|
Shares
|
Description
|
Value (†)
|
|
Common Stocks — 101.1% of Net Assets
|
||
|
|
Australia — 5.9%
|
|
|
37,407
|
Goodman Group
|
$810,450
|
|
132,948
|
GPT Group
|
458,517
|
|
247,121
|
Mirvac Group
|
305,305
|
|
292,471
|
Vicinity Ltd.
|
531,851
|
|
|
|
2,106,123
|
|
|
Belgium — 0.6%
|
|
|
1,522
|
Aedifica SA
|
128,307
|
|
912
|
VGP NV
|
93,628
|
|
|
|
221,935
|
|
|
Canada — 2.7%
|
|
|
23,683
|
Chartwell Retirement Residences, UNIT
|
375,552
|
|
57,838
|
Dream Industrial Real Estate Investment Trust
|
582,489
|
|
|
|
958,041
|
|
|
France — 1.9%
|
|
|
2,997
|
Klepierre SA
|
121,427
|
|
7,073
|
Mercialys SA
|
103,593
|
|
3,660
|
Unibail-Rodamco-Westfield(a)
|
444,351
|
|
|
|
669,371
|
|
|
Germany — 2.0%
|
|
|
3,832
|
LEG Immobilien SE
|
268,886
|
|
9,651
|
TAG Immobilien AG
|
168,303
|
|
10,606
|
Vonovia SE
|
285,760
|
|
|
|
722,949
|
|
|
Hong Kong — 3.4%
|
|
|
25,232
|
Hongkong Land Holdings Ltd.
|
199,485
|
|
57,576
|
Link REIT
|
289,912
|
|
41,450
|
Sun Hung Kai Properties Ltd.
|
725,668
|
|
|
|
1,215,065
|
|
|
Japan — 8.2%
|
|
|
136
|
Advance Residence Investment Corp.
|
140,209
|
|
224
|
GLP J-Reit
|
193,874
|
|
422
|
Japan Metropolitan Fund Invest
|
312,143
|
|
363
|
Japan Real Estate Investment Corp.
|
277,834
|
|
23,920
|
Mitsubishi Estate Co. Ltd.
|
681,678
|
|
50,387
|
Mitsui Fudosan Co. Ltd.
|
551,840
|
|
360
|
Nippon Building Fund, Inc.
|
302,317
|
|
15,320
|
Sumitomo Realty & Development Co. Ltd.
|
474,914
|
|
|
|
2,934,809
|
|
|
Netherlands — 0.6%
|
|
|
6,557
|
CTP NV(b)
|
123,746
|
|
3,326
|
Eurocommercial Properties NV
|
109,112
|
|
|
|
232,858
|
|
|
Singapore — 2.0%
|
|
|
112,820
|
Keppel DC REIT
|
208,800
|
|
319,700
|
Mapletree Pan Asia Commercial Trust
|
324,853
|
|
24,200
|
UOL Group Ltd.
|
202,450
|
|
|
|
736,103
|
|
|
Spain — 0.9%
|
|
|
17,784
|
Merlin Properties Socimi SA
|
310,992
|
|
|
Sweden — 1.1%
|
|
|
40,369
|
Fastighets AB Balder, Class B(a)
|
241,494
|
|
7,414
|
Pandox AB
|
136,030
|
|
|
|
377,524
|
|
Shares
|
Description
|
Value (†)
|
|
|
Switzerland — 1.2%
|
|
|
2,567
|
Swiss Prime Site AG
|
$444,850
|
|
|
United Kingdom — 3.7%
|
|
|
57,990
|
British Land Co. PLC
|
306,852
|
|
96,563
|
LondonMetric Property PLC
|
248,561
|
|
14,748
|
Safestore Holdings PLC
|
134,819
|
|
17,976
|
Segro PLC
|
170,268
|
|
65,525
|
Sirius Real Estate Ltd.
|
89,252
|
|
140,972
|
Tritax Big Box REIT PLC
|
289,359
|
|
13,295
|
UNITE Group PLC
|
83,782
|
|
|
|
1,322,893
|
|
|
United States — 66.9%
|
|
|
24,051
|
American Homes 4 Rent, Class A
|
765,784
|
|
7,518
|
AvalonBay Communities, Inc.
|
1,375,794
|
|
37,799
|
Brixmor Property Group, Inc.
|
1,137,372
|
|
51,646
|
Broadstone Net Lease, Inc.
|
1,022,591
|
|
36,674
|
CubeSmart
|
1,484,563
|
|
30,301
|
Curbline Properties Corp.
|
836,308
|
|
7,757
|
Digital Realty Trust, Inc.
|
1,558,692
|
|
1,894
|
Equinix, Inc.
|
2,050,880
|
|
4,368
|
Essex Property Trust, Inc.
|
1,149,701
|
|
38,564
|
Highwoods Properties, Inc.
|
937,491
|
|
12,524
|
LXP Industrial Trust
|
637,722
|
|
27,330
|
Pebblebrook Hotel Trust
|
383,986
|
|
16,627
|
Prologis, Inc.
|
2,361,366
|
|
1,832
|
Public Storage
|
554,088
|
|
17,054
|
Realty Income Corp.
|
1,095,549
|
|
6,743
|
Rexford Industrial Realty, Inc.
|
242,006
|
|
6,529
|
Simon Property Group, Inc.
|
1,330,023
|
|
38,773
|
VICI Properties, Inc.
|
1,132,172
|
|
18,289
|
Welltower, Inc.
|
3,974,931
|
|
|
|
24,031,019
|
|
|
Total Common Stocks
(Identified Cost $31,513,811)
|
36,284,532
|
|
Principal
Amount
|
|
|
|
Short-Term Investments — 0.7%
|
||
|
$253,728
|
Tri-Party Repurchase Agreement with Fixed Income
Clearing Corporation, dated 4/30/2026 at 2.150% to be
repurchased at $253,743 on 5/01/2026 collateralized by
$273,500 U.S. Treasury Note, 1.500% due 11/30/2028
valued at $258,910 including accrued interest (c)
(Identified Cost $253,728)
|
253,728
|
|
|
Total Investments — 101.8%
(Identified Cost $31,767,539)
|
36,538,260
|
|
|
Other assets less liabilities — (1.8)%
|
(643,657
)
|
|
|
Net Assets — 100.0%
|
$35,894,603
|
|
(†)
|
Registered investment companies are required to value portfolio investments using
an unadjusted, readily available market quotation. The Fund obtains
readily available market quotations from independent pricing services. Fund investments
for which readily available market quotations are not available
are priced at fair value pursuant to the Fund's Valuation Procedures. The Board of
Trustees has approved a valuation designee who is subject to the
Board's oversight.
Unadjusted readily available market quotations that are utilized for exchange traded
equity securities (including shares of closed-end investment
companies and exchange-traded funds) include the last sale price quoted on the exchange
where the security is traded most extensively. Shares of open-
end investment companies are valued at net asset value ("NAV") per share.
Exchange traded equity securities for which there is no reported sale during the day
are fair valued at the closing bid quotation as reported by an
independent pricing service. Unlisted equity securities (except unlisted preferred
equity securities) are fair valued at the last sale price quoted in the
market where they are traded most extensively or, if there is no reported sale during
the day, the closing bid quotation as reported by an independent
pricing service. If there is no last sale price or closing bid quotation available,
unlisted equity securities will be fair valued using evaluated bids furnished
by an independent pricing service, if available.
Debt securities and unlisted preferred equity securities are fair valued based on
evaluated bids furnished to the Fund by an independent pricing service or
bid prices obtained from broker-dealers. Broker-dealer bid prices may be used to fair
value debt and unlisted equities where an independent pricing
service is unable to price an investment or where an independent pricing service does
not provide a reliable price for the investment.
The Fund may also fair value investments in other circumstances such as when extraordinary
events occur after the close of a foreign market, but prior to
the close of the New York Stock Exchange. This may include situations relating to
a single issuer (such as a declaration of bankruptcy or a delisting of the
issuer's security from the primary market on which it has traded) as well as events
affecting the securities markets in general (such as market disruptions
or closings and significant fluctuations in U.S. and/or foreign markets). When fair
valuing a Fund's investments, the valuation designee may, among other
things, use modeling tools or other processes that may take into account factors such
as issuer specific information, or other related market activity
and/or information that occurred after the close of the foreign market but before
the time the Fund's NAV is calculated. Fair valuation by the Fund's
valuation designee may require subjective determinations about the value of the investment,
and fair values used to determine a Fund's NAV may differ
from quoted or published prices, or from prices that are used by others, for the same
investments. In addition, the use of fair value pricing may not always
result in adjustments to the prices of investments held by a Fund.
The books and records of the Fund are maintained in U.S. dollars. The values of securities,
currencies and other assets and liabilities denominated in
currencies other than U.S. dollars, if any, are translated into U.S. dollars based
upon foreign exchange rates prevailing at the end of the period.
|
|
(a)
|
Non-income producing security.
|
|
(b)
|
All or a portion of these securities are exempt from registration under Rule 144A
of the Securities Act of 1933. These securities may be resold in
transactions exempt from registration, normally to qualified institutional buyers.
At April 30, 2026, the value of Rule 144A holdings amounted to $123,746 or
0.3% of net assets.
|
|
(c)
|
The Fund may enter into repurchase agreements, under the terms of a Master Repurchase
Agreement, under which the Fund acquires securities as
collateral and agrees to resell the securities at an agreed upon time and at an agreed
upon price. It is the Fund's policy that the market value of the
collateral for repurchase agreements be at least equal to 102% of the repurchase price,
including interest. Certain repurchase agreements are tri-party
arrangements whereby the collateral is held in a segregated account for the benefit
of the Fund and on behalf of the counterparty. Repurchase
agreements could involve certain risks in the event of default or insolvency of the
counterparty, including possible delays or restrictions upon the Fund's
ability to dispose of the underlying securities. As of April 30, 2026, the Fund had
an investment in a repurchase agreement for which the value of the
related collateral exceeded the value of the repurchase agreement.
|
|
J-REIT
|
Japan Real Estate Investment Trust
|
|
REIT
|
Real Estate Investment Trust
|
|
Asset Valuation Inputs
|
||||
|
Description
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|
Common Stocks
|
|
|
|
|
|
Australia
|
$ —
|
$2,106,123
|
$ —
|
$2,106,123
|
|
Belgium
|
—
|
221,935
|
—
|
221,935
|
|
France
|
—
|
669,371
|
—
|
669,371
|
|
Germany
|
—
|
722,949
|
—
|
722,949
|
|
Hong Kong
|
—
|
1,215,065
|
—
|
1,215,065
|
|
Japan
|
646,226
|
2,288,583
|
—
|
2,934,809
|
|
Netherlands
|
123,746
|
109,112
|
—
|
232,858
|
|
Singapore
|
—
|
736,103
|
—
|
736,103
|
|
Spain
|
—
|
310,992
|
—
|
310,992
|
|
Sweden
|
136,030
|
241,494
|
—
|
377,524
|
|
Switzerland
|
—
|
444,850
|
—
|
444,850
|
|
United Kingdom
|
89,252
|
1,233,641
|
—
|
1,322,893
|
|
All Other Common Stocks(a)
|
24,989,060
|
—
|
—
|
24,989,060
|
|
Total Common Stocks
|
25,984,314
|
10,300,218
|
—
|
36,284,532
|
|
Short-Term Investments
|
—
|
253,728
|
—
|
253,728
|
|
Total Investments
|
$25,984,314
|
$10,553,946
|
$—
|
$36,538,260
|
|
(a)
|
Details of the major categories of the Fund’s investments are reflected within the Portfolio of Investments.
|
|
Currency Exposure Summary at April 30, 2026 (Unaudited)
|
|
|
United States Dollar
|
68.2
%
|
|
Japanese Yen
|
8.2
|
|
Euro
|
6.0
|
|
Australian Dollar
|
5.9
|
|
British Pound
|
3.7
|
|
Hong Kong Dollar
|
2.8
|
|
Canadian Dollar
|
2.7
|
|
Singapore Dollar
|
2.0
|
|
Other, less than 2% each
|
2.3
|
|
Total Investments
|
101.8
|
|
Other assets less liabilities
|
(1.8
)
|
|
Net Assets
|
100.0
%
|