |
| Summer Woods Community Development District, Assessment Area Three Project, Special Assessment, 3.15%, 5/01/31 | 75,000 | 69,573 | ||
| Summit View Community Development District, Assessment Area Two, Special Assessment, 4.75%, 5/01/31 | 480,000 | 479,968 | ||
| Sunbridge Stewardship District, Special Assessment, Series 2022, 4.50%, 5/01/27 | 135,000 | 135,655 | ||
| Tamarindo Community Development District, Special Assessment, Series 2021, 3.00%, 5/01/31 | 100,000 | 91,911 |
| Timber Creek Southwest Community Development District, Special Assessment, Series 2020, 3.00%, 6/15/30 | 150,000 | 140,109 | ||
| Tohoqua Community Development District, | ||||
| Phase 2 Project, Special Assessment, 2.875%, 5/01/31 | 100,000 | 94,027 | ||
| Phase 4A/5A Project, Special Assessment, Series 2021, 2.50%, 5/01/26 | 115,000 | 112,586 | ||
| Tradition Community Development District No. 9, Special Assessment, Series 2021, 2.70%, 5/01/31 | 100,000 | 90,486 | ||
| d | Trevesta Community Development District, Assessment Area Two, Special Assessment, 3.25%, 5/01/30 | 100,000 | 96,804 | |
| Twisted Oaks Pointe Community Development District, Assessment Area Two Project, Special Assessment, 5.875%, 5/01/43 | 170,000 | 175,758 | ||
| d | Two Lakes Community Development District, Special Assessment, Series 2017, 4.00%, 12/15/28 | 195,000 | 193,450 | |
| Two Rivers West Community Development District, | ||||
| Special Assessment, Series 2, 5.25%, 5/01/28 | 320,000 | 323,276 | ||
| Special Assessment, Series 2, 5.375%, 5/01/33 | 150,000 | 155,143 | ||
| V-Dana Community Development District, Assessment Area One-2021 Project, Special Assessment, Series 2021P, 3.125%, 5/01/31 | 100,000 | 93,655 | ||
| Venetian Parc Community Development District, Assessment Area Two, Refunding, 5.00%, 5/01/44 | 1,000,000 | 1,004,862 | ||
| Veranda Community Development District II, | ||||
| Assessment Area 5, Special Assessment, Refunding, 4.50%, 5/01/31 | 360,000 | 362,572 | ||
| d Special Assessment, Refunding, 3.10%, 5/01/31 | 70,000 | 64,673 | ||
| Verano No. 2 Community Development District, Special Assessment, Series 2024, 5.35%, 5/01/44 | 565,000 | 562,505 | ||
| Viera Stewardship District, Village 2, Special Assessment, Series 2021, 2.80%, 5/01/31 | 130,000 | 117,536 | ||
| Village Community Development District No. 13, Limited Offering, Special Assessment, Series 2019, 3.00%, 5/01/29 | 100,000 | 96,593 | ||
| Village Community Development District No. 5, | ||||
| Refunding, Special Assessment, 4.00%, 5/01/33 | 1,085,000 | 1,058,824 | ||
| Refunding, Special Assessment, 4.00%, 5/01/34 | 1,575,000 | 1,529,070 | ||
| Villamar Community Development District, | ||||
| Assessment Area Five Project, Special Assessment, 5.625%, 5/01/43 | 195,000 | 201,541 | ||
| Assessment Area Six Project, Special Assessment, 4.625%, 5/01/31 | 210,000 | 211,861 | ||
| Waterford Community Development District, Assessment Area Two, Special Assessment, 5.20%, 5/01/44 | 650,000 | 638,626 | ||
| Waterset South Community Development District, Special Assessment, Series 2022, 5.375%, 5/01/32 | 100,000 | 103,668 | ||
| d | Wellness Ridge Community Development District, Assessment Area Two, Special Assessment, 5.00%, 6/15/44 | 355,000 | 348,613 | |
| West Villages Improvement District, | ||||
| Unit of Development No 7, Special Assessment, 3.125%, 5/01/31 | 100,000 | 92,450 | ||
| Unit of Development No 8, Special Assessment, 4.625%, 5/01/29 | 240,000 | 242,484 | ||
| Willowbrook Community Development District, Special Assessment, Assessment Area One Project, 4.95%, 5/01/31 | 205,000 | 205,652 | ||
| Winding Oaks Community Development District, Assessment Area One, Special Assessment, 5.40%, 5/01/44 | 500,000 | 498,893 | ||
| Windsor Cay Community Development District, Special Assessment, Assessment Area One Project, 4.60%, 5/01/31 | 250,000 | 252,762 | ||
| Windward Community Development District, | ||||
| Special Assessment, Series 2020A-1, 3.65%, 5/01/30 | 100,000 | 96,117 | ||
| Special Assessment, Series A-1, 3.00%, 5/01/25 | 60,000 | 59,736 | ||
| Wiregrass II Community Development District, Assessment Area Two, Special Assessment, 4.50%, 5/01/27 | 225,000 | 225,297 | ||
| Yarborough Lane Community Development District, | ||||
| Special Assessment, Series 2024, 4.75%, 5/01/31 | 250,000 | 249,007 | ||
| Special Assessment, Series 2024, 5.35%, 5/01/44 | 245,000 | 242,741 | ||
| 62,695,751 | ||||
| Georgia 2.8% | ||||
| DeKalb County Housing Authority, HADC Avenues LLC, Refunding, 4.125%, 12/01/34 | 1,500,000 | 1,468,601 | ||
| d | Development Authority of Rockdale County, AHPC Terraces at Fieldstone LLC, Series 2021B-S, 4.50%, 12/01/36 | 100,000 | 87,901 | |
| d | George L Smith II Congress Center Authority, Signia Hotel Management LLC, 3.625%, 1/01/31 | 350,000 | 330,633 |
| Georgia Housing & Finance Authority, Georgia Housing & Finance Authority, Refunding, Series C, 4.40%, 12/01/44 | 1,000,000 | 984,852 | ||
| Main Street Natural Gas, Inc., | ||||
| c,d Gas Supply Revenue, VRDN, Series C, 4.00%, 8/01/52 | 1,000,000 | 988,736 | ||
| c VRDN, Series A, 5.00%, 6/01/53 | 4,080,000 | 4,272,199 | ||
| c VRDN, Series B, 5.00%, 12/01/54 | 1,000,000 | 1,064,688 | ||
| c VRDN, Series E, 5.00%, 12/01/53 | 1,325,000 | 1,400,915 | ||
| c VRDN, Series E-2, 1 day USD SOFR + 1.70%, 4.688%, 12/01/53 | 1,000,000 | 1,030,125 | ||
| 11,628,650 | ||||
| Idaho 0.2% | ||||
| Idaho Housing & Finance Association, | ||||
| d College of Idaho Inc, Refunding, 5.00%, 11/01/25 | 380,000 | 382,012 | ||
| White Pine Charter School Project, 5.25%, 5/01/38 | 300,000 | 315,757 | ||
| 697,769 | ||||
| Illinois 7.0% | ||||
| Chicago Board of Education, | ||||
| f Refunding, Series A, 7.732%, 12/01/25 | 500,000 | 481,642 | ||
| Series A, 5.00%, 12/01/38 | 2,100,000 | 2,126,873 | ||
| Series A, 5.50%, 12/01/31 | 2,000,000 | 2,138,439 | ||
| Chicago Board of Education Dedicated Capital Improvement Tax, | ||||
| 5.00%, 4/01/38 | 2,175,000 | 2,304,657 | ||
| 5.25%, 4/01/39 | 1,000,000 | 1,070,644 | ||
| Chicago Midway International Airport, AMT, Refunding, Series A, 5.50%, 1/01/38 | 750,000 | 828,741 | ||
| City of Chicago, | ||||
| Refunding, Series A, 5.00%, 1/01/34 | 1,165,000 | 1,215,816 | ||
| Refunding, Series B, 4.00%, 1/01/37 | 4,000,000 | 3,838,948 | ||
| Series A, 5.50%, 1/01/40 | 2,610,000 | 2,760,641 | ||
| Series A, 5.50%, 1/01/49 | 1,320,000 | 1,348,006 | ||
| Illinois Finance Authority, | ||||
| d Acero Charter Schools, Inc. Obligated Group, 4.00%, 10/01/31 | 980,000 | 962,796 | ||
| Chicago School - California, Inc., 5.25%, 4/01/44 | 1,070,000 | 1,124,638 | ||
| c Field Museum of Natural History, Refunding, VRDN, 1 day USD SOFR + 1.20%, 4.322%, 11/01/34 | 380,000 | 379,556 | ||
| Lawndale Educational & Regional Network Charter School Obligated Group, Refunding, 4.00%, 11/01/30 | 250,000 | 250,731 | ||
| Lawndale Educational & Regional Network Charter School Obligated Group, Refunding, 4.00%, 11/01/31 | 255,000 | 254,945 | ||
| c OSF Healthcare System Obligated Group, VRDN, Refunding, 5.00%, 5/15/50 | 795,000 | 808,469 | ||
| The Chicago School, 5.25%, 4/01/37 | 130,000 | 141,907 | ||
| Westminster Village Inc Obligated Group, Series A, Refunding, 5.25%, 5/01/38 | 1,100,000 | 1,097,828 | ||
| Illinois Housing Development Authority, Refunding, Series H-1, 4.00%, 1/01/42 | 2,500,000 | 2,407,401 | ||
| Metropolitan Pier & Exposition Authority, | ||||
| f 4.646%, 12/15/30 | 300,000 | 243,677 | ||
| McCormick Place Expansion, Refunding, 3.00%, 6/15/25 | 1,000,000 | 996,001 | ||
| State of Illinois McCormick Place Expansion Project Fund, Refunding, Series A, 4.00%, 12/15/42 | 390,000 | 371,615 | ||
| Northern Illinois University, 4.25%, 4/01/44 | 1,250,000 | 1,190,477 | ||
| State of Illinois, 6.00%, 11/01/26 | 660,000 | 676,517 | ||
| f | Village of Villa Park, Garden Station Redevelopment Area, 0.158%, 12/31/38 | 100,000 | 82,589 | |
| 29,103,554 | ||||
| Indiana 0.7% | ||||
| d | City of Goshen, Green Oaks Of Goshen LLC, Refunding, Series A, 5.00%, 8/01/41 | 500,000 | 429,540 | |
| d | City of Jeffersonville, Vivera Senior Living of Columbus LLC, Series 2020A, 4.75%, 11/01/30 | 100,000 | 95,288 | |
| d | City of Valparaiso, Green Oaks of Valparaiso LLC, 5.375%, 12/01/41 | 500,000 | 416,244 | |
| Indiana Finance Authority, | ||||
| Ohio Valley Electric Corp, Series 2012C, 3.00%, 11/01/30 | 150,000 | 142,019 | ||
| University of Evansville, 7.00%, 9/01/32 | 170,000 | 161,749 | ||
| d | Indiana Housing & Community Development Authority, Vita of Marion LLC, Series 2021A, 5.00%, 4/01/31 | 765,000 | 731,310 | |
| Indianapolis Local Public Improvement Bond Bank, Convention Center Hotel, 5.50%, 3/01/38 | 1,000,000 | 1,071,569 | ||
| 3,047,719 |
| Iowa 1.8% | ||||
| Crawford County Memorial Hospital, Inc., 5.00%, 6/15/27 | 515,000 | 520,518 | ||
| Iowa Finance Authority, | ||||
| c Iowa Fertilizer Co LLC, VRDN, Refunding, 5.00%, 12/01/50 | 2,425,000 | 2,759,493 | ||
| Lifespace Communities Inc Obligated Group, Refunding, 6.75%, 5/15/33 | 770,000 | 871,752 | ||
| Lifespace Communities Inc Obligated Group, Refunding, Series B, 7.25%, 5/15/38 | 500,000 | 573,085 | ||
| Lifespace Communities Inc Obligated Group, Series A, 4.125%, 5/15/38 | 215,000 | 207,166 | ||
| Lifespace Communities Inc Obligated Group, Series A, 5.00%, 5/15/32 | 510,000 | 515,417 | ||
| Lifespace Communities Inc Obligated Group, Series A, 5.00%, 5/15/41 | 1,060,000 | 1,063,274 | ||
| c Lifespace Communities Inc Obligated Group, VRDN, Series B, 1 day USD SOFR + 0.55%, 3.672%, 5/15/56 | 500,000 | 477,003 | ||
| Lifespace Communities, Inc., Series A, 5.00%, 5/15/43 | 240,000 | 240,730 | ||
| Iowa Tobacco Settlement Authority, Refunding, Series 2021B-1, 4.00%, 6/01/49 | 80,000 | 77,213 | ||
| 7,305,651 | ||||
| Kentucky 0.9% | ||||
| c | City of Berea, Berea College, VRDN, Series A, 4.00%, 6/01/32 | 550,000 | 550,000 | |
| Kentucky Public Energy Authority, | ||||
| c Kentucky Public Energy Authority, VRDN, Series A-2, 1 day USD SOFR + 1.20%, 4.188%, 8/01/52 | 1,285,000 | 1,288,882 | ||
| c Refunding, VRDN, Series B, 5.00%, 1/01/55 | 1,790,000 | 1,907,721 | ||
| 3,746,603 | ||||
| Louisiana 0.7% | ||||
| Lakeshore Villages Master Community Development District, Special Assessment, Series 2022, 5.00%, 6/01/32 | 245,000 | 248,008 | ||
| Louisiana Local Government Environmental Facilities & Community Development Authority, | ||||
| d Parish of St John the Baptist LA, 3.90%, 11/01/44 | 160,000 | 145,914 | ||
| Westlake Corp, Refunding, 3.50%, 11/01/32 | 1,625,000 | 1,549,692 | ||
| New Orleans Aviation Board, AMT, Refunding, Series A, 5.00%, 1/01/38 | 1,000,000 | 1,066,704 | ||
| 3,010,318 | ||||
| Maine 0.2% | ||||
| Maine State Housing Authority, Series D, 4.50%, 11/15/44 | 1,000,000 | 995,805 | ||
| Maryland 0.6% | ||||
| City of Baltimore, | ||||
| Harbor Point Special Taxing District, 4.25%, 6/01/26 | 375,000 | 374,917 | ||
| d Harbor Point Special Taxing District, Refunding, 3.25%, 6/01/31 | 100,000 | 94,840 | ||
| County of Frederick, Oakdale-Lake Linganore Development District, 3.25%, 7/01/29 | 140,000 | 133,705 | ||
| Maryland Economic Development Corp., | ||||
| Purple Line Transit Partners LLC, AMT, Series B, 5.00%, 6/30/36 | 595,000 | 615,520 | ||
| Purple Line Transit Partners LLC, AMT, Series B, 5.00%, 12/31/38 | 180,000 | 185,256 | ||
| Purple Line Transit Partners LLC, AMT, Series B, 5.00%, 6/30/39 | 410,000 | 420,549 | ||
| d | Town of La Plata MD, Heritage Green Special Taxing District, 5.75%, 2/15/35 | 680,000 | 680,750 | |
| 2,505,537 | ||||
| Massachusetts 0.4% | ||||
| Massachusetts Development Finance Agency, | ||||
| d CHF Merrimack Inc, Series A, 5.00%, 7/01/44 | 1,000,000 | 1,015,873 | ||
| Foxborough Regional Charter School, Refunding, 5.00%, 7/01/27 | 60,000 | 60,456 | ||
| Salem Community Corp Obligated Group, Refunding, 5.00%, 1/01/28 | 200,000 | 202,216 | ||
| Massachusetts Educational Financing Authority, AMT, Series B, 4.25%, 7/01/44 | 500,000 | 485,361 | ||
| 1,763,906 | ||||
| Michigan 1.5% | ||||
| City of Detroit, | ||||
| Series A, 5.00%, 4/01/35 | 350,000 | 371,966 | ||
| Series C, 6.00%, 5/01/43 | 375,000 | 420,241 | ||
| Grand Rapids Economic Development Corp., | ||||
| Michigan Christian Home Obligated Group, Refunding, 4.00%, 11/01/27 | 220,000 | 214,191 | ||
| Michigan Christian Home Obligated Group, Refunding, Series A, 4.25%, 11/01/38 | 45,000 | 39,879 |
| c | Grand Traverse County Hospital Finance Authority, Munson Healthcare Obligated Group, VRDN, Refunding, Series C, 3.82%, 7/01/41 | 1,600,000 | 1,600,000 | |
| d | Kalamazoo Economic Development Corp., Friendship Village of Kalamazoo Obligated Group, Refunding, 5.00%, 8/15/31 | 110,000 | 106,798 | |
| Michigan Finance Authority, | ||||
| Lawrence Technological University Obligated Group, Refunding, 4.00%, 2/01/27 | 145,000 | 143,465 | ||
| Lawrence Technological University Obligated Group, Refunding, 4.00%, 2/01/32 | 285,000 | 274,222 | ||
| Provident Group - HFH Energy LLC, 4.125%, 2/29/44 | 870,000 | 843,914 | ||
| University of Detroit Mercy Obligated Group, 5.25%, 11/01/35 | 800,000 | 840,821 | ||
| University of Detroit Mercy Obligated Group, Refunding, 5.25%, 11/01/39 | 590,000 | 612,315 | ||
| Michigan Strategic Fund, | ||||
| I-75 Improvement Project, AMT, 5.00%, 12/31/33 | 50,000 | 51,564 | ||
| Improvement Project-P3, AMT, 4.125%, 6/30/35 | 670,000 | 659,475 | ||
| State of Michigan Department of Transportation, AMT, 5.00%, 6/30/48 | 100,000 | 100,843 | ||
| 6,279,694 | ||||
| Minnesota 0.4% | ||||
| Duluth Economic Development Authority, Benedictine Health System Obligated Group, Refunding, 4.00%, 7/01/31 | 125,000 | 119,206 | ||
| c | Minnesota Municipal Gas Agency, VRDN, Series B, 1 day USD SOFR + 1.00%, 3.988%, 12/01/52 | 1,400,000 | 1,405,824 | |
| 1,525,030 | ||||
| Mississippi 0.4% | ||||
| d | Mississippi Development Bank, Magnolia Regional Health Center, Refunding, 5.00%, 10/01/31 | 150,000 | 153,174 | |
| Mississippi Home Corp., Series C, 4.65%, 12/01/44 | 1,500,000 | 1,507,038 | ||
| 1,660,212 | ||||
| Missouri 0.4% | ||||
| City of Maryland Heights, Westport Plaza Redevelopment, 3.625%, 11/01/31 | 20,000 | 19,696 | ||
| c | Health & Educational Facilities Authority of the State of Missouri, VRDN, Refunding, Series B-1, 3.95%, 10/01/35 | 500,000 | 500,000 | |
| Missouri Housing Development Commission, First Place Homeownership Loan Series E, 4.125%, 11/01/39 | 1,000,000 | 990,610 | ||
| 1,510,306 | ||||
| Nebraska 0.2% | ||||
| Nebraska Investment Finance Authority, Series E, 4.50%, 9/01/44 | 1,000,000 | 989,844 | ||
| Nevada 1.0% | ||||
| City of Las Vegas Special Improvement District No. 611, Special Improvement District No 611, Special Assessment, 3.50%, 6/01/31 | 155,000 | 145,643 | ||
| City of Las Vegas Special Improvement District No. 816, Special Assessment, 2.50%, 6/01/29 | 200,000 | 179,413 | ||
| d | City of North Las Vegas, NV Special Improvement District No 66, Special Assessment, 5.00%, 6/01/28 | 140,000 | 142,665 | |
| Nevada Housing Division, Series E, 4.10%, 10/01/39 | 1,000,000 | 985,848 | ||
| Reno-Tahoe Airport Authority, | ||||
| Reno-Tahoe Airport Authority, AMT, Series A, 5.25%, 7/01/42 | 655,000 | 701,536 | ||
| Reno-Tahoe Airport Authority, AMT, Series A, 5.25%, 7/01/43 | 1,000,000 | 1,066,747 | ||
| c | State of Nevada Department of Business & Industry, DesertXpress Enterprises LLC, AMT, VRDN, A-4, 8.125%, 1/01/50 | 750,000 | 771,230 | |
| Tahoe-Douglas Visitors Authority, 5.00%, 7/01/31 | 250,000 | 262,587 | ||
| 4,255,669 | ||||
| New Jersey 1.6% | ||||
| New Jersey Economic Development Authority, | ||||
| c American Water Co Inc, AMT, Refunding, VRDN, 2.20%, 10/01/39 | 100,000 | 87,963 | ||
| Provident Group-Kean Properties LLC, 5.00%, 7/01/32 | 100,000 | 100,812 | ||
| Provident Group-Kean Properties LLC, 5.00%, 7/01/37 | 50,000 | 50,075 | ||
| United Airlines Inc, 5.25%, 9/15/29 | 215,000 | 215,218 | ||
| c | New Jersey Health Care Facilities Financing Authority, Virtua Health Obligated Group, VRDN, Series C, 3.45%, 7/01/43 | 5,000,000 | 5,000,000 | |
| New Jersey Higher Education Student Assistance Authority, AMT, Series B, 4.00%, 12/01/44 | 1,000,000 | 942,248 | ||
| Passaic County Improvement Authority, Series 2024A, 5.00%, 1/01/34 | 280,000 | 290,477 | ||
| 6,686,793 |
| New Mexico 0.2% | ||||
| New Mexico Mortgage Finance Authority, Series E, 4.125%, 9/01/39 | 700,000 | 693,481 | ||
| New York 6.9% | ||||
| c | City of New York, VRDN, Series B3, 4.00%, 10/01/46 | 2,500,000 | 2,500,000 | |
| Metropolitan Transportation Authority, | ||||
| Green Bond, Series 2017C-1, 5.00%, 11/15/28 | 500,000 | 529,407 | ||
| Green Bond, Series 2017C-1, 5.00%, 11/15/30 | 530,000 | 555,677 | ||
| c | Metropolitan Transportation Authority Dedicated Tax Fund, Metropolitan Transportation Authority Dedicated Tax Fund, VRDN, Refunding, Series A-1, 3.80%, 11/01/31 | 1,100,000 | 1,100,000 | |
| New York City Housing Development Corp., 8 Spruce NY Owner LLC, Refunding, Series E, 4.375%, 12/15/31 | 250,000 | 253,150 | ||
| New York City Municipal Water Finance Authority, | ||||
| c New York City Water & Sewer System, VRDN, Series EE-1, 3.80%, 6/15/45 | 290,000 | 290,000 | ||
| c VRDN, 4.00%, 6/15/33 | 6,800,000 | 6,800,000 | ||
| New York State Dormitory Authority, St Joseph’s College, 5.00%, 7/01/30 | 65,000 | 65,096 | ||
| c,d | New York State Environmental Facilities Corp., Casella Waste Systems Inc, AMT, VRDN, 5.125%, 9/01/50 | 250,000 | 260,113 | |
| New York Transportation Development Corp., | ||||
| American Airlines Inc, AMT, Refunding, 2.25%, 8/01/26 | 60,000 | 58,346 | ||
| American Airlines Inc, AMT, Refunding, 3.00%, 8/01/31 | 210,000 | 195,838 | ||
| American Airlines Inc, AMT, Refunding, 5.25%, 8/01/31 | 70,000 | 72,881 | ||
| Delta Air Lines Inc, AMT, 5.00%, 1/01/25 | 250,000 | 250,000 | ||
| Delta Air Lines Inc, AMT, 5.625%, 4/01/40 | 785,000 | 834,327 | ||
| Delta Air Lines Inc, AMT, 6.00%, 4/01/35 | 1,790,000 | 1,994,412 | ||
| Delta Air Lines, Inc, AMT, 4.00%, 1/01/36 | 1,490,000 | 1,424,542 | ||
| Delta Air Lines, Inc, AMT, 5.00%, 10/01/40 | 4,685,000 | 4,793,075 | ||
| JFK International Air Terminal LLC, AMT, 5.00%, 12/01/41 | 1,000,000 | 1,033,052 | ||
| JFK International Air Terminal LLC, AMT, Refunding, Series A, 4.00%, 12/01/39 | 1,860,000 | 1,771,306 | ||
| JFK International Air Terminal LLC, AMT, Refunding, Series A, 4.00%, 12/01/40 | 500,000 | 471,788 | ||
| JFK International Air Terminal LLC, AMT, Refunding, Series A, 4.00%, 12/01/41 | 1,380,000 | 1,289,783 | ||
| JFK International Air Terminal LLC, AMT, Refunding, Series A, 5.00%, 12/01/37 | 170,000 | 175,693 | ||
| JFK NTO LLC, AMT, 5.25%, 6/30/43 | 500,000 | 528,645 | ||
| JFK NTO LLC, AMT, 5.50%, 6/30/38 | 250,000 | 270,061 | ||
| d | Oneida Indian Nation of New York, Series B, 6.00%, 9/01/43 | 250,000 | 273,201 | |
| Suffolk Regional Off-Track Betting Co., 5.75%, 12/01/44 | 1,000,000 | 1,033,490 | ||
| 28,823,883 | ||||
| North Carolina 0.2% | ||||
| North Carolina Medical Care Commission, | ||||
| Penick Village Obligated Group, Refunding, Series B, 4.75%, 9/01/29 | 405,000 | 405,159 | ||
| United Methodist Retirement Homes Inc Obligated Group, 4.25%, 10/01/28 | 350,000 | 351,389 | ||
| 756,548 | ||||
| North Dakota 2.1% | ||||
| City of Grand Forks, | ||||
| Altru Health System Obligated Group, Refunding, 4.00%, 12/01/38 | 2,300,000 | 2,147,592 | ||
| Altru Health System Obligated Group, Refunding, 4.00%, 12/01/41 | 1,875,000 | 1,696,791 | ||
| Altru Health System Obligated Group, Refunding, 5.00%, 12/01/31 | 1,320,000 | 1,391,193 | ||
| City of Horace, Series B, 4.85%, 8/01/26 | 1,000,000 | 1,000,185 | ||
| County of Burleigh, University of Mary, 5.10%, 4/15/36 | 250,000 | 250,381 | ||
| North Dakota Housing Finance Agency, | ||||
| Series C, 4.65%, 7/01/44 | 1,000,000 | 1,007,709 | ||
| Series D, 4.50%, 7/01/44 | 1,000,000 | 992,831 | ||
| 8,486,682 | ||||
| Ohio 4.6% | ||||
| Akron Bath Copley Joint Township Hospital District, | ||||
| Summa Health System Obligated Group, Refunding, 4.00%, 11/15/33 | 550,000 | 542,854 | ||
| Summa Health System Obligated Group, Refunding, 4.00%, 11/15/34 | 130,000 | 127,530 | ||
| Cleveland-Cuyahoga County Port Authority, 5.00%, 11/15/39 | 1,865,000 | 1,945,757 | ||
| Columbus Metropolitan Housing Authority, | ||||
| 4.00%, 12/01/34 | 1,910,000 | 1,888,431 | ||
| Cobblestone Manor Project, 4.625%, 8/01/42 | 2,220,000 | 2,241,899 | ||
| Waldren Woods project, 4.00%, 6/01/34 | 500,000 | 492,609 |
| County of Cuyahoga, Eliza Jennings Obligated Group, Refunding, 5.00%, 5/15/32 | 505,000 | 504,970 | ||
| County of Franklin, | ||||
| Ohio Living Obligated Group, Refunding, 4.00%, 7/01/33 | 200,000 | 193,414 | ||
| Ohio Living Obligated Group, Series B, 4.00%, 7/01/28 | 225,000 | 224,636 | ||
| Wesley Communities Obligated Group, Refunding, 5.00%, 11/15/30 | 100,000 | 101,620 | ||
| c | County of Hamilton, TriHealth Obligated Group, VRDN, Refunding, Series B, 4.10%, 8/15/51 | 3,500,000 | 3,500,000 | |
| Franklin County Convention Facilities Authority, Hotel Project Revenue, 5.00%, 12/01/30 | 100,000 | 101,679 | ||
| c | Ohio Air Quality Development Authority, Duke Energy Corp, AMT, Refunding, VRDN, 4.25%, 11/01/39 | 2,280,000 | 2,300,201 | |
| Ohio Higher Educational Facility Commission, Cleveland Institute of Music/The, 5.00%, 12/01/32 | 300,000 | 313,509 | ||
| Ohio Housing Finance Agency, | ||||
| Middletown Phase I Project, 8.00%, 8/01/34 | 100,000 | 102,815 | ||
| Series B, 4.50%, 9/01/44 | 1,495,000 | 1,479,816 | ||
| State of Ohio, | ||||
| Premier Health Partners Obligated Group, Refunding, 4.00%, 11/15/39 | 1,335,000 | 1,261,713 | ||
| Premier Health Partners Obligated Group, Refunding, 4.00%, 11/15/40 | 855,000 | 800,375 | ||
| Premier Health Partners Obligated Group, Refunding, 5.00%, 11/15/35 | 1,015,000 | 1,049,144 | ||
| 19,172,972 | ||||
| Oregon 0.2% | ||||
| c | Oregon State Facilities Authority, VRDN, 3.80%, 8/01/34 | 630,000 | 630,000 | |
| Pennsylvania 2.4% | ||||
| Adams County General Authority, Brethren Home Community Obligated Group/The, Refunding, Series 2024A, 5.00%, 6/01/44 | 1,000,000 | 1,035,658 | ||
| Allegheny County Higher Education Building Authority, Robert Morris University, 5.00%, 10/15/26 | 40,000 | 39,714 | ||
| Allentown Commercial & Industrial Development Authority, | ||||
| d Executive Education Academy Charter School, Refunding, 5.00%, 7/01/40 | 2,075,000 | 2,093,309 | ||
| d Executive Education Academy Charter School, Refunding, 5.00%, 7/01/45 | 390,000 | 383,412 | ||
| Allentown Neighborhood Improvement Zone Development Authority, | ||||
| d City Center Project, 5.00%, 5/01/28 | 100,000 | 102,314 | ||
| d City Center Project, 5.25%, 5/01/42 | 200,000 | 200,038 | ||
| Berks County Municipal Authority, | ||||
| Series A, 8.00%, 6/30/34 | 84,000 | 85,309 | ||
| Series A-2A, 6.00%, 6/30/34 | 42,000 | 44,964 | ||
| Series A-3, 5.00%, 6/30/39 | 567,000 | 547,238 | ||
| f Series B-1, 1.412%, 6/30/44 | 283,000 | 199,438 | ||
| Chester County Industrial Development Authority, Avon Grove Charter School, 5.00%, 3/01/27 | 1,000,000 | 1,016,442 | ||
| Franklin County Industrial Development Authority, Menno-Haven Inc Obligated Group, Refunding, 5.00%, 12/01/28 | 100,000 | 101,271 | ||
| Pennsylvania Economic Development Financing Authority, | ||||
| Philadelphia Water Department, Refunding, 4.00%, 1/01/31 | 485,000 | 486,686 | ||
| c Talen Energy Supply LLC, Refunding, VRDN, 5.25%, 12/01/38 | 1,000,000 | 1,011,600 | ||
| UPMC Obligated Group, Series 2017A, 3.375%, 11/15/33 | 150,000 | 146,337 | ||
| Pennsylvania Economic Development Financing Authority Parking System Revenue, Refunding, 5.00%, 1/01/26 | 500,000 | 508,051 | ||
| Pennsylvania Housing Finance Agency, Series 146A, 4.50%, 10/01/44 | 1,500,000 | 1,492,563 | ||
| e | Philadelphia Authority for Industrial Development, Beech International LLC, Series A, 5.625%, 6/15/42 | 100,000 | 85,000 | |
| Redevelopment Authority of the City of Philadelphia, Social Bond, Series 2021A, 2.799%, 9/01/33 | 500,000 | 420,752 | ||
| 10,000,096 | ||||
| Puerto Rico 1.2% | ||||
| Commonwealth of Puerto Rico, | ||||
| f 4.395%, 7/01/33 | 12,391 | 8,398 | ||
| Series 2021A1, 4.00%, 7/01/33 | 359,628 | 354,495 | ||
| Series 2021A1, 4.00%, 7/01/35 | 139,457 | 136,094 | ||
| Series 2021A1, 4.00%, 7/01/37 | 35,173 | 33,958 | ||
| Series 2021A1, 4.00%, 7/01/41 | 105,573 | 99,951 | ||
| Series 2021A1, 5.625%, 7/01/27 | 113,932 | 118,114 | ||
| Series 2021A1, 5.625%, 7/01/29 | 606,556 | 646,477 | ||
| Series 2021A1, 5.75%, 7/01/31 | 1,432,319 | 1,567,504 | ||
| c,f VRDN, 3.012%, 11/01/43 | 39,834 | 24,448 |
| GDB Debt Recovery Authority of Puerto Rico, 7.50%, 8/20/40 | 1,539,785 | 1,512,839 | ||
| Puerto Rico Electric Power Authority, | ||||
| Refunding, 5.25%, 7/01/32 | 175,000 | 173,193 | ||
| Refunding, Series V, 5.25%, 7/01/27 | 170,000 | 169,865 | ||
| Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Authority, | ||||
| Hospital Auxilio Mutuo Obligated Group, Refunding, 4.00%, 7/01/37 | 100,000 | 93,204 | ||
| Hospital Auxilio Mutuo Obligated Group, Refunding, 4.00%, 7/01/39 | 100,000 | 92,301 | ||
| Hospital Auxilio Mutuo Obligated Group, Refunding, 4.00%, 7/01/40 | 100,000 | 91,941 | ||
| 5,122,782 | ||||
| South Carolina 1.4% | ||||
| County of Dorchester, SC Summers Corner Improvement District, Special Assessment, 4.50%, 10/01/33 | 415,000 | 411,212 | ||
| d | County of Richland, Village at Sandhill Improvement District, Special Assessment, Refunding, 3.00%, 11/01/26 | 100,000 | 95,994 | |
| Patriots Energy Group Financing Agency, | ||||
| c VRDN, Refunding, 1 day USD SOFR + 1.90%, 4.935%, 2/01/54 | 100,000 | 103,704 | ||
| c VRDN, Series A1, 5.25%, 10/01/54 | 4,430,000 | 4,772,130 | ||
| South Carolina Jobs-Economic Development Authority, | ||||
| AHPC Vista Towers 2021 LLC, 3.65%, 12/01/36 | 100,000 | 86,118 | ||
| d,f Columbia Portfolio Obligated Group, 2.039%, 6/01/37 | 315,000 | 252,690 | ||
| d FAH Pelham LLC, Series B, 7.50%, 8/01/47 | 150,000 | 151,611 | ||
| d Orchard Pk and Willowbrook Apartment, 3.65%, 12/01/36 | 100,000 | 86,118 | ||
| 5,959,577 | ||||
| South Dakota 0.4% | ||||
| South Dakota Housing Development Authority, Refunding, Series C, 4.50%, 11/01/44 | 1,500,000 | 1,489,050 | ||
| Tennessee 3.7% | ||||
| Chattanooga Health Educational & Housing Facility Board, | ||||
| CommonSpirit Health Obligated Group, Refunding, Series A-1, 4.00%, 8/01/37 | 500,000 | 491,588 | ||
| CommonSpirit Health Obligated Group, Series A, 4.00%, 8/01/38 | 1,610,000 | 1,577,401 | ||
| Cleveland Housing Authority, | ||||
| d Cleveland Forward Phase One LLC, 6.25%, 4/01/41 | 300,000 | 298,989 | ||
| d Cleveland Forward Phase Two LLC, 6.25%, 4/01/41 | 100,000 | 99,663 | ||
| Knox County Health Educational & Housing Facility Board, 5.00%, 7/01/38 | 425,000 | 461,389 | ||
| c | Tennergy Corp., VRDN, Series A, 5.50%, 10/01/53 | 5,250,000 | 5,608,737 | |
| c | Tennessee Energy Acquisition Corp., VRDN, Series A, 5.00%, 5/01/52 | 6,310,000 | 6,673,545 | |
| 15,211,312 | ||||
| Texas 12.5% | ||||
| d | Arlington Higher Education Finance Corp., BASIS Texas Charter Schools Inc, 4.50%, 6/15/44 | 830,000 | 788,648 | |
| Cedar Port Navigation & Improvement District, | ||||
| 4.00%, 9/01/37 | 675,000 | 678,388 | ||
| 4.00%, 9/01/38 | 1,450,000 | 1,450,469 | ||
| City of Anna, | ||||
| d Hurricane Creek Public Improvement District Impt Area No 2, Special Assessment, 5.00%, 9/01/28 | 432,000 | 434,300 | ||
| d Meadow Vista Public Improvement District Improvement Area 1, Special Assessment, 4.875%, 9/15/31 | 270,000 | 271,579 | ||
| City of Aubrey, Jackson Ridge Public Improvement District, Special Assessment, 5.00%, 9/01/25 | 505,000 | 509,835 | ||
| d | City of Austin, Whisper Valley Public Improvement District Improvement Area 2, Special Assessment, 4.75%, 11/01/29 | 134,000 | 134,524 | |
| d | City of Boyd, Public Improvement District No 1 Improvement Area No 1, Special Assessment, 4.25%, 9/15/30 | 107,000 | 107,731 | |
| City of Celina, | ||||
| d Celina Hills Public Improvement District, Special Assessment, 4.375%, 9/01/27 | 50,000 | 49,628 | ||
| d Chalk Hill Public Improvement District No 2, Special Assessment, 5.00%, 9/01/30 | 185,000 | 185,632 | ||
| d Creeks of Legacy Public Improvement District Phase No 3, Special Assessment, 3.625%, 9/01/30 | 100,000 | 92,411 | ||
| d Edgewood Creek Public Improvement District, Special Assessment, 3.75%, 9/01/31 | 180,000 | 168,651 | ||
| d Mosaic Public Improvement District Area No 2, Special Assessment, 4.50%, 9/01/31 | 250,000 | 249,693 | ||
| North Sky Public Improvement District Improvement Area No 1, Special Assessment, 5.00%, 9/01/44 | 289,000 | 284,299 |
| d Pravin Public Improvement District, Special Assessment, 6.50%, 9/01/43 | 103,000 | 104,516 | ||
| d Sutton Fields II Public Improvement District, Special Assessment, 2.875%, 9/01/27 | 50,000 | 47,239 | ||
| d The Parks at Wilson Creek Public Improvement District, Special Assessment, 3.25%, 9/01/31 | 110,000 | 101,432 | ||
| d Wells North Public Improvement District, Special Assessment, 3.25%, 9/01/30 | 180,000 | 165,334 | ||
| City of Corpus Christi, Whitecap Public Improvement District No 1 Improvement Area 1, Special Assessment, 5.375%, 9/15/31 | 250,000 | 251,376 | ||
| d | City of Crandall, Cartwright Ranch Public Improvement District Major Impt Are, Special Assessment, 4.75%, 9/15/31 | 100,000 | 100,109 | |
| City of Fate, | ||||
| d Monterra Public Improvement District, Special Assessment, 2.75%, 8/15/26 | 14,000 | 13,535 | ||
| d Williamsburg East Public Improvement District, Special Assessment, 3.375%, 8/15/30 | 145,000 | 132,031 | ||
| City of Horseshoe Bay, Escondido Public Improvement District, Special Assessment, Refunding, 3.00%, 10/01/30 | 138,000 | 124,938 | ||
| City of Houston Airport System Revenue, United Airlines Inc, AMT, Refunding, Series B, 5.50%, 7/15/38 | 1,000,000 | 1,057,746 | ||
| d | City of Hutto, Emory Crossing Public Improvement District Impt Area No 2, Special Assessment, 4.50%, 9/01/30 | 270,000 | 272,829 | |
| d | City of Justin, Timberbrook Public Improvement District No. 2 Area No. 1, Special Assessment, 4.50%, 9/01/31 | 153,000 | 154,705 | |
| d | City of Kaufman, Public Improvement District No 1, Special Assessment, 5.625%, 9/15/42 | 118,000 | 119,609 | |
| City of Kyle, | ||||
| d 6 Creeks Public Improvement District Improvement Area No 4, Special Assessment, 4.50%, 9/01/33 | 550,000 | 551,177 | ||
| Kyle 57 Public Improvement District, Series 2022, 4.75%, 9/01/32 | 133,000 | 134,077 | ||
| d Limestone Creek Public Improvement District Improvement Area #1, Special Assessment, 5.50%, 9/01/44 | 550,000 | 555,550 | ||
| d Plum Creek North Public Improvement District Improvement Area No 2, Special Assessment, 5.00%, 9/01/44 | 524,000 | 527,887 | ||
| d Plum Creek North Public Improvement District, Special Assessment, 4.375%, 9/01/32 | 215,000 | 213,406 | ||
| d Southwest Kyle Public Improvement District No 1 Impt Area No 2, Special Assessment, 5.75%, 9/01/30 | 100,000 | 102,003 | ||
| City of Lago Vista, | ||||
| d Tessera on Lake Travis Public Improvement District, Special Assessment, Refunding, 5.00%, 9/01/30 | 115,000 | 106,171 | ||
| Tessera on Lake Travis Public Impt Dist Impt Area No 1, Special Assessment, Refunding, 3.125%, 9/01/30 | 130,000 | 120,196 | ||
| City of Lavon, | ||||
| d Elevon Public Improvement District Improvement Area No 1, Special Assessment, 5.00%, 9/15/44 | 500,000 | 505,585 | ||
| d Lakepointe Public Improvement District, Special Assessment, 5.25%, 9/15/28 | 307,000 | 310,132 | ||
| d Lakepointe Public Improvement District, Special Assessment, 5.875%, 9/15/42 | 455,000 | 480,309 | ||
| City of Leander, Oak Creek Public Improvement District, Special Assessment, Refunding, 3.25%, 9/01/32 | 100,000 | 90,668 | ||
| d | City of Liberty Hill, Summerlyn West Public Improvement District, Special Assessment, 3.125%, 9/01/30 | 75,000 | 69,657 | |
| d | City of Manor, Manor Heights Public Improvement District Area No 3, Special Assessment, 5.25%, 9/15/43 | 200,000 | 202,942 | |
| d | City of Marble Falls, Thunder Rock Public Improvement District Impt Area 2A, Special Assessment, 6.375%, 9/01/44 | 1,004,000 | 989,875 | |
| d | City of Mclendon-Chisholm, Sonoma Public Improvement District, Special Assessment, 5.375%, 9/15/32 | 155,000 | 157,092 | |
| City of Mesquite, | ||||
| d Heartland Town Center Public Improvement District Phase 2, Special Assessment, 4.00%, 9/01/30 | 109,000 | 108,699 | ||
| d Solterra Public Improvement District Improvement Area C-1, Special Assessment, 5.375%, 9/01/43 | 102,000 | 104,400 | ||
| d Solterra Public Improvement District Improvement Area C-3, Special Assessment, 5.00%, 9/01/44 | 506,000 | 502,724 | ||
| d | City of Oak Point, Chaparral Park Public Improvement District Impt Area No 1, Special Assessment Area, 4.25%, 9/15/31 | 309,000 | 304,330 | |
| City of Pilot Point, | ||||
| d Creekview Public Improvement District, Special Assessment, Series 2022, 5.25%, 9/15/32 | 150,000 | 151,994 | ||
| d Creekview Public Improvement District, Special Assessment, Series 2022, 5.75%, 9/15/32 | 145,000 | 150,141 |
| City of Princeton, | ||||
| d Southbridge Public Improvement District Improvement Area 2, Special Assessment, 5.25%, 9/01/44 | 381,000 | 383,701 | ||
| d Winchester Crossing Public Improvement District No 3, Special Assessment, 4.375%, 9/01/31 | 319,000 | 316,517 | ||
| d Winchester Public Improvement District, Special Assessment, 2.875%, 9/01/31 | 100,000 | 88,529 | ||
| d Winchester Public Improvement District, Special Assessment, 3.25%, 9/01/30 | 100,000 | 92,368 | ||
| City of Royse City, | ||||
| d Clearview Ranch Public Impt Dist South Zone Impt Area 1, Special Assessment, Series 2024, 5.25%, 9/15/44 | 397,000 | 391,525 | ||
| d Creekshaw Public Improvement District, Special Assessment, 3.125%, 9/15/25 | 120,000 | 119,074 | ||
| City of Sachse, | ||||
| d Sachse Public Improvement District No 1 Improvement Area No 1, Special Assessment, 5.00%, 9/15/28 | 202,000 | 204,651 | ||
| d Sachse Public Improvement District No 1 Improvement Area No 1, Special Assessment, 5.625%, 9/15/42 | 360,000 | 370,849 | ||
| d Sachse Public Improvement District No 1, Special Assessment, 6.00%, 9/15/28 | 100,000 | 102,101 | ||
| d TX Sachse Public Improvement District No 1, Special Assessment, 6.875%, 9/15/42 | 310,000 | 337,762 | ||
| City of Tomball, | ||||
| d Raburn Reserve Public Improvement District Area No 2, Special Assessment, 4.875%, 9/15/33 | 145,000 | 146,354 | ||
| d Raburn Reserve Public Improvement District, Special Assessment, 3.375%, 9/15/30 | 100,000 | 93,022 | ||
| d | City of Uhland, Watermill Public Improvement District, Special Assessment, 5.75%, 9/01/27 | 140,000 | 141,130 | |
| d | Club Municipal Management District No. 1, Improvement Area No 3, Special Assessment, 5.10%, 9/01/44 | 326,000 | 322,714 | |
| County of Bastrop, Double Eagle Ranch Public Improvement District Improvement Area 2, Special Assessment, 4.50%, 9/01/31 | 220,000 | 220,322 | ||
| d | County of Denton, Tabor Ranch Public Improvement District Improvement Area No 1, Special Assessment, Series A, 5.25%, 12/31/44 | 250,000 | 246,775 | |
| County of Hays, | ||||
| d La Cima Public Improvement District Neighborhood Impt Area 3, Special Assessment, 4.75%, 9/15/27 | 326,000 | 326,005 | ||
| d La Cima Public Improvement District Neighborhood Impt Area 3, Special Assessment, 4.875%, 9/15/32 | 435,000 | 435,468 | ||
| d La Cima Public Improvement District, Special Assessment, 3.25%, 9/15/30 | 150,000 | 137,205 | ||
| d Special Assessment Area, 5.50%, 9/15/42 | 440,000 | 443,766 | ||
| East Montgomery County Municipal Utility District No. 5, 4.00%, 12/01/39 | 1,140,000 | 1,117,457 | ||
| EP Cimarron Ventanas PFC, 4.125%, 12/01/39 | 1,000,000 | 971,710 | ||
| EP Essential Housing WF PFC, 4.25%, 12/01/34 | 1,685,000 | 1,675,559 | ||
| EP Royal Estates PFC, 4.25%, 10/01/39 | 2,000,000 | 1,962,393 | ||
| Fulshear Municipal Utility District No. 3A, 4.25%, 9/01/41 | 1,005,000 | 998,913 | ||
| Harris County Municipal Utility District No. 171, | ||||
| 4.75%, 12/01/40 | 1,215,000 | 1,244,919 | ||
| 6.75%, 12/01/26 | 1,015,000 | 1,078,711 | ||
| Series A, 4.00%, 12/01/40 | 970,000 | 939,545 | ||
| Harris County Municipal Utility District No. 490, 4.00%, 9/01/40 | 805,000 | 782,274 | ||
| Harris County Municipal Utility District No. 502, 4.75%, 9/01/37 | 1,060,000 | 1,090,011 | ||
| Harris County Municipal Utility District No. 540, 5.375%, 9/01/45 | 350,000 | 348,278 | ||
| Harris-Waller Counties Municipal Utility District No. 4, | ||||
| 5.00%, 11/01/34 | 275,000 | 276,333 | ||
| 5.00%, 11/01/36 | 575,000 | 573,988 | ||
| 5.00%, 11/01/38 | 145,000 | 142,047 | ||
| 5.50%, 11/01/44 | 735,000 | 733,543 | ||
| Lakes Fresh Water Supply District of Denton County, 4.375%, 9/01/42 | 1,350,000 | 1,359,237 | ||
| Matagorda County Navigation District No. 1, CenterPoint Energy Inc, Refunding, 5.125%, 11/01/28 | 1,000,000 | 1,034,335 | ||
| New Hope Cultural Education Facilities Finance Corp., | ||||
| CHF-Collegiate Housing College Station I LLC, 5.00%, 4/01/29 | 100,000 | 100,050 | ||
| CHF-Collegiate Housing Corpus Christi II LLC, 5.00%, 4/01/31 | 30,000 | 30,696 | ||
| NCCD-College Station Properties LLC, Series A, 5.00%, 7/01/47 | 135,000 | 135,000 | ||
| Wesleyan Homes Obligated Group, Refunding, 4.00%, 1/01/29 | 100,000 | 96,032 | ||
| North Parkway Municipal Management District No. 1, | ||||
| d Legacy Hills Public Improvement District, Special Assessment, 3.625%, 9/15/31 | 50,000 | 46,710 | ||
| d Major Improvements Project, Special Assessment, 4.25%, 9/15/31 | 152,000 | 148,928 |
| Northlake Municipal Management District No. 1, 5.00%, 3/01/40 | 925,000 | 951,569 | ||
| d | Northwood Municipal Utility District No. 1, Refunding, 4.00%, 8/01/31 | 400,000 | 395,333 | |
| Sienna Municipal Utility District No. 6, | ||||
| 4.125%, 9/01/41 | 1,105,000 | 1,085,870 | ||
| 4.125%, 9/01/42 | 1,030,000 | 1,006,471 | ||
| South Manvel Development Authority, City of Manvel TX Tax Increment Reinvestment Zone Number 3, 5.00%, 4/01/38 | 600,000 | 599,328 | ||
| Southeast Regional Management District, Series A, 4.00%, 4/01/43 | 825,000 | 786,523 | ||
| Texas Municipal Gas Acquisition & Supply Corp. III, Refunding, 5.00%, 12/15/32 | 2,270,000 | 2,415,616 | ||
| c | Texas Municipal Gas Acquisition & Supply Corp. IV, VRDN, Series B, 5.50%, 1/01/54 | 2,515,000 | 2,770,953 | |
| c | Texas Municipal Gas Acquisition & Supply Corp. V, VRDN, 5.00%, 1/01/55 | 3,100,000 | 3,300,502 | |
| d | Town of Providence Village, Foree Ranch Public Improvement Dist Impt Area 1, Special Assessment, Series C, 4.375%, 9/01/31 | 255,000 | 254,031 | |
| g | Travis County Development Authority, Special Assessment, 5.00%, 9/01/44 | 285,000 | 284,568 | |
| Travis County Municipal Utility District No. 22, | ||||
| Series A, 5.75%, 9/01/38 | 315,000 | 318,147 | ||
| Series B, 6.00%, 9/01/42 | 455,000 | 459,521 | ||
| Viridian Municipal Management District, | ||||
| 5.00%, 12/01/25 | 100,000 | 101,258 | ||
| Special Assessment, 2.875%, 12/01/30 | 100,000 | 88,575 | ||
| Viridian Public Improvement District, Special Assessment, 2.375%, 12/01/25 | 14,000 | 13,786 | ||
| Walden Pond Fresh Water Supply District, | ||||
| 6.00%, 9/01/32 | 160,000 | 162,699 | ||
| 6.25%, 9/01/47 | 225,000 | 228,295 | ||
| Westpointe Special Improvement District, 5.00%, 8/15/41 | 550,000 | 572,845 | ||
| 52,092,599 | ||||
| Utah 1.0% | ||||
| d | Mida Mountain Village Public Infrastructure District, Military Installation Development Auth Military Recreation Fac Project Area, Series 1, 5.125%, 6/15/54 | 2,000,000 | 1,932,985 | |
| Military Installation Development Authority, Series 2021A-2, 4.00%, 6/01/36 | 250,000 | 233,743 | ||
| d | Utah Charter School Finance Authority, Wallace Stegner Academy, Series 2022A, 5.25%, 6/15/32 | 230,000 | 234,908 | |
| Utah Infrastructure Agency, | ||||
| 5.00%, 10/15/32 | 250,000 | 264,238 | ||
| 5.25%, 10/15/39 | 565,000 | 604,658 | ||
| Refunding, Series 2021, 4.00%, 10/15/38 | 1,000,000 | 954,390 | ||
| 4,224,922 | ||||
| Virginia 1.5% | ||||
| c | Albemarle County Economic Development Authority, Sentara Healthcare Obligated Group, Refunding, Series B, VRDN, 3.80%, 10/01/48 | 600,000 | 600,000 | |
| d | Peninsula Town Center Community Development Authority, Special Assessment, Refunding, 4.50%, 9/01/28 | 100,000 | 100,438 | |
| Virginia Beach Development Authority, Westminster-Canterbury on Chesapeake Bay Obligated Group, 5.75%, 9/01/30 | 1,000,000 | 1,028,326 | ||
| Virginia Small Business Financing Authority, National Senior Communities Inc Obligated Group, Refunding, Series A, 4.00%, 1/01/36 | 4,185,000 | 4,129,845 | ||
| c | Winchester Economic Development Authority, Valley Health Obligated Group, Refunding, VRDN, Series B-1, 3.95%, 1/01/54 | 500,000 | 500,000 | |
| 6,358,609 | ||||
| Washington 2.5% | ||||
| County of Spokane Airport Revenue, AMT, Refunding, Series B, 5.25%, 1/01/41 | 1,600,000 | 1,727,489 | ||
| Jefferson County Public Hospital District No. 2, Refunding, Series A, 5.75%, 12/01/33 | 500,000 | 495,564 | ||
| King County Housing Authority, 5.50%, 5/01/38 | 1,000,000 | 1,000,964 | ||
| Skagit County Public Hospital District No. 1, Refunding, 5.00%, 12/01/29 | 100,000 | 101,559 | ||
| Vancouver Housing Authority, | ||||
| Cascara Vancouver LLLP, Refunding, Series A, 5.00%, 12/01/42 | 1,500,000 | 1,519,096 | ||
| Esther Cougar Rehab LLLP, Refunding, Series A, 4.50%, 10/01/42 | 1,250,000 | 1,244,706 | ||
| Navalia and Alena Projects, 4.00%, 8/01/34 | 1,000,000 | 996,763 | ||
| Washington Health Care Facilities Authority, | ||||
| d Fred Hutchinson Cancer Center Obligated Group, 3.00%, 12/01/34 | 125,000 | 114,108 | ||
| d Fred Hutchinson Cancer Center Obligated Group, 5.00%, 12/01/32 | 250,000 | 270,067 |
| Washington State Housing Finance Commission, | ||||
| d eliseo Obligated Group, Series 2021A, 4.00%, 1/01/31 | 100,000 | 94,674 | ||
| Emerald Heights Project, Refunding, Series A, 5.00%, 7/01/38 | 2,035,000 | 2,156,230 | ||
| d Madison at Rivers Edge Apartments LLC, 3.65%, 1/01/37 | 100,000 | 86,131 | ||
| d Presbyterian Retirement Communities Northwest Obligated Group, Series 2019A, 5.00%, 1/01/34 | 100,000 | 100,239 | ||
| d Seattle Academy of Arts & Sciences, Refunding, 5.625%, 7/01/38 | 430,000 | 469,376 | ||
| d Spokane United Methodist Homes Obligated Group, 5.00%, 1/01/32 | 100,000 | 101,445 | ||
| 10,478,411 | ||||
| West Virginia 0.3% | ||||
| County of Ohio, Refunding, 5.25%, 6/01/44 | 1,000,000 | 1,031,742 | ||
| c | West Virginia Economic Development Authority, Appalachian Power Co., VRDN, 3.75%, 12/01/42 | 250,000 | 250,130 | |
| 1,281,872 | ||||
| Wisconsin 2.7% | ||||
| Public Finance Authority, | ||||
| BlueHub Loan Fund Inc, Refunding, Series B, 5.25%, 7/01/44 | 1,000,000 | 1,043,745 | ||
| d Coral Academy of Science Reno, 5.375%, 6/01/37 | 670,000 | 681,440 | ||
| d Dominium Holdings I LLC, Series 1, 6.81%, 4/28/36 | 500,000 | 510,353 | ||
| d Estancia Valley Classical Academy, Refunding, 4.00%, 7/01/31 | 100,000 | 91,590 | ||
| d FAH Tree House LLC, Series B, 6.625%, 2/01/46 | 275,000 | 249,420 | ||
| d Foundation Academy Charter School A NJ Nonprofit Corp, 4.75%, 7/01/45 | 1,300,000 | 1,234,635 | ||
| d Foundation Academy Charter School A NJ Nonprofit Corp, 5.00%, 7/01/35 | 700,000 | 719,581 | ||
| d Friends Homes Obligated Group, Refunding, 4.00%, 9/01/29 | 100,000 | 98,408 | ||
| d Masonic & Eastern Star Home of NC Inc Obligated Group, Refunding, 4.00%, 3/01/27 | 35,000 | 34,563 | ||
| NC A&T Real Estate Foundation LLC, Refunding, Series B, 5.00%, 6/01/39 | 960,000 | 998,688 | ||
| North East Carolina Preparatory School, Inc., Refunding, 4.25%, 6/15/34 | 800,000 | 798,672 | ||
| d Ocean Academy Charter School, 4.00%, 10/15/31 | 100,000 | 94,244 | ||
| d Patriot Services Group Obligated Group, Refunding, Series A-1, 4.50%, 12/01/31 | 500,000 | 496,932 | ||
| d,f Patriot Services Group Obligated Group, Refunding, Series B, 5.844%, 12/01/35 | 950,000 | 506,843 | ||
| d Series 2023-B, 7.125%, 7/25/34 | 430,000 | 447,855 | ||
| d Signature Preparatory, 5.00%, 6/15/31 | 115,000 | 115,498 | ||
| Triad Math & Science Academy Co, 4.00%, 6/15/30 | 335,000 | 332,587 | ||
| d UMA Education Inc, Refunding, 5.00%, 10/01/29 | 600,000 | 616,267 | ||
| d Whitestone-Retirement Facilities, Refunding, 5.00%, 3/01/37 | 385,000 | 380,143 | ||
| Wisconsin Health & Educational Facilities Authority, | ||||
| St John’s Communities Inc Obligated Group, Refunding, 4.00%, 9/15/41 | 795,000 | 728,456 | ||
| St John’s Communities Inc Obligated Group, Refunding, Series B, 4.00%, 9/15/41 | 510,000 | 467,312 | ||
| Wisconsin Masonic Home Obligated Group, 4.20%, 8/15/28 | 250,000 | 248,416 | ||
| Wisconsin Masonic Home Obligated Group, 5.50%, 8/15/44 | 305,000 | 324,420 | ||
| 11,220,068 | ||||
| Total Municipal Bonds (Cost $408,180,109) | 410,599,119 |
| b | Senior Floating Rate Interest 0.1% | |||
| Health Care Equipment & Supplies 0.1% | ||||
| Centennial Gardens LP, 1 mo. USD Term SOFR + 1.55%, 6.139%, 4/01/25 | 500,000 | 500,690 | ||
| Total Floating Rate Loans (Cost $500,000) | 500,690 | |||
| Total Investments (Cost $412,122,856) 99.8% | 414,585,966 | |||
| Other Assets, less Liabilities 0.2% | 961,488 | |||
| Net Assets 100.0% | $ 415,547,454 |
| *The principal amount is stated in U.S. dollars unless otherwise indicated. |
| aFair valued using significant unobservable inputs. See Note 5 regarding fair value measurements. |
| bVariable rate security. The rate shown represents the yield at period end. |
| cVariable rate demand notes (VRDN) are obligations which contain a floating or variable interest rate adjustment formula and an unconditional right of demand to receive payment of the principal balance plus accrued interest at specified dates. Unless otherwise noted, the coupon rate is determined based on factors including supply and demand, underlying credit, tax treatment, and current short term rates. The coupon rate shown represents the rate at period end. |
| dSecurity was purchased pursuant to Rule 144A under the Securities Act of 1933 and may be sold in transactions exempt from registration only to qualified institutional buyers or in a public offering registered under the Securities Act of 1933. At December 31, 2024, the aggregate value of these securities was $66,736,101, representing 16.1% of net assets. |
| eDefaulted security or security for which income has been deemed uncollectible. |
| fThe rate shown represents the yield at period end. |
| gSecurity purchased on a when-issued basis. |
| Selected Portfolio | ||
| AMT | – | Alternative Minimum Tax |
| CSCDA | – | California Statewide Communities Development Authority |
| SOFR | – | Secured Overnight Financing Rate |
| VRDN | – | Variable Rate Demand Note |
| Franklin Emerging Market Core Dividend Tilt Index ETF | Industry | Shares | Value | ||
| Common Stocks 98.7% | |||||
| Australia 0.0%† | |||||
| a | Yancoal Australia Ltd. | Oil, Gas & Consumable Fuels | 1,500 | $ 6,054 | |
| Brazil 3.2% | |||||
| Alupar Investimento SA, UNIT | Electric Utilities | 1,000 | 4,277 | ||
| Ambev SA | Beverages | 21,500 | 40,857 | ||
| Banco do Brasil SA | Banks | 9,000 | 35,211 | ||
| Banco Santander Brasil SA | Banks | 2,000 | 7,711 | ||
| BB Seguridade Participacoes SA | Insurance | 3,000 | 17,569 | ||
| Caixa Seguridade Participacoes SA | Insurance | 2,500 | 5,767 | ||
| Cia Energetica de Minas Gerais | Electric Utilities | 1,950 | 4,618 | ||
| Cosan SA | Oil, Gas & Consumable Fuels | 6,500 | 8,586 | ||
| CPFL Energia SA | Electric Utilities | 1,000 | 5,113 | ||
| CSN Mineracao SA | Metals & Mining | 3,000 | 2,501 | ||
| Energisa SA | Electric Utilities | 1,500 | 8,858 | ||
| Klabin SA | Containers & Packaging | 5,000 | 18,777 | ||
| Localiza Rent a Car SA | Ground Transportation | 5,000 | 26,061 | ||
| Lojas Renner SA | Specialty Retail | 5,500 | 10,790 | ||
| Natura & Co. Holding SA | Personal Care Products | 5,000 | 10,327 | ||
| Petroleo Brasileiro SA | Oil, Gas & Consumable Fuels | 10,500 | 66,982 | ||
| Telefonica Brasil SA | Diversified Telecommunication Services | 2,000 | 15,141 | ||
| TIM SA | Wireless Telecommunication Services | 4,000 | 9,375 | ||
| Vale SA | Metals & Mining | 13,500 | 119,204 | ||
| Vibra Energia SA | Specialty Retail | 5,500 | 15,883 | ||
| 433,608 | |||||
| Chile 0.3% | |||||
| Banco de Chile | Banks | 225,145 | 25,593 | ||
| Cia Sud Americana de Vapores SA | Marine Transportation | 69,825 | 3,770 | ||
| Empresas CMPC SA | Paper & Forest Products | 5,415 | 8,499 | ||
| Enel Chile SA | Electric Utilities | 121,755 | 7,039 | ||
| 44,901 | |||||
| China 28.0% | |||||
| 37 Interactive Entertainment Network Technology Group Co. Ltd., Class A | Entertainment | 1,000 | 2,130 | ||
| Agricultural Bank of China Ltd., Class H | Banks | 135,000 | 76,989 | ||
| Airtac International Group, Class A | Machinery | 450 | 11,585 | ||
| Alibaba Group Holding Ltd., Class A | Broadline Retail | 14,500 | 153,811 | ||
| Anhui Conch Cement Co. Ltd., Class A | Construction Materials | 1,500 | 4,859 | ||
| Anhui Conch Cement Co. Ltd., Class H | Construction Materials | 6,170 | 15,790 | ||
| Anhui Gujing Distillery Co. Ltd., Class A | Beverages | 200 | 4,721 | ||
| Anhui Gujing Distillery Co. Ltd., Class B | Beverages | 500 | 7,210 | ||
| ANTA Sports Products Ltd., Class A | Textiles, Apparel & Luxury Goods | 6,840 | 68,550 | ||
| AviChina Industry & Technology Co. Ltd., Class H | Aerospace & Defense | 10,000 | 4,969 | ||
| Bank of Beijing Co. Ltd., Class A | Banks | 9,000 | 7,539 | ||
| Bank of Changsha Co. Ltd., Class A | Banks | 1,500 | 1,816 | ||
| Bank of Chengdu Co. Ltd., Class A | Banks | 1,500 | 3,496 | ||
| Bank of China Ltd., Class H | Banks | 270,000 | 137,990 | ||
| Bank of Communications Co. Ltd., Class A | Banks | 15,500 | 16,405 | ||
| Bank of Communications Co. Ltd., Class H | Banks | 40,000 | 32,904 | ||
| Bank of Hangzhou Co. Ltd., Class A | Banks | 2,500 | 4,975 | ||
| Bank of Jiangsu Co. Ltd., Class A | Banks | 7,500 | 10,032 | ||
| Bank of Nanjing Co. Ltd., Class A | Banks | 4,500 | 6,528 | ||
| Bank of Shanghai Co. Ltd., Class A | Banks | 5,500 | 6,855 | ||
| Bank of Suzhou Co. Ltd., Class A | Banks | 1,500 | 1,657 | ||
| Baoshan Iron & Steel Co. Ltd., Class A | Metals & Mining | 8,000 | 7,628 | ||
| Beijing Enterprises Holdings Ltd., Class H | Gas Utilities | 2,500 | 8,593 | ||
| Beijing New Building Materials PLC, Class A | Building Products | 500 | 2,064 | ||
| BOC Hong Kong Holdings Ltd. | Banks | 17,500 | 56,209 |
| BYD Electronic International Co. Ltd. | Communications Equipment | 2,500 | 13,533 | ||
| C&D International Investment Group Ltd. | Real Estate Management & Development | 5,000 | 8,406 | ||
| China CITIC Bank Corp. Ltd., Class H | Banks | 45,000 | 31,109 | ||
| China Coal Energy Co. Ltd., Class A | Oil, Gas & Consumable Fuels | 1,500 | 2,489 | ||
| China Coal Energy Co. Ltd., Class H | Oil, Gas & Consumable Fuels | 10,000 | 11,959 | ||
| China Construction Bank Corp., Class A | Banks | 2,000 | 2,395 | ||
| China Construction Bank Corp., Class H | Banks | 244,000 | 203,544 | ||
| China Everbright Bank Co. Ltd., Class A | Banks | 18,500 | 9,752 | ||
| China Everbright Bank Co. Ltd., Class H | Banks | 15,000 | 5,832 | ||
| a | China Feihe Ltd. | Food Products | 20,000 | 14,032 | |
| China Hongqiao Group Ltd. | Metals & Mining | 12,500 | 18,924 | ||
| China Life Insurance Co. Ltd., Class H | Insurance | 37,000 | 69,923 | ||
| China Longyuan Power Group Corp. Ltd., Class A | Independent Power Producers & Energy Traders | 2,000 | 4,280 | ||
| China Longyuan Power Group Corp. Ltd., Class H | Independent Power Producers & Energy Traders | 15,000 | 12,436 | ||
| China Medical System Holdings Ltd. | Pharmaceuticals | 7,000 | 6,804 | ||
| China Merchants Bank Co. Ltd., Class A | Banks | 6,500 | 34,795 | ||
| China Merchants Bank Co. Ltd., Class H | Banks | 15,000 | 77,240 | ||
| China Merchants Energy Shipping Co. Ltd., Class A | Oil, Gas & Consumable Fuels | 3,000 | 2,619 | ||
| China Merchants Expressway Network & Technology Holdings Co. Ltd., Class A | Transportation Infrastructure | 2,500 | 4,750 | ||
| China Merchants Port Holdings Co. Ltd. | Transportation Infrastructure | 6,670 | 11,884 | ||
| China Minsheng Banking Corp. Ltd., Class A | Banks | 14,000 | 7,876 | ||
| China Minsheng Banking Corp. Ltd., Class H | Banks | 37,500 | 16,607 | ||
| China Overseas Land & Investment Ltd., Class A | Real Estate Management & Development | 19,000 | 30,330 | ||
| China Pacific Insurance Group Co. Ltd., Class A | Insurance | 500 | 2,321 | ||
| China Pacific Insurance Group Co. Ltd., Class H | Insurance | 2,000 | 6,488 | ||
| China Petroleum & Chemical Corp., Class A | Oil, Gas & Consumable Fuels | 17,000 | 15,468 | ||
| China Petroleum & Chemical Corp., Class H | Oil, Gas & Consumable Fuels | 120,000 | 68,744 | ||
| a | China Resources Mixc Lifestyle Services Ltd. | Real Estate Management & Development | 3,000 | 11,161 | |
| a | China Resources Pharmaceutical Group Ltd., Class A | Pharmaceuticals | 10,000 | 7,338 | |
| China Resources Power Holdings Co. Ltd. | Independent Power Producers & Energy Traders | 10,000 | 24,305 | ||
| China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A | Pharmaceuticals | 500 | 3,020 | ||
| China Shenhua Energy Co. Ltd., Class A | Oil, Gas & Consumable Fuels | 2,500 | 14,806 | ||
| China Shenhua Energy Co. Ltd., Class H | Oil, Gas & Consumable Fuels | 16,000 | 69,207 | ||
| a | China Tower Corp. Ltd., Class H | Diversified Telecommunication Services | 210,000 | 30,278 | |
| China Zhenhua Group Science & Technology Co. Ltd., Class A | Electronic Equipment, Instruments & Components | 500 | 2,872 | ||
| China Zheshang Bank Co. Ltd., Class A | Banks | 7,500 | 2,973 | ||
| China Zheshang Bank Co. Ltd., Class H | Banks | 15,000 | 4,287 | ||
| Chongqing Brewery Co. Ltd., Class A | Beverages | 200 | 1,717 | ||
| Chongqing Changan Automobile Co. Ltd., Class A | Automobiles | 1,500 | 2,730 | ||
| Chongqing Changan Automobile Co. Ltd., Class B | Automobiles | 3,000 | 1,390 | ||
| Chongqing Rural Commercial Bank Co. Ltd., Class A | Banks | 4,000 | 3,296 | ||
| Chongqing Rural Commercial Bank Co. Ltd., Class H | Banks | 10,000 | 5,986 | ||
| Chow Tai Fook Jewellery Group Ltd., Class A | Specialty Retail | 10,000 | 8,664 | ||
| CITIC Ltd., Class B | Industrial Conglomerates | 30,000 | 35,569 | ||
| COFCO Sugar Holding Co. Ltd., Class A | Food Products | 1,000 | 1,391 | ||
| COSCO SHIPPING Holdings Co. Ltd., Class A | Marine Transportation | 5,000 | 10,556 | ||
| COSCO SHIPPING Holdings Co. Ltd., Class H | Marine Transportation | 12,500 | 20,597 | ||
| CSPC Pharmaceutical Group Ltd. | Pharmaceuticals | 44,000 | 27,075 | ||
| Daqin Railway Co. Ltd., Class A | Ground Transportation | 7,500 | 6,926 | ||
| DaShenLin Pharmaceutical Group Co. Ltd., Class A | Consumer Staples Distribution & Retail | 500 | 1,026 | ||
| Dong-E-E-Jiao Co. Ltd., Class A | Pharmaceuticals | 500 | 4,272 | ||
| Dongfang Electric Corp. Ltd., Class A | Electrical Equipment | 1,000 | 2,164 | ||
| Dongfang Electric Corp. Ltd., Class H | Electrical Equipment | 2,000 | 2,497 |
| ENN Energy Holdings Ltd. | Gas Utilities | 3,500 | 25,164 | ||
| ENN Natural Gas Co. Ltd., Class A | Gas Utilities | 1,000 | 2,953 | ||
| Focus Media Information Technology Co. Ltd., Class A | Media | 5,500 | 5,267 | ||
| Foxconn Industrial Internet Co. Ltd., Class A | Electronic Equipment, Instruments & Components | 4,000 | 11,714 | ||
| Fuyao Glass Industry Group Co. Ltd., Class A | Automobile Components | 500 | 4,250 | ||
| a | Fuyao Glass Industry Group Co. Ltd., Class H | Automobile Components | 1,200 | 8,643 | |
| GD Power Development Co. Ltd., Class A | Independent Power Producers & Energy Traders | 6,500 | 4,055 | ||
| Giant Network Group Co. Ltd., Class A | Entertainment | 1,000 | 1,729 | ||
| Goneo Group Co. Ltd., Class A | Electrical Equipment | 290 | 2,775 | ||
| Gree Electric Appliances, Inc. of Zhuhai, Class A | Household Durables | 2,000 | 12,382 | ||
| Guangdong HEC Technology Holding Co. Ltd., Class A | Metals & Mining | 1,000 | 1,538 | ||
| Guanghui Energy Co. Ltd., Class A | Oil, Gas & Consumable Fuels | 3,000 | 2,750 | ||
| Guangxi Guiguan Electric Power Co. Ltd., Class A | Independent Power Producers & Energy Traders | 1,000 | 926 | ||
| Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A | Health Care Providers & Services | 500 | 1,936 | ||
| Guangzhou Development Group, Inc., Class A | Oil, Gas & Consumable Fuels | 1,500 | 1,312 | ||
| Guotai Junan Securities Co. Ltd., Class A | Capital Markets | 3,000 | 7,621 | ||
| a | Guotai Junan Securities Co. Ltd., Class H | Capital Markets | 4,000 | 5,747 | |
| H World Group Ltd. | Hotels, Restaurants & Leisure | 7,500 | 25,103 | ||
| a | Haidilao International Holding Ltd. | Hotels, Restaurants & Leisure | 8,000 | 16,375 | |
| Haier Smart Home Co. Ltd., Class A | Household Durables | 1,000 | 3,878 | ||
| Haier Smart Home Co. Ltd., Class H | Household Durables | 5,000 | 17,701 | ||
| Hangzhou First Applied Material Co. Ltd., Class A | Semiconductors & Semiconductor Equipment | 1,000 | 2,016 | ||
| Hangzhou Oxygen Plant Group Co. Ltd., Class A | Chemicals | 500 | 1,485 | ||
| Hangzhou Robam Appliances Co. Ltd., Class A | Household Durables | 500 | 1,460 | ||
| Hebei Yangyuan Zhihui Beverage Co. Ltd., Class A | Food Products | 500 | 1,556 | ||
| Heilongjiang Agriculture Co. Ltd., Class A | Food Products | 1,000 | 2,009 | ||
| Henan Shenhuo Coal Industry & Electricity Power Co. Ltd., Class A | Metals & Mining | 500 | 1,151 | ||
| Henan Shuanghui Investment & Development Co. Ltd., Class A | Food Products | 1,500 | 5,304 | ||
| Hengan International Group Co. Ltd. | Personal Care Products | 3,750 | 10,838 | ||
| Hengdian Group DMEGC Magnetics Co. Ltd., Class A | Electronic Equipment, Instruments & Components | 1,000 | 1,765 | ||
| Hengli Petrochemical Co. Ltd., Class A | Chemicals | 2,000 | 4,182 | ||
| Hisense Home Appliances Group Co. Ltd., Class A | Household Durables | 500 | 1,968 | ||
| Hisense Home Appliances Group Co. Ltd., Class H | Household Durables | 2,000 | 6,321 | ||
| Hisense Visual Technology Co. Ltd., Class A | Household Durables | 500 | 1,358 | ||
| HLA Group Corp. Ltd., Class A | Specialty Retail | 2,000 | 2,043 | ||
| Huadian Power International Corp. Ltd., Class A | Independent Power Producers & Energy Traders | 3,000 | 2,292 | ||
| Huadian Power International Corp. Ltd., Class H | Independent Power Producers & Energy Traders | 10,000 | 5,149 | ||
| Huaibei Mining Holdings Co. Ltd., Class A | Metals & Mining | 1,000 | 1,917 | ||
| Huatai Securities Co. Ltd., Class A | Capital Markets | 3,000 | 7,188 | ||
| a | Huatai Securities Co. Ltd., Class H | Capital Markets | 7,000 | 11,823 | |
| Huaxia Bank Co. Ltd., Class A | Banks | 6,500 | 7,092 | ||
| Huaxin Cement Co. Ltd., Class A | Construction Materials | 500 | 824 | ||
| Huayu Automotive Systems Co. Ltd., Class A | Automobile Components | 1,500 | 3,598 | ||
| Hubei Jumpcan Pharmaceutical Co. Ltd., Class A | Pharmaceuticals | 500 | 1,981 | ||
| Humanwell Healthcare Group Co. Ltd., Class A | Pharmaceuticals | 500 | 1,592 | ||
| Hunan Valin Steel Co. Ltd., Class A | Metals & Mining | 2,500 | 1,423 | ||
| Industrial & Commercial Bank of China Ltd., Class H | Banks | 230,000 | 154,262 | ||
| Industrial Bank Co. Ltd., Class A | Banks | 7,500 | 19,574 | ||
| Inner Mongolia Dian Tou Energy Corp. Ltd., Class A | Oil, Gas & Consumable Fuels | 1,000 | 2,667 | ||
| Inner Mongolia ERDOS Resources Co. Ltd., Class B | Metals & Mining | 2,500 | 2,207 |
| Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Class A | Chemicals | 3,000 | 2,149 | ||
| Inner Mongolia MengDian HuaNeng Thermal Power Corp. Ltd., Class A | Independent Power Producers & Energy Traders | 2,000 | 1,180 | ||
| Inner Mongolia Yili Industrial Group Co. Ltd., Class A | Food Products | 2,500 | 10,277 | ||
| Inner Mongolia Yitai Coal Co. Ltd., Class B | Oil, Gas & Consumable Fuels | 5,500 | 11,346 | ||
| JA Solar Technology Co. Ltd., Class A | Semiconductors & Semiconductor Equipment | 1,500 | 2,809 | ||
| JD.com, Inc., Class A | Broadline Retail | 4,750 | 83,162 | ||
| Jiangsu Expressway Co. Ltd., Class A | Transportation Infrastructure | 500 | 1,043 | ||
| Jiangsu Expressway Co. Ltd., Class H | Transportation Infrastructure | 4,000 | 4,418 | ||
| Jiangsu Financial Leasing Co. Ltd., Class A | Financial Services | 3,000 | 2,133 | ||
| Jiangsu Pacific Quartz Co. Ltd., Class A | Semiconductors & Semiconductor Equipment | 500 | 1,957 | ||
| Jiangsu Phoenix Publishing & Media Corp. Ltd., Class A | Media | 1,000 | 1,572 | ||
| Jiangsu Yanghe Distillery Co. Ltd., Class A | Beverages | 500 | 5,689 | ||
| Jiangsu Yuyue Medical Equipment & Supply Co. Ltd., Class A | Health Care Equipment & Supplies | 500 | 2,485 | ||
| Jinduicheng Molybdenum Co. Ltd., Class A | Metals & Mining | 1,000 | 1,370 | ||
| Jinko Solar Co. Ltd., Class A | Semiconductors & Semiconductor Equipment | 4,660 | 4,513 | ||
| Jinneng Holding Shanxi Coal Industry Co. Ltd., Class A | Oil, Gas & Consumable Fuels | 1,000 | 1,862 | ||
| Jointown Pharmaceutical Group Co. Ltd., Class A | Health Care Providers & Services | 2,580 | 1,799 | ||
| KE Holdings, Inc., Class A | Real Estate Management & Development | 4,000 | 24,408 | ||
| Kingnet Network Co. Ltd., Class A | Entertainment | 500 | 927 | ||
| LB Group Co. Ltd., Class A | Chemicals | 1,000 | 2,407 | ||
| Lenovo Group Ltd. | Technology Hardware, Storage & Peripherals | 41,000 | 53,203 | ||
| Li Ning Co. Ltd. | Textiles, Apparel & Luxury Goods | 11,500 | 24,368 | ||
| Livzon Pharmaceutical Group, Inc., Class A | Pharmaceuticals | 300 | 1,553 | ||
| Livzon Pharmaceutical Group, Inc., Class H | Pharmaceuticals | 1,000 | 3,547 | ||
| a | Longfor Group Holdings Ltd. | Real Estate Management & Development | 9,920 | 12,770 | |
| Luzhou Laojiao Co. Ltd., Class A | Beverages | 600 | 10,232 | ||
| Meihua Holdings Group Co. Ltd., Class A | Chemicals | 1,000 | 1,366 | ||
| a,b | Meituan, Class B | Hotels, Restaurants & Leisure | 6,500 | 126,938 | |
| Ming Yang Smart Energy Group Ltd., Class A | Electrical Equipment | 1,000 | 1,718 | ||
| Nanjing Iron & Steel Co. Ltd., Class A | Metals & Mining | 2,000 | 1,278 | ||
| NARI Technology Co. Ltd., Class A | Electrical Equipment | 3,000 | 10,306 | ||
| NetEase, Inc. | Entertainment | 6,017 | 107,204 | ||
| New China Life Insurance Co. Ltd., Class A | Insurance | 1,000 | 6,770 | ||
| New China Life Insurance Co. Ltd., Class H | Insurance | 4,500 | 13,672 | ||
| Ningbo Deye Technology Co. Ltd., Class A | Machinery | 200 | 2,310 | ||
| Ningbo Joyson Electronic Corp., Class A | Automobile Components | 500 | 1,067 | ||
| Ningbo Shanshan Co. Ltd., Class A | Chemicals | 1,000 | 1,015 | ||
| Ningbo Tuopu Group Co. Ltd., Class A | Automobile Components | 500 | 3,337 | ||
| a | Nongfu Spring Co. Ltd., Class H | Beverages | 6,000 | 26,223 | |
| People’s Insurance Co. Group of China Ltd., Class H | Insurance | 40,000 | 19,928 | ||
| Perfect World Co. Ltd., Class A | Entertainment | 500 | 704 | ||
| PetroChina Co. Ltd., Class H | Oil, Gas & Consumable Fuels | 104,000 | 81,803 | ||
| PICC Property & Casualty Co. Ltd., Class H | Insurance | 34,000 | 53,662 | ||
| Ping An Bank Co. Ltd., Class A | Banks | 7,500 | 11,953 | ||
| Ping An Insurance Group Co. of China Ltd., Class A | Insurance | 2,500 | 17,929 | ||
| Ping An Insurance Group Co. of China Ltd., Class H | Insurance | 20,200 | 119,750 | ||
| Pingdingshan Tianan Coal Mining Co. Ltd., Class A | Oil, Gas & Consumable Fuels | 1,000 | 1,365 | ||
| Poly Developments & Holdings Group Co. Ltd., Class A | Real Estate Management & Development | 5,000 | 6,034 | ||
| Postal Savings Bank of China Co. Ltd., Class A | Banks | 16,500 | 12,766 | ||
| a | Postal Savings Bank of China Co. Ltd., Class H | Banks | 45,000 | 26,532 | |
| Qingdao Port International Co. Ltd., Class A | Transportation Infrastructure | 1,000 | 1,241 | ||
| a | Qingdao Port International Co. Ltd., Class H | Transportation Infrastructure | 5,000 | 4,119 | |
| Sailun Group Co. Ltd., Class A | Automobile Components | 1,500 | 2,928 |
| SF Holding Co. Ltd., Class A | Air Freight & Logistics | 2,000 | 10,979 | ||
| Shaanxi Beiyuan Chemical Industry Group Co. Ltd., Class A | Chemicals | 1,500 | 858 | ||
| Shaanxi Coal Industry Co. Ltd., Class A | Oil, Gas & Consumable Fuels | 3,500 | 11,089 | ||
| Shan Xi Hua Yang Group New Energy Co. Ltd., Class A | Oil, Gas & Consumable Fuels | 1,500 | 1,449 | ||
| Shandong Hi-speed Co. Ltd., Class A | Transportation Infrastructure | 1,000 | 1,400 | ||
| Shandong Hualu Hengsheng Chemical Co. Ltd., Class A | Chemicals | 1,000 | 2,944 | ||
| Shandong Nanshan Aluminum Co. Ltd., Class A | Metals & Mining | 4,500 | 2,397 | ||
| Shandong Weigao Group Medical Polymer Co. Ltd., Class H | Health Care Equipment & Supplies | 12,000 | 7,106 | ||
| Shanghai Baosight Software Co. Ltd., Class A | Software | 1,000 | 3,986 | ||
| Shanghai Baosight Software Co. Ltd., Class B | Software | 4,000 | 6,420 | ||
| Shanghai Rural Commercial Bank Co. Ltd., Class A | Banks | 4,000 | 4,637 | ||
| Shanxi Coal International Energy Group Co. Ltd., Class A | Trading Companies & Distributors | 1,000 | 1,611 | ||
| Shanxi Coking Coal Energy Group Co. Ltd., Class A | Oil, Gas & Consumable Fuels | 2,000 | 2,245 | ||
| Shanxi Lu’an Environmental Energy Development Co. Ltd., Class A | Oil, Gas & Consumable Fuels | 1,000 | 1,956 | ||
| Shenergy Co. Ltd., Class A | Independent Power Producers & Energy Traders | 1,500 | 1,939 | ||
| Shengyi Technology Co. Ltd., Class A | Electronic Equipment, Instruments & Components | 1,000 | 3,276 | ||
| Shenzhen Transsion Holdings Co. Ltd., Class A | Technology Hardware, Storage & Peripherals | 413 | 5,344 | ||
| Shenzhou International Group Holdings Ltd. | Textiles, Apparel & Luxury Goods | 4,000 | 31,926 | ||
| Sichuan Kelun Pharmaceutical Co. Ltd., Class A | Pharmaceuticals | 500 | 2,038 | ||
| Sichuan Road & Bridge Group Co. Ltd., Class A | Construction & Engineering | 2,500 | 2,479 | ||
| Sinoma International Engineering Co., Class A | Construction & Engineering | 1,000 | 1,291 | ||
| Sinoma Science & Technology Co. Ltd., Class A | Chemicals | 500 | 891 | ||
| Sinopharm Group Co. Ltd., Class H | Health Care Providers & Services | 6,000 | 16,452 | ||
| Sinotrans Ltd., Class A | Air Freight & Logistics | 1,500 | 1,093 | ||
| Sinotrans Ltd., Class H | Air Freight & Logistics | 10,000 | 4,725 | ||
| Sinotruk Hong Kong Ltd. | Machinery | 2,500 | 7,338 | ||
| SooChow Securities Co. Ltd., Class A | Capital Markets | 2,000 | 2,125 | ||
| SUPCON Technology Co. Ltd., Class A | Electronic Equipment, Instruments & Components | 375 | 2,537 | ||
| Tasly Pharmaceutical Group Co. Ltd., Class A | Pharmaceuticals | 500 | 985 | ||
| TCL Zhonghuan Renewable Energy Technology Co. Ltd., Class A | Semiconductors & Semiconductor Equipment | 2,000 | 2,416 | ||
| Tencent Holdings Ltd. | Interactive Media & Services | 5,500 | 295,252 | ||
| Tianjin Pharmaceutical Da Re Tang Group Corp. Ltd., Class A | Pharmaceuticals | 500 | 2,098 | ||
| Tianjin Pharmaceutical Da Re Tang Group Corp. Ltd., Class S | Pharmaceuticals | 1,500 | 3,225 | ||
| Tianqi Lithium Corp., Class A | Chemicals | 500 | 2,247 | ||
| Tianshan Aluminum Group Co. Ltd., Class A | Metals & Mining | 2,000 | 2,144 | ||
| Tonghua Dongbao Pharmaceutical Co. Ltd., Class A | Pharmaceuticals | 1,000 | 1,098 | ||
| Tongwei Co. Ltd., Class A | Semiconductors & Semiconductor Equipment | 2,000 | 6,023 | ||
| Trina Solar Co. Ltd., Class A | Semiconductors & Semiconductor Equipment | 1,005 | 2,642 | ||
| Tsingtao Brewery Co. Ltd., Class H | Beverages | 1,895 | 13,856 | ||
| Uni-President China Holdings Ltd. | Food Products | 5,000 | 5,027 | ||
| Universal Scientific Industrial Shanghai Co. Ltd., Class A | Electronic Equipment, Instruments & Components | 500 | 1,124 | ||
| Want Want China Holdings Ltd. | Food Products | 20,000 | 11,741 | ||
| Weichai Power Co. Ltd., Class A | Machinery | 2,500 | 4,665 | ||
| Weichai Power Co. Ltd., Class H | Machinery | 10,000 | 15,294 | ||
| Western Mining Co. Ltd., Class A | Metals & Mining | 500 | 1,094 | ||
| Wuchan Zhongda Group Co. Ltd., Class A | Distributors | 2,500 | 1,723 | ||
| Wuliangye Yibin Co. Ltd., Class A | Beverages | 1,500 | 28,613 | ||
| WUS Printed Circuit Kunshan Co. Ltd., Class A | Electronic Equipment, Instruments & Components | 1,000 | 5,401 | ||
| Xiamen C & D, Inc., Class A | Trading Companies & Distributors | 1,000 | 1,433 | ||
| Xinyi Solar Holdings Ltd. | Semiconductors & Semiconductor Equipment | 31,000 | 12,531 | ||
| a | Yadea Group Holdings Ltd. | Automobiles | 6,000 | 9,995 | |
| Yankuang Energy Group Co. Ltd., Class A | Oil, Gas & Consumable Fuels | 1,950 | 3,764 |
| Yankuang Energy Group Co. Ltd., Class H | Oil, Gas & Consumable Fuels | 16,100 | 18,550 | ||
| Yifeng Pharmacy Chain Co. Ltd., Class A | Consumer Staples Distribution & Retail | 500 | 1,643 | ||
| Youngor Fashion Co. Ltd., Class A | Real Estate Management & Development | 2,000 | 2,425 | ||
| Yuexiu Property Co. Ltd. | Real Estate Management & Development | 5,000 | 3,276 | ||
| Yunnan Aluminium Co. Ltd., Class A | Metals & Mining | 1,000 | 1,843 | ||
| Yunnan Baiyao Group Co. Ltd., Class A | Pharmaceuticals | 500 | 4,083 | ||
| Yunnan Energy New Material Co. Ltd., Class A | Chemicals | 500 | 2,179 | ||
| Yunnan Yuntianhua Co. Ltd., Class A | Chemicals | 500 | 1,519 | ||
| Yutong Bus Co. Ltd., Class A | Machinery | 500 | 1,797 | ||
| Zangge Mining Co. Ltd., Class A | Chemicals | 500 | 1,889 | ||
| Zhejiang Chint Electrics Co. Ltd., Class A | Electrical Equipment | 1,000 | 3,189 | ||
| Zhejiang Dahua Technology Co. Ltd., Class A | Electronic Equipment, Instruments & Components | 1,500 | 3,269 | ||
| Zhejiang Huayou Cobalt Co. Ltd., Class A | Electrical Equipment | 500 | 1,993 | ||
| Zhejiang Longsheng Group Co. Ltd., Class A | Chemicals | 1,500 | 2,102 | ||
| Zhejiang Weixing New Building Materials Co. Ltd., Class A | Building Products | 500 | 860 | ||
| Zhejiang Zheneng Electric Power Co. Ltd., Class A | Independent Power Producers & Energy Traders | 3,500 | 2,698 | ||
| Zhongjin Gold Corp. Ltd., Class A | Metals & Mining | 2,000 | 3,277 | ||
| Zhongsheng Group Holdings Ltd. | Specialty Retail | 4,000 | 7,189 | ||
| Zhuzhou CRRC Times Electric Co. Ltd., Class A | Machinery | 205 | 1,338 | ||
| Zhuzhou CRRC Times Electric Co. Ltd., Class H | Machinery | 1,500 | 6,334 | ||
| Zhuzhou Kibing Group Co. Ltd., Class A | Building Products | 1,000 | 764 | ||
| a | ZJLD Group, Inc. | Beverages | 3,000 | 2,622 | |
| Zoomlion Heavy Industry Science & Technology Co. Ltd., Class A | Machinery | 3,000 | 2,954 | ||
| Zoomlion Heavy Industry Science & Technology Co. Ltd., Class H | Machinery | 8,000 | 5,870 | ||
| ZTE Corp., Class A | Communications Equipment | 1,500 | 8,254 | ||
| ZTE Corp., Class H | Communications Equipment | 4,000 | 12,539 | ||
| ZTO Express Cayman, Inc. | Air Freight & Logistics | 2,250 | 43,824 | ||
| 3,749,111 | |||||
| Colombia 0.3% | |||||
| Bancolombia SA | Banks | 1,495 | 12,759 | ||
| Ecopetrol SA | Oil, Gas & Consumable Fuels | 23,795 | 9,047 | ||
| Grupo Energia Bogota SA ESP | Gas Utilities | 13,700 | 7,588 | ||
| Interconexion Electrica SA ESP | Electric Utilities | 2,260 | 8,567 | ||
| 37,961 | |||||
| Czech Republic 0.3% | |||||
| CEZ AS | Electric Utilities | 825 | 32,475 | ||
| Komercni Banka AS | Banks | 375 | 13,088 | ||
| 45,563 | |||||
| Greece 0.8% | |||||
| Eurobank Ergasias Services & Holdings SA, Class A | Banks | 11,510 | 26,579 | ||
| Hellenic Telecommunications Organization SA | Diversified Telecommunication Services | 1,045 | 16,102 | ||
| Jumbo SA | Specialty Retail | 95 | 2,514 | ||
| Metlen Energy & Metals SA | Industrial Conglomerates | 495 | 17,181 | ||
| Motor Oil Hellas Corinth Refineries SA | Oil, Gas & Consumable Fuels | 290 | 6,198 | ||
| National Bank of Greece SA | Banks | 3,380 | 26,810 | ||
| OPAP SA | Hotels, Restaurants & Leisure | 965 | 15,688 | ||
| 111,072 | |||||
| Hong Kong 1.7% | |||||
| Beijing Enterprises Water Group Ltd., Class A | Water Utilities | 20,000 | 6,462 | ||
| Bosideng International Holdings Ltd., Class A | Textiles, Apparel & Luxury Goods | 20,000 | 9,990 | ||
| China Everbright Environment Group Ltd., Class B | Commercial Services & Supplies | 15,000 | 7,473 | ||
| China Gas Holdings Ltd., Class A | Gas Utilities | 13,000 | 11,330 | ||
| China Mengniu Dairy Co. Ltd., Class B | Food Products | 15,000 | 33,908 | ||
| China Power International Development Ltd., Class H | Independent Power Producers & Energy Traders | 20,000 | 8,162 |
| China Resources Beer Holdings Co. Ltd., Class A | Beverages | 7,500 | 24,379 | ||
| China Resources Gas Group Ltd., Class A | Gas Utilities | 4,500 | 17,814 | ||
| China Resources Land Ltd., Class H | Real Estate Management & Development | 15,000 | 43,544 | ||
| Far East Horizon Ltd. | Financial Services | 5,000 | 3,650 | ||
| Geely Automobile Holdings Ltd. | Automobiles | 8,000 | 15,263 | ||
| Guangdong Investment Ltd. | Water Utilities | 9,000 | 7,774 | ||
| Kunlun Energy Co. Ltd. | Gas Utilities | 20,000 | 21,627 | ||
| Orient Overseas International Ltd. | Marine Transportation | 750 | 11,113 | ||
| Xinyi Glass Holdings Ltd. | Building Products | 10,000 | 10,157 | ||
| 232,646 | |||||
| Hungary 0.2% | |||||
| MOL Hungarian Oil & Gas PLC | Oil, Gas & Consumable Fuels | 1,825 | 12,541 | ||
| Richter Gedeon Nyrt | Pharmaceuticals | 725 | 18,980 | ||
| 31,521 | |||||
| India 15.8% | |||||
| Ashok Leyland Ltd. | Machinery | 7,580 | 19,522 | ||
| Asian Paints Ltd. | Chemicals | 935 | 24,915 | ||
| Bank of Baroda | Banks | 5,120 | 14,386 | ||
| Bank of India | Banks | 4,790 | 5,701 | ||
| Bharat Forge Ltd. | Automobile Components | 45 | 683 | ||
| Bharat Petroleum Corp. Ltd. | Oil, Gas & Consumable Fuels | 9,950 | 33,988 | ||
| Bosch Ltd. | Automobile Components | 35 | 13,941 | ||
| Britannia Industries Ltd. | Food Products | 705 | 39,220 | ||
| Canara Bank | Banks | 9,025 | 10,554 | ||
| Coal India Ltd. | Oil, Gas & Consumable Fuels | 11,900 | 53,396 | ||
| Colgate-Palmolive India Ltd. | Personal Care Products | 115 | 3,601 | ||
| Container Corp. of India Ltd. | Ground Transportation | 1,355 | 12,472 | ||
| Cummins India Ltd. | Machinery | 680 | 26,004 | ||
| c | Dixon Technologies India Ltd. | Household Durables | 160 | 33,520 | |
| Eicher Motors Ltd. | Automobiles | 250 | 14,080 | ||
| GAIL India Ltd. | Gas Utilities | 14,460 | 32,256 | ||
| Godrej Consumer Products Ltd. | Personal Care Products | 1,365 | 17,252 | ||
| HCL Technologies Ltd. | IT Services | 4,795 | 107,389 | ||
| a | HDFC Asset Management Co. Ltd. | Capital Markets | 170 | 8,338 | |
| HDFC Bank Ltd. | Banks | 7,800 | 161,519 | ||
| Hero MotoCorp Ltd. | Automobiles | 705 | 34,261 | ||
| Hindustan Petroleum Corp. Ltd. | Oil, Gas & Consumable Fuels | 4,685 | 22,368 | ||
| Hindustan Unilever Ltd. | Personal Care Products | 2,005 | 54,493 | ||
| Indian Bank | Banks | 1,385 | 8,573 | ||
| Indian Oil Corp. Ltd. | Oil, Gas & Consumable Fuels | 19,765 | 31,492 | ||
| a | Indian Railway Finance Corp. Ltd. | Financial Services | 2,490 | 4,335 | |
| Indraprastha Gas Ltd. | Gas Utilities | 1,530 | 7,428 | ||
| Info Edge India Ltd. | Interactive Media & Services | 405 | 41,048 | ||
| Infosys Ltd. | IT Services | 9,705 | 213,113 | ||
| ITC Ltd. | Tobacco | 16,075 | 90,811 | ||
| JSW Infrastructure Ltd. | Transportation Infrastructure | 260 | 966 | ||
| a | L&T Technology Services Ltd. | Professional Services | 85 | 4,703 | |
| Larsen & Toubro Ltd. | Construction & Engineering | 720 | 30,340 | ||
| a | LTIMindtree Ltd. | IT Services | 245 | 15,985 | |
| Mahindra & Mahindra Ltd. | Automobiles | 930 | 32,665 | ||
| Marico Ltd. | Food Products | 1,755 | 13,109 | ||
| Maruti Suzuki India Ltd. | Automobiles | 350 | 44,391 | ||
| Motilal Oswal Financial Services Ltd. | Capital Markets | 270 | 3,008 | ||
| Mphasis Ltd. | IT Services | 405 | 13,469 | ||
| NHPC Ltd. | Independent Power Producers & Energy Traders | 14,245 | 13,426 | ||
| NMDC Ltd. | Metals & Mining | 17,235 | 13,270 | ||
| NTPC Ltd. | Independent Power Producers & Energy Traders | 22,690 | 88,347 | ||
| Oil & Natural Gas Corp. Ltd. | Oil, Gas & Consumable Fuels | 21,965 | 61,382 | ||
| Oil India Ltd. | Oil, Gas & Consumable Fuels | 3,415 | 17,182 | ||
| Oracle Financial Services Software Ltd. | Software | 125 | 18,673 | ||
| Page Industries Ltd. | Textiles, Apparel & Luxury Goods | 30 | 16,650 | ||
| Patanjali Foods Ltd. | Food Products | 510 | 10,615 |
| b | PB Fintech Ltd. | Insurance | 330 | 8,129 | |
| Persistent Systems Ltd. | IT Services | 395 | 29,794 | ||
| Petronet LNG Ltd. | Oil, Gas & Consumable Fuels | 3,070 | 12,414 | ||
| Power Finance Corp. Ltd. | Financial Services | 6,675 | 34,968 | ||
| Power Grid Corp. of India Ltd. | Electric Utilities | 23,810 | 85,852 | ||
| REC Ltd. | Financial Services | 5,670 | 33,160 | ||
| Shriram Finance Ltd. | Consumer Finance | 780 | 26,322 | ||
| State Bank of India | Banks | 2,445 | 22,703 | ||
| Tata Communications Ltd. | Diversified Telecommunication Services | 580 | 11,540 | ||
| Tata Consultancy Services Ltd. | IT Services | 1,300 | 62,177 | ||
| Tata Elxsi Ltd. | Software | 50 | 3,969 | ||
| Tata Steel Ltd. | Metals & Mining | 29,935 | 48,269 | ||
| Tech Mahindra Ltd. | IT Services | 3,225 | 64,271 | ||
| UltraTech Cement Ltd. | Construction Materials | 300 | 40,039 | ||
| Union Bank of India Ltd. | Banks | 7,845 | 11,030 | ||
| Vedanta Ltd. | Metals & Mining | 7,850 | 40,752 | ||
| b | Zomato Ltd. | Hotels, Restaurants & Leisure | 11,890 | 38,616 | |
| 2,112,845 | |||||
| Indonesia 2.0% | |||||
| Alamtri Resources Indonesia Tbk. PT, Class B | Oil, Gas & Consumable Fuels | 56,500 | 8,530 | ||
| Aneka Tambang Tbk. PT | Metals & Mining | 38,500 | 3,648 | ||
| Astra International Tbk. PT, Class H | Industrial Conglomerates | 91,500 | 27,856 | ||
| Bank Mandiri Persero Tbk. PT, Class A | Banks | 194,500 | 68,882 | ||
| Bank Negara Indonesia Persero Tbk. PT, Class H | Banks | 76,500 | 20,676 | ||
| Bank Rakyat Indonesia Persero Tbk. PT, Class A | Banks | 329,000 | 83,400 | ||
| Golden Energy Mines Tbk. PT | Oil, Gas & Consumable Fuels | 3,500 | 2,310 | ||
| a | Pertamina Geothermal Energy PT | Independent Power Producers & Energy Traders | 19,500 | 1,133 | |
| Telkom Indonesia Persero Tbk. PT, Class B | Diversified Telecommunication Services | 236,000 | 39,737 | ||
| Unilever Indonesia Tbk. PT | Household Products | 33,000 | 3,865 | ||
| United Tractors Tbk. PT | Oil, Gas & Consumable Fuels | 7,000 | 11,645 | ||
| 271,682 | |||||
| Kuwait 0.2% | |||||
| Kuwait Finance House KSCP | Banks | 10,915 | 26,411 | ||
| Malaysia 2.6% | |||||
| Axiata Group Bhd., Class A | Wireless Telecommunication Services | 15,500 | 8,632 | ||
| CIMB Group Holdings Bhd., Class A | Banks | 44,000 | 80,689 | ||
| Genting Malaysia Bhd. | Hotels, Restaurants & Leisure | 16,500 | 8,340 | ||
| KLCCP Stapled Group | Diversified REITs | 3,500 | 6,379 | ||
| Malayan Banking Bhd. | Banks | 34,500 | 79,007 | ||
| Maxis Bhd. | Wireless Telecommunication Services | 15,000 | 12,244 | ||
| MISC Bhd. | Marine Transportation | 11,000 | 18,696 | ||
| Petronas Dagangan Bhd. | Oil, Gas & Consumable Fuels | 1,500 | 6,481 | ||
| Public Bank Bhd. | Banks | 14,500 | 14,787 | ||
| RHB Bank Bhd. | Banks | 20,500 | 29,708 | ||
| Sime Darby Bhd. | Industrial Conglomerates | 18,500 | 9,764 | ||
| Tenaga Nasional Bhd. | Electric Utilities | 20,000 | 66,823 | ||
| Westports Holdings Bhd. | Transportation Infrastructure | 5,000 | 5,211 | ||
| 346,761 | |||||
| Mexico 2.2% | |||||
| Fibra Uno Administracion SA de CV | Diversified REITs | 14,420 | 14,370 | ||
| Fomento Economico Mexicano SAB de CV | Beverages | 11,180 | 95,547 | ||
| a | GMexico Transportes SAB de CV, Class C | Ground Transportation | 2,480 | 3,883 | |
| Grupo Aeroportuario del Pacifico SAB de CV, Class B | Transportation Infrastructure | 1,955 | 34,463 | ||
| Grupo Financiero Banorte SAB de CV, Class O | Banks | 14,495 | 93,393 | ||
| Grupo Mexico SAB de CV, Class B | Metals & Mining | 3,080 | 14,654 | ||
| Kimberly-Clark de Mexico SAB de CV, Class A | Household Products | 7,650 | 10,817 | ||
| Wal-Mart de Mexico SAB de CV, Class V | Consumer Staples Distribution & Retail | 10,460 | 27,613 | ||
| 294,740 |
| Peru 0.4% | |||||
| Credicorp Ltd. | Banks | 320 | 58,662 | ||
| Philippines 0.2% | |||||
| Aboitiz Power Corp., Class A | Independent Power Producers & Energy Traders | 6,500 | 4,236 | ||
| Manila Electric Co. | Electric Utilities | 1,450 | 12,233 | ||
| a | Monde Nissin Corp. | Food Products | 15,500 | 2,304 | |
| PLDT, Inc. | Wireless Telecommunication Services | 425 | 9,515 | ||
| 28,288 | |||||
| b,d | Russia 0.0% | ||||
| Alrosa PJSC | Metals & Mining | 54,971 | — | ||
| Gazprom PJSC | Oil, Gas & Consumable Fuels | 44,709 | — | ||
| GMK Norilskiy Nickel PAO | Metals & Mining | 69,300 | — | ||
| Inter RAO UES PJSC | Electric Utilities | 811,741 | — | ||
| LUKOIL PJSC | Oil, Gas & Consumable Fuels | 2,268 | — | ||
| Moscow Exchange MICEX-RTS PJSC | Capital Markets | 21,224 | — | ||
| Novolipetsk Steel PJSC | Metals & Mining | 35,119 | — | ||
| PhosAgro PJSC | Chemicals | 1,073 | — | ||
| PhosAgro PJSC | Chemicals | 21 | — | ||
| c | PhosAgro PJSC, GDR | Chemicals | 1 | — | |
| Polyus PJSC | Metals & Mining | 756 | — | ||
| Rosneft Oil Co. PJSC | Oil, Gas & Consumable Fuels | 20,055 | — | ||
| Severstal PAO | Metals & Mining | 6,090 | — | ||
| Surgutneftegas PJSC | Oil, Gas & Consumable Fuels | 132,846 | — | ||
| Tatneft PJSC | Oil, Gas & Consumable Fuels | 29,792 | — | ||
| United Co. RUSAL International PJSC | Metals & Mining | 24,749 | — | ||
| — | |||||
| Saudi Arabia 5.0% | |||||
| Arab National Bank | Banks | 4,305 | 24,152 | ||
| Arabian Drilling Co. | Energy Equipment & Services | 95 | 2,822 | ||
| Banque Saudi Fransi | Banks | 5,890 | 24,830 | ||
| Etihad Etisalat Co. | Wireless Telecommunication Services | 1,995 | 28,353 | ||
| Jarir Marketing Co. | Specialty Retail | 3,075 | 10,361 | ||
| Nahdi Medical Co. | Consumer Staples Distribution & Retail | 275 | 8,607 | ||
| Riyad Bank | Banks | 6,990 | 53,205 | ||
| SABIC Agri-Nutrients Co. | Chemicals | 1,195 | 35,302 | ||
| Sahara International Petrochemical Co. | Chemicals | 1,820 | 12,051 | ||
| a | Saudi Arabian Oil Co. | Oil, Gas & Consumable Fuels | 18,725 | 139,787 | |
| Saudi Aramco Base Oil Co. | Chemicals | 250 | 7,439 | ||
| Saudi Awwal Bank | Banks | 4,940 | 44,241 | ||
| Saudi Basic Industries Corp. | Chemicals | 2,535 | 45,203 | ||
| Saudi Industrial Investment Group | Chemicals | 1,875 | 8,334 | ||
| Saudi Investment Bank | Banks | 2,895 | 11,172 | ||
| Saudi National Bank | Banks | 12,300 | 109,336 | ||
| Saudi Telecom Co. | Diversified Telecommunication Services | 8,330 | 88,678 | ||
| Yanbu National Petrochemical Co. | Chemicals | 1,255 | 12,626 | ||
| 666,499 | |||||
| Singapore 0.1% | |||||
| a | BOC Aviation Ltd., Class A | Trading Companies & Distributors | 1,000 | 7,769 | |
| South Africa 2.7% | |||||
| Absa Group Ltd. | Banks | 3,685 | 37,055 | ||
| FirstRand Ltd. | Financial Services | 24,275 | 97,718 | ||
| Kumba Iron Ore Ltd. | Metals & Mining | 265 | 4,582 | ||
| MTN Group Ltd. | Wireless Telecommunication Services | 3,045 | 14,844 | ||
| Nedbank Group Ltd. | Banks | 2,380 | 35,531 | ||
| Old Mutual Ltd. | Insurance | 21,435 | 14,210 | ||
| Sanlam Ltd. | Insurance | 8,830 | 40,655 | ||
| Standard Bank Group Ltd. | Banks | 7,060 | 82,969 | ||
| Vodacom Group Ltd. | Wireless Telecommunication Services | 2,705 | 14,530 | ||
| Woolworths Holdings Ltd. | Broadline Retail | 4,465 | 14,753 | ||
| 356,847 |
| South Korea 5.3% | |||||
| DB Insurance Co. Ltd., Class A | Insurance | 115 | 8,030 | ||
| b | GS Holdings Corp. | Industrial Conglomerates | 410 | 10,945 | |
| Hana Financial Group, Inc. | Banks | 860 | 33,181 | ||
| HD Hyundai Co. Ltd. | Oil, Gas & Consumable Fuels | 220 | 11,836 | ||
| Hyundai Motor Co. | Automobiles | 625 | 90,004 | ||
| Industrial Bank of Korea | Banks | 1,365 | 13,287 | ||
| Kangwon Land, Inc. | Hotels, Restaurants & Leisure | 690 | 7,485 | ||
| Kia Corp. | Automobiles | 1,220 | 83,452 | ||
| KT&G Corp. | Tobacco | 490 | 35,648 | ||
| LG Corp. | Industrial Conglomerates | 310 | 15,162 | ||
| LG Uplus Corp. | Diversified Telecommunication Services | 1,200 | 8,420 | ||
| Lotte Chemical Corp. | Chemicals | 100 | 4,062 | ||
| NH Investment & Securities Co. Ltd., Class C | Capital Markets | 760 | 7,202 | ||
| Samsung Card Co. Ltd. | Consumer Finance | 145 | 3,886 | ||
| Samsung Electronics Co. Ltd. | Technology Hardware, Storage & Peripherals | 7,985 | 288,559 | ||
| Samsung Securities Co. Ltd. | Capital Markets | 355 | 10,490 | ||
| SK Hynix, Inc. | Semiconductors & Semiconductor Equipment | 170 | 20,082 | ||
| SK Telecom Co. Ltd. | Wireless Telecommunication Services | 605 | 22,685 | ||
| Woori Financial Group, Inc. | Banks | 3,555 | 37,116 | ||
| 711,532 | |||||
| Taiwan 21.6% | |||||
| Acer, Inc., Class H | Technology Hardware, Storage & Peripherals | 15,000 | 18,210 | ||
| Alchip Technologies Ltd. | Semiconductors & Semiconductor Equipment | 93 | 9,304 | ||
| ASE Technology Holding Co. Ltd., Class A | Semiconductors & Semiconductor Equipment | 17,000 | 84,003 | ||
| Asia Cement Corp. | Construction Materials | 15,000 | 18,484 | ||
| Asustek Computer, Inc. | Technology Hardware, Storage & Peripherals | 700 | 13,153 | ||
| AUO Corp., Class H | Electronic Equipment, Instruments & Components | 35,200 | 15,729 | ||
| Catcher Technology Co. Ltd. | Technology Hardware, Storage & Peripherals | 3,770 | 22,309 | ||
| Chailease Holding Co. Ltd., Class A | Financial Services | 8,730 | 30,090 | ||
| Cheng Shin Rubber Industry Co. Ltd., Class A | Automobile Components | 12,000 | 17,954 | ||
| Chicony Electronics Co. Ltd. | Technology Hardware, Storage & Peripherals | 3,340 | 15,485 | ||
| Chunghwa Telecom Co. Ltd. | Diversified Telecommunication Services | 15,000 | 56,505 | ||
| Compal Electronics, Inc., Class H | Technology Hardware, Storage & Peripherals | 15,000 | 17,226 | ||
| CTBC Financial Holding Co. Ltd., Class A | Banks | 90,000 | 107,337 | ||
| E.Sun Financial Holding Co. Ltd., Class A | Banks | 80,000 | 65,763 | ||
| Elite Material Co. Ltd. | Electronic Equipment, Instruments & Components | 340 | 6,409 | ||
| Eva Airways Corp., Class H | Passenger Airlines | 15,000 | 20,292 | ||
| Evergreen Marine Corp. Taiwan Ltd. | Marine Transportation | 5,000 | 34,315 | ||
| Far Eastern New Century Corp. | Industrial Conglomerates | 18,000 | 17,350 | ||
| Formosa Petrochemical Corp. | Oil, Gas & Consumable Fuels | 10,000 | 10,539 | ||
| Gigabyte Technology Co. Ltd. | Technology Hardware, Storage & Peripherals | 1,000 | 8,312 | ||
| Globalwafers Co. Ltd. | Semiconductors & Semiconductor Equipment | 1,200 | 13,964 | ||
| Hon Hai Precision Industry Co. Ltd. | Electronic Equipment, Instruments & Components | 19,000 | 106,636 | ||
| Hua Nan Financial Holdings Co. Ltd., Class C | Banks | 50,000 | 39,882 | ||
| Innolux Corp. | Electronic Equipment, Instruments & Components | 40,000 | 17,508 | ||
| International Games System Co. Ltd. | Entertainment | 177 | 5,259 | ||
| Inventec Corp. | Technology Hardware, Storage & Peripherals | 15,000 | 22,922 | ||
| Largan Precision Co. Ltd. | Electronic Equipment, Instruments & Components | 343 | 27,987 | ||
| Lite-On Technology Corp. | Technology Hardware, Storage & Peripherals | 11,700 | 35,509 | ||
| MediaTek, Inc. | Semiconductors & Semiconductor Equipment | 4,150 | 179,117 | ||
| Micro-Star International Co. Ltd. | Technology Hardware, Storage & Peripherals | 3,000 | 16,791 | ||
| momo.com, Inc. | Broadline Retail | 483 | 4,913 | ||
| Nan Ya Printed Circuit Board Corp. | Electronic Equipment, Instruments & Components | 1,000 | 3,981 | ||
| Nien Made Enterprise Co. Ltd. | Household Durables | 950 | 10,620 | ||
| Novatek Microelectronics Corp. | Semiconductors & Semiconductor Equipment | 3,100 | 47,468 | ||
| Pegatron Corp. | Technology Hardware, Storage & Peripherals | 11,000 | 30,835 | ||
| Phison Electronics Corp. | Semiconductors & Semiconductor Equipment | 1,000 | 16,288 | ||
| Powertech Technology, Inc. | Semiconductors & Semiconductor Equipment | 3,500 | 13,024 | ||
| Quanta Computer, Inc. | Technology Hardware, Storage & Peripherals | 9,000 | 78,787 | ||
| Radiant Opto-Electronics Corp. | Semiconductors & Semiconductor Equipment | 2,000 | 11,987 | ||
| Realtek Semiconductor Corp. | Semiconductors & Semiconductor Equipment | 2,271 | 39,346 | ||
| Shanghai Commercial & Savings Bank Ltd. | Banks | 25,000 | 30,197 | ||
| Sino-American Silicon Products, Inc. | Semiconductors & Semiconductor Equipment | 3,340 | 13,702 |
| Taiwan Mobile Co. Ltd. | Wireless Telecommunication Services | 7,000 | 24,234 | ||
| Taiwan Semiconductor Manufacturing Co. Ltd. | Semiconductors & Semiconductor Equipment | 39,536 | 1,296,381 | ||
| Teco Electric & Machinery Co. Ltd. | Electrical Equipment | 10,000 | 15,922 | ||
| Tripod Technology Corp. | Electronic Equipment, Instruments & Components | 2,600 | 15,663 | ||
| Unimicron Technology Corp. | Electronic Equipment, Instruments & Components | 3,000 | 12,902 | ||
| United Microelectronics Corp. | Semiconductors & Semiconductor Equipment | 65,000 | 85,353 | ||
| Vanguard International Semiconductor Corp. | Semiconductors & Semiconductor Equipment | 4,457 | 13,581 | ||
| Walsin Lihwa Corp. | Electrical Equipment | 15,000 | 10,844 | ||
| Wistron Corp. | Technology Hardware, Storage & Peripherals | 2,000 | 6,344 | ||
| Wiwynn Corp. | Technology Hardware, Storage & Peripherals | 370 | 29,569 | ||
| WPG Holdings Ltd. | Electronic Equipment, Instruments & Components | 9,000 | 18,777 | ||
| Yageo Corp. | Electronic Equipment, Instruments & Components | 1,000 | 16,502 | ||
| 2,901,564 | |||||
| Thailand 0.9% | |||||
| Home Product Center PCL, NVDR | Specialty Retail | 20,000 | 5,514 | ||
| Intouch Holdings PCL, NVDR | Wireless Telecommunication Services | 4,000 | 11,380 | ||
| Kasikornbank PCL, NVDR | Banks | 6,000 | 27,365 | ||
| PTT Exploration & Production PCL, NVDR | Oil, Gas & Consumable Fuels | 7,500 | 26,177 | ||
| PTT PCL, NVDR | Oil, Gas & Consumable Fuels | 44,000 | 40,974 | ||
| Thai Oil PCL, NVDR | Oil, Gas & Consumable Fuels | 4,500 | 3,728 | ||
| TMBThanachart Bank PCL, NVDR | Banks | 200,000 | 10,911 | ||
| 126,049 | |||||
| Turkey 0.6% | |||||
| Enka Insaat ve Sanayi AS | Construction & Engineering | 3,760 | 5,168 | ||
| Ford Otomotiv Sanayi AS | Automobiles | 365 | 9,672 | ||
| Haci Omer Sabanci Holding AS | Banks | 1,155 | 3,136 | ||
| KOC Holding AS | Industrial Conglomerates | 4,115 | 20,784 | ||
| Tofas Turk Otomobil Fabrikasi AS | Automobiles | 710 | 4,118 | ||
| Turkiye Petrol Rafinerileri AS | Oil, Gas & Consumable Fuels | 4,550 | 18,259 | ||
| Yapi ve Kredi Bankasi AS | Banks | 16,495 | 14,283 | ||
| 75,420 | |||||
| United Arab Emirates 4.1% | |||||
| Abu Dhabi Commercial Bank PJSC | Banks | 15,395 | 43,674 | ||
| Abu Dhabi Islamic Bank PJSC | Banks | 7,420 | 27,918 | ||
| Abu Dhabi National Oil Co. for Distribution PJSC | Specialty Retail | 15,560 | 14,912 | ||
| ADNOC Drilling Co. PJSC | Energy Equipment & Services | 8,210 | 11,914 | ||
| Dubai Electricity & Water Authority PJSC | Multi-Utilities | 44,920 | 34,732 | ||
| Dubai Islamic Bank PJSC | Banks | 15,165 | 29,273 | ||
| Emaar Development PJSC | Real Estate Management & Development | 4,565 | 17,027 | ||
| Emaar Properties PJSC | Real Estate Management & Development | 33,280 | 116,428 | ||
| Emirates Integrated Telecommunications Co. PJSC | Diversified Telecommunication Services | 4,815 | 9,819 | ||
| Emirates NBD Bank PJSC | Banks | 13,145 | 76,764 | ||
| Emirates Telecommunications Group Co. PJSC | Diversified Telecommunication Services | 18,210 | 80,910 | ||
| Fertiglobe PLC | Chemicals | 5,855 | 3,905 | ||
| First Abu Dhabi Bank PJSC | Banks | 22,270 | 83,307 | ||
| 550,583 | |||||
| United States 0.2% | |||||
| JBS SA | Food Products | 3,500 | 20,565 | ||
| Total Common Stocks (Cost $12,879,920) | 13,248,654 | ||||
| Preferred Stocks 1.4% | |||||
| Brazil 0.7% | |||||
| e | Cia Energetica de Minas Gerais, 11.089%, pfd. | Electric Utilities | 10,000 | 17,984 | |
| e | Petroleo Brasileiro SA, 16.082%, pfd. | Oil, Gas & Consumable Fuels | 13,000 | 76,154 | |
| 94,138 |
| Colombia 0.2% | |||||
| e | Bancolombia SA, 10.051%, pfd. | Banks | 2,335 | 18,646 | |
| e | Grupo de Inversiones Suramericana SA, 5.38%, pfd. | Financial Services | 655 | 3,868 | |
| 22,514 | |||||
| Russia 0.0% | |||||
| b,d | Surgutneftegas PJSC, pfd. | Oil, Gas & Consumable Fuels | 162,582 | — | |
| South Korea 0.5% | |||||
| e | Hyundai Motor Co., 9.295%, pfd. | Automobiles | 150 | 15,895 | |
| e | Hyundai Motor Co., 9.469%, pfd. | Automobiles | 100 | 10,366 | |
| e | Samsung Electronics Co. Ltd., 3.269%, pfd. | Technology Hardware, Storage & Peripherals | 1,310 | 39,332 | |
| 65,593 | |||||
| Total Preferred Stocks (Cost $264,659) | 182,245 | ||||
| Right 0.0%† | |||||
| Thailand 0.0%† | |||||
| b | Electronic Arts, Inc. | Entertainment | 9,000 | 517 | |
| Total Rights (Cost $770) | 517 | ||||
| Total Investments before Short-Term Investments (Cost $13,145,349) | 13,431,416 | ||||
| Short-Term Investments 0.0%† | |||||
| Money Market Funds 0.0%† | |||||
| United States 0.0%† | |||||
| f,g | Institutional Fiduciary Trust - Money Market Portfolio, 4.18% | Money Market Funds | 55 | 55 | |
| Total Short-Term Investments (Cost $55) | 55 | ||||
| Total Investments (Cost $13,145,404) 100.1% | 13,431,471 | ||||
| Other Assets, less Liabilities (0.1)% | (15,558) | ||||
| Net Assets 100.0% | $ 13,415,913 |
| †Rounds to less than 0.1% of net assets. |
| aSecurity was purchased pursuant to Rule 144A under the Securities Act of 1933 and may be sold in transactions exempt from registration only to qualified institutional buyers or in a public offering registered under the Securities Act of 1933. At December 31, 2024, the aggregate value of these securities was $508,887, representing 3.8% of net assets. |
| bNon-income producing. |
| cSecurity was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. At December 31, 2024, the aggregate value of these securities was $33,520, representing 0.2% of net assets. |
| dFair valued using significant unobservable inputs. See Note 5 regarding fair value measurements. |
| eVariable rate security. The rate shown represents the yield at period end. |
| fThe rate shown is the annualized seven-day effective yield at period end. |
| gSee Note 3 regarding investments in affiliated management investment companies. |
| Selected Portfolio | ||
| GDR | – | Global Depositary Receipt |
| NVDR | – | Non-Voting Depositary Receipt |
| REIT | – | Real Estate Investment Trust |
| SF | – | Single Family |
| Franklin Exponential Data ETF | Country | Shares | Value | ||
| Common Stocks 99.3% | |||||
| Capital Markets 5.7% | |||||
| FactSet Research Systems, Inc. | United States | 152 | $ 73,003 | ||
| Moody’s Corp. | United States | 66 | 31,242 | ||
| MSCI, Inc. | United States | 149 | 89,401 | ||
| S&P Global, Inc. | United States | 196 | 97,614 | ||
| 291,260 | |||||
| Communications Equipment 5.2% | |||||
| a | Arista Networks, Inc. | United States | 2,372 | 262,177 | |
| Electrical Equipment 1.0% | |||||
| Vertiv Holdings Co., Class A | United States | 448 | 50,897 | ||
| Electronic Equipment, Instruments & Components 0.9% | |||||
| a | Keysight Technologies, Inc. | United States | 277 | 44,495 | |
| Entertainment 2.3% | |||||
| a | Netflix, Inc. | United States | 133 | 118,546 | |
| Health Care Technology 0.2% | |||||
| a | Veeva Systems, Inc., Class A | United States | 58 | 12,194 | |
| Interactive Media & Services 9.6% | |||||
| Alphabet, Inc., Class A | United States | 1,349 | 255,366 | ||
| Meta Platforms, Inc., Class A | United States | 398 | 233,033 | ||
| 488,399 | |||||
| IT Services 11.6% | |||||
| Accenture PLC, Class A | United States | 224 | 78,801 | ||
| a | Akamai Technologies, Inc. | United States | 218 | 20,852 | |
| a | Cloudflare, Inc., Class A | United States | 1,191 | 128,247 | |
| a | Gartner, Inc. | United States | 226 | 109,490 | |
| a | Globant SA | United States | 78 | 16,725 | |
| a | MongoDB, Inc. | United States | 656 | 152,723 | |
| a | Snowflake, Inc., Class A | United States | 537 | 82,918 | |
| 589,756 | |||||
| Media 2.2% | |||||
| a | Trade Desk, Inc., Class A | United States | 960 | 112,829 | |
| Professional Services 0.9% | |||||
| TransUnion | United States | 250 | 23,178 | ||
| Verisk Analytics, Inc. | United States | 84 | 23,136 | ||
| 46,314 | |||||
| Software 50.3% | |||||
| a | Adobe, Inc. | United States | 33 | 14,674 | |
| a | Confluent, Inc., Class A | United States | 1,124 | 31,427 | |
| a | Crowdstrike Holdings, Inc., Class A | United States | 785 | 268,596 | |
| a | Datadog, Inc., Class A | United States | 1,865 | 266,490 | |
| a | Fair Isaac Corp. | United States | 146 | 290,676 | |
| a | Fortinet, Inc. | United States | 1,143 | 107,991 | |
| a | Gitlab, Inc., Class A | United States | 339 | 19,103 | |
| a | HubSpot, Inc. | United States | 134 | 93,367 | |
| Microsoft Corp. | United States | 950 | 400,425 | ||
| a | Monday.com Ltd. | United States | 505 | 118,897 | |
| a | Palo Alto Networks, Inc. | United States | 1,546 | 281,310 | |
| a | Qualys, Inc. | United States | 114 | 15,985 | |
| Salesforce, Inc. | United States | 301 | 100,633 | ||
| a | SentinelOne, Inc., Class A | United States | 2,569 | 57,032 | |
| a | ServiceNow, Inc. | United States | 318 | 337,118 | |
| Trend Micro, Inc. | Japan | 1,207 | 65,795 | ||
| a | Vertex, Inc., Class A | United States | 241 | 12,857 |
| a | Zscaler, Inc. | United States | 402 | 72,525 | |
| 2,554,901 | |||||
| Specialized REITs 6.0% | |||||
| Crown Castle, Inc. | United States | 536 | 48,647 | ||
| Equinix, Inc. | United States | 218 | 205,550 | ||
| SBA Communications Corp. | United States | 235 | 47,893 | ||
| 302,090 | |||||
| Wireless Telecommunication Services 3.4% | |||||
| T-Mobile U.S., Inc. | United States | 770 | 169,962 | ||
| Total Common Stocks (Cost $4,024,092) | 5,043,820 | ||||
| Total Investments before Short-Term Investments (Cost $4,024,092) | 5,043,820 | ||||
| Short-Term Investments 0.6% | |||||
| Money Market Funds 0.6% | |||||
| b,c | Institutional Fiduciary Trust - Money Market Portfolio, 4.18% | United States | 30,773 | 30,773 | |
| Total Short-Term Investments (Cost $30,773) | 30,773 | ||||
| Total Investments (Cost $4,054,865) 99.9% | 5,074,593 | ||||
| Other Assets, less Liabilities 0.1% | 6,051 | ||||
| Net Assets 100.0% | $ 5,080,644 |
| aNon-income producing. |
| bThe rate shown is the annualized seven-day effective yield at period end. |
| cSee Note 3 regarding investments in affiliated management investment companies. |
| Selected Portfolio | ||
| REIT | – | Real Estate Investment Trust |
| SBA | – | Small Business Administration |
| Franklin Focused Growth ETF | Country | Shares | Value | ||
| Common Stocks 99.6% | |||||
| Aerospace & Defense 2.3% | |||||
| a | Axon Enterprise, Inc. | United States | 4,579 | $ 2,721,391 | |
| Automobiles 5.2% | |||||
| a | Tesla, Inc. | United States | 15,124 | 6,107,676 | |
| Biotechnology 1.0% | |||||
| a | Natera, Inc. | United States | 7,738 | 1,224,925 | |
| Broadline Retail 10.7% | |||||
| a | Amazon.com, Inc. | United States | 51,925 | 11,391,826 | |
| a | MercadoLibre, Inc. | Brazil | 740 | 1,258,325 | |
| 12,650,151 | |||||
| Capital Markets 1.4% | |||||
| Tradeweb Markets, Inc., Class A | United States | 12,551 | 1,643,177 | ||
| Consumer Staples Distribution & Retail 4.8% | |||||
| Costco Wholesale Corp. | United States | 6,220 | 5,699,200 | ||
| Entertainment 1.5% | |||||
| a | Netflix, Inc. | United States | 1,982 | 1,766,596 | |
| Financial Services 4.0% | |||||
| Mastercard, Inc., Class A | United States | 8,988 | 4,732,811 | ||
| Health Care Equipment & Supplies 3.4% | |||||
| a | IDEXX Laboratories, Inc. | United States | 1,781 | 736,337 | |
| a | Intuitive Surgical, Inc. | United States | 6,343 | 3,310,792 | |
| 4,047,129 | |||||
| Hotels, Restaurants & Leisure 0.7% | |||||
| a | DoorDash, Inc., Class A | United States | 4,877 | 818,117 | |
| Interactive Media & Services 12.0% | |||||
| Alphabet, Inc., Class A | United States | 30,779 | 5,826,465 | ||
| Meta Platforms, Inc., Class A | United States | 14,108 | 8,260,375 | ||
| 14,086,840 | |||||
| IT Services 2.0% | |||||
| a | Shopify, Inc., Class A | Canada | 22,187 | 2,359,144 | |
| Life Sciences Tools & Services 2.1% | |||||
| Danaher Corp. | United States | 6,576 | 1,509,521 | ||
| Thermo Fisher Scientific, Inc. | United States | 1,770 | 920,807 | ||
| 2,430,328 | |||||
| Media 0.7% | |||||
| a | Trade Desk, Inc., Class A | United States | 7,007 | 823,533 | |
| Pharmaceuticals 2.5% | |||||
| Eli Lilly & Co. | United States | 3,813 | 2,943,636 | ||
| Semiconductors & Semiconductor Equipment 24.3% | |||||
| a | Advanced Micro Devices, Inc. | United States | 8,240 | 995,310 | |
| Analog Devices, Inc. | United States | 10,217 | 2,170,704 | ||
| ASML Holding NV | Netherlands | 1,772 | 1,228,138 | ||
| Broadcom, Inc. | United States | 20,865 | 4,837,341 | ||
| NVIDIA Corp. | United States | 125,996 | 16,920,003 | ||
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | Taiwan | 12,421 | 2,453,023 | ||
| 28,604,519 | |||||
| Software 21.0% | |||||
| a | Cadence Design Systems, Inc. | United States | 13,570 | 4,077,242 | |
| a | HubSpot, Inc. | United States | 1,542 | 1,074,419 | |
| Intuit, Inc. | United States | 2,488 | 1,563,708 |
| Microsoft Corp. | United States | 29,056 | 12,247,104 | ||
| a | ServiceNow, Inc. | United States | 5,448 | 5,775,534 | |
| 24,738,007 | |||||
| Total Common Stocks (Cost $83,001,438) | 117,397,180 | ||||
| Total Investments before Short-Term Investments (Cost $83,001,438) | 117,397,180 | ||||
| Short-Term Investments 0.4% | |||||
| Money Market Funds 0.4% | |||||
| b,c | Institutional Fiduciary Trust - Money Market Portfolio, 4.18% | United States | 442,637 | 442,637 | |
| Total Short-Term Investments (Cost $442,637) | 442,637 | ||||
| Total Investments (Cost $83,444,075) 100.0% | 117,839,817 | ||||
| Other Assets, less Liabilities (0.0)%† | (33,769) | ||||
| Net Assets 100.0% | $ 117,806,048 |
| †Rounds to less than 0.1% of net assets. |
| aNon-income producing. |
| bThe rate shown is the annualized seven-day effective yield at period end. |
| cSee Note 3 regarding investments in affiliated management investment companies. |
| Selected Portfolio | ||
| ADR | – | American Depositary Receipt |
| Franklin FTSE Asia ex Japan ETF | Industry | Shares | Value | ||
| Common Stocks 100.2% | |||||
| Cambodia 0.0%† | |||||
| a | NagaCorp Ltd. | Hotels, Restaurants & Leisure | 6,000 | $ 2,248 | |
| China 31.6% | |||||
| 360 Security Technology, Inc., Class A | Software | 2,400 | 3,383 | ||
| 37 Interactive Entertainment Network Technology Group Co. Ltd., Class A | Entertainment | 600 | 1,278 | ||
| b | 3SBio, Inc., Class A | Biotechnology | 6,000 | 4,696 | |
| AAC Technologies Holdings, Inc., Class H | Electronic Equipment, Instruments & Components | 2,500 | 12,069 | ||
| Advanced Micro-Fabrication Equipment, Inc. China, Class A | Semiconductors & Semiconductor Equipment | 245 | 6,313 | ||
| AECC Aero-Engine Control Co. Ltd., Class A | Aerospace & Defense | 400 | 1,212 | ||
| AECC Aviation Power Co. Ltd., Class A | Aerospace & Defense | 700 | 3,952 | ||
| Agricultural Bank of China Ltd., Class A | Banks | 22,800 | 16,584 | ||
| Agricultural Bank of China Ltd., Class H | Banks | 120,000 | 68,435 | ||
| Aier Eye Hospital Group Co. Ltd., Class A | Health Care Providers & Services | 2,655 | 4,792 | ||
| a | Air China Ltd., Class A | Passenger Airlines | 2,400 | 2,586 | |
| a | Air China Ltd., Class H | Passenger Airlines | 10,000 | 6,630 | |
| Airtac International Group, Class A | Machinery | 540 | 13,902 | ||
| a,b | Akeso, Inc. | Biotechnology | 2,400 | 18,754 | |
| Alibaba Group Holding Ltd., Class A | Broadline Retail | 63,600 | 674,649 | ||
| Aluminum Corp. of China Ltd., Class A | Metals & Mining | 3,600 | 3,604 | ||
| Aluminum Corp. of China Ltd., Class H | Metals & Mining | 16,000 | 9,248 | ||
| An Hui Wenergy Co. Ltd., Class A | Independent Power Producers & Energy Traders | 600 | 646 | ||
| a | Angang Steel Co. Ltd., Class A | Metals & Mining | 1,800 | 588 | |
| Anhui Anke Biotechnology Group Co. Ltd., Class A | Biotechnology | 600 | 706 | ||
| Anhui Conch Cement Co. Ltd., Class A | Construction Materials | 1,200 | 3,887 | ||
| Anhui Conch Cement Co. Ltd., Class H | Construction Materials | 4,500 | 11,517 | ||
| Anhui Expressway Co. Ltd., Class H | Transportation Infrastructure | 2,000 | 2,760 | ||
| Anhui Gujing Distillery Co. Ltd., Class A | Beverages | 100 | 2,361 | ||
| Anhui Gujing Distillery Co. Ltd., Class B | Beverages | 600 | 8,652 | ||
| Anhui Jianghuai Automobile Group Corp. Ltd., Class A | Automobiles | 600 | 3,065 | ||
| Anjoy Foods Group Co. Ltd., Class A | Food Products | 100 | 1,110 | ||
| ANTA Sports Products Ltd., Class A | Textiles, Apparel & Luxury Goods | 4,800 | 48,105 | ||
| Autohome, Inc., ADR | Interactive Media & Services | 228 | 5,917 | ||
| AVIC Industry-Finance Holdings Co. Ltd., Class A | Financial Services | 2,400 | 1,187 | ||
| AviChina Industry & Technology Co. Ltd., Class H | Aerospace & Defense | 6,000 | 2,981 | ||
| Avicopter PLC, Class A | Aerospace & Defense | 200 | 1,050 | ||
| a | BAIC BluePark New Energy Technology Co. Ltd., Class A | Automobiles | 1,800 | 1,961 | |
| b | BAIC Motor Corp. Ltd., Class H | Automobiles | 9,000 | 2,781 | |
| a | Baidu, Inc., Class A | Interactive Media & Services | 8,400 | 89,429 | |
| Bank of Beijing Co. Ltd., Class A | Banks | 6,000 | 5,026 | ||
| Bank of Changsha Co. Ltd., Class A | Banks | 1,200 | 1,453 | ||
| Bank of China Ltd., Class A | Banks | 13,200 | 9,907 | ||
| Bank of China Ltd., Class H | Banks | 318,000 | 162,522 | ||
| Bank of Communications Co. Ltd., Class A | Banks | 11,400 | 12,065 | ||
| Bank of Communications Co. Ltd., Class H | Banks | 30,000 | 24,678 | ||
| Bank of Guiyang Co. Ltd., Class A | Banks | 1,200 | 981 | ||
| Bank of Hangzhou Co. Ltd., Class A | Banks | 1,800 | 3,582 | ||
| Bank of Jiangsu Co. Ltd., Class A | Banks | 4,800 | 6,420 | ||
| Bank of Nanjing Co. Ltd., Class A | Banks | 3,000 | 4,352 | ||
| Bank of Ningbo Co. Ltd., Class A | Banks | 1,800 | 5,960 | ||
| Bank of Shanghai Co. Ltd., Class A | Banks | 4,200 | 5,235 | ||
| Baoshan Iron & Steel Co. Ltd., Class A | Metals & Mining | 5,400 | 5,149 | ||
| BBMG Corp., Class A | Construction Materials | 2,400 | 582 |
| BBMG Corp., Class H | Construction Materials | 12,000 | 1,236 | ||
| a | BeiGene Ltd. | Biotechnology | 3,000 | 42,173 | |
| Beijing Capital Eco-Environment Protection Group Co. Ltd., Class A | Water Utilities | 2,400 | 1,072 | ||
| a | Beijing Capital International Airport Co. Ltd., Class H | Transportation Infrastructure | 8,000 | 2,884 | |
| Beijing Dabeinong Technology Group Co. Ltd., Class A | Food Products | 1,800 | 1,062 | ||
| Beijing Enlight Media Co. Ltd., Class A | Entertainment | 600 | 772 | ||
| Beijing Enterprises Holdings Ltd., Class H | Gas Utilities | 2,000 | 6,874 | ||
| a | Beijing Jetsen Technology Co. Ltd., Class A | Entertainment | 600 | 480 | |
| Beijing Kingsoft Office Software, Inc., Class A | Software | 128 | 4,993 | ||
| Beijing New Building Materials PLC, Class A | Building Products | 600 | 2,477 | ||
| Beijing Originwater Technology Co. Ltd., Class A | Commercial Services & Supplies | 1,200 | 827 | ||
| Beijing Shiji Information Technology Co. Ltd., Class A | Software | 600 | 584 | ||
| Beijing Shougang Co. Ltd., Class A | Metals & Mining | 2,400 | 997 | ||
| Beijing Sinnet Technology Co. Ltd., Class A | IT Services | 600 | 1,192 | ||
| Beijing Tiantan Biological Products Corp. Ltd., Class A | Biotechnology | 720 | 2,010 | ||
| Beijing Tong Ren Tang Co. Ltd., Class A | Pharmaceuticals | 600 | 3,317 | ||
| Beijing Ultrapower Software Co. Ltd., Class A | IT Services | 600 | 947 | ||
| Beijing Wantai Biological Pharmacy Enterprise Co. Ltd., Class A | Biotechnology | 203 | 1,948 | ||
| Beijing Yanjing Brewery Co. Ltd., Class A | Beverages | 1,200 | 1,968 | ||
| Beijing-Shanghai High Speed Railway Co. Ltd., Class A | Ground Transportation | 7,800 | 6,545 | ||
| a | Bilibili, Inc., Class Z | Interactive Media & Services | 1,080 | 19,743 | |
| Bluefocus Intelligent Communications Group Co. Ltd., Class A | Media | 600 | 758 | ||
| BOC Hong Kong Holdings Ltd. | Banks | 13,500 | 43,361 | ||
| BOE Technology Group Co. Ltd., Class A | Electronic Equipment, Instruments & Components | 11,400 | 6,817 | ||
| BOE Technology Group Co. Ltd., Class B | Electronic Equipment, Instruments & Components | 3,600 | 1,261 | ||
| Brilliance China Automotive Holdings Ltd. | Automobiles | 12,000 | 5,901 | ||
| b | Budweiser Brewing Co. APAC Ltd., Class H | Beverages | 6,600 | 6,364 | |
| BYD Co. Ltd., Class A | Automobiles | 500 | 19,251 | ||
| BYD Co. Ltd., Class H | Automobiles | 4,152 | 142,499 | ||
| BYD Electronic International Co. Ltd. | Communications Equipment | 3,000 | 16,240 | ||
| By-health Co. Ltd., Class A | Personal Care Products | 600 | 985 | ||
| C&D International Investment Group Ltd. | Real Estate Management & Development | 3,000 | 5,044 | ||
| Caitong Securities Co. Ltd., Class A | Capital Markets | 1,200 | 1,335 | ||
| a | Cambricon Technologies Corp. Ltd., Class A | Semiconductors & Semiconductor Equipment | 150 | 13,444 | |
| CECEP Solar Energy Co. Ltd., Class A | Independent Power Producers & Energy Traders | 1,200 | 778 | ||
| CECEP Wind-Power Corp., Class A | Independent Power Producers & Energy Traders | 1,800 | 777 | ||
| CGN Power Co. Ltd., Class A | Independent Power Producers & Energy Traders | 2,400 | 1,350 | ||
| b | CGN Power Co. Ltd., Class H | Independent Power Producers & Energy Traders | 42,000 | 15,409 | |
| Changchun High-Tech Industry Group Co. Ltd., Class A | Pharmaceuticals | 100 | 1,354 | ||
| Changjiang Securities Co. Ltd., Class A | Capital Markets | 1,800 | 1,672 | ||
| Changzhou Xingyu Automotive Lighting Systems Co. Ltd., Class A | Automobile Components | 100 | 1,818 | ||
| Chaozhou Three-Circle Group Co. Ltd., Class A | Electronic Equipment, Instruments & Components | 600 | 3,147 | ||
| Chengdu Xingrong Environment Co. Ltd., Class A | Water Utilities | 1,200 | 1,241 | ||
| China Baoan Group Co. Ltd., Class A | Industrial Conglomerates | 600 | 748 | ||
| a,b | China Bohai Bank Co. Ltd., Class H | Banks | 12,000 | 1,375 | |
| China Cinda Asset Management Co. Ltd., Class H | Capital Markets | 36,000 | 5,886 | ||
| China CITIC Bank Corp. Ltd., Class A | Banks | 6,600 | 6,275 | ||
| China CITIC Bank Corp. Ltd., Class H | Banks | 36,000 | 24,887 | ||
| a,b | China CITIC Financial Asset Management Co. Ltd., Class H | Capital Markets | 60,000 | 5,021 | |
| China Coal Energy Co. Ltd., Class A | Oil, Gas & Consumable Fuels | 1,200 | 1,991 | ||
| China Coal Energy Co. Ltd., Class H | Oil, Gas & Consumable Fuels | 8,000 | 9,568 |
| China Communications Services Corp. Ltd., Class H | Construction & Engineering | 12,000 | 7,044 | ||
| China Conch Venture Holdings Ltd. | Construction & Engineering | 6,000 | 5,160 | ||
| China Construction Bank Corp., Class A | Banks | 3,000 | 3,592 | ||
| China Construction Bank Corp., Class H | Banks | 348,000 | 290,301 | ||
| China CSSC Holdings Ltd., Class A | Machinery | 1,200 | 5,878 | ||
| a | China Eastern Airlines Corp. Ltd., Class A | Passenger Airlines | 5,400 | 2,942 | |
| China Energy Engineering Corp. Ltd., Class A | Construction & Engineering | 10,200 | 3,182 | ||
| China Energy Engineering Corp. Ltd., Class H | Construction & Engineering | 24,000 | 3,182 | ||
| China Everbright Bank Co. Ltd., Class A | Banks | 13,200 | 6,958 | ||
| China Everbright Bank Co. Ltd., Class H | Banks | 12,000 | 4,665 | ||
| b | China Feihe Ltd. | Food Products | 12,000 | 8,419 | |
| China Galaxy Securities Co. Ltd., Class A | Capital Markets | 1,800 | 3,734 | ||
| China Galaxy Securities Co. Ltd., Class H | Capital Markets | 15,000 | 13,691 | ||
| China Great Wall Securities Co. Ltd., Class A | Capital Markets | 600 | 670 | ||
| a | China Greatwall Technology Group Co. Ltd., Class A | Technology Hardware, Storage & Peripherals | 1,200 | 2,382 | |
| China Green Electricity Investment of Tianjin Co. Ltd., Class A | Real Estate Management & Development | 600 | 745 | ||
| China Hongqiao Group Ltd. | Metals & Mining | 9,000 | 13,625 | ||
| China International Capital Corp. Ltd., Class A | Capital Markets | 300 | 1,377 | ||
| b | China International Capital Corp. Ltd., Class H | Capital Markets | 4,800 | 7,922 | |
| China International Marine Containers Group Co. Ltd., Class A | Machinery | 600 | 635 | ||
| China International Marine Containers Group Co. Ltd., Class H | Machinery | 3,000 | 2,089 | ||
| China Jinmao Holdings Group Ltd., Class A | Real Estate Management & Development | 24,000 | 3,028 | ||
| China Jushi Co. Ltd., Class A | Construction Materials | 1,200 | 1,862 | ||
| China Lesso Group Holdings Ltd. | Building Products | 6,000 | 2,680 | ||
| China Life Insurance Co. Ltd., Class H | Insurance | 27,000 | 51,025 | ||
| a,b | China Literature Ltd., Class A | Media | 1,200 | 3,893 | |
| China Longyuan Power Group Corp. Ltd., Class H | Independent Power Producers & Energy Traders | 12,000 | 9,949 | ||
| China Medical System Holdings Ltd. | Pharmaceuticals | 6,000 | 5,832 | ||
| China Merchants Bank Co. Ltd., Class A | Banks | 5,400 | 28,907 | ||
| China Merchants Bank Co. Ltd., Class H | Banks | 14,500 | 74,666 | ||
| China Merchants Energy Shipping Co. Ltd., Class A | Oil, Gas & Consumable Fuels | 3,000 | 2,619 | ||
| China Merchants Expressway Network & Technology Holdings Co. Ltd., Class A | Transportation Infrastructure | 1,800 | 3,420 | ||
| China Merchants Port Holdings Co. Ltd. | Transportation Infrastructure | 5,100 | 9,087 | ||
| China Merchants Securities Co. Ltd., Class A | Capital Markets | 2,400 | 6,264 | ||
| b | China Merchants Securities Co. Ltd., Class H | Capital Markets | 1,200 | 2,472 | |
| China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A | Real Estate Management & Development | 2,400 | 3,348 | ||
| China Minsheng Banking Corp. Ltd., Class A | Banks | 10,200 | 5,738 | ||
| China Minsheng Banking Corp. Ltd., Class H | Banks | 24,000 | 10,628 | ||
| China National Building Material Co. Ltd., Class H | Construction Materials | 19,500 | 8,887 | ||
| China National Chemical Engineering Co. Ltd., Class A | Construction & Engineering | 1,800 | 2,033 | ||
| China National Nuclear Power Co. Ltd., Class A | Independent Power Producers & Energy Traders | 4,800 | 6,819 | ||
| a | China National Software & Service Co. Ltd., Class A | Software | 260 | 1,654 | |
| China Northern Rare Earth Group High-Tech Co. Ltd., Class A | Metals & Mining | 1,200 | 3,468 | ||
| China Oilfield Services Ltd., Class A | Energy Equipment & Services | 600 | 1,246 | ||
| China Oilfield Services Ltd., Class H | Energy Equipment & Services | 8,000 | 7,250 | ||
| China Overseas Land & Investment Ltd., Class A | Real Estate Management & Development | 15,000 | 23,945 | ||
| China Pacific Insurance Group Co. Ltd., Class A | Insurance | 1,800 | 8,356 | ||
| China Pacific Insurance Group Co. Ltd., Class H | Insurance | 9,600 | 31,143 | ||
| China Petroleum & Chemical Corp., Class A | Oil, Gas & Consumable Fuels | 11,400 | 10,373 | ||
| China Petroleum & Chemical Corp., Class H | Oil, Gas & Consumable Fuels | 96,000 | 54,995 | ||
| China Railway Group Ltd., Class A | Construction & Engineering | 6,000 | 5,222 | ||
| China Railway Group Ltd., Class H | Construction & Engineering | 18,000 | 9,176 |
| China Railway Signal & Communication Corp. Ltd., Class A | Electronic Equipment, Instruments & Components | 2,000 | 1,705 | ||
| b | China Railway Signal & Communication Corp. Ltd., Class H | Electronic Equipment, Instruments & Components | 6,000 | 2,680 | |
| China Rare Earth Resources & Technology Co. Ltd., Class A | Metals & Mining | 600 | 2,292 | ||
| China Reinsurance Group Corp., Class H | Insurance | 24,000 | 2,688 | ||
| China Resources Building Materials Technology Holdings Ltd. | Construction Materials | 12,000 | 2,456 | ||
| China Resources Double Crane Pharmaceutical Co. Ltd., Class A | Pharmaceuticals | 600 | 1,618 | ||
| China Resources Microelectronics Ltd., Class A | Semiconductors & Semiconductor Equipment | 395 | 2,539 | ||
| b | China Resources Mixc Lifestyle Services Ltd. | Real Estate Management & Development | 2,400 | 8,929 | |
| b | China Resources Pharmaceutical Group Ltd., Class A | Pharmaceuticals | 6,000 | 4,403 | |
| China Resources Power Holdings Co. Ltd. | Independent Power Producers & Energy Traders | 7,200 | 17,500 | ||
| China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A | Pharmaceuticals | 360 | 2,174 | ||
| a | China Ruyi Holdings Ltd. | Entertainment | 24,000 | 7,570 | |
| China Shenhua Energy Co. Ltd., Class A | Oil, Gas & Consumable Fuels | 1,800 | 10,660 | ||
| China Shenhua Energy Co. Ltd., Class H | Oil, Gas & Consumable Fuels | 12,000 | 51,906 | ||
| China South Publishing & Media Group Co. Ltd., Class A | Media | 600 | 1,227 | ||
| a | China Southern Airlines Co. Ltd., Class A | Passenger Airlines | 3,600 | 3,182 | |
| China Southern Power Grid Energy Efficiency&Clean Energy Co. Ltd., Class A | Commercial Services & Supplies | 600 | 342 | ||
| China State Construction Engineering Corp. Ltd., Class A | Construction & Engineering | 12,600 | 10,298 | ||
| China Suntien Green Energy Corp. Ltd., Class H | Oil, Gas & Consumable Fuels | 6,000 | 2,842 | ||
| China Taiping Insurance Holdings Co. Ltd. | Insurance | 6,000 | 8,975 | ||
| China Three Gorges Renewables Group Co. Ltd., Class A | Independent Power Producers & Energy Traders | 7,200 | 4,286 | ||
| China Tourism Group Duty Free Corp. Ltd., Class A | Specialty Retail | 600 | 5,477 | ||
| b | China Tourism Group Duty Free Corp. Ltd., Class H | Specialty Retail | 600 | 4,101 | |
| b | China Tower Corp. Ltd., Class H | Diversified Telecommunication Services | 180,000 | 25,953 | |
| China United Network Communications Ltd., Class A | Wireless Telecommunication Services | 8,400 | 6,076 | ||
| a | China Vanke Co. Ltd., Class A | Real Estate Management & Development | 3,000 | 2,967 | |
| a | China Vanke Co. Ltd., Class H | Real Estate Management & Development | 9,000 | 6,129 | |
| China XD Electric Co. Ltd., Class A | Electrical Equipment | 1,200 | 1,241 | ||
| China Yangtze Power Co. Ltd., Class A | Independent Power Producers & Energy Traders | 6,600 | 26,565 | ||
| China Zheshang Bank Co. Ltd., Class A | Banks | 2,400 | 951 | ||
| Chinese Universe Publishing & Media Group Co. Ltd., Class A | Media | 600 | 1,026 | ||
| Chongqing Changan Automobile Co. Ltd., Class A | Automobiles | 2,400 | 4,367 | ||
| Chongqing Changan Automobile Co. Ltd., Class B | Automobiles | 7,200 | 3,337 | ||
| Chongqing Rural Commercial Bank Co. Ltd., Class A | Banks | 1,200 | 989 | ||
| Chongqing Rural Commercial Bank Co. Ltd., Class H | Banks | 6,000 | 3,592 | ||
| Chongqing Zhifei Biological Products Co. Ltd., Class A | Biotechnology | 700 | 2,508 | ||
| Chow Tai Fook Jewellery Group Ltd., Class A | Specialty Retail | 7,200 | 6,238 | ||
| CITIC Ltd., Class B | Industrial Conglomerates | 24,000 | 28,455 | ||
| Citic Pacific Special Steel Group Co. Ltd., Class A | Metals & Mining | 1,480 | 2,300 | ||
| CITIC Securities Co. Ltd., Class A | Capital Markets | 3,600 | 14,304 | ||
| CITIC Securities Co. Ltd., Class H | Capital Markets | 6,000 | 16,491 | ||
| CMOC Group Ltd., Class A | Metals & Mining | 3,000 | 2,717 | ||
| CMOC Group Ltd., Class H | Metals & Mining | 18,000 | 12,165 | ||
| CMST Development Co. Ltd., Class A | Air Freight & Logistics | 1,200 | 1,043 |
| CNGR Advanced Material Co. Ltd., Class A | Electrical Equipment | 180 | 886 | ||
| CNOOC Energy Technology & Services Ltd., Class A | Energy Equipment & Services | 1,800 | 1,047 | ||
| CNPC Capital Co. Ltd., Class A | Banks | 1,200 | 1,126 | ||
| Contemporary Amperex Technology Co. Ltd., Class A | Electrical Equipment | 1,200 | 43,479 | ||
| COSCO SHIPPING Development Co. Ltd., Class A | Trading Companies & Distributors | 3,000 | 1,067 | ||
| COSCO SHIPPING Development Co. Ltd., Class H | Trading Companies & Distributors | 12,000 | 1,607 | ||
| COSCO SHIPPING Energy Transportation Co. Ltd., Class A | Oil, Gas & Consumable Fuels | 1,200 | 1,896 | ||
| COSCO SHIPPING Energy Transportation Co. Ltd., Class H | Oil, Gas & Consumable Fuels | 6,000 | 4,804 | ||
| COSCO SHIPPING Holdings Co. Ltd., Class A | Marine Transportation | 4,200 | 8,867 | ||
| COSCO SHIPPING Holdings Co. Ltd., Class H | Marine Transportation | 10,500 | 17,302 | ||
| a,c | Country Garden Holdings Co. Ltd. | Real Estate Management & Development | 72,000 | 1,798 | |
| Country Garden Services Holdings Co. Ltd. | Real Estate Management & Development | 9,000 | 6,396 | ||
| CRRC Corp. Ltd., Class A | Machinery | 7,200 | 8,218 | ||
| CRRC Corp. Ltd., Class H | Machinery | 18,000 | 11,609 | ||
| CSC Financial Co. Ltd., Class A | Capital Markets | 1,800 | 6,313 | ||
| b | CSC Financial Co. Ltd., Class H | Capital Markets | 3,000 | 3,793 | |
| CSG Holding Co. Ltd., Class B | Construction Materials | 4,800 | 1,409 | ||
| CSPC Innovation Pharmaceutical Co. Ltd., Class A | Pharmaceuticals | 600 | 2,173 | ||
| CSPC Pharmaceutical Group Ltd. | Pharmaceuticals | 36,000 | 22,153 | ||
| Daqin Railway Co. Ltd., Class A | Ground Transportation | 4,800 | 4,433 | ||
| a | Daqo New Energy Corp., ADR | Semiconductors & Semiconductor Equipment | 198 | 3,849 | |
| Datang International Power Generation Co. Ltd., Class A | Independent Power Producers & Energy Traders | 2,400 | 932 | ||
| Datang International Power Generation Co. Ltd., Class H | Independent Power Producers & Energy Traders | 12,000 | 2,225 | ||
| DHC Software Co. Ltd., Class A | IT Services | 1,200 | 1,187 | ||
| Dong-E-E-Jiao Co. Ltd., Class A | Pharmaceuticals | 200 | 1,709 | ||
| Dongfang Electric Corp. Ltd., Class A | Electrical Equipment | 600 | 1,299 | ||
| Dongfang Electric Corp. Ltd., Class H | Electrical Equipment | 1,200 | 1,498 | ||
| Dongfeng Motor Group Co. Ltd., Class H | Automobiles | 9,000 | 4,310 | ||
| Dongxing Securities Co. Ltd., Class A | Capital Markets | 600 | 900 | ||
| a,b | East Buy Holding Ltd. | Consumer Staples Distribution & Retail | 2,500 | 5,787 | |
| East Money Information Co. Ltd., Class A | Capital Markets | 4,200 | 14,771 | ||
| Ecovacs Robotics Co. Ltd., Class A | Household Durables | 200 | 1,280 | ||
| ENN Energy Holdings Ltd. | Gas Utilities | 3,000 | 21,569 | ||
| ENN Natural Gas Co. Ltd., Class A | Gas Utilities | 600 | 1,772 | ||
| Eoptolink Technology, Inc. Ltd., Class A | Electronic Equipment, Instruments & Components | 200 | 3,149 | ||
| b | ESR Group Ltd., Class H | Real Estate Management & Development | 9,600 | 14,756 | |
| Eve Energy Co. Ltd., Class A | Electrical Equipment | 600 | 3,820 | ||
| Everbright Securities Co. Ltd., Class A | Capital Markets | 1,200 | 2,960 | ||
| a | Everdisplay Optronics Shanghai Co. Ltd., Class A | Electronic Equipment, Instruments & Components | 3,000 | 948 | |
| Fangda Carbon New Material Co. Ltd., Class A | Electrical Equipment | 1,200 | 789 | ||
| FAW Jiefang Group Co. Ltd., Class A | Machinery | 600 | 670 | ||
| Fiberhome Telecommunication Technologies Co. Ltd., Class A | Communications Equipment | 400 | 1,060 | ||
| First Capital Securities Co. Ltd., Class A | Capital Markets | 1,200 | 1,365 | ||
| Flat Glass Group Co. Ltd., Class A | Semiconductors & Semiconductor Equipment | 600 | 1,609 | ||
| Flat Glass Group Co. Ltd., Class H | Semiconductors & Semiconductor Equipment | 2,000 | 2,812 | ||
| Focus Media Information Technology Co. Ltd., Class A | Media | 4,200 | 4,022 | ||
| Foshan Haitian Flavouring & Food Co. Ltd., Class A | Food Products | 1,200 | 7,503 | ||
| Fosun International Ltd. | Industrial Conglomerates | 6,000 | 3,507 | ||
| Founder Securities Co. Ltd., Class A | Capital Markets | 2,400 | 2,723 | ||
| Foxconn Industrial Internet Co. Ltd., Class A | Electronic Equipment, Instruments & Components | 3,600 | 10,543 | ||
| Fujian Funeng Co. Ltd., Class A | Independent Power Producers & Energy Traders | 600 | 815 | ||
| Fujian Sunner Development Co. Ltd., Class A | Food Products | 600 | 1,183 |
| Full Truck Alliance Co. Ltd., ADR | Ground Transportation | 2,550 | 27,591 | ||
| Fuyao Glass Industry Group Co. Ltd., Class A | Automobile Components | 600 | 5,100 | ||
| b | Fuyao Glass Industry Group Co. Ltd., Class H | Automobile Components | 2,400 | 17,286 | |
| GalaxyCore, Inc., Class A | Semiconductors & Semiconductor Equipment | 1,200 | 2,197 | ||
| Ganfeng Lithium Group Co. Ltd., Class A | Chemicals | 600 | 2,861 | ||
| b | Ganfeng Lithium Group Co. Ltd., Class H | Chemicals | 1,800 | 4,658 | |
| a | GCL System Integration Technology Co. Ltd., Class A | Semiconductors & Semiconductor Equipment | 1,800 | 655 | |
| a | GCL Technology Holdings Ltd. | Semiconductors & Semiconductor Equipment | 78,000 | 10,845 | |
| GD Power Development Co. Ltd., Class A | Independent Power Producers & Energy Traders | 4,800 | 2,994 | ||
| a | GDS Holdings Ltd., Class A | IT Services | 2,400 | 7,044 | |
| GEM Co. Ltd., Class A | Electrical Equipment | 1,200 | 1,067 | ||
| Gemdale Corp., Class A | Real Estate Management & Development | 1,200 | 716 | ||
| a | Genscript Biotech Corp. | Life Sciences Tools & Services | 6,000 | 7,600 | |
| GF Securities Co. Ltd., Class A | Capital Markets | 1,800 | 3,974 | ||
| GF Securities Co. Ltd., Class H | Capital Markets | 3,600 | 4,885 | ||
| b | Giant Biogene Holding Co. Ltd. | Personal Care Products | 1,200 | 7,709 | |
| Giant Network Group Co. Ltd., Class A | Entertainment | 600 | 1,037 | ||
| GoerTek, Inc., Class A | Electronic Equipment, Instruments & Components | 1,200 | 4,219 | ||
| Goldwind Science & Technology Co. Ltd., Class A | Electrical Equipment | 600 | 844 | ||
| Goldwind Science & Technology Co. Ltd., Class H | Electrical Equipment | 2,400 | 2,021 | ||
| Gotion High-tech Co. Ltd., Class A | Electrical Equipment | 600 | 1,734 | ||
| a | Grandjoy Holdings Group Co. Ltd., Class A | Real Estate Management & Development | 1,200 | 497 | |
| Great Wall Motor Co. Ltd., Class A | Automobiles | 1,200 | 4,304 | ||
| Great Wall Motor Co. Ltd., Class H | Automobiles | 9,000 | 15,827 | ||
| Gree Electric Appliances, Inc. of Zhuhai, Class A | Household Durables | 1,200 | 7,429 | ||
| a | Greenland Holdings Corp. Ltd., Class A | Real Estate Management & Development | 3,000 | 858 | |
| Greentown China Holdings Ltd. | Real Estate Management & Development | 6,000 | 7,152 | ||
| GRG Banking Equipment Co. Ltd., Class A | Technology Hardware, Storage & Peripherals | 600 | 953 | ||
| Guangdong Baolihua New Energy Stock Co. Ltd., Class A | Independent Power Producers & Energy Traders | 600 | 366 | ||
| Guangdong Electric Power Development Co. Ltd., Class A | Independent Power Producers & Energy Traders | 600 | 370 | ||
| Guangdong Electric Power Development Co. Ltd., Class B | Independent Power Producers & Energy Traders | 3,600 | 936 | ||
| Guangdong Haid Group Co. Ltd., Class A | Food Products | 600 | 4,009 | ||
| Guangdong HEC Technology Holding Co. Ltd., Class A | Metals & Mining | 1,200 | 1,845 | ||
| Guanghui Energy Co. Ltd., Class A | Oil, Gas & Consumable Fuels | 1,800 | 1,650 | ||
| Guangshen Railway Co. Ltd., Class A | Ground Transportation | 1,800 | 841 | ||
| Guangxi Guiguan Electric Power Co. Ltd., Class A | Independent Power Producers & Energy Traders | 1,200 | 1,111 | ||
| Guangxi Liugong Machinery Co. Ltd., Class A | Machinery | 600 | 986 | ||
| Guangzhou Automobile Group Co. Ltd., Class A | Automobiles | 1,200 | 1,527 | ||
| Guangzhou Automobile Group Co. Ltd., Class H | Automobiles | 12,000 | 5,268 | ||
| Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A | Health Care Providers & Services | 600 | 2,323 | ||
| Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class H | Health Care Providers & Services | 1,000 | 2,343 | ||
| Guangzhou Haige Communications Group, Inc. Co., Class A | Communications Equipment | 600 | 897 | ||
| Guangzhou Tinci Materials Technology Co. Ltd., Class A | Chemicals | 600 | 1,612 | ||
| Guizhou Panjiang Refined Coal Co. Ltd., Class A | Oil, Gas & Consumable Fuels | 600 | 416 | ||
| Guolian Securities Co. Ltd., Class A | Capital Markets | 600 | 1,105 | ||
| Guosen Securities Co. Ltd., Class A | Capital Markets | 1,800 | 2,746 | ||
| a | Guosheng Financial Holding, Inc., Class A | Capital Markets | 600 | 1,070 | |
| Guotai Junan Securities Co. Ltd., Class A | Capital Markets | 2,400 | 6,097 | ||
| b | Guotai Junan Securities Co. Ltd., Class H | Capital Markets | 2,400 | 3,448 | |
| Guoyuan Securities Co. Ltd., Class A | Capital Markets | 1,200 | 1,366 | ||
| H World Group Ltd. | Hotels, Restaurants & Leisure | 7,200 | 24,099 | ||
| b | Haidilao International Holding Ltd. | Hotels, Restaurants & Leisure | 6,000 | 12,281 | |
| Haier Smart Home Co. Ltd., Class A | Household Durables | 1,800 | 6,980 |
| Haier Smart Home Co. Ltd., Class H | Household Durables | 8,400 | 29,738 | ||
| a | Hainan Airlines Holding Co. Ltd., Class A | Passenger Airlines | 12,000 | 2,779 | |
| a | Hainan Airport Infrastructure Co. Ltd., Class A | Real Estate Management & Development | 3,000 | 1,545 | |
| Haitian International Holdings Ltd. | Machinery | 2,000 | 5,433 | ||
| Haitong Securities Co. Ltd., Class A | Capital Markets | 3,000 | 4,544 | ||
| Haitong Securities Co. Ltd., Class H | Capital Markets | 14,400 | 12,698 | ||
| Hangzhou Binjiang Real Estate Group Co. Ltd., Class A | Real Estate Management & Development | 1,200 | 1,407 | ||
| Hangzhou First Applied Material Co. Ltd., Class A | Semiconductors & Semiconductor Equipment | 634 | 1,278 | ||
| Hangzhou GreatStar Industrial Co. Ltd., Class A | Household Durables | 400 | 1,763 | ||
| Hangzhou Robam Appliances Co. Ltd., Class A | Household Durables | 600 | 1,751 | ||
| a | Hangzhou Silan Microelectronics Co. Ltd., Class A | Semiconductors & Semiconductor Equipment | 600 | 2,127 | |
| Hangzhou Tigermed Consulting Co. Ltd., Class A | Life Sciences Tools & Services | 300 | 2,232 | ||
| b | Hangzhou Tigermed Consulting Co. Ltd., Class H | Life Sciences Tools & Services | 600 | 2,379 | |
| Han’s Laser Technology Industry Group Co. Ltd., Class A | Machinery | 600 | 2,043 | ||
| b | Hansoh Pharmaceutical Group Co. Ltd. | Pharmaceuticals | 3,000 | 6,674 | |
| Heilongjiang Agriculture Co. Ltd., Class A | Food Products | 600 | 1,205 | ||
| Henan Shenhuo Coal Industry & Electricity Power Co. Ltd., Class A | Metals & Mining | 600 | 1,381 | ||
| Henan Shuanghui Investment & Development Co. Ltd., Class A | Food Products | 1,200 | 4,243 | ||
| Hengan International Group Co. Ltd. | Personal Care Products | 2,200 | 6,358 | ||
| Hengdian Group DMEGC Magnetics Co. Ltd., Class A | Electronic Equipment, Instruments & Components | 600 | 1,059 | ||
| Hengli Petrochemical Co. Ltd., Class A | Chemicals | 1,200 | 2,509 | ||
| Hengtong Optic-electric Co. Ltd., Class A | Communications Equipment | 600 | 1,407 | ||
| Hengyi Petrochemical Co. Ltd., Class A | Chemicals | 1,200 | 1,026 | ||
| Hesteel Co. Ltd., Class A | Metals & Mining | 3,600 | 1,084 | ||
| Hisense Home Appliances Group Co. Ltd., Class H | Household Durables | 2,000 | 6,321 | ||
| Hithink RoyalFlush Information Network Co. Ltd., Class A | Capital Markets | 200 | 7,832 | ||
| HLA Group Corp. Ltd., Class A | Specialty Retail | 1,200 | 1,226 | ||
| Hongta Securities Co. Ltd., Class A | Capital Markets | 600 | 694 | ||
| a | Hopson Development Holdings Ltd. | Real Estate Management & Development | 4,200 | 1,682 | |
| Hoshine Silicon Industry Co. Ltd., Class A | Chemicals | 200 | 1,514 | ||
| b | Hua Hong Semiconductor Ltd. | Semiconductors & Semiconductor Equipment | 2,000 | 5,574 | |
| Huaan Securities Co. Ltd., Class A | Capital Markets | 1,200 | 991 | ||
| Huadian Power International Corp. Ltd., Class A | Independent Power Producers & Energy Traders | 2,400 | 1,834 | ||
| Huadian Power International Corp. Ltd., Class H | Independent Power Producers & Energy Traders | 6,000 | 3,090 | ||
| Huadong Medicine Co. Ltd., Class A | Health Care Providers & Services | 600 | 2,828 | ||
| Huafon Chemical Co. Ltd., Class A | Chemicals | 1,200 | 1,337 | ||
| Huagong Tech Co. Ltd., Class A | Electronic Equipment, Instruments & Components | 600 | 3,539 | ||
| Huaibei Mining Holdings Co. Ltd., Class A | Metals & Mining | 600 | 1,150 | ||
| Hualan Biological Engineering, Inc., Class A | Biotechnology | 600 | 1,377 | ||
| Huaneng Lancang River Hydropower, Inc., Class A | Independent Power Producers & Energy Traders | 1,800 | 2,332 | ||
| Huaneng Power International, Inc., Class A | Independent Power Producers & Energy Traders | 1,800 | 1,660 | ||
| Huaneng Power International, Inc., Class H | Independent Power Producers & Energy Traders | 18,000 | 9,918 | ||
| Huatai Securities Co. Ltd., Class A | Capital Markets | 2,400 | 5,750 | ||
| b | Huatai Securities Co. Ltd., Class H | Capital Markets | 4,800 | 8,107 | |
| Huaxia Bank Co. Ltd., Class A | Banks | 4,800 | 5,237 | ||
| Huaxin Cement Co. Ltd., Class H | Construction Materials | 1,200 | 1,210 | ||
| Huayu Automotive Systems Co. Ltd., Class A | Automobile Components | 1,200 | 2,878 | ||
| Hubei Energy Group Co. Ltd., Class A | Independent Power Producers & Energy Traders | 1,800 | 1,221 | ||
| Hubei Xingfa Chemicals Group Co. Ltd., Class A | Chemicals | 600 | 1,773 | ||
| Huizhou Desay Sv Automotive Co. Ltd., Class A | Automobile Components | 200 | 3,000 | ||
| Humanwell Healthcare Group Co. Ltd., Class A | Pharmaceuticals | 600 | 1,911 | ||
| Hunan Valin Steel Co. Ltd., Class A | Metals & Mining | 2,400 | 1,366 | ||
| Hundsun Technologies, Inc., Class A | Software | 600 | 2,288 |
| a | HUTCHMED China Ltd. | Pharmaceuticals | 2,000 | 5,806 | |
| a,b | Hygeia Healthcare Holdings Co. Ltd., Class C | Health Care Providers & Services | 1,200 | 2,203 | |
| Hygon Information Technology Co. Ltd., Class A | Semiconductors & Semiconductor Equipment | 600 | 12,242 | ||
| IEIT Systems Co. Ltd., Class A | Technology Hardware, Storage & Peripherals | 600 | 4,240 | ||
| Iflytek Co. Ltd., Class A | Software | 600 | 3,949 | ||
| Imeik Technology Development Co. Ltd., Class A | Biotechnology | 140 | 3,480 | ||
| Industrial & Commercial Bank of China Ltd., Class A | Banks | 20,400 | 19,229 | ||
| Industrial & Commercial Bank of China Ltd., Class H | Banks | 300,000 | 201,211 | ||
| Industrial Bank Co. Ltd., Class A | Banks | 5,400 | 14,093 | ||
| Industrial Securities Co. Ltd., Class A | Capital Markets | 2,400 | 2,046 | ||
| a | Inner Mongolia BaoTou Steel Union Co. Ltd., Class A | Metals & Mining | 11,400 | 2,888 | |
| Inner Mongolia Dian Tou Energy Corp. Ltd., Class A | Oil, Gas & Consumable Fuels | 600 | 1,600 | ||
| Inner Mongolia ERDOS Resources Co. Ltd., Class B | Metals & Mining | 2,400 | 2,119 | ||
| Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Class A | Chemicals | 2,400 | 1,720 | ||
| Inner Mongolia MengDian HuaNeng Thermal Power Corp. Ltd., Class A | Independent Power Producers & Energy Traders | 1,800 | 1,062 | ||
| Inner Mongolia Yili Industrial Group Co. Ltd., Class A | Food Products | 1,800 | 7,400 | ||
| Inner Mongolia Yitai Coal Co. Ltd., Class B | Oil, Gas & Consumable Fuels | 4,200 | 8,665 | ||
| Inner Mongolia Yuan Xing Energy Co. Ltd., Class A | Chemicals | 1,200 | 914 | ||
| a,b | Innovent Biologics, Inc., Class B | Biotechnology | 6,000 | 28,270 | |
| a | iQIYI, Inc., ADR | Entertainment | 1,788 | 3,594 | |
| a | IRICO Display Devices Co. Ltd., Class A | Electronic Equipment, Instruments & Components | 1,200 | 1,344 | |
| Isoftstone Information Technology Group Co. Ltd., Class A | IT Services | 600 | 4,798 | ||
| JA Solar Technology Co. Ltd., Class A | Semiconductors & Semiconductor Equipment | 1,136 | 2,128 | ||
| Jafron Biomedical Co. Ltd., Class A | Health Care Equipment & Supplies | 200 | 799 | ||
| JCET Group Co. Ltd., Class A | Semiconductors & Semiconductor Equipment | 600 | 3,339 | ||
| a,b | JD Health International, Inc. | Consumer Staples Distribution & Retail | 4,200 | 15,193 | |
| a,b | JD Logistics, Inc. | Air Freight & Logistics | 6,600 | 10,875 | |
| JD.com, Inc., Class A | Broadline Retail | 9,600 | 168,075 | ||
| Jiangsu Eastern Shenghong Co. Ltd., Class A | Chemicals | 1,200 | 1,342 | ||
| Jiangsu Expressway Co. Ltd., Class A | Transportation Infrastructure | 600 | 1,251 | ||
| Jiangsu Expressway Co. Ltd., Class H | Transportation Infrastructure | 6,000 | 6,627 | ||
| Jiangsu Financial Leasing Co. Ltd., Class A | Financial Services | 1,200 | 853 | ||
| Jiangsu Hengli Hydraulic Co. Ltd., Class A | Machinery | 496 | 3,565 | ||
| Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class A | Pharmaceuticals | 1,800 | 11,254 | ||
| Jiangsu King’s Luck Brewery JSC Ltd., Class A | Beverages | 600 | 3,697 | ||
| Jiangsu Linyang Energy Co. Ltd., Class A | Electrical Equipment | 600 | 578 | ||
| Jiangsu Phoenix Publishing & Media Corp. Ltd., Class A | Media | 600 | 943 | ||
| Jiangsu Yanghe Distillery Co. Ltd., Class A | Beverages | 600 | 6,827 | ||
| Jiangsu Yuyue Medical Equipment & Supply Co. Ltd., Class A | Health Care Equipment & Supplies | 300 | 1,491 | ||
| Jiangsu Zhongtian Technology Co. Ltd., Class A | Electrical Equipment | 1,200 | 2,341 | ||
| Jiangxi Copper Co. Ltd., Class A | Metals & Mining | 600 | 1,687 | ||
| Jiangxi Copper Co. Ltd., Class H | Metals & Mining | 5,000 | 8,020 | ||
| a | Jiangxi Special Electric Motor Co. Ltd., Class A | Electrical Equipment | 600 | 606 | |
| Jinduicheng Molybdenum Co. Ltd., Class A | Metals & Mining | 600 | 822 | ||
| Jinko Solar Co. Ltd., Class A | Semiconductors & Semiconductor Equipment | 1,800 | 1,743 | ||
| b | Jinxin Fertility Group Ltd. | Health Care Providers & Services | 9,000 | 3,117 | |
| b | Jiumaojiu International Holdings Ltd. | Hotels, Restaurants & Leisure | 3,600 | 1,590 | |
| Jizhong Energy Resources Co. Ltd., Class A | Oil, Gas & Consumable Fuels | 600 | 517 | ||
| Joincare Pharmaceutical Group Industry Co. Ltd., Class A | Pharmaceuticals | 600 | 921 | ||
| b | Joinn Laboratories China Co. Ltd., Class H | Life Sciences Tools & Services | 600 | 722 |
| Jointown Pharmaceutical Group Co. Ltd., Class A | Health Care Providers & Services | 1,606 | 1,120 | ||
| a | JOYY, Inc., ADR | Interactive Media & Services | 102 | 4,269 | |
| Juneyao Airlines Co. Ltd., Class A | Passenger Airlines | 600 | 1,120 | ||
| a | J-Yuan Trust Co. Ltd., Class A | Capital Markets | 3,000 | 1,430 | |
| a | Kanzhun Ltd., ADR | Interactive Media & Services | 1,242 | 17,140 | |
| KE Holdings, Inc., ADR | Real Estate Management & Development | 2,286 | 42,108 | ||
| Keda Industrial Group Co. Ltd., Class A | Machinery | 600 | 637 | ||
| Kingboard Holdings Ltd. | Electronic Equipment, Instruments & Components | 3,000 | 7,214 | ||
| a | Kingdee International Software Group Co. Ltd. | Software | 12,000 | 13,177 | |
| Kingnet Network Co. Ltd., Class A | Entertainment | 600 | 1,112 | ||
| Kingsoft Corp. Ltd. | Entertainment | 3,600 | 15,595 | ||
| a,b | Kuaishou Technology, Class B | Interactive Media & Services | 10,800 | 57,490 | |
| Kuang-Chi Technologies Co. Ltd., Class A | Aerospace & Defense | 600 | 3,907 | ||
| Kunlun Tech Co. Ltd., Class A | Interactive Media & Services | 600 | 3,145 | ||
| Kweichow Moutai Co. Ltd., Class A | Beverages | 330 | 68,504 | ||
| Lao Feng Xiang Co. Ltd., Class B | Textiles, Apparel & Luxury Goods | 1,200 | 4,265 | ||
| LB Group Co. Ltd., Class A | Chemicals | 600 | 1,444 | ||
| Lee & Man Paper Manufacturing Ltd. | Paper & Forest Products | 6,000 | 1,861 | ||
| a,b | Legend Holdings Corp., Class H | Technology Hardware, Storage & Peripherals | 2,400 | 2,459 | |
| Lenovo Group Ltd. | Technology Hardware, Storage & Peripherals | 30,000 | 38,929 | ||
| Lens Technology Co. Ltd., Class A | Electronic Equipment, Instruments & Components | 1,800 | 5,369 | ||
| Leo Group Co. Ltd., Class A | Media | 1,800 | 758 | ||
| Lepu Medical Technology Beijing Co. Ltd., Class A | Health Care Equipment & Supplies | 600 | 927 | ||
| Leyard Optoelectronic Co. Ltd., Class A | Electronic Equipment, Instruments & Components | 600 | 526 | ||
| a | Li Auto, Inc., Class A | Automobiles | 4,200 | 50,797 | |
| Li Ning Co. Ltd. | Textiles, Apparel & Luxury Goods | 9,000 | 19,071 | ||
| Liaoning Port Co. Ltd., Class A | Transportation Infrastructure | 5,400 | 1,272 | ||
| Lingyi iTech Guangdong Co., Class A | Electronic Equipment, Instruments & Components | 2,400 | 2,615 | ||
| Livzon Pharmaceutical Group, Inc., Class A | Pharmaceuticals | 200 | 1,035 | ||
| Livzon Pharmaceutical Group, Inc., Class H | Pharmaceuticals | 600 | 2,128 | ||
| b | Longfor Group Holdings Ltd. | Real Estate Management & Development | 9,000 | 11,586 | |
| LONGi Green Energy Technology Co. Ltd., Class A | Semiconductors & Semiconductor Equipment | 2,400 | 5,136 | ||
| Lufax Holding Ltd., ADR | Consumer Finance | 732 | 1,749 | ||
| Luxi Chemical Group Co. Ltd., Class A | Chemicals | 600 | 955 | ||
| Luxshare Precision Industry Co. Ltd., Class A | Electronic Equipment, Instruments & Components | 2,400 | 13,325 | ||
| a,b | Luye Pharma Group Ltd. | Pharmaceuticals | 9,000 | 2,514 | |
| Luzhou Laojiao Co. Ltd., Class A | Beverages | 400 | 6,821 | ||
| a | Maanshan Iron & Steel Co. Ltd., Class A | Metals & Mining | 1,800 | 758 | |
| Mango Excellent Media Co. Ltd., Class A | Entertainment | 600 | 2,198 | ||
| Maxscend Microelectronics Co. Ltd., Class A | Electronic Equipment, Instruments & Components | 260 | 3,177 | ||
| Meihua Holdings Group Co. Ltd., Class A | Chemicals | 1,200 | 1,639 | ||
| Meinian Onehealth Healthcare Holdings Co. Ltd., Class A | Health Care Providers & Services | 1,200 | 750 | ||
| a,b | Meituan, Class B | Hotels, Restaurants & Leisure | 20,600 | 402,297 | |
| Metallurgical Corp. of China Ltd., Class A | Construction & Engineering | 4,800 | 2,158 | ||
| Metallurgical Corp. of China Ltd., Class H | Construction & Engineering | 12,000 | 2,533 | ||
| a | Microport Scientific Corp. | Health Care Equipment & Supplies | 3,600 | 2,961 | |
| a | Midea Group Co. Ltd. | Household Durables | 1,200 | 11,671 | |
| Ming Yang Smart Energy Group Ltd., Class A | Electrical Equipment | 600 | 1,031 | ||
| MINISO Group Holding Ltd. | Broadline Retail | 1,200 | 7,268 | ||
| Minmetals Capital Co. Ltd., Class A | Capital Markets | 1,200 | 1,054 | ||
| a | Minth Group Ltd. | Automobile Components | 3,000 | 5,839 | |
| a | MMG Ltd. | Metals & Mining | 12,000 | 3,955 | |
| Montage Technology Co. Ltd., Class A | Semiconductors & Semiconductor Equipment | 306 | 2,830 | ||
| Muyuan Foods Co. Ltd., Class A | Food Products | 1,596 | 8,357 | ||
| Nanjing Iron & Steel Co. Ltd., Class A | Metals & Mining | 1,800 | 1,150 | ||
| Nanjing Securities Co. Ltd., Class A | Capital Markets | 1,200 | 1,416 | ||
| NARI Technology Co. Ltd., Class A | Electrical Equipment | 2,400 | 8,245 | ||
| National Silicon Industry Group Co. Ltd., Class A | Semiconductors & Semiconductor Equipment | 1,200 | 3,076 | ||
| NAURA Technology Group Co. Ltd., Class A | Semiconductors & Semiconductor Equipment | 200 | 10,652 | ||
| a | NavInfo Co. Ltd., Class A | Software | 600 | 788 | |
| NetEase, Inc. | Entertainment | 6,900 | 122,936 |
| New China Life Insurance Co. Ltd., Class A | Insurance | 600 | 4,062 | ||
| New China Life Insurance Co. Ltd., Class H | Insurance | 3,000 | 9,114 | ||
| a | New Hope Liuhe Co. Ltd., Class A | Food Products | 1,200 | 1,468 | |
| New Oriental Education & Technology Group, Inc. | Diversified Consumer Services | 6,000 | 37,809 | ||
| Newland Digital Technology Co. Ltd., Class A | Software | 600 | 1,630 | ||
| a | Nine Dragons Paper Holdings Ltd. | Paper & Forest Products | 6,000 | 2,433 | |
| a | Ninestar Corp., Class A | Technology Hardware, Storage & Peripherals | 600 | 2,302 | |
| Ningbo Deye Technology Co. Ltd., Class A | Machinery | 80 | 924 | ||
| Ningbo Joyson Electronic Corp., Class A | Automobile Components | 600 | 1,281 | ||
| Ningbo Orient Wires & Cables Co. Ltd., Class A | Electrical Equipment | 200 | 1,432 | ||
| Ningbo Sanxing Medical Electric Co. Ltd., Class A | Electrical Equipment | 400 | 1,676 | ||
| Ningbo Shanshan Co. Ltd., Class A | Chemicals | 600 | 609 | ||
| Ningbo Tuopu Group Co. Ltd., Class A | Automobile Components | 870 | 5,807 | ||
| Ningbo Zhoushan Port Co. Ltd., Class A | Transportation Infrastructure | 1,800 | 944 | ||
| Ningxia Baofeng Energy Group Co. Ltd., Class A | Chemicals | 600 | 1,376 | ||
| a | NIO, Inc., Class A | Automobiles | 4,860 | 21,773 | |
| b | Nongfu Spring Co. Ltd., Class H | Beverages | 7,200 | 31,468 | |
| Northeast Securities Co. Ltd., Class A | Capital Markets | 600 | 649 | ||
| Offshore Oil Engineering Co. Ltd., Class A | Energy Equipment & Services | 1,200 | 894 | ||
| a | OFILM Group Co. Ltd., Class A | Electronic Equipment, Instruments & Components | 1,200 | 1,958 | |
| ORG Technology Co. Ltd., Class A | Containers & Packaging | 600 | 463 | ||
| Orient Securities Co. Ltd., Class A | Capital Markets | 1,800 | 2,589 | ||
| b | Orient Securities Co. Ltd., Class H | Capital Markets | 2,400 | 1,563 | |
| a | Oriental Energy Co. Ltd., Class A | Oil, Gas & Consumable Fuels | 600 | 776 | |
| a | Ourpalm Co. Ltd., Class A | Entertainment | 1,200 | 899 | |
| a | Pacific Securities Co. Ltd., Class A | Capital Markets | 1,800 | 1,044 | |
| a | Pangang Group Vanadium Titanium & Resources Co. Ltd., Class A | Metals & Mining | 2,400 | 942 | |
| a | PDD Holdings, Inc., ADR | Broadline Retail | 2,658 | 257,799 | |
| People.cn Co. Ltd., Class A | Media | 600 | 1,801 | ||
| People’s Insurance Co. Group of China Ltd., Class A | Insurance | 3,000 | 3,114 | ||
| People’s Insurance Co. Group of China Ltd., Class H | Insurance | 30,000 | 14,946 | ||
| PetroChina Co. Ltd., Class A | Oil, Gas & Consumable Fuels | 7,200 | 8,768 | ||
| PetroChina Co. Ltd., Class H | Oil, Gas & Consumable Fuels | 80,000 | 62,925 | ||
| Pharmaron Beijing Co. Ltd., Class A | Life Sciences Tools & Services | 600 | 2,100 | ||
| b | Pharmaron Beijing Co. Ltd., Class H | Life Sciences Tools & Services | 1,200 | 2,178 | |
| PICC Property & Casualty Co. Ltd., Class H | Insurance | 26,000 | 41,035 | ||
| Ping An Bank Co. Ltd., Class A | Banks | 5,400 | 8,606 | ||
| b | Ping An Healthcare & Technology Co. Ltd. | Consumer Staples Distribution & Retail | 2,400 | 1,916 | |
| Ping An Insurance Group Co. of China Ltd., Class A | Insurance | 3,000 | 21,515 | ||
| Ping An Insurance Group Co. of China Ltd., Class H | Insurance | 24,000 | 142,277 | ||
| Pingdingshan Tianan Coal Mining Co. Ltd., Class A | Oil, Gas & Consumable Fuels | 600 | 819 | ||
| a | Polaris Bay Group Co. Ltd., Class A | Capital Markets | 600 | 605 | |
| Poly Developments & Holdings Group Co. Ltd., Class A | Real Estate Management & Development | 3,000 | 3,621 | ||
| d | Poly Property Services Co. Ltd., Class H | Real Estate Management & Development | 600 | 2,348 | |
| b | Pop Mart International Group Ltd. | Specialty Retail | 2,400 | 27,698 | |
| Postal Savings Bank of China Co. Ltd., Class A | Banks | 6,600 | 5,106 | ||
| b | Postal Savings Bank of China Co. Ltd., Class H | Banks | 42,000 | 24,763 | |
| Power Construction Corp. of China Ltd., Class A | Construction & Engineering | 4,800 | 3,570 | ||
| Qifu Technology, Inc., ADR | Consumer Finance | 456 | 17,501 | ||
| Qingdao TGOOD Electric Co. Ltd., Class A | Electrical Equipment | 600 | 1,794 | ||
| a | Qinghai Salt Lake Industry Co. Ltd., Class A | Chemicals | 1,800 | 4,036 | |
| RLX Technology, Inc., ADR | Tobacco | 2,796 | 6,039 | ||
| Rongsheng Petrochemical Co. Ltd., Class A | Chemicals | 2,450 | 3,020 | ||
| SAIC Motor Corp. Ltd., Class A | Automobiles | 2,400 | 6,787 | ||
| Sailun Group Co. Ltd., Class A | Automobile Components | 1,200 | 2,342 | ||
| Sanan Optoelectronics Co. Ltd., Class A | Semiconductors & Semiconductor Equipment | 1,800 | 2,984 |
| Sany Heavy Equipment International Holdings Co. Ltd. | Machinery | 5,000 | 2,903 | ||
| Sany Heavy Industry Co. Ltd., Class A | Machinery | 2,400 | 5,387 | ||
| Satellite Chemical Co. Ltd., Class A | Chemicals | 1,200 | 3,071 | ||
| SDIC Capital Co. Ltd., Class A | Capital Markets | 1,800 | 1,844 | ||
| SDIC Power Holdings Co. Ltd., Class A | Independent Power Producers & Energy Traders | 1,800 | 4,075 | ||
| Sealand Securities Co. Ltd., Class A | Capital Markets | 1,800 | 1,049 | ||
| a | Seazen Group Ltd. | Real Estate Management & Development | 12,000 | 2,812 | |
| a | Seazen Holdings Co. Ltd., Class A | Real Estate Management & Development | 600 | 977 | |
| a,b | SenseTime Group, Inc., Class B | Software | 84,000 | 16,112 | |
| Seres Group Co. Ltd., Class A | Automobiles | 400 | 7,268 | ||
| SF Holding Co. Ltd., Class A | Air Freight & Logistics | 1,200 | 6,587 | ||
| SG Micro Corp., Class A | Semiconductors & Semiconductor Equipment | 195 | 2,172 | ||
| Shaanxi Coal Industry Co. Ltd., Class A | Oil, Gas & Consumable Fuels | 2,400 | 7,604 | ||
| Shaanxi Energy Investment Co. Ltd., Class A | Independent Power Producers & Energy Traders | 600 | 758 | ||
| Shaanxi International Trust Co. Ltd., Class A | Capital Markets | 1,800 | 873 | ||
| Shan Xi Hua Yang Group New Energy Co. Ltd., Class A | Oil, Gas & Consumable Fuels | 1,200 | 1,159 | ||
| a | Shandong Chenming Paper Holdings Ltd., Class B | Paper & Forest Products | 3,000 | 402 | |
| Shandong Gold Mining Co. Ltd., Class A | Metals & Mining | 1,200 | 3,699 | ||
| b | Shandong Gold Mining Co. Ltd., Class H | Metals & Mining | 3,000 | 4,851 | |
| Shandong Hi-speed Co. Ltd., Class A | Transportation Infrastructure | 600 | 840 | ||
| Shandong Hualu Hengsheng Chemical Co. Ltd., Class A | Chemicals | 600 | 1,766 | ||
| Shandong Humon Smelting Co. Ltd., Class A | Metals & Mining | 600 | 825 | ||
| Shandong Nanshan Aluminum Co. Ltd., Class A | Metals & Mining | 3,600 | 1,917 | ||
| Shandong Sun Paper Industry JSC Ltd., Class A | Paper & Forest Products | 600 | 1,215 | ||
| Shandong Weigao Group Medical Polymer Co. Ltd., Class H | Health Care Equipment & Supplies | 9,600 | 5,685 | ||
| a | Shanghai Aiko Solar Energy Co. Ltd., Class A | Semiconductors & Semiconductor Equipment | 600 | 901 | |
| Shanghai Baosight Software Co. Ltd., Class A | Software | 792 | 3,157 | ||
| Shanghai Baosight Software Co. Ltd., Class B | Software | 2,880 | 4,622 | ||
| Shanghai Construction Group Co. Ltd., Class A | Construction & Engineering | 1,800 | 650 | ||
| a | Shanghai Electric Group Co. Ltd., Class A | Electrical Equipment | 2,400 | 2,651 | |
| a | Shanghai Electric Group Co. Ltd., Class H | Electrical Equipment | 12,000 | 4,372 | |
| Shanghai Electric Power Co. Ltd., Class A | Independent Power Producers & Energy Traders | 600 | 749 | ||
| Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A | Pharmaceuticals | 600 | 2,031 | ||
| Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H | Pharmaceuticals | 3,000 | 5,453 | ||
| Shanghai Fudan Microelectronics Group Co. Ltd., Class H | Semiconductors & Semiconductor Equipment | 1,000 | 1,946 | ||
| Shanghai Huayi Group Co. Ltd., Class B | Chemicals | 1,200 | 648 | ||
| Shanghai International Airport Co. Ltd., Class A | Transportation Infrastructure | 600 | 2,791 | ||
| Shanghai International Port Group Co. Ltd., Class A | Transportation Infrastructure | 3,000 | 2,501 | ||
| Shanghai Jinjiang International Hotels Co. Ltd., Class B | Hotels, Restaurants & Leisure | 600 | 906 | ||
| Shanghai Jinqiao Export Processing Zone Development Co. Ltd., Class B | Real Estate Management & Development | 1,200 | 1,001 | ||
| Shanghai Lingang Holdings Corp. Ltd., Class A | Real Estate Management & Development | 600 | 825 | ||
| Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class A | Real Estate Management & Development | 600 | 804 | ||
| Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class B | Real Estate Management & Development | 4,800 | 2,400 | ||
| Shanghai Mechanical & Electrical Industry Co. Ltd., Class B | Machinery | 1,200 | 1,348 | ||
| Shanghai Moons’ Electric Co. Ltd., Class A | Electrical Equipment | 200 | 1,471 | ||
| Shanghai Pharmaceuticals Holding Co. Ltd., Class A | Health Care Providers & Services | 1,200 | 3,433 | ||
| Shanghai Pharmaceuticals Holding Co. Ltd., Class H | Health Care Providers & Services | 3,000 | 4,874 | ||
| Shanghai Pudong Development Bank Co. Ltd., Class A | Banks | 8,400 | 11,774 |
| Shanghai Putailai New Energy Technology Co. Ltd., Class A | Chemicals | 600 | 1,300 | ||
| Shanghai RAAS Blood Products Co. Ltd., Class A | Biotechnology | 1,800 | 1,770 | ||
| Shanghai Rural Commercial Bank Co. Ltd., Class A | Banks | 1,200 | 1,391 | ||
| Shanghai Stonehill Technology Co. Ltd., Class A | Software | 1,200 | 649 | ||
| Shanghai Tunnel Engineering Co. Ltd., Class A | Construction & Engineering | 1,200 | 1,175 | ||
| Shanghai Waigaoqiao Free Trade Zone Group Co. Ltd., Class B | Trading Companies & Distributors | 1,200 | 928 | ||
| Shanghai Yuyuan Tourist Mart Group Co. Ltd., Class A | Specialty Retail | 1,200 | 1,051 | ||
| Shanghai Zhangjiang High-Tech Park Development Co. Ltd., Class A | Real Estate Management & Development | 600 | 2,190 | ||
| Shanghai Zhenhua Heavy Industries Co. Ltd., Class B | Machinery | 4,200 | 987 | ||
| Shangri-La Asia Ltd. | Hotels, Restaurants & Leisure | 4,000 | 2,729 | ||
| Shanjin International Gold Co. Ltd., Class A | Metals & Mining | 900 | 1,884 | ||
| Shanxi Coal International Energy Group Co. Ltd., Class A | Trading Companies & Distributors | 600 | 967 | ||
| Shanxi Coking Coal Energy Group Co. Ltd., Class A | Oil, Gas & Consumable Fuels | 1,800 | 2,020 | ||
| Shanxi Lu’an Environmental Energy Development Co. Ltd., Class A | Oil, Gas & Consumable Fuels | 1,200 | 2,347 | ||
| a | Shanxi Meijin Energy Co. Ltd., Class A | Metals & Mining | 1,200 | 737 | |
| Shanxi Securities Co. Ltd., Class A | Capital Markets | 1,200 | 1,026 | ||
| a | Shanxi Taigang Stainless Steel Co. Ltd., Class A | Metals & Mining | 1,800 | 853 | |
| Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A | Beverages | 400 | 10,037 | ||
| Shenergy Co. Ltd., Class A | Independent Power Producers & Energy Traders | 1,200 | 1,551 | ||
| Shenghe Resources Holding Co. Ltd., Class A | Metals & Mining | 600 | 840 | ||
| Shengyi Technology Co. Ltd., Class A | Electronic Equipment, Instruments & Components | 600 | 1,966 | ||
| Shenwan Hongyuan Group Co. Ltd., Class A | Capital Markets | 6,600 | 4,810 | ||
| b | Shenwan Hongyuan Group Co. Ltd., Class H | Capital Markets | 4,800 | 1,427 | |
| Shenzhen Airport Co. Ltd., Class A | Transportation Infrastructure | 600 | 563 | ||
| Shenzhen Energy Group Co. Ltd., Class A | Independent Power Producers & Energy Traders | 1,200 | 1,059 | ||
| Shenzhen Expressway Corp. Ltd., Class H | Transportation Infrastructure | 2,000 | 1,885 | ||
| Shenzhen Gas Corp. Ltd., Class A | Gas Utilities | 600 | 577 | ||
| Shenzhen Inovance Technology Co. Ltd., Class A | Machinery | 700 | 5,586 | ||
| Shenzhen International Holdings Ltd. | Transportation Infrastructure | 6,000 | 5,600 | ||
| Shenzhen Kaifa Technology Co. Ltd., Class A | Electronic Equipment, Instruments & Components | 600 | 1,558 | ||
| Shenzhen Kangtai Biological Products Co. Ltd., Class A | Biotechnology | 680 | 1,589 | ||
| Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A | Health Care Equipment & Supplies | 300 | 10,420 | ||
| Shenzhen MTC Co. Ltd., Class A | Household Durables | 1,800 | 1,417 | ||
| a | Shenzhen Overseas Chinese Town Co. Ltd., Class A | Real Estate Management & Development | 2,400 | 873 | |
| Shenzhen Salubris Pharmaceuticals Co. Ltd., Class A | Pharmaceuticals | 300 | 1,264 | ||
| Shenzhen SED Industry Co. Ltd., Class A | Construction & Engineering | 600 | 1,442 | ||
| Shenzhen Sunway Communication Co. Ltd., Class A | Communications Equipment | 400 | 1,386 | ||
| Shenzhen Transsion Holdings Co. Ltd., Class A | Technology Hardware, Storage & Peripherals | 374 | 4,840 | ||
| Shenzhen Yan Tian Port Holding Co. Ltd., Class A | Transportation Infrastructure | 600 | 398 | ||
| Shenzhen Zhongjin Lingnan Nonfemet Co. Ltd., Class A | Metals & Mining | 1,200 | 767 | ||
| Shenzhou International Group Holdings Ltd. | Textiles, Apparel & Luxury Goods | 3,000 | 23,945 | ||
| Shijiazhuang Yiling Pharmaceutical Co. Ltd., Class A | Pharmaceuticals | 620 | 1,352 | ||
| a | Siasun Robot & Automation Co. Ltd., Class A | Machinery | 600 | 1,467 | |
| Sichuan Chuantou Energy Co. Ltd., Class A | Independent Power Producers & Energy Traders | 1,200 | 2,820 | ||
| Sichuan Hebang Biotechnology Co. Ltd., Class A | Chemicals | 3,000 | 834 |
| Sichuan Kelun Pharmaceutical Co. Ltd., Class A | Pharmaceuticals | 600 | 2,446 | ||
| a | Sichuan Kelun-Biotech Biopharmaceutical Co. Ltd. | Biotechnology | 100 | 2,102 | |
| Sichuan Road & Bridge Group Co. Ltd., Class A | Construction & Engineering | 1,800 | 1,785 | ||
| Silergy Corp. | Semiconductors & Semiconductor Equipment | 1,200 | 14,769 | ||
| Sinolink Securities Co. Ltd., Class A | Capital Markets | 1,200 | 1,427 | ||
| Sinoma International Engineering Co., Class A | Construction & Engineering | 600 | 775 | ||
| Sinoma Science & Technology Co. Ltd., Class A | Chemicals | 600 | 1,069 | ||
| Sinopec Engineering Group Co. Ltd., Class H | Construction & Engineering | 6,000 | 5,198 | ||
| a | Sinopec Oilfield Service Corp., Class A | Energy Equipment & Services | 1,200 | 333 | |
| a | Sinopec Shanghai Petrochemical Co. Ltd., Class A | Chemicals | 1,800 | 740 | |
| a | Sinopec Shanghai Petrochemical Co. Ltd., Class H | Chemicals | 12,000 | 1,854 | |
| Sinopharm Group Co. Ltd., Class H | Health Care Providers & Services | 4,800 | 13,162 | ||
| Sinotrans Ltd., Class A | Air Freight & Logistics | 1,200 | 874 | ||
| Sinotrans Ltd., Class H | Air Freight & Logistics | 6,000 | 2,835 | ||
| Sinotruk Hong Kong Ltd. | Machinery | 3,000 | 8,805 | ||
| SITC International Holdings Co. Ltd. | Marine Transportation | 5,000 | 13,324 | ||
| Skshu Paint Co. Ltd., Class A | Chemicals | 140 | 812 | ||
| b | Smoore International Holdings Ltd. | Tobacco | 6,960 | 11,917 | |
| Songcheng Performance Development Co. Ltd., Class A | Hotels, Restaurants & Leisure | 600 | 759 | ||
| SooChow Securities Co. Ltd., Class A | Capital Markets | 1,200 | 1,275 | ||
| Southwest Securities Co. Ltd., Class A | Capital Markets | 2,400 | 1,527 | ||
| Spring Airlines Co. Ltd., Class A | Passenger Airlines | 200 | 1,571 | ||
| Sun Art Retail Group Ltd. | Consumer Staples Distribution & Retail | 9,000 | 2,873 | ||
| Sungrow Power Supply Co. Ltd., Class A | Electrical Equipment | 660 | 6,637 | ||
| Sunny Optical Technology Group Co. Ltd. | Electronic Equipment, Instruments & Components | 2,400 | 21,272 | ||
| Sunwoda Electronic Co. Ltd., Class A | Electrical Equipment | 600 | 1,823 | ||
| SUPCON Technology Co. Ltd., Class A | Electronic Equipment, Instruments & Components | 358 | 2,422 | ||
| Suzhou Dongshan Precision Manufacturing Co. Ltd., Class A | Electronic Equipment, Instruments & Components | 600 | 2,386 | ||
| Suzhou TFC Optical Communication Co. Ltd., Class A | Communications Equipment | 140 | 1,742 | ||
| a | TAL Education Group, ADR | Diversified Consumer Services | 1,500 | 15,030 | |
| a | Tangshan Jidong Cement Co. Ltd., Class A | Construction Materials | 600 | 427 | |
| TangShan Port Group Co. Ltd., Class A | Transportation Infrastructure | 1,800 | 1,155 | ||
| Tangshan Sanyou Chemical Industries Co. Ltd., Class A | Chemicals | 600 | 441 | ||
| TBEA Co. Ltd., Class A | Electrical Equipment | 1,420 | 2,464 | ||
| TCL Technology Group Corp., Class A | Electronic Equipment, Instruments & Components | 5,400 | 3,700 | ||
| TCL Zhonghuan Renewable Energy Technology Co. Ltd., Class A | Semiconductors & Semiconductor Equipment | 1,200 | 1,450 | ||
| Tencent Holdings Ltd. | Interactive Media & Services | 23,200 | 1,245,425 | ||
| Tencent Music Entertainment Group, ADR | Entertainment | 2,778 | 31,530 | ||
| Thunder Software Technology Co. Ltd., Class A | Software | 200 | 1,623 | ||
| Tian Di Science & Technology Co. Ltd., Class A | Machinery | 1,200 | 1,010 | ||
| a | Tianfeng Securities Co. Ltd., Class A | Capital Markets | 2,400 | 1,465 | |
| Tianjin Chase Sun Pharmaceutical Co. Ltd., Class A | Pharmaceuticals | 1,200 | 619 | ||
| a | Tianma Microelectronics Co. Ltd., Class A | Electronic Equipment, Instruments & Components | 600 | 738 | |
| Tianqi Lithium Corp., Class A | Chemicals | 600 | 2,697 | ||
| Tianshan Aluminum Group Co. Ltd., Class A | Metals & Mining | 600 | 643 | ||
| TianShan Material Co. Ltd., Class A | Construction Materials | 600 | 463 | ||
| Tianshui Huatian Technology Co. Ltd., Class A | Semiconductors & Semiconductor Equipment | 1,200 | 1,898 | ||
| Tingyi Cayman Islands Holding Corp. | Food Products | 6,000 | 7,817 | ||
| Titan Wind Energy Suzhou Co. Ltd., Class A | Electrical Equipment | 600 | 646 | ||
| d | Tongcheng Travel Holdings Ltd. | Hotels, Restaurants & Leisure | 4,800 | 11,246 | |
| TongFu Microelectronics Co. Ltd., Class A | Semiconductors & Semiconductor Equipment | 600 | 2,415 | ||
| Tongkun Group Co. Ltd., Class A | Chemicals | 600 | 964 | ||
| Tongling Nonferrous Metals Group Co. Ltd., Class A | Metals & Mining | 3,600 | 1,584 | ||
| Tongwei Co. Ltd., Class A | Semiconductors & Semiconductor Equipment | 1,200 | 3,614 | ||
| Topchoice Medical Corp., Class A | Health Care Providers & Services | 140 | 847 |
| b | Topsports International Holdings Ltd. | Specialty Retail | 12,000 | 4,604 | |
| TravelSky Technology Ltd., Class H | Hotels, Restaurants & Leisure | 5,000 | 6,694 | ||
| Trina Solar Co. Ltd., Class A | Semiconductors & Semiconductor Equipment | 1,200 | 3,155 | ||
| a | Trip.com Group Ltd. | Hotels, Restaurants & Leisure | 2,350 | 163,364 | |
| a | Tsinghua Tongfang Co. Ltd., Class A | Technology Hardware, Storage & Peripherals | 1,200 | 1,162 | |
| Tsingtao Brewery Co. Ltd., Class A | Beverages | 400 | 4,409 | ||
| Tsingtao Brewery Co. Ltd., Class H | Beverages | 2,400 | 17,549 | ||
| Unigroup Guoxin Microelectronics Co. Ltd., Class A | Semiconductors & Semiconductor Equipment | 319 | 2,797 | ||
| Uni-President China Holdings Ltd. | Food Products | 5,000 | 5,027 | ||
| Unisplendour Corp. Ltd., Class A | Electronic Equipment, Instruments & Components | 600 | 2,274 | ||
| Vipshop Holdings Ltd., ADR | Broadline Retail | 1,308 | 17,619 | ||
| Walvax Biotechnology Co. Ltd., Class A | Biotechnology | 600 | 987 | ||
| a | Wanda Film Holding Co. Ltd., Class A | Entertainment | 600 | 992 | |
| Wangsu Science & Technology Co. Ltd., Class A | IT Services | 600 | 864 | ||
| Wanhua Chemical Group Co. Ltd., Class A | Chemicals | 800 | 7,775 | ||
| Want Want China Holdings Ltd. | Food Products | 18,000 | 10,566 | ||
| Wanxiang Qianchao Co. Ltd., Class A | Automobile Components | 1,200 | 1,005 | ||
| Weibo Corp., ADR | Interactive Media & Services | 300 | 2,865 | ||
| Weichai Power Co. Ltd., Class A | Machinery | 1,800 | 3,359 | ||
| Weichai Power Co. Ltd., Class H | Machinery | 8,000 | 12,235 | ||
| Weifu High-Technology Group Co. Ltd., Class B | Automobile Components | 600 | 984 | ||
| Wens Foodstuff Group Co. Ltd., Class A | Food Products | 1,800 | 4,048 | ||
| Western Mining Co. Ltd., Class A | Metals & Mining | 600 | 1,313 | ||
| Western Securities Co. Ltd., Class A | Capital Markets | 1,200 | 1,332 | ||
| Will Semiconductor Co. Ltd. Shanghai, Class A | Semiconductors & Semiconductor Equipment | 600 | 8,533 | ||
| Winning Health Technology Group Co. Ltd., Class A | Health Care Technology | 600 | 585 | ||
| Wintime Energy Group Co. Ltd., Class A | Independent Power Producers & Energy Traders | 6,000 | 1,398 | ||
| Wuchan Zhongda Group Co. Ltd., Class A | Distributors | 1,800 | 1,241 | ||
| Wuhan Guide Infrared Co. Ltd., Class A | Electronic Equipment, Instruments & Components | 1,200 | 1,214 | ||
| Wuliangye Yibin Co. Ltd., Class A | Beverages | 1,200 | 22,890 | ||
| WUS Printed Circuit Kunshan Co. Ltd., Class A | Electronic Equipment, Instruments & Components | 600 | 3,240 | ||
| WuXi AppTec Co. Ltd., Class A | Life Sciences Tools & Services | 800 | 5,998 | ||
| b | WuXi AppTec Co. Ltd., Class H | Life Sciences Tools & Services | 1,200 | 8,728 | |
| a,b | Wuxi Biologics Cayman, Inc. | Life Sciences Tools & Services | 14,440 | 32,643 | |
| XCMG Construction Machinery Co. Ltd., Class A | Machinery | 3,600 | 3,889 | ||
| Xiamen C & D, Inc., Class A | Trading Companies & Distributors | 600 | 860 | ||
| Xiamen ITG Group Corp. Ltd., Class A | Trading Companies & Distributors | 600 | 543 | ||
| Xiamen Tungsten Co. Ltd., Class A | Metals & Mining | 600 | 1,575 | ||
| Xiangcai Co. Ltd., Class A | Real Estate Management & Development | 600 | 588 | ||
| a,b | Xiaomi Corp., Class B | Technology Hardware, Storage & Peripherals | 61,200 | 271,809 | |
| Xinxing Ductile Iron Pipes Co. Ltd., Class A | Metals & Mining | 1,800 | 942 | ||
| Xinyi Solar Holdings Ltd. | Semiconductors & Semiconductor Equipment | 16,500 | 6,670 | ||
| a | XPeng, Inc., Class A | Automobiles | 4,800 | 28,826 | |
| Xtep International Holdings Ltd. | Textiles, Apparel & Luxury Goods | 3,000 | 2,178 | ||
| Xuji Electric Co. Ltd., Class A | Electrical Equipment | 400 | 1,500 | ||
| b | Yadea Group Holdings Ltd. | Automobiles | 4,200 | 6,996 | |
| a | Yango Group Co. Ltd., Class A | Real Estate Management & Development | 2,100 | — | |
| Yangzijiang Shipbuilding Holdings Ltd. | Machinery | 10,200 | 22,356 | ||
| Yankuang Energy Group Co. Ltd., Class A | Oil, Gas & Consumable Fuels | 1,560 | 3,011 | ||
| Yankuang Energy Group Co. Ltd., Class H | Oil, Gas & Consumable Fuels | 11,700 | 13,480 | ||
| Yantai Changyu Pioneer Wine Co. Ltd., Class B | Beverages | 1,200 | 1,271 | ||
| Yealink Network Technology Corp. Ltd., Class A | Communications Equipment | 420 | 2,208 | ||
| Yifeng Pharmacy Chain Co. Ltd., Class A | Consumer Staples Distribution & Retail | 316 | 1,039 | ||
| Yihai International Holding Ltd. | Food Products | 2,000 | 3,883 | ||
| Yihai Kerry Arawana Holdings Co. Ltd., Class A | Food Products | 600 | 2,665 | ||
| a | Yonghui Superstores Co. Ltd., Class A | Consumer Staples Distribution & Retail | 2,400 | 2,073 | |
| a | Yonyou Network Technology Co. Ltd., Class A | Software | 1,200 | 1,754 | |
| Youngor Fashion Co. Ltd., Class A | Real Estate Management & Development | 1,200 | 1,455 | ||
| YTO Express Group Co. Ltd., Class A | Air Freight & Logistics | 1,200 | 2,319 | ||
| Yuan Longping High-tech Agriculture Co. Ltd., Class A | Food Products | 600 | 913 | ||
| Yuexiu Property Co. Ltd. | Real Estate Management & Development | 6,000 | 3,932 | ||
| Yum China Holdings, Inc. | Hotels, Restaurants & Leisure | 1,400 | 67,441 |
| Yunnan Aluminium Co. Ltd., Class A | Metals & Mining | 1,200 | 2,212 | ||
| Yunnan Baiyao Group Co. Ltd., Class A | Pharmaceuticals | 600 | 4,900 | ||
| Yunnan Chihong Zinc&Germanium Co. Ltd., Class A | Metals & Mining | 1,200 | 910 | ||
| Yunnan Copper Co. Ltd., Class A | Metals & Mining | 600 | 996 | ||
| Yunnan Energy New Material Co. Ltd., Class A | Chemicals | 400 | 1,743 | ||
| Yunnan Tin Co. Ltd., Class A | Metals & Mining | 600 | 1,147 | ||
| Yunnan Yuntianhua Co. Ltd., Class A | Chemicals | 600 | 1,823 | ||
| Yutong Bus Co. Ltd., Class A | Machinery | 600 | 2,156 | ||
| a | Zai Lab Ltd. | Biotechnology | 3,600 | 9,686 | |
| Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A | Pharmaceuticals | 200 | 5,843 | ||
| Zhaojin Mining Industry Co. Ltd., Class H | Metals & Mining | 6,000 | 8,466 | ||
| Zhefu Holding Group Co. Ltd., Class A | Commercial Services & Supplies | 1,800 | 765 | ||
| Zhejiang China Commodities City Group Co. Ltd., Class A | Broadline Retail | 1,800 | 3,288 | ||
| Zhejiang Chint Electrics Co. Ltd., Class A | Electrical Equipment | 600 | 1,913 | ||
| Zhejiang Crystal-Optech Co. Ltd., Class A | Electronic Equipment, Instruments & Components | 600 | 1,816 | ||
| Zhejiang Dahua Technology Co. Ltd., Class A | Electronic Equipment, Instruments & Components | 1,200 | 2,615 | ||
| Zhejiang Expressway Co. Ltd., Class H | Transportation Infrastructure | 6,000 | 4,318 | ||
| Zhejiang Huahai Pharmaceutical Co. Ltd., Class A | Pharmaceuticals | 600 | 1,460 | ||
| Zhejiang Huayou Cobalt Co. Ltd., Class A | Electrical Equipment | 600 | 2,391 | ||
| Zhejiang Jingsheng Mechanical & Electrical Co. Ltd., Class A | Semiconductors & Semiconductor Equipment | 600 | 2,607 | ||
| Zhejiang Juhua Co. Ltd., Class A | Chemicals | 1,200 | 3,943 | ||
| a,b | Zhejiang Leapmotor Technology Co. Ltd. | Automobiles | 2,400 | 10,057 | |
| Zhejiang Longsheng Group Co. Ltd., Class A | Chemicals | 1,200 | 1,682 | ||
| Zhejiang NHU Co. Ltd., Class A | Chemicals | 1,200 | 3,591 | ||
| Zhejiang Sanhua Intelligent Controls Co. Ltd., Class A | Machinery | 600 | 1,921 | ||
| Zhejiang Wanfeng Auto Wheel Co. Ltd., Class A | Automobile Components | 600 | 1,549 | ||
| Zhejiang Weixing New Building Materials Co. Ltd., Class A | Building Products | 600 | 1,032 | ||
| Zhejiang Zheneng Electric Power Co. Ltd., Class A | Independent Power Producers & Energy Traders | 2,400 | 1,850 | ||
| Zhengzhou Coal Mining Machinery Group Co. Ltd., Class A | Machinery | 600 | 1,061 | ||
| a,b | ZhongAn Online P&C Insurance Co. Ltd., Class H | Insurance | 3,000 | 4,549 | |
| Zhongji Innolight Co. Ltd., Class A | Communications Equipment | 280 | 4,711 | ||
| Zhongjin Gold Corp. Ltd., Class A | Metals & Mining | 1,200 | 1,966 | ||
| Zhongshan Public Utilities Group Co. Ltd., Class A | Water Utilities | 600 | 754 | ||
| Zhongsheng Group Holdings Ltd. | Specialty Retail | 3,000 | 5,391 | ||
| Zhongtai Securities Co. Ltd., Class A | Capital Markets | 600 | 537 | ||
| Zhuhai Huafa Properties Co. Ltd., Class A | Real Estate Management & Development | 600 | 471 | ||
| Zhuzhou CRRC Times Electric Co. Ltd., Class H | Machinery | 1,800 | 7,600 | ||
| Zhuzhou Kibing Group Co. Ltd., Class A | Building Products | 600 | 458 | ||
| Zijin Mining Group Co. Ltd., Class A | Metals & Mining | 5,400 | 11,121 | ||
| Zijin Mining Group Co. Ltd., Class H | Metals & Mining | 22,000 | 40,047 | ||
| Zoomlion Heavy Industry Science & Technology Co. Ltd., Class A | Machinery | 2,400 | 2,364 | ||
| Zoomlion Heavy Industry Science & Technology Co. Ltd., Class H | Machinery | 6,000 | 4,403 | ||
| ZTE Corp., Class A | Communications Equipment | 1,200 | 6,604 | ||
| ZTE Corp., Class H | Communications Equipment | 2,400 | 7,523 | ||
| 8,738,221 | |||||
| Hong Kong 4.9% | |||||
| AIA Group Ltd. | Insurance | 40,800 | 295,707 | ||
| a | Alibaba Health Information Technology Ltd., Class A | Consumer Staples Distribution & Retail | 24,000 | 10,258 | |
| a | Alibaba Pictures Group Ltd., Class A | Entertainment | 60,000 | 3,669 | |
| ASMPT Ltd., Class A | Semiconductors & Semiconductor Equipment | 1,200 | 11,571 |
| Bank of East Asia Ltd., Class A | Banks | 4,800 | 6,093 | ||
| Beijing Enterprises Water Group Ltd., Class A | Water Utilities | 12,000 | 3,877 | ||
| Bosideng International Holdings Ltd., Class A | Textiles, Apparel & Luxury Goods | 14,000 | 6,993 | ||
| Cathay Pacific Airways Ltd., Class A | Passenger Airlines | 4,000 | 4,912 | ||
| Champion REIT, Class A | Office REITs | 6,000 | 1,336 | ||
| China Everbright Environment Group Ltd., Class B | Commercial Services & Supplies | 12,000 | 5,978 | ||
| China Everbright Ltd., Class A | Capital Markets | 4,000 | 2,729 | ||
| China Gas Holdings Ltd., Class A | Gas Utilities | 10,800 | 9,412 | ||
| China Mengniu Dairy Co. Ltd., Class B | Food Products | 12,000 | 27,127 | ||
| China Power International Development Ltd., Class H | Independent Power Producers & Energy Traders | 18,000 | 7,346 | ||
| China Resources Beer Holdings Co. Ltd., Class A | Beverages | 6,000 | 19,503 | ||
| China Resources Gas Group Ltd., Class A | Gas Utilities | 3,600 | 14,251 | ||
| China Resources Land Ltd., Class H | Real Estate Management & Development | 10,800 | 31,352 | ||
| China State Construction International Holdings Ltd., Class A | Construction & Engineering | 8,000 | 12,626 | ||
| a | China Traditional Chinese Medicine Holdings Co. Ltd. | Pharmaceuticals | 12,000 | 3,568 | |
| CK Asset Holdings Ltd. | Real Estate Management & Development | 7,200 | 29,568 | ||
| CK Infrastructure Holdings Ltd., Class A | Electric Utilities | 2,000 | 14,869 | ||
| CLP Holdings Ltd. | Electric Utilities | 6,000 | 50,438 | ||
| COSCO SHIPPING Ports Ltd., Class B | Transportation Infrastructure | 6,000 | 3,553 | ||
| DFI Retail Group Holdings Ltd., Class A | Consumer Staples Distribution & Retail | 1,200 | 2,772 | ||
| Far East Horizon Ltd. | Financial Services | 6,000 | 4,380 | ||
| Geely Automobile Holdings Ltd. | Automobiles | 21,000 | 40,065 | ||
| Guangdong Investment Ltd. | Water Utilities | 12,000 | 10,366 | ||
| Hang Lung Group Ltd. | Real Estate Management & Development | 3,000 | 4,040 | ||
| Hang Lung Properties Ltd. | Real Estate Management & Development | 7,000 | 5,614 | ||
| Hang Seng Bank Ltd. | Banks | 2,400 | 29,521 | ||
| Henderson Land Development Co. Ltd. | Real Estate Management & Development | 5,000 | 15,191 | ||
| Hong Kong & China Gas Co. Ltd. | Gas Utilities | 42,000 | 33,576 | ||
| Hong Kong Exchanges & Clearing Ltd. | Capital Markets | 4,500 | 170,779 | ||
| Hongkong Land Holdings Ltd. | Real Estate Management & Development | 3,600 | 16,020 | ||
| Hutchison Port Holdings Trust | Transportation Infrastructure | 19,800 | 3,247 | ||
| Hysan Development Co. Ltd. | Real Estate Management & Development | 2,000 | 3,048 | ||
| a | J&T Global Express Ltd. | Air Freight & Logistics | 26,400 | 20,833 | |
| Jardine Matheson Holdings Ltd. | Industrial Conglomerates | 750 | 30,727 | ||
| Johnson Electric Holdings Ltd. | Automobile Components | 1,000 | 1,403 | ||
| Kerry Properties Ltd. | Real Estate Management & Development | 2,500 | 5,008 | ||
| Kingboard Laminates Holdings Ltd. | Electronic Equipment, Instruments & Components | 3,000 | 2,785 | ||
| Kunlun Energy Co. Ltd. | Gas Utilities | 14,000 | 15,139 | ||
| Link REIT | Retail REITs | 9,600 | 40,598 | ||
| Man Wah Holdings Ltd. | Household Durables | 4,800 | 2,972 | ||
| a | Melco International Development Ltd. | Hotels, Restaurants & Leisure | 4,000 | 2,297 | |
| MTR Corp. Ltd. | Ground Transportation | 5,500 | 19,188 | ||
| New World Development Co. Ltd. | Real Estate Management & Development | 6,000 | 3,986 | ||
| NWS Holdings Ltd. | Industrial Conglomerates | 3,000 | 2,989 | ||
| Orient Overseas International Ltd. | Marine Transportation | 600 | 8,890 | ||
| PCCW Ltd. | Diversified Telecommunication Services | 12,000 | 6,983 | ||
| Power Assets Holdings Ltd. | Electric Utilities | 6,000 | 41,864 | ||
| Shanghai Industrial Holdings Ltd. | Industrial Conglomerates | 2,000 | 3,048 | ||
| Sino Biopharmaceutical Ltd. | Pharmaceuticals | 36,000 | 14,830 | ||
| Sino Land Co. Ltd. | Real Estate Management & Development | 13,300 | 13,440 | ||
| Sun Hung Kai Properties Ltd. | Real Estate Management & Development | 5,400 | 51,894 | ||
| Swire Pacific Ltd., Class A | Industrial Conglomerates | 1,500 | 13,604 | ||
| Swire Pacific Ltd., Class B | Industrial Conglomerates | 2,500 | 3,605 | ||
| Swire Properties Ltd. | Real Estate Management & Development | 3,600 | 7,332 | ||
| Techtronic Industries Co. Ltd. | Machinery | 5,000 | 65,976 | ||
| United Energy Group Ltd. | Oil, Gas & Consumable Fuels | 24,000 | 1,097 | ||
| VTech Holdings Ltd. | Communications Equipment | 600 | 4,078 | ||
| b | WH Group Ltd. | Food Products | 30,000 | 23,211 | |
| Wharf Holdings Ltd. | Real Estate Management & Development | 3,600 | 10,126 | ||
| Wharf Real Estate Investment Co. Ltd. | Real Estate Management & Development | 6,000 | 15,340 |
| Xinyi Glass Holdings Ltd. | Building Products | 6,400 | 6,501 | ||
| Yue Yuen Industrial Holdings Ltd. | Textiles, Apparel & Luxury Goods | 3,000 | 6,720 | ||
| 1,361,819 | |||||
| India 22.9% | |||||
| 3M India Ltd. | Industrial Conglomerates | 12 | 4,260 | ||
| Aarti Industries Ltd. | Chemicals | 798 | 3,822 | ||
| ABB India Ltd. | Electrical Equipment | 204 | 16,470 | ||
| ACC Ltd. | Construction Materials | 318 | 7,624 | ||
| a | Adani Energy Solutions Ltd. | Electric Utilities | 1,320 | 12,430 | |
| Adani Enterprises Ltd. | Trading Companies & Distributors | 1,194 | 35,265 | ||
| a | Adani Green Energy Ltd. | Independent Power Producers & Energy Traders | 1,096 | 13,323 | |
| Adani Ports & Special Economic Zone Ltd. | Transportation Infrastructure | 2,814 | 40,464 | ||
| a | Adani Power Ltd. | Independent Power Producers & Energy Traders | 4,416 | 27,309 | |
| Adani Total Gas Ltd. | Gas Utilities | 1,080 | 9,600 | ||
| a | Adani Wilmar Ltd. | Food Products | 618 | 2,224 | |
| a | Aditya Birla Capital Ltd. | Financial Services | 3,102 | 6,443 | |
| AIA Engineering Ltd. | Machinery | 150 | 5,962 | ||
| Alkem Laboratories Ltd. | Pharmaceuticals | 204 | 13,424 | ||
| Ambuja Cements Ltd. | Construction Materials | 2,760 | 17,273 | ||
| APL Apollo Tubes Ltd. | Metals & Mining | 756 | 13,848 | ||
| Apollo Hospitals Enterprise Ltd. | Health Care Providers & Services | 378 | 32,215 | ||
| Ashok Leyland Ltd. | Machinery | 5,304 | 13,661 | ||
| Asian Paints Ltd. | Chemicals | 1,674 | 44,607 | ||
| Astral Ltd. | Building Products | 462 | 8,916 | ||
| b | AU Small Finance Bank Ltd. | Banks | 1,404 | 9,169 | |
| Aurobindo Pharma Ltd. | Pharmaceuticals | 1,008 | 15,712 | ||
| a,b | Avenue Supermarts Ltd. | Consumer Staples Distribution & Retail | 564 | 23,465 | |
| Axis Bank Ltd. | Banks | 8,580 | 106,702 | ||
| Bajaj Auto Ltd. | Automobiles | 258 | 26,515 | ||
| Bajaj Finance Ltd. | Consumer Finance | 1,054 | 83,999 | ||
| Bajaj Finserv Ltd. | Financial Services | 1,446 | 26,485 | ||
| Bajaj Holdings & Investment Ltd. | Financial Services | 102 | 14,162 | ||
| Balkrishna Industries Ltd. | Automobile Components | 312 | 10,605 | ||
| b | Bandhan Bank Ltd. | Banks | 3,078 | 5,719 | |
| Bank of Baroda | Banks | 3,912 | 10,992 | ||
| Bank of India | Banks | 3,552 | 4,228 | ||
| Bata India Ltd. | Textiles, Apparel & Luxury Goods | 252 | 4,047 | ||
| Bayer CropScience Ltd. | Chemicals | 48 | 3,112 | ||
| Berger Paints India Ltd. | Chemicals | 1,134 | 5,941 | ||
| d | Bharat Dynamics Ltd. | Aerospace & Defense | 276 | 3,620 | |
| Bharat Electronics Ltd. | Aerospace & Defense | 13,170 | 45,095 | ||
| Bharat Forge Ltd. | Automobile Components | 954 | 14,480 | ||
| Bharat Heavy Electricals Ltd. | Electrical Equipment | 4,896 | 13,119 | ||
| Bharat Petroleum Corp. Ltd. | Oil, Gas & Consumable Fuels | 7,176 | 24,513 | ||
| Bharti Airtel Ltd. | Wireless Telecommunication Services | 570 | 7,839 | ||
| Bharti Airtel Ltd. | Wireless Telecommunication Services | 9,432 | 174,921 | ||
| Bharti Hexacom Ltd. | Wireless Telecommunication Services | 280 | 4,765 | ||
| Biocon Ltd. | Biotechnology | 1,740 | 7,425 | ||
| Bosch Ltd. | Automobile Components | 30 | 11,949 | ||
| Britannia Industries Ltd. | Food Products | 450 | 25,034 | ||
| Canara Bank | Banks | 7,080 | 8,280 | ||
| Castrol India Ltd. | Chemicals | 1,842 | 4,248 | ||
| CG Power & Industrial Solutions Ltd. | Electrical Equipment | 2,406 | 20,459 | ||
| Cholamandalam Investment & Finance Co. Ltd. | Consumer Finance | 1,554 | 21,527 | ||
| Cipla Ltd. | Pharmaceuticals | 2,040 | 36,433 | ||
| Coal India Ltd. | Oil, Gas & Consumable Fuels | 8,658 | 38,849 | ||
| b | Cochin Shipyard Ltd. | Machinery | 270 | 4,853 | |
| Coforge Ltd. | IT Services | 228 | 25,734 | ||
| Colgate-Palmolive India Ltd. | Personal Care Products | 486 | 15,217 | ||
| Container Corp. of India Ltd. | Ground Transportation | 1,068 | 9,830 | ||
| Coromandel International Ltd. | Chemicals | 498 | 10,935 | ||
| Cummins India Ltd. | Machinery | 510 | 19,503 | ||
| Dabur India Ltd. | Personal Care Products | 2,148 | 12,720 | ||
| Dalmia Bharat Ltd. | Construction Materials | 324 | 6,688 |
| Deepak Nitrite Ltd. | Chemicals | 270 | 7,866 | ||
| Divi’s Laboratories Ltd. | Life Sciences Tools & Services | 486 | 34,621 | ||
| d | Dixon Technologies India Ltd. | Household Durables | 138 | 28,911 | |
| DLF Ltd. | Real Estate Management & Development | 2,364 | 22,777 | ||
| b | Dr. Lal PathLabs Ltd. | Health Care Providers & Services | 132 | 4,626 | |
| Dr. Reddy’s Laboratories Ltd. | Pharmaceuticals | 2,310 | 37,464 | ||
| Eicher Motors Ltd. | Automobiles | 528 | 29,738 | ||
| Emami Ltd. | Personal Care Products | 810 | 5,684 | ||
| Embassy Office Parks REIT | Office REITs | 3,408 | 14,709 | ||
| b | Endurance Technologies Ltd. | Automobile Components | 120 | 3,014 | |
| Escorts Kubota Ltd. | Machinery | 126 | 4,905 | ||
| Exide Industries Ltd. | Automobile Components | 1,788 | 8,699 | ||
| Federal Bank Ltd. | Banks | 7,002 | 16,359 | ||
| a | FSN E-Commerce Ventures Ltd. | Specialty Retail | 5,292 | 10,122 | |
| GAIL India Ltd. | Gas Utilities | 9,672 | 21,575 | ||
| GE Vernova T&D India Ltd. | Electrical Equipment | 240 | 5,819 | ||
| b | General Insurance Corp. of India | Insurance | 378 | 1,961 | |
| GlaxoSmithKline Pharmaceuticals Ltd. | Pharmaceuticals | 162 | 4,261 | ||
| Glenmark Pharmaceuticals Ltd. | Pharmaceuticals | 570 | 10,713 | ||
| a | GMR Airports Ltd. | Transportation Infrastructure | 13,578 | 12,459 | |
| Godrej Consumer Products Ltd. | Personal Care Products | 1,374 | 17,366 | ||
| a | Godrej Industries Ltd. | Industrial Conglomerates | 258 | 3,514 | |
| a | Godrej Properties Ltd. | Real Estate Management & Development | 396 | 12,889 | |
| Grasim Industries Ltd. | Construction Materials | 1,410 | 40,230 | ||
| Gujarat Fluorochemicals Ltd. | Chemicals | 156 | 7,590 | ||
| Gujarat Gas Ltd. | Gas Utilities | 798 | 4,648 | ||
| Havells India Ltd. | Electrical Equipment | 900 | 17,609 | ||
| HCL Technologies Ltd. | IT Services | 3,942 | 88,285 | ||
| b | HDFC Asset Management Co. Ltd. | Capital Markets | 390 | 19,128 | |
| HDFC Bank Ltd. | Banks | 21,072 | 436,349 | ||
| b | HDFC Life Insurance Co. Ltd. | Insurance | 3,732 | 26,898 | |
| Hero MotoCorp Ltd. | Automobiles | 504 | 24,493 | ||
| Hindalco Industries Ltd. | Metals & Mining | 5,274 | 37,112 | ||
| d | Hindustan Aeronautics Ltd. | Aerospace & Defense | 720 | 35,139 | |
| Hindustan Petroleum Corp. Ltd. | Oil, Gas & Consumable Fuels | 3,546 | 16,930 | ||
| Hindustan Unilever Ltd. | Personal Care Products | 3,324 | 90,341 | ||
| Hindustan Zinc Ltd. | Metals & Mining | 918 | 4,761 | ||
| Hitachi Energy India Ltd. | Electrical Equipment | 36 | 6,060 | ||
| Honeywell Automation India Ltd. | Electronic Equipment, Instruments & Components | 8 | 3,921 | ||
| Housing & Urban Development Corp. Ltd. | Financial Services | 1,884 | 5,165 | ||
| ICICI Bank Ltd. | Banks | 17,046 | 255,181 | ||
| b | ICICI Lombard General Insurance Co. Ltd. | Insurance | 936 | 19,545 | |
| b | ICICI Prudential Life Insurance Co. Ltd. | Insurance | 1,494 | 11,427 | |
| IDBI Bank Ltd. | Banks | 2,400 | 2,144 | ||
| a | IDFC First Bank Ltd. | Banks | 13,488 | 9,947 | |
| Indian Bank | Banks | 1,050 | 6,500 | ||
| Indian Hotels Co. Ltd. | Hotels, Restaurants & Leisure | 3,108 | 31,857 | ||
| Indian Oil Corp. Ltd. | Oil, Gas & Consumable Fuels | 15,084 | 24,034 | ||
| Indian Railway Catering & Tourism Corp. Ltd. | Commercial Services & Supplies | 1,170 | 10,754 | ||
| b | Indian Railway Finance Corp. Ltd. | Financial Services | 6,948 | 12,095 | |
| a | Indian Renewable Energy Development Agency Ltd. | Financial Services | 2,592 | 6,517 | |
| Indraprastha Gas Ltd. | Gas Utilities | 1,362 | 6,612 | ||
| a | Indus Towers Ltd. | Diversified Telecommunication Services | 5,016 | 20,026 | |
| Info Edge India Ltd. | Interactive Media & Services | 288 | 29,190 | ||
| Infosys Ltd. | IT Services | 13,170 | 289,201 | ||
| a,b | InterGlobe Aviation Ltd. | Passenger Airlines | 696 | 37,024 | |
| Ipca Laboratories Ltd. | Pharmaceuticals | 516 | 10,217 | ||
| IRB Infrastructure Developers Ltd. | Construction & Engineering | 10,854 | 7,257 | ||
| ITC Ltd. | Tobacco | 11,148 | 62,977 | ||
| Jindal Stainless Ltd. | Metals & Mining | 1,212 | 9,898 | ||
| Jindal Steel & Power Ltd. | Metals & Mining | 1,470 | 15,980 | ||
| a | Jio Financial Services Ltd. | Financial Services | 11,634 | 40,590 | |
| JSW Energy Ltd. | Independent Power Producers & Energy Traders | 2,052 | 15,403 | ||
| JSW Infrastructure Ltd. | Transportation Infrastructure | 948 | 3,521 |
| JSW Steel Ltd. | Metals & Mining | 3,840 | 40,435 | ||
| Jubilant Foodworks Ltd. | Hotels, Restaurants & Leisure | 1,410 | 11,827 | ||
| Kalyan Jewellers India Ltd. | Textiles, Apparel & Luxury Goods | 1,518 | 13,586 | ||
| Kansai Nerolac Paints Ltd. | Chemicals | 798 | 2,470 | ||
| KEI Industries Ltd. | Electrical Equipment | 210 | 10,883 | ||
| Kotak Mahindra Bank Ltd. | Banks | 3,234 | 67,467 | ||
| KPIT Technologies Ltd. | Software | 618 | 10,573 | ||
| L&T Finance Ltd. | Financial Services | 3,252 | 5,152 | ||
| b | L&T Technology Services Ltd. | Professional Services | 102 | 5,644 | |
| Larsen & Toubro Ltd. | Construction & Engineering | 2,544 | 107,201 | ||
| b | Laurus Labs Ltd. | Pharmaceuticals | 1,548 | 10,898 | |
| LIC Housing Finance Ltd. | Financial Services | 1,176 | 8,215 | ||
| Linde India Ltd. | Chemicals | 84 | 5,883 | ||
| Lloyds Metals & Energy Ltd. | Metals & Mining | 438 | 6,302 | ||
| b | LTIMindtree Ltd. | IT Services | 348 | 22,705 | |
| Lupin Ltd. | Pharmaceuticals | 918 | 25,259 | ||
| b | Macrotech Developers Ltd. | Real Estate Management & Development | 1,002 | 16,261 | |
| Mahindra & Mahindra Financial Services Ltd. | Consumer Finance | 2,310 | 7,149 | ||
| Mahindra & Mahindra Ltd. | Automobiles | 3,300 | 115,909 | ||
| Mangalore Refinery & Petrochemicals Ltd. | Oil, Gas & Consumable Fuels | 672 | 1,165 | ||
| a | Mankind Pharma Ltd. | Pharmaceuticals | 372 | 12,516 | |
| Marico Ltd. | Food Products | 1,902 | 14,207 | ||
| Maruti Suzuki India Ltd. | Automobiles | 516 | 65,444 | ||
| a | Max Financial Services Ltd. | Insurance | 924 | 12,022 | |
| Max Healthcare Institute Ltd. | Health Care Providers & Services | 2,802 | 36,923 | ||
| Mazagon Dock Shipbuilders Ltd. | Aerospace & Defense | 240 | 6,245 | ||
| Metro Brands Ltd. | Specialty Retail | 120 | 1,706 | ||
| Motilal Oswal Financial Services Ltd. | Capital Markets | 534 | 5,949 | ||
| Mphasis Ltd. | IT Services | 426 | 14,167 | ||
| MRF Ltd. | Automobile Components | 12 | 18,310 | ||
| Muthoot Finance Ltd. | Consumer Finance | 414 | 10,330 | ||
| Nestle India Ltd. | Food Products | 1,332 | 33,762 | ||
| b | New India Assurance Co. Ltd. | Insurance | 852 | 2,015 | |
| NHPC Ltd. | Independent Power Producers & Energy Traders | 11,610 | 10,942 | ||
| b | Nippon Life India Asset Management Ltd. | Capital Markets | 678 | 5,757 | |
| NLC India Ltd. | Independent Power Producers & Energy Traders | 678 | 1,970 | ||
| NMDC Ltd. | Metals & Mining | 13,446 | 10,353 | ||
| NTPC Ltd. | Independent Power Producers & Energy Traders | 17,568 | 68,404 | ||
| Oberoi Realty Ltd. | Real Estate Management & Development | 456 | 12,312 | ||
| Oil & Natural Gas Corp. Ltd. | Oil, Gas & Consumable Fuels | 14,808 | 41,381 | ||
| Oil India Ltd. | Oil, Gas & Consumable Fuels | 2,106 | 10,596 | ||
| a | One 97 Communications Ltd. | Financial Services | 1,374 | 16,335 | |
| Oracle Financial Services Software Ltd. | Software | 84 | 12,548 | ||
| Page Industries Ltd. | Textiles, Apparel & Luxury Goods | 24 | 13,320 | ||
| Patanjali Foods Ltd. | Food Products | 372 | 7,743 | ||
| a | PB Fintech Ltd. | Insurance | 1,188 | 29,263 | |
| Persistent Systems Ltd. | IT Services | 384 | 28,964 | ||
| Petronet LNG Ltd. | Oil, Gas & Consumable Fuels | 2,922 | 11,816 | ||
| Phoenix Mills Ltd. | Real Estate Management & Development | 732 | 13,971 | ||
| PI Industries Ltd. | Chemicals | 306 | 13,173 | ||
| Pidilite Industries Ltd. | Chemicals | 576 | 19,539 | ||
| Piramal Enterprises Ltd. | Financial Services | 462 | 5,961 | ||
| Polycab India Ltd. | Electrical Equipment | 186 | 15,800 | ||
| Poonawalla Fincorp Ltd. | Consumer Finance | 1,062 | 3,899 | ||
| Power Finance Corp. Ltd. | Financial Services | 5,532 | 28,980 | ||
| Power Grid Corp. of India Ltd. | Electric Utilities | 15,402 | 55,535 | ||
| Prestige Estates Projects Ltd. | Real Estate Management & Development | 486 | 9,616 | ||
| Punjab National Bank | Banks | 8,586 | 10,308 | ||
| d | Rail Vikas Nigam Ltd. | Construction & Engineering | 2,160 | 10,665 | |
| a | Rajesh Exports Ltd. | Textiles, Apparel & Luxury Goods | 528 | 1,422 | |
| b | RBL Bank Ltd. | Banks | 1,722 | 3,178 | |
| REC Ltd. | Financial Services | 4,740 | 27,721 | ||
| Relaxo Footwears Ltd. | Textiles, Apparel & Luxury Goods | 282 | 2,042 | ||
| Reliance Industries Ltd. | Oil, Gas & Consumable Fuels | 24,888 | 353,333 | ||
| Samvardhana Motherson International Ltd. | Automobile Components | 10,260 | 18,710 |
| SBI Cards & Payment Services Ltd. | Consumer Finance | 1,122 | 8,700 | ||
| b | SBI Life Insurance Co. Ltd. | Insurance | 1,590 | 25,822 | |
| Schaeffler India Ltd. | Machinery | 156 | 6,206 | ||
| Shree Cement Ltd. | Construction Materials | 48 | 14,406 | ||
| Shriram Finance Ltd. | Consumer Finance | 942 | 31,789 | ||
| Siemens Ltd. | Industrial Conglomerates | 336 | 25,651 | ||
| SJVN Ltd. | Electric Utilities | 2,814 | 3,432 | ||
| Solar Industries India Ltd. | Chemicals | 90 | 10,285 | ||
| b | Sona Blw Precision Forgings Ltd. | Automobile Components | 1,374 | 9,546 | |
| SRF Ltd. | Chemicals | 528 | 13,802 | ||
| a | Star Health & Allied Insurance Co. Ltd. | Insurance | 888 | 4,926 | |
| State Bank of India | Banks | 6,642 | 61,673 | ||
| Steel Authority of India Ltd. | Metals & Mining | 5,640 | 7,453 | ||
| Sun Pharmaceutical Industries Ltd. | Pharmaceuticals | 4,056 | 89,367 | ||
| Sun TV Network Ltd. | Media | 330 | 2,634 | ||
| Sundaram Finance Ltd. | Consumer Finance | 252 | 12,197 | ||
| Supreme Industries Ltd. | Chemicals | 246 | 13,506 | ||
| a | Suzlon Energy Ltd. | Electrical Equipment | 44,604 | 32,416 | |
| b | Syngene International Ltd. | Life Sciences Tools & Services | 660 | 6,618 | |
| Tata Communications Ltd. | Diversified Telecommunication Services | 444 | 8,834 | ||
| Tata Consultancy Services Ltd. | IT Services | 3,876 | 185,384 | ||
| Tata Consumer Products Ltd. | Food Products | 2,370 | 25,321 | ||
| Tata Elxsi Ltd. | Software | 126 | 10,003 | ||
| Tata Motors Ltd., Class A | Automobiles | 7,897 | 68,271 | ||
| Tata Power Co. Ltd. | Electric Utilities | 5,592 | 25,630 | ||
| Tata Steel Ltd. | Metals & Mining | 32,130 | 51,809 | ||
| Tata Technologies Ltd. | IT Services | 636 | 6,622 | ||
| a | Tata Teleservices Maharashtra Ltd. | Diversified Telecommunication Services | 1,956 | 1,725 | |
| Tech Mahindra Ltd. | IT Services | 2,262 | 45,080 | ||
| Thermax Ltd. | Machinery | 126 | 5,945 | ||
| Titan Co. Ltd. | Textiles, Apparel & Luxury Goods | 1,560 | 59,277 | ||
| Torrent Pharmaceuticals Ltd. | Pharmaceuticals | 372 | 14,600 | ||
| Torrent Power Ltd. | Electric Utilities | 660 | 11,455 | ||
| Trent Ltd. | Specialty Retail | 690 | 57,410 | ||
| Tube Investments of India Ltd. | Automobile Components | 396 | 16,542 | ||
| TVS Motor Co. Ltd. | Automobiles | 894 | 24,732 | ||
| UltraTech Cement Ltd. | Construction Materials | 426 | 56,856 | ||
| Union Bank of India Ltd. | Banks | 5,778 | 8,124 | ||
| United Breweries Ltd. | Beverages | 270 | 6,424 | ||
| United Spirits Ltd. | Beverages | 1,086 | 20,619 | ||
| UNO Minda Ltd. | Automobile Components | 606 | 7,455 | ||
| UPL Ltd. | Chemicals | 2,052 | 12,008 | ||
| Varun Beverages Ltd. | Beverages | 4,328 | 32,278 | ||
| Vedant Fashions Ltd. | Textiles, Apparel & Luxury Goods | 234 | 3,525 | ||
| Vedanta Ltd. | Metals & Mining | 6,042 | 31,366 | ||
| a | Vodafone Idea Ltd. | Wireless Telecommunication Services | 80,814 | 7,495 | |
| Voltas Ltd. | Construction & Engineering | 894 | 18,691 | ||
| Whirlpool of India Ltd. | Household Durables | 252 | 5,416 | ||
| Wipro Ltd. | IT Services | 10,440 | 36,809 | ||
| a | Yes Bank Ltd. | Banks | 77,802 | 17,803 | |
| Zee Entertainment Enterprises Ltd. | Media | 3,228 | 4,573 | ||
| a | Zomato Ltd. | Hotels, Restaurants & Leisure | 25,602 | 83,148 | |
| Zydus Lifesciences Ltd. | Pharmaceuticals | 960 | 10,896 | ||
| 6,337,329 | |||||
| Indonesia 1.8% | |||||
| Alamtri Resources Indonesia Tbk. PT, Class B | Oil, Gas & Consumable Fuels | 40,800 | 6,160 | ||
| a | Amman Mineral Internasional PT | Metals & Mining | 48,000 | 25,275 | |
| Astra International Tbk. PT, Class H | Industrial Conglomerates | 76,200 | 23,199 | ||
| Avia Avian Tbk. PT | Chemicals | 64,400 | 1,600 | ||
| Bank Central Asia Tbk. PT, Class A | Banks | 207,300 | 124,612 | ||
| Bank Mandiri Persero Tbk. PT, Class A | Banks | 164,400 | 58,222 | ||
| Bank Negara Indonesia Persero Tbk. PT, Class H | Banks | 55,800 | 15,081 | ||
| Bank Rakyat Indonesia Persero Tbk. PT, Class A | Banks | 261,600 | 66,314 |
| Bank Syariah Indonesia Tbk. PT | Banks | 12,000 | 2,035 | ||
| Barito Pacific Tbk. PT, Class A | Chemicals | 89,537 | 5,118 | ||
| Bukit Asam Tbk. PT, Class A | Oil, Gas & Consumable Fuels | 15,600 | 2,665 | ||
| a | Bumi Serpong Damai Tbk. PT, Class A | Real Estate Management & Development | 22,800 | 1,339 | |
| Charoen Pokphand Indonesia Tbk. PT, Class A | Food Products | 28,200 | 8,340 | ||
| Dayamitra Telekomunikasi PT | Diversified Telecommunication Services | 69,600 | 2,789 | ||
| Elang Mahkota Teknologi Tbk. PT | Media | 97,200 | 2,971 | ||
| First Pacific Co. Ltd. | Food Products | 12,000 | 6,967 | ||
| a | GoTo Gojek Tokopedia Tbk. PT | Broadline Retail | 3,714,000 | 16,153 | |
| a | Gudang Garam Tbk. PT | Tobacco | 1,800 | 1,485 | |
| Indah Kiat Pulp & Paper Tbk. PT | Paper & Forest Products | 10,200 | 4,309 | ||
| Indocement Tunggal Prakarsa Tbk. PT | Construction Materials | 5,400 | 2,483 | ||
| Indofood CBP Sukses Makmur Tbk. PT | Food Products | 7,800 | 5,513 | ||
| Indofood Sukses Makmur Tbk. PT | Food Products | 16,800 | 8,037 | ||
| Indosat Tbk. PT | Wireless Telecommunication Services | 21,600 | 3,328 | ||
| Jasa Marga Persero Tbk. PT | Transportation Infrastructure | 8,400 | 2,260 | ||
| Kalbe Farma Tbk. PT | Pharmaceuticals | 73,200 | 6,185 | ||
| Mayora Indah Tbk. PT | Food Products | 13,800 | 2,384 | ||
| a | Merdeka Copper Gold Tbk. PT | Metals & Mining | 55,800 | 5,599 | |
| Perusahaan Gas Negara Tbk. PT | Gas Utilities | 42,000 | 4,149 | ||
| a | Petrindo Jaya Kreasi Tbk. PT | Oil, Gas & Consumable Fuels | 6,600 | 4,562 | |
| Sarana Menara Nusantara Tbk. PT | Diversified Telecommunication Services | 72,600 | 2,955 | ||
| Semen Indonesia Persero Tbk. PT | Construction Materials | 13,200 | 2,698 | ||
| Sumber Alfaria Trijaya Tbk. PT | Consumer Staples Distribution & Retail | 68,100 | 12,059 | ||
| Telkom Indonesia Persero Tbk. PT, Class B | Diversified Telecommunication Services | 177,000 | 29,802 | ||
| Tower Bersama Infrastructure Tbk. PT | Diversified Telecommunication Services | 2,400 | 313 | ||
| Trimegah Bangun Persada Tbk. PT | Metals & Mining | 31,200 | 1,464 | ||
| Unilever Indonesia Tbk. PT | Household Products | 22,800 | 2,670 | ||
| United Tractors Tbk. PT | Oil, Gas & Consumable Fuels | 5,400 | 8,983 | ||
| a | Vale Indonesia Tbk. PT | Metals & Mining | 8,400 | 1,889 | |
| XL Axiata Tbk. PT | Wireless Telecommunication Services | 16,800 | 2,349 | ||
| 484,316 | |||||
| Italy 0.1% | |||||
| PRADA SpA | Textiles, Apparel & Luxury Goods | 1,800 | 13,938 | ||
| Macau 0.3% | |||||
| Galaxy Entertainment Group Ltd. | Hotels, Restaurants & Leisure | 8,400 | 35,685 | ||
| MGM China Holdings Ltd. | Hotels, Restaurants & Leisure | 2,400 | 3,071 | ||
| a | Sands China Ltd. | Hotels, Restaurants & Leisure | 9,600 | 25,829 | |
| a | SJM Holdings Ltd. | Hotels, Restaurants & Leisure | 6,000 | 2,078 | |
| Wynn Macau Ltd. | Hotels, Restaurants & Leisure | 4,800 | 3,331 | ||
| 69,994 | |||||
| Malaysia 2.0% | |||||
| Alliance Bank Malaysia Bhd., Class A | Banks | 4,200 | 4,546 | ||
| AMMB Holdings Bhd. | Banks | 10,800 | 13,236 | ||
| Axiata Group Bhd., Class A | Wireless Telecommunication Services | 17,400 | 9,689 | ||
| CelcomDigi Bhd. | Wireless Telecommunication Services | 14,400 | 11,658 | ||
| CIMB Group Holdings Bhd., Class A | Banks | 31,800 | 58,316 | ||
| Dialog Group Bhd., Class A | Energy Equipment & Services | 15,000 | 6,206 | ||
| FGV Holdings Bhd. | Food Products | 1,800 | 459 | ||
| Fraser & Neave Holdings Bhd. | Beverages | 600 | 3,781 | ||
| Gamuda Bhd. | Construction & Engineering | 19,200 | 20,353 | ||
| Genting Bhd. | Hotels, Restaurants & Leisure | 8,400 | 7,251 | ||
| Genting Malaysia Bhd. | Hotels, Restaurants & Leisure | 10,800 | 5,459 | ||
| Hartalega Holdings Bhd. | Health Care Equipment & Supplies | 6,600 | 5,830 | ||
| Hong Leong Bank Bhd. | Banks | 2,400 | 11,035 | ||
| Hong Leong Financial Group Bhd. | Banks | 600 | 2,482 | ||
| IHH Healthcare Bhd. | Health Care Providers & Services | 11,400 | 18,611 | ||
| IJM Corp. Bhd. | Construction & Engineering | 13,800 | 9,382 | ||
| IOI Corp. Bhd. | Food Products | 11,400 | 9,892 | ||
| Kuala Lumpur Kepong Bhd. | Food Products | 2,400 | 11,701 | ||
| Malayan Banking Bhd. | Banks | 28,800 | 65,954 | ||
| Malaysia Airports Holdings Bhd. | Transportation Infrastructure | 4,200 | 9,938 | ||
| Maxis Bhd. | Wireless Telecommunication Services | 11,400 | 9,306 |
| MISC Bhd. | Marine Transportation | 7,800 | 13,257 | ||
| b | Mr. DIY Group M Bhd. | Specialty Retail | 15,600 | 6,454 | |
| Nestle Malaysia Bhd. | Food Products | 240 | 5,366 | ||
| Petronas Chemicals Group Bhd. | Chemicals | 10,800 | 12,487 | ||
| Petronas Dagangan Bhd. | Oil, Gas & Consumable Fuels | 1,200 | 5,185 | ||
| Petronas Gas Bhd. | Gas Utilities | 3,600 | 14,234 | ||
| PPB Group Bhd. | Food Products | 2,400 | 6,656 | ||
| Press Metal Aluminium Holdings Bhd. | Metals & Mining | 13,800 | 15,123 | ||
| Public Bank Bhd. | Banks | 56,400 | 57,516 | ||
| QL Resources Bhd. | Food Products | 6,300 | 6,707 | ||
| RHB Bank Bhd. | Banks | 7,200 | 10,434 | ||
| SD Guthrie Bhd. | Food Products | 13,800 | 15,277 | ||
| Sime Darby Bhd. | Industrial Conglomerates | 15,000 | 7,917 | ||
| Telekom Malaysia Bhd. | Diversified Telecommunication Services | 4,200 | 6,246 | ||
| Tenaga Nasional Bhd. | Electric Utilities | 16,800 | 56,132 | ||
| a | Top Glove Corp. Bhd. | Health Care Equipment & Supplies | 20,400 | 6,113 | |
| YTL Corp. Bhd. | Multi-Utilities | 18,600 | 11,106 | ||
| YTL Power International Bhd. | Multi-Utilities | 9,600 | 9,489 | ||
| 560,784 | |||||
| Philippines 0.6% | |||||
| ACEN Corp. | Independent Power Producers & Energy Traders | 35,400 | 2,448 | ||
| Ayala Corp., Class A | Industrial Conglomerates | 1,140 | 11,805 | ||
| Ayala Land, Inc., Class A | Real Estate Management & Development | 27,600 | 12,501 | ||
| Bank of the Philippine Islands, Class A | Banks | 7,756 | 16,358 | ||
| BDO Unibank, Inc., Class A | Banks | 8,820 | 21,957 | ||
| a | Bloomberry Resorts Corp., Class H | Hotels, Restaurants & Leisure | 16,800 | 1,330 | |
| Converge Information & Communications Technology Solutions, Inc. | Diversified Telecommunication Services | 9,600 | 2,679 | ||
| DMCI Holdings, Inc., Class A | Industrial Conglomerates | 10,200 | 1,908 | ||
| Globe Telecom, Inc. | Wireless Telecommunication Services | 132 | 4,984 | ||
| GT Capital Holdings, Inc. | Industrial Conglomerates | 360 | 4,095 | ||
| International Container Terminal Services, Inc. | Transportation Infrastructure | 4,020 | 26,825 | ||
| JG Summit Holdings, Inc. | Industrial Conglomerates | 11,400 | 4,050 | ||
| Jollibee Foods Corp. | Hotels, Restaurants & Leisure | 1,636 | 7,608 | ||
| LT Group, Inc. | Industrial Conglomerates | 11,400 | 2,069 | ||
| Manila Electric Co. | Electric Utilities | 1,020 | 8,605 | ||
| Megaworld Corp. | Real Estate Management & Development | 24,000 | 851 | ||
| Metropolitan Bank & Trust Co. | Banks | 7,020 | 8,738 | ||
| b | Monde Nissin Corp. | Food Products | 28,200 | 4,193 | |
| PLDT, Inc. | Wireless Telecommunication Services | 360 | 8,059 | ||
| Puregold Price Club, Inc. | Consumer Staples Distribution & Retail | 4,060 | 2,165 | ||
| Semirara Mining & Power Corp. | Oil, Gas & Consumable Fuels | 4,800 | 2,896 | ||
| SM Prime Holdings, Inc. | Real Estate Management & Development | 40,200 | 17,478 | ||
| Universal Robina Corp. | Food Products | 3,420 | 4,671 | ||
| 178,273 | |||||
| Singapore 3.4% | |||||
| b | BOC Aviation Ltd., Class A | Trading Companies & Distributors | 600 | 4,661 | |
| CapitaLand Ascendas REIT, Class A | Industrial REITs | 13,200 | 24,867 | ||
| CapitaLand Ascott Trust, Class A | Hotel & Resort REITs | 9,600 | 6,122 | ||
| CapitaLand Integrated Commercial Trust, Class A | Retail REITs | 20,275 | 28,684 | ||
| CapitaLand Investment Ltd. | Real Estate Management & Development | 8,400 | 16,133 | ||
| City Developments Ltd., Class H | Real Estate Management & Development | 1,800 | 6,742 | ||
| ComfortDelGro Corp. Ltd., Class H | Ground Transportation | 7,800 | 8,462 | ||
| DBS Group Holdings Ltd., Class A | Banks | 7,600 | 243,566 | ||
| d | Frasers Logistics & Commercial Trust | Industrial REITs | 10,800 | 6,967 | |
| Genting Singapore Ltd. | Hotels, Restaurants & Leisure | 21,600 | 12,113 | ||
| Jardine Cycle & Carriage Ltd. | Industrial Conglomerates | 200 | 4,153 | ||
| Keppel DC REIT | Specialized REITs | 5,212 | 8,329 | ||
| Keppel Ltd. | Industrial Conglomerates | 5,400 | 27,075 | ||
| Keppel REIT | Office REITs | 8,400 | 5,357 | ||
| Mapletree Industrial Trust | Industrial REITs | 7,200 | 11,664 | ||
| Mapletree Logistics Trust | Industrial REITs | 12,600 | 11,730 |
| Mapletree Pan Asia Commercial Trust | Retail REITs | 9,000 | 7,983 | ||
| d | Netlink NBN Trust | Diversified Telecommunication Services | 11,400 | 7,270 | |
| Olam Group Ltd. | Consumer Staples Distribution & Retail | 4,200 | 3,756 | ||
| Oversea-Chinese Banking Corp. Ltd. | Banks | 13,200 | 161,492 | ||
| SATS Ltd. | Transportation Infrastructure | 3,600 | 9,606 | ||
| a | Seatrium Ltd. | Machinery | 7,800 | 11,836 | |
| Sembcorp Industries Ltd. | Multi-Utilities | 3,600 | 14,567 | ||
| SIA Engineering Co. Ltd. | Transportation Infrastructure | 600 | 1,042 | ||
| Singapore Airlines Ltd. | Passenger Airlines | 5,400 | 25,492 | ||
| Singapore Exchange Ltd. | Capital Markets | 3,000 | 28,016 | ||
| Singapore Technologies Engineering Ltd. | Aerospace & Defense | 6,000 | 20,496 | ||
| Singapore Telecommunications Ltd. | Diversified Telecommunication Services | 27,600 | 62,313 | ||
| StarHub Ltd. | Wireless Telecommunication Services | 2,400 | 2,129 | ||
| Suntec Real Estate Investment Trust | Diversified REITs | 8,400 | 7,204 | ||
| United Overseas Bank Ltd. | Banks | 4,600 | 122,503 | ||
| UOL Group Ltd. | Real Estate Management & Development | 1,800 | 6,808 | ||
| Venture Corp. Ltd. | Electronic Equipment, Instruments & Components | 1,000 | 9,639 | ||
| Wilmar International Ltd. | Food Products | 7,200 | 16,361 | ||
| Yangzijiang Financial Holding Ltd. | Capital Markets | 10,200 | 3,103 | ||
| 948,241 | |||||
| South Korea 9.3% | |||||
| a | Alteogen, Inc., Class A | Biotechnology | 162 | 34,058 | |
| Amorepacific Corp., Class H | Personal Care Products | 108 | 7,688 | ||
| AMOREPACIFIC Group, Class A | Personal Care Products | 96 | 1,356 | ||
| BGF retail Co. Ltd. | Consumer Staples Distribution & Retail | 30 | 2,089 | ||
| BNK Financial Group, Inc., Class H | Banks | 1,074 | 7,544 | ||
| a | Celltrion Pharm, Inc., Class A | Pharmaceuticals | 69 | 2,658 | |
| Celltrion, Inc., Class A | Biotechnology | 567 | 72,216 | ||
| Cheil Worldwide, Inc., Class A | Media | 270 | 3,109 | ||
| CJ CheilJedang Corp., Class A | Food Products | 30 | 5,207 | ||
| CJ Corp., Class A | Industrial Conglomerates | 48 | 3,231 | ||
| a | CJ ENM Co. Ltd., Class A | Entertainment | 42 | 1,532 | |
| CJ Logistics Corp., Class A | Air Freight & Logistics | 30 | 1,720 | ||
| a | CosmoAM&T Co. Ltd. | Technology Hardware, Storage & Peripherals | 84 | 2,939 | |
| Coway Co. Ltd. | Household Durables | 216 | 9,816 | ||
| a | Daewoo Engineering & Construction Co. Ltd., Class A | Construction & Engineering | 786 | 1,658 | |
| DB Insurance Co. Ltd., Class A | Insurance | 168 | 11,731 | ||
| DGB Financial Group, Inc., Class A | Banks | 588 | 3,267 | ||
| DL Holdings Co. Ltd., Class A | Chemicals | 48 | 1,030 | ||
| Dongsuh Cos., Inc., Class A | Consumer Staples Distribution & Retail | 120 | 2,229 | ||
| Doosan Bobcat, Inc., Class A | Machinery | 192 | 5,465 | ||
| a | Doosan Enerbility Co. Ltd., Class H | Electrical Equipment | 1,596 | 19,026 | |
| a | Ecopro BM Co. Ltd. | Electrical Equipment | 174 | 12,990 | |
| a | Ecopro Co. Ltd. | Electrical Equipment | 372 | 14,530 | |
| a | Ecopro Materials Co. Ltd. | Electrical Equipment | 126 | 5,632 | |
| E-MART, Inc., Class A | Consumer Staples Distribution & Retail | 78 | 3,359 | ||
| F&F Co. Ltd. | Textiles, Apparel & Luxury Goods | 60 | 2,213 | ||
| Fila Holdings Corp. | Textiles, Apparel & Luxury Goods | 198 | 5,420 | ||
| Green Cross Corp. | Biotechnology | 24 | 2,926 | ||
| a | GS Engineering & Construction Corp. | Construction & Engineering | 246 | 2,899 | |
| a | GS Holdings Corp. | Industrial Conglomerates | 174 | 4,645 | |
| a | GS P&L Co. Ltd. | Hotels, Restaurants & Leisure | 28 | 422 | |
| GS Retail Co. Ltd. | Consumer Staples Distribution & Retail | 121 | 1,356 | ||
| Hana Financial Group, Inc. | Banks | 942 | 36,345 | ||
| Hanjin Kal Corp. | Hotels, Restaurants & Leisure | 120 | 6,146 | ||
| Hankook Tire & Technology Co. Ltd. | Automobile Components | 288 | 7,512 | ||
| Hanmi Pharm Co. Ltd. | Pharmaceuticals | 24 | 4,573 | ||
| Hanmi Science Co. Ltd. | Health Care Providers & Services | 96 | 1,920 | ||
| Hanmi Semiconductor Co. Ltd. | Semiconductors & Semiconductor Equipment | 168 | 9,415 | ||
| a | Hanon Systems | Automobile Components | 624 | 1,700 | |
| Hanwha Aerospace Co. Ltd. | Aerospace & Defense | 114 | 25,283 | ||
| Hanwha Corp. | Industrial Conglomerates | 54 | 987 | ||
| a | Hanwha Industrial Solutions Co. Ltd. | Electrical Equipment | 131 | 2,812 |
| Hanwha Life Insurance Co. Ltd. | Insurance | 1,386 | 2,316 | ||
| a | Hanwha Ocean Co. Ltd., Class A | Machinery | 342 | 8,677 | |
| a | Hanwha Solutions Corp. | Chemicals | 402 | 4,402 | |
| HD Hyundai Co. Ltd. | Oil, Gas & Consumable Fuels | 162 | 8,715 | ||
| HD Hyundai Electric Co. Ltd. | Electrical Equipment | 78 | 20,240 | ||
| a | HD Hyundai Heavy Industries Co. Ltd. | Machinery | 84 | 16,405 | |
| a | HD Hyundai Infracore Co. Ltd. | Machinery | 540 | 2,527 | |
| a | HD Hyundai Mipo | Machinery | 78 | 7,110 | |
| a | HD Korea Shipbuilding & Offshore Engineering Co. Ltd. | Machinery | 162 | 25,090 | |
| Hite Jinro Co. Ltd. | Beverages | 120 | 1,591 | ||
| HL Mando Co. Ltd. | Automobile Components | 126 | 3,479 | ||
| a | HLB, Inc. | Health Care Equipment & Supplies | 456 | 22,643 | |
| HMM Co. Ltd. | Marine Transportation | 1,104 | 13,244 | ||
| a | Hotel Shilla Co. Ltd. | Specialty Retail | 120 | 3,008 | |
| a | HYBE Co. Ltd. | Entertainment | 78 | 10,247 | |
| Hyundai Autoever Corp. | IT Services | 24 | 2,056 | ||
| Hyundai Engineering & Construction Co. Ltd. | Construction & Engineering | 282 | 4,866 | ||
| Hyundai Glovis Co. Ltd. | Air Freight & Logistics | 144 | 11,552 | ||
| Hyundai Marine & Fire Insurance Co. Ltd. | Insurance | 228 | 3,825 | ||
| Hyundai Mobis Co. Ltd. | Automobile Components | 228 | 36,628 | ||
| Hyundai Motor Co. | Automobiles | 507 | 73,012 | ||
| Hyundai Steel Co. | Metals & Mining | 324 | 4,633 | ||
| Hyundai Wia Corp. | Automobile Components | 60 | 1,541 | ||
| Industrial Bank of Korea | Banks | 1,056 | 10,279 | ||
| Kakao Corp. | Interactive Media & Services | 1,230 | 31,917 | ||
| a | Kakao Games Corp. | Entertainment | 156 | 1,736 | |
| KakaoBank Corp. | Banks | 834 | 11,925 | ||
| a | Kakaopay Corp. | Financial Services | 84 | 1,498 | |
| Kangwon Land, Inc. | Hotels, Restaurants & Leisure | 414 | 4,491 | ||
| KB Financial Group, Inc. | Banks | 1,224 | 68,926 | ||
| KCC Corp. | Chemicals | 18 | 2,879 | ||
| KEPCO Plant Service & Engineering Co. Ltd. | Commercial Services & Supplies | 84 | 2,516 | ||
| Kia Corp. | Automobiles | 924 | 63,205 | ||
| Korea Aerospace Industries Ltd. | Aerospace & Defense | 270 | 10,069 | ||
| a | Korea Electric Power Corp. | Electric Utilities | 990 | 13,483 | |
| a | Korea Gas Corp. | Gas Utilities | 102 | 2,404 | |
| Korea Investment Holdings Co. Ltd. | Capital Markets | 150 | 7,265 | ||
| Korea Zinc Co. Ltd. | Metals & Mining | 24 | 16,400 | ||
| Korean Air Lines Co. Ltd. | Passenger Airlines | 720 | 11,053 | ||
| a | Krafton, Inc. | Entertainment | 126 | 26,747 | |
| KT&G Corp. | Tobacco | 354 | 25,754 | ||
| a | Kum Yang Co. Ltd. | Chemicals | 132 | 1,901 | |
| Kumho Petrochemical Co. Ltd. | Chemicals | 60 | 3,693 | ||
| a | L&F Co. Ltd. | Electrical Equipment | 96 | 5,282 | |
| LG Chem Ltd. | Chemicals | 180 | 30,568 | ||
| LG Corp. | Industrial Conglomerates | 330 | 16,140 | ||
| a | LG Display Co. Ltd. | Electronic Equipment, Instruments & Components | 1,188 | 7,368 | |
| LG Electronics, Inc. | Household Durables | 408 | 23,142 | ||
| a | LG Energy Solution Ltd. | Electrical Equipment | 150 | 35,458 | |
| LG H&H Co. Ltd. | Personal Care Products | 36 | 7,458 | ||
| LG Innotek Co. Ltd. | Electronic Equipment, Instruments & Components | 54 | 5,942 | ||
| LG Uplus Corp. | Diversified Telecommunication Services | 822 | 5,768 | ||
| Lotte Chemical Corp. | Chemicals | 72 | 2,925 | ||
| Lotte Chilsung Beverage Co. Ltd. | Beverages | 12 | 913 | ||
| Lotte Corp. | Industrial Conglomerates | 102 | 1,510 | ||
| Lotte Energy Materials Corp. | Electronic Equipment, Instruments & Components | 78 | 1,250 | ||
| Lotte Shopping Co. Ltd. | Broadline Retail | 42 | 1,543 | ||
| LS Corp. | Electrical Equipment | 66 | 4,228 | ||
| LS Electric Co. Ltd. | Electrical Equipment | 54 | 5,898 | ||
| Meritz Financial Group, Inc. | Financial Services | 330 | 23,313 | ||
| Mirae Asset Securities Co. Ltd. | Capital Markets | 1,002 | 5,466 | ||
| a | NAVER Corp. | Interactive Media & Services | 510 | 68,905 | |
| NCSoft Corp. | Entertainment | 60 | 7,463 | ||
| a,b | Netmarble Corp. | Entertainment | 84 | 2,950 |
| NH Investment & Securities Co. Ltd., Class C | Capital Markets | 528 | 5,003 | ||
| NongShim Co. Ltd. | Food Products | 12 | 3,049 | ||
| OCI Holdings Co. Ltd. | Chemicals | 60 | 2,396 | ||
| Orion Corp. | Food Products | 84 | 5,843 | ||
| Ottogi Corp. | Food Products | 6 | 1,612 | ||
| Pan Ocean Co. Ltd. | Marine Transportation | 954 | 2,139 | ||
| a | Paradise Co. Ltd. | Hotels, Restaurants & Leisure | 180 | 1,174 | |
| a | Pearl Abyss Corp. | Entertainment | 126 | 2,371 | |
| Posco DX Co. Ltd. | IT Services | 204 | 2,644 | ||
| POSCO Future M Co. Ltd. | Electrical Equipment | 108 | 10,425 | ||
| POSCO Holdings, Inc. | Metals & Mining | 282 | 48,560 | ||
| Posco International Corp. | Trading Companies & Distributors | 174 | 4,686 | ||
| S-1 Corp. | Commercial Services & Supplies | 72 | 2,895 | ||
| a,b | Samsung Biologics Co. Ltd. | Life Sciences Tools & Services | 66 | 42,546 | |
| Samsung C&T Corp. | Industrial Conglomerates | 318 | 24,798 | ||
| Samsung Card Co. Ltd. | Consumer Finance | 114 | 3,055 | ||
| a | Samsung E&A Co. Ltd. | Construction & Engineering | 612 | 6,880 | |
| Samsung Electro-Mechanics Co. Ltd. | Electronic Equipment, Instruments & Components | 210 | 17,660 | ||
| Samsung Electronics Co. Ltd. | Technology Hardware, Storage & Peripherals | 17,850 | 645,057 | ||
| Samsung Fire & Marine Insurance Co. Ltd. | Insurance | 108 | 26,300 | ||
| a | Samsung Heavy Industries Co. Ltd. | Machinery | 2,508 | 19,251 | |
| Samsung Life Insurance Co. Ltd. | Insurance | 270 | 17,387 | ||
| a | Samsung SDI Co. Ltd. | Electronic Equipment, Instruments & Components | 198 | 33,288 | |
| Samsung SDS Co. Ltd. | IT Services | 138 | 11,980 | ||
| Samsung Securities Co. Ltd. | Capital Markets | 246 | 7,269 | ||
| a | SD Biosensor, Inc. | Health Care Equipment & Supplies | 156 | 1,089 | |
| Shinhan Financial Group Co. Ltd. | Banks | 1,836 | 59,427 | ||
| a | Shinsegae, Inc. | Broadline Retail | 24 | 2,168 | |
| a | SK Biopharmaceuticals Co. Ltd. | Pharmaceuticals | 102 | 7,698 | |
| a | SK Bioscience Co. Ltd. | Biotechnology | 96 | 3,287 | |
| SK Hynix, Inc. | Semiconductors & Semiconductor Equipment | 2,016 | 238,143 | ||
| a,b | SK IE Technology Co. Ltd. | Electrical Equipment | 102 | 1,562 | |
| a | SK Innovation Co. Ltd. | Oil, Gas & Consumable Fuels | 216 | 16,433 | |
| a | SK Square Co. Ltd. | Industrial Conglomerates | 354 | 19,069 | |
| SK, Inc. | Industrial Conglomerates | 120 | 10,719 | ||
| a | SKC Co. Ltd. | Chemicals | 72 | 5,140 | |
| S-Oil Corp. | Oil, Gas & Consumable Fuels | 156 | 5,807 | ||
| Solus Advanced Materials Co. Ltd. | Electronic Equipment, Instruments & Components | 102 | 568 | ||
| a | Wemade Co. Ltd. | Entertainment | 66 | 1,576 | |
| Woori Financial Group, Inc. | Banks | 2,274 | 23,742 | ||
| Yuhan Corp. | Pharmaceuticals | 192 | 15,585 | ||
| 2,582,373 | |||||
| Taiwan 20.9% | |||||
| Accton Technology Corp. | Communications Equipment | 1,900 | 44,799 | ||
| Acer, Inc., Class H | Technology Hardware, Storage & Peripherals | 12,000 | 14,568 | ||
| Advantech Co. Ltd. | Technology Hardware, Storage & Peripherals | 1,620 | 17,122 | ||
| Alchip Technologies Ltd. | Semiconductors & Semiconductor Equipment | 280 | 28,013 | ||
| ASE Technology Holding Co. Ltd., Class A | Semiconductors & Semiconductor Equipment | 12,000 | 59,296 | ||
| Asia Cement Corp. | Construction Materials | 9,600 | 11,830 | ||
| Asia Vital Components Co. Ltd. | Technology Hardware, Storage & Peripherals | 1,200 | 22,803 | ||
| ASMedia Technology, Inc. | Semiconductors & Semiconductor Equipment | 160 | 9,688 | ||
| ASPEED Technology, Inc. | Semiconductors & Semiconductor Equipment | 106 | 10,751 | ||
| Asustek Computer, Inc. | Technology Hardware, Storage & Peripherals | 2,700 | 50,731 | ||
| AUO Corp., Class H | Electronic Equipment, Instruments & Components | 24,000 | 10,725 | ||
| Capital Securities Corp., Class A | Capital Markets | 6,000 | 4,511 | ||
| Catcher Technology Co. Ltd. | Technology Hardware, Storage & Peripherals | 2,280 | 13,492 | ||
| Cathay Financial Holding Co. Ltd., Class A | Insurance | 36,000 | 74,999 | ||
| Chailease Holding Co. Ltd., Class A | Financial Services | 5,516 | 19,012 | ||
| Chang Hwa Commercial Bank Ltd., Class A | Banks | 24,768 | 13,485 | ||
| Cheng Shin Rubber Industry Co. Ltd., Class A | Automobile Components | 7,200 | 10,772 | ||
| Chicony Electronics Co. Ltd. | Technology Hardware, Storage & Peripherals | 2,260 | 10,478 | ||
| China Airlines Ltd., Class A | Passenger Airlines | 12,000 | 9,389 | ||
| China Motor Corp., Class A | Automobiles | 800 | 1,938 | ||
| China Steel Corp., Class A | Metals & Mining | 42,000 | 25,174 |
| Chunghwa Telecom Co. Ltd. | Diversified Telecommunication Services | 14,500 | 54,622 | ||
| Compal Electronics, Inc., Class H | Technology Hardware, Storage & Peripherals | 12,000 | 13,781 | ||
| CTBC Financial Holding Co. Ltd., Class A | Banks | 60,000 | 71,558 | ||
| Delta Electronics, Inc., Class A | Electronic Equipment, Instruments & Components | 8,000 | 105,050 | ||
| E Ink Holdings, Inc. | Electronic Equipment, Instruments & Components | 3,000 | 24,981 | ||
| E.Sun Financial Holding Co. Ltd., Class A | Banks | 55,081 | 45,279 | ||
| Eclat Textile Co. Ltd., Class A | Textiles, Apparel & Luxury Goods | 780 | 12,110 | ||
| Elite Material Co. Ltd. | Electronic Equipment, Instruments & Components | 1,050 | 19,793 | ||
| eMemory Technology, Inc. | Semiconductors & Semiconductor Equipment | 252 | 25,788 | ||
| Ennostar, Inc., Class H | Semiconductors & Semiconductor Equipment | 2,520 | 3,213 | ||
| Eternal Materials Co. Ltd., Class H | Chemicals | 3,000 | 2,544 | ||
| Eva Airways Corp., Class H | Passenger Airlines | 12,000 | 16,233 | ||
| Evergreen Marine Corp. Taiwan Ltd. | Marine Transportation | 3,900 | 26,766 | ||
| Far Eastern International Bank | Banks | 6,303 | 2,538 | ||
| Far Eastern New Century Corp. | Industrial Conglomerates | 12,000 | 11,566 | ||
| Far EasTone Telecommunications Co. Ltd. | Wireless Telecommunication Services | 6,000 | 16,361 | ||
| Feng TAY Enterprise Co. Ltd. | Textiles, Apparel & Luxury Goods | 1,980 | 8,032 | ||
| First Financial Holding Co. Ltd. | Banks | 42,000 | 34,718 | ||
| a,b | FIT Hon Teng Ltd. | Electronic Equipment, Instruments & Components | 6,000 | 2,819 | |
| Formosa Chemicals & Fibre Corp. | Chemicals | 13,200 | 10,992 | ||
| Formosa Petrochemical Corp. | Oil, Gas & Consumable Fuels | 5,260 | 5,543 | ||
| Formosa Plastics Corp. | Chemicals | 14,160 | 15,333 | ||
| Formosa Sumco Technology Corp. | Semiconductors & Semiconductor Equipment | 300 | 897 | ||
| Formosa Taffeta Co. Ltd. | Textiles, Apparel & Luxury Goods | 6,000 | 3,358 | ||
| Fortune Electric Co. Ltd. | Electrical Equipment | 500 | 8,586 | ||
| Foxconn Technology Co. Ltd. | Electronic Equipment, Instruments & Components | 4,500 | 10,212 | ||
| Fubon Financial Holding Co. Ltd. | Insurance | 30,000 | 82,631 | ||
| Genius Electronic Optical Co. Ltd. | Electronic Equipment, Instruments & Components | 360 | 5,567 | ||
| Giant Manufacturing Co. Ltd. | Leisure Products | 1,200 | 5,179 | ||
| Gigabyte Technology Co. Ltd. | Technology Hardware, Storage & Peripherals | 1,800 | 14,961 | ||
| Global Unichip Corp. | Semiconductors & Semiconductor Equipment | 300 | 12,445 | ||
| Globalwafers Co. Ltd. | Semiconductors & Semiconductor Equipment | 820 | 9,542 | ||
| Hiwin Technologies Corp. | Machinery | 1,200 | 12,042 | ||
| Hon Hai Precision Industry Co. Ltd. | Electronic Equipment, Instruments & Components | 44,600 | 250,313 | ||
| Hotai Motor Co. Ltd. | Specialty Retail | 1,260 | 23,790 | ||
| a | HTC Corp. | Technology Hardware, Storage & Peripherals | 3,000 | 4,502 | |
| Hua Nan Financial Holdings Co. Ltd., Class C | Banks | 34,360 | 27,407 | ||
| Innolux Corp. | Electronic Equipment, Instruments & Components | 26,400 | 11,555 | ||
| International Games System Co. Ltd. | Entertainment | 600 | 17,826 | ||
| Inventec Corp. | Technology Hardware, Storage & Peripherals | 10,000 | 15,282 | ||
| Jentech Precision Industrial Co. Ltd. | Semiconductors & Semiconductor Equipment | 400 | 18,606 | ||
| KGI Financial Holding Co. Ltd., Class A | Insurance | 60,000 | 31,478 | ||
| King Yuan Electronics Co. Ltd. | Semiconductors & Semiconductor Equipment | 4,000 | 13,604 | ||
| Largan Precision Co. Ltd. | Electronic Equipment, Instruments & Components | 350 | 28,558 | ||
| Lite-On Technology Corp. | Technology Hardware, Storage & Peripherals | 7,400 | 22,459 | ||
| Lotes Co. Ltd. | Electronic Equipment, Instruments & Components | 300 | 17,890 | ||
| MediaTek, Inc. | Semiconductors & Semiconductor Equipment | 5,560 | 239,973 | ||
| Mega Financial Holding Co. Ltd. | Banks | 43,260 | 51,066 | ||
| Micro-Star International Co. Ltd. | Technology Hardware, Storage & Peripherals | 2,400 | 13,433 | ||
| momo.com, Inc. | Broadline Retail | 257 | 2,614 | ||
| Nan Ya Plastics Corp. | Chemicals | 20,260 | 18,477 | ||
| Nan Ya Printed Circuit Board Corp. | Electronic Equipment, Instruments & Components | 780 | 3,105 | ||
| a | Nanya Technology Corp. | Semiconductors & Semiconductor Equipment | 4,750 | 4,238 | |
| Nien Made Enterprise Co. Ltd. | Household Durables | 600 | 6,707 | ||
| Novatek Microelectronics Corp. | Semiconductors & Semiconductor Equipment | 2,160 | 33,074 | ||
| a | Oneness Biotech Co. Ltd. | Pharmaceuticals | 1,461 | 3,890 | |
| Pegatron Corp. | Technology Hardware, Storage & Peripherals | 7,800 | 21,865 | ||
| a | PharmaEssentia Corp. | Biotechnology | 840 | 15,757 | |
| Pou Chen Corp. | Textiles, Apparel & Luxury Goods | 6,000 | 6,753 | ||
| a | Powerchip Semiconductor Manufacturing Corp. | Semiconductors & Semiconductor Equipment | 12,000 | 5,820 | |
| Powertech Technology, Inc. | Semiconductors & Semiconductor Equipment | 3,000 | 11,164 | ||
| President Chain Store Corp. | Consumer Staples Distribution & Retail | 2,000 | 16,044 | ||
| Quanta Computer, Inc. | Technology Hardware, Storage & Peripherals | 10,120 | 88,592 | ||
| Realtek Semiconductor Corp. | Semiconductors & Semiconductor Equipment | 1,800 | 31,186 | ||
| Ruentex Development Co. Ltd. | Real Estate Management & Development | 6,000 | 7,851 |
| Shanghai Commercial & Savings Bank Ltd. | Banks | 12,000 | 14,495 | ||
| Shihlin Electric & Engineering Corp. | Electrical Equipment | 1,000 | 5,856 | ||
| a | Shin Kong Financial Holding Co. Ltd. | Insurance | 58,284 | 20,978 | |
| Sino-American Silicon Products, Inc. | Semiconductors & Semiconductor Equipment | 1,920 | 7,877 | ||
| SinoPac Financial Holdings Co. Ltd. | Banks | 43,050 | 30,071 | ||
| Synnex Technology International Corp. | Electronic Equipment, Instruments & Components | 5,200 | 11,230 | ||
| Taishin Financial Holding Co. Ltd. | Banks | 42,000 | 22,291 | ||
| Taiwan Business Bank | Banks | 20,070 | 9,091 | ||
| Taiwan Cooperative Financial Holding Co. Ltd. | Banks | 36,000 | 26,683 | ||
| Taiwan Fertilizer Co. Ltd. | Chemicals | 3,000 | 4,676 | ||
| a | Taiwan Glass Industry Corp. | Building Products | 6,000 | 2,992 | |
| Taiwan High Speed Rail Corp. | Transportation Infrastructure | 6,000 | 5,088 | ||
| Taiwan Mobile Co. Ltd. | Wireless Telecommunication Services | 6,000 | 20,772 | ||
| Taiwan Secom Co. Ltd. | Commercial Services & Supplies | 1,020 | 3,842 | ||
| Taiwan Semiconductor Manufacturing Co. Ltd. | Semiconductors & Semiconductor Equipment | 90,080 | 2,953,713 | ||
| a | Tatung Co. Ltd. | Electrical Equipment | 9,000 | 13,150 | |
| TCC Group Holdings Co. Ltd. | Construction Materials | 24,000 | 23,206 | ||
| Teco Electric & Machinery Co. Ltd. | Electrical Equipment | 6,000 | 9,553 | ||
| Transcend Information, Inc. | Technology Hardware, Storage & Peripherals | 1,020 | 2,694 | ||
| U-Ming Marine Transport Corp. | Marine Transportation | 1,800 | 3,190 | ||
| Unimicron Technology Corp. | Electronic Equipment, Instruments & Components | 4,920 | 21,160 | ||
| Uni-President Enterprises Corp. | Food Products | 18,000 | 44,417 | ||
| United Microelectronics Corp. | Semiconductors & Semiconductor Equipment | 45,000 | 59,090 | ||
| Vanguard International Semiconductor Corp. | Semiconductors & Semiconductor Equipment | 3,929 | 11,972 | ||
| Voltronic Power Technology Corp. | Electrical Equipment | 250 | 14,184 | ||
| Walsin Lihwa Corp. | Electrical Equipment | 12,000 | 8,675 | ||
| Walsin Technology Corp. | Electronic Equipment, Instruments & Components | 1,200 | 3,386 | ||
| Wan Hai Lines Ltd. | Marine Transportation | 3,600 | 8,905 | ||
| a | Win Semiconductors Corp. | Semiconductors & Semiconductor Equipment | 1,500 | 5,124 | |
| a | Winbond Electronics Corp. | Semiconductors & Semiconductor Equipment | 12,734 | 5,749 | |
| Wistron Corp. | Technology Hardware, Storage & Peripherals | 10,800 | 34,260 | ||
| Wiwynn Corp. | Technology Hardware, Storage & Peripherals | 360 | 28,770 | ||
| WPG Holdings Ltd. | Electronic Equipment, Instruments & Components | 6,000 | 12,518 | ||
| Yageo Corp. | Electronic Equipment, Instruments & Components | 1,792 | 29,571 | ||
| Yang Ming Marine Transport Corp. | Marine Transportation | 6,600 | 15,240 | ||
| Yuanta Financial Holding Co. Ltd. | Financial Services | 42,960 | 44,553 | ||
| Yulon Motor Co. Ltd. | Automobiles | 2,400 | 3,712 | ||
| Zhen Ding Technology Holding Ltd. | Electronic Equipment, Instruments & Components | 2,260 | 8,272 | ||
| 5,774,501 | |||||
| Thailand 2.1% | |||||
| Advanced Info Service PCL, NVDR | Wireless Telecommunication Services | 4,200 | 35,354 | ||
| Airports of Thailand PCL, Class H, NVDR | Transportation Infrastructure | 16,200 | 28,271 | ||
| Asset World Corp. PCL, Class H, NVDR | Hotels, Restaurants & Leisure | 27,600 | 2,849 | ||
| B Grimm Power PCL, Class A, NVDR | Independent Power Producers & Energy Traders | 3,000 | 1,716 | ||
| Bangkok Bank PCL, Class A, NVDR | Banks | 2,400 | 10,629 | ||
| Bangkok Dusit Medical Services PCL, Class A, NVDR | Health Care Providers & Services | 41,400 | 29,749 | ||
| Bangkok Expressway & Metro PCL, Class H, NVDR | Transportation Infrastructure | 22,200 | 4,623 | ||
| Banpu PCL, Class A, NVDR | Oil, Gas & Consumable Fuels | 34,800 | 6,124 | ||
| Berli Jucker PCL, Class A, NVDR | Consumer Staples Distribution & Retail | 4,200 | 2,870 | ||
| a | BTS Group Holdings PCL, Class A, NVDR | Ground Transportation | 33,000 | 5,904 | |
| Bumrungrad Hospital PCL, NVDR | Health Care Providers & Services | 2,400 | 14,043 | ||
| Carabao Group PCL, Class A, NVDR | Beverages | 1,200 | 2,763 | ||
| Central Pattana PCL, Class A, NVDR | Real Estate Management & Development | 12,000 | 20,062 | ||
| Central Retail Corp. PCL, Class A, NVDR | Broadline Retail | 10,800 | 10,770 | ||
| Charoen Pokphand Foods PCL, Class A, NVDR | Food Products | 15,600 | 10,432 | ||
| CP ALL PCL, Class B, NVDR | Consumer Staples Distribution & Retail | 22,800 | 37,281 | ||
| CP Axtra PCL, NVDR | Consumer Staples Distribution & Retail | 5,913 | 4,726 | ||
| Delta Electronics Thailand PCL, Class A, NVDR | Electronic Equipment, Instruments & Components | 10,200 | 45,622 | ||
| Digital Telecommunications Infrastructure Fund, Class A, UNIT | Telecommunications | 20,400 | 5,146 | ||
| Electricity Generating PCL, Class A, NVDR | Independent Power Producers & Energy Traders | 600 | 2,059 | ||
| Energy Absolute PCL, Class A, NVDR | Independent Power Producers & Energy Traders | 6,600 | 767 |
| Global Power Synergy PCL, NVDR | Independent Power Producers & Energy Traders | 2,400 | 2,692 | ||
| Gulf Energy Development PCL, NVDR | Independent Power Producers & Energy Traders | 11,400 | 19,894 | ||
| Home Product Center PCL, NVDR | Specialty Retail | 21,600 | 5,955 | ||
| Indorama Ventures PCL, NVDR | Chemicals | 6,600 | 4,820 | ||
| Intouch Holdings PCL, NVDR | Wireless Telecommunication Services | 3,000 | 8,535 | ||
| IRPC PCL, NVDR | Oil, Gas & Consumable Fuels | 39,600 | 1,429 | ||
| Kasikornbank PCL, NVDR | Banks | 6,400 | 29,189 | ||
| Krung Thai Bank PCL, NVDR | Banks | 23,400 | 14,413 | ||
| Krungthai Card PCL, NVDR | Consumer Finance | 4,200 | 6,159 | ||
| Land & Houses PCL, NVDR | Real Estate Management & Development | 31,800 | 4,710 | ||
| Minor International PCL, NVDR | Hotels, Restaurants & Leisure | 15,600 | 11,896 | ||
| Muangthai Capital PCL, NVDR | Consumer Finance | 2,400 | 3,379 | ||
| Osotspa PCL, NVDR | Beverages | 5,400 | 3,294 | ||
| PTT Exploration & Production PCL, NVDR | Oil, Gas & Consumable Fuels | 5,400 | 18,847 | ||
| PTT Global Chemical PCL, NVDR | Chemicals | 7,800 | 5,582 | ||
| PTT Oil & Retail Business PCL, NVDR | Specialty Retail | 10,800 | 4,213 | ||
| PTT PCL, NVDR | Oil, Gas & Consumable Fuels | 54,600 | 50,845 | ||
| Ratch Group PCL, NVDR | Independent Power Producers & Energy Traders | 4,200 | 3,696 | ||
| SCB X PCL, NVDR | Banks | 6,600 | 22,745 | ||
| SCG Packaging PCL, NVDR | Containers & Packaging | 4,800 | 2,759 | ||
| Siam Cement PCL, NVDR | Construction Materials | 2,400 | 11,826 | ||
| Siam City Cement PCL, NVDR | Construction Materials | 600 | 2,877 | ||
| Srisawad Corp. PCL, NVDR | Consumer Finance | 2,680 | 3,282 | ||
| Thai Beverage PCL | Beverages | 28,800 | 11,506 | ||
| Thai Life Insurance PCL, NVDR | Insurance | 9,600 | 3,154 | ||
| Thai Oil PCL, NVDR | Oil, Gas & Consumable Fuels | 4,200 | 3,480 | ||
| Thai Union Group PCL, NVDR | Food Products | 10,200 | 3,889 | ||
| TMBThanachart Bank PCL, NVDR | Banks | 168,000 | 9,165 | ||
| a | True Corp. PCL, NVDR | Diversified Telecommunication Services | 40,800 | 13,283 | |
| 569,274 | |||||
| United Kingdom 0.2% | |||||
| CK Hutchison Holdings Ltd., Class A | Industrial Conglomerates | 10,000 | 53,425 | ||
| United States 0.1% | |||||
| Parade Technologies Ltd. | Semiconductors & Semiconductor Equipment | 300 | 7,019 | ||
| b | Samsonite International SA | Textiles, Apparel & Luxury Goods | 5,400 | 15,015 | |
| 22,034 | |||||
| Total Common Stocks (Cost $24,827,670) | 27,696,770 | ||||
| Preferred Stocks 0.4% | |||||
| South Korea 0.4% | |||||
| e | Amorepacific Corp., 2.85%, pfd. | Personal Care Products | 42 | 916 | |
| e | Hanwha Corp., 5.326%, pfd. | Industrial Conglomerates | 78 | 796 | |
| e | Hyundai Motor Co., 9.295%, pfd. | Automobiles | 132 | 13,988 | |
| e | Hyundai Motor Co., 9.469%, pfd. | Automobiles | 84 | 8,707 | |
| e | LG Chem Ltd., 2.236%, pfd. | Chemicals | 30 | 3,236 | |
| e | LG Electronics, Inc., 1.214%, pfd. | Household Durables | 66 | 1,847 | |
| e | Samsung Electronics Co. Ltd., 3.269%, pfd. | Technology Hardware, Storage & Peripherals | 3,090 | 92,774 | |
| e | Samsung Fire & Marine Insurance Co. Ltd., 5.831%, pfd. | Insurance | 12 | 2,238 | |
| e | Samsung SDI Co. Ltd., 0.72%, pfd. | Electronic Equipment, Instruments & Components | 6 | 595 | |
| Total Preferred Stocks (Cost $144,774) | 125,097 | ||||
| Right 0.0%† | |||||
| Thailand 0.0%† | |||||
| a | Electronic Arts, Inc. | Entertainment | 6,600 | 379 | |
| Total Rights (Cost $4,114) | 379 | ||||
| Total Investments before Short-Term Investments (Cost $24,976,558) | 27,822,246 |
| Short-Term Investments 0.1% | |||||
| Money Market Funds 0.1% | |||||
| United States 0.1% | |||||
| f,g | Institutional Fiduciary Trust - Money Market Portfolio, 4.18% | Money Market Funds | 17,967 | 17,967 | |
| Total Short-Term Investments (Cost $17,967) | 17,967 | ||||
| Total Investments (Cost $24,994,525) 100.7% | 27,840,213 | ||||
| Other Assets, less Liabilities (0.7)% | (189,443) | ||||
| Net Assets 100.0% | $ 27,650,770 |
| †Rounds to less than 0.1% of net assets. |
| aNon-income producing. |
| bSecurity was purchased pursuant to Rule 144A under the Securities Act of 1933 and may be sold in transactions exempt from registration only to qualified institutional buyers or in a public offering registered under the Securities Act of 1933. At December 31, 2024, the aggregate value of these securities was $1,607,998, representing 5.8% of net assets. |
| cFair valued using significant unobservable inputs. See Note 5 regarding fair value measurements. |
| dSecurity was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. At December 31, 2024, the aggregate value of these securities was $106,166, representing 0.4% of net assets. |
| eVariable rate security. The rate shown represents the yield at period end. |
| fThe rate shown is the annualized seven-day effective yield at period end. |
| gSee Note 3 regarding investments in affiliated management investment companies. |
| Selected Portfolio | ||
| ADR | – | American Depositary Receipt |
| NVDR | – | Non-Voting Depositary Receipt |
| REIT | – | Real Estate Investment Trust |
| SF | – | Single Family |
| SPA | – | Standby Purchase Agreement |
| SRF | – | State Revolving Fund |
| Franklin FTSE Australia ETF | Industry | Shares | Value | ||
| Common Stocks 99.5% | |||||
| Australia 96.2% | |||||
| AGL Energy Ltd. | Multi-Utilities | 23,162 | $ 161,907 | ||
| ALS Ltd. | Professional Services | 18,685 | 174,458 | ||
| AMP Ltd. | Financial Services | 98,827 | 96,984 | ||
| Ampol Ltd. | Oil, Gas & Consumable Fuels | 9,213 | 160,802 | ||
| Ansell Ltd. | Health Care Equipment & Supplies | 5,661 | 118,539 | ||
| ANZ Group Holdings Ltd. | Banks | 116,587 | 2,060,156 | ||
| APA Group | Gas Utilities | 49,765 | 214,760 | ||
| Aristocrat Leisure Ltd. | Hotels, Restaurants & Leisure | 24,605 | 1,041,409 | ||
| ASX Ltd. | Capital Markets | 7,511 | 302,650 | ||
| Atlas Arteria Ltd. | Transportation Infrastructure | 43,956 | 129,273 | ||
| Aurizon Holdings Ltd. | Ground Transportation | 68,450 | 137,738 | ||
| Bank of Queensland Ltd. | Banks | 25,567 | 106,060 | ||
| Beach Energy Ltd. | Oil, Gas & Consumable Fuels | 68,043 | 58,770 | ||
| Bendigo & Adelaide Bank Ltd. | Banks | 21,978 | 178,261 | ||
| BHP Group Ltd. | Metals & Mining | 195,286 | 4,782,044 | ||
| BlueScope Steel Ltd. | Metals & Mining | 17,168 | 198,667 | ||
| Brambles Ltd. | Commercial Services & Supplies | 53,983 | 643,070 | ||
| CAR Group Ltd. | Interactive Media & Services | 14,245 | 317,777 | ||
| Challenger Ltd. | Financial Services | 19,906 | 74,072 | ||
| Charter Hall Group | Diversified REITs | 18,278 | 162,396 | ||
| Cleanaway Waste Management Ltd. | Commercial Services & Supplies | 86,395 | 141,752 | ||
| Cochlear Ltd. | Health Care Equipment & Supplies | 2,479 | 444,929 | ||
| Coles Group Ltd. | Consumer Staples Distribution & Retail | 50,431 | 589,828 | ||
| Commonwealth Bank of Australia | Banks | 64,898 | 6,157,832 | ||
| Computershare Ltd. | Professional Services | 22,348 | 469,758 | ||
| CSL Ltd. | Biotechnology | 18,694 | 3,259,118 | ||
| Deterra Royalties Ltd. | Metals & Mining | 16,317 | 37,582 | ||
| Dexus | Office REITs | 41,699 | 171,947 | ||
| Domain Holdings Australia Ltd. | Interactive Media & Services | 9,509 | 14,895 | ||
| Domino’s Pizza Enterprises Ltd. | Hotels, Restaurants & Leisure | 2,553 | 46,536 | ||
| Downer EDI Ltd. | Commercial Services & Supplies | 26,011 | 84,550 | ||
| Endeavour Group Ltd. | Consumer Staples Distribution & Retail | 56,092 | 145,863 | ||
| Evolution Mining Ltd. | Metals & Mining | 72,409 | 215,642 | ||
| Flight Centre Travel Group Ltd. | Hotels, Restaurants & Leisure | 7,918 | 81,773 | ||
| Fortescue Ltd. | Metals & Mining | 61,642 | 696,523 | ||
| Goodman Group | Industrial REITs | 72,224 | 1,593,732 | ||
| GPT Group | Diversified REITs | 74,296 | 201,022 | ||
| Harvey Norman Holdings Ltd. | Broadline Retail | 22,977 | 66,436 | ||
| IDP Education Ltd. | Diversified Consumer Services | 10,804 | 84,486 | ||
| IGO Ltd. | Metals & Mining | 24,087 | 71,137 | ||
| Iluka Resources Ltd. | Metals & Mining | 16,465 | 51,481 | ||
| Incitec Pivot Ltd. | Chemicals | 66,637 | 120,887 | ||
| Insignia Financial Ltd. | Capital Markets | 25,900 | 56,928 | ||
| Insurance Australia Group Ltd. | Insurance | 92,537 | 484,710 | ||
| JB Hi-Fi Ltd. | Specialty Retail | 4,218 | 242,041 | ||
| Lendlease Corp. Ltd. | Real Estate Management & Development | 26,714 | 103,044 | ||
| a | Liontown Resources Ltd. | Metals & Mining | 59,422 | 19,315 | |
| Lottery Corp. Ltd. | Hotels, Restaurants & Leisure | 86,173 | 263,569 | ||
| a | Lynas Rare Earths Ltd. | Metals & Mining | 36,112 | 143,767 | |
| Macquarie Group Ltd. | Capital Markets | 13,579 | 1,863,509 | ||
| Magellan Financial Group Ltd. | Capital Markets | 6,919 | 47,637 | ||
| Medibank Pvt Ltd. | Insurance | 106,708 | 250,399 | ||
| Metcash Ltd. | Consumer Staples Distribution & Retail | 42,254 | 81,101 | ||
| Mineral Resources Ltd. | Metals & Mining | 6,697 | 142,016 | ||
| Mirvac Group | Diversified REITs | 152,699 | 177,269 | ||
| National Australia Bank Ltd. | Banks | 120,324 | 2,763,899 | ||
| New Hope Corp. Ltd. | Oil, Gas & Consumable Fuels | 19,795 | 60,790 | ||
| a | NEXTDC Ltd. | IT Services | 24,790 | 231,305 | |
| Northern Star Resources Ltd. | Metals & Mining | 43,549 | 416,314 |
| Nufarm Ltd. | Chemicals | 14,615 | 32,033 | ||
| Orica Ltd. | Chemicals | 18,796 | 192,951 | ||
| Origin Energy Ltd. | Electric Utilities | 66,600 | 449,466 | ||
| Orora Ltd. | Containers & Packaging | 52,096 | 79,348 | ||
| Perpetual Ltd. | Capital Markets | 4,366 | 53,767 | ||
| a | Pilbara Minerals Ltd. | Metals & Mining | 111,814 | 151,613 | |
| Pro Medicus Ltd. | Health Care Technology | 1,961 | 303,684 | ||
| a | Qantas Airways Ltd. | Passenger Airlines | 29,526 | 163,981 | |
| QBE Insurance Group Ltd. | Insurance | 58,164 | 691,435 | ||
| Qube Holdings Ltd. | Transportation Infrastructure | 67,969 | 167,070 | ||
| Ramsay Health Care Ltd. | Health Care Providers & Services | 6,808 | 145,592 | ||
| REA Group Ltd. | Interactive Media & Services | 1,961 | 283,274 | ||
| Reece Ltd. | Trading Companies & Distributors | 8,251 | 114,331 | ||
| Region RE Ltd. | Retail REITs | 44,992 | 57,664 | ||
| Rio Tinto Ltd. | Metals & Mining | 14,393 | 1,046,736 | ||
| Santos Ltd. | Oil, Gas & Consumable Fuels | 125,837 | 520,452 | ||
| Scentre Group | Retail REITs | 201,243 | 427,377 | ||
| SEEK Ltd. | Interactive Media & Services | 13,653 | 190,790 | ||
| SGH Ltd. | Trading Companies & Distributors | 7,659 | 218,657 | ||
| Sonic Healthcare Ltd. | Health Care Providers & Services | 18,574 | 310,618 | ||
| South32 Ltd. | Metals & Mining | 175,639 | 369,739 | ||
| a | Star Entertainment Group Ltd. | Hotels, Restaurants & Leisure | 102,157 | 12,018 | |
| Steadfast Group Ltd. | Insurance | 42,624 | 153,066 | ||
| Stockland | Diversified REITs | 92,463 | 274,793 | ||
| Suncorp Group Ltd. | Insurance | 49,321 | 580,510 | ||
| Tabcorp Holdings Ltd. | Hotels, Restaurants & Leisure | 88,208 | 30,857 | ||
| Telstra Group Ltd. | Diversified Telecommunication Services | 156,806 | 389,317 | ||
| TPG Telecom Ltd. | Diversified Telecommunication Services | 14,208 | 39,498 | ||
| Transurban Group | Transportation Infrastructure | 119,806 | 993,242 | ||
| Treasury Wine Estates Ltd. | Beverages | 31,450 | 220,621 | ||
| Vicinity Ltd. | Retail REITs | 146,076 | 189,930 | ||
| Washington H Soul Pattinson & Co. Ltd. | Financial Services | 9,583 | 203,038 | ||
| Wesfarmers Ltd. | Broadline Retail | 43,882 | 1,943,438 | ||
| Westpac Banking Corp. | Banks | 134,532 | 2,692,111 | ||
| Whitehaven Coal Ltd. | Oil, Gas & Consumable Fuels | 27,121 | 104,110 | ||
| WiseTech Global Ltd. | Software | 7,400 | 554,662 | ||
| Woodside Energy Group Ltd. | Oil, Gas & Consumable Fuels | 73,260 | 1,115,830 | ||
| Woolworths Group Ltd. | Consumer Staples Distribution & Retail | 47,360 | 894,057 | ||
| Worley Ltd. | Construction & Engineering | 18,500 | 156,924 | ||
| Yancoal Australia Ltd. | Oil, Gas & Consumable Fuels | 12,765 | 51,372 | ||
| 49,785,087 | |||||
| Ireland 1.0% | |||||
| a | James Hardie Industries PLC, CDI | Construction Materials | 16,798 | 520,752 | |
| New Zealand 1.2% | |||||
| a | Xero Ltd. | Software | 5,846 | 610,112 | |
| United Kingdom 1.0% | |||||
| Amcor PLC, CDI | Containers & Packaging | 55,685 | 516,126 | ||
| United States 0.1% | |||||
| GQG Partners, Inc., CDI | Capital Markets | 24,642 | 31,582 | ||
| Sims Ltd. | Metals & Mining | 6,105 | 44,906 | ||
| 76,488 | |||||
| Total Common Stocks (Cost $52,040,067) | 51,508,565 | ||||
| Total Investments before Short-Term Investments (Cost $52,040,067) | 51,508,565 |
| Short-Term Investments 0.0%† | |||||
| Money Market Funds 0.0%† | |||||
| United States 0.0%† | |||||
| b,c | Institutional Fiduciary Trust - Money Market Portfolio, 4.18% | Money Market Funds | 2,429 | 2,429 | |
| Total Short-Term Investments (Cost $2,429) | 2,429 | ||||
| Total Investments (Cost $52,042,496) 99.5% | 51,510,994 | ||||
| Other Assets, less Liabilities 0.5% | 266,182 | ||||
| Net Assets 100.0% | $ 51,777,176 |
| †Rounds to less than 0.1% of net assets. |
| aNon-income producing. |
| bThe rate shown is the annualized seven-day effective yield at period end. |
| cSee Note 3 regarding investments in affiliated management investment companies. |
| Description | Type | Number of Contracts | Notional Amount* | Expiration Date | Value/Unrealized Appreciation (Depreciation) |
| Index Contracts | |||||
| SPI 200 Index | Long | 2 | $ 252,242 | 3/20/25 | $ (3,749) |
| *As of period end. |
| Selected Portfolio | ||
| CDI | – | Clearing House Electronic Subregister System Depositary Interest |
| REIT | – | Real Estate Investment Trust |
| Franklin FTSE Brazil ETF | Industry | Shares | Value | ||
| Common Stocks 69.6% | |||||
| Brazil 67.5% | |||||
| Allos SA | Real Estate Management & Development | 200,000 | $ 586,288 | ||
| Alupar Investimento SA, UNIT | Electric Utilities | 51,680 | 221,013 | ||
| Ambev SA | Beverages | 1,960,000 | 3,724,661 | ||
| Atacadao SA | Consumer Staples Distribution & Retail | 240,000 | 210,947 | ||
| Auren Energia SA | Independent Power Producers & Energy Traders | 140,000 | 198,742 | ||
| a | Automob Participacoes SA | Commercial Services & Supplies | 195,732 | 10,772 | |
| B3 SA - Brasil Bolsa Balcao | Capital Markets | 2,420,000 | 4,042,571 | ||
| Banco Bradesco SA | Banks | 680,000 | 1,171,152 | ||
| Banco BTG Pactual SA | Capital Markets | 530,000 | 2,333,498 | ||
| Banco do Brasil SA | Banks | 770,000 | 3,012,521 | ||
| Banco Santander Brasil SA | Banks | 160,000 | 616,914 | ||
| BB Seguridade Participacoes SA | Insurance | 300,000 | 1,756,922 | ||
| BRF SA | Food Products | 290,000 | 1,190,446 | ||
| Caixa Seguridade Participacoes SA | Insurance | 200,000 | 461,326 | ||
| CCR SA | Transportation Infrastructure | 500,000 | 823,102 | ||
| Centrais Eletricas Brasileiras SA | Electric Utilities | 580,000 | 3,204,254 | ||
| Cia de Saneamento Basico do Estado de Sao Paulo SABESP | Water Utilities | 205,400 | 2,942,431 | ||
| Cia Energetica de Minas Gerais | Electric Utilities | 30,060 | 71,186 | ||
| Cia Paranaense de Energia - Copel | Electric Utilities | 350,000 | 466,829 | ||
| Cia Siderurgica Nacional SA | Metals & Mining | 280,000 | 401,564 | ||
| Cosan SA | Oil, Gas & Consumable Fuels | 540,000 | 713,258 | ||
| CPFL Energia SA | Electric Utilities | 80,000 | 409,074 | ||
| CSN Mineracao SA | Metals & Mining | 240,000 | 200,070 | ||
| a | Embraer SA | Aerospace & Defense | 330,000 | 3,001,481 | |
| Energisa SA | Electric Utilities | 150,080 | 886,217 | ||
| a | Eneva SA | Independent Power Producers & Energy Traders | 130,000 | 221,582 | |
| Engie Brasil Energia SA | Independent Power Producers & Energy Traders | 80,000 | 459,707 | ||
| Equatorial Energia SA | Electric Utilities | 440,005 | 1,951,510 | ||
| b | GPS Participacoes e Empreendimentos SA | Commercial Services & Supplies | 220,000 | 497,843 | |
| Grupo Mateus SA | Consumer Staples Distribution & Retail | 190,000 | 196,525 | ||
| a,b | Hapvida Participacoes e Investimentos SA | Health Care Providers & Services | 2,130,000 | 768,860 | |
| Hypera SA | Pharmaceuticals | 180,000 | 527,077 | ||
| Intelbras SA Industria de Telecomunicacao Eletronica Brasileira | Communications Equipment | 40,000 | 82,747 | ||
| Itau Unibanco Holding SA | Banks | 200,000 | 870,853 | ||
| Klabin SA | Containers & Packaging | 400,000 | 1,502,141 | ||
| Localiza Rent a Car SA | Ground Transportation | 440,027 | 2,293,495 | ||
| Lojas Renner SA | Specialty Retail | 470,033 | 922,133 | ||
| M Dias Branco SA | Food Products | 50,000 | 162,273 | ||
| a | Magazine Luiza SA | Broadline Retail | 170,067 | 178,935 | |
| Marfrig Global Foods SA | Food Products | 150,000 | 413,493 | ||
| Multiplan Empreendimentos Imobiliarios SA | Real Estate Management & Development | 140,000 | 477,707 | ||
| Natura & Co. Holding SA | Personal Care Products | 430,000 | 888,141 | ||
| Neoenergia SA | Electric Utilities | 100,000 | 306,094 | ||
| Petroleo Brasileiro SA | Oil, Gas & Consumable Fuels | 1,660,000 | 10,589,542 | ||
| Porto Seguro SA | Insurance | 80,000 | 473,304 | ||
| a | PRIO SA | Oil, Gas & Consumable Fuels | 360,000 | 2,339,649 | |
| Raia Drogasil SA | Consumer Staples Distribution & Retail | 630,044 | 2,243,656 | ||
| b | Rede D’Or Sao Luiz SA | Health Care Providers & Services | 390,000 | 1,604,733 | |
| Rumo SA | Ground Transportation | 560,000 | 1,617,132 | ||
| Santos Brasil Participacoes SA | Transportation Infrastructure | 300,000 | 637,600 | ||
| Sao Martinho SA | Food Products | 60,000 | 225,904 | ||
| a | Sendas Distribuidora SA | Consumer Staples Distribution & Retail | 610,000 | 555,905 | |
| SLC Agricola SA | Food Products | 90,080 | 255,170 | ||
| Smartfit Escola de Ginastica e Danca SA | Hotels, Restaurants & Leisure | 50,000 | 137,265 | ||
| Suzano SA | Paper & Forest Products | 300,000 | 3,000,073 | ||
| Telefonica Brasil SA | Diversified Telecommunication Services | 190,000 | 1,438,413 | ||
| TIM SA | Wireless Telecommunication Services | 370,000 | 867,227 |
| TOTVS SA | Software | 230,000 | 995,897 | ||
| Transmissora Alianca de Energia Eletrica SA | Electric Utilities | 100,000 | 531,900 | ||
| Ultrapar Participacoes SA | Oil, Gas & Consumable Fuels | 360,000 | 925,370 | ||
| Usinas Siderurgicas de Minas Gerais SA Usiminas | Metals & Mining | 80,000 | 68,891 | ||
| Vale SA | Metals & Mining | 1,635,000 | 14,436,940 | ||
| Vamos Locacao de Caminhoes Maquinas e Equipamentos SA | Ground Transportation | 210,000 | 161,464 | ||
| Vibra Energia SA | Specialty Retail | 500,000 | 1,443,868 | ||
| WEG SA | Electrical Equipment | 665,300 | 5,682,864 | ||
| 95,611,122 | |||||
| United States 2.1% | |||||
| JBS SA | Food Products | 510,000 | 2,996,674 | ||
| Total Common Stocks (Cost $109,093,246) | 98,607,796 | ||||
| Preferred Stocks 27.9% | |||||
| Brazil 27.9% | |||||
| a | Alpargatas SA, pfd. | Textiles, Apparel & Luxury Goods | 100,000 | 102,948 | |
| c | Banco Bradesco SA, 6.029%, pfd. | Banks | 2,320,000 | 4,341,187 | |
| c | Bradespar SA, 12.817%, pfd. | Metals & Mining | 110,000 | 295,216 | |
| a | Braskem SA, pfd. | Chemicals | 90,000 | 168,699 | |
| c | Centrais Eletricas Brasileiras SA, 9.635%, pfd. | Electric Utilities | 110,000 | 673,762 | |
| c | Cia Energetica de Minas Gerais, 11.089%, pfd. | Electric Utilities | 740,040 | 1,330,858 | |
| c | Cia Paranaense de Energia - Copel, Class B, 4.131%, pfd. | Electric Utilities | 470,000 | 696,116 | |
| c | Gerdau SA, 4.316%, pfd. | Metals & Mining | 620,000 | 1,820,504 | |
| a | Isa Energia Brasil SA, pfd. | Electric Utilities | 120,000 | 446,952 | |
| c | Itau Unibanco Holding SA, 7.224%, pfd. | Banks | 2,170,000 | 10,794,063 | |
| c | Itausa SA, 6.614%, pfd. | Banks | 2,560,000 | 3,659,008 | |
| c | Metalurgica Gerdau SA, 4.39%, pfd. | Metals & Mining | 300,000 | 497,746 | |
| c | Petroleo Brasileiro SA, 16.082%, pfd. | Oil, Gas & Consumable Fuels | 2,450,000 | 14,352,161 | |
| c | Unipar Carbocloro SA, 8.556%, pfd. | Chemicals | 24,424 | 188,897 | |
| c | Usinas Siderurgicas de Minas Gerais SA Usiminas, 5.32%, pfd. | Metals & Mining | 210,000 | 180,840 | |
| Total Preferred Stocks (Cost $41,834,384) | 39,548,957 | ||||
| Right 0.0%† | |||||
| Brazil 0.0%† | |||||
| a | Smartfit Escola de Ginastica e Danca SA | Hotels, Restaurants & Leisure | 938 | 131 | |
| Total Rights (Cost $0) | 131 | ||||
| Total Investments before Short-Term Investments (Cost $150,927,630) | 138,156,884 | ||||
| Short-Term Investments 0.1% | |||||
| Money Market Funds 0.1% | |||||
| United States 0.1% | |||||
| d,e | Institutional Fiduciary Trust - Money Market Portfolio, 4.18% | Money Market Funds | 95,088 | 95,088 | |
| Total Short-Term Investments (Cost $95,088) | 95,088 | ||||
| Total Investments (Cost $151,022,718) 97.6% | 138,251,972 | ||||
| Other Assets, less Liabilities 2.4% | 3,433,878 | ||||
| Net Assets 100.0% | $ 141,685,850 |
| †Rounds to less than 0.1% of net assets. |
| aNon-income producing. |
| bSecurity was purchased pursuant to Rule 144A under the Securities Act of 1933 and may be sold in transactions exempt from registration only to qualified institutional buyers or in a public offering registered under the Securities Act of 1933. At December 31, 2024, the aggregate value of these securities was $2,871,436, representing 2.0% of net assets. |
| cVariable rate security. The rate shown represents the yield at period end. |
| dThe rate shown is the annualized seven-day effective yield at period end. |
| eSee Note 3 regarding investments in affiliated management investment companies. |
| Description | Type | Number of Contracts | Notional Amount* | Expiration Date | Value/Unrealized Appreciation (Depreciation) |
| Equity Contracts | |||||
| Bovespa Index | Long | 190 | $ 3,739,074 | 2/12/25 | $ (116,877) |
| *As of period end. |
| Franklin FTSE Canada ETF | Industry | Shares | Value | ||
| Common Stocks 99.7% | |||||
| Canada 97.3% | |||||
| Agnico Eagle Mines Ltd. | Metals & Mining | 106,434 | $ 8,322,603 | ||
| Alimentation Couche-Tard, Inc. | Consumer Staples Distribution & Retail | 165,564 | 9,177,279 | ||
| Bank of Montreal | Banks | 155,271 | 15,066,102 | ||
| Bank of Nova Scotia | Banks | 261,705 | 14,046,036 | ||
| Barrick Gold Corp. | Metals & Mining | 376,023 | 5,827,807 | ||
| BCE, Inc. | Diversified Telecommunication Services | 64,824 | 1,501,833 | ||
| Brookfield Asset Management Ltd., Class A | Capital Markets | 87,381 | 4,736,631 | ||
| Brookfield Corp. | Capital Markets | 318,207 | 18,279,977 | ||
| Cameco Corp. | Oil, Gas & Consumable Fuels | 92,856 | 4,771,928 | ||
| Canadian Imperial Bank of Commerce, Class A | Banks | 200,604 | 12,683,161 | ||
| Canadian National Railway Co. | Ground Transportation | 119,136 | 12,091,699 | ||
| Canadian Natural Resources Ltd. | Oil, Gas & Consumable Fuels | 442,380 | 13,650,970 | ||
| Canadian Pacific Kansas City Ltd. | Ground Transportation | 199,728 | 14,453,963 | ||
| Cenovus Energy, Inc. | Oil, Gas & Consumable Fuels | 272,655 | 4,130,964 | ||
| CGI, Inc., Class A | IT Services | 43,581 | 4,765,971 | ||
| Constellation Software, Inc. | Software | 4,245 | 13,119,624 | ||
| Dollarama, Inc. | Broadline Retail | 58,911 | 5,746,096 | ||
| Enbridge, Inc. | Oil, Gas & Consumable Fuels | 466,032 | 19,769,582 | ||
| Fairfax Financial Holdings Ltd. | Insurance | 4,574 | 6,360,729 | ||
| Fortis, Inc. | Electric Utilities | 105,558 | 4,383,938 | ||
| Franco-Nevada Corp. | Metals & Mining | 40,953 | 4,810,027 | ||
| George Weston Ltd. | Consumer Staples Distribution & Retail | 11,826 | 1,838,120 | ||
| Great-West Lifeco, Inc. | Insurance | 58,911 | 1,952,640 | ||
| a | Hydro One Ltd. | Electric Utilities | 67,890 | 2,089,758 | |
| Imperial Oil Ltd. | Oil, Gas & Consumable Fuels | 34,164 | 2,104,428 | ||
| Intact Financial Corp. | Insurance | 38,106 | 6,934,698 | ||
| Loblaw Cos. Ltd. | Consumer Staples Distribution & Retail | 30,879 | 4,061,591 | ||
| Magna International, Inc. | Automobile Components | 57,378 | 2,396,934 | ||
| Manulife Financial Corp. | Insurance | 376,680 | 11,565,977 | ||
| Metro, Inc., Class A | Consumer Staples Distribution & Retail | 43,143 | 2,704,312 | ||
| National Bank of Canada | Banks | 72,489 | 6,604,755 | ||
| Nutrien Ltd. | Chemicals | 105,996 | 4,740,413 | ||
| Pembina Pipeline Corp. | Oil, Gas & Consumable Fuels | 124,173 | 4,585,474 | ||
| Power Corp. of Canada | Insurance | 116,727 | 3,639,298 | ||
| Restaurant Brands International, Inc. | Hotels, Restaurants & Leisure | 68,328 | 4,451,154 | ||
| Royal Bank of Canada | Banks | 301,782 | 36,368,277 | ||
| b | Shopify, Inc., Class A | IT Services | 258,420 | 27,489,692 | |
| South Bow Corp. | Oil, Gas & Consumable Fuels | 44,457 | 1,048,520 | ||
| Sun Life Financial, Inc. | Insurance | 123,516 | 7,330,059 | ||
| Suncor Energy, Inc. | Oil, Gas & Consumable Fuels | 271,998 | 9,703,948 | ||
| TC Energy Corp. | Oil, Gas & Consumable Fuels | 222,066 | 10,343,625 | ||
| Teck Resources Ltd., Class B | Metals & Mining | 106,872 | 4,330,761 | ||
| TELUS Corp. | Diversified Telecommunication Services | 106,434 | 1,442,358 | ||
| Thomson Reuters Corp. | Professional Services | 29,565 | 4,744,954 | ||
| Toronto-Dominion Bank | Banks | 377,775 | 20,102,295 | ||
| Tourmaline Oil Corp. | Oil, Gas & Consumable Fuels | 74,898 | 3,464,202 | ||
| Wheaton Precious Metals Corp. | Metals & Mining | 96,798 | 5,445,645 | ||
| 389,180,808 | |||||
| United States 2.4% | |||||
| Waste Connections, Inc. | Commercial Services & Supplies | 55,188 | 9,462,773 | ||
| Total Common Stocks (Cost $358,489,678) | 398,643,581 |
| Warrant 0.0% | |||||
| Canada 0.0% | |||||
| b,c | Constellation Software, Inc., 3/31/40 | Software | 3,981 | — | |
| Total Warrants (Cost $0) | — | ||||
| Total Investments before Short-Term Investments (Cost $358,489,678) | 398,643,581 | ||||
| Short-Term Investments 0.1% | |||||
| Time Deposits 0.1% | |||||
| Canada 0.1% | |||||
| Royal Bank of Canada, 3.15%, 1/02/2025 | Banks | 526,000 | 365,735 | ||
| Money Market Funds 0.0%† | |||||
| United States 0.0%† | |||||
| d,e | Institutional Fiduciary Trust - Money Market Portfolio, 4.18% | Money Market Funds | 11,299 | 11,299 | |
| Total Short-Term Investments (Cost $377,034) | 377,034 | ||||
| Total Investments (Cost $358,866,712) 99.8% | 399,020,615 | ||||
| Other Assets, less Liabilities 0.2% | 753,812 | ||||
| Net Assets 100.0% | $ 399,774,427 |
| †Rounds to less than 0.1% of net assets. |
| aSecurity was purchased pursuant to Rule 144A under the Securities Act of 1933 and may be sold in transactions exempt from registration only to qualified institutional buyers or in a public offering registered under the Securities Act of 1933. At December 31, 2024, the value of this security was $2,089,758, representing 0.5% of net assets. |
| bNon-income producing. |
| cFair valued using significant unobservable inputs. See Note 5 regarding fair value measurements. |
| dThe rate shown is the annualized seven-day effective yield at period end. |
| eSee Note 3 regarding investments in affiliated management investment companies. |
| Description | Type | Number of Contracts | Notional Amount* | Expiration Date | Value/Unrealized Appreciation (Depreciation) |
| Index Contracts | |||||
| S&P/TSX 60 Index | Long | 4 | $ 826,088 | 3/20/25 | $ (20,750) |
| *As of period end. |
| Franklin FTSE China ETF | Industry | Shares | Value | ||
| Common Stocks 99.8% | |||||
| China 96.7% | |||||
| 360 Security Technology, Inc., Class A | Software | 32,000 | $ 45,113 | ||
| 37 Interactive Entertainment Network Technology Group Co. Ltd., Class A | Entertainment | 8,000 | 17,043 | ||
| a | 3peak, Inc., Class A | Semiconductors & Semiconductor Equipment | 484 | 6,098 | |
| b | 3SBio, Inc., Class A | Biotechnology | 120,000 | 93,924 | |
| Accelink Technologies Co. Ltd., Class A | Electronic Equipment, Instruments & Components | 4,000 | 28,425 | ||
| a | Addsino Co. Ltd., Class A | Communications Equipment | 8,000 | 7,966 | |
| Advanced Micro-Fabrication Equipment, Inc. China, Class A | Semiconductors & Semiconductor Equipment | 2,841 | 73,201 | ||
| AECC Aero-Engine Control Co. Ltd., Class A | Aerospace & Defense | 8,000 | 24,235 | ||
| AECC Aviation Power Co. Ltd., Class A | Aerospace & Defense | 12,000 | 67,752 | ||
| Agricultural Bank of China Ltd., Class A | Banks | 380,000 | 276,401 | ||
| Agricultural Bank of China Ltd., Class H | Banks | 1,960,000 | 1,117,772 | ||
| Aier Eye Hospital Group Co. Ltd., Class A | Health Care Providers & Services | 42,084 | 75,954 | ||
| a | Air China Ltd., Class A | Passenger Airlines | 44,000 | 47,407 | |
| a | Air China Ltd., Class H | Passenger Airlines | 104,000 | 68,950 | |
| a,b | Akeso, Inc. | Biotechnology | 45,400 | 354,763 | |
| Alibaba Group Holding Ltd., Class A | Broadline Retail | 1,069,031 | 11,339,949 | ||
| Aluminum Corp. of China Ltd., Class A | Metals & Mining | 60,000 | 60,069 | ||
| Aluminum Corp. of China Ltd., Class H | Metals & Mining | 240,000 | 138,724 | ||
| a | Amlogic Shanghai Co. Ltd., Class A | Semiconductors & Semiconductor Equipment | 1,794 | 16,783 | |
| a | Angang Steel Co. Ltd., Class A | Metals & Mining | 32,000 | 10,461 | |
| a | Angang Steel Co. Ltd., Class H | Metals & Mining | 98,000 | 18,545 | |
| Angel Yeast Co. Ltd., Class A | Food Products | 4,000 | 19,642 | ||
| b | Angelalign Technology, Inc. | Health Care Equipment & Supplies | 2,400 | 18,198 | |
| Anhui Anke Biotechnology Group Co. Ltd., Class A | Biotechnology | 9,116 | 10,728 | ||
| Anhui Conch Cement Co. Ltd., Class A | Construction Materials | 20,000 | 64,782 | ||
| Anhui Conch Cement Co. Ltd., Class H | Construction Materials | 77,890 | 199,339 | ||
| Anhui Expressway Co. Ltd., Class H | Transportation Infrastructure | 28,000 | 38,641 | ||
| Anhui Gujing Distillery Co. Ltd., Class A | Beverages | 1,800 | 42,490 | ||
| Anhui Gujing Distillery Co. Ltd., Class B | Beverages | 8,000 | 115,356 | ||
| Anhui Jianghuai Automobile Group Corp. Ltd., Class A | Automobiles | 12,000 | 61,295 | ||
| Anhui Zhongding Sealing Parts Co. Ltd., Class A | Automobile Components | 8,000 | 14,297 | ||
| Anjoy Foods Group Co. Ltd., Class A | Food Products | 1,100 | 12,208 | ||
| ANTA Sports Products Ltd., Class A | Textiles, Apparel & Luxury Goods | 80,000 | 801,756 | ||
| Apeloa Pharmaceutical Co. Ltd., Class A | Pharmaceuticals | 8,000 | 17,718 | ||
| APT Medical, Inc., Class A | Health Care Equipment & Supplies | 500 | 25,358 | ||
| Asymchem Laboratories Tianjin Co. Ltd., Class A | Pharmaceuticals | 1,200 | 12,437 | ||
| Autohome, Inc., ADR | Interactive Media & Services | 3,880 | 100,686 | ||
| Avary Holding Shenzhen Co. Ltd., Class A | Electronic Equipment, Instruments & Components | 4,000 | 19,876 | ||
| AVIC Industry-Finance Holdings Co. Ltd., Class A | Financial Services | 44,000 | 21,756 | ||
| AviChina Industry & Technology Co. Ltd., Class H | Aerospace & Defense | 160,000 | 79,506 | ||
| Avicopter PLC, Class A | Aerospace & Defense | 4,000 | 21,009 | ||
| a | BAIC BluePark New Energy Technology Co. Ltd., Class A | Automobiles | 32,000 | 34,870 | |
| b | BAIC Motor Corp. Ltd., Class H | Automobiles | 160,000 | 49,434 | |
| a | Baidu, Inc., Class A | Interactive Media & Services | 142,000 | 1,511,776 | |
| Bank of Beijing Co. Ltd., Class A | Banks | 92,000 | 77,069 | ||
| Bank of Changsha Co. Ltd., Class A | Banks | 20,000 | 24,218 | ||
| Bank of Chengdu Co. Ltd., Class A | Banks | 8,000 | 18,645 | ||
| Bank of China Ltd., Class A | Banks | 196,000 | 147,103 | ||
| Bank of China Ltd., Class H | Banks | 5,280,000 | 2,698,473 | ||
| Bank of Communications Co. Ltd., Class A | Banks | 172,000 | 182,039 |
| Bank of Communications Co. Ltd., Class H | Banks | 440,000 | 361,949 | ||
| Bank of Guiyang Co. Ltd., Class A | Banks | 20,000 | 16,345 | ||
| Bank of Hangzhou Co. Ltd., Class A | Banks | 28,000 | 55,722 | ||
| Bank of Jiangsu Co. Ltd., Class A | Banks | 80,000 | 107,008 | ||
| Bank of Nanjing Co. Ltd., Class A | Banks | 48,000 | 69,632 | ||
| Bank of Ningbo Co. Ltd., Class A | Banks | 28,020 | 92,783 | ||
| Bank of Qingdao Co. Ltd., Class A | Banks | 24,000 | 12,684 | ||
| Bank of Shanghai Co. Ltd., Class A | Banks | 64,000 | 79,766 | ||
| a | Bank of Zhengzhou Co. Ltd., Class A | Banks | 32,978 | 9,433 | |
| Baoshan Iron & Steel Co. Ltd., Class A | Metals & Mining | 84,000 | 80,093 | ||
| BBMG Corp., Class A | Construction Materials | 48,000 | 11,638 | ||
| BBMG Corp., Class H | Construction Materials | 160,000 | 16,478 | ||
| a | BeiGene Ltd. | Biotechnology | 48,000 | 674,773 | |
| Beijing Capital Eco-Environment Protection Group Co. Ltd., Class A | Water Utilities | 40,000 | 17,871 | ||
| a | Beijing Capital International Airport Co. Ltd., Class H | Transportation Infrastructure | 80,000 | 28,836 | |
| Beijing Dabeinong Technology Group Co. Ltd., Class A | Food Products | 20,000 | 11,796 | ||
| Beijing Easpring Material Technology Co. Ltd., Class A | Electrical Equipment | 4,000 | 21,946 | ||
| a | Beijing E-Hualu Information Technology Co. Ltd., Class A | Software | 4,000 | 12,749 | |
| Beijing Enlight Media Co. Ltd., Class A | Entertainment | 16,000 | 20,573 | ||
| Beijing Enterprises Holdings Ltd., Class H | Gas Utilities | 29,500 | 101,397 | ||
| a | Beijing Jetsen Technology Co. Ltd., Class A | Entertainment | 12,000 | 9,595 | |
| Beijing Jingneng Clean Energy Co. Ltd., Class H | Independent Power Producers & Energy Traders | 80,000 | 19,877 | ||
| Beijing Kingsoft Office Software, Inc., Class A | Software | 2,029 | 79,151 | ||
| Beijing New Building Materials PLC, Class A | Building Products | 8,000 | 33,029 | ||
| Beijing Originwater Technology Co. Ltd., Class A | Commercial Services & Supplies | 20,035 | 13,809 | ||
| Beijing Roborock Technology Co. Ltd., Class A | Household Durables | 940 | 28,078 | ||
| Beijing Shiji Information Technology Co. Ltd., Class A | Software | 14,624 | 14,223 | ||
| Beijing Shougang Co. Ltd., Class A | Metals & Mining | 40,000 | 16,618 | ||
| a | Beijing Shunxin Agriculture Co. Ltd., Class A | Beverages | 4,000 | 10,608 | |
| Beijing Sinnet Technology Co. Ltd., Class A | IT Services | 8,200 | 16,296 | ||
| Beijing Tiantan Biological Products Corp. Ltd., Class A | Biotechnology | 9,320 | 26,025 | ||
| Beijing Tong Ren Tang Co. Ltd., Class A | Pharmaceuticals | 8,000 | 44,231 | ||
| Beijing Ultrapower Software Co. Ltd., Class A | IT Services | 12,000 | 18,944 | ||
| Beijing United Information Technology Co. Ltd., Class A | Trading Companies & Distributors | 2,523 | 9,135 | ||
| Beijing Wantai Biological Pharmacy Enterprise Co. Ltd., Class A | Biotechnology | 2,521 | 24,195 | ||
| Beijing Yanjing Brewery Co. Ltd., Class A | Beverages | 16,000 | 26,240 | ||
| Beijing Yuanliu Hongyuan Electronic Technology Co. Ltd., Class A | Electronic Equipment, Instruments & Components | 800 | 3,948 | ||
| Beijing Zhong Ke San Huan High-Tech Co. Ltd., Class A | Electronic Equipment, Instruments & Components | 4,360 | 6,159 | ||
| Beijing-Shanghai High Speed Railway Co. Ltd., Class A | Ground Transportation | 124,000 | 104,044 | ||
| Bethel Automotive Safety Systems Co. Ltd., Class A | Automobile Components | 3,240 | 19,679 | ||
| a | Bilibili, Inc., Class Z | Interactive Media & Services | 18,400 | 336,356 | |
| Bloomage Biotechnology Corp. Ltd., Class A | Personal Care Products | 1,185 | 8,238 | ||
| b | Blue Moon Group Holdings Ltd. | Household Products | 100,000 | 39,908 | |
| Bluefocus Intelligent Communications Group Co. Ltd., Class A | Media | 12,000 | 15,169 | ||
| BOC International China Co. Ltd., Class A | Capital Markets | 4,000 | 6,081 | ||
| BOE Technology Group Co. Ltd., Class A | Electronic Equipment, Instruments & Components | 176,000 | 105,243 | ||
| BOE Technology Group Co. Ltd., Class B | Electronic Equipment, Instruments & Components | 48,000 | 16,808 | ||
| Bright Dairy & Food Co. Ltd., Class A | Food Products | 8,000 | 9,306 | ||
| Brilliance China Automotive Holdings Ltd. | Automobiles | 160,000 | 78,682 |
| BTG Hotels Group Co. Ltd., Class A | Hotels, Restaurants & Leisure | 4,000 | 7,993 | ||
| BYD Co. Ltd., Class A | Automobiles | 8,500 | 327,264 | ||
| BYD Co. Ltd., Class H | Automobiles | 69,352 | 2,380,196 | ||
| BYD Electronic International Co. Ltd. | Communications Equipment | 47,500 | 257,130 | ||
| By-health Co. Ltd., Class A | Personal Care Products | 8,000 | 13,131 | ||
| C&D International Investment Group Ltd. | Real Estate Management & Development | 40,000 | 67,251 | ||
| C&S Paper Co. Ltd., Class A | Household Products | 8,000 | 7,421 | ||
| Caida Securities Co. Ltd., Class A | Capital Markets | 8,000 | 7,737 | ||
| Caitong Securities Co. Ltd., Class A | Capital Markets | 24,060 | 26,775 | ||
| a | Cambricon Technologies Corp. Ltd., Class A | Semiconductors & Semiconductor Equipment | 1,892 | 169,575 | |
| Canmax Technologies Co. Ltd., Class A | Chemicals | 4,870 | 15,290 | ||
| a,b | CanSino Biologics, Inc., Class H | Biotechnology | 6,000 | 24,331 | |
| a | CCOOP Group Co. Ltd., Class A | Broadline Retail | 88,000 | 41,354 | |
| CECEP Solar Energy Co. Ltd., Class A | Independent Power Producers & Energy Traders | 20,000 | 12,967 | ||
| CECEP Wind-Power Corp., Class A | Independent Power Producers & Energy Traders | 36,280 | 15,665 | ||
| Central China Securities Co. Ltd., Class A | Capital Markets | 16,000 | 9,415 | ||
| CETC Cyberspace Security Technology Co. Ltd., Class A | Software | 4,000 | 8,854 | ||
| CGN Power Co. Ltd., Class A | Independent Power Producers & Energy Traders | 36,000 | 20,252 | ||
| b | CGN Power Co. Ltd., Class H | Independent Power Producers & Energy Traders | 720,000 | 264,162 | |
| Changchun High-Tech Industry Group Co. Ltd., Class A | Pharmaceuticals | 1,800 | 24,381 | ||
| Changjiang Securities Co. Ltd., Class A | Capital Markets | 28,000 | 26,011 | ||
| Changzhou Xingyu Automotive Lighting Systems Co. Ltd., Class A | Automobile Components | 1,200 | 21,818 | ||
| Chaozhou Three-Circle Group Co. Ltd., Class A | Electronic Equipment, Instruments & Components | 9,000 | 47,210 | ||
| Chengdu Xingrong Environment Co. Ltd., Class A | Water Utilities | 16,000 | 16,542 | ||
| Chengxin Lithium Group Co. Ltd., Class A | Chemicals | 4,000 | 7,508 | ||
| Chifeng Jilong Gold Mining Co. Ltd., Class A | Metals & Mining | 8,000 | 17,010 | ||
| China Baoan Group Co. Ltd., Class A | Industrial Conglomerates | 12,000 | 14,956 | ||
| a,b | China Bohai Bank Co. Ltd., Class H | Banks | 200,000 | 22,915 | |
| China Cinda Asset Management Co. Ltd., Class H | Capital Markets | 520,000 | 85,016 | ||
| China CITIC Bank Corp. Ltd., Class A | Banks | 108,000 | 102,682 | ||
| China CITIC Bank Corp. Ltd., Class H | Banks | 600,000 | 414,781 | ||
| a,b | China CITIC Financial Asset Management Co. Ltd., Class H | Capital Markets | 1,000,000 | 83,677 | |
| China Coal Energy Co. Ltd., Class A | Oil, Gas & Consumable Fuels | 24,000 | 39,817 | ||
| China Coal Energy Co. Ltd., Class H | Oil, Gas & Consumable Fuels | 131,000 | 156,668 | ||
| China Communications Services Corp. Ltd., Class H | Construction & Engineering | 160,000 | 93,924 | ||
| China Conch Venture Holdings Ltd. | Construction & Engineering | 80,000 | 68,795 | ||
| China Construction Bank Corp., Class A | Banks | 44,000 | 52,681 | ||
| China Construction Bank Corp., Class H | Banks | 5,880,000 | 4,905,078 | ||
| China CSSC Holdings Ltd., Class A | Machinery | 20,000 | 97,964 | ||
| a | China Eastern Airlines Corp. Ltd., Class A | Passenger Airlines | 80,000 | 43,588 | |
| a | China Eastern Airlines Corp. Ltd., Class H | Passenger Airlines | 80,000 | 26,674 | |
| China Energy Engineering Corp. Ltd., Class A | Construction & Engineering | 156,000 | 48,660 | ||
| China Energy Engineering Corp. Ltd., Class H | Construction & Engineering | 320,000 | 42,431 | ||
| China Everbright Bank Co. Ltd., Class A | Banks | 204,000 | 107,537 | ||
| China Everbright Bank Co. Ltd., Class H | Banks | 200,000 | 77,755 | ||
| b | China Feihe Ltd. | Food Products | 240,000 | 168,384 | |
| China Galaxy Securities Co. Ltd., Class A | Capital Markets | 32,000 | 66,384 | ||
| China Galaxy Securities Co. Ltd., Class H | Capital Markets | 240,000 | 219,054 | ||
| China Great Wall Securities Co. Ltd., Class A | Capital Markets | 16,000 | 17,871 | ||
| a | China Greatwall Technology Group Co. Ltd., Class A | Technology Hardware, Storage & Peripherals | 16,000 | 31,754 | |
| China Green Electricity Investment of Tianjin Co. Ltd., Class A | Real Estate Management & Development | 8,000 | 9,938 | ||
| China Hongqiao Group Ltd. | Metals & Mining | 180,000 | 272,504 | ||
| China International Capital Corp. Ltd., Class A | Capital Markets | 4,000 | 18,356 | ||
| b | China International Capital Corp. Ltd., Class H | Capital Markets | 96,000 | 158,436 | |
| China International Marine Containers Group Co. Ltd., Class A | Machinery | 12,450 | 13,177 |
| China International Marine Containers Group Co. Ltd., Class H | Machinery | 44,000 | 30,644 | ||
| China Jinmao Holdings Group Ltd., Class A | Real Estate Management & Development | 400,000 | 50,464 | ||
| China Jushi Co. Ltd., Class A | Construction Materials | 17,287 | 26,820 | ||
| China Lesso Group Holdings Ltd. | Building Products | 80,000 | 35,737 | ||
| China Life Insurance Co. Ltd., Class H | Insurance | 480,686 | 908,408 | ||
| a,b | China Literature Ltd., Class A | Media | 24,000 | 77,858 | |
| China Longyuan Power Group Corp. Ltd., Class H | Independent Power Producers & Energy Traders | 215,000 | 178,245 | ||
| China Medical System Holdings Ltd. | Pharmaceuticals | 80,000 | 77,755 | ||
| China Meheco Group Co. Ltd., Class A | Health Care Providers & Services | 8,040 | 12,156 | ||
| China Merchants Bank Co. Ltd., Class A | Banks | 92,000 | 492,488 | ||
| China Merchants Bank Co. Ltd., Class H | Banks | 240,000 | 1,235,847 | ||
| China Merchants Energy Shipping Co. Ltd., Class A | Oil, Gas & Consumable Fuels | 40,000 | 34,925 | ||
| China Merchants Expressway Network & Technology Holdings Co. Ltd., Class A | Transportation Infrastructure | 29,700 | 56,435 | ||
| China Merchants Port Holdings Co. Ltd. | Transportation Infrastructure | 83,340 | 148,485 | ||
| China Merchants Property Operation & Service Co. Ltd., Class A | Real Estate Management & Development | 4,000 | 5,759 | ||
| China Merchants Securities Co. Ltd., Class A | Capital Markets | 32,000 | 83,514 | ||
| b | China Merchants Securities Co. Ltd., Class H | Capital Markets | 32,000 | 65,912 | |
| China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A | Real Estate Management & Development | 40,000 | 55,792 | ||
| China Minsheng Banking Corp. Ltd., Class A | Banks | 156,000 | 87,759 | ||
| China Minsheng Banking Corp. Ltd., Class H | Banks | 400,000 | 177,138 | ||
| China National Accord Medicines Corp. Ltd., Class B | Health Care Providers & Services | 4,870 | 8,984 | ||
| China National Building Material Co. Ltd., Class H | Construction Materials | 320,000 | 145,830 | ||
| China National Chemical Engineering Co. Ltd., Class A | Construction & Engineering | 32,000 | 36,134 | ||
| China National Nuclear Power Co. Ltd., Class A | Independent Power Producers & Energy Traders | 76,000 | 107,972 | ||
| a | China National Software & Service Co. Ltd., Class A | Software | 4,870 | 30,972 | |
| China Northern Rare Earth Group High-Tech Co. Ltd., Class A | Metals & Mining | 16,000 | 46,247 | ||
| China Oilfield Services Ltd., Class A | Energy Equipment & Services | 8,000 | 16,618 | ||
| China Oilfield Services Ltd., Class H | Energy Equipment & Services | 114,000 | 103,317 | ||
| China Overseas Land & Investment Ltd., Class A | Real Estate Management & Development | 240,000 | 383,113 | ||
| China Pacific Insurance Group Co. Ltd., Class A | Insurance | 32,000 | 148,547 | ||
| China Pacific Insurance Group Co. Ltd., Class H | Insurance | 160,000 | 519,056 | ||
| China Petroleum & Chemical Corp., Class A | Oil, Gas & Consumable Fuels | 192,000 | 174,700 | ||
| China Petroleum & Chemical Corp., Class H | Oil, Gas & Consumable Fuels | 1,520,000 | 870,757 | ||
| China Railway Group Ltd., Class A | Construction & Engineering | 92,000 | 80,076 | ||
| China Railway Group Ltd., Class H | Construction & Engineering | 240,000 | 122,349 | ||
| China Railway Signal & Communication Corp. Ltd., Class A | Electronic Equipment, Instruments & Components | 34,640 | 29,537 | ||
| b | China Railway Signal & Communication Corp. Ltd., Class H | Electronic Equipment, Instruments & Components | 120,000 | 53,605 | |
| China Rare Earth Resources & Technology Co. Ltd., Class A | Metals & Mining | 8,000 | 30,566 | ||
| China Reinsurance Group Corp., Class H | Insurance | 440,000 | 49,279 | ||
| China Resources Building Materials Technology Holdings Ltd. | Construction Materials | 160,000 | 32,750 | ||
| China Resources Double Crane Pharmaceutical Co. Ltd., Class A | Pharmaceuticals | 8,000 | 21,576 | ||
| China Resources Microelectronics Ltd., Class A | Semiconductors & Semiconductor Equipment | 4,365 | 28,058 | ||
| b | China Resources Mixc Lifestyle Services Ltd. | Real Estate Management & Development | 40,000 | 148,817 | |
| b | China Resources Pharmaceutical Group Ltd., Class A | Pharmaceuticals | 100,000 | 73,378 | |
| China Resources Power Holdings Co. Ltd. | Independent Power Producers & Energy Traders | 122,700 | 298,222 |
| China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A | Pharmaceuticals | 6,550 | 39,560 | ||
| a | China Ruyi Holdings Ltd. | Entertainment | 480,000 | 151,391 | |
| China Shenhua Energy Co. Ltd., Class A | Oil, Gas & Consumable Fuels | 32,000 | 189,520 | ||
| China Shenhua Energy Co. Ltd., Class H | Oil, Gas & Consumable Fuels | 212,394 | 918,703 | ||
| China South Publishing & Media Group Co. Ltd., Class A | Media | 8,000 | 16,356 | ||
| a | China Southern Airlines Co. Ltd., Class A | Passenger Airlines | 60,000 | 53,041 | |
| a | China Southern Airlines Co. Ltd., Class H | Passenger Airlines | 100,000 | 52,524 | |
| China Southern Power Grid Energy Efficiency&Clean Energy Co. Ltd., Class A | Commercial Services & Supplies | 16,000 | 9,110 | ||
| China State Construction Engineering Corp. Ltd., Class A | Construction & Engineering | 184,000 | 150,378 | ||
| China Suntien Green Energy Corp. Ltd., Class H | Oil, Gas & Consumable Fuels | 120,000 | 56,849 | ||
| China Taiping Insurance Holdings Co. Ltd. | Insurance | 88,000 | 131,638 | ||
| China Three Gorges Renewables Group Co. Ltd., Class A | Independent Power Producers & Energy Traders | 108,000 | 64,287 | ||
| China Tourism Group Duty Free Corp. Ltd., Class A | Specialty Retail | 9,300 | 84,886 | ||
| b | China Tourism Group Duty Free Corp. Ltd., Class H | Specialty Retail | 8,000 | 54,686 | |
| b | China Tower Corp. Ltd., Class H | Diversified Telecommunication Services | 2,960,000 | 426,779 | |
| China TransInfo Technology Co. Ltd., Class A | IT Services | 4,000 | 5,525 | ||
| China United Network Communications Ltd., Class A | Wireless Telecommunication Services | 128,000 | 92,581 | ||
| a | China Vanke Co. Ltd., Class A | Real Estate Management & Development | 44,000 | 43,512 | |
| a | China Vanke Co. Ltd., Class H | Real Estate Management & Development | 140,000 | 95,340 | |
| China World Trade Center Co. Ltd., Class A | Real Estate Management & Development | 4,000 | 13,327 | ||
| China XD Electric Co. Ltd., Class A | Electrical Equipment | 28,000 | 28,948 | ||
| China Yangtze Power Co. Ltd., Class A | Independent Power Producers & Energy Traders | 108,000 | 434,707 | ||
| China Zhenhua Group Science & Technology Co. Ltd., Class A | Electronic Equipment, Instruments & Components | 4,000 | 22,976 | ||
| China Zheshang Bank Co. Ltd., Class A | Banks | 52,000 | 20,612 | ||
| China Zheshang Bank Co. Ltd., Class H | Banks | 160,000 | 45,726 | ||
| Chinalin Securities Co. Ltd., Class A | Capital Markets | 4,000 | 8,353 | ||
| Chinese Universe Publishing & Media Group Co. Ltd., Class A | Media | 8,000 | 13,676 | ||
| Chongqing Brewery Co. Ltd., Class A | Beverages | 2,700 | 23,177 | ||
| Chongqing Changan Automobile Co. Ltd., Class A | Automobiles | 41,144 | 74,874 | ||
| Chongqing Changan Automobile Co. Ltd., Class B | Automobiles | 104,572 | 48,463 | ||
| Chongqing Fuling Zhacai Group Co. Ltd., Class A | Food Products | 4,870 | 9,373 | ||
| Chongqing Rural Commercial Bank Co. Ltd., Class A | Banks | 24,000 | 19,778 | ||
| Chongqing Rural Commercial Bank Co. Ltd., Class H | Banks | 160,000 | 95,778 | ||
| Chongqing Water Group Co. Ltd., Class A | Water Utilities | 12,000 | 8,009 | ||
| Chongqing Zhifei Biological Products Co. Ltd., Class A | Biotechnology | 12,000 | 42,988 | ||
| CITIC Ltd., Class B | Industrial Conglomerates | 400,000 | 474,256 | ||
| Citic Pacific Special Steel Group Co. Ltd., Class A | Metals & Mining | 24,880 | 38,668 | ||
| CITIC Securities Co. Ltd., Class A | Capital Markets | 56,000 | 222,505 | ||
| CITIC Securities Co. Ltd., Class H | Capital Markets | 103,700 | 285,017 | ||
| CMOC Group Ltd., Class A | Metals & Mining | 44,000 | 39,856 | ||
| CMOC Group Ltd., Class H | Metals & Mining | 252,000 | 170,315 | ||
| CMST Development Co. Ltd., Class A | Air Freight & Logistics | 12,000 | 10,428 | ||
| CNGR Advanced Material Co. Ltd., Class A | Electrical Equipment | 5,280 | 25,977 | ||
| CNOOC Energy Technology & Services Ltd., Class A | Energy Equipment & Services | 36,000 | 20,939 | ||
| CNPC Capital Co. Ltd., Class A | Banks | 24,000 | 22,524 |
| Contemporary Amperex Technology Co. Ltd., Class A | Electrical Equipment | 20,000 | 724,648 | ||
| COSCO SHIPPING Development Co. Ltd., Class A | Trading Companies & Distributors | 64,000 | 22,753 | ||
| COSCO SHIPPING Development Co. Ltd., Class H | Trading Companies & Distributors | 240,000 | 32,132 | ||
| COSCO SHIPPING Energy Transportation Co. Ltd., Class A | Oil, Gas & Consumable Fuels | 16,000 | 25,281 | ||
| COSCO SHIPPING Energy Transportation Co. Ltd., Class H | Oil, Gas & Consumable Fuels | 84,000 | 67,261 | ||
| COSCO SHIPPING Holdings Co. Ltd., Class A | Marine Transportation | 57,980 | 122,412 | ||
| COSCO SHIPPING Holdings Co. Ltd., Class H | Marine Transportation | 180,000 | 296,603 | ||
| a,c | Country Garden Holdings Co. Ltd. | Real Estate Management & Development | 770,000 | 19,230 | |
| Country Garden Services Holdings Co. Ltd. | Real Estate Management & Development | 129,300 | 91,882 | ||
| CRRC Corp. Ltd., Class A | Machinery | 108,000 | 123,277 | ||
| CRRC Corp. Ltd., Class H | Machinery | 240,000 | 154,790 | ||
| CSC Financial Co. Ltd., Class A | Capital Markets | 24,000 | 84,179 | ||
| b | CSC Financial Co. Ltd., Class H | Capital Markets | 60,000 | 75,850 | |
| CSG Holding Co. Ltd., Class A | Construction Materials | 8,000 | 5,754 | ||
| CSG Holding Co. Ltd., Class B | Construction Materials | 72,000 | 21,133 | ||
| CSPC Innovation Pharmaceutical Co. Ltd., Class A | Pharmaceuticals | 5,600 | 20,283 | ||
| CSPC Pharmaceutical Group Ltd. | Pharmaceuticals | 560,000 | 344,595 | ||
| Daan Gene Co. Ltd., Class A | Biotechnology | 5,240 | 4,054 | ||
| Daqin Railway Co. Ltd., Class A | Ground Transportation | 80,000 | 73,881 | ||
| a | Daqo New Energy Corp., ADR | Semiconductors & Semiconductor Equipment | 2,880 | 55,987 | |
| Datang International Power Generation Co. Ltd., Class A | Independent Power Producers & Energy Traders | 36,000 | 13,975 | ||
| Datang International Power Generation Co. Ltd., Class H | Independent Power Producers & Energy Traders | 160,000 | 29,660 | ||
| DHC Software Co. Ltd., Class A | IT Services | 24,000 | 23,734 | ||
| Do-Fluoride New Materials Co. Ltd., Class A | Chemicals | 5,160 | 8,434 | ||
| Dong-E-E-Jiao Co. Ltd., Class A | Pharmaceuticals | 4,000 | 34,173 | ||
| Dongfang Electric Corp. Ltd., Class A | Electrical Equipment | 12,000 | 25,973 | ||
| Dongfang Electric Corp. Ltd., Class H | Electrical Equipment | 24,000 | 29,969 | ||
| Dongfeng Motor Group Co. Ltd., Class H | Automobiles | 148,700 | 71,211 | ||
| Dongguan Yiheda Automation Co. Ltd., Class A | Machinery | 4,000 | 13,469 | ||
| Dongxing Securities Co. Ltd., Class A | Capital Markets | 16,000 | 23,995 | ||
| a,b | East Buy Holding Ltd. | Consumer Staples Distribution & Retail | 26,000 | 60,181 | |
| East Money Information Co. Ltd., Class A | Capital Markets | 72,076 | 253,491 | ||
| Eastern Air Logistics Co. Ltd., Class A | Air Freight & Logistics | 8,000 | 18,383 | ||
| Eastroc Beverage Group Co. Ltd., Class A | Beverages | 910 | 30,805 | ||
| Ecovacs Robotics Co. Ltd., Class A | Household Durables | 2,800 | 17,925 | ||
| Empyrean Technology Co. Ltd., Class A | Software | 1,500 | 24,743 | ||
| ENN Energy Holdings Ltd. | Gas Utilities | 48,000 | 345,110 | ||
| ENN Natural Gas Co. Ltd., Class A | Gas Utilities | 16,000 | 47,249 | ||
| Eoptolink Technology, Inc. Ltd., Class A | Electronic Equipment, Instruments & Components | 4,000 | 62,974 | ||
| Eternal Asia Supply Chain Management Ltd., Class A | Commercial Services & Supplies | 16,000 | 9,785 | ||
| Eve Energy Co. Ltd., Class A | Electrical Equipment | 9,000 | 57,299 | ||
| Everbright Securities Co. Ltd., Class A | Capital Markets | 20,000 | 49,336 | ||
| Fangda Carbon New Material Co. Ltd., Class A | Electrical Equipment | 20,000 | 13,158 | ||
| FAW Jiefang Group Co. Ltd., Class A | Machinery | 12,000 | 13,403 | ||
| Fiberhome Telecommunication Technologies Co. Ltd., Class A | Communications Equipment | 8,000 | 21,205 | ||
| a | Financial Street Holdings Co. Ltd., Class A | Real Estate Management & Development | 16,000 | 7,105 | |
| First Capital Securities Co. Ltd., Class A | Capital Markets | 24,000 | 27,297 | ||
| Flat Glass Group Co. Ltd., Class A | Semiconductors & Semiconductor Equipment | 8,000 | 21,456 | ||
| Flat Glass Group Co. Ltd., Class H | Semiconductors & Semiconductor Equipment | 25,000 | 35,144 | ||
| Focus Media Information Technology Co. Ltd., Class A | Media | 68,000 | 65,115 | ||
| Foshan Haitian Flavouring & Food Co. Ltd., Class A | Food Products | 22,373 | 139,879 | ||
| Fosun International Ltd. | Industrial Conglomerates | 140,000 | 81,823 | ||
| Founder Securities Co. Ltd., Class A | Capital Markets | 44,000 | 49,924 |
| Foxconn Industrial Internet Co. Ltd., Class A | Electronic Equipment, Instruments & Components | 56,000 | 163,999 | ||
| Fujian Funeng Co. Ltd., Class A | Independent Power Producers & Energy Traders | 12,040 | 16,351 | ||
| Fujian Sunner Development Co. Ltd., Class A | Food Products | 8,000 | 15,779 | ||
| Full Truck Alliance Co. Ltd., ADR | Ground Transportation | 47,040 | 508,973 | ||
| Fuyao Glass Industry Group Co. Ltd., Class A | Automobile Components | 8,000 | 67,997 | ||
| b | Fuyao Glass Industry Group Co. Ltd., Class H | Automobile Components | 38,200 | 275,142 | |
| GalaxyCore, Inc., Class A | Semiconductors & Semiconductor Equipment | 16,000 | 29,291 | ||
| Gan & Lee Pharmaceuticals Co. Ltd., Class A | Biotechnology | 4,000 | 24,028 | ||
| Ganfeng Lithium Group Co. Ltd., Class A | Chemicals | 8,260 | 39,390 | ||
| b | Ganfeng Lithium Group Co. Ltd., Class H | Chemicals | 24,660 | 63,809 | |
| G-bits Network Technology Xiamen Co. Ltd., Class A | Entertainment | 300 | 8,943 | ||
| a | GCL System Integration Technology Co. Ltd., Class A | Semiconductors & Semiconductor Equipment | 32,000 | 11,638 | |
| a | GCL Technology Holdings Ltd. | Semiconductors & Semiconductor Equipment | 1,280,000 | 177,962 | |
| GD Power Development Co. Ltd., Class A | Independent Power Producers & Energy Traders | 80,000 | 49,908 | ||
| a | GDS Holdings Ltd., Class A | IT Services | 52,000 | 152,627 | |
| GEM Co. Ltd., Class A | Electrical Equipment | 28,000 | 24,905 | ||
| Gemdale Corp., Class A | Real Estate Management & Development | 24,000 | 14,319 | ||
| a | Genscript Biotech Corp. | Life Sciences Tools & Services | 80,000 | 101,339 | |
| GF Securities Co. Ltd., Class A | Capital Markets | 28,000 | 61,824 | ||
| GF Securities Co. Ltd., Class H | Capital Markets | 72,000 | 97,694 | ||
| b | Giant Biogene Holding Co. Ltd. | Personal Care Products | 28,000 | 179,867 | |
| Giant Network Group Co. Ltd., Class A | Entertainment | 16,000 | 27,656 | ||
| a | GigaDevice Semiconductor, Inc., Class A | Semiconductors & Semiconductor Equipment | 4,048 | 58,888 | |
| Ginlong Technologies Co. Ltd., Class A | Electrical Equipment | 2,350 | 19,548 | ||
| Glarun Technology Co. Ltd., Class A | Communications Equipment | 8,000 | 21,718 | ||
| GoerTek, Inc., Class A | Electronic Equipment, Instruments & Components | 16,000 | 56,250 | ||
| Goldwind Science & Technology Co. Ltd., Class A | Electrical Equipment | 16,000 | 22,513 | ||
| Goldwind Science & Technology Co. Ltd., Class H | Electrical Equipment | 40,000 | 33,677 | ||
| Goneo Group Co. Ltd., Class A | Electrical Equipment | 4,075 | 38,988 | ||
| GoodWe Technologies Co. Ltd., Class A | Electrical Equipment | 634 | 3,532 | ||
| Gotion High-tech Co. Ltd., Class A | Electrical Equipment | 8,000 | 23,123 | ||
| a | Grandjoy Holdings Group Co. Ltd., Class A | Real Estate Management & Development | 24,000 | 9,938 | |
| Great Wall Motor Co. Ltd., Class A | Automobiles | 16,000 | 57,383 | ||
| Great Wall Motor Co. Ltd., Class H | Automobiles | 140,000 | 246,191 | ||
| Gree Electric Appliances, Inc. of Zhuhai, Class A | Household Durables | 20,000 | 123,817 | ||
| a | Greenland Holdings Corp. Ltd., Class A | Real Estate Management & Development | 80,000 | 22,884 | |
| Greentown China Holdings Ltd. | Real Estate Management & Development | 80,000 | 95,366 | ||
| GRG Banking Equipment Co. Ltd., Class A | Technology Hardware, Storage & Peripherals | 12,000 | 19,059 | ||
| Guangdong Baolihua New Energy Stock Co. Ltd., Class A | Independent Power Producers & Energy Traders | 12,000 | 7,323 | ||
| Guangdong Electric Power Development Co. Ltd., Class A | Independent Power Producers & Energy Traders | 12,000 | 7,404 | ||
| Guangdong Electric Power Development Co. Ltd., Class B | Independent Power Producers & Energy Traders | 56,000 | 14,562 | ||
| a | Guangdong Golden Dragon Development, Inc., Class A | Capital Markets | 4,000 | 8,238 | |
| Guangdong Haid Group Co. Ltd., Class A | Food Products | 8,200 | 54,786 | ||
| Guangdong HEC Technology Holding Co. Ltd., Class A | Metals & Mining | 16,000 | 24,605 | ||
| Guangdong Xinbao Electrical Appliances Holdings Co. Ltd., Class A | Household Durables | 4,000 | 8,173 | ||
| Guanghui Energy Co. Ltd., Class A | Oil, Gas & Consumable Fuels | 32,000 | 29,335 | ||
| Guangshen Railway Co. Ltd., Class A | Ground Transportation | 32,000 | 14,951 | ||
| Guangshen Railway Co. Ltd., Class H | Ground Transportation | 80,000 | 22,245 | ||
| Guangxi Guiguan Electric Power Co. Ltd., Class A | Independent Power Producers & Energy Traders | 20,000 | 18,525 | ||
| Guangxi Liugong Machinery Co. Ltd., Class A | Machinery | 8,000 | 13,142 | ||
| Guangzhou Automobile Group Co. Ltd., Class A | Automobiles | 16,000 | 20,356 | ||
| Guangzhou Automobile Group Co. Ltd., Class H | Automobiles | 206,000 | 90,431 |
| Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A | Health Care Providers & Services | 8,000 | 30,969 | ||
| Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class H | Health Care Providers & Services | 13,800 | 32,333 | ||
| Guangzhou Haige Communications Group, Inc. Co., Class A | Communications Equipment | 12,000 | 17,947 | ||
| Guangzhou Kingmed Diagnostics Group Co. Ltd., Class A | Health Care Providers & Services | 4,000 | 15,000 | ||
| Guangzhou Shiyuan Electronic Technology Co. Ltd., Class A | Electronic Equipment, Instruments & Components | 4,000 | 20,110 | ||
| Guangzhou Tinci Materials Technology Co. Ltd., Class A | Chemicals | 9,660 | 25,948 | ||
| Guangzhou Wondfo Biotech Co. Ltd., Class A | Health Care Equipment & Supplies | 1,300 | 3,968 | ||
| Guangzhou Yuexiu Capital Holdings Group Co. Ltd., Class A | Capital Markets | 12,000 | 11,474 | ||
| Guangzhou Zhujiang Brewery Co. Ltd., Class A | Beverages | 8,000 | 10,777 | ||
| Guobo Electronics Co. Ltd., Class A | Semiconductors & Semiconductor Equipment | 2,800 | 18,826 | ||
| Guolian Securities Co. Ltd., Class A | Capital Markets | 12,900 | 23,756 | ||
| Guosen Securities Co. Ltd., Class A | Capital Markets | 32,000 | 48,818 | ||
| a | Guosheng Financial Holding, Inc., Class A | Capital Markets | 12,000 | 21,396 | |
| Guotai Junan Securities Co. Ltd., Class A | Capital Markets | 33,500 | 85,102 | ||
| b | Guotai Junan Securities Co. Ltd., Class H | Capital Markets | 44,600 | 64,076 | |
| Guoyuan Securities Co. Ltd., Class A | Capital Markets | 24,000 | 27,330 | ||
| H World Group Ltd. | Hotels, Restaurants & Leisure | 120,040 | 401,784 | ||
| b | Haidilao International Holding Ltd. | Hotels, Restaurants & Leisure | 95,000 | 194,453 | |
| Haier Smart Home Co. Ltd., Class A | Household Durables | 28,000 | 108,583 | ||
| Haier Smart Home Co. Ltd., Class H | Household Durables | 144,000 | 509,787 | ||
| a | Hainan Airlines Holding Co. Ltd., Class A | Passenger Airlines | 212,000 | 49,091 | |
| a | Hainan Airport Infrastructure Co. Ltd., Class A | Real Estate Management & Development | 52,000 | 26,774 | |
| Haitian International Holdings Ltd. | Machinery | 40,000 | 108,652 | ||
| Haitong Securities Co. Ltd., Class A | Capital Markets | 40,900 | 61,950 | ||
| Haitong Securities Co. Ltd., Class H | Capital Markets | 210,800 | 185,889 | ||
| Hangzhou Binjiang Real Estate Group Co. Ltd., Class A | Real Estate Management & Development | 16,000 | 18,765 | ||
| Hangzhou Chang Chuan Technology Co. Ltd., Class A | Semiconductors & Semiconductor Equipment | 4,000 | 24,044 | ||
| Hangzhou First Applied Material Co. Ltd., Class A | Semiconductors & Semiconductor Equipment | 6,042 | 12,180 | ||
| Hangzhou GreatStar Industrial Co. Ltd., Class A | Household Durables | 8,000 | 35,252 | ||
| Hangzhou Lion Microelectronics Co. Ltd., Class A | Semiconductors & Semiconductor Equipment | 4,000 | 13,496 | ||
| Hangzhou Oxygen Plant Group Co. Ltd., Class A | Chemicals | 4,000 | 11,878 | ||
| Hangzhou Robam Appliances Co. Ltd., Class A | Household Durables | 4,000 | 11,676 | ||
| a | Hangzhou Silan Microelectronics Co. Ltd., Class A | Semiconductors & Semiconductor Equipment | 8,000 | 28,354 | |
| Hangzhou Tigermed Consulting Co. Ltd., Class A | Life Sciences Tools & Services | 4,000 | 29,760 | ||
| b | Hangzhou Tigermed Consulting Co. Ltd., Class H | Life Sciences Tools & Services | 8,000 | 31,720 | |
| Han’s Laser Technology Industry Group Co. Ltd., Class A | Machinery | 6,000 | 20,432 | ||
| b | Hansoh Pharmaceutical Group Co. Ltd. | Pharmaceuticals | 65,500 | 145,706 | |
| Haohua Chemical Science & Technology Co. Ltd., Class A | Chemicals | 4,000 | 15,752 | ||
| Harbin Boshi Automation Co. Ltd., Class A | Machinery | 4,000 | 9,262 | ||
| Hefei Meiya Optoelectronic Technology, Inc., Class A | Machinery | 4,780 | 9,649 | ||
| Heilongjiang Agriculture Co. Ltd., Class A | Food Products | 8,000 | 16,073 | ||
| Henan Shenhuo Coal Industry & Electricity Power Co. Ltd., Class A | Metals & Mining | 12,000 | 27,624 | ||
| Henan Shuanghui Investment & Development Co. Ltd., Class A | Food Products | 16,000 | 56,577 | ||
| Hengan International Group Co. Ltd. | Personal Care Products | 38,450 | 111,124 |
| Hengdian Group DMEGC Magnetics Co. Ltd., Class A | Electronic Equipment, Instruments & Components | 8,000 | 14,122 | ||
| Hengli Petrochemical Co. Ltd., Class A | Chemicals | 16,000 | 33,454 | ||
| Hengtong Optic-electric Co. Ltd., Class A | Communications Equipment | 12,000 | 28,147 | ||
| Hengyi Petrochemical Co. Ltd., Class A | Chemicals | 16,000 | 13,687 | ||
| Hesteel Co. Ltd., Class A | Metals & Mining | 56,000 | 16,858 | ||
| Hisense Home Appliances Group Co. Ltd., Class H | Household Durables | 27,000 | 85,331 | ||
| Hithink RoyalFlush Information Network Co. Ltd., Class A | Capital Markets | 2,500 | 97,902 | ||
| HLA Group Corp. Ltd., Class A | Specialty Retail | 28,000 | 28,605 | ||
| a | Hopson Development Holdings Ltd. | Real Estate Management & Development | 64,050 | 25,643 | |
| Hoshine Silicon Industry Co. Ltd., Class A | Chemicals | 4,000 | 30,272 | ||
| Hoyuan Green Energy Co. Ltd., Class A | Semiconductors & Semiconductor Equipment | 4,060 | 8,987 | ||
| b | Hua Hong Semiconductor Ltd. | Semiconductors & Semiconductor Equipment | 40,000 | 111,484 | |
| Huadian Power International Corp. Ltd., Class A | Independent Power Producers & Energy Traders | 36,000 | 27,509 | ||
| Huadian Power International Corp. Ltd., Class H | Independent Power Producers & Energy Traders | 114,000 | 58,703 | ||
| Huadong Medicine Co. Ltd., Class A | Health Care Providers & Services | 12,000 | 56,555 | ||
| Huafon Chemical Co. Ltd., Class A | Chemicals | 20,000 | 22,284 | ||
| Huagong Tech Co. Ltd., Class A | Electronic Equipment, Instruments & Components | 5,200 | 30,669 | ||
| Huaibei Mining Holdings Co. Ltd., Class A | Metals & Mining | 12,000 | 22,998 | ||
| Hualan Biological Engineering, Inc., Class A | Biotechnology | 8,660 | 19,876 | ||
| Huaneng Lancang River Hydropower, Inc., Class A | Independent Power Producers & Energy Traders | 32,000 | 41,452 | ||
| Huaneng Power International, Inc., Class A | Independent Power Producers & Energy Traders | 36,000 | 33,198 | ||
| Huaneng Power International, Inc., Class H | Independent Power Producers & Energy Traders | 272,000 | 149,867 | ||
| Huapont Life Sciences Co. Ltd., Class A | Chemicals | 8,000 | 4,925 | ||
| Huatai Securities Co. Ltd., Class A | Capital Markets | 32,000 | 76,671 | ||
| b | Huatai Securities Co. Ltd., Class H | Capital Markets | 88,000 | 148,631 | |
| Huaxi Securities Co. Ltd., Class A | Capital Markets | 12,000 | 13,583 | ||
| Huaxia Bank Co. Ltd., Class A | Banks | 72,000 | 78,556 | ||
| Huaxin Cement Co. Ltd., Class A | Construction Materials | 8,000 | 13,185 | ||
| Huaxin Cement Co. Ltd., Class H | Construction Materials | 21,200 | 21,369 | ||
| Huayu Automotive Systems Co. Ltd., Class A | Automobile Components | 16,000 | 38,379 | ||
| a | Hubei Biocause Pharmaceutical Co. Ltd., Class A | Insurance | 20,000 | 12,722 | |
| Hubei Energy Group Co. Ltd., Class A | Independent Power Producers & Energy Traders | 36,000 | 24,420 | ||
| Hubei Xingfa Chemicals Group Co. Ltd., Class A | Chemicals | 8,000 | 23,646 | ||
| Huizhou Desay Sv Automotive Co. Ltd., Class A | Automobile Components | 2,300 | 34,496 | ||
| Humanwell Healthcare Group Co. Ltd., Class A | Pharmaceuticals | 8,000 | 25,477 | ||
| Hunan Gold Corp. Ltd., Class A | Metals & Mining | 8,000 | 17,141 | ||
| Hunan Valin Steel Co. Ltd., Class A | Metals & Mining | 32,000 | 18,220 | ||
| Hundsun Technologies, Inc., Class A | Software | 9,106 | 34,717 | ||
| a,b | Hygeia Healthcare Holdings Co. Ltd., Class C | Health Care Providers & Services | 24,000 | 44,058 | |
| Hygon Information Technology Co. Ltd., Class A | Semiconductors & Semiconductor Equipment | 10,480 | 213,825 | ||
| a | Hytera Communications Corp. Ltd., Class A | Communications Equipment | 8,000 | 15,485 | |
| IEIT Systems Co. Ltd., Class A | Technology Hardware, Storage & Peripherals | 8,108 | 57,297 | ||
| Iflytek Co. Ltd., Class A | Software | 12,000 | 78,981 | ||
| Imeik Technology Development Co. Ltd., Class A | Biotechnology | 1,120 | 27,842 | ||
| Industrial & Commercial Bank of China Ltd., Class A | Banks | 340,000 | 320,479 | ||
| Industrial & Commercial Bank of China Ltd., Class H | Banks | 4,960,000 | 3,326,695 | ||
| Industrial Bank Co. Ltd., Class A | Banks | 92,000 | 240,104 | ||
| Industrial Securities Co. Ltd., Class A | Capital Markets | 41,890 | 35,719 | ||
| Ingenic Semiconductor Co. Ltd., Class A | Semiconductors & Semiconductor Equipment | 2,300 | 21,366 | ||
| a | Inner Mongolia BaoTou Steel Union Co. Ltd., Class A | Metals & Mining | 192,000 | 48,644 | |
| Inner Mongolia Dian Tou Energy Corp. Ltd., Class A | Oil, Gas & Consumable Fuels | 12,000 | 32,004 |
| Inner Mongolia ERDOS Resources Co. Ltd., Class A | Metals & Mining | 10,320 | 13,720 | ||
| Inner Mongolia ERDOS Resources Co. Ltd., Class B | Metals & Mining | 30,320 | 26,773 | ||
| Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Class A | Chemicals | 40,000 | 28,659 | ||
| Inner Mongolia Yili Industrial Group Co. Ltd., Class A | Food Products | 28,000 | 115,105 | ||
| Inner Mongolia Yitai Coal Co. Ltd., Class B | Oil, Gas & Consumable Fuels | 64,000 | 132,032 | ||
| Inner Mongolia Yuan Xing Energy Co. Ltd., Class A | Chemicals | 20,000 | 15,229 | ||
| a,b | Innovent Biologics, Inc., Class B | Biotechnology | 96,000 | 452,320 | |
| Intco Medical Technology Co. Ltd., Class A | Health Care Equipment & Supplies | 4,090 | 14,084 | ||
| a | iQIYI, Inc., ADR | Entertainment | 31,000 | 62,310 | |
| a | IRICO Display Devices Co. Ltd., Class A | Electronic Equipment, Instruments & Components | 20,000 | 22,393 | |
| Isoftstone Information Technology Group Co. Ltd., Class A | IT Services | 4,800 | 38,386 | ||
| JA Solar Technology Co. Ltd., Class A | Semiconductors & Semiconductor Equipment | 16,692 | 31,263 | ||
| Jafron Biomedical Co. Ltd., Class A | Health Care Equipment & Supplies | 4,000 | 15,986 | ||
| Jason Furniture Hangzhou Co. Ltd., Class A | Household Durables | 4,780 | 17,957 | ||
| JCET Group Co. Ltd., Class A | Semiconductors & Semiconductor Equipment | 8,000 | 44,525 | ||
| a,b | JD Health International, Inc. | Consumer Staples Distribution & Retail | 66,000 | 238,750 | |
| a,b | JD Logistics, Inc. | Air Freight & Logistics | 104,000 | 171,371 | |
| JD.com, Inc., Class A | Broadline Retail | 160,000 | 2,801,254 | ||
| Jiangsu Eastern Shenghong Co. Ltd., Class A | Chemicals | 20,000 | 22,366 | ||
| Jiangsu Expressway Co. Ltd., Class A | Transportation Infrastructure | 8,000 | 16,683 | ||
| Jiangsu Expressway Co. Ltd., Class H | Transportation Infrastructure | 80,000 | 88,363 | ||
| Jiangsu Hengli Hydraulic Co. Ltd., Class A | Machinery | 5,280 | 37,952 | ||
| Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class A | Pharmaceuticals | 28,000 | 175,060 | ||
| Jiangsu King’s Luck Brewery JSC Ltd., Class A | Beverages | 5,600 | 34,501 | ||
| Jiangsu Linyang Energy Co. Ltd., Class A | Electrical Equipment | 12,000 | 11,556 | ||
| Jiangsu Nhwa Pharmaceutical Co. Ltd., Class A | Pharmaceuticals | 4,000 | 13,267 | ||
| Jiangsu Pacific Quartz Co. Ltd., Class A | Semiconductors & Semiconductor Equipment | 1,800 | 7,044 | ||
| Jiangsu Phoenix Publishing & Media Corp. Ltd., Class A | Media | 12,000 | 18,863 | ||
| Jiangsu Yanghe Distillery Co. Ltd., Class A | Beverages | 8,000 | 91,022 | ||
| Jiangsu Yangnong Chemical Co. Ltd., Class A | Chemicals | 2,170 | 17,105 | ||
| Jiangsu Yoke Technology Co. Ltd., Class A | Chemicals | 4,000 | 31,574 | ||
| Jiangsu Yuyue Medical Equipment & Supply Co. Ltd., Class A | Health Care Equipment & Supplies | 8,000 | 39,763 | ||
| Jiangsu Zhongtian Technology Co. Ltd., Class A | Electrical Equipment | 16,000 | 31,209 | ||
| Jiangxi Copper Co. Ltd., Class A | Metals & Mining | 12,000 | 33,737 | ||
| Jiangxi Copper Co. Ltd., Class H | Metals & Mining | 80,000 | 128,322 | ||
| a | Jiangxi Special Electric Motor Co. Ltd., Class A | Electrical Equipment | 8,000 | 8,075 | |
| Jilin Aodong Pharmaceutical Group Co. Ltd., Class A | Pharmaceuticals | 8,000 | 18,819 | ||
| Jinduicheng Molybdenum Co. Ltd., Class A | Metals & Mining | 16,000 | 21,925 | ||
| Jinko Solar Co. Ltd., Class A | Semiconductors & Semiconductor Equipment | 32,000 | 30,991 | ||
| b | Jinxin Fertility Group Ltd. | Health Care Providers & Services | 150,500 | 52,117 | |
| JiuGui Liquor Co. Ltd., Class A | Beverages | 1,600 | 12,122 | ||
| b | Jiumaojiu International Holdings Ltd. | Hotels, Restaurants & Leisure | 61,500 | 27,156 | |
| Jizhong Energy Resources Co. Ltd., Class A | Oil, Gas & Consumable Fuels | 16,000 | 13,774 | ||
| Joincare Pharmaceutical Group Industry Co. Ltd., Class A | Pharmaceuticals | 12,000 | 18,421 | ||
| Joinn Laboratories China Co. Ltd., Class A | Life Sciences Tools & Services | 1,960 | 4,440 | ||
| b | Joinn Laboratories China Co. Ltd., Class H | Life Sciences Tools & Services | 6,672 | 8,031 | |
| Jointown Pharmaceutical Group Co. Ltd., Class A | Health Care Providers & Services | 28,072 | 19,578 | ||
| Jonjee Hi-Tech Industrial & Commercial Holding Co. Ltd., Class A | Food Products | 4,000 | 11,998 | ||
| a | JOYY, Inc., ADR | Interactive Media & Services | 1,880 | 78,678 | |
| Juneyao Airlines Co. Ltd., Class A | Passenger Airlines | 12,000 | 22,393 | ||
| a | J-Yuan Trust Co. Ltd., Class A | Capital Markets | 48,000 | 22,884 |
| Kaishan Group Co. Ltd., Class A | Machinery | 4,000 | 4,969 | ||
| a | Kanzhun Ltd., ADR | Interactive Media & Services | 22,960 | 316,848 | |
| KE Holdings, Inc., ADR | Real Estate Management & Development | 37,760 | 695,539 | ||
| Keda Industrial Group Co. Ltd., Class A | Machinery | 8,000 | 8,500 | ||
| Kingboard Holdings Ltd. | Electronic Equipment, Instruments & Components | 45,700 | 109,897 | ||
| a | Kingdee International Software Group Co. Ltd. | Software | 160,000 | 175,696 | |
| Kingnet Network Co. Ltd., Class A | Entertainment | 12,000 | 22,246 | ||
| Kingsoft Corp. Ltd. | Entertainment | 48,000 | 207,931 | ||
| a,b | Kuaishou Technology, Class B | Interactive Media & Services | 180,000 | 958,168 | |
| Kuang-Chi Technologies Co. Ltd., Class A | Aerospace & Defense | 12,000 | 78,131 | ||
| Kunlun Tech Co. Ltd., Class A | Interactive Media & Services | 6,600 | 34,593 | ||
| Kweichow Moutai Co. Ltd., Class A | Beverages | 5,550 | 1,152,108 | ||
| Lakala Payment Co. Ltd., Class A | Financial Services | 4,000 | 9,644 | ||
| Lao Feng Xiang Co. Ltd., Class B | Textiles, Apparel & Luxury Goods | 16,000 | 56,864 | ||
| LB Group Co. Ltd., Class A | Chemicals | 12,000 | 28,882 | ||
| Lee & Man Paper Manufacturing Ltd. | Paper & Forest Products | 80,000 | 24,820 | ||
| a,b | Legend Holdings Corp., Class H | Technology Hardware, Storage & Peripherals | 36,000 | 36,890 | |
| Lens Technology Co. Ltd., Class A | Electronic Equipment, Instruments & Components | 24,000 | 71,593 | ||
| Leo Group Co. Ltd., Class A | Media | 44,000 | 18,519 | ||
| Lepu Medical Technology Beijing Co. Ltd., Class A | Health Care Equipment & Supplies | 12,000 | 18,536 | ||
| Levima Advanced Materials Corp., Class A | Chemicals | 4,000 | 7,503 | ||
| Leyard Optoelectronic Co. Ltd., Class A | Electronic Equipment, Instruments & Components | 12,000 | 10,526 | ||
| a | Li Auto, Inc., Class A | Automobiles | 74,362 | 899,376 | |
| Li Ning Co. Ltd. | Textiles, Apparel & Luxury Goods | 140,000 | 296,655 | ||
| Liaoning Port Co. Ltd., Class A | Transportation Infrastructure | 92,000 | 21,679 | ||
| Lingyi iTech Guangdong Co., Class A | Electronic Equipment, Instruments & Components | 36,000 | 39,229 | ||
| Livzon Pharmaceutical Group, Inc., Class A | Pharmaceuticals | 4,000 | 20,704 | ||
| Livzon Pharmaceutical Group, Inc., Class H | Pharmaceuticals | 8,000 | 28,373 | ||
| b | Longfor Group Holdings Ltd. | Real Estate Management & Development | 150,490 | 193,732 | |
| LONGi Green Energy Technology Co. Ltd., Class A | Semiconductors & Semiconductor Equipment | 32,000 | 68,476 | ||
| Longshine Technology Group Co. Ltd., Class A | Software | 8,000 | 13,294 | ||
| a | Loongson Technology Corp. Ltd., Class A | Semiconductors & Semiconductor Equipment | 1,883 | 33,928 | |
| Lufax Holding Ltd., ADR | Consumer Finance | 11,855 | 28,333 | ||
| Luxi Chemical Group Co. Ltd., Class A | Chemicals | 8,000 | 12,739 | ||
| Luxshare Precision Industry Co. Ltd., Class A | Electronic Equipment, Instruments & Components | 32,899 | 182,655 | ||
| a,b | Luye Pharma Group Ltd. | Pharmaceuticals | 120,000 | 33,522 | |
| Luzhou Laojiao Co. Ltd., Class A | Beverages | 6,800 | 115,965 | ||
| a | Maanshan Iron & Steel Co. Ltd., Class A | Metals & Mining | 32,000 | 13,469 | |
| Mango Excellent Media Co. Ltd., Class A | Entertainment | 8,930 | 32,708 | ||
| Maxscend Microelectronics Co. Ltd., Class A | Electronic Equipment, Instruments & Components | 2,432 | 29,715 | ||
| Meihua Holdings Group Co. Ltd., Class A | Chemicals | 16,000 | 21,859 | ||
| Meinian Onehealth Healthcare Holdings Co. Ltd., Class A | Health Care Providers & Services | 20,000 | 12,504 | ||
| a,b | Meituan, Class B | Hotels, Restaurants & Leisure | 347,032 | 6,777,175 | |
| Metallurgical Corp. of China Ltd., Class A | Construction & Engineering | 72,000 | 32,364 | ||
| Metallurgical Corp. of China Ltd., Class H | Construction & Engineering | 200,000 | 42,225 | ||
| a | Microport Scientific Corp. | Health Care Equipment & Supplies | 60,000 | 49,357 | |
| a | Midea Group Co. Ltd. | Household Durables | 24,000 | 233,421 | |
| Ming Yang Smart Energy Group Ltd., Class A | Electrical Equipment | 12,000 | 20,612 | ||
| MINISO Group Holding Ltd. | Broadline Retail | 30,192 | 182,871 | ||
| Minmetals Capital Co. Ltd., Class A | Capital Markets | 20,000 | 17,571 | ||
| a | Minth Group Ltd. | Automobile Components | 50,250 | 97,810 | |
| Montage Technology Co. Ltd., Class A | Semiconductors & Semiconductor Equipment | 5,535 | 51,192 | ||
| Muyuan Foods Co. Ltd., Class A | Food Products | 24,960 | 130,690 | ||
| Nanjing King-Friend Biochemical Pharmaceutical Co. Ltd., Class A | Pharmaceuticals | 4,845 | 8,758 | ||
| NARI Technology Co. Ltd., Class A | Electrical Equipment | 37,088 | 127,407 | ||
| National Silicon Industry Group Co. Ltd., Class A | Semiconductors & Semiconductor Equipment | 16,200 | 41,529 | ||
| NAURA Technology Group Co. Ltd., Class A | Semiconductors & Semiconductor Equipment | 2,400 | 127,821 | ||
| a | NavInfo Co. Ltd., Class A | Software | 12,000 | 15,757 | |
| NetEase, Inc. | Entertainment | 113,510 | 2,022,385 | ||
| New China Life Insurance Co. Ltd., Class A | Insurance | 10,000 | 67,697 |
| New China Life Insurance Co. Ltd., Class H | Insurance | 48,000 | 145,830 | ||
| a | New Hope Liuhe Co. Ltd., Class A | Food Products | 24,000 | 29,356 | |
| New Oriental Education & Technology Group, Inc. | Diversified Consumer Services | 96,000 | 604,947 | ||
| Newland Digital Technology Co. Ltd., Class A | Software | 4,000 | 10,870 | ||
| a | Nine Dragons Paper Holdings Ltd. | Paper & Forest Products | 103,000 | 41,768 | |
| a | Ninestar Corp., Class A | Technology Hardware, Storage & Peripherals | 8,000 | 30,697 | |
| Ningbo Deye Technology Co. Ltd., Class A | Machinery | 3,264 | 37,702 | ||
| Ningbo Joyson Electronic Corp., Class A | Automobile Components | 8,000 | 17,076 | ||
| Ningbo Orient Wires & Cables Co. Ltd., Class A | Electrical Equipment | 4,000 | 28,632 | ||
| Ningbo Ronbay New Energy Technology Co. Ltd., Class A | Electrical Equipment | 2,610 | 11,216 | ||
| Ningbo Sanxing Medical Electric Co. Ltd., Class A | Electrical Equipment | 8,000 | 33,519 | ||
| Ningbo Shanshan Co. Ltd., Class A | Chemicals | 12,000 | 12,177 | ||
| Ningbo Tuopu Group Co. Ltd., Class A | Automobile Components | 8,070 | 53,862 | ||
| Ningbo Zhoushan Port Co. Ltd., Class A | Transportation Infrastructure | 36,000 | 18,879 | ||
| Ningxia Baofeng Energy Group Co. Ltd., Class A | Chemicals | 12,000 | 27,526 | ||
| a | NIO, Inc., Class A | Automobiles | 96,800 | 433,659 | |
| b | Nongfu Spring Co. Ltd., Class H | Beverages | 110,400 | 482,506 | |
| North Industries Group Red Arrow Co. Ltd., Class A | Machinery | 4,000 | 7,873 | ||
| Northeast Securities Co. Ltd., Class A | Capital Markets | 12,000 | 12,978 | ||
| Offshore Oil Engineering Co. Ltd., Class A | Energy Equipment & Services | 20,000 | 14,902 | ||
| a | OFILM Group Co. Ltd., Class A | Electronic Equipment, Instruments & Components | 16,000 | 26,109 | |
| Oppein Home Group, Inc., Class A | Household Durables | 900 | 8,451 | ||
| ORG Technology Co. Ltd., Class A | Containers & Packaging | 12,000 | 9,268 | ||
| Orient Securities Co. Ltd., Class A | Capital Markets | 32,624 | 46,926 | ||
| b | Orient Securities Co. Ltd., Class H | Capital Markets | 48,000 | 31,267 | |
| a | Oriental Energy Co. Ltd., Class A | Oil, Gas & Consumable Fuels | 8,000 | 10,341 | |
| a | Ourpalm Co. Ltd., Class A | Entertainment | 12,000 | 8,990 | |
| Ovctek China, Inc., Class A | Health Care Equipment & Supplies | 4,720 | 12,183 | ||
| a | Pangang Group Vanadium Titanium & Resources Co. Ltd., Class A | Metals & Mining | 44,000 | 17,261 | |
| a | PDD Holdings, Inc., ADR | Broadline Retail | 44,560 | 4,321,874 | |
| People.cn Co. Ltd., Class A | Media | 6,000 | 18,013 | ||
| People’s Insurance Co. Group of China Ltd., Class A | Insurance | 48,000 | 49,821 | ||
| People’s Insurance Co. Group of China Ltd., Class H | Insurance | 520,000 | 259,064 | ||
| Perfect World Co. Ltd., Class A | Entertainment | 4,000 | 5,628 | ||
| PetroChina Co. Ltd., Class A | Oil, Gas & Consumable Fuels | 116,000 | 141,257 | ||
| PetroChina Co. Ltd., Class H | Oil, Gas & Consumable Fuels | 1,312,000 | 1,031,974 | ||
| Pharmaron Beijing Co. Ltd., Class A | Life Sciences Tools & Services | 8,050 | 28,180 | ||
| b | Pharmaron Beijing Co. Ltd., Class H | Life Sciences Tools & Services | 20,400 | 37,029 | |
| PICC Property & Casualty Co. Ltd., Class H | Insurance | 424,000 | 669,191 | ||
| Ping An Bank Co. Ltd., Class A | Banks | 84,000 | 133,869 | ||
| b | Ping An Healthcare & Technology Co. Ltd. | Consumer Staples Distribution & Retail | 36,000 | 28,733 | |
| Ping An Insurance Group Co. of China Ltd., Class A | Insurance | 48,000 | 344,235 | ||
| Ping An Insurance Group Co. of China Ltd., Class H | Insurance | 406,250 | 2,408,333 | ||
| Pingdingshan Tianan Coal Mining Co. Ltd., Class A | Oil, Gas & Consumable Fuels | 12,000 | 16,378 | ||
| Piotech, Inc., Class A | Semiconductors & Semiconductor Equipment | 1,000 | 20,932 | ||
| Poly Developments & Holdings Group Co. Ltd., Class A | Real Estate Management & Development | 52,000 | 62,756 | ||
| d | Poly Property Services Co. Ltd., Class H | Real Estate Management & Development | 9,000 | 35,222 | |
| b | Pop Mart International Group Ltd. | Specialty Retail | 44,000 | 507,804 | |
| Postal Savings Bank of China Co. Ltd., Class A | Banks | 104,000 | 80,463 | ||
| b | Postal Savings Bank of China Co. Ltd., Class H | Banks | 680,000 | 400,929 | |
| Power Construction Corp. of China Ltd., Class A | Construction & Engineering | 76,000 | 56,523 | ||
| Pylon Technologies Co. Ltd., Class A | Electrical Equipment | 854 | 4,659 |
| Qifu Technology, Inc., ADR | Consumer Finance | 6,880 | 264,054 | ||
| Qingdao TGOOD Electric Co. Ltd., Class A | Electrical Equipment | 4,000 | 11,959 | ||
| a | Qinghai Salt Lake Industry Co. Ltd., Class A | Chemicals | 24,000 | 53,809 | |
| Raytron Technology Co. Ltd., Class A | Electronic Equipment, Instruments & Components | 1,517 | 9,714 | ||
| a,b | Red Star Macalline Group Corp. Ltd., Class H | Real Estate Management & Development | 49,200 | 11,274 | |
| a,b | Remegen Co. Ltd., Class H | Biotechnology | 7,500 | 13,903 | |
| RLX Technology, Inc., ADR | Tobacco | 45,040 | 97,286 | ||
| Rongsheng Petrochemical Co. Ltd., Class A | Chemicals | 44,000 | 54,240 | ||
| SAIC Motor Corp. Ltd., Class A | Automobiles | 36,000 | 101,799 | ||
| Sailun Group Co. Ltd., Class A | Automobile Components | 16,000 | 31,231 | ||
| Sanan Optoelectronics Co. Ltd., Class A | Semiconductors & Semiconductor Equipment | 24,000 | 39,785 | ||
| Sany Heavy Equipment International Holdings Co. Ltd. | Machinery | 55,000 | 31,932 | ||
| Sany Heavy Industry Co. Ltd., Class A | Machinery | 36,000 | 80,812 | ||
| Satellite Chemical Co. Ltd., Class A | Chemicals | 16,046 | 41,068 | ||
| SDIC Capital Co. Ltd., Class A | Capital Markets | 24,000 | 24,584 | ||
| SDIC Power Holdings Co. Ltd., Class A | Independent Power Producers & Energy Traders | 32,000 | 72,443 | ||
| Sealand Securities Co. Ltd., Class A | Capital Markets | 32,000 | 18,656 | ||
| a | Seazen Group Ltd. | Real Estate Management & Development | 160,000 | 37,487 | |
| a | Seazen Holdings Co. Ltd., Class A | Real Estate Management & Development | 12,000 | 19,549 | |
| a,b | SenseTime Group, Inc., Class B | Software | 1,560,000 | 299,230 | |
| Seres Group Co. Ltd., Class A | Automobiles | 8,000 | 145,354 | ||
| SF Holding Co. Ltd., Class A | Air Freight & Logistics | 20,000 | 109,787 | ||
| SG Micro Corp., Class A | Semiconductors & Semiconductor Equipment | 2,657 | 29,597 | ||
| Shaanxi Coal Industry Co. Ltd., Class A | Oil, Gas & Consumable Fuels | 44,000 | 139,405 | ||
| Shaanxi International Trust Co. Ltd., Class A | Capital Markets | 28,000 | 13,578 | ||
| Shan Xi Hua Yang Group New Energy Co. Ltd., Class A | Oil, Gas & Consumable Fuels | 17,450 | 16,852 | ||
| a | Shandong Chenming Paper Holdings Ltd., Class B | Paper & Forest Products | 48,000 | 6,426 | |
| Shandong Denghai Seeds Co. Ltd., Class A | Food Products | 4,000 | 5,933 | ||
| Shandong Gold Mining Co. Ltd., Class A | Metals & Mining | 16,684 | 51,428 | ||
| b | Shandong Gold Mining Co. Ltd., Class H | Metals & Mining | 40,000 | 64,676 | |
| Shandong Himile Mechanical Science & Technology Co. Ltd., Class A | Machinery | 4,000 | 27,346 | ||
| Shandong Hi-speed Co. Ltd., Class A | Transportation Infrastructure | 16,000 | 22,404 | ||
| Shandong Hualu Hengsheng Chemical Co. Ltd., Class A | Chemicals | 12,080 | 35,558 | ||
| Shandong Humon Smelting Co. Ltd., Class A | Metals & Mining | 4,000 | 5,503 | ||
| Shandong Linglong Tyre Co. Ltd., Class A | Automobile Components | 4,000 | 9,829 | ||
| Shandong Nanshan Aluminum Co. Ltd., Class A | Metals & Mining | 56,000 | 29,825 | ||
| Shandong Pharmaceutical Glass Co. Ltd., Class A | Health Care Equipment & Supplies | 4,000 | 14,041 | ||
| Shandong Sun Paper Industry JSC Ltd., Class A | Paper & Forest Products | 12,000 | 24,306 | ||
| Shandong Weigao Group Medical Polymer Co. Ltd., Class H | Health Care Equipment & Supplies | 144,000 | 85,273 | ||
| a | Shanghai Aiko Solar Energy Co. Ltd., Class A | Semiconductors & Semiconductor Equipment | 8,060 | 12,099 | |
| Shanghai Allist Pharmaceuticals Co. Ltd., Class A | Pharmaceuticals | 4,000 | 32,636 | ||
| a | Shanghai Bairun Investment Holding Group Co. Ltd., Class A | Beverages | 5,040 | 19,229 | |
| Shanghai Baosight Software Co. Ltd., Class A | Software | 5,903 | 23,527 | ||
| Shanghai Baosight Software Co. Ltd., Class B | Software | 48,034 | 77,095 | ||
| Shanghai BOCHU Electronic Technology Corp. Ltd., Class A | Electronic Equipment, Instruments & Components | 716 | 18,945 | ||
| Shanghai Construction Group Co. Ltd., Class A | Construction & Engineering | 36,000 | 12,995 | ||
| a | Shanghai Electric Group Co. Ltd., Class A | Electrical Equipment | 48,000 | 53,025 | |
| a,e | Shanghai Electric Group Co. Ltd., Class H | Electrical Equipment | 160,000 | 58,291 | |
| Shanghai Electric Power Co. Ltd., Class A | Independent Power Producers & Energy Traders | 16,000 | 19,985 | ||
| Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A | Pharmaceuticals | 12,000 | 40,618 | ||
| Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H | Pharmaceuticals | 40,000 | 72,709 |
| Shanghai Fudan Microelectronics Group Co. Ltd., Class A | Semiconductors & Semiconductor Equipment | 891 | 4,659 | ||
| Shanghai Fudan Microelectronics Group Co. Ltd., Class H | Semiconductors & Semiconductor Equipment | 20,000 | 38,929 | ||
| Shanghai International Airport Co. Ltd., Class A | Transportation Infrastructure | 12,000 | 55,820 | ||
| Shanghai International Port Group Co. Ltd., Class A | Transportation Infrastructure | 48,000 | 40,014 | ||
| Shanghai Jinjiang International Hotels Co. Ltd., Class A | Hotels, Restaurants & Leisure | 4,000 | 14,635 | ||
| Shanghai Jinjiang International Hotels Co. Ltd., Class B | Hotels, Restaurants & Leisure | 12,000 | 18,120 | ||
| Shanghai Jinqiao Export Processing Zone Development Co. Ltd., Class A | Real Estate Management & Development | 4,000 | 6,048 | ||
| Shanghai Jinqiao Export Processing Zone Development Co. Ltd., Class B | Real Estate Management & Development | 16,000 | 13,344 | ||
| a | Shanghai Junshi Biosciences Co. Ltd., Class A | Biotechnology | 3,185 | 11,857 | |
| a,b | Shanghai Junshi Biosciences Co. Ltd., Class H | Biotechnology | 8,000 | 11,926 | |
| Shanghai Lingang Holdings Corp. Ltd., Class A | Real Estate Management & Development | 8,800 | 12,107 | ||
| Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class A | Real Estate Management & Development | 12,000 | 16,084 | ||
| Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class B | Real Estate Management & Development | 72,000 | 36,000 | ||
| Shanghai Mechanical & Electrical Industry Co. Ltd., Class B | Machinery | 16,000 | 17,968 | ||
| Shanghai Moons’ Electric Co. Ltd., Class A | Electrical Equipment | 4,000 | 29,422 | ||
| Shanghai Pharmaceuticals Holding Co. Ltd., Class A | Health Care Providers & Services | 16,000 | 45,767 | ||
| Shanghai Pharmaceuticals Holding Co. Ltd., Class H | Health Care Providers & Services | 56,000 | 90,979 | ||
| Shanghai Pudong Development Bank Co. Ltd., Class A | Banks | 128,015 | 179,428 | ||
| Shanghai Putailai New Energy Technology Co. Ltd., Class A | Chemicals | 9,479 | 20,542 | ||
| Shanghai RAAS Blood Products Co. Ltd., Class A | Biotechnology | 40,000 | 39,338 | ||
| Shanghai Rural Commercial Bank Co. Ltd., Class A | Banks | 16,000 | 18,547 | ||
| Shanghai Tunnel Engineering Co. Ltd., Class A | Construction & Engineering | 20,000 | 19,587 | ||
| Shanghai Waigaoqiao Free Trade Zone Group Co. Ltd., Class B | Trading Companies & Distributors | 16,000 | 12,368 | ||
| Shanghai Yuyuan Tourist Mart Group Co. Ltd., Class A | Specialty Retail | 20,000 | 17,517 | ||
| Shanghai Zhangjiang High-Tech Park Development Co. Ltd., Class A | Real Estate Management & Development | 8,000 | 29,204 | ||
| Shanghai Zhenhua Heavy Industries Co. Ltd., Class B | Machinery | 72,000 | 16,920 | ||
| Shanjin International Gold Co. Ltd., Class A | Metals & Mining | 12,200 | 25,542 | ||
| Shanxi Coal International Energy Group Co. Ltd., Class A | Trading Companies & Distributors | 8,000 | 12,891 | ||
| Shanxi Coking Coal Energy Group Co. Ltd., Class A | Oil, Gas & Consumable Fuels | 28,000 | 31,427 | ||
| Shanxi Lu’an Environmental Energy Development Co. Ltd., Class A | Oil, Gas & Consumable Fuels | 16,000 | 31,296 | ||
| a | Shanxi Meijin Energy Co. Ltd., Class A | Metals & Mining | 24,000 | 14,744 | |
| Shanxi Securities Co. Ltd., Class A | Capital Markets | 20,200 | 17,279 | ||
| a | Shanxi Taigang Stainless Steel Co. Ltd., Class A | Metals & Mining | 32,000 | 15,169 | |
| Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A | Beverages | 5,620 | 141,015 | ||
| Shede Spirits Co. Ltd., Class A | Beverages | 1,600 | 14,369 | ||
| Shenergy Co. Ltd., Class A | Independent Power Producers & Energy Traders | 24,000 | 31,024 | ||
| Shenghe Resources Holding Co. Ltd., Class A | Metals & Mining | 8,000 | 11,202 | ||
| Shengyi Technology Co. Ltd., Class A | Electronic Equipment, Instruments & Components | 12,000 | 39,311 | ||
| Shennan Circuits Co. Ltd., Class A | Electronic Equipment, Instruments & Components | 900 | 15,324 | ||
| Shenwan Hongyuan Group Co. Ltd., Class A | Capital Markets | 100,000 | 72,873 |
| b | Shenwan Hongyuan Group Co. Ltd., Class H | Capital Markets | 128,000 | 38,064 | |
| Shenzhen Agricultural Power Group Co. Ltd., Class A | Consumer Staples Distribution & Retail | 8,000 | 7,639 | ||
| Shenzhen Airport Co. Ltd., Class A | Transportation Infrastructure | 8,000 | 7,508 | ||
| Shenzhen Capchem Technology Co. Ltd., Class A | Chemicals | 4,080 | 20,807 | ||
| a | Shenzhen Dynanonic Co. Ltd., Class A | Chemicals | 864 | 4,340 | |
| Shenzhen Energy Group Co. Ltd., Class A | Independent Power Producers & Energy Traders | 24,000 | 21,184 | ||
| a | Shenzhen Everwin Precision Technology Co. Ltd., Class A | Electronic Equipment, Instruments & Components | 8,000 | 17,697 | |
| Shenzhen Expressway Corp. Ltd., Class H | Transportation Infrastructure | 38,000 | 35,809 | ||
| Shenzhen Gas Corp. Ltd., Class A | Gas Utilities | 12,700 | 12,213 | ||
| Shenzhen Goodix Technology Co. Ltd., Class A | Semiconductors & Semiconductor Equipment | 4,000 | 43,882 | ||
| Shenzhen Huaqiang Industry Co. Ltd., Class A | Electronic Equipment, Instruments & Components | 4,000 | 12,205 | ||
| a | Shenzhen Infogem Technologies Co. Ltd., Class A | Software | 4,000 | 20,840 | |
| Shenzhen Inovance Technology Co. Ltd., Class A | Machinery | 12,150 | 96,948 | ||
| Shenzhen International Holdings Ltd. | Transportation Infrastructure | 80,000 | 74,666 | ||
| Shenzhen Investment Ltd. | Real Estate Management & Development | 160,000 | 17,920 | ||
| Shenzhen Kaifa Technology Co. Ltd., Class A | Electronic Equipment, Instruments & Components | 8,000 | 20,770 | ||
| Shenzhen Kangtai Biological Products Co. Ltd., Class A | Biotechnology | 5,560 | 12,988 | ||
| Shenzhen Kedali Industry Co. Ltd., Class A | Automobile Components | 1,800 | 23,949 | ||
| Shenzhen Kingdom Sci-Tech Co. Ltd., Class A | Software | 4,000 | 9,393 | ||
| Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A | Health Care Equipment & Supplies | 5,500 | 191,037 | ||
| Shenzhen MTC Co. Ltd., Class A | Household Durables | 28,000 | 22,045 | ||
| a | Shenzhen Overseas Chinese Town Co. Ltd., Class A | Real Estate Management & Development | 44,000 | 16,002 | |
| Shenzhen Salubris Pharmaceuticals Co. Ltd., Class A | Pharmaceuticals | 5,000 | 21,065 | ||
| Shenzhen SC New Energy Technology Corp., Class A | Semiconductors & Semiconductor Equipment | 1,100 | 9,471 | ||
| Shenzhen SED Industry Co. Ltd., Class A | Construction & Engineering | 8,000 | 19,222 | ||
| Shenzhen Senior Technology Material Co. Ltd., Class A | Chemicals | 8,000 | 10,592 | ||
| Shenzhen Sunway Communication Co. Ltd., Class A | Communications Equipment | 4,000 | 13,861 | ||
| Shenzhen Transsion Holdings Co. Ltd., Class A | Technology Hardware, Storage & Peripherals | 5,314 | 68,764 | ||
| Shenzhen Yan Tian Port Holding Co. Ltd., Class A | Transportation Infrastructure | 12,000 | 7,960 | ||
| Shenzhen YUTO Packaging Technology Co. Ltd., Class A | Containers & Packaging | 4,000 | 14,765 | ||
| Shenzhen Zhongjin Lingnan Nonfemet Co. Ltd., Class A | Metals & Mining | 20,000 | 12,777 | ||
| a | Shijiazhuang Changshan BeiMing Technology Co. Ltd., Class A | Textiles, Apparel & Luxury Goods | 7,300 | 20,026 | |
| Shijiazhuang Yiling Pharmaceutical Co. Ltd., Class A | Pharmaceuticals | 8,680 | 18,929 | ||
| a | Siasun Robot & Automation Co. Ltd., Class A | Machinery | 8,000 | 19,560 | |
| Sichuan Changhong Electric Co. Ltd., Class A | Household Durables | 24,000 | 31,547 | ||
| Sichuan Chuantou Energy Co. Ltd., Class A | Independent Power Producers & Energy Traders | 24,000 | 56,392 | ||
| Sichuan Hebang Biotechnology Co. Ltd., Class A | Chemicals | 48,000 | 13,338 | ||
| Sichuan Kelun Pharmaceutical Co. Ltd., Class A | Pharmaceuticals | 8,000 | 32,615 | ||
| a | Sichuan Kelun-Biotech Biopharmaceutical Co. Ltd. | Biotechnology | 1,900 | 39,942 | |
| Sichuan New Energy Power Co. Ltd., Class A | Independent Power Producers & Energy Traders | 8,000 | 11,638 | ||
| Sichuan Road & Bridge Group Co. Ltd., Class A | Construction & Engineering | 33,160 | 32,882 | ||
| Sichuan Swellfun Co. Ltd., Class A | Beverages | 2,400 | 17,496 | ||
| Sichuan Yahua Industrial Group Co. Ltd., Class A | Chemicals | 4,000 | 6,375 | ||
| Sieyuan Electric Co. Ltd., Class A | Electrical Equipment | 4,000 | 39,610 |
| Sinoma International Engineering Co., Class A | Construction & Engineering | 12,000 | 15,495 | ||
| Sinoma Science & Technology Co. Ltd., Class A | Chemicals | 8,000 | 14,253 | ||
| Sinomine Resource Group Co. Ltd., Class A | Metals & Mining | 4,040 | 19,536 | ||
| Sinopec Engineering Group Co. Ltd., Class H | Construction & Engineering | 100,000 | 86,638 | ||
| a | Sinopec Oilfield Service Corp., Class H | Energy Equipment & Services | 160,000 | 13,388 | |
| a | Sinopec Shanghai Petrochemical Co. Ltd., Class A | Chemicals | 32,000 | 13,164 | |
| a | Sinopec Shanghai Petrochemical Co. Ltd., Class H | Chemicals | 240,000 | 37,075 | |
| Sinopharm Group Co. Ltd., Class H | Health Care Providers & Services | 78,800 | 216,072 | ||
| Sinotrans Ltd., Class A | Air Freight & Logistics | 20,000 | 14,575 | ||
| Sinotrans Ltd., Class H | Air Freight & Logistics | 120,000 | 56,694 | ||
| Sinotruk Hong Kong Ltd. | Machinery | 40,000 | 117,405 | ||
| Skshu Paint Co. Ltd., Class A | Chemicals | 4,072 | 23,628 | ||
| b | Smoore International Holdings Ltd. | Tobacco | 113,650 | 194,587 | |
| Songcheng Performance Development Co. Ltd., Class A | Hotels, Restaurants & Leisure | 12,660 | 16,020 | ||
| SooChow Securities Co. Ltd., Class A | Capital Markets | 24,204 | 25,716 | ||
| Southwest Securities Co. Ltd., Class A | Capital Markets | 36,000 | 22,900 | ||
| Spring Airlines Co. Ltd., Class A | Passenger Airlines | 4,500 | 35,349 | ||
| StarPower Semiconductor Ltd., Class A | Semiconductors & Semiconductor Equipment | 1,260 | 15,416 | ||
| STO Express Co. Ltd., Class A | Air Freight & Logistics | 8,000 | 11,039 | ||
| Sun Art Retail Group Ltd. | Consumer Staples Distribution & Retail | 130,500 | 41,663 | ||
| Sungrow Power Supply Co. Ltd., Class A | Electrical Equipment | 9,640 | 96,945 | ||
| Sunny Optical Technology Group Co. Ltd. | Electronic Equipment, Instruments & Components | 40,000 | 354,534 | ||
| Sunresin New Materials Co. Ltd., Class A | Chemicals | 4,000 | 26,082 | ||
| Sunwoda Electronic Co. Ltd., Class A | Electrical Equipment | 8,000 | 24,311 | ||
| SUPCON Technology Co. Ltd., Class A | Electronic Equipment, Instruments & Components | 4,000 | 27,063 | ||
| Suzhou Dongshan Precision Manufacturing Co. Ltd., Class A | Electronic Equipment, Instruments & Components | 8,000 | 31,819 | ||
| Suzhou Maxwell Technologies Co. Ltd., Class A | Semiconductors & Semiconductor Equipment | 1,624 | 23,260 | ||
| Suzhou TFC Optical Communication Co. Ltd., Class A | Communications Equipment | 2,700 | 33,600 | ||
| Taiji Computer Corp. Ltd., Class A | IT Services | 4,000 | 12,902 | ||
| a | TAL Education Group, ADR | Diversified Consumer Services | 26,240 | 262,925 | |
| a | Tangshan Jidong Cement Co. Ltd., Class A | Construction Materials | 16,000 | 11,398 | |
| TangShan Port Group Co. Ltd., Class A | Transportation Infrastructure | 28,000 | 17,964 | ||
| Tangshan Sanyou Chemical Industries Co. Ltd., Class A | Chemicals | 12,200 | 8,974 | ||
| TBEA Co. Ltd., Class A | Electrical Equipment | 24,620 | 42,724 | ||
| TCL Technology Group Corp., Class A | Electronic Equipment, Instruments & Components | 88,080 | 60,348 | ||
| TCL Zhonghuan Renewable Energy Technology Co. Ltd., Class A | Semiconductors & Semiconductor Equipment | 20,000 | 24,164 | ||
| Tencent Holdings Ltd. | Interactive Media & Services | 390,414 | 20,958,250 | ||
| Tencent Music Entertainment Group, ADR | Entertainment | 46,240 | 524,824 | ||
| Thunder Software Technology Co. Ltd., Class A | Software | 1,500 | 12,169 | ||
| Tian Di Science & Technology Co. Ltd., Class A | Machinery | 20,000 | 16,836 | ||
| a | Tianfeng Securities Co. Ltd., Class A | Capital Markets | 40,000 | 24,409 | |
| Tianjin Chase Sun Pharmaceutical Co. Ltd., Class A | Pharmaceuticals | 16,000 | 8,260 | ||
| a | Tianma Microelectronics Co. Ltd., Class A | Electronic Equipment, Instruments & Components | 16,000 | 19,680 | |
| Tianqi Lithium Corp., Class A | Chemicals | 8,000 | 35,960 | ||
| Tianshan Aluminum Group Co. Ltd., Class A | Metals & Mining | 12,000 | 12,864 | ||
| TianShan Material Co. Ltd., Class A | Construction Materials | 20,000 | 15,419 | ||
| Tianshui Huatian Technology Co. Ltd., Class A | Semiconductors & Semiconductor Equipment | 20,000 | 31,628 | ||
| Tingyi Cayman Islands Holding Corp. | Food Products | 117,000 | 152,426 | ||
| Titan Wind Energy Suzhou Co. Ltd., Class A | Electrical Equipment | 8,000 | 8,619 | ||
| d | Tongcheng Travel Holdings Ltd. | Hotels, Restaurants & Leisure | 74,000 | 173,379 | |
| TongFu Microelectronics Co. Ltd., Class A | Semiconductors & Semiconductor Equipment | 8,000 | 32,201 | ||
| Tongkun Group Co. Ltd., Class A | Chemicals | 12,000 | 19,288 | ||
| Tongling Nonferrous Metals Group Co. Ltd., Class A | Metals & Mining | 56,000 | 24,638 | ||
| Tongwei Co. Ltd., Class A | Semiconductors & Semiconductor Equipment | 20,000 | 60,233 | ||
| Topchoice Medical Corp., Class A | Health Care Providers & Services | 1,680 | 10,160 |
| b | Topsports International Holdings Ltd. | Specialty Retail | 160,000 | 61,380 | |
| Towngas Smart Energy Co. Ltd. | Gas Utilities | 80,000 | 32,956 | ||
| TravelSky Technology Ltd., Class H | Hotels, Restaurants & Leisure | 62,000 | 83,008 | ||
| Trina Solar Co. Ltd., Class A | Semiconductors & Semiconductor Equipment | 11,080 | 29,128 | ||
| a | Trip.com Group Ltd. | Hotels, Restaurants & Leisure | 39,179 | 2,723,583 | |
| Tsingtao Brewery Co. Ltd., Class A | Beverages | 4,000 | 44,089 | ||
| Tsingtao Brewery Co. Ltd., Class H | Beverages | 38,929 | 284,653 | ||
| Unigroup Guoxin Microelectronics Co. Ltd., Class A | Semiconductors & Semiconductor Equipment | 4,099 | 35,940 | ||
| Uni-President China Holdings Ltd. | Food Products | 80,000 | 80,433 | ||
| Unisplendour Corp. Ltd., Class A | Electronic Equipment, Instruments & Components | 8,000 | 30,326 | ||
| Universal Scientific Industrial Shanghai Co. Ltd., Class A | Electronic Equipment, Instruments & Components | 4,000 | 8,990 | ||
| Valiant Co. Ltd., Class A | Chemicals | 4,000 | 6,538 | ||
| Vipshop Holdings Ltd., ADR | Broadline Retail | 21,600 | 290,952 | ||
| Walvax Biotechnology Co. Ltd., Class A | Biotechnology | 8,000 | 13,164 | ||
| a | Wanda Film Holding Co. Ltd., Class A | Entertainment | 12,000 | 19,843 | |
| Wangsu Science & Technology Co. Ltd., Class A | IT Services | 12,000 | 17,277 | ||
| Wanhua Chemical Group Co. Ltd., Class A | Chemicals | 16,000 | 155,500 | ||
| Want Want China Holdings Ltd. | Food Products | 280,000 | 164,368 | ||
| Wanxiang Qianchao Co. Ltd., Class A | Automobile Components | 20,500 | 17,173 | ||
| Weibo Corp., ADR | Interactive Media & Services | 4,840 | 46,222 | ||
| Weichai Power Co. Ltd., Class A | Machinery | 28,000 | 52,251 | ||
| Weichai Power Co. Ltd., Class H | Machinery | 120,000 | 183,523 | ||
| Weifu High-Technology Group Co. Ltd., Class A | Automobile Components | 4,000 | 10,287 | ||
| Weifu High-Technology Group Co. Ltd., Class B | Automobile Components | 12,000 | 19,681 | ||
| Wens Foodstuff Group Co. Ltd., Class A | Food Products | 28,000 | 62,968 | ||
| Western Mining Co. Ltd., Class A | Metals & Mining | 12,000 | 26,267 | ||
| Western Securities Co. Ltd., Class A | Capital Markets | 24,000 | 26,643 | ||
| Western Superconducting Technologies Co. Ltd., Class A | Metals & Mining | 3,099 | 18,075 | ||
| Will Semiconductor Co. Ltd. Shanghai, Class A | Semiconductors & Semiconductor Equipment | 5,500 | 78,220 | ||
| Wingtech Technology Co. Ltd., Class A | Electronic Equipment, Instruments & Components | 5,400 | 28,524 | ||
| Winning Health Technology Group Co. Ltd., Class A | Health Care Technology | 12,900 | 12,581 | ||
| Wintime Energy Group Co. Ltd., Class A | Independent Power Producers & Energy Traders | 104,000 | 24,224 | ||
| Wolong Electric Group Co. Ltd., Class A | Electrical Equipment | 8,000 | 18,732 | ||
| Wuchan Zhongda Group Co. Ltd., Class A | Distributors | 32,000 | 22,055 | ||
| Wuhan Guide Infrared Co. Ltd., Class A | Electronic Equipment, Instruments & Components | 28,674 | 29,020 | ||
| Wuliangye Yibin Co. Ltd., Class A | Beverages | 17,700 | 337,630 | ||
| WUS Printed Circuit Kunshan Co. Ltd., Class A | Electronic Equipment, Instruments & Components | 8,770 | 47,365 | ||
| WuXi AppTec Co. Ltd., Class A | Life Sciences Tools & Services | 12,000 | 89,965 | ||
| b | WuXi AppTec Co. Ltd., Class H | Life Sciences Tools & Services | 21,520 | 156,525 | |
| a,b | Wuxi Biologics Cayman, Inc. | Life Sciences Tools & Services | 213,927 | 483,597 | |
| XCMG Construction Machinery Co. Ltd., Class A | Machinery | 52,000 | 56,168 | ||
| Xiamen C & D, Inc., Class A | Trading Companies & Distributors | 16,000 | 22,927 | ||
| Xiamen Faratronic Co. Ltd., Class A | Electronic Equipment, Instruments & Components | 1,200 | 19,438 | ||
| Xiamen ITG Group Corp. Ltd., Class A | Trading Companies & Distributors | 12,000 | 10,853 | ||
| Xiamen Tungsten Co. Ltd., Class A | Metals & Mining | 8,000 | 20,998 | ||
| Xiangcai Co. Ltd., Class A | Real Estate Management & Development | 16,000 | 15,692 | ||
| a,b | Xiaomi Corp., Class B | Technology Hardware, Storage & Peripherals | 1,024,000 | 4,547,918 | |
| Xinjiang Daqo New Energy Co. Ltd., Class A | Semiconductors & Semiconductor Equipment | 2,756 | 9,062 | ||
| Xinxing Ductile Iron Pipes Co. Ltd., Class A | Metals & Mining | 20,000 | 10,461 | ||
| Xinyi Solar Holdings Ltd. | Semiconductors & Semiconductor Equipment | 270,830 | 109,476 | ||
| a | XPeng, Inc., Class A | Automobiles | 84,000 | 504,457 | |
| Xtep International Holdings Ltd. | Textiles, Apparel & Luxury Goods | 80,000 | 58,085 | ||
| Xuji Electric Co. Ltd., Class A | Electrical Equipment | 8,000 | 29,999 | ||
| b | Yadea Group Holdings Ltd. | Automobiles | 80,000 | 133,266 | |
| Yangling Metron New Material, Inc., Class A | Semiconductors & Semiconductor Equipment | 4,000 | 10,870 | ||
| a | Yango Group Co. Ltd., Class A | Real Estate Management & Development | 20,300 | — | |
| b | Yangtze Optical Fibre & Cable Joint Stock Co. Ltd., Class H | Communications Equipment | 8,500 | 13,372 |
| Yangzhou Yangjie Electronic Technology Co. Ltd., Class A | Semiconductors & Semiconductor Equipment | 4,000 | 23,712 | ||
| Yangzijiang Shipbuilding Holdings Ltd. | Machinery | 160,000 | 350,682 | ||
| Yankuang Energy Group Co. Ltd., Class A | Oil, Gas & Consumable Fuels | 25,650 | 49,508 | ||
| Yankuang Energy Group Co. Ltd., Class H | Oil, Gas & Consumable Fuels | 194,650 | 224,270 | ||
| Yantai Changyu Pioneer Wine Co. Ltd., Class B | Beverages | 16,000 | 16,952 | ||
| Yantai Eddie Precision Machinery Co. Ltd., Class A | Machinery | 4,760 | 10,951 | ||
| Yantai Jereh Oilfield Services Group Co. Ltd., Class A | Energy Equipment & Services | 8,000 | 40,308 | ||
| Yealink Network Technology Corp. Ltd., Class A | Communications Equipment | 5,160 | 27,130 | ||
| Yifan Pharmaceutical Co. Ltd., Class A | Pharmaceuticals | 8,000 | 11,682 | ||
| Yifeng Pharmacy Chain Co. Ltd., Class A | Consumer Staples Distribution & Retail | 6,183 | 20,322 | ||
| Yihai International Holding Ltd. | Food Products | 29,000 | 56,298 | ||
| Yihai Kerry Arawana Holdings Co. Ltd., Class A | Food Products | 10,000 | 44,419 | ||
| Yili Chuanning Biotechnology Co. Ltd., Class A | Biotechnology | 12,000 | 19,386 | ||
| Yonfer Agricultural Technology Co. Ltd., Class A | Chemicals | 8,000 | 14,210 | ||
| a | Yonghui Superstores Co. Ltd., Class A | Consumer Staples Distribution & Retail | 40,000 | 34,543 | |
| a | Yonyou Network Technology Co. Ltd., Class A | Software | 16,990 | 24,832 | |
| Youngor Fashion Co. Ltd., Class A | Real Estate Management & Development | 24,000 | 29,095 | ||
| Youngy Co. Ltd., Class A | Metals & Mining | 1,000 | 4,345 | ||
| YTO Express Group Co. Ltd., Class A | Air Freight & Logistics | 16,000 | 30,926 | ||
| Yuan Longping High-tech Agriculture Co. Ltd., Class A | Food Products | 8,000 | 12,172 | ||
| Yuexiu Property Co. Ltd. | Real Estate Management & Development | 80,000 | 52,421 | ||
| Yum China Holdings, Inc. | Hotels, Restaurants & Leisure | 23,250 | 1,120,006 | ||
| Yunnan Aluminium Co. Ltd., Class A | Metals & Mining | 16,090 | 29,653 | ||
| Yunnan Baiyao Group Co. Ltd., Class A | Pharmaceuticals | 8,380 | 68,430 | ||
| Yunnan Botanee Bio-Technology Group Co. Ltd., Class A | Personal Care Products | 1,700 | 9,885 | ||
| Yunnan Copper Co. Ltd., Class A | Metals & Mining | 12,000 | 19,925 | ||
| Yunnan Energy New Material Co. Ltd., Class A | Chemicals | 4,000 | 17,430 | ||
| Yunnan Tin Co. Ltd., Class A | Metals & Mining | 8,000 | 15,288 | ||
| Yunnan Yuntianhua Co. Ltd., Class A | Chemicals | 8,000 | 24,300 | ||
| Yutong Bus Co. Ltd., Class A | Machinery | 12,000 | 43,119 | ||
| a | Zai Lab Ltd. | Biotechnology | 64,000 | 172,195 | |
| Zangge Mining Co. Ltd., Class A | Chemicals | 8,000 | 30,217 | ||
| a,e | ZEEKR Intelligent Technology Holding Ltd., ADR | Automobiles | 1,400 | 39,732 | |
| Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A | Pharmaceuticals | 2,800 | 81,809 | ||
| Zhaojin Mining Industry Co. Ltd., Class H | Metals & Mining | 100,000 | 141,093 | ||
| Zhefu Holding Group Co. Ltd., Class A | Commercial Services & Supplies | 32,000 | 13,599 | ||
| Zhejiang China Commodities City Group Co. Ltd., Class A | Broadline Retail | 28,000 | 51,145 | ||
| Zhejiang Chint Electrics Co. Ltd., Class A | Electrical Equipment | 8,000 | 25,510 | ||
| Zhejiang Crystal-Optech Co. Ltd., Class A | Electronic Equipment, Instruments & Components | 8,000 | 24,213 | ||
| Zhejiang Dahua Technology Co. Ltd., Class A | Electronic Equipment, Instruments & Components | 16,000 | 34,870 | ||
| Zhejiang Expressway Co. Ltd., Class H | Transportation Infrastructure | 110,400 | 79,446 | ||
| Zhejiang Hailiang Co. Ltd., Class A | Metals & Mining | 8,000 | 11,714 | ||
| Zhejiang HangKe Technology, Inc. Co., Class A | Electrical Equipment | 1,490 | 3,625 | ||
| a | Zhejiang Hisoar Pharmaceutical Co. Ltd., Class A | Pharmaceuticals | 8,000 | 5,623 | |
| Zhejiang Huace Film & Television Co. Ltd., Class A | Entertainment | 12,000 | 11,801 | ||
| Zhejiang Huahai Pharmaceutical Co. Ltd., Class A | Pharmaceuticals | 8,200 | 19,960 | ||
| Zhejiang Huayou Cobalt Co. Ltd., Class A | Electrical Equipment | 8,060 | 32,124 | ||
| Zhejiang Jingsheng Mechanical & Electrical Co. Ltd., Class A | Semiconductors & Semiconductor Equipment | 8,000 | 34,761 | ||
| Zhejiang Jiuzhou Pharmaceutical Co. Ltd., Class A | Pharmaceuticals | 4,000 | 7,454 | ||
| Zhejiang Juhua Co. Ltd., Class A | Chemicals | 12,000 | 39,425 | ||
| a,b | Zhejiang Leapmotor Technology Co. Ltd. | Automobiles | 44,000 | 184,373 | |
| Zhejiang Longsheng Group Co. Ltd., Class A | Chemicals | 16,000 | 22,426 |
| Zhejiang Medicine Co. Ltd., Class A | Pharmaceuticals | 4,000 | 8,641 | ||
| Zhejiang NHU Co. Ltd., Class A | Chemicals | 12,256 | 36,677 | ||
| Zhejiang Sanhua Intelligent Controls Co. Ltd., Class A | Machinery | 12,000 | 38,428 | ||
| Zhejiang Supor Co. Ltd., Class A | Household Durables | 4,000 | 28,991 | ||
| Zhejiang Wanfeng Auto Wheel Co. Ltd., Class A | Automobile Components | 12,000 | 30,975 | ||
| Zhejiang Weiming Environment Protection Co. Ltd., Class A | Commercial Services & Supplies | 4,080 | 12,021 | ||
| Zhejiang Weixing New Building Materials Co. Ltd., Class A | Building Products | 8,000 | 13,763 | ||
| Zhejiang Wolwo Bio-Pharmaceutical Co. Ltd., Class A | Pharmaceuticals | 4,000 | 11,071 | ||
| a | Zhejiang Yongtai Technology Co. Ltd., Class A | Chemicals | 4,000 | 4,871 | |
| Zhejiang Zheneng Electric Power Co. Ltd., Class A | Independent Power Producers & Energy Traders | 40,000 | 30,838 | ||
| Zhengzhou Coal Mining Machinery Group Co. Ltd., Class A | Machinery | 8,000 | 14,144 | ||
| Zheshang Securities Co. Ltd., Class A | Capital Markets | 20,000 | 33,345 | ||
| a,b | ZhongAn Online P&C Insurance Co. Ltd., Class H | Insurance | 48,000 | 72,791 | |
| Zhongji Innolight Co. Ltd., Class A | Communications Equipment | 4,280 | 72,005 | ||
| Zhongjin Gold Corp. Ltd., Class A | Metals & Mining | 24,000 | 39,327 | ||
| Zhongshan Public Utilities Group Co. Ltd., Class A | Water Utilities | 8,000 | 10,058 | ||
| Zhongsheng Group Holdings Ltd. | Specialty Retail | 43,000 | 77,276 | ||
| Zhongtai Securities Co. Ltd., Class A | Capital Markets | 12,000 | 10,739 | ||
| Zhuhai Huafa Properties Co. Ltd., Class A | Real Estate Management & Development | 12,000 | 9,415 | ||
| Zhuzhou CRRC Times Electric Co. Ltd., Class A | Machinery | 2,382 | 15,548 | ||
| Zhuzhou CRRC Times Electric Co. Ltd., Class H | Machinery | 32,000 | 135,119 | ||
| Zhuzhou Kibing Group Co. Ltd., Class A | Building Products | 12,000 | 9,170 | ||
| Zijin Mining Group Co. Ltd., Class A | Metals & Mining | 92,000 | 189,476 | ||
| Zijin Mining Group Co. Ltd., Class H | Metals & Mining | 376,000 | 684,433 | ||
| b | ZJLD Group, Inc. | Beverages | 32,000 | 27,971 | |
| Zoomlion Heavy Industry Science & Technology Co. Ltd., Class A | Machinery | 36,000 | 35,453 | ||
| Zoomlion Heavy Industry Science & Technology Co. Ltd., Class H | Machinery | 96,000 | 70,443 | ||
| ZTE Corp., Class A | Communications Equipment | 16,000 | 88,047 | ||
| ZTE Corp., Class H | Communications Equipment | 48,000 | 150,464 | ||
| 143,705,026 | |||||
| Hong Kong 3.1% | |||||
| a | Alibaba Health Information Technology Ltd., Class A | Consumer Staples Distribution & Retail | 364,000 | 155,573 | |
| a | Alibaba Pictures Group Ltd., Class A | Entertainment | 800,000 | 48,919 | |
| Beijing Enterprises Water Group Ltd., Class A | Water Utilities | 240,000 | 77,549 | ||
| Bosideng International Holdings Ltd., Class A | Textiles, Apparel & Luxury Goods | 240,000 | 119,877 | ||
| China Everbright Environment Group Ltd., Class B | Commercial Services & Supplies | 240,000 | 119,568 | ||
| China Everbright Ltd., Class A | Capital Markets | 42,000 | 28,656 | ||
| China Gas Holdings Ltd., Class A | Gas Utilities | 184,000 | 160,362 | ||
| China Mengniu Dairy Co. Ltd., Class B | Food Products | 190,000 | 429,509 | ||
| China Power International Development Ltd., Class H | Independent Power Producers & Energy Traders | 280,000 | 114,264 | ||
| China Resources Beer Holdings Co. Ltd., Class A | Beverages | 98,991 | 321,774 | ||
| China Resources Gas Group Ltd., Class A | Gas Utilities | 56,000 | 221,680 | ||
| China Resources Land Ltd., Class H | Real Estate Management & Development | 180,000 | 522,532 | ||
| China State Construction International Holdings Ltd., Class A | Construction & Engineering | 108,000 | 170,454 | ||
| a | China Traditional Chinese Medicine Holdings Co. Ltd. | Pharmaceuticals | 160,000 | 47,580 | |
| COSCO SHIPPING Ports Ltd., Class B | Transportation Infrastructure | 80,000 | 47,374 |
| Far East Horizon Ltd. | Financial Services | 120,000 | 87,591 | ||
| Geely Automobile Holdings Ltd. | Automobiles | 360,000 | 686,822 | ||
| Guangdong Investment Ltd. | Water Utilities | 182,600 | 157,731 | ||
| a | J&T Global Express Ltd. | Air Freight & Logistics | 432,000 | 340,909 | |
| Kingboard Laminates Holdings Ltd. | Electronic Equipment, Instruments & Components | 65,600 | 60,888 | ||
| Kunlun Energy Co. Ltd. | Gas Utilities | 240,000 | 259,528 | ||
| Shanghai Industrial Holdings Ltd. | Industrial Conglomerates | 40,000 | 60,969 | ||
| Shougang Fushan Resources Group Ltd. | Metals & Mining | 112,333 | 36,297 | ||
| Sino Biopharmaceutical Ltd. | Pharmaceuticals | 640,000 | 263,647 | ||
| 4,540,053 | |||||
| Singapore 0.0%† | |||||
| Yangzijiang Financial Holding Ltd. | Capital Markets | 148,000 | 45,023 | ||
| Total Common Stocks (Cost $163,927,200) | 148,290,102 | ||||
| Total Investments before Short-Term Investments (Cost $163,927,200) | 148,290,102 | ||||
| Short-Term Investments 0.1% | |||||
| Investments from Cash Collateral Received for Loaned Securities 0.1% | |||||
| United States 0.1% | |||||
| f,g | Institutional Fiduciary Trust - Money Market Portfolio, 4.18% | Money Market Funds | 82,220 | 82,220 | |
| Money Market Funds 0.0%† | |||||
| United States 0.0%† | |||||
| f,g | Institutional Fiduciary Trust - Money Market Portfolio, 4.18% | Money Market Funds | 1,486 | 1,486 | |
| Total Short-Term Investments (Cost $83,706) | 83,706 | ||||
| Total Investments (Cost $164,010,906) 99.9% | 148,373,808 | ||||
| Other Assets, less Liabilities 0.1% | 180,166 | ||||
| Net Assets 100.0% | $ 148,553,974 |
| †Rounds to less than 0.1% of net assets. |
| aNon-income producing. |
| bSecurity was purchased pursuant to Rule 144A under the Securities Act of 1933 and may be sold in transactions exempt from registration only to qualified institutional buyers or in a public offering registered under the Securities Act of 1933. At December 31, 2024, the aggregate value of these securities was $20,326,497, representing 13.7% of net assets. |
| cFair valued using significant unobservable inputs. See Note 5 regarding fair value measurements. |
| dSecurity was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. At December 31, 2024, the aggregate value of these securities was $208,601, representing 0.1% of net assets. |
| eA portion or all of the security is on loan at December 31, 2024. |
| fThe rate shown is the annualized seven-day effective yield at period end. |
| gSee Note 3 regarding investments in affiliated management investment companies. |
| Description | Type | Number of Contracts | Notional Amount* | Expiration Date | Value/Unrealized Appreciation (Depreciation) |
| Equity Contracts | |||||
| MSCI China Futures | Long | 6 | $ 153,120 | 3/21/25 | $ (1,073) |
| *As of period end. |
| Selected Portfolio | ||
| ADR | – | American Depositary Receipt |
| SF | – | Single Family |
| Franklin FTSE Europe ETF | Industry | Shares | Value | ||
| Common Stocks 98.4% | |||||
| Australia 1.1% | |||||
| a | Glencore PLC | Metals & Mining | 75,180 | $ 332,745 | |
| Rio Tinto PLC | Metals & Mining | 6,600 | 390,396 | ||
| 723,141 | |||||
| Austria 0.4% | |||||
| ANDRITZ AG | Machinery | 432 | 21,911 | ||
| Erste Group Bank AG | Banks | 1,908 | 117,872 | ||
| Mondi PLC | Paper & Forest Products | 2,727 | 40,710 | ||
| OMV AG | Oil, Gas & Consumable Fuels | 852 | 32,943 | ||
| Raiffeisen Bank International AG | Banks | 768 | 15,706 | ||
| Telekom Austria AG | Diversified Telecommunication Services | 564 | 4,649 | ||
| Verbund AG | Electric Utilities | 408 | 29,574 | ||
| voestalpine AG | Metals & Mining | 672 | 12,755 | ||
| 276,120 | |||||
| Belgium 1.2% | |||||
| Ackermans & van Haaren NV | Construction & Engineering | 132 | 26,039 | ||
| Ageas SA | Insurance | 1,008 | 48,954 | ||
| Anheuser-Busch InBev SA | Beverages | 5,640 | 281,791 | ||
| D’ieteren Group | Distributors | 144 | 23,962 | ||
| Elia Group SA | Electric Utilities | 228 | 17,565 | ||
| Groupe Bruxelles Lambert NV | Financial Services | 528 | 36,113 | ||
| KBC Group NV | Banks | 1,452 | 112,074 | ||
| Lotus Bakeries NV | Food Products | 2 | 22,325 | ||
| Sofina SA | Financial Services | 108 | 24,425 | ||
| Syensqo SA | Chemicals | 432 | 31,564 | ||
| UCB SA | Pharmaceuticals | 744 | 148,073 | ||
| Warehouses De Pauw CVA | Industrial REITs | 1,044 | 20,540 | ||
| 793,425 | |||||
| Bermuda 0.0%† | |||||
| Hiscox Ltd. | Insurance | 1,920 | 26,042 | ||
| Chile 0.1% | |||||
| Antofagasta PLC | Metals & Mining | 2,148 | 42,773 | ||
| Denmark 4.2% | |||||
| AP Moller - Maersk AS, Class A | Marine Transportation | 17 | 27,241 | ||
| AP Moller - Maersk AS, Class B | Marine Transportation | 26 | 42,981 | ||
| Carlsberg AS, Class B | Beverages | 564 | 54,038 | ||
| Coloplast AS, Class B | Health Care Equipment & Supplies | 768 | 83,843 | ||
| Danske Bank AS | Banks | 4,032 | 114,047 | ||
| a | Demant AS | Health Care Equipment & Supplies | 588 | 21,571 | |
| DSV AS | Air Freight & Logistics | 1,188 | 252,229 | ||
| a | Genmab AS | Biotechnology | 384 | 79,582 | |
| H Lundbeck AS | Pharmaceuticals | 1,776 | 10,190 | ||
| H Lundbeck AS, Class A | Pharmaceuticals | 312 | 1,447 | ||
| Novo Nordisk AS, Class B | Pharmaceuticals | 19,080 | 1,653,762 | ||
| Novonesis (Novozymes) B, Class B | Chemicals | 2,136 | 120,924 | ||
| a,b | Orsted AS | Independent Power Producers & Energy Traders | 1,044 | 46,999 | |
| Pandora AS | Textiles, Apparel & Luxury Goods | 492 | 89,975 | ||
| Rockwool AS, Class B | Building Products | 48 | 17,009 | ||
| Tryg AS | Insurance | 2,100 | 44,178 | ||
| a | Vestas Wind Systems AS | Electrical Equipment | 6,180 | 84,167 | |
| a | Zealand Pharma AS | Biotechnology | 408 | 40,536 | |
| 2,784,719 | |||||
| Finland 1.5% | |||||
| Elisa OYJ | Diversified Telecommunication Services | 876 | 37,917 | ||
| Fortum OYJ | Electric Utilities | 2,700 | 37,786 | ||
| Kesko OYJ, Class B | Consumer Staples Distribution & Retail | 1,668 | 31,401 |
| Kone OYJ, Class B | Machinery | 1,992 | 96,948 | ||
| Metso OYJ | Machinery | 3,972 | 36,935 | ||
| Neste OYJ | Oil, Gas & Consumable Fuels | 2,568 | 32,242 | ||
| Nokia OYJ | Communications Equipment | 31,716 | 140,383 | ||
| Nordea Bank Abp | Banks | 20,592 | 223,892 | ||
| Orion OYJ, Class B | Pharmaceuticals | 648 | 28,705 | ||
| Sampo OYJ, Class A | Insurance | 3,000 | 122,334 | ||
| Stora Enso OYJ, Class R | Paper & Forest Products | 3,660 | 36,830 | ||
| UPM-Kymmene OYJ | Paper & Forest Products | 3,132 | 86,139 | ||
| Valmet OYJ | Machinery | 1,032 | 24,931 | ||
| Wartsila OYJ Abp | Machinery | 3,000 | 53,152 | ||
| 989,595 | |||||
| France 15.8% | |||||
| Accor SA | Hotels, Restaurants & Leisure | 1,392 | 67,804 | ||
| Aeroports de Paris SA | Transportation Infrastructure | 192 | 22,208 | ||
| Air Liquide SA | Chemicals | 3,492 | 567,417 | ||
| Airbus SE | Aerospace & Defense | 3,624 | 580,836 | ||
| a | Alstom SA | Machinery | 2,136 | 47,687 | |
| b | Amundi SA | Capital Markets | 348 | 23,135 | |
| Arkema SA | Chemicals | 360 | 27,418 | ||
| AXA SA | Insurance | 10,524 | 374,006 | ||
| b | Ayvens SA | Ground Transportation | 828 | 5,612 | |
| BioMerieux | Health Care Equipment & Supplies | 252 | 27,008 | ||
| BNP Paribas SA | Banks | 6,192 | 379,708 | ||
| Bollore SE | Entertainment | 4,320 | 26,572 | ||
| Bouygues SA | Construction & Engineering | 1,116 | 32,981 | ||
| Bureau Veritas SA | Professional Services | 1,836 | 55,781 | ||
| a | Canal & SADIR | Media | 4,128 | 10,495 | |
| Capgemini SE | IT Services | 984 | 161,144 | ||
| Carrefour SA | Consumer Staples Distribution & Retail | 3,156 | 44,870 | ||
| Cie de Saint-Gobain SA | Building Products | 2,820 | 250,253 | ||
| Cie Generale des Etablissements Michelin SCA | Automobile Components | 4,272 | 140,672 | ||
| Covivio SA | Diversified REITs | 324 | 16,359 | ||
| Credit Agricole SA | Banks | 6,204 | 85,378 | ||
| Danone SA | Food Products | 3,864 | 260,556 | ||
| Dassault Aviation SA | Aerospace & Defense | 108 | 22,054 | ||
| Dassault Systemes SE | Software | 4,140 | 143,614 | ||
| Edenred SE | Financial Services | 1,512 | 49,710 | ||
| Eiffage SA | Construction & Engineering | 456 | 40,004 | ||
| Engie SA | Multi-Utilities | 10,824 | 171,598 | ||
| EssilorLuxottica SA | Health Care Equipment & Supplies | 1,884 | 459,628 | ||
| Eurazeo SE | Financial Services | 300 | 22,351 | ||
| Gecina SA | Office REITs | 324 | 30,346 | ||
| Getlink SE | Transportation Infrastructure | 2,196 | 35,030 | ||
| Hermes International SCA | Textiles, Apparel & Luxury Goods | 209 | 502,526 | ||
| Ipsen SA | Pharmaceuticals | 216 | 24,760 | ||
| a | JCDecaux SE | Media | 456 | 7,158 | |
| Kering SA | Textiles, Apparel & Luxury Goods | 444 | 109,538 | ||
| Klepierre SA | Retail REITs | 1,272 | 36,617 | ||
| b | La Francaise des Jeux SACA | Hotels, Restaurants & Leisure | 576 | 22,200 | |
| Legrand SA | Electrical Equipment | 1,560 | 151,910 | ||
| L’Oreal SA | Personal Care Products | 1,428 | 505,492 | ||
| LVMH Moet Hennessy Louis Vuitton SE | Textiles, Apparel & Luxury Goods | 1,524 | 1,002,884 | ||
| b | Neoen SA | Independent Power Producers & Energy Traders | 432 | 17,768 | |
| Orange SA | Diversified Telecommunication Services | 11,820 | 117,843 | ||
| Pernod Ricard SA | Beverages | 1,200 | 135,443 | ||
| Publicis Groupe SA | Media | 1,404 | 149,746 | ||
| Remy Cointreau SA | Beverages | 132 | 7,982 | ||
| Renault SA | Automobiles | 1,188 | 57,880 | ||
| Rexel SA | Trading Companies & Distributors | 1,368 | 34,847 | ||
| Safran SA | Aerospace & Defense | 2,112 | 463,858 | ||
| Sanofi SA | Pharmaceuticals | 6,780 | 658,120 | ||
| Sartorius Stedim Biotech | Life Sciences Tools & Services | 156 | 30,482 | ||
| Schneider Electric SE | Electrical Equipment | 3,288 | 820,198 |
| SCOR SE | Insurance | 1,056 | 25,850 | ||
| SEB SA | Household Durables | 156 | 14,135 | ||
| Societe Generale SA | Banks | 4,452 | 125,209 | ||
| Sodexo SA | Hotels, Restaurants & Leisure | 504 | 41,517 | ||
| a | SOITEC | Semiconductors & Semiconductor Equipment | 156 | 14,078 | |
| Teleperformance SE | Professional Services | 348 | 29,953 | ||
| Thales SA | Aerospace & Defense | 540 | 77,529 | ||
| TotalEnergies SE | Oil, Gas & Consumable Fuels | 12,180 | 673,123 | ||
| a | Unibail-Rodamco-Westfield | Retail REITs | 636 | 47,892 | |
| Veolia Environnement SA | Multi-Utilities | 3,912 | 109,819 | ||
| Vinci SA | Construction & Engineering | 3,060 | 316,039 | ||
| Vivendi SE | Entertainment | 4,128 | 10,998 | ||
| Wendel SE | Financial Services | 156 | 15,015 | ||
| 10,540,644 | |||||
| Germany 13.4% | |||||
| adidas AG | Textiles, Apparel & Luxury Goods | 1,056 | 258,938 | ||
| Allianz SE | Insurance | 2,412 | 739,048 | ||
| BASF SE | Chemicals | 5,496 | 241,644 | ||
| Bayer AG | Pharmaceuticals | 6,060 | 121,198 | ||
| Bayerische Motoren Werke AG | Automobiles | 1,824 | 149,174 | ||
| Bechtle AG | IT Services | 516 | 16,617 | ||
| Beiersdorf AG | Personal Care Products | 600 | 77,041 | ||
| Brenntag SE | Trading Companies & Distributors | 816 | 48,907 | ||
| Carl Zeiss Meditec AG | Health Care Equipment & Supplies | 228 | 10,747 | ||
| Commerzbank AG | Banks | 5,760 | 93,791 | ||
| Continental AG | Automobile Components | 672 | 45,105 | ||
| a | Covestro AG | Chemicals | 1,080 | 64,864 | |
| CTS Eventim AG & Co. KGaA | Entertainment | 360 | 30,437 | ||
| Daimler Truck Holding AG | Machinery | 3,216 | 122,717 | ||
| a,b | Delivery Hero SE | Hotels, Restaurants & Leisure | 1,308 | 36,732 | |
| Deutsche Bank AG | Capital Markets | 11,892 | 204,908 | ||
| Deutsche Boerse AG | Capital Markets | 1,140 | 262,537 | ||
| Deutsche Lufthansa AG | Passenger Airlines | 3,708 | 23,714 | ||
| Deutsche Post AG | Air Freight & Logistics | 6,024 | 211,962 | ||
| Deutsche Telekom AG | Diversified Telecommunication Services | 20,640 | 617,458 | ||
| Deutsche Wohnen SE | Real Estate Management & Development | 276 | 6,588 | ||
| b | DWS Group GmbH & Co. KGaA | Capital Markets | 192 | 7,913 | |
| E.ON SE | Multi-Utilities | 13,704 | 159,572 | ||
| Evonik Industries AG | Chemicals | 1,536 | 26,610 | ||
| Fielmann Group AG | Specialty Retail | 144 | 6,173 | ||
| a | Fraport AG Frankfurt Airport Services Worldwide | Transportation Infrastructure | 216 | 13,085 | |
| Fresenius Medical Care AG | Health Care Providers & Services | 1,260 | 57,617 | ||
| a | Fresenius SE & Co. KGaA | Health Care Providers & Services | 2,556 | 88,772 | |
| FUCHS SE | Chemicals | 204 | 6,717 | ||
| GEA Group AG | Machinery | 1,044 | 51,696 | ||
| Hannover Rueck SE | Insurance | 372 | 92,989 | ||
| Heidelberg Materials AG | Construction Materials | 804 | 99,322 | ||
| Henkel AG & Co. KGaA | Household Products | 600 | 46,225 | ||
| HOCHTIEF AG | Construction & Engineering | 108 | 14,505 | ||
| Infineon Technologies AG | Semiconductors & Semiconductor Equipment | 8,028 | 261,028 | ||
| KION Group AG | Machinery | 444 | 14,648 | ||
| Knorr-Bremse AG | Machinery | 408 | 29,722 | ||
| LEG Immobilien SE | Real Estate Management & Development | 456 | 38,625 | ||
| Mercedes-Benz Group AG | Automobiles | 5,160 | 287,463 | ||
| Merck KGaA | Pharmaceuticals | 792 | 114,734 | ||
| MTU Aero Engines AG | Aerospace & Defense | 324 | 108,032 | ||
| Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | Insurance | 816 | 411,584 | ||
| Nemetschek SE | Software | 336 | 32,566 | ||
| Puma SE | Textiles, Apparel & Luxury Goods | 648 | 29,766 | ||
| Rational AG | Machinery | 31 | 26,451 | ||
| Rheinmetall AG | Aerospace & Defense | 264 | 168,014 | ||
| RWE AG | Independent Power Producers & Energy Traders | 4,392 | 131,116 | ||
| SAP SE | Software | 6,780 | 1,658,989 |
| Sartorius AG | Life Sciences Tools & Services | 12 | 2,142 | ||
| b | Scout24 SE | Interactive Media & Services | 456 | 40,183 | |
| Siemens AG | Industrial Conglomerates | 4,584 | 895,044 | ||
| a | Siemens Energy AG | Electrical Equipment | 3,912 | 204,083 | |
| b | Siemens Healthineers AG | Health Care Equipment & Supplies | 1,728 | 91,614 | |
| Symrise AG | Chemicals | 804 | 85,460 | ||
| Talanx AG | Insurance | 372 | 31,645 | ||
| Traton SE | Machinery | 336 | 9,725 | ||
| Volkswagen AG | Automobiles | 180 | 17,176 | ||
| Vonovia SE | Real Estate Management & Development | 4,368 | 132,616 | ||
| Wacker Chemie AG | Chemicals | 120 | 8,703 | ||
| a,b | Zalando SE | Specialty Retail | 1,356 | 45,480 | |
| 8,931,932 | |||||
| Ireland 0.9% | |||||
| AIB Group PLC | Banks | 11,220 | 61,926 | ||
| Bank of Ireland Group PLC | Banks | 6,204 | 56,572 | ||
| DCC PLC | Industrial Conglomerates | 612 | 39,396 | ||
| Experian PLC | Professional Services | 5,676 | 244,892 | ||
| Glanbia PLC | Food Products | 1,164 | 16,067 | ||
| Kerry Group PLC, Class A | Food Products | 924 | 89,222 | ||
| Kingspan Group PLC | Building Products | 936 | 68,282 | ||
| 576,357 | |||||
| Isle Of Man 0.0%† | |||||
| Entain PLC | Hotels, Restaurants & Leisure | 3,780 | 32,533 | ||
| Italy 4.2% | |||||
| A2A SpA | Multi-Utilities | 9,372 | 20,817 | ||
| Amplifon SpA | Health Care Providers & Services | 804 | 20,689 | ||
| Banca Mediolanum SpA | Financial Services | 1,344 | 15,991 | ||
| Banco BPM SpA | Banks | 9,384 | 75,910 | ||
| BPER Banca SpA | Banks | 6,540 | 41,540 | ||
| Brunello Cucinelli SpA | Textiles, Apparel & Luxury Goods | 204 | 22,265 | ||
| Buzzi SpA | Construction Materials | 516 | 19,011 | ||
| Davide Campari-Milano NV | Beverages | 2,988 | 18,620 | ||
| DiaSorin SpA | Health Care Equipment & Supplies | 132 | 13,608 | ||
| Enel SpA | Electric Utilities | 48,024 | 342,433 | ||
| Eni SpA | Oil, Gas & Consumable Fuels | 13,272 | 179,898 | ||
| Ferrari NV | Automobiles | 720 | 307,469 | ||
| FinecoBank Banca Fineco SpA | Banks | 3,780 | 65,719 | ||
| Generali | Insurance | 7,596 | 214,496 | ||
| Hera SpA | Multi-Utilities | 5,232 | 18,594 | ||
| b | Infrastrutture Wireless Italiane SpA | Diversified Telecommunication Services | 2,076 | 21,099 | |
| Interpump Group SpA | Machinery | 492 | 21,734 | ||
| Intesa Sanpaolo SpA | Banks | 97,212 | 388,861 | ||
| Italgas SpA | Gas Utilities | 3,036 | 17,008 | ||
| Leonardo SpA | Aerospace & Defense | 2,496 | 67,019 | ||
| Mediobanca Banca di Credito Finanziario SpA | Banks | 3,324 | 48,446 | ||
| Moncler SpA | Textiles, Apparel & Luxury Goods | 1,404 | 74,117 | ||
| a,b | Nexi SpA | Financial Services | 4,764 | 26,442 | |
| b | Pirelli & C SpA | Automobile Components | 2,232 | 12,652 | |
| b | Poste Italiane SpA | Insurance | 2,796 | 39,433 | |
| Prysmian SpA | Electrical Equipment | 1,776 | 113,396 | ||
| Recordati Industria Chimica e Farmaceutica SpA | Pharmaceuticals | 612 | 32,067 | ||
| Reply SpA | IT Services | 132 | 20,968 | ||
| Snam SpA | Gas Utilities | 14,076 | 62,340 | ||
| a | Telecom Italia SpA | Diversified Telecommunication Services | 64,248 | 16,406 | |
| a | Telecom Italia SpA, pfd. | Diversified Telecommunication Services | 28,092 | 8,421 | |
| Terna - Rete Elettrica Nazionale | Electric Utilities | 8,724 | 68,837 | ||
| UniCredit SpA | Banks | 9,696 | 386,799 | ||
| Unipol Gruppo SpA | Insurance | 2,328 | 29,000 | ||
| 2,832,105 |
| Luxembourg 0.2% | |||||
| ArcelorMittal SA | Metals & Mining | 3,024 | 70,236 | ||
| a,b | CVC Capital Partners PLC | Capital Markets | 1,296 | 28,531 | |
| Eurofins Scientific SE | Life Sciences Tools & Services | 804 | 41,053 | ||
| RTL Group SA | Media | 228 | 6,304 | ||
| 146,124 | |||||
| Mexico 0.0%† | |||||
| Fresnillo PLC | Metals & Mining | 1,140 | 8,873 | ||
| Netherlands 8.8% | |||||
| Aalberts NV | Machinery | 600 | 21,335 | ||
| b | ABN AMRO Bank NV | Banks | 3,084 | 47,551 | |
| a,b | Adyen NV | Financial Services | 184 | 273,794 | |
| Aegon Ltd. | Insurance | 6,228 | 36,889 | ||
| Akzo Nobel NV | Chemicals | 1,056 | 63,379 | ||
| a | Argenx SE | Biotechnology | 372 | 231,124 | |
| ASM International NV | Semiconductors & Semiconductor Equipment | 288 | 166,648 | ||
| ASML Holding NV | Semiconductors & Semiconductor Equipment | 2,424 | 1,703,572 | ||
| ASR Nederland NV | Insurance | 924 | 43,802 | ||
| BE Semiconductor Industries NV | Semiconductors & Semiconductor Equipment | 480 | 65,758 | ||
| b | CTP NV | Real Estate Management & Development | 756 | 11,649 | |
| b | Euronext NV | Capital Markets | 480 | 53,829 | |
| EXOR NV | Financial Services | 624 | 57,217 | ||
| Ferrovial SE | Construction & Engineering | 2,940 | 123,601 | ||
| a | Havas NV | Media | 4,128 | 6,935 | |
| Heineken Holding NV | Beverages | 804 | 48,163 | ||
| Heineken NV | Beverages | 1,704 | 121,221 | ||
| IMCD NV | Trading Companies & Distributors | 348 | 51,711 | ||
| ING Groep NV | Banks | 19,428 | 304,381 | ||
| JDE Peet’s NV | Food Products | 960 | 16,432 | ||
| Koninklijke Ahold Delhaize NV | Consumer Staples Distribution & Retail | 5,796 | 188,995 | ||
| Koninklijke KPN NV | Diversified Telecommunication Services | 23,376 | 85,084 | ||
| a | Koninklijke Philips NV | Health Care Equipment & Supplies | 4,908 | 124,006 | |
| Koninklijke Vopak NV | Oil, Gas & Consumable Fuels | 384 | 16,899 | ||
| NN Group NV | Insurance | 1,704 | 74,232 | ||
| OCI NV | Chemicals | 672 | 7,526 | ||
| Pluxee NV | Financial Services | 540 | 10,465 | ||
| Prosus NV | Broadline Retail | 8,316 | 330,240 | ||
| Randstad NV | Professional Services | 648 | 27,317 | ||
| Shell PLC | Oil, Gas & Consumable Fuels | 38,244 | 1,185,924 | ||
| Universal Music Group NV | Entertainment | 4,680 | 119,797 | ||
| Wolters Kluwer NV | Professional Services | 1,452 | 241,169 | ||
| 5,860,645 | |||||
| Nigeria 0.0%† | |||||
| b | Airtel Africa PLC | Wireless Telecommunication Services | 6,300 | 8,963 | |
| Norway 0.9% | |||||
| Aker ASA, Class A | Industrial Conglomerates | 144 | 6,961 | ||
| Aker BP ASA | Oil, Gas & Consumable Fuels | 1,908 | 37,245 | ||
| a,b | AutoStore Holdings Ltd. | Machinery | 6,600 | 6,456 | |
| DNB Bank ASA | Banks | 6,096 | 121,787 | ||
| Equinor ASA | Oil, Gas & Consumable Fuels | 5,064 | 118,336 | ||
| Gjensidige Forsikring ASA | Insurance | 1,068 | 18,901 | ||
| Kongsberg Gruppen ASA | Aerospace & Defense | 456 | 51,392 | ||
| Mowi ASA | Food Products | 2,736 | 46,916 | ||
| Norsk Hydro ASA | Metals & Mining | 8,016 | 44,141 | ||
| Orkla ASA | Food Products | 4,716 | 40,839 | ||
| Salmar ASA | Food Products | 384 | 18,275 | ||
| Schibsted ASA, Class A | Media | 444 | 13,761 | ||
| Schibsted ASA, Class B | Media | 612 | 18,009 | ||
| Telenor ASA | Diversified Telecommunication Services | 3,792 | 42,369 | ||
| Var Energi ASA | Oil, Gas & Consumable Fuels | 5,496 | 17,077 | ||
| Yara International ASA | Chemicals | 1,008 | 26,697 | ||
| 629,162 |
| Poland 0.5% | |||||
| a,b | Allegro.eu SA | Broadline Retail | 3,444 | 22,579 | |
| Bank Polska Kasa Opieki SA | Banks | 1,068 | 35,655 | ||
| a,b | Dino Polska SA | Consumer Staples Distribution & Retail | 300 | 28,311 | |
| a | InPost SA | Air Freight & Logistics | 1,476 | 25,234 | |
| KGHM Polska Miedz SA | Metals & Mining | 852 | 23,720 | ||
| LPP SA | Textiles, Apparel & Luxury Goods | 8 | 30,117 | ||
| a | mBank SA | Banks | 72 | 9,538 | |
| ORLEN SA | Oil, Gas & Consumable Fuels | 3,588 | 41,000 | ||
| Powszechna Kasa Oszczednosci Bank Polski SA | Banks | 5,220 | 75,521 | ||
| Powszechny Zaklad Ubezpieczen SA | Insurance | 3,444 | 38,220 | ||
| Santander Bank Polska SA | Banks | 240 | 26,588 | ||
| 356,483 | |||||
| Portugal 0.2% | |||||
| EDP SA | Electric Utilities | 18,528 | 59,303 | ||
| Galp Energia SGPS SA, Class B | Oil, Gas & Consumable Fuels | 2,664 | 43,999 | ||
| Jeronimo Martins SGPS SA | Consumer Staples Distribution & Retail | 1,692 | 32,326 | ||
| 135,628 | |||||
| Russia 0.0% | |||||
| a,c | Evraz PLC | Metals & Mining | 10,404 | — | |
| Spain 4.1% | |||||
| Acciona SA | Electric Utilities | 144 | 16,209 | ||
| ACS Actividades de Construccion y Servicios SA | Construction & Engineering | 1,248 | 62,599 | ||
| b | Aena SME SA | Transportation Infrastructure | 432 | 88,304 | |
| Amadeus IT Group SA | Hotels, Restaurants & Leisure | 2,700 | 190,677 | ||
| Banco Bilbao Vizcaya Argentaria SA | Banks | 35,448 | 346,949 | ||
| Banco de Sabadell SA | Banks | 30,840 | 59,942 | ||
| Banco Santander SA | Banks | 93,744 | 433,378 | ||
| Bankinter SA | Banks | 3,864 | 30,569 | ||
| CaixaBank SA | Banks | 24,024 | 130,255 | ||
| a,b | Cellnex Telecom SA | Diversified Telecommunication Services | 3,612 | 114,114 | |
| Corp. ACCIONA Energias Renovables SA | Independent Power Producers & Energy Traders | 348 | 6,414 | ||
| EDP Renovaveis SA | Independent Power Producers & Energy Traders | 1,836 | 19,088 | ||
| Enagas SA | Gas Utilities | 1,536 | 18,736 | ||
| Endesa SA | Electric Utilities | 1,968 | 42,326 | ||
| a | Grifols SA | Biotechnology | 1,632 | 15,460 | |
| Iberdrola SA | Electric Utilities | 36,720 | 505,713 | ||
| Industria de Diseno Textil SA | Specialty Retail | 6,480 | 333,086 | ||
| Mapfre SA | Insurance | 6,108 | 15,471 | ||
| Merlin Properties Socimi SA | Diversified REITs | 2,712 | 28,532 | ||
| Naturgy Energy Group SA | Gas Utilities | 768 | 18,593 | ||
| Redeia Corp. SA | Electric Utilities | 2,676 | 45,722 | ||
| Repsol SA | Oil, Gas & Consumable Fuels | 7,032 | 85,122 | ||
| Telefonica SA | Diversified Telecommunication Services | 26,220 | 106,893 | ||
| 2,714,152 | |||||
| Sweden 4.9% | |||||
| AAK AB | Food Products | 1,080 | 30,848 | ||
| Alfa Laval AB | Machinery | 1,668 | 69,834 | ||
| Assa Abloy AB, Class B | Building Products | 6,012 | 177,815 | ||
| Atlas Copco AB, Class A | Machinery | 15,636 | 238,943 | ||
| Atlas Copco AB, Class B | Machinery | 9,324 | 126,115 | ||
| Axfood AB | Consumer Staples Distribution & Retail | 636 | 13,469 | ||
| Beijer Ref AB | Trading Companies & Distributors | 2,508 | 37,021 | ||
| Boliden AB | Metals & Mining | 1,692 | 47,548 | ||
| a | Castellum AB | Real Estate Management & Development | 2,640 | 28,803 | |
| Epiroc AB, Class A | Machinery | 3,864 | 67,336 | ||
| Epiroc AB, Class B | Machinery | 2,340 | 36,511 | ||
| EQT AB | Capital Markets | 4,524 | 125,329 | ||
| Essity AB, Class B | Household Products | 3,708 | 99,233 | ||
| b | Evolution AB | Hotels, Restaurants & Leisure | 1,092 | 84,282 | |
| a | Fastighets AB Balder, Class B | Real Estate Management & Development | 4,188 | 29,110 | |
| Getinge AB, Class B | Health Care Equipment & Supplies | 1,320 | 21,689 |
| H & M Hennes & Mauritz AB, Class B | Specialty Retail | 3,696 | 49,874 | ||
| Hexagon AB, Class B | Electronic Equipment, Instruments & Components | 13,032 | 124,550 | ||
| Holmen AB, Class B | Paper & Forest Products | 468 | 17,205 | ||
| Husqvarna AB, Class B | Machinery | 2,124 | 11,099 | ||
| Industrivarden AB, Class A | Financial Services | 708 | 22,388 | ||
| Industrivarden AB, Class C | Financial Services | 972 | 30,710 | ||
| Indutrade AB | Machinery | 1,656 | 41,515 | ||
| Investment AB Latour, Class B | Industrial Conglomerates | 888 | 22,173 | ||
| Investor AB, Class A | Financial Services | 2,928 | 77,432 | ||
| Investor AB, Class B | Financial Services | 10,860 | 287,687 | ||
| L E Lundbergforetagen AB, Class B | Financial Services | 456 | 20,676 | ||
| Lifco AB, Class B | Industrial Conglomerates | 1,416 | 41,086 | ||
| Nibe Industrier AB, Class B | Building Products | 10,656 | 41,701 | ||
| Saab AB, Class B | Aerospace & Defense | 2,028 | 42,894 | ||
| Sagax AB, Class B | Real Estate Management & Development | 1,332 | 27,269 | ||
| Sagax AB, Class D | Real Estate Management & Development | 720 | 2,017 | ||
| Sandvik AB | Machinery | 6,396 | 114,788 | ||
| Securitas AB, Class B | Commercial Services & Supplies | 3,120 | 38,657 | ||
| Skandinaviska Enskilda Banken AB, Class A | Banks | 9,336 | 127,967 | ||
| Skandinaviska Enskilda Banken AB, Class C | Banks | 48 | 661 | ||
| Skanska AB, Class B | Construction & Engineering | 2,112 | 44,479 | ||
| SKF AB, Class B | Machinery | 2,064 | 38,780 | ||
| SSAB AB, Class A | Metals & Mining | 1,176 | 4,786 | ||
| SSAB AB, Class B | Metals & Mining | 3,744 | 14,879 | ||
| Svenska Cellulosa AB SCA, Class B | Paper & Forest Products | 3,684 | 46,828 | ||
| Svenska Handelsbanken AB, Class A | Banks | 8,484 | 87,687 | ||
| Svenska Handelsbanken AB, Class B | Banks | 228 | 3,068 | ||
| Sweco AB, Class B | Construction & Engineering | 1,248 | 18,603 | ||
| Swedbank AB, Class A | Banks | 5,328 | 105,265 | ||
| a | Swedish Orphan Biovitrum AB | Biotechnology | 1,128 | 32,403 | |
| Tele2 AB, Class B | Wireless Telecommunication Services | 3,348 | 33,104 | ||
| Telefonaktiebolaget LM Ericsson, Class B | Communications Equipment | 17,136 | 139,393 | ||
| Telia Co. AB | Diversified Telecommunication Services | 14,388 | 39,938 | ||
| Trelleborg AB, Class B | Machinery | 1,320 | 45,229 | ||
| Volvo AB, Class A | Machinery | 1,164 | 28,465 | ||
| Volvo AB, Class B | Machinery | 9,696 | 235,703 | ||
| a | Volvo Car AB, Class B | Automobiles | 3,924 | 8,516 | |
| 3,303,361 | |||||
| Switzerland 14.3% | |||||
| ABB Ltd. | Electrical Equipment | 9,804 | 530,849 | ||
| Adecco Group AG | Professional Services | 996 | 24,574 | ||
| Alcon AG | Health Care Equipment & Supplies | 3,048 | 258,639 | ||
| Avolta AG | Specialty Retail | 660 | 26,466 | ||
| Bachem Holding AG, Class B | Life Sciences Tools & Services | 192 | 12,267 | ||
| Baloise Holding AG | Insurance | 276 | 49,977 | ||
| Banque Cantonale Vaudoise | Banks | 180 | 16,585 | ||
| Barry Callebaut AG | Food Products | 22 | 29,228 | ||
| Belimo Holding AG | Building Products | 60 | 39,691 | ||
| BKW AG | Electric Utilities | 120 | 19,889 | ||
| Chocoladefabriken Lindt & Spruengli AG | Food Products | 12 | 133,341 | ||
| Cie Financiere Richemont SA, Class A | Textiles, Apparel & Luxury Goods | 3,276 | 498,494 | ||
| Clariant AG | Chemicals | 1,380 | 15,365 | ||
| Coca-Cola HBC AG | Beverages | 1,260 | 43,112 | ||
| DKSH Holding AG | Trading Companies & Distributors | 216 | 16,041 | ||
| DSM-Firmenich AG | Chemicals | 1,068 | 108,070 | ||
| Emmi AG | Food Products | 12 | 9,746 | ||
| EMS-Chemie Holding AG | Chemicals | 48 | 32,388 | ||
| Flughafen Zurich AG | Transportation Infrastructure | 120 | 28,813 | ||
| a | Galderma Group AG | Pharmaceuticals | 456 | 50,639 | |
| Geberit AG | Building Products | 204 | 115,838 | ||
| Georg Fischer AG | Machinery | 504 | 38,179 | ||
| Givaudan SA | Chemicals | 49 | 214,437 | ||
| Helvetia Holding AG | Insurance | 216 | 35,609 | ||
| Julius Baer Group Ltd. | Capital Markets | 1,272 | 82,334 |
| Kuehne & Nagel International AG | Marine Transportation | 300 | 68,789 | ||
| Logitech International SA | Technology Hardware, Storage & Peripherals | 936 | 77,503 | ||
| Lonza Group AG | Life Sciences Tools & Services | 444 | 262,505 | ||
| Nestle SA | Food Products | 15,888 | 1,312,765 | ||
| Novartis AG | Pharmaceuticals | 12,348 | 1,208,571 | ||
| Partners Group Holding AG | Capital Markets | 138 | 187,299 | ||
| PSP Swiss Property AG | Real Estate Management & Development | 276 | 39,257 | ||
| Roche Holding AG | Pharmaceuticals | 4,272 | 1,204,409 | ||
| Roche Holding AG | Pharmaceuticals | 228 | 68,079 | ||
| Sandoz Group AG | Pharmaceuticals | 2,676 | 109,757 | ||
| Schindler Holding AG, PC | Machinery | 252 | 69,628 | ||
| Schindler Holding AG | Machinery | 132 | 36,050 | ||
| SGS SA | Professional Services | 912 | 91,457 | ||
| SIG Group AG | Containers & Packaging | 2,040 | 40,248 | ||
| Sika AG | Chemicals | 936 | 222,884 | ||
| Sonova Holding AG | Health Care Equipment & Supplies | 300 | 98,086 | ||
| STMicroelectronics NV | Semiconductors & Semiconductor Equipment | 4,020 | 101,050 | ||
| Straumann Holding AG | Health Care Equipment & Supplies | 660 | 83,206 | ||
| Swatch Group AG | Textiles, Apparel & Luxury Goods | 180 | 32,772 | ||
| Swatch Group AG | Textiles, Apparel & Luxury Goods | 324 | 11,476 | ||
| Swiss Life Holding AG | Insurance | 168 | 129,691 | ||
| Swiss Prime Site AG | Real Estate Management & Development | 480 | 52,330 | ||
| Swiss Re AG | Insurance | 1,788 | 258,853 | ||
| Swisscom AG | Diversified Telecommunication Services | 156 | 86,844 | ||
| Tecan Group AG | Life Sciences Tools & Services | 72 | 16,096 | ||
| Temenos AG | Software | 372 | 26,312 | ||
| UBS Group AG | Capital Markets | 19,812 | 606,220 | ||
| b | VAT Group AG | Machinery | 168 | 63,548 | |
| Zurich Insurance Group AG | Insurance | 900 | 535,084 | ||
| 9,531,340 | |||||
| United Kingdom 19.9% | |||||
| 3i Group PLC | Capital Markets | 5,748 | 256,565 | ||
| Admiral Group PLC | Insurance | 1,788 | 59,207 | ||
| Anglo American PLC | Metals & Mining | 7,644 | 226,314 | ||
| Ashtead Group PLC | Trading Companies & Distributors | 2,700 | 167,890 | ||
| Associated British Foods PLC | Food Products | 1,944 | 49,740 | ||
| AstraZeneca PLC | Pharmaceuticals | 9,252 | 1,212,949 | ||
| b | Auto Trader Group PLC | Interactive Media & Services | 5,508 | 54,703 | |
| Aviva PLC | Insurance | 16,764 | 98,426 | ||
| B&M European Value Retail SA | Broadline Retail | 5,688 | 26,144 | ||
| BAE Systems PLC | Aerospace & Defense | 18,804 | 270,473 | ||
| Barclays PLC | Banks | 89,616 | 300,958 | ||
| Barratt Redrow PLC | Household Durables | 8,436 | 46,498 | ||
| Beazley PLC | Insurance | 3,900 | 39,881 | ||
| Berkeley Group Holdings PLC | Household Durables | 602 | 29,404 | ||
| BP PLC | Oil, Gas & Consumable Fuels | 99,432 | 489,398 | ||
| British American Tobacco PLC | Tobacco | 12,360 | 445,814 | ||
| British Land Co. PLC | Diversified REITs | 6,156 | 27,786 | ||
| BT Group PLC | Diversified Telecommunication Services | 39,168 | 70,662 | ||
| Bunzl PLC | Trading Companies & Distributors | 2,076 | 85,695 | ||
| Burberry Group PLC | Textiles, Apparel & Luxury Goods | 2,208 | 27,100 | ||
| Centrica PLC | Multi-Utilities | 31,848 | 53,288 | ||
| Compass Group PLC | Hotels, Restaurants & Leisure | 10,536 | 351,258 | ||
| b | ConvaTec Group PLC | Health Care Equipment & Supplies | 10,092 | 27,958 | |
| Croda International PLC | Chemicals | 864 | 36,628 | ||
| Diageo PLC | Beverages | 13,752 | 437,034 | ||
| Diploma PLC | Trading Companies & Distributors | 828 | 44,072 | ||
| DS Smith PLC | Containers & Packaging | 8,532 | 57,915 | ||
| Endeavour Mining PLC | Metals & Mining | 1,236 | 22,059 | ||
| a | Flutter Entertainment PLC | Hotels, Restaurants & Leisure | 1,092 | 283,371 | |
| GSK PLC | Pharmaceuticals | 24,696 | 416,463 | ||
| Haleon PLC | Personal Care Products | 46,632 | 220,409 | ||
| Halma PLC | Electronic Equipment, Instruments & Components | 2,352 | 79,208 | ||
| Hargreaves Lansdown PLC | Capital Markets | 2,352 | 32,343 |
| Hikma Pharmaceuticals PLC | Pharmaceuticals | 1,008 | 25,160 | ||
| Howden Joinery Group PLC | Trading Companies & Distributors | 3,384 | 33,629 | ||
| HSBC Holdings PLC | Banks | 112,164 | 1,103,144 | ||
| IMI PLC | Machinery | 1,584 | 36,125 | ||
| Imperial Brands PLC | Tobacco | 5,232 | 167,287 | ||
| Informa PLC | Media | 8,232 | 82,313 | ||
| InterContinental Hotels Group PLC | Hotels, Restaurants & Leisure | 984 | 122,669 | ||
| Intermediate Capital Group PLC | Capital Markets | 1,644 | 42,538 | ||
| International Consolidated Airlines Group SA | Passenger Airlines | 14,232 | 53,811 | ||
| Intertek Group PLC | Professional Services | 996 | 58,977 | ||
| J Sainsbury PLC | Consumer Staples Distribution & Retail | 11,676 | 40,009 | ||
| JD Sports Fashion PLC | Specialty Retail | 15,252 | 18,318 | ||
| Kingfisher PLC | Specialty Retail | 11,292 | 35,171 | ||
| Land Securities Group PLC | Diversified REITs | 4,632 | 33,879 | ||
| Legal & General Group PLC | Insurance | 36,564 | 105,232 | ||
| Lloyds Banking Group PLC | Banks | 378,840 | 259,909 | ||
| London Stock Exchange Group PLC | Capital Markets | 3,072 | 434,176 | ||
| M&G PLC | Financial Services | 13,512 | 33,481 | ||
| Marks & Spencer Group PLC | Consumer Staples Distribution & Retail | 12,624 | 59,368 | ||
| Melrose Industries PLC | Aerospace & Defense | 7,944 | 55,098 | ||
| National Grid PLC | Multi-Utilities | 30,108 | 358,219 | ||
| NatWest Group PLC | Banks | 42,840 | 215,738 | ||
| Next PLC | Broadline Retail | 720 | 85,646 | ||
| a,c | NMC Health PLC | Health Care Providers & Services | 1,159 | — | |
| Pearson PLC | Diversified Consumer Services | 4,128 | 66,278 | ||
| Persimmon PLC | Household Durables | 1,968 | 29,527 | ||
| Phoenix Group Holdings PLC | Insurance | 4,668 | 29,816 | ||
| Prudential PLC | Insurance | 16,620 | 132,591 | ||
| Reckitt Benckiser Group PLC | Household Products | 4,260 | 257,851 | ||
| RELX PLC | Professional Services | 11,532 | 524,125 | ||
| Rentokil Initial PLC | Commercial Services & Supplies | 15,600 | 78,306 | ||
| Rightmove PLC | Interactive Media & Services | 4,800 | 38,582 | ||
| a | Rolls-Royce Holdings PLC | Aerospace & Defense | 52,452 | 373,518 | |
| RS Group PLC | Trading Companies & Distributors | 2,940 | 25,093 | ||
| Sage Group PLC | Software | 6,204 | 98,911 | ||
| Schroders PLC | Capital Markets | 5,196 | 21,058 | ||
| Segro PLC | Industrial REITs | 8,304 | 72,924 | ||
| Severn Trent PLC | Water Utilities | 1,620 | 50,885 | ||
| Smith & Nephew PLC | Health Care Equipment & Supplies | 5,316 | 66,005 | ||
| Smiths Group PLC | Industrial Conglomerates | 2,148 | 46,244 | ||
| Spirax Group PLC | Machinery | 456 | 39,149 | ||
| SSE PLC | Electric Utilities | 6,732 | 135,236 | ||
| St. James’s Place PLC | Capital Markets | 3,420 | 37,178 | ||
| Standard Chartered PLC | Banks | 12,480 | 154,518 | ||
| Taylor Wimpey PLC | Household Durables | 21,948 | 33,562 | ||
| Tesco PLC | Consumer Staples Distribution & Retail | 42,120 | 194,282 | ||
| Unilever PLC | Personal Care Products | 15,240 | 868,057 | ||
| UNITE Group PLC | Residential REITs | 2,508 | 25,332 | ||
| United Utilities Group PLC | Water Utilities | 4,248 | 55,942 | ||
| Vodafone Group PLC | Wireless Telecommunication Services | 130,320 | 111,474 | ||
| Weir Group PLC | Machinery | 1,608 | 43,983 | ||
| Whitbread PLC | Hotels, Restaurants & Leisure | 1,092 | 40,290 | ||
| a | Wise PLC, Class A | Financial Services | 4,656 | 62,160 | |
| WPP PLC | Media | 6,624 | 68,640 | ||
| 13,289,027 | |||||
| United States 1.8% | |||||
| CRH PLC | Construction Materials | 4,176 | 387,754 | ||
| Holcim AG, Class B | Construction Materials | 3,468 | 334,306 | ||
| a | Qiagen NV | Life Sciences Tools & Services | 1,320 | 58,836 | |
| Smurfit WestRock PLC | Containers & Packaging | 3,180 | 171,890 | ||
| Stellantis NV | Automobiles | 12,900 | 168,177 |
| Tenaris SA | Energy Equipment & Services | 2,712 | 50,746 | ||
| 1,171,709 | |||||
| Total Common Stocks (Cost $69,963,194) | 65,704,853 | ||||
| Preferred Stocks 0.4% | |||||
| Germany 0.4% | |||||
| d | Bayerische Motoren Werke AG, 8.315%, pfd. | Automobiles | 336 | 25,190 | |
| d | FUCHS SE, 2.664%, pfd. | Chemicals | 396 | 17,083 | |
| d | Henkel AG & Co. KGaA, 2.184%, pfd. | Household Products | 1,008 | 88,408 | |
| d | Sartorius AG, 0.344%, pfd. | Life Sciences Tools & Services | 156 | 34,763 | |
| d | Volkswagen AG, 10.175%, pfd. | Automobiles | 1,116 | 102,896 | |
| 268,340 | |||||
| Spain 0.0%† | |||||
| a | Grifols SA, Class B, pfd. | Biotechnology | 1,548 | 11,325 | |
| Total Preferred Stocks (Cost $423,629) | 279,665 | ||||
| Total Investments before Short-Term Investments (Cost $70,386,823) | 65,984,518 | ||||
| Short-Term Investments 0.0%† | |||||
| Money Market Funds 0.0%† | |||||
| United States 0.0%† | |||||
| e,f | Institutional Fiduciary Trust - Money Market Portfolio, 4.18% | Money Market Funds | 281 | 281 | |
| Total Short-Term Investments (Cost $281) | 281 | ||||
| Total Investments (Cost $70,387,104) 98.8% | 65,984,799 | ||||
| Other Assets, less Liabilities 1.2% | 778,662 | ||||
| Net Assets 100.0% | $ 66,763,461 |
| †Rounds to less than 0.1% of net assets. |
| aNon-income producing. |
| bSecurity was purchased pursuant to Rule 144A under the Securities Act of 1933 and may be sold in transactions exempt from registration only to qualified institutional buyers or in a public offering registered under the Securities Act of 1933. At December 31, 2024, the aggregate value of these securities was $1,351,834, representing 2.0% of net assets. |
| cFair valued using significant unobservable inputs. See Note 5 regarding fair value measurements. |
| dVariable rate security. The rate shown represents the yield at period end. |
| eThe rate shown is the annualized seven-day effective yield at period end. |
| fSee Note 3 regarding investments in affiliated management investment companies. |
| Description | Type | Number of Contracts | Notional Amount* | Expiration Date | Value/Unrealized Appreciation (Depreciation) |
| Index Contracts | |||||
| EURO STOXX 50 Index | Long | 10 | $ 505,428 | 3/21/25 | $ (9,792) |
| FTSE 100 Index | Long | 2 | 204,905 | 3/21/25 | (1,819) |
| Total Futures Contracts | $(11,611) |
| *As of period end. |
| Selected Portfolio | ||
| REIT | – | Real Estate Investment Trust |
| SPA | – | Standby Purchase Agreement |
| Franklin FTSE Eurozone ETF | Industry | Shares | Value | ||
| Common Stocks 98.9% | |||||
| Austria 0.7% | |||||
| ANDRITZ AG | Machinery | 248 | $ 12,578 | ||
| Erste Group Bank AG | Banks | 1,108 | 68,450 | ||
| OMV AG | Oil, Gas & Consumable Fuels | 516 | 19,951 | ||
| Raiffeisen Bank International AG | Banks | 464 | 9,489 | ||
| Telekom Austria AG | Diversified Telecommunication Services | 324 | 2,671 | ||
| Verbund AG | Electric Utilities | 232 | 16,817 | ||
| voestalpine AG | Metals & Mining | 388 | 7,365 | ||
| 137,321 | |||||
| Belgium 2.4% | |||||
| Ackermans & van Haaren NV | Construction & Engineering | 80 | 15,781 | ||
| Ageas SA | Insurance | 604 | 29,333 | ||
| Anheuser-Busch InBev SA | Beverages | 3,284 | 164,078 | ||
| D’ieteren Group | Distributors | 84 | 13,978 | ||
| Elia Group SA | Electric Utilities | 144 | 11,094 | ||
| Groupe Bruxelles Lambert NV | Financial Services | 308 | 21,065 | ||
| KBC Group NV | Banks | 844 | 65,145 | ||
| Lotus Bakeries NV | Food Products | 1 | 11,163 | ||
| Sofina SA | Financial Services | 64 | 14,474 | ||
| Syensqo SA | Chemicals | 256 | 18,705 | ||
| UCB SA | Pharmaceuticals | 436 | 86,774 | ||
| Warehouses De Pauw CVA | Industrial REITs | 624 | 12,277 | ||
| 463,867 | |||||
| Finland 3.0% | |||||
| Elisa OYJ | Diversified Telecommunication Services | 516 | 22,334 | ||
| Fortum OYJ | Electric Utilities | 1,576 | 22,056 | ||
| Kesko OYJ, Class B | Consumer Staples Distribution & Retail | 972 | 18,298 | ||
| Kone OYJ, Class B | Machinery | 1,176 | 57,234 | ||
| Metso OYJ | Machinery | 2,320 | 21,573 | ||
| Neste OYJ | Oil, Gas & Consumable Fuels | 1,468 | 18,431 | ||
| Nokia OYJ | Communications Equipment | 18,440 | 81,620 | ||
| Nordea Bank Abp | Banks | 11,956 | 129,995 | ||
| Orion OYJ, Class B | Pharmaceuticals | 384 | 17,011 | ||
| Sampo OYJ, Class A | Insurance | 1,748 | 71,280 | ||
| Stora Enso OYJ, Class R | Paper & Forest Products | 2,128 | 21,414 | ||
| UPM-Kymmene OYJ | Paper & Forest Products | 1,836 | 50,495 | ||
| Valmet OYJ | Machinery | 592 | 14,302 | ||
| Wartsila OYJ Abp | Machinery | 1,728 | 30,616 | ||
| 576,659 | |||||
| France 31.8% | |||||
| Accor SA | Hotels, Restaurants & Leisure | 816 | 39,747 | ||
| Aeroports de Paris SA | Transportation Infrastructure | 116 | 13,417 | ||
| Air Liquide SA | Chemicals | 2,032 | 330,181 | ||
| Airbus SE | Aerospace & Defense | 2,112 | 338,500 | ||
| a | Alstom SA | Machinery | 1,252 | 27,951 | |
| b | Amundi SA | Capital Markets | 204 | 13,562 | |
| Arkema SA | Chemicals | 208 | 15,842 | ||
| AXA SA | Insurance | 6,120 | 217,495 | ||
| b | Ayvens SA | Ground Transportation | 496 | 3,362 | |
| BioMerieux | Health Care Equipment & Supplies | 148 | 15,862 | ||
| BNP Paribas SA | Banks | 3,600 | 220,760 | ||
| Bollore SE | Entertainment | 2,528 | 15,549 | ||
| Bouygues SA | Construction & Engineering | 640 | 18,914 | ||
| Bureau Veritas SA | Professional Services | 1,080 | 32,812 | ||
| Capgemini SE | IT Services | 576 | 94,328 | ||
| Carrefour SA | Consumer Staples Distribution & Retail | 1,824 | 25,933 | ||
| Cie de Saint-Gobain SA | Building Products | 1,648 | 146,247 | ||
| Cie Generale des Etablissements Michelin SCA | Automobile Components | 2,484 | 81,795 |
| Covivio SA | Diversified REITs | 192 | 9,694 | ||
| Credit Agricole SA | Banks | 3,596 | 49,487 | ||
| Danone SA | Food Products | 2,252 | 151,856 | ||
| Dassault Aviation SA | Aerospace & Defense | 65 | 13,273 | ||
| Dassault Systemes SE | Software | 2,408 | 83,532 | ||
| Edenred SE | Financial Services | 880 | 28,932 | ||
| Eiffage SA | Construction & Engineering | 264 | 23,160 | ||
| Engie SA | Multi-Utilities | 6,312 | 100,067 | ||
| EssilorLuxottica SA | Health Care Equipment & Supplies | 1,096 | 267,384 | ||
| Eurazeo SE | Financial Services | 172 | 12,815 | ||
| Gecina SA | Office REITs | 180 | 16,859 | ||
| Getlink SE | Transportation Infrastructure | 1,248 | 19,908 | ||
| Hermes International SCA | Textiles, Apparel & Luxury Goods | 122 | 293,341 | ||
| Ipsen SA | Pharmaceuticals | 124 | 14,214 | ||
| a | JCDecaux SE | Media | 264 | 4,144 | |
| Kering SA | Textiles, Apparel & Luxury Goods | 259 | 63,897 | ||
| Klepierre SA | Retail REITs | 740 | 21,302 | ||
| b | La Francaise des Jeux SACA | Hotels, Restaurants & Leisure | 352 | 13,567 | |
| Legrand SA | Electrical Equipment | 908 | 88,420 | ||
| L’Oreal SA | Personal Care Products | 828 | 293,100 | ||
| LVMH Moet Hennessy Louis Vuitton SE | Textiles, Apparel & Luxury Goods | 885 | 582,383 | ||
| b | Neoen SA | Independent Power Producers & Energy Traders | 236 | 9,707 | |
| Orange SA | Diversified Telecommunication Services | 6,876 | 68,552 | ||
| Pernod Ricard SA | Beverages | 700 | 79,009 | ||
| Publicis Groupe SA | Media | 816 | 87,032 | ||
| Remy Cointreau SA | Beverages | 88 | 5,322 | ||
| Renault SA | Automobiles | 680 | 33,130 | ||
| Rexel SA | Trading Companies & Distributors | 796 | 20,277 | ||
| Safran SA | Aerospace & Defense | 1,232 | 270,584 | ||
| Sanofi SA | Pharmaceuticals | 3,956 | 384,000 | ||
| Sartorius Stedim Biotech | Life Sciences Tools & Services | 92 | 17,977 | ||
| Schneider Electric SE | Electrical Equipment | 1,916 | 477,950 | ||
| SCOR SE | Insurance | 612 | 14,981 | ||
| SEB SA | Household Durables | 92 | 8,336 | ||
| Societe Generale SA | Banks | 2,588 | 72,785 | ||
| Sodexo SA | Hotels, Restaurants & Leisure | 296 | 24,383 | ||
| a | SOITEC | Semiconductors & Semiconductor Equipment | 88 | 7,942 | |
| Teleperformance SE | Professional Services | 204 | 17,558 | ||
| Thales SA | Aerospace & Defense | 316 | 45,369 | ||
| TotalEnergies SE | Oil, Gas & Consumable Fuels | 7,096 | 392,158 | ||
| a | Unibail-Rodamco-Westfield | Retail REITs | 372 | 28,012 | |
| Veolia Environnement SA | Multi-Utilities | 2,292 | 64,342 | ||
| Vinci SA | Construction & Engineering | 1,784 | 184,253 | ||
| Vivendi SE | Entertainment | 2,408 | 6,416 | ||
| Wendel SE | Financial Services | 96 | 9,240 | ||
| 6,132,907 | |||||
| Germany 26.9% | |||||
| adidas AG | Textiles, Apparel & Luxury Goods | 620 | 152,028 | ||
| Allianz SE | Insurance | 1,404 | 430,192 | ||
| BASF SE | Chemicals | 3,196 | 140,520 | ||
| Bayer AG | Pharmaceuticals | 3,528 | 70,559 | ||
| Bayerische Motoren Werke AG | Automobiles | 1,056 | 86,364 | ||
| Bechtle AG | IT Services | 296 | 9,532 | ||
| Beiersdorf AG | Personal Care Products | 356 | 45,711 | ||
| Brenntag SE | Trading Companies & Distributors | 464 | 27,810 | ||
| Carl Zeiss Meditec AG | Health Care Equipment & Supplies | 132 | 6,222 | ||
| Commerzbank AG | Banks | 3,348 | 54,516 | ||
| Continental AG | Automobile Components | 384 | 25,775 | ||
| a | Covestro AG | Chemicals | 624 | 37,477 | |
| CTS Eventim AG & Co. KGaA | Entertainment | 212 | 17,924 | ||
| Daimler Truck Holding AG | Machinery | 1,876 | 71,585 | ||
| a,b | Delivery Hero SE | Hotels, Restaurants & Leisure | 752 | 21,118 | |
| Deutsche Bank AG | Capital Markets | 6,936 | 119,512 | ||
| Deutsche Boerse AG | Capital Markets | 664 | 152,916 |
| Deutsche Lufthansa AG | Passenger Airlines | 2,148 | 13,737 | ||
| Deutsche Post AG | Air Freight & Logistics | 3,496 | 123,011 | ||
| Deutsche Telekom AG | Diversified Telecommunication Services | 12,024 | 359,705 | ||
| Deutsche Wohnen SE | Real Estate Management & Development | 176 | 4,201 | ||
| b | DWS Group GmbH & Co. KGaA | Capital Markets | 112 | 4,616 | |
| E.ON SE | Multi-Utilities | 7,968 | 92,781 | ||
| Evonik Industries AG | Chemicals | 912 | 15,799 | ||
| Fielmann Group AG | Specialty Retail | 88 | 3,773 | ||
| a | Fraport AG Frankfurt Airport Services Worldwide | Transportation Infrastructure | 132 | 7,996 | |
| Fresenius Medical Care AG | Health Care Providers & Services | 736 | 33,656 | ||
| a | Fresenius SE & Co. KGaA | Health Care Providers & Services | 1,484 | 51,540 | |
| FUCHS SE | Chemicals | 112 | 3,688 | ||
| GEA Group AG | Machinery | 604 | 29,909 | ||
| Hannover Rueck SE | Insurance | 216 | 53,993 | ||
| Heidelberg Materials AG | Construction Materials | 468 | 57,814 | ||
| Henkel AG & Co. KGaA | Household Products | 348 | 26,810 | ||
| HOCHTIEF AG | Construction & Engineering | 64 | 8,596 | ||
| Infineon Technologies AG | Semiconductors & Semiconductor Equipment | 4,668 | 151,779 | ||
| KION Group AG | Machinery | 256 | 8,446 | ||
| Knorr-Bremse AG | Machinery | 240 | 17,483 | ||
| LEG Immobilien SE | Real Estate Management & Development | 268 | 22,701 | ||
| Mercedes-Benz Group AG | Automobiles | 3,008 | 167,575 | ||
| Merck KGaA | Pharmaceuticals | 464 | 67,218 | ||
| MTU Aero Engines AG | Aerospace & Defense | 192 | 64,019 | ||
| Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | Insurance | 476 | 240,091 | ||
| Nemetschek SE | Software | 196 | 18,997 | ||
| Puma SE | Textiles, Apparel & Luxury Goods | 380 | 17,455 | ||
| Rational AG | Machinery | 17 | 14,505 | ||
| Rheinmetall AG | Aerospace & Defense | 156 | 99,281 | ||
| RWE AG | Independent Power Producers & Energy Traders | 2,556 | 76,305 | ||
| SAP SE | Software | 3,944 | 965,052 | ||
| Sartorius AG | Life Sciences Tools & Services | 8 | 1,428 | ||
| b | Scout24 SE | Interactive Media & Services | 260 | 22,911 | |
| Siemens AG | Industrial Conglomerates | 2,672 | 521,718 | ||
| a | Siemens Energy AG | Electrical Equipment | 2,272 | 118,527 | |
| b | Siemens Healthineers AG | Health Care Equipment & Supplies | 996 | 52,806 | |
| Symrise AG | Chemicals | 464 | 49,320 | ||
| Talanx AG | Insurance | 212 | 18,034 | ||
| Traton SE | Machinery | 188 | 5,441 | ||
| Volkswagen AG | Automobiles | 104 | 9,924 | ||
| Vonovia SE | Real Estate Management & Development | 2,532 | 76,874 | ||
| Wacker Chemie AG | Chemicals | 68 | 4,932 | ||
| a,b | Zalando SE | Specialty Retail | 780 | 26,161 | |
| 5,200,369 | |||||
| Ireland 0.9% | |||||
| AIB Group PLC | Banks | 6,596 | 36,405 | ||
| Bank of Ireland Group PLC | Banks | 3,620 | 33,010 | ||
| Glanbia PLC | Food Products | 680 | 9,386 | ||
| Kerry Group PLC, Class A | Food Products | 536 | 51,756 | ||
| Kingspan Group PLC | Building Products | 548 | 39,977 | ||
| 170,534 | |||||
| Italy 8.6% | |||||
| A2A SpA | Multi-Utilities | 5,540 | 12,305 | ||
| Amplifon SpA | Health Care Providers & Services | 464 | 11,940 | ||
| Banca Mediolanum SpA | Financial Services | 780 | 9,280 | ||
| Banco BPM SpA | Banks | 5,424 | 43,876 | ||
| BPER Banca SpA | Banks | 3,820 | 24,264 | ||
| Brunello Cucinelli SpA | Textiles, Apparel & Luxury Goods | 124 | 13,534 | ||
| Buzzi SpA | Construction Materials | 308 | 11,348 | ||
| Davide Campari-Milano NV | Beverages | 1,776 | 11,067 | ||
| DiaSorin SpA | Health Care Equipment & Supplies | 76 | 7,835 | ||
| Enel SpA | Electric Utilities | 27,920 | 199,082 |
| Eni SpA | Oil, Gas & Consumable Fuels | 7,732 | 104,805 | ||
| Ferrari NV | Automobiles | 420 | 179,357 | ||
| FinecoBank Banca Fineco SpA | Banks | 2,204 | 38,319 | ||
| Generali | Insurance | 4,432 | 125,151 | ||
| Hera SpA | Multi-Utilities | 3,112 | 11,060 | ||
| b | Infrastrutture Wireless Italiane SpA | Diversified Telecommunication Services | 1,252 | 12,725 | |
| Interpump Group SpA | Machinery | 280 | 12,369 | ||
| Intesa Sanpaolo SpA | Banks | 56,512 | 226,056 | ||
| Italgas SpA | Gas Utilities | 1,724 | 9,658 | ||
| Leonardo SpA | Aerospace & Defense | 1,444 | 38,772 | ||
| Mediobanca Banca di Credito Finanziario SpA | Banks | 1,968 | 28,683 | ||
| Moncler SpA | Textiles, Apparel & Luxury Goods | 808 | 42,654 | ||
| a,b | Nexi SpA | Financial Services | 2,788 | 15,474 | |
| b | Pirelli & C SpA | Automobile Components | 1,344 | 7,618 | |
| b | Poste Italiane SpA | Insurance | 1,608 | 22,678 | |
| Prysmian SpA | Electrical Equipment | 1,040 | 66,403 | ||
| Recordati Industria Chimica e Farmaceutica SpA | Pharmaceuticals | 344 | 18,024 | ||
| Reply SpA | IT Services | 80 | 12,708 | ||
| Snam SpA | Gas Utilities | 8,220 | 36,405 | ||
| a | Telecom Italia SpA | Diversified Telecommunication Services | 36,448 | 9,307 | |
| a | Telecom Italia SpA, pfd. | Diversified Telecommunication Services | 17,036 | 5,107 | |
| Terna - Rete Elettrica Nazionale | Electric Utilities | 5,076 | 40,052 | ||
| UniCredit SpA | Banks | 5,636 | 224,835 | ||
| Unipol Gruppo SpA | Insurance | 1,356 | 16,892 | ||
| 1,649,643 | |||||
| Luxembourg 0.4% | |||||
| ArcelorMittal SA | Metals & Mining | 1,748 | 40,600 | ||
| a,b | CVC Capital Partners PLC | Capital Markets | 764 | 16,819 | |
| Eurofins Scientific SE | Life Sciences Tools & Services | 464 | 23,692 | ||
| RTL Group SA | Media | 140 | 3,871 | ||
| 84,982 | |||||
| Netherlands 14.1% | |||||
| Aalberts NV | Machinery | 348 | 12,375 | ||
| b | ABN AMRO Bank NV | Banks | 1,760 | 27,137 | |
| a,b | Adyen NV | Financial Services | 107 | 159,217 | |
| Aegon Ltd. | Insurance | 3,624 | 21,465 | ||
| Akzo Nobel NV | Chemicals | 616 | 36,971 | ||
| a | Argenx SE | Biotechnology | 212 | 131,716 | |
| ASM International NV | Semiconductors & Semiconductor Equipment | 168 | 97,211 | ||
| ASML Holding NV | Semiconductors & Semiconductor Equipment | 1,416 | 995,156 | ||
| ASR Nederland NV | Insurance | 532 | 25,220 | ||
| BE Semiconductor Industries NV | Semiconductors & Semiconductor Equipment | 280 | 38,359 | ||
| b | CTP NV | Real Estate Management & Development | 404 | 6,225 | |
| b | Euronext NV | Capital Markets | 284 | 31,849 | |
| EXOR NV | Financial Services | 360 | 33,010 | ||
| Ferrovial SE | Construction & Engineering | 1,712 | 71,975 | ||
| a | Havas NV | Media | 2,408 | 4,045 | |
| Heineken Holding NV | Beverages | 476 | 28,514 | ||
| Heineken NV | Beverages | 996 | 70,854 | ||
| IMCD NV | Trading Companies & Distributors | 204 | 30,313 | ||
| ING Groep NV | Banks | 11,324 | 177,414 | ||
| JDE Peet’s NV | Food Products | 564 | 9,654 | ||
| Koninklijke Ahold Delhaize NV | Consumer Staples Distribution & Retail | 3,380 | 110,215 | ||
| Koninklijke KPN NV | Diversified Telecommunication Services | 13,508 | 49,166 | ||
| a | Koninklijke Philips NV | Health Care Equipment & Supplies | 2,860 | 72,261 | |
| Koninklijke Vopak NV | Oil, Gas & Consumable Fuels | 224 | 9,858 | ||
| NN Group NV | Insurance | 976 | 42,518 | ||
| OCI NV | Chemicals | 392 | 4,390 | ||
| Pluxee NV | Financial Services | 312 | 6,047 | ||
| Prosus NV | Broadline Retail | 4,836 | 192,044 | ||
| Randstad NV | Professional Services | 372 | 15,682 | ||
| Universal Music Group NV | Entertainment | 2,708 | 69,318 |
| Wolters Kluwer NV | Professional Services | 848 | 140,848 | ||
| 2,721,027 | |||||
| Poland 0.1% | |||||
| a | InPost SA | Air Freight & Logistics | 864 | 14,771 | |
| Portugal 0.4% | |||||
| EDP SA | Electric Utilities | 10,704 | 34,261 | ||
| Galp Energia SGPS SA, Class B | Oil, Gas & Consumable Fuels | 1,528 | 25,237 | ||
| Jeronimo Martins SGPS SA | Consumer Staples Distribution & Retail | 1,012 | 19,334 | ||
| 78,832 | |||||
| Russia 0.0% | |||||
| a,c | Evraz PLC | Metals & Mining | 1,168 | — | |
| Spain 8.2% | |||||
| Acciona SA | Electric Utilities | 84 | 9,455 | ||
| ACS Actividades de Construccion y Servicios SA | Construction & Engineering | 724 | 36,315 | ||
| b | Aena SME SA | Transportation Infrastructure | 252 | 51,511 | |
| Amadeus IT Group SA | Hotels, Restaurants & Leisure | 1,564 | 110,451 | ||
| Banco Bilbao Vizcaya Argentaria SA | Banks | 20,644 | 202,054 | ||
| Banco de Sabadell SA | Banks | 17,928 | 34,845 | ||
| Banco Santander SA | Banks | 54,652 | 252,656 | ||
| Bankinter SA | Banks | 2,280 | 18,038 | ||
| CaixaBank SA | Banks | 13,924 | 75,494 | ||
| a,b | Cellnex Telecom SA | Diversified Telecommunication Services | 2,116 | 66,851 | |
| Corp. ACCIONA Energias Renovables SA | Independent Power Producers & Energy Traders | 204 | 3,760 | ||
| EDP Renovaveis SA | Independent Power Producers & Energy Traders | 1,080 | 11,228 | ||
| Enagas SA | Gas Utilities | 900 | 10,978 | ||
| Endesa SA | Electric Utilities | 1,124 | 24,174 | ||
| a | Grifols SA | Biotechnology | 952 | 9,018 | |
| Iberdrola SA | Electric Utilities | 21,400 | 294,724 | ||
| Industria de Diseno Textil SA | Specialty Retail | 3,776 | 194,095 | ||
| Mapfre SA | Insurance | 3,556 | 9,007 | ||
| Merlin Properties Socimi SA | Diversified REITs | 1,584 | 16,665 | ||
| Naturgy Energy Group SA | Gas Utilities | 460 | 11,137 | ||
| Redeia Corp. SA | Electric Utilities | 1,548 | 26,449 | ||
| Repsol SA | Oil, Gas & Consumable Fuels | 4,084 | 49,437 | ||
| Telefonica SA | Diversified Telecommunication Services | 15,252 | 62,179 | ||
| 1,580,521 | |||||
| Switzerland 0.6% | |||||
| DSM-Firmenich AG | Chemicals | 624 | 63,142 | ||
| STMicroelectronics NV | Semiconductors & Semiconductor Equipment | 2,336 | 58,719 | ||
| 121,861 | |||||
| United Kingdom 0.0% | |||||
| a,c | NMC Health PLC | Health Care Providers & Services | 60 | — | |
| United States 0.8% | |||||
| a | Qiagen NV | Life Sciences Tools & Services | 784 | 34,945 | |
| Stellantis NV | Automobiles | 7,512 | 97,933 | ||
| Tenaris SA | Energy Equipment & Services | 1,568 | 29,340 | ||
| 162,218 | |||||
| Total Common Stocks (Cost $19,096,249) | 19,095,512 | ||||
| Preferred Stocks 0.9% | |||||
| Germany 0.8% | |||||
| d | Bayerische Motoren Werke AG, 8.315%, pfd. | Automobiles | 200 | 14,994 | |
| d | FUCHS SE, 2.664%, pfd. | Chemicals | 224 | 9,663 | |
| d | Henkel AG & Co. KGaA, 2.184%, pfd. | Household Products | 588 | 51,572 | |
| d | Sartorius AG, 0.344%, pfd. | Life Sciences Tools & Services | 91 | 20,278 | |
| d | Volkswagen AG, 10.175%, pfd. | Automobiles | 656 | 60,484 | |
| 156,991 |
| Spain 0.1% | |||||
| a | Grifols SA, Class B, pfd. | Biotechnology | 940 | 6,877 | |
| Total Preferred Stocks (Cost $225,069) | 163,868 | ||||
| Total Investments before Short-Term Investments (Cost $19,321,318) | 19,259,380 | ||||
| Short-Term Investments 0.0%† | |||||
| Money Market Funds 0.0%† | |||||
| United States 0.0%† | |||||
| e,f | Institutional Fiduciary Trust - Money Market Portfolio, 4.18% | Money Market Funds | 77 | 77 | |
| Total Short-Term Investments (Cost $77) | 77 | ||||
| Total Investments (Cost $19,321,395) 99.8% | 19,259,457 | ||||
| Other Assets, less Liabilities 0.2% | 47,982 | ||||
| Net Assets 100.0% | $ 19,307,439 |
| †Rounds to less than 0.1% of net assets. |
| aNon-income producing. |
| bSecurity was purchased pursuant to Rule 144A under the Securities Act of 1933 and may be sold in transactions exempt from registration only to qualified institutional buyers or in a public offering registered under the Securities Act of 1933. At December 31, 2024, the aggregate value of these securities was $585,914, representing 3.0% of net assets. |
| cFair valued using significant unobservable inputs. See Note 5 regarding fair value measurements. |
| dVariable rate security. The rate shown represents the yield at period end. |
| eThe rate shown is the annualized seven-day effective yield at period end. |
| fSee Note 3 regarding investments in affiliated management investment companies. |
| Description | Type | Number of Contracts | Notional Amount* | Expiration Date | Value/Unrealized Appreciation (Depreciation) |
| Index Contracts | |||||
| EURO STOXX 50 Index | Long | 1 | $ 50,543 | 3/21/25 | $ (1,037) |
| *As of period end. |
| Selected Portfolio | ||
| REIT | – | Real Estate Investment Trust |
| SPA | – | Standby Purchase Agreement |
| Franklin FTSE Germany ETF | Industry | Shares | Value | ||
| Common Stocks 96.8% | |||||
| Germany 96.1% | |||||
| adidas AG | Textiles, Apparel & Luxury Goods | 2,860 | $ 701,290 | ||
| Allianz SE | Insurance | 6,480 | 1,985,501 | ||
| BASF SE | Chemicals | 14,800 | 650,716 | ||
| Bayer AG | Pharmaceuticals | 16,320 | 326,394 | ||
| Bayerische Motoren Werke AG | Automobiles | 4,900 | 400,741 | ||
| Bechtle AG | IT Services | 1,380 | 44,442 | ||
| Beiersdorf AG | Personal Care Products | 1,640 | 210,579 | ||
| Brenntag SE | Trading Companies & Distributors | 2,160 | 129,459 | ||
| Carl Zeiss Meditec AG | Health Care Equipment & Supplies | 620 | 29,224 | ||
| Commerzbank AG | Banks | 15,460 | 251,739 | ||
| Continental AG | Automobile Components | 1,780 | 119,476 | ||
| a | Covestro AG | Chemicals | 2,880 | 172,970 | |
| CTS Eventim AG & Co. KGaA | Entertainment | 980 | 82,858 | ||
| Daimler Truck Holding AG | Machinery | 8,680 | 331,213 | ||
| a,b | Delivery Hero SE | Hotels, Restaurants & Leisure | 3,480 | 97,728 | |
| Deutsche Bank AG | Capital Markets | 32,080 | 552,762 | ||
| Deutsche Boerse AG | Capital Markets | 3,080 | 709,309 | ||
| Deutsche Lufthansa AG | Passenger Airlines | 9,780 | 62,546 | ||
| Deutsche Post AG | Air Freight & Logistics | 16,180 | 569,314 | ||
| Deutsche Telekom AG | Diversified Telecommunication Services | 55,600 | 1,663,307 | ||
| Deutsche Wohnen SE | Real Estate Management & Development | 840 | 20,049 | ||
| b | DWS Group GmbH & Co. KGaA | Capital Markets | 540 | 22,255 | |
| E.ON SE | Multi-Utilities | 36,800 | 428,506 | ||
| Evonik Industries AG | Chemicals | 4,180 | 72,414 | ||
| Fielmann Group AG | Specialty Retail | 400 | 17,148 | ||
| a | Fraport AG Frankfurt Airport Services Worldwide | Transportation Infrastructure | 600 | 36,346 | |
| Fresenius Medical Care AG | Health Care Providers & Services | 3,360 | 153,645 | ||
| a | Fresenius SE & Co. KGaA | Health Care Providers & Services | 6,840 | 237,558 | |
| FUCHS SE | Chemicals | 500 | 16,464 | ||
| GEA Group AG | Machinery | 2,780 | 137,659 | ||
| Hannover Rueck SE | Insurance | 1,000 | 249,970 | ||
| Heidelberg Materials AG | Construction Materials | 2,160 | 266,836 | ||
| Henkel AG & Co. KGaA | Household Products | 1,620 | 124,807 | ||
| HOCHTIEF AG | Construction & Engineering | 300 | 40,291 | ||
| Infineon Technologies AG | Semiconductors & Semiconductor Equipment | 21,560 | 701,017 | ||
| KION Group AG | Machinery | 1,220 | 40,249 | ||
| Knorr-Bremse AG | Machinery | 1,080 | 78,675 | ||
| LEG Immobilien SE | Real Estate Management & Development | 1,240 | 105,033 | ||
| Mercedes-Benz Group AG | Automobiles | 13,940 | 776,596 | ||
| Merck KGaA | Pharmaceuticals | 2,160 | 312,912 | ||
| MTU Aero Engines AG | Aerospace & Defense | 900 | 300,088 | ||
| Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | Insurance | 2,196 | 1,107,645 | ||
| Nemetschek SE | Software | 900 | 87,231 | ||
| Puma SE | Textiles, Apparel & Luxury Goods | 1,740 | 79,927 | ||
| Rational AG | Machinery | 80 | 68,260 | ||
| Rheinmetall AG | Aerospace & Defense | 720 | 458,221 | ||
| RWE AG | Independent Power Producers & Energy Traders | 11,880 | 354,659 | ||
| SAP SE | Software | 18,240 | 4,463,121 | ||
| Sartorius AG | Life Sciences Tools & Services | 40 | 7,141 | ||
| b | Scout24 SE | Interactive Media & Services | 1,220 | 107,508 | |
| Siemens AG | Industrial Conglomerates | 12,360 | 2,413,338 | ||
| a | Siemens Energy AG | Electrical Equipment | 10,540 | 549,856 | |
| b | Siemens Healthineers AG | Health Care Equipment & Supplies | 4,640 | 246,002 | |
| Symrise AG | Chemicals | 2,160 | 229,595 | ||
| Talanx AG | Insurance | 1,000 | 85,066 | ||
| Traton SE | Machinery | 840 | 24,311 | ||
| Volkswagen AG | Automobiles | 480 | 45,802 | ||
| Vonovia SE | Real Estate Management & Development | 11,680 | 354,615 |
| Wacker Chemie AG | Chemicals | 320 | 23,208 | ||
| a,b | Zalando SE | Specialty Retail | 3,660 | 122,756 | |
| 24,058,348 | |||||
| Luxembourg 0.1% | |||||
| RTL Group SA | Media | 620 | 17,142 | ||
| United States 0.6% | |||||
| a | Qiagen NV | Life Sciences Tools & Services | 3,600 | 160,463 | |
| Total Common Stocks (Cost $24,239,246) | 24,235,953 | ||||
| Preferred Stocks 2.9% | |||||
| Germany 2.9% | |||||
| c | Bayerische Motoren Werke AG, 8.315%, pfd. | Automobiles | 960 | 71,971 | |
| c | FUCHS SE, 2.664%, pfd. | Chemicals | 1,020 | 44,002 | |
| c | Henkel AG & Co. KGaA, 2.184%, pfd. | Household Products | 2,720 | 238,562 | |
| c | Sartorius AG, 0.344%, pfd. | Life Sciences Tools & Services | 420 | 93,593 | |
| c | Volkswagen AG, 10.175%, pfd. | Automobiles | 3,040 | 280,291 | |
| Total Preferred Stocks (Cost $1,106,640) | 728,419 | ||||
| Total Investments (Cost $25,345,886) 99.7% | 24,964,372 | ||||
| Other Assets, less Liabilities 0.3% | 68,624 | ||||
| Net Assets 100.0% | $ 25,032,996 |
| aNon-income producing. |
| bSecurity was purchased pursuant to Rule 144A under the Securities Act of 1933 and may be sold in transactions exempt from registration only to qualified institutional buyers or in a public offering registered under the Securities Act of 1933. At December 31, 2024, the aggregate value of these securities was $596,249, representing 2.4% of net assets. |
| cVariable rate security. The rate shown represents the yield at period end. |
| Description | Type | Number of Contracts | Notional Amount* | Expiration Date | Value/Unrealized Appreciation (Depreciation) |
| Index Contracts | |||||
| Micro DAX | Long | 3 | $ 62,292 | 3/21/25 | $ (1,220) |
| *As of period end. |
| Franklin FTSE Hong Kong ETF | Industry | Shares | Value | ||
| Common Stocks 100.0% | |||||
| Cambodia 0.1% | |||||
| a | NagaCorp Ltd. | Hotels, Restaurants & Leisure | 42,000 | $ 15,734 | |
| China 12.0% | |||||
| AAC Technologies Holdings, Inc., Class H | Electronic Equipment, Instruments & Components | 21,500 | 103,792 | ||
| BOC Hong Kong Holdings Ltd. | Banks | 115,500 | 370,976 | ||
| b | Budweiser Brewing Co. APAC Ltd., Class H | Beverages | 54,600 | 52,646 | |
| Chow Tai Fook Jewellery Group Ltd., Class A | Specialty Retail | 56,000 | 48,517 | ||
| b | ESR Group Ltd., Class H | Real Estate Management & Development | 85,400 | 131,267 | |
| a | HUTCHMED China Ltd. | Pharmaceuticals | 16,000 | 46,447 | |
| Kerry Logistics Network Ltd. | Air Freight & Logistics | 9,000 | 7,971 | ||
| Lenovo Group Ltd. | Technology Hardware, Storage & Peripherals | 248,000 | 321,815 | ||
| a | MMG Ltd. | Metals & Mining | 112,000 | 36,911 | |
| Nexteer Automotive Group Ltd. | Automobile Components | 28,000 | 11,967 | ||
| Shangri-La Asia Ltd. | Hotels, Restaurants & Leisure | 36,000 | 24,563 | ||
| Shenzhou International Group Holdings Ltd. | Textiles, Apparel & Luxury Goods | 24,500 | 195,547 | ||
| SITC International Holdings Co. Ltd. | Marine Transportation | 41,000 | 109,257 | ||
| 1,461,676 | |||||
| Hong Kong 76.3% | |||||
| AIA Group Ltd. | Insurance | 338,800 | 2,455,531 | ||
| ASMPT Ltd., Class A | Semiconductors & Semiconductor Equipment | 10,200 | 98,350 | ||
| Bank of East Asia Ltd., Class A | Banks | 44,800 | 56,865 | ||
| Cathay Pacific Airways Ltd., Class A | Passenger Airlines | 33,000 | 40,528 | ||
| Champion REIT, Class A | Office REITs | 56,000 | 12,472 | ||
| CK Asset Holdings Ltd. | Real Estate Management & Development | 61,500 | 252,557 | ||
| CK Infrastructure Holdings Ltd., Class A | Electric Utilities | 19,200 | 142,740 | ||
| CLP Holdings Ltd. | Electric Utilities | 53,000 | 445,536 | ||
| Dah Sing Banking Group Ltd., Class A | Banks | 11,200 | 11,823 | ||
| DFI Retail Group Holdings Ltd., Class A | Consumer Staples Distribution & Retail | 9,800 | 22,638 | ||
| Hang Lung Group Ltd. | Real Estate Management & Development | 28,000 | 37,704 | ||
| Hang Lung Properties Ltd. | Real Estate Management & Development | 56,000 | 44,913 | ||
| Hang Seng Bank Ltd. | Banks | 23,100 | 284,143 | ||
| Henderson Land Development Co. Ltd. | Real Estate Management & Development | 42,000 | 127,601 | ||
| Hong Kong & China Gas Co. Ltd. | Gas Utilities | 350,000 | 279,804 | ||
| Hong Kong Exchanges & Clearing Ltd. | Capital Markets | 38,500 | 1,461,106 | ||
| Hongkong Land Holdings Ltd. | Real Estate Management & Development | 32,900 | 146,405 | ||
| Huabao International Holdings Ltd. | Chemicals | 28,000 | 7,606 | ||
| Hysan Development Co. Ltd. | Real Estate Management & Development | 21,000 | 32,008 | ||
| Jardine Matheson Holdings Ltd. | Industrial Conglomerates | 6,410 | 262,618 | ||
| Johnson Electric Holdings Ltd. | Automobile Components | 11,500 | 16,137 | ||
| Kerry Properties Ltd. | Real Estate Management & Development | 19,500 | 39,061 | ||
| Link REIT | Retail REITs | 81,900 | 346,348 | ||
| Man Wah Holdings Ltd. | Household Durables | 47,600 | 29,474 | ||
| a | Melco International Development Ltd. | Hotels, Restaurants & Leisure | 24,000 | 13,780 | |
| MTR Corp. Ltd. | Ground Transportation | 46,500 | 162,224 | ||
| New World Development Co. Ltd. | Real Estate Management & Development | 47,000 | 31,221 | ||
| NWS Holdings Ltd. | Industrial Conglomerates | 31,000 | 30,888 | ||
| Orient Overseas International Ltd. | Marine Transportation | 4,400 | 65,196 | ||
| PCCW Ltd. | Diversified Telecommunication Services | 138,000 | 80,299 | ||
| Power Assets Holdings Ltd. | Electric Utilities | 44,000 | 307,005 | ||
| Sino Land Co. Ltd. | Real Estate Management & Development | 112,300 | 113,486 | ||
| Sun Hung Kai Properties Ltd. | Real Estate Management & Development | 45,966 | 441,733 | ||
| a | Super Hi International Holding Ltd. | Hotels, Restaurants & Leisure | 7,000 | 19,825 | |
| Swire Pacific Ltd., Class A | Industrial Conglomerates | 12,500 | 113,366 | ||
| Swire Pacific Ltd., Class B | Industrial Conglomerates | 25,000 | 36,046 | ||
| Swire Properties Ltd. | Real Estate Management & Development | 33,600 | 68,429 | ||
| Techtronic Industries Co. Ltd. | Machinery | 45,900 | 605,662 | ||
| United Energy Group Ltd. | Oil, Gas & Consumable Fuels | 225,000 | 10,283 | ||
| VTech Holdings Ltd. | Communications Equipment | 4,900 | 33,306 | ||
| b | WH Group Ltd. | Food Products | 252,000 | 194,970 |
| Wharf Holdings Ltd. | Real Estate Management & Development | 30,666 | 86,259 | ||
| Wharf Real Estate Investment Co. Ltd. | Real Estate Management & Development | 50,166 | 128,257 | ||
| Xinyi Glass Holdings Ltd. | Building Products | 55,133 | 55,999 | ||
| Yue Yuen Industrial Holdings Ltd. | Textiles, Apparel & Luxury Goods | 22,500 | 50,399 | ||
| 9,302,601 | |||||
| Indonesia 0.4% | |||||
| First Pacific Co. Ltd. | Food Products | 74,000 | 42,964 | ||
| Italy 1.1% | |||||
| PRADA SpA | Textiles, Apparel & Luxury Goods | 16,800 | 130,088 | ||
| Macau 4.8% | |||||
| Galaxy Entertainment Group Ltd. | Hotels, Restaurants & Leisure | 69,280 | 294,317 | ||
| MGM China Holdings Ltd. | Hotels, Restaurants & Leisure | 22,400 | 28,663 | ||
| a | Sands China Ltd. | Hotels, Restaurants & Leisure | 77,200 | 207,710 | |
| a | SJM Holdings Ltd. | Hotels, Restaurants & Leisure | 77,000 | 26,665 | |
| Wynn Macau Ltd. | Hotels, Restaurants & Leisure | 47,600 | 33,028 | ||
| 590,383 | |||||
| Singapore 0.5% | |||||
| b | BOC Aviation Ltd., Class A | Trading Companies & Distributors | 7,000 | 54,384 | |
| Taiwan 0.1% | |||||
| a,b | FIT Hon Teng Ltd. | Electronic Equipment, Instruments & Components | 35,000 | 16,446 | |
| United Kingdom 3.7% | |||||
| CK Hutchison Holdings Ltd., Class A | Industrial Conglomerates | 85,500 | 456,781 | ||
| United States 1.0% | |||||
| b | Samsonite International SA | Textiles, Apparel & Luxury Goods | 42,900 | 119,290 | |
| Total Common Stocks (Cost $15,653,918) | 12,190,347 | ||||
| Total Investments before Short-Term Investments (Cost $15,653,918) | 12,190,347 | ||||
| Short-Term Investments 0.0%† | |||||
| Money Market Funds 0.0%† | |||||
| United States 0.0%† | |||||
| c,d | Institutional Fiduciary Trust - Money Market Portfolio, 4.18% | Money Market Funds | 102 | 102 | |
| Total Short-Term Investments (Cost $102) | 102 | ||||
| Total Investments (Cost $15,654,020) 100.0% | 12,190,449 | ||||
| Other Assets, less Liabilities 0.0%† | 3,782 | ||||
| Net Assets 100.0% | $ 12,194,231 |
| †Rounds to less than 0.1% of net assets. |
| aNon-income producing. |
| bSecurity was purchased pursuant to Rule 144A under the Securities Act of 1933 and may be sold in transactions exempt from registration only to qualified institutional buyers or in a public offering registered under the Securities Act of 1933. At December 31, 2024, the aggregate value of these securities was $569,003, representing 4.7% of net assets. |
| cThe rate shown is the annualized seven-day effective yield at period end. |
| dSee Note 3 regarding investments in affiliated management investment companies. |
| Selected Portfolio | ||
| REIT | – | Real Estate Investment Trust |
| SPA | – | Standby Purchase Agreement |
| Franklin FTSE India ETF | Industry | Shares | Value | ||
| Common Stocks 101.3% | |||||
| India 101.3% | |||||
| 3M India Ltd. | Industrial Conglomerates | 2,917 | $ 1,035,544 | ||
| Aarti Industries Ltd. | Chemicals | 204,078 | 977,439 | ||
| ABB India Ltd. | Electrical Equipment | 54,740 | 4,419,577 | ||
| ACC Ltd. | Construction Materials | 83,775 | 2,008,418 | ||
| a | Adani Energy Solutions Ltd. | Electric Utilities | 389,618 | 3,668,920 | |
| Adani Enterprises Ltd. | Trading Companies & Distributors | 323,274 | 9,548,078 | ||
| a | Adani Green Energy Ltd. | Independent Power Producers & Energy Traders | 314,244 | 3,819,874 | |
| Adani Ports & Special Economic Zone Ltd. | Transportation Infrastructure | 754,908 | 10,855,350 | ||
| a | Adani Power Ltd. | Independent Power Producers & Energy Traders | 1,183,833 | 7,321,025 | |
| Adani Total Gas Ltd. | Gas Utilities | 284,820 | 2,531,863 | ||
| a | Adani Wilmar Ltd. | Food Products | 164,687 | 592,566 | |
| a | Aditya Birla Capital Ltd. | Financial Services | 818,118 | 1,699,233 | |
| AIA Engineering Ltd. | Machinery | 40,372 | 1,604,553 | ||
| Alkem Laboratories Ltd. | Pharmaceuticals | 53,051 | 3,491,075 | ||
| Ambuja Cements Ltd. | Construction Materials | 817,215 | 5,114,410 | ||
| APL Apollo Tubes Ltd. | Metals & Mining | 201,369 | 3,688,624 | ||
| Apollo Hospitals Enterprise Ltd. | Health Care Providers & Services | 102,039 | 8,696,176 | ||
| Ashok Leyland Ltd. | Machinery | 1,444,800 | 3,721,113 | ||
| Asian Paints Ltd. | Chemicals | 465,045 | 12,392,056 | ||
| Astral Ltd. | Building Products | 122,090 | 2,356,201 | ||
| b | AU Small Finance Bank Ltd. | Banks | 370,230 | 2,417,785 | |
| Aurobindo Pharma Ltd. | Pharmaceuticals | 270,900 | 4,222,640 | ||
| a,b | Avenue Supermarts Ltd. | Consumer Staples Distribution & Retail | 153,510 | 6,386,586 | |
| Axis Bank Ltd. | Banks | 2,341,479 | 29,118,835 | ||
| Bajaj Auto Ltd. | Automobiles | 68,628 | 7,052,960 | ||
| Bajaj Finance Ltd. | Consumer Finance | 286,251 | 22,812,814 | ||
| Bajaj Finserv Ltd. | Financial Services | 391,902 | 7,178,070 | ||
| Bajaj Holdings & Investment Ltd. | Financial Services | 27,800 | 3,859,797 | ||
| Balkrishna Industries Ltd. | Automobile Components | 83,476 | 2,837,436 | ||
| b | Bandhan Bank Ltd. | Banks | 807,972 | 1,501,114 | |
| Bank of Baroda | Banks | 1,058,316 | 2,973,563 | ||
| Bank of India | Banks | 930,998 | 1,108,101 | ||
| Bank of Maharashtra | Banks | 1,576,638 | 961,116 | ||
| Bata India Ltd. | Textiles, Apparel & Luxury Goods | 65,516 | 1,052,144 | ||
| Bayer CropScience Ltd. | Chemicals | 13,432 | 870,892 | ||
| Berger Paints India Ltd. | Chemicals | 303,007 | 1,587,523 | ||
| c | Bharat Dynamics Ltd. | Aerospace & Defense | 94,815 | 1,243,527 | |
| Bharat Electronics Ltd. | Aerospace & Defense | 3,660,762 | 12,534,813 | ||
| Bharat Forge Ltd. | Automobile Components | 262,140 | 3,978,928 | ||
| Bharat Heavy Electricals Ltd. | Electrical Equipment | 1,310,253 | 3,510,792 | ||
| Bharat Petroleum Corp. Ltd. | Oil, Gas & Consumable Fuels | 2,052,519 | 7,011,247 | ||
| Bharti Airtel Ltd. | Wireless Telecommunication Services | 171,570 | 2,359,510 | ||
| Bharti Airtel Ltd. | Wireless Telecommunication Services | 2,576,259 | 47,778,017 | ||
| Bharti Hexacom Ltd. | Wireless Telecommunication Services | 76,755 | 1,306,150 | ||
| Biocon Ltd. | Biotechnology | 473,094 | 2,018,892 | ||
| Bosch Ltd. | Automobile Components | 8,963 | 3,569,988 | ||
| Britannia Industries Ltd. | Food Products | 121,905 | 6,781,657 | ||
| Canara Bank | Banks | 1,843,023 | 2,155,302 | ||
| Castrol India Ltd. | Chemicals | 504,524 | 1,163,401 | ||
| a | Central Bank of India Ltd. | Banks | 623,920 | 388,503 | |
| CG Power & Industrial Solutions Ltd. | Electrical Equipment | 655,578 | 5,574,581 | ||
| Cholamandalam Investment & Finance Co. Ltd. | Consumer Finance | 420,798 | 5,829,033 | ||
| Cipla Ltd. | Pharmaceuticals | 549,024 | 9,805,174 | ||
| Coal India Ltd. | Oil, Gas & Consumable Fuels | 2,322,516 | 10,421,159 | ||
| b | Cochin Shipyard Ltd. | Machinery | 74,496 | 1,338,929 | |
| Coforge Ltd. | IT Services | 65,016 | 7,338,148 | ||
| Colgate-Palmolive India Ltd. | Personal Care Products | 136,353 | 4,269,345 | ||
| Container Corp. of India Ltd. | Ground Transportation | 283,692 | 2,611,138 |
| Coromandel International Ltd. | Chemicals | 128,226 | 2,815,651 | ||
| Cummins India Ltd. | Machinery | 138,159 | 5,283,410 | ||
| Dabur India Ltd. | Personal Care Products | 590,562 | 3,497,276 | ||
| Dalmia Bharat Ltd. | Construction Materials | 84,374 | 1,741,659 | ||
| Deepak Nitrite Ltd. | Chemicals | 71,563 | 2,084,941 | ||
| Divi’s Laboratories Ltd. | Life Sciences Tools & Services | 130,935 | 9,327,315 | ||
| c | Dixon Technologies India Ltd. | Household Durables | 38,882 | 8,145,879 | |
| DLF Ltd. | Real Estate Management & Development | 638,421 | 6,151,272 | ||
| b | Dr. Lal PathLabs Ltd. | Health Care Providers & Services | 35,882 | 1,257,512 | |
| Dr. Reddy’s Laboratories Ltd. | Pharmaceuticals | 622,167 | 10,090,422 | ||
| Eicher Motors Ltd. | Automobiles | 143,577 | 8,086,481 | ||
| Emami Ltd. | Personal Care Products | 214,938 | 1,508,216 | ||
| Embassy Office Parks REIT | Office REITs | 898,485 | 3,877,872 | ||
| b | Endurance Technologies Ltd. | Automobile Components | 34,086 | 856,014 | |
| Escorts Kubota Ltd. | Machinery | 34,984 | 1,361,766 | ||
| Exide Industries Ltd. | Automobile Components | 466,851 | 2,271,443 | ||
| Federal Bank Ltd. | Banks | 1,857,506 | 4,339,704 | ||
| a | FSN E-Commerce Ventures Ltd. | Specialty Retail | 1,381,590 | 2,642,673 | |
| GAIL India Ltd. | Gas Utilities | 2,700,873 | 6,024,882 | ||
| GE Vernova T&D India Ltd. | Electrical Equipment | 129,224 | 3,133,330 | ||
| b | General Insurance Corp. of India | Insurance | 316,050 | 1,639,984 | |
| GlaxoSmithKline Pharmaceuticals Ltd. | Pharmaceuticals | 43,964 | 1,156,360 | ||
| Glenmark Pharmaceuticals Ltd. | Pharmaceuticals | 153,510 | 2,885,202 | ||
| a | GMR Airports Ltd. | Transportation Infrastructure | 3,670,695 | 3,368,265 | |
| Godrej Consumer Products Ltd. | Personal Care Products | 372,939 | 4,713,479 | ||
| a | Godrej Industries Ltd. | Industrial Conglomerates | 68,210 | 929,132 | |
| a | Godrej Properties Ltd. | Real Estate Management & Development | 115,584 | 3,761,952 | |
| Grasim Industries Ltd. | Construction Materials | 381,969 | 10,898,199 | ||
| Gujarat Fluorochemicals Ltd. | Chemicals | 41,270 | 2,008,022 | ||
| Gujarat Gas Ltd. | Gas Utilities | 209,896 | 1,222,644 | ||
| Havells India Ltd. | Electrical Equipment | 246,519 | 4,823,337 | ||
| HCL Technologies Ltd. | IT Services | 1,082,697 | 24,248,012 | ||
| b | HDFC Asset Management Co. Ltd. | Capital Markets | 103,845 | 5,093,228 | |
| HDFC Bank Ltd. | Banks | 5,765,655 | 119,392,521 | ||
| b | HDFC Life Insurance Co. Ltd. | Insurance | 1,011,360 | 7,289,246 | |
| Hero MotoCorp Ltd. | Automobiles | 133,644 | 6,494,742 | ||
| Hindalco Industries Ltd. | Metals & Mining | 1,413,195 | 9,944,423 | ||
| c | Hindustan Aeronautics Ltd. | Aerospace & Defense | 194,145 | 9,475,181 | |
| Hindustan Petroleum Corp. Ltd. | Oil, Gas & Consumable Fuels | 932,799 | 4,453,509 | ||
| Hindustan Unilever Ltd. | Personal Care Products | 908,418 | 24,689,404 | ||
| Hindustan Zinc Ltd. | Metals & Mining | 383,775 | 1,990,289 | ||
| Hitachi Energy India Ltd. | Electrical Equipment | 11,000 | 1,851,738 | ||
| Honeywell Automation India Ltd. | Electronic Equipment, Instruments & Components | 2,276 | 1,115,381 | ||
| Housing & Urban Development Corp. Ltd. | Financial Services | 516,198 | 1,415,156 | ||
| ICICI Bank Ltd. | Banks | 4,682,055 | 70,091,029 | ||
| b | ICICI Lombard General Insurance Co. Ltd. | Insurance | 247,422 | 5,166,561 | |
| b | ICICI Prudential Life Insurance Co. Ltd. | Insurance | 390,999 | 2,990,708 | |
| IDBI Bank Ltd. | Banks | 587,428 | 524,827 | ||
| a | IDFC First Bank Ltd. | Banks | 3,674,307 | 2,709,795 | |
| Indian Bank | Banks | 273,609 | 1,693,643 | ||
| Indian Hotels Co. Ltd. | Hotels, Restaurants & Leisure | 849,723 | 8,709,751 | ||
| Indian Oil Corp. Ltd. | Oil, Gas & Consumable Fuels | 4,200,756 | 6,693,144 | ||
| Indian Railway Catering & Tourism Corp. Ltd. | Commercial Services & Supplies | 309,734 | 2,846,852 | ||
| b | Indian Railway Finance Corp. Ltd. | Financial Services | 1,815,030 | 3,159,680 | |
| a | Indian Renewable Energy Development Agency Ltd. | Financial Services | 698,454 | 1,756,052 | |
| Indraprastha Gas Ltd. | Gas Utilities | 363,576 | 1,765,141 | ||
| a | Indus Towers Ltd. | Diversified Telecommunication Services | 1,403,262 | 5,602,312 | |
| Info Edge India Ltd. | Interactive Media & Services | 78,561 | 7,962,429 | ||
| Infosys Ltd. | IT Services | 3,593,037 | 78,899,821 | ||
| a,b | InterGlobe Aviation Ltd. | Passenger Airlines | 188,727 | 10,039,391 | |
| Ipca Laboratories Ltd. | Pharmaceuticals | 140,050 | 2,773,068 | ||
| IRB Infrastructure Developers Ltd. | Construction & Engineering | 2,900,436 | 1,939,186 | ||
| ITC Ltd. | Tobacco | 3,071,103 | 17,349,304 |
| Jindal Stainless Ltd. | Metals & Mining | 325,983 | 2,662,275 | ||
| Jindal Steel & Power Ltd. | Metals & Mining | 400,394 | 4,352,650 | ||
| a | Jio Financial Services Ltd. | Financial Services | 3,190,299 | 11,130,716 | |
| JSW Energy Ltd. | Independent Power Producers & Energy Traders | 546,315 | 4,100,852 | ||
| JSW Infrastructure Ltd. | Transportation Infrastructure | 242,907 | 902,243 | ||
| JSW Steel Ltd. | Metals & Mining | 1,033,935 | 10,887,181 | ||
| Jubilant Foodworks Ltd. | Hotels, Restaurants & Leisure | 369,327 | 3,097,794 | ||
| Kalyan Jewellers India Ltd. | Textiles, Apparel & Luxury Goods | 401,835 | 3,596,456 | ||
| Kansai Nerolac Paints Ltd. | Chemicals | 210,736 | 652,291 | ||
| KEI Industries Ltd. | Electrical Equipment | 58,332 | 3,022,863 | ||
| Kotak Mahindra Bank Ltd. | Banks | 917,448 | 19,139,542 | ||
| KPIT Technologies Ltd. | Software | 167,958 | 2,873,465 | ||
| L&T Finance Ltd. | Financial Services | 875,962 | 1,387,706 | ||
| b | L&T Technology Services Ltd. | Professional Services | 26,976 | 1,492,705 | |
| Larsen & Toubro Ltd. | Construction & Engineering | 690,795 | 29,109,186 | ||
| b | Laurus Labs Ltd. | Pharmaceuticals | 395,514 | 2,784,323 | |
| LIC Housing Finance Ltd. | Financial Services | 310,632 | 2,169,902 | ||
| Linde India Ltd. | Chemicals | 21,672 | 1,517,822 | ||
| Lloyds Metals & Energy Ltd. | Metals & Mining | 118,293 | 1,702,054 | ||
| b | LTIMindtree Ltd. | IT Services | 93,912 | 6,127,322 | |
| Lupin Ltd. | Pharmaceuticals | 246,519 | 6,783,079 | ||
| b | Macrotech Developers Ltd. | Real Estate Management & Development | 267,307 | 4,338,046 | |
| Mahindra & Mahindra Financial Services Ltd. | Consumer Finance | 609,590 | 1,886,506 | ||
| Mahindra & Mahindra Ltd. | Automobiles | 902,097 | 31,685,283 | ||
| Mangalore Refinery & Petrochemicals Ltd. | Oil, Gas & Consumable Fuels | 206,925 | 358,701 | ||
| a | Mankind Pharma Ltd. | Pharmaceuticals | 96,621 | 3,250,729 | |
| Marico Ltd. | Food Products | 539,546 | 4,030,190 | ||
| Maruti Suzuki India Ltd. | Automobiles | 140,868 | 17,866,302 | ||
| a | Max Financial Services Ltd. | Insurance | 244,713 | 3,183,902 | |
| Max Healthcare Institute Ltd. | Health Care Providers & Services | 758,520 | 9,995,174 | ||
| Mazagon Dock Shipbuilders Ltd. | Aerospace & Defense | 63,210 | 1,644,820 | ||
| Metro Brands Ltd. | Specialty Retail | 37,926 | 539,052 | ||
| Motilal Oswal Financial Services Ltd. | Capital Markets | 146,336 | 1,630,290 | ||
| Mphasis Ltd. | IT Services | 112,875 | 3,753,809 | ||
| MRF Ltd. | Automobile Components | 2,619 | 3,996,235 | ||
| Muthoot Finance Ltd. | Consumer Finance | 109,263 | 2,726,223 | ||
| Nestle India Ltd. | Food Products | 367,521 | 9,315,547 | ||
| b | New India Assurance Co. Ltd. | Insurance | 228,112 | 539,601 | |
| NHPC Ltd. | Independent Power Producers & Energy Traders | 3,043,460 | 2,868,427 | ||
| b | Nippon Life India Asset Management Ltd. | Capital Markets | 176,338 | 1,497,397 | |
| NLC India Ltd. | Independent Power Producers & Energy Traders | 357,290 | 1,038,312 | ||
| NMDC Ltd. | Metals & Mining | 3,518,991 | 2,709,517 | ||
| NTPC Ltd. | Independent Power Producers & Energy Traders | 4,846,401 | 18,870,191 | ||
| Oberoi Realty Ltd. | Real Estate Management & Development | 120,099 | 3,242,573 | ||
| Oil & Natural Gas Corp. Ltd. | Oil, Gas & Consumable Fuels | 3,972,297 | 11,100,694 | ||
| Oil India Ltd. | Oil, Gas & Consumable Fuels | 560,200 | 2,818,544 | ||
| a | One 97 Communications Ltd. | Financial Services | 358,491 | 4,262,050 | |
| Oracle Financial Services Software Ltd. | Software | 23,450 | 3,503,089 | ||
| Page Industries Ltd. | Textiles, Apparel & Luxury Goods | 6,251 | 3,469,215 | ||
| Patanjali Foods Ltd. | Food Products | 112,875 | 2,349,361 | ||
| a | PB Fintech Ltd. | Insurance | 322,371 | 7,940,688 | |
| Persistent Systems Ltd. | IT Services | 103,845 | 7,832,852 | ||
| Petronet LNG Ltd. | Oil, Gas & Consumable Fuels | 763,035 | 3,085,517 | ||
| Phoenix Mills Ltd. | Real Estate Management & Development | 192,124 | 3,666,825 | ||
| PI Industries Ltd. | Chemicals | 83,476 | 3,593,620 | ||
| Pidilite Industries Ltd. | Chemicals | 155,316 | 5,268,739 | ||
| Piramal Enterprises Ltd. | Financial Services | 123,499 | 1,593,545 | ||
| Polycab India Ltd. | Electrical Equipment | 49,422 | 4,198,088 | ||
| Poonawalla Fincorp Ltd. | Consumer Finance | 280,100 | 1,028,450 | ||
| Power Finance Corp. Ltd. | Financial Services | 1,488,144 | 7,795,857 | ||
| Power Grid Corp. of India Ltd. | Electric Utilities | 4,292,862 | 15,478,898 | ||
| Prestige Estates Projects Ltd. | Real Estate Management & Development | 163,443 | 3,233,972 | ||
| Punjab National Bank | Banks | 2,355,927 | 2,828,310 | ||
| c | Rail Vikas Nigam Ltd. | Construction & Engineering | 583,548 | 2,881,146 |
| a | Rajesh Exports Ltd. | Textiles, Apparel & Luxury Goods | 138,254 | 372,418 | |
| b | RBL Bank Ltd. | Banks | 464,142 | 856,573 | |
| REC Ltd. | Financial Services | 1,278,648 | 7,477,993 | ||
| Relaxo Footwears Ltd. | Textiles, Apparel & Luxury Goods | 75,063 | 543,593 | ||
| Reliance Industries Ltd. | Oil, Gas & Consumable Fuels | 6,806,814 | 96,635,670 | ||
| Samvardhana Motherson International Ltd. | Automobile Components | 2,858,898 | 5,213,312 | ||
| SBI Cards & Payment Services Ltd. | Consumer Finance | 297,087 | 2,303,616 | ||
| b | SBI Life Insurance Co. Ltd. | Insurance | 430,731 | 6,995,236 | |
| Schaeffler India Ltd. | Machinery | 41,851 | 1,664,874 | ||
| Shree Cement Ltd. | Construction Materials | 13,829 | 4,150,327 | ||
| Shriram Finance Ltd. | Consumer Finance | 262,773 | 8,867,625 | ||
| Siemens Ltd. | Industrial Conglomerates | 91,203 | 6,962,753 | ||
| SJVN Ltd. | Electric Utilities | 744,252 | 907,650 | ||
| Solar Industries India Ltd. | Chemicals | 25,226 | 2,882,639 | ||
| b | Sona Blw Precision Forgings Ltd. | Automobile Components | 410,865 | 2,854,477 | |
| SRF Ltd. | Chemicals | 145,438 | 3,801,761 | ||
| a | Star Health & Allied Insurance Co. Ltd. | Insurance | 236,996 | 1,314,757 | |
| State Bank of India | Banks | 1,829,478 | 16,987,266 | ||
| Steel Authority of India Ltd. | Metals & Mining | 1,466,472 | 1,937,796 | ||
| Sun Pharmaceutical Industries Ltd. | Pharmaceuticals | 1,114,302 | 24,551,706 | ||
| Sun TV Network Ltd. | Media | 87,717 | 700,138 | ||
| Sundaram Finance Ltd. | Consumer Finance | 67,725 | 3,277,886 | ||
| Supreme Industries Ltd. | Chemicals | 65,516 | 3,597,100 | ||
| a | Suzlon Energy Ltd. | Electrical Equipment | 12,090,267 | 8,786,631 | |
| b | Syngene International Ltd. | Life Sciences Tools & Services | 170,544 | 1,710,047 | |
| Tata Communications Ltd. | Diversified Telecommunication Services | 117,600 | 2,339,809 | ||
| Tata Consultancy Services Ltd. | IT Services | 1,058,316 | 50,617,948 | ||
| Tata Consumer Products Ltd. | Food Products | 660,996 | 7,062,102 | ||
| Tata Elxsi Ltd. | Software | 34,984 | 2,777,247 | ||
| Tata Motors Ltd., Class A | Automobiles | 2,162,685 | 18,696,895 | ||
| Tata Power Co. Ltd. | Electric Utilities | 1,500,786 | 6,878,666 | ||
| Tata Steel Ltd. | Metals & Mining | 8,618,232 | 13,896,681 | ||
| Tata Technologies Ltd. | IT Services | 174,136 | 1,812,981 | ||
| a | Tata Teleservices Maharashtra Ltd. | Diversified Telecommunication Services | 527,448 | 465,078 | |
| Tech Mahindra Ltd. | IT Services | 623,070 | 12,417,188 | ||
| Thermax Ltd. | Machinery | 39,732 | 1,874,785 | ||
| Titan Co. Ltd. | Textiles, Apparel & Luxury Goods | 418,089 | 15,886,540 | ||
| Torrent Pharmaceuticals Ltd. | Pharmaceuticals | 109,263 | 4,288,203 | ||
| Torrent Power Ltd. | Electric Utilities | 186,018 | 3,228,611 | ||
| Trent Ltd. | Specialty Retail | 186,018 | 15,477,319 | ||
| Tube Investments of India Ltd. | Automobile Components | 106,554 | 4,450,964 | ||
| TVS Motor Co. Ltd. | Automobiles | 242,004 | 6,695,028 | ||
| UltraTech Cement Ltd. | Construction Materials | 117,390 | 15,667,334 | ||
| Union Bank of India Ltd. | Banks | 1,581,153 | 2,223,047 | ||
| United Breweries Ltd. | Beverages | 71,802 | 1,708,378 | ||
| United Spirits Ltd. | Beverages | 295,281 | 5,606,161 | ||
| UNO Minda Ltd. | Automobile Components | 169,764 | 2,088,396 | ||
| UPL Ltd. | Chemicals | 537,285 | 3,144,119 | ||
| Varun Beverages Ltd. | Beverages | 1,193,766 | 8,903,004 | ||
| Vedant Fashions Ltd. | Textiles, Apparel & Luxury Goods | 62,822 | 946,325 | ||
| Vedanta Ltd. | Metals & Mining | 1,619,982 | 8,409,876 | ||
| a | Vodafone Idea Ltd. | Wireless Telecommunication Services | 22,683,360 | 2,103,703 | |
| Voltas Ltd. | Construction & Engineering | 234,780 | 4,908,609 | ||
| Whirlpool of India Ltd. | Household Durables | 62,822 | 1,350,273 | ||
| Wipro Ltd. | IT Services | 2,885,988 | 10,175,182 | ||
| a | Yes Bank Ltd. | Banks | 20,727,462 | 4,742,824 | |
| Zee Entertainment Enterprises Ltd. | Media | 853,761 | 1,209,533 | ||
| a | Zomato Ltd. | Hotels, Restaurants & Leisure | 7,031,661 | 22,836,908 | |
| Zydus Lifesciences Ltd. | Pharmaceuticals | 259,446 | 2,944,663 | ||
| Total Common Stocks (Cost $1,543,162,966) | 1,732,078,461 | ||||
| Total Investments before Short-Term Investments (Cost $1,543,162,966) | 1,732,078,461 |
| Short-Term Investments 0.0%† | |||||
| Money Market Funds 0.0%† | |||||
| United States 0.0%† | |||||
| d,e | Institutional Fiduciary Trust - Money Market Portfolio, 4.18% | Money Market Funds | 393,473 | 393,473 | |
| Total Short-Term Investments (Cost $393,473) | 393,473 | ||||
| Total Investments (Cost $1,543,556,439) 101.3% | 1,732,471,934 | ||||
| Other Assets, less Liabilities (1.3)% | (22,309,789) | ||||
| Net Assets 100.0% | $ 1,710,162,145 |
| †Rounds to less than 0.1% of net assets. |
| aNon-income producing. |
| bSecurity was purchased pursuant to Rule 144A under the Securities Act of 1933 and may be sold in transactions exempt from registration only to qualified institutional buyers or in a public offering registered under the Securities Act of 1933. At December 31, 2024, the aggregate value of these securities was $78,332,465, representing 4.6% of net assets. |
| cSecurity was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. At December 31, 2024, the aggregate value of these securities was $21,745,733, representing 1.3% of net assets. |
| dThe rate shown is the annualized seven-day effective yield at period end. |
| eSee Note 3 regarding investments in affiliated management investment companies. |
| Description | Type | Number of Contracts | Notional Amount* | Expiration Date | Value/Unrealized Appreciation (Depreciation) |
| Index Contracts | |||||
| IFSC Nifty 50 | Long | 226 | $ 10,743,814 | 1/30/25 | $ (45,106) |
| *As of period end. |
| Selected Portfolio | ||
| REIT | – | Real Estate Investment Trust |
| SRF | – | State Revolving Fund |
| Franklin FTSE Japan ETF | Industry | Shares | Value | ||
| Common Stocks 99.8% | |||||
| Japan 99.8% | |||||
| ABC-Mart, Inc. | Specialty Retail | 33,600 | $ 682,219 | ||
| Acom Co. Ltd. | Consumer Finance | 168,000 | 410,272 | ||
| Activia Properties, Inc. | Diversified REITs | 336 | 702,316 | ||
| Advance Residence Investment Corp. | Residential REITs | 560 | 1,041,894 | ||
| Advantest Corp. | Semiconductors & Semiconductor Equipment | 320,700 | 18,769,398 | ||
| Aeon Co. Ltd. | Consumer Staples Distribution & Retail | 336,000 | 7,899,720 | ||
| AEON Financial Service Co. Ltd. | Consumer Finance | 44,800 | 363,736 | ||
| Aeon Mall Co. Ltd. | Real Estate Management & Development | 44,800 | 580,097 | ||
| AEON REIT Investment Corp. | Retail REITs | 784 | 632,049 | ||
| AGC, Inc. | Building Products | 78,400 | 2,307,203 | ||
| Aica Kogyo Co. Ltd. | Chemicals | 22,400 | 470,634 | ||
| Air Water, Inc. | Chemicals | 78,400 | 956,055 | ||
| Aisin Corp. | Automobile Components | 190,400 | 2,153,449 | ||
| Ajinomoto Co., Inc. | Food Products | 212,800 | 8,736,228 | ||
| Alfresa Holdings Corp. | Health Care Providers & Services | 67,200 | 925,304 | ||
| Alps Alpine Co. Ltd. | Electronic Equipment, Instruments & Components | 89,600 | 919,318 | ||
| Amada Co. Ltd. | Machinery | 134,400 | 1,314,411 | ||
| Amano Corp. | Electronic Equipment, Instruments & Components | 33,600 | 916,325 | ||
| Amvis Holdings, Inc. | Health Care Providers & Services | 11,200 | 51,881 | ||
| ANA Holdings, Inc. | Passenger Airlines | 67,200 | 1,225,258 | ||
| Aozora Bank Ltd. | Banks | 56,000 | 885,111 | ||
| As One Corp. | Health Care Providers & Services | 22,400 | 377,847 | ||
| Asahi Group Holdings Ltd. | Beverages | 627,200 | 6,612,817 | ||
| Asahi Intecc Co. Ltd. | Health Care Equipment & Supplies | 89,600 | 1,468,628 | ||
| Asahi Kasei Corp. | Chemicals | 537,600 | 3,737,134 | ||
| Asics Corp. | Textiles, Apparel & Luxury Goods | 257,600 | 5,097,582 | ||
| ASKUL Corp. | Broadline Retail | 11,200 | 120,010 | ||
| Astellas Pharma, Inc. | Pharmaceuticals | 772,800 | 7,545,569 | ||
| Azbil Corp. | Electronic Equipment, Instruments & Components | 212,800 | 1,662,077 | ||
| Bandai Namco Holdings, Inc. | Leisure Products | 280,000 | 6,732,756 | ||
| BayCurrent, Inc. | Professional Services | 56,000 | 1,895,648 | ||
| Bic Camera, Inc. | Specialty Retail | 56,000 | 610,028 | ||
| BIPROGY, Inc. | IT Services | 33,600 | 1,018,732 | ||
| Bridgestone Corp. | Automobile Components | 246,400 | 8,372,207 | ||
| Brother Industries Ltd. | Technology Hardware, Storage & Peripherals | 100,800 | 1,730,135 | ||
| Calbee, Inc. | Food Products | 33,600 | 673,454 | ||
| Canon Marketing Japan, Inc. | Electronic Equipment, Instruments & Components | 22,400 | 736,880 | ||
| Canon, Inc. | Technology Hardware, Storage & Peripherals | 392,000 | 12,872,945 | ||
| Capcom Co. Ltd. | Entertainment | 156,800 | 3,466,042 | ||
| Casio Computer Co. Ltd. | Household Durables | 89,600 | 747,712 | ||
| Central Japan Railway Co. | Ground Transportation | 392,000 | 7,395,520 | ||
| Chiba Bank Ltd. | Banks | 291,200 | 2,265,157 | ||
| Chubu Electric Power Co., Inc. | Electric Utilities | 291,200 | 3,067,457 | ||
| Chugai Pharmaceutical Co. Ltd. | Pharmaceuticals | 280,000 | 12,469,585 | ||
| Chugin Financial Group, Inc. | Banks | 67,200 | 700,820 | ||
| Chugoku Electric Power Co., Inc. | Electric Utilities | 134,400 | 779,838 | ||
| Coca-Cola Bottlers Japan Holdings, Inc. | Beverages | 56,000 | 889,743 | ||
| COMSYS Holdings Corp. | Construction & Engineering | 44,800 | 923,594 | ||
| Concordia Financial Group Ltd. | Banks | 459,200 | 2,545,235 | ||
| Cosmo Energy Holdings Co. Ltd. | Oil, Gas & Consumable Fuels | 27,200 | 1,199,216 | ||
| Cosmos Pharmaceutical Corp. | Consumer Staples Distribution & Retail | 13,280 | 565,896 | ||
| Credit Saison Co. Ltd. | Consumer Finance | 56,000 | 1,317,689 | ||
| CyberAgent, Inc. | Media | 179,200 | 1,249,702 | ||
| Dai Nippon Printing Co. Ltd. | Commercial Services & Supplies | 179,200 | 2,530,761 | ||
| Daicel Corp. | Chemicals | 100,800 | 902,107 | ||
| Daido Steel Co. Ltd. | Metals & Mining | 78,400 | 592,639 | ||
| Daifuku Co. Ltd. | Machinery | 145,600 | 3,057,266 | ||
| Dai-ichi Life Holdings, Inc. | Insurance | 380,800 | 10,261,441 | ||
| Daiichi Sankyo Co. Ltd. | Pharmaceuticals | 795,200 | 22,020,300 |
| Daikin Industries Ltd. | Building Products | 121,214 | 14,392,041 | ||
| Daito Trust Construction Co. Ltd. | Real Estate Management & Development | 24,976 | 2,793,034 | ||
| Daiwa House Industry Co. Ltd. | Real Estate Management & Development | 257,600 | 7,962,718 | ||
| Daiwa House REIT Investment Corp. | Diversified REITs | 1,008 | 1,486,729 | ||
| Daiwa Office Investment Corp. | Office REITs | 224 | 404,927 | ||
| Daiwa Securities Group, Inc. | Capital Markets | 582,400 | 3,883,655 | ||
| Daiwa Securities Living Investments Corp. | Residential REITs | 896 | 507,977 | ||
| Denka Co. Ltd. | Chemicals | 33,600 | 477,083 | ||
| Denso Corp. | Automobile Components | 795,200 | 11,204,953 | ||
| Dentsu Group, Inc. | Media | 112,000 | 2,716,620 | ||
| Dentsu Soken, Inc. | IT Services | 11,200 | 416,900 | ||
| Dexerials Corp. | Electronic Equipment, Instruments & Components | 67,200 | 1,056,788 | ||
| DIC Corp. | Chemicals | 33,600 | 723,482 | ||
| Disco Corp. | Semiconductors & Semiconductor Equipment | 40,342 | 10,968,527 | ||
| DMG Mori Co. Ltd. | Machinery | 56,000 | 906,134 | ||
| Dowa Holdings Co. Ltd. | Metals & Mining | 22,400 | 635,113 | ||
| East Japan Railway Co. | Ground Transportation | 470,400 | 8,365,793 | ||
| Ebara Corp. | Machinery | 201,600 | 3,156,253 | ||
| Eisai Co. Ltd. | Pharmaceuticals | 112,000 | 3,085,060 | ||
| Electric Power Development Co. Ltd. | Independent Power Producers & Energy Traders | 67,200 | 1,099,761 | ||
| ENEOS Holdings, Inc. | Oil, Gas & Consumable Fuels | 1,187,200 | 6,241,940 | ||
| EXEO Group, Inc. | Construction & Engineering | 78,400 | 864,016 | ||
| Ezaki Glico Co. Ltd. | Food Products | 22,400 | 669,035 | ||
| FANUC Corp. | Machinery | 403,200 | 10,711,122 | ||
| Fast Retailing Co. Ltd. | Specialty Retail | 78,400 | 26,848,358 | ||
| Food & Life Cos. Ltd. | Hotels, Restaurants & Leisure | 44,800 | 953,240 | ||
| FP Corp. | Containers & Packaging | 22,400 | 398,229 | ||
| Frontier Real Estate Investment Corp. | Retail REITs | 1,120 | 553,729 | ||
| Fuji Electric Co. Ltd. | Electrical Equipment | 56,000 | 3,049,427 | ||
| Fuji Media Holdings, Inc. | Media | 22,400 | 246,791 | ||
| Fuji Oil Holdings, Inc. | Food Products | 22,400 | 505,981 | ||
| Fuji Soft, Inc. | Software | 11,200 | 705,167 | ||
| FUJIFILM Holdings Corp. | Technology Hardware, Storage & Peripherals | 504,000 | 10,611,708 | ||
| Fujikura Ltd. | Electrical Equipment | 112,000 | 4,666,429 | ||
| Fujitsu General Ltd. | Household Durables | 22,400 | 331,667 | ||
| Fujitsu Ltd. | IT Services | 761,600 | 13,566,424 | ||
| Fukuoka Financial Group, Inc. | Banks | 67,200 | 1,686,841 | ||
| Fuyo General Lease Co. Ltd. | Financial Services | 11,200 | 833,800 | ||
| GLP J-Reit | Industrial REITs | 2,016 | 1,582,937 | ||
| GMO internet group, Inc. | IT Services | 22,400 | 381,980 | ||
| GMO Payment Gateway, Inc. | Financial Services | 17,700 | 897,726 | ||
| Goldwin, Inc. | Textiles, Apparel & Luxury Goods | 15,280 | 859,962 | ||
| GS Yuasa Corp. | Electrical Equipment | 33,600 | 566,770 | ||
| Gunma Bank Ltd. | Banks | 145,600 | 987,590 | ||
| Hachijuni Bank Ltd. | Banks | 179,200 | 1,154,492 | ||
| Hakuhodo DY Holdings, Inc. | Media | 100,800 | 768,699 | ||
| Hamamatsu Photonics KK | Electronic Equipment, Instruments & Components | 112,000 | 1,258,183 | ||
| Hankyu Hanshin Holdings, Inc. | Ground Transportation | 89,600 | 2,347,182 | ||
| Harmonic Drive Systems, Inc. | Machinery | 22,400 | 476,763 | ||
| Haseko Corp. | Household Durables | 112,000 | 1,448,816 | ||
| Heiwa Corp. | Hotels, Restaurants & Leisure | 22,400 | 346,775 | ||
| Hikari Tsushin, Inc. | Industrial Conglomerates | 11,200 | 2,457,216 | ||
| a | Hino Motors Ltd. | Machinery | 123,200 | 443,696 | |
| Hirogin Holdings, Inc. | Banks | 123,200 | 912,084 | ||
| Hirose Electric Co. Ltd. | Electronic Equipment, Instruments & Components | 11,200 | 1,335,505 | ||
| Hisamitsu Pharmaceutical Co., Inc. | Pharmaceuticals | 22,400 | 582,235 | ||
| Hitachi Construction Machinery Co. Ltd. | Machinery | 44,800 | 1,002,555 | ||
| Hitachi Ltd. | Industrial Conglomerates | 1,915,200 | 47,977,490 | ||
| Honda Motor Co. Ltd. | Automobiles | 1,982,400 | 19,362,331 | ||
| Horiba Ltd. | Electronic Equipment, Instruments & Components | 16,900 | 984,149 | ||
| Hoshizaki Corp. | Machinery | 50,200 | 2,000,845 | ||
| House Foods Group, Inc. | Food Products | 33,600 | 619,150 | ||
| Hoya Corp. | Health Care Equipment & Supplies | 152,220 | 19,192,156 | ||
| Hulic Co. Ltd. | Real Estate Management & Development | 257,600 | 2,245,559 | ||
| Ibiden Co. Ltd. | Electronic Equipment, Instruments & Components | 44,800 | 1,361,161 |
| Idemitsu Kosan Co. Ltd. | Oil, Gas & Consumable Fuels | 515,200 | 3,394,563 | ||
| IHI Corp. | Machinery | 56,000 | 3,317,740 | ||
| Iida Group Holdings Co. Ltd. | Household Durables | 56,000 | 848,231 | ||
| Industrial & Infrastructure Fund Investment Corp. | Industrial REITs | 1,008 | 736,951 | ||
| INFRONEER Holdings, Inc. | Construction & Engineering | 78,400 | 609,102 | ||
| Inpex Corp. | Oil, Gas & Consumable Fuels | 358,400 | 4,493,683 | ||
| Internet Initiative Japan, Inc. | Diversified Telecommunication Services | 44,800 | 851,046 | ||
| Invincible Investment Corp. | Hotel & Resort REITs | 3,248 | 1,368,145 | ||
| Isetan Mitsukoshi Holdings Ltd. | Broadline Retail | 156,800 | 2,746,195 | ||
| Isuzu Motors Ltd. | Automobiles | 246,400 | 3,384,159 | ||
| Ito En Ltd. | Beverages | 22,400 | 504,413 | ||
| ITOCHU Corp. | Trading Companies & Distributors | 582,400 | 29,023,650 | ||
| Itoham Yonekyu Holdings, Inc. | Food Products | 11,200 | 282,209 | ||
| Iwatani Corp. | Oil, Gas & Consumable Fuels | 89,600 | 1,025,645 | ||
| Iyogin Holdings, Inc. | Banks | 112,000 | 1,093,917 | ||
| Izumi Co. Ltd. | Broadline Retail | 22,400 | 459,089 | ||
| J Front Retailing Co. Ltd. | Broadline Retail | 100,800 | 1,364,546 | ||
| Japan Airlines Co. Ltd. | Passenger Airlines | 67,200 | 1,065,767 | ||
| Japan Airport Terminal Co. Ltd. | Transportation Infrastructure | 33,600 | 1,068,974 | ||
| Japan Exchange Group, Inc. | Capital Markets | 448,000 | 5,045,559 | ||
| Japan Hotel REIT Investment Corp. | Hotel & Resort REITs | 2,240 | 1,006,261 | ||
| Japan Logistics Fund, Inc. | Industrial REITs | 336 | 562,708 | ||
| Japan Metropolitan Fund Invest | Retail REITs | 3,024 | 1,735,587 | ||
| Japan Post Bank Co. Ltd. | Banks | 627,200 | 5,964,306 | ||
| Japan Post Holdings Co. Ltd. | Insurance | 817,600 | 7,754,090 | ||
| Japan Post Insurance Co. Ltd. | Insurance | 78,400 | 1,450,171 | ||
| Japan Prime Realty Investment Corp. | Office REITs | 448 | 899,364 | ||
| Japan Real Estate Investment Corp. | Office REITs | 2,800 | 1,922,372 | ||
| Japan Steel Works Ltd. | Machinery | 22,400 | 823,538 | ||
| Japan Tobacco, Inc. | Tobacco | 470,400 | 12,211,962 | ||
| Jeol Ltd. | Electronic Equipment, Instruments & Components | 22,400 | 803,299 | ||
| JFE Holdings, Inc. | Metals & Mining | 257,600 | 2,916,768 | ||
| JGC Holdings Corp. | Construction & Engineering | 89,600 | 749,992 | ||
| JMDC, Inc. | Health Care Technology | 11,200 | 279,786 | ||
| JTEKT Corp. | Automobile Components | 100,800 | 756,513 | ||
| Justsystems Corp. | Software | 11,200 | 250,496 | ||
| Kadokawa Corp. | Media | 33,600 | 672,171 | ||
| Kagome Co. Ltd. | Food Products | 33,600 | 635,826 | ||
| Kajima Corp. | Construction & Engineering | 190,400 | 3,490,344 | ||
| Kakaku.com, Inc. | Interactive Media & Services | 44,800 | 689,845 | ||
| Kamigumi Co. Ltd. | Transportation Infrastructure | 44,800 | 976,045 | ||
| Kandenko Co. Ltd. | Construction & Engineering | 44,800 | 660,484 | ||
| Kaneka Corp. | Chemicals | 22,400 | 535,057 | ||
| Kansai Electric Power Co., Inc. | Electric Utilities | 392,000 | 4,373,708 | ||
| Kansai Paint Co. Ltd. | Chemicals | 67,200 | 967,636 | ||
| Kao Corp. | Personal Care Products | 201,600 | 8,194,329 | ||
| Kawasaki Heavy Industries Ltd. | Machinery | 67,200 | 3,112,853 | ||
| Kawasaki Kisen Kaisha Ltd. | Marine Transportation | 168,000 | 2,410,003 | ||
| KDDI Corp. | Wireless Telecommunication Services | 649,600 | 20,840,438 | ||
| KDX Realty Investment Corp. | Diversified REITs | 1,680 | 1,598,117 | ||
| Keihan Holdings Co. Ltd. | Industrial Conglomerates | 44,800 | 943,548 | ||
| Keikyu Corp. | Ground Transportation | 112,000 | 929,295 | ||
| Keio Corp. | Ground Transportation | 44,800 | 1,094,630 | ||
| Keisei Electric Railway Co. Ltd. | Ground Transportation | 168,000 | 1,516,340 | ||
| Kewpie Corp. | Food Products | 44,800 | 956,091 | ||
| Keyence Corp. | Electronic Equipment, Instruments & Components | 79,415 | 32,658,383 | ||
| Kikkoman Corp. | Food Products | 392,000 | 4,396,157 | ||
| Kinden Corp. | Construction & Engineering | 56,000 | 1,081,802 | ||
| Kintetsu Group Holdings Co. Ltd. | Ground Transportation | 78,400 | 1,651,209 | ||
| Kirin Holdings Co. Ltd. | Beverages | 336,000 | 4,380,657 | ||
| Kobayashi Pharmaceutical Co. Ltd. | Personal Care Products | 24,980 | 990,235 | ||
| Kobe Bussan Co. Ltd. | Consumer Staples Distribution & Retail | 56,000 | 1,225,757 | ||
| Kobe Steel Ltd. | Metals & Mining | 145,600 | 1,462,856 | ||
| Koei Tecmo Holdings Co. Ltd. | Entertainment | 67,200 | 793,820 |
| Koito Manufacturing Co. Ltd. | Automobile Components | 89,600 | 1,144,800 | ||
| Kokusai Electric Corp. | Semiconductors & Semiconductor Equipment | 56,000 | 764,317 | ||
| Kokuyo Co. Ltd. | Commercial Services & Supplies | 44,800 | 797,312 | ||
| Komatsu Ltd. | Machinery | 392,000 | 10,850,089 | ||
| Konami Group Corp. | Entertainment | 44,800 | 4,218,885 | ||
| Konica Minolta, Inc. | Technology Hardware, Storage & Peripherals | 190,400 | 802,622 | ||
| Kose Corp. | Personal Care Products | 14,680 | 670,576 | ||
| Kotobuki Spirits Co. Ltd. | Food Products | 44,800 | 621,145 | ||
| K’s Holdings Corp. | Specialty Retail | 67,200 | 602,046 | ||
| Kubota Corp. | Machinery | 392,000 | 4,586,969 | ||
| Kuraray Co. Ltd. | Chemicals | 123,200 | 1,787,717 | ||
| Kurita Water Industries Ltd. | Machinery | 44,800 | 1,580,372 | ||
| Kusuri No. Aoki Holdings Co. Ltd. | Consumer Staples Distribution & Retail | 22,400 | 464,077 | ||
| Kyocera Corp. | Electronic Equipment, Instruments & Components | 560,000 | 5,613,897 | ||
| Kyoto Financial Group, Inc. | Banks | 123,200 | 1,818,682 | ||
| Kyowa Kirin Co. Ltd. | Pharmaceuticals | 100,800 | 1,523,609 | ||
| Kyudenko Corp. | Construction & Engineering | 22,400 | 737,450 | ||
| Kyushu Electric Power Co., Inc. | Electric Utilities | 179,200 | 1,611,158 | ||
| Kyushu Financial Group, Inc. | Banks | 156,800 | 725,135 | ||
| Kyushu Railway Co. | Ground Transportation | 67,200 | 1,637,669 | ||
| LaSalle Logiport REIT | Industrial REITs | 784 | 708,872 | ||
| Lasertec Corp. | Semiconductors & Semiconductor Equipment | 37,300 | 3,603,974 | ||
| Lion Corp. | Household Products | 100,800 | 1,130,440 | ||
| Lixil Corp. | Building Products | 112,000 | 1,229,677 | ||
| LY Corp. | Interactive Media & Services | 1,075,200 | 2,869,298 | ||
| M3, Inc. | Health Care Technology | 179,200 | 1,592,914 | ||
| Mabuchi Motor Co. Ltd. | Electrical Equipment | 44,800 | 640,387 | ||
| Macnica Holdings, Inc. | Electronic Equipment, Instruments & Components | 56,000 | 657,597 | ||
| Makita Corp. | Machinery | 100,800 | 3,106,225 | ||
| Mani, Inc. | Health Care Equipment & Supplies | 22,400 | 257,694 | ||
| Marubeni Corp. | Trading Companies & Distributors | 683,200 | 10,400,585 | ||
| Marui Group Co. Ltd. | Consumer Finance | 78,400 | 1,254,370 | ||
| Maruichi Steel Tube Ltd. | Metals & Mining | 22,400 | 498,427 | ||
| Maruwa Co. Ltd. | Electronic Equipment, Instruments & Components | 3,300 | 1,015,239 | ||
| Matsui Securities Co. Ltd. | Capital Markets | 44,800 | 232,609 | ||
| MatsukiyoCocokara & Co. | Consumer Staples Distribution & Retail | 145,600 | 2,135,454 | ||
| Mazda Motor Corp. | Automobiles | 246,400 | 1,698,743 | ||
| McDonald’s Holdings Co. Japan Ltd. | Hotels, Restaurants & Leisure | 33,600 | 1,323,390 | ||
| Mebuki Financial Group, Inc. | Banks | 403,200 | 1,647,845 | ||
| Medipal Holdings Corp. | Health Care Providers & Services | 89,600 | 1,357,170 | ||
| MEIJI Holdings Co. Ltd. | Food Products | 112,000 | 2,281,191 | ||
| a | Mercari, Inc. | Broadline Retail | 56,000 | 638,890 | |
| Minebea Mitsumi, Inc. | Machinery | 156,800 | 2,563,614 | ||
| MISUMI Group, Inc. | Machinery | 112,000 | 1,749,555 | ||
| Mitsubishi Chemical Group Corp. | Chemicals | 548,800 | 2,792,539 | ||
| Mitsubishi Corp. | Trading Companies & Distributors | 1,601,600 | 26,537,073 | ||
| Mitsubishi Electric Corp. | Electrical Equipment | 828,800 | 14,170,181 | ||
| Mitsubishi Estate Co. Ltd. | Real Estate Management & Development | 504,000 | 7,056,834 | ||
| Mitsubishi Gas Chemical Co., Inc. | Chemicals | 78,400 | 1,411,509 | ||
| Mitsubishi HC Capital, Inc. | Financial Services | 369,600 | 2,450,517 | ||
| Mitsubishi Heavy Industries Ltd. | Machinery | 1,388,800 | 19,644,327 | ||
| Mitsubishi Logistics Corp. | Transportation Infrastructure | 134,400 | 990,298 | ||
| Mitsubishi Materials Corp. | Metals & Mining | 56,000 | 857,139 | ||
| Mitsubishi Motors Corp. | Automobiles | 268,800 | 910,937 | ||
| Mitsubishi UFJ Financial Group, Inc. | Banks | 4,894,400 | 57,489,580 | ||
| Mitsui & Co. Ltd. | Trading Companies & Distributors | 1,232,000 | 25,955,408 | ||
| Mitsui Chemicals, Inc. | Chemicals | 67,200 | 1,483,736 | ||
| Mitsui Fudosan Co. Ltd. | Real Estate Management & Development | 1,187,200 | 9,593,688 | ||
| Mitsui Fudosan Logistics Park, Inc. | Industrial REITs | 1,344 | 868,007 | ||
| Mitsui High-Tec, Inc. | Semiconductors & Semiconductor Equipment | 44,800 | 235,744 | ||
| Mitsui Mining & Smelting Co. Ltd. | Metals & Mining | 22,400 | 665,187 | ||
| Mitsui OSK Lines Ltd. | Marine Transportation | 145,600 | 5,102,856 | ||
| Miura Co. Ltd. | Machinery | 44,800 | 1,134,538 | ||
| Mizuho Financial Group, Inc. | Banks | 1,097,600 | 27,048,898 | ||
| a | Money Forward, Inc. | Software | 22,400 | 688,562 |
| MonotaRO Co. Ltd. | Trading Companies & Distributors | 100,800 | 1,713,780 | ||
| Mori Hills REIT Investment Corp., Class C | Office REITs | 672 | 529,784 | ||
| Morinaga & Co. Ltd. | Food Products | 33,600 | 580,774 | ||
| Morinaga Milk Industry Co. Ltd. | Food Products | 33,600 | 625,884 | ||
| MS&AD Insurance Group Holdings, Inc. | Insurance | 560,000 | 12,289,641 | ||
| Murata Manufacturing Co. Ltd. | Electronic Equipment, Instruments & Components | 728,000 | 11,856,172 | ||
| Nabtesco Corp. | Machinery | 44,800 | 800,448 | ||
| Nagase & Co. Ltd. | Trading Companies & Distributors | 44,800 | 919,318 | ||
| Nagoya Railroad Co. Ltd. | Ground Transportation | 78,400 | 874,243 | ||
| Nankai Electric Railway Co. Ltd. | Ground Transportation | 44,800 | 707,661 | ||
| NEC Corp. | IT Services | 105,400 | 9,201,374 | ||
| NEC Networks & System Integration Corp. | IT Services | 33,600 | 704,454 | ||
| NET One Systems Co. Ltd. | IT Services | 11,200 | 319,410 | ||
| Nexon Co. Ltd. | Entertainment | 179,200 | 2,709,779 | ||
| NGK Insulators Ltd. | Machinery | 100,800 | 1,291,107 | ||
| NH Foods Ltd. | Food Products | 44,800 | 1,452,095 | ||
| NHK Spring Co. Ltd. | Automobile Components | 67,200 | 855,179 | ||
| Nichirei Corp. | Food Products | 44,800 | 1,187,559 | ||
| NIDEC Corp. | Electrical Equipment | 448,000 | 8,138,458 | ||
| Nifco, Inc. | Automobile Components | 33,600 | 818,620 | ||
| Nihon Kohden Corp. | Health Care Equipment & Supplies | 67,200 | 921,883 | ||
| Nihon M&A Center Holdings, Inc. | Capital Markets | 123,200 | 518,324 | ||
| Nikon Corp. | Household Durables | 134,400 | 1,402,067 | ||
| Nintendo Co. Ltd. | Entertainment | 448,000 | 26,407,941 | ||
| Nippon Accommodations Fund, Inc. | Residential REITs | 224 | 836,651 | ||
| Nippon Building Fund, Inc. | Office REITs | 3,248 | 2,529,621 | ||
| Nippon Electric Glass Co. Ltd. | Electronic Equipment, Instruments & Components | 33,600 | 720,702 | ||
| Nippon Express Holdings, Inc. | Air Freight & Logistics | 100,800 | 1,534,833 | ||
| Nippon Kayaku Co. Ltd. | Chemicals | 67,200 | 549,025 | ||
| Nippon Paint Holdings Co. Ltd. | Chemicals | 425,600 | 2,771,708 | ||
| Nippon Prologis REIT, Inc. | Industrial REITs | 1,026 | 1,455,176 | ||
| Nippon Sanso Holdings Corp. | Chemicals | 78,400 | 2,206,933 | ||
| Nippon Shinyaku Co. Ltd. | Pharmaceuticals | 22,400 | 568,552 | ||
| Nippon Shokubai Co. Ltd. | Chemicals | 44,800 | 545,890 | ||
| Nippon Steel Corp. | Metals & Mining | 392,000 | 7,936,778 | ||
| Nippon Telegraph & Telephone Corp. | Diversified Telecommunication Services | 12,129,600 | 12,194,431 | ||
| Nippon Television Holdings, Inc. | Media | 11,200 | 195,800 | ||
| Nippon Yusen KK | Marine Transportation | 190,400 | 6,388,262 | ||
| Nipro Corp. | Health Care Equipment & Supplies | 44,800 | 426,735 | ||
| Nishi-Nippon Railroad Co. Ltd. | Ground Transportation | 22,400 | 323,258 | ||
| Nissan Chemical Corp. | Chemicals | 56,000 | 1,763,451 | ||
| b | Nissan Motor Co. Ltd. | Automobiles | 918,400 | 2,804,989 | |
| Nisshin Seifun Group, Inc. | Food Products | 112,000 | 1,312,700 | ||
| Nissin Foods Holdings Co. Ltd. | Food Products | 100,800 | 2,452,013 | ||
| Niterra Co. Ltd. | Automobile Components | 78,400 | 2,534,182 | ||
| Nitori Holdings Co. Ltd. | Specialty Retail | 33,600 | 3,984,067 | ||
| Nitto Denko Corp. | Chemicals | 303,973 | 5,183,556 | ||
| Noevir Holdings Co. Ltd. | Personal Care Products | 11,200 | 348,842 | ||
| NOF Corp. | Chemicals | 89,600 | 1,257,684 | ||
| NOK Corp. | Automobile Components | 44,800 | 705,808 | ||
| Nomura Holdings, Inc. | Capital Markets | 1,276,800 | 7,566,072 | ||
| Nomura Real Estate Holdings, Inc. | Real Estate Management & Development | 44,800 | 1,113,159 | ||
| Nomura Real Estate Master Fund, Inc. | Diversified REITs | 1,904 | 1,668,241 | ||
| Nomura Research Institute Ltd. | IT Services | 179,200 | 5,312,375 | ||
| NS Solutions Corp. | IT Services | 22,400 | 580,382 | ||
| NSK Ltd. | Machinery | 179,200 | 783,230 | ||
| NTT Data Group Corp. | IT Services | 246,400 | 4,750,522 | ||
| Obayashi Corp. | Construction & Engineering | 291,200 | 3,878,096 | ||
| OBIC Business Consultants Co. Ltd. | Software | 11,200 | 494,294 | ||
| Obic Co. Ltd. | IT Services | 143,240 | 4,277,331 | ||
| Odakyu Electric Railway Co. Ltd. | Ground Transportation | 134,400 | 1,241,721 | ||
| Oji Holdings Corp. | Paper & Forest Products | 380,800 | 1,463,739 | ||
| OKUMA Corp. | Machinery | 22,400 | 486,027 | ||
| Olympus Corp. | Health Care Equipment & Supplies | 481,600 | 7,264,144 | ||
| Omron Corp. | Electronic Equipment, Instruments & Components | 78,400 | 2,670,369 |
| Ono Pharmaceutical Co. Ltd. | Pharmaceuticals | 179,200 | 1,863,721 | ||
| Open House Group Co. Ltd. | Household Durables | 33,600 | 1,139,313 | ||
| Oracle Corp. | Software | 14,120 | 1,361,597 | ||
| Organo Corp. | Machinery | 11,200 | 584,373 | ||
| Oriental Land Co. Ltd. | Hotels, Restaurants & Leisure | 470,400 | 10,242,484 | ||
| ORIX Corp. | Financial Services | 470,400 | 10,200,580 | ||
| Orix JREIT, Inc. | Office REITs | 1,120 | 1,169,458 | ||
| Osaka Gas Co. Ltd. | Gas Utilities | 156,800 | 3,452,074 | ||
| OSG Corp. | Machinery | 33,600 | 396,483 | ||
| Otsuka Corp. | IT Services | 100,800 | 2,314,757 | ||
| Otsuka Holdings Co. Ltd. | Pharmaceuticals | 201,600 | 11,031,815 | ||
| PALTAC Corp. | Distributors | 11,200 | 310,858 | ||
| Pan Pacific International Holdings Corp. | Broadline Retail | 168,000 | 4,613,693 | ||
| Panasonic Holdings Corp. | Household Durables | 940,800 | 9,835,419 | ||
| Park24 Co. Ltd. | Commercial Services & Supplies | 56,000 | 788,725 | ||
| Penta-Ocean Construction Co. Ltd. | Construction & Engineering | 112,000 | 466,429 | ||
| a | PeptiDream, Inc. | Biotechnology | 33,600 | 565,380 | |
| Persol Holdings Co. Ltd. | Professional Services | 761,600 | 1,146,083 | ||
| Pola Orbis Holdings, Inc. | Personal Care Products | 33,600 | 305,513 | ||
| Rakus Co. Ltd. | Software | 44,800 | 529,641 | ||
| a | Rakuten Bank Ltd. | Banks | 33,600 | 944,973 | |
| a | Rakuten Group, Inc. | Broadline Retail | 604,800 | 3,305,311 | |
| Recruit Holdings Co. Ltd. | Professional Services | 616,000 | 43,683,634 | ||
| Relo Group, Inc. | Real Estate Management & Development | 44,800 | 549,738 | ||
| a | Renesas Electronics Corp. | Semiconductors & Semiconductor Equipment | 705,600 | 9,188,155 | |
| Rengo Co. Ltd. | Containers & Packaging | 89,600 | 499,425 | ||
| Resona Holdings, Inc. | Banks | 952,000 | 6,932,833 | ||
| Resonac Holdings Corp. | Chemicals | 78,400 | 2,002,901 | ||
| Resorttrust, Inc. | Hotels, Restaurants & Leisure | 22,400 | 447,829 | ||
| Ricoh Co. Ltd. | Technology Hardware, Storage & Peripherals | 235,200 | 2,711,026 | ||
| Rinnai Corp. | Household Durables | 44,800 | 929,010 | ||
| Rohm Co. Ltd. | Semiconductors & Semiconductor Equipment | 134,400 | 1,270,369 | ||
| Rohto Pharmaceutical Co. Ltd. | Personal Care Products | 78,400 | 1,435,454 | ||
| Rorze Corp. | Semiconductors & Semiconductor Equipment | 44,800 | 436,141 | ||
| Ryohin Keikaku Co. Ltd. | Broadline Retail | 100,800 | 2,307,702 | ||
| Sankyo Co. Ltd. | Leisure Products | 67,200 | 909,911 | ||
| Sankyu, Inc. | Air Freight & Logistics | 22,400 | 779,924 | ||
| Sanrio Co. Ltd. | Specialty Retail | 78,400 | 2,763,655 | ||
| Santen Pharmaceutical Co. Ltd. | Pharmaceuticals | 145,600 | 1,499,450 | ||
| Sanwa Holdings Corp. | Building Products | 78,400 | 2,195,958 | ||
| Sapporo Holdings Ltd. | Beverages | 22,400 | 1,185,564 | ||
| Sawai Group Holdings Co. Ltd. | Pharmaceuticals | 56,000 | 766,455 | ||
| SBI Holdings, Inc. | Capital Markets | 112,000 | 2,837,770 | ||
| SBI Sumishin Net Bank Ltd. | Banks | 22,400 | 540,188 | ||
| SCREEN Holdings Co. Ltd. | Semiconductors & Semiconductor Equipment | 33,600 | 2,028,913 | ||
| SCSK Corp. | IT Services | 67,200 | 1,424,301 | ||
| Secom Co. Ltd. | Commercial Services & Supplies | 179,200 | 6,121,944 | ||
| Sega Sammy Holdings, Inc. | Leisure Products | 67,200 | 1,315,266 | ||
| Seibu Holdings, Inc. | Ground Transportation | 89,600 | 1,828,944 | ||
| Seiko Epson Corp. | Technology Hardware, Storage & Peripherals | 123,200 | 2,254,146 | ||
| Seino Holdings Co. Ltd. | Ground Transportation | 56,000 | 845,737 | ||
| Sekisui Chemical Co. Ltd. | Industrial Conglomerates | 168,000 | 2,902,265 | ||
| Sekisui House Ltd. | Household Durables | 235,200 | 5,660,005 | ||
| Sekisui House Reit, Inc. | Diversified REITs | 1,792 | 881,405 | ||
| Seven & i Holdings Co. Ltd. | Consumer Staples Distribution & Retail | 985,600 | 15,596,763 | ||
| Seven Bank Ltd. | Banks | 268,800 | 533,119 | ||
| SG Holdings Co. Ltd. | Air Freight & Logistics | 179,200 | 1,717,200 | ||
| a | Sharp Corp. | Household Durables | 89,600 | 561,511 | |
| a | SHIFT, Inc. | IT Services | 4,100 | 475,194 | |
| Shikoku Electric Power Co., Inc. | Electric Utilities | 67,200 | 527,859 | ||
| Shimadzu Corp. | Electronic Equipment, Instruments & Components | 112,000 | 3,179,130 | ||
| Shimamura Co. Ltd. | Specialty Retail | 22,400 | 1,256,259 | ||
| Shimano, Inc. | Leisure Products | 37,434 | 5,094,892 | ||
| Shimizu Corp. | Construction & Engineering | 224,000 | 1,785,187 | ||
| Shin-Etsu Chemical Co. Ltd. | Chemicals | 828,800 | 27,929,020 |
| a | Shinko Electric Industries Co. Ltd. | Semiconductors & Semiconductor Equipment | 28,500 | 1,034,567 | |
| Shionogi & Co. Ltd. | Pharmaceuticals | 336,000 | 4,744,108 | ||
| Ship Healthcare Holdings, Inc. | Health Care Providers & Services | 33,600 | 471,418 | ||
| Shiseido Co. Ltd. | Personal Care Products | 168,000 | 2,978,697 | ||
| Shizuoka Financial Group, Inc. | Banks | 190,400 | 1,556,177 | ||
| SHO-BOND Holdings Co. Ltd. | Construction & Engineering | 22,400 | 744,149 | ||
| Skylark Holdings Co. Ltd. | Hotels, Restaurants & Leisure | 89,600 | 1,396,793 | ||
| SMC Corp. | Machinery | 23,953 | 9,476,950 | ||
| Socionext, Inc. | Semiconductors & Semiconductor Equipment | 78,400 | 1,262,352 | ||
| SoftBank Corp. | Wireless Telecommunication Services | 11,816,000 | 14,954,202 | ||
| SoftBank Group Corp. | Wireless Telecommunication Services | 440,700 | 25,756,105 | ||
| Sohgo Security Services Co. Ltd. | Commercial Services & Supplies | 168,000 | 1,156,096 | ||
| Sojitz Corp. | Trading Companies & Distributors | 89,600 | 1,848,328 | ||
| Sompo Holdings, Inc. | Insurance | 414,400 | 10,860,993 | ||
| Sony Group Corp. | Household Durables | 2,596,200 | 55,654,096 | ||
| Sotetsu Holdings, Inc. | Ground Transportation | 33,600 | 533,311 | ||
| Square Enix Holdings Co. Ltd. | Entertainment | 33,600 | 1,314,197 | ||
| Stanley Electric Co. Ltd. | Automobile Components | 56,000 | 927,870 | ||
| Subaru Corp. | Automobiles | 246,400 | 4,422,845 | ||
| Sugi Holdings Co. Ltd. | Consumer Staples Distribution & Retail | 33,600 | 527,539 | ||
| SUMCO Corp. | Semiconductors & Semiconductor Equipment | 145,600 | 1,095,984 | ||
| Sumitomo Bakelite Co. Ltd. | Chemicals | 22,400 | 552,161 | ||
| Sumitomo Chemical Co. Ltd. | Chemicals | 649,600 | 1,442,545 | ||
| Sumitomo Corp. | Trading Companies & Distributors | 504,000 | 10,993,332 | ||
| Sumitomo Electric Industries Ltd. | Automobile Components | 324,800 | 5,897,282 | ||
| Sumitomo Forestry Co. Ltd. | Household Durables | 56,000 | 1,886,383 | ||
| Sumitomo Heavy Industries Ltd. | Machinery | 44,800 | 925,019 | ||
| Sumitomo Metal Mining Co. Ltd. | Metals & Mining | 100,800 | 2,317,322 | ||
| Sumitomo Mitsui Financial Group, Inc. | Banks | 1,612,800 | 38,626,745 | ||
| Sumitomo Mitsui Trust Group, Inc. | Banks | 302,400 | 7,103,976 | ||
| Sumitomo Realty & Development Co. Ltd. | Real Estate Management & Development | 179,200 | 5,632,782 | ||
| Sumitomo Rubber Industries Ltd. | Automobile Components | 78,400 | 889,707 | ||
| Sundrug Co. Ltd. | Consumer Staples Distribution & Retail | 28,540 | 730,752 | ||
| Suntory Beverage & Food Ltd. | Beverages | 56,000 | 1,786,256 | ||
| Suzuken Co. Ltd. | Health Care Providers & Services | 33,600 | 1,012,746 | ||
| Suzuki Motor Corp. | Automobiles | 772,800 | 8,801,934 | ||
| Sysmex Corp. | Health Care Equipment & Supplies | 257,600 | 4,780,417 | ||
| T&D Holdings, Inc. | Insurance | 224,000 | 4,141,206 | ||
| Taiheiyo Cement Corp. | Construction Materials | 44,800 | 1,022,510 | ||
| Taisei Corp. | Construction & Engineering | 67,200 | 2,838,768 | ||
| Taiyo Yuden Co. Ltd. | Electronic Equipment, Instruments & Components | 56,000 | 808,501 | ||
| Takara Holdings, Inc. | Beverages | 67,200 | 579,384 | ||
| Takasago Thermal Engineering Co. Ltd. | Building Products | 22,400 | 905,635 | ||
| Takashimaya Co. Ltd. | Broadline Retail | 112,000 | 900,789 | ||
| Takeda Pharmaceutical Co. Ltd. | Pharmaceuticals | 672,000 | 17,877,526 | ||
| TBS Holdings, Inc. | Media | 11,200 | 288,694 | ||
| TDK Corp. | Electronic Equipment, Instruments & Components | 806,400 | 10,634,156 | ||
| TechnoPro Holdings, Inc. | Professional Services | 45,960 | 866,502 | ||
| Teijin Ltd. | Chemicals | 78,400 | 667,468 | ||
| Terumo Corp. | Health Care Equipment & Supplies | 616,000 | 12,001,731 | ||
| THK Co. Ltd. | Machinery | 56,000 | 1,311,275 | ||
| TIS, Inc. | IT Services | 100,800 | 2,396,854 | ||
| Tobu Railway Co. Ltd. | Ground Transportation | 89,600 | 1,462,072 | ||
| Toda Corp. | Construction & Engineering | 100,800 | 617,333 | ||
| Toei Animation Co. Ltd. | Entertainment | 22,400 | 503,843 | ||
| Toho Co. Ltd. | Entertainment | 44,800 | 1,754,258 | ||
| Toho Gas Co. Ltd. | Gas Utilities | 33,600 | 908,842 | ||
| Tohoku Electric Power Co., Inc. | Electric Utilities | 201,600 | 1,521,364 | ||
| Tokai Carbon Co. Ltd. | Chemicals | 89,600 | 522,686 | ||
| Tokio Marine Holdings, Inc. | Insurance | 817,600 | 29,799,012 | ||
| Tokyo Century Corp. | Financial Services | 112,000 | 1,142,377 | ||
| a | Tokyo Electric Power Co. Holdings, Inc. | Electric Utilities | 638,400 | 1,929,499 | |
| Tokyo Electron Ltd. | Semiconductors & Semiconductor Equipment | 190,400 | 29,300,229 | ||
| Tokyo Gas Co. Ltd. | Gas Utilities | 145,600 | 4,048,562 | ||
| Tokyo Ohka Kogyo Co. Ltd. | Chemicals | 46,900 | 1,054,325 |
| Tokyo Seimitsu Co. Ltd. | Semiconductors & Semiconductor Equipment | 16,200 | 758,357 | ||
| Tokyo Tatemono Co. Ltd. | Real Estate Management & Development | 89,600 | 1,486,302 | ||
| Tokyu Corp. | Ground Transportation | 212,800 | 2,285,610 | ||
| Tokyu Fudosan Holdings Corp. | Real Estate Management & Development | 257,600 | 1,585,987 | ||
| TOPPAN Holdings, Inc. | Commercial Services & Supplies | 112,000 | 2,999,542 | ||
| Toray Industries, Inc. | Chemicals | 649,600 | 4,139,567 | ||
| Toridoll Holdings Corp. | Hotels, Restaurants & Leisure | 22,400 | 555,867 | ||
| Tosoh Corp. | Chemicals | 123,200 | 1,659,939 | ||
| TOTO Ltd. | Building Products | 67,200 | 1,626,979 | ||
| Toyo Seikan Group Holdings Ltd. | Containers & Packaging | 67,200 | 1,028,995 | ||
| Toyo Suisan Kaisha Ltd. | Food Products | 39,600 | 2,711,224 | ||
| Toyo Tire Corp. | Automobile Components | 44,800 | 697,114 | ||
| Toyoda Gosei Co. Ltd. | Automobile Components | 22,400 | 396,447 | ||
| Toyota Boshoku Corp. | Automobile Components | 33,600 | 438,921 | ||
| Toyota Industries Corp. | Machinery | 67,200 | 5,500,942 | ||
| Toyota Motor Corp. | Automobiles | 5,006,400 | 100,217,195 | ||
| Toyota Tsusho Corp. | Trading Companies & Distributors | 291,200 | 5,239,969 | ||
| Trend Micro, Inc. | Software | 56,000 | 3,052,634 | ||
| TS Tech Co. Ltd. | Automobile Components | 33,600 | 384,189 | ||
| Tsumura & Co. | Pharmaceuticals | 33,600 | 1,006,546 | ||
| Tsuruha Holdings, Inc. | Consumer Staples Distribution & Retail | 15,550 | 863,284 | ||
| UBE Corp. | Chemicals | 44,800 | 687,137 | ||
| Ulvac, Inc. | Semiconductors & Semiconductor Equipment | 22,400 | 878,839 | ||
| Unicharm Corp. | Household Products | 537,600 | 4,455,485 | ||
| United Urban Investment Corp. | Diversified REITs | 1,232 | 1,103,752 | ||
| Ushio, Inc. | Electrical Equipment | 33,600 | 455,383 | ||
| USS Co. Ltd. | Specialty Retail | 179,200 | 1,570,109 | ||
| Welcia Holdings Co. Ltd. | Consumer Staples Distribution & Retail | 44,800 | 585,370 | ||
| West Japan Railway Co. | Ground Transportation | 190,400 | 3,388,577 | ||
| b | Workman Co. Ltd. | Specialty Retail | 22,400 | 634,971 | |
| Yakult Honsha Co. Ltd. | Food Products | 123,200 | 2,341,553 | ||
| Yamada Holdings Co. Ltd. | Specialty Retail | 235,200 | 678,093 | ||
| Yamaguchi Financial Group, Inc. | Banks | 78,400 | 818,371 | ||
| Yamaha Corp. | Leisure Products | 168,000 | 1,207,406 | ||
| Yamaha Motor Co. Ltd. | Automobiles | 380,800 | 3,403,115 | ||
| Yamato Holdings Co. Ltd. | Air Freight & Logistics | 112,000 | 1,263,528 | ||
| Yamato Kogyo Co. Ltd. | Metals & Mining | 14,400 | 680,234 | ||
| Yamazaki Baking Co. Ltd. | Food Products | 56,000 | 1,048,842 | ||
| Yaoko Co. Ltd. | Consumer Staples Distribution & Retail | 11,200 | 673,953 | ||
| Yaskawa Electric Corp. | Machinery | 112,000 | 2,898,346 | ||
| Yokogawa Electric Corp. | Electronic Equipment, Instruments & Components | 100,800 | 2,179,425 | ||
| Yokohama Rubber Co. Ltd. | Automobile Components | 56,000 | 1,211,504 | ||
| Zenkoku Hosho Co. Ltd. | Financial Services | 22,400 | 790,186 | ||
| Zensho Holdings Co. Ltd. | Hotels, Restaurants & Leisure | 33,600 | 1,916,457 | ||
| Zeon Corp. | Chemicals | 78,400 | 747,783 | ||
| ZOZO, Inc. | Specialty Retail | 67,200 | 2,093,907 | ||
| Total Common Stocks (Cost $1,879,844,392) | 1,940,162,793 | ||||
| Total Investments before Short-Term Investments (Cost $1,879,844,392) | 1,940,162,793 | ||||
| Short-Term Investments 0.1% | |||||
| Investments from Cash Collateral Received for Loaned Securities 0.1% | |||||
| United States 0.1% | |||||
| c,d | Institutional Fiduciary Trust - Money Market Portfolio, 4.18% | Money Market Funds | 1,537,530 | 1,537,530 |
| Money Market Funds 0.0%† | |||||
| United States 0.0%† | |||||
| c,d | Institutional Fiduciary Trust - Money Market Portfolio, 4.18% | Money Market Funds | 12,829 | 12,829 | |
| Total Short-Term Investments (Cost $1,550,359) | 1,550,359 | ||||
| Total Investments (Cost $1,881,394,751) 99.9% | 1,941,713,152 | ||||
| Other Assets, less Liabilities 0.1% | 1,551,678 | ||||
| Net Assets 100.0% | $ 1,943,264,830 |
| †Rounds to less than 0.1% of net assets. |
| aNon-income producing. |
| bA portion or all of the security is on loan at December 31, 2024. |
| cThe rate shown is the annualized seven-day effective yield at period end. |
| dSee Note 3 regarding investments in affiliated management investment companies. |
| Description | Type | Number of Contracts | Notional Amount* | Expiration Date | Value/Unrealized Appreciation (Depreciation) |
| Index Contracts | |||||
| TOPIX Index Future | Long | 10 | $ 1,773,034 | 3/13/25 | $ 7,307 |
| *As of period end. |
| Selected Portfolio | ||
| REIT | – | Real Estate Investment Trust |
| Franklin FTSE Japan Hedged ETF | Industry | Shares | Value | ||
| Common Stocks 99.0% | |||||
| Japan 99.0% | |||||
| ABC-Mart, Inc. | Specialty Retail | 1,326 | $ 26,923 | ||
| Acom Co. Ltd. | Consumer Finance | 7,500 | 18,316 | ||
| Activia Properties, Inc. | Diversified REITs | 12 | 25,083 | ||
| Advance Residence Investment Corp. | Residential REITs | 25 | 46,513 | ||
| Advantest Corp. | Semiconductors & Semiconductor Equipment | 13,050 | 763,769 | ||
| Aeon Co. Ltd. | Consumer Staples Distribution & Retail | 13,287 | 312,392 | ||
| AEON Financial Service Co. Ltd. | Consumer Finance | 2,500 | 20,298 | ||
| Aeon Mall Co. Ltd. | Real Estate Management & Development | 1,456 | 18,853 | ||
| AEON REIT Investment Corp. | Retail REITs | 25 | 20,155 | ||
| AGC, Inc. | Building Products | 2,872 | 84,519 | ||
| Aica Kogyo Co. Ltd. | Chemicals | 909 | 19,099 | ||
| Air Water, Inc. | Chemicals | 2,500 | 30,486 | ||
| Aisin Corp. | Automobile Components | 7,350 | 83,129 | ||
| Ajinomoto Co., Inc. | Food Products | 8,416 | 345,508 | ||
| Alfresa Holdings Corp. | Health Care Providers & Services | 2,500 | 34,424 | ||
| Alps Alpine Co. Ltd. | Electronic Equipment, Instruments & Components | 3,229 | 33,130 | ||
| Amada Co. Ltd. | Machinery | 5,000 | 48,899 | ||
| Amano Corp. | Electronic Equipment, Instruments & Components | 979 | 26,699 | ||
| ANA Holdings, Inc. | Passenger Airlines | 2,500 | 45,583 | ||
| Aozora Bank Ltd. | Banks | 2,500 | 39,514 | ||
| As One Corp. | Health Care Providers & Services | 937 | 15,805 | ||
| Asahi Group Holdings Ltd. | Beverages | 26,250 | 276,764 | ||
| Asahi Intecc Co. Ltd. | Health Care Equipment & Supplies | 3,125 | 51,222 | ||
| Asahi Kasei Corp. | Chemicals | 22,916 | 159,301 | ||
| Asics Corp. | Textiles, Apparel & Luxury Goods | 10,600 | 209,761 | ||
| Astellas Pharma, Inc. | Pharmaceuticals | 32,500 | 317,328 | ||
| Azbil Corp. | Electronic Equipment, Instruments & Components | 7,916 | 61,828 | ||
| Bandai Namco Holdings, Inc. | Leisure Products | 11,500 | 276,524 | ||
| BayCurrent, Inc. | Professional Services | 2,500 | 84,627 | ||
| Bic Camera, Inc. | Specialty Retail | 2,500 | 27,233 | ||
| BIPROGY, Inc. | IT Services | 1,242 | 37,657 | ||
| Bridgestone Corp. | Automobile Components | 9,770 | 331,966 | ||
| Brother Industries Ltd. | Technology Hardware, Storage & Peripherals | 3,708 | 63,644 | ||
| Calbee, Inc. | Food Products | 1,225 | 24,553 | ||
| Canon Marketing Japan, Inc. | Electronic Equipment, Instruments & Components | 802 | 26,383 | ||
| Canon, Inc. | Technology Hardware, Storage & Peripherals | 15,700 | 515,575 | ||
| Capcom Co. Ltd. | Entertainment | 5,925 | 130,971 | ||
| Casio Computer Co. Ltd. | Household Durables | 3,500 | 29,208 | ||
| Central Japan Railway Co. | Ground Transportation | 15,000 | 282,992 | ||
| Chiba Bank Ltd. | Banks | 12,500 | 97,234 | ||
| Chubu Electric Power Co., Inc. | Electric Utilities | 12,500 | 131,673 | ||
| Chugai Pharmaceutical Co. Ltd. | Pharmaceuticals | 11,457 | 510,229 | ||
| Chugin Financial Group, Inc. | Banks | 2,500 | 26,072 | ||
| Chugoku Electric Power Co., Inc. | Electric Utilities | 5,000 | 29,012 | ||
| Coca-Cola Bottlers Japan Holdings, Inc. | Beverages | 2,500 | 39,721 | ||
| COMSYS Holdings Corp. | Construction & Engineering | 1,778 | 36,655 | ||
| Concordia Financial Group Ltd. | Banks | 17,500 | 96,998 | ||
| Cosmo Energy Holdings Co. Ltd. | Oil, Gas & Consumable Fuels | 977 | 43,075 | ||
| Cosmos Pharmaceutical Corp. | Consumer Staples Distribution & Retail | 554 | 23,607 | ||
| Credit Saison Co. Ltd. | Consumer Finance | 2,500 | 58,825 | ||
| CyberAgent, Inc. | Media | 7,500 | 52,303 | ||
| Dai Nippon Printing Co. Ltd. | Commercial Services & Supplies | 7,250 | 102,389 | ||
| Daicel Corp. | Chemicals | 5,000 | 44,747 | ||
| Daido Steel Co. Ltd. | Metals & Mining | 2,500 | 18,898 | ||
| Daifuku Co. Ltd. | Machinery | 6,000 | 125,986 | ||
| Dai-ichi Life Holdings, Inc. | Insurance | 15,079 | 406,335 | ||
| Daiichi Sankyo Co. Ltd. | Pharmaceuticals | 32,617 | 903,214 | ||
| Daikin Industries Ltd. | Building Products | 4,958 | 588,676 | ||
| Daito Trust Construction Co. Ltd. | Real Estate Management & Development | 1,025 | 114,624 |
| Daiwa House Industry Co. Ltd. | Real Estate Management & Development | 10,000 | 309,112 | ||
| Daiwa House REIT Investment Corp. | Diversified REITs | 39 | 57,522 | ||
| Daiwa Office Investment Corp. | Office REITs | 9 | 16,269 | ||
| Daiwa Securities Group, Inc. | Capital Markets | 25,000 | 166,709 | ||
| Daiwa Securities Living Investments Corp. | Residential REITs | 25 | 14,173 | ||
| Denka Co. Ltd. | Chemicals | 1,337 | 18,984 | ||
| Denso Corp. | Automobile Components | 32,684 | 460,542 | ||
| Dentsu Group, Inc. | Media | 4,104 | 99,545 | ||
| Dentsu Soken, Inc. | IT Services | 383 | 14,257 | ||
| Dexerials Corp. | Electronic Equipment, Instruments & Components | 2,500 | 39,315 | ||
| DIC Corp. | Chemicals | 1,451 | 31,243 | ||
| Disco Corp. | Semiconductors & Semiconductor Equipment | 1,662 | 451,879 | ||
| DMG Mori Co. Ltd. | Machinery | 2,500 | 40,452 | ||
| Dowa Holdings Co. Ltd. | Metals & Mining | 727 | 20,613 | ||
| East Japan Railway Co. | Ground Transportation | 18,812 | 334,561 | ||
| Ebara Corp. | Machinery | 7,500 | 117,420 | ||
| Eisai Co. Ltd. | Pharmaceuticals | 4,479 | 123,375 | ||
| Electric Power Development Co. Ltd. | Independent Power Producers & Energy Traders | 2,814 | 46,052 | ||
| ENEOS Holdings, Inc. | Oil, Gas & Consumable Fuels | 47,500 | 249,741 | ||
| EXEO Group, Inc. | Construction & Engineering | 3,256 | 35,883 | ||
| Ezaki Glico Co. Ltd. | Food Products | 904 | 27,000 | ||
| FANUC Corp. | Machinery | 16,450 | 436,999 | ||
| Fast Retailing Co. Ltd. | Specialty Retail | 3,095 | 1,059,894 | ||
| Food & Life Cos. Ltd. | Hotels, Restaurants & Leisure | 1,894 | 40,300 | ||
| FP Corp. | Containers & Packaging | 812 | 14,436 | ||
| Frontier Real Estate Investment Corp. | Retail REITs | 45 | 22,248 | ||
| Fuji Electric Co. Ltd. | Electrical Equipment | 2,287 | 124,536 | ||
| Fuji Oil Holdings, Inc. | Food Products | 833 | 18,816 | ||
| Fuji Soft, Inc. | Software | 684 | 43,066 | ||
| FUJIFILM Holdings Corp. | Technology Hardware, Storage & Peripherals | 20,062 | 422,405 | ||
| Fujikura Ltd. | Electrical Equipment | 4,375 | 182,282 | ||
| Fujitsu General Ltd. | Household Durables | 1,000 | 14,807 | ||
| Fujitsu Ltd. | IT Services | 31,180 | 555,411 | ||
| Fukuoka Financial Group, Inc. | Banks | 2,500 | 62,755 | ||
| Fuyo General Lease Co. Ltd. | Financial Services | 300 | 22,334 | ||
| GLP J-Reit | Industrial REITs | 75 | 58,889 | ||
| GMO internet group, Inc. | IT Services | 1,028 | 17,530 | ||
| GMO Payment Gateway, Inc. | Financial Services | 632 | 32,054 | ||
| Goldwin, Inc. | Textiles, Apparel & Luxury Goods | 556 | 31,292 | ||
| GS Yuasa Corp. | Electrical Equipment | 1,539 | 25,960 | ||
| Gunma Bank Ltd. | Banks | 5,000 | 33,914 | ||
| Hachijuni Bank Ltd. | Banks | 7,500 | 48,319 | ||
| Hakuhodo DY Holdings, Inc. | Media | 5,000 | 38,130 | ||
| Hamamatsu Photonics KK | Electronic Equipment, Instruments & Components | 5,000 | 56,169 | ||
| Hankyu Hanshin Holdings, Inc. | Ground Transportation | 3,546 | 92,892 | ||
| Harmonic Drive Systems, Inc. | Machinery | 729 | 15,516 | ||
| Haseko Corp. | Household Durables | 5,000 | 64,679 | ||
| Heiwa Corp. | Hotels, Restaurants & Leisure | 2,000 | 30,962 | ||
| Hikari Tsushin, Inc. | Industrial Conglomerates | 414 | 90,829 | ||
| a | Hino Motors Ltd. | Machinery | 5,000 | 18,007 | |
| Hirogin Holdings, Inc. | Banks | 5,000 | 37,016 | ||
| Hirose Electric Co. Ltd. | Electronic Equipment, Instruments & Components | 504 | 60,098 | ||
| Hisamitsu Pharmaceutical Co., Inc. | Pharmaceuticals | 1,006 | 26,149 | ||
| Hitachi Construction Machinery Co. Ltd. | Machinery | 1,778 | 39,789 | ||
| Hitachi Ltd. | Industrial Conglomerates | 77,151 | 1,932,702 | ||
| Honda Motor Co. Ltd. | Automobiles | 80,000 | 781,369 | ||
| Horiba Ltd. | Electronic Equipment, Instruments & Components | 702 | 40,880 | ||
| Hoshizaki Corp. | Machinery | 1,981 | 78,958 | ||
| House Foods Group, Inc. | Food Products | 1,266 | 23,329 | ||
| Hoya Corp. | Health Care Equipment & Supplies | 6,083 | 766,955 | ||
| Hulic Co. Ltd. | Real Estate Management & Development | 11,666 | 101,695 | ||
| Ibiden Co. Ltd. | Electronic Equipment, Instruments & Components | 1,798 | 54,629 | ||
| Idemitsu Kosan Co. Ltd. | Oil, Gas & Consumable Fuels | 20,625 | 135,895 | ||
| IHI Corp. | Machinery | 2,083 | 123,408 | ||
| Iida Group Holdings Co. Ltd. | Household Durables | 2,500 | 37,867 |
| Industrial & Infrastructure Fund Investment Corp. | Industrial REITs | 50 | 36,555 | ||
| INFRONEER Holdings, Inc. | Construction & Engineering | 2,500 | 19,423 | ||
| Inpex Corp. | Oil, Gas & Consumable Fuels | 15,045 | 188,637 | ||
| Internet Initiative Japan, Inc. | Diversified Telecommunication Services | 1,882 | 35,752 | ||
| Invincible Investment Corp. | Hotel & Resort REITs | 125 | 52,653 | ||
| Isetan Mitsukoshi Holdings Ltd. | Broadline Retail | 5,729 | 100,338 | ||
| Isuzu Motors Ltd. | Automobiles | 10,000 | 137,344 | ||
| Ito En Ltd. | Beverages | 1,003 | 22,586 | ||
| ITOCHU Corp. | Trading Companies & Distributors | 23,867 | 1,189,402 | ||
| Iwatani Corp. | Oil, Gas & Consumable Fuels | 3,829 | 43,830 | ||
| Iyogin Holdings, Inc. | Banks | 5,000 | 48,836 | ||
| Izumi Co. Ltd. | Broadline Retail | 727 | 14,900 | ||
| J Front Retailing Co. Ltd. | Broadline Retail | 3,750 | 50,764 | ||
| Japan Airlines Co. Ltd. | Passenger Airlines | 2,500 | 39,649 | ||
| Japan Airport Terminal Co. Ltd. | Transportation Infrastructure | 1,205 | 38,337 | ||
| Japan Exchange Group, Inc. | Capital Markets | 17,500 | 197,092 | ||
| Japan Hotel REIT Investment Corp. | Hotel & Resort REITs | 100 | 44,922 | ||
| Japan Logistics Fund, Inc. | Industrial REITs | 17 | 28,470 | ||
| Japan Metropolitan Fund Invest | Retail REITs | 125 | 71,742 | ||
| Japan Post Bank Co. Ltd. | Banks | 25,000 | 237,735 | ||
| Japan Post Holdings Co. Ltd. | Insurance | 32,500 | 308,229 | ||
| Japan Post Insurance Co. Ltd. | Insurance | 3,125 | 57,803 | ||
| Japan Prime Realty Investment Corp. | Office REITs | 16 | 32,120 | ||
| Japan Real Estate Investment Corp. | Office REITs | 117 | 80,328 | ||
| Japan Steel Works Ltd. | Machinery | 935 | 34,375 | ||
| Japan Tobacco, Inc. | Tobacco | 19,229 | 499,200 | ||
| Jeol Ltd. | Electronic Equipment, Instruments & Components | 736 | 26,394 | ||
| JFE Holdings, Inc. | Metals & Mining | 10,000 | 113,229 | ||
| JGC Holdings Corp. | Construction & Engineering | 5,000 | 41,852 | ||
| JMDC, Inc. | Health Care Technology | 520 | 12,990 | ||
| JTEKT Corp. | Automobile Components | 5,000 | 37,525 | ||
| Justsystems Corp. | Software | 600 | 13,419 | ||
| Kadokawa Corp. | Media | 1,356 | 27,127 | ||
| Kagome Co. Ltd. | Food Products | 1,480 | 28,007 | ||
| Kajima Corp. | Construction & Engineering | 7,500 | 137,487 | ||
| Kakaku.com, Inc. | Interactive Media & Services | 1,770 | 27,255 | ||
| Kamigumi Co. Ltd. | Transportation Infrastructure | 1,530 | 33,334 | ||
| Kandenko Co. Ltd. | Construction & Engineering | 1,458 | 21,495 | ||
| Kaneka Corp. | Chemicals | 722 | 17,246 | ||
| Kansai Electric Power Co., Inc. | Electric Utilities | 15,000 | 167,361 | ||
| Kansai Paint Co. Ltd. | Chemicals | 2,500 | 35,998 | ||
| Kao Corp. | Personal Care Products | 7,500 | 304,849 | ||
| Kawasaki Heavy Industries Ltd. | Machinery | 2,500 | 115,806 | ||
| Kawasaki Kisen Kaisha Ltd. | Marine Transportation | 6,458 | 92,642 | ||
| KDDI Corp. | Wireless Telecommunication Services | 25,916 | 831,436 | ||
| KDX Realty Investment Corp. | Diversified REITs | 75 | 71,345 | ||
| Keihan Holdings Co. Ltd. | Industrial Conglomerates | 1,627 | 34,267 | ||
| Keikyu Corp. | Ground Transportation | 5,000 | 41,486 | ||
| Keio Corp. | Ground Transportation | 1,770 | 43,248 | ||
| Keisei Electric Railway Co. Ltd. | Ground Transportation | 7,500 | 67,694 | ||
| Kewpie Corp. | Food Products | 1,770 | 37,774 | ||
| Keyence Corp. | Electronic Equipment, Instruments & Components | 3,220 | 1,324,183 | ||
| Kikkoman Corp. | Food Products | 15,000 | 168,220 | ||
| Kinden Corp. | Construction & Engineering | 2,500 | 48,295 | ||
| Kintetsu Group Holdings Co. Ltd. | Ground Transportation | 2,916 | 61,415 | ||
| Kirin Holdings Co. Ltd. | Beverages | 15,000 | 195,565 | ||
| Kobayashi Pharmaceutical Co. Ltd. | Personal Care Products | 1,036 | 41,068 | ||
| Kobe Bussan Co. Ltd. | Consumer Staples Distribution & Retail | 2,500 | 54,721 | ||
| Kobe Steel Ltd. | Metals & Mining | 5,729 | 57,560 | ||
| Koei Tecmo Holdings Co. Ltd. | Entertainment | 2,500 | 29,532 | ||
| Koito Manufacturing Co. Ltd. | Automobile Components | 3,213 | 41,052 | ||
| Kokusai Electric Corp. | Semiconductors & Semiconductor Equipment | 1,979 | 27,010 | ||
| Kokuyo Co. Ltd. | Commercial Services & Supplies | 1,431 | 25,468 | ||
| Komatsu Ltd. | Machinery | 15,000 | 415,182 | ||
| Konami Group Corp. | Entertainment | 1,585 | 149,262 |
| Konica Minolta, Inc. | Technology Hardware, Storage & Peripherals | 7,500 | 31,616 | ||
| Kose Corp. | Personal Care Products | 626 | 28,595 | ||
| Kotobuki Spirits Co. Ltd. | Food Products | 1,562 | 21,657 | ||
| K’s Holdings Corp. | Specialty Retail | 2,500 | 22,398 | ||
| Kubota Corp. | Machinery | 15,000 | 175,522 | ||
| Kuraray Co. Ltd. | Chemicals | 5,000 | 72,553 | ||
| Kurita Water Industries Ltd. | Machinery | 1,810 | 63,850 | ||
| Kusuri No. Aoki Holdings Co. Ltd. | Consumer Staples Distribution & Retail | 856 | 17,734 | ||
| Kyocera Corp. | Electronic Equipment, Instruments & Components | 22,500 | 225,558 | ||
| Kyoto Financial Group, Inc. | Banks | 5,000 | 73,810 | ||
| Kyowa Kirin Co. Ltd. | Pharmaceuticals | 3,937 | 59,508 | ||
| Kyudenko Corp. | Construction & Engineering | 755 | 24,856 | ||
| Kyushu Electric Power Co., Inc. | Electric Utilities | 7,500 | 67,431 | ||
| Kyushu Financial Group, Inc. | Banks | 7,500 | 34,684 | ||
| Kyushu Railway Co. | Ground Transportation | 2,500 | 60,925 | ||
| LaSalle Logiport REIT | Industrial REITs | 31 | 28,029 | ||
| Lasertec Corp. | Semiconductors & Semiconductor Equipment | 1,482 | 143,193 | ||
| Lion Corp. | Household Products | 3,854 | 43,221 | ||
| Lixil Corp. | Building Products | 4,166 | 45,740 | ||
| LY Corp. | Interactive Media & Services | 42,500 | 113,416 | ||
| M3, Inc. | Health Care Technology | 7,500 | 66,668 | ||
| Mabuchi Motor Co. Ltd. | Electrical Equipment | 1,660 | 23,729 | ||
| Macnica Holdings, Inc. | Electronic Equipment, Instruments & Components | 2,359 | 27,701 | ||
| Makita Corp. | Machinery | 4,019 | 123,848 | ||
| Mani, Inc. | Health Care Equipment & Supplies | 978 | 11,251 | ||
| Marubeni Corp. | Trading Companies & Distributors | 28,050 | 427,015 | ||
| Marui Group Co. Ltd. | Consumer Finance | 2,916 | 46,655 | ||
| Maruichi Steel Tube Ltd. | Metals & Mining | 979 | 21,784 | ||
| Maruwa Co. Ltd. | Electronic Equipment, Instruments & Components | 125 | 38,456 | ||
| Matsui Securities Co. Ltd. | Capital Markets | 2,500 | 12,980 | ||
| MatsukiyoCocokara & Co. | Consumer Staples Distribution & Retail | 5,729 | 84,025 | ||
| Mazda Motor Corp. | Automobiles | 10,000 | 68,942 | ||
| McDonald’s Holdings Co. Japan Ltd. | Hotels, Restaurants & Leisure | 1,513 | 59,592 | ||
| Mebuki Financial Group, Inc. | Banks | 17,500 | 71,521 | ||
| Medipal Holdings Corp. | Health Care Providers & Services | 3,437 | 52,060 | ||
| MEIJI Holdings Co. Ltd. | Food Products | 4,734 | 96,421 | ||
| a | Mercari, Inc. | Broadline Retail | 1,875 | 21,391 | |
| Minebea Mitsumi, Inc. | Machinery | 6,041 | 98,768 | ||
| MISUMI Group, Inc. | Machinery | 4,479 | 69,967 | ||
| Mitsubishi Chemical Group Corp. | Chemicals | 22,500 | 114,490 | ||
| Mitsubishi Corp. | Trading Companies & Distributors | 64,825 | 1,074,092 | ||
| Mitsubishi Electric Corp. | Electrical Equipment | 32,500 | 555,660 | ||
| Mitsubishi Estate Co. Ltd. | Real Estate Management & Development | 20,420 | 285,914 | ||
| Mitsubishi Gas Chemical Co., Inc. | Chemicals | 3,020 | 54,372 | ||
| Mitsubishi HC Capital, Inc. | Financial Services | 15,000 | 99,453 | ||
| Mitsubishi Heavy Industries Ltd. | Machinery | 55,000 | 777,965 | ||
| Mitsubishi Logistics Corp. | Transportation Infrastructure | 4,833 | 35,611 | ||
| Mitsubishi Materials Corp. | Metals & Mining | 2,500 | 38,265 | ||
| Mitsubishi Motors Corp. | Automobiles | 12,500 | 42,361 | ||
| Mitsubishi UFJ Financial Group, Inc. | Banks | 197,500 | 2,319,833 | ||
| Mitsui & Co. Ltd. | Trading Companies & Distributors | 50,265 | 1,058,968 | ||
| Mitsui Chemicals, Inc. | Chemicals | 3,208 | 70,831 | ||
| Mitsui Fudosan Co. Ltd. | Real Estate Management & Development | 47,975 | 387,683 | ||
| Mitsui Fudosan Logistics Park, Inc. | Industrial REITs | 53 | 34,229 | ||
| Mitsui High-Tec, Inc. | Semiconductors & Semiconductor Equipment | 2,145 | 11,287 | ||
| Mitsui Mining & Smelting Co. Ltd. | Metals & Mining | 1,004 | 29,815 | ||
| Mitsui OSK Lines Ltd. | Marine Transportation | 6,046 | 211,895 | ||
| Miura Co. Ltd. | Machinery | 1,582 | 40,063 | ||
| Mizuho Financial Group, Inc. | Banks | 44,700 | 1,101,572 | ||
| a | Money Forward, Inc. | Software | 726 | 22,317 | |
| MonotaRO Co. Ltd. | Trading Companies & Distributors | 4,062 | 69,061 | ||
| Mori Hills REIT Investment Corp., Class C | Office REITs | 25 | 19,709 | ||
| Morinaga & Co. Ltd. | Food Products | 1,376 | 23,784 | ||
| Morinaga Milk Industry Co. Ltd. | Food Products | 1,281 | 23,862 | ||
| MS&AD Insurance Group Holdings, Inc. | Insurance | 22,550 | 494,878 |
| Murata Manufacturing Co. Ltd. | Electronic Equipment, Instruments & Components | 30,000 | 488,579 | ||
| Nabtesco Corp. | Machinery | 2,500 | 44,668 | ||
| Nagase & Co. Ltd. | Trading Companies & Distributors | 1,666 | 34,187 | ||
| Nagoya Railroad Co. Ltd. | Ground Transportation | 5,000 | 55,755 | ||
| Nankai Electric Railway Co. Ltd. | Ground Transportation | 2,500 | 39,490 | ||
| NEC Corp. | IT Services | 4,312 | 376,436 | ||
| NEC Networks & System Integration Corp. | IT Services | 962 | 20,169 | ||
| NET One Systems Co. Ltd. | IT Services | 253 | 7,215 | ||
| Nexon Co. Ltd. | Entertainment | 7,500 | 113,412 | ||
| NGK Insulators Ltd. | Machinery | 5,000 | 64,043 | ||
| NH Foods Ltd. | Food Products | 1,658 | 53,740 | ||
| NHK Spring Co. Ltd. | Automobile Components | 2,500 | 31,815 | ||
| Nichirei Corp. | Food Products | 1,728 | 45,806 | ||
| NIDEC Corp. | Electrical Equipment | 17,500 | 317,909 | ||
| Nifco, Inc. | Automobile Components | 1,354 | 32,988 | ||
| Nihon Kohden Corp. | Health Care Equipment & Supplies | 2,410 | 33,062 | ||
| Nihon M&A Center Holdings, Inc. | Capital Markets | 5,000 | 21,036 | ||
| Nikon Corp. | Household Durables | 5,000 | 52,160 | ||
| Nintendo Co. Ltd. | Entertainment | 18,352 | 1,081,782 | ||
| Nippon Accommodations Fund, Inc. | Residential REITs | 8 | 29,880 | ||
| Nippon Building Fund, Inc. | Office REITs | 125 | 97,353 | ||
| Nippon Electric Glass Co. Ltd. | Electronic Equipment, Instruments & Components | 1,207 | 25,890 | ||
| Nippon Express Holdings, Inc. | Air Freight & Logistics | 3,573 | 54,404 | ||
| Nippon Kayaku Co. Ltd. | Chemicals | 2,500 | 20,425 | ||
| Nippon Paint Holdings Co. Ltd. | Chemicals | 17,500 | 113,968 | ||
| Nippon Prologis REIT, Inc. | Industrial REITs | 43 | 60,987 | ||
| Nippon Sanso Holdings Corp. | Chemicals | 3,231 | 90,952 | ||
| Nippon Shinyaku Co. Ltd. | Pharmaceuticals | 820 | 20,813 | ||
| Nippon Shokubai Co. Ltd. | Chemicals | 2,512 | 30,609 | ||
| Nippon Steel Corp. | Metals & Mining | 15,000 | 303,703 | ||
| Nippon Telegraph & Telephone Corp. | Diversified Telecommunication Services | 495,000 | 497,646 | ||
| Nippon Yusen KK | Marine Transportation | 7,500 | 251,638 | ||
| Nipro Corp. | Health Care Equipment & Supplies | 2,500 | 23,813 | ||
| Nishi-Nippon Railroad Co. Ltd. | Ground Transportation | 1,231 | 17,765 | ||
| Nissan Chemical Corp. | Chemicals | 2,321 | 73,089 | ||
| Nissan Motor Co. Ltd. | Automobiles | 37,500 | 114,533 | ||
| Nisshin Seifun Group, Inc. | Food Products | 5,000 | 58,603 | ||
| Nissin Foods Holdings Co. Ltd. | Food Products | 3,451 | 83,947 | ||
| Niterra Co. Ltd. | Automobile Components | 2,812 | 90,894 | ||
| Nitori Holdings Co. Ltd. | Specialty Retail | 1,435 | 170,153 | ||
| Nitto Denko Corp. | Chemicals | 12,462 | 212,511 | ||
| NOF Corp. | Chemicals | 3,510 | 49,269 | ||
| NOK Corp. | Automobile Components | 2,500 | 39,387 | ||
| Nomura Holdings, Inc. | Capital Markets | 50,000 | 296,290 | ||
| Nomura Real Estate Holdings, Inc. | Real Estate Management & Development | 1,691 | 42,017 | ||
| Nomura Real Estate Master Fund, Inc. | Diversified REITs | 75 | 65,713 | ||
| Nomura Research Institute Ltd. | IT Services | 7,475 | 221,596 | ||
| NS Solutions Corp. | IT Services | 1,112 | 28,812 | ||
| NSK Ltd. | Machinery | 7,500 | 32,780 | ||
| NTT Data Group Corp. | IT Services | 10,000 | 192,797 | ||
| Obayashi Corp. | Construction & Engineering | 12,500 | 166,470 | ||
| OBIC Business Consultants Co. Ltd. | Software | 504 | 22,243 | ||
| Obic Co. Ltd. | IT Services | 5,958 | 177,914 | ||
| Odakyu Electric Railway Co. Ltd. | Ground Transportation | 5,000 | 46,195 | ||
| Oji Holdings Corp. | Paper & Forest Products | 15,000 | 57,658 | ||
| OKUMA Corp. | Machinery | 808 | 17,532 | ||
| Olympus Corp. | Health Care Equipment & Supplies | 18,437 | 278,092 | ||
| Omron Corp. | Electronic Equipment, Instruments & Components | 3,225 | 109,846 | ||
| Ono Pharmaceutical Co. Ltd. | Pharmaceuticals | 7,500 | 78,002 | ||
| Open House Group Co. Ltd. | Household Durables | 1,227 | 41,605 | ||
| Oracle Corp. | Software | 525 | 50,626 | ||
| Organo Corp. | Machinery | 416 | 21,705 | ||
| Oriental Land Co. Ltd. | Hotels, Restaurants & Leisure | 19,416 | 422,764 | ||
| ORIX Corp. | Financial Services | 19,020 | 412,447 | ||
| Orix JREIT, Inc. | Office REITs | 50 | 52,208 |
| Osaka Gas Co. Ltd. | Gas Utilities | 6,479 | 142,640 | ||
| OSG Corp. | Machinery | 1,279 | 15,092 | ||
| Otsuka Corp. | IT Services | 3,352 | 76,975 | ||
| Otsuka Holdings Co. Ltd. | Pharmaceuticals | 7,966 | 435,910 | ||
| PALTAC Corp. | Distributors | 533 | 14,794 | ||
| Pan Pacific International Holdings Corp. | Broadline Retail | 6,670 | 183,175 | ||
| Panasonic Holdings Corp. | Household Durables | 37,500 | 392,037 | ||
| Park24 Co. Ltd. | Commercial Services & Supplies | 2,500 | 35,211 | ||
| Penta-Ocean Construction Co. Ltd. | Construction & Engineering | 5,000 | 20,823 | ||
| a | PeptiDream, Inc. | Biotechnology | 1,562 | 26,283 | |
| Persol Holdings Co. Ltd. | Professional Services | 32,500 | 48,907 | ||
| Pola Orbis Holdings, Inc. | Personal Care Products | 2,500 | 22,732 | ||
| Rakus Co. Ltd. | Software | 1,625 | 19,211 | ||
| a | Rakuten Bank Ltd. | Banks | 1,425 | 40,077 | |
| a | Rakuten Group, Inc. | Broadline Retail | 25,000 | 136,628 | |
| Recruit Holdings Co. Ltd. | Professional Services | 24,646 | 1,747,771 | ||
| Relo Group, Inc. | Real Estate Management & Development | 2,500 | 30,677 | ||
| a | Renesas Electronics Corp. | Semiconductors & Semiconductor Equipment | 27,500 | 358,098 | |
| Rengo Co. Ltd. | Containers & Packaging | 5,000 | 27,870 | ||
| Resona Holdings, Inc. | Banks | 37,500 | 273,090 | ||
| Resonac Holdings Corp. | Chemicals | 3,020 | 77,153 | ||
| Resorttrust, Inc. | Hotels, Restaurants & Leisure | 978 | 19,553 | ||
| Ricoh Co. Ltd. | Technology Hardware, Storage & Peripherals | 10,000 | 115,265 | ||
| Rinnai Corp. | Household Durables | 1,770 | 36,704 | ||
| Rohm Co. Ltd. | Semiconductors & Semiconductor Equipment | 5,000 | 47,261 | ||
| Rohto Pharmaceutical Co. Ltd. | Personal Care Products | 3,120 | 57,125 | ||
| Rorze Corp. | Semiconductors & Semiconductor Equipment | 1,562 | 15,207 | ||
| Ryohin Keikaku Co. Ltd. | Broadline Retail | 3,914 | 89,607 | ||
| Sankyo Co. Ltd. | Leisure Products | 2,500 | 33,851 | ||
| Sankyu, Inc. | Air Freight & Logistics | 753 | 26,218 | ||
| Sanrio Co. Ltd. | Specialty Retail | 3,231 | 113,895 | ||
| Santen Pharmaceutical Co. Ltd. | Pharmaceuticals | 5,000 | 51,492 | ||
| Sanwa Holdings Corp. | Building Products | 3,229 | 90,443 | ||
| Sapporo Holdings Ltd. | Beverages | 1,067 | 56,473 | ||
| Sawai Group Holdings Co. Ltd. | Pharmaceuticals | 1,910 | 26,142 | ||
| SBI Holdings, Inc. | Capital Markets | 5,000 | 126,686 | ||
| SBI Sumishin Net Bank Ltd. | Banks | 729 | 17,580 | ||
| SCREEN Holdings Co. Ltd. | Semiconductors & Semiconductor Equipment | 1,396 | 84,297 | ||
| SCSK Corp. | IT Services | 2,500 | 52,987 | ||
| Secom Co. Ltd. | Commercial Services & Supplies | 7,122 | 243,306 | ||
| Sega Sammy Holdings, Inc. | Leisure Products | 2,500 | 48,931 | ||
| Seibu Holdings, Inc. | Ground Transportation | 3,333 | 68,034 | ||
| Seiko Epson Corp. | Technology Hardware, Storage & Peripherals | 4,479 | 81,951 | ||
| Seino Holdings Co. Ltd. | Ground Transportation | 2,500 | 37,756 | ||
| Sekisui Chemical Co. Ltd. | Industrial Conglomerates | 7,554 | 130,498 | ||
| Sekisui House Ltd. | Household Durables | 10,058 | 242,042 | ||
| Sekisui House Reit, Inc. | Diversified REITs | 75 | 36,889 | ||
| Seven & i Holdings Co. Ltd. | Consumer Staples Distribution & Retail | 40,000 | 632,986 | ||
| Seven Bank Ltd. | Banks | 12,500 | 24,792 | ||
| SG Holdings Co. Ltd. | Air Freight & Logistics | 7,500 | 71,869 | ||
| a | Sharp Corp. | Household Durables | 5,000 | 31,334 | |
| a | SHIFT, Inc. | IT Services | 177 | 20,514 | |
| Shikoku Electric Power Co., Inc. | Electric Utilities | 2,500 | 19,638 | ||
| Shimadzu Corp. | Electronic Equipment, Instruments & Components | 4,062 | 115,300 | ||
| Shimamura Co. Ltd. | Specialty Retail | 700 | 39,258 | ||
| Shimano, Inc. | Leisure Products | 1,556 | 211,777 | ||
| Shimizu Corp. | Construction & Engineering | 10,000 | 79,696 | ||
| Shin-Etsu Chemical Co. Ltd. | Chemicals | 33,562 | 1,130,977 | ||
| a | Shinko Electric Industries Co. Ltd. | Semiconductors & Semiconductor Equipment | 1,052 | 38,188 | |
| Shionogi & Co. Ltd. | Pharmaceuticals | 13,473 | 190,230 | ||
| Ship Healthcare Holdings, Inc. | Health Care Providers & Services | 1,326 | 18,604 | ||
| Shiseido Co. Ltd. | Personal Care Products | 6,370 | 112,942 | ||
| Shizuoka Financial Group, Inc. | Banks | 7,500 | 61,299 | ||
| SHO-BOND Holdings Co. Ltd. | Construction & Engineering | 722 | 23,986 | ||
| Skylark Holdings Co. Ltd. | Hotels, Restaurants & Leisure | 3,645 | 56,823 |
| SMC Corp. | Machinery | 960 | 379,822 | ||
| Socionext, Inc. | Semiconductors & Semiconductor Equipment | 2,980 | 47,982 | ||
| SoftBank Corp. | Wireless Telecommunication Services | 482,500 | 610,647 | ||
| SoftBank Group Corp. | Wireless Telecommunication Services | 17,727 | 1,036,030 | ||
| Sohgo Security Services Co. Ltd. | Commercial Services & Supplies | 7,500 | 51,611 | ||
| Sojitz Corp. | Trading Companies & Distributors | 3,373 | 69,580 | ||
| Sompo Holdings, Inc. | Insurance | 16,633 | 435,934 | ||
| Sony Group Corp. | Household Durables | 104,307 | 2,236,003 | ||
| Sotetsu Holdings, Inc. | Ground Transportation | 1,207 | 19,158 | ||
| Square Enix Holdings Co. Ltd. | Entertainment | 1,303 | 50,964 | ||
| Stanley Electric Co. Ltd. | Automobile Components | 2,500 | 41,423 | ||
| Subaru Corp. | Automobiles | 10,000 | 179,499 | ||
| Sugi Holdings Co. Ltd. | Consumer Staples Distribution & Retail | 1,480 | 23,237 | ||
| SUMCO Corp. | Semiconductors & Semiconductor Equipment | 5,000 | 37,637 | ||
| Sumitomo Bakelite Co. Ltd. | Chemicals | 1,125 | 27,731 | ||
| Sumitomo Chemical Co. Ltd. | Chemicals | 27,500 | 61,068 | ||
| Sumitomo Corp. | Trading Companies & Distributors | 20,754 | 452,690 | ||
| Sumitomo Electric Industries Ltd. | Automobile Components | 12,500 | 226,958 | ||
| Sumitomo Forestry Co. Ltd. | Household Durables | 2,500 | 84,214 | ||
| Sumitomo Heavy Industries Ltd. | Machinery | 1,747 | 36,072 | ||
| Sumitomo Metal Mining Co. Ltd. | Metals & Mining | 4,370 | 100,463 | ||
| Sumitomo Mitsui Financial Group, Inc. | Banks | 64,697 | 1,549,501 | ||
| Sumitomo Mitsui Trust Group, Inc. | Banks | 11,562 | 271,614 | ||
| Sumitomo Realty & Development Co. Ltd. | Real Estate Management & Development | 6,957 | 218,679 | ||
| Sumitomo Rubber Industries Ltd. | Automobile Components | 2,500 | 28,371 | ||
| Sundrug Co. Ltd. | Consumer Staples Distribution & Retail | 1,100 | 28,165 | ||
| Suntory Beverage & Food Ltd. | Beverages | 2,191 | 69,887 | ||
| Suzuken Co. Ltd. | Health Care Providers & Services | 1,288 | 38,822 | ||
| Suzuki Motor Corp. | Automobiles | 32,500 | 370,164 | ||
| Sysmex Corp. | Health Care Equipment & Supplies | 10,000 | 185,575 | ||
| T&D Holdings, Inc. | Insurance | 8,645 | 159,825 | ||
| Taiheiyo Cement Corp. | Construction Materials | 1,956 | 44,644 | ||
| Taisei Corp. | Construction & Engineering | 2,708 | 114,396 | ||
| Taiyo Yuden Co. Ltd. | Electronic Equipment, Instruments & Components | 2,187 | 31,575 | ||
| Takara Holdings, Inc. | Beverages | 2,500 | 21,554 | ||
| Takasago Thermal Engineering Co. Ltd. | Building Products | 937 | 37,883 | ||
| Takashimaya Co. Ltd. | Broadline Retail | 5,000 | 40,214 | ||
| Takeda Pharmaceutical Co. Ltd. | Pharmaceuticals | 27,325 | 726,940 | ||
| TBS Holdings, Inc. | Media | 1,000 | 25,776 | ||
| TDK Corp. | Electronic Equipment, Instruments & Components | 32,953 | 434,558 | ||
| TechnoPro Holdings, Inc. | Professional Services | 1,780 | 33,559 | ||
| Teijin Ltd. | Chemicals | 2,500 | 21,284 | ||
| Terumo Corp. | Health Care Equipment & Supplies | 25,145 | 489,908 | ||
| THK Co. Ltd. | Machinery | 2,500 | 58,539 | ||
| TIS, Inc. | IT Services | 3,682 | 87,552 | ||
| Tobu Railway Co. Ltd. | Ground Transportation | 3,309 | 53,996 | ||
| Toda Corp. | Construction & Engineering | 5,000 | 30,622 | ||
| Toei Animation Co. Ltd. | Entertainment | 937 | 21,076 | ||
| Toho Co. Ltd. | Entertainment | 1,754 | 68,682 | ||
| Toho Gas Co. Ltd. | Gas Utilities | 1,359 | 36,759 | ||
| Tohoku Electric Power Co., Inc. | Electric Utilities | 7,500 | 56,598 | ||
| Tokai Carbon Co. Ltd. | Chemicals | 2,500 | 14,584 | ||
| Tokio Marine Holdings, Inc. | Insurance | 33,060 | 1,204,936 | ||
| Tokyo Century Corp. | Financial Services | 5,000 | 50,999 | ||
| a | Tokyo Electric Power Co. Holdings, Inc. | Electric Utilities | 25,000 | 75,560 | |
| Tokyo Electron Ltd. | Semiconductors & Semiconductor Equipment | 7,657 | 1,178,319 | ||
| Tokyo Gas Co. Ltd. | Gas Utilities | 5,863 | 163,027 | ||
| Tokyo Ohka Kogyo Co. Ltd. | Chemicals | 1,783 | 40,082 | ||
| Tokyo Seimitsu Co. Ltd. | Semiconductors & Semiconductor Equipment | 600 | 28,087 | ||
| Tokyo Tatemono Co. Ltd. | Real Estate Management & Development | 3,189 | 52,900 | ||
| Tokyu Corp. | Ground Transportation | 8,333 | 89,502 | ||
| Tokyu Fudosan Holdings Corp. | Real Estate Management & Development | 10,000 | 61,568 | ||
| TOPPAN Holdings, Inc. | Commercial Services & Supplies | 4,270 | 114,358 | ||
| Toray Industries, Inc. | Chemicals | 27,500 | 175,243 | ||
| Toridoll Holdings Corp. | Hotels, Restaurants & Leisure | 625 | 15,510 |
| Tosoh Corp. | Chemicals | 5,000 | 67,368 | ||
| TOTO Ltd. | Building Products | 2,500 | 60,528 | ||
| Toyo Seikan Group Holdings Ltd. | Containers & Packaging | 2,500 | 38,281 | ||
| Toyo Suisan Kaisha Ltd. | Food Products | 1,513 | 103,588 | ||
| Toyo Tire Corp. | Automobile Components | 1,458 | 22,687 | ||
| Toyoda Gosei Co. Ltd. | Automobile Components | 1,094 | 19,362 | ||
| Toyota Boshoku Corp. | Automobile Components | 956 | 12,488 | ||
| Toyota Industries Corp. | Machinery | 2,700 | 221,020 | ||
| Toyota Motor Corp. | Automobiles | 201,693 | 4,037,453 | ||
| Toyota Tsusho Corp. | Trading Companies & Distributors | 11,055 | 198,928 | ||
| Trend Micro, Inc. | Software | 2,158 | 117,635 | ||
| TS Tech Co. Ltd. | Automobile Components | 1,354 | 15,482 | ||
| Tsumura & Co. | Pharmaceuticals | 1,035 | 31,005 | ||
| Tsuruha Holdings, Inc. | Consumer Staples Distribution & Retail | 715 | 39,694 | ||
| UBE Corp. | Chemicals | 1,562 | 23,958 | ||
| Ulvac, Inc. | Semiconductors & Semiconductor Equipment | 782 | 30,681 | ||
| Unicharm Corp. | Household Products | 22,141 | 183,499 | ||
| United Urban Investment Corp. | Diversified REITs | 50 | 44,795 | ||
| Ushio, Inc. | Electrical Equipment | 1,562 | 21,170 | ||
| USS Co. Ltd. | Specialty Retail | 7,500 | 65,713 | ||
| Welcia Holdings Co. Ltd. | Consumer Staples Distribution & Retail | 1,651 | 21,572 | ||
| West Japan Railway Co. | Ground Transportation | 7,500 | 133,479 | ||
| Workman Co. Ltd. | Specialty Retail | 808 | 22,904 | ||
| Yakult Honsha Co. Ltd. | Food Products | 5,000 | 95,031 | ||
| Yamada Holdings Co. Ltd. | Specialty Retail | 10,000 | 28,831 | ||
| Yamaguchi Financial Group, Inc. | Banks | 2,500 | 26,096 | ||
| Yamaha Corp. | Leisure Products | 7,500 | 53,902 | ||
| Yamaha Motor Co. Ltd. | Automobiles | 15,000 | 134,051 | ||
| Yamato Holdings Co. Ltd. | Air Freight & Logistics | 5,000 | 56,407 | ||
| Yamato Kogyo Co. Ltd. | Metals & Mining | 610 | 28,815 | ||
| Yamazaki Baking Co. Ltd. | Food Products | 2,500 | 46,823 | ||
| Yaoko Co. Ltd. | Consumer Staples Distribution & Retail | 425 | 25,574 | ||
| Yaskawa Electric Corp. | Machinery | 4,245 | 109,852 | ||
| Yokogawa Electric Corp. | Electronic Equipment, Instruments & Components | 3,950 | 85,404 | ||
| Yokohama Rubber Co. Ltd. | Automobile Components | 2,500 | 54,085 | ||
| Zenkoku Hosho Co. Ltd. | Financial Services | 927 | 32,701 | ||
| Zensho Holdings Co. Ltd. | Hotels, Restaurants & Leisure | 1,473 | 84,016 | ||
| Zeon Corp. | Chemicals | 2,500 | 23,845 | ||
| ZOZO, Inc. | Specialty Retail | 2,500 | 77,898 | ||
| Total Common Stocks (Cost $74,717,969) | 77,977,678 | ||||
| Total Investments before Short-Term Investments (Cost $74,717,969) | 77,977,678 | ||||
| Short-Term Investments 0.4% | |||||
| Money Market Funds 0.4% | |||||
| United States 0.4% | |||||
| b,c | Institutional Fiduciary Trust - Money Market Portfolio, 4.18% | Money Market Funds | 318,885 | 318,885 | |
| Total Short-Term Investments (Cost $318,885) | 318,885 | ||||
| Total Investments (Cost $75,036,854) 99.4% | 78,296,563 | ||||
| Other Assets, less Liabilities 0.6% | 469,568 | ||||
| Net Assets 100.0% | $ 78,766,131 |
| aNon-income producing. |
| bThe rate shown is the annualized seven-day effective yield at period end. |
| cSee Note 3 regarding investments in affiliated management investment companies. |
| Currency | Counterpartya | Type | Quantity | Contract Amount | Settlement Date | Unrealized Appreciation | Unrealized Depreciation |
| OTC Forward Exchange Contracts | |||||||
| Japanese Yen | UBSW | Buy | 121,047,738 | $ 775,068 | 1/07/25 | $ — | $ (4,848) |
| Japanese Yen | SSBT | Buy | 121,047,738 | 775,033 | 1/07/25 | — | (4,814) |
| Japanese Yen | BOFA | Buy | 60,523,869 | 387,513 | 1/07/25 | — | (2,403) |
| Japanese Yen | BOFA | Buy | 2,273,257,428 | 14,464,458 | 1/07/25 | 147 | — |
| Japanese Yen | UBSW | Buy | 4,546,514,856 | 28,928,917 | 1/07/25 | 294 | — |
| Japanese Yen | SSBT | Buy | 4,546,514,856 | 28,928,917 | 1/07/25 | 295 | — |
| Japanese Yen | BOFA | Sell | 90,930,297 | 579,596 | 1/07/25 | 1,012 | — |
| Japanese Yen | UBSW | Sell | 181,860,594 | 1,159,097 | 1/07/25 | 1,929 | — |
| Japanese Yen | SSBT | Sell | 181,860,594 | 1,159,148 | 1/07/25 | 1,980 | — |
| Japanese Yen | BOFA | Sell | 2,242,851,000 | 15,005,509 | 1/07/25 | 734,378 | — |
| Japanese Yen | SSBT | Sell | 4,485,702,000 | 30,010,015 | 1/07/25 | 1,467,752 | — |
| Japanese Yen | UBSW | Sell | 4,485,702,000 | 30,010,517 | 1/07/25 | 1,468,254 | — |
| Japanese Yen | SSBT | Sell | 4,952,895,000 | 31,614,398 | 2/03/25 | — | (1,640) |
| Japanese Yen | UBSW | Sell | 4,952,895,000 | 31,614,842 | 2/03/25 | — | (1,196) |
| Japanese Yen | BOFA | Sell | 2,476,447,000 | 15,807,014 | 2/03/25 | — | (1,001) |
| Total Forward Exchange Contracts | $3,676,041 | $(15,902) | |||||
| Net unrealized appreciation (depreciation) | $3,660,139 | ||||||
| aMay be comprised of multiple contracts with the same counterparty, currency and settlement date. |
| Description | Type | Number of Contracts | Notional Amount* | Expiration Date | Value/Unrealized Appreciation (Depreciation) |
| Index Contracts | |||||
| Mini Topix Index Futures | Long | 34 | $ 602,832 | 3/13/25 | $ 7,257 |
| *As of period end. |
| Selected Portfolio | ||
| BOFA | – | Bank of America Corp. |
| REIT | – | Real Estate Investment Trust |
| SSBT | – | State Street Bank & Trust Co. |
| UBSW | – | UBS AG |
| Franklin FTSE Latin America ETF | Industry | Shares | Value | ||
| Common Stocks 79.0% | |||||
| Brazil 40.7% | |||||
| Allos SA | Real Estate Management & Development | 37,500 | $ 109,929 | ||
| Alupar Investimento SA, UNIT | Electric Utilities | 10,000 | 42,766 | ||
| Ambev SA | Beverages | 352,500 | 669,869 | ||
| Atacadao SA | Consumer Staples Distribution & Retail | 42,500 | 37,355 | ||
| Auren Energia SA | Independent Power Producers & Energy Traders | 25,000 | 35,490 | ||
| a | Automob Participacoes SA | Commercial Services & Supplies | 37,419 | 2,059 | |
| B3 SA - Brasil Bolsa Balcao | Capital Markets | 437,500 | 730,837 | ||
| Banco Bradesco SA | Banks | 122,500 | 210,980 | ||
| Banco BTG Pactual SA | Capital Markets | 95,000 | 418,268 | ||
| Banco do Brasil SA | Banks | 137,500 | 537,950 | ||
| Banco Santander Brasil SA | Banks | 30,000 | 115,671 | ||
| BB Seguridade Participacoes SA | Insurance | 55,000 | 322,102 | ||
| BRF SA | Food Products | 52,500 | 215,512 | ||
| Caixa Seguridade Participacoes SA | Insurance | 37,500 | 86,499 | ||
| CCR SA | Transportation Infrastructure | 90,000 | 148,158 | ||
| Centrais Eletricas Brasileiras SA | Electric Utilities | 105,000 | 580,080 | ||
| Cia de Saneamento Basico do Estado de Sao Paulo SABESP | Water Utilities | 37,100 | 531,471 | ||
| Cia Energetica de Minas Gerais | Electric Utilities | 5,000 | 11,841 | ||
| Cia Paranaense de Energia - Copel | Electric Utilities | 62,500 | 83,362 | ||
| Cia Siderurgica Nacional SA | Metals & Mining | 50,000 | 71,708 | ||
| Cosan SA | Oil, Gas & Consumable Fuels | 97,500 | 128,783 | ||
| CPFL Energia SA | Electric Utilities | 15,000 | 76,701 | ||
| CSN Mineracao SA | Metals & Mining | 42,500 | 35,429 | ||
| a | Embraer SA | Aerospace & Defense | 59,500 | 541,176 | |
| Energisa SA | Electric Utilities | 26,400 | 155,891 | ||
| a | Eneva SA | Independent Power Producers & Energy Traders | 25,000 | 42,612 | |
| Engie Brasil Energia SA | Independent Power Producers & Energy Traders | 14,300 | 82,173 | ||
| Equatorial Energia SA | Electric Utilities | 80,000 | 354,816 | ||
| b | GPS Participacoes e Empreendimentos SA | Commercial Services & Supplies | 40,000 | 90,517 | |
| Grupo Mateus SA | Consumer Staples Distribution & Retail | 32,500 | 33,616 | ||
| a,b | Hapvida Participacoes e Investimentos SA | Health Care Providers & Services | 385,000 | 138,972 | |
| Hypera SA | Pharmaceuticals | 32,500 | 95,167 | ||
| Intelbras SA Industria de Telecomunicacao Eletronica Brasileira | Communications Equipment | 7,500 | 15,515 | ||
| Itau Unibanco Holding SA | Banks | 37,500 | 163,285 | ||
| Klabin SA | Containers & Packaging | 72,500 | 272,263 | ||
| Localiza Rent a Car SA | Ground Transportation | 80,000 | 416,974 | ||
| Lojas Renner SA | Specialty Retail | 85,000 | 166,757 | ||
| M Dias Branco SA | Food Products | 10,000 | 32,455 | ||
| a | Magazine Luiza SA | Broadline Retail | 30,000 | 31,564 | |
| Marfrig Global Foods SA | Food Products | 27,500 | 75,807 | ||
| Multiplan Empreendimentos Imobiliarios SA | Real Estate Management & Development | 25,000 | 85,305 | ||
| Natura & Co. Holding SA | Personal Care Products | 77,500 | 160,072 | ||
| Neoenergia SA | Electric Utilities | 17,500 | 53,566 | ||
| Petroleo Brasileiro SA | Oil, Gas & Consumable Fuels | 300,000 | 1,913,773 | ||
| Porto Seguro SA | Insurance | 15,000 | 88,744 | ||
| a | PRIO SA | Oil, Gas & Consumable Fuels | 64,600 | 419,837 | |
| Raia Drogasil SA | Consumer Staples Distribution & Retail | 115,000 | 409,528 | ||
| b | Rede D’Or Sao Luiz SA | Health Care Providers & Services | 70,000 | 288,029 | |
| Rumo SA | Ground Transportation | 102,500 | 295,993 | ||
| Santos Brasil Participacoes SA | Transportation Infrastructure | 52,500 | 111,580 | ||
| Sao Martinho SA | Food Products | 12,500 | 47,063 | ||
| a | Sendas Distribuidora SA | Consumer Staples Distribution & Retail | 110,000 | 100,245 | |
| SLC Agricola SA | Food Products | 17,500 | 49,572 | ||
| Smartfit Escola de Ginastica e Danca SA | Hotels, Restaurants & Leisure | 9,813 | 26,940 | ||
| Suzano SA | Paper & Forest Products | 55,000 | 550,013 | ||
| Telefonica Brasil SA | Diversified Telecommunication Services | 35,100 | 265,728 | ||
| TIM SA | Wireless Telecommunication Services | 65,000 | 152,351 |
| TOTVS SA | Software | 41,000 | 177,529 | ||
| Transmissora Alianca de Energia Eletrica SA | Electric Utilities | 17,500 | 93,083 | ||
| Ultrapar Participacoes SA | Oil, Gas & Consumable Fuels | 67,500 | 173,507 | ||
| Usinas Siderurgicas de Minas Gerais SA Usiminas | Metals & Mining | 12,500 | 10,764 | ||
| Vale SA | Metals & Mining | 295,790 | 2,611,806 | ||
| Vamos Locacao de Caminhoes Maquinas e Equipamentos SA | Ground Transportation | 37,500 | 28,833 | ||
| Vibra Energia SA | Specialty Retail | 90,000 | 259,896 | ||
| WEG SA | Electrical Equipment | 120,200 | 1,026,725 | ||
| 17,312,862 | |||||
| Chile 6.6% | |||||
| Aguas Andinas SA, Class A | Water Utilities | 222,225 | 66,923 | ||
| Banco de Chile | Banks | 3,538,700 | 402,252 | ||
| Banco de Credito e Inversiones SA | Banks | 7,675 | 212,996 | ||
| Banco Itau Chile SA | Banks | 6,025 | 61,581 | ||
| Banco Santander Chile | Banks | 5,015,750 | 238,551 | ||
| Cencosud SA | Consumer Staples Distribution & Retail | 107,225 | 237,194 | ||
| Cencosud Shopping SA | Real Estate Management & Development | 39,150 | 61,253 | ||
| Cia Cervecerias Unidas SA | Beverages | 12,250 | 70,701 | ||
| Cia Sud Americana de Vapores SA | Marine Transportation | 1,601,025 | 86,448 | ||
| Colbun SA | Independent Power Producers & Energy Traders | 585,600 | 72,425 | ||
| Empresas CMPC SA | Paper & Forest Products | 96,925 | 152,123 | ||
| Empresas Copec SA | Specialty Retail | 39,450 | 241,137 | ||
| Enel Americas SA | Electric Utilities | 1,537,150 | 134,855 | ||
| Enel Chile SA | Electric Utilities | 2,010,200 | 116,223 | ||
| a | Falabella SA | Broadline Retail | 64,150 | 226,729 | |
| Latam Airlines Group SA | Passenger Airlines | 16,360,225 | 225,862 | ||
| Plaza SA | Real Estate Management & Development | 75,650 | 123,996 | ||
| Quinenco SA | Industrial Conglomerates | 21,475 | 70,761 | ||
| 2,802,010 | |||||
| Colombia 0.9% | |||||
| Cementos Argos SA | Construction Materials | 49,650 | 114,953 | ||
| Ecopetrol SA | Oil, Gas & Consumable Fuels | 399,400 | 151,853 | ||
| Interconexion Electrica SA ESP | Electric Utilities | 35,650 | 135,138 | ||
| 401,944 | |||||
| Mexico 29.3% | |||||
| Alfa SAB de CV, Class A | Industrial Conglomerates | 222,200 | 161,258 | ||
| Alpek SAB de CV | Chemicals | 31,275 | 19,614 | ||
| Alsea SAB de CV | Hotels, Restaurants & Leisure | 41,675 | 87,167 | ||
| America Movil SAB de CV | Wireless Telecommunication Services | 1,802,850 | 1,296,250 | ||
| Arca Continental SAB de CV | Beverages | 43,950 | 365,124 | ||
| b | Banco del Bajio SA | Banks | 64,975 | 130,464 | |
| Becle SAB de CV | Beverages | 43,600 | 49,130 | ||
| Cemex SAB de CV | Construction Materials | 1,227,450 | 689,501 | ||
| Coca-Cola Femsa SAB de CV | Beverages | 42,600 | 331,884 | ||
| Concentradora Fibra Danhos SA de CV | Diversified REITs | 20,475 | 19,753 | ||
| Corp. Inmobiliaria Vesta SAB de CV | Real Estate Management & Development | 69,175 | 177,023 | ||
| El Puerto de Liverpool SAB de CV, Class C1 | Broadline Retail | 16,025 | 76,407 | ||
| Fibra Uno Administracion SA de CV | Diversified REITs | 230,975 | 230,167 | ||
| Fomento Economico Mexicano SAB de CV | Beverages | 140,700 | 1,202,457 | ||
| Gentera SAB de CV | Consumer Finance | 80,750 | 94,371 | ||
| Gruma SAB de CV, Class B | Food Products | 14,300 | 224,134 | ||
| Grupo Aeroportuario del Centro Norte SAB de CV | Transportation Infrastructure | 22,075 | 190,527 | ||
| Grupo Aeroportuario del Pacifico SAB de CV, Class B | Transportation Infrastructure | 31,825 | 561,019 | ||
| Grupo Aeroportuario del Sureste SAB de CV, Class B | Transportation Infrastructure | 15,050 | 387,007 | ||
| Grupo Bimbo SAB de CV | Food Products | 175,775 | 466,981 | ||
| Grupo Carso SAB de CV | Industrial Conglomerates | 43,900 | 243,392 | ||
| Grupo Comercial Chedraui SA de CV | Consumer Staples Distribution & Retail | 20,550 | 123,837 | ||
| Grupo Financiero Banorte SAB de CV, Class O | Banks | 233,825 | 1,506,560 |
| a | Grupo Financiero Inbursa SAB de CV, Class O | Banks | 189,275 | 394,976 | |
| Grupo Mexico SAB de CV, Class B | Metals & Mining | 255,825 | 1,217,192 | ||
| Grupo Televisa SAB | Media | 173,250 | 57,576 | ||
| a | Industrias Penoles SAB de CV | Metals & Mining | 15,200 | 194,599 | |
| Kimberly-Clark de Mexico SAB de CV, Class A | Household Products | 67,300 | 95,159 | ||
| Megacable Holdings SAB de CV | Media | 25,300 | 41,261 | ||
| Operadora De Sites Mexicanos SAB de CV, Class A-1 | Diversified Telecommunication Services | 84,300 | 50,233 | ||
| Orbia Advance Corp. SAB de CV | Chemicals | 77,175 | 55,600 | ||
| Prologis Property Mexico SA de CV | Industrial REITs | 76,875 | 214,105 | ||
| Promotora y Operadora de Infraestructura SAB de CV | Transportation Infrastructure | 17,700 | 150,358 | ||
| Qualitas Controladora SAB de CV | Insurance | 16,175 | 136,454 | ||
| Regional SAB de CV | Banks | 19,150 | 107,812 | ||
| Wal-Mart de Mexico SAB de CV, Class V | Consumer Staples Distribution & Retail | 417,575 | 1,102,340 | ||
| 12,451,692 | |||||
| United States 1.5% | |||||
| GCC SAB de CV | Construction Materials | 13,200 | 118,365 | ||
| JBS SA | Food Products | 91,500 | 537,639 | ||
| 656,004 | |||||
| Total Common Stocks (Cost $35,214,406) | 33,624,512 | ||||
| Preferred Stocks 18.7% | |||||
| Brazil 16.8% | |||||
| a | Alpargatas SA, pfd. | Textiles, Apparel & Luxury Goods | 20,000 | 20,590 | |
| c | Banco Bradesco SA, 6.029%, pfd. | Banks | 420,000 | 785,905 | |
| c | Bradespar SA, 12.817%, pfd. | Metals & Mining | 20,000 | 53,676 | |
| a | Braskem SA, pfd. | Chemicals | 15,000 | 28,117 | |
| c | Centrais Eletricas Brasileiras SA, 9.635%, pfd. | Electric Utilities | 20,000 | 122,502 | |
| c | Cia Energetica de Minas Gerais, 11.089%, pfd. | Electric Utilities | 132,500 | 238,283 | |
| c | Cia Paranaense de Energia - Copel, Class B, 4.131%, pfd. | Electric Utilities | 85,000 | 125,893 | |
| c | Gerdau SA, 4.316%, pfd. | Metals & Mining | 112,500 | 330,333 | |
| a | Isa Energia Brasil SA, pfd. | Electric Utilities | 22,500 | 83,803 | |
| c | Itau Unibanco Holding SA, 7.224%, pfd. | Banks | 392,500 | 1,952,382 | |
| c | Itausa SA, 6.614%, pfd. | Banks | 462,500 | 661,051 | |
| c | Metalurgica Gerdau SA, 4.39%, pfd. | Metals & Mining | 55,000 | 91,253 | |
| c | Petroleo Brasileiro SA, 16.082%, pfd. | Oil, Gas & Consumable Fuels | 442,500 | 2,592,176 | |
| c | Unipar Carbocloro SA, 8.556%, pfd. | Chemicals | 4,200 | 32,483 | |
| c | Usinas Siderurgicas de Minas Gerais SA Usiminas, 5.32%, pfd. | Metals & Mining | 37,500 | 32,293 | |
| 7,150,740 | |||||
| Chile 1.2% | |||||
| c | Embotelladora Andina SA, 5.745%, pfd. | Beverages | 30,375 | 92,390 | |
| c | Sociedad Quimica y Minera de Chile SA, Class B, 0.002%, pfd. | Chemicals | 11,025 | 405,737 | |
| 498,127 | |||||
| Colombia 0.7% | |||||
| c | Bancolombia SA, 10.051%, pfd. | Banks | 36,325 | 290,070 | |
| Total Preferred Stocks (Cost $8,265,852) | 7,938,937 | ||||
| Right 0.0%† | |||||
| Brazil 0.0%† | |||||
| a | Smartfit Escola de Ginastica e Danca SA | Hotels, Restaurants & Leisure | 187 | 26 | |
| Total Rights (Cost $0) | 26 | ||||
| Total Investments before Short-Term Investments (Cost $43,480,258) | 41,563,475 |
| Short-Term Investments 0.1% | |||||
| Money Market Funds 0.1% | |||||
| United States 0.1% | |||||
| d,e | Institutional Fiduciary Trust - Money Market Portfolio, 4.18% | Money Market Funds | 70,088 | 70,088 | |
| Total Short-Term Investments (Cost $70,088) | 70,088 | ||||
| Total Investments (Cost $43,550,346) 97.8% | 41,633,563 | ||||
| Other Assets, less Liabilities 2.2% | 915,254 | ||||
| Net Assets 100.0% | $ 42,548,817 |
| †Rounds to less than 0.1% of net assets. |
| aNon-income producing. |
| bSecurity was purchased pursuant to Rule 144A under the Securities Act of 1933 and may be sold in transactions exempt from registration only to qualified institutional buyers or in a public offering registered under the Securities Act of 1933. At December 31, 2024, the aggregate value of these securities was $647,982, representing 1.5% of net assets. |
| cVariable rate security. The rate shown represents the yield at period end. |
| dThe rate shown is the annualized seven-day effective yield at period end. |
| eSee Note 3 regarding investments in affiliated management investment companies. |
| Description | Type | Number of Contracts | Notional Amount* | Expiration Date | Value/Unrealized Appreciation (Depreciation) |
| Equity Contracts | |||||
| Bovespa Index | Long | 30 | $ 590,380 | 2/12/25 | $ (20,244) |
| Index Contracts | |||||
| Mex Bolsa Index | Long | 19 | 458,517 | 3/21/25 | (17,509) |
| Total Futures Contracts | $(37,753) |
| *As of period end. |
| Selected Portfolio | ||
| REIT | – | Real Estate Investment Trust |
| Franklin FTSE Mexico ETF | Industry | Shares | Value | ||
| Common Stocks 99.9% | |||||
| Mexico 98.9% | |||||
| Alfa SAB de CV, Class A | Industrial Conglomerates | 1,522,575 | $ 1,104,984 | ||
| Alpek SAB de CV | Chemicals | 210,983 | 132,316 | ||
| Alsea SAB de CV | Hotels, Restaurants & Leisure | 291,316 | 609,315 | ||
| America Movil SAB de CV | Wireless Telecommunication Services | 10,528,246 | 7,569,815 | ||
| Arca Continental SAB de CV | Beverages | 283,745 | 2,357,269 | ||
| a | Banco del Bajio SA | Banks | 454,126 | 911,845 | |
| Becle SAB de CV | Beverages | 304,783 | 343,440 | ||
| Cemex SAB de CV | Construction Materials | 6,746,297 | 3,789,626 | ||
| Coca-Cola Femsa SAB de CV | Beverages | 289,507 | 2,255,461 | ||
| Concentradora Fibra Danhos SA de CV | Diversified REITs | 138,087 | 133,221 | ||
| Corp. Inmobiliaria Vesta SAB de CV | Real Estate Management & Development | 483,539 | 1,237,408 | ||
| El Puerto de Liverpool SAB de CV, Class C1 | Broadline Retail | 111,689 | 532,534 | ||
| Fibra Uno Administracion SA de CV | Diversified REITs | 1,611,551 | 1,605,913 | ||
| Fomento Economico Mexicano SAB de CV | Beverages | 825,239 | 7,052,697 | ||
| Gentera SAB de CV | Consumer Finance | 564,408 | 659,610 | ||
| Gruma SAB de CV, Class B | Food Products | 99,629 | 1,561,558 | ||
| Grupo Aeroportuario del Centro Norte SAB de CV | Transportation Infrastructure | 154,033 | 1,329,442 | ||
| Grupo Aeroportuario del Pacifico SAB de CV, Class B | Transportation Infrastructure | 180,967 | 3,190,133 | ||
| Grupo Aeroportuario del Sureste SAB de CV, Class B | Transportation Infrastructure | 96,212 | 2,474,066 | ||
| Grupo Bimbo SAB de CV | Food Products | 1,050,024 | 2,789,594 | ||
| Grupo Carso SAB de CV | Industrial Conglomerates | 306,525 | 1,699,448 | ||
| Grupo Comercial Chedraui SA de CV | Consumer Staples Distribution & Retail | 143,715 | 866,047 | ||
| Grupo Financiero Banorte SAB de CV, Class O | Banks | 1,353,869 | 8,723,129 | ||
| b | Grupo Financiero Inbursa SAB de CV, Class O | Banks | 1,173,572 | 2,448,993 | |
| Grupo Mexico SAB de CV, Class B | Metals & Mining | 1,494,636 | 7,111,341 | ||
| Grupo Televisa SAB | Media | 1,214,978 | 403,770 | ||
| b | Industrias Penoles SAB de CV | Metals & Mining | 106,061 | 1,357,850 | |
| Kimberly-Clark de Mexico SAB de CV, Class A | Household Products | 470,340 | 665,039 | ||
| Megacable Holdings SAB de CV | Media | 169,376 | 276,228 | ||
| Operadora De Sites Mexicanos SAB de CV, Class A-1 | Diversified Telecommunication Services | 588,260 | 350,533 | ||
| Orbia Advance Corp. SAB de CV | Chemicals | 537,273 | 387,075 | ||
| Prologis Property Mexico SA de CV | Industrial REITs | 536,335 | 1,493,750 | ||
| Promotora y Operadora de Infraestructura SAB de CV | Transportation Infrastructure | 123,682 | 1,050,652 | ||
| Qualitas Controladora SAB de CV | Insurance | 113,029 | 953,526 | ||
| Regional SAB de CV | Banks | 133,799 | 753,268 | ||
| Wal-Mart de Mexico SAB de CV, Class V | Consumer Staples Distribution & Retail | 2,445,768 | 6,456,491 | ||
| 76,637,387 | |||||
| United States 1.0% | |||||
| GCC SAB de CV | Construction Materials | 92,259 | 827,293 | ||
| Total Common Stocks (Cost $96,608,106) | 77,464,680 | ||||
| Total Investments before Short-Term Investments (Cost $96,608,106) | 77,464,680 |
| Short-Term Investments 0.0%† | |||||
| Money Market Funds 0.0%† | |||||
| United States 0.0%† | |||||
| c,d | Institutional Fiduciary Trust - Money Market Portfolio, 4.18% | Money Market Funds | 3,593 | 3,593 | |
| Total Short-Term Investments (Cost $3,593) | 3,593 | ||||
| Total Investments (Cost $96,611,699) 99.9% | 77,468,273 | ||||
| Other Assets, less Liabilities 0.1% | 43,657 | ||||
| Net Assets 100.0% | $ 77,511,930 |
| †Rounds to less than 0.1% of net assets. |
| aSecurity was purchased pursuant to Rule 144A under the Securities Act of 1933 and may be sold in transactions exempt from registration only to qualified institutional buyers or in a public offering registered under the Securities Act of 1933. At December 31, 2024, the value of this security was $911,845, representing 1.2% of net assets. |
| bNon-income producing. |
| cThe rate shown is the annualized seven-day effective yield at period end. |
| dSee Note 3 regarding investments in affiliated management investment companies. |
| Description | Type | Number of Contracts | Notional Amount* | Expiration Date | Value/Unrealized Appreciation (Depreciation) |
| Index Contracts | |||||
| Mex Bolsa Index | Long | 3 | $ 72,397 | 3/21/25 | $ (2,331) |
| *As of period end. |
| Selected Portfolio | ||
| REIT | – | Real Estate Investment Trust |
| Franklin FTSE Russia ETF | Industry | Shares | Value | ||
| Common Stocks 0.0% | |||||
| a,b | Russia 0.0% | ||||
| Aeroflot PJSC | Passenger Airlines | 174,496 | $ — | ||
| Alrosa PJSC | Metals & Mining | 361,232 | — | ||
| Credit Bank of Moscow PJSC | Banks | 2,127,840 | — | ||
| Federal Grid Co-Rosseti PJSC | Electric Utilities | 80,095,477 | — | ||
| Gazprom PJSC | Oil, Gas & Consumable Fuels | 981,872 | — | ||
| GMK Norilskiy Nickel PAO | Metals & Mining | 288,800 | — | ||
| Inter RAO UES PJSC | Electric Utilities | 6,229,280 | — | ||
| LUKOIL PJSC | Oil, Gas & Consumable Fuels | 36,048 | — | ||
| M.Video PJSC | Specialty Retail | 8,000 | — | ||
| Magnit PJSC | Consumer Staples Distribution & Retail | 8,112 | — | ||
| Magnitogorsk Iron & Steel Works PJSC | Metals & Mining | 370,640 | — | ||
| Mobile TeleSystems PJSC | Wireless Telecommunication Services | 147,584 | — | ||
| Moscow Exchange MICEX-RTS PJSC | Capital Markets | 253,248 | — | ||
| Mosenergo PJSC | Electric Utilities | 1,418,704 | — | ||
| Novatek PJSC | Oil, Gas & Consumable Fuels | 47,472 | — | ||
| Novolipetsk Steel PJSC | Metals & Mining | 200,944 | — | ||
| PhosAgro PJSC | Chemicals | 6,208 | — | ||
| Polyus PJSC | Metals & Mining | 3,504 | — | ||
| Raspadskaya OJSC | Metals & Mining | 10,720 | — | ||
| Rosneft Oil Co. PJSC | Oil, Gas & Consumable Fuels | 92,320 | — | ||
| Rostelecom PJSC | Diversified Telecommunication Services | 165,056 | — | ||
| RusHydro PJSC | Electric Utilities | 20,149,712 | — | ||
| Sberbank of Russia PJSC | Banks | 959,968 | — | ||
| c | Segezha Group PJSC | Paper & Forest Products | 666,096 | — | |
| Severstal PAO | Metals & Mining | 27,744 | — | ||
| Sistema AFK PAO | Wireless Telecommunication Services | 499,664 | — | ||
| Sovcomflot PJSC | Oil, Gas & Consumable Fuels | 72,128 | — | ||
| Surgutneftegas PJSC | Oil, Gas & Consumable Fuels | 634,480 | — | ||
| Tatneft PJSC | Oil, Gas & Consumable Fuels | 105,552 | — | ||
| Unipro PJSC | Independent Power Producers & Energy Traders | 1,811,376 | — | ||
| United Co. RUSAL International PJSC | Metals & Mining | 447,600 | — | ||
| VTB Bank PJSC | Banks | 177,271 | — | ||
| Total Common Stocks (Cost $21,363,101) | — | ||||
| Preferred Stocks 0.0% | |||||
| a,b | Russia 0.0% | ||||
| Bashneft PJSC, pfd. | Oil, Gas & Consumable Fuels | 3,392 | — | ||
| Surgutneftegas PJSC, pfd. | Oil, Gas & Consumable Fuels | 682,080 | — | ||
| Tatneft PJSC, pfd. | Oil, Gas & Consumable Fuels | 10,416 | — | ||
| Transneft PJSC, pfd. | Oil, Gas & Consumable Fuels | 27,600 | — | ||
| Total Preferred Stocks (Cost $1,113,686) | — | ||||
| Total Investments (Cost $22,476,787) 0.0% | — | ||||
| Other Assets, less Liabilities 100.0% | 4,737 | ||||
| Net Assets 100.0% | $ 4,737 |
| aNon-income producing. |
| bFair valued using significant unobservable inputs. See Note 5 regarding fair value measurements. |
| cSecurity was purchased pursuant to Rule 144A under the Securities Act of 1933 and may be sold in transactions exempt from registration only to qualified institutional buyers or in a public offering registered under the Securities Act of 1933. At December 31, 2024, the value of this security was $0, representing 0.0% of net assets. |
| Franklin FTSE Saudi Arabia ETF | Industry | Shares | Value | ||
| Common Stocks 100.1% | |||||
| Saudi Arabia 100.1% | |||||
| Abdullah Al Othaim Markets Co. | Consumer Staples Distribution & Retail | 23,610 | $ 65,978 | ||
| ACWA Power Co. | Independent Power Producers & Energy Traders | 10,580 | 1,130,253 | ||
| Ades Holding Co. | Energy Equipment & Services | 23,270 | 107,512 | ||
| a | Advanced Petrochemical Co. | Chemicals | 6,780 | 57,923 | |
| Al Rajhi Bank | Banks | 92,140 | 2,319,807 | ||
| a | Al Rajhi Co. for Co-operative Insurance | Insurance | 2,620 | 119,655 | |
| Aldrees Petroleum & Transport Services Co. | Specialty Retail | 2,620 | 83,814 | ||
| Alinma Bank | Banks | 65,580 | 505,281 | ||
| Almarai Co. JSC | Food Products | 22,097 | 336,385 | ||
| Arab National Bank | Banks | 47,510 | 266,544 | ||
| b | Arabian Centres Co. | Real Estate Management & Development | 12,460 | 71,960 | |
| a | Arabian Contracting Services Co. | Media | 1,023 | 39,533 | |
| Arabian Drilling Co. | Energy Equipment & Services | 1,430 | 42,473 | ||
| Arabian Internet & Communications Services Co. | IT Services | 1,340 | 96,290 | ||
| Astra Industrial Group Co. | Industrial Conglomerates | 2,030 | 97,248 | ||
| Bank AlBilad | Banks | 32,790 | 340,781 | ||
| a | Bank Al-Jazira | Banks | 26,890 | 133,827 | |
| Banque Saudi Fransi | Banks | 64,358 | 271,313 | ||
| BinDawood Holding Co. | Consumer Staples Distribution & Retail | 15,320 | 26,380 | ||
| Bupa Arabia for Cooperative Insurance Co. | Insurance | 3,970 | 218,712 | ||
| Catrion Catering Holding Co. | Commercial Services & Supplies | 2,150 | 69,809 | ||
| Co. for Cooperative Insurance | Insurance | 3,930 | 154,380 | ||
| Dallah Healthcare Co. | Health Care Providers & Services | 2,190 | 87,427 | ||
| a | Dar Al Arkan Real Estate Development Co. | Real Estate Management & Development | 28,330 | 113,851 | |
| a | Dr. Soliman Abdel Kader Fakeeh Hospital Co. | Health Care Providers & Services | 2,790 | 49,750 | |
| Dr. Sulaiman Al Habib Medical Services Group Co. | Health Care Providers & Services | 5,460 | 407,458 | ||
| Elm Co. | IT Services | 1,370 | 406,544 | ||
| a | Emaar Economic City | Real Estate Management & Development | 19,880 | 46,295 | |
| Etihad Etisalat Co. | Wireless Telecommunication Services | 20,200 | 287,082 | ||
| Jamjoom Pharmaceuticals Factory Co. | Pharmaceuticals | 1,460 | 59,140 | ||
| Jarir Marketing Co. | Specialty Retail | 31,480 | 106,067 | ||
| Leejam Sports Co. JSC | Hotels, Restaurants & Leisure | 1,350 | 66,613 | ||
| Mobile Telecommunications Co. Saudi Arabia | Wireless Telecommunication Services | 23,570 | 64,361 | ||
| Mouwasat Medical Services Co. | Health Care Providers & Services | 5,090 | 115,282 | ||
| Nahdi Medical Co. | Consumer Staples Distribution & Retail | 2,570 | 80,436 | ||
| a | National Industrialization Co., Class C | Chemicals | 17,850 | 48,266 | |
| Power & Water Utility Co. for Jubail & Yanbu | Multi-Utilities | 4,010 | 58,484 | ||
| Qassim Cement Co. | Construction Materials | 2,940 | 41,157 | ||
| a | Rabigh Refining & Petrochemical Co. | Oil, Gas & Consumable Fuels | 22,730 | 49,968 | |
| Riyad Bank | Banks | 77,140 | 587,162 | ||
| Riyadh Cables Group Co. | Electrical Equipment | 3,930 | 144,130 | ||
| SABIC Agri-Nutrients Co. | Chemicals | 12,490 | 368,976 | ||
| Sahara International Petrochemical Co. | Chemicals | 19,020 | 125,943 | ||
| SAL Saudi Logistics Services | Air Freight & Logistics | 1,280 | 86,051 | ||
| a | Saudi Arabian Mining Co. | Metals & Mining | 60,790 | 813,791 | |
| b | Saudi Arabian Oil Co. | Oil, Gas & Consumable Fuels | 271,830 | 2,029,284 | |
| Saudi Aramco Base Oil Co. | Chemicals | 2,700 | 80,337 | ||
| Saudi Awwal Bank | Banks | 50,740 | 454,410 | ||
| Saudi Basic Industries Corp. | Chemicals | 43,930 | 783,337 | ||
| Saudi Cement Co. | Construction Materials | 4,000 | 45,404 | ||
| Saudi Electricity Co. | Electric Utilities | 41,840 | 188,188 | ||
| Saudi Ground Services Co. | Transportation Infrastructure | 4,780 | 65,007 | ||
| Saudi Industrial Investment Group | Chemicals | 19,800 | 88,002 | ||
| Saudi Investment Bank | Banks | 32,790 | 126,538 | ||
| a | Saudi Kayan Petrochemical Co. | Chemicals | 39,350 | 73,518 | |
| Saudi National Bank | Banks | 141,060 | 1,253,900 | ||
| a | Saudi Research & Media Group | Media | 2,100 | 153,697 | |
| Saudi Tadawul Group Holding Co. | Capital Markets | 2,570 | 148,288 | ||
| Saudi Telecom Co. | Diversified Telecommunication Services | 93,470 | 995,050 |
| Saudia Dairy & Foodstuff Co. | Food Products | 820 | 73,720 | ||
| a | Savola Group | Food Products | 7,868 | 76,850 | |
| a | Seera Group Holding | Hotels, Restaurants & Leisure | 7,910 | 47,282 | |
| United Electronics Co. | Specialty Retail | 2,130 | 51,133 | ||
| Yamama Cement Co. | Construction Materials | 5,310 | 49,533 | ||
| Yanbu National Petrochemical Co. | Chemicals | 14,750 | 148,387 | ||
| Total Common Stocks (Cost $15,641,216) | 17,701,957 | ||||
| Total Investments before Short-Term Investments (Cost $15,641,216) | 17,701,957 | ||||
| Short-Term Investments 0.0%† | |||||
| Money Market Funds 0.0%† | |||||
| United States 0.0%† | |||||
| c,d | Institutional Fiduciary Trust - Money Market Portfolio, 4.18% | Money Market Funds | 3 | 3 | |
| Total Short-Term Investments (Cost $3) | 3 | ||||
| Total Investments (Cost $15,641,219) 100.1% | 17,701,960 | ||||
| Other Assets, less Liabilities (0.1)% | (21,607) | ||||
| Net Assets 100.0% | $ 17,680,353 |
| †Rounds to less than 0.1% of net assets. |
| aNon-income producing. |
| bSecurity was purchased pursuant to Rule 144A under the Securities Act of 1933 and may be sold in transactions exempt from registration only to qualified institutional buyers or in a public offering registered under the Securities Act of 1933. At December 31, 2024, the aggregate value of these securities was $2,101,244, representing 11.9% of net assets. |
| cThe rate shown is the annualized seven-day effective yield at period end. |
| dSee Note 3 regarding investments in affiliated management investment companies. |
| Franklin FTSE South Korea ETF | Industry | Shares | Value | ||
| Common Stocks 95.7% | |||||
| South Korea 95.7% | |||||
| a | Alteogen, Inc., Class A | Biotechnology | 7,168 | $ 1,506,977 | |
| Amorepacific Corp., Class H | Personal Care Products | 4,928 | 350,816 | ||
| AMOREPACIFIC Group, Class A | Personal Care Products | 4,352 | 61,489 | ||
| BGF retail Co. Ltd. | Consumer Staples Distribution & Retail | 1,344 | 93,577 | ||
| BNK Financial Group, Inc., Class H | Banks | 46,528 | 326,801 | ||
| a | Celltrion Pharm, Inc., Class A | Pharmaceuticals | 3,291 | 126,753 | |
| Celltrion, Inc., Class A | Biotechnology | 25,804 | 3,286,520 | ||
| Cheil Worldwide, Inc., Class A | Media | 11,712 | 134,849 | ||
| CJ CheilJedang Corp., Class A | Food Products | 1,344 | 233,259 | ||
| CJ Corp., Class A | Industrial Conglomerates | 2,240 | 150,789 | ||
| a | CJ ENM Co. Ltd., Class A | Entertainment | 1,728 | 63,033 | |
| CJ Logistics Corp., Class A | Air Freight & Logistics | 1,408 | 80,722 | ||
| a | CosmoAM&T Co. Ltd. | Technology Hardware, Storage & Peripherals | 3,776 | 132,095 | |
| Coway Co. Ltd. | Household Durables | 9,536 | 433,351 | ||
| a | Daewoo Engineering & Construction Co. Ltd., Class A | Construction & Engineering | 33,536 | 70,733 | |
| DB Insurance Co. Ltd., Class A | Insurance | 7,552 | 527,355 | ||
| DGB Financial Group, Inc., Class A | Banks | 25,600 | 142,246 | ||
| DL Holdings Co. Ltd., Class A | Chemicals | 1,792 | 38,466 | ||
| Dongsuh Cos., Inc., Class A | Consumer Staples Distribution & Retail | 5,248 | 97,499 | ||
| Doosan Bobcat, Inc., Class A | Machinery | 8,320 | 236,802 | ||
| a | Doosan Enerbility Co. Ltd., Class H | Electrical Equipment | 72,000 | 858,336 | |
| a | Ecopro BM Co. Ltd. | Electrical Equipment | 7,744 | 578,111 | |
| a | Ecopro Co. Ltd. | Electrical Equipment | 16,640 | 649,934 | |
| a | Ecopro Materials Co. Ltd. | Electrical Equipment | 5,696 | 254,591 | |
| E-MART, Inc., Class A | Consumer Staples Distribution & Retail | 3,264 | 140,568 | ||
| F&F Co. Ltd. | Textiles, Apparel & Luxury Goods | 2,688 | 99,146 | ||
| Fila Holdings Corp. | Textiles, Apparel & Luxury Goods | 8,704 | 238,271 | ||
| Green Cross Corp. | Biotechnology | 896 | 109,250 | ||
| a | GS Engineering & Construction Corp. | Construction & Engineering | 10,624 | 125,209 | |
| a | GS Holdings Corp. | Industrial Conglomerates | 7,616 | 203,314 | |
| a | GS P&L Co. Ltd. | Hotels, Restaurants & Leisure | 1,385 | 20,886 | |
| GS Retail Co. Ltd. | Consumer Staples Distribution & Retail | 5,850 | 65,567 | ||
| Hana Financial Group, Inc. | Banks | 43,008 | 1,659,379 | ||
| Hanjin Kal Corp. | Hotels, Restaurants & Leisure | 5,376 | 275,346 | ||
| Hankook Tire & Technology Co. Ltd. | Automobile Components | 12,480 | 325,532 | ||
| Hanmi Pharm Co. Ltd. | Pharmaceuticals | 1,088 | 207,305 | ||
| Hanmi Science Co. Ltd. | Health Care Providers & Services | 4,160 | 83,220 | ||
| Hanmi Semiconductor Co. Ltd. | Semiconductors & Semiconductor Equipment | 7,488 | 419,631 | ||
| a | Hanon Systems | Automobile Components | 27,648 | 75,311 | |
| Hanwha Aerospace Co. Ltd. | Aerospace & Defense | 5,312 | 1,178,119 | ||
| Hanwha Corp. | Industrial Conglomerates | 4,672 | 85,370 | ||
| a | Hanwha Industrial Solutions Co. Ltd. | Electrical Equipment | 5,824 | 125,013 | |
| Hanwha Life Insurance Co. Ltd. | Insurance | 60,864 | 101,705 | ||
| a | Hanwha Ocean Co. Ltd., Class A | Machinery | 15,232 | 386,452 | |
| a | Hanwha Solutions Corp. | Chemicals | 17,536 | 192,019 | |
| HD Hyundai Co. Ltd. | Oil, Gas & Consumable Fuels | 7,168 | 385,630 | ||
| HD Hyundai Electric Co. Ltd. | Electrical Equipment | 3,712 | 963,206 | ||
| a | HD Hyundai Heavy Industries Co. Ltd. | Machinery | 3,648 | 712,427 | |
| a | HD Hyundai Infracore Co. Ltd. | Machinery | 20,416 | 95,552 | |
| HD Hyundai Marine Solution Co. Ltd., Class C | Machinery | 1,216 | 133,317 | ||
| a | HD Hyundai Mipo | Machinery | 3,456 | 315,046 | |
| a | HD Korea Shipbuilding & Offshore Engineering Co. Ltd. | Machinery | 7,296 | 1,129,972 | |
| Hite Jinro Co. Ltd. | Beverages | 5,248 | 69,586 | ||
| HL Mando Co. Ltd. | Automobile Components | 5,568 | 153,747 | ||
| a | HLB, Inc. | Health Care Equipment & Supplies | 20,096 | 997,872 | |
| HMM Co. Ltd. | Marine Transportation | 49,408 | 592,701 | ||
| a | Hotel Shilla Co. Ltd. | Specialty Retail | 5,184 | 129,939 |
| a | HYBE Co. Ltd. | Entertainment | 3,520 | 462,431 | |
| Hyundai Autoever Corp. | IT Services | 1,152 | 98,677 | ||
| Hyundai Engineering & Construction Co. Ltd. | Construction & Engineering | 12,352 | 213,117 | ||
| Hyundai Glovis Co. Ltd. | Air Freight & Logistics | 6,272 | 503,157 | ||
| Hyundai Marine & Fire Insurance Co. Ltd. | Insurance | 9,920 | 166,440 | ||
| Hyundai Mobis Co. Ltd. | Automobile Components | 10,304 | 1,655,331 | ||
| Hyundai Motor Co. | Automobiles | 23,232 | 3,345,572 | ||
| Hyundai Steel Co. | Metals & Mining | 14,208 | 203,158 | ||
| Hyundai Wia Corp. | Automobile Components | 2,688 | 69,019 | ||
| Industrial Bank of Korea | Banks | 46,144 | 449,169 | ||
| Kakao Corp. | Interactive Media & Services | 56,448 | 1,464,738 | ||
| a | Kakao Games Corp. | Entertainment | 6,848 | 76,195 | |
| KakaoBank Corp. | Banks | 36,480 | 521,621 | ||
| a | Kakaopay Corp. | Financial Services | 4,672 | 83,307 | |
| Kangwon Land, Inc. | Hotels, Restaurants & Leisure | 18,048 | 195,786 | ||
| KB Financial Group, Inc. | Banks | 55,744 | 3,139,067 | ||
| KCC Corp. | Chemicals | 704 | 112,619 | ||
| KEPCO Plant Service & Engineering Co. Ltd. | Commercial Services & Supplies | 3,648 | 109,280 | ||
| Kia Corp. | Automobiles | 42,176 | 2,884,980 | ||
| Korea Aerospace Industries Ltd. | Aerospace & Defense | 11,904 | 443,929 | ||
| a | Korea Electric Power Corp. | Electric Utilities | 43,264 | 589,236 | |
| a | Korea Gas Corp. | Gas Utilities | 4,480 | 105,598 | |
| Korea Investment Holdings Co. Ltd. | Capital Markets | 6,464 | 313,068 | ||
| Korea Zinc Co. Ltd. | Metals & Mining | 1,152 | 787,224 | ||
| Korean Air Lines Co. Ltd. | Passenger Airlines | 31,360 | 481,429 | ||
| a | Krafton, Inc. | Entertainment | 6,016 | 1,277,044 | |
| KT&G Corp. | Tobacco | 16,384 | 1,191,948 | ||
| a | Kum Yang Co. Ltd. | Chemicals | 5,760 | 82,948 | |
| Kumho Petrochemical Co. Ltd. | Chemicals | 2,688 | 165,427 | ||
| a | L&F Co. Ltd. | Electrical Equipment | 4,224 | 232,411 | |
| LG Chem Ltd. | Chemicals | 8,000 | 1,358,557 | ||
| LG Corp. | Industrial Conglomerates | 14,912 | 729,317 | ||
| a | LG Display Co. Ltd. | Electronic Equipment, Instruments & Components | 52,864 | 327,853 | |
| LG Electronics, Inc. | Household Durables | 18,240 | 1,034,568 | ||
| a | LG Energy Solution Ltd. | Electrical Equipment | 6,784 | 1,603,663 | |
| LG H&H Co. Ltd. | Personal Care Products | 1,600 | 331,488 | ||
| LG Innotek Co. Ltd. | Electronic Equipment, Instruments & Components | 2,368 | 260,582 | ||
| LG Uplus Corp. | Diversified Telecommunication Services | 35,776 | 251,038 | ||
| Lotte Chemical Corp. | Chemicals | 3,072 | 124,787 | ||
| Lotte Chilsung Beverage Co. Ltd. | Beverages | 576 | 43,822 | ||
| Lotte Corp. | Industrial Conglomerates | 4,544 | 67,289 | ||
| Lotte Energy Materials Corp. | Electronic Equipment, Instruments & Components | 3,584 | 57,455 | ||
| Lotte Shopping Co. Ltd. | Broadline Retail | 1,920 | 70,558 | ||
| LS Corp. | Electrical Equipment | 2,944 | 188,581 | ||
| LS Electric Co. Ltd. | Electrical Equipment | 2,624 | 286,614 | ||
| Meritz Financial Group, Inc. | Financial Services | 15,168 | 1,071,543 | ||
| Mirae Asset Securities Co. Ltd. | Capital Markets | 45,184 | 246,461 | ||
| a | NAVER Corp. | Interactive Media & Services | 23,104 | 3,121,547 | |
| NCSoft Corp. | Entertainment | 2,624 | 326,362 | ||
| a,b | Netmarble Corp. | Entertainment | 3,648 | 128,113 | |
| NH Investment & Securities Co. Ltd., Class C | Capital Markets | 22,720 | 215,293 | ||
| NongShim Co. Ltd. | Food Products | 512 | 130,074 | ||
| OCI Holdings Co. Ltd. | Chemicals | 2,496 | 99,694 | ||
| Orion Corp. | Food Products | 3,776 | 262,651 | ||
| Ottogi Corp. | Food Products | 256 | 68,776 | ||
| Pan Ocean Co. Ltd. | Marine Transportation | 40,960 | 91,817 | ||
| a | Paradise Co. Ltd. | Hotels, Restaurants & Leisure | 7,808 | 50,917 | |
| a | Pearl Abyss Corp. | Entertainment | 5,632 | 105,972 | |
| Posco DX Co. Ltd. | IT Services | 8,896 | 115,298 | ||
| POSCO Future M Co. Ltd. | Electrical Equipment | 4,800 | 463,322 | ||
| POSCO Holdings, Inc. | Metals & Mining | 12,672 | 2,182,082 | ||
| Posco International Corp. | Trading Companies & Distributors | 7,744 | 208,572 | ||
| S-1 Corp. | Commercial Services & Supplies | 3,200 | 128,683 | ||
| a,b | Samsung Biologics Co. Ltd. | Life Sciences Tools & Services | 3,008 | 1,939,063 | |
| Samsung C&T Corp. | Industrial Conglomerates | 14,080 | 1,097,975 |
| Samsung Card Co. Ltd. | Consumer Finance | 5,056 | 135,488 | ||
| a | Samsung E&A Co. Ltd. | Construction & Engineering | 26,688 | 300,028 | |
| Samsung Electro-Mechanics Co. Ltd. | Electronic Equipment, Instruments & Components | 9,408 | 791,163 | ||
| Samsung Electronics Co. Ltd. | Technology Hardware, Storage & Peripherals | 532,864 | 19,256,438 | ||
| Samsung Fire & Marine Insurance Co. Ltd. | Insurance | 5,312 | 1,293,586 | ||
| a | Samsung Heavy Industries Co. Ltd. | Machinery | 110,272 | 846,431 | |
| Samsung Life Insurance Co. Ltd. | Insurance | 12,608 | 811,900 | ||
| a | Samsung SDI Co. Ltd. | Electronic Equipment, Instruments & Components | 8,896 | 1,495,608 | |
| Samsung SDS Co. Ltd. | IT Services | 6,720 | 583,375 | ||
| Samsung Securities Co. Ltd. | Capital Markets | 10,688 | 315,816 | ||
| a | SD Biosensor, Inc. | Health Care Equipment & Supplies | 5,888 | 41,116 | |
| Shinhan Financial Group Co. Ltd. | Banks | 82,240 | 2,661,914 | ||
| a | Shinsegae, Inc. | Broadline Retail | 1,088 | 98,294 | |
| a | SK Biopharmaceuticals Co. Ltd. | Pharmaceuticals | 4,800 | 362,246 | |
| a | SK Bioscience Co. Ltd. | Biotechnology | 4,096 | 140,229 | |
| SK Hynix, Inc. | Semiconductors & Semiconductor Equipment | 91,712 | 10,833,622 | ||
| a,b | SK IE Technology Co. Ltd. | Electrical Equipment | 4,352 | 66,663 | |
| a | SK Innovation Co. Ltd. | Oil, Gas & Consumable Fuels | 10,112 | 769,313 | |
| a | SK Square Co. Ltd. | Industrial Conglomerates | 15,552 | 837,736 | |
| SK, Inc. | Industrial Conglomerates | 5,952 | 531,663 | ||
| a | SKC Co. Ltd. | Chemicals | 3,136 | 223,886 | |
| S-Oil Corp. | Oil, Gas & Consumable Fuels | 6,976 | 259,678 | ||
| Solus Advanced Materials Co. Ltd. | Electronic Equipment, Instruments & Components | 4,352 | 24,241 | ||
| a | Wemade Co. Ltd. | Entertainment | 3,392 | 80,990 | |
| Woori Financial Group, Inc. | Banks | 115,456 | 1,205,420 | ||
| Yuhan Corp. | Pharmaceuticals | 9,216 | 748,098 | ||
| Total Common Stocks (Cost $106,106,480) | 107,159,967 | ||||
| Preferred Stocks 3.8% | |||||
| South Korea 3.8% | |||||
| c | Amorepacific Corp., 2.85%, pfd. | Personal Care Products | 1,536 | 33,492 | |
| c | CJ CheilJedang Corp., 4.377%, pfd. | Food Products | 256 | 22,050 | |
| c | Hanwha Corp., 5.326%, pfd. | Industrial Conglomerates | 3,776 | 38,526 | |
| c | Hyundai Motor Co., 9.295%, pfd. | Automobiles | 5,952 | 630,718 | |
| c | Hyundai Motor Co., 9.469%, pfd. | Automobiles | 3,712 | 384,778 | |
| c | LG Chem Ltd., 2.236%, pfd. | Chemicals | 1,280 | 138,073 | |
| c | LG Electronics, Inc., 1.214%, pfd. | Household Durables | 2,944 | 82,392 | |
| c | LG H&H Co. Ltd., 2.58%, pfd. | Personal Care Products | 384 | 35,892 | |
| c | Samsung Electronics Co. Ltd., 3.269%, pfd. | Technology Hardware, Storage & Peripherals | 92,160 | 2,767,023 | |
| c | Samsung Fire & Marine Insurance Co. Ltd., 5.831%, pfd. | Insurance | 448 | 83,535 | |
| c | Samsung SDI Co. Ltd., 0.72%, pfd. | Electronic Equipment, Instruments & Components | 256 | 25,371 | |
| Total Preferred Stocks (Cost $4,737,576) | 4,241,850 | ||||
| Total Investments before Short-Term Investments (Cost $110,844,056) | 111,401,817 |
| Short-Term Investments 4.7% | |||||
| Money Market Funds 4.7% | |||||
| United States 4.7% | |||||
| d,e | Institutional Fiduciary Trust - Money Market Portfolio, 4.18% | Money Market Funds | 5,242,102 | 5,242,102 | |
| Total Short-Term Investments (Cost $5,242,102) | 5,242,102 | ||||
| Total Investments (Cost $116,086,158) 104.2% | 116,643,919 | ||||
| Other Assets, less Liabilities (4.2)% | (4,673,258) | ||||
| Net Assets 100.0% | $ 111,970,661 |
| aNon-income producing. |
| bSecurity was purchased pursuant to Rule 144A under the Securities Act of 1933 and may be sold in transactions exempt from registration only to qualified institutional buyers or in a public offering registered under the Securities Act of 1933. At December 31, 2024, the aggregate value of these securities was $2,133,839, representing 1.9% of net assets. |
| cVariable rate security. The rate shown represents the yield at period end. |
| dThe rate shown is the annualized seven-day effective yield at period end. |
| eSee Note 3 regarding investments in affiliated management investment companies. |
| Description | Type | Number of Contracts | Notional Amount* | Expiration Date | Value/Unrealized Appreciation (Depreciation) |
| Index Contracts | |||||
| Kospi 200 Mini | Long | 13 | $ 704,021 | 3/13/25 | $ (3,986) |
| *As of period end. |
| Franklin FTSE Switzerland ETF | Industry | Shares | Value | ||
| Common Stocks 97.9% | |||||
| Switzerland 94.7% | |||||
| ABB Ltd. | Electrical Equipment | 49,888 | $ 2,701,246 | ||
| Adecco Group AG | Professional Services | 6,048 | 149,223 | ||
| Alcon AG | Health Care Equipment & Supplies | 17,696 | 1,501,597 | ||
| Avolta AG | Specialty Retail | 4,000 | 160,397 | ||
| Bachem Holding AG, Class B | Life Sciences Tools & Services | 1,200 | 76,668 | ||
| Baloise Holding AG | Insurance | 1,712 | 310,002 | ||
| Banque Cantonale Vaudoise | Banks | 1,088 | 100,246 | ||
| Barry Callebaut AG | Food Products | 133 | 176,697 | ||
| Belimo Holding AG | Building Products | 368 | 243,438 | ||
| BKW AG | Electric Utilities | 752 | 124,635 | ||
| Chocoladefabriken Lindt & Spruengli AG | Food Products | 75 | 833,379 | ||
| Cie Financiere Richemont SA, Class A | Textiles, Apparel & Luxury Goods | 14,064 | 2,140,056 | ||
| Clariant AG | Chemicals | 8,704 | 96,909 | ||
| DKSH Holding AG | Trading Companies & Distributors | 1,360 | 100,996 | ||
| Emmi AG | Food Products | 80 | 64,971 | ||
| EMS-Chemie Holding AG | Chemicals | 269 | 181,510 | ||
| Flughafen Zurich AG | Transportation Infrastructure | 720 | 172,879 | ||
| a | Galderma Group AG | Pharmaceuticals | 2,800 | 310,943 | |
| Geberit AG | Building Products | 1,261 | 716,039 | ||
| Georg Fischer AG | Machinery | 3,113 | 235,815 | ||
| Givaudan SA | Chemicals | 302 | 1,321,635 | ||
| Helvetia Holding AG | Insurance | 1,328 | 218,928 | ||
| Julius Baer Group Ltd. | Capital Markets | 7,728 | 500,220 | ||
| Kuehne & Nagel International AG | Marine Transportation | 1,888 | 432,912 | ||
| Logitech International SA | Technology Hardware, Storage & Peripherals | 5,760 | 476,944 | ||
| Lonza Group AG | Life Sciences Tools & Services | 2,539 | 1,501,127 | ||
| Nestle SA | Food Products | 76,880 | 6,352,303 | ||
| Novartis AG | Pharmaceuticals | 59,984 | 5,870,986 | ||
| Partners Group Holding AG | Capital Markets | 839 | 1,138,726 | ||
| PSP Swiss Property AG | Real Estate Management & Development | 1,712 | 243,505 | ||
| Roche Holding AG | Pharmaceuticals | 20,688 | 5,832,589 | ||
| Roche Holding AG | Pharmaceuticals | 1,104 | 329,647 | ||
| Sandoz Group AG | Pharmaceuticals | 16,336 | 670,024 | ||
| Schindler Holding AG, PC | Machinery | 1,552 | 428,823 | ||
| Schindler Holding AG | Machinery | 784 | 214,113 | ||
| SGS SA | Professional Services | 5,563 | 557,865 | ||
| SIG Group AG | Containers & Packaging | 12,512 | 246,858 | ||
| Sika AG | Chemicals | 5,648 | 1,344,925 | ||
| Sonova Holding AG | Health Care Equipment & Supplies | 1,856 | 606,822 | ||
| Straumann Holding AG | Health Care Equipment & Supplies | 4,054 | 511,084 | ||
| Swatch Group AG | Textiles, Apparel & Luxury Goods | 1,072 | 195,178 | ||
| Swatch Group AG | Textiles, Apparel & Luxury Goods | 1,936 | 68,575 | ||
| Swiss Life Holding AG | Insurance | 1,072 | 827,554 | ||
| Swiss Prime Site AG | Real Estate Management & Development | 2,896 | 315,724 | ||
| Swiss Re AG | Insurance | 10,160 | 1,470,888 | ||
| Swisscom AG | Diversified Telecommunication Services | 960 | 534,422 | ||
| Tecan Group AG | Life Sciences Tools & Services | 480 | 107,308 | ||
| Temenos AG | Software | 2,336 | 165,228 | ||
| UBS Group AG | Capital Markets | 100,080 | 3,062,310 | ||
| b | VAT Group AG | Machinery | 1,024 | 387,340 | |
| Zurich Insurance Group AG | Insurance | 3,728 | 2,216,437 | ||
| 48,548,646 | |||||
| United States 3.2% | |||||
| Holcim AG, Class B | Construction Materials | 17,248 | 1,662,660 | ||
| Total Common Stocks (Cost $48,758,284) | 50,211,306 | ||||
| Total Investments before Short-Term Investments (Cost $48,758,284) | 50,211,306 |
| Short-Term Investments 0.0%† | |||||
| Money Market Funds 0.0%† | |||||
| United States 0.0%† | |||||
| c,d | Institutional Fiduciary Trust - Money Market Portfolio, 4.18% | Money Market Funds | 983 | 983 | |
| Total Short-Term Investments (Cost $983) | 983 | ||||
| Total Investments (Cost $48,759,267) 97.9% | 50,212,289 | ||||
| Other Assets, less Liabilities 2.1% | 1,051,290 | ||||
| Net Assets 100.0% | $ 51,263,579 |
| †Rounds to less than 0.1% of net assets. |
| aNon-income producing. |
| bSecurity was purchased pursuant to Rule 144A under the Securities Act of 1933 and may be sold in transactions exempt from registration only to qualified institutional buyers or in a public offering registered under the Securities Act of 1933. At December 31, 2024, the value of this security was $387,340, representing 0.8% of net assets. |
| cThe rate shown is the annualized seven-day effective yield at period end. |
| dSee Note 3 regarding investments in affiliated management investment companies. |
| Description | Type | Number of Contracts | Notional Amount* | Expiration Date | Value/Unrealized Appreciation (Depreciation) |
| Equity Contracts | |||||
| Swiss Mid Cap Future Index | Long | 8 | $ 1,020,910 | 3/21/25 | $ (15,902) |
| *As of period end. |
| Franklin FTSE Taiwan ETF | Industry | Shares | Value | ||
| Common Stocks 99.9% | |||||
| China 0.8% | |||||
| Airtac International Group, Class A | Machinery | 54,330 | $ 1,398,665 | ||
| Silergy Corp. | Semiconductors & Semiconductor Equipment | 132,340 | 1,628,794 | ||
| 3,027,459 | |||||
| Taiwan 98.9% | |||||
| Accton Technology Corp. | Communications Equipment | 202,164 | 4,766,666 | ||
| Acer, Inc., Class H | Technology Hardware, Storage & Peripherals | 1,154,000 | 1,400,943 | ||
| Advanced Energy Solution Holding Co. Ltd. | Electrical Equipment | 9,990 | 347,378 | ||
| Advantech Co. Ltd. | Technology Hardware, Storage & Peripherals | 184,218 | 1,947,004 | ||
| Alchip Technologies Ltd. | Semiconductors & Semiconductor Equipment | 30,576 | 3,059,046 | ||
| ASE Technology Holding Co. Ltd., Class A | Semiconductors & Semiconductor Equipment | 1,300,000 | 6,423,767 | ||
| Asia Cement Corp. | Construction Materials | 978,040 | 1,205,229 | ||
| Asia Vital Components Co. Ltd. | Technology Hardware, Storage & Peripherals | 127,450 | 2,421,917 | ||
| ASMedia Technology, Inc. | Semiconductors & Semiconductor Equipment | 17,090 | 1,034,747 | ||
| ASPEED Technology, Inc. | Semiconductors & Semiconductor Equipment | 12,150 | 1,232,252 | ||
| Asustek Computer, Inc. | Technology Hardware, Storage & Peripherals | 283,970 | 5,335,617 | ||
| AUO Corp., Class H | Electronic Equipment, Instruments & Components | 2,821,000 | 1,260,585 | ||
| Capital Securities Corp., Class A | Capital Markets | 801,000 | 602,256 | ||
| Catcher Technology Co. Ltd. | Technology Hardware, Storage & Peripherals | 243,000 | 1,437,936 | ||
| Cathay Financial Holding Co. Ltd., Class A | Insurance | 3,703,600 | 7,715,716 | ||
| Chailease Holding Co. Ltd., Class A | Financial Services | 606,581 | 2,090,734 | ||
| Chang Hwa Commercial Bank Ltd., Class A | Banks | 2,819,989 | 1,535,384 | ||
| Cheng Shin Rubber Industry Co. Ltd., Class A | Automobile Components | 733,000 | 1,096,666 | ||
| Chicony Electronics Co. Ltd. | Technology Hardware, Storage & Peripherals | 238,600 | 1,106,230 | ||
| China Airlines Ltd., Class A | Passenger Airlines | 1,160,000 | 907,563 | ||
| China Motor Corp., Class A | Automobiles | 102,390 | 247,976 | ||
| China Steel Corp., Class A | Metals & Mining | 4,554,000 | 2,729,525 | ||
| Chunghwa Telecom Co. Ltd. | Diversified Telecommunication Services | 1,532,030 | 5,771,194 | ||
| Compal Electronics, Inc., Class H | Technology Hardware, Storage & Peripherals | 1,636,000 | 1,878,796 | ||
| CTBC Financial Holding Co. Ltd., Class A | Banks | 6,589,000 | 7,858,284 | ||
| Delta Electronics, Inc., Class A | Electronic Equipment, Instruments & Components | 869,540 | 11,418,108 | ||
| E Ink Holdings, Inc. | Electronic Equipment, Instruments & Components | 316,400 | 2,634,696 | ||
| E.Sun Financial Holding Co. Ltd., Class A | Banks | 6,111,343 | 5,023,737 | ||
| Eclat Textile Co. Ltd., Class A | Textiles, Apparel & Luxury Goods | 79,550 | 1,235,064 | ||
| Elite Material Co. Ltd. | Electronic Equipment, Instruments & Components | 121,782 | 2,295,636 | ||
| eMemory Technology, Inc. | Semiconductors & Semiconductor Equipment | 26,568 | 2,718,835 | ||
| Ennostar, Inc., Class H | Semiconductors & Semiconductor Equipment | 235,150 | 299,815 | ||
| Eternal Materials Co. Ltd., Class H | Chemicals | 383,285 | 325,011 | ||
| Eva Airways Corp., Class H | Passenger Airlines | 1,086,000 | 1,469,112 | ||
| Evergreen Marine Corp. Taiwan Ltd. | Marine Transportation | 408,970 | 2,806,761 | ||
| Far Eastern International Bank | Banks | 927,735 | 373,533 | ||
| Far Eastern New Century Corp. | Industrial Conglomerates | 1,169,362 | 1,127,113 | ||
| Far EasTone Telecommunications Co. Ltd. | Wireless Telecommunication Services | 709,500 | 1,934,734 | ||
| Feng TAY Enterprise Co. Ltd. | Textiles, Apparel & Luxury Goods | 196,944 | 798,961 | ||
| First Financial Holding Co. Ltd. | Banks | 4,249,450 | 3,512,638 | ||
| Formosa Chemicals & Fibre Corp. | Chemicals | 1,369,200 | 1,140,147 | ||
| Formosa Petrochemical Corp. | Oil, Gas & Consumable Fuels | 545,620 | 575,003 | ||
| Formosa Plastics Corp. | Chemicals | 1,502,810 | 1,627,286 | ||
| Formosa Sumco Technology Corp. | Semiconductors & Semiconductor Equipment | 24,740 | 73,953 | ||
| Formosa Taffeta Co. Ltd. | Textiles, Apparel & Luxury Goods | 406,000 | 227,245 | ||
| Fortune Electric Co. Ltd. | Electrical Equipment | 51,467 | 883,830 | ||
| Foxconn Technology Co. Ltd. | Electronic Equipment, Instruments & Components | 448,190 | 1,017,107 | ||
| Fubon Financial Holding Co. Ltd. | Insurance | 3,271,645 | 9,011,257 | ||
| Genius Electronic Optical Co. Ltd. | Electronic Equipment, Instruments & Components | 34,610 | 535,231 | ||
| Giant Manufacturing Co. Ltd. | Leisure Products | 124,065 | 535,472 | ||
| Gigabyte Technology Co. Ltd. | Technology Hardware, Storage & Peripherals | 207,570 | 1,725,292 | ||
| Global Unichip Corp. | Semiconductors & Semiconductor Equipment | 34,930 | 1,449,002 | ||
| Globalwafers Co. Ltd. | Semiconductors & Semiconductor Equipment | 101,960 | 1,186,467 | ||
| Hiwin Technologies Corp. | Machinery | 115,089 | 1,154,945 |
| Hon Hai Precision Industry Co. Ltd. | Electronic Equipment, Instruments & Components | 4,802,300 | 26,952,468 | ||
| Hotai Motor Co. Ltd. | Specialty Retail | 131,495 | 2,482,740 | ||
| a | HTC Corp. | Technology Hardware, Storage & Peripherals | 292,500 | 438,957 | |
| Hua Nan Financial Holdings Co. Ltd., Class C | Banks | 3,671,560 | 2,928,557 | ||
| Innolux Corp. | Electronic Equipment, Instruments & Components | 2,998,080 | 1,312,280 | ||
| International Games System Co. Ltd. | Entertainment | 79,152 | 2,351,540 | ||
| Inventec Corp. | Technology Hardware, Storage & Peripherals | 1,031,000 | 1,575,534 | ||
| Jentech Precision Industrial Co. Ltd. | Semiconductors & Semiconductor Equipment | 41,548 | 1,932,642 | ||
| KGI Financial Holding Co. Ltd., Class A | Insurance | 6,338,000 | 3,325,157 | ||
| King Yuan Electronics Co. Ltd. | Semiconductors & Semiconductor Equipment | 445,000 | 1,513,444 | ||
| Largan Precision Co. Ltd. | Electronic Equipment, Instruments & Components | 37,749 | 3,080,071 | ||
| Lite-On Technology Corp. | Technology Hardware, Storage & Peripherals | 803,400 | 2,438,296 | ||
| Lotes Co. Ltd. | Electronic Equipment, Instruments & Components | 30,165 | 1,798,794 | ||
| MediaTek, Inc. | Semiconductors & Semiconductor Equipment | 596,550 | 25,747,480 | ||
| Mega Financial Holding Co. Ltd. | Banks | 4,740,365 | 5,595,697 | ||
| Micro-Star International Co. Ltd. | Technology Hardware, Storage & Peripherals | 274,500 | 1,536,420 | ||
| momo.com, Inc. | Broadline Retail | 31,121 | 316,578 | ||
| Nan Ya Plastics Corp. | Chemicals | 2,090,860 | 1,906,898 | ||
| Nan Ya Printed Circuit Board Corp. | Electronic Equipment, Instruments & Components | 83,590 | 332,733 | ||
| a | Nanya Technology Corp. | Semiconductors & Semiconductor Equipment | 463,510 | 413,539 | |
| Nien Made Enterprise Co. Ltd. | Household Durables | 55,420 | 619,544 | ||
| Novatek Microelectronics Corp. | Semiconductors & Semiconductor Equipment | 230,950 | 3,536,333 | ||
| a | Oneness Biotech Co. Ltd. | Pharmaceuticals | 147,275 | 392,170 | |
| Pegatron Corp. | Technology Hardware, Storage & Peripherals | 822,353 | 2,305,182 | ||
| a | PharmaEssentia Corp. | Biotechnology | 102,540 | 1,923,534 | |
| Pou Chen Corp. | Textiles, Apparel & Luxury Goods | 891,000 | 1,002,849 | ||
| a | Powerchip Semiconductor Manufacturing Corp. | Semiconductors & Semiconductor Equipment | 1,277,000 | 619,326 | |
| Powertech Technology, Inc. | Semiconductors & Semiconductor Equipment | 272,900 | 1,015,535 | ||
| President Chain Store Corp. | Consumer Staples Distribution & Retail | 210,840 | 1,691,376 | ||
| Quanta Computer, Inc. | Technology Hardware, Storage & Peripherals | 1,069,040 | 9,358,522 | ||
| Realtek Semiconductor Corp. | Semiconductors & Semiconductor Equipment | 191,568 | 3,318,965 | ||
| Ruentex Development Co. Ltd. | Real Estate Management & Development | 616,710 | 806,993 | ||
| Shanghai Commercial & Savings Bank Ltd. | Banks | 1,500,000 | 1,811,832 | ||
| Shihlin Electric & Engineering Corp. | Electrical Equipment | 113,500 | 664,704 | ||
| a | Shin Kong Financial Holding Co. Ltd. | Insurance | 6,555,027 | 2,359,326 | |
| Sino-American Silicon Products, Inc. | Semiconductors & Semiconductor Equipment | 226,850 | 930,663 | ||
| SinoPac Financial Holdings Co. Ltd. | Banks | 4,751,642 | 3,319,026 | ||
| Synnex Technology International Corp. | Electronic Equipment, Instruments & Components | 549,900 | 1,187,540 | ||
| Taishin Financial Holding Co. Ltd. | Banks | 4,731,800 | 2,511,349 | ||
| Taiwan Business Bank | Banks | 2,430,760 | 1,101,032 | ||
| Taiwan Cooperative Financial Holding Co. Ltd. | Banks | 4,083,045 | 3,026,369 | ||
| Taiwan Fertilizer Co. Ltd. | Chemicals | 295,106 | 459,971 | ||
| a | Taiwan Glass Industry Corp. | Building Products | 540,000 | 269,304 | |
| Taiwan High Speed Rail Corp. | Transportation Infrastructure | 838,000 | 710,592 | ||
| Taiwan Mobile Co. Ltd. | Wireless Telecommunication Services | 597,630 | 2,068,996 | ||
| Taiwan Secom Co. Ltd. | Commercial Services & Supplies | 96,000 | 361,634 | ||
| Taiwan Semiconductor Manufacturing Co. Ltd. | Semiconductors & Semiconductor Equipment | 2,374,885 | 77,872,207 | ||
| a | Tatung Co. Ltd. | Electrical Equipment | 855,000 | 1,249,203 | |
| TCC Group Holdings Co. Ltd. | Construction Materials | 2,675,918 | 2,587,400 | ||
| Teco Electric & Machinery Co. Ltd. | Electrical Equipment | 468,000 | 745,157 | ||
| Transcend Information, Inc. | Technology Hardware, Storage & Peripherals | 113,790 | 300,575 | ||
| U-Ming Marine Transport Corp. | Marine Transportation | 174,465 | 309,183 | ||
| Unimicron Technology Corp. | Electronic Equipment, Instruments & Components | 521,050 | 2,240,939 | ||
| Uni-President Enterprises Corp. | Food Products | 1,930,700 | 4,764,252 | ||
| United Microelectronics Corp. | Semiconductors & Semiconductor Equipment | 4,732,760 | 6,214,684 | ||
| Vanguard International Semiconductor Corp. | Semiconductors & Semiconductor Equipment | 408,908 | 1,246,013 | ||
| Voltronic Power Technology Corp. | Electrical Equipment | 26,190 | 1,485,867 | ||
| Walsin Lihwa Corp. | Electrical Equipment | 1,083,661 | 783,381 | ||
| Walsin Technology Corp. | Electronic Equipment, Instruments & Components | 128,150 | 361,569 | ||
| Wan Hai Lines Ltd. | Marine Transportation | 367,130 | 908,180 | ||
| a | Win Semiconductors Corp. | Semiconductors & Semiconductor Equipment | 163,980 | 560,196 | |
| a | Winbond Electronics Corp. | Semiconductors & Semiconductor Equipment | 1,266,548 | 571,761 | |
| Wistron Corp. | Technology Hardware, Storage & Peripherals | 1,095,275 | 3,474,465 | ||
| Wiwynn Corp. | Technology Hardware, Storage & Peripherals | 41,110 | 3,285,339 | ||
| WPG Holdings Ltd. | Electronic Equipment, Instruments & Components | 594,000 | 1,239,293 |
| Yageo Corp. | Electronic Equipment, Instruments & Components | 187,045 | 3,086,561 | ||
| Yang Ming Marine Transport Corp. | Marine Transportation | 699,082 | 1,614,193 | ||
| Yuanta Financial Holding Co. Ltd. | Financial Services | 4,590,000 | 4,760,176 | ||
| Yulon Motor Co. Ltd. | Automobiles | 237,365 | 367,076 | ||
| Yulon Nissan Motor Co. Ltd. | Automobiles | 9,780 | 22,552 | ||
| Zhen Ding Technology Holding Ltd. | Electronic Equipment, Instruments & Components | 256,100 | 937,394 | ||
| 380,869,510 | |||||
| United States 0.2% | |||||
| Parade Technologies Ltd. | Semiconductors & Semiconductor Equipment | 30,096 | 704,102 | ||
| Total Common Stocks (Cost $313,369,782) | 384,601,071 | ||||
| Total Investments before Short-Term Investments (Cost $313,369,782) | 384,601,071 | ||||
| Short-Term Investments 0.0%† | |||||
| Money Market Funds 0.0%† | |||||
| United States 0.0%† | |||||
| b,c | Institutional Fiduciary Trust - Money Market Portfolio, 4.18% | Money Market Funds | 24,477 | 24,477 | |
| Total Short-Term Investments (Cost $24,477) | 24,477 | ||||
| Total Investments (Cost $313,394,259) 99.9% | 384,625,548 | ||||
| Other Assets, less Liabilities 0.1% | 347,241 | ||||
| Net Assets 100.0% | $ 384,972,789 |
| †Rounds to less than 0.1% of net assets. |
| aNon-income producing. |
| bThe rate shown is the annualized seven-day effective yield at period end. |
| cSee Note 3 regarding investments in affiliated management investment companies. |
| Franklin FTSE United Kingdom ETF | Industry | Shares | Value | ||
| Common Stocks 99.7% | |||||
| Australia 4.4% | |||||
| a | Glencore PLC | Metals & Mining | 3,048,192 | $ 13,491,241 | |
| Rio Tinto PLC | Metals & Mining | 268,128 | 15,859,998 | ||
| 29,351,239 | |||||
| Austria 0.2% | |||||
| Mondi PLC | Paper & Forest Products | 110,376 | 1,647,760 | ||
| Bermuda 0.2% | |||||
| Hiscox Ltd. | Insurance | 77,616 | 1,052,744 | ||
| Chile 0.3% | |||||
| Antofagasta PLC | Metals & Mining | 86,688 | 1,726,232 | ||
| France 0.1% | |||||
| a | Canal & SADIR | Media | 161,784 | 411,315 | |
| Ireland 1.7% | |||||
| DCC PLC | Industrial Conglomerates | 24,696 | 1,589,765 | ||
| Experian PLC | Professional Services | 229,824 | 9,915,797 | ||
| 11,505,562 | |||||
| Isle Of Man 0.2% | |||||
| Entain PLC | Hotels, Restaurants & Leisure | 153,216 | 1,318,652 | ||
| Mexico 0.1% | |||||
| Fresnillo PLC | Metals & Mining | 46,872 | 364,836 | ||
| Netherlands 7.3% | |||||
| Shell PLC | Oil, Gas & Consumable Fuels | 1,553,328 | 48,167,803 | ||
| Nigeria 0.0%† | |||||
| b | Airtel Africa PLC | Wireless Telecommunication Services | 255,024 | 362,829 | |
| Russia 0.0% | |||||
| a,c | Evraz PLC | Metals & Mining | 128,818 | — | |
| Switzerland 0.3% | |||||
| Coca-Cola HBC AG | Beverages | 51,408 | 1,758,954 | ||
| United Kingdom 81.5% | |||||
| 3i Group PLC | Capital Markets | 232,848 | 10,393,295 | ||
| Admiral Group PLC | Insurance | 73,080 | 2,419,931 | ||
| Anglo American PLC | Metals & Mining | 311,976 | 9,236,590 | ||
| Ashtead Group PLC | Trading Companies & Distributors | 109,368 | 6,800,683 | ||
| Associated British Foods PLC | Food Products | 79,128 | 2,024,611 | ||
| AstraZeneca PLC | Pharmaceuticals | 375,984 | 49,291,962 | ||
| b | Auto Trader Group PLC | Interactive Media & Services | 223,776 | 2,222,438 | |
| Aviva PLC | Insurance | 677,880 | 3,980,004 | ||
| B&M European Value Retail SA | Broadline Retail | 232,848 | 1,070,241 | ||
| BAE Systems PLC | Aerospace & Defense | 761,544 | 10,953,907 | ||
| Barclays PLC | Banks | 3,633,336 | 12,201,870 | ||
| Barratt Redrow PLC | Household Durables | 342,720 | 1,889,008 | ||
| Beazley PLC | Insurance | 160,272 | 1,638,917 | ||
| Berkeley Group Holdings PLC | Household Durables | 24,696 | 1,206,241 | ||
| BP PLC | Oil, Gas & Consumable Fuels | 4,042,080 | 19,894,842 | ||
| British American Tobacco PLC | Tobacco | 500,976 | 18,069,762 | ||
| British Land Co. PLC | Diversified REITs | 250,488 | 1,130,615 | ||
| BT Group PLC | Diversified Telecommunication Services | 1,584,072 | 2,857,796 | ||
| Bunzl PLC | Trading Companies & Distributors | 83,664 | 3,453,575 | ||
| Burberry Group PLC | Textiles, Apparel & Luxury Goods | 89,712 | 1,101,082 | ||
| Centrica PLC | Multi-Utilities | 1,287,720 | 2,154,621 | ||
| Compass Group PLC | Hotels, Restaurants & Leisure | 427,392 | 14,248,773 | ||
| b | ConvaTec Group PLC | Health Care Equipment & Supplies | 413,280 | 1,144,913 | |
| Croda International PLC | Chemicals | 34,776 | 1,474,285 |
| Diageo PLC | Beverages | 557,424 | 17,714,738 | ||
| Diploma PLC | Trading Companies & Distributors | 33,768 | 1,797,369 | ||
| DS Smith PLC | Containers & Packaging | 344,736 | 2,340,071 | ||
| Endeavour Mining PLC | Metals & Mining | 49,896 | 890,479 | ||
| a | Flutter Entertainment PLC | Hotels, Restaurants & Leisure | 44,352 | 11,509,223 | |
| GSK PLC | Pharmaceuticals | 1,002,960 | 16,913,481 | ||
| Haleon PLC | Personal Care Products | 1,891,512 | 8,940,340 | ||
| Halma PLC | Electronic Equipment, Instruments & Components | 95,256 | 3,207,940 | ||
| Hargreaves Lansdown PLC | Capital Markets | 95,256 | 1,309,899 | ||
| Hikma Pharmaceuticals PLC | Pharmaceuticals | 40,824 | 1,018,981 | ||
| Howden Joinery Group PLC | Trading Companies & Distributors | 137,592 | 1,367,361 | ||
| HSBC Holdings PLC | Banks | 4,555,656 | 44,805,316 | ||
| IMI PLC | Machinery | 64,008 | 1,459,779 | ||
| Imperial Brands PLC | Tobacco | 211,176 | 6,752,093 | ||
| Informa PLC | Media | 334,656 | 3,346,279 | ||
| InterContinental Hotels Group PLC | Hotels, Restaurants & Leisure | 39,816 | 4,963,617 | ||
| Intermediate Capital Group PLC | Capital Markets | 66,528 | 1,721,384 | ||
| International Consolidated Airlines Group SA | Passenger Airlines | 586,152 | 2,216,238 | ||
| Intertek Group PLC | Professional Services | 40,320 | 2,387,487 | ||
| J Sainsbury PLC | Consumer Staples Distribution & Retail | 476,784 | 1,633,732 | ||
| JD Sports Fashion PLC | Specialty Retail | 624,456 | 750,004 | ||
| Kingfisher PLC | Specialty Retail | 456,120 | 1,420,685 | ||
| Land Securities Group PLC | Diversified REITs | 186,984 | 1,367,604 | ||
| Legal & General Group PLC | Insurance | 1,477,728 | 4,252,923 | ||
| Lloyds Banking Group PLC | Banks | 15,344,280 | 10,527,168 | ||
| London Stock Exchange Group PLC | Capital Markets | 124,488 | 17,594,304 | ||
| M&G PLC | Financial Services | 546,336 | 1,353,751 | ||
| Marks & Spencer Group PLC | Consumer Staples Distribution & Retail | 511,560 | 2,405,745 | ||
| Melrose Industries PLC | Aerospace & Defense | 320,040 | 2,219,730 | ||
| National Grid PLC | Multi-Utilities | 1,225,224 | 14,577,469 | ||
| NatWest Group PLC | Banks | 1,748,880 | 8,807,185 | ||
| Next PLC | Broadline Retail | 29,232 | 3,477,232 | ||
| a,c | NMC Health PLC | Health Care Providers & Services | 3,705 | — | |
| Pearson PLC | Diversified Consumer Services | 167,328 | 2,686,579 | ||
| Persimmon PLC | Household Durables | 80,136 | 1,202,341 | ||
| Phoenix Group Holdings PLC | Insurance | 187,488 | 1,197,531 | ||
| Prudential PLC | Insurance | 673,848 | 5,375,816 | ||
| Reckitt Benckiser Group PLC | Household Products | 173,376 | 10,494,187 | ||
| RELX PLC | Professional Services | 468,720 | 21,303,133 | ||
| Rentokil Initial PLC | Commercial Services & Supplies | 632,520 | 3,175,009 | ||
| Rightmove PLC | Interactive Media & Services | 199,080 | 1,600,186 | ||
| a | Rolls-Royce Holdings PLC | Aerospace & Defense | 2,133,432 | 15,192,481 | |
| RS Group PLC | Trading Companies & Distributors | 117,936 | 1,006,596 | ||
| Sage Group PLC | Software | 251,496 | 4,009,614 | ||
| Schroders PLC | Capital Markets | 211,176 | 855,847 | ||
| Segro PLC | Industrial REITs | 338,688 | 2,974,300 | ||
| Severn Trent PLC | Water Utilities | 66,024 | 2,073,826 | ||
| Smith & Nephew PLC | Health Care Equipment & Supplies | 219,240 | 2,722,148 | ||
| Smiths Group PLC | Industrial Conglomerates | 86,688 | 1,866,285 | ||
| Spirax Group PLC | Machinery | 18,648 | 1,600,968 | ||
| SSE PLC | Electric Utilities | 274,176 | 5,507,783 | ||
| St. James’s Place PLC | Capital Markets | 137,592 | 1,495,739 | ||
| Standard Chartered PLC | Banks | 507,024 | 6,277,579 | ||
| Taylor Wimpey PLC | Household Durables | 890,064 | 1,361,068 | ||
| Tesco PLC | Consumer Staples Distribution & Retail | 1,707,552 | 7,876,235 | ||
| Unilever PLC | Personal Care Products | 617,904 | 35,195,285 | ||
| UNITE Group PLC | Residential REITs | 100,800 | 1,018,141 | ||
| United Utilities Group PLC | Water Utilities | 171,360 | 2,256,637 | ||
| Vodafone Group PLC | Wireless Telecommunication Services | 5,283,432 | 4,519,390 | ||
| Weir Group PLC | Machinery | 65,016 | 1,778,345 | ||
| Whitbread PLC | Hotels, Restaurants & Leisure | 44,856 | 1,654,994 | ||
| a | Wise PLC, Class A | Financial Services | 187,992 | 2,509,803 | |
| WPP PLC | Media | 269,136 | 2,788,883 | ||
| 539,486,298 |
| United States 3.4% | |||||
| CRH PLC | Construction Materials | 170,352 | 15,817,683 | ||
| Smurfit WestRock PLC | Containers & Packaging | 129,024 | 6,974,209 | ||
| 22,791,892 | |||||
| Total Common Stocks (Cost $643,757,770) | 659,946,116 | ||||
| Total Investments before Short-Term Investments (Cost $643,757,770) | 659,946,116 | ||||
| Short-Term Investments 0.0%† | |||||
| Money Market Funds 0.0%† | |||||
| United States 0.0%† | |||||
| d,e | Institutional Fiduciary Trust - Money Market Portfolio, 4.18% | Money Market Funds | 37,010 | 37,010 | |
| Total Short-Term Investments (Cost $37,010) | 37,010 | ||||
| Total Investments (Cost $643,794,780) 99.7% | 659,983,126 | ||||
| Other Assets, less Liabilities 0.3% | 1,749,450 | ||||
| Net Assets 100.0% | $ 661,732,576 |
| †Rounds to less than 0.1% of net assets. |
| aNon-income producing. |
| bSecurity was purchased pursuant to Rule 144A under the Securities Act of 1933 and may be sold in transactions exempt from registration only to qualified institutional buyers or in a public offering registered under the Securities Act of 1933. At December 31, 2024, the aggregate value of these securities was $3,730,180, representing 0.6% of net assets. |
| cFair valued using significant unobservable inputs. See Note 5 regarding fair value measurements. |
| dThe rate shown is the annualized seven-day effective yield at period end. |
| eSee Note 3 regarding investments in affiliated management investment companies. |
| Description | Type | Number of Contracts | Notional Amount* | Expiration Date | Value/Unrealized Appreciation (Depreciation) |
| Index Contracts | |||||
| FTSE 100 Index | Long | 18 | $ 1,844,146 | 3/21/25 | $ (13,326) |
| *As of period end. |
| Selected Portfolio | ||
| REIT | – | Real Estate Investment Trust |
| Franklin Genomic Advancements ETF | Country | Shares | Value | ||
| Common Stocks 96.9% | |||||
| Biotechnology 45.8% | |||||
| a | 4D Molecular Therapeutics, Inc. | United States | 1,746 | $ 9,725 | |
| a | Alnylam Pharmaceuticals, Inc. | United States | 1,021 | 240,251 | |
| a | Avid Bioservices, Inc. | United States | 5,782 | 71,408 | |
| a | Bavarian Nordic AS | Denmark | 1,490 | 39,176 | |
| a | Beam Therapeutics, Inc. | United States | 5,097 | 126,406 | |
| a | BioMarin Pharmaceutical, Inc. | United States | 425 | 27,935 | |
| a | BioNTech SE, ADR | Germany | 2,883 | 328,518 | |
| a | Bridgebio Pharma, Inc. | United States | 5,095 | 139,807 | |
| a | Crinetics Pharmaceuticals, Inc. | United States | 596 | 30,473 | |
| a | CRISPR Therapeutics AG | Switzerland | 1,372 | 54,002 | |
| a | Dynavax Technologies Corp. | United States | 5,449 | 69,584 | |
| a | Exact Sciences Corp. | United States | 3,305 | 185,708 | |
| a | Insmed, Inc. | United States | 4,108 | 283,616 | |
| a | Intellia Therapeutics, Inc. | United States | 4,236 | 49,392 | |
| a | Ionis Pharmaceuticals, Inc. | United States | 7,700 | 269,192 | |
| a | Krystal Biotech, Inc. | United States | 3,478 | 544,863 | |
| a | Moderna, Inc. | United States | 1,001 | 41,622 | |
| a | Natera, Inc. | United States | 4,757 | 753,033 | |
| a | Neurocrine Biosciences, Inc. | United States | 1,022 | 139,503 | |
| a | Neurogene, Inc. | United States | 1,128 | 25,786 | |
| a | Recursion Pharmaceuticals, Inc., Class A | United States | 12,576 | 85,014 | |
| a | Regeneron Pharmaceuticals, Inc. | United States | 724 | 515,727 | |
| a | Rocket Pharmaceuticals, Inc. | United States | 10,272 | 129,119 | |
| a | Sarepta Therapeutics, Inc. | United States | 1,812 | 220,321 | |
| a | Twist Bioscience Corp. | United States | 3,891 | 180,815 | |
| a | Ultragenyx Pharmaceutical, Inc. | United States | 4,223 | 177,662 | |
| a | United Therapeutics Corp. | United States | 949 | 334,845 | |
| a | Veracyte, Inc. | United States | 2,485 | 98,406 | |
| a | Vertex Pharmaceuticals, Inc. | United States | 1,679 | 676,133 | |
| a | Voyager Therapeutics, Inc. | United States | 20,045 | 113,655 | |
| 5,961,697 | |||||
| Chemicals 2.4% | |||||
| Corteva, Inc. | United States | 5,564 | 316,926 | ||
| Health Care Providers & Services 1.2% | |||||
| Labcorp Holdings, Inc. | United States | 652 | 149,517 | ||
| Health Care REITs 0.1% | |||||
| Alexandria Real Estate Equities, Inc. | United States | 189 | 18,437 | ||
| Health Care Technology 0.6% | |||||
| a | Doximity, Inc., Class A | United States | 1,216 | 64,922 | |
| Simulations Plus, Inc. | United States | 462 | 12,885 | ||
| 77,807 | |||||
| Life Sciences Tools & Services 35.6% | |||||
| Agilent Technologies, Inc. | United States | 2,190 | 294,205 | ||
| a | Avantor, Inc. | United States | 2,917 | 61,461 | |
| a | Azenta, Inc. | United States | 2,848 | 142,400 | |
| a | Bio-Rad Laboratories, Inc., Class A | United States | 225 | 73,915 | |
| Bio-Techne Corp. | United States | 1,876 | 135,128 | ||
| Bruker Corp. | United States | 4,801 | 281,435 | ||
| a | Charles River Laboratories International, Inc. | United States | 1,427 | 263,424 | |
| Danaher Corp. | United States | 2,309 | 530,031 | ||
| a | Evotec SE | Germany | 1,364 | 11,575 | |
| a | ICON PLC | Ireland | 814 | 170,704 | |
| a | IQVIA Holdings, Inc. | United States | 697 | 136,967 | |
| Lonza Group AG | Switzerland | 281 | 166,135 | ||
| a | Medpace Holdings, Inc. | United States | 1,562 | 518,943 | |
| a,b | OmniAb, Inc., 12.5 Earnout | United States | 240 | — |
| a,b | OmniAb, Inc., 15.0 Earnout | United States | 240 | — | |
| a | Qiagen NV | United States | 6,283 | 279,782 | |
| a | Repligen Corp. | United States | 1,005 | 144,660 | |
| Revvity, Inc. | United States | 2,315 | 258,377 | ||
| a,c | Samsung Biologics Co. Ltd. | South Korea | 886 | 571,147 | |
| a | Tempus AI, Inc. | United States | 1,921 | 64,853 | |
| Thermo Fisher Scientific, Inc. | United States | 1,027 | 534,276 | ||
| 4,639,418 | |||||
| Pharmaceuticals 8.7% | |||||
| AstraZeneca PLC, ADR | United Kingdom | 4,970 | 325,635 | ||
| Bristol-Myers Squibb Co. | United States | 847 | 47,906 | ||
| Eli Lilly & Co. | United States | 784 | 605,248 | ||
| a | Ligand Pharmaceuticals, Inc. | United States | 1,461 | 156,546 | |
| 1,135,335 | |||||
| Software 2.5% | |||||
| a | Cadence Design Systems, Inc. | United States | 1,089 | 327,201 | |
| Total Common Stocks (Cost $13,650,842) | 12,626,338 | ||||
| Preferred Stock 2.1% | |||||
| Life Sciences Tools & Services 2.1% | |||||
| d | Sartorius AG, 0.344%, pfd. | Germany | 1,200 | 267,407 | |
| Total Preferred Stocks (Cost $607,172) | 267,407 | ||||
| Total Investments (Cost $14,258,014) 99.0% | 12,893,745 | ||||
| Other Assets, less Liabilities 1.0% | 130,935 | ||||
| Net Assets 100.0% | $ 13,024,680 |
| aNon-income producing. |
| bFair valued using significant unobservable inputs. See Note 5 regarding fair value measurements. |
| cSecurity was purchased pursuant to Rule 144A under the Securities Act of 1933 and may be sold in transactions exempt from registration only to qualified institutional buyers or in a public offering registered under the Securities Act of 1933. At December 31, 2024, the value of this security was $571,147, representing 4.4% of net assets. |
| dVariable rate security. The rate shown represents the yield at period end. |
| Selected Portfolio | ||
| ADR | – | American Depositary Receipt |
| Franklin High Yield Corporate ETF | Country | Principal Amount* | Value | ||
| Corporate Bonds & Notes 95.0% | |||||
| Advertising 0.8% | |||||
| Outfront Media Capital LLC/Outfront Media Capital Corp., | |||||
| a | 7.375%, 2/15/31 | United States | 2,000,000 | $ 2,092,231 | |
| a | 4.625%, 3/15/30 | United States | 2,900,000 | 2,682,074 | |
| 4,774,305 | |||||
| Aerospace/Defense 2.0% | |||||
| Boeing Co., 6.528%, 5/01/34 | United States | 2,400,000 | 2,515,509 | ||
| a | Bombardier, Inc., 7.00%, 6/01/32 | Canada | 5,000,000 | 5,092,555 | |
| a | TransDigm, Inc., 6.00%, 1/15/33 | United States | 4,600,000 | 4,511,913 | |
| 12,119,977 | |||||
| Airlines 0.8% | |||||
| a | American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.50%, 4/20/26 | United States | 1,550,000 | 1,546,214 | |
| a | OneSky Flight LLC, 8.875%, 12/15/29 | United States | 1,075,000 | 1,076,983 | |
| a | United Airlines, Inc., 4.375%, 4/15/26 | United States | 2,400,000 | 2,361,669 | |
| 4,984,866 | |||||
| Apparel 0.2% | |||||
| a | Hanesbrands, Inc., 9.00%, 2/15/31 | United States | 1,300,000 | 1,387,406 | |
| Auto Parts & Equipment 0.3% | |||||
| IHO Verwaltungs GmbH, | |||||
| a | 8.00%, 11/15/32 | Germany | 800,000 | 806,412 | |
| a | 7.75%, 11/15/30 | Germany | 1,100,000 | 1,099,473 | |
| 1,905,885 | |||||
| Automobiles & Components 2.2% | |||||
| Adient Global Holdings Ltd., | |||||
| a | 8.25%, 4/15/31 | United States | 800,000 | 818,451 | |
| a | 7.00%, 4/15/28 | United States | 2,500,000 | 2,531,610 | |
| a | Dornoch Debt Merger Sub, Inc., 6.625%, 10/15/29 | United States | 4,200,000 | 3,406,552 | |
| a | Jaguar Land Rover Automotive PLC, 5.50%, 7/15/29 | United Kingdom | 3,100,000 | 3,011,482 | |
| a | ZF North America Capital, Inc., 6.875%, 4/23/32 | Germany | 3,800,000 | 3,607,976 | |
| 13,376,071 | |||||
| Capital Goods 1.1% | |||||
| a | ATS Corp., 4.125%, 12/15/28 | Canada | 3,000,000 | 2,791,946 | |
| a | Cornerstone Building Brands, Inc., 6.125%, 1/15/29 | United States | 1,800,000 | 1,438,091 | |
| a | Vertiv Group Corp., 4.125%, 11/15/28 | United States | 2,400,000 | 2,267,406 | |
| 6,497,443 | |||||
| Chemicals 1.7% | |||||
| a | Avient Corp., 6.25%, 11/01/31 | United States | 2,100,000 | 2,073,706 | |
| a | Cerdia Finanz GmbH, 9.375%, 10/03/31 | Germany | 4,100,000 | 4,276,997 | |
| a | Rain Carbon, Inc., 12.25%, 9/01/29 | United States | 3,300,000 | 3,491,883 | |
| 9,842,586 | |||||
| Coal 0.4% | |||||
| a | Coronado Finance Pty. Ltd., 9.25%, 10/01/29 | Australia | 2,400,000 | 2,436,790 | |
| Commercial & Professional Services 2.3% | |||||
| Gartner, Inc., | |||||
| a | 3.625%, 6/15/29 | United States | 1,500,000 | 1,394,631 | |
| a | senior note, 4.50%, 7/01/28 | United States | 2,300,000 | 2,242,916 | |
| Grand Canyon University, 5.125%, 10/01/28 | United States | 2,700,000 | 2,534,464 | ||
| a | MPH Acquisition Holdings LLC, 5.75%, 11/01/28 | United States | 2,000,000 | 1,305,060 | |
| a | Prime Security Services Borrower LLC/Prime Finance, Inc., first lien, 3.375%, 8/31/27 | United States | 3,500,000 | 3,276,603 | |
| a | PROG Holdings, Inc., 6.00%, 11/15/29 | United States | 2,900,000 | 2,787,972 | |
| 13,541,646 |
| Commercial Services 4.0% | |||||
| a | Allied Universal Holdco LLC, 7.875%, 2/15/31 | United States | 1,300,000 | 1,330,329 | |
| a | Ashtead Capital, Inc., 5.80%, 4/15/34 | United Kingdom | 1,300,000 | 1,301,811 | |
| a | Avis Budget Car Rental LLC/Avis Budget Finance, Inc., 8.25%, 1/15/30 | United States | 3,100,000 | 3,200,329 | |
| EquipmentShare.com, Inc., | |||||
| a | 8.625%, 5/15/32 | United States | 1,600,000 | 1,674,078 | |
| a | 9.00%, 5/15/28 | United States | 3,000,000 | 3,115,764 | |
| a | Herc Holdings, Inc., 6.625%, 6/15/29 | United States | 1,900,000 | 1,925,706 | |
| a | RR Donnelley & Sons Co., 9.50%, 8/01/29 | United States | 5,375,000 | 5,464,097 | |
| United Rentals North America, Inc., | |||||
| 5.50%, 5/15/27 | United States | 700,000 | 697,709 | ||
| a | 6.125%, 3/15/34 | United States | 4,100,000 | 4,073,058 | |
| a | Veritiv Operating Co., 10.50%, 11/30/30 | United States | 925,000 | 997,363 | |
| 23,780,244 | |||||
| Construction Materials 2.5% | |||||
| a | EMRLD Borrower LP/Emerald Co-Issuer, Inc., 6.625%, 12/15/30 | United States | 2,400,000 | 2,406,200 | |
| a | Miter Brands Acquisition Holdco, Inc./MIWD Borrower LLC, 6.75%, 4/01/32 | United States | 4,700,000 | 4,724,962 | |
| a | Smyrna Ready Mix Concrete LLC, 8.875%, 11/15/31 | United States | 2,700,000 | 2,839,617 | |
| a | Standard Building Solutions, Inc., 6.50%, 8/15/32 | United States | 5,000,000 | 5,012,308 | |
| 14,983,087 | |||||
| Consumer Discretionary Distribution & Retail 0.2% | |||||
| a | FirstCash, Inc., 4.625%, 9/01/28 | United States | 1,200,000 | 1,138,266 | |
| Consumer Durables & Apparel 0.3% | |||||
| a | Ashton Woods USA LLC/Ashton Woods Finance Co., 4.625%, 4/01/30 | United States | 1,800,000 | 1,635,103 | |
| Consumer Services 2.1% | |||||
| a,b,c | 24 Hour Fitness Worldwide, Inc., senior note, 8.00%, 6/01/22 | United States | 800,000 | — | |
| Carnival Corp., | |||||
| a | 7.625%, 3/01/26 | United States | 1,200,000 | 1,202,666 | |
| a | senior note, 5.75%, 3/01/27 | United States | 4,300,000 | 4,293,676 | |
| a | NCL Corp. Ltd., 5.875%, 3/15/26 | United States | 2,900,000 | 2,898,195 | |
| a | Royal Caribbean Cruises Ltd., 5.50%, 8/31/26 | United States | 1,100,000 | 1,099,721 | |
| a | Station Casinos LLC, 4.50%, 2/15/28 | United States | 3,500,000 | 3,323,576 | |
| 12,817,834 | |||||
| Distribution/Wholesale 0.6% | |||||
| a | Gates Corp., 6.875%, 7/01/29 | United States | 2,000,000 | 2,036,936 | |
| a | Ritchie Bros Holdings, Inc., 6.75%, 3/15/28 | Canada | 1,300,000 | 1,330,732 | |
| 3,367,668 | |||||
| Diversified Financial Services 6.3% | |||||
| Encore Capital Group, Inc., | |||||
| a | 9.25%, 4/01/29 | United States | 1,200,000 | 1,279,984 | |
| a | 8.50%, 5/15/30 | United States | 1,900,000 | 2,000,577 | |
| a | Freedom Mortgage Holdings LLC, 9.25%, 2/01/29 | United States | 4,000,000 | 4,131,829 | |
| a | GGAM Finance Ltd., 8.00%, 6/15/28 | Ireland | 600,000 | 630,476 | |
| Jane Street Group/JSG Finance, Inc., | |||||
| a | 4.50%, 11/15/29 | United States | 1,400,000 | 1,312,159 | |
| a | 6.125%, 11/01/32 | United States | 2,000,000 | 1,982,802 | |
| a | Jefferson Capital Holdings LLC, 9.50%, 2/15/29 | United States | 2,300,000 | 2,446,291 | |
| Macquarie Airfinance Holdings Ltd., | |||||
| a | 6.50%, 3/26/31 | United Kingdom | 1,400,000 | 1,450,809 | |
| a | 6.40%, 3/26/29 | United Kingdom | 1,500,000 | 1,544,539 | |
| a | Nationstar Mortgage Holdings, Inc., 5.75%, 11/15/31 | United States | 5,300,000 | 5,071,424 | |
| OneMain Finance Corp., | |||||
| 6.625%, 5/15/29 | United States | 1,000,000 | 1,013,700 | ||
| 7.125%, 11/15/31 | United States | 1,300,000 | 1,325,913 | ||
| 9.00%, 1/15/29 | United States | 3,500,000 | 3,714,060 | ||
| a | PHH Escrow Issuer LLC, 9.875%, 11/01/29 | United States | 4,300,000 | 4,323,736 | |
| a | PRA Group, Inc., 8.875%, 1/31/30 | United States | 1,100,000 | 1,140,677 | |
| a | StoneX Group, Inc., 7.875%, 3/01/31 | United States | 4,300,000 | 4,501,510 | |
| 37,870,486 |
| Electric 1.8% | |||||
| a | California Buyer Ltd./Atlantica Sustainable Infrastructure PLC, 6.375%, 2/15/32 | United Kingdom | 1,400,000 | 1,397,348 | |
| a | NRG Energy, Inc., 5.75%, 7/15/29 | United States | 2,500,000 | 2,442,799 | |
| a | Talen Energy Supply LLC, 8.625%, 6/01/30 | United States | 2,700,000 | 2,879,390 | |
| a | Vistra Operations Co. LLC, 7.75%, 10/15/31 | United States | 3,700,000 | 3,884,984 | |
| 10,604,521 | |||||
| Electrical Components & Equipment 0.7% | |||||
| a | Energizer Holdings, Inc., 4.375%, 3/31/29 | United States | 4,400,000 | 4,090,935 | |
| Energy 5.4% | |||||
| a | Antero Resources Corp., 7.625%, 2/01/29 | United States | 1,401,000 | 1,435,178 | |
| a | Atlantica Sustainable Infrastructure PLC, 4.125%, 6/15/28 | Spain | 2,800,000 | 2,647,315 | |
| a | Calumet Specialty Products Partners LP/Calumet Finance Corp., 8.125%, 1/15/27 | United States | 2,100,000 | 2,095,520 | |
| a | CrownRock LP/CrownRock Finance, Inc., 5.00%, 5/01/29 | United States | 1,100,000 | 1,114,599 | |
| a | DT Midstream, Inc., 4.125%, 6/15/29 | United States | 1,500,000 | 1,401,867 | |
| a | Enerflex Ltd., 9.00%, 10/15/27 | Canada | 240,000 | 250,056 | |
| EnLink Midstream Partners LP, 4.15%, 6/01/25 | United States | 3,200,000 | 3,192,059 | ||
| a | EQM Midstream Partners LP, 7.50%, 6/01/27 | United States | 3,100,000 | 3,163,415 | |
| a | Expand Energy Corp., 6.75%, 4/15/29 | United States | 3,700,000 | 3,743,479 | |
| a | Harbour Energy PLC, 5.50%, 10/15/26 | United Kingdom | 5,400,000 | 5,398,967 | |
| a | Kinetik Holdings LP, 5.875%, 6/15/30 | United States | 2,600,000 | 2,561,128 | |
| a | Nabors Industries, Inc., 7.375%, 5/15/27 | United States | 1,800,000 | 1,799,550 | |
| Sunoco LP/Sunoco Finance Corp., 6.00%, 4/15/27 | United States | 1,000,000 | 998,747 | ||
| Venture Global Calcasieu Pass LLC, | |||||
| a | 3.875%, 8/15/29 | United States | 1,300,000 | 1,195,315 | |
| a | 4.125%, 8/15/31 | United States | 1,400,000 | 1,254,847 | |
| 32,252,042 | |||||
| Engineering & Construction 0.3% | |||||
| a | Arcosa, Inc., 6.875%, 8/15/32 | United States | 2,000,000 | 2,034,530 | |
| Entertainment 4.4% | |||||
| a | Allwyn Entertainment Financing U.K. PLC, 7.875%, 4/30/29 | Czech Republic | 4,700,000 | 4,848,496 | |
| a | Banijay Entertainment SAS, 8.125%, 5/01/29 | France | 3,800,000 | 3,952,654 | |
| Caesars Entertainment, Inc., | |||||
| a | 7.00%, 2/15/30 | United States | 1,600,000 | 1,630,847 | |
| a | 6.50%, 2/15/32 | United States | 2,000,000 | 2,010,657 | |
| a | 4.625%, 10/15/29 | United States | 2,700,000 | 2,530,070 | |
| a | Great Canadian Gaming Corp., 8.75%, 11/15/29 | Canada | 3,000,000 | 3,073,768 | |
| a | Six Flags Entertainment Corp./Six Flags Theme Parks, Inc., 6.625%, 5/01/32 | United States | 3,700,000 | 3,753,002 | |
| a | Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., 7.125%, 2/15/31 | United States | 4,000,000 | 4,168,460 | |
| 25,967,954 | |||||
| Environmental Control 1.0% | |||||
| a | Wrangler Holdco Corp., 6.625%, 4/01/32 | Canada | 5,700,000 | 5,808,380 | |
| Financial Services 4.2% | |||||
| a | Apollo Commercial Real Estate Finance, Inc., 4.625%, 6/15/29 | United States | 2,800,000 | 2,432,863 | |
| a | Global Net Lease, Inc./Global Net Lease Operating Partnership LP, senior note, 3.75%, 12/15/27 | United States | 2,300,000 | 2,101,298 | |
| Iron Mountain, Inc., | |||||
| a | 7.00%, 2/15/29 | United States | 2,600,000 | 2,658,531 | |
| a | 5.625%, 7/15/32 | United States | 3,700,000 | 3,537,235 | |
| a | Necessity Retail REIT, Inc./American Finance Operating Partner LP, 4.50%, 9/30/28 | United States | 1,000,000 | 919,593 | |
| a | Pebblebrook Hotel LP/PEB Finance Corp., 6.375%, 10/15/29 | United States | 700,000 | 693,563 | |
| a | PRA Group, Inc., 5.00%, 10/01/29 | United States | 1,700,000 | 1,556,799 | |
| RHP Hotel Properties LP/RHP Finance Corp., | |||||
| a | 7.25%, 7/15/28 | United States | 1,900,000 | 1,960,492 | |
| a | 6.50%, 4/01/32 | United States | 2,800,000 | 2,816,416 |
| a | Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., 3.875%, 3/01/31 | United States | 3,600,000 | 3,138,919 | |
| a | VICI Properties LP/VICI Note Co., Inc., 3.875%, 2/15/29 | United States | 2,600,000 | 2,451,843 | |
| a | XHR LP, 6.625%, 5/15/30 | United States | 975,000 | 979,419 | |
| 25,246,971 | |||||
| Food 2.0% | |||||
| a | Chobani Holdco II LLC, 8.75%, 10/01/29 | United States | 1,400,000 | 1,484,026 | |
| a | Chobani LLC/Chobani Finance Corp., Inc., 7.625%, 7/01/29 | United States | 4,000,000 | 4,141,339 | |
| Pilgrim’s Pride Corp., 6.875%, 5/15/34 | United States | 2,600,000 | 2,767,958 | ||
| a | Post Holdings, Inc., 6.25%, 2/15/32 | United States | 1,300,000 | 1,291,858 | |
| U.S. Foods, Inc., | |||||
| a | 5.75%, 4/15/33 | United States | 900,000 | 876,866 | |
| a | 7.25%, 1/15/32 | United States | 1,200,000 | 1,243,397 | |
| 11,805,444 | |||||
| Food, Beverage & Tobacco 0.0%† | |||||
| a | Primo Water Holdings, Inc., 4.375%, 4/30/29 | Canada | 300,000 | 279,257 | |
| Hand/Machine Tools 0.4% | |||||
| Regal Rexnord Corp., | |||||
| 6.30%, 2/15/30 | United States | 1,000,000 | 1,029,141 | ||
| 6.40%, 4/15/33 | United States | 1,400,000 | 1,445,186 | ||
| 2,474,327 | |||||
| Health Care Equipment & Services 1.5% | |||||
| CHS/Community Health Systems, Inc., | |||||
| a | 6.875%, 4/15/29 | United States | 1,000,000 | 756,484 | |
| a | senior secured note, 6.00%, 1/15/29 | United States | 3,300,000 | 2,958,422 | |
| a | DaVita, Inc., 4.625%, 6/01/30 | United States | 5,400,000 | 4,968,999 | |
| 8,683,905 | |||||
| Healthcare-Products 1.4% | |||||
| a | Bausch & Lomb Corp., 8.375%, 10/01/28 | United States | 3,900,000 | 4,041,375 | |
| a | Neogen Food Safety Corp., 8.625%, 7/20/30 | United States | 3,800,000 | 4,094,618 | |
| 8,135,993 | |||||
| Healthcare-Services 2.1% | |||||
| a | CHS/Community Health Systems, Inc., 10.875%, 1/15/32 | United States | 3,200,000 | 3,305,530 | |
| a | Concentra Escrow Issuer Corp., 6.875%, 7/15/32 | United States | 3,500,000 | 3,577,735 | |
| a | Fortrea Holdings, Inc., 7.50%, 7/01/30 | United States | 1,000,000 | 1,002,909 | |
| Tenet Healthcare Corp., | |||||
| 6.75%, 5/15/31 | United States | 1,000,000 | 1,011,021 | ||
| 6.125%, 10/01/28 | United States | 1,800,000 | 1,798,272 | ||
| 6.125%, 6/15/30 | United States | 2,100,000 | 2,086,073 | ||
| 12,781,540 | |||||
| Home Builders 0.7% | |||||
| a | Dream Finders Homes, Inc., 8.25%, 8/15/28 | United States | 2,200,000 | 2,303,048 | |
| a | LGI Homes, Inc., 8.75%, 12/15/28 | United States | 1,900,000 | 1,994,187 | |
| 4,297,235 | |||||
| Hotels, Restaurants & Leisure 1.7% | |||||
| 1011778 BC ULC/New Red Finance, Inc., | |||||
| a | 4.00%, 10/15/30 | Canada | 2,000,000 | 1,790,485 | |
| a | 6.125%, 6/15/29 | Canada | 2,900,000 | 2,913,017 | |
| Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc., | |||||
| a | 4.625%, 1/15/29 | United States | 1,600,000 | 1,490,328 | |
| a | 6.75%, 1/15/30 | United States | 4,100,000 | 3,785,893 | |
| 9,979,723 | |||||
| Household & Personal Products 0.7% | |||||
| a | VM Consolidated, Inc., 5.50%, 4/15/29 | United States | 4,500,000 | 4,383,008 | |
| Household Products 0.4% | |||||
| a | Coty, Inc./HFC Prestige Products, Inc./HFC Prestige International U.S. LLC, 6.625%, 7/15/30 | United States | 2,200,000 | 2,237,941 |
| Insurance 2.5% | |||||
| Acrisure LLC/Acrisure Finance, Inc., | |||||
| a | 7.50%, 11/06/30 | United States | 2,300,000 | 2,370,760 | |
| a | 8.50%, 6/15/29 | United States | 2,500,000 | 2,617,273 | |
| Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, | |||||
| a | 7.375%, 10/01/32 | United States | 1,500,000 | 1,515,678 | |
| a | 6.75%, 4/15/28 | United States | 1,700,000 | 1,709,743 | |
| a | 7.00%, 1/15/31 | United States | 2,400,000 | 2,412,002 | |
| a | HUB International Ltd., 7.25%, 6/15/30 | United States | 1,600,000 | 1,641,312 | |
| a | Jones Deslauriers Insurance Management, Inc., 10.50%, 12/15/30 | Canada | 2,500,000 | 2,707,137 | |
| 14,973,905 | |||||
| Internet 0.5% | |||||
| a | Cogent Communications Group, Inc./Cogent Communications Finance, Inc., 7.00%, 6/15/27 | United States | 1,800,000 | 1,802,623 | |
| a | Wayfair LLC, 7.25%, 10/31/29 | United States | 1,300,000 | 1,302,600 | |
| 3,105,223 | |||||
| Iron/Steel 1.3% | |||||
| ATI, Inc., 7.25%, 8/15/30 | United States | 1,900,000 | 1,957,055 | ||
| a | Cleveland-Cliffs, Inc., 7.00%, 3/15/32 | United States | 5,900,000 | 5,801,828 | |
| 7,758,883 | |||||
| IT Services 0.8% | |||||
| a | Fortress Intermediate 3, Inc., 7.50%, 6/01/31 | United States | 4,800,000 | 4,900,421 | |
| Leisure Time 2.2% | |||||
| a | Carnival Holdings Bermuda Ltd., 10.375%, 5/01/28 | United States | 1,000,000 | 1,066,117 | |
| a | NCL Corp. Ltd., 7.75%, 2/15/29 | United States | 1,900,000 | 1,996,604 | |
| Royal Caribbean Cruises Ltd., | |||||
| a | 5.625%, 9/30/31 | United States | 1,000,000 | 984,309 | |
| a | 6.00%, 2/01/33 | United States | 4,600,000 | 4,592,387 | |
| Viking Cruises Ltd., | |||||
| a | 9.125%, 7/15/31 | United States | 800,000 | 861,084 | |
| a | 5.875%, 9/15/27 | United States | 1,100,000 | 1,095,336 | |
| a | 7.00%, 2/15/29 | United States | 2,700,000 | 2,717,541 | |
| 13,313,378 | |||||
| Machinery-Construction & Mining 0.8% | |||||
| a | Manitowoc Co., Inc., 9.25%, 10/01/31 | United States | 2,700,000 | 2,770,937 | |
| a | Terex Corp., 6.25%, 10/15/32 | United States | 2,200,000 | 2,159,137 | |
| 4,930,074 | |||||
| Machinery-Diversified 0.4% | |||||
| a | Esab Corp., 6.25%, 4/15/29 | United States | 2,300,000 | 2,331,486 | |
| Materials 2.8% | |||||
| a | Arcosa, Inc., 4.375%, 4/15/29 | United States | 3,000,000 | 2,800,330 | |
| a | Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc., senior note, 5.25%, 8/15/27 | Luxembourg | 200,000 | 114,537 | |
| a | Constellium SE, 3.75%, 4/15/29 | United States | 2,500,000 | 2,265,149 | |
| a | GPD Cos., Inc., senior secured note, 10.125%, 4/01/26 | United States | 4,650,000 | 4,601,220 | |
| a | Magnera Corp., 4.75%, 11/15/29 | United States | 1,700,000 | 1,511,805 | |
| a | Novelis Corp., 4.75%, 1/30/30 | United States | 2,500,000 | 2,310,316 | |
| a | Pactiv Evergreen Group Issuer, Inc./Pactiv Evergreen Group Issuer LLC, 4.00%, 10/15/27 | United States | 1,900,000 | 1,885,828 | |
| a | Rain CII Carbon LLC/CII Carbon Corp., 7.25%, 4/01/25 | United States | 22,000 | 21,820 | |
| a | Trivium Packaging Finance BV, senior note, 5.50%, 8/15/26 | Netherlands | 1,400,000 | 1,385,293 | |
| 16,896,298 | |||||
| Media 1.1% | |||||
| a | CSC Holdings LLC, 3.375%, 2/15/31 | United States | 2,500,000 | 1,765,243 | |
| a | McGraw-Hill Education, Inc., 7.375%, 9/01/31 | United States | 4,600,000 | 4,713,546 | |
| 6,478,789 |
| Media & Entertainment 2.9% | |||||
| CCO Holdings LLC/CCO Holdings Capital Corp., | |||||
| a | 5.375%, 6/01/29 | United States | 2,800,000 | 2,680,387 | |
| a | 4.50%, 8/15/30 | United States | 4,000,000 | 3,595,144 | |
| Clear Channel Outdoor Holdings, Inc., | |||||
| a | 7.50%, 6/01/29 | United States | 1,000,000 | 876,164 | |
| a | 7.875%, 4/01/30 | United States | 4,300,000 | 4,430,668 | |
| Diamond Sports Group LLC/Diamond Sports Finance Co., | |||||
| a,b | senior note, 6.625%, 8/15/27 | United States | 900,000 | 4,500 | |
| a,b | 5.375%, 8/15/26 | United States | 900,000 | 4,500 | |
| a | Directv Financing LLC/Directv Financing Co-Obligor, Inc., 5.875%, 8/15/27 | United States | 3,300,000 | 3,218,700 | |
| a | Sirius XM Radio LLC, 4.00%, 7/15/28 | United States | 2,200,000 | 2,029,405 | |
| a | Virgin Media Secured Finance PLC, 4.50%, 8/15/30 | United Kingdom | 300,000 | 259,450 | |
| 17,098,918 | |||||
| Mining 0.6% | |||||
| a | Constellium SE, 6.375%, 8/15/32 | United States | 3,500,000 | 3,391,641 | |
| Miscellaneous Manufacturing 0.3% | |||||
| a | Calderys Financing LLC, 11.25%, 6/01/28 | France | 1,900,000 | 2,036,120 | |
| Office/Business Equipment 0.4% | |||||
| a | Zebra Technologies Corp., 6.50%, 6/01/32 | United States | 2,400,000 | 2,436,759 | |
| Oil & Gas 6.3% | |||||
| a | Calumet Specialty Products Partners LP/Calumet Finance Corp., 9.25%, 7/15/29 | United States | 1,600,000 | 1,659,981 | |
| a | CITGO Petroleum Corp., 8.375%, 1/15/29 | United States | 1,000,000 | 1,031,221 | |
| Civitas Resources, Inc., | |||||
| a | 8.375%, 7/01/28 | United States | 2,600,000 | 2,703,528 | |
| a | 8.75%, 7/01/31 | United States | 3,200,000 | 3,340,107 | |
| a | Kraken Oil & Gas Partners LLC, 7.625%, 8/15/29 | United States | 4,100,000 | 3,950,145 | |
| Matador Resources Co., | |||||
| a | 6.50%, 4/15/32 | United States | 3,100,000 | 3,070,169 | |
| a | 6.25%, 4/15/33 | United States | 3,200,000 | 3,109,192 | |
| Nabors Industries, Inc., | |||||
| a | 9.125%, 1/31/30 | United States | 1,700,000 | 1,730,401 | |
| a | 8.875%, 8/15/31 | United States | 2,400,000 | 2,231,007 | |
| PBF Holding Co. LLC/PBF Finance Corp., 6.00%, 2/15/28 | United States | 1,000,000 | 959,859 | ||
| a | Sunoco LP, 7.25%, 5/01/32 | United States | 2,700,000 | 2,791,165 | |
| a | Transocean Titan Financing Ltd., 8.375%, 2/01/28 | United States | 1,900,000 | 1,940,711 | |
| Transocean, Inc., | |||||
| 6.80%, 3/15/38 | United States | 800,000 | 656,291 | ||
| a | 8.25%, 5/15/29 | United States | 900,000 | 882,509 | |
| a | 8.75%, 2/15/30 | United States | 2,635,000 | 2,728,859 | |
| a | Viper Energy, Inc., 7.375%, 11/01/31 | United States | 2,600,000 | 2,724,047 | |
| Vital Energy, Inc., | |||||
| a | 7.875%, 4/15/32 | United States | 600,000 | 577,897 | |
| 9.75%, 10/15/30 | United States | 1,700,000 | 1,794,092 | ||
| 37,881,181 | |||||
| Oil & Gas Services 0.7% | |||||
| a | Kodiak Gas Services LLC, 7.25%, 2/15/29 | United States | 3,000,000 | 3,062,976 | |
| Oceaneering International, Inc., 6.00%, 2/01/28 | United States | 900,000 | 888,554 | ||
| 3,951,530 | |||||
| Packaging & Containers 0.4% | |||||
| a | Intelligent Packaging Ltd. Finco, Inc./Intelligent Packaging Ltd. Co-Issuer LLC, 6.00%, 9/15/28 | Canada | 700,000 | 690,743 | |
| a | Mauser Packaging Solutions Holding Co., 9.25%, 4/15/27 | United States | 600,000 | 609,700 | |
| a | Sealed Air Corp./Sealed Air Corp. U.S., 6.125%, 2/01/28 | United States | 900,000 | 903,719 | |
| 2,204,162 | |||||
| Pharmaceuticals 2.3% | |||||
| a | 1375209 BC Ltd., 9.00%, 1/30/28 | Canada | 3,261,000 | 3,269,616 | |
| a | Endo Finance Holdings, Inc., 8.50%, 4/15/31 | United States | 4,500,000 | 4,773,524 | |
| a | Grifols SA, 4.75%, 10/15/28 | Spain | 4,200,000 | 3,864,183 |
| a,c | Par Pharmaceutical, Inc., 7.50%, 4/01/27 | United States | 400,000 | — | |
| Teva Pharmaceutical Finance Netherlands III BV, | |||||
| 7.875%, 9/15/29 | Israel | 900,000 | 971,095 | ||
| 8.125%, 9/15/31 | Israel | 900,000 | 1,007,018 | ||
| 13,885,436 | |||||
| Pharmaceuticals, Biotechnology & Life Sciences 1.3% | |||||
| a | Kedrion SpA, 6.50%, 9/01/29 | Italy | 6,000,000 | 5,661,987 | |
| Teva Pharmaceutical Finance Netherlands III BV, 4.75%, 5/09/27 | Israel | 1,900,000 | 1,856,436 | ||
| 7,518,423 | |||||
| Pipelines 2.7% | |||||
| a | Hess Midstream Operations LP, 6.50%, 6/01/29 | United States | 2,300,000 | 2,324,431 | |
| a | Martin Midstream Partners LP/Martin Midstream Finance Corp., 11.50%, 2/15/28 | United States | 3,400,000 | 3,697,180 | |
| a | Northriver Midstream Finance LP, 6.75%, 7/15/32 | Canada | 3,500,000 | 3,524,084 | |
| Venture Global LNG, Inc., | |||||
| a | 8.125%, 6/01/28 | United States | 1,400,000 | 1,457,474 | |
| a | 8.375%, 6/01/31 | United States | 1,900,000 | 1,983,527 | |
| a | 9.50%, 2/01/29 | United States | 3,000,000 | 3,317,673 | |
| 16,304,369 | |||||
| Real Estate Management & Development 0.2% | |||||
| a | Greystar Real Estate Partners LLC, 7.75%, 9/01/30 | United States | 1,100,000 | 1,163,203 | |
| Retail 0.9% | |||||
| a | Evergreen Acqco 1 LP/TVI, Inc., 9.75%, 4/26/28 | United States | 1,110,000 | 1,169,377 | |
| a | FirstCash, Inc., 6.875%, 3/01/32 | United States | 4,000,000 | 4,021,319 | |
| 5,190,696 | |||||
| Software & Services 0.2% | |||||
| a | Rocket Software, Inc., 6.50%, 2/15/29 | United States | 1,000,000 | 942,801 | |
| Technology Hardware & Equipment 0.5% | |||||
| a | McAfee Corp., 7.375%, 2/15/30 | United States | 3,200,000 | 3,111,973 | |
| Telecommunication Services 1.9% | |||||
| a | Altice France Holding SA, senior note, 10.50%, 5/15/27 | Luxembourg | 600,000 | 177,752 | |
| a | Altice France SA, first lien, 8.125%, 2/01/27 | France | 1,000,000 | 811,786 | |
| a | CommScope LLC, 7.125%, 7/01/28 | United States | 700,000 | 616,946 | |
| a | CommScope Technologies LLC, 5.00%, 3/15/27 | United States | 1,800,000 | 1,611,242 | |
| a | Connect Finco SARL/Connect U.S. Finco LLC, 9.00%, 9/15/29 | United Kingdom | 3,800,000 | 3,465,807 | |
| a | Zegona Finance PLC, 8.625%, 7/15/29 | United Kingdom | 4,500,000 | 4,786,949 | |
| 11,470,482 | |||||
| Telecommunications 0.6% | |||||
| a | Iliad Holding SASU, 7.00%, 4/15/32 | France | 3,650,000 | 3,673,029 | |
| Transportation 1.9% | |||||
| a | First Student Bidco, Inc./First Transit Parent, Inc., 4.00%, 7/31/29 | United States | 1,600,000 | 1,470,123 | |
| a | Watco Cos. LLC/Watco Finance Corp., 7.125%, 8/01/32 | United States | 5,200,000 | 5,365,094 | |
| a | XPO, Inc., 7.125%, 2/01/32 | United States | 4,300,000 | 4,408,876 | |
| 11,244,093 | |||||
| Utilities 2.0% | |||||
| Calpine Corp., | |||||
| a | senior note, 5.125%, 3/15/28 | United States | 700,000 | 679,432 | |
| a | first lien, 4.50%, 2/15/28 | United States | 1,700,000 | 1,631,862 | |
| a | Leeward Renewable Energy Operations LLC, 4.25%, 7/01/29 | United States | 3,900,000 | 3,574,077 | |
| a | TTM Technologies, Inc., 4.00%, 3/01/29 | United States | 4,000,000 | 3,715,499 | |
| a | Vistra Operations Co. LLC, senior note, 5.50%, 9/01/26 | United States | 2,100,000 | 2,095,108 | |
| 11,695,978 | |||||
| Total Corporate Bonds & Notes (Cost $572,003,331) | 567,412,620 | ||||
| Franklin High Yield Corporate ETF | Country | Shares | Value | ||
| Common Stocks 0.0%† | |||||
| Pharmaceuticals 0.0%† | |||||
| d | Endo, Inc. | United States | 5,615 | 134,479 | |
| Total Common Stocks (Cost $97,900) | 134,479 | ||||
| $ | |||||
| Municipal Bonds 0.3% | |||||
| Arizona 0.3% | |||||
| a | Maricopa County Industrial Development Authority, Grand Canyon University Obligated Group, 7.375%, 10/01/29 | United States | 1,545,000 | $ 1,575,964 | |
| Total Municipal Bonds (Cost $1,554,538) | 1,575,964 | ||||
| Country | Principal Amount* | $Value | |||
| Preferred Stock 0.1% | |||||
| Aerospace/Defense 0.1% | |||||
| Boeing Co., 6.00%, pfd. | United States | 11,000 | 669,790 | ||
| Total Preferred Stocks (Cost $550,000) | 669,790 | ||||
| Value | |||||
| e | Senior Floating Rate Interests 1.0% | ||||
| Software 0.3% | |||||
| Athenahealth Group, Inc., 2022 Term Loan B, 1 mo. USD Term SOFR + 3.25%, 7.607%, 2/15/29 | United States | 1,477,639 | 1,484,237 | ||
| Chemicals 0.4% | |||||
| Hexion Holdings Corp., 2022 USD 2nd Lien Term Loan, 1 mo. USD Term SOFR + 7.44%, 11.895%, 3/15/30 | United States | 837,209 | 798,141 | ||
| PMHC II, Inc., 2022 Term Loan B, 3 mo. USD Term SOFR + 4.25%, 9.058%, 4/23/29 | United States | 1,661,750 | 1,641,443 | ||
| 2,439,584 | |||||
| Media 0.0%† | |||||
| Diamond Sports Group LLC, | |||||
| 2022 First Priority Term Loan, 1 mo. USD Term SOFR + 10.00%, 14.653%, 5/25/26 | United States | 20,423 | 17,851 | ||
| 2024 DIP PIK Term Loan, 1 mo. USD Term SOFR + 5.00%, 5.00%, 12/02/25 | United States | 103,741 | 114,699 | ||
| 132,550 | |||||
| Hotels, Restaurants & Leisure 0.3% | |||||
| Fertitta Entertainment LLC, 2022 Term Loan B, 1 mo. USD Term SOFR + 3.50%, 7.857%, 1/27/29 | United States | 1,653,250 | 1,661,434 | ||
| Total Floating Rate Loans (Cost $5,724,308) | 5,717,805 | ||||
| Total Investments before Short-Term Investments (Cost $579,930,077) | 575,510,658 | ||||
| Short-Term Investments 1.1% | |||||
| U.S. Government & Agency Securities 1.1% | |||||
| f | Federal Home Loan Bank Discount Notes, 2.106%, 01/02/25 | United States | 6,445,000 | 6,443,496 | |
| Total Short-Term Investments (Cost $6,444,266) | 6,443,496 | ||||
| Total Investments (Cost $586,374,343) 97.5% | 581,954,154 | ||||
| Other Assets, less Liabilities 2.5% | 14,991,479 | ||||
| Net Assets 100.0% | $ 596,945,633 |
| *The principal amount is stated in U.S. dollars unless otherwise indicated. |
| †Rounds to less than 0.1% of net assets. |
| aSecurity was purchased pursuant to Rule 144A under the Securities Act of 1933 and may be sold in transactions exempt from registration only to qualified institutional buyers or in a public offering registered under the Securities Act of 1933. At December 31, 2024, the aggregate value of these securities was $532,768,372, representing 89.2% of net assets. |
| bDefaulted security or security for which income has been deemed uncollectible. |
| cFair valued using significant unobservable inputs. See Note 5 regarding fair value measurements. |
| dNon-income producing. |
| eVariable rate security. The rate shown represents the yield at period end. |
| fThe rate shown represents the yield at period end. |
| Selected Portfolio | ||
| PIK | – | Payment-In-Kind |
| REIT | – | Real Estate Investment Trust |
| SOFR | – | Secured Overnight Financing Rate |
| SPA | – | Standby Purchase Agreement |
| Franklin Income Equity Focus ETF | Shares | Value | |||
| Common Stocks 60.9% | |||||
| Communication Services 2.9% | |||||
| Verizon Communications, Inc. | 66,429 | $ 2,656,496 | |||
| Consumer Discretionary 5.2% | |||||
| General Motors Co. | 17,953 | 956,356 | |||
| Home Depot, Inc. | 3,855 | 1,499,557 | |||
| Lowe’s Cos., Inc. | 4,813 | 1,187,848 | |||
| McDonald’s Corp. | 3,729 | 1,081,000 | |||
| 4,724,761 | |||||
| Consumer Staples 7.1% | |||||
| Coca-Cola Co. | 14,798 | 921,323 | |||
| Nestle SA, ADR | 5,000 | 408,500 | |||
| PepsiCo, Inc. | 14,496 | 2,204,262 | |||
| Philip Morris International, Inc. | 9,142 | 1,100,240 | |||
| Procter & Gamble Co. | 11,035 | 1,850,018 | |||
| 6,484,343 | |||||
| Energy 5.7% | |||||
| Chevron Corp. | 16,850 | 2,440,554 | |||
| Exxon Mobil Corp. | 12,508 | 1,345,486 | |||
| Schlumberger NV | 10,952 | 419,900 | |||
| TotalEnergies SE, ADR | 18,001 | 981,054 | |||
| 5,186,994 | |||||
| Financials 10.4% | |||||
| Bank of America Corp. | 21,539 | 946,639 | |||
| Charles Schwab Corp. | 17,535 | 1,297,765 | |||
| Citigroup, Inc. | 11,188 | 787,523 | |||
| Fifth Third Bancorp | 11,942 | 504,908 | |||
| JPMorgan Chase & Co. | 5,841 | 1,400,146 | |||
| Mastercard, Inc., Class A | 993 | 522,884 | |||
| MetLife, Inc. | 14,850 | 1,215,918 | |||
| Morgan Stanley | 10,588 | 1,331,123 | |||
| PNC Financial Services Group, Inc. | 2,772 | 534,580 | |||
| U.S. Bancorp | 21,780 | 1,041,738 | |||
| 9,583,224 | |||||
| Health Care 4.4% | |||||
| AstraZeneca PLC, ADR | 7,509 | 491,989 | |||
| Johnson & Johnson | 18,019 | 2,605,908 | |||
| Merck & Co., Inc. | 9,664 | 961,375 | |||
| 4,059,272 | |||||
| Industrials 9.3% | |||||
| a | Boeing Co. | 1,500 | 265,500 | ||
| Honeywell International, Inc. | 4,560 | 1,030,058 | |||
| Johnson Controls International PLC | 24,552 | 1,937,889 | |||
| Lockheed Martin Corp. | 3,938 | 1,913,632 | |||
| RTX Corp. | 11,452 | 1,325,226 | |||
| Union Pacific Corp. | 5,754 | 1,312,142 | |||
| United Parcel Service, Inc., Class B | 6,258 | 789,134 | |||
| 8,573,581 | |||||
| Information Technology 4.7% | |||||
| Analog Devices, Inc. | 5,903 | 1,254,151 | |||
| Cisco Systems, Inc. | 18,521 | 1,096,443 | |||
| International Business Machines Corp. | 4,196 | 922,407 | |||
| Texas Instruments, Inc. | 5,775 | 1,082,870 | |||
| 4,355,871 |
| Materials 5.3% | |||||
| Air Products & Chemicals, Inc. | 5,949 | 1,725,448 | |||
| Albemarle Corp. | 4,648 | 400,100 | |||
| Freeport-McMoRan, Inc. | 11,272 | 429,238 | |||
| Newmont Corp. | 20,811 | 774,585 | |||
| Rio Tinto PLC, ADR | 25,802 | 1,517,416 | |||
| 4,846,787 | |||||
| Utilities 5.9% | |||||
| American Electric Power Co., Inc. | 9,702 | 894,815 | |||
| Duke Energy Corp. | 6,975 | 751,487 | |||
| Sempra | 11,368 | 997,201 | |||
| Southern Co. | 33,575 | 2,763,894 | |||
| 5,407,397 | |||||
| Total Common Stocks (Cost $53,521,217) | 55,878,726 | ||||
| Preferred Stocks 4.0% | |||||
| Industrials 1.2% | |||||
| Boeing Co., 6.00%, pfd. | 18,442 | 1,122,934 | |||
| Materials 1.4% | |||||
| Albemarle Corp., 7.25%, pfd. | 30,525 | 1,242,062 | |||
| Utilities 1.4% | |||||
| NextEra Energy, Inc., 7.299%, pfd. | 27,225 | 1,328,308 | |||
| Total Preferred Stocks (Cost $3,726,224) | 3,693,304 | ||||
| Warrant 2.1% | |||||
| Financials 2.1% | |||||
| a | Merrill Lynch BV | 18,000 | 1,915,472 | ||
| Total Warrants (Cost $1,742,400) | 1,915,472 | ||||
| Equity-Linked Securities 32.1% | |||||
| Other 32.1% | |||||
| b | Barclays Bank PLC into AbbVie Inc., 8.00%, 10/9/25 | 10,000 | 1,811,136 | ||
| b | Barclays Bank PLC into Microchip Technology Inc., 10.00%, 10/14/25 | 19,000 | 1,163,594 | ||
| b | Barclays Bank PLC into RTX Corp., 7.50%, 10/16/25 | 9,405 | 1,086,859 | ||
| b | BNP Paribas Issuance BV into Hewlett Packard Enterprise, 12.00%, 9/24/25 | 50,000 | 1,002,767 | ||
| b | BNP Paribas Issuance BV into Pfizer Inc., 10.50%, 7/23/25 | 42,000 | 1,131,101 | ||
| b | BNP Paribas Issuance BV into Target Corp., 9.00%, 7/10/25 | 7,100 | 974,899 | ||
| b | BNP Paribas SA into Applied Materials Inc., 10.00%, 12/10/25 | 3,300 | 549,801 | ||
| b | BofA Finance LLC into S&P 500 Index, 7.50%, 2/4/25 | 175 | 1,030,613 | ||
| b | Citigroup Global Markets Holdings, Inc. into Alphabet Inc., 8.50%, 8/20/25 | 6,000 | 1,077,016 | ||
| b | Citigroup Global Markets Holdings, Inc. into Analog Devices Inc., 9.00%, 7/8/25 | 8,100 | 1,756,154 | ||
| b | Citigroup Global Markets Holdings, Inc. into The Home Depot Inc., 7.50%, 7/21/25 | 3,300 | 1,191,619 | ||
| b | JPMorgan Chase Bank NA into Comcast Corp., 8.50%, 8/2/25 | 38,000 | 1,441,839 | ||
| b | JPMorgan Chase Bank NA into CVS Health Corp., 9.00%, 11/25/25 | 7,000 | 318,170 | ||
| b | JPMorgan Chase Bank NA into Exxon Mobil Corp., 8.50%, 11/3/25 | 11,000 | 1,193,591 | ||
| b | Mizuho Markets Cayman LP into NextEra Energy Inc., 8.50%, 10/14/25 | 17,500 | 1,308,930 | ||
| b | Mizuho Markets Cayman LP into S&P 500 Index, 8.00%, 1/10/25 | 170 | 998,980 | ||
| b | Royal Bank of Canada into Freeport-McMoRan Inc., 10.00%, 7/8/25 | 35,300 | 1,402,895 | ||
| b | Royal Bank of Canada into Medtronic PLC, 8.00%, 8/7/25 | 6,500 | 522,137 | ||
| b | Royal Bank of Canada into Nike Inc., Class B, 10.00%, 12/24/25 | 8,000 | 622,917 | ||
| b | Royal Bank of Canada into Texas Instruments Inc., 8.50%, 7/15/25 | 11,000 | 2,068,440 | ||
| b | Toronto-Dominion Bank into Starbucks Corp., 9.00%, 1/12/26 | 20,000 | 1,879,886 | ||
| b | UBS AG into IBM US, 8.00%, 8/27/25 | 8,000 | 1,629,823 | ||
| b | Wells Fargo Bank NA into Broadcom Inc., 9.50%, 8/20/25 | 8,000 | 1,508,246 |
| b | Wells Fargo Bank NA into UnitedHealth Group, 7.00%, 7/14/25 | 3,550 | 1,736,578 | ||
| 29,407,991 | |||||
| Total Equity-Linked Securities (Cost $30,323,960) | 29,407,991 | ||||
| Total Investments before Short-Term Investments (Cost $89,313,801) | 90,895,493 | ||||
| Country | Principal Amount* | ||||
| Short-Term Investments 0.2% | |||||
| U.S. Government & Agency Securities 0.2% | |||||
| c | Federal Home Loan Bank Discount Notes, 2.106%, 1/02/25 | United States | $ 150,000 | 149,965 | |
| Total Short-Term Investments (Cost $149,983) | 149,965 | ||||
| Total Investments (Cost $89,463,784) 99.3% | 91,045,458 | ||||
| Other Assets, less Liabilities 0.7% | 643,100 | ||||
| Net Assets 100.0% | $ 91,688,558 | ||||
| *The principal amount is stated in U.S. dollars unless otherwise indicated. |
| aNon-income producing. |
| bSecurity was purchased pursuant to Rule 144A under the Securities Act of 1933 and may be sold in transactions exempt from registration only to qualified institutional buyers or in a public offering registered under the Securities Act of 1933. At December 31, 2024, the aggregate value of these securities was $29,407,991, representing 32.1% of net assets. |
| cThe rate shown represents the yield at period end. |
| Selected Portfolio | ||
| ADR | – | American Depositary Receipt |
| BOFA | – | Bank of America Corp. |
| Franklin Income Focus ETF | Country | Principal Amount* | Value | |||
| Corporate Bonds & Notes 35.2% | ||||||
| Advertising 0.4% | ||||||
| Clear Channel Outdoor Holdings, Inc., | ||||||
| a 5.125%, 8/15/27 | United States | 820,000 | $ 790,241 | |||
| a 9.00%, 9/15/28 | United States | 750,000 | 788,652 | |||
| 1,578,893 | ||||||
| Aerospace & Defense 1.7% | ||||||
| Boeing Co., | ||||||
| 5.15%, 5/01/30 | United States | 3,060,000 | 3,019,377 | |||
| 6.528%, 5/01/34 | United States | 1,500,000 | 1,572,193 | |||
| a | Bombardier, Inc., 7.25%, 7/01/31 | Canada | 600,000 | 619,516 | ||
| TransDigm, Inc., | ||||||
| 5.50%, 11/15/27 | United States | 1,250,000 | 1,229,318 | |||
| a 6.75%, 8/15/28 | United States | 600,000 | 605,984 | |||
| 7,046,388 | ||||||
| Agriculture 0.5% | ||||||
| BAT Capital Corp., | ||||||
| 7.75%, 10/19/32 | United Kingdom | 850,000 | 964,822 | |||
| 6.421%, 8/02/33 | United Kingdom | 500,000 | 528,711 | |||
| Philip Morris International, Inc., 5.375%, 2/15/33 | United States | 500,000 | 501,203 | |||
| 1,994,736 | ||||||
| Airlines 2.0% | ||||||
| a | American Airlines, Inc., 8.50%, 5/15/29 | United States | 2,500,000 | 2,626,396 | ||
| a | American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.75%, 4/20/29 | United States | 1,000,000 | 992,477 | ||
| a | Delta Air Lines, Inc./SkyMiles IP Ltd., 4.75%, 10/20/28 | United States | 1,900,000 | 1,875,164 | ||
| a | JetBlue Airways Corp./JetBlue Loyalty LP, 9.875%, 9/20/31 | United States | 750,000 | 797,653 | ||
| a | Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd., 6.50%, 6/20/27 | United States | 830,000 | 835,829 | ||
| a | United Airlines, Inc., 4.625%, 4/15/29 | United States | 1,065,000 | 1,013,450 | ||
| 8,140,969 | ||||||
| Apparel 0.1% | ||||||
| a | Hanesbrands, Inc., 9.00%, 2/15/31 | United States | 350,000 | 373,532 | ||
| Auto Manufacturers 1.9% | ||||||
| Ford Motor Co., | ||||||
| 3.25%, 2/12/32 | United States | 1,750,000 | 1,455,940 | |||
| 6.10%, 8/19/32 | United States | 2,300,000 | 2,289,806 | |||
| Ford Motor Credit Co. LLC, 7.35%, 3/06/30 | United States | 1,260,000 | 1,334,843 | |||
| General Motors Financial Co., Inc., | ||||||
| 6.40%, 1/09/33 | United States | 2,000,000 | 2,074,029 | |||
| 5.80%, 1/07/29 | United States | 850,000 | 867,530 | |||
| 8,022,148 | ||||||
| Auto Parts & Equipment 0.2% | ||||||
| a | Dornoch Debt Merger Sub, Inc., 6.625%, 10/15/29 | United States | 1,250,000 | 1,013,855 | ||
| Banks 2.8% | ||||||
| Bank of America Corp., 4.571% to 4/27/32, FRN thereafter, 4/27/33 | United States | 1,500,000 | 1,426,141 | |||
| Barclays PLC, 7.437% to 11/02/32, FRN thereafter, 11/02/33 | United Kingdom | 1,465,000 | 1,612,488 | |||
| Citigroup, Inc., | ||||||
| 6.27% to 11/17/32, FRN thereafter, 11/17/33 | United States | 500,000 | 524,480 | |||
| 6.174% to 5/25/33, FRN thereafter, 5/25/34 | United States | 495,000 | 504,483 | |||
| Goldman Sachs Group, Inc., 6.561% to 10/24/33, FRN thereafter, 10/24/34 | United States | 825,000 | 887,220 | |||
| JPMorgan Chase & Co., 5.04% to 1/23/27, FRN thereafter, 1/23/28 | United States | 980,000 | 983,766 | |||
| KeyBank NA, 4.90%, 8/08/32 | United States | 615,000 | 583,112 | |||
| Morgan Stanley, | ||||||
| 6.342% to 10/18/32, FRN thereafter, 10/18/33 | United States | 1,148,000 | 1,214,773 | |||
| 5.25% to 4/21/33, FRN thereafter, 4/21/34 | United States | 1,400,000 | 1,379,104 |
| PNC Financial Services Group, Inc., 5.068% to 1/24/33, FRN thereafter, 1/24/34 | United States | 510,000 | 497,035 | |||
| Truist Financial Corp., 4.916% to 7/28/32, FRN thereafter, 7/28/33 | United States | 540,000 | 510,412 | |||
| U.S. Bancorp, 5.836% to 6/10/33, FRN thereafter, 6/12/34 | United States | 300,000 | 305,937 | |||
| Wells Fargo & Co., 5.389% to 4/24/33, FRN thereafter, 4/24/34 | United States | 1,101,000 | 1,089,226 | |||
| 11,518,177 | ||||||
| Building Products 0.1% | ||||||
| a | AmeriTex HoldCo Intermediate LLC, 10.25%, 10/15/28 | United States | 250,000 | 266,806 | ||
| Chemicals 0.6% | ||||||
| Celanese U.S. Holdings LLC, 6.379%, 7/15/32 | United States | 725,000 | 736,767 | |||
| a | Rain Carbon, Inc., 12.25%, 9/01/29 | United States | 500,000 | 529,073 | ||
| a | SCIH Salt Holdings, Inc., 4.875%, 5/01/28 | United States | 1,155,000 | 1,087,817 | ||
| 2,353,657 | ||||||
| Commercial Services & Supplies 0.4% | ||||||
| a | Ashtead Capital, Inc., 4.25%, 11/01/29 | United Kingdom | 550,000 | 521,783 | ||
| a | MPH Acquisition Holdings LLC, 5.50%, 9/01/28 | United States | 925,000 | 794,003 | ||
| a | United Rentals North America, Inc., 6.00%, 12/15/29 | United States | 485,000 | 489,662 | ||
| 1,805,448 | ||||||
| Construction Materials 0.3% | ||||||
| Carrier Global Corp., 2.722%, 2/15/30 | United States | 850,000 | 760,730 | |||
| a | EMRLD Borrower LP/Emerald Co-Issuer, Inc., 6.625%, 12/15/30 | United States | 500,000 | 501,292 | ||
| 1,262,022 | ||||||
| Electric 3.2% | ||||||
| American Electric Power Co., Inc., 5.625%, 3/01/33 | United States | 300,000 | 303,227 | |||
| Calpine Corp., | ||||||
| a senior note, 5.125%, 3/15/28 | United States | 1,500,000 | 1,455,924 | |||
| a 4.625%, 2/01/29 | United States | 750,000 | 708,630 | |||
| Dominion Energy, Inc., Series C, 3.375%, 4/01/30 | United States | 300,000 | 276,108 | |||
| NextEra Energy Capital Holdings, Inc., 5.25%, 3/15/34 | United States | 500,000 | 494,853 | |||
| NRG Energy, Inc., | ||||||
| a 3.625%, 2/15/31 | United States | 1,320,000 | 1,155,200 | |||
| a 7.00%, 3/15/33 | United States | 750,000 | 810,067 | |||
| a 6.25%, 11/01/34 | United States | 500,000 | 490,818 | |||
| Pacific Gas & Electric Co., 3.15%, 1/01/26 | United States | 1,800,000 | 1,769,388 | |||
| PG&E Corp., 5.25%, 7/01/30 | United States | 1,000,000 | 979,471 | |||
| Southern Co., 5.70%, 10/15/32 | United States | 480,000 | 494,354 | |||
| a | Vistra Corp., 8.00% to 10/15/26, FRN thereafter, 12/31/99 | United States | 1,100,000 | 1,126,332 | ||
| Vistra Operations Co. LLC, | ||||||
| a 3.70%, 1/30/27 | United States | 535,000 | 521,221 | |||
| a 7.75%, 10/15/31 | United States | 500,000 | 524,998 | |||
| a 6.95%, 10/15/33 | United States | 800,000 | 862,834 | |||
| a 6.875%, 4/15/32 | United States | 1,400,000 | 1,434,813 | |||
| 13,408,238 | ||||||
| Entertainment 0.8% | ||||||
| Caesars Entertainment, Inc., | ||||||
| a 8.125%, 7/01/27 | United States | 161,000 | 162,742 | |||
| a 4.625%, 10/15/29 | United States | 855,000 | 801,189 | |||
| a 6.00%, 10/15/32 | United States | 1,000,000 | 965,108 | |||
| Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., | ||||||
| a 7.125%, 2/15/31 | United States | 700,000 | 729,480 | |||
| a 6.25%, 3/15/33 | United States | 800,000 | 788,501 | |||
| 3,447,020 | ||||||
| Financial Services 1.2% | ||||||
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust, | ||||||
| 5.75%, 6/06/28 | Ireland | 500,000 | 509,652 | |||
| 4.95%, 9/10/34 | Ireland | 750,000 | 714,610 | |||
| Capital One Financial Corp., | ||||||
| 3.75%, 7/28/26 | United States | 600,000 | 589,281 | |||
| 4.927% to 5/10/27, FRN thereafter, 5/10/28 | United States | 765,000 | 762,781 | |||
| 5.817% to 2/01/33, FRN thereafter, 2/01/34 | United States | 1,000,000 | 1,004,761 |
| Charles Schwab Corp., | ||||||
| 5.853% to 5/19/33, FRN thereafter, 5/19/34 | United States | 490,000 | 504,613 | |||
| 6.196% to 11/17/28, FRN thereafter, 11/17/29 | United States | 500,000 | 521,335 | |||
| a | Macquarie Airfinance Holdings Ltd., 6.40%, 3/26/29 | United Kingdom | 500,000 | 514,846 | ||
| 5,121,879 | ||||||
| Food 0.5% | ||||||
| JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL, 5.75%, 4/01/33 | United States | 530,000 | 527,923 | |||
| Pilgrim’s Pride Corp., 6.25%, 7/01/33 | United States | 1,000,000 | 1,020,118 | |||
| a | Post Holdings, Inc., 6.25%, 2/15/32 | United States | 700,000 | 695,616 | ||
| 2,243,657 | ||||||
| Hand/Machine Tools 0.1% | ||||||
| Regal Rexnord Corp., 6.40%, 4/15/33 | United States | 500,000 | 516,138 | |||
| Health Care Providers & Services 4.4% | ||||||
| Centene Corp., 2.50%, 3/01/31 | United States | 2,030,000 | 1,680,386 | |||
| CHS/Community Health Systems, Inc., | ||||||
| a 8.00%, 12/15/27 | United States | 2,250,000 | 2,248,428 | |||
| a 6.875%, 4/01/28 | United States | 705,000 | 514,644 | |||
| a 10.875%, 1/15/32 | United States | 2,625,000 | 2,711,567 | |||
| DaVita, Inc., | ||||||
| a 4.625%, 6/01/30 | United States | 1,520,000 | 1,398,681 | |||
| a 6.875%, 9/01/32 | United States | 500,000 | 504,438 | |||
| a | Fresenius Medical Care U.S. Finance III, Inc., 2.375%, 2/16/31 | Germany | 645,000 | 531,037 | ||
| HCA, Inc., 5.625%, 9/01/28 | United States | 2,935,000 | 2,975,561 | |||
| Tenet Healthcare Corp., | ||||||
| 6.125%, 10/01/28 | United States | 3,375,000 | 3,371,760 | |||
| 6.125%, 6/15/30 | United States | 2,000,000 | 1,986,736 | |||
| UnitedHealth Group, Inc., 5.35%, 2/15/33 | United States | 500,000 | 503,331 | |||
| 18,426,569 | ||||||
| Healthcare-Products 0.5% | ||||||
| GE HealthCare Technologies, Inc., 5.905%, 11/22/32 | United States | 475,000 | 493,731 | |||
| a | Medline Borrower LP, 3.875%, 4/01/29 | United States | 1,135,000 | 1,052,040 | ||
| a | Medline Borrower LP/Medline Co-Issuer, Inc., 6.25%, 4/01/29 | United States | 450,000 | 455,307 | ||
| 2,001,078 | ||||||
| Insurance 0.2% | ||||||
| Brown & Brown, Inc., 2.375%, 3/15/31 | United States | 615,000 | 517,235 | |||
| a | Five Corners Funding Trust III, 5.791%, 2/15/33 | United States | 490,000 | 503,293 | ||
| 1,020,528 | ||||||
| Internet 0.4% | ||||||
| Expedia Group, Inc., 3.80%, 2/15/28 | United States | 525,000 | 507,341 | |||
| Netflix, Inc., 5.875%, 11/15/28 | United States | 945,000 | 979,777 | |||
| 1,487,118 | ||||||
| Iron/Steel 0.2% | ||||||
| ArcelorMittal SA, 6.80%, 11/29/32 | Luxembourg | 485,000 | 518,473 | |||
| a | Cleveland-Cliffs, Inc., 6.75%, 4/15/30 | United States | 400,000 | 391,637 | ||
| 910,110 | ||||||
| IT Services 0.6% | ||||||
| Dell International LLC/EMC Corp., 5.75%, 2/01/33 | United States | 300,000 | 308,303 | |||
| Hewlett Packard Enterprise Co., 5.00%, 10/15/34 | United States | 750,000 | 721,275 | |||
| HP, Inc., 5.50%, 1/15/33 | United States | 750,000 | 757,118 | |||
| a | McAfee Corp., 7.375%, 2/15/30 | United States | 565,000 | 549,458 | ||
| 2,336,154 | ||||||
| Leisure Time 0.7% | ||||||
| Carnival Corp., | ||||||
| a 7.625%, 3/01/26 | United States | 1,590,000 | 1,593,532 | |||
| a 10.50%, 6/01/30 | United States | 800,000 | 855,239 | |||
| a | Royal Caribbean Cruises Ltd., 6.25%, 3/15/32 | United States | 600,000 | 607,651 | ||
| 3,056,422 |
| Lodging 0.4% | ||||||
| a | Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 5.25%, 5/15/27 | United States | 775,000 | 767,194 | ||
| a | Wynn Macau Ltd., 5.50%, 1/15/26 | Macau | 980,000 | 971,163 | ||
| 1,738,357 | ||||||
| Media 1.0% | ||||||
| CCO Holdings LLC/CCO Holdings Capital Corp., | ||||||
| a 5.00%, 2/01/28 | United States | 1,350,000 | 1,302,397 | |||
| a 5.125%, 5/01/27 | United States | 2,000,000 | 1,966,930 | |||
| Charter Communications Operating LLC/Charter Communications Operating Capital, 4.908%, 7/23/25 | United States | 600,000 | 599,497 | |||
| a | Univision Communications, Inc., senior note, 6.625%, 6/01/27 | United States | 520,000 | 518,517 | ||
| 4,387,341 | ||||||
| Mining 0.8% | ||||||
| a | Alcoa Nederland Holding BV, 4.125%, 3/31/29 | United States | 825,000 | 770,331 | ||
| FMG Resources August 2006 Pty. Ltd., | ||||||
| a 4.375%, 4/01/31 | Australia | 1,000,000 | 901,038 | |||
| a 6.125%, 4/15/32 | Australia | 770,000 | 761,283 | |||
| Freeport-McMoRan, Inc., 5.40%, 11/14/34 | United States | 775,000 | 767,210 | |||
| 3,199,862 | ||||||
| Oil & Gas 1.1% | ||||||
| Calumet Specialty Products Partners LP/Calumet Finance Corp., | ||||||
| a 8.125%, 1/15/27 | United States | 1,925,000 | 1,920,893 | |||
| a 9.25%, 7/15/29 | United States | 300,000 | 311,246 | |||
| a 9.75%, 7/15/28 | United States | 500,000 | 510,696 | |||
| a | Hilcorp Energy I LP/Hilcorp Finance Co., 7.25%, 2/15/35 | United States | 500,000 | 470,508 | ||
| a | Matador Resources Co., 6.50%, 4/15/32 | United States | 450,000 | 445,670 | ||
| Occidental Petroleum Corp., 6.625%, 9/01/30 | United States | 1,000,000 | 1,047,236 | |||
| 4,706,249 | ||||||
| Oil & Gas Services 0.3% | ||||||
| a | Weatherford International Ltd., 8.625%, 4/30/30 | United States | 1,040,000 | 1,074,673 | ||
| Packaging & Containers 1.4% | ||||||
| a | Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC, 4.00%, 9/01/29 | United States | 1,150,000 | 989,164 | ||
| a | Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc., senior note, 5.25%, 8/15/27 | Luxembourg | 3,235,000 | 1,852,637 | ||
| Mauser Packaging Solutions Holding Co., | ||||||
| a 9.25%, 4/15/27 | United States | 2,000,000 | 2,032,332 | |||
| a 7.875%, 4/15/27 | United States | 1,065,000 | 1,087,855 | |||
| 5,961,988 | ||||||
| Pharmaceuticals 1.3% | ||||||
| a | 1375209 BC Ltd., 9.00%, 1/30/28 | Canada | 1,625,000 | 1,629,294 | ||
| AbbVie, Inc., 4.55%, 3/15/35 | United States | 520,000 | 489,220 | |||
| a | Bausch Health Cos., Inc., 5.50%, 11/01/25 | United States | 1,140,000 | 1,112,990 | ||
| CVS Health Corp., 5.25%, 2/21/33 | United States | 1,000,000 | 959,076 | |||
| a | Endo Finance Holdings, Inc., 8.50%, 4/15/31 | United States | 500,000 | 530,391 | ||
| Teva Pharmaceutical Finance Netherlands III BV, 6.75%, 3/01/28 | Israel | 600,000 | 613,155 | |||
| 5,334,126 | ||||||
| Pipelines 1.5% | ||||||
| Cheniere Corpus Christi Holdings LLC, 3.70%, 11/15/29 | United States | 800,000 | 751,627 | |||
| Kinder Morgan, Inc., | ||||||
| 5.20%, 6/01/33 | United States | 515,000 | 503,389 | |||
| 5.40%, 2/01/34 | United States | 775,000 | 763,668 | |||
| Venture Global LNG, Inc., | ||||||
| a 8.125%, 6/01/28 | United States | 1,500,000 | 1,561,579 | |||
| a 9.00% to 9/30/29, FRN thereafter, 12/31/99 | United States | 1,000,000 | 1,047,129 | |||
| Williams Cos., Inc., 3.50%, 11/15/30 | United States | 1,600,000 | 1,470,858 | |||
| 6,098,250 |
| Real Estate Management & Development 0.6% | ||||||
| American Tower Corp., 5.55%, 7/15/33 | United States | 850,000 | 857,736 | |||
| Crown Castle, Inc., 5.10%, 5/01/33 | United States | 300,000 | 292,760 | |||
| Healthpeak OP LLC, 5.25%, 12/15/32 | United States | 500,000 | 496,517 | |||
| VICI Properties LP, 5.125%, 5/15/32 | United States | 800,000 | 779,518 | |||
| 2,426,531 | ||||||
| Retail 0.9% | ||||||
| a | Bausch & Lomb Corp., 8.375%, 10/01/28 | United States | 675,000 | 699,469 | ||
| Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc., | ||||||
| a 4.625%, 1/15/29 | United States | 1,315,000 | 1,224,863 | |||
| a 6.75%, 1/15/30 | United States | 800,000 | 738,711 | |||
| Lowe’s Cos., Inc., 5.00%, 4/15/33 | United States | 1,000,000 | 984,920 | |||
| 3,647,963 | ||||||
| Semiconductors 0.5% | ||||||
| a | Broadcom, Inc., 3.469%, 4/15/34 | United States | 1,315,000 | 1,140,246 | ||
| Micron Technology, Inc., 5.327%, 2/06/29 | United States | 350,000 | 351,885 | |||
| NXP BV/NXP Funding LLC, 5.55%, 12/01/28 | China | 500,000 | 508,534 | |||
| 2,000,665 | ||||||
| Software 0.7% | ||||||
| a | Cloud Software Group, Inc., 6.50%, 3/31/29 | United States | 900,000 | 884,509 | ||
| Fiserv, Inc., 5.60%, 3/02/33 | United States | 400,000 | 405,317 | |||
| Oracle Corp., | ||||||
| 2.875%, 3/25/31 | United States | 650,000 | 572,255 | |||
| 6.25%, 11/09/32 | United States | 720,000 | 763,320 | |||
| Workday, Inc., 3.80%, 4/01/32 | United States | 550,000 | 500,718 | |||
| 3,126,119 | ||||||
| Telecommunications 0.9% | ||||||
| a | CommScope LLC, 6.00%, 3/01/26 | United States | 2,200,000 | 2,191,750 | ||
| Sprint LLC, 7.625%, 3/01/26 | United States | 470,000 | 480,749 | |||
| T-Mobile USA, Inc., 5.05%, 7/15/33 | United States | 900,000 | 881,602 | |||
| 3,554,101 | ||||||
| Total Corporate Bonds & Notes (Cost $145,650,723) | 146,607,767 | |||||
| U.S. Government & Agency Securities 12.7% | ||||||
| Federal Home Loan Mortgage Corp., | ||||||
| 5.00%, 5/01/53 | United States | 990,473 | 957,483 | |||
| 5.00%, 11/01/54 | United States | 4,612,073 | 4,453,994 | |||
| 5.50%, 7/01/53 | United States | 478,316 | 472,964 | |||
| 5.50%, 11/01/53 | United States | 481,502 | 475,942 | |||
| 5.50%, 11/01/54 | United States | 1,962,797 | 1,938,056 | |||
| Federal National Mortgage Association, | ||||||
| 5.00%, 5/01/53 | United States | 983,342 | 950,776 | |||
| 5.00%, 11/01/53 | United States | 1,483,859 | 1,435,426 | |||
| 5.50%, 11/01/54 | United States | 1,980,356 | 1,955,375 | |||
| b | U.S. Treasury Bills, 4.521%, 2/20/25 | United States | 7,800,000 | 7,755,839 | ||
| U.S. Treasury Bonds, 3.625%, 5/15/53 | United States | 2,000,000 | 1,626,429 | |||
| U.S. Treasury Notes, | ||||||
| 4.00%, 2/15/34 | United States | 4,000,000 | 3,830,687 | |||
| 4.25%, 11/15/34 | United States | 4,000,000 | 3,896,059 | |||
| 4.375%, 12/15/26 | United States | 2,000,000 | 2,004,844 | |||
| 4.625%, 6/30/26 | United States | 5,000,000 | 5,027,557 | |||
| 4.625%, 4/30/29 | United States | 2,500,000 | 2,524,595 | |||
| U.S. Treasury STRIPS Principal, | ||||||
| b 4.484%, 5/15/53 | United States | 31,500,000 | 8,327,719 | |||
| b 4.681%, 2/15/45 | United States | 14,000,000 | 5,285,944 | |||
| Total U.S. Government & Agency Securities (Cost $54,499,009) | 52,919,689 | |||||
| Franklin Income Focus ETF | Country | Shares | Value | |||
| Common Stocks 35.0% | ||||||
| Aerospace & Defense 1.6% | ||||||
| c | Boeing Co. | United States | 5,595 | $ 990,315 | ||
| Lockheed Martin Corp. | United States | 6,872 | 3,339,380 | |||
| RTX Corp. | United States | 20,209 | 2,338,585 | |||
| 6,668,280 | ||||||
| Banks 4.2% | ||||||
| Bank of America Corp. | United States | 108,575 | 4,771,871 | |||
| JPMorgan Chase & Co. | United States | 27,199 | 6,519,872 | |||
| Truist Financial Corp. | United States | 60,643 | 2,630,694 | |||
| U.S. Bancorp | United States | 77,740 | 3,718,304 | |||
| 17,640,741 | ||||||
| Beverages 2.2% | ||||||
| Coca-Cola Co. | United States | 51,139 | 3,183,914 | |||
| PepsiCo, Inc. | United States | 40,269 | 6,123,304 | |||
| 9,307,218 | ||||||
| Biotechnology 1.4% | ||||||
| AbbVie, Inc. | United States | 18,601 | 3,305,397 | |||
| Amgen, Inc. | United States | 9,273 | 2,416,915 | |||
| 5,722,312 | ||||||
| Building Products 0.7% | ||||||
| Johnson Controls International PLC | United States | 38,968 | 3,075,744 | |||
| Capital Markets 0.4% | ||||||
| Morgan Stanley | United States | 12,805 | 1,609,845 | |||
| Chemicals 1.3% | ||||||
| Air Products & Chemicals, Inc. | United States | 11,008 | 3,192,760 | |||
| Albemarle Corp. | United States | 24,785 | 2,133,493 | |||
| 5,326,253 | ||||||
| Communications Equipment 0.6% | ||||||
| Cisco Systems, Inc. | United States | 38,643 | 2,287,666 | |||
| Diversified Telecommunication Services 0.8% | ||||||
| Verizon Communications, Inc. | United States | 81,376 | 3,254,226 | |||
| Electric Utilities 3.0% | ||||||
| Duke Energy Corp. | United States | 43,392 | 4,675,054 | |||
| Edison International | United States | 14,800 | 1,181,632 | |||
| NextEra Energy, Inc. | United States | 29,519 | 2,116,217 | |||
| Southern Co. | United States | 39,655 | 3,264,400 | |||
| Xcel Energy, Inc. | United States | 18,564 | 1,253,441 | |||
| 12,490,744 | ||||||
| Food Products 0.6% | ||||||
| Mondelez International, Inc., Class A | United States | 27,202 | 1,624,775 | |||
| Nestle SA, ADR | Switzerland | 12,880 | 1,052,296 | |||
| 2,677,071 | ||||||
| Ground Transportation 0.8% | ||||||
| Union Pacific Corp. | United States | 14,146 | 3,225,854 | |||
| Health Care Equipment & Supplies 0.5% | ||||||
| Medtronic PLC | United States | 26,230 | 2,095,252 | |||
| Hotels, Restaurants & Leisure 0.0%† | ||||||
| Starbucks Corp. | United States | 66 | 6,023 | |||
| Household Products 1.1% | ||||||
| Procter & Gamble Co. | United States | 26,587 | 4,457,311 | |||
| Industrial Conglomerates 0.9% | ||||||
| Honeywell International, Inc. | United States | 15,723 | 3,551,668 |
| IT Services 0.4% | ||||||
| International Business Machines Corp. | United States | 8,410 | 1,848,770 | |||
| Machinery 0.6% | ||||||
| Illinois Tool Works, Inc. | United States | 9,692 | 2,457,504 | |||
| Metals & Mining 0.7% | ||||||
| BHP Group Ltd., ADR | Australia | 61,948 | 3,024,921 | |||
| Multi-Utilities 0.8% | ||||||
| DTE Energy Co. | United States | 17,642 | 2,130,272 | |||
| Sempra | United States | 13,728 | 1,204,220 | |||
| 3,334,492 | ||||||
| Oil, Gas & Consumable Fuels 4.8% | ||||||
| Chevron Corp. | United States | 61,031 | 8,839,730 | |||
| ConocoPhillips | United States | 15,734 | 1,560,341 | |||
| Exxon Mobil Corp. | United States | 63,707 | 6,852,962 | |||
| TotalEnergies SE, ADR | France | 46,992 | 2,561,064 | |||
| 19,814,097 | ||||||
| Pharmaceuticals 4.3% | ||||||
| AstraZeneca PLC, ADR | United Kingdom | 32,229 | 2,111,644 | |||
| Johnson & Johnson | United States | 58,724 | 8,492,665 | |||
| Merck & Co., Inc. | United States | 44,505 | 4,427,357 | |||
| Pfizer, Inc. | United States | 2 | 53 | |||
| Roche Holding AG, ADR | Switzerland | 82,750 | 2,886,320 | |||
| 17,918,039 | ||||||
| Semiconductors & Semiconductor Equipment 1.4% | ||||||
| Analog Devices, Inc. | United States | 19,638 | 4,172,289 | |||
| Microchip Technology, Inc. | United States | 28,602 | 1,640,325 | |||
| 5,812,614 | ||||||
| Software 0.2% | ||||||
| Microsoft Corp. | United States | 2,245 | 946,268 | |||
| Specialty Retail 0.8% | ||||||
| Home Depot, Inc. | United States | 8,412 | 3,272,184 | |||
| Textiles, Apparel & Luxury Goods 0.0%† | ||||||
| NIKE, Inc., Class B | United States | 204 | 15,437 | |||
| Tobacco 0.9% | ||||||
| Philip Morris International, Inc. | United States | 31,297 | 3,766,594 | |||
| Total Common Stocks (Cost $141,735,492) | 145,607,128 | |||||
| Preferred Stocks 1.5% | ||||||
| Aerospace & Defense 0.5% | ||||||
| Boeing Co., 6.00%, pfd. | United States | 32,252 | 1,963,824 | |||
| Capital Markets 0.1% | ||||||
| Ares Management Corp., 6.75%, pfd. | United States | 8,050 | 443,072 | |||
| Electric Utilities 0.9% | ||||||
| NextEra Energy, Inc., 6.926%, pfd. | United States | 46,994 | 1,922,994 | |||
| NextEra Energy, Inc., 7.299%, pfd. | United States | 41,640 | 2,031,616 | |||
| 3,954,610 | ||||||
| Total Preferred Stocks (Cost $6,312,196) | 6,361,506 | |||||
| Equity-Linked Securities 12.6% | ||||||
| Other 12.6% | ||||||
| a | Barclays Bank PLC into IBM US, 8.50%, 6/9/25 | United Kingdom | 7,000 | 1,334,730 | ||
| a | BNP Paribas Issuance BV into Freeport-Mcmoran Inc., 10.00%, 8/12/25 | Netherlands | 56,000 | 2,204,959 | ||
| a | BNP Paribas Issuance BV into S&P 500 Index, 8.00%, 1/22/25 | France | 620 | 3,618,145 | ||
| a | BNP Paribas Issuance BV into Target Corp., 9.00%, 7/10/25 | France | 8,600 | 1,180,864 | ||
| a | BNP Paribas SA into Applied Materials Inc., 10.00%, 12/10/25 | France | 6,830 | 1,137,921 | ||
| a | BofA Finance LLC into S&P 500 Index, 7.50%, 2/4/25 | United States | 625 | 3,680,761 |
| a | Citigroup Global Markets Holdings, Inc. into The Boeing Co., 8.50%, 12/8/25 | United States | 9,500 | 1,531,124 | ||
| a | Citigroup Global Markets Holdings, Inc. into The Home Depot Inc., 7.50%, 7/21/25 | United States | 3,750 | 1,354,112 | ||
| a | JPMorgan Chase Bank NA into Alphabet Inc., Class A, 8.00%, 3/28/25 | United States | 12,000 | 1,902,986 | ||
| a | JPMorgan Chase Bank NA into Comcast Corp., 8.50%, 8/2/25 | United States | 42,000 | 1,593,611 | ||
| a | JPMorgan Chase Bank NA into CVS Health Corp., 9.00%, 11/25/25 | United States | 40,000 | 1,818,114 | ||
| a | JPMorgan Chase Bank NA into Exxon Mobil Corp., 8.50%, 11/3/25 | United States | 11,000 | 1,193,591 | ||
| a | Merrill Lynch BV into Microsoft Inc., 7.50%, 10/06/25 | United States | 3,000 | 1,271,470 | ||
| a | Mizuho Markets Cayman LP into S&P 500 Index, 8.00%, 1/10/25 | Japan | 620 | 3,643,340 | ||
| a | National Bank of Canada into Broadcom Inc., 8.50%, 5/13/25 | Canada | 750 | 1,061,833 | ||
| a | Royal Bank of Canada into Cisco Systems Inc., 8.00%, 9/17/25 | Canada | 30,000 | 1,604,283 | ||
| a | Royal Bank of Canada into Citigroup Inc., 8.50%, 8/27/25 | Canada | 40,000 | 2,607,528 | ||
| a | Royal Bank of Canada into Morgan Stanley, 8.50%, 11/26/25 | Canada | 20,000 | 2,436,685 | ||
| a | Royal Bank of Canada into Nike Inc., Class B, 10.00%, 12/24/25 | Canada | 25,000 | 1,946,615 | ||
| a | Royal Bank of Canada into S&P 500 Index, 8.00%, 2/25/25 | Canada | 845 | 4,990,950 | ||
| a | Royal Bank of Canada into Texas Instruments Inc., 8.00%, 6/11/25 | Canada | 25,000 | 4,743,098 | ||
| a | Toronto-Dominion Bank into Starbucks Corp., 9.00%, 1/12/26 | Canada | 34,000 | 3,195,806 | ||
| a | UBS AG into Apple Inc., 7.00%, 4/2/25 | Switzerland | 6,000 | 1,149,951 | ||
| a | Wells Fargo Bank NA into Schlumberger N.V., 10.00%, 11/26/25 | United States | 37,000 | 1,467,706 | ||
| 52,670,183 | ||||||
| Total Equity-Linked Securities (Cost $52,856,271) | 52,670,183 | |||||
| Total Investments before Short-Term Investments (Cost $401,053,691) | 404,166,273 | |||||
| Principal Amount* | ||||||
| Short-Term Investments 2.1% | ||||||
| Money Market Funds 2.1% | ||||||
| d,e | Institutional Fiduciary Trust - Money Market Portfolio, 4.18% | United States | 8,624,753 | 8,624,753 | ||
| Total Short-Term Investments (Cost $8,624,753) | 8,624,753 | |||||
| Total Investments (Cost $409,678,444) 99.1% | 412,791,026 | |||||
| Other Assets, less Liabilities 0.9% | 3,877,541 | |||||
| Net Assets 100.0% | $ 416,668,567 | |||||
| *The principal amount is stated in U.S. dollars unless otherwise indicated. |
| †Rounds to less than 0.1% of net assets. |
| aSecurity was purchased pursuant to Rule 144A under the Securities Act of 1933 and may be sold in transactions exempt from registration only to qualified institutional buyers or in a public offering registered under the Securities Act of 1933. At December 31, 2024, the aggregate value of these securities was $128,274,097, representing 30.8% of net assets. |
| bThe rate shown represents the yield at period end. |
| cNon-income producing. |
| dThe rate shown is the annualized seven-day effective yield at period end. |
| eSee Note 3 regarding investments in affiliated management investment companies. |
| Description | Expiration Date | Strike Price | Contracts | Notional Amount* | Value |
| Call Options Written | |||||
| Morgan Stanley Jan25 140 Call | 1/17/25 | 145.00 | 100 | $ 1,257,200 | $ 800 |
| Analog Devices, Inc. Jan25 250 Call | 1/17/25 | 250.00 | 170 | 3,611,820 | 2,890 |
| Procter & Gamble Co. Jan25 180 Call | 1/17/25 | 180.00 | 230 | 3,855,950 | 2,070 |
| (Premiums received—$80,704) | |||||
| Total | $5,760 | ||||
| Put Option Written | |||||
| Alphabet Inc. Jan25 150 Put | 1/17/25 | 150.00 | 100 | $1,893,000 | $900 |
| (Premiums received—$15,682) |
| *Notional amount denominated in U.S. dollars, unless otherwise noted. |
| Selected Portfolio | ||
| ADR | – | American Depositary Receipt |
| BOFA | – | Bank of America Corp. |
| FRN | – | Floating Rate Note |
| Franklin Intelligent Machines ETF | Country | Shares | Value | ||
| Common Stocks 99.7% | |||||
| Aerospace & Defense 6.8% | |||||
| a | AeroVironment, Inc. | United States | 504 | $ 77,560 | |
| a | Axon Enterprise, Inc. | United States | 2,790 | 1,658,153 | |
| a | Kratos Defense & Security Solutions, Inc. | United States | 8,847 | 233,384 | |
| a | Rocket Lab USA, Inc. | United States | 2,797 | 71,240 | |
| 2,040,337 | |||||
| Automobiles 8.9% | |||||
| a | Tesla, Inc. | United States | 6,632 | 2,678,267 | |
| Computers & Peripherals 4.6% | |||||
| Apple, Inc. | United States | 5,517 | 1,381,567 | ||
| Construction & Engineering 4.0% | |||||
| Quanta Services, Inc. | United States | 2,808 | 887,469 | ||
| Valmont Industries, Inc. | United States | 1,048 | 321,390 | ||
| 1,208,859 | |||||
| Electrical Equipment 4.7% | |||||
| Eaton Corp. PLC | United States | 855 | 283,749 | ||
| GE Vernova, Inc. | United States | 1,588 | 522,341 | ||
| a | Siemens Energy AG | Germany | 5,828 | 304,038 | |
| Vertiv Holdings Co., Class A | United States | 2,688 | 305,383 | ||
| 1,415,511 | |||||
| Electronic Equipment, Instruments & Components 5.8% | |||||
| Amphenol Corp., Class A | United States | 5,579 | 387,462 | ||
| a | Celestica, Inc. | Canada | 3,245 | 299,514 | |
| Keyence Corp. | Japan | 351 | 144,344 | ||
| a | Keysight Technologies, Inc. | United States | 888 | 142,639 | |
| TE Connectivity PLC | Ireland | 1,217 | 173,995 | ||
| a | Trimble, Inc. | United States | 3,123 | 220,671 | |
| a | Zebra Technologies Corp., Class A | United States | 979 | 378,109 | |
| 1,746,734 | |||||
| Energy Equipment & Services 1.0% | |||||
| Baker Hughes Co. | United States | 3,832 | 157,188 | ||
| a | Oceaneering International, Inc. | United States | 2,799 | 72,998 | |
| TechnipFMC PLC | United Kingdom | 2,652 | 76,749 | ||
| 306,935 | |||||
| Ground Transportation 0.5% | |||||
| a | Uber Technologies, Inc. | United States | 2,497 | 150,619 | |
| Health Care Equipment & Supplies 7.1% | |||||
| a | Align Technology, Inc. | United States | 306 | 63,804 | |
| Hoya Corp. | Japan | 1,000 | 126,082 | ||
| a | IDEXX Laboratories, Inc. | United States | 178 | 73,592 | |
| a | Intuitive Surgical, Inc. | United States | 3,213 | 1,677,057 | |
| a | PROCEPT BioRobotics Corp. | United States | 2,255 | 181,573 | |
| 2,122,108 | |||||
| Health Care Technology 0.8% | |||||
| Pro Medicus Ltd. | Australia | 1,629 | 252,270 | ||
| Household Durables 0.3% | |||||
| Panasonic Holdings Corp. | Japan | 8,135 | 85,046 | ||
| Machinery 0.5% | |||||
| Deere & Co. | United States | 325 | 137,703 | ||
| Semiconductors & Semiconductor Equipment 33.4% | |||||
| a | Advanced Micro Devices, Inc. | United States | 2,540 | 306,807 | |
| Analog Devices, Inc. | United States | 512 | 108,780 |
| Applied Materials, Inc. | United States | 2,806 | 456,340 | ||
| ASM International NV | Netherlands | 654 | 378,429 | ||
| ASML Holding NV | Netherlands | 643 | 445,651 | ||
| Broadcom, Inc. | United States | 7,604 | 1,762,911 | ||
| Entegris, Inc. | United States | 728 | 72,116 | ||
| a | First Solar, Inc. | United States | 605 | 106,625 | |
| Infineon Technologies AG | Germany | 4,570 | 148,592 | ||
| KLA Corp. | United States | 485 | 305,608 | ||
| Lam Research Corp. | United States | 4,241 | 306,327 | ||
| Marvell Technology, Inc. | United States | 2,120 | 234,154 | ||
| Monolithic Power Systems, Inc. | United States | 90 | 53,253 | ||
| NVIDIA Corp. | United States | 22,532 | 3,025,822 | ||
| NXP Semiconductors NV | Netherlands | 609 | 126,581 | ||
| a | SiTime Corp. | United States | 459 | 98,469 | |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | Taiwan | 7,758 | 1,532,127 | ||
| Teradyne, Inc. | United States | 3,446 | 433,920 | ||
| Texas Instruments, Inc. | United States | 818 | 153,383 | ||
| 10,055,895 | |||||
| Software 21.3% | |||||
| a | Altair Engineering, Inc., Class A | United States | 2,874 | 313,582 | |
| a | Aspen Technology, Inc. | United States | 909 | 226,914 | |
| a | Aurora Innovation, Inc. | United States | 11,664 | 73,483 | |
| a | Autodesk, Inc. | United States | 1,893 | 559,514 | |
| Bentley Systems, Inc., Class B | United States | 3,163 | 147,712 | ||
| a | Cadence Design Systems, Inc. | United States | 4,053 | 1,217,764 | |
| Constellation Software, Inc. | Canada | 225 | 695,386 | ||
| a | Crowdstrike Holdings, Inc., Class A | United States | 307 | 105,043 | |
| Dassault Systemes SE | France | 4,378 | 151,870 | ||
| a | Descartes Systems Group, Inc. | Canada | 7,437 | 844,949 | |
| a,b | Lumine Group, Inc. | Canada | 675 | 19,309 | |
| a | Palantir Technologies, Inc., Class A | United States | 3,855 | 291,554 | |
| a | Palo Alto Networks, Inc. | United States | 1,566 | 284,949 | |
| a | PTC, Inc. | United States | 2,054 | 377,669 | |
| Roper Technologies, Inc. | United States | 56 | 29,112 | ||
| a | Samsara, Inc., Class A | United States | 4,254 | 185,857 | |
| a | Synopsys, Inc. | United States | 1,847 | 896,460 | |
| 6,421,127 | |||||
| Total Common Stocks (Cost $21,832,651) | 30,002,978 | ||||
| Warrant 0.0% | |||||
| Software 0.0% | |||||
| a,c | Constellation Software, Inc. | Canada | 225 | — | |
| Total Investments (Cost $21,832,651) 99.7% | 30,002,978 | ||||
| Other Assets, less Liabilities 0.3% | 81,679 | ||||
| Net Assets 100.0% | $ 30,084,657 |
| aNon-income producing. |
| bSecurity was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. At December 31, 2024, the value of this security was $19,309, representing 0.1% of net assets. |
| cFair valued using significant unobservable inputs. See Note 5 regarding fair value measurements. |
| Selected Portfolio | ||
| ADR | – | American Depositary Receipt |
| Franklin International Aggregate Bond ETF | Principal Amount* | Value | ||
| Foreign Government and Agency Securities 88.4% | ||||
| Australia 2.5% | ||||
| a | Australia Government Bonds, Series 149, 2.25%, 5/21/28 | 8,000,000 | AUD | $ 4,702,932 |
| a | New South Wales Treasury Corp., Series 27, 3.00%, 5/20/27 | 3,500,000 | AUD | 2,116,695 |
| a | Queensland Treasury Corp., 3.25%, 8/21/29 | 6,500,000 | AUD | 3,856,295 |
| a | Western Australian Treasury Corp., Series 26, 3.00%, 10/21/26 | 7,500,000 | AUD | 4,564,695 |
| 15,240,617 | ||||
| Austria 3.9% | ||||
| Republic of Austria Government Bonds, | ||||
| a 1.20%, 10/20/25 | 13,000,000 | EUR | 13,352,821 | |
| a 1.50%, 2/20/47 | 10,000,000 | EUR | 7,865,381 | |
| a 1.50%, 2/20/47 | 3,000,000 | EUR | 2,359,614 | |
| 23,577,816 | ||||
| Belgium 3.4% | ||||
| a | Kingdom of Belgium Government Bonds, Series 75, 1.00%, 6/22/31 | 22,000,000 | EUR | 20,583,706 |
| Canada 2.7% | ||||
| Canada Government Bonds, | ||||
| 1.25%, 3/01/25 | 14,000,000 | CAD | 9,708,985 | |
| 5.00%, 6/01/37 | 5,000,000 | CAD | 4,091,933 | |
| 2.00%, 12/01/51 | 5,000,000 | CAD | 2,657,797 | |
| 16,458,715 | ||||
| China 19.9% | ||||
| Agricultural Development Bank of China, Series 2008, 3.45%, 9/23/25 | 13,000,000 | CNY | 1,801,068 | |
| China Development Bank, | ||||
| Series 2003, 3.23%, 1/10/25 | 24,000,000 | CNY | 3,274,043 | |
| Series 2004, 3.43%, 1/14/27 | 25,000,000 | CNY | 3,546,822 | |
| China Government Bonds, | ||||
| 1.99%, 4/09/25 | 40,000,000 | CNY | 5,461,964 | |
| 1.59%, 4/25/25 | 80,000,000 | CNY | 10,923,835 | |
| 2.22%, 9/25/25 | 40,000,000 | CNY | 5,498,294 | |
| 2.33%, 12/15/25 | 40,000,000 | CNY | 5,517,622 | |
| 3.03%, 3/11/26 | 50,000,000 | CNY | 6,975,028 | |
| 2.85%, 6/04/27 | 50,000,000 | CNY | 7,090,379 | |
| 2.67%, 5/25/33 | 120,000,000 | CNY | 17,581,803 | |
| 2.52%, 8/25/33 | 120,000,000 | CNY | 17,409,885 | |
| 2.35%, 2/25/34 | 120,000,000 | CNY | 17,232,523 | |
| Series INBK, 4.28%, 10/23/47 | 100,000,000 | CNY | 19,193,769 | |
| 121,507,035 | ||||
| Cyprus 0.7% | ||||
| a | Cyprus Government International Bonds, 1.50%, 4/16/27 | 4,500,000 | EUR | 4,569,895 |
| Finland 0.4% | ||||
| a | Finland Government Bonds, 2.75%, 7/04/28 | 2,500,000 | EUR | 2,631,345 |
| France 3.9% | ||||
| French Republic Government Bonds OAT, | ||||
| a,b 2.404%, 11/25/29 | 20,000,000 | EUR | 18,231,587 | |
| a 0.75%, 5/25/52 | 10,000,000 | EUR | 5,278,396 | |
| 23,509,983 | ||||
| Germany 1.8% | ||||
| a,b | Bundesrepublik Deutschland Bundesanleihe, 2.823%, 8/15/26 | 11,000,000 | EUR | 11,032,369 |
| Ireland 0.4% | ||||
| a | Ireland Government Bonds, 1.35%, 3/18/31 | 2,500,000 | EUR | 2,439,165 |
| Italy 4.0% | ||||
| Italy Buoni Poliennali Del Tesoro, | ||||
| a Series 10Y, 1.25%, 12/01/26 | 10,000,000 | EUR | 10,160,090 | |
| a 2.45%, 9/01/50 | 18,000,000 | EUR | 14,155,944 | |
| 24,316,034 | ||||
| Japan 17.1% | ||||
| Development Bank of Japan, Inc., 2.30%, 3/19/26 | 1,200,000,000 | JPY | 7,783,845 | |
| Japan Government Five Year Bonds, Series 161, 0.30%, 6/20/28 | 4,000,000,000 | JPY | 25,129,753 | |
| Japan Government Ten Year Bonds, Series 345, 0.10%, 12/20/26 | 3,000,000,000 | JPY | 18,892,993 | |
| Japan Government Thirty Year Bonds, Series 65, 0.40%, 12/20/49 | 2,750,000,000 | JPY | 11,785,680 | |
| Japan Government Twenty Year Bonds, | ||||
| 1.50%, 3/20/33 | 4,000,000,000 | JPY | 26,570,651 | |
| Series 179, 0.50%, 12/20/41 | 2,750,000,000 | JPY | 14,390,689 | |
| 104,553,611 | ||||
| Mexico 0.9% | ||||
| c | Mexico Bonos, Series M, 8.00%, 11/07/47 | 150,000,000 | MXN | 5,553,411 |
| Netherlands 3.9% | ||||
| Netherlands Government Bonds, | ||||
| a 0.50%, 7/15/26 | 12,000,000 | EUR | 12,136,098 | |
| a 0.50%, 1/15/40 | 15,000,000 | EUR | 11,363,065 | |
| 23,499,163 | ||||
| Poland 1.8% | ||||
| Republic of Poland Government Bonds, Series 1029, 2.75%, 10/25/29 | 50,000,000 | PLN | 10,749,967 | |
| Romania 0.7% | ||||
| a | Romania Government International Bonds, 2.00%, 1/28/32 | 5,500,000 | EUR | 4,532,596 |
| South Korea 3.0% | ||||
| Korea Treasury Bonds, | ||||
| Series 2703, 5.25%, 3/10/27 | 8,500,000,000 | KRW | 6,088,649 | |
| Series 3012, 4.75%, 12/10/30 | 8,000,000,000 | KRW | 5,965,267 | |
| Series 3212, 4.25%, 12/10/32 | 8,200,000,000 | KRW | 6,041,175 | |
| 18,095,091 | ||||
| Spain 3.1% | ||||
| a | Spain Government Bonds, 1.25%, 10/31/30 | 20,000,000 | EUR | 19,175,676 |
| Supranational 4.6% | ||||
| European Union, | ||||
| a 2.75%, 2/04/33 | 17,000,000 | EUR | 17,628,008 | |
| a 0.30%, 11/04/50 | 20,000,000 | EUR | 10,395,151 | |
| 28,023,159 | ||||
| Sweden 2.8% | ||||
| a | Sweden Government Bonds, Series 1060, 0.75%, 5/12/28 | 200,000,000 | SEK | 17,293,438 |
| United Kingdom 6.9% | ||||
| U.K. Gilts, | ||||
| a 4.75%, 12/07/30 | 11,000,000 | GBP | 14,095,532 | |
| a 0.875%, 7/31/33 | 12,000,000 | GBP | 11,186,155 | |
| a 3.75%, 1/29/38 | 15,000,000 | GBP | 16,924,965 | |
| 42,206,652 | ||||
| Total Foreign Government and Agency Securities (Cost $564,022,862) | 539,549,444 | |||
| Corporate Bonds & Notes 2.2% | ||||
| France 0.3% | ||||
| a | Orange SA, 1.375%, 3/20/28 | 1,500,000 | EUR | 1,491,907 |
| Germany 0.5% | ||||
| a | Deutsche Telekom AG, 0.875%, 3/25/26 | 500,000 | EUR | 507,755 |
| Kreditanstalt fuer Wiederaufbau, 2.05%, 2/16/26 | 300,000,000 | JPY | 1,944,026 | |
| a,b | Siemens Financieringsmaatschappij NV, 1.084%, 2/20/26 | 700,000 | EUR | 704,899 |
| 3,156,680 | ||||
| Supranational 0.6% | ||||
| Asian Development Bank, Series 339-00-1, 2.35%, 6/21/27 | 240,000,000 | JPY | 1,593,574 | |
| a | European Investment Bank, 1.90%, 1/26/26 | 330,000,000 | JPY | 2,130,636 |
| 3,724,210 | ||||
| United Kingdom 0.3% | ||||
| a | RELX Finance BV, 0.50%, 3/10/28 | 1,500,000 | EUR | 1,449,616 |
| United States 0.5% | ||||
| Apple, Inc., 1.625%, 11/10/26 | 1,000,000 | EUR | 1,019,748 | |
| AT&T, Inc., 0.25%, 3/04/26 | 1,200,000 | EUR | 1,208,448 | |
| a | Schlumberger Finance France SAS, 1.00%, 2/18/26 | 1,000,000 | EUR | 1,016,583 |
| 3,244,779 | ||||
| Total Corporate Bonds & Notes (Cost $16,419,200) | 13,067,192 | |||
| Total Investments before Short Term Investments ($580,442,062) | 552,616,636 | |||
| Short-Term Investments 3.6% | ||||
| U.S. Government & Agency Securities 3.6% | ||||
| b | Federal Home Loan Bank Discount Notes, 2.106%, 1/02/25 | 22,085,000 | 22,079,847 | |
| Total Short-Term Investments (Cost $22,082,485) | 22,079,847 | |||
| Total Investments (Cost $602,524,547) 94.2% | 574,696,483 | |||
| Other Assets, less Liabilities 5.8% | 35,666,378 | |||
| Net Assets 100.0% | $ 610,362,861 |
| *The principal amount is stated in U.S. dollars unless otherwise indicated. |
| aSecurity was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. At December 31, 2024, the aggregate value of these securities was $269,933,010, representing 44.2% of net assets. |
| bThe rate shown represents the yield at period end. |
| cPrincipal amount is stated in 100 Mexican Peso Units. |
| Currency | Counterpartya | Type | Quantity | Contract Amount | Settlement Date | Unrealized Appreciation | Unrealized Depreciation |
| OTC Forward Exchange Contracts | |||||||
| Australian Dollar | BNPS | Sell | 8,800,000 | $ 5,842,135 | 2/13/25 | $ 400,432 | $ — |
| Australian Dollar | CITI | Sell | 15,390,000 | 10,219,191 | 2/13/25 | 702,395 | — |
| Canadian Dollar | BNPS | Buy | 9,850,000 | 6,940,469 | 2/13/25 | — | (91,875) |
| Canadian Dollar | BNPS | Buy | 150,000 | 105,692 | 2/13/25 | — | (1,399) |
| Canadian Dollar | BNPS | Sell | 2,000,000 | 1,414,208 | 2/13/25 | 23,631 | — |
| Canadian Dollar | BNPS | Sell | 7,850,000 | 5,666,929 | 2/13/25 | 208,913 | — |
| Canadian Dollar | CITI | Sell | 24,420,000 | 17,632,787 | 2/13/25 | 653,838 | — |
| Chinese Yuan | CITI | Sell | 56,000,000 | 7,703,624 | 2/13/25 | 68,705 | — |
| Chinese Yuan | CITI | Sell | 50,000,000 | 6,898,287 | 2/13/25 | 81,395 | — |
| Chinese Yuan | CITI | Sell | 756,700,000 | 106,054,363 | 2/13/25 | 2,887,516 | — |
| Euro | BNPS | Buy | 13,500,000 | 14,196,937 | 2/13/25 | — | (200,229) |
| Euro | BNPS | Sell | 4,400,000 | 4,637,893 | 2/13/25 | 76,003 | — |
| Euro | BNPS | Sell | 4,750,000 | 5,028,926 | 2/13/25 | 104,158 | — |
| Euro | BNPS | Sell | 68,800,000 | 74,402,590 | 2/13/25 | 3,071,216 | — |
| Euro | CITI | Sell | 130,800,000 | 141,588,515 | 2/13/25 | 5,975,961 | — |
| Great British Pound | BNPS | Sell | 10,200,000 | 13,208,099 | 2/13/25 | 441,921 | — |
| Great British Pound | CITI | Sell | 25,500,000 | 33,035,250 | 2/13/25 | 1,119,804 | — |
| Japanese Yen | BNPS | Sell | 170,000,000 | 1,138,646 | 2/13/25 | 53,752 | — |
| Japanese Yen | BNPS | Sell | 210,000,000 | 1,407,323 | 2/13/25 | 67,159 | — |
| Japanese Yen | BNPS | Sell | 8,250,000,000 | 54,835,184 | 2/13/25 | 2,185,888 | — |
| Japanese Yen | CITI | Sell | 8,899,000,000 | 59,165,775 | 2/13/25 | 2,374,735 | — |
| Mexican Peso | CITI | Sell | 25,100,000 | 1,244,984 | 2/13/25 | 50,313 | — |
| Mexican Peso | BNPS | Sell | 86,288,147 | 4,282,022 | 2/13/25 | 175,012 | — |
| Polish Zloty | BNPS | Sell | 7,500,000 | 1,843,456 | 2/13/25 | 31,798 | — |
| Polish Zloty | CITI | Sell | 9,550,000 | 2,370,086 | 2/13/25 | 63,241 | — |
| Polish Zloty | BNPS | Sell | 28,800,000 | 7,145,929 | 2/13/25 | 189,161 | — |
| South Korean Won | BNPS | Sell | 27,600,000,000 | 19,802,549 | 2/13/25 | 1,029,768 | — |
| Swedish Krona | BNPS | Sell | 14,000,000 | 1,282,454 | 2/13/25 | 14,866 | — |
| Swedish Krona | BNPS | Sell | 45,800,000 | 4,287,321 | 2/13/25 | 140,497 | — |
| OTC Forward Exchange Contracts (continued) | |||||||
| Swedish Krona | CITI | Sell | 133,500,000 | $ 12,503,887 | 2/13/25 | $ 416,529 | $ — |
| Total Forward Exchange Contracts | $22,608,607 | $(293,503) | |||||
| Net unrealized appreciation (depreciation) | $22,315,104 | ||||||
| aMay be comprised of multiple contracts with the same counterparty, currency and settlement date. |
| Selected Portfolio | ||
| BNPS | – | BNP Paribas SA. |
| CITI | – | CITIBANK |
| OAT | – | Obligation Assumable by the Treasurer |
| Franklin International Core Dividend Tilt Index ETF | Industry | Shares | Value | ||
| Common Stocks 99.2% | |||||
| Australia 10.4% | |||||
| ANZ Group Holdings Ltd. | Banks | 368,220 | $ 6,506,649 | ||
| APA Group | Gas Utilities | 235,790 | 1,017,546 | ||
| ASX Ltd. | Capital Markets | 31,977 | 1,288,491 | ||
| Atlas Arteria Ltd. | Transportation Infrastructure | 206,074 | 606,056 | ||
| BHP Group Ltd. | Metals & Mining | 416,993 | 10,211,070 | ||
| Brambles Ltd. | Commercial Services & Supplies | 51,680 | 615,635 | ||
| Cochlear Ltd. | Health Care Equipment & Supplies | 646 | 115,944 | ||
| Coles Group Ltd. | Consumer Staples Distribution & Retail | 229,653 | 2,685,963 | ||
| Commonwealth Bank of Australia | Banks | 91,086 | 8,642,674 | ||
| CSL Ltd. | Biotechnology | 20,026 | 3,491,339 | ||
| Dexus | Office REITs | 218,025 | 899,035 | ||
| Endeavour Group Ltd. | Consumer Staples Distribution & Retail | 269,705 | 701,349 | ||
| Fortescue Ltd. | Metals & Mining | 285,855 | 3,230,016 | ||
| Goodman Group | Industrial REITs | 66,215 | 1,461,134 | ||
| GPT Group | Diversified REITs | 382,109 | 1,033,867 | ||
| Lottery Corp. Ltd. | Hotels, Restaurants & Leisure | 414,409 | 1,267,512 | ||
| Macquarie Group Ltd. | Capital Markets | 19,057 | 2,615,281 | ||
| Medibank Pvt Ltd. | Insurance | 499,681 | 1,172,541 | ||
| Mirvac Group | Diversified REITs | 675,716 | 784,443 | ||
| National Australia Bank Ltd. | Banks | 145,027 | 3,331,339 | ||
| Northern Star Resources Ltd. | Metals & Mining | 26,163 | 250,110 | ||
| Origin Energy Ltd. | Electric Utilities | 218,671 | 1,475,753 | ||
| Pro Medicus Ltd. | Health Care Technology | 10,336 | 1,600,652 | ||
| REA Group Ltd. | Interactive Media & Services | 8,075 | 1,166,465 | ||
| Rio Tinto Ltd. | Metals & Mining | 46,835 | 3,406,093 | ||
| Rio Tinto PLC | Metals & Mining | 139,213 | 8,234,567 | ||
| Santos Ltd. | Oil, Gas & Consumable Fuels | 597,550 | 2,471,421 | ||
| Scentre Group | Retail REITs | 933,470 | 1,982,396 | ||
| SEEK Ltd. | Interactive Media & Services | 38,437 | 537,127 | ||
| Sonic Healthcare Ltd. | Health Care Providers & Services | 89,794 | 1,501,647 | ||
| Stockland | Diversified REITs | 467,704 | 1,389,979 | ||
| Telstra Group Ltd. | Diversified Telecommunication Services | 755,497 | 1,875,742 | ||
| TPG Telecom Ltd. | Diversified Telecommunication Services | 79,781 | 221,790 | ||
| Transurban Group | Transportation Infrastructure | 580,108 | 4,809,340 | ||
| Treasury Wine Estates Ltd. | Beverages | 29,716 | 208,457 | ||
| Vicinity Ltd. | Retail REITs | 716,414 | 931,493 | ||
| Wesfarmers Ltd. | Broadline Retail | 124,678 | 5,521,716 | ||
| Westpac Banking Corp. | Banks | 186,048 | 3,722,994 | ||
| WiseTech Global Ltd. | Software | 23,579 | 1,767,348 | ||
| Woodside Energy Group Ltd. | Oil, Gas & Consumable Fuels | 370,804 | 5,647,751 | ||
| Woolworths Group Ltd. | Consumer Staples Distribution & Retail | 52,972 | 1,000,000 | ||
| 101,400,725 | |||||
| Austria 0.7% | |||||
| ANDRITZ AG | Machinery | 13,566 | 688,051 | ||
| a | BAWAG Group AG | Banks | 13,889 | 1,167,104 | |
| Erste Group Bank AG | Banks | 38,437 | 2,374,559 | ||
| Mondi PLC | Paper & Forest Products | 74,936 | 1,118,690 | ||
| OMV AG | Oil, Gas & Consumable Fuels | 26,486 | 1,024,096 | ||
| Raiffeisen Bank International AG | Banks | 25,517 | 521,852 | ||
| Verbund AG | Electric Utilities | 4,522 | 327,777 | ||
| 7,222,129 | |||||
| Belgium 0.5% | |||||
| Ageas SA | Insurance | 30,685 | 1,490,215 | ||
| Colruyt Group NV | Consumer Staples Distribution & Retail | 4,522 | 169,695 | ||
| KBC Group NV | Banks | 26,809 | 2,069,284 | ||
| UCB SA | Pharmaceuticals | 4,199 | 835,698 |
| Warehouses De Pauw CVA | Industrial REITs | 33,915 | 667,261 | ||
| 5,232,153 | |||||
| China 0.0%† | |||||
| a | Budweiser Brewing Co. APAC Ltd., Class H | Beverages | 193,800 | 186,866 | |
| Denmark 2.6% | |||||
| AP Moller - Maersk AS, Class A | Marine Transportation | 76 | 121,784 | ||
| AP Moller - Maersk AS, Class B | Marine Transportation | 116 | 191,760 | ||
| Coloplast AS, Class B | Health Care Equipment & Supplies | 14,212 | 1,551,527 | ||
| Danske Bank AS | Banks | 123,063 | 3,480,884 | ||
| DSV AS | Air Freight & Logistics | 4,199 | 891,506 | ||
| Novo Nordisk AS, Class B | Pharmaceuticals | 192,185 | 16,657,670 | ||
| Novonesis (Novozymes) B, Class B | Chemicals | 10,013 | 566,860 | ||
| Tryg AS | Insurance | 62,662 | 1,318,220 | ||
| 24,780,211 | |||||
| Finland 2.0% | |||||
| Elisa OYJ | Diversified Telecommunication Services | 27,778 | 1,202,340 | ||
| Fortum OYJ | Electric Utilities | 85,272 | 1,193,363 | ||
| Kesko OYJ, Class A | Consumer Staples Distribution & Retail | 17,765 | 332,226 | ||
| Kesko OYJ, Class B | Consumer Staples Distribution & Retail | 50,711 | 954,654 | ||
| Kone OYJ, Class B | Machinery | 62,985 | 3,065,386 | ||
| Metso OYJ | Machinery | 119,510 | 1,111,298 | ||
| Neste OYJ | Oil, Gas & Consumable Fuels | 86,887 | 1,090,904 | ||
| Nordea Bank Abp | Banks | 601,749 | 6,551,613 | ||
| Orion OYJ, Class A | Pharmaceuticals | 5,491 | 242,221 | ||
| Orion OYJ, Class B | Pharmaceuticals | 21,318 | 944,360 | ||
| UPM-Kymmene OYJ | Paper & Forest Products | 61,693 | 1,696,735 | ||
| Wartsila OYJ Abp | Machinery | 41,344 | 732,508 | ||
| 19,117,608 | |||||
| France 9.1% | |||||
| Air Liquide SA | Chemicals | 18,088 | 2,939,131 | ||
| Airbus SE | Aerospace & Defense | 4,199 | 672,993 | ||
| a | Amundi SA | Capital Markets | 10,982 | 730,073 | |
| AXA SA | Insurance | 169,898 | 6,037,897 | ||
| BNP Paribas SA | Banks | 141,474 | 8,675,513 | ||
| Bouygues SA | Construction & Engineering | 37,468 | 1,107,298 | ||
| Bureau Veritas SA | Professional Services | 27,455 | 834,126 | ||
| Capgemini SE | IT Services | 4,199 | 687,646 | ||
| Cie Generale des Etablissements Michelin SCA | Automobile Components | 11,305 | 372,261 | ||
| Credit Agricole SA | Banks | 220,609 | 3,035,976 | ||
| Danone SA | Food Products | 39,729 | 2,678,997 | ||
| Dassault Systemes SE | Software | 52,649 | 1,826,354 | ||
| Engie SA | Multi-Utilities | 343,995 | 5,453,527 | ||
| EssilorLuxottica SA | Health Care Equipment & Supplies | 9,690 | 2,364,009 | ||
| Hermes International SCA | Textiles, Apparel & Luxury Goods | 1,582 | 3,803,810 | ||
| Kering SA | Textiles, Apparel & Luxury Goods | 12,274 | 3,028,093 | ||
| Legrand SA | Electrical Equipment | 5,168 | 503,252 | ||
| L’Oreal SA | Personal Care Products | 7,429 | 2,629,760 | ||
| LVMH Moet Hennessy Louis Vuitton SE | Textiles, Apparel & Luxury Goods | 14,122 | 9,293,127 | ||
| Orange SA | Diversified Telecommunication Services | 348,194 | 3,471,423 | ||
| Pernod Ricard SA | Beverages | 6,137 | 692,680 | ||
| Sanofi SA | Pharmaceuticals | 106,909 | 10,377,419 | ||
| Sartorius Stedim Biotech | Life Sciences Tools & Services | 646 | 126,228 | ||
| Schneider Electric SE | Electrical Equipment | 29,393 | 7,332,141 | ||
| TotalEnergies SE | Oil, Gas & Consumable Fuels | 105,944 | 5,854,957 | ||
| Veolia Environnement SA | Multi-Utilities | 26,486 | 743,526 | ||
| Vinci SA | Construction & Engineering | 29,393 | 3,035,732 | ||
| 88,307,949 | |||||
| Germany 7.1% | |||||
| adidas AG | Textiles, Apparel & Luxury Goods | 2,262 | 554,657 | ||
| Allianz SE | Insurance | 27,778 | 8,511,303 | ||
| BASF SE | Chemicals | 158,270 | 6,958,710 |
| Bayerische Motoren Werke AG | Automobiles | 48,450 | 3,962,425 | ||
| Daimler Truck Holding AG | Machinery | 66,215 | 2,526,644 | ||
| Deutsche Boerse AG | Capital Markets | 4,199 | 967,009 | ||
| Deutsche Post AG | Air Freight & Logistics | 112,081 | 3,943,715 | ||
| Deutsche Telekom AG | Diversified Telecommunication Services | 132,430 | 3,961,722 | ||
| E.ON SE | Multi-Utilities | 125,001 | 1,455,536 | ||
| Infineon Technologies AG | Semiconductors & Semiconductor Equipment | 73,644 | 2,394,513 | ||
| Mercedes-Benz Group AG | Automobiles | 133,076 | 7,413,651 | ||
| Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | Insurance | 1,069 | 539,195 | ||
| Rheinmetall AG | Aerospace & Defense | 2,129 | 1,354,935 | ||
| SAP SE | Software | 55,879 | 13,672,958 | ||
| Siemens AG | Industrial Conglomerates | 44,251 | 8,640,180 | ||
| b | Siemens Energy AG | Electrical Equipment | 25,194 | 1,314,333 | |
| Vonovia SE | Real Estate Management & Development | 29,070 | 882,590 | ||
| 69,054,076 | |||||
| Hong Kong 2.7% | |||||
| AIA Group Ltd. | Insurance | 198,800 | 1,440,849 | ||
| CK Asset Holdings Ltd. | Real Estate Management & Development | 334,300 | 1,372,842 | ||
| CK Infrastructure Holdings Ltd., Class A | Electric Utilities | 109,900 | 817,040 | ||
| CLP Holdings Ltd. | Electric Utilities | 338,400 | 2,844,704 | ||
| Hang Seng Bank Ltd. | Banks | 129,200 | 1,589,230 | ||
| Henderson Land Development Co. Ltd. | Real Estate Management & Development | 242,500 | 736,745 | ||
| HKT Trust & HKT Ltd. | Diversified Telecommunication Services | 628,181 | 776,336 | ||
| Hong Kong & China Gas Co. Ltd. | Gas Utilities | 2,008,000 | 1,605,273 | ||
| Hong Kong Exchanges & Clearing Ltd. | Capital Markets | 52,250 | 1,982,930 | ||
| Jardine Matheson Holdings Ltd. | Industrial Conglomerates | 32,300 | 1,323,331 | ||
| Link REIT | Retail REITs | 484,500 | 2,048,909 | ||
| MTR Corp. Ltd. | Ground Transportation | 279,000 | 973,346 | ||
| Power Assets Holdings Ltd. | Electric Utilities | 246,500 | 1,719,926 | ||
| Sino Land Co. Ltd. | Real Estate Management & Development | 646,000 | 652,824 | ||
| Sun Hung Kai Properties Ltd. | Real Estate Management & Development | 288,449 | 2,771,995 | ||
| Swire Pacific Ltd., Class A | Industrial Conglomerates | 17,500 | 158,713 | ||
| Swire Properties Ltd. | Real Estate Management & Development | 199,800 | 406,907 | ||
| Techtronic Industries Co. Ltd. | Machinery | 122,350 | 1,614,438 | ||
| a | WH Group Ltd. | Food Products | 1,357,000 | 1,049,900 | |
| Wharf Real Estate Investment Co. Ltd. | Real Estate Management & Development | 291,672 | 745,706 | ||
| 26,631,944 | |||||
| Ireland 0.2% | |||||
| DCC PLC | Industrial Conglomerates | 2,907 | 187,133 | ||
| Experian PLC | Professional Services | 29,716 | 1,282,102 | ||
| 1,469,235 | |||||
| Isle Of Man 0.0%† | |||||
| Entain PLC | Hotels, Restaurants & Leisure | 33,592 | 289,109 | ||
| Israel 0.6% | |||||
| Azrieli Group Ltd. | Real Estate Management & Development | 2,261 | 186,718 | ||
| Bank Hapoalim BM | Banks | 166,668 | 2,013,565 | ||
| Bank Leumi Le-Israel BM | Banks | 95,285 | 1,133,645 | ||
| Israel Discount Bank Ltd., Class A | Banks | 125,647 | 859,337 | ||
| Mizrahi Tefahot Bank Ltd. | Banks | 22,287 | 963,987 | ||
| b | Nice Ltd. | Software | 3,553 | 605,745 | |
| 5,762,997 | |||||
| Italy 4.9% | |||||
| A2A SpA | Multi-Utilities | 270,351 | 600,489 | ||
| Banca Mediolanum SpA | Financial Services | 37,145 | 441,947 | ||
| Banco BPM SpA | Banks | 228,361 | 1,847,287 | ||
| Enel SpA | Electric Utilities | 1,135,668 | 8,097,828 | ||
| Eni SpA | Oil, Gas & Consumable Fuels | 402,458 | 5,455,196 | ||
| Ferrari NV | Automobiles | 5,351 | 2,285,092 | ||
| FinecoBank Banca Fineco SpA | Banks | 90,440 | 1,572,394 | ||
| Generali | Insurance | 106,913 | 3,019,019 |
| Hera SpA | Multi-Utilities | 82,365 | 292,712 | ||
| a | Infrastrutture Wireless Italiane SpA | Diversified Telecommunication Services | 64,277 | 653,275 | |
| Intesa Sanpaolo SpA | Banks | 2,156,348 | 8,625,687 | ||
| Mediobanca Banca di Credito Finanziario SpA | Banks | 106,590 | 1,553,513 | ||
| Moncler SpA | Textiles, Apparel & Luxury Goods | 14,858 | 784,351 | ||
| a | Poste Italiane SpA | Insurance | 81,396 | 1,147,969 | |
| Recordati Industria Chimica e Farmaceutica SpA | Pharmaceuticals | 16,473 | 863,124 | ||
| Snam SpA | Gas Utilities | 406,011 | 1,798,155 | ||
| Terna - Rete Elettrica Nazionale | Electric Utilities | 230,622 | 1,819,725 | ||
| UniCredit SpA | Banks | 169,252 | 6,751,909 | ||
| 47,609,672 | |||||
| Japan 22.9% | |||||
| ABC-Mart, Inc. | Specialty Retail | 6,000 | 121,825 | ||
| Advantest Corp. | Semiconductors & Semiconductor Equipment | 79,200 | 4,635,286 | ||
| AGC, Inc. | Building Products | 32,300 | 950,544 | ||
| Asahi Kasei Corp. | Chemicals | 258,400 | 1,796,271 | ||
| Asics Corp. | Textiles, Apparel & Luxury Goods | 70,600 | 1,397,086 | ||
| Astellas Pharma, Inc. | Pharmaceuticals | 336,500 | 3,285,564 | ||
| Bridgestone Corp. | Automobile Components | 96,900 | 3,292,479 | ||
| Brother Industries Ltd. | Technology Hardware, Storage & Peripherals | 43,500 | 746,636 | ||
| Canon, Inc. | Technology Hardware, Storage & Peripherals | 85,376 | 2,803,675 | ||
| Capcom Co. Ltd. | Entertainment | 50,104 | 1,107,542 | ||
| Chugai Pharmaceutical Co. Ltd. | Pharmaceuticals | 35,100 | 1,563,152 | ||
| Daifuku Co. Ltd. | Machinery | 18,180 | 381,738 | ||
| Daiichi Sankyo Co. Ltd. | Pharmaceuticals | 109,900 | 3,043,299 | ||
| Daikin Industries Ltd. | Building Products | 15,710 | 1,865,288 | ||
| Daiwa Securities Group, Inc. | Capital Markets | 226,100 | 1,507,717 | ||
| Denso Corp. | Automobile Components | 161,500 | 2,275,654 | ||
| Dentsu Group, Inc. | Media | 41,000 | 994,477 | ||
| Disco Corp. | Semiconductors & Semiconductor Equipment | 12,914 | 3,511,168 | ||
| Eisai Co. Ltd. | Pharmaceuticals | 32,300 | 889,709 | ||
| FANUC Corp. | Machinery | 28,040 | 744,891 | ||
| Fast Retailing Co. Ltd. | Specialty Retail | 5,374 | 1,840,345 | ||
| Fuji Electric Co. Ltd. | Electrical Equipment | 9,266 | 504,571 | ||
| FUJIFILM Holdings Corp. | Technology Hardware, Storage & Peripherals | 8,440 | 177,704 | ||
| Fujikura Ltd. | Electrical Equipment | 32,300 | 1,345,765 | ||
| Fujitsu Ltd. | IT Services | 19,860 | 353,767 | ||
| Hitachi Construction Machinery Co. Ltd. | Machinery | 18,300 | 409,526 | ||
| Hitachi Ltd. | Industrial Conglomerates | 278,371 | 6,973,445 | ||
| Honda Motor Co. Ltd. | Automobiles | 216,000 | 2,109,697 | ||
| Hoshizaki Corp. | Machinery | 8,900 | 354,731 | ||
| Hoya Corp. | Health Care Equipment & Supplies | 18,480 | 2,329,990 | ||
| Hulic Co. Ltd. | Real Estate Management & Development | 96,900 | 844,700 | ||
| Isuzu Motors Ltd. | Automobiles | 113,400 | 1,557,482 | ||
| ITOCHU Corp. | Trading Companies & Distributors | 32,300 | 1,609,656 | ||
| Japan Exchange Group, Inc. | Capital Markets | 52,600 | 592,403 | ||
| Japan Post Bank Co. Ltd. | Banks | 129,200 | 1,228,617 | ||
| Japan Real Estate Investment Corp. | Office REITs | 1,090 | 748,352 | ||
| Japan Tobacco, Inc. | Tobacco | 205,700 | 5,340,137 | ||
| JFE Holdings, Inc. | Metals & Mining | 44,000 | 498,206 | ||
| Kajima Corp. | Construction & Engineering | 27,030 | 495,504 | ||
| Kansai Electric Power Co., Inc. | Electric Utilities | 15,600 | 174,056 | ||
| Kao Corp. | Personal Care Products | 3,728 | 151,530 | ||
| Kawasaki Heavy Industries Ltd. | Machinery | 10,200 | 472,487 | ||
| Kawasaki Kisen Kaisha Ltd. | Marine Transportation | 84,300 | 1,209,305 | ||
| KDDI Corp. | Wireless Telecommunication Services | 7,730 | 247,994 | ||
| Keyence Corp. | Electronic Equipment, Instruments & Components | 11,334 | 4,660,960 | ||
| Kikkoman Corp. | Food Products | 44,300 | 496,811 | ||
| Kirin Holdings Co. Ltd. | Beverages | 140,500 | 1,831,792 | ||
| Komatsu Ltd. | Machinery | 146,400 | 4,052,176 | ||
| Kubota Corp. | Machinery | 32,300 | 377,957 | ||
| Kyocera Corp. | Electronic Equipment, Instruments & Components | 64,600 | 647,603 | ||
| Lasertec Corp. | Semiconductors & Semiconductor Equipment | 16,054 | 1,551,158 |
| LY Corp. | Interactive Media & Services | 355,300 | 948,160 | ||
| M3, Inc. | Health Care Technology | 37,200 | 330,672 | ||
| Makita Corp. | Machinery | 15,500 | 477,644 | ||
| Marubeni Corp. | Trading Companies & Distributors | 105,200 | 1,601,495 | ||
| Minebea Mitsumi, Inc. | Machinery | 33,400 | 546,076 | ||
| Mitsubishi Chemical Group Corp. | Chemicals | 129,200 | 657,427 | ||
| Mitsubishi Corp. | Trading Companies & Distributors | 147,100 | 2,437,315 | ||
| Mitsubishi Electric Corp. | Electrical Equipment | 96,900 | 1,656,721 | ||
| Mitsubishi HC Capital, Inc. | Financial Services | 129,200 | 856,620 | ||
| Mitsubishi Heavy Industries Ltd. | Machinery | 215,600 | 3,049,623 | ||
| Mitsubishi UFJ Financial Group, Inc. | Banks | 489,500 | 5,749,663 | ||
| Mitsui & Co. Ltd. | Trading Companies & Distributors | 70,900 | 1,493,700 | ||
| Mitsui OSK Lines Ltd. | Marine Transportation | 67,900 | 2,379,697 | ||
| Mizuho Financial Group, Inc. | Banks | 172,700 | 4,255,963 | ||
| MonotaRO Co. Ltd. | Trading Companies & Distributors | 22,040 | 374,719 | ||
| MS&AD Insurance Group Holdings, Inc. | Insurance | 90,460 | 1,985,216 | ||
| Murata Manufacturing Co. Ltd. | Electronic Equipment, Instruments & Components | 161,500 | 2,630,181 | ||
| NEC Corp. | IT Services | 6,100 | 532,527 | ||
| NIDEC Corp. | Electrical Equipment | 89,400 | 1,624,058 | ||
| Nintendo Co. Ltd. | Entertainment | 71,200 | 4,196,976 | ||
| Nippon Building Fund, Inc. | Office REITs | 843 | 656,549 | ||
| Nippon Paint Holdings Co. Ltd. | Chemicals | 32,300 | 210,353 | ||
| Nippon Steel Corp. | Metals & Mining | 86,000 | 1,741,232 | ||
| Nippon Yusen KK | Marine Transportation | 14,200 | 476,435 | ||
| Niterra Co. Ltd. | Automobile Components | 37,900 | 1,225,070 | ||
| Nitto Denko Corp. | Chemicals | 85,650 | 1,460,562 | ||
| Nomura Holdings, Inc. | Capital Markets | 258,400 | 1,531,229 | ||
| Nomura Research Institute Ltd. | IT Services | 20,910 | 619,876 | ||
| NTT Data Group Corp. | IT Services | 11,000 | 212,077 | ||
| Obayashi Corp. | Construction & Engineering | 129,200 | 1,720,639 | ||
| Obic Co. Ltd. | IT Services | 16,850 | 503,163 | ||
| Omron Corp. | Electronic Equipment, Instruments & Components | 28,007 | 953,942 | ||
| Ono Pharmaceutical Co. Ltd. | Pharmaceuticals | 36,300 | 377,528 | ||
| Oracle Corp. | Software | 1,585 | 152,842 | ||
| Oriental Land Co. Ltd. | Hotels, Restaurants & Leisure | 8,220 | 178,982 | ||
| ORIX Corp. | Financial Services | 64,600 | 1,400,845 | ||
| Otsuka Corp. | IT Services | 41,440 | 951,622 | ||
| Otsuka Holdings Co. Ltd. | Pharmaceuticals | 15,600 | 853,652 | ||
| Panasonic Holdings Corp. | Household Durables | 64,600 | 675,349 | ||
| Recruit Holdings Co. Ltd. | Professional Services | 85,000 | 6,027,774 | ||
| b | Renesas Electronics Corp. | Semiconductors & Semiconductor Equipment | 113,100 | 1,472,761 | |
| SBI Holdings, Inc. | Capital Markets | 53,900 | 1,365,677 | ||
| SCREEN Holdings Co. Ltd. | Semiconductors & Semiconductor Equipment | 17,546 | 1,059,503 | ||
| Seiko Epson Corp. | Technology Hardware, Storage & Peripherals | 36,900 | 675,146 | ||
| Sekisui Chemical Co. Ltd. | Industrial Conglomerates | 65,600 | 1,133,265 | ||
| Sekisui House Ltd. | Household Durables | 99,950 | 2,405,262 | ||
| Seven & i Holdings Co. Ltd. | Consumer Staples Distribution & Retail | 53,000 | 838,706 | ||
| SG Holdings Co. Ltd. | Air Freight & Logistics | 33,300 | 319,100 | ||
| Shimadzu Corp. | Electronic Equipment, Instruments & Components | 3,300 | 93,671 | ||
| Shin-Etsu Chemical Co. Ltd. | Chemicals | 161,500 | 5,442,250 | ||
| Shiseido Co. Ltd. | Personal Care Products | 15,400 | 273,047 | ||
| SMC Corp. | Machinery | 1,090 | 431,256 | ||
| SoftBank Corp. | Wireless Telecommunication Services | 4,586,600 | 5,804,751 | ||
| SoftBank Group Corp. | Wireless Telecommunication Services | 47,200 | 2,758,539 | ||
| Sompo Holdings, Inc. | Insurance | 74,170 | 1,943,919 | ||
| Sony Group Corp. | Household Durables | 247,100 | 5,297,022 | ||
| Subaru Corp. | Automobiles | 37,400 | 671,325 | ||
| Sumitomo Corp. | Trading Companies & Distributors | 93,700 | 2,043,800 | ||
| Sumitomo Electric Industries Ltd. | Automobile Components | 96,900 | 1,759,380 | ||
| Sumitomo Mitsui Financial Group, Inc. | Banks | 167,052 | 4,000,915 | ||
| Suzuki Motor Corp. | Automobiles | 17,200 | 195,902 | ||
| Sysmex Corp. | Health Care Equipment & Supplies | 32,600 | 604,975 | ||
| Takeda Pharmaceutical Co. Ltd. | Pharmaceuticals | 262,600 | 6,986,069 | ||
| TDK Corp. | Electronic Equipment, Instruments & Components | 199,400 | 2,629,527 | ||
| Terumo Corp. | Health Care Equipment & Supplies | 25,500 | 496,825 |
| Tokio Marine Holdings, Inc. | Insurance | 108,211 | 3,943,959 | ||
| Tokyo Century Corp. | Financial Services | 33,300 | 339,653 | ||
| Tokyo Electron Ltd. | Semiconductors & Semiconductor Equipment | 43,283 | 6,660,724 | ||
| Toray Industries, Inc. | Chemicals | 12,000 | 76,470 | ||
| TOTO Ltd. | Building Products | 4,600 | 111,371 | ||
| Toyo Suisan Kaisha Ltd. | Food Products | 6,000 | 410,792 | ||
| Toyota Industries Corp. | Machinery | 15,599 | 1,276,922 | ||
| Toyota Motor Corp. | Automobiles | 710,600 | 14,224,660 | ||
| Toyota Tsusho Corp. | Trading Companies & Distributors | 64,600 | 1,162,438 | ||
| Yamaha Motor Co. Ltd. | Automobiles | 64,600 | 577,314 | ||
| Yaskawa Electric Corp. | Machinery | 18,204 | 471,085 | ||
| Zensho Holdings Co. Ltd. | Hotels, Restaurants & Leisure | 1,700 | 96,964 | ||
| ZOZO, Inc. | Specialty Retail | 22,070 | 687,686 | ||
| 222,559,233 | |||||
| Netherlands 4.9% | |||||
| a,b | Adyen NV | Financial Services | 1,988 | 2,958,171 | |
| b | Argenx SE | Biotechnology | 1,938 | 1,204,080 | |
| ASM International NV | Semiconductors & Semiconductor Equipment | 6,062 | 3,507,700 | ||
| ASML Holding NV | Semiconductors & Semiconductor Equipment | 27,232 | 19,138,483 | ||
| ING Groep NV | Banks | 404,073 | 6,330,658 | ||
| Koninklijke KPN NV | Diversified Telecommunication Services | 602,718 | 2,193,763 | ||
| b | Koninklijke Philips NV | Health Care Equipment & Supplies | 81,719 | 2,064,729 | |
| NN Group NV | Insurance | 52,649 | 2,293,574 | ||
| Shell PLC | Oil, Gas & Consumable Fuels | 197,030 | 6,109,786 | ||
| Universal Music Group NV | Entertainment | 57,817 | 1,479,974 | ||
| Wolters Kluwer NV | Professional Services | 323 | 53,648 | ||
| 47,334,566 | |||||
| New Zealand 0.2% | |||||
| Fisher & Paykel Healthcare Corp. Ltd. | Health Care Equipment & Supplies | 57,817 | 1,243,852 | ||
| Mercury NZ Ltd. | Electric Utilities | 129,200 | 423,448 | ||
| 1,667,300 | |||||
| Norway 0.9% | |||||
| Aker BP ASA | Oil, Gas & Consumable Fuels | 58,463 | 1,141,221 | ||
| DNB Bank ASA | Banks | 140,828 | 2,813,497 | ||
| Gjensidige Forsikring ASA | Insurance | 30,362 | 537,340 | ||
| Kongsberg Gruppen ASA | Aerospace & Defense | 969 | 109,209 | ||
| Norsk Hydro ASA | Metals & Mining | 189,278 | 1,042,272 | ||
| Orkla ASA | Food Products | 80,104 | 693,668 | ||
| Salmar ASA | Food Products | 13,889 | 660,982 | ||
| Telenor ASA | Diversified Telecommunication Services | 123,063 | 1,375,030 | ||
| Var Energi ASA | Oil, Gas & Consumable Fuels | 161,823 | 502,823 | ||
| 8,876,042 | |||||
| Poland 0.5% | |||||
| Bank Polska Kasa Opieki SA | Banks | 36,499 | 1,218,519 | ||
| ING Bank Slaski SA | Banks | 5,491 | 321,037 | ||
| LPP SA | Textiles, Apparel & Luxury Goods | 55 | 207,052 | ||
| ORLEN SA | Oil, Gas & Consumable Fuels | 110,466 | 1,262,285 | ||
| Powszechny Zaklad Ubezpieczen SA | Insurance | 101,422 | 1,125,547 | ||
| Santander Bank Polska SA | Banks | 5,814 | 644,092 | ||
| 4,778,532 | |||||
| Portugal 0.1% | |||||
| EDP SA | Electric Utilities | 371,773 | 1,189,945 | ||
| Singapore 2.6% | |||||
| CapitaLand Ascendas REIT, Class A | Industrial REITs | 710,600 | 1,338,691 | ||
| CapitaLand Integrated Commercial Trust, Class A | Retail REITs | 917,743 | 1,298,376 | ||
| CapitaLand Investment Ltd. | Real Estate Management & Development | 419,900 | 806,434 | ||
| DBS Group Holdings Ltd., Class A | Banks | 210,100 | 6,733,303 | ||
| Genting Singapore Ltd. | Hotels, Restaurants & Leisure | 1,065,900 | 597,723 | ||
| Jardine Cycle & Carriage Ltd. | Industrial Conglomerates | 13,400 | 278,274 |
| Keppel Ltd. | Industrial Conglomerates | 258,400 | 1,295,599 | ||
| Mapletree Pan Asia Commercial Trust | Retail REITs | 452,200 | 401,086 | ||
| Oversea-Chinese Banking Corp. Ltd. | Banks | 414,500 | 5,071,108 | ||
| Singapore Airlines Ltd. | Passenger Airlines | 258,400 | 1,219,833 | ||
| Singapore Exchange Ltd. | Capital Markets | 129,200 | 1,206,574 | ||
| Singapore Technologies Engineering Ltd. | Aerospace & Defense | 96,900 | 331,003 | ||
| United Overseas Bank Ltd. | Banks | 136,700 | 3,640,457 | ||
| Wilmar International Ltd. | Food Products | 299,700 | 681,036 | ||
| 24,899,497 | |||||
| Spain 2.3% | |||||
| ACS Actividades de Construccion y Servicios SA | Construction & Engineering | 13,889 | 696,667 | ||
| a | Aena SME SA | Transportation Infrastructure | 5,491 | 1,122,403 | |
| Banco Bilbao Vizcaya Argentaria SA | Banks | 547,485 | 5,358,535 | ||
| Banco Santander SA | Banks | 107,236 | 495,751 | ||
| CaixaBank SA | Banks | 671,194 | 3,639,132 | ||
| Endesa SA | Electric Utilities | 55,556 | 1,194,861 | ||
| Iberdrola SA | Electric Utilities | 145,673 | 2,006,230 | ||
| Industria de Diseno Textil SA | Specialty Retail | 17,119 | 879,955 | ||
| Naturgy Energy Group SA | Gas Utilities | 22,287 | 539,568 | ||
| Redeia Corp. SA | Electric Utilities | 70,737 | 1,208,595 | ||
| Repsol SA | Oil, Gas & Consumable Fuels | 113,696 | 1,376,290 | ||
| Telefonica SA | Diversified Telecommunication Services | 887,281 | 3,617,235 | ||
| 22,135,222 | |||||
| Sweden 2.5% | |||||
| Assa Abloy AB, Class B | Building Products | 15,504 | 458,556 | ||
| Atlas Copco AB, Class A | Machinery | 126,616 | 1,934,892 | ||
| Atlas Copco AB, Class B | Machinery | 78,166 | 1,057,258 | ||
| Axfood AB | Consumer Staples Distribution & Retail | 17,765 | 376,225 | ||
| EQT AB | Capital Markets | 55,233 | 1,530,133 | ||
| Essity AB, Class B | Household Products | 13,566 | 363,053 | ||
| a | Evolution AB | Hotels, Restaurants & Leisure | 32,623 | 2,517,899 | |
| H & M Hennes & Mauritz AB, Class B | Specialty Retail | 97,869 | 1,320,657 | ||
| Nordnet AB publ | Capital Markets | 28,747 | 610,883 | ||
| Skandinaviska Enskilda Banken AB, Class A | Banks | 112,727 | 1,545,128 | ||
| SKF AB, Class B | Machinery | 9,367 | 175,993 | ||
| SSAB AB, Class A | Metals & Mining | 47,158 | 191,931 | ||
| SSAB AB, Class B | Metals & Mining | 105,944 | 421,024 | ||
| Svenska Handelsbanken AB, Class A | Banks | 226,423 | 2,340,205 | ||
| Svenska Handelsbanken AB, Class B | Banks | 5,491 | 73,897 | ||
| Swedbank AB, Class A | Banks | 180,557 | 3,567,264 | ||
| Tele2 AB, Class B | Wireless Telecommunication Services | 104,652 | 1,034,752 | ||
| Telefonaktiebolaget LM Ericsson, Class A | Communications Equipment | 5,491 | 44,627 | ||
| Telefonaktiebolaget LM Ericsson, Class B | Communications Equipment | 337,535 | 2,745,675 | ||
| Telia Co. AB | Diversified Telecommunication Services | 437,342 | 1,213,954 | ||
| Volvo AB, Class A | Machinery | 4,522 | 110,582 | ||
| Volvo AB, Class B | Machinery | 40,052 | 973,638 | ||
| 24,608,226 | |||||
| Switzerland 8.9% | |||||
| ABB Ltd. | Electrical Equipment | 57,171 | 3,095,593 | ||
| Cie Financiere Richemont SA, Class A | Textiles, Apparel & Luxury Goods | 33,915 | 5,160,694 | ||
| DSM-Firmenich AG | Chemicals | 14,212 | 1,438,099 | ||
| EMS-Chemie Holding AG | Chemicals | 323 | 217,947 | ||
| Geberit AG | Building Products | 1,292 | 733,642 | ||
| Givaudan SA | Chemicals | 400 | 1,750,510 | ||
| Julius Baer Group Ltd. | Capital Markets | 35,530 | 2,299,796 | ||
| Kuehne & Nagel International AG | Marine Transportation | 9,044 | 2,073,758 | ||
| Lonza Group AG | Life Sciences Tools & Services | 3,449 | 2,039,144 | ||
| Nestle SA | Food Products | 163,115 | 13,477,574 | ||
| Novartis AG | Pharmaceuticals | 153,425 | 15,016,604 | ||
| Partners Group Holding AG | Capital Markets | 3,979 | 5,400,464 | ||
| Roche Holding AG | Pharmaceuticals | 45,866 | 12,931,049 |
| Roche Holding AG | Pharmaceuticals | 1,938 | 578,673 | ||
| Schindler Holding AG, PC | Machinery | 453 | 125,166 | ||
| SGS SA | Professional Services | 25,194 | 2,526,489 | ||
| Sika AG | Chemicals | 4,199 | 999,883 | ||
| STMicroelectronics NV | Semiconductors & Semiconductor Equipment | 4,199 | 105,549 | ||
| Swiss Life Holding AG | Insurance | 2,058 | 1,588,719 | ||
| Swiss Re AG | Insurance | 31,008 | 4,489,103 | ||
| Swisscom AG | Diversified Telecommunication Services | 4,376 | 2,436,074 | ||
| UBS Group AG | Capital Markets | 68,476 | 2,095,271 | ||
| Zurich Insurance Group AG | Insurance | 10,336 | 6,145,144 | ||
| 86,724,945 | |||||
| United Kingdom 11.9% | |||||
| 3i Group PLC | Capital Markets | 25,517 | 1,138,965 | ||
| Admiral Group PLC | Insurance | 26,486 | 877,043 | ||
| Anglo American PLC | Metals & Mining | 21,641 | 640,719 | ||
| Ashtead Group PLC | Trading Companies & Distributors | 10,659 | 662,794 | ||
| AstraZeneca PLC | Pharmaceuticals | 95,608 | 12,534,326 | ||
| Aviva PLC | Insurance | 512,924 | 3,011,505 | ||
| B&M European Value Retail SA | Broadline Retail | 151,810 | 697,765 | ||
| BAE Systems PLC | Aerospace & Defense | 123,386 | 1,774,761 | ||
| BP PLC | Oil, Gas & Consumable Fuels | 571,387 | 2,812,328 | ||
| British American Tobacco PLC | Tobacco | 243,542 | 8,784,345 | ||
| BT Group PLC | Diversified Telecommunication Services | 87,533 | 157,917 | ||
| CK Hutchison Holdings Ltd., Class A | Industrial Conglomerates | 437,000 | 2,334,657 | ||
| a | ConvaTec Group PLC | Health Care Equipment & Supplies | 46,512 | 128,853 | |
| Croda International PLC | Chemicals | 4,199 | 178,011 | ||
| Diageo PLC | Beverages | 65,246 | 2,073,495 | ||
| DS Smith PLC | Containers & Packaging | 149,872 | 1,017,332 | ||
| GSK PLC | Pharmaceuticals | 372,096 | 6,274,865 | ||
| Halma PLC | Electronic Equipment, Instruments & Components | 13,243 | 445,985 | ||
| Hargreaves Lansdown PLC | Capital Markets | 63,631 | 875,012 | ||
| Hikma Pharmaceuticals PLC | Pharmaceuticals | 26,809 | 669,162 | ||
| HSBC Holdings PLC | Banks | 1,538,449 | 15,130,794 | ||
| Imperial Brands PLC | Tobacco | 94,316 | 3,015,638 | ||
| Intermediate Capital Group PLC | Capital Markets | 49,096 | 1,270,339 | ||
| J Sainsbury PLC | Consumer Staples Distribution & Retail | 270,674 | 927,482 | ||
| Kingfisher PLC | Specialty Retail | 332,367 | 1,035,230 | ||
| Land Securities Group PLC | Diversified REITs | 136,306 | 996,944 | ||
| Legal & General Group PLC | Insurance | 1,052,980 | 3,030,492 | ||
| Lloyds Banking Group PLC | Banks | 2,646,339 | 1,815,560 | ||
| London Stock Exchange Group PLC | Capital Markets | 9,367 | 1,323,869 | ||
| M&G PLC | Financial Services | 413,440 | 1,024,452 | ||
| National Grid PLC | Multi-Utilities | 608,532 | 7,240,192 | ||
| NatWest Group PLC | Banks | 476,102 | 2,397,602 | ||
| Persimmon PLC | Household Durables | 58,786 | 882,011 | ||
| Phoenix Group Holdings PLC | Insurance | 136,952 | 874,745 | ||
| Reckitt Benckiser Group PLC | Household Products | 45,220 | 2,737,098 | ||
| RELX PLC | Professional Services | 70,737 | 3,214,968 | ||
| Rentokil Initial PLC | Commercial Services & Supplies | 218,348 | 1,096,024 | ||
| b | Rolls-Royce Holdings PLC | Aerospace & Defense | 124,355 | 885,550 | |
| Sage Group PLC | Software | 52,003 | 829,086 | ||
| Schroders PLC | Capital Markets | 168,929 | 684,630 | ||
| Segro PLC | Industrial REITs | 9,690 | 85,096 | ||
| Severn Trent PLC | Water Utilities | 52,003 | 1,633,424 | ||
| Smith & Nephew PLC | Health Care Equipment & Supplies | 12,274 | 152,398 | ||
| Spirax Group PLC | Machinery | 8,398 | 720,985 | ||
| SSE PLC | Electric Utilities | 31,654 | 635,881 | ||
| Taylor Wimpey PLC | Household Durables | 677,977 | 1,036,749 | ||
| Unilever PLC | Personal Care Products | 162,792 | 9,272,494 | ||
| United Utilities Group PLC | Water Utilities | 128,877 | 1,697,179 | ||
| Vodafone Group PLC | Wireless Telecommunication Services | 3,983,559 | 3,407,493 | ||
| 116,144,245 |
| United States 0.7% | |||||
| Holcim AG, Class B | Construction Materials | 18,411 | 1,774,769 | ||
| Stellantis NV | Automobiles | 360,791 | 4,703,613 | ||
| 6,478,382 | |||||
| Total Common Stocks (Cost $933,948,691) | 964,460,809 | ||||
| Preferred Stocks 0.4% | |||||
| Germany 0.4% | |||||
| c | Bayerische Motoren Werke AG, 8.315%, pfd. | Automobiles | 9,690 | 726,461 | |
| a,c | Dr. Ing hc F Porsche AG, 3.954%, pfd. | Automobiles | 1,615 | 97,697 | |
| c | Sartorius AG, 0.344%, pfd. | Life Sciences Tools & Services | 1,292 | 287,909 | |
| c | Volkswagen AG, 10.175%, pfd. | Automobiles | 35,207 | 3,246,118 | |
| Total Preferred Stocks (Cost $5,685,261) | 4,358,185 | ||||
| Total Investments before Short-Term Investments (Cost $939,633,952) | 968,818,994 | ||||
| Short-Term Investments 0.0%† | |||||
| Money Market Funds 0.0%† | |||||
| United States 0.0%† | |||||
| d,e | Institutional Fiduciary Trust - Money Market Portfolio, 4.18% | Money Market Funds | 70,402 | 70,402 | |
| Total Short-Term Investments (Cost $70,402) | 70,402 | ||||
| Total Investments (Cost $939,704,354) 99.6% | 968,889,396 | ||||
| Other Assets, less Liabilities 0.4% | 3,524,592 | ||||
| Net Assets 100.0% | $ 972,413,988 |
| †Rounds to less than 0.1% of net assets. |
| aSecurity was purchased pursuant to Rule 144A under the Securities Act of 1933 and may be sold in transactions exempt from registration only to qualified institutional buyers or in a public offering registered under the Securities Act of 1933. At December 31, 2024, the aggregate value of these securities was $11,760,210, representing 1.2% of net assets. |
| bNon-income producing. |
| cVariable rate security. The rate shown represents the yield at period end. |
| dThe rate shown is the annualized seven-day effective yield at period end. |
| eSee Note 3 regarding investments in affiliated management investment companies. |
| Description | Type | Number of Contracts | Notional Amount* | Expiration Date | Value/Unrealized Appreciation (Depreciation) |
| Equity Contracts | |||||
| MSCI EAFE | Long | 30 | $ 3,401,250 | 3/21/25 | $ (104,912) |
| *As of period end. |
| Selected Portfolio | ||
| REIT | – | Real Estate Investment Trust |
| SPA | – | Standby Purchase Agreement |
| Franklin Investment Grade Corporate ETF | Country | Principal Amount* | Value | |||
| Corporate Bonds & Notes 96.3% | ||||||
| Aerospace & Defense 2.8% | ||||||
| a | BAE Systems PLC, 5.50%, 3/26/54 | United Kingdom | 1,500,000 | $ 1,461,929 | ||
| Boeing Co., | ||||||
| 3.65%, 3/01/47 | United States | 3,000,000 | 2,037,479 | |||
| 6.528%, 5/01/34 | United States | 2,400,000 | 2,515,509 | |||
| General Dynamics Corp., | ||||||
| 2.85%, 6/01/41 | United States | 1,200,000 | 856,459 | |||
| 3.60%, 11/15/42 | United States | 2,500,000 | 1,968,223 | |||
| Howmet Aerospace, Inc., 5.95%, 2/01/37 | United States | 3,100,000 | 3,219,465 | |||
| Lockheed Martin Corp., 4.07%, 12/15/42 | United States | 1,400,000 | 1,168,048 | |||
| Northrop Grumman Corp., 4.95%, 3/15/53 | United States | 2,500,000 | 2,236,393 | |||
| 15,463,505 | ||||||
| Agriculture 0.7% | ||||||
| Philip Morris International, Inc., 5.375%, 2/15/33 | United States | 4,000,000 | 4,009,623 | |||
| Air Freight & Logistics 0.3% | ||||||
| FedEx Corp., 4.75%, 11/15/45 | United States | 2,000,000 | 1,712,931 | |||
| Airlines 0.8% | ||||||
| a | Delta Air Lines, Inc./SkyMiles IP Ltd., first lien, 4.50%, 10/20/25 | United States | 1,971,896 | 1,960,149 | ||
| United Airlines Pass-Through Trust, | ||||||
| Series 2016-1, Class A, 3.45%, 1/07/30 | United States | 1,450,475 | 1,363,017 | |||
| Series 2020-1, Class B, 4.875%, 7/15/27 | United States | 902,800 | 901,717 | |||
| 4,224,883 | ||||||
| Apparel 0.1% | ||||||
| Tapestry, Inc., 5.50%, 3/11/35 | United States | 615,000 | 598,508 | |||
| Auto Manufacturers 1.1% | ||||||
| Hyundai Capital America, | ||||||
| a 5.35%, 3/19/29 | United States | 4,175,000 | 4,200,099 | |||
| a 4.55%, 9/26/29 | United States | 2,000,000 | 1,942,369 | |||
| 6,142,468 | ||||||
| Banks 25.0% | ||||||
| Banco Santander SA, 2.749%, 12/03/30 | Spain | 1,400,000 | 1,186,442 | |||
| Bank of America Corp., | ||||||
| 2.592% to 4/29/30, FRN thereafter, 4/29/31 | United States | 3,800,000 | 3,349,061 | |||
| 4.571% to 4/27/32, FRN thereafter, 4/27/33 | United States | 6,150,000 | 5,847,179 | |||
| 5.202% to 4/25/28, FRN thereafter, 4/25/29 | United States | 6,950,000 | 6,984,109 | |||
| 5.468% to 1/23/34, FRN thereafter, 1/23/35 | United States | 1,400,000 | 1,402,166 | |||
| Bank of New York Mellon Corp., 3.85%, 4/28/28 | United States | 5,600,000 | 5,464,697 | |||
| a | BPCE SA, 5.936% to 5/30/34, FRN thereafter, 5/30/35 | France | 1,900,000 | 1,884,094 | ||
| Citigroup, Inc., | ||||||
| 3.668% to 7/24/27, FRN thereafter, 7/24/28 | United States | 6,300,000 | 6,104,163 | |||
| 3.057% to 1/25/32, FRN thereafter, 1/25/33 | United States | 3,600,000 | 3,093,575 | |||
| Credit Agricole SA, | ||||||
| a 4.375%, 3/17/25 | France | 1,100,000 | 1,097,775 | |||
| a 5.134%, 3/11/27 | France | 2,975,000 | 2,992,490 | |||
| a | Danske Bank AS, 5.427% to 3/01/27, FRN thereafter, 3/01/28 | Denmark | 2,900,000 | 2,925,964 | ||
| Deutsche Bank AG, 2.129% to 11/24/25, FRN thereafter, 11/24/26 | Germany | 2,475,000 | 2,412,275 | |||
| Fifth Third Bancorp, 4.772% to 7/28/29, FRN thereafter, 7/28/30 | United States | 2,600,000 | 2,548,214 | |||
| Goldman Sachs Group, Inc., | ||||||
| 2.64% to 2/24/27, FRN thereafter, 2/24/28 | United States | 10,000,000 | 9,538,952 | |||
| 4.387% to 6/15/26, FRN thereafter, 6/15/27 | United States | 1,800,000 | 1,790,328 | |||
| 5.33% to 7/23/34, FRN thereafter, 7/23/35 | United States | 2,500,000 | 2,454,592 |
| HSBC Holdings PLC, 1.645% to 4/18/25, FRN thereafter, 4/18/26 | United Kingdom | 2,500,000 | 2,475,557 | |||
| Huntington Bancshares, Inc., 5.272% to 1/15/30, FRN thereafter, 1/15/31 | United States | 2,000,000 | 2,002,234 | |||
| JPMorgan Chase & Co., | ||||||
| 2.522% to 4/22/30, FRN thereafter, 4/22/31 | United States | 5,150,000 | 4,538,848 | |||
| 2.963% to 1/25/32, FRN thereafter, 1/25/33 | United States | 6,800,000 | 5,879,564 | |||
| 4.851% to 7/25/27, FRN thereafter, 7/25/28 | United States | 1,600,000 | 1,599,754 | |||
| 6.087% to 10/23/28, FRN thereafter, 10/23/29 | United States | 5,880,000 | 6,100,158 | |||
| Mizuho Financial Group, Inc., 5.778% to 7/06/28, FRN thereafter, 7/06/29 | Japan | 2,950,000 | 3,019,770 | |||
| Morgan Stanley, | ||||||
| 1.794% to 2/13/31, FRN thereafter, 2/13/32 | United States | 7,000,000 | 5,713,503 | |||
| 5.25% to 4/21/33, FRN thereafter, 4/21/34 | United States | 4,800,000 | 4,728,358 | |||
| 5.449% to 7/20/28, FRN thereafter, 7/20/29 | United States | 1,750,000 | 1,770,043 | |||
| a | National Australia Bank Ltd., 2.332%, 8/21/30 | Australia | 3,100,000 | 2,638,659 | ||
| NatWest Group PLC, 4.964% to 8/15/29, FRN thereafter, 8/15/30 | United Kingdom | 2,800,000 | 2,759,087 | |||
| PNC Financial Services Group, Inc., 6.615% to 10/20/26, FRN thereafter, 10/20/27 | United States | 6,400,000 | 6,594,845 | |||
| Truist Financial Corp., 7.161% to 10/30/28, FRN thereafter, 10/30/29 | United States | 3,700,000 | 3,957,693 | |||
| U.S. Bancorp, 5.10% to 7/23/29, FRN thereafter, 7/23/30 | United States | 4,170,000 | 4,166,065 | |||
| UBS Group AG, | ||||||
| a 3.869% to 1/12/28, FRN thereafter, 1/12/29 | Switzerland | 4,350,000 | 4,190,689 | |||
| a 5.428% to 2/08/29, FRN thereafter, 2/08/30 | Switzerland | 3,000,000 | 3,020,185 | |||
| Wells Fargo & Co., | ||||||
| 4.808% to 7/25/27, FRN thereafter, 7/25/28 | United States | 5,000,000 | 4,983,126 | |||
| 5.574% to 7/25/28, FRN thereafter, 7/25/29 | United States | 2,900,000 | 2,945,125 | |||
| 5.198% to 1/22/29, FRN thereafter, 1/23/30 | United States | 2,700,000 | 2,708,449 | |||
| 136,867,788 | ||||||
| Beverages 0.8% | ||||||
| Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc., 4.90%, 2/01/46 | Belgium | 2,778,000 | 2,529,713 | |||
| Anheuser-Busch InBev Worldwide, Inc., 5.80%, 1/23/59 | Belgium | 1,700,000 | 1,734,067 | |||
| 4,263,780 | ||||||
| Biotechnology 3.0% | ||||||
| Amgen, Inc., 5.60%, 3/02/43 | United States | 4,505,000 | 4,382,077 | |||
| Bio-Rad Laboratories, Inc., 3.30%, 3/15/27 | United States | 3,600,000 | 3,485,054 | |||
| a | CSL Finance PLC, 4.25%, 4/27/32 | Australia | 4,000,000 | 3,760,429 | ||
| Illumina, Inc., 5.80%, 12/12/25 | United States | 1,000,000 | 1,007,833 | |||
| Regeneron Pharmaceuticals, Inc., 2.80%, 9/15/50 | United States | 3,500,000 | 2,070,655 | |||
| Royalty Pharma PLC, 3.35%, 9/02/51 | United States | 2,500,000 | 1,588,752 | |||
| 16,294,800 | ||||||
| Capital Markets 0.4% | ||||||
| Brixmor Operating Partnership LP, 4.125%, 5/15/29 | United States | 2,000,000 | 1,921,422 | |||
| Chemicals 1.8% | ||||||
| Huntsman International LLC, 2.95%, 6/15/31 | United States | 3,150,000 | 2,627,890 | |||
| Nutrien Ltd., 5.20%, 6/21/27 | Canada | 1,800,000 | 1,819,721 | |||
| a | Solvay Finance America LLC, 5.65%, 6/04/29 | Belgium | 3,400,000 | 3,453,146 | ||
| Westlake Corp., 3.125%, 8/15/51 | United States | 2,800,000 | 1,744,554 | |||
| 9,645,311 | ||||||
| Commercial Services & Supplies 0.9% | ||||||
| a | Ashtead Capital, Inc., 5.80%, 4/15/34 | United Kingdom | 3,000,000 | 3,004,179 | ||
| Global Payments, Inc., 5.40%, 8/15/32 | United States | 2,100,000 | 2,099,707 | |||
| 5,103,886 | ||||||
| Construction Materials 0.8% | ||||||
| Martin Marietta Materials, Inc., 5.15%, 12/01/34 | United States | 4,500,000 | 4,421,708 | |||
| Diversified REITs 1.2% | ||||||
| Essex Portfolio LP, 2.65%, 3/15/32 | United States | 2,875,000 | 2,422,515 | |||
| Simon Property Group LP, 3.375%, 12/01/27 | United States | 4,100,000 | 3,972,263 | |||
| 6,394,778 |
| Electric 3.2% | ||||||
| Baltimore Gas & Electric Co., 4.55%, 6/01/52 | United States | 2,400,000 | 1,994,049 | |||
| Constellation Energy Generation LLC, 6.50%, 10/01/53 | United States | 3,550,000 | 3,764,951 | |||
| Consumers Energy Co., 4.05%, 5/15/48 | United States | 1,500,000 | 1,196,144 | |||
| DTE Electric Co., Series B, 3.65%, 3/01/52 | United States | 2,800,000 | 2,058,538 | |||
| NextEra Energy Capital Holdings, Inc., 6.051%, 3/01/25 | United States | 4,100,000 | 4,107,615 | |||
| Virginia Electric & Power Co., Series D, 4.65%, 8/15/43 | United States | 3,300,000 | 2,899,403 | |||
| a | Vistra Operations Co. LLC, 5.05%, 12/30/26 | United States | 1,350,000 | 1,352,314 | ||
| 17,373,014 | ||||||
| Electric Utilities 3.9% | ||||||
| Commonwealth Edison Co., 4.00%, 3/01/48 | United States | 1,600,000 | 1,249,519 | |||
| Duke Energy Progress LLC, 2.50%, 8/15/50 | United States | 5,250,000 | 3,044,378 | |||
| a | EDP Finance BV, 1.71%, 1/24/28 | Netherlands | 2,900,000 | 2,635,110 | ||
| a | Enel Finance International NV, 3.625%, 5/25/27 | Italy | 3,300,000 | 3,208,662 | ||
| Georgia Power Co., | ||||||
| Series 2010-C, 4.75%, 9/01/40 | United States | 4,700,000 | 4,302,116 | |||
| 4.30%, 3/15/42 | United States | 1,500,000 | 1,277,085 | |||
| MidAmerican Energy Co., 4.25%, 5/01/46 | United States | 1,300,000 | 1,077,136 | |||
| Public Service Electric & Gas Co., 3.15%, 1/01/50 | United States | 2,000,000 | 1,351,934 | |||
| Virginia Electric & Power Co., Series A, 3.50%, 3/15/27 | United States | 3,385,000 | 3,299,902 | |||
| 21,445,842 | ||||||
| Electronic Equipment, Instruments & Components 0.5% | ||||||
| Flex Ltd., 3.75%, 2/01/26 | United States | 2,900,000 | 2,860,265 | |||
| Entertainment 0.2% | ||||||
| Warnermedia Holdings, Inc., 4.279%, 3/15/32 | United States | 1,505,000 | 1,326,615 | |||
| Financial Services 1.4% | ||||||
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.00%, 10/29/28 | Ireland | 5,050,000 | 4,678,352 | |||
| BlackRock Funding, Inc., 5.25%, 3/14/54 | United States | 1,600,000 | 1,512,970 | |||
| Capital One Financial Corp., 4.985% to 7/24/25, FRN thereafter, 7/24/26 | United States | 1,400,000 | 1,399,304 | |||
| 7,590,626 | ||||||
| Food 1.7% | ||||||
| JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL, | ||||||
| 2.50%, 1/15/27 | United States | 2,000,000 | 1,900,937 | |||
| 3.625%, 1/15/32 | United States | 3,500,000 | 3,090,794 | |||
| a | Mars, Inc., 2.375%, 7/16/40 | United States | 2,000,000 | 1,324,934 | ||
| McCormick & Co., Inc., 1.85%, 2/15/31 | United States | 2,150,000 | 1,781,236 | |||
| Mondelez International, Inc., 2.75%, 4/13/30 | United States | 1,000,000 | 894,985 | |||
| 8,992,886 | ||||||
| Gas 1.3% | ||||||
| Piedmont Natural Gas Co., Inc., 5.05%, 5/15/52 | United States | 1,700,000 | 1,493,411 | |||
| Southern California Gas Co., 5.60%, 4/01/54 | United States | 3,000,000 | 2,935,684 | |||
| Southern Co. Gas Capital Corp., 4.95%, 9/15/34 | United States | 3,000,000 | 2,905,555 | |||
| 7,334,650 | ||||||
| Health Care Providers & Services 6.2% | ||||||
| Ascension Health, Series B, 2.532%, 11/15/29 | United States | 3,900,000 | 3,509,068 | |||
| Centene Corp., 4.25%, 12/15/27 | United States | 2,900,000 | 2,811,401 | |||
| Cigna Group, 3.20%, 3/15/40 | United States | 3,000,000 | 2,204,124 | |||
| Elevance Health, Inc., 4.10%, 5/15/32 | United States | 3,600,000 | 3,330,222 | |||
| HCA, Inc., 4.50%, 2/15/27 | United States | 4,100,000 | 4,062,705 | |||
| a | Health Care Service Corp. A Mutual Legal Reserve Co., 5.20%, 6/15/29 | United States | 1,000,000 | 1,004,945 | ||
| Icon Investments Six DAC, 6.00%, 5/08/34 | United States | 4,000,000 | 4,040,558 | |||
| IQVIA, Inc., 6.25%, 2/01/29 | United States | 2,200,000 | 2,276,487 | |||
| Kaiser Foundation Hospitals, Series 2021, 3.002%, 6/01/51 | United States | 2,000,000 | 1,300,465 | |||
| Mayo Clinic, Series 2021, 3.196%, 11/15/61 | United States | 2,000,000 | 1,292,618 | |||
| a | Roche Holdings, Inc., 2.607%, 12/13/51 | United States | 2,440,000 | 1,453,116 | ||
| Sutter Health, 5.164%, 8/15/33 | United States | 2,500,000 | 2,487,058 | |||
| UnitedHealth Group, Inc., 3.05%, 5/15/41 | United States | 5,950,000 | 4,298,319 | |||
| 34,071,086 |
| Healthcare-Products 0.8% | ||||||
| Baxter International, Inc., 2.539%, 2/01/32 | United States | 3,000,000 | 2,503,174 | |||
| a | Solventum Corp., 5.60%, 3/23/34 | United States | 900,000 | 895,955 | ||
| Thermo Fisher Scientific, Inc., 5.404%, 8/10/43 | United States | 1,150,000 | 1,131,474 | |||
| 4,530,603 | ||||||
| Home Builders 0.6% | ||||||
| DR Horton, Inc., 5.00%, 10/15/34 | United States | 3,600,000 | 3,478,102 | |||
| Household Products 0.9% | ||||||
| Haleon U.S. Capital LLC, 3.375%, 3/24/27 | United States | 4,900,000 | 4,757,155 | |||
| Insurance 4.0% | ||||||
| Arch Capital Group U.S., Inc., 5.144%, 11/01/43 | United States | 2,300,000 | 2,114,107 | |||
| Arthur J Gallagher & Co., | ||||||
| 5.75%, 3/02/53 | United States | 1,200,000 | 1,178,912 | |||
| 6.50%, 2/15/34 | United States | 2,050,000 | 2,203,627 | |||
| Berkshire Hathaway Finance Corp., 3.85%, 3/15/52 | United States | 2,200,000 | 1,666,715 | |||
| Brown & Brown, Inc., 2.375%, 3/15/31 | United States | 3,700,000 | 3,111,822 | |||
| a | Empower Finance 2020 LP, 1.776%, 3/17/31 | Canada | 2,875,000 | 2,357,626 | ||
| a | Jackson National Life Global Funding, 5.55%, 7/02/27 | United States | 2,100,000 | 2,126,781 | ||
| Marsh & McLennan Cos., Inc., 5.40%, 3/15/55 | United States | 1,900,000 | 1,821,969 | |||
| a | MassMutual Global Funding II, 5.05%, 12/07/27 | United States | 2,100,000 | 2,125,415 | ||
| a | Pricoa Global Funding I, 5.10%, 5/30/28 | United States | 2,850,000 | 2,877,102 | ||
| 21,584,076 | ||||||
| Internet 1.8% | ||||||
| Amazon.com, Inc., 2.875%, 5/12/41 | United States | 3,800,000 | 2,791,430 | |||
| Meta Platforms, Inc., 4.45%, 8/15/52 | United States | 3,500,000 | 2,951,918 | |||
| Netflix, Inc., | ||||||
| a 4.875%, 6/15/30 | United States | 2,300,000 | 2,290,901 | |||
| 5.40%, 8/15/54 | United States | 1,600,000 | 1,557,863 | |||
| 9,592,112 | ||||||
| IT Services 1.7% | ||||||
| Apple, Inc., 2.80%, 2/08/61 | United States | 2,400,000 | 1,422,993 | |||
| Dell International LLC/EMC Corp., 5.40%, 4/15/34 | United States | 2,600,000 | 2,595,188 | |||
| a | Gartner, Inc., 3.75%, 10/01/30 | United States | 2,400,000 | 2,192,619 | ||
| Hewlett Packard Enterprise Co., 4.45%, 9/25/26 | United States | 3,200,000 | 3,186,087 | |||
| 9,396,887 | ||||||
| Lodging 0.3% | ||||||
| Marriott International, Inc., Series R, 3.125%, 6/15/26 | United States | 1,700,000 | 1,662,857 | |||
| Machinery-Diversified 0.3% | ||||||
| Ingersoll Rand, Inc., 5.176%, 6/15/29 | United States | 1,500,000 | 1,515,527 | |||
| Media 3.0% | ||||||
| Charter Communications Operating LLC/Charter Communications Operating Capital, | ||||||
| 2.80%, 4/01/31 | United States | 1,000,000 | 843,720 | |||
| 5.375%, 4/01/38 | United States | 2,750,000 | 2,448,809 | |||
| 3.50%, 3/01/42 | United States | 3,000,000 | 2,040,046 | |||
| Comcast Corp., | ||||||
| 4.95%, 10/15/58 | United States | 1,700,000 | 1,471,552 | |||
| 3.75%, 4/01/40 | United States | 3,600,000 | 2,898,135 | |||
| Fox Corp., 6.50%, 10/13/33 | United States | 2,600,000 | 2,741,176 | |||
| Paramount Global, 4.95%, 1/15/31 | United States | 4,250,000 | 3,970,098 | |||
| 16,413,536 | ||||||
| Mining 1.0% | ||||||
| Newmont Corp./Newcrest Finance Pty. Ltd., | ||||||
| 5.35%, 3/15/34 | United States | 1,380,000 | 1,373,889 | |||
| 5.30%, 3/15/26 | United States | 4,200,000 | 4,231,691 | |||
| 5,605,580 | ||||||
| Multi-Utilities 0.3% | ||||||
| Berkshire Hathaway Energy Co., 5.15%, 11/15/43 | United States | 1,500,000 | 1,429,616 |
| Oil & Gas 3.2% | ||||||
| Aker BP ASA, | ||||||
| a 4.00%, 1/15/31 | Norway | 2,000,000 | 1,845,315 | |||
| a 5.80%, 10/01/54 | Norway | 1,400,000 | 1,269,508 | |||
| BP Capital Markets America, Inc., 4.812%, 2/13/33 | United States | 3,700,000 | 3,578,263 | |||
| Canadian Natural Resources Ltd., 3.85%, 6/01/27 | Canada | 3,300,000 | 3,230,989 | |||
| Exxon Mobil Corp., 3.567%, 3/06/45 | United States | 2,400,000 | 1,805,483 | |||
| Hess Corp., 5.60%, 2/15/41 | United States | 1,625,000 | 1,606,632 | |||
| TotalEnergies Capital SA, 5.275%, 9/10/54 | France | 2,700,000 | 2,498,599 | |||
| a | Var Energi ASA, 7.50%, 1/15/28 | Norway | 1,650,000 | 1,743,543 | ||
| 17,578,332 | ||||||
| Oil, Gas & Consumable Fuels 0.5% | ||||||
| Sabine Pass Liquefaction LLC, 4.20%, 3/15/28 | United States | 2,700,000 | 2,637,179 | |||
| Pharmaceuticals 3.4% | ||||||
| AbbVie, Inc., 5.40%, 3/15/54 | United States | 1,540,000 | 1,483,751 | |||
| a | Bayer U.S. Finance II LLC, 4.375%, 12/15/28 | Germany | 3,000,000 | 2,886,883 | ||
| Bristol-Myers Squibb Co., | ||||||
| 4.125%, 6/15/39 | United States | 2,600,000 | 2,246,036 | |||
| 3.70%, 3/15/52 | United States | 1,800,000 | 1,311,616 | |||
| CVS Health Corp., | ||||||
| 5.30%, 12/05/43 | United States | 2,500,000 | 2,183,828 | |||
| 5.00%, 2/20/26 | United States | 1,700,000 | 1,699,238 | |||
| 5.25%, 1/30/31 | United States | 1,400,000 | 1,367,912 | |||
| Eli Lilly & Co., 4.95%, 2/27/63 | United States | 2,500,000 | 2,244,575 | |||
| Pfizer Investment Enterprises Pte. Ltd., 5.30%, 5/19/53 | United States | 3,350,000 | 3,139,277 | |||
| 18,563,116 | ||||||
| Pipelines 2.5% | ||||||
| a | DT Midstream, Inc., 5.80%, 12/15/34 | United States | 1,250,000 | 1,259,605 | ||
| Eastern Gas Transmission & Storage, Inc., 3.90%, 11/15/49 | United States | 3,000,000 | 2,191,674 | |||
| Energy Transfer LP, | ||||||
| 5.15%, 3/15/45 | United States | 4,600,000 | 4,031,306 | |||
| 6.05%, 12/01/26 | United States | 2,600,000 | 2,657,347 | |||
| Targa Resources Partners LP/Targa Resources Partners Finance Corp., 4.00%, 1/15/32 | United States | 4,000,000 | 3,641,681 | |||
| 13,781,613 | ||||||
| Real Estate Investment Trusts (REITs) 0.4% | ||||||
| Alexandria Real Estate Equities, Inc., 2.95%, 3/15/34 | United States | 2,550,000 | 2,100,113 | |||
| Real Estate Management & Development 1.0% | ||||||
| American Tower Corp., 5.00%, 1/31/30 | United States | 1,845,000 | 1,835,096 | |||
| ERP Operating LP, 4.50%, 7/01/44 | United States | 1,550,000 | 1,339,494 | |||
| a | VICI Properties LP/VICI Note Co., Inc., 4.125%, 8/15/30 | United States | 2,700,000 | 2,510,668 | ||
| 5,685,258 | ||||||
| Retail 1.5% | ||||||
| Dick’s Sporting Goods, Inc., 4.10%, 1/15/52 | United States | 1,870,000 | 1,367,451 | |||
| Home Depot, Inc., 3.625%, 4/15/52 | United States | 4,800,000 | 3,485,791 | |||
| Lowe’s Cos., Inc., 3.00%, 10/15/50 | United States | 3,000,000 | 1,866,825 | |||
| McDonald’s Corp., 3.625%, 9/01/49 | United States | 2,200,000 | 1,587,345 | |||
| 8,307,412 | ||||||
| Semiconductors 0.3% | ||||||
| Analog Devices, Inc., 2.80%, 10/01/41 | United States | 2,100,000 | 1,487,187 | |||
| Software 4.1% | ||||||
| AppLovin Corp., 5.375%, 12/01/31 | United States | 1,360,000 | 1,360,995 | |||
| Fiserv, Inc., 5.60%, 3/02/33 | United States | 4,700,000 | 4,762,476 | |||
| Intuit, Inc., 5.50%, 9/15/53 | United States | 1,350,000 | 1,322,944 | |||
| Microsoft Corp., 2.675%, 6/01/60 | United States | 2,500,000 | 1,465,712 | |||
| Oracle Corp., | ||||||
| 2.30%, 3/25/28 | United States | 5,900,000 | 5,456,146 | |||
| 3.60%, 4/01/40 | United States | 3,800,000 | 2,972,926 |
| Salesforce, Inc., 2.90%, 7/15/51 | United States | 2,300,000 | 1,470,291 | |||
| ServiceNow, Inc., 1.40%, 9/01/30 | United States | 4,000,000 | 3,325,509 | |||
| 22,136,999 | ||||||
| Telecommunications 5.0% | ||||||
| AT&T, Inc., 3.50%, 6/01/41 | United States | 8,850,000 | 6,786,387 | |||
| Cisco Systems, Inc., 5.30%, 2/26/54 | United States | 2,600,000 | 2,529,189 | |||
| Motorola Solutions, Inc., 5.60%, 6/01/32 | United States | 3,950,000 | 4,032,401 | |||
| a | Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC, 5.152%, 9/20/29 | United States | 2,145,000 | 2,154,554 | ||
| T-Mobile USA, Inc., 2.875%, 2/15/31 | United States | 5,685,000 | 5,002,666 | |||
| Verizon Communications, Inc., 3.40%, 3/22/41 | United States | 5,700,000 | 4,313,936 | |||
| Vodafone Group PLC, | ||||||
| 4.25%, 9/17/50 | United Kingdom | 1,650,000 | 1,281,724 | |||
| 5.75%, 6/28/54 | United Kingdom | 1,240,000 | 1,197,094 | |||
| 27,297,951 | ||||||
| Transportation 1.1% | ||||||
| Burlington Northern Santa Fe LLC, 5.75%, 5/01/40 | United States | 5,600,000 | 5,761,700 | |||
| Trucking & Leasing 0.5% | ||||||
| a | SMBC Aviation Capital Finance DAC, 1.90%, 10/15/26 | Ireland | 3,000,000 | 2,845,385 | ||
| Total Corporate Bonds & Notes (Cost $558,234,430) | 526,208,671 | |||||
| U.S. Government & Agency Securities 2.4% | ||||||
| U.S. Treasury Bonds, | ||||||
| 4.125%, 8/15/44 | United States | 1,900,000 | 1,720,036 | |||
| 4.75%, 11/15/43 | United States | 800,000 | 790,151 | |||
| U.S. Treasury Notes, | ||||||
| 3.625%, 8/31/29 | United States | 6,200,000 | 6,004,602 | |||
| 3.875%, 8/15/34 | United States | 1,000,000 | 945,851 | |||
| 4.375%, 12/31/29 | United States | 3,600,000 | 3,598,332 | |||
| Total U.S. Government & Agency Securities (Cost $13,426,731) | 13,058,972 | |||||
| Total Investments before Short-Term Investments (Cost $571,661,161) | 539,267,643 | |||||
| Short-Term Investments 0.6% | ||||||
| U.S. Government & Agency Securities 0.6% | ||||||
| b | Federal Home Loan Bank Discount Notes, 2.106%, 01/02/25 | United States | 3,530,000 | 3,529,176 | ||
| Total Short-Term Investments (Cost $3,529,598) | 3,529,176 | |||||
| Total Investments (Cost $575,190,759) 99.3% | 542,796,819 | |||||
| Other Assets, less Liabilities 0.7% | 3,839,316 | |||||
| Net Assets 100.0% | $ 546,636,135 |
| *The principal amount is stated in U.S. dollars unless otherwise indicated. |
| aSecurity was purchased pursuant to Rule 144A under the Securities Act of 1933 and may be sold in transactions exempt from registration only to qualified institutional buyers or in a public offering registered under the Securities Act of 1933. At December 31, 2024, the aggregate value of these securities was $80,893,097, representing 14.8% of net assets. |
| bThe rate shown represents the yield at period end. |
| Selected Portfolio | ||
| FRN | – | Floating Rate Note |
| REIT | – | Real Estate Investment Trust |
| Franklin Municipal Green Bond ETF | Principal Amount* | Value | ||
| Municipal Bonds 99.1% | ||||
| Alabama 0.3% | ||||
| a | County of Mobile, Gomesa Projects, 4.00%, 11/01/45 | 300,000 | $ 276,406 | |
| Arizona 0.6% | ||||
| Arizona Board of Regents, Series B, 5.00%, 7/01/42 | 235,000 | 238,992 | ||
| City of Phoenix Civic Improvement Corp., Water System Revenue, 5.00%, 7/01/44 | 360,000 | 380,890 | ||
| 619,882 | ||||
| Arkansas 0.5% | ||||
| Arkansas Development Finance Authority, | ||||
| a Hybar LLC, AMT, 6.875%, 7/01/48 | 250,000 | 274,105 | ||
| United States Steel Corp, AMT, 5.70%, 5/01/53 | 275,000 | 288,048 | ||
| 562,153 | ||||
| California 29.4% | ||||
| Alameda Community Facilities District, 5.00%, 9/01/48 | 1,000,000 | 1,031,017 | ||
| California Community Choice Financing Authority, | ||||
| b VRDN, 5.00%, 12/01/53 | 2,500,000 | 2,615,050 | ||
| b VRDN, 5.00%, 2/01/54 | 3,500,000 | 3,713,219 | ||
| b VRDN, 5.25%, 1/01/54 | 3,160,000 | 3,358,494 | ||
| b VRDN, 5.25%, 11/01/54 | 500,000 | 529,721 | ||
| b VRDN, 5.50%, 10/01/54 | 995,000 | 1,083,320 | ||
| California Housing Finance Agency, Lakeside Drive Senior Housing LP, Series 2019, 2.35%, 12/01/35 | 91,679 | 76,540 | ||
| California Infrastructure & Economic Development Bank, | ||||
| California Science Center Foundation, 4.00%, 5/01/46 | 805,000 | 781,423 | ||
| California Science Center Foundation, 4.00%, 5/01/51 | 1,000,000 | 944,444 | ||
| California State Teachers’ Retirement System, 5.00%, 8/01/49 | 180,000 | 187,841 | ||
| California Municipal Finance Authority, | ||||
| CHF-Davis I LLC, 5.00%, 5/15/51 | 1,000,000 | 1,021,887 | ||
| CHF-Davis II LLC, 4.00%, 5/15/39 | 3,445,000 | 3,467,052 | ||
| CHF-Riverside II LLC, 5.00%, 5/15/37 | 1,495,000 | 1,567,977 | ||
| a | California School Finance Authority, River Springs Charter School Inc, 5.75%, 7/01/42 | 250,000 | 263,407 | |
| California State Public Works Board, | ||||
| California Air Resources Board, Series 2022D, 4.00%, 5/01/44 | 1,000,000 | 1,001,478 | ||
| Series D, 4.00%, 5/01/47 | 1,500,000 | 1,499,084 | ||
| City of Foster City, Levee Protection Planning, 4.00%, 8/01/32 | 135,000 | 138,527 | ||
| City of Los Angeles Department of Airports Customer Facility Charge Revenue, Department of Airports Customer Facility Charge Revenue, 4.058%, 5/15/37 | 1,000,000 | 881,685 | ||
| City of San Francisco Public Utilities Commission Water Revenue, Green Bond, Refunding, Series 2020A, 4.00%, 11/01/50 | 100,000 | 99,504 | ||
| Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue, Green Bond, Series 2019A, 5.00%, 7/01/44 | 150,000 | 157,802 | ||
| Peninsula Corridor Joint Powers Board Measure RR Sales Tax Revenue, Series A, 5.00%, 6/01/42 | 1,000,000 | 1,088,497 | ||
| Perris Joint Powers Authority, Refunding, Series 2017B, 5.00%, 9/01/37 | 100,000 | 102,355 | ||
| Port of Los Angeles, Green Bond, AMT, Refunding, 5.00%, 8/01/25 | 130,000 | 131,097 | ||
| San Diego County Regional Airport Authority, Series B, 5.00%, 7/01/51 | 2,000,000 | 2,064,040 | ||
| San Francisco Bay Area Rapid Transit District, Green Bond, 3.00%, 8/01/36 | 170,000 | 157,960 | ||
| Santa Cruz County Capital Financing Authority, Sanitation District Green Bond, 4.00%, 6/01/42 | 1,500,000 | 1,519,223 | ||
| Three Rivers Levee Improvement Authority, | ||||
| Community Facilities District No 2006-1, Refunding, 4.00%, 9/01/27 | 250,000 | 251,523 | ||
| Community Facilities District No 2006-1, Refunding, 4.00%, 9/01/29 | 250,000 | 252,018 | ||
| Community Facilities District No 2006-1, Refunding, 4.00%, 9/01/31 | 200,000 | 200,024 | ||
| Community Facilities District No 2006-1, Refunding, 4.00%, 9/01/32 | 100,000 | 99,433 | ||
| Transbay Joint Powers Authority, Redevelopment Project Green Bond Senior Tax, 5.00%, 10/01/34 | 150,000 | 155,379 | ||
| 30,441,021 |
| Colorado 1.7% | ||||
| Board of Water Commissioners City & County of Denver, Green Bond, Series 2017A, 5.00%, 9/15/47 | 150,000 | 154,226 | ||
| University of Colorado, | ||||
| Refunding, 5.00%, 6/01/27 | 150,000 | 157,179 | ||
| b Refunding, VRDN, 2.00%, 6/01/51 | 1,500,000 | 1,479,329 | ||
| 1,790,734 | ||||
| District of Columbia 4.0% | ||||
| District of Columbia, | ||||
| Plenary Infrastructure DC LLC, AMT, 5.50%, 8/31/33 | 905,000 | 1,010,877 | ||
| Plenary Infrastructure DC LLC, AMT, 5.50%, 2/28/35 | 200,000 | 224,753 | ||
| Plenary Infrastructure DC LLC, AMT, 5.50%, 2/28/37 | 845,000 | 956,728 | ||
| Plenary Infrastructure DC LLC, AMT, Series A, 5.50%, 8/31/35 | 95,000 | 106,986 | ||
| District of Columbia Water & Sewer Authority, | ||||
| Green Bond, Sub Series 2019A, 5.00%, 10/01/44 | 340,000 | 356,905 | ||
| Sub Series 2019A, 4.00%, 10/01/49 | 1,565,000 | 1,508,483 | ||
| 4,164,732 | ||||
| Florida 1.5% | ||||
| Babcock Ranch Community Independent Special District, Assessment Area 3A, Special Assessment, 4.00%, 5/01/40 | 840,000 | 785,832 | ||
| City of Tampa, Lower Basis Stormwater Improvement, Special Assessment, 5.00%, 5/01/36 | 150,000 | 157,044 | ||
| County of Palm Beach Water & Sewer Revenue, Reclaimed Water Project, Refunding, 4.00%, 10/01/31 | 105,000 | 109,728 | ||
| Somerset Community Development District, | ||||
| Special Assessment, Refunding, 4.00%, 5/01/32 | 415,000 | 402,144 | ||
| Special Assessment, Refunding, Series 2022, 4.20%, 5/01/37 | 100,000 | 94,459 | ||
| 1,549,207 | ||||
| Georgia 1.5% | ||||
| City of Atlanta Airport Passenger Facility Charge, AMT, 5.25%, 7/01/43 | 1,350,000 | 1,457,109 | ||
| Private Colleges & Universities Authority, Emory University, Refunding, 5.00%, 9/01/48 | 100,000 | 104,578 | ||
| 1,561,687 | ||||
| Illinois 4.1% | ||||
| Illinois Finance Authority, | ||||
| State of Illinois Water Revolving Fund - Clean Water Program, 4.00%, 7/01/38 | 575,000 | 576,491 | ||
| University of Illinois, 5.25%, 10/01/53 | 3,000,000 | 3,177,836 | ||
| Northern Illinois University, 5.50%, 4/01/49 | 500,000 | 531,862 | ||
| 4,286,189 | ||||
| Kentucky 0.3% | ||||
| b | City of Berea, Berea College, VRDN, Refunding, Series B, 4.00%, 6/01/29 | 305,000 | 305,000 | |
| Louisiana 3.1% | ||||
| Louisiana Local Government Environmental Facilities & Community Development Authority, | ||||
| a Parish of St Bernard LA, 4.00%, 11/01/45 | 900,000 | 830,356 | ||
| a Parish of St Charles LA, 4.50%, 11/01/47 | 900,000 | 900,999 | ||
| a Parish of St John the Baptist LA, 3.90%, 11/01/44 | 405,000 | 369,345 | ||
| Terrebonne Levee & Conservation District Sales Tax Revenue, | ||||
| Refunding, Refunding, Series B, 4.00%, 6/01/40 | 100,000 | 99,415 | ||
| Refunding, Series B, 4.00%, 6/01/39 | 1,000,000 | 1,000,515 | ||
| 3,200,630 | ||||
| Maine 0.2% | ||||
| City of Portland General Airport Revenue, Green Bond, Refunding, 4.00%, 1/01/35 | 245,000 | 244,703 | ||
| Maryland 3.4% | ||||
| Maryland Economic Development Corp., | ||||
| Purple Line Transit Partners LLC, AMT, 5.00%, 6/30/40 | 1,000,000 | 1,021,928 | ||
| Purple Line Transit Partners LLC, AMT, 5.25%, 6/30/47 | 2,000,000 | 2,050,537 | ||
| Maryland Health & Higher Educational Facilities Authority, Adventist Healthcare Obligated Group, Refunding, 4.00%, 1/01/30 | 365,000 | 367,569 | ||
| Washington Suburban Sanitary Commission, Green Bond, 3.00%, 6/01/35 | 100,000 | 92,556 | ||
| 3,532,590 |
| Massachusetts 4.2% | ||||
| Massachusetts Development Finance Agency, | ||||
| Boston Medical Center Corp. Obligated Group, 4.00%, 7/01/47 | 135,000 | 120,687 | ||
| Springfield College, Green Bond, 5.00%, 6/01/26 | 420,000 | 425,051 | ||
| Springfield College, Green Bond, 5.00%, 6/01/27 | 440,000 | 446,765 | ||
| b Trustees of Boston University, Refunding, VRDN, 3.75%, 10/01/42 | 600,000 | 600,000 | ||
| b VRDN, Refunding, Series U-6C, 3.95%, 10/01/42 | 100,000 | 100,000 | ||
| Massachusetts Housing Finance Agency, | ||||
| Series A-1, 4.90%, 12/01/59 | 1,000,000 | 1,008,801 | ||
| Sustainability Bond, Series 2019C-1, 2.65%, 12/01/34 | 100,000 | 84,521 | ||
| Sustainability Bond, Series 2021B-1, 2.60%, 12/01/41 | 2,000,000 | 1,549,495 | ||
| 4,335,320 | ||||
| Minnesota 1.8% | ||||
| City of Minneapolis, | ||||
| b Fairview Health Services Obligated Group, VRDN, Series C, 3.85%, 11/15/48 | 200,000 | 200,000 | ||
| Green Bond, 3.00%, 12/01/40 | 100,000 | 87,395 | ||
| Minnesota Higher Education Facilities Authority, University of St Thomas/Minneapolis, Series A, 5.00%, 10/01/52 | 1,500,000 | 1,555,666 | ||
| 1,843,061 | ||||
| Mississippi 0.4% | ||||
| a | Mississippi Development Bank, County of Jackson Project, 3.625%, 11/01/36 | 400,000 | 376,926 | |
| New Jersey 4.0% | ||||
| City of Newark Mass Transit Access Tax Revenue, Mulberry Pedestrian Bridge, 6.00%, 11/15/62 | 1,460,000 | 1,667,975 | ||
| New Jersey Educational Facilities Authority, Stevens Institute of Technology, Series A, 5.00%, 7/01/32 | 645,000 | 694,244 | ||
| Newark Board of Education, | ||||
| Newark Board of Education, Refunding, 5.00%, 7/15/28 | 571,000 | 606,683 | ||
| Refunding, 5.00%, 7/15/30 | 620,000 | 676,219 | ||
| Sustainability Bonds, 5.00%, 7/15/25 | 500,000 | 504,551 | ||
| 4,149,672 | ||||
| New Mexico 0.2% | ||||
| City of Santa Fe Wastewater Utility System Revenue, | ||||
| Green Bond, 5.00%, 6/01/29 | 100,000 | 106,184 | ||
| Wastewater Utility System Revenue, 4.00%, 6/01/35 | 100,000 | 101,675 | ||
| 207,859 | ||||
| New York 8.8% | ||||
| Battery Park City Authority, Sustainability Bond, 5.00%, 11/01/49 | 100,000 | 105,727 | ||
| Metropolitan Transportation Authority, | ||||
| Green Bond, Series 2020A-1, 4.00%, 11/15/41 | 600,000 | 595,004 | ||
| Refunding, 5.00%, 11/15/28 | 430,000 | 458,501 | ||
| Refunding, Series E, 5.00%, 11/15/32 | 605,000 | 657,271 | ||
| Series C, 5.00%, 11/15/50 | 1,510,000 | 1,558,605 | ||
| New York Liberty Development Corp., | ||||
| 7 World Trade Center II LLC, Refunding , Series 2022A1, 3.00%, 9/15/43 | 1,000,000 | 830,950 | ||
| Green Bonds- 4 World Trade, Refunding, 2.50%, 11/15/36 | 2,000,000 | 1,629,349 | ||
| New York Power Authority, Green Transmission Project, 5.00%, 11/15/29 | 1,250,000 | 1,377,812 | ||
| New York State Dormitory Authority, Cornell University, 5.00%, 7/01/35 | 100,000 | 118,265 | ||
| New York State Housing Finance Agency, | ||||
| Sustainability Bonds, Series 2019N, 2.60%, 11/01/34 | 100,000 | 85,349 | ||
| Sustainability Bonds, Series 2019P, 2.00%, 5/01/28 | 100,000 | 92,925 | ||
| b Sustainability Bonds, VRDN, Series 2022A, 2.50%, 11/01/60 | 1,410,000 | 1,368,196 | ||
| New York Transportation Development Corp., JFK NTO LLC, AMT, 5.50%, 6/30/38 | 250,000 | 270,061 | ||
| 9,148,015 | ||||
| Ohio 4.5% | ||||
| American Municipal Power, Inc., | ||||
| 4.00%, 2/15/41 | 1,415,000 | 1,369,728 | ||
| Solar Electricity Prepayment Revenue, 5.00%, 2/15/44 | 1,660,000 | 1,716,661 |
| Ohio State University, 4.00%, 12/01/39 | 1,500,000 | 1,527,786 | ||
| State of Ohio, Conservation Project, Series 2019A, 4.00%, 3/01/30 | 100,000 | 104,769 | ||
| 4,718,944 | ||||
| Oregon 2.9% | ||||
| Hospital Facilities Authority of Multnomah County Oregon, Terwilliger Plaza Inc Obligated Group, Refunding, 4.00%, 12/01/51 | 530,000 | 401,388 | ||
| Port of Portland Airport Revenue, | ||||
| AMT, 5.50%, 7/01/53 | 2,250,000 | 2,423,168 | ||
| Series 2020-27A, 5.00%, 7/01/36 | 150,000 | 156,407 | ||
| 2,980,963 | ||||
| Pennsylvania 2.3% | ||||
| Philadelphia Energy Authority, City of Philadelphia PA, 5.00%, 11/01/43 | 1,130,000 | 1,217,570 | ||
| School District of Philadelphia, | ||||
| Green Bond, Series 2021B, 5.00%, 9/01/31 | 100,000 | 109,046 | ||
| Series B, 5.00%, 9/01/48 | 1,000,000 | 1,066,131 | ||
| 2,392,747 | ||||
| Puerto Rico 0.5% | ||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, Series A-1, 5.00%, 7/01/58 | 525,000 | 524,051 | ||
| Rhode Island 0.2% | ||||
| Rhode Island Housing & Mortgage Finance Corp., Multi Family Development, Sustainability Bond, 2.75%, 10/01/34 | 150,000 | 128,754 | ||
| Rhode Island Infrastructure Bank, Green Bond, Series 2020A, 4.00%, 10/01/27 | 50,000 | 51,129 | ||
| 179,883 | ||||
| Texas 1.0% | ||||
| Harris County Flood Control District, Series 2022A, 4.25%, 10/01/47 | 1,000,000 | 1,007,493 | ||
| Utah 5.9% | ||||
| Central Valley Water Reclamation Facility, Green Bond, Series 2021C, 4.00%, 3/01/47 | 3,050,000 | 2,939,847 | ||
| Intermountain Power Agency, Refunding, Series 2022A, 5.00%, 7/01/43 | 3,000,000 | 3,217,753 | ||
| 6,157,600 | ||||
| Vermont 3.4% | ||||
| City of Burlington Electric System Revenue, Electric System Revenue, Series 2022A, 5.00%, 7/01/31 | 500,000 | 556,404 | ||
| Vermont Educational & Health Buildings Financing Agency, | ||||
| University of Vermont Health Network Obligated Group, 4.00%, 12/01/42 | 1,000,000 | 949,902 | ||
| University of Vermont Health Network Obligated Group, 5.00%, 12/01/38 | 2,015,000 | 2,035,355 | ||
| 3,541,661 | ||||
| Virginia 1.4% | ||||
| Charles City County Economic Development Authority, Waste Management, Inc., AMT, 1.45%, 4/01/27 | 1,100,000 | 1,036,877 | ||
| City of Hampton, | ||||
| 3.00%, 9/01/35 | 240,000 | 223,386 | ||
| Green Bond, 4.00%, 9/01/31 | 100,000 | 105,291 | ||
| Green Bond, 5.00%, 9/01/27 | 50,000 | 52,743 | ||
| 1,418,297 | ||||
| Washington 2.1% | ||||
| Central Puget Sound Regional Transit Authority, | ||||
| Refunding, Series S-1, 4.00%, 11/01/46 | 2,000,000 | 1,990,391 | ||
| Sales & Rental Car Taxes Revenue, Series 2015S-1, 5.00%, 11/01/32 | 150,000 | 152,403 | ||
| 2,142,794 | ||||
| Wisconsin 4.9% | ||||
| Milwaukee Metropolitan Sewerage District, | ||||
| Green Bond, Series 2020A, 3.00%, 10/01/35 | 150,000 | 138,276 | ||
| Series A, 3.00%, 10/01/32 | 1,000,000 | 957,589 | ||
| Public Finance Authority, | ||||
| a Patriot Services Group Obligated Group, Refunding, Series A-1, 4.50%, 12/01/31 | 500,000 | 496,932 | ||
| RED River Valley Alliance LLC, AMT, 4.00%, 9/30/51 | 2,330,000 | 1,989,018 | ||
| RED River Valley Alliance LLC, AMT, 4.00%, 3/31/56 | 600,000 | 502,195 |
| University of Wisconsin Hospitals & Clinics, Authority Obligated Group, Green Bond, 4.00%, 4/01/46 | 1,000,000 | 947,692 | ||
| 5,031,702 | ||||
| Total Municipal Bonds (Cost $103,189,026) | 102,691,922 | |||
| Total Investments (Cost $103,189,026) 99.1% | 102,691,922 | |||
| Other Assets, less Liabilities 0.9% | 901,414 | |||
| Net Assets 100.0% | $ 103,593,336 |
| *The principal amount is stated in U.S. dollars unless otherwise indicated. |
| aSecurity was purchased pursuant to Rule 144A under the Securities Act of 1933 and may be sold in transactions exempt from registration only to qualified institutional buyers or in a public offering registered under the Securities Act of 1933. At December 31, 2024, the aggregate value of these securities was $3,788,476, representing 3.7% of net assets. |
| bVariable rate demand notes (VRDN) are obligations which contain a floating or variable interest rate adjustment formula and an unconditional right of demand to receive payment of the principal balance plus accrued interest at specified dates. Unless otherwise noted, the coupon rate is determined based on factors including supply and demand, underlying credit, tax treatment, and current short term rates. The coupon rate shown represents the rate at period end. |
| Selected Portfolio | ||
| AMT | – | Alternative Minimum Tax |
| VRDN | – | Variable Rate Demand Note |
| Franklin Senior Loan ETF | Country | Principal Amount* | Value | |||
| Corporate Bonds & Notes 4.1% | ||||||
| Advertising 0.4% | ||||||
| a | Clear Channel Outdoor Holdings, Inc., 7.875%, 4/01/30 | United States | 2,600,000 | $ 2,679,009 | ||
| Aerospace & Defense 0.5% | ||||||
| a | Goat Holdco LLC, 6.75%, 2/01/32 | United States | 2,000,000 | 1,982,670 | ||
| a | TransDigm, Inc., 6.00%, 1/15/33 | United States | 1,700,000 | 1,667,446 | ||
| 3,650,116 | ||||||
| Airlines 0.5% | ||||||
| a | Air Canada, 3.875%, 8/15/26 | Canada | 700,000 | 680,666 | ||
| a | American Airlines, Inc., 8.50%, 5/15/29 | United States | 800,000 | 840,447 | ||
| a | American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.50%, 4/20/26 | United States | 1,900,000 | 1,895,359 | ||
| a | Delta Air Lines, Inc./SkyMiles IP Ltd., first lien, 4.50%, 10/20/25 | United States | 83,341 | 82,844 | ||
| a | United Airlines, Inc., 4.375%, 4/15/26 | United States | 140,000 | 137,764 | ||
| 3,637,080 | ||||||
| Auto Parts & Equipment 0.0%† | ||||||
| a | Tenneco, Inc., 8.00%, 11/17/28 | United States | 300,000 | 279,927 | ||
| Chemicals 0.1% | ||||||
| a | SCIH Salt Holdings, Inc., 4.875%, 5/01/28 | United States | 500,000 | 470,917 | ||
| Commercial Services & Supplies 0.2% | ||||||
| a | Allied Universal Holdco LLC, 7.875%, 2/15/31 | United States | 1,000,000 | 1,023,330 | ||
| a | WW International, Inc., 4.50%, 4/15/29 | United States | 900,000 | 184,136 | ||
| 1,207,466 | ||||||
| Construction Materials 0.3% | ||||||
| a | Cemex SAB de CV, 5.20%, 9/17/30 | Mexico | 375,000 | 359,948 | ||
| a | EMRLD Borrower LP/Emerald Co-Issuer, Inc., 6.625%, 12/15/30 | United States | 1,400,000 | 1,403,617 | ||
| a | Smyrna Ready Mix Concrete LLC, 8.875%, 11/15/31 | United States | 700,000 | 736,197 | ||
| 2,499,762 | ||||||
| Electric 0.2% | ||||||
| a | Calpine Corp., first lien, 4.50%, 2/15/28 | United States | 800,000 | 767,935 | ||
| a | Talen Energy Supply LLC, 8.625%, 6/01/30 | United States | 400,000 | 426,576 | ||
| 1,194,511 | ||||||
| Entertainment 0.3% | ||||||
| a | Great Canadian Gaming Corp., 8.75%, 11/15/29 | Canada | 250,000 | 256,148 | ||
| a | International Game Technology PLC, first lien, 5.25%, 1/15/29 | United Kingdom | 1,200,000 | 1,171,494 | ||
| a | Ontario Gaming GTA LP/OTG Co-Issuer, Inc., 8.00%, 8/01/30 | Canada | 500,000 | 516,490 | ||
| 1,944,132 | ||||||
| Environmental Control 0.1% | ||||||
| a | GFL Environmental, Inc., 3.50%, 9/01/28 | United States | 600,000 | 565,972 | ||
| Financial Services 0.2% | ||||||
| a | Altice France SA, 5.125%, 7/15/29 | France | 500,000 | 374,969 | ||
| Jane Street Group/JSG Finance, Inc., | ||||||
| a 4.50%, 11/15/29 | United States | 300,000 | 281,177 | |||
| a 6.125%, 11/01/32 | United States | 405,000 | 401,517 | |||
| a | Vmed O2 U.K. Financing I PLC, 4.25%, 1/31/31 | United Kingdom | 210,000 | 179,499 | ||
| 1,237,162 | ||||||
| Health Care Providers & Services 0.2% | ||||||
| a | Radiology Partners, Inc., 7.775%, 1/31/29 | United States | 1,440,149 | 1,423,947 |
| Insurance 0.4% | ||||||
| a | Acrisure LLC/Acrisure Finance, Inc., 4.25%, 2/15/29 | United States | 500,000 | 470,452 | ||
| Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, | ||||||
| a 6.75%, 4/15/28 | United States | 1,700,000 | 1,709,742 | |||
| a 7.00%, 1/15/31 | United States | 1,000,000 | 1,005,001 | |||
| 3,185,195 | ||||||
| IT Services 0.1% | ||||||
| a | Fortress Intermediate 3, Inc., 7.50%, 6/01/31 | United States | 600,000 | 612,553 | ||
| Machinery-Diversified 0.0%† | ||||||
| a | GrafTech Finance, Inc., 4.625%, 12/23/29 | United States | 400,000 | 324,200 | ||
| Media 0.2% | ||||||
| a | Directv Financing LLC/Directv Financing Co-Obligor, Inc., 5.875%, 8/15/27 | United States | 750,000 | 731,523 | ||
| a | McGraw-Hill Education, Inc., 7.375%, 9/01/31 | United States | 1,000,000 | 1,024,684 | ||
| 1,756,207 | ||||||
| Oil, Gas & Consumable Fuels 0.0%† | ||||||
| Cheniere Energy, Inc., 4.625%, 10/15/28 | United States | 150,000 | 146,851 | |||
| Packaging & Containers 0.2% | ||||||
| a | Mauser Packaging Solutions Holding Co., 7.875%, 4/15/27 | United States | 805,000 | 822,275 | ||
| a | Pactiv Evergreen Group Issuer, Inc./Pactiv Evergreen Group Issuer LLC, 4.00%, 10/15/27 | United States | 400,000 | 397,017 | ||
| 1,219,292 | ||||||
| Personal Care Products 0.2% | ||||||
| a | Coty, Inc., 5.00%, 4/15/26 | United States | 1,600,000 | 1,598,047 | ||
| Pharmaceuticals 0.0% | ||||||
| a | Endo Luxembourg Finance SARL, 6.125%, 4/01/29 | Luxembourg | 925,000 | — | ||
| Retail 0.0%† | ||||||
| a | Bausch & Lomb Corp., 8.375%, 10/01/28 | United States | 360,000 | 373,050 | ||
| Telecommunications 0.0%† | ||||||
| a | CommScope LLC, 4.75%, 9/01/29 | United States | 288,500 | 257,319 | ||
| Total Corporate Bonds & Notes (Cost $30,408,996) | 30,262,715 | |||||
| b | Senior Floating Rate Interests 83.5% | |||||
| Aerospace & Defense 1.1% | ||||||
| Air Comm Corp. LLC, 2024 Term Loan, 3 mo. USD Term SOFR + 3.00%, 7.396%, 11/21/31 | United States | 2,888,230 | 2,893,660 | |||
| Bleriot U.S. Bidco, Inc., 2023 Term Loan B, 3 mo. USD Term SOFR + 2.75%, 7.079%, 10/31/30 | United States | 276,638 | 278,432 | |||
| Dynasty Acquisition Co., Inc., | ||||||
| 2024 1st Lien Term Loan B1, 1 mo. USD Term SOFR + 2.25%, 6.607%, 10/31/31 | United States | 1,297,513 | 1,305,116 | |||
| 2024 1st Lien Term Loan B2, 1 mo. USD Term SOFR + 2.25%, 6.607%, 10/31/31 | United States | 493,532 | 496,424 | |||
| TransDigm, Inc., 2024 Term Loan, 3 mo. USD Term SOFR + 2.50%, 6.829%, 1/19/32 | United States | 2,876,427 | 2,885,790 | |||
| 7,859,422 | ||||||
| Air Freight & Logistics 2.2% | ||||||
| First Student Bidco, Inc., | ||||||
| 2024 Term Loan B2, 3 mo. USD Term SOFR + 2.50%, 6.892%, 7/21/28 | United States | 3,283,509 | 3,293,770 | |||
| Term Loan B, 3 mo. USD Term SOFR + 3.00%, 7.59%, 7/21/28 | United States | 1,808,281 | 1,813,679 | |||
| Term Loan C, 3 mo. USD Term SOFR + 3.00%, 7.865%, 7/21/28 | United States | 553,031 | 554,682 | |||
| Kenan Advantage Group, Inc., 2024 Term Loan B4, 1 mo. USD Term SOFR + 3.25%, 7.607%, 1/25/29 | United States | 4,417,547 | 4,450,700 | |||
| LaserShip, Inc., 2021 Term Loan, 3 mo. USD Term SOFR + 4.50%, 9.09%, 5/07/28 | United States | 2,985,894 | 1,294,385 | |||
| Savage Enterprises LLC, 2021 Term Loan B, 1 mo. USD Term SOFR + 2.75%, 7.107%, 9/15/28 | United States | 2,142,314 | 2,159,046 |
| Worldwide Express Operations LLC, 2024 Term Loan B, 3 mo. USD Term SOFR + 4.00%, 8.329%, 7/26/28 | United States | 2,393,830 | 2,411,449 | |||
| 15,977,711 | ||||||
| Automobile Components 2.9% | ||||||
| Clarios Global LP, 2024 USD Term Loan B, 1 mo. USD Term SOFR + 2.50%, 6.857%, 5/06/30 | United States | 1,333,201 | 1,340,367 | |||
| DexKo Global, Inc., | ||||||
| 2021 USD Term Loan B, 3 mo. USD Term SOFR + 3.75%, 8.34%, 10/04/28 | United States | 4,351,640 | 4,124,855 | |||
| 2023 Incremental Term Loan, 3 mo. USD Term SOFR + 4.25%, 8.579%, 10/04/28 | United States | 687,790 | 659,666 | |||
| First Brands Group LLC, | ||||||
| 2021 Term Loan, 3 mo. USD Term SOFR + 5.00%, 9.847%, 3/30/27 | United States | 7,854,700 | 7,396,535 | |||
| 2022 Incremental Term Loan, 3 mo. USD Term SOFR + 5.00%, 9.847%, 3/30/27 | United States | 2,452,007 | 2,303,366 | |||
| RealTruck Group, Inc., 2021 Term Loan B, 1 mo. USD Term SOFR + 3.50%, 7.971%, 1/31/28 | United States | 4,563,124 | 4,435,745 | |||
| Tenneco, Inc., 2022 Term Loan B, 3 mo. USD Term SOFR + 5.00%, 9.429% - 9.621%, 11/17/28 | United States | 1,258,115 | 1,224,775 | |||
| 21,485,309 | ||||||
| Automobiles 0.2% | ||||||
| American Trailer World Corp., Term Loan B, 1 mo. USD Term SOFR + 3.75%, 8.207%, 3/03/28 | United States | 1,895,532 | 1,692,236 | |||
| Banks 0.3% | ||||||
| AqGen Island Holdings, Inc., | ||||||
| Term Loan, 1 mo. USD Term SOFR + 3.00%, 7.357%, 8/02/28 | United States | 2,411,534 | 2,431,634 | |||
| 2024 Term Loan B, 1 mo. USD Term SOFR + 3.00%, 7.357%, 8/02/28 | United States | 140,932 | 142,341 | |||
| 2,573,975 | ||||||
| Beverages 0.7% | ||||||
| Naked Juice LLC, Term Loan, 3 mo. USD Term SOFR + 3.00%, 8.685% - 7.429%, 1/24/29 | United States | 590 | 392 | |||
| Triton Water Holdings, Inc., | ||||||
| Term Loan, 3 mo. USD Term SOFR + 3.25%, 7.84%, 3/31/28 | United States | 4,770,963 | 4,814,522 | |||
| 2024 Incremental Term Loan B, 3 mo. USD Term SOFR + 4.00%, 8.329%, 3/31/28 | United States | 206,771 | 208,807 | |||
| 5,023,721 | ||||||
| Chemicals 3.5% | ||||||
| Hexion Holdings Corp., | ||||||
| 2024 Term Loan B, 1 mo. USD Term SOFR + 4.00%, 8.447%, 3/15/29 | United States | 4,953,059 | 4,961,975 | |||
| 2022 USD 2nd Lien Term Loan, 1 mo. USD Term SOFR + 7.44%, 11.895%, 3/15/30 | United States | 776,471 | 740,236 | |||
| INEOS Quattro Holdings U.K. Ltd., | ||||||
| 2023 USD Term Loan, 1 mo. USD Term SOFR + 3.75%, 8.207%, 3/14/30 | United States | 296,985 | 298,286 | |||
| 2023 USD 1st Lien Term Loan B, 1 mo. USD Term SOFR + 4.25%, 8.707%, 4/02/29 | United States | 2,670,143 | 2,693,506 | |||
| INEOS U.S. Finance LLC, 2023 USD Term Loan B, 1 mo. USD Term SOFR + 3.25%, 7.607%, 2/18/30 | Luxembourg | 1,471,512 | 1,479,922 | |||
| LSF11 A5 HoldCo LLC, 2024 Term Loan B, 1 mo. USD Term SOFR + 3.50%, 7.971%, 10/15/28 | United States | 3,119,194 | 3,142,307 | |||
| Nouryon Finance BV, | ||||||
| 2024 USD Term Loan B1, 6 mo. USD Term SOFR + 3.25%, 7.657%, 4/03/28 | Netherlands | 1,693,196 | 1,708,545 | |||
| 2024 USD Term Loan B2, 6 mo. USD Term SOFR + 3.25%, 7.657%, 4/03/28 | Netherlands | 502,744 | 509,134 | |||
| PMHC II, Inc., 2022 Term Loan B, 3 mo. USD Term SOFR + 4.25%, 9.058%, 4/23/29 | United States | 7,454,072 | 7,362,984 | |||
| SCIH Salt Holdings, Inc., 2021 Incremental Term Loan B, 3 mo. USD Term SOFR + 3.00%, 7.353% - 7.585%, 1/31/29 | United States | 3,123,175 | 3,135,480 | |||
| 26,032,375 |
| Commercial Services & Supplies 6.2% | ||||||
| Allied Universal Holdco LLC, 2021 USD Incremental Term Loan B, 1 mo. USD Term SOFR + 3.75%, 8.207%, 5/12/28 | United States | 6,435,432 | 6,464,456 | |||
| Boost Newco Borrower LLC, 2024 USD Term Loan B, 3 mo. USD Term SOFR + 2.50%, 6.829%, 1/31/31 | United States | 4,923,685 | 4,959,603 | |||
| CHG Healthcare Services, Inc., | ||||||
| c 2024 Term Loan B1, TBD, 9/29/28 | United States | 2,000,000 | 2,009,720 | |||
| 2021 Term Loan, 1 mo. USD Term SOFR + 3.50%, 7.971%, 9/29/28 | United States | 1,374,654 | 1,381,046 | |||
| 2024 Term Loan B2, 3 mo. USD Term SOFR + 3.50%, 7.971% - 8.276%, 9/29/28 | United States | 1,882,478 | 1,900,512 | |||
| Garda World Security Corp., 2024 Term Loan B, 1 mo. USD Term SOFR + 3.50%, 7.897%, 2/01/29 | Canada | 496,218 | 499,012 | |||
| KUEHG Corp., 2024 Term Loan, 3 mo. USD Term SOFR + 3.25%, 7.839%, 6/12/30 | United States | 2,005,158 | 2,028,258 | |||
| Madison IAQ LLC, Term Loan, 6 mo. USD Term SOFR + 2.75%, 7.889%, 6/21/28 | United States | 4,261,535 | 4,282,182 | |||
| Mavis Tire Express Services Corp., 2024 Term Loan, 1 mo. USD Term SOFR + 3.50%, 7.857%, 5/04/28 | United States | 1,756,690 | 1,770,690 | |||
| Nuvei Technologies Corp., 2024 Term Loan B1, 3 mo. USD Term SOFR + 3.00%, 7.603%, 11/15/31 | United States | 4,991,793 | 5,008,191 | |||
| PG Investment Co. 59 SARL, Term Loan B, 3 mo. USD Term SOFR + 3.00%, 7.329%, 3/26/31 | Luxembourg | 1,000,000 | 1,009,480 | |||
| Prime Security Services Borrower LLC, | ||||||
| 2024 Term Loan B, 1 mo. USD Term SOFR + 2.00%, 7.445% - 6.524%, 10/13/30 | United States | 3,109,495 | 3,120,502 | |||
| 2024 1st Lien Term Loan B, 1 mo. USD Term SOFR + 2.00%, 6.524%, 10/13/30 | United States | 357,143 | 358,407 | |||
| Priority Holdings LLC, 2024 Term Loan B, 1 mo. USD Term SOFR + 4.75%, 9.107%, 5/16/31 | United States | 978,215 | 981,575 | |||
| Raven Acquisition Holdings LLC, | ||||||
| Delayed Draw Term Loan, 1.625%, 11/19/31 | United States | 180,000 | 180,631 | |||
| Term Loan B, 1 mo. USD Term SOFR + 3.25%, 7.607%, 11/19/31 | United States | 2,520,000 | 2,528,833 | |||
| Spin Holdco, Inc., 2021 Term Loan, 3 mo. USD Term SOFR + 4.00%, 8.706%, 3/04/28 | United States | 3,804,243 | 3,220,844 | |||
| TTF Holdings LLC, 2024 Term Loan, 1 mo. USD Term SOFR + 3.75%, 8.107%, 7/18/31 | United States | 2,159,135 | 2,148,339 | |||
| c | Veritiv Corp., Term Loan B, TBD, 11/30/30 | United States | 1,724,583 | 1,732,128 | ||
| Wand NewCo 3, Inc., 2024 1st Lien Term Loan B, 1 mo. USD Term SOFR + 3.25%, 8.095% - 7.607%, 1/30/31 | United States | 420,970 | 423,218 | |||
| 46,007,627 | ||||||
| Communications Equipment 1.1% | ||||||
| Altice France SA, 2023 USD Term Loan B14, 3 mo. USD Term SOFR + 5.50%, 10.147%, 8/15/28 | France | 1,152,902 | 928,951 | |||
| CCI Buyer, Inc., Term Loan, 3 mo. USD Term SOFR + 4.00%, 8.329%, 12/17/27 | United States | 3,234,426 | 3,241,638 | |||
| Delta TopCo, Inc., 2024 Term Loan, 6 mo. USD Term SOFR + 3.50%, 7.884%, 11/30/29 | United States | 3,504,374 | 3,536,141 | |||
| Zayo Group Holdings, Inc., USD Term Loan, 1 mo. USD Term SOFR + 3.00%, 7.471%, 3/09/27 | United States | 708,194 | 664,846 | |||
| 8,371,576 | ||||||
| Construction & Engineering 0.6% | ||||||
| Brand Industrial Services, Inc., 2024 Term Loan B, 3 mo. USD Term SOFR + 4.50%, 9.071%, 8/01/30 | United States | 1,621,322 | 1,580,943 | |||
| Brown Group Holding LLC, 2022 Incremental Term Loan B2, 3 mo. USD Term SOFR + 2.50%, 6.857% - 7.085%, 7/01/31 | United States | 796,005 | 799,265 | |||
| Chromalloy Corp., 2024 Term Loan B, 3 mo. USD Term SOFR + 3.75%, 9.082% - 8.354%, 3/27/31 | United States | 1,860,938 | 1,865,590 | |||
| 4,245,798 |
| Construction Materials 1.9% | ||||||
| Chamberlain Group, Inc., Term Loan B, 1 mo. USD Term SOFR + 3.25%, 7.707%, 11/03/28 | United States | 2,190,508 | 2,206,258 | |||
| Cornerstone Building Brands, Inc., | ||||||
| 2021 Term Loan B, 1 mo. USD Term SOFR + 3.25%, 7.747%, 4/12/28 | United States | 2,347,626 | 2,248,439 | |||
| 2024 Term Loan B, 1 mo. USD Term SOFR + 4.50%, 8.897%, 5/15/31 | United States | 2,516,438 | 2,430,729 | |||
| EMRLD Borrower LP, 2024 Term Loan B, 1 mo. USD Term SOFR + 2.50%, 6.845%, 8/04/31 | United States | 4,205,661 | 4,227,572 | |||
| Quikrete Holdings, Inc., | ||||||
| 2024 Term Loan B1, 1 mo. USD Term SOFR + 2.25%, 6.607%, 3/19/29 | United States | 1,270,601 | 1,271,395 | |||
| 2024 Term Loan B, 1 mo. USD Term SOFR + 2.50%, 6.857%, 4/14/31 | United States | 1,411,911 | 1,412,871 | |||
| 13,797,264 | ||||||
| Containers & Packaging 2.4% | ||||||
| Berlin Packaging LLC, | ||||||
| c 2024 Term Loan B7, TBD, 6/07/31 | United States | 1,400,000 | 1,409,800 | |||
| 2024 Term Loan B, 1 mo. USD Term SOFR + 3.50%, 7.947% - 8.354%, 6/09/31 | United States | 3,192,000 | 3,213,945 | |||
| Charter NEX U.S., Inc., 2024 Term Loan B, 1 mo. USD Term SOFR + 3.00%, 7.525%, 12/01/27 | United States | 4,273,784 | 4,302,184 | |||
| Klockner-Pentaplast of America, Inc., 2021 Term Loan B, 6 mo. USD Term SOFR + 4.73%, 9.723%, 2/12/26 | Luxembourg | 2,730,205 | 2,504,963 | |||
| Mauser Packaging Solutions Holding Co., 2024 Term Loan B, 1 mo. USD Term SOFR + 3.00%, 7.589%, 4/15/27 | United States | 1,485,460 | 1,497,529 | |||
| Proampac PG Borrower LLC, 2024 Term Loan, 3 mo. USD Term SOFR + 4.00%, 8.523% - 8.656%, 9/15/28 | United States | 2,850,688 | 2,863,159 | |||
| Reynolds Group Holdings, Inc., 2024 Term Loan B4, 1 mo. USD Term SOFR + 2.50%, 6.857%, 9/24/28 | United States | 2,330,898 | 2,343,648 | |||
| 18,135,228 | ||||||
| Distributors 0.7% | ||||||
| BCPE Empire Holdings, Inc., 2024 1st Lien Term Loan, 1 mo. USD Term SOFR + 3.50%, 7.857%, 12/11/28 | United States | 4,786,496 | 4,818,925 | |||
| Electric Utilities 0.3% | ||||||
| Calpine Construction Finance Co. LP, 2023 Refinancing Term Loan B, 1 mo. USD Term SOFR + 2.00%, 6.357%, 7/31/30 | United States | 1,293,500 | 1,292,148 | |||
| Talen Energy Supply LLC, | ||||||
| c 2024 Incremental Term Loan B, TBD, 5/17/30 | United States | 358,744 | 360,813 | |||
| 2023 Term Loan B, 3 mo. USD Term SOFR + 3.50%, 8.023%, 5/17/30 | United States | 279,604 | 281,216 | |||
| 1,934,177 | ||||||
| Electrical Equipment 0.0%† | ||||||
| Energizer Holdings, Inc., 2024 Term Loan B, 1 mo. USD Term SOFR + 2.00%, 6.356%, 12/22/27 | United States | 151,806 | 152,399 | |||
| Entertainment 3.8% | ||||||
| AMC Entertainment Holdings, Inc., 2024 Term Loan, 1 mo. USD Term SOFR + 7.00%, 11.356%, 1/04/29 | United States | 240,501 | 245,075 | |||
| Bally’s Corp., 2021 Term Loan B, 3 mo. USD Term SOFR + 3.25%, 8.143%, 10/02/28 | United States | 5,818,499 | 5,517,421 | |||
| Caesars Entertainment, Inc., | ||||||
| Term Loan B, 1 mo. USD Term SOFR + 2.25%, 6.607%, 2/06/30 | United States | 1,967,577 | 1,971,669 | |||
| 2024 Term Loan B1, 1 mo. USD Term SOFR + 2.25%, 6.607%, 2/06/31 | United States | 863,043 | 866,008 | |||
| Delta 2 Lux SARL, | ||||||
| c 2024 Term Loan B2, TBD, 9/10/31 | Luxembourg | 533,333 | 535,400 | |||
| c 2024 Term Loan B1, TBD, 9/30/31 | Luxembourg | 1,066,667 | 1,070,800 | |||
| Flutter Financing BV, | ||||||
| 2024 Term Loan B, 3 mo. USD Term SOFR + 1.75%, 6.092%, 11/30/30 | United Kingdom | 1,900,000 | 1,898,224 | |||
| Term Loan B, 3 mo. USD Term SOFR + 2.00%, 6.329%, 11/29/30 | Ireland | 1,976,078 | 1,974,230 |
| GVC Holdings Ltd., 2024 USD Term Loan B3, 3 mo. USD Term SOFR + 2.75%, 7.079%, 10/31/29 | Gibraltar | 2,865,950 | 2,877,586 | |||
| Light & Wonder International, Inc., 2024 Term Loan B2, 1 mo. USD Term SOFR + 2.25%, 6.632%, 4/14/29 | United States | 1,290,060 | 1,296,975 | |||
| Ontario Gaming GTA LP, Term Loan B, 3 mo. USD Term SOFR + 4.25%, 8.579%, 8/01/30 | Canada | 581,461 | 583,382 | |||
| Scientific Games Holdings LP, 2024 USD Term Loan B, 3 mo. USD Term SOFR + 3.00%, 7.59%, 4/04/29 | United States | 5,044,748 | 5,063,036 | |||
| UFC Holdings LLC, 2024 Term Loan B, 3 mo. USD Term SOFR + 2.25%, 6.77%, 11/21/31 | United States | 3,704,180 | 3,729,220 | |||
| William Morris Endeavor Entertainment LLC, 2018 1st Lien Term Loan, 1 mo. USD Term SOFR + 2.75%, 7.345% - 7.221%, 5/18/25 | United States | 563,372 | 565,414 | |||
| 28,194,440 | ||||||
| Financial Services 5.2% | ||||||
| Aretec Group, Inc., | ||||||
| c 2024 1st Lien Term Loan B, TBD, 8/09/30 | United States | 997,494 | 1,000,845 | |||
| 2024 Term Loan B, 1 mo. USD Term SOFR + 3.50%, 7.857%, 8/09/30 | United States | 1,895,732 | 1,903,239 | |||
| Assetmark Financial Holdings, Inc., 2024 Term Loan, 3 mo. USD Term SOFR + 3.00%, 7.329%, 9/05/31 | United States | 3,656,716 | 3,676,134 | |||
| Citadel Securities LP, 2024 First Lien Term Loan, 3 mo. USD Term SOFR + 2.00%, 6.329%, 10/31/31 | United States | 4,458,615 | 4,476,851 | |||
| c | CPI Holdco B LLC, 2024 Incremental Term Loan B, TBD, 5/17/31 | United States | 3,000,000 | 3,002,820 | ||
| Deerfield Dakota Holding LLC, 2020 USD Term Loan B, 3 mo. USD Term SOFR + 3.75%, 8.075%, 4/09/27 | United States | 1,132,668 | 1,110,372 | |||
| Edelman Financial Center LLC, 2024 Term Loan B, 1 mo. USD Term SOFR + 3.25%, 7.607%, 4/07/28 | United States | 3,632,434 | 3,658,914 | |||
| First Eagle Investment Management LLC, 2024 Term Loan B2, 3 mo. USD Term SOFR + 3.00%, 7.329%, 3/05/29 | United States | 4,069,250 | 4,082,618 | |||
| Forward Air Corp., Term Loan B, 3 mo. USD Term SOFR + 4.50%, 9.085%, 12/19/30 | United States | 3,072,000 | 3,088,466 | |||
| Hudson River Trading LLC, 2024 Term Loan B, 1 mo. USD Term SOFR + 3.00%, 7.483%, 3/18/30 | United States | 2,394,000 | 2,405,228 | |||
| Jane Street Group LLC, 2024 Term Loan B1, 3 mo. USD Term SOFR + 2.00%, 6.395%, 12/11/31 | United States | 4,963,520 | 4,953,369 | |||
| Janney Montgomery Scott LLC, | ||||||
| c Term Loan, TBD, 11/28/31 | United States | 1,611,264 | 1,631,155 | |||
| c Delayed Draw Term Loan, TBD, 11/28/31 | United States | 268,544 | 271,859 | |||
| Russell Investments U.S. Institutional Holdco, Inc., 2024 PIK Term Loan, 3 mo. USD Term SOFR + 5.00%, 1.5% - 9.585%, 5/30/27 | United States | 3,063,111 | 2,939,820 | |||
| 38,201,690 | ||||||
| Food Products 0.8% | ||||||
| Fiesta Purchaser, Inc., 2024 Term Loan B, 1 mo. USD Term SOFR + 3.25%, 7.607%, 2/12/31 | United States | 2,875 | 2,880 | |||
| c | Froneri International Ltd., 2024 USD Term Loan, TBD, 9/17/31 | United States | 3,200,000 | 3,206,864 | ||
| Primary Products Finance LLC, 2024 Term Loan B, 3 mo. USD Term SOFR + 3.50%, 8.248%, 4/01/29 | United States | 2,769,926 | 2,780,965 | |||
| 5,990,709 | ||||||
| Health Care Equipment & Supplies 1.0% | ||||||
| Bausch & Lomb Corp., | ||||||
| Term Loan, 1 mo. USD Term SOFR + 3.25%, 7.689%, 5/10/27 | United States | 2,284,974 | 2,296,502 | |||
| 2023 Incremental Term Loan, 3 mo. USD Term SOFR + 4.00%, 8.329%, 9/29/28 | United States | 1,580,000 | 1,590,373 | |||
| Medline Borrower LP, 2024 USD Add-on Term Loan B, 1 mo. USD Term SOFR + 2.25%, 6.607%, 10/23/28 | United States | 3,663,115 | 3,680,185 | |||
| 7,567,060 |
| Health Care Providers & Services 6.7% | ||||||
| ADMI Corp., | ||||||
| 2021 Term Loan B2, 1 mo. USD Term SOFR + 3.38%, 7.846%, 12/23/27 | United States | 738,346 | 724,963 | |||
| 2021 Incremental Term Loan B3, 1 mo. USD Term SOFR + 3.75%, 8.221%, 12/23/27 | United States | 4,915,441 | 4,841,709 | |||
| 2023 Term Loan B5, 1 mo. USD Term SOFR + 5.75%, 10.107%, 12/23/27 | United States | 231,429 | 232,875 | |||
| Charlotte Buyer, Inc., 2024 Term Loan B, 1 mo. USD Term SOFR + 4.75%, 9.202%, 2/11/28 | United States | 5,410,321 | 5,449,897 | |||
| DaVita, Inc., 2024 Extended Term Loan B1, 1 mo. USD Term SOFR + 2.00%, 6.357%, 5/09/31 | United States | 1,995,000 | 2,000,197 | |||
| eResearchTechnology, Inc., 2024 Term Loan, 1 mo. USD Term SOFR + 4.00%, 8.357%, 2/04/27 | United States | 1,333,567 | 1,343,462 | |||
| Global Medical Response, Inc., 2024 PIK Term Loan, 1 mo. USD Term SOFR + 5.50%, 9.856%, 10/31/28 | United States | 457,532 | 459,678 | |||
| LifePoint Health, Inc., | ||||||
| 2024 Incremental Term Loan B1, 3 mo. USD Term SOFR + 3.50%, 7.965%, 5/17/31 | United States | 2,452,845 | 2,461,283 | |||
| 2024 1st Lien Term Loan B, 3 mo. USD Term SOFR + 3.75%, 8.406%, 5/17/31 | United States | 1,836,857 | 1,845,665 | |||
| Medical Solutions Holdings, Inc., 2021 1st Lien Term Loan, 3 mo. USD Term SOFR + 3.50%, 8.185%, 11/01/28 | United States | 3,423,716 | 2,441,298 | |||
| MPH Acquisition Holdings LLC, 2021 Term Loan B, 3 mo. USD Term SOFR + 4.25%, 9.026%, 9/01/28 | United States | 2,874,918 | 2,481,615 | |||
| National Mentor Holdings, Inc., | ||||||
| 2021 Term Loan C, 3 mo. USD Term SOFR + 3.75%, 8.179%, 3/02/28 | United States | 137,937 | 136,967 | |||
| 2021 Term Loan, 3 mo. USD Term SOFR + 3.75%, 8.179% - 8.207%, 3/02/28 | United States | 4,520,496 | 4,488,695 | |||
| Parexel International Corp., 2024 Term Loan B, 1 mo. USD Term SOFR + 3.00%, 7.357%, 11/15/28 | United States | 2,818,670 | 2,841,572 | |||
| Phoenix Guarantor, Inc., | ||||||
| c 2024 Term Loan, TBD, 2/21/31 | United States | 4,570,141 | 4,593,860 | |||
| c 2024 Term Loan B, TBD, 2/21/31 | United States | 1,500,000 | 1,507,222 | |||
| Radiology Partners, Inc., 2024 Extended Term Loan B, 3 mo. USD Term SOFR + 3.50%, 3.5% - 8.275%, 1/31/29 | United States | 1,720,502 | 1,704,588 | |||
| Star Parent, Inc., Term Loan B, 3 mo. USD Term SOFR + 4.00%, 8.329%, 9/27/30 | United States | 1,951,917 | 1,910,194 | |||
| Surgery Center Holdings, Inc., 2024 Term Loan B, 1 mo. USD Term SOFR + 2.75%, 7.089%, 12/19/30 | United States | 212,073 | 213,979 | |||
| U.S. Anesthesia Partners, Inc., 2021 Term Loan, 1 mo. USD Term SOFR + 4.25%, 8.917%, 10/01/28 | United States | 5,181,438 | 5,163,173 | |||
| U.S. Radiology Specialists, Inc., 2024 Term Loan B, 3 mo. USD Term SOFR + 4.75%, 9.079%, 12/15/27 | United States | 2,732,360 | 2,753,878 | |||
| 49,596,770 | ||||||
| Hotels, Restaurants & Leisure 1.1% | ||||||
| Fertitta Entertainment LLC, 2022 Term Loan B, 1 mo. USD Term SOFR + 3.50%, 7.857%, 1/27/29 | United States | 5,735,315 | 5,763,705 | |||
| GBT U.S. III LLC, Term Loan B, 3 mo. USD Term SOFR + 3.00%, 7.626%, 7/25/31 | United States | 1,392,521 | 1,401,050 | |||
| Hilton Grand Vacations Borrower LLC, | ||||||
| 2024 Incremental Term Loan B, 1 mo. USD Term SOFR + 2.25%, 6.607%, 1/17/31 | United States | 397,000 | 398,768 | |||
| 2021 Term Loan B, 1 mo. USD Term SOFR + 2.50%, 6.857%, 8/02/28 | United States | 907,120 | 911,601 | |||
| 8,475,124 | ||||||
| Household Durables 1.5% | ||||||
| AI Aqua Merger Sub, Inc., | ||||||
| c 2024 1st Lien Term Loan B, TBD, 7/31/28 | United States | 2,000,000 | 2,004,180 | |||
| 2021 1st Lien Term Loan B, 1 mo. USD Term SOFR + 3.50%, 8.053%, 7/31/28 | United States | 3,396,175 | 3,403,273 |
| Hunter Douglas, Inc., USD Term Loan B1, 3 mo. USD Term SOFR + 3.50%, 8.021%, 2/26/29 | Netherlands | 1,574,669 | 1,575,850 | |||
| II-VI, Inc., 2024 Term Loan B, 1 mo. USD Term SOFR + 2.50%, 6.857%, 7/02/29 | United States | 2,036,923 | 2,045,407 | |||
| Roper Industrial Products Investment Co. LLC, | ||||||
| c 2024 USD 1st Lien Term Loan B, TBD, 11/22/29 | United States | 220,000 | 220,825 | |||
| 2024 USD Term Loan B, 3 mo. USD Term SOFR + 3.25%, 7.579%, 11/22/29 | United States | 1,757,539 | 1,765,105 | |||
| 11,014,640 | ||||||
| Insurance 4.6% | ||||||
| Acrisure LLC, 2024 Term Loan B6, 1 mo. USD Term SOFR + 3.00%, 7.357%, 11/06/30 | United States | 5,404,896 | 5,420,516 | |||
| Alliant Holdings Intermediate LLC, 2024 Term Loan B6, 1 mo. USD Term SOFR + 2.75%, 7.106%, 9/19/31 | United States | 4,717,858 | 4,735,833 | |||
| AssuredPartners, Inc., 2024 Incremental Term Loan B5, 1 mo. USD Term SOFR + 3.50%, 7.857%, 2/14/31 | United States | 2,283,947 | 2,291,438 | |||
| Asurion LLC, | ||||||
| 2020 Term Loan B8, 1 mo. USD Term SOFR + 3.25%, 7.721%, 12/23/26 | United States | 2,213,860 | 2,214,890 | |||
| 2022 Term Loan B10, 1 mo. USD Term SOFR + 4.00%, 8.457%, 8/19/28 | United States | 293,250 | 292,853 | |||
| 2023 Term Loan B11, 1 mo. USD Term SOFR + 4.25%, 8.707%, 8/19/28 | United States | 1,156,091 | 1,158,570 | |||
| 2021 Second Lien Term Loan B4, 1 mo. USD Term SOFR + 5.25%, 9.721%, 1/20/29 | United States | 3,097,666 | 2,999,160 | |||
| Broadstreet Partners, Inc., 2024 Term Loan B4, 1 mo. USD Term SOFR + 3.00%, 7.357% - 7.397%, 6/13/31 | United States | 4,758,786 | 4,780,629 | |||
| HUB International Ltd., 2024 1st Lien Term Loan B, 3 mo. USD Term SOFR + 2.75%, 7.079% - 7.367%, 6/20/30 | United States | 3,623,975 | 3,650,503 | |||
| Sedgwick Claims Management Services, Inc., 2023 Term Loan B, 3 mo. USD Term SOFR + 3.00%, 7.585%, 7/31/31 | United States | 4,619,443 | 4,653,003 | |||
| Truist Insurance Holdings LLC, | ||||||
| 2024 Term Loan B, 1 mo. USD Term SOFR + 2.75%, 7.107%, 5/06/31 | United States | 500,000 | 502,265 | |||
| 1st Lien Term Loan, 3 mo. USD Term SOFR + 3.25%, 7.579%, 5/06/31 | United States | 1,443,205 | 1,449,743 | |||
| 34,149,403 | ||||||
| IT Services 1.5% | ||||||
| Barracuda Networks, Inc., 2022 Term Loan, 3 mo. USD Term SOFR + 4.50%, 9.085%, 8/15/29 | United States | 1,377,176 | 1,277,593 | |||
| Hunter Holdco 3 Ltd., USD Term Loan B, 3 mo. USD Term SOFR + 4.25%, 8.679%, 8/19/28 | United States | 413,472 | 409,595 | |||
| MH Sub I LLC, | ||||||
| c 2024 Term Loan B4, TBD, 12/11/31 | United States | 1,000,000 | 992,810 | |||
| 2023 Term Loan, 1 mo. USD Term SOFR + 4.25%, 8.607%, 5/03/28 | United States | 8,248,330 | 8,261,940 | |||
| 10,941,938 | ||||||
| Machinery 1.5% | ||||||
| CD&R Hydra Buyer, Inc., 2024 Term Loan B, 1 mo. USD Term SOFR + 4.00%, 8.457%, 3/25/31 | United States | 2,583,982 | 2,595,287 | |||
| CPM Holdings, Inc., 2023 Term Loan, 1 mo. USD Term SOFR + 4.50%, 9.053%, 9/28/28 | United States | 2,981,190 | 2,898,790 | |||
| Pro Mach Group, Inc., 2024 1st Lien Term Loan B, 1 mo. USD Term SOFR + 3.50%, 8.345% - 7.857%, 8/31/28 | United States | 196,317 | 198,280 | |||
| TK Elevator U.S. Newco, Inc., USD Term Loan B, 6 mo. USD Term SOFR + 3.50%, 8.588%, 4/30/30 | United States | 2,066,908 | 2,084,487 | |||
| Vertiv Group Corp., 2024 Term Loan B2, 1 mo. USD Term SOFR + 2.00%, 6.553%, 3/02/27 | United States | 489,189 | 490,194 | |||
| WEC U.S. Holdings Ltd., 2024 Term Loan, 1 mo. USD Term SOFR + 2.25%, 6.803%, 1/27/31 | United States | 3,080,714 | 3,086,968 | |||
| 11,354,006 |
| Media 2.4% | ||||||
| Cengage Learning, Inc., | ||||||
| 2024 Term Loan B, 3 mo. USD Term SOFR + 4.25%, 7.856% - 8.014%, 3/22/31 | United States | 4,085,554 | 4,111,824 | |||
| 2024 1st Lien Term Loan B, 3 mo. USD Term SOFR + 3.50%, 7.856% - 8.014%, 3/24/31 | United States | 615,385 | 619,342 | |||
| Charter Communications Operating LLC, 2024 Term Loan B5, 1 mo. USD Term SOFR + 2.25%, 6.781%, 12/15/31 | United States | 1,055,555 | 1,054,526 | |||
| Gray Television, Inc., 2021 Term Loan D, 1 mo. USD Term SOFR + 3.00%, 7.667%, 12/01/28 | United States | 2,460,115 | 2,279,764 | |||
| iHeartCommunications, Inc., 2020 Term Loan, 1 mo. USD Term SOFR + 3.00%, 7.471%, 5/01/26 | United States | 1,100,000 | 983,279 | |||
| McGraw-Hill Global Education Holdings LLC, 2024 Term Loan B, 3 mo. USD Term SOFR + 4.00%, 8.329%, 8/06/31 | United States | 1,255,391 | 1,271,216 | |||
| Neptune Bidco U.S., Inc., 2022 USD Term Loan B, 3 mo. USD Term SOFR + 5.00%, 9.758%, 4/11/29 | United States | 3,143,685 | 2,829,882 | |||
| Nexstar Broadcasting, Inc., 2019 Term Loan B4, 1 mo. USD Term SOFR + 2.50%, 6.971%, 9/18/26 | United States | 775,555 | 779,220 | |||
| Univision Communications, Inc., 2024 Term Loan B, 1 mo. USD Term SOFR + 3.50%, 7.971%, 1/31/29 | United States | 1,691,500 | 1,697,843 | |||
| Virgin Media Bristol LLC, 2020 USD Term Loan Q, 1 mo. USD Term SOFR + 3.25%, 7.762%, 1/31/29 | United States | 2,470,000 | 2,459,774 | |||
| 18,086,670 | ||||||
| Paper & Forest Products 0.3% | ||||||
| Asplundh Tree Expert LLC, 2024 Incremental Term Loan B, 1 mo. USD Term SOFR + 1.75%, 6.107%, 5/23/31 | United States | 1,988,000 | 1,993,218 | |||
| Passenger Airlines 2.1% | ||||||
| Air Canada, 2024 Term Loan B, 3 mo. USD Term SOFR + 2.00%, 6.337%, 3/21/31 | Canada | 1,104,213 | 1,110,772 | |||
| American Airlines, Inc., | ||||||
| 2023 1st Lien Term Loan, 6 mo. USD Term SOFR + 2.25%, 6.959%, 6/04/29 | United States | 5,856,429 | 5,874,730 | |||
| 2021 Term Loan, 3 mo. USD Term SOFR + 4.75%, 9.629%, 4/20/28 | United States | 1,105,779 | 1,137,068 | |||
| United Airlines, Inc., 2024 1st Lien Term Loan B, 3 mo. USD Term SOFR + 2.00%, 6.635%, 2/22/31 | United States | 1,557,753 | 1,564,848 | |||
| WestJet Loyalty LP, Term Loan B, 3 mo. USD Term SOFR + 3.25%, 7.579%, 2/14/31 | Canada | 5,538,361 | 5,568,047 | |||
| 15,255,465 | ||||||
| Personal Care Products 0.2% | ||||||
| Conair Holdings LLC, Term Loan B, 1 mo. USD Term SOFR + 3.75%, 8.221%, 5/17/28 | United States | 2,009,786 | 1,814,917 | |||
| Pharmaceuticals 1.8% | ||||||
| Endo Luxembourg Finance Co. I SARL, 2024 1st Lien Term Loan, 1 mo. USD Term SOFR + 4.00%, 8.357%, 4/23/31 | United States | 3,278,818 | 3,306,688 | |||
| Gainwell Acquisition Corp., Term Loan B, 3 mo. USD Term SOFR + 4.00%, 8.429%, 10/01/27 | United States | 2,658,699 | 2,581,889 | |||
| Grifols Worldwide Operations USA, Inc., 2019 USD Term Loan B, 3 mo. USD Term SOFR + 2.00%, 6.735%, 11/15/27 | United States | 748,921 | 747,098 | |||
| Jazz Financing Lux SARL, 2024 1st Lien Term Loan B, 1 mo. USD Term SOFR + 2.25%, 6.607%, 5/05/28 | United States | 2,424,651 | 2,433,743 | |||
| Organon & Co., 2024 USD Term Loan B, 1 mo. USD Term SOFR + 2.50%, 6.856%, 5/19/31 | United States | 944,974 | 949,307 | |||
| Perrigo Investments LLC, Term Loan B, 1 mo. USD Term SOFR + 2.00%, 6.357%, 4/20/29 | United States | 1,064,658 | 1,069,715 | |||
| Southern Veterinary Partners LLC, 2024 1st Lien Term Loan, 3 mo. USD Term SOFR + 3.25%, 7.715%, 12/04/31 | United States | 2,534,483 | 2,555,557 | |||
| 13,643,997 |
| Real Estate Management & Development 1.3% | ||||||
| CoreLogic, Inc., Term Loan, 1 mo. USD Term SOFR + 3.50%, 7.971%, 6/02/28 | United States | 5,868,927 | 5,805,513 | |||
| Cushman & Wakefield U.S. Borrower LLC, | ||||||
| 2024 Term Loan B, 1 mo. USD Term SOFR + 3.00%, 7.357%, 1/31/30 | United States | 1,593,755 | 1,601,725 | |||
| 2024 Tranche 2 Incremental Term Loan, 1 mo. USD Term SOFR + 3.25%, 7.607%, 1/31/30 | United States | 1,855,239 | 1,878,429 | |||
| 9,285,667 | ||||||
| Semiconductors & Semiconductor Equipment 0.3% | ||||||
| MKS Instruments, Inc., 2024 USD Term Loan B, 1 mo. USD Term SOFR + 2.25%, 6.589%, 8/17/29 | United States | 2,460,190 | 2,470,572 | |||
| Software 13.9% | ||||||
| Ascend Learning LLC, 2021 Term Loan, 1 mo. USD Term SOFR + 3.50%, 7.957%, 12/11/28 | United States | 1,392,820 | 1,402,076 | |||
| Athenahealth Group, Inc., 2022 Term Loan B, 1 mo. USD Term SOFR + 3.25%, 7.607%, 2/15/29 | United States | 6,901,139 | 6,931,952 | |||
| Boxer Parent Co., Inc., 2024 USD Term Loan B, 3 mo. USD Term SOFR + 3.75%, 8.335%, 7/30/31 | United States | 6,600,000 | 6,662,634 | |||
| Central Parent, Inc., 2024 Term Loan B, 3 mo. USD Term SOFR + 3.25%, 7.579%, 7/06/29 | United States | 7,634,322 | 7,543,206 | |||
| Cloud Software Group, Inc., | ||||||
| 2024 Third Amendment Term Loan, 3 mo. USD Term SOFR + 3.75%, 8.079%, 3/21/31 | United States | 1,213,068 | 1,218,484 | |||
| 2024 USD Term Loan, 3 mo. USD Term SOFR + 3.75%, 8.079%, 3/21/31 | United States | 2,500,000 | 2,511,162 | |||
| 2024 USD Term Loan B, 1 mo. USD Term SOFR + 4.00%, 9.335% - 8.339%, 3/30/29 | United States | 2,575,529 | 2,586,359 | |||
| Cloudera, Inc., 2021 Term Loan, 1 mo. USD Term SOFR + 3.75%, 8.207%, 10/08/28 | United States | 3,493,639 | 3,490,914 | |||
| ConnectWise LLC, 2021 Term Loan B, 3 mo. USD Term SOFR + 3.50%, 8.09%, 9/29/28 | United States | 1,633,208 | 1,645,971 | |||
| Cornerstone OnDemand, Inc., 2021 Term Loan, 1 mo. USD Term SOFR + 3.75%, 8.221%, 10/16/28 | United States | 2,214,885 | 1,955,744 | |||
| Cotiviti Corp., 2024 Term Loan, 1 mo. USD Term SOFR + 2.75%, 7.303%, 5/01/31 | United States | 9,241,699 | 9,305,282 | |||
| DCert Buyer, Inc., | ||||||
| 2019 Term Loan B, 1 mo. USD Term SOFR + 4.00%, 8.357%, 10/16/26 | United States | 1,814,377 | 1,747,617 | |||
| 2021 2nd Lien Term Loan, 1 mo. USD Term SOFR + 7.00%, 11.357%, 2/19/29 | United States | 1,000,000 | 815,000 | |||
| Dun & Bradstreet Corp., | ||||||
| 2024 Term Loan B, 1 mo. USD Term SOFR + 2.25%, 6.588%, 1/18/29 | United States | 1,734,171 | 1,737,423 | |||
| 2024 Term Loan, 1 mo. USD Term SOFR + 2.25%, 6.588%, 1/18/29 | United States | 2,497,487 | 2,502,170 | |||
| Epicor Software Corp., 2024 Term Loan E, 1 mo. USD Term SOFR + 2.75%, 7.107%, 5/30/31 | United States | 4,117,539 | 4,152,065 | |||
| Flexera Software LLC, 2024 Term Loan, 1 mo. USD Term SOFR + 3.50%, 7.882%, 3/03/28 | United States | 1,446,966 | 1,458,498 | |||
| Genesys Cloud Services Holdings II LLC, 2024 USD Term Loan B, 1 mo. USD Term SOFR + 3.00%, 7.357%, 12/01/27 | United States | 4,390,636 | 4,432,984 | |||
| Idera, Inc., 2024 Term Loan, 3 mo. USD Term SOFR + 3.50%, 8.071%, 3/02/28 | United States | 5,966,635 | 5,871,168 | |||
| Ivanti Software, Inc., 2021 Add On non Co-op Term Loan B, 3 mo. USD Term SOFR + 4.00%, 8.898%, 12/01/27 | United States | 0 | 0 | |||
| Playtika Holding Corp., 2021 Term Loan B1, 1 mo. USD Term SOFR + 2.75%, 7.221%, 3/13/28 | United States | 2,955,808 | 2,968,282 | |||
| PointClickCare Technologies, Inc., 2024 USD Term Loan B, 3 mo. USD Term SOFR + 3.25%, 7.579%, 11/03/31 | Canada | 1,000,000 | 1,007,500 | |||
| Polaris Newco LLC, USD Term Loan B, 3 mo. USD Term SOFR + 4.00%, 8.847%, 6/02/28 | United States | 1,969,218 | 1,975,253 | |||
| Project Alpha Intermediate Holding, Inc., 2024 1st Lien Term Loan B, 3 mo. USD Term SOFR + 3.25%, 7.579%, 10/28/30 | United States | 4,990,846 | 5,029,051 | |||
| Project Boost Purchaser LLC, 2024 Term Loan, 3 mo. USD Term SOFR + 3.50%, 8.147%, 7/16/31 | United States | 4,365,342 | 4,401,815 |
| Red Planet Borrower LLC, Term Loan B, 1 mo. USD Term SOFR + 3.50%, 7.957%, 10/02/28 | United States | 992,308 | 978,485 | |||
| Rocket Software, Inc., 2023 USD Term Loan B, 1 mo. USD Term SOFR + 4.25%, 8.607%, 11/28/28 | United States | 2,340,595 | 2,360,935 | |||
| Sovos Compliance LLC, 2021 Term Loan, 1 mo. USD Term SOFR + 4.50%, 8.971%, 8/11/28 | United States | 4,576,738 | 4,616,006 | |||
| UKG, Inc., 2024 Term Loan B, 3 mo. USD Term SOFR + 3.00%, 7.325%, 2/10/31 | United States | 3,418,463 | 3,446,854 | |||
| VS Buyer LLC, | ||||||
| 2024 Term Loan B, 1 mo. USD Term SOFR + 2.75%, 7.12%, 4/11/31 | United States | 364,384 | 367,572 | |||
| 2024 1st Lien Term Loan B, 1 mo. USD Term SOFR + 2.75%, 7.12%, 4/12/31 | United States | 1,495,459 | 1,508,545 | |||
| c | Waystar Technologies, Inc., 2024 USD Term Loan B, TBD, 10/22/29 | United States | 2,095,469 | 2,107,696 | ||
| Zelis Payments Buyer, Inc., 5th Amendment Term Loan, 1 mo. USD Term SOFR + 3.25%, 7.595%, 11/26/31 | United States | 4,518,792 | 4,540,437 | |||
| 103,279,140 | ||||||
| Specialty Retail 4.2% | ||||||
| Foundation Building Materials Holding Co. LLC, 2024 Term Loan B2, 3 mo. USD Term SOFR + 4.00%, 8.845% - 8.585%, 1/29/31 | United States | 3,270,729 | 3,227,818 | |||
| Great Outdoors Group LLC, 2021 Term Loan B2, 1 mo. USD Term SOFR + 3.75%, 8.221%, 3/06/28 | United States | 3,816,988 | 3,842,753 | |||
| Harbor Freight Tools USA, Inc., 2024 Term Loan B, 6 mo. USD Term SOFR + 2.50%, 6.857% - 7.241%, 6/11/31 | United States | 1,262,445 | 1,246,904 | |||
| IRB Holding Corp., | ||||||
| c 2024 1st Lien Term Loan B, TBD, 12/15/27 | United States | 2,000,000 | 2,004,450 | |||
| 2024 Term Loan B, 1 mo. USD Term SOFR + 2.75%, 7.207%, 12/15/27 | United States | 1,880,451 | 1,884,635 | |||
| Kodiak Building Partners, Inc., 2024 Term Loan B, 1 mo. USD Term SOFR + 3.75%, 8.132%, 11/26/31 | United States | 308,853 | 309,460 | |||
| MI Windows & Doors LLC, 2024 Term Loan B2, 1 mo. USD Term SOFR + 3.00%, 7.345%, 3/28/31 | United States | 297,904 | 301,318 | |||
| Michaels Cos., Inc., 2021 Term Loan B, 3 mo. USD Term SOFR + 4.25%, 8.84%, 4/17/28 | United States | 1,947,245 | 1,576,704 | |||
| Peer Holding III BV, 2024 USD Term Loan B5, 3 mo. USD Term SOFR + 3.00%, 7.329%, 7/01/31 | Netherlands | 2,501,751 | 2,518,950 | |||
| Petco Health & Wellness Co., Inc., 2021 Term Loan B, 3 mo. USD Term SOFR + 3.25%, 7.84%, 3/03/28 | United States | 4,858,289 | 4,729,738 | |||
| PetSmart, Inc., 2021 Term Loan B, 1 mo. USD Term SOFR + 3.75%, 8.207%, 2/11/28 | United States | 1,296,229 | 1,293,526 | |||
| Whatabrands LLC, 2024 Term Loan B, 1 mo. USD Term SOFR + 2.50%, 6.857%, 8/03/28 | United States | 5,131,861 | 5,150,362 | |||
| White Cap Buyer LLC, 2024 Term Loan B, 1 mo. USD Term SOFR + 3.25%, 7.607%, 10/19/29 | United States | 3,266,248 | 3,276,586 | |||
| 31,363,204 | ||||||
| Technology Hardware, Storage & Peripherals 4.2% | ||||||
| Amentum Government Services Holdings LLC, 2024 Term Loan B, 1 mo. USD Term SOFR + 2.25%, 6.607%, 9/29/31 | United States | 2,787,037 | 2,780,641 | |||
| c | Clover Holdings 2 LLC, Term Loan B, TBD, 11/01/31 | United States | 5,243,943 | 5,309,492 | ||
| Fortress Intermediate 3, Inc., Term Loan B, 1 mo. USD Term SOFR + 3.50%, 7.857%, 6/27/31 | United States | 4,865,025 | 4,886,334 | |||
| Foundever Worldwide Corp., 2021 USD Term Loan, 1 mo. USD Term SOFR + 3.75%, 8.221%, 8/28/28 | France | 689,313 | 467,009 | |||
| Indy U.S. Holdco LLC, 2024 USD Term Loan B, 1 mo. USD Term SOFR + 4.75%, 9.107%, 3/06/28 | United States | 1,939,583 | 1,958,979 | |||
| c | McAfee Corp., 2024 USD 1st Lien Term Loan B, TBD, 3/01/29 | United States | 2,000,000 | 2,004,250 | ||
| McAfee LLC, 2024 USD Term Loan B, 1 mo. USD Term SOFR + 3.25%, 7.803%, 3/01/29 | United States | 7,202,005 | 7,217,309 | |||
| Peraton Corp., Term Loan B, 1 mo. USD Term SOFR + 3.75%, 8.207%, 2/01/28 | United States | 3,753,257 | 3,501,864 | |||
| c | Surf Holdings, LLC, USD Term Loan, TBD, 3/05/27 | United States | 2,992,172 | 3,015,556 | ||
| 31,141,434 |
| Textiles, Apparel & Luxury Goods 1.0% | ||||||
| ABG Intermediate Holdings 2 LLC, | ||||||
| c 2024 Add on Delayed Draw Term Loan, TBD, 12/21/28 | United States | 115,688 | 116,338 | |||
| c 2024 1st Lien Term Loan B, TBD, 12/21/28 | United States | 2,312,500 | 2,324,421 | |||
| 2024 Term Loan B, 1 mo. USD Term SOFR + 2.25%, 6.595%, 12/21/28 | United States | 1,239,949 | 1,246,341 | |||
| Varsity Brands, Inc., 2024 Term Loan B, 3 mo. USD Term SOFR + 3.75%, 8.271%, 8/26/31 | United States | 3,743,590 | 3,752,481 | |||
| 7,439,581 | ||||||
| Total Floating Rate Loans (Cost $620,949,911) | 619,367,388 | |||||
| Asset-Backed Securities 0.3% | ||||||
| a,d | BlueMountain CLO Ltd., Series 2018-3A, Class C, 3 mo. USD Term SOFR + 2.46%, 7.088%, 10/25/30 | United States | 1,000,000 | 1,003,832 | ||
| a,d | LCM XVIII LP, Series 18A, Class CR, 3 mo. USD Term SOFR + 2.11%, 6.729%, 4/20/31 | United States | 1,000,000 | 1,002,701 | ||
| Total Asset-Backed Securities (Cost $1,996,875) | 2,006,533 | |||||
| Shares | ||||||
| Common Stocks 0.0%† | ||||||
| Health Care Providers & Services 0.0%† | ||||||
| e | Endo, Inc. | United States | 14,185 | 339,731 | ||
| Total Common Stocks (Cost $238,946) | 339,731 | |||||
| Exchange-Traded Funds 1.2% | ||||||
| Fixed Income Funds 1.2% | ||||||
| Franklin High Yield Corporate ETF, Class INC | United States | 178,455 | 4,259,721 | |||
| Invesco Senior Loan ETF | United States | 203,157 | 4,280,518 | |||
| 8,540,239 | ||||||
| Total Exchange-Traded Funds (Cost $8,584,867) | 8,540,239 | |||||
| Total Investments before Short-Term Investments (Cost $662,179,595) | 660,516,606 | |||||
| Principal Amount* | ||||||
| Short-Term Investments 15.4% | ||||||
| U.S. Government & Agency Securities 15.4% | ||||||
| f | Federal Home Loan Bank Discount Notes, 2.106%, 01/02/25 | United States | 114,720,000 | 114,693,232 | ||
| Total Short-Term Investments (Cost $114,706,935) | 114,693,232 | |||||
| Total Investments (Cost $776,886,530) 104.5% | 775,209,838 | |||||
| Other Assets, less Liabilities (4.5)% | (33,629,179) | |||||
| Net Assets 100.0% | $ 741,580,659 | |||||
| *The principal amount is stated in U.S. dollars unless otherwise indicated. |
| †Rounds to less than 0.1% of net assets. |
| aSecurity was purchased pursuant to Rule 144A under the Securities Act of 1933 and may be sold in transactions exempt from registration only to qualified institutional buyers or in a public offering registered under the Securities Act of 1933. At December 31, 2024, the aggregate value of these securities was $32,122,397, representing 4.3% of net assets. |
| bThe coupon rate shown represents the rate at period end. |
| cA portion or all of the security represents an unsettled loan commitment. The coupon rate is to-be determined (TBD) at the time of settlement and will be based upon a reference index/floor plus a spread. |
| dThe coupon rate shown represents the rate inclusive of any caps or floors, if applicable, in effect at period end. |
| eNon-income producing. |
| fThe rate shown represents the yield at period end. |
| Selected Portfolio | ||
| CLO | – | Collateralized Loan Obligation |
| ETF | – | Exchange Traded Fund |
| PIK | – | Payment-In-Kind |
| SOFR | – | Secured Overnight Financing Rate |
| TBD | – | To Be Determined |
| Franklin Systematic Style Premia ETF | Country | Shares | Value | ||
| Common Stocks 40.3% | |||||
| Aerospace & Defense 0.4% | |||||
| BAE Systems PLC | United Kingdom | 28,836 | $ 414,772 | ||
| Huntington Ingalls Industries, Inc. | United States | 441 | 83,336 | ||
| RTX Corp. | United States | 5,686 | 657,984 | ||
| Textron, Inc. | United States | 2,264 | 173,173 | ||
| 1,329,265 | |||||
| Air Freight & Logistics 0.4% | |||||
| CH Robinson Worldwide, Inc. | United States | 1,445 | 149,297 | ||
| Deutsche Post AG | Germany | 10,144 | 356,930 | ||
| Expeditors International of Washington, Inc. | United States | 1,590 | 176,124 | ||
| FedEx Corp. | United States | 1,911 | 537,622 | ||
| 1,219,973 | |||||
| Automobiles 0.3% | |||||
| General Motors Co. | United States | 13,304 | 708,704 | ||
| Isuzu Motors Ltd. | Japan | 7,100 | 97,514 | ||
| Subaru Corp. | Japan | 8,200 | 147,189 | ||
| 953,407 | |||||
| Banks 1.8% | |||||
| AIB Group PLC | Ireland | 23,099 | 127,488 | ||
| Banco Santander SA | Spain | 39,116 | 180,833 | ||
| Barclays PLC | United Kingdom | 143,377 | 481,504 | ||
| BNP Paribas SA | France | 7,318 | 448,757 | ||
| Citigroup, Inc. | United States | 28,702 | 2,020,334 | ||
| DBS Group Holdings Ltd., Class A | Singapore | 7,600 | 243,565 | ||
| Fifth Third Bancorp | United States | 10,291 | 435,104 | ||
| ING Groep NV | Netherlands | 32,968 | 516,513 | ||
| NatWest Group PLC | United Kingdom | 74,173 | 373,528 | ||
| UniCredit SpA | Italy | 12,556 | 500,892 | ||
| 5,328,518 | |||||
| Beverages 0.2% | |||||
| Asahi Group Holdings Ltd. | Japan | 15,600 | 164,477 | ||
| Coca-Cola HBC AG | Switzerland | 2,692 | 92,108 | ||
| Kirin Holdings Co. Ltd. | Japan | 8,400 | 109,516 | ||
| Molson Coors Beverage Co., Class B | United States | 2,280 | 130,690 | ||
| 496,791 | |||||
| Biotechnology 1.9% | |||||
| AbbVie, Inc. | United States | 8,507 | 1,511,694 | ||
| a | Biogen, Inc. | United States | 2,201 | 336,577 | |
| a | Genmab AS | Denmark | 521 | 107,975 | |
| Gilead Sciences, Inc. | United States | 18,973 | 1,752,536 | ||
| a | Incyte Corp. | United States | 1,999 | 138,071 | |
| a | Neurocrine Biosciences, Inc. | United States | 1,338 | 182,637 | |
| a | Regeneron Pharmaceuticals, Inc. | United States | 894 | 636,823 | |
| a | United Therapeutics Corp. | United States | 550 | 194,062 | |
| a | Vertex Pharmaceuticals, Inc. | United States | 2,170 | 873,859 | |
| 5,734,234 | |||||
| Broadline Retail 0.3% | |||||
| eBay, Inc. | United States | 5,852 | 362,532 | ||
| a | MercadoLibre, Inc. | Brazil | 171 | 290,775 | |
| Next PLC | United Kingdom | 1,309 | 155,709 | ||
| a | Rakuten Group, Inc. | Japan | 21,200 | 115,861 | |
| 924,877 |
| Building Products 0.5% | |||||
| Allegion PLC | United States | 1,400 | 182,952 | ||
| a | Builders FirstSource, Inc. | United States | 1,156 | 165,227 | |
| Carlisle Cos., Inc. | United States | 499 | 184,051 | ||
| Cie de Saint-Gobain SA | France | 4,273 | 379,196 | ||
| Lennox International, Inc. | United States | 357 | 217,520 | ||
| Masco Corp. | United States | 2,509 | 182,078 | ||
| Owens Corning | United States | 965 | 164,359 | ||
| 1,475,383 | |||||
| Capital Markets 1.2% | |||||
| 3i Group PLC | United Kingdom | 12,094 | 539,822 | ||
| Ameriprise Financial, Inc. | United States | 803 | 427,541 | ||
| Bank of New York Mellon Corp. | United States | 8,087 | 621,324 | ||
| Carlyle Group, Inc. | United States | 3,479 | 175,655 | ||
| Deutsche Bank AG | Germany | 11,904 | 205,115 | ||
| MarketAxess Holdings, Inc. | United States | 425 | 96,067 | ||
| Morgan Stanley | United States | 2,234 | 280,858 | ||
| Northern Trust Corp. | United States | 2,255 | 231,138 | ||
| Partners Group Holding AG | Switzerland | 184 | 249,732 | ||
| SEI Investments Co. | United States | 1,534 | 126,524 | ||
| Singapore Exchange Ltd. | Singapore | 8,700 | 81,248 | ||
| State Street Corp. | United States | 3,686 | 361,781 | ||
| T. Rowe Price Group, Inc. | United States | 2,713 | 306,813 | ||
| 3,703,618 | |||||
| Chemicals 0.7% | |||||
| Asahi Kasei Corp. | Japan | 17,100 | 118,871 | ||
| CF Industries Holdings, Inc. | United States | 2,195 | 187,277 | ||
| Givaudan SA | Switzerland | 97 | 424,499 | ||
| Linde PLC | United States | 594 | 248,690 | ||
| LyondellBasell Industries NV, Class A | United States | 2,775 | 206,099 | ||
| Mosaic Co. | United States | 4,059 | 99,770 | ||
| Nitto Denko Corp. | Japan | 10,000 | 170,527 | ||
| RPM International, Inc. | United States | 703 | 86,511 | ||
| Shin-Etsu Chemical Co. Ltd. | Japan | 14,700 | 495,363 | ||
| 2,037,607 | |||||
| Commercial Services & Supplies 0.4% | |||||
| Cintas Corp. | United States | 3,222 | 588,659 | ||
| a | Copart, Inc. | United States | 7,952 | 456,365 | |
| Rollins, Inc. | United States | 3,576 | 165,748 | ||
| 1,210,772 | |||||
| Communications Equipment 0.4% | |||||
| a | F5, Inc. | United States | 651 | 163,707 | |
| Motorola Solutions, Inc. | United States | 1,948 | 900,424 | ||
| Nokia OYJ | Finland | 48,831 | 216,138 | ||
| 1,280,269 | |||||
| Construction & Engineering 0.0%† | |||||
| ACS Actividades de Construccion y Servicios SA | Spain | 2,275 | 114,113 | ||
| Construction Materials 0.3% | |||||
| CRH PLC | United States | 8,100 | 749,412 | ||
| Heidelberg Materials AG | Germany | 1,422 | 175,667 | ||
| 925,079 | |||||
| Consumer Staples Distribution & Retail 1.5% | |||||
| Alimentation Couche-Tard, Inc. | Canada | 11,600 | 642,993 | ||
| Carrefour SA | France | 6,675 | 94,901 | ||
| George Weston Ltd. | Canada | 700 | 108,801 | ||
| Koninklijke Ahold Delhaize NV | Netherlands | 10,678 | 348,187 | ||
| Kroger Co. | United States | 8,446 | 516,473 | ||
| Loblaw Cos. Ltd. | Canada | 1,100 | 144,686 | ||
| Sysco Corp. | United States | 4,106 | 313,945 | ||
| Target Corp. | United States | 3,105 | 419,734 |
| Walmart, Inc. | United States | 22,217 | 2,007,306 | ||
| 4,597,026 | |||||
| Containers & Packaging 0.1% | |||||
| Packaging Corp. of America | United States | 885 | 199,240 | ||
| Diversified Telecommunication Services 0.7% | |||||
| AT&T, Inc. | United States | 66,787 | 1,520,740 | ||
| Deutsche Telekom AG | Germany | 17,382 | 519,993 | ||
| Koninklijke KPN NV | Netherlands | 41,736 | 151,910 | ||
| 2,192,643 | |||||
| Electric Utilities 0.9% | |||||
| CLP Holdings Ltd. | Hong Kong | 20,000 | 168,127 | ||
| Duke Energy Corp. | United States | 11,596 | 1,249,353 | ||
| Enel SpA | Italy | 68,595 | 489,113 | ||
| FirstEnergy Corp. | United States | 5,029 | 200,054 | ||
| Iberdrola SA | Spain | 12,709 | 175,030 | ||
| NRG Energy, Inc. | United States | 2,533 | 228,527 | ||
| Power Assets Holdings Ltd. | Hong Kong | 17,000 | 118,616 | ||
| SSE PLC | United Kingdom | 8,573 | 172,219 | ||
| 2,801,039 | |||||
| Electrical Equipment 0.2% | |||||
| Mitsubishi Electric Corp. | Japan | 29,200 | 499,239 | ||
| Electronic Equipment, Instruments & Components 0.4% | |||||
| Amphenol Corp., Class A | United States | 5,210 | 361,834 | ||
| Jabil, Inc. | United States | 1,505 | 216,570 | ||
| TDK Corp. | Japan | 21,400 | 282,206 | ||
| TE Connectivity PLC | Ireland | 2,869 | 410,181 | ||
| 1,270,791 | |||||
| Entertainment 0.7% | |||||
| Electronic Arts, Inc. | United States | 2,798 | 409,347 | ||
| Konami Group Corp. | Japan | 1,200 | 113,006 | ||
| a | Live Nation Entertainment, Inc. | United States | 1,788 | 231,546 | |
| a | Netflix, Inc. | United States | 1,027 | 915,386 | |
| a | Sea Ltd., ADR | Singapore | 3,200 | 339,520 | |
| 2,008,805 | |||||
| Financial Services 1.6% | |||||
| Corebridge Financial, Inc. | United States | 3,550 | 106,252 | ||
| a | Corpay, Inc. | United States | 655 | 221,665 | |
| Equitable Holdings, Inc. | United States | 3,832 | 180,755 | ||
| EXOR NV | Netherlands | 1,243 | 113,975 | ||
| Fidelity National Information Services, Inc. | United States | 6,178 | 498,997 | ||
| Investor AB, Class B | Sweden | 19,814 | 524,883 | ||
| Mastercard, Inc., Class A | United States | 3,646 | 1,919,874 | ||
| ORIX Corp. | Japan | 11,200 | 242,871 | ||
| a | PayPal Holdings, Inc. | United States | 10,615 | 905,990 | |
| 4,715,262 | |||||
| Food Products 0.2% | |||||
| Archer-Daniels-Midland Co. | United States | 5,843 | 295,188 | ||
| Bunge Global SA | United States | 1,650 | 128,304 | ||
| Kellanova | United States | 2,875 | 232,789 | ||
| 656,281 | |||||
| Gas Utilities 0.1% | |||||
| Hong Kong & China Gas Co. Ltd. | Hong Kong | 156,000 | 124,712 | ||
| Osaka Gas Co. Ltd. | Japan | 3,800 | 83,660 | ||
| Tokyo Gas Co. Ltd. | Japan | 5,400 | 150,153 | ||
| 358,525 |
| Ground Transportation 0.5% | |||||
| CSX Corp. | United States | 18,019 | 581,473 | ||
| a | Uber Technologies, Inc. | United States | 13,996 | 844,239 | |
| 1,425,712 | |||||
| Health Care Equipment & Supplies 1.0% | |||||
| a | Edwards Lifesciences Corp. | United States | 9,108 | 674,265 | |
| a | Hologic, Inc. | United States | 2,848 | 205,312 | |
| Hoya Corp. | Japan | 2,700 | 340,421 | ||
| a | IDEXX Laboratories, Inc. | United States | 682 | 281,966 | |
| a | Insulet Corp. | United States | 411 | 107,300 | |
| Medtronic PLC | United States | 17,300 | 1,381,924 | ||
| Teleflex, Inc. | United States | 583 | 103,762 | ||
| 3,094,950 | |||||
| Health Care Providers & Services 0.5% | |||||
| Cardinal Health, Inc. | United States | 1,962 | 232,046 | ||
| Cencora, Inc. | United States | 329 | 73,920 | ||
| a | Centene Corp. | United States | 4,341 | 262,978 | |
| Fresenius Medical Care AG | Germany | 2,267 | 103,664 | ||
| HCA Healthcare, Inc. | United States | 2,174 | 652,526 | ||
| a | Molina Healthcare, Inc. | United States | 660 | 192,093 | |
| Universal Health Services, Inc., Class B | United States | 747 | 134,027 | ||
| 1,651,254 | |||||
| Health Care REITs 0.1% | |||||
| Ventas, Inc. | United States | 3,668 | 216,009 | ||
| Health Care Technology 0.1% | |||||
| a | Veeva Systems, Inc., Class A | United States | 1,184 | 248,936 | |
| Hotels, Restaurants & Leisure 1.3% | |||||
| Booking Holdings, Inc. | United States | 419 | 2,081,768 | ||
| a | Carnival Corp. | United States | 10,183 | 253,760 | |
| Domino’s Pizza, Inc. | United States | 374 | 156,990 | ||
| a | Expedia Group, Inc. | United States | 1,563 | 291,234 | |
| InterContinental Hotels Group PLC | United Kingdom | 910 | 113,444 | ||
| Las Vegas Sands Corp. | United States | 4,577 | 235,075 | ||
| a | MGM Resorts International | United States | 2,718 | 94,179 | |
| Royal Caribbean Cruises Ltd. | United States | 1,757 | 405,322 | ||
| Sodexo SA | France | 1,112 | 91,600 | ||
| Wynn Resorts Ltd. | United States | 1,114 | 95,982 | ||
| 3,819,354 | |||||
| Household Durables 0.2% | |||||
| Panasonic Holdings Corp. | Japan | 35,000 | 365,901 | ||
| PulteGroup, Inc. | United States | 1,798 | 195,802 | ||
| 561,703 | |||||
| Household Products 0.6% | |||||
| Clorox Co. | United States | 1,849 | 300,296 | ||
| Colgate-Palmolive Co. | United States | 7,786 | 707,825 | ||
| Kimberly-Clark Corp. | United States | 3,316 | 434,529 | ||
| Procter & Gamble Co. | United States | 1,563 | 262,037 | ||
| 1,704,687 | |||||
| Independent Power Producers & Energy Traders 0.2% | |||||
| Vistra Corp. | United States | 5,553 | 765,592 | ||
| Industrial Conglomerates 0.3% | |||||
| 3M Co. | United States | 6,506 | 839,860 | ||
| CK Hutchison Holdings Ltd., Class A | United Kingdom | 29,000 | 154,931 | ||
| 994,791 | |||||
| Insurance 1.1% | |||||
| Aegon Ltd. | Netherlands | 19,699 | 116,678 | ||
| Aflac, Inc. | United States | 5,921 | 612,468 | ||
| Ageas SA | Belgium | 2,015 | 97,858 |
| American International Group, Inc. | United States | 5,633 | 410,083 | ||
| Hartford Financial Services Group, Inc. | United States | 3,306 | 361,676 | ||
| Loews Corp. | United States | 2,070 | 175,308 | ||
| Manulife Financial Corp. | Canada | 14,000 | 429,871 | ||
| MetLife, Inc. | United States | 5,069 | 415,050 | ||
| MS&AD Insurance Group Holdings, Inc. | Japan | 15,900 | 348,938 | ||
| NN Group NV | Netherlands | 2,880 | 125,463 | ||
| Sompo Holdings, Inc. | Japan | 10,900 | 285,678 | ||
| 3,379,071 | |||||
| Interactive Media & Services 0.6% | |||||
| Alphabet, Inc., Class C | United States | 2,300 | 438,012 | ||
| b | Auto Trader Group PLC | United Kingdom | 11,115 | 110,389 | |
| LY Corp. | Japan | 32,100 | 85,663 | ||
| a | Match Group, Inc. | United States | 3,793 | 124,069 | |
| Meta Platforms, Inc., Class A | United States | 1,593 | 932,717 | ||
| 1,690,850 | |||||
| IT Services 0.8% | |||||
| CGI, Inc., Class A | Canada | 2,100 | 229,654 | ||
| Cognizant Technology Solutions Corp., Class A | United States | 5,563 | 427,795 | ||
| a | EPAM Systems, Inc. | United States | 849 | 198,513 | |
| a | Gartner, Inc. | United States | 1,162 | 562,954 | |
| a | GoDaddy, Inc., Class A | United States | 1,532 | 302,371 | |
| NEC Corp. | Japan | 3,000 | 261,899 | ||
| a | Twilio, Inc., Class A | United States | 1,786 | 193,031 | |
| a | VeriSign, Inc. | United States | 1,108 | 229,311 | |
| 2,405,528 | |||||
| Life Sciences Tools & Services 0.8% | |||||
| Agilent Technologies, Inc. | United States | 3,586 | 481,743 | ||
| a | Avantor, Inc. | United States | 7,500 | 158,025 | |
| a | IQVIA Holdings, Inc. | United States | 1,756 | 345,072 | |
| a | Mettler-Toledo International, Inc. | United States | 262 | 320,604 | |
| Thermo Fisher Scientific, Inc. | United States | 1,340 | 697,108 | ||
| a | Waters Corp. | United States | 761 | 282,316 | |
| 2,284,868 | |||||
| Machinery 0.7% | |||||
| Cummins, Inc. | United States | 1,399 | 487,691 | ||
| GEA Group AG | Germany | 1,902 | 94,183 | ||
| Ingersoll Rand, Inc. | United States | 3,183 | 287,934 | ||
| Makita Corp. | Japan | 2,800 | 86,284 | ||
| PACCAR, Inc. | United States | 2,505 | 260,570 | ||
| Parker-Hannifin Corp. | United States | 658 | 418,508 | ||
| Pentair PLC | United States | 1,000 | 100,640 | ||
| Snap-on, Inc. | United States | 579 | 196,559 | ||
| Techtronic Industries Co. Ltd. | Hong Kong | 17,500 | 230,917 | ||
| 2,163,286 | |||||
| Marine Transportation 0.0%† | |||||
| AP Moller - Maersk AS, Class B | Denmark | 51 | 84,308 | ||
| Media 0.3% | |||||
| Comcast Corp., Class A | United States | 19,434 | 729,358 | ||
| Fox Corp., Class A | United States | 3,001 | 145,789 | ||
| 875,147 | |||||
| Metals & Mining 0.4% | |||||
| ArcelorMittal SA | Luxembourg | 5,404 | 125,515 | ||
| Fortescue Ltd. | Australia | 18,959 | 214,227 | ||
| Kinross Gold Corp. | Canada | 14,900 | 138,308 | ||
| Nippon Steel Corp. | Japan | 10,300 | 208,543 | ||
| Nucor Corp. | United States | 1,952 | 227,818 | ||
| Reliance, Inc. | United States | 628 | 169,095 |
| Steel Dynamics, Inc. | United States | 1,550 | 176,809 | ||
| 1,260,315 | |||||
| Multi-Utilities 0.1% | |||||
| Centrica PLC | United Kingdom | 77,960 | 130,443 | ||
| Engie SA | France | 18,997 | 301,169 | ||
| 431,612 | |||||
| Oil, Gas & Consumable Fuels 1.8% | |||||
| Cheniere Energy, Inc. | United States | 2,665 | 572,628 | ||
| ConocoPhillips | United States | 1,683 | 166,903 | ||
| Devon Energy Corp. | United States | 6,711 | 219,651 | ||
| ENEOS Holdings, Inc. | Japan | 33,400 | 175,607 | ||
| EOG Resources, Inc. | United States | 6,481 | 794,441 | ||
| Equinor ASA | Norway | 3,509 | 81,999 | ||
| Imperial Oil Ltd. | Canada | 2,300 | 141,675 | ||
| Inpex Corp. | Japan | 12,000 | 150,458 | ||
| Marathon Petroleum Corp. | United States | 4,949 | 690,385 | ||
| Ovintiv, Inc. | United States | 3,424 | 138,672 | ||
| Phillips 66 | United States | 3,548 | 404,224 | ||
| Suncor Energy, Inc. | Canada | 14,500 | 517,310 | ||
| Valero Energy Corp. | United States | 3,605 | 441,937 | ||
| Williams Cos., Inc. | United States | 16,664 | 901,856 | ||
| 5,397,746 | |||||
| Personal Care Products 0.3% | |||||
| Beiersdorf AG | Germany | 871 | 111,838 | ||
| Estee Lauder Cos., Inc., Class A | United States | 2,949 | 221,116 | ||
| Kao Corp. | Japan | 5,900 | 239,814 | ||
| L’Oreal SA | France | 1,035 | 366,375 | ||
| Shiseido Co. Ltd. | Japan | 4,400 | 78,014 | ||
| 1,017,157 | |||||
| Pharmaceuticals 1.0% | |||||
| Bristol-Myers Squibb Co. | United States | 24,778 | 1,401,444 | ||
| Chugai Pharmaceutical Co. Ltd. | Japan | 2,500 | 111,336 | ||
| GSK PLC | United Kingdom | 4,790 | 80,776 | ||
| Novartis AG | Switzerland | 9,310 | 911,224 | ||
| Otsuka Holdings Co. Ltd. | Japan | 2,700 | 147,747 | ||
| Roche Holding AG | Switzerland | 492 | 146,908 | ||
| Royalty Pharma PLC, Class A | United States | 4,821 | 122,984 | ||
| Viatris, Inc. | United States | 13,528 | 168,424 | ||
| 3,090,843 | |||||
| Professional Services 1.1% | |||||
| Broadridge Financial Solutions, Inc. | United States | 1,101 | 248,925 | ||
| Leidos Holdings, Inc. | United States | 1,599 | 230,352 | ||
| Paycom Software, Inc. | United States | 614 | 125,851 | ||
| Recruit Holdings Co. Ltd. | Japan | 20,000 | 1,418,300 | ||
| RELX PLC | United Kingdom | 21,550 | 979,439 | ||
| SS&C Technologies Holdings, Inc. | United States | 2,447 | 185,434 | ||
| 3,188,301 | |||||
| Real Estate Management & Development 0.1% | |||||
| CK Asset Holdings Ltd. | Hong Kong | 30,000 | 123,199 | ||
| Daiwa House Industry Co. Ltd. | Japan | 6,400 | 197,831 | ||
| 321,030 | |||||
| Residential REITs 0.1% | |||||
| AvalonBay Communities, Inc. | United States | 1,165 | 256,265 | ||
| UDR, Inc. | United States | 3,883 | 168,561 | ||
| 424,826 |
| Retail REITs 0.3% | |||||
| Regency Centers Corp. | United States | 2,119 | 156,657 | ||
| Simon Property Group, Inc. | United States | 3,875 | 667,314 | ||
| 823,971 | |||||
| Semiconductors & Semiconductor Equipment 2.5% | |||||
| Advantest Corp. | Japan | 12,100 | 708,169 | ||
| Applied Materials, Inc. | United States | 12,436 | 2,022,467 | ||
| NVIDIA Corp. | United States | 10,260 | 1,377,815 | ||
| a | ON Semiconductor Corp. | United States | 1,148 | 72,381 | |
| QUALCOMM, Inc. | United States | 12,970 | 1,992,451 | ||
| a | Renesas Electronics Corp. | Japan | 15,300 | 199,233 | |
| Skyworks Solutions, Inc. | United States | 1,911 | 169,468 | ||
| STMicroelectronics NV | Switzerland | 7,795 | 195,941 | ||
| Teradyne, Inc. | United States | 1,155 | 145,438 | ||
| Tokyo Electron Ltd. | Japan | 3,600 | 553,996 | ||
| 7,437,359 | |||||
| Software 5.2% | |||||
| a | Adobe, Inc. | United States | 4,404 | 1,958,371 | |
| a | ANSYS, Inc. | United States | 1,322 | 445,950 | |
| a | AppLovin Corp., Class A | United States | 2,652 | 858,797 | |
| a | Autodesk, Inc. | United States | 2,335 | 690,156 | |
| a | Cadence Design Systems, Inc. | United States | 2,112 | 634,572 | |
| a | Check Point Software Technologies Ltd. | Israel | 665 | 124,156 | |
| Constellation Software, Inc. | Canada | 100 | 309,061 | ||
| a | DocuSign, Inc. | United States | 2,628 | 236,362 | |
| a | Dynatrace, Inc. | United States | 2,976 | 161,746 | |
| a | Fair Isaac Corp. | United States | 298 | 593,297 | |
| a | Fortinet, Inc. | United States | 6,881 | 650,117 | |
| Gen Digital, Inc. | United States | 7,156 | 195,931 | ||
| Intuit, Inc. | United States | 2,522 | 1,585,077 | ||
| a | Manhattan Associates, Inc. | United States | 697 | 188,357 | |
| Microsoft Corp. | United States | 3,333 | 1,404,859 | ||
| a | Palantir Technologies, Inc., Class A | United States | 11,126 | 841,459 | |
| a | PTC, Inc. | United States | 1,087 | 199,867 | |
| Sage Group PLC | United Kingdom | 10,241 | 163,273 | ||
| Salesforce, Inc. | United States | 5,229 | 1,748,212 | ||
| a | ServiceNow, Inc. | United States | 1,770 | 1,876,412 | |
| a | Synopsys, Inc. | United States | 723 | 350,915 | |
| a | Tyler Technologies, Inc. | United States | 447 | 257,758 | |
| a | Zoom Communications, Inc., Class A | United States | 2,667 | 217,654 | |
| 15,692,359 | |||||
| Specialized REITs 0.2% | |||||
| Gaming & Leisure Properties, Inc. | United States | 2,880 | 138,701 | ||
| VICI Properties, Inc. | United States | 11,709 | 342,020 | ||
| 480,721 | |||||
| Specialty Retail 1.0% | |||||
| Best Buy Co., Inc. | United States | 2,432 | 208,666 | ||
| Dick’s Sporting Goods, Inc. | United States | 709 | 162,247 | ||
| Home Depot, Inc. | United States | 1,407 | 547,309 | ||
| TJX Cos., Inc. | United States | 15,237 | 1,840,782 | ||
| Williams-Sonoma, Inc. | United States | 1,300 | 240,734 | ||
| 2,999,738 | |||||
| Technology Hardware, Storage & Peripherals 0.3% | |||||
| HP, Inc. | United States | 10,837 | 353,611 | ||
| NetApp, Inc. | United States | 2,597 | 301,460 | ||
| Seagate Technology Holdings PLC | United States | 2,200 | 189,882 | ||
| 844,953 | |||||
| Textiles, Apparel & Luxury Goods 0.4% | |||||
| Asics Corp. | Japan | 8,300 | 164,247 | ||
| a | Deckers Outdoor Corp. | United States | 1,812 | 367,999 |
| a | Lululemon Athletica, Inc. | United States | 1,010 | 386,234 | |
| Pandora AS | Denmark | 927 | 169,526 | ||
| 1,088,006 | |||||
| Tobacco 0.5% | |||||
| Altria Group, Inc. | United States | 26,235 | 1,371,828 | ||
| Trading Companies & Distributors 0.4% | |||||
| AerCap Holdings NV | Ireland | 1,019 | 97,518 | ||
| Fastenal Co. | United States | 8,660 | 622,741 | ||
| Marubeni Corp. | Japan | 18,100 | 275,542 | ||
| Toyota Tsusho Corp. | Japan | 8,600 | 154,752 | ||
| 1,150,553 | |||||
| Transportation Infrastructure 0.0%† | |||||
| b | Aena SME SA | Spain | 801 | 163,731 | |
| Water Utilities 0.1% | |||||
| American Water Works Co., Inc. | United States | 1,853 | 230,680 | ||
| Wireless Telecommunication Services 0.2% | |||||
| KDDI Corp. | Japan | 13,000 | 417,065 | ||
| Vodafone Group PLC | United Kingdom | 266,018 | 227,549 | ||
| 644,614 | |||||
| Total Common Stocks (Cost $106,287,127) | 121,459,146 | ||||
| Warrant 0.0% | |||||
| Software 0.0% | |||||
| a,c | Constellation Software, Inc. | Canada | 100 | — | |
| Total Investments before Short-Term Investments (Cost $106,287,127) | 121,459,146 | ||||
| Short-Term Investments 52.7% | |||||
| Money Market Funds 52.7% | |||||
| d | State Street Institutional U.S. Government Money Market Fund, 4.43% | United States | 158,780,146 | 158,780,146 | |
| Total Short-Term Investments (Cost $158,780,146) | 158,780,146 | ||||
| Total Investments (Cost $265,067,273) 93.0% | 280,239,292 | ||||
| Other Assets, less Liabilities 7.0% | 21,130,627 | ||||
| Net Assets 100.0% | $ 301,369,919 |
| †Rounds to less than 0.1% of net assets. |
| aNon-income producing. |
| bSecurity was purchased pursuant to Rule 144A under the Securities Act of 1933 and may be sold in transactions exempt from registration only to qualified institutional buyers or in a public offering registered under the Securities Act of 1933. At December 31, 2024, the aggregate value of these securities was $274,120, representing 0.1% of net assets. |
| cFair valued using significant unobservable inputs. See Note 5 regarding fair value measurements. |
| dThe rate shown is the annualized seven-day effective yield at period end. |
| Underlying Instrument | Financing Rate | Payment Frequency | Counterparty | Maturity Date | Notional Value (000)s | Value/Unrealized Appreciation (Depreciation) |
| OTC Swap Contracts | ||||||
| Equity Contracts - Short | ||||||
| MSFTLSSP | 1-month USD LIBOR | At Maturity | MSCS | January 09, 2025 | 105,120 | 3,945,046 |
| Currency | Counterpartya | Type | Quantity | Contract Amount | Settlement Date | Unrealized Appreciation | Unrealized Depreciation |
| OTC Forward Exchange Contracts | |||||||
| Australian Dollar | MSCO | Buy | 10,666,300 | $ 6,808,737 | 3/19/25 | $ — | $ (203,978) |
| Brazilian Real | MSCO | Buy | 14,204,599 | 2,332,217 | 3/19/25 | — | (62,768) |
| Canadian Dollar | MSCO | Sell | 48,074,178 | 33,846,284 | 3/19/25 | 325,274 | — |
| Czech Koruna | MSCO | Sell | 537,591,805 | 22,461,183 | 3/19/25 | 319,982 | — |
| Euro | MSCO | Sell | 26,063,098 | 27,340,841 | 3/19/25 | 262,454 | — |
| Great British Pound | MSCO | Buy | 26,646,752 | 33,699,827 | 3/19/25 | — | (346,536) |
| Hungarian Forint | MSCO | Sell | 4,910,323,084 | 12,458,114 | 3/19/25 | 144,949 | — |
| Israeli Shekel | MSCO | Sell | 14,193,253 | 3,950,342 | 3/19/25 | 47,324 | — |
| Japanese Yen | MSCO | Buy | 1,499,092,050 | 9,907,344 | 3/19/25 | — | (288,804) |
| Mexican Peso | MSCO | Buy | 19,285,766 | 943,368 | 3/19/25 | — | (27,683) |
| New Zealand Dollar | MSCO | Sell | 23,622,320 | 13,606,008 | 3/19/25 | 361,322 | — |
| Norwegian Krone | MSCO | Buy | 153,994,177 | 13,845,804 | 3/19/25 | — | (289,450) |
| Polish Zloty | MSCO | Sell | 42,683,711 | 10,429,618 | 3/19/25 | 125,372 | — |
| South African Rand | MSCO | Buy | 408,071,904 | 22,752,351 | 3/19/25 | — | (1,275,450) |
| South Korean Won | MSCO | Buy | 2,782,571,922 | 1,953,738 | 3/19/25 | — | (58,285) |
| Swedish Krona | MSCO | Sell | 74,965,823 | 6,825,436 | 3/19/25 | 12,829 | — |
| Swiss Franc | MSCO | Sell | 529,870 | 598,396 | 3/19/25 | 9,014 | — |
| Total Forward Exchange Contracts | $1,608,520 | $(2,552,954) | |||||
| Net unrealized appreciation (depreciation) | $(944,434) | ||||||
| aMay be comprised of multiple contracts with the same counterparty, currency and settlement date. |
| Description | Type | Number of Contracts | Notional Amount* | Expiration Date | Value/Unrealized Appreciation (Depreciation) |
| Commodity Contracts | |||||
| Brent Crude, March | Long | 12 | $ 895,680 | 1/31/25 | $ 23,129 |
| Cocoa, March | Long | 26 | 3,035,500 | 3/14/25 | 476,943 |
| Coffee ‘C’, March | Long | 18 | 2,158,313 | 3/19/25 | (6,627) |
| Gasoline Rbob, February | Long | 70 | 5,907,048 | 1/31/25 | 49,020 |
| Live Cattle, February | Long | 7 | 536,480 | 2/28/25 | (1,479) |
| Low Sulphur Gasoil, February | Long | 91 | 6,294,925 | 2/12/25 | 163,968 |
| Natural Gas, February | Long | 29 | 1,053,570 | 1/29/25 | 143,318 |
| NY Harbor ULSD, February | Long | 26 | 2,529,509 | 1/31/25 | 83,376 |
| Soybean Oil, March | Long | 145 | 3,511,320 | 3/14/25 | (204,898) |
| WTI Crude, February | Long | 13 | 932,360 | 1/21/25 | 30,879 |
| Copper, March | Short | 35 | 3,523,188 | 3/27/25 | 171,614 |
| Corn, March | Short | 14 | 320,950 | 3/14/25 | (18,067) |
| Cotton No. 2, March | Short | 45 | 1,539,000 | 3/07/25 | 48,277 |
| Gold 100 Ounce, February | Short | 21 | 5,546,100 | 2/26/25 | 32,488 |
| Lean Hog, February | Short | 157 | 5,105,640 | 2/14/25 | 227,811 |
| Platinum, April | Short | 36 | 1,638,900 | 4/28/25 | 89,116 |
| Silver, March | Short | 5 | 731,050 | 3/27/25 | 36,176 |
| Soybean Meal, March | Short | 64 | 2,028,160 | 3/14/25 | (198,590) |
| Soybean, March | Short | 31 | 1,566,275 | 3/14/25 | (13,329) |
| Sugar No. 11, February | Short | 231 | 4,982,947 | 2/28/25 | 525,060 |
| Wheat, March | Short | 64 | 1,764,800 | 3/14/25 | 33,785 |
| Interest rate contracts | |||||
| Canada 10 Yr. Bond | Long | 35 | 2,983,834 | 3/20/25 | 26,715 |
| Euro-Bund | Long | 18 | 2,487,188 | 3/06/25 | (41,428) |
| Euro-OAT | Long | 48 | 6,133,474 | 3/06/25 | (123,989) |
| U.S. Treasury 10 Yr. Note | Long | 259 | 28,166,250 | 3/20/25 | (470,511) |
| Interest rate contracts (continued) | |||||
| Australian 10 Yr. Bond | Short | 107 | 7,477,886 | 3/17/25 | 55,136 |
| Euro-BTP | Short | 24 | 2,981,743 | 3/06/25 | 59,619 |
| Index Contracts | |||||
| FTSE/JSE Africa Top40 Index | Long | 173 | 6,997,561 | 3/20/25 | (299,564) |
| FTSE/MIB Index | Long | 73 | 12,963,943 | 3/21/25 | (325,174) |
| Hang Seng Index | Long | 20 | 2,585,882 | 1/27/25 | 37,897 |
| IBEX 35 Index | Long | 121 | 14,517,489 | 1/17/25 | (180,197) |
| Mex Bolsa Index | Long | 218 | 5,260,874 | 3/21/25 | (177,052) |
| S&P/TSX 60 Index | Long | 16 | 3,304,353 | 3/20/25 | (104,093) |
| SPI 200 Index | Long | 22 | 2,774,660 | 3/20/25 | (63,256) |
| CAC 40 10 Euro | Short | 31 | 2,370,462 | 1/17/25 | 6,863 |
| DAX Index | Short | 27 | 14,015,597 | 3/21/25 | 389,317 |
| EURO STOXX 50 Index | Short | 255 | 12,888,403 | 3/21/25 | 294,788 |
| FTSE 100 Index | Short | 87 | 8,913,374 | 3/21/25 | 174,225 |
| Nikkei 225 Mini | Short | 3 | 761,644 | 3/13/25 | (4,593) |
| OMXS30 Index | Short | 235 | 5,280,947 | 1/17/25 | 180,969 |
| S+P500 E-Mini | Short | 17 | 5,045,387 | 3/21/25 | 189,218 |
| Total Futures Contracts | $1,316,860 |
| *As of period end. |
| Country | Shares | Value | |||
| Reference Entity – Short 100.00% | |||||
| Automobiles & Components 4.01% | |||||
| Aptiv PLC | Jersey Islands | (4,279) | $ (258,794) | ||
| Bayerische Motoren Werke AG | Germany | (4,626) | (378,332) | ||
| Ford Motor Co. | United States | (63,134) | (625,027) | ||
| Honda Motor Co., Ltd. | Japan | (72,700) | (710,069) | ||
| Renault SA | France | (3,117) | (151,861) | ||
| Rivian Automotive, Inc. | United States | (11,009) | (146,420) | ||
| Toyota Motor Corp. | Japan | (73,900) | (1,479,317) | ||
| Volkswagen AG | Germany | (3,327) | (306,752) | ||
| (4,056,572) | |||||
| Banks 6.39% | |||||
| Australia & New Zealand Banking Group Ltd. | Australia | (51,399) | (908,248) | ||
| Bank of Montreal | Canada | (12,200) | (1,183,778) | ||
| Commerzbank AG | Germany | (15,652) | (254,865) | ||
| FinecoBank Banca Fineco SpA | Italy | (9,926) | (172,574) | ||
| Hang Seng Bank Ltd. | Hong Kong | (12,200) | (150,067) | ||
| KeyCorp | United States | (15,656) | (268,344) | ||
| National Australia Bank Ltd. | Australia | (51,755) | (1,188,837) | ||
| Societe Generale SA | France | (7,628) | (214,531) | ||
| Sumitomo Mitsui Trust Holdings, Inc. | Japan | (10,700) | (251,364) | ||
| Svenska Handelsbanken AB, A | Sweden | (23,884) | (246,854) | ||
| United Overseas Bank Ltd. | Singapore | (14,600) | (388,813) | ||
| US Bancorp | United States | (25,880) | (1,237,840) | ||
| (6,466,115) | |||||
| Capital Goods 12.52% | |||||
| Airbus SE | France | (9,364) | (1,500,812) | ||
| Ashtead Group PLC | United Kingdom | (8,445) | (525,124) | ||
| CNH Industrial NV | United Kingdom | (14,219) | (161,101) | ||
| Daikin Industries Ltd. | Japan | (4,300) | (510,550) | ||
| Daimler Truck Holding AG | Germany | (8,109) | (309,425) | ||
| Deere & Co. | United States | (3,426) | (1,451,596) | ||
| Epiroc AB, A | Sweden | (11,013) | (191,918) |
| FANUC Corp. | Japan | (15,100) | (401,136) | ||
| Ferrovial SE | United States | (7,960) | (334,649) | ||
| Graco, Inc. | United States | (2,728) | (229,943) | ||
| Honeywell International, Inc. | United States | (6,839) | (1,544,862) | ||
| IDEX Corp. | United States | (1,235) | (258,473) | ||
| Jardine Matheson Holdings Ltd. | Hong Kong | (2,700) | (110,619) | ||
| Keppel Ltd. | Singapore | (23,700) | (118,830) | ||
| Melrose Industries PLC | United Kingdom | (21,223) | (147,198) | ||
| Nordson Corp. | United States | (882) | (184,550) | ||
| Northrop Grumman Corp. | United States | (2,240) | (1,051,210) | ||
| Rockwell Automation, Inc. | United States | (1,830) | (522,996) | ||
| Sandvik AB | Sweden | (17,435) | (312,905) | ||
| Skanska AB | Sweden | (5,647) | (118,927) | ||
| SMC Corp. | Japan | (1,000) | (395,648) | ||
| Thales SA | France | (1,413) | (202,867) | ||
| The Boeing Co. | United States | (9,804) | (1,735,308) | ||
| Toro Co. | United States | (1,645) | (131,764) | ||
| Vestas Wind Systems A/S | Denmark | (16,044) | (218,506) | ||
| (12,670,917) | |||||
| Commercial & Professional Services 0.81% | |||||
| Computershare Ltd. | Australia | (7,237) | (152,123) | ||
| Dayforce, Inc. | United States | (2,557) | (185,741) | ||
| Jacobs Solutions, Inc. | United States | (2,052) | (274,188) | ||
| Rentokil Initial PLC | United Kingdom | (41,241) | (207,014) | ||
| (819,066) | |||||
| Consumer Discretionary Distribution & Retail 1.69% | |||||
| CarMax, Inc. | United States | (2,499) | (204,318) | ||
| Genuine Parts Co. | United States | (2,227) | (260,025) | ||
| H & M AB, B | Sweden | (9,138) | (123,309) | ||
| O’Reilly Automotive, Inc. | United States | (948) | (1,124,138) | ||
| (1,711,790) | |||||
| Consumer Durables & Apparel 2.48% | |||||
| Barratt Redrow PLC | United Kingdom | (22,139) | (122,026) | ||
| Hermes International SCA | France | (524) | (1,259,922) | ||
| Kering SA | France | (1,204) | (297,036) | ||
| Nike, Inc. | United States | (11,013) | (833,354) | ||
| (2,512,338) | |||||
| Consumer Services 5.28% | |||||
| Darden Restaurants, Inc. | United States | (1,929) | (360,125) | ||
| DraftKings, Inc. | United States | (7,327) | (272,564) | ||
| Evolution AB | Sweden | (2,738) | (211,324) | ||
| Flutter Entertainment PLC | United Kingdom | (3,000) | (775,350) | ||
| Lottery Corp. Ltd. | Australia | (36,214) | (110,764) | ||
| McDonald’s Corp. | United States | (5,108) | (1,480,758) | ||
| Oriental Land Co. Ltd. | Japan | (18,200) | (396,287) | ||
| Restaurant Brands International, Inc. | Canada | (4,900) | (319,205) | ||
| Starbucks Corp. | United States | (15,502) | (1,414,558) | ||
| (5,340,935) | |||||
| Consumer Staples Distribution & Retail 0.87% | |||||
| Coles Group Ltd. | Australia | (21,880) | (255,903) | ||
| Dollar Tree, Inc. | United States | (3,344) | (250,599) | ||
| Woolworths Group Ltd. | Australia | (19,676) | (371,441) | ||
| (877,943) | |||||
| Energy 7.08% | |||||
| APA Corp. | United States | (5,808) | (134,107) | ||
| Chevron Corp. | United States | (9,801) | (1,419,577) | ||
| Diamondback Energy, Inc. | United States | (3,098) | (507,545) | ||
| Eni SpA | Italy | (37,673) | (510,646) | ||
| EQT Corp. | United States | (9,212) | (424,765) | ||
| Expand Energy Corp. | United States | (3,311) | (329,610) |
| Exxon Mobil Corp. | United States | (13,070) | (1,405,940) | ||
| Hess Corp. | United States | (4,494) | (597,747) | ||
| Santos Ltd. | Australia | (53,047) | (219,398) | ||
| Schlumberger NV | United States | (23,037) | (883,239) | ||
| Tourmaline Oil Corp. | Canada | (5,800) | (268,263) | ||
| Woodside Energy Group Ltd. | Australia | (30,910) | (470,793) | ||
| (7,171,630) | |||||
| Equity Real Estate Investment Trusts (REITs) 2.24% | |||||
| Boston Properties, Inc. | United States | (2,369) | (176,159) | ||
| CapitaLand Integrated Commercial Trust REIT | Singapore | (96,200) | (136,099) | ||
| Healthpeak Properties, Inc. | United States | (11,237) | (227,774) | ||
| Realty Income Corp. | United States | (14,124) | (754,363) | ||
| SBA Communications Corp. REIT | United States | (1,704) | (347,275) | ||
| Segro PLC | United Kingdom | (21,373) | (187,694) | ||
| Sun Communities, Inc. | United States | (2,035) | (250,244) | ||
| WP Carey, Inc. | United States | (3,530) | (192,314) | ||
| (2,271,922) | |||||
| Financial Services 6.34% | |||||
| Apollo Global Management, Inc. | United States | (6,704) | (1,107,233) | ||
| ASX Ltd. | Australia | (3,144) | (126,685) | ||
| Charles Schwab Corp. | United States | (18,888) | (1,397,901) | ||
| CME Group, Inc. | United States | (5,939) | (1,379,214) | ||
| Edenred SE | France | (3,970) | (130,522) | ||
| EQT AB | Sweden | (6,163) | (170,735) | ||
| FactSet Research Systems, Inc. | United States | (623) | (299,215) | ||
| Global Payments, Inc. | United States | (4,186) | (469,083) | ||
| Julius Baer Group Ltd. | Switzerland | (3,363) | (217,681) | ||
| London Stock Exchange Group PLC | United Kingdom | (7,895) | (1,115,827) | ||
| (6,414,096) | |||||
| Food, Beverage & Tobacco 3.25% | |||||
| Brown-Forman Corp. | United States | (2,868) | (108,927) | ||
| Chocoladefabriken Lindt & Spruengli AG | Switzerland | (1) | (110,345) | ||
| Heineken NV | Netherlands | (4,668) | (332,076) | ||
| Hormel Foods Corp. | United States | (4,813) | (150,984) | ||
| J M Smucker Co. | United States | (1,716) | (188,966) | ||
| Japan Tobacco, Inc. | Japan | (19,800) | (514,024) | ||
| Kraft Heinz Co. | United States | (14,365) | (441,149) | ||
| Lamb Weston Holdings, Inc. | United States | (2,311) | (154,444) | ||
| McCormick & Co, Inc. | United States | (3,986) | (303,892) | ||
| Mowi ASA | Norway | (7,453) | (127,800) | ||
| Pernod Ricard SA | France | (3,213) | (362,650) | ||
| The Campbell’s Company | United States | (3,128) | (131,001) | ||
| The Hershey Co. | United States | (2,173) | (367,997) | ||
| (3,294,255) | |||||
| Health Care Equipment & Services 5.43% | |||||
| Cochlear Ltd. | Australia | (1,090) | (195,632) | ||
| Coloplast A/S | Denmark | (2,074) | (226,419) | ||
| CVS Health Corp. | United States | (20,230) | (908,125) | ||
| Dexcom, Inc. | United States | (6,477) | (503,716) | ||
| Elevance Health, Inc. | United States | (3,653) | (1,347,592) | ||
| Henry Schein, Inc. | United States | (2,012) | (139,230) | ||
| Humana, Inc. | United States | (1,933) | (490,422) | ||
| Smith & Nephew PLC | United Kingdom | (14,050) | (174,449) | ||
| Sonic Healthcare Ltd. | Australia | (7,489) | (125,240) | ||
| UnitedHealth Group, Inc. | United States | (2,746) | (1,389,092) | ||
| (5,499,917) | |||||
| Household & Personal Products 0.67% | |||||
| Reckitt Benckiser Group PLC | United Kingdom | (11,227) | (679,553) | ||
| Insurance 3.91% | |||||
| Aon PLC | United States | (3,200) | (1,149,312) |
| Arthur J Gallagher & Co. | United States | (3,632) | (1,030,943) | ||
| ASR Nederland NV | Netherlands | (2,602) | (123,348) | ||
| Markel Corp. | United States | (211) | (364,235) | ||
| Prudential PLC | Hong Kong | (43,251) | (345,047) | ||
| QBE Insurance Group Ltd. | Australia | (25,003) | (297,228) | ||
| Tryg A/S | Denmark | (5,459) | (114,841) | ||
| Willis Towers Watson PLC | United States | (1,700) | (532,508) | ||
| (3,957,462) | |||||
| Materials 4.26% | |||||
| Albemarle Corp. | United States | (1,865) | (160,539) | ||
| Anglo American PLC | United Kingdom | (20,342) | (602,260) | ||
| Antofagasta PLC | United Kingdom | (6,336) | (126,170) | ||
| Boliden AB | Sweden | (4,416) | (124,096) | ||
| Covestro AG | Germany | (2,943) | (171,146) | ||
| DSM-Firmenich AG | Switzerland | (3,020) | (305,591) | ||
| First Quantum Minerals Ltd. | Canada | (11,700) | (150,745) | ||
| Franco-Nevada Corp. | Canada | (1,700) | (199,669) | ||
| Ivanhoe Mines Ltd. | Canada | (11,700) | (138,786) | ||
| James Hardie Industries PLC | Australia | (7,034) | (218,060) | ||
| Martin Marietta Materials, Inc. | United States | (510) | (263,415) | ||
| Norsk Hydro ASA | Norway | (23,035) | (126,844) | ||
| Novozymes A/S | Denmark | (5,770) | (326,654) | ||
| Sika AG | Switzerland | (1,777) | (423,146) | ||
| Smurfit Westrock PLC | Ireland | (8,500) | (457,810) | ||
| South32 Ltd. | Australia | (72,958) | (153,585) | ||
| Svenska Cellulosa AB | Sweden | (10,033) | (127,532) | ||
| UPM-Kymmene OYJ | Finland | (8,560) | (235,425) | ||
| (4,311,473) | |||||
| Media & Entertainment 3.10% | |||||
| Charter Communications, Inc., A | United States | (1,667) | (571,398) | ||
| Interpublic Group of Cos., Inc. | United States | (5,916) | (165,766) | ||
| Liberty Media Corp. | United States | (3,544) | (328,387) | ||
| Pinterest Inc., A | United States | (9,611) | (278,719) | ||
| Roku Inc. | United States | (2,114) | (157,155) | ||
| Snap, Inc. | United States | (17,108) | (184,253) | ||
| Take-Two Interactive Software, Inc. | United States | (2,867) | (527,757) | ||
| Universal Music Group NV | Netherlands | (13,382) | (342,547) | ||
| Warner Bros Discovery, Inc. | United States | (38,348) | (405,338) | ||
| WPP PLC | United Kingdom | (17,323) | (179,507) | ||
| (3,140,827) | |||||
| Pharmaceuticals, Biotechnology & Life Sciences 7.48% | |||||
| Astellas Pharma, Inc. | Japan | (29,600) | (289,013) | ||
| AstraZeneca PLC | United Kingdom | (9,881) | (1,295,411) | ||
| Bayer AG | Germany | (15,909) | (318,174) | ||
| Eisai Co. Ltd. | Japan | (4,300) | (118,444) | ||
| Eli Lilly & Co. | United States | (1,915) | (1,478,380) | ||
| Exact Sciences Corp. | United States | (3,046) | (171,155) | ||
| Illumina, Inc. | United States | (2,478) | (331,135) | ||
| Merck & Co., Inc. | United States | (11,051) | (1,099,354) | ||
| Merck KGaA | Germany | (2,087) | (302,336) | ||
| Moderna, Inc. | United States | (5,187) | (215,676) | ||
| Pfizer, Inc. | United States | (58,987) | (1,564,925) | ||
| West Pharmaceutical Services, Inc. | United States | (1,184) | (387,831) | ||
| (7,571,834) | |||||
| Real Estate Management & Development 0.84% | |||||
| CoStar Group, Inc. | United States | (6,570) | (470,346) | ||
| Vonovia SE | Germany | (12,556) | (381,211) | ||
| (851,557) | |||||
| Semiconductors & Semiconductor Equipment 7.05% | |||||
| Advanced Micro Devices, Inc. | United States | (11,764) | (1,420,974) | ||
| ASML Holding NV | Netherlands | (2,182) | (1,533,496) |
| BE Semiconductor Industries NV | Netherlands | (1,248) | (170,972) | ||
| Enphase Energy, Inc. | United States | (2,068) | (142,030) | ||
| Entegris, Inc. | United States | (2,437) | (241,409) | ||
| First Solar, Inc. | United States | (1,610) | (283,746) | ||
| Infineon Technologies AG | Germany | (20,909) | (679,850) | ||
| Intel Corp. | United States | (70,104) | (1,405,585) | ||
| Micron Technology, Inc. | United States | (14,973) | (1,260,128) | ||
| (7,138,190) | |||||
| Software & Services 4.11% | |||||
| Accenture PLC | United States | (4,300) | (1,512,697) | ||
| Cloudflare, Inc., A | United States | (4,923) | (530,109) | ||
| Dassault Systemes SE | France | (10,877) | (377,315) | ||
| MongoDB, Inc. | United States | (1,181) | (274,949) | ||
| NTT Data Group Corp. | Japan | (10,400) | (200,509) | ||
| Okta, Inc., A | United States | (2,737) | (215,676) | ||
| Snowflake, Inc. | United States | (4,999) | (771,895) | ||
| Zscaler, Inc. | United States | (1,547) | (279,094) | ||
| (4,162,244) | |||||
| Technology Hardware & Equipment 3.73% | |||||
| CDW Corp. | United States | (2,150) | (374,186) | ||
| Hexagon AB | Sweden | (33,823) | (323,253) | ||
| Keyence Corp. | Japan | (3,200) | (1,315,958) | ||
| Kyocera Corp. | Japan | (20,700) | (207,514) | ||
| Pure Storage, Inc. | United States | (5,165) | (317,286) | ||
| Super Micro Computer, Inc. | United States | (8,550) | (260,604) | ||
| Teledyne Technologies, Inc. | United States | (768) | (356,452) | ||
| Trimble, Inc. | United States | (3,997) | (282,428) | ||
| Western Digital Corp. | United States | (5,663) | (337,685) | ||
| (3,775,366) | |||||
| Telecommunication Services 1.77% | |||||
| Cellnex Telecom SA | Spain | (8,848) | (279,536) | ||
| Nippon Telegraph & Telephone Corp. | Japan | (499,700) | (502,371) | ||
| SoftBank Group Corp. | Japan | (15,500) | (905,876) | ||
| TELUS Corp. | Canada | (8,000) | (108,413) | ||
| (1,796,196) | |||||
| Transportation 1.13% | |||||
| DSV A/S | Denmark | (1,944) | (412,738) | ||
| Knight-Swift Transportation Holdings, Inc. | United States | (2,590) | (137,374) | ||
| Kuehne + Nagel International AG | Switzerland | (791) | (181,373) | ||
| Transurban Group | Australia | (49,910) | (413,775) | ||
| (1,145,260) | |||||
| Utilities 3.56% | |||||
| AES Corp/The | United States | (11,126) | (143,192) | ||
| Alliant Energy Corp. | United States | (1,945) | (115,027) | ||
| CenterPoint Energy, Inc. | United States | (10,730) | (340,463) | ||
| EDP - Energias de Portugal SA | Portugal | (51,259) | (164,066) | ||
| Emera, Inc. | Canada | (4,800) | (179,324) | ||
| Eversource Energy | United States | (5,783) | (332,118) | ||
| Kansai Electric Power Co. Inc. | Japan | (15,800) | (176,287) | ||
| National Grid PLC | United Kingdom | (80,053) | (952,455) | ||
| Origin Energy Ltd. | Australia | (17,462) | (117,846) | ||
| Severn Trent PLC | United Kingdom | (4,494) | (141,157) | ||
| Snam SpA | Italy | (32,442) | (143,680) | ||
| Terna - Rete Elettrica Nazionale | Italy | (23,062) | (181,971) | ||
| Xcel Energy, Inc. | United States | (9,174) | (619,429) | ||
| (3,607,015) | |||||
| Total Value of Reference Entity — Morgan Stanley Capital Services LLC | $ (101,244,473) |
| Selected Portfolio | ||
| ADR | – | American Depositary Receipt |
| CAC | – | Cotation Assistée en Continu (French Index) |
| LIBOR | – | London Interbank Offered Rate |
| MSCO | – | Morgan Stanley |
| MSCS | – | Morgan Stanley Capital Services Inc. |
| OAT | – | Obligation Assumable by the Treasurer |
| REIT | – | Real Estate Investment Trust |
| SPA | – | Standby Purchase Agreement |
| ULSD | – | Ultra-Low Sulfur Diesel |
| Franklin U.S. Core Bond ETF | Country | Principal Amount* | Value | |||
| Corporate Bonds & Notes 27.1% | ||||||
| Aerospace & Defense 0.3% | ||||||
| Boeing Co., 3.50%, 3/01/39 | United States | 5,000,000 | $ 3,723,315 | |||
| Howmet Aerospace, Inc., 4.85%, 10/15/31 | United States | 4,350,000 | 4,268,313 | |||
| 7,991,628 | ||||||
| Agriculture 0.7% | ||||||
| Altria Group, Inc., 3.40%, 5/06/30 | United States | 5,000,000 | 4,589,917 | |||
| a | Cargill, Inc., 2.125%, 11/10/31 | United States | 5,000,000 | 4,135,489 | ||
| a | Imperial Brands Finance PLC, 3.50%, 7/26/26 | United Kingdom | 4,000,000 | 3,916,653 | ||
| Philip Morris International, Inc., 5.375%, 2/15/33 | United States | 3,600,000 | 3,608,660 | |||
| 16,250,719 | ||||||
| Airlines 0.3% | ||||||
| American Airlines Pass-Through Trust, Series 2016-3, Class A, 3.25%, 4/15/30 | United States | 3,674,225 | 3,385,855 | |||
| a | Delta Air Lines, Inc./SkyMiles IP Ltd., first lien, 4.50%, 10/20/25 | United States | 2,566,880 | 2,551,589 | ||
| United Airlines Pass-Through Trust, | ||||||
| Series 2020-1, Class A, 5.875%, 4/15/29 | United States | 45,493 | 46,503 | |||
| Series 2019-2, Class A, 2.90%, 11/01/29 | United States | 776,483 | 712,984 | |||
| Series 2020-1, Class B, 4.875%, 7/15/27 | United States | 960,000 | 958,848 | |||
| 7,655,779 | ||||||
| Apparel 0.1% | ||||||
| Tapestry, Inc., 5.50%, 3/11/35 | United States | 1,800,000 | 1,751,731 | |||
| Auto Manufacturers 0.2% | ||||||
| Hyundai Capital America, | ||||||
| a 5.30%, 1/08/29 | United States | 2,600,000 | 2,606,282 | |||
| a 5.35%, 3/19/29 | United States | 885,000 | 890,321 | |||
| 3,496,603 | ||||||
| Banks 7.0% | ||||||
| a | ABN AMRO Bank NV, 6.339% to 9/18/26, FRN thereafter, 9/18/27 | Netherlands | 1,100,000 | 1,124,661 | ||
| Bank of America Corp., | ||||||
| 1.922% to 10/24/30, FRN thereafter, 10/24/31 | United States | 2,800,000 | 2,340,241 | |||
| 2.687% to 4/22/31, FRN thereafter, 4/22/32 | United States | 3,000,000 | 2,580,010 | |||
| 2.592% to 4/29/30, FRN thereafter, 4/29/31 | United States | 3,000,000 | 2,643,996 | |||
| 3.974% to 2/07/29, FRN thereafter, 2/07/30 | United States | 8,200,000 | 7,861,890 | |||
| 2.299% to 7/21/31, FRN thereafter, 7/21/32 | United States | 6,200,000 | 5,171,242 | |||
| 4.948% to 7/22/27, FRN thereafter, 7/22/28 | United States | 2,700,000 | 2,706,164 | |||
| 5.468% to 1/23/34, FRN thereafter, 1/23/35 | United States | 1,000,000 | 1,001,547 | |||
| a | BNP Paribas SA, 5.176% to 1/09/29, FRN thereafter, 1/09/30 | France | 4,400,000 | 4,387,095 | ||
| a | BPCE SA, 2.045% to 10/19/26, FRN thereafter, 10/19/27 | France | 3,700,000 | 3,503,155 | ||
| Citigroup, Inc., | ||||||
| 4.45%, 9/29/27 | United States | 1,500,000 | 1,480,199 | |||
| 4.125%, 7/25/28 | United States | 2,300,000 | 2,237,747 | |||
| 3.057% to 1/25/32, FRN thereafter, 1/25/33 | United States | 1,800,000 | 1,546,787 | |||
| a | Danske Bank AS, 5.705% to 3/01/29, FRN thereafter, 3/01/30 | Denmark | 4,000,000 | 4,058,962 | ||
| Deutsche Bank AG, 5.371%, 9/09/27 | Germany | 3,700,000 | 3,755,172 | |||
| Fifth Third Bancorp, | ||||||
| 4.772% to 7/28/29, FRN thereafter, 7/28/30 | United States | 3,000,000 | 2,940,247 | |||
| 5.631% to 1/29/31, FRN thereafter, 1/29/32 | United States | 5,000,000 | 5,057,445 | |||
| Goldman Sachs Group, Inc., | ||||||
| 1.948% to 10/21/26, FRN thereafter, 10/21/27 | United States | 5,200,000 | 4,935,772 | |||
| 3.691% to 6/05/27, FRN thereafter, 6/05/28 | United States | 2,500,000 | 2,428,876 | |||
| 2.383% to 7/21/31, FRN thereafter, 7/21/32 | United States | 6,300,000 | 5,252,733 | |||
| 2.64% to 2/24/27, FRN thereafter, 2/24/28 | United States | 5,200,000 | 4,960,255 | |||
| HSBC Holdings PLC, | ||||||
| 2.013% to 9/22/27, FRN thereafter, 9/22/28 | United Kingdom | 4,100,000 | 3,781,803 | |||
| 2.357% to 8/18/30, FRN thereafter, 8/18/31 | United Kingdom | 1,300,000 | 1,107,427 |
| Huntington Bancshares, Inc., 2.55%, 2/04/30 | United States | 4,600,000 | 4,052,577 | |||
| JPMorgan Chase & Co., | ||||||
| 2.956% to 5/13/30, FRN thereafter, 5/13/31 | United States | 5,000,000 | 4,474,389 | |||
| 2.522% to 4/22/30, FRN thereafter, 4/22/31 | United States | 2,000,000 | 1,762,660 | |||
| 1.953% to 2/04/31, FRN thereafter, 2/04/32 | United States | 7,000,000 | 5,804,828 | |||
| 6.087% to 10/23/28, FRN thereafter, 10/23/29 | United States | 1,550,000 | 1,608,035 | |||
| 5.336% to 1/23/34, FRN thereafter, 1/23/35 | United States | 1,300,000 | 1,292,318 | |||
| Lloyds Banking Group PLC, 5.871% to 3/06/28, FRN thereafter, 3/06/29 | United Kingdom | 3,000,000 | 3,056,763 | |||
| Mizuho Financial Group, Inc., 5.778% to 7/06/28, FRN thereafter, 7/06/29 | Japan | 2,700,000 | 2,763,857 | |||
| Morgan Stanley, | ||||||
| 2.699% to 1/22/30, FRN thereafter, 1/22/31 | United States | 2,200,000 | 1,955,479 | |||
| 1.794% to 2/13/31, FRN thereafter, 2/13/32 | United States | 6,000,000 | 4,897,289 | |||
| 2.239% to 7/21/31, FRN thereafter, 7/21/32 | United States | 10,000,000 | 8,284,035 | |||
| 3.622% to 4/01/30, FRN thereafter, 4/01/31 | United States | 4,300,000 | 3,995,562 | |||
| 5.466% to 1/18/34, FRN thereafter, 1/18/35 | United States | 1,000,000 | 994,898 | |||
| PNC Financial Services Group, Inc., 5.676% to 1/22/34, FRN thereafter, 1/22/35 | United States | 1,050,000 | 1,062,597 | |||
| Santander U.K. Group Holdings PLC, 1.673% to 6/14/26, FRN thereafter, 6/14/27 | United Kingdom | 3,200,000 | 3,047,710 | |||
| a | Societe Generale SA, 1.792% to 6/09/26, FRN thereafter, 6/09/27 | France | 4,300,000 | 4,093,917 | ||
| Toronto-Dominion Bank, 4.693%, 9/15/27 | Canada | 4,700,000 | 4,690,546 | |||
| Truist Financial Corp., | ||||||
| 1.887% to 6/07/28, FRN thereafter, 6/07/29 | United States | 3,000,000 | 2,707,526 | |||
| 5.153% to 8/05/31, FRN thereafter, 8/05/32 | United States | 5,000,000 | 4,943,305 | |||
| UBS Group AG, | ||||||
| a 6.373% to 7/15/25, FRN thereafter, 7/15/26 | Switzerland | 550,000 | 554,024 | |||
| 4.55%, 4/17/26 | Switzerland | 950,000 | 947,141 | |||
| a 6.246% to 9/22/28, FRN thereafter, 9/22/29 | Switzerland | 3,400,000 | 3,523,901 | |||
| Wells Fargo & Co., | ||||||
| 2.879% to 10/30/29, FRN thereafter, 10/30/30 | United States | 10,300,000 | 9,295,171 | |||
| 3.35% to 3/02/32, FRN thereafter, 3/02/33 | United States | 2,000,000 | 1,753,838 | |||
| 5.198% to 1/22/29, FRN thereafter, 1/23/30 | United States | 2,250,000 | 2,257,041 | |||
| 160,682,833 | ||||||
| Beverages 0.2% | ||||||
| Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc., 4.70%, 2/01/36 | Belgium | 5,500,000 | 5,221,687 | |||
| Biotechnology 0.8% | ||||||
| Amgen, Inc., 5.25%, 3/02/33 | United States | 3,400,000 | 3,376,299 | |||
| Bio-Rad Laboratories, Inc., 3.30%, 3/15/27 | United States | 500,000 | 484,035 | |||
| Illumina, Inc., 5.80%, 12/12/25 | United States | 1,400,000 | 1,410,967 | |||
| Regeneron Pharmaceuticals, Inc., 1.75%, 9/15/30 | United States | 8,000,000 | 6,661,369 | |||
| Royalty Pharma PLC, | ||||||
| 2.20%, 9/02/30 | United States | 5,000,000 | 4,248,598 | |||
| 2.15%, 9/02/31 | United States | 2,600,000 | 2,135,816 | |||
| 18,317,084 | ||||||
| Building Products 0.1% | ||||||
| NVR, Inc., 3.00%, 5/15/30 | United States | 2,500,000 | 2,256,801 | |||
| Chemicals 0.1% | ||||||
| a | Solvay Finance America LLC, 5.85%, 6/04/34 | Belgium | 3,000,000 | 3,047,420 | ||
| Commercial Services & Supplies 0.2% | ||||||
| Boardwalk Pipelines LP, 4.80%, 5/03/29 | United States | 3,950,000 | 3,901,065 | |||
| Construction Materials 0.3% | ||||||
| Owens Corning, 5.70%, 6/15/34 | United States | 7,000,000 | 7,115,060 | |||
| Diversified REITs 0.1% | ||||||
| Essex Portfolio LP, 2.65%, 3/15/32 | United States | 4,000,000 | 3,370,455 | |||
| Diversified Telecommunication Services 0.3% | ||||||
| America Movil SAB de CV, 2.875%, 5/07/30 | Mexico | 3,800,000 | 3,396,555 | |||
| Orange SA, 9.00%, 3/01/31 | France | 3,000,000 | 3,573,866 | |||
| 6,970,421 |
| Electric 1.7% | ||||||
| Constellation Energy Generation LLC, | ||||||
| 5.80%, 3/01/33 | United States | 5,500,000 | 5,623,046 | |||
| 6.125%, 1/15/34 | United States | 1,050,000 | 1,099,784 | |||
| DTE Energy Co., 4.875%, 6/01/28 | United States | 2,800,000 | 2,791,113 | |||
| Duke Energy Corp., 2.45%, 6/01/30 | United States | 3,900,000 | 3,420,416 | |||
| Duke Energy Ohio, Inc., 5.25%, 4/01/33 | United States | 500,000 | 499,296 | |||
| a | Electricite de France SA, 5.70%, 5/23/28 | France | 600,000 | 609,945 | ||
| NextEra Energy Capital Holdings, Inc., 5.05%, 2/28/33 | United States | 5,000,000 | 4,904,326 | |||
| Public Service Enterprise Group, Inc., 2.45%, 11/15/31 | United States | 5,000,000 | 4,219,676 | |||
| a | Vistra Operations Co. LLC, 4.30%, 7/15/29 | United States | 7,000,000 | 6,689,819 | ||
| Xcel Energy, Inc., | ||||||
| 4.60%, 6/01/32 | United States | 5,200,000 | 4,952,750 | |||
| 5.45%, 8/15/33 | United States | 3,300,000 | 3,275,347 | |||
| 38,085,518 | ||||||
| Electric Utilities 1.3% | ||||||
| a | Comision Federal de Electricidad, 3.348%, 2/09/31 | Mexico | 3,800,000 | 3,151,611 | ||
| Duke Energy Corp., 3.75%, 9/01/46 | United States | 5,000,000 | 3,686,822 | |||
| a | EDP Finance BV, 1.71%, 1/24/28 | Netherlands | 4,500,000 | 4,088,963 | ||
| Enel Finance International NV, | ||||||
| a 3.50%, 4/06/28 | Italy | 2,700,000 | 2,573,065 | |||
| a 2.50%, 7/12/31 | Italy | 3,500,000 | 2,936,626 | |||
| Exelon Corp., 4.05%, 4/15/30 | United States | 4,500,000 | 4,291,341 | |||
| Georgia Power Co., Series 2010-C, 4.75%, 9/01/40 | United States | 1,400,000 | 1,281,482 | |||
| MidAmerican Energy Co., 3.65%, 8/01/48 | United States | 1,100,000 | 816,301 | |||
| a | Perusahaan Perseroan Persero PT Perusahaan Listrik Negara, 4.875%, 7/17/49 | Indonesia | 750,000 | 608,862 | ||
| Southern Co., Series A, 3.70%, 4/30/30 | United States | 6,000,000 | 5,637,887 | |||
| Virginia Electric & Power Co., Series B, 3.80%, 9/15/47 | United States | 1,600,000 | 1,201,086 | |||
| 30,274,046 | ||||||
| Electronic Equipment, Instruments & Components 0.1% | ||||||
| Flex Ltd., 4.875%, 5/12/30 | United States | 3,000,000 | 2,927,636 | |||
| Entertainment 0.0%† | ||||||
| Warnermedia Holdings, Inc., 4.054%, 3/15/29 | United States | 900,000 | 837,672 | |||
| Environmental Control 0.2% | ||||||
| Republic Services, Inc., 5.00%, 4/01/34 | United States | 5,000,000 | 4,879,630 | |||
| Financial Services 0.5% | ||||||
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.40%, 10/29/33 | Ireland | 3,500,000 | 2,982,678 | |||
| Capital One Financial Corp., 5.463% to 7/26/29, FRN thereafter, 7/26/30 | United States | 9,000,000 | 9,029,839 | |||
| 12,012,517 | ||||||
| Food 0.6% | ||||||
| JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL, 5.75%, 4/01/33 | United States | 3,700,000 | 3,685,504 | |||
| a | Mars, Inc., 3.20%, 4/01/30 | United States | 3,200,000 | 2,954,308 | ||
| McCormick & Co., Inc., 2.50%, 4/15/30 | United States | 4,200,000 | 3,712,150 | |||
| Mondelez International, Inc., 4.75%, 8/28/34 | United States | 4,500,000 | 4,308,735 | |||
| 14,660,697 | ||||||
| Health Care Providers & Services 1.0% | ||||||
| Elevance Health, Inc., 2.55%, 3/15/31 | United States | 5,000,000 | 4,292,296 | |||
| HCA, Inc., 3.625%, 3/15/32 | United States | 6,500,000 | 5,730,675 | |||
| Icon Investments Six DAC, 6.00%, 5/08/34 | United States | 365,000 | 368,701 | |||
| IQVIA, Inc., 6.25%, 2/01/29 | United States | 5,200,000 | 5,380,788 | |||
| UnitedHealth Group, Inc., | ||||||
| 2.00%, 5/15/30 | United States | 3,000,000 | 2,586,552 | |||
| 4.50%, 4/15/33 | United States | 2,000,000 | 1,898,194 | |||
| 5.15%, 7/15/34 | United States | 1,900,000 | 1,875,665 | |||
| 22,132,871 |
| Healthcare-Products 0.7% | ||||||
| Baxter International, Inc., 2.539%, 2/01/32 | United States | 6,400,000 | 5,340,104 | |||
| Boston Scientific Corp., 2.65%, 6/01/30 | United States | 6,000,000 | 5,358,906 | |||
| GE HealthCare Technologies, Inc., 5.905%, 11/22/32 | United States | 4,200,000 | 4,365,625 | |||
| 15,064,635 | ||||||
| Home Builders 0.2% | ||||||
| Toll Brothers Finance Corp., 3.80%, 11/01/29 | United States | 4,600,000 | 4,334,706 | |||
| Household Products 0.3% | ||||||
| Haleon U.S. Capital LLC, 3.625%, 3/24/32 | United States | 6,500,000 | 5,887,599 | |||
| Insurance 1.8% | ||||||
| a | AIA Group Ltd., 4.95%, 4/04/33 | Hong Kong | 1,600,000 | 1,577,449 | ||
| Aon Corp., 2.80%, 5/15/30 | United States | 7,000,000 | 6,241,668 | |||
| Aon Corp./Aon Global Holdings PLC, 5.35%, 2/28/33 | United States | 2,000,000 | 1,992,361 | |||
| Arthur J Gallagher & Co., 5.45%, 7/15/34 | United States | 5,000,000 | 5,031,476 | |||
| Brown & Brown, Inc., 2.375%, 3/15/31 | United States | 2,000,000 | 1,682,066 | |||
| Corebridge Financial, Inc., | ||||||
| 3.90%, 4/05/32 | United States | 1,500,000 | 1,365,680 | |||
| 6.05%, 9/15/33 | United States | 2,400,000 | 2,483,980 | |||
| a | Corebridge Global Funding, 5.90%, 9/19/28 | United States | 2,000,000 | 2,059,035 | ||
| a | Five Corners Funding Trust II, 2.85%, 5/15/30 | United States | 7,000,000 | 6,261,838 | ||
| a | Metropolitan Life Global Funding I, 4.30%, 8/25/29 | United States | 1,400,000 | 1,363,598 | ||
| a | New York Life Global Funding, 4.85%, 1/09/28 | United States | 5,200,000 | 5,216,786 | ||
| Reinsurance Group of America, Inc., 3.90%, 5/15/29 | United States | 2,250,000 | 2,151,008 | |||
| a | RGA Global Funding, 5.50%, 1/11/31 | United States | 2,100,000 | 2,123,370 | ||
| a | Sammons Financial Group, Inc., 6.875%, 4/15/34 | United States | 2,500,000 | 2,617,437 | ||
| 42,167,752 | ||||||
| Internet 0.1% | ||||||
| Netflix, Inc., 4.90%, 8/15/34 | United States | 1,945,000 | 1,905,799 | |||
| IT Services 0.1% | ||||||
| Hewlett Packard Enterprise Co., 4.85%, 10/15/31 | United States | 3,000,000 | 2,927,135 | |||
| Lodging 0.1% | ||||||
| Marriott International, Inc., 5.30%, 5/15/34 | United States | 1,400,000 | 1,390,085 | |||
| Machinery-Diversified 0.3% | ||||||
| Ingersoll Rand, Inc., 5.70%, 8/14/33 | United States | 4,200,000 | 4,299,769 | |||
| Westinghouse Air Brake Technologies Corp., 4.70%, 9/15/28 | United States | 2,000,000 | 1,982,215 | |||
| 6,281,984 | ||||||
| Media 0.7% | ||||||
| Charter Communications Operating LLC/Charter Communications Operating Capital, | ||||||
| 2.80%, 4/01/31 | United States | 5,000,000 | 4,218,601 | |||
| 3.50%, 3/01/42 | United States | 1,500,000 | 1,020,023 | |||
| Comcast Corp., | ||||||
| 4.25%, 1/15/33 | United States | 6,000,000 | 5,601,278 | |||
| 1.50%, 2/15/31 | United States | 3,000,000 | 2,442,898 | |||
| Fox Corp., 6.50%, 10/13/33 | United States | 2,100,000 | 2,214,027 | |||
| NBCUniversal Media LLC, 4.45%, 1/15/43 | United States | 1,100,000 | 937,959 | |||
| 16,434,786 | ||||||
| Metals & Mining 0.0%† | ||||||
| a | Corp. Nacional del Cobre de Chile, 4.50%, 8/01/47 | Chile | 1,160,000 | 902,021 | ||
| Multi-Utilities 0.1% | ||||||
| Berkshire Hathaway Energy Co., 5.15%, 11/15/43 | United States | 3,000,000 | 2,859,232 | |||
| Oil & Gas 1.0% | ||||||
| a | Aker BP ASA, 3.10%, 7/15/31 | Norway | 4,700,000 | 4,061,263 | ||
| BP Capital Markets America, Inc., 4.893%, 9/11/33 | United States | 5,300,000 | 5,129,297 | |||
| Canadian Natural Resources Ltd., 2.95%, 7/15/30 | Canada | 6,300,000 | 5,598,599 | |||
| TotalEnergies Capital SA, 4.724%, 9/10/34 | France | 4,100,000 | 3,943,725 | |||
| a | Var Energi ASA, 8.00%, 11/15/32 | Norway | 3,800,000 | 4,274,065 | ||
| 23,006,949 |
| Oil, Gas & Consumable Fuels 0.3% | ||||||
| Cheniere Energy, Inc., 5.65%, 4/15/34 | United States | 2,700,000 | 2,717,304 | |||
| a | Pertamina Persero PT, 4.70%, 7/30/49 | Indonesia | 1,000,000 | 826,563 | ||
| Sabine Pass Liquefaction LLC, 4.20%, 3/15/28 | United States | 4,000,000 | 3,906,932 | |||
| 7,450,799 | ||||||
| Packaging & Containers 0.1% | ||||||
| Amcor Flexibles North America, Inc., 2.63%, 6/19/30 | United States | 3,500,000 | 3,069,942 | |||
| Paper & Forest Products 0.0%† | ||||||
| Suzano Austria GmbH, 3.125%, 1/15/32 | Brazil | 1,300,000 | 1,079,421 | |||
| Pharmaceuticals 0.8% | ||||||
| a | Bayer U.S. Finance II LLC, 4.375%, 12/15/28 | Germany | 5,500,000 | 5,292,619 | ||
| Bristol-Myers Squibb Co., 4.125%, 6/15/39 | United States | 3,200,000 | 2,764,353 | |||
| CVS Health Corp., | ||||||
| 4.875%, 7/20/35 | United States | 1,400,000 | 1,272,986 | |||
| 1.875%, 2/28/31 | United States | 6,000,000 | 4,839,242 | |||
| 5.30%, 6/01/33 | United States | 2,000,000 | 1,918,040 | |||
| Pfizer Investment Enterprises Pte. Ltd., 4.75%, 5/19/33 | United States | 1,700,000 | 1,652,528 | |||
| 17,739,768 | ||||||
| Pipelines 1.0% | ||||||
| Energy Transfer LP, | ||||||
| 6.40%, 12/01/30 | United States | 5,800,000 | 6,132,410 | |||
| 5.55%, 5/15/34 | United States | 2,300,000 | 2,289,729 | |||
| Kinder Morgan, Inc., 2.00%, 2/15/31 | United States | 4,100,000 | 3,434,154 | |||
| MPLX LP, | ||||||
| 2.65%, 8/15/30 | United States | 2,500,000 | 2,188,724 | |||
| 5.50%, 6/01/34 | United States | 3,200,000 | 3,155,896 | |||
| Targa Resources Corp., 6.50%, 3/30/34 | United States | 5,000,000 | 5,285,684 | |||
| 22,486,597 | ||||||
| Real Estate Investment Trusts (REITs) 0.2% | ||||||
| Alexandria Real Estate Equities, Inc., 1.875%, 2/01/33 | United States | 4,000,000 | 3,083,661 | |||
| a | Prologis Targeted U.S. Logistics Fund LP, 5.25%, 4/01/29 | United States | 1,200,000 | 1,213,898 | ||
| 4,297,559 | ||||||
| Real Estate Management & Development 0.4% | ||||||
| Simon Property Group LP, 2.20%, 2/01/31 | United States | 2,000,000 | 1,702,238 | |||
| VICI Properties LP, 4.95%, 2/15/30 | United States | 5,000,000 | 4,904,714 | |||
| a | VICI Properties LP/VICI Note Co., Inc., 3.875%, 2/15/29 | United States | 2,000,000 | 1,886,033 | ||
| 8,492,985 | ||||||
| Retail 0.6% | ||||||
| Dollar Tree, Inc., 4.20%, 5/15/28 | United States | 5,000,000 | 4,863,468 | |||
| Lowe’s Cos., Inc., 5.00%, 4/15/33 | United States | 5,000,000 | 4,924,603 | |||
| McDonald’s Corp., 5.20%, 5/17/34 | United States | 4,000,000 | 4,043,218 | |||
| 13,831,289 | ||||||
| Software 0.8% | ||||||
| AppLovin Corp., 5.375%, 12/01/31 | United States | 2,365,000 | 2,366,730 | |||
| Fiserv, Inc., | ||||||
| 3.50%, 7/01/29 | United States | 1,800,000 | 1,690,376 | |||
| 2.65%, 6/01/30 | United States | 4,700,000 | 4,156,232 | |||
| Oracle Corp., 2.875%, 3/25/31 | United States | 5,000,000 | 4,401,962 | |||
| ServiceNow, Inc., 1.40%, 9/01/30 | United States | 8,000,000 | 6,651,019 | |||
| 19,266,319 | ||||||
| Telecommunications 1.3% | ||||||
| AT&T, Inc., 2.55%, 12/01/33 | United States | 12,800,000 | 10,315,117 | |||
| Motorola Solutions, Inc., 5.40%, 4/15/34 | United States | 7,000,000 | 7,006,557 | |||
| T-Mobile USA, Inc., | ||||||
| 3.75%, 4/15/27 | United States | 5,000,000 | 4,886,223 | |||
| 3.875%, 4/15/30 | United States | 3,000,000 | 2,824,440 | |||
| Verizon Communications, Inc., 1.75%, 1/20/31 | United States | 5,000,000 | 4,122,208 | |||
| 29,154,545 |
| Transportation 0.1% | ||||||
| Burlington Northern Santa Fe LLC, 4.15%, 4/01/45 | United States | 2,300,000 | 1,893,190 | |||
| Total Corporate Bonds & Notes (Cost $651,174,088) | 625,764,970 | |||||
| U.S. Government & Agency Securities 66.8% | ||||||
| Federal Farm Credit Banks Funding Corp., 2.10%, 2/25/36 | United States | 4,000,000 | 2,974,158 | |||
| Federal Home Loan Mortgage Corp., | ||||||
| 2.00%, 4/01/37 | United States | 4,221,569 | 3,731,101 | |||
| 2.00%, 8/01/37 | United States | 4,355,896 | 3,849,804 | |||
| 2.00%, 3/01/51 | United States | 26,680,977 | 20,936,116 | |||
| 2.00%, 5/01/51 | United States | 10,324,349 | 8,098,343 | |||
| 2.00%, 1/01/52 | United States | 2,466,664 | 1,921,287 | |||
| 2.00%, 1/01/52 | United States | 718,344 | 559,519 | |||
| 2.00%, 3/01/52 | United States | 422,267 | 328,904 | |||
| 2.00%, 4/01/52 | United States | 4,695,891 | 3,663,768 | |||
| 2.00%, 8/01/52 | United States | 23,655,861 | 18,468,373 | |||
| 2.50%, 4/01/37 | United States | 3,161,794 | 2,873,081 | |||
| 2.50%, 4/01/37 | United States | 844,644 | 768,633 | |||
| 2.50%, 5/01/37 | United States | 3,347,569 | 3,041,894 | |||
| 2.50%, 9/01/51 | United States | 1,967,867 | 1,605,265 | |||
| 2.50%, 1/01/52 | United States | 587,841 | 479,307 | |||
| 2.50%, 3/01/52 | United States | 6,234,043 | 5,097,043 | |||
| 2.50%, 4/01/52 | United States | 14,485,940 | 11,851,243 | |||
| 3.00%, 4/01/37 | United States | 402,306 | 374,561 | |||
| 3.00%, 6/01/37 | United States | 3,478,582 | 3,238,642 | |||
| 3.00%, 8/01/37 | United States | 445,761 | 415,011 | |||
| 3.00%, 9/01/37 | United States | 599,105 | 557,774 | |||
| 3.00%, 3/01/50 | United States | 12,794,161 | 11,047,992 | |||
| 3.00%, 3/01/50 | United States | 4,866,235 | 4,199,831 | |||
| 3.00%, 3/01/52 | United States | 4,528,704 | 3,849,850 | |||
| 3.00%, 6/01/52 | United States | 3,879,632 | 3,298,074 | |||
| 3.00%, 7/01/52 | United States | 3,099,386 | 2,639,809 | |||
| 3.00%, 7/01/52 | United States | 384,650 | 326,991 | |||
| 3.00%, 9/01/52 | United States | 9,454,153 | 8,047,828 | |||
| 3.50%, 2/01/47 | United States | 1,261,435 | 1,132,653 | |||
| 3.50%, 2/01/47 | United States | 2,377,870 | 2,135,080 | |||
| 3.50%, 3/01/48 | United States | 1,479,285 | 1,328,203 | |||
| 3.50%, 3/01/48 | United States | 3,057,331 | 2,745,097 | |||
| 3.50%, 4/01/52 | United States | 2,798,063 | 2,479,407 | |||
| 3.50%, 6/01/52 | United States | 4,566,557 | 4,048,507 | |||
| 3.50%, 7/01/52 | United States | 2,793,581 | 2,473,360 | |||
| 3.50%, 7/01/52 | United States | 4,269,295 | 3,779,978 | |||
| 3.50%, 11/01/52 | United States | 16,381,680 | 14,515,263 | |||
| 3.50%, 12/01/52 | United States | 2,919,775 | 2,587,262 | |||
| 3.50%, 8/01/53 | United States | 7,798,827 | 6,907,885 | |||
| 4.00%, 11/01/45 | United States | 2,148,295 | 1,995,739 | |||
| 4.00%, 6/01/48 | United States | 4,377,661 | 4,072,439 | |||
| 4.00%, 5/01/50 | United States | 4,737,250 | 4,417,793 | |||
| 4.00%, 9/01/52 | United States | 4,290,825 | 3,932,072 | |||
| 4.00%, 10/01/52 | United States | 3,301,142 | 3,023,156 | |||
| 4.00%, 1/01/54 | United States | 3,570,306 | 3,271,224 | |||
| 4.00%, 1/01/55 | United States | 4,205,000 | 3,847,043 | |||
| 4.50%, 8/01/52 | United States | 635,296 | 598,199 | |||
| 4.50%, 10/01/52 | United States | 5,510,165 | 5,195,417 | |||
| 5.00%, 12/01/54 | United States | 601,264 | 580,656 | |||
| 5.00%, 1/01/55 | United States | 3,990,000 | 3,853,241 | |||
| 5.50%, 11/01/54 | United States | 9,843,426 | 9,719,351 | |||
| 6.00%, 8/01/54 | United States | 3,835,895 | 3,855,720 | |||
| 6.00%, 8/01/54 | United States | 1,463,201 | 1,472,560 | |||
| 6.00%, 1/01/55 | United States | 14,810,000 | 14,886,733 | |||
| Federal National Mortgage Association, | ||||||
| 1.50%, 9/01/51 | United States | 3,939,352 | 2,919,415 | |||
| 2.00%, 5/01/36 | United States | 8,849,807 | 7,850,411 | |||
| 2.00%, 4/01/37 | United States | 386,267 | 341,390 | |||
| 2.00%, 7/01/51 | United States | 19,829,781 | 15,549,745 |
| 2.00%, 8/01/51 | United States | 13,000,210 | 10,181,904 | |||
| 2.00%, 10/01/51 | United States | 18,253,415 | 14,285,959 | |||
| 2.00%, 2/01/52 | United States | 2,867,931 | 2,235,564 | |||
| 2.00%, 2/01/52 | United States | 8,771,157 | 6,861,942 | |||
| 2.00%, 3/01/52 | United States | 5,794,941 | 4,518,926 | |||
| 2.50%, 7/01/37 | United States | 3,637,551 | 3,316,637 | |||
| 2.50%, 4/01/51 | United States | 24,076,102 | 19,808,996 | |||
| 2.50%, 7/01/51 | United States | 6,389,732 | 5,253,207 | |||
| 2.50%, 8/01/51 | United States | 4,000,857 | 3,280,018 | |||
| 2.50%, 12/01/51 | United States | 14,226,539 | 11,644,881 | |||
| 2.50%, 2/01/52 | United States | 1,456,075 | 1,189,559 | |||
| 2.50%, 3/01/52 | United States | 10,440,495 | 8,529,289 | |||
| 2.50%, 4/01/52 | United States | 4,707,797 | 3,853,450 | |||
| 3.00%, 9/01/37 | United States | 450,546 | 419,465 | |||
| 3.00%, 9/01/37 | United States | 3,629,521 | 3,396,756 | |||
| 3.00%, 10/01/37 | United States | 3,888,851 | 3,620,563 | |||
| 3.00%, 4/01/50 | United States | 5,141,709 | 4,463,816 | |||
| 3.00%, 9/01/50 | United States | 4,294,019 | 3,695,280 | |||
| 3.00%, 11/01/51 | United States | 4,698,770 | 4,022,183 | |||
| 3.00%, 3/01/52 | United States | 4,287,629 | 3,646,623 | |||
| 3.00%, 5/01/52 | United States | 4,631,277 | 3,945,546 | |||
| 3.00%, 5/01/52 | United States | 3,869,379 | 3,297,306 | |||
| 3.00%, 6/01/52 | United States | 6,563,670 | 5,587,248 | |||
| 3.00%, 6/01/52 | United States | 4,529,208 | 3,851,440 | |||
| 3.00%, 3/01/53 | United States | 8,167,544 | 6,958,406 | |||
| 3.50%, 6/01/49 | United States | 531,871 | 476,976 | |||
| 3.50%, 8/01/49 | United States | 8,399,431 | 7,541,459 | |||
| 3.50%, 11/01/52 | United States | 4,314,779 | 3,821,049 | |||
| 4.00%, 2/01/49 | United States | 344,681 | 321,900 | |||
| 4.50%, 7/01/47 | United States | 4,522,024 | 4,346,517 | |||
| 4.50%, 5/01/48 | United States | 2,267,545 | 2,173,248 | |||
| 4.50%, 12/01/48 | United States | 3,146,059 | 3,002,522 | |||
| 4.50%, 2/01/50 | United States | 1,369,661 | 1,310,476 | |||
| 4.50%, 11/01/52 | United States | 6,174,790 | 5,822,525 | |||
| 5.00%, 10/01/52 | United States | 3,085,559 | 2,988,747 | |||
| 5.00%, 1/01/53 | United States | 5,119,611 | 4,958,980 | |||
| 5.00%, 5/01/53 | United States | 3,220,670 | 3,114,008 | |||
| 5.00%, 8/01/53 | United States | 4,254,171 | 4,110,053 | |||
| 5.00%, 10/01/54 | United States | 18,975,784 | 18,325,986 | |||
| 5.00%, 1/01/55 | United States | 3,988,000 | 3,851,309 | |||
| 5.50%, 5/01/53 | United States | 7,903,198 | 7,817,627 | |||
| 5.50%, 10/01/54 | United States | 7,228,607 | 7,137,492 | |||
| 6.00%, 8/01/53 | United States | 7,266,857 | 7,310,749 | |||
| 6.00%, 7/01/54 | United States | 406,185 | 408,852 | |||
| 6.00%, 9/01/54 | United States | 2,610,446 | 2,623,971 | |||
| Government National Mortgage Association, | ||||||
| 2.00%, 10/20/50 | United States | 12,216,540 | 9,786,548 | |||
| 2.00%, 2/20/52 | United States | 4,640,257 | 3,719,069 | |||
| 2.00%, 4/20/52 | United States | 3,011,943 | 2,413,943 | |||
| 2.00%, 5/20/52 | United States | 8,280,111 | 6,636,889 | |||
| 2.50%, 4/20/52 | United States | 8,178,416 | 6,838,276 | |||
| 2.50%, 6/20/52 | United States | 3,159,239 | 2,641,557 | |||
| 3.00%, 11/20/51 | United States | 5,425,904 | 4,710,729 | |||
| 3.50%, 10/20/47 | United States | 5,975,277 | 5,393,031 | |||
| 3.50%, 5/20/52 | United States | 5,250,833 | 4,698,260 | |||
| 3.50%, 6/20/52 | United States | 2,328,629 | 2,083,573 | |||
| 4.00%, 6/20/52 | United States | 6,374,678 | 5,881,382 | |||
| 4.50%, 5/20/53 | United States | 6,126,599 | 5,800,545 | |||
| 4.50%, 9/20/53 | United States | 6,079,123 | 5,753,088 | |||
| 5.00%, 9/20/53 | United States | 3,039,631 | 2,953,968 | |||
| 5.00%, 10/20/53 | United States | 4,523,554 | 4,395,374 | |||
| 5.00%, 9/20/54 | United States | 7,434,442 | 7,218,015 | |||
| 5.00%, 10/20/54 | United States | 10,110,236 | 9,817,468 | |||
| 5.50%, 5/20/53 | United States | 6,570,719 | 6,537,751 | |||
| 5.50%, 7/20/54 | United States | 8,119,840 | 8,059,538 |
| 5.50%, 9/20/54 | United States | 18,665,610 | 18,526,988 | |||
| 6.00%, 6/20/54 | United States | 3,807,464 | 3,836,572 | |||
| 6.00%, 10/20/54 | United States | 11,082,841 | 11,167,570 | |||
| 6.50%, 8/20/54 | United States | 425,458 | 433,175 | |||
| 6.50%, 12/20/54 | United States | 7,390,000 | 7,534,272 | |||
| U.S. Treasury Bonds, | ||||||
| 1.125%, 5/15/40 | United States | 9,980,000 | 6,008,708 | |||
| 1.125%, 8/15/40 | United States | 21,200,000 | 12,653,265 | |||
| 1.25%, 5/15/50 | United States | 53,230,000 | 25,252,174 | |||
| 1.375%, 8/15/50 | United States | 68,475,000 | 33,413,862 | |||
| 1.875%, 2/15/51 | United States | 2,100,000 | 1,168,276 | |||
| 2.00%, 11/15/41 | United States | 39,050,000 | 26,241,060 | |||
| 2.00%, 2/15/50 | United States | 17,200,000 | 9,992,221 | |||
| 2.00%, 8/15/51 | United States | 4,900,000 | 2,801,248 | |||
| 2.25%, 8/15/46 | United States | 10,314,000 | 6,661,533 | |||
| 2.25%, 8/15/49 | United States | 10,205,000 | 6,321,275 | |||
| 2.25%, 2/15/52 | United States | 8,835,000 | 5,358,548 | |||
| 2.75%, 8/15/42 | United States | 19,789,000 | 14,874,885 | |||
| 2.75%, 11/15/42 | United States | 12,800,000 | 9,570,982 | |||
| 2.75%, 11/15/47 | United States | 5,120,000 | 3,594,317 | |||
| 3.00%, 11/15/44 | United States | 45,795,000 | 34,769,917 | |||
| 3.00%, 2/15/49 | United States | 29,178,000 | 21,237,328 | |||
| 3.625%, 2/15/53 | United States | 14,600,000 | 11,866,924 | |||
| 3.625%, 5/15/53 | United States | 9,950,000 | 8,091,486 | |||
| 4.125%, 8/15/53 | United States | 14,000,000 | 12,473,387 | |||
| 4.25%, 2/15/54 | United States | 3,315,000 | 3,025,146 | |||
| U.S. Treasury Notes, | ||||||
| 0.375%, 11/30/25 | United States | 82,150,000 | 79,335,893 | |||
| 0.375%, 1/31/26 | United States | 63,700,000 | 61,129,551 | |||
| 0.50%, 6/30/27 | United States | 9,250,000 | 8,435,023 | |||
| 0.875%, 6/30/26 | United States | 73,300,000 | 69,755,407 | |||
| 1.25%, 12/31/26 | United States | 176,185,000 | 166,195,631 | |||
| 1.25%, 5/31/28 | United States | 30,170,000 | 27,253,309 | |||
| 1.375%, 11/15/31 | United States | 2,400,000 | 1,961,658 | |||
| 2.25%, 8/15/27 | United States | 6,800,000 | 6,464,700 | |||
| 2.75%, 8/15/32 | United States | 12,400,000 | 11,000,557 | |||
| 3.25%, 6/30/27 | United States | 78,565,000 | 76,734,692 | |||
| 3.50%, 4/30/28 | United States | 7,500,000 | 7,312,570 | |||
| 3.75%, 5/31/30 | United States | 46,000,000 | 44,532,784 | |||
| 3.875%, 8/15/33 | United States | 7,300,000 | 6,949,832 | |||
| 3.875%, 8/15/34 | United States | 36,535,000 | 34,556,658 | |||
| 4.00%, 10/31/29 | United States | 20,953,000 | 20,604,469 | |||
| 4.125%, 7/31/28 | United States | 12,700,000 | 12,614,585 | |||
| 4.125%, 8/31/30 | United States | 9,400,000 | 9,257,308 | |||
| Total U.S. Government & Agency Securities (Cost $1,633,140,509) | 1,543,397,361 | |||||
| Municipal Bonds 0.8% | ||||||
| California 0.8% | ||||||
| Golden State Tobacco Securitization Corp., Subordinate Bond, Refunding, Series 2021, 3.85%, 6/01/50 | United States | 5,250,000 | 4,757,930 | |||
| San Bernardino Community College District, | ||||||
| Refunding, 2.686%, 8/01/41 | United States | 6,140,000 | 4,428,466 | |||
| Refunding, 2.856%, 8/01/49 | United States | 3,575,000 | 2,381,614 | |||
| Whittier City School District, Refunding, 3.306%, 8/01/43 | United States | 7,500,000 | 5,798,217 | |||
| 17,366,227 | ||||||
| Ohio 0.0%† | ||||||
| Greenville City School District, Refunding, 3.541%, 1/01/51 | United States | 1,295,000 | 981,265 | |||
| Total Municipal Bonds (Cost $23,613,656) | 18,347,492 | |||||
| Foreign Government and Agency Securities 0.7% | ||||||
| Chile Government International Bonds, 3.500%, 1/25/50 | Chile | 1,100,000 | 761,948 | |||
| Peru Government International Bonds, 2.783%, 1/23/31 | Peru | 5,850,000 | 5,006,137 |
| a | African Export-Import Bank, 3.994%, 9/21/29 | Supranational | 6,100,000 | 5,630,681 | ||
| a | Banque Ouest Africaine de Developpement, 5.000%, 7/27/27 | Supranational | 3,800,000 | 3,700,108 | ||
| Total Foreign Government and Agency Securities (Cost $17,315,636) | 15,098,874 | |||||
| Asset-Backed Security 0.3% | ||||||
| a | New Economy Assets - Phase 1 Sponsor LLC, Series 2021-1, Class A1, 1.91%, 10/20/61 | United States | 6,660,000 | 6,147,862 | ||
| Total Asset-Backed Securities (Cost $6,617,160) | 6,147,862 | |||||
| Commercial Mortgage-Backed Securities 1.5% | ||||||
| Bank, | ||||||
| Series 2021-BN33, Class A5, 2.556%, 5/15/64 | United States | 2,780,000 | 2,385,143 | |||
| b Series 2022-BNK40, Class A4, 3.393%, 3/15/64 | United States | 2,800,000 | 2,496,269 | |||
| Benchmark Mortgage Trust, | ||||||
| Series 2021-B31, Class A5, 2.669%, 12/15/54 | United States | 2,780,000 | 2,364,230 | |||
| b Series 2022-B32, Class A5, 3.002%, 1/15/55 | United States | 5,560,000 | 4,712,078 | |||
| b Series 2023-V3, Class A3, 6.363%, 7/15/56 | United States | 540,000 | 560,652 | |||
| BX Commercial Mortgage Trust, | ||||||
| a,b Series 2021-VOLT, Class B, 1 mo. USD Term SOFR + 1.06%, 5.462%, 9/15/36 | United States | 3,190,000 | 3,179,698 | |||
| a,b Series 2022-LP2, Class A, 1 mo. USD Term SOFR + 1.01%, 5.41%, 2/15/39 | United States | 2,207,309 | 2,209,100 | |||
| a,b | BX Mortgage Trust, Series 2021-PAC, Class A, 1 mo. USD Term SOFR + 0.80%, 5.201%, 10/15/36 | United States | 3,090,000 | 3,075,975 | ||
| a,b | BX Trust, Series 2022-IND, Class A, 1 mo. USD Term SOFR + 1.49%, 5.888%, 4/15/37 | United States | 3,676,926 | 3,684,327 | ||
| CFCRE Commercial Mortgage Trust, Series 2016-C7, Class A3, 3.839%, 12/10/54 | United States | 1,870,000 | 1,819,401 | |||
| Citigroup Commercial Mortgage Trust, Series 2016-P4, Class A2, 2.45%, 7/10/49 | United States | 1,195,501 | 1,166,197 | |||
| CSAIL Commercial Mortgage Trust, Series 2015-C3, Class A4, 3.718%, 8/15/48 | United States | 1,460,000 | 1,448,341 | |||
| GS Mortgage Securities Trust, Series 2016-GS2, Class A4, 3.05%, 5/10/49 | United States | 850,000 | 831,175 | |||
| JPMBB Commercial Mortgage Securities Trust, | ||||||
| Series 2016-C1, Class A5, 3.576%, 3/17/49 | United States | 2,773,000 | 2,733,083 | |||
| Series 2015-C31, Class A3, 3.801%, 8/15/48 | United States | 2,129,631 | 2,110,505 | |||
| Wells Fargo Commercial Mortgage Trust, Series 2015-C31, Class A4, 3.695%, 11/15/48 | United States | 1,000,000 | 990,511 | |||
| Total Commercial Mortgage-Backed Securities (Cost $37,361,301) | 35,766,685 | |||||
| Total Investments before Short-Term Investments (Cost $2,369,222,350) | 2,244,523,244 | |||||
| Short-Term Investments 2.8% | ||||||
| Money Market Funds 2.8% | ||||||
| c,d | Institutional Fiduciary Trust - Money Market Portfolio, 4.18% | United States | 63,868,106 | 63,868,106 | ||
| Total Short-Term Investments (Cost $63,868,106) | 63,868,106 | |||||
| Total Investments (Cost $2,433,090,456) 100.0% | 2,308,391,350 | |||||
| Other Assets, less Liabilities 0.0%† | 671,363 | |||||
| Net Assets 100.0% | $ 2,309,062,713 |
| *The principal amount is stated in U.S. dollars unless otherwise indicated. |
| †Rounds to less than 0.1% of net assets. |
| aSecurity was purchased pursuant to Rule 144A under the Securities Act of 1933 and may be sold in transactions exempt from registration only to qualified institutional buyers or in a public offering registered under the Securities Act of 1933. At December 31, 2024, the aggregate value of these securities was $129,310,394, representing 5.6% of net assets. |
| bVariable rate security. The rate shown represents the yield at period end. |
| cThe rate shown is the annualized seven-day effective yield at period end. |
| dSee Note 3 regarding investments in affiliated management investment companies. |
| Description | Type | Number of Contracts | Notional Amount* | Expiration Date | Value/Unrealized Appreciation (Depreciation) |
| Interest rate contracts | |||||
| U.S. Treasury 2 Yr. Note | Long | 321 | $ 66,000,610 | 3/31/25 | $ (29,569) |
| U.S. Treasury 5 Yr. Note | Long | 358 | 38,057,078 | 3/31/25 | (326,865) |
| U.S. Treasury Bond Ultra | Long | 24 | 2,853,750 | 3/20/25 | (163,908) |
| U.S. TreasuryUltra 10 Yr. Note | Long | 21 | 2,337,563 | 3/20/25 | (58,107) |
| Total Futures Contracts | $(578,449) |
| *As of period end. |
| Selected Portfolio | ||
| FRN | – | Floating Rate Note |
| REIT | – | Real Estate Investment Trust |
| SOFR | – | Secured Overnight Financing Rate |
| Franklin U.S. Core Dividend Tilt Index ETF | Industry | Shares | Value | ||
| Common Stocks 99.7% | |||||
| Brazil 0.3% | |||||
| a | MercadoLibre, Inc. | Broadline Retail | 67 | $ 113,929 | |
| Ireland 0.1% | |||||
| TE Connectivity PLC | Electronic Equipment, Instruments & Components | 440 | 62,907 | ||
| Netherlands 0.3% | |||||
| NXP Semiconductors NV | Semiconductors & Semiconductor Equipment | 720 | 149,652 | ||
| Russia 0.0% | |||||
| a,b | Tatneft PJSC | Oil, Gas & Consumable Fuels | 15,990 | — | |
| United Kingdom 0.1% | |||||
| CNH Industrial NV | Machinery | 2,560 | 29,005 | ||
| United States 98.9% | |||||
| 3M Co. | Industrial Conglomerates | 1,080 | 139,417 | ||
| Abbott Laboratories | Health Care Equipment & Supplies | 1,980 | 223,958 | ||
| AbbVie, Inc. | Biotechnology | 2,820 | 501,114 | ||
| Accenture PLC, Class A | IT Services | 580 | 204,038 | ||
| a | Adobe, Inc. | Software | 300 | 133,404 | |
| a | Advanced Micro Devices, Inc. | Semiconductors & Semiconductor Equipment | 1,520 | 183,601 | |
| AES Corp. | Independent Power Producers & Energy Traders | 1,820 | 23,423 | ||
| Air Products & Chemicals, Inc. | Chemicals | 160 | 46,406 | ||
| Alexandria Real Estate Equities, Inc. | Health Care REITs | 440 | 42,922 | ||
| Alliant Energy Corp. | Electric Utilities | 700 | 41,398 | ||
| Allstate Corp. | Insurance | 240 | 46,270 | ||
| a | Alnylam Pharmaceuticals, Inc. | Biotechnology | 20 | 4,706 | |
| Alphabet, Inc., Class A | Interactive Media & Services | 4,060 | 768,558 | ||
| Alphabet, Inc., Class C | Interactive Media & Services | 3,600 | 685,584 | ||
| Altria Group, Inc. | Tobacco | 4,800 | 250,992 | ||
| a | Amazon.com, Inc. | Broadline Retail | 7,320 | 1,605,935 | |
| Amcor PLC | Containers & Packaging | 4,020 | 37,828 | ||
| Ameren Corp. | Multi-Utilities | 160 | 14,262 | ||
| American Electric Power Co., Inc. | Electric Utilities | 1,520 | 140,190 | ||
| American Tower Corp. | Specialized REITs | 880 | 161,401 | ||
| Amgen, Inc. | Biotechnology | 1,260 | 328,406 | ||
| Amphenol Corp., Class A | Electronic Equipment, Instruments & Components | 960 | 66,672 | ||
| Analog Devices, Inc. | Semiconductors & Semiconductor Equipment | 1,140 | 242,204 | ||
| Annaly Capital Management, Inc. | Mortgage Real Estate Investment Trusts (REITs) | 1,540 | 28,182 | ||
| Apollo Global Management, Inc. | Financial Services | 700 | 115,612 | ||
| Apple, Inc. | Technology Hardware, Storage & Peripherals | 12,260 | 3,070,149 | ||
| Applied Materials, Inc. | Semiconductors & Semiconductor Equipment | 1,040 | 169,135 | ||
| a | AppLovin Corp., Class A | Software | 200 | 64,766 | |
| Arch Capital Group Ltd. | Insurance | 1,060 | 97,891 | ||
| Archer-Daniels-Midland Co. | Food Products | 140 | 7,073 | ||
| ARES Management Corp., Class A | Capital Markets | 480 | 84,974 | ||
| a | Arista Networks, Inc. | Communications Equipment | 1,280 | 141,478 | |
| AT&T, Inc. | Diversified Telecommunication Services | 16,280 | 370,696 | ||
| a | Atlassian Corp., Class A | Software | 140 | 34,073 | |
| a | Autodesk, Inc. | Software | 80 | 23,646 | |
| Automatic Data Processing, Inc. | Professional Services | 200 | 58,546 | ||
| AvalonBay Communities, Inc. | Residential REITs | 400 | 87,988 | ||
| a | Axon Enterprise, Inc. | Aerospace & Defense | 80 | 47,546 | |
| Baker Hughes Co. | Energy Equipment & Services | 1,500 | 61,530 | ||
| Bank of America Corp. | Banks | 6,560 | 288,312 | ||
| Bank of New York Mellon Corp. | Capital Markets | 1,760 | 135,221 | ||
| Baxter International, Inc. | Health Care Equipment & Supplies | 1,480 | 43,157 | ||
| Bentley Systems, Inc., Class B | Software | 380 | 17,746 | ||
| Best Buy Co., Inc. | Specialty Retail | 540 | 46,332 | ||
| Blackrock, Inc. | Capital Markets | 340 | 348,538 | ||
| Blackstone, Inc. | Capital Markets | 1,400 | 241,388 |
| a | Block, Inc. | Financial Services | 360 | 30,596 | |
| Bristol-Myers Squibb Co. | Pharmaceuticals | 5,300 | 299,768 | ||
| Broadcom, Inc. | Semiconductors & Semiconductor Equipment | 4,220 | 978,365 | ||
| Broadridge Financial Solutions, Inc. | Professional Services | 100 | 22,609 | ||
| BXP, Inc. | Office REITs | 420 | 31,231 | ||
| a | Cadence Design Systems, Inc. | Software | 220 | 66,101 | |
| Camden Property Trust | Residential REITs | 300 | 34,812 | ||
| Campbell’s Co. | Food Products | 580 | 24,290 | ||
| Cardinal Health, Inc. | Health Care Providers & Services | 40 | 4,731 | ||
| Carlyle Group, Inc. | Capital Markets | 560 | 28,274 | ||
| a | Carvana Co. | Specialty Retail | 100 | 20,336 | |
| CDW Corp. | Electronic Equipment, Instruments & Components | 100 | 17,404 | ||
| Celanese Corp. | Chemicals | 320 | 22,147 | ||
| Charles Schwab Corp. | Capital Markets | 400 | 29,604 | ||
| Chevron Corp. | Oil, Gas & Consumable Fuels | 3,040 | 440,314 | ||
| a | Chipotle Mexican Grill, Inc. | Hotels, Restaurants & Leisure | 740 | 44,622 | |
| Cincinnati Financial Corp. | Insurance | 440 | 63,228 | ||
| Cisco Systems, Inc. | Communications Equipment | 6,740 | 399,008 | ||
| Citigroup, Inc. | Banks | 4,920 | 346,319 | ||
| Citizens Financial Group, Inc. | Banks | 1,280 | 56,013 | ||
| Clorox Co. | Household Products | 340 | 55,219 | ||
| a | Cloudflare, Inc., Class A | IT Services | 300 | 32,304 | |
| CME Group, Inc. | Capital Markets | 980 | 227,585 | ||
| CMS Energy Corp. | Multi-Utilities | 740 | 49,321 | ||
| Coca-Cola Co. | Beverages | 5,580 | 347,411 | ||
| a | Coinbase Global, Inc., Class A | Capital Markets | 200 | 49,660 | |
| Comcast Corp., Class A | Media | 3,920 | 147,118 | ||
| Conagra Brands, Inc. | Food Products | 1,240 | 34,410 | ||
| ConocoPhillips | Oil, Gas & Consumable Fuels | 1,080 | 107,104 | ||
| Consolidated Edison, Inc. | Multi-Utilities | 1,000 | 89,230 | ||
| Constellation Energy Corp. | Electric Utilities | 120 | 26,845 | ||
| Corebridge Financial, Inc. | Financial Services | 680 | 20,352 | ||
| Corning, Inc. | Electronic Equipment, Instruments & Components | 2,100 | 99,792 | ||
| Costco Wholesale Corp. | Consumer Staples Distribution & Retail | 130 | 119,115 | ||
| Coterra Energy, Inc., Class A | Oil, Gas & Consumable Fuels | 2,100 | 53,634 | ||
| CRH PLC | Construction Materials | 980 | 90,670 | ||
| a | Crowdstrike Holdings, Inc., Class A | Software | 340 | 116,334 | |
| Crown Castle, Inc. | Specialized REITs | 1,240 | 112,542 | ||
| Cummins, Inc. | Machinery | 380 | 132,468 | ||
| CVS Health Corp. | Health Care Providers & Services | 3,880 | 174,173 | ||
| Darden Restaurants, Inc. | Hotels, Restaurants & Leisure | 340 | 63,475 | ||
| a | Datadog, Inc., Class A | Software | 340 | 48,583 | |
| Dell Technologies, Inc., Class C | Technology Hardware, Storage & Peripherals | 380 | 43,791 | ||
| Devon Energy Corp. | Oil, Gas & Consumable Fuels | 1,920 | 62,842 | ||
| Diamondback Energy, Inc. | Oil, Gas & Consumable Fuels | 560 | 91,745 | ||
| Digital Realty Trust, Inc. | Specialized REITs | 860 | 152,504 | ||
| Discover Financial Services | Consumer Finance | 360 | 62,363 | ||
| Dollar General Corp. | Consumer Staples Distribution & Retail | 300 | 22,746 | ||
| Dominion Energy, Inc. | Multi-Utilities | 2,420 | 130,341 | ||
| a | DoorDash, Inc., Class A | Hotels, Restaurants & Leisure | 420 | 70,455 | |
| Dow, Inc. | Chemicals | 2,000 | 80,260 | ||
| DTE Energy Co. | Multi-Utilities | 580 | 70,035 | ||
| Duke Energy Corp. | Electric Utilities | 2,140 | 230,564 | ||
| a | Dynatrace, Inc. | Software | 160 | 8,696 | |
| East West Bancorp, Inc. | Banks | 380 | 36,389 | ||
| Eastman Chemical Co. | Chemicals | 340 | 31,049 | ||
| Eaton Corp. PLC | Electrical Equipment | 540 | 179,210 | ||
| eBay, Inc. | Broadline Retail | 840 | 52,038 | ||
| Edison International | Electric Utilities | 1,100 | 87,824 | ||
| Eli Lilly & Co. | Pharmaceuticals | 700 | 540,400 | ||
| Emerson Electric Co. | Electrical Equipment | 780 | 96,665 | ||
| Entegris, Inc. | Semiconductors & Semiconductor Equipment | 280 | 27,737 | ||
| Entergy Corp. | Electric Utilities | 1,160 | 87,951 | ||
| EOG Resources, Inc. | Oil, Gas & Consumable Fuels | 200 | 24,516 | ||
| Equinix, Inc. | Specialized REITs | 104 | 98,061 |
| Equity LifeStyle Properties, Inc. | Residential REITs | 480 | 31,968 | ||
| Equity Residential | Residential REITs | 980 | 70,325 | ||
| Essex Property Trust, Inc. | Residential REITs | 180 | 51,379 | ||
| Estee Lauder Cos., Inc., Class A | Personal Care Products | 560 | 41,989 | ||
| Evergy, Inc. | Electric Utilities | 640 | 39,392 | ||
| Eversource Energy | Electric Utilities | 1,020 | 58,579 | ||
| Exelon Corp. | Electric Utilities | 2,860 | 107,650 | ||
| Extra Space Storage, Inc. | Specialized REITs | 600 | 89,760 | ||
| Exxon Mobil Corp. | Oil, Gas & Consumable Fuels | 5,440 | 585,181 | ||
| Fastenal Co. | Trading Companies & Distributors | 1,620 | 116,494 | ||
| FedEx Corp. | Air Freight & Logistics | 120 | 33,760 | ||
| Fidelity National Financial, Inc. | Insurance | 720 | 40,421 | ||
| Fifth Third Bancorp | Banks | 1,900 | 80,332 | ||
| FirstEnergy Corp. | Electric Utilities | 1,440 | 57,283 | ||
| Ford Motor Co. | Automobiles | 11,240 | 111,276 | ||
| a | Fortinet, Inc. | Software | 300 | 28,344 | |
| Franklin Resources, Inc. | Capital Markets | 800 | 16,232 | ||
| Garmin Ltd. | Household Durables | 340 | 70,128 | ||
| Gen Digital, Inc. | Software | 900 | 24,642 | ||
| General Dynamics Corp. | Aerospace & Defense | 80 | 21,079 | ||
| General Mills, Inc. | Food Products | 1,520 | 96,930 | ||
| Genuine Parts Co. | Distributors | 380 | 44,369 | ||
| Gilead Sciences, Inc. | Biotechnology | 3,240 | 299,279 | ||
| Goldman Sachs Group, Inc. | Capital Markets | 340 | 194,691 | ||
| Healthpeak Properties, Inc. | Health Care REITs | 1,960 | 39,729 | ||
| Hershey Co. | Food Products | 400 | 67,740 | ||
| Hewlett Packard Enterprise Co. | Technology Hardware, Storage & Peripherals | 2,540 | 54,229 | ||
| Home Depot, Inc. | Specialty Retail | 1,220 | 474,568 | ||
| Honeywell International, Inc. | Industrial Conglomerates | 360 | 81,320 | ||
| Hormel Foods Corp. | Food Products | 760 | 23,841 | ||
| Host Hotels & Resorts, Inc. | Hotel & Resort REITs | 1,820 | 31,886 | ||
| HP, Inc. | Technology Hardware, Storage & Peripherals | 2,640 | 86,143 | ||
| Hubbell, Inc., Class B | Electrical Equipment | 140 | 58,645 | ||
| a | HubSpot, Inc. | Software | 60 | 41,806 | |
| Huntington Bancshares, Inc. | Banks | 4,000 | 65,080 | ||
| Illinois Tool Works, Inc. | Machinery | 800 | 202,848 | ||
| Intel Corp. | Semiconductors & Semiconductor Equipment | 7,840 | 157,192 | ||
| International Business Machines Corp. | IT Services | 1,460 | 320,952 | ||
| International Flavors & Fragrances, Inc. | Chemicals | 460 | 38,893 | ||
| International Paper Co. | Containers & Packaging | 980 | 52,744 | ||
| Interpublic Group of Cos., Inc. | Media | 1,060 | 29,701 | ||
| Intuit, Inc. | Software | 300 | 188,550 | ||
| a | Intuitive Surgical, Inc. | Health Care Equipment & Supplies | 140 | 73,074 | |
| Invitation Homes, Inc. | Residential REITs | 1,560 | 49,873 | ||
| Iron Mountain, Inc. | Specialized REITs | 200 | 21,022 | ||
| J.M. Smucker Co. | Food Products | 300 | 33,036 | ||
| Johnson & Johnson | Pharmaceuticals | 3,860 | 558,233 | ||
| Johnson Controls International PLC | Building Products | 1,240 | 97,873 | ||
| JPMorgan Chase & Co. | Banks | 2,540 | 608,864 | ||
| Juniper Networks, Inc. | Communications Equipment | 820 | 30,709 | ||
| Kellanova | Food Products | 720 | 58,298 | ||
| Kenvue, Inc. | Personal Care Products | 4,740 | 101,199 | ||
| KeyCorp | Banks | 2,820 | 48,335 | ||
| Kimberly-Clark Corp. | Household Products | 940 | 123,178 | ||
| Kimco Realty Corp. | Retail REITs | 1,880 | 44,048 | ||
| Kinder Morgan, Inc. | Oil, Gas & Consumable Fuels | 5,520 | 151,248 | ||
| KKR & Co., Inc. | Capital Markets | 480 | 70,997 | ||
| KLA Corp. | Semiconductors & Semiconductor Equipment | 220 | 138,626 | ||
| Kraft Heinz Co. | Food Products | 2,420 | 74,318 | ||
| Lam Research Corp. | Semiconductors & Semiconductor Equipment | 2,040 | 147,349 | ||
| Las Vegas Sands Corp. | Hotels, Restaurants & Leisure | 680 | 34,925 | ||
| Linde PLC | Chemicals | 100 | 41,867 | ||
| Lowe’s Cos., Inc. | Specialty Retail | 360 | 88,848 | ||
| LyondellBasell Industries NV, Class A | Chemicals | 740 | 54,960 | ||
| M&T Bank Corp. | Banks | 480 | 90,245 |
| Marvell Technology, Inc. | Semiconductors & Semiconductor Equipment | 580 | 64,061 | ||
| Mastercard, Inc., Class A | Financial Services | 140 | 73,720 | ||
| McDonald’s Corp. | Hotels, Restaurants & Leisure | 360 | 104,360 | ||
| Medtronic PLC | Health Care Equipment & Supplies | 3,020 | 241,238 | ||
| Merck & Co., Inc. | Pharmaceuticals | 3,620 | 360,118 | ||
| Meta Platforms, Inc., Class A | Interactive Media & Services | 1,600 | 936,816 | ||
| MetLife, Inc. | Insurance | 680 | 55,678 | ||
| Microchip Technology, Inc. | Semiconductors & Semiconductor Equipment | 1,580 | 90,613 | ||
| Micron Technology, Inc. | Semiconductors & Semiconductor Equipment | 900 | 75,744 | ||
| Microsoft Corp. | Software | 6,300 | 2,655,450 | ||
| a | MicroStrategy, Inc., Class A | Software | 160 | 46,339 | |
| Mid-America Apartment Communities, Inc. | Residential REITs | 320 | 49,462 | ||
| Molson Coors Beverage Co., Class B | Beverages | 360 | 20,635 | ||
| a | MongoDB, Inc. | IT Services | 100 | 23,281 | |
| Monolithic Power Systems, Inc. | Semiconductors & Semiconductor Equipment | 100 | 59,170 | ||
| Morgan Stanley | Capital Markets | 2,760 | 346,987 | ||
| MSCI, Inc. | Capital Markets | 180 | 108,002 | ||
| NetApp, Inc. | Technology Hardware, Storage & Peripherals | 560 | 65,005 | ||
| a | Netflix, Inc. | Entertainment | 320 | 285,222 | |
| Newmont Corp. | Metals & Mining | 160 | 5,955 | ||
| NextEra Energy, Inc. | Electric Utilities | 700 | 50,183 | ||
| NIKE, Inc., Class B | Textiles, Apparel & Luxury Goods | 780 | 59,023 | ||
| NiSource, Inc. | Multi-Utilities | 1,220 | 44,847 | ||
| Norfolk Southern Corp. | Ground Transportation | 220 | 51,634 | ||
| Northern Trust Corp. | Capital Markets | 560 | 57,400 | ||
| NVIDIA Corp. | Semiconductors & Semiconductor Equipment | 21,340 | 2,865,749 | ||
| a | Okta, Inc. | IT Services | 100 | 7,880 | |
| Omnicom Group, Inc. | Media | 600 | 51,624 | ||
| ONEOK, Inc. | Oil, Gas & Consumable Fuels | 1,700 | 170,680 | ||
| Oracle Corp. | Software | 1,380 | 229,963 | ||
| Packaging Corp. of America | Containers & Packaging | 240 | 54,031 | ||
| a | Palantir Technologies, Inc., Class A | Software | 1,980 | 149,747 | |
| a | Palo Alto Networks, Inc. | Software | 620 | 112,815 | |
| Paychex, Inc. | Professional Services | 900 | 126,198 | ||
| PepsiCo, Inc. | Beverages | 2,240 | 340,615 | ||
| Pfizer, Inc. | Pharmaceuticals | 14,540 | 385,746 | ||
| Philip Morris International, Inc. | Tobacco | 3,220 | 387,527 | ||
| Phillips 66 | Oil, Gas & Consumable Fuels | 820 | 93,423 | ||
| PNC Financial Services Group, Inc. | Banks | 1,120 | 215,992 | ||
| PPL Corp. | Electric Utilities | 2,080 | 67,517 | ||
| Principal Financial Group, Inc. | Insurance | 680 | 52,639 | ||
| Procter & Gamble Co. | Household Products | 2,080 | 348,712 | ||
| Prologis, Inc. | Industrial REITs | 2,240 | 236,768 | ||
| Prudential Financial, Inc. | Insurance | 1,020 | 120,901 | ||
| Public Storage | Specialized REITs | 460 | 137,742 | ||
| QUALCOMM, Inc. | Semiconductors & Semiconductor Equipment | 2,220 | 341,037 | ||
| Realty Income Corp. | Retail REITs | 2,440 | 130,320 | ||
| Regency Centers Corp. | Retail REITs | 460 | 34,008 | ||
| Regions Financial Corp. | Banks | 2,640 | 62,093 | ||
| a | ROBLOX Corp., Class A | Entertainment | 240 | 13,886 | |
| Rockwell Automation, Inc. | Electrical Equipment | 300 | 85,737 | ||
| Royalty Pharma PLC, Class A | Pharmaceuticals | 1,140 | 29,081 | ||
| RTX Corp. | Aerospace & Defense | 740 | 85,633 | ||
| Salesforce, Inc. | Software | 700 | 234,031 | ||
| Schlumberger NV | Energy Equipment & Services | 660 | 25,304 | ||
| Seagate Technology Holdings PLC | Technology Hardware, Storage & Peripherals | 560 | 48,334 | ||
| a | ServiceNow, Inc. | Software | 200 | 212,024 | |
| Simon Property Group, Inc. | Retail REITs | 860 | 148,101 | ||
| Skyworks Solutions, Inc. | Semiconductors & Semiconductor Equipment | 420 | 37,246 | ||
| Smurfit WestRock PLC | Containers & Packaging | 1,380 | 74,327 | ||
| Snap-on, Inc. | Machinery | 140 | 47,527 | ||
| a | Snowflake, Inc., Class A | IT Services | 220 | 33,970 | |
| Southern Co. | Electric Utilities | 2,320 | 190,982 | ||
| Southern Copper Corp. | Metals & Mining | 220 | 20,049 | ||
| Southwest Airlines Co. | Passenger Airlines | 1,460 | 49,085 |
| Stanley Black & Decker, Inc. | Machinery | 440 | 35,328 | ||
| Starbucks Corp. | Hotels, Restaurants & Leisure | 1,640 | 149,650 | ||
| State Street Corp. | Capital Markets | 780 | 76,557 | ||
| Sun Communities, Inc. | Residential REITs | 340 | 41,810 | ||
| a | Super Micro Computer, Inc. | Technology Hardware, Storage & Peripherals | 600 | 18,288 | |
| a | Synopsys, Inc. | Software | 100 | 48,536 | |
| Sysco Corp. | Consumer Staples Distribution & Retail | 1,000 | 76,460 | ||
| T. Rowe Price Group, Inc. | Capital Markets | 600 | 67,854 | ||
| Target Corp. | Consumer Staples Distribution & Retail | 1,200 | 162,216 | ||
| Teradyne, Inc. | Semiconductors & Semiconductor Equipment | 240 | 30,221 | ||
| a | Tesla, Inc. | Automobiles | 1,960 | 791,527 | |
| Texas Instruments, Inc. | Semiconductors & Semiconductor Equipment | 2,080 | 390,021 | ||
| Tractor Supply Co. | Specialty Retail | 300 | 15,918 | ||
| a | Trade Desk, Inc., Class A | Media | 280 | 32,908 | |
| Trane Technologies PLC | Building Products | 21 | 7,756 | ||
| Truist Financial Corp. | Banks | 3,720 | 161,374 | ||
| Tyson Foods, Inc., Class A | Food Products | 780 | 44,803 | ||
| U.S. Bancorp | Banks | 4,320 | 206,626 | ||
| a | Uber Technologies, Inc. | Ground Transportation | 2,060 | 124,259 | |
| UDR, Inc. | Residential REITs | 820 | 35,596 | ||
| Union Pacific Corp. | Ground Transportation | 620 | 141,385 | ||
| United Parcel Service, Inc., Class B | Air Freight & Logistics | 2,060 | 259,766 | ||
| UnitedHealth Group, Inc. | Health Care Providers & Services | 760 | 384,454 | ||
| Valero Energy Corp. | Oil, Gas & Consumable Fuels | 460 | 56,391 | ||
| Ventas, Inc. | Health Care REITs | 1,080 | 63,601 | ||
| Verizon Communications, Inc. | Diversified Telecommunication Services | 9,540 | 381,505 | ||
| Vertiv Holdings Co., Class A | Electrical Equipment | 620 | 70,438 | ||
| Viatris, Inc. | Pharmaceuticals | 3,300 | 41,085 | ||
| VICI Properties, Inc. | Specialized REITs | 2,940 | 85,877 | ||
| Visa, Inc., Class A | Financial Services | 500 | 158,020 | ||
| Walt Disney Co. | Entertainment | 540 | 60,129 | ||
| Watsco, Inc. | Trading Companies & Distributors | 100 | 47,389 | ||
| WEC Energy Group, Inc. | Multi-Utilities | 900 | 84,636 | ||
| Wells Fargo & Co. | Banks | 2,560 | 179,814 | ||
| Williams Cos., Inc. | Oil, Gas & Consumable Fuels | 3,440 | 186,173 | ||
| a | Workday, Inc., Class A | Software | 100 | 25,803 | |
| WP Carey, Inc. | Diversified REITs | 600 | 32,688 | ||
| Xcel Energy, Inc. | Electric Utilities | 1,460 | 98,579 | ||
| a | Zscaler, Inc. | Software | 220 | 39,690 | |
| 44,895,560 | |||||
| Total Common Stocks (Cost $40,621,349) | 45,251,053 | ||||
| Total Investments before Short-Term Investments (Cost $40,621,349) | 45,251,053 | ||||
| Short-Term Investments 0.1% | |||||
| Money Market Funds 0.1% | |||||
| United States 0.1% | |||||
| c,d | Institutional Fiduciary Trust - Money Market Portfolio, 4.18% | Money Market Funds | 48,896 | 48,896 | |
| Total Short-Term Investments (Cost $48,896) | 48,896 | ||||
| Total Investments (Cost $40,670,245) 99.8% | 45,299,949 | ||||
| Other Assets, less Liabilities 0.2% | 79,754 | ||||
| Net Assets 100.0% | $ 45,379,703 |
| aNon-income producing. |
| bFair valued using significant unobservable inputs. See Note 5 regarding fair value measurements. |
| cThe rate shown is the annualized seven-day effective yield at period end. |
| dSee Note 3 regarding investments in affiliated management investment companies. |
| Description | Type | Number of Contracts | Notional Amount* | Expiration Date | Value/Unrealized Appreciation (Depreciation) |
| Equity Contracts | |||||
| S&P 500 E-Mini | Long | 3 | $ 89,036 | 3/21/25 | $ (3,287) |
| *As of period end. |
| Selected Portfolio | ||
| REIT | – | Real Estate Investment Trust |
| Franklin U.S. Equity Index ETF | Industry | Shares | Value | ||
| Common Stocks 99.8% | |||||
| Brazil 0.2% | |||||
| a | MercadoLibre, Inc. | Broadline Retail | 1,161 | $ 1,974,211 | |
| Ireland 0.1% | |||||
| TE Connectivity PLC | Electronic Equipment, Instruments & Components | 7,125 | 1,018,661 | ||
| Jersey 0.0%† | |||||
| a | Aptiv PLC | Automobile Components | 5,700 | 344,736 | |
| Netherlands 0.1% | |||||
| NXP Semiconductors NV | Semiconductors & Semiconductor Equipment | 6,175 | 1,283,474 | ||
| a,b | Russia 0.0% | ||||
| Alrosa PJSC | Metals & Mining | 3,584 | — | ||
| Gazprom PJSC | Oil, Gas & Consumable Fuels | 15,428 | — | ||
| GMK Norilskiy Nickel PAO | Metals & Mining | 10,000 | — | ||
| Inter RAO UES PJSC | Electric Utilities | 53,546 | — | ||
| LUKOIL PJSC | Oil, Gas & Consumable Fuels | 516 | — | ||
| Novolipetsk Steel PJSC | Metals & Mining | 2,272 | — | ||
| PhosAgro PJSC | Chemicals | 73 | — | ||
| PhosAgro PJSC | Chemicals | 2 | — | ||
| Polyus PJSC | Metals & Mining | 50 | — | ||
| Rosneft Oil Co. PJSC | Oil, Gas & Consumable Fuels | 1,154 | — | ||
| Severstal PAO | Metals & Mining | 392 | — | ||
| Surgutneftegas PJSC | Oil, Gas & Consumable Fuels | 8,286 | — | ||
| Tatneft PJSC | Oil, Gas & Consumable Fuels | 1,974 | — | ||
| United Co. RUSAL International PJSC | Metals & Mining | 1,714 | — | ||
| — | |||||
| United Kingdom 0.1% | |||||
| CNH Industrial NV | Machinery | 21,375 | 242,179 | ||
| a | Flutter Entertainment PLC | Hotels, Restaurants & Leisure | 3,800 | 982,110 | |
| 1,224,289 | |||||
| United States 99.3% | |||||
| 3M Co. | Industrial Conglomerates | 12,825 | 1,655,579 | ||
| Abbott Laboratories | Health Care Equipment & Supplies | 41,325 | 4,674,271 | ||
| AbbVie, Inc. | Biotechnology | 42,275 | 7,512,267 | ||
| Accenture PLC, Class A | IT Services | 14,725 | 5,180,108 | ||
| a | Adobe, Inc. | Software | 10,450 | 4,646,906 | |
| a | Advanced Micro Devices, Inc. | Semiconductors & Semiconductor Equipment | 38,475 | 4,647,395 | |
| AES Corp. | Independent Power Producers & Energy Traders | 16,625 | 213,964 | ||
| Aflac, Inc. | Insurance | 11,875 | 1,228,350 | ||
| Agilent Technologies, Inc. | Life Sciences Tools & Services | 6,650 | 893,361 | ||
| Air Products & Chemicals, Inc. | Chemicals | 5,225 | 1,515,459 | ||
| a | Airbnb, Inc., Class A | Hotels, Restaurants & Leisure | 9,975 | 1,310,815 | |
| a | Akamai Technologies, Inc. | IT Services | 3,800 | 363,470 | |
| Albemarle Corp. | Chemicals | 2,850 | 245,328 | ||
| Alexandria Real Estate Equities, Inc. | Health Care REITs | 3,800 | 370,690 | ||
| a | Align Technology, Inc. | Health Care Equipment & Supplies | 1,900 | 396,169 | |
| Allegion PLC | Building Products | 1,900 | 248,292 | ||
| Alliant Energy Corp. | Electric Utilities | 6,175 | 365,190 | ||
| Allstate Corp. | Insurance | 6,175 | 1,190,478 | ||
| a | Alnylam Pharmaceuticals, Inc. | Biotechnology | 2,850 | 670,633 | |
| Alphabet, Inc., Class A | Interactive Media & Services | 139,175 | 26,345,827 | ||
| Alphabet, Inc., Class C | Interactive Media & Services | 123,025 | 23,428,881 | ||
| Altria Group, Inc. | Tobacco | 40,375 | 2,111,209 | ||
| a | Amazon.com, Inc. | Broadline Retail | 226,100 | 49,604,079 | |
| Amcor PLC | Containers & Packaging | 34,675 | 326,292 | ||
| Ameren Corp. | Multi-Utilities | 6,175 | 550,440 | ||
| American Electric Power Co., Inc. | Electric Utilities | 12,825 | 1,182,850 | ||
| American Express Co. | Consumer Finance | 13,300 | 3,947,307 |
| American Financial Group, Inc. | Insurance | 1,900 | 260,167 | ||
| American International Group, Inc. | Insurance | 14,725 | 1,071,980 | ||
| American Tower Corp. | Specialized REITs | 10,925 | 2,003,754 | ||
| American Water Works Co., Inc. | Water Utilities | 4,750 | 591,328 | ||
| Ameriprise Financial, Inc. | Capital Markets | 2,375 | 1,264,521 | ||
| AMETEK, Inc. | Electrical Equipment | 5,700 | 1,027,482 | ||
| Amgen, Inc. | Biotechnology | 12,825 | 3,342,708 | ||
| Amphenol Corp., Class A | Electronic Equipment, Instruments & Components | 28,500 | 1,979,325 | ||
| Analog Devices, Inc. | Semiconductors & Semiconductor Equipment | 11,875 | 2,522,962 | ||
| Annaly Capital Management, Inc. | Mortgage Real Estate Investment Trusts (REITs) | 11,875 | 217,313 | ||
| a | ANSYS, Inc. | Software | 1,900 | 640,927 | |
| Aon PLC, Class A | Insurance | 5,225 | 1,876,611 | ||
| Apollo Global Management, Inc. | Financial Services | 9,500 | 1,569,020 | ||
| Apple, Inc. | Technology Hardware, Storage & Peripherals | 359,100 | 89,925,822 | ||
| Applied Materials, Inc. | Semiconductors & Semiconductor Equipment | 19,475 | 3,167,219 | ||
| a | AppLovin Corp., Class A | Software | 4,750 | 1,538,192 | |
| Arch Capital Group Ltd. | Insurance | 9,025 | 833,459 | ||
| Archer-Daniels-Midland Co. | Food Products | 11,400 | 575,928 | ||
| ARES Management Corp., Class A | Capital Markets | 4,275 | 756,803 | ||
| a | Arista Networks, Inc. | Communications Equipment | 24,225 | 2,677,589 | |
| Arthur J Gallagher & Co. | Insurance | 5,225 | 1,483,116 | ||
| a | Aspen Technology, Inc. | Software | 475 | 118,574 | |
| AT&T, Inc. | Diversified Telecommunication Services | 171,000 | 3,893,670 | ||
| a | Atlassian Corp., Class A | Software | 3,800 | 924,844 | |
| Atmos Energy Corp. | Gas Utilities | 3,800 | 529,226 | ||
| a | Autodesk, Inc. | Software | 5,225 | 1,544,353 | |
| Automatic Data Processing, Inc. | Professional Services | 9,500 | 2,780,935 | ||
| a | AutoZone, Inc. | Specialty Retail | 404 | 1,293,608 | |
| AvalonBay Communities, Inc. | Residential REITs | 3,325 | 731,400 | ||
| a | Avantor, Inc. | Life Sciences Tools & Services | 16,150 | 340,281 | |
| Avery Dennison Corp. | Containers & Packaging | 1,900 | 355,547 | ||
| a | Axon Enterprise, Inc. | Aerospace & Defense | 1,900 | 1,129,208 | |
| Baker Hughes Co. | Energy Equipment & Services | 23,750 | 974,225 | ||
| Ball Corp. | Containers & Packaging | 7,125 | 392,801 | ||
| Bank of America Corp. | Banks | 158,650 | 6,972,667 | ||
| Bank of New York Mellon Corp. | Capital Markets | 17,100 | 1,313,793 | ||
| Baxter International, Inc. | Health Care Equipment & Supplies | 12,350 | 360,126 | ||
| Becton Dickinson & Co. | Health Care Equipment & Supplies | 7,125 | 1,616,449 | ||
| Bentley Systems, Inc., Class B | Software | 3,325 | 155,278 | ||
| a | Berkshire Hathaway, Inc., Class B | Financial Services | 42,750 | 19,377,720 | |
| Best Buy Co., Inc. | Specialty Retail | 4,750 | 407,550 | ||
| a | Biogen, Inc. | Biotechnology | 3,325 | 508,459 | |
| a | BioMarin Pharmaceutical, Inc. | Biotechnology | 4,275 | 280,996 | |
| Bio-Techne Corp. | Life Sciences Tools & Services | 3,800 | 273,714 | ||
| Blackrock, Inc. | Capital Markets | 3,325 | 3,408,491 | ||
| Blackstone, Inc. | Capital Markets | 17,100 | 2,948,382 | ||
| a | Block, Inc. | Financial Services | 13,300 | 1,130,367 | |
| a | Boeing Co. | Aerospace & Defense | 17,575 | 3,110,775 | |
| Booking Holdings, Inc. | Hotels, Restaurants & Leisure | 786 | 3,905,178 | ||
| Booz Allen Hamilton Holding Corp. | Professional Services | 2,850 | 366,795 | ||
| a | Boston Scientific Corp. | Health Care Equipment & Supplies | 35,150 | 3,139,598 | |
| Bristol-Myers Squibb Co. | Pharmaceuticals | 48,450 | 2,740,332 | ||
| Broadcom, Inc. | Semiconductors & Semiconductor Equipment | 109,250 | 25,328,520 | ||
| Broadridge Financial Solutions, Inc. | Professional Services | 2,850 | 644,357 | ||
| Brown & Brown, Inc. | Insurance | 5,700 | 581,514 | ||
| Brown-Forman Corp., Class A | Beverages | 950 | 35,806 | ||
| Brown-Forman Corp., Class B | Beverages | 7,125 | 270,608 | ||
| a | Builders FirstSource, Inc. | Building Products | 2,850 | 407,351 | |
| Bunge Global SA | Food Products | 3,325 | 258,552 | ||
| a | Burlington Stores, Inc. | Specialty Retail | 1,425 | 406,211 | |
| BXP, Inc. | Office REITs | 3,800 | 282,568 | ||
| a | Cadence Design Systems, Inc. | Software | 6,650 | 1,998,059 | |
| Camden Property Trust | Residential REITs | 2,375 | 275,595 | ||
| Campbell’s Co. | Food Products | 4,750 | 198,930 | ||
| Capital One Financial Corp. | Consumer Finance | 9,025 | 1,609,338 |
| Cardinal Health, Inc. | Health Care Providers & Services | 5,700 | 674,139 | ||
| Carlyle Group, Inc. | Capital Markets | 4,750 | 239,828 | ||
| a | CarMax, Inc. | Specialty Retail | 3,800 | 310,688 | |
| a | Carnival Corp. | Hotels, Restaurants & Leisure | 24,700 | 615,524 | |
| Carrier Global Corp. | Building Products | 19,950 | 1,361,787 | ||
| a | Carvana Co. | Specialty Retail | 2,850 | 579,576 | |
| Caterpillar, Inc. | Machinery | 11,400 | 4,135,464 | ||
| a | CBRE Group, Inc., Class A | Real Estate Management & Development | 7,125 | 935,441 | |
| CDW Corp. | Electronic Equipment, Instruments & Components | 3,325 | 578,683 | ||
| Celanese Corp. | Chemicals | 2,375 | 164,374 | ||
| Cencora, Inc. | Health Care Providers & Services | 4,275 | 960,507 | ||
| a | Centene Corp. | Health Care Providers & Services | 11,875 | 719,387 | |
| CenterPoint Energy, Inc. | Multi-Utilities | 15,200 | 482,296 | ||
| CF Industries Holdings, Inc. | Chemicals | 4,275 | 364,743 | ||
| Charles Schwab Corp. | Capital Markets | 34,200 | 2,531,142 | ||
| a | Charter Communications, Inc., Class A | Media | 2,375 | 814,079 | |
| Cheniere Energy, Inc. | Oil, Gas & Consumable Fuels | 5,225 | 1,122,696 | ||
| Chevron Corp. | Oil, Gas & Consumable Fuels | 39,425 | 5,710,317 | ||
| a | Chipotle Mexican Grill, Inc. | Hotels, Restaurants & Leisure | 32,300 | 1,947,690 | |
| Chubb Ltd. | Insurance | 9,025 | 2,493,607 | ||
| Church & Dwight Co., Inc. | Household Products | 6,175 | 646,584 | ||
| Cigna Group | Health Care Providers & Services | 6,650 | 1,836,331 | ||
| Cincinnati Financial Corp. | Insurance | 3,800 | 546,060 | ||
| Cintas Corp. | Commercial Services & Supplies | 8,075 | 1,475,302 | ||
| Cisco Systems, Inc. | Communications Equipment | 94,525 | 5,595,880 | ||
| Citigroup, Inc. | Banks | 45,125 | 3,176,349 | ||
| Citizens Financial Group, Inc. | Banks | 10,925 | 478,078 | ||
| Clorox Co. | Household Products | 2,850 | 462,869 | ||
| a | Cloudflare, Inc., Class A | IT Services | 7,125 | 767,220 | |
| CME Group, Inc. | Capital Markets | 8,550 | 1,985,566 | ||
| CMS Energy Corp. | Multi-Utilities | 7,125 | 474,881 | ||
| Coca-Cola Co. | Beverages | 93,100 | 5,796,406 | ||
| Cognizant Technology Solutions Corp., Class A | IT Services | 11,875 | 913,187 | ||
| a | Coinbase Global, Inc., Class A | Capital Markets | 4,750 | 1,179,425 | |
| Colgate-Palmolive Co. | Household Products | 19,475 | 1,770,472 | ||
| Comcast Corp., Class A | Media | 90,725 | 3,404,909 | ||
| Conagra Brands, Inc. | Food Products | 11,400 | 316,350 | ||
| ConocoPhillips | Oil, Gas & Consumable Fuels | 30,875 | 3,061,874 | ||
| Consolidated Edison, Inc. | Multi-Utilities | 8,075 | 720,532 | ||
| Constellation Brands, Inc., Class A | Beverages | 3,800 | 839,800 | ||
| Constellation Energy Corp. | Electric Utilities | 7,600 | 1,700,196 | ||
| a | Cooper Cos., Inc. | Health Care Equipment & Supplies | 4,750 | 436,668 | |
| a | Copart, Inc. | Commercial Services & Supplies | 20,900 | 1,199,451 | |
| Corebridge Financial, Inc. | Financial Services | 5,700 | 170,601 | ||
| Corning, Inc. | Electronic Equipment, Instruments & Components | 18,525 | 880,308 | ||
| a | Corpay, Inc. | Financial Services | 1,425 | 482,249 | |
| Corteva, Inc. | Chemicals | 16,625 | 946,960 | ||
| a | CoStar Group, Inc. | Real Estate Management & Development | 9,500 | 680,105 | |
| Costco Wholesale Corp. | Consumer Staples Distribution & Retail | 10,450 | 9,575,021 | ||
| Coterra Energy, Inc., Class A | Oil, Gas & Consumable Fuels | 18,050 | 460,997 | ||
| a | Coupang, Inc. | Broadline Retail | 28,500 | 626,430 | |
| CRH PLC | Construction Materials | 16,150 | 1,494,198 | ||
| a | Crowdstrike Holdings, Inc., Class A | Software | 5,700 | 1,950,312 | |
| Crown Castle, Inc. | Specialized REITs | 10,450 | 948,442 | ||
| Crown Holdings, Inc. | Containers & Packaging | 2,850 | 235,667 | ||
| CSX Corp. | Ground Transportation | 45,600 | 1,471,512 | ||
| Cummins, Inc. | Machinery | 3,325 | 1,159,095 | ||
| CVS Health Corp. | Health Care Providers & Services | 29,925 | 1,343,333 | ||
| Danaher Corp. | Life Sciences Tools & Services | 15,200 | 3,489,160 | ||
| Darden Restaurants, Inc. | Hotels, Restaurants & Leisure | 2,850 | 532,067 | ||
| a | Datadog, Inc., Class A | Software | 7,125 | 1,018,091 | |
| a | Dayforce, Inc. | Professional Services | 3,800 | 276,032 | |
| a | Deckers Outdoor Corp. | Textiles, Apparel & Luxury Goods | 3,800 | 771,742 | |
| Deere & Co. | Machinery | 6,175 | 2,616,347 |
| Dell Technologies, Inc., Class C | Technology Hardware, Storage & Peripherals | 7,600 | 875,824 | ||
| Delta Air Lines, Inc. | Passenger Airlines | 15,200 | 919,600 | ||
| Devon Energy Corp. | Oil, Gas & Consumable Fuels | 15,675 | 513,043 | ||
| a | Dexcom, Inc. | Health Care Equipment & Supplies | 9,500 | 738,815 | |
| Diamondback Energy, Inc. | Oil, Gas & Consumable Fuels | 4,750 | 778,192 | ||
| Digital Realty Trust, Inc. | Specialized REITs | 8,075 | 1,431,940 | ||
| Discover Financial Services | Consumer Finance | 5,700 | 987,411 | ||
| a | DocuSign, Inc. | Software | 4,750 | 427,215 | |
| Dollar General Corp. | Consumer Staples Distribution & Retail | 5,225 | 396,160 | ||
| a | Dollar Tree, Inc. | Consumer Staples Distribution & Retail | 5,225 | 391,562 | |
| Dominion Energy, Inc. | Multi-Utilities | 19,950 | 1,074,507 | ||
| Domino’s Pizza, Inc. | Hotels, Restaurants & Leisure | 950 | 398,772 | ||
| a | DoorDash, Inc., Class A | Hotels, Restaurants & Leisure | 8,550 | 1,434,262 | |
| Dover Corp. | Machinery | 3,325 | 623,770 | ||
| Dow, Inc. | Chemicals | 16,625 | 667,161 | ||
| DR Horton, Inc. | Household Durables | 7,125 | 996,217 | ||
| DTE Energy Co. | Multi-Utilities | 4,750 | 573,563 | ||
| Duke Energy Corp. | Electric Utilities | 18,525 | 1,995,883 | ||
| DuPont de Nemours, Inc. | Chemicals | 9,975 | 760,594 | ||
| a | Dynatrace, Inc. | Software | 6,650 | 361,428 | |
| East West Bancorp, Inc. | Banks | 3,325 | 318,402 | ||
| Eastman Chemical Co. | Chemicals | 2,850 | 260,262 | ||
| Eaton Corp. PLC | Electrical Equipment | 9,500 | 3,152,765 | ||
| eBay, Inc. | Broadline Retail | 11,400 | 706,230 | ||
| Ecolab, Inc. | Chemicals | 6,175 | 1,446,926 | ||
| Edison International | Electric Utilities | 9,025 | 720,556 | ||
| a | Edwards Lifesciences Corp. | Health Care Equipment & Supplies | 14,250 | 1,054,927 | |
| Electronic Arts, Inc. | Entertainment | 5,700 | 833,910 | ||
| Elevance Health, Inc. | Health Care Providers & Services | 5,700 | 2,102,730 | ||
| Eli Lilly & Co. | Pharmaceuticals | 19,000 | 14,668,000 | ||
| Emerson Electric Co. | Electrical Equipment | 13,300 | 1,648,269 | ||
| a | Enphase Energy, Inc. | Semiconductors & Semiconductor Equipment | 3,325 | 228,361 | |
| Entegris, Inc. | Semiconductors & Semiconductor Equipment | 3,800 | 376,428 | ||
| Entergy Corp. | Electric Utilities | 9,975 | 756,304 | ||
| EOG Resources, Inc. | Oil, Gas & Consumable Fuels | 13,300 | 1,630,314 | ||
| a | EPAM Systems, Inc. | IT Services | 1,425 | 333,194 | |
| EQT Corp. | Oil, Gas & Consumable Fuels | 13,300 | 613,263 | ||
| Equifax, Inc. | Professional Services | 2,850 | 726,322 | ||
| Equinix, Inc. | Specialized REITs | 2,375 | 2,239,364 | ||
| Equitable Holdings, Inc. | Financial Services | 7,125 | 336,086 | ||
| Equity LifeStyle Properties, Inc. | Residential REITs | 4,275 | 284,715 | ||
| Equity Residential | Residential REITs | 8,075 | 579,462 | ||
| Essex Property Trust, Inc. | Residential REITs | 1,425 | 406,752 | ||
| Estee Lauder Cos., Inc., Class A | Personal Care Products | 5,700 | 427,386 | ||
| Everest Group Ltd. | Insurance | 950 | 344,337 | ||
| Evergy, Inc. | Electric Utilities | 5,225 | 321,599 | ||
| Eversource Energy | Electric Utilities | 8,550 | 491,027 | ||
| a | Exact Sciences Corp. | Biotechnology | 4,275 | 240,212 | |
| Exelon Corp. | Electric Utilities | 23,750 | 893,950 | ||
| a | Expedia Group, Inc. | Hotels, Restaurants & Leisure | 2,850 | 531,041 | |
| Expeditors International of Washington, Inc. | Air Freight & Logistics | 3,325 | 368,310 | ||
| Extra Space Storage, Inc. | Specialized REITs | 5,225 | 781,660 | ||
| Exxon Mobil Corp. | Oil, Gas & Consumable Fuels | 104,500 | 11,241,065 | ||
| a | F5, Inc. | Communications Equipment | 1,425 | 358,345 | |
| FactSet Research Systems, Inc. | Capital Markets | 950 | 456,266 | ||
| a | Fair Isaac Corp. | Software | 586 | 1,166,685 | |
| Fastenal Co. | Trading Companies & Distributors | 13,775 | 990,560 | ||
| FedEx Corp. | Air Freight & Logistics | 5,225 | 1,469,949 | ||
| Ferguson Enterprises, Inc. | Trading Companies & Distributors | 4,750 | 824,457 | ||
| Fidelity National Financial, Inc. | Insurance | 6,175 | 346,665 | ||
| Fidelity National Information Services, Inc. | Financial Services | 12,825 | 1,035,875 | ||
| Fifth Third Bancorp | Banks | 16,150 | 682,822 | ||
| First Citizens BancShares, Inc., Class A | Banks | 250 | 528,255 | ||
| a | First Solar, Inc. | Semiconductors & Semiconductor Equipment | 2,375 | 418,570 | |
| FirstEnergy Corp. | Electric Utilities | 11,875 | 472,388 |
| a | Fiserv, Inc. | Financial Services | 13,300 | 2,732,086 | |
| a | Flex Ltd. | Electronic Equipment, Instruments & Components | 9,025 | 346,470 | |
| Ford Motor Co. | Automobiles | 94,050 | 931,095 | ||
| a | Fortinet, Inc. | Software | 15,675 | 1,480,974 | |
| Fortive Corp. | Machinery | 8,550 | 641,250 | ||
| Fox Corp., Class A | Media | 5,700 | 276,906 | ||
| Fox Corp., Class B | Media | 3,325 | 152,086 | ||
| Franklin Resources, Inc. | Capital Markets | 6,650 | 134,929 | ||
| Freeport-McMoRan, Inc. | Metals & Mining | 34,200 | 1,302,336 | ||
| Garmin Ltd. | Household Durables | 3,800 | 783,788 | ||
| a | Gartner, Inc. | IT Services | 1,900 | 920,493 | |
| GE HealthCare Technologies, Inc. | Health Care Equipment & Supplies | 9,500 | 742,710 | ||
| GE Vernova, Inc. | Electrical Equipment | 6,650 | 2,187,384 | ||
| Gen Digital, Inc. | Software | 13,775 | 377,160 | ||
| General Dynamics Corp. | Aerospace & Defense | 5,700 | 1,501,893 | ||
| General Electric Co. | Aerospace & Defense | 25,650 | 4,278,163 | ||
| General Mills, Inc. | Food Products | 13,300 | 848,141 | ||
| General Motors Co. | Automobiles | 26,125 | 1,391,679 | ||
| Genuine Parts Co. | Distributors | 3,325 | 388,227 | ||
| Gilead Sciences, Inc. | Biotechnology | 29,450 | 2,720,296 | ||
| Global Payments, Inc. | Financial Services | 6,175 | 691,970 | ||
| a | GoDaddy, Inc., Class A | IT Services | 3,325 | 656,255 | |
| Goldman Sachs Group, Inc. | Capital Markets | 7,600 | 4,351,912 | ||
| Halliburton Co. | Energy Equipment & Services | 20,900 | 568,271 | ||
| Hartford Financial Services Group, Inc. | Insurance | 6,650 | 727,510 | ||
| HCA Healthcare, Inc. | Health Care Providers & Services | 4,275 | 1,283,141 | ||
| Healthpeak Properties, Inc. | Health Care REITs | 17,100 | 346,617 | ||
| HEICO Corp. | Aerospace & Defense | 950 | 225,853 | ||
| HEICO Corp., Class A | Aerospace & Defense | 1,900 | 353,552 | ||
| Hershey Co. | Food Products | 3,325 | 563,089 | ||
| Hess Corp. | Oil, Gas & Consumable Fuels | 6,650 | 884,516 | ||
| Hewlett Packard Enterprise Co. | Technology Hardware, Storage & Peripherals | 30,875 | 659,181 | ||
| Hilton Worldwide Holdings, Inc. | Hotels, Restaurants & Leisure | 5,700 | 1,408,812 | ||
| a | Hologic, Inc. | Health Care Equipment & Supplies | 5,700 | 410,913 | |
| Home Depot, Inc. | Specialty Retail | 23,750 | 9,238,512 | ||
| Honeywell International, Inc. | Industrial Conglomerates | 15,675 | 3,540,826 | ||
| Hormel Foods Corp. | Food Products | 7,125 | 223,511 | ||
| Host Hotels & Resorts, Inc. | Hotel & Resort REITs | 15,675 | 274,626 | ||
| Howmet Aerospace, Inc. | Aerospace & Defense | 9,500 | 1,039,015 | ||
| HP, Inc. | Technology Hardware, Storage & Peripherals | 22,800 | 743,964 | ||
| Hubbell, Inc., Class B | Electrical Equipment | 1,425 | 596,918 | ||
| a | HubSpot, Inc. | Software | 1,425 | 992,897 | |
| Humana, Inc. | Health Care Providers & Services | 2,850 | 723,073 | ||
| Huntington Bancshares, Inc. | Banks | 33,250 | 540,978 | ||
| IDEX Corp. | Machinery | 1,900 | 397,651 | ||
| a | IDEXX Laboratories, Inc. | Health Care Equipment & Supplies | 1,900 | 785,536 | |
| Illinois Tool Works, Inc. | Machinery | 7,125 | 1,806,615 | ||
| a | Illumina, Inc. | Life Sciences Tools & Services | 3,800 | 507,794 | |
| a | Incyte Corp. | Biotechnology | 3,800 | 262,466 | |
| Ingersoll Rand, Inc. | Machinery | 9,500 | 859,370 | ||
| a | Insulet Corp. | Health Care Equipment & Supplies | 1,900 | 496,033 | |
| Intel Corp. | Semiconductors & Semiconductor Equipment | 102,125 | 2,047,606 | ||
| Intercontinental Exchange, Inc. | Capital Markets | 13,775 | 2,052,613 | ||
| International Business Machines Corp. | IT Services | 21,850 | 4,803,285 | ||
| International Flavors & Fragrances, Inc. | Chemicals | 6,175 | 522,096 | ||
| International Paper Co. | Containers & Packaging | 8,075 | 434,597 | ||
| Interpublic Group of Cos., Inc. | Media | 9,025 | 252,881 | ||
| Intuit, Inc. | Software | 6,650 | 4,179,525 | ||
| a | Intuitive Surgical, Inc. | Health Care Equipment & Supplies | 8,550 | 4,462,758 | |
| Invitation Homes, Inc. | Residential REITs | 13,775 | 440,387 | ||
| a | IQVIA Holdings, Inc. | Life Sciences Tools & Services | 4,275 | 840,080 | |
| Iron Mountain, Inc. | Specialized REITs | 7,125 | 748,909 | ||
| J.M. Smucker Co. | Food Products | 2,375 | 261,535 | ||
| Jack Henry & Associates, Inc. | Financial Services | 1,900 | 333,070 | ||
| Jacobs Solutions, Inc. | Professional Services | 2,850 | 380,817 |
| JB Hunt Transport Services, Inc. | Ground Transportation | 1,900 | 324,254 | ||
| Johnson & Johnson | Pharmaceuticals | 57,475 | 8,312,034 | ||
| Johnson Controls International PLC | Building Products | 15,675 | 1,237,228 | ||
| JPMorgan Chase & Co. | Banks | 66,975 | 16,054,577 | ||
| Juniper Networks, Inc. | Communications Equipment | 7,600 | 284,620 | ||
| Kellanova | Food Products | 6,175 | 499,990 | ||
| Kenvue, Inc. | Personal Care Products | 41,325 | 882,289 | ||
| Keurig Dr. Pepper, Inc. | Beverages | 26,125 | 839,135 | ||
| KeyCorp | Banks | 22,325 | 382,651 | ||
| a | Keysight Technologies, Inc. | Electronic Equipment, Instruments & Components | 4,275 | 686,693 | |
| Kimberly-Clark Corp. | Household Products | 8,075 | 1,058,148 | ||
| Kimco Realty Corp. | Retail REITs | 16,150 | 378,395 | ||
| Kinder Morgan, Inc. | Oil, Gas & Consumable Fuels | 46,550 | 1,275,470 | ||
| KKR & Co., Inc. | Capital Markets | 15,675 | 2,318,489 | ||
| KLA Corp. | Semiconductors & Semiconductor Equipment | 3,325 | 2,095,149 | ||
| Kraft Heinz Co. | Food Products | 20,900 | 641,839 | ||
| Kroger Co. | Consumer Staples Distribution & Retail | 16,150 | 987,572 | ||
| L3Harris Technologies, Inc. | Aerospace & Defense | 4,275 | 898,947 | ||
| Labcorp Holdings, Inc. | Health Care Providers & Services | 1,900 | 435,708 | ||
| Lam Research Corp. | Semiconductors & Semiconductor Equipment | 30,400 | 2,195,792 | ||
| Lamb Weston Holdings, Inc. | Food Products | 3,325 | 222,210 | ||
| Las Vegas Sands Corp. | Hotels, Restaurants & Leisure | 9,025 | 463,524 | ||
| Leidos Holdings, Inc. | Professional Services | 3,325 | 479,000 | ||
| Lennar Corp., Class A | Household Durables | 5,700 | 777,309 | ||
| Lennox International, Inc. | Building Products | 950 | 578,835 | ||
| a | Liberty Media Corp.-Liberty Formula One, Class A | Entertainment | 475 | 39,919 | |
| a | Liberty Media Corp.-Liberty Formula One, Class C | Entertainment | 5,225 | 484,149 | |
| Linde PLC | Chemicals | 11,400 | 4,772,838 | ||
| Lineage, Inc. | Industrial REITs | 1,900 | 111,283 | ||
| a | Live Nation Entertainment, Inc. | Entertainment | 3,325 | 430,588 | |
| Lockheed Martin Corp. | Aerospace & Defense | 5,225 | 2,539,036 | ||
| Loews Corp. | Insurance | 4,275 | 362,050 | ||
| Lowe’s Cos., Inc. | Specialty Retail | 13,300 | 3,282,440 | ||
| LPL Financial Holdings, Inc. | Capital Markets | 1,900 | 620,369 | ||
| a | Lululemon Athletica, Inc. | Textiles, Apparel & Luxury Goods | 2,375 | 908,224 | |
| LyondellBasell Industries NV, Class A | Chemicals | 6,175 | 458,617 | ||
| M&T Bank Corp. | Banks | 3,800 | 714,438 | ||
| Marathon Petroleum Corp. | Oil, Gas & Consumable Fuels | 7,600 | 1,060,200 | ||
| a | Markel Group, Inc. | Insurance | 308 | 531,679 | |
| Marriott International, Inc., Class A | Hotels, Restaurants & Leisure | 5,700 | 1,589,958 | ||
| Marsh & McLennan Cos., Inc. | Insurance | 11,875 | 2,522,369 | ||
| Martin Marietta Materials, Inc. | Construction Materials | 1,425 | 736,012 | ||
| Marvell Technology, Inc. | Semiconductors & Semiconductor Equipment | 20,425 | 2,255,941 | ||
| Masco Corp. | Building Products | 5,225 | 379,178 | ||
| Mastercard, Inc., Class A | Financial Services | 19,475 | 10,254,951 | ||
| McCormick & Co., Inc. | Food Products | 6,175 | 470,782 | ||
| McDonald’s Corp. | Hotels, Restaurants & Leisure | 17,100 | 4,957,119 | ||
| McKesson Corp. | Health Care Providers & Services | 2,850 | 1,624,243 | ||
| Medtronic PLC | Health Care Equipment & Supplies | 30,400 | 2,428,352 | ||
| Merck & Co., Inc. | Pharmaceuticals | 60,325 | 6,001,131 | ||
| Meta Platforms, Inc., Class A | Interactive Media & Services | 51,775 | 30,314,780 | ||
| MetLife, Inc. | Insurance | 13,775 | 1,127,897 | ||
| a | Mettler-Toledo International, Inc. | Life Sciences Tools & Services | 475 | 581,248 | |
| a | MGM Resorts International | Hotels, Restaurants & Leisure | 5,225 | 181,046 | |
| Microchip Technology, Inc. | Semiconductors & Semiconductor Equipment | 12,825 | 735,514 | ||
| Micron Technology, Inc. | Semiconductors & Semiconductor Equipment | 26,125 | 2,198,680 | ||
| Microsoft Corp. | Software | 176,700 | 74,479,050 | ||
| a | MicroStrategy, Inc., Class A | Software | 4,275 | 1,238,125 | |
| Mid-America Apartment Communities, Inc. | Residential REITs | 2,850 | 440,525 | ||
| a | Moderna, Inc. | Biotechnology | 8,075 | 335,759 | |
| a | Molina Healthcare, Inc. | Health Care Providers & Services | 1,425 | 414,746 | |
| Molson Coors Beverage Co., Class B | Beverages | 4,275 | 245,043 | ||
| Mondelez International, Inc., Class A | Food Products | 31,825 | 1,900,907 |
| a | MongoDB, Inc. | IT Services | 1,900 | 442,339 | |
| Monolithic Power Systems, Inc. | Semiconductors & Semiconductor Equipment | 950 | 562,115 | ||
| a | Monster Beverage Corp. | Beverages | 16,625 | 873,810 | |
| Moody’s Corp. | Capital Markets | 3,800 | 1,798,806 | ||
| Morgan Stanley | Capital Markets | 29,450 | 3,702,454 | ||
| Motorola Solutions, Inc. | Communications Equipment | 3,800 | 1,756,474 | ||
| MSCI, Inc. | Capital Markets | 1,900 | 1,140,019 | ||
| Nasdaq, Inc. | Capital Markets | 9,025 | 697,723 | ||
| NetApp, Inc. | Technology Hardware, Storage & Peripherals | 4,750 | 551,380 | ||
| a | Netflix, Inc. | Entertainment | 9,975 | 8,890,917 | |
| a | Neurocrine Biosciences, Inc. | Biotechnology | 2,375 | 324,188 | |
| Newmont Corp. | Metals & Mining | 27,075 | 1,007,731 | ||
| News Corp., Class A | Media | 9,025 | 248,549 | ||
| News Corp., Class B | Media | 2,375 | 72,271 | ||
| NextEra Energy, Inc. | Electric Utilities | 48,925 | 3,507,433 | ||
| NIKE, Inc., Class B | Textiles, Apparel & Luxury Goods | 28,025 | 2,120,652 | ||
| NiSource, Inc. | Multi-Utilities | 10,925 | 401,603 | ||
| Norfolk Southern Corp. | Ground Transportation | 5,225 | 1,226,307 | ||
| Northern Trust Corp. | Capital Markets | 4,750 | 486,875 | ||
| Northrop Grumman Corp. | Aerospace & Defense | 3,325 | 1,560,389 | ||
| NRG Energy, Inc. | Electric Utilities | 4,750 | 428,545 | ||
| Nucor Corp. | Metals & Mining | 5,700 | 665,247 | ||
| NVIDIA Corp. | Semiconductors & Semiconductor Equipment | 561,925 | 75,460,908 | ||
| a | NVR, Inc. | Household Durables | 68 | 556,165 | |
| Occidental Petroleum Corp. | Oil, Gas & Consumable Fuels | 16,150 | 797,971 | ||
| a | Okta, Inc. | IT Services | 3,800 | 299,440 | |
| Old Dominion Freight Line, Inc. | Ground Transportation | 4,275 | 754,110 | ||
| Omnicom Group, Inc. | Media | 4,750 | 408,690 | ||
| a | ON Semiconductor Corp. | Semiconductors & Semiconductor Equipment | 10,450 | 658,873 | |
| ONEOK, Inc. | Oil, Gas & Consumable Fuels | 13,775 | 1,383,010 | ||
| Oracle Corp. | Software | 38,475 | 6,411,474 | ||
| a | O’Reilly Automotive, Inc. | Specialty Retail | 1,425 | 1,689,765 | |
| Otis Worldwide Corp. | Machinery | 9,500 | 879,795 | ||
| Owens Corning | Building Products | 1,900 | 323,608 | ||
| PACCAR, Inc. | Machinery | 12,350 | 1,284,647 | ||
| Packaging Corp. of America | Containers & Packaging | 1,900 | 427,747 | ||
| a | Palantir Technologies, Inc., Class A | Software | 47,500 | 3,592,425 | |
| a | Palo Alto Networks, Inc. | Software | 15,675 | 2,852,223 | |
| Parker-Hannifin Corp. | Machinery | 2,850 | 1,812,685 | ||
| Paychex, Inc. | Professional Services | 7,600 | 1,065,672 | ||
| Paycom Software, Inc. | Professional Services | 1,425 | 292,082 | ||
| a | PayPal Holdings, Inc. | Financial Services | 23,750 | 2,027,062 | |
| Pentair PLC | Machinery | 3,800 | 382,432 | ||
| PepsiCo, Inc. | Beverages | 32,775 | 4,983,766 | ||
| Pfizer, Inc. | Pharmaceuticals | 134,900 | 3,578,897 | ||
| PG&E Corp. | Electric Utilities | 50,825 | 1,025,648 | ||
| Philip Morris International, Inc. | Tobacco | 37,050 | 4,458,967 | ||
| Phillips 66 | Oil, Gas & Consumable Fuels | 9,975 | 1,136,452 | ||
| a | Pinterest, Inc., Class A | Interactive Media & Services | 14,250 | 413,250 | |
| PNC Financial Services Group, Inc. | Banks | 9,500 | 1,832,075 | ||
| Pool Corp. | Distributors | 950 | 323,893 | ||
| PPG Industries, Inc. | Chemicals | 5,700 | 680,865 | ||
| PPL Corp. | Electric Utilities | 17,575 | 570,485 | ||
| Principal Financial Group, Inc. | Insurance | 5,700 | 441,237 | ||
| Procter & Gamble Co. | Household Products | 56,050 | 9,396,782 | ||
| Progressive Corp. | Insurance | 13,775 | 3,300,628 | ||
| Prologis, Inc. | Industrial REITs | 21,850 | 2,309,545 | ||
| Prudential Financial, Inc. | Insurance | 8,550 | 1,013,431 | ||
| a | PTC, Inc. | Software | 2,850 | 524,030 | |
| Public Service Enterprise Group, Inc. | Multi-Utilities | 11,875 | 1,003,319 | ||
| Public Storage | Specialized REITs | 3,800 | 1,137,872 | ||
| PulteGroup, Inc. | Household Durables | 4,750 | 517,275 | ||
| QUALCOMM, Inc. | Semiconductors & Semiconductor Equipment | 26,600 | 4,086,292 | ||
| Quanta Services, Inc. | Construction & Engineering | 3,325 | 1,050,866 | ||
| Quest Diagnostics, Inc. | Health Care Providers & Services | 2,850 | 429,951 |
| Raymond James Financial, Inc. | Capital Markets | 4,275 | 664,036 | ||
| Realty Income Corp. | Retail REITs | 20,900 | 1,116,269 | ||
| Regency Centers Corp. | Retail REITs | 3,800 | 280,934 | ||
| a | Regeneron Pharmaceuticals, Inc. | Biotechnology | 2,375 | 1,691,784 | |
| Regions Financial Corp. | Banks | 21,850 | 513,912 | ||
| Reinsurance Group of America, Inc. | Insurance | 1,425 | 304,423 | ||
| Republic Services, Inc. | Commercial Services & Supplies | 4,750 | 955,605 | ||
| ResMed, Inc. | Health Care Equipment & Supplies | 3,325 | 760,394 | ||
| Revvity, Inc. | Life Sciences Tools & Services | 2,850 | 318,089 | ||
| a | ROBLOX Corp., Class A | Entertainment | 13,300 | 769,538 | |
| Rockwell Automation, Inc. | Electrical Equipment | 2,850 | 814,501 | ||
| Rollins, Inc. | Commercial Services & Supplies | 7,125 | 330,244 | ||
| Roper Technologies, Inc. | Software | 2,375 | 1,234,644 | ||
| Ross Stores, Inc. | Specialty Retail | 7,600 | 1,149,652 | ||
| Royal Caribbean Cruises Ltd. | Hotels, Restaurants & Leisure | 5,700 | 1,314,933 | ||
| Royalty Pharma PLC, Class A | Pharmaceuticals | 9,500 | 242,345 | ||
| RTX Corp. | Aerospace & Defense | 31,350 | 3,627,822 | ||
| S&P Global, Inc. | Capital Markets | 7,600 | 3,785,028 | ||
| Salesforce, Inc. | Software | 21,850 | 7,305,110 | ||
| SBA Communications Corp. | Specialized REITs | 2,375 | 484,025 | ||
| Schlumberger NV | Energy Equipment & Services | 33,725 | 1,293,016 | ||
| Seagate Technology Holdings PLC | Technology Hardware, Storage & Peripherals | 4,750 | 409,973 | ||
| Sempra | Multi-Utilities | 14,725 | 1,291,677 | ||
| a | ServiceNow, Inc. | Software | 4,750 | 5,035,570 | |
| Sherwin-Williams Co. | Chemicals | 5,700 | 1,937,601 | ||
| Simon Property Group, Inc. | Retail REITs | 7,125 | 1,226,996 | ||
| Skyworks Solutions, Inc. | Semiconductors & Semiconductor Equipment | 3,800 | 336,984 | ||
| Smurfit WestRock PLC | Containers & Packaging | 11,875 | 639,588 | ||
| a | Snap, Inc., Class A | Interactive Media & Services | 25,650 | 276,251 | |
| Snap-on, Inc. | Machinery | 1,425 | 483,759 | ||
| a | Snowflake, Inc., Class A | IT Services | 7,600 | 1,173,516 | |
| Southern Co. | Electric Utilities | 26,125 | 2,150,610 | ||
| Southern Copper Corp. | Metals & Mining | 1,900 | 173,147 | ||
| Southwest Airlines Co. | Passenger Airlines | 14,250 | 479,085 | ||
| SS&C Technologies Holdings, Inc. | Professional Services | 5,225 | 395,951 | ||
| Stanley Black & Decker, Inc. | Machinery | 3,800 | 305,102 | ||
| Starbucks Corp. | Hotels, Restaurants & Leisure | 27,075 | 2,470,594 | ||
| State Street Corp. | Capital Markets | 7,125 | 699,319 | ||
| Steel Dynamics, Inc. | Metals & Mining | 3,325 | 379,283 | ||
| STERIS PLC | Health Care Equipment & Supplies | 2,375 | 488,205 | ||
| Stryker Corp. | Health Care Equipment & Supplies | 8,550 | 3,078,427 | ||
| Sun Communities, Inc. | Residential REITs | 2,850 | 350,465 | ||
| a | Super Micro Computer, Inc. | Technology Hardware, Storage & Peripherals | 11,875 | 361,950 | |
| Synchrony Financial | Consumer Finance | 9,025 | 586,625 | ||
| a | Synopsys, Inc. | Software | 3,800 | 1,844,368 | |
| Sysco Corp. | Consumer Staples Distribution & Retail | 11,875 | 907,962 | ||
| T. Rowe Price Group, Inc. | Capital Markets | 5,225 | 590,895 | ||
| a | Take-Two Interactive Software, Inc. | Entertainment | 3,800 | 699,504 | |
| Targa Resources Corp. | Oil, Gas & Consumable Fuels | 5,225 | 932,662 | ||
| Target Corp. | Consumer Staples Distribution & Retail | 10,925 | 1,476,841 | ||
| a | Teledyne Technologies, Inc. | Electronic Equipment, Instruments & Components | 950 | 440,924 | |
| Teradyne, Inc. | Semiconductors & Semiconductor Equipment | 3,800 | 478,496 | ||
| a | Tesla, Inc. | Automobiles | 66,500 | 26,855,360 | |
| Texas Instruments, Inc. | Semiconductors & Semiconductor Equipment | 21,850 | 4,097,093 | ||
| Texas Pacific Land Corp. | Oil, Gas & Consumable Fuels | 475 | 525,331 | ||
| Textron, Inc. | Aerospace & Defense | 4,750 | 363,328 | ||
| Thermo Fisher Scientific, Inc. | Life Sciences Tools & Services | 9,025 | 4,695,076 | ||
| TJX Cos., Inc. | Specialty Retail | 26,600 | 3,213,546 | ||
| T-Mobile U.S., Inc. | Wireless Telecommunication Services | 11,875 | 2,621,169 | ||
| Tractor Supply Co. | Specialty Retail | 11,875 | 630,088 | ||
| a | Trade Desk, Inc., Class A | Media | 10,925 | 1,284,015 | |
| Trane Technologies PLC | Building Products | 5,225 | 1,929,854 | ||
| TransDigm Group, Inc. | Aerospace & Defense | 1,425 | 1,805,874 | ||
| TransUnion | Professional Services | 4,750 | 440,373 | ||
| Travelers Cos., Inc. | Insurance | 5,225 | 1,258,650 |
| a | Trimble, Inc. | Electronic Equipment, Instruments & Components | 5,700 | 402,762 | |
| Truist Financial Corp. | Banks | 31,825 | 1,380,568 | ||
| a | Twilio, Inc., Class A | IT Services | 3,325 | 359,366 | |
| a | Tyler Technologies, Inc. | Software | 950 | 547,808 | |
| Tyson Foods, Inc., Class A | Food Products | 6,650 | 381,976 | ||
| U.S. Bancorp | Banks | 37,050 | 1,772,101 | ||
| a | Uber Technologies, Inc. | Ground Transportation | 49,875 | 3,008,460 | |
| UDR, Inc. | Residential REITs | 7,125 | 309,296 | ||
| a | Ulta Beauty, Inc. | Specialty Retail | 950 | 413,184 | |
| Union Pacific Corp. | Ground Transportation | 14,250 | 3,249,570 | ||
| a | United Airlines Holdings, Inc. | Passenger Airlines | 7,600 | 737,960 | |
| United Parcel Service, Inc., Class B | Air Freight & Logistics | 17,575 | 2,216,207 | ||
| United Rentals, Inc. | Trading Companies & Distributors | 1,425 | 1,003,827 | ||
| UnitedHealth Group, Inc. | Health Care Providers & Services | 21,850 | 11,053,041 | ||
| Universal Health Services, Inc., Class B | Health Care Providers & Services | 1,425 | 255,674 | ||
| Valero Energy Corp. | Oil, Gas & Consumable Fuels | 7,600 | 931,684 | ||
| a | Veeva Systems, Inc., Class A | Health Care Technology | 3,325 | 699,081 | |
| Ventas, Inc. | Health Care REITs | 9,975 | 587,428 | ||
| Veralto Corp. | Commercial Services & Supplies | 5,700 | 580,545 | ||
| a | VeriSign, Inc. | IT Services | 1,900 | 393,224 | |
| Verisk Analytics, Inc. | Professional Services | 3,325 | 915,805 | ||
| Verizon Communications, Inc. | Diversified Telecommunication Services | 100,225 | 4,007,998 | ||
| a | Vertex Pharmaceuticals, Inc. | Biotechnology | 6,175 | 2,486,672 | |
| Vertiv Holdings Co., Class A | Electrical Equipment | 8,550 | 971,365 | ||
| Viatris, Inc. | Pharmaceuticals | 28,500 | 354,825 | ||
| VICI Properties, Inc. | Specialized REITs | 25,175 | 735,362 | ||
| Visa, Inc., Class A | Financial Services | 41,325 | 13,060,353 | ||
| Vistra Corp. | Independent Power Producers & Energy Traders | 8,075 | 1,113,300 | ||
| Vulcan Materials Co. | Construction Materials | 3,325 | 855,290 | ||
| W.R. Berkley Corp. | Insurance | 7,125 | 416,955 | ||
| Walmart, Inc. | Consumer Staples Distribution & Retail | 103,075 | 9,312,826 | ||
| Walt Disney Co. | Entertainment | 43,225 | 4,813,104 | ||
| a | Warner Bros Discovery, Inc. | Entertainment | 53,675 | 567,345 | |
| Waste Management, Inc. | Commercial Services & Supplies | 8,550 | 1,725,304 | ||
| a | Waters Corp. | Life Sciences Tools & Services | 1,425 | 528,647 | |
| Watsco, Inc. | Trading Companies & Distributors | 950 | 450,196 | ||
| WEC Energy Group, Inc. | Multi-Utilities | 7,600 | 714,704 | ||
| Wells Fargo & Co. | Banks | 79,325 | 5,571,788 | ||
| Welltower, Inc. | Health Care REITs | 14,725 | 1,855,792 | ||
| West Pharmaceutical Services, Inc. | Life Sciences Tools & Services | 1,900 | 622,364 | ||
| a | Western Digital Corp. | Technology Hardware, Storage & Peripherals | 8,075 | 481,512 | |
| Westinghouse Air Brake Technologies Corp. | Machinery | 4,275 | 810,497 | ||
| Westlake Corp. | Chemicals | 950 | 108,918 | ||
| Weyerhaeuser Co. | Specialized REITs | 17,100 | 481,365 | ||
| Williams Cos., Inc. | Oil, Gas & Consumable Fuels | 28,975 | 1,568,127 | ||
| Willis Towers Watson PLC | Insurance | 2,375 | 743,945 | ||
| a | Workday, Inc., Class A | Software | 5,225 | 1,348,207 | |
| WP Carey, Inc. | Diversified REITs | 5,225 | 284,658 | ||
| WW Grainger, Inc. | Trading Companies & Distributors | 950 | 1,001,347 | ||
| Xcel Energy, Inc. | Electric Utilities | 13,775 | 930,088 | ||
| Xylem, Inc. | Machinery | 5,700 | 661,314 | ||
| Yum! Brands, Inc. | Hotels, Restaurants & Leisure | 6,650 | 892,164 | ||
| a | Zebra Technologies Corp., Class A | Electronic Equipment, Instruments & Components | 1,425 | 550,364 | |
| a | Zillow Group, Inc., Class A | Real Estate Management & Development | 1,425 | 100,961 | |
| a | Zillow Group, Inc., Class C | Real Estate Management & Development | 3,800 | 281,390 | |
| Zimmer Biomet Holdings, Inc. | Health Care Equipment & Supplies | 4,750 | 501,743 | ||
| Zoetis, Inc. | Pharmaceuticals | 10,925 | 1,780,010 | ||
| a | Zoom Communications, Inc., Class A | Software | 5,700 | 465,177 | |
| a | Zscaler, Inc. | Software | 2,375 | 428,474 | |
| 1,211,993,691 | |||||
| Total Common Stocks (Cost $916,585,983) | 1,217,839,062 |
| Preferred Stock 0.0% | |||||
| Russia 0.0% | |||||
| a,b | Surgutneftegas PJSC, pfd. | Oil, Gas & Consumable Fuels | 10,688 | — | |
| Total Preferred Stocks (Cost $6,128) | — | ||||
| Total Investments before Short-Term Investments (Cost $916,592,111) | 1,217,839,062 | ||||
| Short-Term Investments 0.1% | |||||
| Money Market Funds 0.1% | |||||
| United States 0.1% | |||||
| c,d | Institutional Fiduciary Trust - Money Market Portfolio, 4.18% | Money Market Funds | 1,384,175 | 1,384,175 | |
| Total Short-Term Investments (Cost $1,384,175) | 1,384,175 | ||||
| Total Investments (Cost $917,976,286) 99.9% | 1,219,223,237 | ||||
| Other Assets, less Liabilities 0.1% | 795,910 | ||||
| Net Assets 100.0% | $ 1,220,019,147 |
| †Rounds to less than 0.1% of net assets. |
| aNon-income producing. |
| bFair valued using significant unobservable inputs. See Note 5 regarding fair value measurements. |
| cThe rate shown is the annualized seven-day effective yield at period end. |
| dSee Note 3 regarding investments in affiliated management investment companies. |
| Description | Type | Number of Contracts | Notional Amount* | Expiration Date | Value/Unrealized Appreciation (Depreciation) |
| Equity Contracts | |||||
| S&P 500 E-Mini | Long | 5 | $ 1,483,938 | 3/21/25 | $ (948) |
| *As of period end. |
| Selected Portfolio | ||
| REIT | – | Real Estate Investment Trust |
| SBA | – | Small Business Administration |
| Franklin U.S. Large Cap Multifactor Index ETF | Shares | Value | |||
| Common Stocks 99.9% | |||||
| Communication Services 10.0% | |||||
| Alphabet, Inc., Class A | 158,317 | $ 29,969,408 | |||
| Alphabet, Inc., Class C | 132,765 | 25,283,767 | |||
| AT&T, Inc. | 727,452 | 16,564,082 | |||
| Fox Corp., Class A | 32,064 | 1,557,669 | |||
| Fox Corp., Class B | 34,068 | 1,558,270 | |||
| Meta Platforms, Inc., Class A | 64,629 | 37,840,926 | |||
| Omnicom Group, Inc. | 16,533 | 1,422,499 | |||
| a | Spotify Technology SA | 11,022 | 4,931,023 | ||
| T-Mobile U.S., Inc. | 44,088 | 9,731,544 | |||
| Verizon Communications, Inc. | 434,869 | 17,390,411 | |||
| 146,249,599 | |||||
| Consumer Discretionary 12.8% | |||||
| a | Amazon.com, Inc. | 210,420 | 46,164,044 | ||
| Best Buy Co., Inc. | 21,042 | 1,805,404 | |||
| Booking Holdings, Inc. | 3,669 | 18,229,133 | |||
| Carter’s, Inc. | 27,555 | 1,493,206 | |||
| Dick’s Sporting Goods, Inc. | 7,015 | 1,605,313 | |||
| Domino’s Pizza, Inc. | 3,503 | 1,470,419 | |||
| eBay, Inc. | 46,593 | 2,886,436 | |||
| Garmin Ltd. | 18,036 | 3,720,105 | |||
| General Motors Co. | 108,216 | 5,764,666 | |||
| a | Grand Canyon Education, Inc. | 9,018 | 1,477,148 | ||
| H&R Block, Inc. | 25,551 | 1,350,115 | |||
| Hilton Worldwide Holdings, Inc. | 21,543 | 5,324,568 | |||
| Home Depot, Inc. | 51,603 | 20,073,051 | |||
| Lennar Corp., Class A | 25,050 | 3,416,069 | |||
| Lennar Corp., Class B | 8,857 | 1,170,453 | |||
| Lowe’s Cos., Inc. | 27,054 | 6,676,927 | |||
| Murphy USA, Inc. | 2,506 | 1,257,386 | |||
| a | NVR, Inc. | 320 | 2,617,248 | ||
| a | O’Reilly Automotive, Inc. | 2,728 | 3,234,862 | ||
| PulteGroup, Inc. | 24,048 | 2,618,827 | |||
| Ralph Lauren Corp. | 6,513 | 1,504,373 | |||
| Royal Caribbean Cruises Ltd. | 18,036 | 4,160,725 | |||
| Tapestry, Inc. | 24,048 | 1,571,056 | |||
| a | Tesla, Inc. | 59,118 | 23,874,213 | ||
| Texas Roadhouse, Inc. | 8,517 | 1,536,722 | |||
| TJX Cos., Inc. | 120,741 | 14,586,720 | |||
| Toll Brothers, Inc. | 12,525 | 1,577,524 | |||
| Tractor Supply Co. | 46,372 | 2,460,498 | |||
| Travel & Leisure Co. | 27,054 | 1,364,874 | |||
| Williams-Sonoma, Inc. | 16,533 | 3,061,581 | |||
| 188,053,666 | |||||
| Consumer Staples 6.2% | |||||
| Altria Group, Inc. | 232,965 | 12,181,740 | |||
| a | BellRing Brands, Inc. | 19,038 | 1,434,323 | ||
| Casey’s General Stores, Inc. | 4,008 | 1,588,090 | |||
| Coca-Cola Consolidated, Inc. | 1,160 | 1,461,588 | |||
| Costco Wholesale Corp. | 26,643 | 24,412,182 | |||
| Ingredion, Inc. | 10,020 | 1,378,351 | |||
| Kellanova | 23,547 | 1,906,600 | |||
| Kimberly-Clark Corp. | 25,050 | 3,282,552 | |||
| Kroger Co. | 31,563 | 1,930,077 | |||
| Philip Morris International, Inc. | 129,759 | 15,616,496 | |||
| a | Pilgrim’s Pride Corp. | 29,559 | 1,341,683 | ||
| Walmart, Inc. | 271,542 | 24,533,820 | |||
| 91,067,502 |
| Energy 0.8% | |||||
| APA Corp. | 66,633 | 1,538,556 | |||
| Civitas Resources, Inc. | 29,058 | 1,332,890 | |||
| Devon Energy Corp. | 47,595 | 1,557,784 | |||
| DT Midstream, Inc. | 15,030 | 1,494,433 | |||
| Targa Resources Corp. | 10,020 | 1,788,570 | |||
| Texas Pacific Land Corp. | 2,010 | 2,222,980 | |||
| Viper Energy, Inc. | 28,056 | 1,376,708 | |||
| 11,311,921 | |||||
| Financials 9.1% | |||||
| Aon PLC, Class A | 9,519 | 3,418,844 | |||
| Axis Capital Holdings Ltd. | 16,032 | 1,420,756 | |||
| Bank of New York Mellon Corp. | 35,070 | 2,694,428 | |||
| a | Berkshire Hathaway, Inc., Class B | 33,567 | 15,215,250 | ||
| Cincinnati Financial Corp. | 9,519 | 1,367,880 | |||
| Citigroup, Inc. | 202,906 | 14,282,553 | |||
| Citizens Financial Group, Inc. | 44,088 | 1,929,291 | |||
| Evercore, Inc., Class A | 5,010 | 1,388,722 | |||
| a | Fiserv, Inc. | 27,054 | 5,557,433 | ||
| Goldman Sachs Group, Inc. | 22,545 | 12,909,718 | |||
| Hartford Financial Services Group, Inc. | 26,553 | 2,904,898 | |||
| Houlihan Lokey, Inc. | 8,016 | 1,392,059 | |||
| Interactive Brokers Group, Inc., Class A | 8,016 | 1,416,187 | |||
| Janus Henderson Group PLC | 33,567 | 1,427,605 | |||
| Jefferies Financial Group, Inc. | 23,547 | 1,846,085 | |||
| JPMorgan Chase & Co. | 68,637 | 16,452,975 | |||
| Lazard, Inc. | 26,052 | 1,341,157 | |||
| Lincoln National Corp. | 42,585 | 1,350,370 | |||
| M&T Bank Corp. | 8,016 | 1,507,088 | |||
| Mastercard, Inc., Class A | 48,597 | 25,589,722 | |||
| MGIC Investment Corp. | 57,114 | 1,354,173 | |||
| Moody’s Corp. | 17,535 | 8,300,543 | |||
| SEI Investments Co. | 18,537 | 1,528,932 | |||
| Synchrony Financial | 49,098 | 3,191,370 | |||
| a | Toast, Inc., Class A | 34,569 | 1,260,040 | ||
| Unum Group | 19,539 | 1,426,933 | |||
| Western Union Co. | 137,274 | 1,455,104 | |||
| 133,930,116 | |||||
| Health Care 12.7% | |||||
| Abbott Laboratories | 81,162 | 9,180,234 | |||
| AbbVie, Inc. | 126,252 | 22,434,980 | |||
| a | Boston Scientific Corp. | 150,300 | 13,424,796 | ||
| Bristol-Myers Squibb Co. | 112,224 | 6,347,389 | |||
| Chemed Corp. | 2,515 | 1,332,447 | |||
| Cigna Group | 26,052 | 7,193,999 | |||
| a | DaVita, Inc. | 9,018 | 1,348,642 | ||
| a | Doximity, Inc., Class A | 28,557 | 1,524,658 | ||
| Eli Lilly & Co. | 22,545 | 17,404,740 | |||
| Encompass Health Corp. | 14,529 | 1,341,753 | |||
| a | Exelixis, Inc. | 41,583 | 1,384,714 | ||
| Gilead Sciences, Inc. | 61,623 | 5,692,117 | |||
| a | Globus Medical, Inc., Class A | 17,535 | 1,450,320 | ||
| HCA Healthcare, Inc. | 20,040 | 6,015,006 | |||
| a | Intuitive Surgical, Inc. | 36,072 | 18,828,141 | ||
| Johnson & Johnson | 157,314 | 22,750,751 | |||
| a | Medpace Holdings, Inc. | 4,509 | 1,498,025 | ||
| Organon & Co. | 95,190 | 1,420,235 | |||
| Premier, Inc., Class A | 66,132 | 1,401,998 | |||
| Quest Diagnostics, Inc. | 10,521 | 1,587,198 | |||
| ResMed, Inc. | 12,024 | 2,749,769 | |||
| Stryker Corp. | 36,573 | 13,168,109 | |||
| a | Tenet Healthcare Corp. | 11,022 | 1,391,307 | ||
| a | United Therapeutics Corp. | 5,010 | 1,767,728 |
| UnitedHealth Group, Inc. | 18,537 | 9,377,127 | |||
| Universal Health Services, Inc., Class B | 7,515 | 1,348,341 | |||
| a | Vertex Pharmaceuticals, Inc. | 27,555 | 11,096,399 | ||
| a | Waters Corp. | 4,008 | 1,486,888 | ||
| 185,947,811 | |||||
| Industrials 9.5% | |||||
| 3M Co. | 30,561 | 3,945,119 | |||
| AAON, Inc. | 11,022 | 1,297,069 | |||
| Acuity Brands, Inc. | 4,509 | 1,317,214 | |||
| Allison Transmission Holdings, Inc. | 14,028 | 1,515,866 | |||
| Armstrong World Industries, Inc. | 9,519 | 1,345,320 | |||
| Automatic Data Processing, Inc. | 19,539 | 5,719,651 | |||
| a | CACI International, Inc., Class A | 3,507 | 1,417,038 | ||
| Carlisle Cos., Inc. | 5,010 | 1,847,888 | |||
| Caterpillar, Inc. | 50,100 | 18,174,276 | |||
| Cintas Corp. | 35,317 | 6,452,416 | |||
| Comfort Systems USA, Inc. | 4,008 | 1,699,632 | |||
| Cummins, Inc. | 13,026 | 4,540,864 | |||
| Curtiss-Wright Corp. | 4,009 | 1,422,674 | |||
| Delta Air Lines, Inc. | 57,114 | 3,455,397 | |||
| EMCOR Group, Inc. | 4,509 | 2,046,635 | |||
| Fastenal Co. | 69,138 | 4,971,714 | |||
| Genpact Ltd. | 32,565 | 1,398,667 | |||
| Howmet Aerospace, Inc. | 37,074 | 4,054,783 | |||
| Illinois Tool Works, Inc. | 14,028 | 3,556,940 | |||
| Leidos Holdings, Inc. | 15,031 | 2,165,366 | |||
| Lennox International, Inc. | 4,008 | 2,442,074 | |||
| Lockheed Martin Corp. | 15,748 | 7,652,583 | |||
| Masco Corp. | 22,545 | 1,636,091 | |||
| Owens Corning | 9,018 | 1,535,946 | |||
| PACCAR, Inc. | 56,613 | 5,888,884 | |||
| Parker-Hannifin Corp. | 12,024 | 7,647,625 | |||
| Republic Services, Inc. | 21,042 | 4,233,230 | |||
| Rollins, Inc. | 29,699 | 1,376,549 | |||
| Ryder System, Inc. | 8,518 | 1,336,133 | |||
| Snap-on, Inc. | 4,008 | 1,360,636 | |||
| SS&C Technologies Holdings, Inc. | 21,042 | 1,594,563 | |||
| Trane Technologies PLC | 24,048 | 8,882,129 | |||
| a | United Airlines Holdings, Inc. | 18,036 | 1,751,296 | ||
| United Rentals, Inc. | 7,014 | 4,940,942 | |||
| Waste Management, Inc. | 44,088 | 8,896,518 | |||
| WW Grainger, Inc. | 4,890 | 5,154,304 | |||
| 138,674,032 | |||||
| Information Technology 33.9% | |||||
| Amdocs Ltd. | 17,535 | 1,492,930 | |||
| Amphenol Corp., Class A | 130,761 | 9,081,351 | |||
| Apple, Inc. | 450,400 | 112,789,168 | |||
| Applied Materials, Inc. | 81,163 | 13,199,539 | |||
| a | Arista Networks, Inc. | 120,240 | 13,290,127 | ||
| Avnet, Inc. | 27,094 | 1,417,558 | |||
| Broadcom, Inc. | 142,284 | 32,987,123 | |||
| Cisco Systems, Inc. | 184,869 | 10,944,245 | |||
| Cognizant Technology Solutions Corp., Class A | 50,601 | 3,891,217 | |||
| Corning, Inc. | 76,152 | 3,618,743 | |||
| a | DocuSign, Inc. | 19,038 | 1,712,278 | ||
| a | F5, Inc. | 6,012 | 1,511,838 | ||
| a | Fair Isaac Corp. | 1,920 | 3,822,586 | ||
| a | Fortinet, Inc. | 37,074 | 3,502,751 | ||
| a | GoDaddy, Inc., Class A | 7,515 | 1,483,236 | ||
| a | Guidewire Software, Inc. | 7,515 | 1,266,879 | ||
| Hewlett Packard Enterprise Co. | 144,288 | 3,080,549 | |||
| HP, Inc. | 110,721 | 3,612,826 | |||
| International Business Machines Corp. | 88,176 | 19,383,730 |
| Microsoft Corp. | 194,889 | 82,145,713 | |||
| Motorola Solutions, Inc. | 19,038 | 8,799,935 | |||
| NetApp, Inc. | 26,052 | 3,024,116 | |||
| NVIDIA Corp. | 715,430 | 96,075,095 | |||
| Oracle Corp. | 123,246 | 20,537,713 | |||
| a | Palantir Technologies, Inc., Class A | 96,192 | 7,275,001 | ||
| Pegasystems, Inc. | 16,032 | 1,494,182 | |||
| QUALCOMM, Inc. | 112,725 | 17,316,814 | |||
| Skyworks Solutions, Inc. | 17,194 | 1,524,764 | |||
| Texas Instruments, Inc. | 94,689 | 17,755,134 | |||
| 498,037,141 | |||||
| Materials 1.7% | |||||
| Air Products & Chemicals, Inc. | 11,022 | 3,196,821 | |||
| CF Industries Holdings, Inc. | 19,038 | 1,624,322 | |||
| CRH PLC | 59,619 | 5,515,950 | |||
| Eastman Chemical Co. | 14,028 | 1,281,037 | |||
| FMC Corp. | 25,551 | 1,242,034 | |||
| International Paper Co. | 37,575 | 2,022,287 | |||
| LyondellBasell Industries NV, Class A | 27,054 | 2,009,301 | |||
| NewMarket Corp. | 3,006 | 1,588,220 | |||
| Packaging Corp. of America | 9,519 | 2,143,012 | |||
| Royal Gold, Inc. | 10,521 | 1,387,194 | |||
| Southern Copper Corp. | 15,030 | 1,369,684 | |||
| Steel Dynamics, Inc. | 16,533 | 1,885,919 | |||
| 25,265,781 | |||||
| Real Estate 2.4% | |||||
| Agree Realty Corp. | 19,539 | 1,376,523 | |||
| AvalonBay Communities, Inc. | 10,020 | 2,204,099 | |||
| Cousins Properties, Inc. | 47,595 | 1,458,311 | |||
| Essex Property Trust, Inc. | 6,012 | 1,716,065 | |||
| Gaming & Leisure Properties, Inc. | 28,657 | 1,380,121 | |||
| Highwoods Properties, Inc. | 46,372 | 1,418,056 | |||
| Iron Mountain, Inc. | 27,555 | 2,896,306 | |||
| Kilroy Realty Corp. | 36,573 | 1,479,378 | |||
| NNN REIT, Inc. | 34,569 | 1,412,144 | |||
| Omega Healthcare Investors, Inc. | 37,514 | 1,419,905 | |||
| Park Hotels & Resorts, Inc. | 95,691 | 1,346,372 | |||
| Public Storage | 16,533 | 4,950,641 | |||
| Realty Income Corp. | 60,621 | 3,237,768 | |||
| Simon Property Group, Inc. | 36,573 | 6,298,236 | |||
| VICI Properties, Inc. | 78,156 | 2,282,937 | |||
| 34,876,862 | |||||
| Utilities 0.8% | |||||
| Atmos Energy Corp. | 10,020 | 1,395,485 | |||
| Entergy Corp. | 40,080 | 3,038,865 | |||
| MDU Resources Group, Inc. | 75,651 | 1,363,231 | |||
| National Fuel Gas Co. | 23,547 | 1,428,832 | |||
| Public Service Enterprise Group, Inc. | 43,587 | 3,682,666 | |||
| UGI Corp. | 49,599 | 1,400,180 | |||
| 12,309,259 | |||||
| Total Common Stocks (Cost $1,159,156,287) | 1,465,723,690 | ||||
| Total Investments before Short-Term Investments (Cost $1,159,156,287) | 1,465,723,690 |
| Short-Term Investments 0.0%† | |||||
| Money Market Funds 0.0%† | |||||
| b,c | Institutional Fiduciary Trust - Money Market Portfolio, 4.18% | 253,720 | 253,720 | ||
| Total Short-Term Investments (Cost $253,720) | 253,720 | ||||
| Total Investments (Cost $1,159,410,007) 99.9% | 1,465,977,410 | ||||
| Other Assets, less Liabilities 0.1% | 1,263,394 | ||||
| Net Assets 100.0% | $ 1,467,240,804 |
| †Rounds to less than 0.1% of net assets. |
| aNon-income producing. |
| bThe rate shown is the annualized seven-day effective yield at period end. |
| cSee Note 3 regarding investments in affiliated management investment companies. |
| Description | Type | Number of Contracts | Notional Amount* | Expiration Date | Value/Unrealized Appreciation (Depreciation) |
| Equity Contracts | |||||
| S&P 500 E-Mini | Long | 3 | $ 890,363 | 3/21/25 | $ (32,796) |
| *As of period end. |
| Selected Portfolio | ||
| REIT | – | Real Estate Investment Trust |
| Franklin U.S. Mid Cap Multifactor Index ETF | Shares | Value | |||
| Common Stocks 99.8% | |||||
| Communication Services 2.1% | |||||
| Electronic Arts, Inc. | 83,898 | $ 12,274,277 | |||
| Fox Corp., Class A | 78,684 | 3,822,469 | |||
| Fox Corp., Class B | 27,498 | 1,257,759 | |||
| Omnicom Group, Inc. | 104,280 | 8,972,251 | |||
| Playtika Holding Corp. | 34,323 | 238,202 | |||
| 26,564,958 | |||||
| Consumer Discretionary 17.7% | |||||
| a | AutoNation, Inc. | 13,746 | 2,334,621 | ||
| Bath & Body Works, Inc. | 104,280 | 4,042,936 | |||
| Best Buy Co., Inc. | 131,772 | 11,306,038 | |||
| Brunswick Corp. | 30,814 | 1,993,049 | |||
| Carter’s, Inc. | 20,388 | 1,104,826 | |||
| b | Choice Hotels International, Inc. | 13,746 | 1,951,657 | ||
| Columbia Sportswear Co. | 16,592 | 1,392,567 | |||
| a | Crocs, Inc. | 28,440 | 3,115,033 | ||
| a | Deckers Outdoor Corp. | 70,152 | 14,247,170 | ||
| Dick’s Sporting Goods, Inc. | 30,338 | 6,942,548 | |||
| b | Dillard’s, Inc., Class A | 994 | 429,150 | ||
| eBay, Inc. | 217,092 | 13,448,849 | |||
| a | Expedia Group, Inc. | 43,608 | 8,125,479 | ||
| Gap, Inc. | 70,634 | 1,669,081 | |||
| Garmin Ltd. | 64,464 | 13,296,345 | |||
| Genuine Parts Co. | 68,256 | 7,969,571 | |||
| a | Grand Canyon Education, Inc. | 12,798 | 2,096,312 | ||
| H&R Block, Inc. | 75,840 | 4,007,386 | |||
| b | Kohl’s Corp. | 53,562 | 752,010 | ||
| LKQ Corp. | 126,084 | 4,633,587 | |||
| Macy’s, Inc. | 156,894 | 2,656,215 | |||
| Murphy USA, Inc. | 9,480 | 4,756,590 | |||
| Nordstrom, Inc. | 57,362 | 1,385,292 | |||
| a | NVR, Inc. | 1,235 | 10,100,941 | ||
| Pool Corp. | 17,064 | 5,817,800 | |||
| PulteGroup, Inc. | 97,170 | 10,581,813 | |||
| Ralph Lauren Corp. | 21,804 | 5,036,288 | |||
| a | Skechers USA, Inc., Class A | 65,412 | 4,398,303 | ||
| Tapestry, Inc. | 132,720 | 8,670,598 | |||
| Tempur Sealy International, Inc. | 93,852 | 5,320,470 | |||
| Texas Roadhouse, Inc. | 39,342 | 7,098,477 | |||
| Tractor Supply Co. | 242,121 | 12,846,940 | |||
| a | Ulta Beauty, Inc. | 26,070 | 11,338,625 | ||
| Wendy’s Co. | 69,678 | 1,135,751 | |||
| Williams-Sonoma, Inc. | 75,840 | 14,044,051 | |||
| Wingstop, Inc. | 12,798 | 3,637,192 | |||
| Yum! Brands, Inc. | 98,594 | 13,227,371 | |||
| 226,910,932 | |||||
| Consumer Staples 8.4% | |||||
| Albertsons Cos., Inc., Class A | 265,999 | 5,224,220 | |||
| a | BellRing Brands, Inc. | 28,242 | 2,127,752 | ||
| a | BJ’s Wholesale Club Holdings, Inc. | 70,152 | 6,268,081 | ||
| Casey’s General Stores, Inc. | 16,590 | 6,573,456 | |||
| Church & Dwight Co., Inc. | 105,702 | 11,068,056 | |||
| Clorox Co. | 61,146 | 9,930,722 | |||
| Coca-Cola Consolidated, Inc. | 2,336 | 2,943,337 | |||
| Dollar General Corp. | 84,846 | 6,433,024 | |||
| Flowers Foods, Inc. | 112,338 | 2,320,903 | |||
| General Mills, Inc. | 123,244 | 7,859,270 | |||
| Hershey Co. | 59,724 | 10,114,259 |
| Ingredion, Inc. | 14,220 | 1,956,103 | |||
| Kellanova | 89,112 | 7,215,399 | |||
| Kroger Co. | 225,150 | 13,767,923 | |||
| Sysco Corp. | 178,224 | 13,627,007 | |||
| 107,429,512 | |||||
| Energy 5.9% | |||||
| Antero Midstream Corp. | 190,548 | 2,875,369 | |||
| APA Corp. | 180,120 | 4,158,971 | |||
| Cheniere Energy, Inc. | 61,146 | 13,138,441 | |||
| Chord Energy Corp. | 23,226 | 2,715,584 | |||
| Civitas Resources, Inc. | 32,710 | 1,500,408 | |||
| Devon Energy Corp. | 284,874 | 9,323,926 | |||
| Diamondback Energy, Inc. | 72,050 | 11,803,952 | |||
| DT Midstream, Inc. | 37,920 | 3,770,386 | |||
| HF Sinclair Corp. | 69,204 | 2,425,600 | |||
| Ovintiv, Inc. | 132,720 | 5,375,160 | |||
| Targa Resources Corp. | 45,978 | 8,207,073 | |||
| Texas Pacific Land Corp. | 8,593 | 9,503,514 | |||
| Viper Energy, Inc. | 32,232 | 1,581,624 | |||
| 76,380,008 | |||||
| Financials 12.9% | |||||
| Affiliated Managers Group, Inc. | 16,590 | 3,067,823 | |||
| Allstate Corp. | 66,360 | 12,793,544 | |||
| Ally Financial, Inc. | 123,240 | 4,437,872 | |||
| Arch Capital Group Ltd. | 122,292 | 11,293,666 | |||
| Assured Guaranty Ltd. | 23,700 | 2,133,237 | |||
| Cincinnati Financial Corp. | 80,106 | 11,511,232 | |||
| CNA Financial Corp. | 10,902 | 527,330 | |||
| Columbia Banking System, Inc. | 74,892 | 2,022,833 | |||
| Commerce Bancshares, Inc. | 27,018 | 1,683,491 | |||
| Everest Group Ltd. | 22,278 | 8,074,884 | |||
| FactSet Research Systems, Inc. | 8,058 | 3,870,096 | |||
| Globe Life, Inc. | 50,244 | 5,603,211 | |||
| Hartford Financial Services Group, Inc. | 111,390 | 12,186,066 | |||
| Invesco Ltd. | 133,668 | 2,336,517 | |||
| Janus Henderson Group PLC | 61,146 | 2,600,539 | |||
| Kinsale Capital Group, Inc. | 11,376 | 5,291,319 | |||
| MGIC Investment Corp. | 174,432 | 4,135,783 | |||
| MSCI, Inc. | 22,280 | 13,368,223 | |||
| Old Republic International Corp. | 111,864 | 4,048,358 | |||
| OneMain Holdings, Inc. | 51,192 | 2,668,639 | |||
| Prosperity Bancshares, Inc. | 44,556 | 3,357,295 | |||
| Regions Financial Corp. | 433,710 | 10,200,859 | |||
| Rithm Capital Corp. | 219,758 | 2,379,979 | |||
| SEI Investments Co. | 60,198 | 4,965,131 | |||
| Synchrony Financial | 203,820 | 13,248,300 | |||
| T. Rowe Price Group, Inc. | 88,003 | 9,952,259 | |||
| Unum Group | 85,320 | 6,230,920 | |||
| Western Union Co. | 233,208 | 2,472,005 | |||
| 166,461,411 | |||||
| Health Care 10.5% | |||||
| a | Acadia Healthcare Co., Inc. | 49,219 | 1,951,533 | ||
| Cencora, Inc. | 54,510 | 12,247,307 | |||
| Chemed Corp. | 6,636 | 3,515,753 | |||
| a | DaVita, Inc. | 21,806 | 3,261,087 | ||
| Encompass Health Corp. | 65,412 | 6,040,798 | |||
| a | Exelixis, Inc. | 69,204 | 2,304,493 | ||
| a | IDEXX Laboratories, Inc. | 32,234 | 13,326,825 | ||
| a | Incyte Corp. | 99,540 | 6,875,228 | ||
| a | Inspire Medical Systems, Inc. | 7,110 | 1,318,052 | ||
| a | Mettler-Toledo International, Inc. | 9,751 | 11,932,104 | ||
| a | Neurocrine Biosciences, Inc. | 59,250 | 8,087,625 |
| Organon & Co. | 149,310 | 2,227,705 | |||
| ResMed, Inc. | 54,984 | 12,574,291 | |||
| Royalty Pharma PLC, Class A | 220,410 | 5,622,659 | |||
| a | Solventum Corp. | 44,556 | 2,943,369 | ||
| a | Tenet Healthcare Corp. | 54,510 | 6,880,797 | ||
| a | United Therapeutics Corp. | 23,226 | 8,195,062 | ||
| Universal Health Services, Inc., Class B | 32,706 | 5,868,111 | |||
| Viatris, Inc. | 579,228 | 7,211,389 | |||
| a | Waters Corp. | 34,602 | 12,836,650 | ||
| 135,220,838 | |||||
| Industrials 22.4% | |||||
| Acuity Brands, Inc. | 9,482 | 2,769,977 | |||
| Allegion PLC | 43,134 | 5,636,751 | |||
| Allison Transmission Holdings, Inc. | 51,192 | 5,531,808 | |||
| Armstrong World Industries, Inc. | 14,694 | 2,076,703 | |||
| Booz Allen Hamilton Holding Corp. | 82,950 | 10,675,665 | |||
| a | CACI International, Inc., Class A | 8,453 | 3,415,519 | ||
| CH Robinson Worldwide, Inc. | 56,880 | 5,876,842 | |||
| Concentrix Corp. | 17,064 | 738,359 | |||
| Cummins, Inc. | 36,498 | 12,723,203 | |||
| Curtiss-Wright Corp. | 16,590 | 5,887,293 | |||
| Delta Air Lines, Inc. | 213,782 | 12,933,811 | |||
| Donaldson Co., Inc. | 60,672 | 4,086,259 | |||
| Dover Corp. | 65,412 | 12,271,291 | |||
| Expeditors International of Washington, Inc. | 71,574 | 7,928,252 | |||
| Fastenal Co. | 164,478 | 11,827,613 | |||
| Ferguson Enterprises, Inc. | 63,516 | 11,024,472 | |||
| Genpact Ltd. | 95,748 | 4,112,377 | |||
| Graco, Inc. | 75,366 | 6,352,600 | |||
| Leidos Holdings, Inc. | 46,454 | 6,692,163 | |||
| Lennox International, Inc. | 18,012 | 10,974,712 | |||
| Lincoln Electric Holdings, Inc. | 27,966 | 5,242,786 | |||
| ManpowerGroup, Inc. | 22,752 | 1,313,245 | |||
| Masco Corp. | 98,592 | 7,154,821 | |||
| MSC Industrial Direct Co., Inc., Class A | 27,492 | 2,053,378 | |||
| Old Dominion Freight Line, Inc. | 61,146 | 10,786,154 | |||
| Otis Worldwide Corp. | 132,724 | 12,291,570 | |||
| Paychex, Inc. | 93,852 | 13,159,928 | |||
| Paycom Software, Inc. | 25,122 | 5,149,256 | |||
| Robert Half, Inc. | 53,562 | 3,773,979 | |||
| Rollins, Inc. | 150,258 | 6,964,458 | |||
| Ryder System, Inc. | 19,434 | 3,048,417 | |||
| a | Saia, Inc. | 11,376 | 5,184,385 | ||
| Schneider National, Inc., Class B | 26,070 | 763,330 | |||
| Snap-on, Inc. | 27,492 | 9,332,984 | |||
| Toro Co. | 48,822 | 3,910,642 | |||
| a | United Airlines Holdings, Inc. | 121,344 | 11,782,502 | ||
| Veralto Corp. | 101,436 | 10,331,257 | |||
| Verisk Analytics, Inc. | 46,454 | 12,794,825 | |||
| Watsco, Inc. | 15,642 | 7,412,587 | |||
| WW Grainger, Inc. | 11,408 | 12,024,602 | |||
| 288,010,776 | |||||
| Information Technology 11.9% | |||||
| Amdocs Ltd. | 54,510 | 4,640,981 | |||
| a | Appfolio, Inc., Class A | 8,058 | 1,988,070 | ||
| Avnet, Inc. | 33,654 | 1,760,777 | |||
| CDW Corp. | 55,932 | 9,734,405 | |||
| a | Cirrus Logic, Inc. | 24,174 | 2,407,247 | ||
| a | DocuSign, Inc. | 48,822 | 4,391,051 | ||
| Dolby Laboratories, Inc., Class A | 29,862 | 2,332,222 | |||
| a | Dropbox, Inc., Class A | 55,932 | 1,680,197 | ||
| a | F5, Inc. | 28,440 | 7,151,807 | ||
| a | Fair Isaac Corp. | 5,789 | 11,525,494 |
| a | Gartner, Inc. | 26,544 | 12,859,772 | ||
| a | GoDaddy, Inc., Class A | 69,206 | 13,659,188 | ||
| Hewlett Packard Enterprise Co. | 564,534 | 12,052,801 | |||
| HP, Inc. | 382,518 | 12,481,562 | |||
| Jabil, Inc. | 47,400 | 6,820,860 | |||
| Juniper Networks, Inc. | 154,998 | 5,804,675 | |||
| a | Manhattan Associates, Inc. | 38,870 | 10,504,229 | ||
| NetApp, Inc. | 111,390 | 12,930,151 | |||
| a | Nutanix, Inc., Class A | 53,562 | 3,276,923 | ||
| Pegasystems, Inc. | 9,954 | 927,713 | |||
| a | Teradata Corp. | 22,752 | 708,725 | ||
| a | VeriSign, Inc. | 50,244 | 10,398,498 | ||
| Vontier Corp. | 80,580 | 2,938,753 | |||
| 152,976,101 | |||||
| Materials 2.9% | |||||
| Avery Dennison Corp. | 40,280 | 7,537,596 | |||
| LyondellBasell Industries NV, Class A | 115,182 | 8,554,567 | |||
| NewMarket Corp. | 2,844 | 1,502,627 | |||
| Reliance, Inc. | 27,966 | 7,530,125 | |||
| RPM International, Inc. | 58,776 | 7,232,975 | |||
| Sealed Air Corp. | 75,366 | 2,549,632 | |||
| Sonoco Products Co. | 47,400 | 2,315,490 | |||
| 37,223,012 | |||||
| Real Estate 4.0% | |||||
| AvalonBay Communities, Inc. | 58,302 | 12,824,691 | |||
| BXP, Inc. | 64,464 | 4,793,543 | |||
| Camden Property Trust | 50,718 | 5,885,317 | |||
| Cousins Properties, Inc. | 49,778 | 1,525,198 | |||
| Equity LifeStyle Properties, Inc. | 85,794 | 5,713,880 | |||
| Highwoods Properties, Inc. | 58,302 | 1,782,875 | |||
| Kilroy Realty Corp. | 48,822 | 1,974,850 | |||
| Lamar Advertising Co., Class A | 30,336 | 3,693,105 | |||
| NNN REIT, Inc. | 91,008 | 3,717,677 | |||
| Omega Healthcare Investors, Inc. | 59,724 | 2,260,553 | |||
| STAG Industrial, Inc. | 76,572 | 2,589,665 | |||
| WP Carey, Inc. | 80,580 | 4,389,998 | |||
| 51,151,352 | |||||
| Utilities 1.1% | |||||
| American Water Works Co., Inc. | 89,586 | 11,152,561 | |||
| National Fuel Gas Co. | 42,186 | 2,559,847 | |||
| 13,712,408 | |||||
| Total Common Stocks (Cost $1,210,108,229) | 1,282,041,308 | ||||
| Total Investments before Short-Term Investments (Cost $1,210,108,229) | 1,282,041,308 | ||||
| Short-Term Investments 0.4% | |||||
| Investments from Cash Collateral Received for Loaned Securities 0.2% | |||||
| Money Market Funds 0.2% | |||||
| c,d | Institutional Fiduciary Trust - Money Market Portfolio, 4.18% | 2,856,577 | 2,856,577 |
| Money Market Funds 0.1% | |||||
| c,d | Institutional Fiduciary Trust - Money Market Portfolio, 4.18% | 1,748,296 | 1,748,296 | ||
| Total Short-Term Investments (Cost $4,604,873) | 4,604,873 | ||||
| Total Investments (Cost $1,214,713,102) 100.1% | 1,286,646,181 | ||||
| Other Assets, less Liabilities (0.1)% | (1,521,816) | ||||
| Net Assets 100.0% | $ 1,285,124,365 |
| aNon-income producing. |
| bA portion or all of the security is on loan at December 31, 2024. |
| cThe rate shown is the annualized seven-day effective yield at period end. |
| dSee Note 3 regarding investments in affiliated management investment companies. |
| Description | Type | Number of Contracts | Notional Amount* | Expiration Date | Value/Unrealized Appreciation (Depreciation) |
| Equity Contracts | |||||
| S&P MidCap 400 E-Mini | Long | 6 | $ 1,888,020 | 3/21/25 | $ (492) |
| *As of period end. |
| Selected Portfolio | ||
| REIT | – | Real Estate Investment Trust |
| Franklin U.S. Small Cap Multifactor Index ETF | Shares | Value | |||
| Common Stocks 99.9% | |||||
| Communication Services 3.0% | |||||
| a | AMC Networks, Inc., Class A | 1,800 | $ 17,820 | ||
| a | Cargurus, Inc. | 4,440 | 162,238 | ||
| a | Cinemark Holdings, Inc. | 3,220 | 99,756 | ||
| a | EverQuote, Inc., Class A | 1,120 | 22,389 | ||
| a | Gambling.com Group Ltd. | 840 | 11,827 | ||
| a | Ibotta, Inc., Class A | 520 | 33,842 | ||
| IDT Corp., Class B | 960 | 45,619 | |||
| John Wiley & Sons, Inc., Class A | 2,420 | 105,778 | |||
| a | Liberty Latin America Ltd., Class A | 1,780 | 11,321 | ||
| a | Liberty Latin America Ltd., Class C | 5,180 | 32,841 | ||
| a | Playstudios, Inc. | 4,720 | 8,779 | ||
| Scholastic Corp. | 1,400 | 29,862 | |||
| Shutterstock, Inc. | 1,440 | 43,704 | |||
| Spok Holdings, Inc. | 1,140 | 18,297 | |||
| TEGNA, Inc. | 10,180 | 186,192 | |||
| Telephone & Data Systems, Inc. | 6,060 | 206,706 | |||
| a | Yelp, Inc. | 4,180 | 161,766 | ||
| a | ZipRecruiter, Inc., Class A | 4,620 | 33,449 | ||
| 1,232,186 | |||||
| Consumer Discretionary 16.0% | |||||
| a | 1-800- Flowers.com, Inc., Class A | 1,360 | 11,111 | ||
| a | Abercrombie & Fitch Co., Class A | 2,900 | 433,463 | ||
| Academy Sports & Outdoors, Inc. | 4,020 | 231,271 | |||
| Acushnet Holdings Corp. | 2,120 | 150,690 | |||
| a | Adtalem Global Education, Inc. | 2,100 | 190,785 | ||
| American Eagle Outfitters, Inc. | 10,280 | 171,368 | |||
| a | American Public Education, Inc. | 600 | 12,942 | ||
| a | BARK, Inc. | 3,600 | 6,624 | ||
| Bloomin’ Brands, Inc. | 6,200 | 75,702 | |||
| Buckle, Inc. | 2,140 | 108,733 | |||
| Build-A-Bear Workshop, Inc. | 880 | 40,515 | |||
| Caleres, Inc. | 2,180 | 50,489 | |||
| Cheesecake Factory, Inc. | 3,720 | 176,477 | |||
| Cracker Barrel Old Country Store, Inc. | 1,680 | 88,805 | |||
| Cricut, Inc., Class A | 1,300 | 7,410 | |||
| Designer Brands, Inc., Class A | 2,040 | 10,894 | |||
| a | Despegar.com Corp. | 1,740 | 33,495 | ||
| a | Destination XL Group, Inc. | 3,280 | 8,823 | ||
| a | Dorman Products, Inc. | 1,140 | 147,687 | ||
| Escalade, Inc. | 520 | 7,426 | |||
| Ethan Allen Interiors, Inc. | 1,580 | 44,414 | |||
| a | Figs, Inc., Class A | 8,340 | 51,625 | ||
| Flexsteel Industries, Inc. | 200 | 10,868 | |||
| a | Foot Locker, Inc. | 4,400 | 95,744 | ||
| a | Frontdoor, Inc. | 4,720 | 258,042 | ||
| a | Genesco, Inc. | 660 | 28,215 | ||
| a | G-III Apparel Group Ltd. | 2,260 | 73,721 | ||
| Group 1 Automotive, Inc. | 750 | 316,110 | |||
| Hamilton Beach Brands Holding Co., Class A | 380 | 6,395 | |||
| Haverty Furniture Cos., Inc. | 1,020 | 22,705 | |||
| a | Helen of Troy Ltd. | 1,200 | 71,796 | ||
| Hooker Furnishings Corp. | 520 | 7,285 | |||
| Installed Building Products, Inc. | 1,380 | 241,845 | |||
| J Jill, Inc. | 320 | 8,838 | |||
| Jack in the Box, Inc. | 980 | 40,807 | |||
| a | JAKKS Pacific, Inc. | 420 | 11,823 | ||
| Johnson Outdoors, Inc., Class A | 240 | 7,920 | |||
| Kontoor Brands, Inc. | 3,840 | 327,974 |
| La-Z-Boy, Inc. | 2,680 | 116,768 | |||
| LCI Industries | 1,280 | 132,339 | |||
| Lifetime Brands, Inc. | 580 | 3,428 | |||
| a | Lincoln Educational Services Corp. | 1,580 | 24,996 | ||
| a | Lovesac Co. | 760 | 17,982 | ||
| a | M/I Homes, Inc. | 1,260 | 167,517 | ||
| Marine Products Corp. | 600 | 5,502 | |||
| Monarch Casino & Resort, Inc. | 860 | 67,854 | |||
| Monro, Inc. | 1,720 | 42,656 | |||
| Movado Group, Inc. | 1,040 | 20,467 | |||
| Nathan’s Famous, Inc. | 160 | 12,578 | |||
| a | ODP Corp. | 2,080 | 47,299 | ||
| a | ONE Group Hospitality, Inc. | 1,320 | 3,828 | ||
| Oxford Industries, Inc. | 1,000 | 78,780 | |||
| Papa John’s International, Inc. | 2,020 | 82,961 | |||
| Patrick Industries, Inc. | 1,700 | 141,236 | |||
| Perdoceo Education Corp. | 4,920 | 130,232 | |||
| a | Portillo’s, Inc., Class A | 3,040 | 28,576 | ||
| a | Potbelly Corp. | 1,380 | 13,000 | ||
| a | RealReal, Inc. | 3,960 | 43,283 | ||
| a | Revolve Group, Inc. | 2,600 | 87,074 | ||
| Rocky Brands, Inc. | 400 | 9,120 | |||
| a | Sally Beauty Holdings, Inc. | 7,560 | 79,002 | ||
| a | Savers Value Village, Inc. | 940 | 9,635 | ||
| Shoe Carnival, Inc. | 980 | 32,418 | |||
| Signet Jewelers Ltd. | 2,500 | 201,775 | |||
| Six Flags Entertainment Corp. | 2,740 | 132,041 | |||
| a | Sleep Number Corp. | 860 | 13,106 | ||
| Smith & Wesson Brands, Inc. | 2,480 | 25,060 | |||
| Sonic Automotive, Inc., Class A | 880 | 55,748 | |||
| a | Sonos, Inc. | 6,660 | 100,166 | ||
| Standard Motor Products, Inc. | 1,360 | 42,133 | |||
| Steven Madden Ltd. | 4,680 | 198,994 | |||
| Strategic Education, Inc. | 1,340 | 125,183 | |||
| a | Stride, Inc. | 2,680 | 278,532 | ||
| Sturm Ruger & Co., Inc. | 920 | 32,540 | |||
| Superior Group of Cos., Inc. | 580 | 9,587 | |||
| a | Target Hospitality Corp. | 1,740 | 16,817 | ||
| a | Tile Shop Holdings, Inc. | 1,900 | 13,167 | ||
| a | Torrid Holdings, Inc. | 880 | 4,602 | ||
| a | Universal Technical Institute, Inc. | 2,240 | 57,590 | ||
| Upbound Group, Inc. | 3,440 | 100,345 | |||
| a | Vera Bradley, Inc. | 1,160 | 4,559 | ||
| a | Victoria’s Secret & Co. | 2,080 | 86,154 | ||
| Weyco Group, Inc. | 360 | 13,518 | |||
| Wolverine World Wide, Inc. | 4,480 | 99,456 | |||
| a,b | XPEL, Inc. | 1,340 | 53,520 | ||
| 6,653,961 | |||||
| Consumer Staples 6.7% | |||||
| Cal-Maine Foods, Inc. | 2,520 | 259,358 | |||
| a | Central Garden & Pet Co. | 600 | 23,280 | ||
| a | Central Garden & Pet Co., Class A | 3,180 | 105,099 | ||
| Edgewell Personal Care Co. | 2,580 | 86,688 | |||
| Energizer Holdings, Inc. | 3,940 | 137,467 | |||
| Fresh Del Monte Produce, Inc. | 880 | 29,225 | |||
| Ingles Markets, Inc., Class A | 900 | 57,996 | |||
| Interparfums, Inc. | 1,300 | 170,963 | |||
| J&J Snack Foods Corp. | 800 | 124,104 | |||
| John B Sanfilippo & Son, Inc. | 540 | 47,039 | |||
| Lancaster Colony Corp. | 1,080 | 186,991 | |||
| a | Lifeway Foods, Inc. | 200 | 4,960 | ||
| a | Mama’s Creations, Inc. | 1,560 | 12,418 | ||
| a | Medifast, Inc. | 660 | 11,629 | ||
| National Beverage Corp. | 1,540 | 65,712 |
| Natural Grocers by Vitamin Cottage, Inc., Class C | 580 | 23,038 | |||
| a | Nature’s Sunshine Products, Inc. | 680 | 9,969 | ||
| Nu Skin Enterprises, Inc., Class A | 3,580 | 24,666 | |||
| Oil-Dri Corp. of America | 260 | 22,786 | |||
| PriceSmart, Inc. | 1,540 | 141,942 | |||
| Primo Brands Corp., Class A | 4,460 | 137,234 | |||
| SpartanNash Co. | 2,400 | 43,968 | |||
| a | Sprouts Farmers Market, Inc. | 2,920 | 371,045 | ||
| Turning Point Brands, Inc. | 740 | 44,474 | |||
| a | United Natural Foods, Inc. | 3,220 | 87,938 | ||
| Universal Corp. | 1,460 | 80,066 | |||
| a | USANA Health Sciences, Inc. | 780 | 27,994 | ||
| Village Super Market, Inc., Class A | 640 | 20,410 | |||
| a | Vita Coco Co., Inc. | 1,580 | 58,318 | ||
| a | Vital Farms, Inc. | 1,480 | 55,781 | ||
| WD-40 Co. | 900 | 218,412 | |||
| Weis Markets, Inc. | 1,100 | 74,492 | |||
| WK Kellogg Co. | 1,780 | 32,022 | |||
| 2,797,484 | |||||
| Energy 4.7% | |||||
| Archrock, Inc. | 7,560 | 188,168 | |||
| Ardmore Shipping Corp. | 2,360 | 28,674 | |||
| Atlas Energy Solutions, Inc. | 2,700 | 59,886 | |||
| California Resources Corp. | 4,040 | 209,635 | |||
| CONSOL Energy, Inc. | 1,800 | 192,024 | |||
| Crescent Energy Co., Class A | 5,920 | 86,491 | |||
| c | CVR Energy, Inc. | 1,680 | 31,483 | ||
| DHT Holdings, Inc. | 5,740 | 53,325 | |||
| Dorian LPG Ltd. | 1,500 | 36,555 | |||
| a | Drilling Tools International Corp. | 580 | 1,897 | ||
| Evolution Petroleum Corp. | 1,520 | 7,950 | |||
| Granite Ridge Resources, Inc. | 2,700 | 17,442 | |||
| a | Gulfport Energy Corp. | 600 | 110,520 | ||
| International Seaways, Inc. | 2,080 | 74,755 | |||
| Kodiak Gas Services, Inc. | 1,200 | 48,996 | |||
| Magnolia Oil & Gas Corp., Class A | 9,100 | 212,758 | |||
| Northern Oil & Gas, Inc. | 5,220 | 193,975 | |||
| Peabody Energy Corp. | 6,140 | 128,572 | |||
| Riley Exploration Permian, Inc. | 600 | 19,152 | |||
| Scorpio Tankers, Inc. | 2,420 | 120,250 | |||
| SFL Corp. Ltd. | 7,200 | 73,584 | |||
| Teekay Tankers Ltd., Class A | 1,180 | 46,952 | |||
| VAALCO Energy, Inc. | 5,840 | 25,521 | |||
| 1,968,565 | |||||
| Financials 11.9% | |||||
| 1st Source Corp. | 1,080 | 63,050 | |||
| ARES Commercial Real Estate Corp. | 1,440 | 8,482 | |||
| Artisan Partners Asset Management, Inc., Class A | 2,740 | 117,957 | |||
| Banco Latinoamericano de Comercio Exterior SA, Class E | 1,520 | 54,066 | |||
| Bank of Marin Bancorp | 820 | 19,491 | |||
| Bank7 Corp. | 200 | 9,332 | |||
| Blackstone Mortgage Trust, Inc., Class A | 11,200 | 194,992 | |||
| a | Bowhead Specialty Holdings, Inc. | 320 | 11,366 | ||
| Brookline Bancorp, Inc. | 5,140 | 60,652 | |||
| Cass Information Systems, Inc. | 700 | 28,637 | |||
| Central Pacific Financial Corp. | 1,200 | 34,860 | |||
| Chemung Financial Corp. | 200 | 9,762 | |||
| Chicago Atlantic Real Estate Finance, Inc. | 720 | 11,102 | |||
| Citizens & Northern Corp. | 700 | 13,020 | |||
| City Holding Co. | 740 | 87,675 | |||
| Claros Mortgage Trust, Inc. | 3,680 | 16,634 | |||
| CNO Financial Group, Inc. | 4,560 | 169,678 | |||
| Cohen & Steers, Inc. | 740 | 68,332 |
| a | Consumer Portfolio Services, Inc. | 480 | 5,213 | ||
| a | CrossFirst Bankshares, Inc. | 1,940 | 29,391 | ||
| Diamond Hill Investment Group, Inc. | 60 | 9,306 | |||
| a | Donnelley Financial Solutions, Inc. | 1,360 | 85,313 | ||
| Eagle Bancorp, Inc. | 1,560 | 40,607 | |||
| Enact Holdings, Inc. | 2,000 | 64,760 | |||
| a | Enova International, Inc. | 1,360 | 130,397 | ||
| ESSA Bancorp, Inc. | 480 | 9,360 | |||
| Essent Group Ltd. | 6,500 | 353,860 | |||
| First Business Financial Services, Inc. | 440 | 20,368 | |||
| First Community Bankshares, Inc. | 680 | 28,315 | |||
| First of Long Island Corp. | 1,260 | 14,717 | |||
| FirstCash Holdings, Inc. | 1,820 | 188,552 | |||
| GCM Grosvenor, Inc., Class A | 1,800 | 22,086 | |||
| a | Genworth Financial, Inc., Class A | 23,460 | 163,986 | ||
| German American Bancorp, Inc. | 1,700 | 68,374 | |||
| a | Goosehead Insurance, Inc., Class A | 660 | 70,765 | ||
| Granite Point Mortgage Trust, Inc. | 2,540 | 7,087 | |||
| Guaranty Bancshares, Inc. | 480 | 16,608 | |||
| a | Hamilton Insurance Group Ltd., Class B | 1,400 | 26,642 | ||
| Heritage Commerce Corp. | 2,760 | 25,889 | |||
| Home Bancorp, Inc. | 340 | 15,711 | |||
| Home BancShares, Inc. | 10,020 | 283,566 | |||
| a | International Money Express, Inc. | 2,380 | 49,575 | ||
| Jackson Financial, Inc., Class A | 4,340 | 377,927 | |||
| Kearny Financial Corp. | 2,080 | 14,726 | |||
| KKR Real Estate Finance Trust, Inc. | 3,480 | 35,148 | |||
| Mercury General Corp. | 1,480 | 98,390 | |||
| NBT Bancorp, Inc. | 2,580 | 123,221 | |||
| a | NerdWallet, Inc., Class A | 1,980 | 26,334 | ||
| Nexpoint Real Estate Finance, Inc. | 400 | 6,276 | |||
| a | NMI Holdings, Inc., Class A | 4,940 | 181,595 | ||
| Northeast Community Bancorp, Inc. | 660 | 16,144 | |||
| Northfield Bancorp, Inc. | 2,160 | 25,099 | |||
| Northwest Bancshares, Inc. | 6,600 | 87,054 | |||
| OceanFirst Financial Corp. | 2,940 | 53,214 | |||
| Park National Corp. | 580 | 99,429 | |||
| Parke Bancorp, Inc. | 540 | 11,075 | |||
| Peoples Bancorp, Inc. | 1,920 | 60,845 | |||
| Peoples Financial Services Corp. | 420 | 21,496 | |||
| PJT Partners, Inc., Class A | 980 | 154,654 | |||
| Preferred Bank | 660 | 57,011 | |||
| Radian Group, Inc. | 4,020 | 127,514 | |||
| Regional Management Corp. | 560 | 19,029 | |||
| Selective Insurance Group, Inc. | 3,100 | 289,912 | |||
| Seven Hills Realty Trust | 540 | 7,063 | |||
| Southern Missouri Bancorp, Inc. | 460 | 26,390 | |||
| Stock Yards Bancorp, Inc. | 1,100 | 78,771 | |||
| Tompkins Financial Corp. | 740 | 50,194 | |||
| TPG RE Finance Trust, Inc. | 3,660 | 31,110 | |||
| TrustCo Bank Corp. | 1,040 | 34,642 | |||
| Value Line, Inc. | 20 | 1,056 | |||
| Victory Capital Holdings, Inc., Class A | 1,900 | 124,374 | |||
| a | World Acceptance Corp. | 240 | 26,986 | ||
| 4,976,215 | |||||
| Health Care 10.2% | |||||
| a | ACADIA Pharmaceuticals, Inc. | 7,660 | 140,561 | ||
| a | Alkermes PLC | 10,840 | 311,758 | ||
| a | AMN Healthcare Services, Inc. | 2,300 | 55,016 | ||
| a | Ardent Health Partners, Inc. | 380 | 6,490 | ||
| a | Artivion, Inc. | 1,800 | 51,462 | ||
| a | AtriCure, Inc. | 2,800 | 85,568 | ||
| a | Axogen, Inc. | 2,440 | 40,211 | ||
| a | Biote Corp., Class A | 1,440 | 8,899 |
| a | Catalyst Pharmaceuticals, Inc. | 7,020 | 146,507 | ||
| a | Ceribell, Inc. | 340 | 8,799 | ||
| a | ChromaDex Corp. | 2,260 | 11,989 | ||
| a | Collegium Pharmaceutical, Inc. | 1,360 | 38,964 | ||
| a | Community Health Systems, Inc. | 6,580 | 19,674 | ||
| Concentra Group Holdings Parent, Inc. | 2,900 | 57,362 | |||
| CONMED Corp. | 1,840 | 125,930 | |||
| a | Corcept Therapeutics, Inc. | 5,200 | 262,028 | ||
| a | CorVel Corp. | 1,560 | 173,566 | ||
| a | Cross Country Healthcare, Inc. | 2,000 | 36,320 | ||
| Embecta Corp. | 3,920 | 80,948 | |||
| a | Fennec Pharmaceuticals, Inc. | 1,020 | 6,446 | ||
| a | Harmony Biosciences Holdings, Inc. | 1,820 | 62,626 | ||
| a | Harvard Bioscience, Inc. | 1,860 | 3,925 | ||
| HealthStream, Inc. | 640 | 20,352 | |||
| a | Hims & Hers Health, Inc. | 8,680 | 209,882 | ||
| a | Inari Medical, Inc. | 3,280 | 167,444 | ||
| a | InfuSystem Holdings, Inc. | 1,080 | 9,126 | ||
| a | Inmode Ltd. | 4,600 | 76,820 | ||
| a | Innoviva, Inc. | 3,260 | 56,561 | ||
| iRadimed Corp. | 560 | 30,800 | |||
| a | Ironwood Pharmaceuticals, Inc. | 7,580 | 33,579 | ||
| a | Joint Corp. | 820 | 8,717 | ||
| a | Kiniksa Pharmaceuticals International PLC | 1,880 | 37,186 | ||
| a | Lantheus Holdings, Inc. | 1,860 | 166,396 | ||
| LeMaitre Vascular, Inc. | 1,180 | 108,725 | |||
| a | Merit Medical Systems, Inc. | 3,080 | 297,898 | ||
| a | MiMedx Group, Inc. | 7,200 | 69,264 | ||
| National HealthCare Corp. | 740 | 79,594 | |||
| National Research Corp. | 1,060 | 18,698 | |||
| a | Option Care Health, Inc. | 6,920 | 160,544 | ||
| a | Organogenesis Holdings, Inc. | 4,180 | 13,376 | ||
| Patterson Cos., Inc. | 5,580 | 172,199 | |||
| a | Pediatrix Medical Group, Inc. | 5,340 | 70,061 | ||
| a | Performant Healthcare, Inc. | 4,640 | 14,013 | ||
| Phibro Animal Health Corp., Class A | 1,340 | 28,140 | |||
| a | Prestige Consumer Healthcare, Inc. | 3,100 | 242,079 | ||
| a | Puma Biotechnology, Inc. | 1,840 | 5,612 | ||
| a | Quipt Home Medical Corp. | 1,880 | 5,734 | ||
| a | Rigel Pharmaceuticals, Inc. | 880 | 14,802 | ||
| a | Semler Scientific, Inc. | 300 | 16,200 | ||
| SIGA Technologies, Inc. | 3,080 | 18,511 | |||
| a | Sonida Senior Living, Inc. | 200 | 4,616 | ||
| a | Surmodics, Inc. | 660 | 26,136 | ||
| a | Tactile Systems Technology, Inc. | 1,460 | 25,010 | ||
| a | Treace Medical Concepts, Inc. | 2,560 | 19,046 | ||
| a | UFP Technologies, Inc. | 360 | 88,024 | ||
| a | Vanda Pharmaceuticals, Inc. | 3,440 | 16,478 | ||
| a | Vericel Corp. | 2,280 | 125,195 | ||
| a | Viemed Healthcare, Inc. | 1,920 | 15,398 | ||
| a | Y-mAbs Therapeutics, Inc. | 1,520 | 11,902 | ||
| a,c | Zynex, Inc. | 1,260 | 10,093 | ||
| 4,229,260 | |||||
| Industrials 21.3% | |||||
| ACCO Brands Corp. | 5,400 | 28,350 | |||
| Alamo Group, Inc. | 540 | 100,391 | |||
| Allient, Inc. | 820 | 19,910 | |||
| Apogee Enterprises, Inc. | 1,120 | 79,979 | |||
| Applied Industrial Technologies, Inc. | 1,640 | 392,731 | |||
| Atmus Filtration Technologies, Inc. | 3,520 | 137,914 | |||
| Barrett Business Services, Inc. | 1,560 | 67,766 | |||
| a | Bowman Consulting Group Ltd. | 620 | 15,469 | ||
| a | BrightView Holdings, Inc. | 2,260 | 36,137 | ||
| Brink’s Co. | 2,640 | 244,913 |
| a | Cimpress PLC | 1,160 | 83,195 | ||
| CompX International, Inc. | 100 | 2,615 | |||
| Costamare, Inc. | 2,480 | 31,868 | |||
| Covenant Logistics Group, Inc. | 580 | 31,616 | |||
| CRA International, Inc. | 380 | 71,136 | |||
| CSG Systems International, Inc. | 2,020 | 103,242 | |||
| CSW Industrials, Inc. | 940 | 331,632 | |||
| Deluxe Corp. | 2,760 | 62,348 | |||
| a | DXP Enterprises, Inc. | 780 | 64,444 | ||
| Enerpac Tool Group Corp. | 2,260 | 92,863 | |||
| Ennis, Inc. | 1,740 | 36,697 | |||
| ESCO Technologies, Inc. | 1,500 | 199,815 | |||
| a | ExlService Holdings, Inc. | 4,260 | 189,059 | ||
| Exponent, Inc. | 3,180 | 283,338 | |||
| Federal Signal Corp. | 2,320 | 214,345 | |||
| a | Forrester Research, Inc. | 500 | 7,835 | ||
| a | Franklin Covey Co. | 700 | 26,306 | ||
| Franklin Electric Co., Inc. | 2,780 | 270,911 | |||
| a | GEO Group, Inc. | 6,620 | 185,228 | ||
| Global Industrial Co. | 1,000 | 24,790 | |||
| a | GMS, Inc. | 2,640 | 223,951 | ||
| Golden Ocean Group Ltd. | 4,900 | 43,904 | |||
| Gorman-Rupp Co. | 1,120 | 42,470 | |||
| Griffon Corp. | 1,440 | 102,629 | |||
| H&E Equipment Services, Inc. | 1,660 | 81,274 | |||
| Heartland Express, Inc. | 3,080 | 34,558 | |||
| Heidrick & Struggles International, Inc. | 1,400 | 62,034 | |||
| Hillenbrand, Inc. | 3,560 | 109,577 | |||
| HNI Corp. | 3,040 | 153,125 | |||
| a | Huron Consulting Group, Inc. | 840 | 104,379 | ||
| Hyster-Yale, Inc. | 560 | 28,521 | |||
| a | IBEX Holdings Ltd. | 520 | 11,175 | ||
| ICF International, Inc. | 1,140 | 135,900 | |||
| a | IES Holdings, Inc. | 420 | 84,403 | ||
| a | Innodata, Inc. | 760 | 30,035 | ||
| Insperity, Inc. | 2,020 | 156,570 | |||
| Interface, Inc. | 2,380 | 57,953 | |||
| Kadant, Inc. | 695 | 239,768 | |||
| Karat Packaging, Inc. | 400 | 12,104 | |||
| Kelly Services, Inc., Class A | 1,780 | 24,813 | |||
| Kforce, Inc. | 1,380 | 78,246 | |||
| Korn Ferry | 3,540 | 238,773 | |||
| a | L.B. Foster Co., Class A | 360 | 9,684 | ||
| a | Legalzoom.com, Inc. | 8,660 | 65,037 | ||
| a | Liquidity Services, Inc. | 1,320 | 42,623 | ||
| LSI Industries, Inc. | 1,480 | 28,742 | |||
| Luxfer Holdings PLC | 1,480 | 19,373 | |||
| Marten Transport Ltd. | 3,140 | 49,015 | |||
| a | Masterbrand, Inc. | 6,160 | 89,998 | ||
| Matthews International Corp., Class A | 1,580 | 43,734 | |||
| McGrath RentCorp | 1,340 | 149,839 | |||
| Miller Industries, Inc. | 620 | 40,523 | |||
| MillerKnoll, Inc. | 3,980 | 89,908 | |||
| a | Mistras Group, Inc. | 1,320 | 11,959 | ||
| Moog, Inc., Class A | 1,580 | 311,007 | |||
| Mueller Industries, Inc. | 5,580 | 442,829 | |||
| Mueller Water Products, Inc., Class A | 8,440 | 189,900 | |||
| National Presto Industries, Inc. | 260 | 25,589 | |||
| NL Industries, Inc. | 540 | 4,196 | |||
| a | NV5 Global, Inc. | 3,360 | 63,302 | ||
| Omega Flex, Inc. | 240 | 10,073 | |||
| a | PAMT Corp. | 380 | 6,224 | ||
| Preformed Line Products Co. | 140 | 17,891 | |||
| Primoris Services Corp. | 2,040 | 155,856 | |||
| a | Proficient Auto Logistics, Inc. | 460 | 3,712 |
| a | Radiant Logistics, Inc. | 2,100 | 14,070 | ||
| a | Resideo Technologies, Inc. | 6,700 | 154,435 | ||
| Resources Connection, Inc. | 2,340 | 19,960 | |||
| REV Group, Inc. | 2,120 | 67,564 | |||
| Rush Enterprises, Inc., Class A | 3,400 | 186,286 | |||
| Rush Enterprises, Inc., Class B | 500 | 27,220 | |||
| Safe Bulkers, Inc. | 3,640 | 12,995 | |||
| Standex International Corp. | 640 | 119,674 | |||
| Steelcase, Inc., Class A | 5,500 | 65,010 | |||
| Tennant Co. | 1,180 | 96,205 | |||
| a | Titan Machinery, Inc. | 1,140 | 16,108 | ||
| UniFirst Corp. | 780 | 133,450 | |||
| Universal Logistics Holdings, Inc. | 380 | 17,457 | |||
| a | Upwork, Inc. | 5,380 | 87,963 | ||
| Virco Mfg. Corp. | 520 | 5,330 | |||
| Watts Water Technologies, Inc., Class A | 1,580 | 321,214 | |||
| Werner Enterprises, Inc. | 4,360 | 156,611 | |||
| 8,865,571 | |||||
| Information Technology 14.3% | |||||
| A10 Networks, Inc. | 5,060 | 93,104 | |||
| a | ACI Worldwide, Inc. | 4,760 | 247,092 | ||
| a | Agilysys, Inc. | 960 | 126,442 | ||
| a | AvePoint, Inc. | 3,820 | 63,068 | ||
| a | Aviat Networks, Inc. | 660 | 11,953 | ||
| a | Axcelis Technologies, Inc. | 1,820 | 127,164 | ||
| Badger Meter, Inc. | 1,860 | 394,543 | |||
| Belden, Inc. | 2,140 | 240,986 | |||
| Benchmark Electronics, Inc. | 1,360 | 61,744 | |||
| a | Blackbaud, Inc. | 2,460 | 181,843 | ||
| a | BlackLine, Inc. | 1,540 | 93,570 | ||
| a | Box, Inc., Class A | 8,840 | 279,344 | ||
| a | Calix, Inc. | 3,020 | 105,308 | ||
| Clear Secure, Inc., Class A | 4,500 | 119,880 | |||
| Climb Global Solutions, Inc. | 200 | 25,350 | |||
| a | Commvault Systems, Inc. | 2,620 | 395,384 | ||
| CompoSecure, Inc., Class A | 1,300 | 19,929 | |||
| a | Consensus Cloud Solutions, Inc. | 1,040 | 24,814 | ||
| a | Couchbase, Inc. | 1,680 | 26,191 | ||
| a | CPI Card Group, Inc. | 260 | 7,771 | ||
| a | Daily Journal Corp. | 60 | 34,079 | ||
| a | Domo, Inc., Class B | 980 | 6,938 | ||
| a | eGain Corp. | 1,140 | 7,102 | ||
| a | Enfusion, Inc., Class A | 2,800 | 28,840 | ||
| a | ePlus, Inc. | 1,640 | 121,163 | ||
| Hackett Group, Inc. | 1,580 | 48,538 | |||
| a | Harmonic, Inc. | 6,020 | 79,645 | ||
| Immersion Corp. | 1,680 | 14,666 | |||
| Information Services Group, Inc. | 2,080 | 6,947 | |||
| InterDigital, Inc. | 1,440 | 278,957 | |||
| Logility Supply Chain Solutions, Inc., Class A | 1,740 | 19,279 | |||
| a | Mitek Systems, Inc. | 2,060 | 22,928 | ||
| Napco Security Technologies, Inc. | 2,040 | 72,542 | |||
| NVE Corp. | 300 | 24,429 | |||
| a | OneSpan, Inc. | 2,420 | 44,867 | ||
| a | Ooma, Inc. | 1,640 | 23,058 | ||
| a | OSI Systems, Inc. | 920 | 154,036 | ||
| PC Connection, Inc. | 640 | 44,333 | |||
| a | Plexus Corp. | 1,360 | 212,813 | ||
| Progress Software Corp. | 2,540 | 165,481 | |||
| a | PROS Holdings, Inc. | 2,220 | 48,751 | ||
| a | Qualys, Inc. | 2,480 | 347,746 | ||
| a | Rambus, Inc. | 6,300 | 333,018 | ||
| Richardson Electronics Ltd. | 640 | 8,979 | |||
| a | Rimini Street, Inc. | 3,580 | 9,559 |
| Sapiens International Corp. NV | 1,700 | 45,679 | |||
| a | SEMrush Holdings, Inc., Class A | 1,600 | 19,008 | ||
| a | Silvaco Group, Inc. | 200 | 1,616 | ||
| a | SPS Commerce, Inc. | 2,180 | 401,098 | ||
| a | Varonis Systems, Inc. | 4,860 | 215,930 | ||
| a | Vertex, Inc., Class A | 1,440 | 76,824 | ||
| a | Viant Technology, Inc., Class A | 420 | 7,976 | ||
| a | Viavi Solutions, Inc. | 6,020 | 60,802 | ||
| a | Vishay Precision Group, Inc. | 620 | 14,551 | ||
| a | WM Technology, Inc. | 4,160 | 5,741 | ||
| a | Workiva, Inc. | 2,440 | 267,180 | ||
| a | Yext, Inc. | 6,040 | 38,414 | ||
| 5,958,993 | |||||
| Materials 2.6% | |||||
| a | Alpha Metallurgical Resources, Inc. | 580 | 116,069 | ||
| Arch Resources, Inc. | 920 | 129,922 | |||
| Caledonia Mining Corp. PLC | 760 | 7,152 | |||
| Greif, Inc., Class A | 1,460 | 89,235 | |||
| Greif, Inc., Class B | 300 | 20,355 | |||
| Hawkins, Inc. | 960 | 117,763 | |||
| Innospec, Inc. | 1,400 | 154,084 | |||
| Myers Industries, Inc. | 2,180 | 24,067 | |||
| Ramaco Resources, Inc., Class A | 1,300 | 13,338 | |||
| Ramaco Resources, Inc., Class B | 244 | 2,411 | |||
| Ryerson Holding Corp. | 1,460 | 27,025 | |||
| Sensient Technologies Corp. | 2,400 | 171,024 | |||
| SunCoke Energy, Inc. | 4,320 | 46,224 | |||
| Sylvamo Corp. | 1,840 | 145,397 | |||
| 1,064,066 | |||||
| Real Estate 4.5% | |||||
| Alexander’s, Inc. | 80 | 16,005 | |||
| American Assets Trust, Inc. | 2,700 | 70,902 | |||
| Brandywine Realty Trust | 7,240 | 40,544 | |||
| Broadstone Net Lease, Inc. | 10,380 | 164,627 | |||
| CareTrust REIT, Inc. | 9,760 | 264,008 | |||
| Community Healthcare Trust, Inc. | 1,540 | 29,583 | |||
| a | Compass, Inc., Class A | 10,340 | 60,489 | ||
| Elme Communities | 3,600 | 54,972 | |||
| Essential Properties Realty Trust, Inc. | 7,220 | 225,841 | |||
| a | Forestar Group, Inc. | 920 | 23,846 | ||
| Four Corners Property Trust, Inc. | 5,700 | 154,698 | |||
| Innovative Industrial Properties, Inc. | 1,580 | 105,291 | |||
| LTC Properties, Inc. | 2,320 | 80,156 | |||
| a | NET Lease Office Properties | 560 | 17,478 | ||
| One Liberty Properties, Inc. | 640 | 17,434 | |||
| Orion Office REIT, Inc. | 3,140 | 11,649 | |||
| Paramount Group, Inc. | 7,840 | 38,730 | |||
| Peakstone Realty Trust | 1,640 | 18,155 | |||
| Piedmont Office Realty Trust, Inc., Class A | 7,160 | 65,514 | |||
| a | RE/MAX Holdings, Inc., Class A | 1,300 | 13,871 | ||
| Retail Opportunity Investments Corp. | 6,380 | 110,757 | |||
| RMR Group, Inc., Class A | 1,020 | 21,053 | |||
| SITE Centers Corp. | 1,420 | 21,712 | |||
| Tanger, Inc. | 6,760 | 230,719 | |||
| Universal Health Realty Income Trust | 740 | 27,535 | |||
| 1,885,569 | |||||
| Utilities 4.7% | |||||
| American States Water Co. | 2,240 | 174,093 | |||
| Avista Corp. | 4,360 | 159,707 | |||
| California Water Service Group | 3,360 | 152,309 | |||
| Global Water Resources, Inc. | 660 | 7,590 | |||
| MGE Energy, Inc. | 2,020 | 189,799 |
| Northwest Natural Holding Co. | 2,140 | 84,658 | |||
| Northwestern Energy Group, Inc. | 3,500 | 187,110 | |||
| Portland General Electric Co. | 2,780 | 121,264 | |||
| SJW Group | 1,800 | 88,596 | |||
| Southwest Gas Holdings, Inc. | 3,700 | 261,627 | |||
| Spire, Inc. | 3,000 | 203,490 | |||
| TXNM Energy, Inc. | 5,540 | 272,402 | |||
| Unitil Corp. | 860 | 46,603 | |||
| York Water Co. | 900 | 29,448 | |||
| 1,978,696 | |||||
| Total Common Stocks (Cost $37,712,533) | 41,610,566 | ||||
| Total Investments before Short-Term Investments (Cost $37,712,533) | 41,610,566 | ||||
| Short-Term Investments 0.0%† | |||||
| Investments from Cash Collateral Received for Loaned Securities 0.0%† | |||||
| Money Market Funds 0.0%† | |||||
| d,e | Institutional Fiduciary Trust - Money Market Portfolio, 4.18% | 14,775 | 14,775 | ||
| Money Market Funds 0.0%† | |||||
| d,e | Institutional Fiduciary Trust - Money Market Portfolio, 4.18% | 224 | 224 | ||
| Total Short-Term Investments (Cost $14,999) | 14,999 | ||||
| Total Investments (Cost $37,727,532) 100.0% | 41,625,565 | ||||
| Other Assets, less Liabilities 0.0%† | 18,124 | ||||
| Net Assets 100.0% | $ 41,643,689 |
| †Rounds to less than 0.1% of net assets. |
| aNon-income producing. |
| bSecurity was purchased pursuant to Rule 144A under the Securities Act of 1933 and may be sold in transactions exempt from registration only to qualified institutional buyers or in a public offering registered under the Securities Act of 1933. At December 31, 2024, the value of this security was $53,520, representing 0.1% of net assets. |
| cA portion or all of the security is on loan at December 31, 2024. |
| dThe rate shown is the annualized seven-day effective yield at period end. |
| eSee Note 3 regarding investments in affiliated management investment companies. |
| Description | Type | Number of Contracts | Notional Amount* | Expiration Date | Value/Unrealized Appreciation (Depreciation) |
| Index Contracts | |||||
| Micro E-Mini Russell 2000 Index Futures | Long | 2 | $ 22,498 | 3/21/25 | $ (1,422) |
| *As of period end. |
| Selected Portfolio | ||
| REIT | – | Real Estate Investment Trust |
| Franklin U.S. Treasury Bond ETF | Country | Principal Amount* | Value | |||
| U.S. Government & Agency Securities 98.2% | ||||||
| U.S. Treasury Bonds, | ||||||
| 1.75%, 8/15/41 | United States | 9,450,000 | $ 6,123,065 | |||
| 3.125%, 2/15/42 | United States | 65,000,000 | 52,172,565 | |||
| 3.125%, 5/15/48 | United States | 60,000,000 | 44,960,318 | |||
| 3.875%, 5/15/43 | United States | 14,850,000 | 13,074,476 | |||
| 4.00%, 11/15/52 | United States | 37,000,000 | 32,242,582 | |||
| 4.125%, 8/15/53 | United States | 16,950,000 | 15,101,708 | |||
| 4.375%, 5/15/40 | United States | 4,750,000 | 4,545,338 | |||
| 5.00%, 5/15/37 | United States | 2,200,000 | 2,280,325 | |||
| U.S. Treasury Notes, | ||||||
| 1.125%, 2/29/28 | United States | 26,303,000 | 23,864,896 | |||
| 1.25%, 4/30/28 | United States | 110,000,000 | 99,679,351 | |||
| 1.25%, 9/30/28 | United States | 8,000,000 | 7,151,294 | |||
| 1.25%, 8/15/31 | United States | 8,000,000 | 6,530,533 | |||
| 1.375%, 11/15/31 | United States | 15,630,000 | 12,775,300 | |||
| 1.875%, 2/15/32 | United States | 19,784,000 | 16,646,327 | |||
| 3.50%, 1/31/30 | United States | 25,700,000 | 24,662,006 | |||
| 3.75%, 12/31/30 | United States | 65,000,000 | 62,640,447 | |||
| 3.75%, 8/31/31 | United States | 15,000,000 | 14,374,688 | |||
| 4.00%, 1/31/31 | United States | 7,500,000 | 7,319,126 | |||
| 4.125%, 10/31/27 | United States | 185,000,000 | 184,298,987 | |||
| 4.125%, 8/31/30 | United States | 15,000,000 | 14,772,300 | |||
| 4.25%, 6/30/31 | United States | 16,000,000 | 15,802,553 | |||
| 4.375%, 12/15/26 | United States | 5,000,000 | 5,012,110 | |||
| 4.375%, 5/15/34 | United States | 25,600,000 | 25,214,501 | |||
| 4.50%, 11/15/25 | United States | 65,000,000 | 65,126,231 | |||
| 4.625%, 6/30/26 | United States | 7,500,000 | 7,541,336 | |||
| U.S. Treasury STRIPS Coupon, | ||||||
| a 4.15%, 2/15/29 | United States | 32,100,000 | 26,699,759 | |||
| a 4.258%, 2/15/31 | United States | 54,000,000 | 40,667,272 | |||
| Total U.S. Government & Agency Securities (Cost $845,461,630) | 831,279,394 | |||||
| Total Investments before Short-Term Investments (Cost $845,461,630) | 831,279,394 | |||||
| Short-Term Investments 1.3% | ||||||
| Money Market Funds 1.3% | ||||||
| United States 1.3% | ||||||
| b,c | Institutional Fiduciary Trust - Money Market Portfolio, 4.18% | United States | 11,060,229 | 11,060,229 | ||
| Total Short-Term Investments (Cost $11,060,229) | 11,060,229 | |||||
| Total Investments (Cost $856,521,859) 99.5% | 842,339,623 | |||||
| Other Assets, less Liabilities 0.5% | 4,656,088 | |||||
| Net Assets 100.0% | $ 846,995,711 |
| *The principal amount is stated in U.S. dollars unless otherwise indicated. |
| aThe rate shown represents the yield at period end. |
| bThe rate shown is the annualized seven-day effective yield at period end. |
| cSee Note 3 regarding investments in affiliated management investment companies. |
| Franklin Ultra Short Bond ETF | Country | Principal Amount* | Value | |||
| Corporate Bonds & Notes 76.0% | ||||||
| Aerospace & Defense 2.4% | ||||||
| Northrop Grumman Corp., 2.93%, 1/15/25 | United States | 100,000 | $ 99,921 | |||
| RTX Corp., 5.00%, 2/27/26 | United States | 500,000 | 501,971 | |||
| 601,892 | ||||||
| Auto Manufacturers 9.8% | ||||||
| a | American Honda Finance Corp., 1 day USD SOFR + 0.72%, 5.316%, 10/22/27 | United States | 250,000 | 250,044 | ||
| a,b | BMW U.S. Capital LLC, 1 day USD SOFR Index + 0.92%, 5.414%, 8/13/27 | Germany | 500,000 | 501,770 | ||
| General Motors Financial Co., Inc., 5.40%, 4/06/26 | United States | 500,000 | 503,089 | |||
| Hyundai Capital America, | ||||||
| b 5.80%, 6/26/25 | United States | 100,000 | 100,379 | |||
| a,b 5.436%, 6/24/27 | United States | 287,000 | 288,034 | |||
| b | Mercedes-Benz Finance North America LLC, 4.80%, 11/13/26 | Germany | 150,000 | 150,338 | ||
| a | Toyota Motor Credit Corp., 1 day USD SOFR Index + 0.45%, 5.104%, 4/10/26 | United States | 250,000 | 250,172 | ||
| b | Volkswagen Group of America Finance LLC, 4.90%, 8/14/26 | Germany | 400,000 | 398,705 | ||
| 2,442,531 | ||||||
| Banks 36.9% | ||||||
| Bank of America Corp., 5.08% to 1/20/26, FRN thereafter, 1/20/27 | United States | 250,000 | 250,766 | |||
| a | Bank of Montreal, 1 day USD SOFR Index + 0.88%, 5.31%, 9/10/27 | Canada | 500,000 | 502,156 | ||
| Bank of New York Mellon Corp., 1.60%, 4/24/25 | United States | 100,000 | 99,044 | |||
| b | Banque Federative du Credit Mutuel SA, 5.896%, 7/13/26 | France | 500,000 | 507,482 | ||
| b | BPCE SA, 5.975% to 1/18/26, FRN thereafter, 1/18/27 | France | 500,000 | 503,959 | ||
| a | Canadian Imperial Bank of Commerce, 1 day USD SOFR Index + 0.93%, 5.353%, 9/11/27 | Canada | 600,000 | 602,976 | ||
| Citigroup, Inc., | ||||||
| a 5.203%, 6/09/27 | United States | 500,000 | 501,150 | |||
| 3.30%, 4/27/25 | United States | 100,000 | 99,531 | |||
| b | Commonwealth Bank of Australia, 4.50%, 12/09/25 | Australia | 500,000 | 497,818 | ||
| a,b | Credit Agricole SA, 1 day USD SOFR + 1.21%, 5.633%, 9/11/28 | France | 500,000 | 503,390 | ||
| a | Goldman Sachs Group, Inc., 3 mo. USD Term SOFR + 1.43%, 5.955%, 5/15/26 | United States | 200,000 | 200,809 | ||
| JPMorgan Chase & Co., | ||||||
| a 5.491%, 4/22/27 | United States | 250,000 | 251,173 | |||
| a 5.466%, 10/22/28 | United States | 350,000 | 351,295 | |||
| Morgan Stanley, | ||||||
| 4.00%, 7/23/25 | United States | 100,000 | 99,617 | |||
| 6.138% to 10/16/25, FRN thereafter, 10/16/26 | United States | 200,000 | 202,080 | |||
| a,b | National Australia Bank Ltd., 1 day USD SOFR + 0.60%, 5.124%, 10/26/27 | Australia | 250,000 | 250,377 | ||
| NatWest Group PLC, 7.472% to 11/10/25, FRN thereafter, 11/10/26 | United Kingdom | 500,000 | 510,517 | |||
| PNC Financial Services Group, Inc., 4.758% to 1/26/26, FRN thereafter, 1/26/27 | United States | 600,000 | 599,284 | |||
| a | Royal Bank of Canada, 1 day USD SOFR Index + 0.72%, 5.334%, 10/18/27 | Canada | 600,000 | 600,774 | ||
| Santander U.K. Group Holdings PLC, 6.833% to 11/21/25, FRN thereafter, 11/21/26 | United Kingdom | 600,000 | 608,763 | |||
| a | State Street Corp., 1 day USD SOFR + 0.64%, 5.166%, 10/22/27 | United States | 84,000 | 84,225 | ||
| a | Toronto-Dominion Bank, 1 day USD SOFR + 0.48%, 4.947%, 8/29/25 | Canada | 250,000 | 250,028 | ||
| Truist Financial Corp., 6.047% to 6/08/26, FRN thereafter, 6/08/27 | United States | 100,000 | 101,666 | |||
| U.S. Bank NA, 4.507% to 10/22/26, FRN thereafter, 10/22/27 | United States | 250,000 | 248,691 | |||
| b | UBS Group AG, 4.125%, 4/15/26 | Switzerland | 400,000 | 396,362 | ||
| Wells Fargo & Co., | ||||||
| 3.196% to 6/17/26, FRN thereafter, 6/17/27 | United States | 250,000 | 244,301 | |||
| 3.00%, 2/19/25 | United States | 100,000 | 99,728 | |||
| 9,167,962 | ||||||
| Biotechnology 0.2% | ||||||
| Illumina, Inc., 4.65%, 9/09/26 | United States | 50,000 | 49,845 |
| Electric 1.0% | ||||||
| a | Pacific Gas & Electric Co., 1 day USD SOFR Index + 0.95%, 5.392%, 9/04/25 | United States | 250,000 | 250,442 | ||
| Financial Services 5.4% | ||||||
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 1.75%, 1/30/26 | Ireland | 150,000 | 145,213 | |||
| Air Lease Corp., 5.30%, 6/25/26 | United States | 500,000 | 503,554 | |||
| American Express Co., 3.95%, 8/01/25 | United States | 100,000 | 99,621 | |||
| Capital One Financial Corp., 4.20%, 10/29/25 | United States | 200,000 | 198,772 | |||
| a | Charles Schwab Corp., 1 day USD SOFR Index + 0.52%, 5.014%, 5/13/26 | United States | 100,000 | 99,976 | ||
| Jefferies Financial Group, Inc., 5.15%, 9/15/25 | United States | 300,000 | 300,146 | |||
| 1,347,282 | ||||||
| Health Care Providers & Services 0.8% | ||||||
| Cigna Group, 3.25%, 4/15/25 | United States | 100,000 | 99,532 | |||
| Elevance Health, Inc., 2.375%, 1/15/25 | United States | 100,000 | 99,915 | |||
| 199,447 | ||||||
| Healthcare-Products 2.8% | ||||||
| Boston Scientific Corp., 1.90%, 6/01/25 | United States | 100,000 | 98,852 | |||
| GE HealthCare Technologies, Inc., 5.60%, 11/15/25 | United States | 500,000 | 503,526 | |||
| Stryker Corp., 1.15%, 6/15/25 | United States | 100,000 | 98,422 | |||
| 700,800 | ||||||
| Household Products 2.2% | ||||||
| Haleon U.K. Capital PLC, 3.125%, 3/24/25 | United States | 550,000 | 547,866 | |||
| Insurance 5.2% | ||||||
| Arthur J Gallagher & Co., 4.60%, 12/15/27 | United States | 500,000 | 498,207 | |||
| b | Athene Global Funding, 5.349%, 7/09/27 | United States | 200,000 | 202,014 | ||
| b | Equitable Financial Life Global Funding, 1.40%, 7/07/25 | United States | 100,000 | 98,382 | ||
| Marsh & McLennan Cos., Inc., 3.50%, 3/10/25 | United States | 100,000 | 99,813 | |||
| a,b | Metropolitan Life Global Funding I, 1 day USD SOFR Index + 0.70%, 5.123%, 6/11/27 | United States | 280,000 | 281,144 | ||
| a,b | Pacific Life Global Funding II, 1 day USD SOFR Index + 0.80%, 5.198%, 3/30/25 | United States | 100,000 | 100,140 | ||
| 1,279,700 | ||||||
| Internet 0.4% | ||||||
| b | Netflix, Inc., 3.625%, 6/15/25 | United States | 100,000 | 99,454 | ||
| Media 0.4% | ||||||
| Fox Corp., 3.05%, 4/07/25 | United States | 100,000 | 99,533 | |||
| Oil & Gas 2.5% | ||||||
| Devon Energy Corp., 5.85%, 12/15/25 | United States | 600,000 | 604,244 | |||
| Pipelines 0.4% | ||||||
| Energy Transfer LP, 2.90%, 5/15/25 | United States | 100,000 | 99,248 | |||
| Real Estate Investment Trusts (REITs) 2.8% | ||||||
| Alexandria Real Estate Equities, Inc., 3.45%, 4/30/25 | United States | 100,000 | 99,523 | |||
| Boston Properties LP, 3.20%, 1/15/25 | United States | 100,000 | 99,921 | |||
| a | Public Storage Operating Co., 1 day USD SOFR Index + 0.70%, 5.332%, 4/16/27 | United States | 500,000 | 502,668 | ||
| 702,112 | ||||||
| Software 0.4% | ||||||
| Fiserv, Inc., 3.85%, 6/01/25 | United States | 100,000 | 99,535 | |||
| Telecommunications 2.0% | ||||||
| T-Mobile USA, Inc., 3.50%, 4/15/25 | United States | 500,000 | 497,814 | |||
| Trucking & Leasing 0.4% | ||||||
| b | Penske Truck Leasing Co. LP/PTL Finance Corp., 4.00%, 7/15/25 | United States | 100,000 | 99,466 | ||
| Total Corporate Bonds & Notes (Cost $18,876,466) | 18,889,173 | |||||
| Total Investments before Short-Term Investments (Cost $18,876,466) | 18,889,173 |
| Short-Term Investments 23.4% | ||||||
| Commercial Paper 20.1% | ||||||
| Alimentation Couche-Tard, Inc., 4.731%, 1/16/25 | Canada | 250,000 | 249,491 | |||
| Bell Telephone Co. of Canada or Bell Canada, 4.789%, 1/27/25 | Canada | 250,000 | 249,161 | |||
| Constellation Brands, Inc., 4.777%, 1/07/25 | United States | 250,000 | 249,768 | |||
| Crown Castle, Inc., 4.94%, 1/23/25 | United States | 250,000 | 249,228 | |||
| Dominion Energy, Inc., 4.697%, 2/03/25 | United States | 250,000 | 248,932 | |||
| Duke Energy Corp., 4.656%, 1/16/25 | United States | 250,000 | 249,504 | |||
| Enbridge U.S., Inc., 4.732%, 1/21/25 | United States | 250,000 | 249,324 | |||
| Energy Transfer LP, 4.742%, 1/17/25 | United States | 250,000 | 249,467 | |||
| Marriott International, Inc., 4.672%, 1/09/25 | United States | 250,000 | 249,715 | |||
| Microchip Technology, Inc., 4.689%, 1/31/25 | United States | 250,000 | 249,004 | |||
| Mid-America Apartments LP, 4.696%, 1/09/25 | United States | 250,000 | 249,720 | |||
| Nutrien Ltd., 4.745%, 1/29/25 | Canada | 250,000 | 249,073 | |||
| O’Reilly Automotive, Inc., 4.607%, 1/06/25 | United States | 250,000 | 249,812 | |||
| Penske Truck Leasing Co. LP, 4.691%, 2/10/25 | United States | 250,000 | 248,668 | |||
| Plains All American Pipeline LP, 4.617%, 1/02/25 | United States | 250,000 | 249,938 | |||
| Protective Life Corp., 4.617%, 1/02/25 | United States | 250,000 | 249,936 | |||
| TransCanada PipeLines Ltd., 4.704%, 1/22/25 | Canada | 250,000 | 249,306 | |||
| Volkswagen Financial Services, 4.828%, 1/08/25 | Germany | 250,000 | 249,751 | |||
| Vulcan Materials Co., 4.709%, 1/14/25 | United States | 250,000 | 249,561 | |||
| WRKCo, Inc., 4.794%, 1/08/25 | United States | 250,000 | 249,751 | |||
| Total Commercial Paper (Cost $4,989,606) | 4,989,110 | |||||
| Money Market Funds 3.3% | ||||||
| United States 3.3% | ||||||
| c,d | Institutional Fiduciary Trust - Money Market Portfolio, 4.18% | United States | 813,016 | 813,016 | ||
| Total Short-Term Investments (Cost $5,802,622) | 5,802,126 | |||||
| Total Investments (Cost $24,679,088) 99.4% | 24,691,299 | |||||
| Other Assets, less Liabilities 0.6% | 156,013 | |||||
| Net Assets 100.0% | $ 24,847,312 |
| *The principal amount is stated in U.S. dollars unless otherwise indicated. |
| aVariable rate security. The rate shown represents the yield at period end. |
| bSecurity was purchased pursuant to Rule 144A under the Securities Act of 1933 and may be sold in transactions exempt from registration only to qualified institutional buyers or in a public offering registered under the Securities Act of 1933. At December 31, 2024, the aggregate value of these securities was $9,719,656, representing 39.1% of net assets. |
| cThe rate shown is the annualized seven-day effective yield at period end. |
| dSee Note 3 regarding investments in affiliated management investment companies. |
| Selected Portfolio | ||
| FRN | – | Floating Rate Note |
| SOFR | – | Secured Overnight Financing Rate |
| Martin Currie Sustainable International Equity ETF | Country | Shares | Value | ||
| Common Stocks 99.3% | |||||
| Automobiles 8.1% | |||||
| Ferrari NV | Italy | 4,905 | $ 2,094,632 | ||
| Beverages 1.7% | |||||
| Pernod Ricard SA | France | 3,904 | 440,643 | ||
| Biotechnology 4.0% | |||||
| CSL Ltd. | Australia | 5,918 | 1,031,746 | ||
| Building Products 7.6% | |||||
| Assa Abloy AB, Class B | Sweden | 28,955 | 856,392 | ||
| Kingspan Group PLC | Ireland | 15,409 | 1,124,102 | ||
| 1,980,494 | |||||
| Capital Markets 2.7% | |||||
| Partners Group Holding AG | Switzerland | 522 | 708,480 | ||
| Chemicals 7.5% | |||||
| Croda International PLC | United Kingdom | 14,323 | 607,206 | ||
| Linde PLC | United States | 3,221 | 1,348,536 | ||
| 1,955,742 | |||||
| Electrical Equipment 2.3% | |||||
| Schneider Electric SE | France | 2,355 | 587,459 | ||
| Electronic Equipment, Instruments & Components 4.8% | |||||
| Hexagon AB, Class B | Sweden | 130,073 | 1,243,135 | ||
| Financial Services 4.2% | |||||
| a,b | Adyen NV | Netherlands | 734 | 1,092,202 | |
| Health Care Equipment & Supplies 10.2% | |||||
| Coloplast AS, Class B | Denmark | 9,056 | 988,645 | ||
| ResMed, Inc., CDI | United States | 72,564 | 1,652,003 | ||
| 2,640,648 | |||||
| Life Sciences Tools & Services 9.8% | |||||
| b | Mettler-Toledo International, Inc. | United States | 1,059 | 1,295,877 | |
| b | Oxford Nanopore Technologies PLC | United Kingdom | 122,778 | 198,052 | |
| Sartorius Stedim Biotech | France | 5,439 | 1,062,775 | ||
| 2,556,704 | |||||
| Machinery 5.6% | |||||
| Atlas Copco AB, Class A | Sweden | 94,479 | 1,443,788 | ||
| Personal Care Products 3.7% | |||||
| L’Oreal SA | France | 2,706 | 957,885 | ||
| Pharmaceuticals 3.3% | |||||
| Novo Nordisk AS, Class B | Denmark | 9,818 | 850,977 | ||
| Semiconductors & Semiconductor Equipment 11.0% | |||||
| ASML Holding NV | Netherlands | 2,859 | 2,009,288 | ||
| BE Semiconductor Industries NV | Netherlands | 6,239 | 854,722 | ||
| 2,864,010 | |||||
| Software 6.6% | |||||
| Dassault Systemes SE | France | 30,569 | 1,060,416 | ||
| Nemetschek SE | Germany | 6,842 | 663,146 | ||
| 1,723,562 |
| Textiles, Apparel & Luxury Goods 6.2% | |||||
| Kering SA | France | 1,770 | 436,673 | ||
| Moncler SpA | Italy | 22,034 | 1,163,170 | ||
| 1,599,843 | |||||
| Total Common Stocks (Cost $28,483,111) | 25,771,950 | ||||
| Total Investments (Cost $28,483,111) 99.3% | 25,771,950 | ||||
| Other Assets, less Liabilities 0.7% | 177,896 | ||||
| Net Assets 100.0% | $ 25,949,846 |
| aSecurity was purchased pursuant to Rule 144A under the Securities Act of 1933 and may be sold in transactions exempt from registration only to qualified institutional buyers or in a public offering registered under the Securities Act of 1933. At December 31, 2024, the value of this security was $1,092,202, representing 4.2% of net assets. |
| bNon-income producing. |
| Selected Portfolio | ||
| CDI | – | Clearing House Electronic Subregister System Depositary Interest |
| SPA | – | Standby Purchase Agreement |
| Western Asset Bond ETF | Country | Principal Amount* | Value | |||
| Corporate Bonds & Notes 41.1% | ||||||
| Aerospace & Defense 1.1% | ||||||
| Boeing Co., | ||||||
| 3.25%, 2/01/35 | United States | 10,000 | $ 7,969 | |||
| 2.70%, 2/01/27 | United States | 50,000 | 47,695 | |||
| 5.15%, 5/01/30 | United States | 10,000 | 9,867 | |||
| 2.196%, 2/04/26 | United States | 70,000 | 67,925 | |||
| General Dynamics Corp., | ||||||
| 4.25%, 4/01/50 | United States | 10,000 | 8,267 | |||
| 4.25%, 4/01/40 | United States | 10,000 | 8,737 | |||
| L3Harris Technologies, Inc., | ||||||
| 4.854%, 4/27/35 | United States | 10,000 | 9,531 | |||
| 5.054%, 4/27/45 | United States | 10,000 | 9,192 | |||
| Lockheed Martin Corp., | ||||||
| 4.50%, 5/15/36 | United States | 10,000 | 9,408 | |||
| 4.15%, 6/15/53 | United States | 60,000 | 47,983 | |||
| 3.90%, 6/15/32 | United States | 10,000 | 9,292 | |||
| 5.20%, 2/15/64 | United States | 10,000 | 9,287 | |||
| Northrop Grumman Corp., | ||||||
| 5.25%, 5/01/50 | United States | 30,000 | 28,143 | |||
| 3.25%, 1/15/28 | United States | 50,000 | 47,813 | |||
| RTX Corp., | ||||||
| 4.50%, 6/01/42 | United States | 40,000 | 34,565 | |||
| 2.25%, 7/01/30 | United States | 20,000 | 17,401 | |||
| 3.95%, 8/16/25 | United States | 30,000 | 29,869 | |||
| 4.125%, 11/16/28 | United States | 10,000 | 9,739 | |||
| 6.00%, 3/15/31 | United States | 20,000 | 20,986 | |||
| 433,669 | ||||||
| Agriculture 0.6% | ||||||
| Altria Group, Inc., | ||||||
| 3.875%, 9/16/46 | United States | 30,000 | 21,769 | |||
| 5.80%, 2/14/39 | United States | 50,000 | 49,450 | |||
| 6.875%, 11/01/33 | United States | 60,000 | 65,121 | |||
| BAT Capital Corp., | ||||||
| 3.557%, 8/15/27 | United Kingdom | 10,000 | 9,679 | |||
| 4.54%, 8/15/47 | United Kingdom | 80,000 | 63,172 | |||
| Philip Morris International, Inc., | ||||||
| 2.10%, 5/01/30 | United States | 20,000 | 17,298 | |||
| 4.875%, 2/13/29 | United States | 10,000 | 9,991 | |||
| 5.25%, 2/13/34 | United States | 10,000 | 9,889 | |||
| 246,369 | ||||||
| Airlines 0.9% | ||||||
| a | American Airlines, Inc., 8.50%, 5/15/29 | United States | 100,000 | 105,056 | ||
| Delta Air Lines, Inc., 7.375%, 1/15/26 | United States | 90,000 | 92,005 | |||
| Delta Air Lines, Inc./SkyMiles IP Ltd., | ||||||
| a 4.75%, 10/20/28 | United States | 20,000 | 19,739 | |||
| a first lien, 4.50%, 10/20/25 | United States | 8,890 | 8,837 | |||
| a | Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd., 6.50%, 6/20/27 | United States | 15,000 | 15,105 | ||
| a | Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd., 8.00%, 9/20/25 | United States | 40,000 | 31,200 | ||
| a | United Airlines, Inc., 4.625%, 4/15/29 | United States | 70,000 | 66,612 | ||
| 338,554 |
| Apparel 0.1% | ||||||
| NIKE, Inc., | ||||||
| 2.85%, 3/27/30 | United States | 20,000 | 18,230 | |||
| 3.25%, 3/27/40 | United States | 20,000 | 15,454 | |||
| 2.75%, 3/27/27 | United States | 20,000 | 19,285 | |||
| 52,969 | ||||||
| Auto Manufacturers 1.1% | ||||||
| Ford Motor Credit Co. LLC, 7.35%, 3/06/30 | United States | 200,000 | 211,880 | |||
| General Motors Co., | ||||||
| 6.125%, 10/01/25 | United States | 12,000 | 12,096 | |||
| 6.25%, 10/02/43 | United States | 20,000 | 19,775 | |||
| 5.60%, 10/15/32 | United States | 10,000 | 10,090 | |||
| a | Nissan Motor Co. Ltd., 3.522%, 9/17/25 | Japan | 200,000 | 197,183 | ||
| 451,024 | ||||||
| Banks 11.9% | ||||||
| Bank of America Corp., | ||||||
| 4.083% to 3/20/50, FRN thereafter, 3/20/51 | United States | 80,000 | 62,692 | |||
| 3.97% to 3/05/28, FRN thereafter, 3/05/29 | United States | 210,000 | 203,738 | |||
| 5.00%, 1/21/44 | United States | 20,000 | 18,697 | |||
| 1.319% to 6/19/25, FRN thereafter, 6/19/26 | United States | 140,000 | 137,741 | |||
| 4.571% to 4/27/32, FRN thereafter, 4/27/33 | United States | 190,000 | 180,645 | |||
| Bank of Montreal, 1.85%, 5/01/25 | Canada | 50,000 | 49,541 | |||
| Bank of Nova Scotia, | ||||||
| 4.588% to 2/04/32, FRN thereafter, 5/04/37 | Canada | 20,000 | 18,400 | |||
| 1.30%, 6/11/25 | Canada | 30,000 | 29,570 | |||
| a | BNP Paribas SA, 2.219% to 6/09/25, FRN thereafter, 6/09/26 | France | 200,000 | 197,454 | ||
| Citigroup, Inc., | ||||||
| 4.30%, 11/20/26 | United States | 70,000 | 69,427 | |||
| 4.40%, 6/10/25 | United States | 60,000 | 59,834 | |||
| 3.98% to 3/20/29, FRN thereafter, 3/20/30 | United States | 90,000 | 85,968 | |||
| 4.412% to 3/31/30, FRN thereafter, 3/31/31 | United States | 230,000 | 221,175 | |||
| 4.45%, 9/29/27 | United States | 70,000 | 69,076 | |||
| 4.75%, 5/18/46 | United States | 10,000 | 8,799 | |||
| Goldman Sachs Group, Inc., | ||||||
| 2.615% to 4/22/31, FRN thereafter, 4/22/32 | United States | 40,000 | 34,101 | |||
| 5.15%, 5/22/45 | United States | 50,000 | 46,169 | |||
| 1.093% to 12/09/25, FRN thereafter, 12/09/26 | United States | 60,000 | 57,932 | |||
| 6.75%, 10/01/37 | United States | 20,000 | 21,431 | |||
| 4.75%, 10/21/45 | United States | 50,000 | 44,303 | |||
| 3.691% to 6/05/27, FRN thereafter, 6/05/28 | United States | 110,000 | 106,871 | |||
| 2.60%, 2/07/30 | United States | 20,000 | 17,723 | |||
| 4.25%, 10/21/25 | United States | 30,000 | 29,846 | |||
| HSBC Holdings PLC, | ||||||
| 2.099% to 6/04/25, FRN thereafter, 6/04/26 | United Kingdom | 400,000 | 395,355 | |||
| 4.762% to 3/29/32, FRN thereafter, 3/29/33 | United Kingdom | 200,000 | 187,586 | |||
| JPMorgan Chase & Co., | ||||||
| 3.109% to 4/22/40, FRN thereafter, 4/22/41 | United States | 20,000 | 14,836 | |||
| 3.109% to 4/22/50, FRN thereafter, 4/22/51 | United States | 10,000 | 6,625 | |||
| 3.509% to 1/23/28, FRN thereafter, 1/23/29 | United States | 100,000 | 95,965 | |||
| 2.083% to 4/22/25, FRN thereafter, 4/22/26 | United States | 70,000 | 69,408 | |||
| 2.545% to 11/08/31, FRN thereafter, 11/08/32 | United States | 110,000 | 92,815 | |||
| 5.294% to 7/22/34, FRN thereafter, 7/22/35 | United States | 10,000 | 9,898 | |||
| Morgan Stanley, | ||||||
| 2.188% to 4/28/25, FRN thereafter, 4/28/26 | United States | 50,000 | 49,561 | |||
| 3.772% to 1/24/28, FRN thereafter, 1/24/29 | United States | 60,000 | 57,883 | |||
| 2.511% to 10/20/31, FRN thereafter, 10/20/32 | United States | 60,000 | 50,301 | |||
| 5.32% to 7/19/34, FRN thereafter, 7/19/35 | United States | 80,000 | 78,724 | |||
| PNC Financial Services Group, Inc., | ||||||
| 5.582% to 6/12/28, FRN thereafter, 6/12/29 | United States | 30,000 | 30,530 | |||
| 5.812% to 6/12/25, FRN thereafter, 6/12/26 | United States | 20,000 | 20,087 |
| Royal Bank of Canada, | ||||||
| 1.15%, 6/10/25 | Canada | 30,000 | 29,547 | |||
| 3.875%, 5/04/32 | Canada | 20,000 | 18,404 | |||
| 5.15%, 2/01/34 | Canada | 20,000 | 19,758 | |||
| Toronto-Dominion Bank, | ||||||
| 1.15%, 6/12/25 | Canada | 30,000 | 29,548 | |||
| 4.456%, 6/08/32 | Canada | 20,000 | 18,957 | |||
| Truist Financial Corp., 6.047% to 6/08/26, FRN thereafter, 6/08/27 | United States | 20,000 | 20,333 | |||
| U.S. Bancorp, | ||||||
| 5.775% to 6/12/28, FRN thereafter, 6/12/29 | United States | 20,000 | 20,455 | |||
| 5.836% to 6/10/33, FRN thereafter, 6/12/34 | United States | 20,000 | 20,396 | |||
| UBS AG, | ||||||
| 2.95%, 4/09/25 | Switzerland | 250,000 | 248,791 | |||
| 7.95%, 1/09/25 | Switzerland | 500,000 | 500,242 | |||
| a | UBS Group AG, 4.253%, 3/23/28 | Switzerland | 400,000 | 388,819 | ||
| Wells Fargo & Co., | ||||||
| 5.013% to 4/04/50, FRN thereafter, 4/04/51 | United States | 170,000 | 151,102 | |||
| 4.478% to 4/04/30, FRN thereafter, 4/04/31 | United States | 50,000 | 48,422 | |||
| 2.188% to 4/30/25, FRN thereafter, 4/30/26 | United States | 70,000 | 69,376 | |||
| 2.393% to 6/02/27, FRN thereafter, 6/02/28 | United States | 70,000 | 65,944 | |||
| 3.584% to 5/22/27, FRN thereafter, 5/22/28 | United States | 110,000 | 106,621 | |||
| 4.75%, 12/07/46 | United States | 50,000 | 42,201 | |||
| 3.35% to 3/02/32, FRN thereafter, 3/02/33 | United States | 30,000 | 26,308 | |||
| 4,755,931 | ||||||
| Beverages 0.3% | ||||||
| Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc., 4.90%, 2/01/46 | Belgium | 75,000 | 68,297 | |||
| Anheuser-Busch InBev Worldwide, Inc., | ||||||
| 3.50%, 6/01/30 | Belgium | 10,000 | 9,379 | |||
| 4.75%, 1/23/29 | Belgium | 40,000 | 40,010 | |||
| Constellation Brands, Inc., 4.35%, 5/09/27 | United States | 20,000 | 19,820 | |||
| 137,506 | ||||||
| Biotechnology 0.1% | ||||||
| Amgen, Inc., 4.663%, 6/15/51 | United States | 10,000 | 8,385 | |||
| Gilead Sciences, Inc., | ||||||
| 4.75%, 3/01/46 | United States | 10,000 | 8,822 | |||
| 3.50%, 2/01/25 | United States | 10,000 | 9,987 | |||
| 27,194 | ||||||
| Chemicals 0.4% | ||||||
| b | OCP SA, 3.75%, 6/23/31 | Morocco | 200,000 | 172,787 | ||
| Commercial Services & Supplies 0.3% | ||||||
| PayPal Holdings, Inc., | ||||||
| 2.30%, 6/01/30 | United States | 10,000 | 8,766 | |||
| 5.15%, 6/01/34 | United States | 10,000 | 9,941 | |||
| United Rentals North America, Inc., | ||||||
| 3.875%, 2/15/31 | United States | 70,000 | 62,590 | |||
| a 6.125%, 3/15/34 | United States | 20,000 | 19,869 | |||
| 101,166 | ||||||
| Electric 0.7% | ||||||
| b | Comision Federal de Electricidad, 3.875%, 7/26/33 | Mexico | 200,000 | 161,365 | ||
| Consolidated Edison Co. of New York, Inc., | ||||||
| Series 20B, 3.95%, 4/01/50 | United States | 10,000 | 7,796 | |||
| Series 20A, 3.35%, 4/01/30 | United States | 10,000 | 9,310 | |||
| Duke Energy Ohio, Inc., 3.65%, 2/01/29 | United States | 10,000 | 9,557 | |||
| Exelon Corp., 5.625%, 6/15/35 | United States | 10,000 | 10,051 | |||
| FirstEnergy Corp., | ||||||
| Series B, 3.90%, 7/15/27 | United States | 30,000 | 29,236 | |||
| Series C, 4.85%, 7/15/47 | United States | 20,000 | 17,071 |
| Pacific Gas & Electric Co., | ||||||
| 3.50%, 8/01/50 | United States | 10,000 | 6,859 | |||
| 2.50%, 2/01/31 | United States | 20,000 | 17,113 | |||
| 2.10%, 8/01/27 | United States | 10,000 | 9,332 | |||
| Progress Energy, Inc., 6.00%, 12/01/39 | United States | 10,000 | 10,150 | |||
| 287,840 | ||||||
| Electronic Equipment, Instruments & Components 0.1% | ||||||
| Honeywell International, Inc., 5.00%, 3/01/35 | United States | 30,000 | 29,414 | |||
| Energy Equipment & Services 0.0%† | ||||||
| a | Schlumberger Holdings Corp., 3.90%, 5/17/28 | United States | 10,000 | 9,712 | ||
| Entertainment 0.4% | ||||||
| a | Caesars Entertainment, Inc., 7.00%, 2/15/30 | United States | 40,000 | 40,771 | ||
| Warnermedia Holdings, Inc., | ||||||
| 6.412%, 3/15/26 | United States | 20,000 | 20,008 | |||
| 3.755%, 3/15/27 | United States | 50,000 | 48,180 | |||
| 5.05%, 3/15/42 | United States | 10,000 | 8,034 | |||
| 4.279%, 3/15/32 | United States | 30,000 | 26,444 | |||
| 143,437 | ||||||
| Environmental Control 0.2% | ||||||
| a | GFL Environmental, Inc., 6.75%, 1/15/31 | United States | 60,000 | 61,687 | ||
| Waste Connections, Inc., 5.00%, 3/01/34 | United States | 20,000 | 19,531 | |||
| 81,218 | ||||||
| Financial Services 1.1% | ||||||
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.00%, 10/29/28 | Ireland | 150,000 | 138,961 | |||
| Air Lease Corp., | ||||||
| 3.375%, 7/01/25 | United States | 20,000 | 19,849 | |||
| 5.30%, 2/01/28 | United States | 20,000 | 20,175 | |||
| American Express Co., 4.05%, 5/03/29 | United States | 30,000 | 29,297 | |||
| Charles Schwab Corp., | ||||||
| 5.875%, 8/24/26 | United States | 50,000 | 50,885 | |||
| 6.136% to 8/24/33, FRN thereafter, 8/24/34 | United States | 20,000 | 21,008 | |||
| Intercontinental Exchange, Inc., 4.60%, 3/15/33 | United States | 10,000 | 9,607 | |||
| a | Jane Street Group/JSG Finance, Inc., 7.125%, 4/30/31 | United States | 80,000 | 82,280 | ||
| Mastercard, Inc., 3.85%, 3/26/50 | United States | 10,000 | 7,748 | |||
| Visa, Inc., | ||||||
| 4.30%, 12/14/45 | United States | 30,000 | 25,706 | |||
| 2.05%, 4/15/30 | United States | 20,000 | 17,495 | |||
| 423,011 | ||||||
| Food 0.3% | ||||||
| Kraft Heinz Foods Co., 5.20%, 7/15/45 | United States | 40,000 | 36,199 | |||
| Mars, Inc., | ||||||
| a 2.70%, 4/01/25 | United States | 20,000 | 19,893 | |||
| a 3.20%, 4/01/30 | United States | 10,000 | 9,232 | |||
| Mondelez International, Inc., 1.50%, 5/04/25 | United States | 40,000 | 39,551 | |||
| 104,875 | ||||||
| Gas 0.5% | ||||||
| b | Promigas SA ESP/Gases del Pacifico SAC, 3.75%, 10/16/29 | Colombia | 200,000 | 182,403 | ||
| Health Care Providers & Services 1.1% | ||||||
| Centene Corp., | ||||||
| 4.25%, 12/15/27 | United States | 20,000 | 19,389 | |||
| 4.625%, 12/15/29 | United States | 20,000 | 18,931 | |||
| 3.00%, 10/15/30 | United States | 10,000 | 8,635 | |||
| 2.625%, 8/01/31 | United States | 10,000 | 8,242 | |||
| 3.375%, 2/15/30 | United States | 10,000 | 8,913 |
| Cigna Group, | ||||||
| 4.80%, 8/15/38 | United States | 50,000 | 45,373 | |||
| 4.375%, 10/15/28 | United States | 30,000 | 29,422 | |||
| Elevance Health, Inc., | ||||||
| 4.375%, 12/01/47 | United States | 10,000 | 8,069 | |||
| 4.10%, 5/15/32 | United States | 10,000 | 9,251 | |||
| 3.65%, 12/01/27 | United States | 10,000 | 9,731 | |||
| HCA, Inc., | ||||||
| 7.69%, 6/15/25 | United States | 20,000 | 20,239 | |||
| 5.875%, 2/01/29 | United States | 10,000 | 10,212 | |||
| 3.50%, 9/01/30 | United States | 30,000 | 27,259 | |||
| 5.50%, 6/15/47 | United States | 20,000 | 18,184 | |||
| Humana, Inc., | ||||||
| 3.95%, 3/15/27 | United States | 10,000 | 9,812 | |||
| 4.50%, 4/01/25 | United States | 10,000 | 9,987 | |||
| 4.95%, 10/01/44 | United States | 10,000 | 8,507 | |||
| a | LifePoint Health, Inc., 9.875%, 8/15/30 | United States | 60,000 | 64,812 | ||
| UnitedHealth Group, Inc., | ||||||
| 3.875%, 8/15/59 | United States | 40,000 | 28,351 | |||
| 4.20%, 5/15/32 | United States | 40,000 | 37,706 | |||
| 4.00%, 5/15/29 | United States | 20,000 | 19,325 | |||
| 5.00%, 4/15/34 | United States | 20,000 | 19,527 | |||
| 439,877 | ||||||
| Healthcare-Products 0.5% | ||||||
| Abbott Laboratories, 4.75%, 11/30/36 | United States | 10,000 | 9,669 | |||
| a | Medline Borrower LP/Medline Co-Issuer, Inc., 6.25%, 4/01/29 | United States | 70,000 | 70,825 | ||
| Solventum Corp., | ||||||
| a 5.40%, 3/01/29 | United States | 30,000 | 30,087 | |||
| a 5.45%, 3/13/31 | United States | 30,000 | 30,020 | |||
| a 5.90%, 4/30/54 | United States | 40,000 | 38,939 | |||
| 179,540 | ||||||
| Home Builders 0.0%† | ||||||
| Lennar Corp., 4.75%, 11/29/27 | United States | 10,000 | 9,975 | |||
| Insurance 0.2% | ||||||
| Aon North America, Inc., 5.45%, 3/01/34 | United States | 40,000 | 39,958 | |||
| Berkshire Hathaway Finance Corp., 4.25%, 1/15/49 | United States | 30,000 | 25,082 | |||
| MetLife, Inc., 6.40%, 12/15/66 | United States | 10,000 | 10,242 | |||
| a | Principal Life Global Funding II, 1.25%, 6/23/25 | United States | 10,000 | 9,841 | ||
| 85,123 | ||||||
| Internet 1.0% | ||||||
| Alphabet, Inc., | ||||||
| 1.90%, 8/15/40 | United States | 30,000 | 19,612 | |||
| 1.10%, 8/15/30 | United States | 10,000 | 8,318 | |||
| Amazon.com, Inc., | ||||||
| 3.15%, 8/22/27 | United States | 60,000 | 57,950 | |||
| 3.10%, 5/12/51 | United States | 30,000 | 20,239 | |||
| 4.95%, 12/05/44 | United States | 70,000 | 66,794 | |||
| 3.60%, 4/13/32 | United States | 70,000 | 64,814 | |||
| b | Prosus NV, 3.061%, 7/13/31 | China | 200,000 | 168,052 | ||
| 405,779 | ||||||
| Iron/Steel 0.3% | ||||||
| ArcelorMittal SA, 7.00%, 10/15/39 | Luxembourg | 10,000 | 10,682 | |||
| Vale Overseas Ltd., 6.125%, 6/12/33 | Brazil | 100,000 | 101,322 | |||
| 112,004 | ||||||
| Leisure Time 0.7% | ||||||
| a | Carnival Corp., 10.50%, 6/01/30 | United States | 60,000 | 64,143 | ||
| NCL Corp. Ltd., | ||||||
| a 7.75%, 2/15/29 | United States | 70,000 | 73,559 | |||
| a 8.125%, 1/15/29 | United States | 20,000 | 21,089 |
| a | Royal Caribbean Cruises Ltd., 5.625%, 9/30/31 | United States | 40,000 | 39,372 | ||
| a | VOC Escrow Ltd., 5.00%, 2/15/28 | United States | 70,000 | 68,467 | ||
| 266,630 | ||||||
| Lodging 0.3% | ||||||
| Hilton Domestic Operating Co., Inc., | ||||||
| a 3.625%, 2/15/32 | United States | 50,000 | 43,471 | |||
| a 6.125%, 4/01/32 | United States | 10,000 | 9,979 | |||
| Las Vegas Sands Corp., | ||||||
| 2.90%, 6/25/25 | United States | 70,000 | 69,282 | |||
| 6.00%, 8/15/29 | United States | 10,000 | 10,140 | |||
| 132,872 | ||||||
| Machinery-Diversified 0.1% | ||||||
| Deere & Co., | ||||||
| 3.75%, 4/15/50 | United States | 20,000 | 15,384 | |||
| 3.10%, 4/15/30 | United States | 10,000 | 9,202 | |||
| Otis Worldwide Corp., 2.056%, 4/05/25 | United States | 10,000 | 9,924 | |||
| 34,510 | ||||||
| Media 2.0% | ||||||
| a | CCO Holdings LLC/CCO Holdings Capital Corp., 4.50%, 6/01/33 | United States | 190,000 | 160,078 | ||
| Charter Communications Operating LLC/Charter Communications Operating Capital, | ||||||
| 4.908%, 7/23/25 | United States | 3,000 | 2,997 | |||
| 5.375%, 5/01/47 | United States | 30,000 | 24,666 | |||
| 5.125%, 7/01/49 | United States | 30,000 | 23,515 | |||
| 5.05%, 3/30/29 | United States | 70,000 | 68,547 | |||
| 5.50%, 4/01/63 | United States | 30,000 | 23,898 | |||
| 6.55%, 6/01/34 | United States | 10,000 | 10,234 | |||
| Comcast Corp., | ||||||
| 3.999%, 11/01/49 | United States | 10,000 | 7,577 | |||
| 4.15%, 10/15/28 | United States | 90,000 | 87,813 | |||
| 4.25%, 10/15/30 | United States | 50,000 | 48,235 | |||
| 3.90%, 3/01/38 | United States | 50,000 | 42,068 | |||
| 5.35%, 5/15/53 | United States | 50,000 | 46,335 | |||
| 3.45%, 2/01/50 | United States | 30,000 | 20,559 | |||
| a | DISH DBS Corp., 5.75%, 12/01/28 | United States | 120,000 | 102,824 | ||
| Fox Corp., | ||||||
| 5.476%, 1/25/39 | United States | 20,000 | 19,028 | |||
| 6.50%, 10/13/33 | United States | 10,000 | 10,543 | |||
| Time Warner Cable LLC, 6.55%, 5/01/37 | United States | 90,000 | 87,193 | |||
| 786,110 | ||||||
| Mining 1.4% | ||||||
| a | Anglo American Capital PLC, 4.75%, 4/10/27 | South Africa | 200,000 | 198,494 | ||
| Barrick North America Finance LLC, | ||||||
| 5.75%, 5/01/43 | Canada | 20,000 | 19,719 | |||
| 5.70%, 5/30/41 | Canada | 20,000 | 19,678 | |||
| BHP Billiton Finance USA Ltd., 5.00%, 9/30/43 | Australia | 20,000 | 18,714 | |||
| b | Freeport Indonesia PT, 5.315%, 4/14/32 | Indonesia | 200,000 | 194,885 | ||
| Freeport-McMoRan, Inc., 5.45%, 3/15/43 | United States | 50,000 | 46,758 | |||
| a | Glencore Funding LLC, 3.875%, 10/27/27 | Australia | 20,000 | 19,451 | ||
| Yamana Gold, Inc., 4.625%, 12/15/27 | Canada | 20,000 | 19,666 | |||
| 537,365 | ||||||
| Miscellaneous Manufacturing 0.0%† | ||||||
| Eaton Corp., 4.15%, 11/02/42 | United States | 10,000 | 8,440 | |||
| Oil & Gas 4.7% | ||||||
| Apache Corp., | ||||||
| 5.10%, 9/01/40 | United States | 30,000 | 26,271 | |||
| 4.25%, 1/15/44 | United States | 40,000 | 29,102 | |||
| 7.75%, 12/15/29 | United States | 10,000 | 10,785 |
| BP Capital Markets America, Inc., | ||||||
| 2.772%, 11/10/50 | United States | 30,000 | 18,014 | |||
| 3.41%, 2/11/26 | United States | 30,000 | 29,646 | |||
| 3.588%, 4/14/27 | United States | 10,000 | 9,778 | |||
| 1.749%, 8/10/30 | United States | 30,000 | 25,397 | |||
| Chevron Corp., | ||||||
| 1.995%, 5/11/27 | United States | 10,000 | 9,456 | |||
| 3.078%, 5/11/50 | United States | 10,000 | 6,620 | |||
| a | Chord Energy Corp., 6.375%, 6/01/26 | United States | 40,000 | 40,018 | ||
| Continental Resources, Inc., | ||||||
| 4.375%, 1/15/28 | United States | 30,000 | 29,184 | |||
| a 5.75%, 1/15/31 | United States | 20,000 | 19,773 | |||
| 4.90%, 6/01/44 | United States | 10,000 | 8,101 | |||
| a 2.268%, 11/15/26 | United States | 10,000 | 9,502 | |||
| Coterra Energy, Inc., | ||||||
| 3.90%, 5/15/27 | United States | 50,000 | 48,886 | |||
| 4.375%, 3/15/29 | United States | 50,000 | 48,373 | |||
| Devon Energy Corp., | ||||||
| 5.60%, 7/15/41 | United States | 80,000 | 74,023 | |||
| 5.85%, 12/15/25 | United States | 20,000 | 20,141 | |||
| 4.50%, 1/15/30 | United States | 20,000 | 19,354 | |||
| 5.75%, 9/15/54 | United States | 20,000 | 18,161 | |||
| Diamondback Energy, Inc., | ||||||
| 3.50%, 12/01/29 | United States | 30,000 | 27,917 | |||
| 4.40%, 3/24/51 | United States | 20,000 | 15,520 | |||
| Ecopetrol SA, 8.875%, 1/13/33 | Colombia | 130,000 | 132,570 | |||
| EOG Resources, Inc., | ||||||
| 4.95%, 4/15/50 | United States | 30,000 | 26,717 | |||
| 3.90%, 4/01/35 | United States | 20,000 | 17,795 | |||
| 4.375%, 4/15/30 | United States | 10,000 | 9,723 | |||
| EQT Corp., | ||||||
| 5.00%, 1/15/29 | United States | 30,000 | 29,591 | |||
| 3.90%, 10/01/27 | United States | 50,000 | 48,651 | |||
| Expand Energy Corp., | ||||||
| 5.375%, 3/15/30 | United States | 50,000 | 48,927 | |||
| 4.75%, 2/01/32 | United States | 20,000 | 18,630 | |||
| Exxon Mobil Corp., | ||||||
| 3.482%, 3/19/30 | United States | 20,000 | 18,845 | |||
| 4.114%, 3/01/46 | United States | 60,000 | 48,718 | |||
| b | KazMunayGas National Co. JSC, 3.50%, 4/14/33 | Kazakhstan | 200,000 | 166,024 | ||
| Occidental Petroleum Corp., | ||||||
| 7.50%, 5/01/31 | United States | 20,000 | 21,880 | |||
| 3.20%, 8/15/26 | United States | 40,000 | 38,704 | |||
| 6.625%, 9/01/30 | United States | 60,000 | 62,834 | |||
| 6.60%, 3/15/46 | United States | 50,000 | 50,522 | |||
| 6.45%, 9/15/36 | United States | 40,000 | 40,977 | |||
| 4.40%, 4/15/46 | United States | 20,000 | 14,850 | |||
| 4.625%, 6/15/45 | United States | 30,000 | 22,843 | |||
| 4.50%, 7/15/44 | United States | 20,000 | 14,793 | |||
| 4.20%, 3/15/48 | United States | 40,000 | 28,782 | |||
| 5.55%, 3/15/26 | United States | 20,000 | 20,092 | |||
| 3.40%, 4/15/26 | United States | 20,000 | 19,585 | |||
| 4.10%, 2/15/47 | United States | 10,000 | 6,889 | |||
| Petrobras Global Finance BV, 6.50%, 7/03/33 | Brazil | 120,000 | 117,557 | |||
| Pioneer Natural Resources Co., | ||||||
| 2.15%, 1/15/31 | United States | 30,000 | 25,477 | |||
| 1.125%, 1/15/26 | United States | 10,000 | 9,657 | |||
| a | Range Resources Corp., 4.75%, 2/15/30 | United States | 40,000 | 37,566 | ||
| Shell Finance U.S., Inc., | ||||||
| 4.375%, 5/11/45 | United States | 10,000 | 8,366 | |||
| 2.75%, 4/06/30 | United States | 20,000 | 18,030 | |||
| 4.00%, 5/10/46 | United States | 30,000 | 23,486 | |||
| 3.25%, 4/06/50 | United States | 20,000 | 13,485 |
| Shell International Finance BV, 6.375%, 12/15/38 | Netherlands | 10,000 | 10,895 | |||
| b | Tengizchevroil Finance Co. International Ltd., 3.25%, 8/15/30 | Kazakhstan | 200,000 | 170,205 | ||
| 1,887,688 | ||||||
| Oil & Gas Services 0.0%† | ||||||
| Halliburton Co., | ||||||
| 4.85%, 11/15/35 | United States | 10,000 | 9,510 | |||
| 5.00%, 11/15/45 | United States | 10,000 | 8,939 | |||
| 18,449 | ||||||
| Oil, Gas & Consumable Fuels 0.0%† | ||||||
| Cheniere Energy, Inc., 4.625%, 10/15/28 | United States | 20,000 | 19,580 | |||
| Paper & Forest Products 0.1% | ||||||
| Suzano Austria GmbH, 3.75%, 1/15/31 | Brazil | 60,000 | 52,991 | |||
| Personal Care Products 0.1% | ||||||
| Kenvue, Inc., 4.90%, 3/22/33 | United States | 30,000 | 29,523 | |||
| Procter & Gamble Co., 3.00%, 3/25/30 | United States | 10,000 | 9,222 | |||
| 38,745 | ||||||
| Pharmaceuticals 1.8% | ||||||
| AbbVie, Inc., | ||||||
| 4.25%, 11/21/49 | United States | 30,000 | 24,417 | |||
| 3.20%, 11/21/29 | United States | 70,000 | 65,001 | |||
| 4.80%, 3/15/29 | United States | 20,000 | 19,990 | |||
| 4.95%, 3/15/31 | United States | 10,000 | 10,001 | |||
| 5.05%, 3/15/34 | United States | 20,000 | 19,767 | |||
| Becton Dickinson & Co., 4.685%, 12/15/44 | United States | 10,000 | 8,664 | |||
| Bristol-Myers Squibb Co., | ||||||
| 5.10%, 2/22/31 | United States | 10,000 | 10,067 | |||
| 5.20%, 2/22/34 | United States | 50,000 | 49,961 | |||
| 5.65%, 2/22/64 | United States | 10,000 | 9,633 | |||
| CVS Health Corp., | ||||||
| 5.05%, 3/25/48 | United States | 20,000 | 16,512 | |||
| 4.30%, 3/25/28 | United States | 30,000 | 29,083 | |||
| 3.875%, 7/20/25 | United States | 10,000 | 9,939 | |||
| 2.125%, 9/15/31 | United States | 70,000 | 56,152 | |||
| Eli Lilly & Co., | ||||||
| 4.70%, 2/09/34 | United States | 30,000 | 29,092 | |||
| 5.10%, 2/09/64 | United States | 30,000 | 27,437 | |||
| Johnson & Johnson, 3.625%, 3/03/37 | United States | 50,000 | 43,375 | |||
| Merck & Co., Inc., 1.45%, 6/24/30 | United States | 20,000 | 16,779 | |||
| Pfizer, Inc., | ||||||
| 1.70%, 5/28/30 | United States | 50,000 | 42,617 | |||
| 7.20%, 3/15/39 | United States | 20,000 | 23,400 | |||
| Teva Pharmaceutical Finance Netherlands III BV, 8.125%, 9/15/31 | Israel | 200,000 | 223,782 | |||
| 735,669 | ||||||
| Pipelines 3.1% | ||||||
| Cameron LNG LLC, | ||||||
| a 2.902%, 7/15/31 | United States | 10,000 | 8,723 | |||
| a 3.302%, 1/15/35 | United States | 30,000 | 24,801 | |||
| Cheniere Energy Partners LP, 3.25%, 1/31/32 | United States | 40,000 | 34,720 | |||
| Columbia Pipelines Operating Co. LLC, | ||||||
| a 6.036%, 11/15/33 | United States | 30,000 | 30,792 | |||
| a 6.544%, 11/15/53 | United States | 10,000 | 10,489 | |||
| Energy Transfer LP, | ||||||
| 6.25%, 4/15/49 | United States | 90,000 | 90,205 | |||
| 3.75%, 5/15/30 | United States | 20,000 | 18,670 | |||
| 2.90%, 5/15/25 | United States | 20,000 | 19,850 | |||
| 5.25%, 4/15/29 | United States | 20,000 | 20,086 | |||
| 5.55%, 5/15/34 | United States | 20,000 | 19,911 |
| Enterprise Products Operating LLC, | ||||||
| 2.80%, 1/31/30 | United States | 40,000 | 36,172 | |||
| 3.70%, 1/31/51 | United States | 80,000 | 57,388 | |||
| Series H, 6.65%, 10/15/34 | United States | 10,000 | 10,884 | |||
| 4.15%, 10/16/28 | United States | 30,000 | 29,293 | |||
| 5.375% to 2/15/28, FRN thereafter, 2/15/78 | United States | 10,000 | 9,576 | |||
| 4.85%, 1/31/34 | United States | 30,000 | 29,033 | |||
| Kinder Morgan, Inc., | ||||||
| 5.55%, 6/01/45 | United States | 10,000 | 9,359 | |||
| 4.30%, 6/01/25 | United States | 10,000 | 9,979 | |||
| 4.30%, 3/01/28 | United States | 10,000 | 9,820 | |||
| MPLX LP, | ||||||
| 4.875%, 6/01/25 | United States | 10,000 | 9,995 | |||
| 5.20%, 3/01/47 | United States | 50,000 | 44,458 | |||
| 4.50%, 4/15/38 | United States | 20,000 | 17,447 | |||
| 4.80%, 2/15/29 | United States | 20,000 | 19,838 | |||
| b | Oleoducto Central SA, 4.00%, 7/14/27 | Colombia | 200,000 | 189,302 | ||
| ONEOK, Inc., | ||||||
| 6.05%, 9/01/33 | United States | 10,000 | 10,296 | |||
| 5.55%, 11/01/26 | United States | 10,000 | 10,132 | |||
| 5.80%, 11/01/30 | United States | 20,000 | 20,623 | |||
| Southern Natural Gas Co. LLC, 8.00%, 3/01/32 | United States | 20,000 | 22,544 | |||
| Targa Resources Corp., 4.95%, 4/15/52 | United States | 10,000 | 8,433 | |||
| Targa Resources Partners LP/Targa Resources Partners Finance Corp., | ||||||
| 5.00%, 1/15/28 | United States | 30,000 | 29,693 | |||
| 6.875%, 1/15/29 | United States | 30,000 | 30,764 | |||
| 4.875%, 2/01/31 | United States | 30,000 | 28,988 | |||
| a | Tennessee Gas Pipeline Co. LLC, 2.90%, 3/01/30 | United States | 20,000 | 17,941 | ||
| Transcontinental Gas Pipe Line Co. LLC, 7.85%, 2/01/26 | United States | 50,000 | 51,275 | |||
| a | Venture Global Calcasieu Pass LLC, 3.875%, 11/01/33 | United States | 50,000 | 42,992 | ||
| Western Midstream Operating LP, | ||||||
| 3.10%, 2/01/25 | United States | 10,000 | 9,989 | |||
| 4.05%, 2/01/30 | United States | 80,000 | 75,090 | |||
| 5.25%, 2/01/50 | United States | 20,000 | 17,047 | |||
| Williams Cos., Inc., | ||||||
| 5.75%, 6/24/44 | United States | 20,000 | 19,406 | |||
| 3.50%, 11/15/30 | United States | 50,000 | 45,964 | |||
| 5.15%, 3/15/34 | United States | 30,000 | 29,184 | |||
| 1,231,152 | ||||||
| Real Estate Investment Trusts (REITs) 0.0%† | ||||||
| Service Properties Trust, 8.375%, 6/15/29 | United States | 20,000 | 19,355 | |||
| Retail 0.6% | ||||||
| Costco Wholesale Corp., | ||||||
| 1.60%, 4/20/30 | United States | 20,000 | 17,123 | |||
| 1.375%, 6/20/27 | United States | 40,000 | 37,194 | |||
| Home Depot, Inc., | ||||||
| 3.90%, 6/15/47 | United States | 50,000 | 39,156 | |||
| 2.70%, 4/15/30 | United States | 20,000 | 18,014 | |||
| 2.50%, 4/15/27 | United States | 20,000 | 19,145 | |||
| Lowe’s Cos., Inc., 4.50%, 4/15/30 | United States | 10,000 | 9,816 | |||
| McDonald’s Corp., | ||||||
| 4.20%, 4/01/50 | United States | 30,000 | 23,722 | |||
| 3.60%, 7/01/30 | United States | 20,000 | 18,768 | |||
| 3.50%, 3/01/27 | United States | 10,000 | 9,777 | |||
| Walmart, Inc., | ||||||
| 1.80%, 9/22/31 | United States | 10,000 | 8,351 | |||
| 1.50%, 9/22/28 | United States | 20,000 | 17,975 | |||
| 219,041 |
| Semiconductors 0.5% | ||||||
| a | Broadcom, Inc., 4.926%, 5/15/37 | United States | 90,000 | 85,657 | ||
| Intel Corp., | ||||||
| 4.75%, 3/25/50 | United States | 30,000 | 23,218 | |||
| 5.125%, 2/10/30 | United States | 20,000 | 19,831 | |||
| 1.60%, 8/12/28 | United States | 20,000 | 17,649 | |||
| Micron Technology, Inc., | ||||||
| 5.875%, 2/09/33 | United States | 10,000 | 10,246 | |||
| 5.30%, 1/15/31 | United States | 20,000 | 19,987 | |||
| NXP BV/NXP Funding LLC/NXP USA, Inc., 2.70%, 5/01/25 | China | 20,000 | 19,865 | |||
| Texas Instruments, Inc., 1.75%, 5/04/30 | United States | 20,000 | 17,125 | |||
| 213,578 | ||||||
| Software 0.3% | ||||||
| Microsoft Corp., 2.921%, 3/17/52 | United States | 10,000 | 6,612 | |||
| Oracle Corp., | ||||||
| 3.60%, 4/01/50 | United States | 10,000 | 7,012 | |||
| 2.875%, 3/25/31 | United States | 50,000 | 44,020 | |||
| 1.65%, 3/25/26 | United States | 50,000 | 48,227 | |||
| 105,871 | ||||||
| Telecommunications 2.0% | ||||||
| AT&T, Inc., | ||||||
| 4.30%, 2/15/30 | United States | 20,000 | 19,376 | |||
| 1.70%, 3/25/26 | United States | 10,000 | 9,646 | |||
| 3.50%, 9/15/53 | United States | 30,000 | 20,219 | |||
| 2.55%, 12/01/33 | United States | 40,000 | 32,235 | |||
| 3.55%, 9/15/55 | United States | 20,000 | 13,465 | |||
| 5.55%, 8/15/41 | United States | 30,000 | 29,301 | |||
| Rogers Communications, Inc., 5.30%, 2/15/34 | Canada | 20,000 | 19,502 | |||
| Telefonica Emisiones SA, 5.213%, 3/08/47 | Spain | 150,000 | 133,066 | |||
| T-Mobile USA, Inc., | ||||||
| 3.50%, 4/15/25 | United States | 20,000 | 19,912 | |||
| 3.00%, 2/15/41 | United States | 10,000 | 7,137 | |||
| 3.375%, 4/15/29 | United States | 50,000 | 46,704 | |||
| 3.875%, 4/15/30 | United States | 170,000 | 160,052 | |||
| 5.15%, 4/15/34 | United States | 20,000 | 19,686 | |||
| Verizon Communications, Inc., | ||||||
| 3.40%, 3/22/41 | United States | 20,000 | 15,137 | |||
| 4.862%, 8/21/46 | United States | 40,000 | 35,735 | |||
| 2.355%, 3/15/32 | United States | 120,000 | 99,548 | |||
| a 4.78%, 2/15/35 | United States | 100,000 | 95,236 | |||
| 775,957 | ||||||
| Transportation 0.2% | ||||||
| Burlington Northern Santa Fe LLC, 2.875%, 6/15/52 | United States | 10,000 | 6,243 | |||
| Canadian Pacific Railway Co., 3.10%, 12/02/51 | Canada | 20,000 | 13,005 | |||
| Union Pacific Corp., | ||||||
| 3.75%, 2/05/70 | United States | 20,000 | 13,366 | |||
| 3.839%, 3/20/60 | United States | 40,000 | 28,633 | |||
| 2.891%, 4/06/36 | United States | 20,000 | 16,141 | |||
| 77,388 | ||||||
| Total Corporate Bonds & Notes (Cost $16,051,261) | 16,372,768 | |||||
| U.S. Government & Agency Securities 50.4% | ||||||
| Federal Home Loan Mortgage Corp., | ||||||
| 2.00%, 3/01/41 | United States | 69,025 | 57,685 | |||
| 2.00%, 8/01/41 | United States | 385,579 | 322,170 | |||
| 2.00%, 12/01/41 | United States | 78,384 | 65,233 | |||
| 2.00%, 5/01/42 | United States | 182,706 | 151,635 | |||
| 2.00%, 7/01/50 | United States | 54,574 | 42,929 | |||
| 2.50%, 11/01/51 | United States | 76,724 | 63,780 | |||
| 3.00%, 9/01/40 | United States | 228,937 | 205,365 |
| 5.00%, 4/01/53 | United States | 88,734 | 86,384 | |||
| 6.00%, 8/01/53 | United States | 780,462 | 790,642 | |||
| Federal National Mortgage Association, | ||||||
| 1.50%, 11/01/41 | United States | 79,331 | 63,673 | |||
| 1.50%, 2/01/42 | United States | 95,825 | 76,609 | |||
| 1.50%, 3/01/42 | United States | 92,782 | 74,640 | |||
| 2.00%, 6/01/42 | United States | 91,094 | 75,661 | |||
| 2.00%, 8/01/42 | United States | 179,283 | 147,431 | |||
| 2.00%, 6/01/50 | United States | 168,284 | 132,409 | |||
| 2.00%, 7/01/51 | United States | 91,771 | 72,114 | |||
| 2.00%, 3/01/52 | United States | 365,296 | 289,571 | |||
| 2.50%, 11/01/41 | United States | 222,119 | 190,053 | |||
| 2.50%, 12/01/51 | United States | 77,983 | 64,982 | |||
| 2.50%, 2/01/52 | United States | 2,039,566 | 1,686,360 | |||
| 3.00%, 7/01/50 | United States | 41,381 | 35,321 | |||
| 3.00%, 9/01/51 | United States | 70,877 | 60,771 | |||
| 3.00%, 12/01/51 | United States | 88,933 | 76,608 | |||
| 3.00%, 9/01/61 | United States | 246,962 | 206,103 | |||
| 3.50%, 3/01/52 | United States | 238,761 | 212,616 | |||
| 5.00%, 7/01/53 | United States | 86,231 | 84,596 | |||
| 5.50%, 11/01/52 | United States | 171,314 | 170,371 | |||
| 5.50%, 4/01/53 | United States | 351,891 | 348,818 | |||
| 5.50%, 7/01/53 | United States | 90,004 | 89,791 | |||
| 6.50%, 10/01/53 | United States | 77,505 | 79,625 | |||
| 6.50%, 4/01/54 | United States | 80,500 | 82,570 | |||
| Government National Mortgage Association, | ||||||
| 2.00%, 8/20/50 | United States | 56,336 | 45,237 | |||
| 2.00%, 11/20/50 | United States | 61,913 | 49,667 | |||
| 2.00%, 2/20/51 | United States | 71,733 | 55,897 | |||
| 2.00%, 4/20/51 | United States | 73,718 | 57,444 | |||
| 2.00%, 7/20/51 | United States | 72,936 | 58,425 | |||
| 2.50%, 8/20/51 | United States | 583,897 | 488,240 | |||
| 2.50%, 9/20/51 | United States | 74,267 | 62,100 | |||
| 5.00%, 8/20/52 | United States | 82,804 | 80,622 | |||
| 5.00%, 8/20/53 | United States | 89,097 | 87,012 | |||
| 5.50%, 3/20/53 | United States | 85,171 | 84,970 | |||
| 5.50%, 4/20/53 | United States | 82,589 | 82,191 | |||
| 5.50%, 5/20/53 | United States | 85,445 | 85,016 | |||
| 5.50%, 5/20/53 | United States | 90,836 | 90,260 | |||
| 5.50%, 8/20/53 | United States | 91,249 | 91,262 | |||
| 6.00%, 7/20/53 | United States | 90,004 | 91,711 | |||
| 6.00%, 9/20/53 | United States | 93,523 | 94,548 | |||
| 6.50%, 1/20/54 | United States | 83,658 | 85,944 | |||
| Government National Mortgage Association, TBA, | ||||||
| 2.00%, 1/20/55 | United States | 100,000 | 79,992 | |||
| 2.50%, 1/20/55 | United States | 100,000 | 83,523 | |||
| 3.00%, 1/20/55 | United States | 300,000 | 260,180 | |||
| 3.50%, 1/20/55 | United States | 200,000 | 178,790 | |||
| 4.00%, 1/20/55 | United States | 200,000 | 184,228 | |||
| 4.50%, 1/20/55 | United States | 400,000 | 378,125 | |||
| 6.00%, 1/20/55 | United States | 200,000 | 201,344 | |||
| 6.50%, 1/20/55 | United States | 100,000 | 101,728 | |||
| U.S. Treasury Bills, 4.335%, 3/20/25 | United States | 970,000 | 961,376 | |||
| U.S. Treasury Bonds, | ||||||
| 3.00%, 8/15/48 | United States | 3,240,000 | 2,367,539 | |||
| 4.125%, 8/15/44 | United States | 30,000 | 27,158 | |||
| 4.25%, 2/15/54 | United States | 90,000 | 82,131 | |||
| 4.375%, 8/15/43 | United States | 2,250,000 | 2,117,954 | |||
| 4.625%, 5/15/44 | United States | 10,000 | 9,698 | |||
| 4.75%, 11/15/43 | United States | 280,000 | 276,553 | |||
| U.S. Treasury Notes, | ||||||
| 3.75%, 8/31/31 | United States | 10,000 | 9,583 | |||
| 3.875%, 8/15/34 | United States | 30,000 | 28,376 | |||
| 4.00%, 2/15/34 | United States | 30,000 | 28,730 | |||
| 4.125%, 3/31/29 | United States | 360,000 | 356,545 |
| 4.125%, 3/31/31 | United States | 370,000 | 363,285 | |||
| 4.25%, 2/28/29 | United States | 20,000 | 19,911 | |||
| 4.375%, 11/30/30 | United States | 130,000 | 129,557 | |||
| 4.625%, 9/15/26 | United States | 70,000 | 70,428 | |||
| 4.625%, 9/30/28 | United States | 100,000 | 100,958 | |||
| 4.625%, 4/30/29 | United States | 10,000 | 10,098 | |||
| 4.625%, 5/31/31 | United States | 340,000 | 342,872 | |||
| 4.875%, 10/31/28 | United States | 10,000 | 10,182 | |||
| 5.00%, 9/30/25 | United States | 60,000 | 60,318 | |||
| Uniform Mortgage-Backed Security, TBA, | ||||||
| 2.00%, 1/01/55 | United States | 300,000 | 233,461 | |||
| 3.00%, 1/01/55 | United States | 1,200,000 | 1,019,344 | |||
| 3.50%, 1/01/55 | United States | 500,000 | 442,287 | |||
| 4.00%, 1/01/55 | United States | 500,000 | 457,267 | |||
| 4.50%, 1/01/55 | United States | 500,000 | 470,314 | |||
| 5.00%, 1/01/55 | United States | 400,000 | 386,092 | |||
| 6.50%, 1/01/55 | United States | 400,000 | 408,312 | |||
| Total U.S. Government & Agency Securities (Cost $20,406,720) | 20,055,301 | |||||
| Foreign Government and Agency Securities 1.0% | ||||||
| b | Dominican Republic International Bonds, 6.000%, 2/22/33 | Dominican Republic | 200,000 | 192,600 | ||
| Mexico Government International Bonds, 4.875%, 5/19/33 | Mexico | 200,000 | 179,451 | |||
| Total Foreign Government and Agency Securities (Cost $368,377) | 372,051 | |||||
| c | Senior Floating Rate Interests 0.2% | |||||
| Health Care Equipment & Supplies 0.2% | ||||||
| Medline Borrower LP, 2024 USD Add-on Term Loan B, 1 mo. USD Term SOFR + 2.25%, 6.607%, 10/23/28 | United States | 29,925 | 30,065 | |||
| Sotera Health Holdings LLC, 2024 Term Loan B, 3 mo. USD Term SOFR + 3.25%, 7.835%, 5/30/31 | United States | 29,925 | 30,037 | |||
| 60,102 | ||||||
| Passenger Airlines 0.0%† | ||||||
| d | Spirit Airlines, Inc., DIP Term Loan, TBD, 11/18/25 | United States | 15,475 | 15,514 | ||
| Total Floating Rate Loans (Cost $74,834) | 75,616 | |||||
| Asset-Backed Securities 7.6% | ||||||
| c | Accredited Mortgage Loan Trust, Series 2004-4, Class A2D, 1 mo. USD Term SOFR + 0.81%, 4.65%, 1/25/35 | United States | 92,865 | 89,340 | ||
| Ally Auto Receivables Trust, | ||||||
| Series 2022-3, Class A3, ABS, 5.07%, 4/15/27 | United States | 60,015 | 60,142 | |||
| Series 2024-2, Class A3, 4.14%, 7/16/29 | United States | 130,000 | 129,165 | |||
| a,c | ARES XLIV CLO Ltd., Series 2017-44A, Class A1R, 3 mo. USD Term SOFR + 1.34%, 5.998%, 4/15/34 | Cayman Islands | 100,000 | 100,096 | ||
| a | Avis Budget Rental Car Funding AESOP LLC, Series 2023-8A, Class A, 6.02%, 2/20/30 | United States | 150,000 | 155,801 | ||
| a,c | Bain Capital Credit CLO Ltd., Series 2023-1A, Class AN, 3 mo. USD Term SOFR + 1.83%, 6.477%, 4/16/36 | Jersey | 200,000 | 200,830 | ||
| Bayview Opportunity Master Fund VII LLC, | ||||||
| a,c Series 2024-EDU1, Class C, 30 day USD SOFR Average + 1.80%, 6.369%, 6/25/47 | United States | 85,280 | 85,851 | |||
| a,c Series 2024-EDU1, Class A, 30 day USD SOFR Average + 1.45%, 6.019%, 6/25/47 | United States | 85,280 | 85,838 |
| Capital One Multi-Asset Execution Trust, Series 2022-A1, Class A1, ABS, 2.80%, 3/15/27 | United States | 100,000 | 99,633 | |||
| Capital One Prime Auto Receivables Trust, Series 2022-2, Class A3, ABS, 3.66%, 5/17/27 | United States | 68,549 | 68,194 | |||
| CarMax Auto Owner Trust, Series 2023-4, Class A2A, ABS, 6.08%, 12/15/26 | United States | 43,574 | 43,760 | |||
| College Avenue Student Loans LLC, | ||||||
| a Series 2021-C, Class C, 3.06%, 7/26/55 | United States | 156,578 | 142,134 | |||
| a Series 2023-A, Class C, 6.06%, 5/25/55 | United States | 100,000 | 98,440 | |||
| a,c | Dryden 87 CLO Ltd., Series 2021-87A, Class A1, 3 mo. USD Term SOFR + 1.36%, 5.883%, 5/20/34 | Cayman Islands | 350,000 | 350,978 | ||
| a | Ent Auto Receivables Trust, Series 2023-1A, Class A4, 6.26%, 11/15/29 | United States | 100,000 | 102,352 | ||
| a | Enterprise Fleet Financing LLC, Series 2023-1, Class A2, 5.51%, 1/22/29 | United States | 62,927 | 63,258 | ||
| Ford Credit Auto Lease Trust, Series 2023-A, Class A4, ABS, 4.83%, 5/15/26 | United States | 100,000 | 100,056 | |||
| GM Financial Automobile Leasing Trust, Series 2023-1, Class A3, ABS, 5.16%, 4/20/26 | United States | 45,407 | 45,469 | |||
| a | MetroNet Infrastructure Issuer LLC, Series 2024-1A, Class A2, 6.23%, 4/20/54 | United States | 140,000 | 142,434 | ||
| a,c | Nelnet Student Loan Trust, Series 2021-CA, Class AFL, 1 mo. USD Term SOFR + 0.85%, 5.225%, 4/20/62 | United States | 105,069 | 103,940 | ||
| c | New Century Home Equity Loan Trust, Series 2004-2, Class M2, 1 mo. USD Term SOFR + 1.04%, 5.383%, 8/25/34 | United States | 96,471 | 107,229 | ||
| a,c | Point Au Roche Park CLO Ltd., Series 2021-1A, Class A, 3 mo. USD Term SOFR + 1.34%, 5.959%, 7/20/34 | Cayman Islands | 100,000 | 100,231 | ||
| Santander Drive Auto Receivables Trust, | ||||||
| Series 2022-3, Class B, ABS, 4.13%, 8/16/27 | United States | 60,266 | 60,170 | |||
| Series 2023-5, Class A2, ABS, 6.31%, 7/15/27 | United States | 29,642 | 29,700 | |||
| a | Sapphire Aviation Finance II Ltd., Series 2020-1A, Class A, 3.228%, 3/15/40 | Cayman Islands | 145,177 | 136,619 | ||
| a | Tesla Auto Lease Trust, Series 2023-B, Class B, 6.57%, 8/20/27 | United States | 140,000 | 142,139 | ||
| Volkswagen Auto Loan Enhanced Trust, Series 2023-2, Class A2A, ABS, 5.72%, 3/22/27 | United States | 57,089 | 57,395 | |||
| a,c | Voya CLO Ltd., Series 2018-2A, Class A1, 3 mo. USD Term SOFR + 1.26%, 5.918%, 7/15/31 | Cayman Islands | 137,412 | 137,588 | ||
| Total Asset-Backed Securities (Cost $2,989,841) | 3,038,782 | |||||
| Mortgage-Backed Securities 0.3% | ||||||
| Federal Home Loan Mortgage Corp. REMICS, Series 5274, Class IO, CMO, IO, 2.50%, 1/25/51 | United States | 615,506 | 102,821 | |||
| Total Mortgage-Backed Securities (Cost $98,866) | 102,821 | |||||
| Residential Mortgage-Backed Securities 1.2% | ||||||
| Federal Home Loan Mortgage Corp. STACR REMICS Trust, | ||||||
| a,c Series 2022-DNA1, Class M1B, 30 day USD SOFR Average + 1.85%, 6.419%, 1/25/42 | United States | 100,000 | 101,506 | |||
| a,c Series 2022-DNA2, Class M1B, 30 day USD SOFR Average + 2.40%, 6.969%, 2/25/42 | United States | 170,000 | 174,150 | |||
| a,c Series 2022-DNA4, Class M1B, 30 day USD SOFR Average + 3.35%, 7.919%, 5/25/42 | United States | 100,000 | 104,715 | |||
| a,c Series 2022-DNA2, Class M2, 30 day USD SOFR Average + 3.75%, 8.319%, 2/25/42 | United States | 100,000 | 104,992 | |||
| Total Residential Mortgage-Backed Securities (Cost $475,450) | 485,363 |
| Commercial Mortgage-Backed Securities 7.9% | ||||||
| Angel Oak Mortgage Trust, | ||||||
| a,c Series 2022-3, Class A3, 4.138%, 1/25/67 | United States | 95,121 | 86,847 | |||
| a Series 2023-1, Class A1, 4.75%, 9/26/67 | United States | 134,125 | 132,130 | |||
| Bank, Series 2017-BNK7, Class A5, 3.435%, 9/15/60 | United States | 100,000 | 96,125 | |||
| Benchmark Mortgage Trust, Series 2023-B39, Class A5, 5.754%, 7/15/56 | United States | 150,000 | 155,246 | |||
| a,c | BPR Trust, Series 2022-OANA, Class A, 1 mo. USD Term SOFR + 1.90%, 6.295%, 4/15/37 | United States | 100,000 | 100,507 | ||
| BX Commercial Mortgage Trust, | ||||||
| a,c Series 2021-VOLT, Class A, 1 mo. USD Term SOFR + 0.81%, 5.212%, 9/15/36 | United States | 110,000 | 109,836 | |||
| a,c Series 2024-XL5, Class A, 1 mo. USD Term SOFR + 1.39%, 5.789%, 3/15/41 | United States | 90,464 | 90,940 | |||
| BX Trust, | ||||||
| a Series 2019-OC11, Class A, 3.202%, 12/09/41 | United States | 130,000 | 117,555 | |||
| a,c Series 2021-BXMF, Class A, 1 mo. USD Term SOFR + 0.75%, 5.147%, 10/15/26 | United States | 88,883 | 88,532 | |||
| CGMS Commercial Mortgage Trust, Series 2017-B1, Class A3, 3.197%, 8/15/50 | United States | 164,500 | 157,716 | |||
| a | Deephaven Residential Mortgage Trust, Series 2024-1, Class A1, 5.735%, 7/25/69 | United States | 114,380 | 114,528 | ||
| a,c | Extended Stay America Trust, Series 2021-ESH, Class C, 1 mo. USD Term SOFR + 1.81%, 6.211%, 7/15/38 | United States | 123,311 | 123,591 | ||
| a,c | FS Commercial Mortgage Trust, Series 2023-4SZN, Class B, 7.544%, 11/10/39 | United States | 100,000 | 103,102 | ||
| a,c | GCAT Trust, Series 2024-INV1, Class 1A2, 5.50%, 1/25/54 | United States | 86,494 | 85,019 | ||
| c | GS Mortgage Securities Trust, Series 2018-GS10, Class A5, 4.155%, 7/10/51 | United States | 110,000 | 105,280 | ||
| a,c | LAQ Mortgage Trust, Series 2023-LAQ, Class A, 1 mo. USD Term SOFR + 2.09%, 6.489%, 3/15/36 | United States | 27,255 | 27,371 | ||
| a,c | MIC Trust, Series 2023-MIC, Class A, 8.437%, 12/05/38 | United States | 100,000 | 107,319 | ||
| a,c | Morgan Stanley Residential Mortgage Loan Trust, Series 2024-INV2, Class A1, 6.50%, 2/25/54 | United States | 79,299 | 80,344 | ||
| c | MSWF Commercial Mortgage Trust, Series 2023-2, Class A5, 6.014%, 12/15/56 | United States | 100,000 | 105,454 | ||
| a,c | NJ Trust, Series 2023-GSP, Class A, 6.481%, 1/06/29 | United States | 100,000 | 104,167 | ||
| a,c | NRTH Mortgage Trust, Series 2024-PARK, Class A, 1 mo. USD Term SOFR + 1.64%, 6.038%, 3/15/39 | United States | 100,000 | 100,213 | ||
| a,c | NYC Trust, Series 2024-3ELV, Class A, 1 mo. USD Term SOFR + 1.99%, 6.388%, 8/15/29 | United States | 100,000 | 100,923 | ||
| a,c | ONNI Commercial Mortgage Trust, Series 2024-APT, Class A, 5.567%, 7/15/39 | United States | 100,000 | 100,462 | ||
| a,c | PFP Ltd., Series 2024-11, Class A, 1 mo. USD Term SOFR + 1.83%, 6.315%, 9/17/39 | Bermuda | 97,562 | 98,098 | ||
| a,c | RCKT Mortgage Trust, Series 2024-INV1, Class A1, 6.50%, 6/25/54 | United States | 92,662 | 93,940 | ||
| a | SG Residential Mortgage Trust, Series 2022-2, Class A1, 5.353%, 8/25/62 | United States | 100,975 | 100,692 | ||
| UBS Commercial Mortgage Trust, Series 2017-C4, Class A3, 3.301%, 10/15/50 | United States | 118,434 | 112,696 | |||
| Verus Securitization Trust, | ||||||
| a Series 2023-4, Class A1, 5.811%, 5/25/68 | United States | 72,537 | 72,780 | |||
| a,c Series 2022-7, Class A3, 5.35%, 7/25/67 | United States | 93,062 | 92,496 | |||
| a Series 2024-4, Class A3, 6.674%, 6/25/69 | United States | 90,449 | 91,255 | |||
| a Series 2024-3, Class A3, 6.845%, 4/25/69 | United States | 84,462 | 85,673 | |||
| Total Commercial Mortgage-Backed Securities (Cost $3,069,782) | 3,140,837 | |||||
| Western Asset Bond ETF | Expiration Date | Contracts | Notional Amount | Value | ||
| Purchased Options 0.0%† | ||||||
| 3 Month SOFR 96.375 Call | 12/12/25 | 10,000 | $ 960,550 | $ 2,700 | ||
| U.S. Treasury Bond 115.00 Call | 1/24/25 | 2,000 | 227,688 | 1,657 | ||
| Total Purchased Option (Cost $5,368) | 4,357 | |||||
| Total Investments before Short-Term Investments (Cost $43,540,499) | 43,647,896 | |||||
| Country | Principal Amount* | |||||
| Short-Term Investments 1.0% | ||||||
| Money Market Funds 1.0% | ||||||
| e | Invesco Government & Agency Portfolio, 3.87% | United States | 407,754 | 407,754 | ||
| Total Short-Term Investments (Cost $407,754) | 407,754 | |||||
| Total Investments (Cost $43,948,253) 110.7% | 44,055,650 | |||||
| Other Assets, less Liabilities (10.7)% | (4,248,174) | |||||
| Net Assets 100.0% | $ 39,807,476 | |||||
| *The principal amount is stated in U.S. dollars unless otherwise indicated. |
| †Rounds to less than 0.1% of net assets. |
| aSecurity was purchased pursuant to Rule 144A under the Securities Act of 1933 and may be sold in transactions exempt from registration only to qualified institutional buyers or in a public offering registered under the Securities Act of 1933. At December 31, 2024, the aggregate value of these securities was $7,784,602, representing 19.6% of net assets. |
| bSecurity was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. At December 31, 2024, the aggregate value of these securities was $1,597,623, representing 4.0% of net assets. |
| cVariable rate security. The rate shown represents the yield at period end. |
| dA portion or all of the security represents an unsettled loan commitment. The coupon rate is to-be determined (TBD) at the time of settlement and will be based upon a reference index/floor plus a spread. |
| eThe rate shown is the annualized seven-day effective yield at period end. |
| Description | Periodic Payment Rate Received (Paid) | Payment Frequency | Maturity Date | Notional Amount | Value | Unamortized Upfront Payments (Receipts) | Unrealized Appreciation (Depreciation) |
| Credit rate contracts | |||||||
| Intercontinental Exchange, Inc. | 1.00% | Quarterly | 12/20/29 | $ 3,184,000 | $ 72,130 | $ 68,066 | $ 4,064 |
| $4,064 |
| Description | Periodic Payment Rate Received (Paid) | Payment Frequency | Maturity Date | Notional Amount | Value | Unamortized Upfront Payments (Receipts) | Unrealized Appreciation (Depreciation) |
| Interest rate contracts | |||||||
| Chicago Mercantile Exchange | (3.15)% | Annually | 5/15/48 | $ 137,000 | $ 20,238 | $ 14,721 | $ 5,517 |
| Chicago Mercantile Exchange | (4.2)% | Annually | 4/30/31 | $ 2,809,000 | $ (17,917) | $ (39,387) | $ 21,470 |
| $26,987 |
| Description | Type | Number of Contracts | Notional Amount* | Expiration Date | Value/Unrealized Appreciation (Depreciation) |
| Interest rate contracts | |||||
| 3-Month CME Term SOFR | Long | 24 | $ 5,763,300 | 3/17/26 | $ (4,177) |
| U.S. Treasury 10 Yr. Note | Long | 41 | 4,458,750 | 3/20/25 | (55,251) |
| U.S. Treasury 2 Yr. Note | Long | 15 | 3,084,141 | 3/31/25 | (1,830) |
| U.S. Treasury 5 Yr. Note | Long | 62 | 6,590,891 | 3/31/25 | (39,484) |
| U.S. Treasury Bond Long | Short | 4 | 455,375 | 3/20/25 | 10,524 |
| U.S. Treasury Bond Ultra | Short | 6 | 713,438 | 3/20/25 | 32,138 |
| U.S. Treasury Ultra 10 Yr. Note | Short | 11 | 1,224,438 | 3/20/25 | 11,956 |
| Total Futures Contracts | $(46,124) |
| *As of period end. |
| Description | Expiration Date | Strike Price | Contracts | Notional Amount* | Value |
| Call Options Written | |||||
| 3 Month SOFR 96.87 Call | 12/12/25 | 96.88 | 4 | $ 960,550 | $ 1,600 |
| U.S. Treasury Bond 117.00 Call | 1/24/25 | 117.00 | 2 | 227,688 | 656 |
| (Premiums received—$2,757) | |||||
| Total | $2,256 | ||||
| Put Options Written | |||||
| 3 Month SOFR 95.62 Put | 6/13/25 | 95.63 | 4 | 960,550 | 400 |
| U.S. Treasury Bond 110.00 Put | 1/24/25 | 110.00 | 2 | 227,688 | 438 |
| (Premiums received—$2,232) | |||||
| Total | $838 |
| *Notional amount denominated in U.S. dollars, unless otherwise noted. |
| Selected Portfolio | ||
| CLO | – | Collateralized Loan Obligation |
| FRN | – | Floating Rate Note |
| SOFR | – | Secured Overnight Financing Rate |
| TBD | – | To Be Determined |
| Value at Beginning of Period | Purchases | Sales | Realized Gain (Loss) | Net Change in Unrealized Appreciation (Depreciation) | Value at End of Period | Number of Shares Held at End of Period | Investment Income | |
| Franklin Emerging Market Core Dividend Tilt Index ETF Non-Controlled Affiliates | Dividend Income | |||||||
| Institutional Fiduciary Trust - Money Market Portfolio, 4.18% | $— | $558,995 | $(558,940) | $— | $— | $55 | 55 | $379 |
| Income from Securities loaned | ||||||||
| Institutional Fiduciary Trust - Money Market Portfolio, 4.18% | $— | $2,935,500 | $(2,935,500) | $— | $— | $— | — | $— |
| Total Affiliated Securities | $— | $3,494,495 | $(3,494,440) | $— | $— | $55 | 55 | $379 |
| Franklin Exponential Data ETF Non-Controlled Affiliates | Dividend Income | |||||||
| Institutional Fiduciary Trust - Money Market Portfolio, 4.18% | $112,222 | $119,752 | $(201,201) | $— | $— | $30,773 | 30,773 | $6,774 |
| Franklin Focused Growth ETF Non-Controlled Affiliates | Dividend Income | |||||||
| Institutional Fiduciary Trust - Money Market Portfolio, 4.18% | $223,033 | $3,952,549 | $(3,732,945) | $— | $— | $442,637 | 442,637 | $89,617 |
| Franklin FTSE Asia ex Japan ETF Non-Controlled Affiliates | Dividend Income | |||||||
| Institutional Fiduciary Trust - Money Market Portfolio, 4.18% | $— | $4,086,525 | $(4,068,558) | $— | $— | $17,967 | 17,967 | $2,171 |
| Income from Securities loaned | ||||||||
| Institutional Fiduciary Trust - Money Market Portfolio, 4.18% | $— | $2,815,661 | $(2,815,661) | $— | $— | $— | — | $— |
| Total Affiliated Securities | $— | $6,902,186 | $(6,884,219) | $— | $— | $17,967 | 17,967 | $2,171 |
| Value at Beginning of Period | Purchases | Sales | Realized Gain (Loss) | Net Change in Unrealized Appreciation (Depreciation) | Value at End of Period | Number of Shares Held at End of Period | Investment Income | |
| Franklin FTSE Australia ETF Non-Controlled Affiliates | Dividend Income | |||||||
| Institutional Fiduciary Trust - Money Market Portfolio, 4.18% | $— | $1,799,435 | $(1,797,006) | $— | $— | $2,429 | 2,429 | $1,984 |
| Income from Securities loaned | ||||||||
| Institutional Fiduciary Trust - Money Market Portfolio, 4.18% | $— | $219,420 | $(219,420) | $— | $— | $— | — | $44 |
| Total Affiliated Securities | $— | $2,018,855 | $(2,016,426) | $— | $— | $2,429 | 2,429 | $2,028 |
| Franklin FTSE Brazil ETF Non-Controlled Affiliates | Dividend Income | |||||||
| Institutional Fiduciary Trust - Money Market Portfolio, 4.18% | $— | $11,726,499 | $(11,631,411) | $— | $— | $95,088 | 95,088 | $12,738 |
| Franklin FTSE Canada ETF Non-Controlled Affiliates | Dividend Income | |||||||
| Institutional Fiduciary Trust - Money Market Portfolio, 4.18% | $— | $10,639,629 | $(10,628,330) | $— | $— | $11,299 | 11,299 | $11,281 |
| Income from Securities loaned | ||||||||
| Institutional Fiduciary Trust - Money Market Portfolio, 4.18% | $— | $532,950 | $(532,950) | $— | $— | $— | — | $— |
| Total Affiliated Securities | $— | $11,172,579 | $(11,161,280) | $— | $— | $11,299 | 11,299 | $11,281 |
| Franklin FTSE China ETF Non-Controlled Affiliates | Dividend Income | |||||||
| Institutional Fiduciary Trust - Money Market Portfolio, 4.18% | $— | $9,513,433 | $(9,511,947) | $— | $— | $1,486 | 1,486 | $6,290 |
| Income from Securities loaned | ||||||||
| Institutional Fiduciary Trust - Money Market Portfolio, 4.18% | $— | $87,140 | $(4,920) | $— | $— | $82,220 | 82,220 | $524 |
| Total Affiliated Securities | $— | $9,600,573 | $(9,516,867) | $— | $— | $83,706 | 83,706 | $6,814 |
| Value at Beginning of Period | Purchases | Sales | Realized Gain (Loss) | Net Change in Unrealized Appreciation (Depreciation) | Value at End of Period | Number of Shares Held at End of Period | Investment Income | |
| Franklin FTSE Europe ETF Non-Controlled Affiliates | Dividend Income | |||||||
| Institutional Fiduciary Trust - Money Market Portfolio, 4.18% | $— | $2,918,360 | $(2,918,079) | $— | $— | $281 | 281 | $4,342 |
| Franklin FTSE Eurozone ETF Non-Controlled Affiliates | Dividend Income | |||||||
| Institutional Fiduciary Trust - Money Market Portfolio, 4.18% | $2 | $561,968 | $(561,893) | $— | $— | $77 | 77 | $387 |
| Income from Securities loaned | ||||||||
| Institutional Fiduciary Trust - Money Market Portfolio, 4.18% | $— | $134,400 | $(134,400) | $— | $— | $— | — | $— |
| Total Affiliated Securities | $2 | $696,368 | $(696,293) | $— | $— | $77 | 77 | $387 |
| Franklin FTSE Germany ETF Non-Controlled Affiliates | Dividend Income | |||||||
| Institutional Fiduciary Trust - Money Market Portfolio, 4.18% | $— | $600,947 | $(600,947) | $— | $— | $— | — | $906 |
| Franklin FTSE Hong Kong ETF Non-Controlled Affiliates | Dividend Income | |||||||
| Institutional Fiduciary Trust - Money Market Portfolio, 4.18% | $— | $502,023 | $(501,921) | $— | $— | $102 | 102 | $345 |
| Franklin FTSE India ETF Non-Controlled Affiliates | Dividend Income | |||||||
| Institutional Fiduciary Trust - Money Market Portfolio, 4.18% | $— | $191,357,430 | $(190,963,957) | $— | $— | $393,473 | 393,473 | $348,762 |
| Value at Beginning of Period | Purchases | Sales | Realized Gain (Loss) | Net Change in Unrealized Appreciation (Depreciation) | Value at End of Period | Number of Shares Held at End of Period | Investment Income | |
| Franklin FTSE Japan ETF Non-Controlled Affiliates | Dividend Income | |||||||
| Institutional Fiduciary Trust - Money Market Portfolio, 4.18% | $512,091 | $103,951,546 | $(104,450,808) | $— | $— | $12,829 | 12,829 | $147,935 |
| Income from Securities loaned | ||||||||
| Institutional Fiduciary Trust - Money Market Portfolio, 4.18% | $8,014,193 | $12,178,755 | $(18,655,418) | $— | $— | $1,537,530 | 1,537,530 | $18,063 |
| Total Affiliated Securities | $8,526,284 | $116,130,301 | $(123,106,226) | $— | $— | $1,550,359 | 1,550,359 | $165,998 |
| Franklin FTSE Japan Hedged ETF Non-Controlled Affiliates | Dividend Income | |||||||
| Institutional Fiduciary Trust - Money Market Portfolio, 4.18% | $14,836 | $6,764,674 | $(6,460,625) | $— | $— | $318,885 | 318,885 | $20,645 |
| Franklin FTSE Latin America ETF Non-Controlled Affiliates | Dividend Income | |||||||
| Institutional Fiduciary Trust - Money Market Portfolio, 4.18% | $— | $3,244,607 | $(3,174,519) | $— | $— | $70,088 | 70,088 | $2,672 |
| Income from Securities loaned | ||||||||
| Institutional Fiduciary Trust - Money Market Portfolio, 4.18% | $— | $1,319,960 | $(1,319,960) | $— | $— | $— | — | $343 |
| Total Affiliated Securities | $— | $4,564,567 | $(4,494,479) | $— | $— | $70,088 | 70,088 | $3,015 |
| Franklin FTSE Mexico ETF Non-Controlled Affiliates | Dividend Income | |||||||
| Institutional Fiduciary Trust - Money Market Portfolio, 4.18% | $— | $2,591,509 | $(2,587,916) | $— | $— | $3,593 | 3,593 | $2,814 |
| Income from Securities loaned | ||||||||
| Institutional Fiduciary Trust - Money Market Portfolio, 4.18% | $46,800 | $443,740 | $(490,540) | $— | $— | $— | — | $2,395 |
| Total Affiliated Securities | $46,800 | $3,035,249 | $(3,078,456) | $— | $— | $3,593 | 3,593 | $5,209 |
| Value at Beginning of Period | Purchases | Sales | Realized Gain (Loss) | Net Change in Unrealized Appreciation (Depreciation) | Value at End of Period | Number of Shares Held at End of Period | Investment Income | |
| Franklin FTSE Saudi Arabia ETF Non-Controlled Affiliates | Dividend Income | |||||||
| Institutional Fiduciary Trust - Money Market Portfolio, 4.18% | $— | $274,806 | $(274,803) | $— | $— | $3 | 3 | $138 |
| Franklin FTSE South Korea ETF Non-Controlled Affiliates | Dividend Income | |||||||
| Institutional Fiduciary Trust - Money Market Portfolio, 4.18% | $— | $24,966,233 | $(19,724,131) | $— | $— | $5,242,102 | 5,242,102 | $16,653 |
| Franklin FTSE Switzerland ETF Non-Controlled Affiliates | Dividend Income | |||||||
| Institutional Fiduciary Trust - Money Market Portfolio, 4.18% | $— | $1,115,722 | $(1,114,739) | $— | $— | $983 | 983 | $1,466 |
| Franklin FTSE Taiwan ETF Non-Controlled Affiliates | Dividend Income | |||||||
| Institutional Fiduciary Trust - Money Market Portfolio, 4.18% | $— | $11,838,144 | $(11,813,667) | $— | $— | $24,477 | 24,477 | $10,772 |
| Franklin FTSE United Kingdom ETF Non-Controlled Affiliates | Dividend Income | |||||||
| Institutional Fiduciary Trust - Money Market Portfolio, 4.18% | $— | $29,054,997 | $(29,017,987) | $— | $— | $37,010 | 37,010 | $24,529 |
| Income from Securities loaned | ||||||||
| Institutional Fiduciary Trust - Money Market Portfolio, 4.18% | $— | $3,108,680 | $(3,108,680) | $— | $— | $— | — | $112 |
| Total Affiliated Securities | $— | $32,163,677 | $(32,126,667) | $— | $— | $37,010 | 37,010 | $24,641 |
| Franklin Income Focus ETF Non-Controlled Affiliates | Dividend Income | |||||||
| Institutional Fiduciary Trust - Money Market Portfolio, 4.18% | $— | $32,973,024 | $(24,348,271) | $— | $— | $8,624,753 | 8,624,753 | $— |
| Value at Beginning of Period | Purchases | Sales | Realized Gain (Loss) | Net Change in Unrealized Appreciation (Depreciation) | Value at End of Period | Number of Shares Held at End of Period | Investment Income | |
| Franklin International Core Dividend Tilt Index ETF Non-Controlled Affiliates | Dividend Income | |||||||
| Institutional Fiduciary Trust - Money Market Portfolio, 4.18% | $— | $54,642,138 | $(54,571,736) | $— | $— | $70,402 | 70,402 | $53,499 |
| Income from Securities loaned | ||||||||
| Institutional Fiduciary Trust - Money Market Portfolio, 4.18% | $4,095,900 | $19,707,789 | $(23,803,689) | $— | $— | $— | — | $5,252 |
| Total Affiliated Securities | $4,095,900 | $74,349,927 | $(78,375,425) | $— | $— | $70,402 | 70,402 | $58,751 |
| Franklin U.S. Core Bond ETF Non-Controlled Affiliates | Dividend Income | |||||||
| Institutional Fiduciary Trust - Money Market Portfolio, 4.18% | $9,292,075 | $439,821,402 | $(385,245,371) | $— | $— | $63,868,106 | 63,868,106 | $3,227,359 |
| Franklin U.S. Core Dividend Tilt Index ETF Non-Controlled Affiliates | Dividend Income | |||||||
| Institutional Fiduciary Trust - Money Market Portfolio, 4.18% | $164,064 | $1,216,321 | $(1,331,489) | $— | $— | $48,896 | 48,896 | $4,922 |
| Income from Securities loaned | ||||||||
| Institutional Fiduciary Trust - Money Market Portfolio, 4.18% | $— | $34,650 | $(34,650) | $— | $— | $— | — | $45 |
| Total Affiliated Securities | $164,064 | $1,250,971 | $(1,366,139) | $— | $— | $48,896 | 48,896 | $4,967 |
| Franklin U.S. Equity Index ETF Non-Controlled Affiliates | Dividend Income | |||||||
| Institutional Fiduciary Trust - Money Market Portfolio, 4.18% | $1,132,943 | $19,824,678 | $(19,573,446) | $— | $— | $1,384,175 | 1,384,175 | $95,170 |
| Income from Securities loaned | ||||||||
| Institutional Fiduciary Trust - Money Market Portfolio, 4.18% | $93,105 | $2,063,065 | $(2,156,170) | $— | $— | $— | — | $2,499 |
| Total Affiliated Securities | $1,226,048 | $21,887,743 | $(21,729,616) | $— | $— | $1,384,175 | 1,384,175 | $97,669 |
| Value at Beginning of Period | Purchases | Sales | Realized Gain (Loss) | Net Change in Unrealized Appreciation (Depreciation) | Value at End of Period | Number of Shares Held at End of Period | Investment Income | |
| Franklin U.S. Large Cap Multifactor Index ETF Non-Controlled Affiliates | Dividend Income | |||||||
| Institutional Fiduciary Trust - Money Market Portfolio, 4.18% | $2,867,178 | $25,776,654 | $(28,390,112) | $— | $— | $253,720 | 253,720 | $137,134 |
| Income from Securities loaned | ||||||||
| Institutional Fiduciary Trust - Money Market Portfolio, 4.18% | $— | $2,143,300 | $(2,143,300) | $— | $— | $— | — | $— |
| Total Affiliated Securities | $2,867,178 | $27,919,954 | $(30,533,412) | $— | $— | $253,720 | 253,720 | $137,134 |
| Franklin U.S. Mid Cap Multifactor Index ETF Non-Controlled Affiliates | Dividend Income | |||||||
| Institutional Fiduciary Trust - Money Market Portfolio, 4.18% | $1,346,815 | $20,677,229 | $(20,275,748) | $— | $— | $1,748,296 | 1,748,296 | $104,369 |
| Income from Securities loaned | ||||||||
| Institutional Fiduciary Trust - Money Market Portfolio, 4.18% | $717,750 | $143,755,290 | $(141,616,463) | $— | $— | $2,856,577 | 2,856,577 | $57,757 |
| Total Affiliated Securities | $2,064,565 | $164,432,519 | $(161,892,211) | $— | $— | $4,604,873 | 4,604,873 | $162,126 |
| Franklin U.S. Small Cap Multifactor Index ETF Non-Controlled Affiliates | Dividend Income | |||||||
| Institutional Fiduciary Trust - Money Market Portfolio, 4.18% | $78,668 | $1,265,126 | $(1,343,570) | $— | $— | $224 | 224 | $2,350 |
| Income from Securities loaned | ||||||||
| Institutional Fiduciary Trust - Money Market Portfolio, 4.18% | $167,840 | $2,252,794 | $(2,405,859) | $— | $— | $14,775 | 14,775 | $1,204 |
| Total Affiliated Securities | $246,508 | $3,517,920 | $(3,749,429) | $— | $— | $14,999 | 14,999 | $3,554 |
| Franklin U.S. Treasury Bond ETF Non-Controlled Affiliates | Dividend Income | |||||||
| Institutional Fiduciary Trust - Money Market Portfolio, 4.18% | $4,216,490 | $110,020,202 | $(103,176,463) | $— | $— | $11,060,229 | 11,060,229 | $617,505 |
| Value at Beginning of Period | Purchases | Sales | Realized Gain (Loss) | Net Change in Unrealized Appreciation (Depreciation) | Value at End of Period | Number of Shares Held at End of Period | Investment Income | |
| Franklin Ultra Short Bond ETF Non-Controlled Affiliates | Dividend Income | |||||||
| Institutional Fiduciary Trust - Money Market Portfolio, 4.18% | $1,574,767 | $18,877,875 | $(19,639,626) | $— | $— | $813,016 | 813,016 | $152,614 |
| Borrower | Unfunded Commitment |
| Franklin Senior Loan ETF | |
| Air Comm Corp. LLC, due 12/11/2031 | $241,138 |
| Total | $241,138 |
| • | Level 1 – quoted prices in active markets for identical financial instruments |
| • | Level 2 – other significant observable inputs (including quoted prices for similar financial instruments, interest rates, prepayment speed, credit risk, etc.) |
| • | Level 3 – significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of financial instruments) |
| Level 1 | Level 2 | Level 3 | Total | |
| BrandywineGLOBAL - Dynamic US Large Cap Value ETF | ||||
| Assets: | ||||
| Investments in Securities:a | ||||
| Equity Investmentsb | $ 109,099,278 | $ — | $ — | $ 109,099,278 |
| Short-Term Investments | 1,425,686 | — | — | 1,425,686 |
| Total Investments in Securities | $110,524,964 | $— | $— | $110,524,964 |
| Level 1 | Level 2 | Level 3 | Total | |
| BrandywineGLOBAL - U.S. Fixed Income ETF | ||||
| Assets: | ||||
| Investments in Securities:a | ||||
| Corporate Bonds & Notes | $ — | $ 459,862 | $ — | $ 459,862 |
| U.S. Government & Agency Securities | — | 11,188,724 | — | 11,188,724 |
| Short-Term Investments | 247,876 | — | — | 247,876 |
| Total Investments in Securities | $247,876 | $11,648,586 | $— | $11,896,462 |
| Liabilities: | ||||
| Other Financial Instruments: | ||||
| Futures Contracts | $ 23,307 | $ — | $ — | $ 23,307 |
| ClearBridge Sustainable Infrastructure ETF | ||||
| Assets: | ||||
| Investments in Securities:a | ||||
| Equity Investmentsb | $ 8,835,510 | $ — | $ — | $ 8,835,510 |
| Short-Term Investments | 139,335 | — | — | 139,335 |
| Total Investments in Securities | $8,974,845 | $— | $— | $8,974,845 |
| Franklin Disruptive Commerce ETF | ||||
| Assets: | ||||
| Investments in Securities:a | ||||
| Equity Investmentsb | $ 16,247,251 | $ — | $ — | $ 16,247,251 |
| Franklin Dynamic Municipal Bond ETF | ||||
| Assets: | ||||
| Investments in Securities:a | ||||
| Corporate Bonds & Notes | $ — | $ 3,285,416 | $ 200,741 | $ 3,486,157 |
| Senior Floating Rate Interest | — | 500,690 | — | 500,690 |
| Municipal Bonds | — | 410,599,119 | — | 410,599,119 |
| Total Investments in Securities | $— | $414,385,225 | $200,741 | $414,585,966 |
| Franklin Emerging Market Core Dividend Tilt Index ETF | ||||
| Assets: | ||||
| Investments in Securities:a | ||||
| Equity Investmentsb | $ 13,431,416 | $ — | $ —c | $ 13,431,416 |
| Short-Term Investments | 55 | — | — | 55 |
| Total Investments in Securities | $13,431,471 | $— | $— | $13,431,471 |
| Franklin Exponential Data ETF | ||||
| Assets: | ||||
| Investments in Securities:a | ||||
| Equity Investmentsb | $ 5,043,820 | $ — | $ — | $ 5,043,820 |
| Short-Term Investments | 30,773 | — | — | 30,773 |
| Total Investments in Securities | $5,074,593 | $— | $— | $5,074,593 |
| Franklin Focused Growth ETF | ||||
| Assets: | ||||
| Investments in Securities:a | ||||
| Equity Investmentsb | $ 117,397,180 | $ — | $ — | $ 117,397,180 |
| Short-Term Investments | 442,637 | — | — | 442,637 |
| Total Investments in Securities | $117,839,817 | $— | $— | $117,839,817 |
| Franklin FTSE Asia ex Japan ETF | ||||
| Assets: | ||||
| Investments in Securities:a | ||||
| Equity Investmentsb | $ 27,818,678 | $ 1,770 | $ 1,798 | $ 27,822,246 |
| Short-Term Investments | 17,967 | — | — | 17,967 |
| Total Investments in Securities | $27,836,645 | $1,770 | $1,798 | $27,840,213 |
| Level 1 | Level 2 | Level 3 | Total | |
| Franklin FTSE Australia ETF | ||||
| Assets: | ||||
| Investments in Securities:a | ||||
| Equity Investmentsb | $ 51,508,565 | $ — | $ — | $ 51,508,565 |
| Short-Term Investments | 2,429 | — | — | 2,429 |
| Total Investments in Securities | $51,510,994 | $— | $— | $51,510,994 |
| Liabilities: | ||||
| Other Financial Instruments: | ||||
| Futures Contracts | $ 3,749 | $ — | $ — | $ 3,749 |
| Franklin FTSE Brazil ETF | ||||
| Assets: | ||||
| Investments in Securities:a | ||||
| Equity Investmentsb | $ 138,156,884 | $ — | $ — | $ 138,156,884 |
| Short-Term Investments | 95,088 | — | — | 95,088 |
| Total Investments in Securities | $138,251,972 | $— | $— | $138,251,972 |
| Liabilities: | ||||
| Other Financial Instruments: | ||||
| Futures Contracts | $ 116,877 | $ — | $ — | $ 116,877 |
| Franklin FTSE Canada ETF | ||||
| Assets: | ||||
| Investments in Securities:a | ||||
| Time Deposits | $ — | $ 365,735 | $ — | $ 365,735 |
| Equity Investmentsb | 398,643,581 | — | —c | 398,643,581 |
| Short-Term Investments | 11,299 | — | — | 11,299 |
| Total Investments in Securities | $398,654,880 | $365,735 | $— | $399,020,615 |
| Liabilities: | ||||
| Other Financial Instruments: | ||||
| Futures Contracts | $ 20,750 | $ — | $ — | $ 20,750 |
| Franklin FTSE China ETF | ||||
| Assets: | ||||
| Investments in Securities:a | ||||
| Equity Investmentsb | $ 148,231,534 | $ 39,338 | $ 19,230 | $ 148,290,102 |
| Short-Term Investments | 83,706 | — | — | 83,706 |
| Total Investments in Securities | $148,315,240 | $39,338 | $19,230 | $148,373,808 |
| Liabilities: | ||||
| Other Financial Instruments: | ||||
| Futures Contracts | $ 1,073 | $ — | $ — | $ 1,073 |
| Franklin FTSE Europe ETF | ||||
| Assets: | ||||
| Investments in Securities:a | ||||
| Equity Investmentsb | $ 65,984,518 | $ — | $ —c | $ 65,984,518 |
| Short-Term Investments | 281 | — | — | 281 |
| Total Investments in Securities | $65,984,799 | $— | $— | $65,984,799 |
| Liabilities: | ||||
| Other Financial Instruments: | ||||
| Futures Contracts | $ 11,611 | $ — | $ — | $ 11,611 |
| Franklin FTSE Eurozone ETF | ||||
| Assets: | ||||
| Investments in Securities:a | ||||
| Equity Investmentsb | $ 19,259,380 | $ — | $ —c | $ 19,259,380 |
| Short-Term Investments | 77 | — | — | 77 |
| Total Investments in Securities | $19,259,457 | $— | $— | $19,259,457 |
| Level 1 | Level 2 | Level 3 | Total | |
| Franklin FTSE Eurozone ETF (continued) | ||||
| Liabilities: | ||||
| Other Financial Instruments: | ||||
| Futures Contracts | $ 1,037 | $ — | $ — | $ 1,037 |
| Franklin FTSE Germany ETF | ||||
| Assets: | ||||
| Investments in Securities:a | ||||
| Equity Investmentsb | $ 24,964,372 | $ — | $ — | $ 24,964,372 |
| Liabilities: | ||||
| Other Financial Instruments: | ||||
| Futures Contracts | $ 1,220 | $ — | $ — | $ 1,220 |
| Franklin FTSE Hong Kong ETF | ||||
| Assets: | ||||
| Investments in Securities:a | ||||
| Equity Investmentsb | $ 12,190,347 | $ — | $ — | $ 12,190,347 |
| Short-Term Investments | 102 | — | — | 102 |
| Total Investments in Securities | $12,190,449 | $— | $— | $12,190,449 |
| Franklin FTSE India ETF | ||||
| Assets: | ||||
| Investments in Securities:a | ||||
| Equity Investmentsb | $ 1,732,078,461 | $ — | $ — | $ 1,732,078,461 |
| Short-Term Investments | 393,473 | — | — | 393,473 |
| Total Investments in Securities | $1,732,471,934 | $— | $— | $1,732,471,934 |
| Liabilities: | ||||
| Other Financial Instruments: | ||||
| Futures Contracts | $ 45,106 | $ — | $ — | $ 45,106 |
| Franklin FTSE Japan ETF | ||||
| Assets: | ||||
| Investments in Securities:a | ||||
| Equity Investmentsb | $ 1,940,162,793 | $ — | $ — | $ 1,940,162,793 |
| Short-Term Investments | 1,550,359 | — | — | 1,550,359 |
| Total Investments in Securities | $1,941,713,152 | $— | $— | $1,941,713,152 |
| Other Financial Instruments: | ||||
| Futures Contracts | $ 7,307 | $ — | $ — | $ 7,307 |
| Franklin FTSE Japan Hedged ETF | ||||
| Assets: | ||||
| Investments in Securities:a | ||||
| Equity Investmentsb | $ 77,977,678 | $ — | $ — | $ 77,977,678 |
| Short-Term Investments | 318,885 | — | — | 318,885 |
| Total Investments in Securities | $78,296,563 | $— | $— | $78,296,563 |
| Other Financial Instruments: | ||||
| Forward Exchange Contracts | $ — | $ 3,676,041 | $ — | $ 3,676,041 |
| Futures Contracts | 7,257 | — | — | 7,257 |
| Total Other Financial Instruments | $7,257 | $3,676,041 | $— | $3,683,298 |
| Liabilities: | ||||
| Other Financial Instruments: | ||||
| Forward Exchange Contracts | $ — | $ 15,902 | $ — | $ 15,902 |
| Franklin FTSE Latin America ETF | ||||
| Assets: | ||||
| Investments in Securities:a | ||||
| Equity Investmentsb | $ 41,563,475 | $ — | $ — | $ 41,563,475 |
| Short-Term Investments | 70,088 | — | — | 70,088 |
| Total Investments in Securities | $41,633,563 | $— | $— | $41,633,563 |
| Level 1 | Level 2 | Level 3 | Total | |
| Franklin FTSE Latin America ETF (continued) | ||||
| Liabilities: | ||||
| Other Financial Instruments: | ||||
| Futures Contracts | $ 37,753 | $ — | $ — | $ 37,753 |
| Franklin FTSE Mexico ETF | ||||
| Assets: | ||||
| Investments in Securities:a | ||||
| Equity Investmentsb | $ 77,464,680 | $ — | $ — | $ 77,464,680 |
| Short-Term Investments | 3,593 | — | — | 3,593 |
| Total Investments in Securities | $77,468,273 | $— | $— | $77,468,273 |
| Liabilities: | ||||
| Other Financial Instruments: | ||||
| Futures Contracts | $ 2,331 | $ — | $ — | $ 2,331 |
| Franklin FTSE Russia ETF | ||||
| Assets: | ||||
| Investments in Securities:a | ||||
| Equity Investmentsb | $ — | $ — | $ —c | $ — |
| Franklin FTSE Saudi Arabia ETF | ||||
| Assets: | ||||
| Investments in Securities:a | ||||
| Equity Investmentsb | $ 17,701,957 | $ — | $ — | $ 17,701,957 |
| Short-Term Investments | 3 | — | — | 3 |
| Total Investments in Securities | $17,701,960 | $— | $— | $17,701,960 |
| Franklin FTSE South Korea ETF | ||||
| Assets: | ||||
| Investments in Securities:a | ||||
| Equity Investmentsb | $ 111,401,817 | $ — | $ — | $ 111,401,817 |
| Short-Term Investments | 5,242,102 | — | — | 5,242,102 |
| Total Investments in Securities | $116,643,919 | $— | $— | $116,643,919 |
| Liabilities: | ||||
| Other Financial Instruments: | ||||
| Futures Contracts | $ 3,986 | $ — | $ — | $ 3,986 |
| Franklin FTSE Switzerland ETF | ||||
| Assets: | ||||
| Investments in Securities:a | ||||
| Equity Investmentsb | $ 50,211,306 | $ — | $ — | $ 50,211,306 |
| Short-Term Investments | 983 | — | — | 983 |
| Total Investments in Securities | $50,212,289 | $— | $— | $50,212,289 |
| Liabilities: | ||||
| Other Financial Instruments: | ||||
| Futures Contracts | $ 15,902 | $ — | $ — | $ 15,902 |
| Franklin FTSE Taiwan ETF | ||||
| Assets: | ||||
| Investments in Securities:a | ||||
| Equity Investmentsb | $ 384,601,071 | $ — | $ — | $ 384,601,071 |
| Short-Term Investments | 24,477 | — | — | 24,477 |
| Total Investments in Securities | $384,625,548 | $— | $— | $384,625,548 |
| Franklin FTSE United Kingdom ETF | ||||
| Assets: | ||||
| Investments in Securities:a | ||||
| Equity Investmentsb | $ 659,946,116 | $ — | $ —c | $ 659,946,116 |
| Short-Term Investments | 37,010 | — | — | 37,010 |
| Total Investments in Securities | $659,983,126 | $— | $— | $659,983,126 |
| Level 1 | Level 2 | Level 3 | Total | |
| Franklin FTSE United Kingdom ETF (continued) | ||||
| Liabilities: | ||||
| Other Financial Instruments: | ||||
| Futures Contracts | $ 13,326 | $ — | $ — | $ 13,326 |
| Franklin Genomic Advancements ETF | ||||
| Assets: | ||||
| Investments in Securities:a | ||||
| Equity Investmentsb | $ 12,893,745 | $ — | $ —c | $ 12,893,745 |
| Franklin High Yield Corporate ETF | ||||
| Assets: | ||||
| Investments in Securities:a | ||||
| Corporate Bonds & Notes | $ — | $ 567,412,620 | $ —c | $ 567,412,620 |
| Senior Floating Rate Interests | — | 5,717,805 | — | 5,717,805 |
| Municipal Bonds | — | 1,575,964 | — | 1,575,964 |
| Equity Investmentsb | 804,269 | — | — | 804,269 |
| U.S. Government & Agency Securities | — | 6,443,496 | — | 6,443,496 |
| Total Investments in Securities | $804,269 | $581,149,885 | $— | $581,954,154 |
| Franklin Income Equity Focus ETF | ||||
| Assets: | ||||
| Investments in Securities:a | ||||
| Equity-Linked Securities | $ — | $ 29,407,991 | $ — | $ 29,407,991 |
| Equity Investmentsb | 59,572,030 | 1,915,472 | — | 61,487,502 |
| U.S. Government & Agency Securities | — | 149,965 | — | 149,965 |
| Total Investments in Securities | $59,572,030 | $31,473,428 | $— | $91,045,458 |
| Franklin Income Focus ETF | ||||
| Assets: | ||||
| Investments in Securities:a | ||||
| Corporate Bonds & Notes | $ — | $ 146,607,767 | $ — | $ 146,607,767 |
| Equity-Linked Securities | — | 52,670,183 | — | 52,670,183 |
| Equity Investmentsb | 151,968,634 | — | — | 151,968,634 |
| U.S. Government & Agency Securities | — | 52,919,689 | — | 52,919,689 |
| Short-Term Investments | 8,624,753 | — | — | 8,624,753 |
| Total Investments in Securities | $160,593,387 | $252,197,639 | $— | $412,791,026 |
| Other Financial Instruments: | ||||
| Put Option Written | $ 900 | $ — | $ — | $ 900 |
| Liabilities: | ||||
| Other Financial Instruments: | ||||
| Call Options Written | $ 5,760 | $ — | $ — | $ 5,760 |
| Franklin Intelligent Machines ETF | ||||
| Assets: | ||||
| Investments in Securities:a | ||||
| Equity Investmentsb | $ 30,002,978 | $ — | $ —c | $ 30,002,978 |
| Franklin International Aggregate Bond ETF | ||||
| Assets: | ||||
| Investments in Securities:a | ||||
| Foreign Government and Agency Securities | $ — | $ 539,549,444 | $ — | $ 539,549,444 |
| Corporate Bonds & Notes | — | 13,067,192 | — | 13,067,192 |
| U.S. Government & Agency Securities | — | 22,079,847 | — | 22,079,847 |
| Total Investments in Securities | $— | $574,696,483 | $— | $574,696,483 |
| Other Financial Instruments: | ||||
| Forward Exchange Contracts | $ — | $ 22,608,607 | $ — | $ 22,608,607 |
| Liabilities: | ||||
| Other Financial Instruments: | ||||
| Forward Exchange Contracts | $ — | $ 293,503 | $ — | $ 293,503 |
| Level 1 | Level 2 | Level 3 | Total | |
| Franklin International Core Dividend Tilt Index ETF | ||||
| Assets: | ||||
| Investments in Securities:a | ||||
| Equity Investmentsb | $ 968,818,994 | $ — | $ — | $ 968,818,994 |
| Short-Term Investments | 70,402 | — | — | 70,402 |
| Total Investments in Securities | $968,889,396 | $— | $— | $968,889,396 |
| Liabilities: | ||||
| Other Financial Instruments: | ||||
| Futures Contracts | $ 104,912 | $ — | $ — | $ 104,912 |
| Franklin Investment Grade Corporate ETF | ||||
| Assets: | ||||
| Investments in Securities:a | ||||
| Corporate Bonds & Notes | $ — | $ 526,208,671 | $ — | $ 526,208,671 |
| U.S. Government & Agency Securities | — | 16,588,148 | — | 16,588,148 |
| Total Investments in Securities | $— | $542,796,819 | $— | $542,796,819 |
| Franklin Municipal Green Bond ETF | ||||
| Assets: | ||||
| Investments in Securities:a | ||||
| Municipal Bonds | $ — | $ 102,691,922 | $ — | $ 102,691,922 |
| Franklin Senior Loan ETF | ||||
| Assets: | ||||
| Investments in Securities:a | ||||
| Corporate Bonds & Notes | $ — | $ 30,262,715 | $ — | $ 30,262,715 |
| Senior Floating Rate Interests | — | 619,367,388 | — | 619,367,388 |
| Asset-Backed Securities | — | 2,006,533 | — | 2,006,533 |
| Exchange-Traded Funds | 8,540,239 | — | — | 8,540,239 |
| Equity Investmentsb | 339,731 | — | — | 339,731 |
| U.S. Government & Agency Securities | — | 114,693,232 | — | 114,693,232 |
| Total Investments in Securities | $8,879,970 | $766,329,868 | $— | $775,209,838 |
| Other Financial Instruments: | ||||
| Unfunded Loan Commitment | $ — | $ 247 | $ — | $ 247 |
| Franklin Systematic Style Premia ETF | ||||
| Assets: | ||||
| Investments in Securities:a | ||||
| Equity Investmentsb | $ 121,459,146 | $ — | $ —c | $ 121,459,146 |
| Short-Term Investments | 158,780,146 | — | — | 158,780,146 |
| Total Investments in Securities | $280,239,292 | $— | $— | $280,239,292 |
| Other Financial Instruments: | ||||
| Forward Exchange Contracts | $ — | $ 1,608,520 | $ — | $ 1,608,520 |
| Futures Contracts | 3,549,707 | — | — | 3,549,707 |
| Swap Contracts | — | 3,945,046 | — | 3,945,046 |
| Total Other Financial Instruments | $3,549,707 | $5,553,566 | $— | $9,103,273 |
| Liabilities: | ||||
| Other Financial Instruments: | ||||
| Forward Exchange Contracts | $ — | $ 2,552,954 | $ — | $ 2,552,954 |
| Futures Contracts | 2,232,847 | — | — | 2,232,847 |
| Total Other Financial Instruments | $2,232,847 | $2,552,954 | $— | $4,785,801 |
| Level 1 | Level 2 | Level 3 | Total | |
| Franklin U.S. Core Bond ETF | ||||
| Assets: | ||||
| Investments in Securities:a | ||||
| Corporate Bonds & Notes | $ — | $ 625,764,970 | $ — | $ 625,764,970 |
| Municipal Bonds | — | 18,347,492 | — | 18,347,492 |
| Foreign Government and Agency Securities | — | 15,098,874 | — | 15,098,874 |
| Asset-Backed Security | — | 6,147,862 | — | 6,147,862 |
| Commercial Mortgage-Backed Securities | — | 35,766,685 | — | 35,766,685 |
| U.S. Government & Agency Securities | — | 1,543,397,361 | — | 1,543,397,361 |
| Short-Term Investments | 63,868,106 | — | — | 63,868,106 |
| Total Investments in Securities | $63,868,106 | $2,244,523,244 | $— | $2,308,391,350 |
| Liabilities: | ||||
| Other Financial Instruments: | ||||
| Futures Contracts | $ 578,449 | $ — | $ — | $ 578,449 |
| Franklin U.S. Core Dividend Tilt Index ETF | ||||
| Assets: | ||||
| Investments in Securities:a | ||||
| Equity Investmentsb | $ 45,251,053 | $ — | $ —c | $ 45,251,053 |
| Short-Term Investments | 48,896 | — | — | 48,896 |
| Total Investments in Securities | $45,299,949 | $— | $— | $45,299,949 |
| Liabilities: | ||||
| Other Financial Instruments: | ||||
| Futures Contracts | $ 3,287 | $ — | $ — | $ 3,287 |
| Franklin U.S. Equity Index ETF | ||||
| Assets: | ||||
| Investments in Securities:a | ||||
| Equity Investmentsb | $ 1,217,839,062 | $ — | $ —c | $ 1,217,839,062 |
| Short-Term Investments | 1,384,175 | — | — | 1,384,175 |
| Total Investments in Securities | $1,219,223,237 | $— | $— | $1,219,223,237 |
| Liabilities: | ||||
| Other Financial Instruments: | ||||
| Futures Contracts | $ 948 | $ — | $ — | $ 948 |
| Franklin U.S. Large Cap Multifactor Index ETF | ||||
| Assets: | ||||
| Investments in Securities:a | ||||
| Equity Investmentsb | $ 1,465,723,690 | $ — | $ — | $ 1,465,723,690 |
| Short-Term Investments | 253,720 | — | — | 253,720 |
| Total Investments in Securities | $1,465,977,410 | $— | $— | $1,465,977,410 |
| Liabilities: | ||||
| Other Financial Instruments: | ||||
| Futures Contracts | $ 32,796 | $ — | $ — | $ 32,796 |
| Franklin U.S. Mid Cap Multifactor Index ETF | ||||
| Assets: | ||||
| Investments in Securities:a | ||||
| Equity Investmentsb | $ 1,282,041,308 | $ — | $ — | $ 1,282,041,308 |
| Short-Term Investments | 4,604,873 | — | — | 4,604,873 |
| Total Investments in Securities | $1,286,646,181 | $— | $— | $1,286,646,181 |
| Liabilities: | ||||
| Other Financial Instruments: | ||||
| Futures Contracts | $ 492 | $ — | $ — | $ 492 |
| Level 1 | Level 2 | Level 3 | Total | |
| Franklin U.S. Small Cap Multifactor Index ETF | ||||
| Assets: | ||||
| Investments in Securities:a | ||||
| Equity Investmentsb | $ 41,610,566 | $ — | $ — | $ 41,610,566 |
| Short-Term Investments | 14,999 | — | — | 14,999 |
| Total Investments in Securities | $41,625,565 | $— | $— | $41,625,565 |
| Liabilities: | ||||
| Other Financial Instruments: | ||||
| Futures Contracts | $ 1,422 | $ — | $ — | $ 1,422 |
| Franklin U.S. Treasury Bond ETF | ||||
| Assets: | ||||
| Investments in Securities:a | ||||
| U.S. Government & Agency Securities | $ — | $ 831,279,394 | $ — | $ 831,279,394 |
| Short-Term Investments | 11,060,229 | — | — | 11,060,229 |
| Total Investments in Securities | $11,060,229 | $831,279,394 | $— | $842,339,623 |
| Franklin Ultra Short Bond ETF | ||||
| Assets: | ||||
| Investments in Securities:a | ||||
| Corporate Bonds & Notes | $ — | $ 18,889,173 | $ — | $ 18,889,173 |
| Short-Term Investments | 813,016 | 4,989,110 | — | 5,802,126 |
| Total Investments in Securities | $813,016 | $23,878,283 | $— | $24,691,299 |
| Martin Currie Sustainable International Equity ETF | ||||
| Assets: | ||||
| Investments in Securities:a | ||||
| Equity Investmentsb | $ 25,771,950 | $ — | $ — | $ 25,771,950 |
| Western Asset Bond ETF | ||||
| Assets: | ||||
| Investments in Securities:a | ||||
| Corporate Bonds & Notes | $ — | $ 16,372,768 | $ — | $ 16,372,768 |
| Senior Floating Rate Interests | — | 75,616 | — | 75,616 |
| Mortgage-Backed Securities | — | 102,821 | — | 102,821 |
| Foreign Government and Agency Securities | — | 372,051 | — | 372,051 |
| Asset-Backed Securities | — | 3,038,782 | — | 3,038,782 |
| Call Options Purchased | 4,357 | — | — | 4,357 |
| Residential Mortgage-Backed Securities | — | 485,363 | — | 485,363 |
| Commercial Mortgage-Backed Securities | — | 3,140,837 | — | 3,140,837 |
| U.S. Government & Agency Securities | — | 20,055,301 | — | 20,055,301 |
| Short-Term Investments | 407,754 | — | — | 407,754 |
| Total Investments in Securities | $412,111 | $43,643,539 | $— | $44,055,650 |
| Other Financial Instruments: | ||||
| Futures Contracts | $ 54,618 | $ — | $ — | $ 54,618 |
| Interest Rate Swaps - CCP | — | 26,987 | — | 26,987 |
| Credit Default Swap Contracts | — | 4,064 | — | 4,064 |
| Total Other Financial Instruments | $54,618 | $31,051 | $— | $85,669 |
| Liabilities: | ||||
| Other Financial Instruments: | ||||
| Futures Contracts | $ 100,742 | $ — | $ — | $ 100,742 |
| Put Options Written | 838 | — | — | 838 |
| Call Options Written | 2,256 | — | — | 2,256 |
| Total Other Financial Instruments | $103,836 | $— | $— | $103,836 |
| aFor detailed categories, see the accompanying Schedules of Investments. |
| bIncludes common and preferred stocks, warrants, as well as other equity investments. |
| cIncludes securities determined to have no value at December 31, 2024. |