wells fargo bank, n.a....opinion . in our opinion, the financial statements and financial highlights...

Wells Fargo Bank, N.A.Collective Investment FundsAnnual Report 2019

Table of Contents

Page

Independent Auditors’ Report 1

Financial Statements: Wells Fargo/SSGA Global Equity Index CIT 3 Wells Fargo/State Street Global Bond Index CIT 150

Notes to Financial Statements 285

Regulatory Statement 295

Independent Auditors’ Report

The Unitholders of the Funds and Wells Fargo Bank, N.A.:

We have audited the accompanying financial statements of Wells Fargo/SSGA Global Equity Index CIT and Wells Fargo/State Street Global Bond Index CIT (collectively, “the Funds”), two of the separate collective investment trusts constituting Wells Fargo Bank Collective Investment Funds for Employee Benefit Trusts, which comprise the statements of assets and liabilities, including the schedules of investments, as of December 31, 2019, the related statements of operations and changes in net assets for the year then ended, and the related notes to the financial statements (collectively, the financial statements) and the financial highlights for the year then ended.

Management’s Responsibility for the Financial Statements

Management is responsible for the preparation and fair presentation of these financial statements and financial highlights in accordance with U.S. generally accepted accounting principles; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements and financial highlights that are free from material misstatement, whether due to fraud or error.

Auditors’ Responsibility

Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements and financial highlights. The procedures selected depend on the auditors’ judgment, including the assessment of the risks of material misstatement of the financial statements and financial highlights, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the financial statements and financial highlights in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

KPMG LLP is a Delaware limited liability partnership and the U.S. member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity.

KPMG LLPTwo Financial Center60 South StreetBoston, MA 02111

Opinion

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Funds as of December 31, 2019, and the results of their operations and the financial highlights for the year then ended in accordance with U.S. generally accepted accounting principles.

Boston, Massachusetts April 29, 2020

See accompanying notes to financial statements. 3

WELLS FARGO/SSGA GLOBAL EQUITY INDEX CIT

Statement of Assets and Liabilities

December 31, 2019

Cost

Fair

value

Assets:

Affiliated short term investment $ 117,607,304 $ 117,607,304

Unaffiliated investments 3,363,435,275 4,089,722,829

Foreign currency, at value (cost $22,656,463) 22,630,496

Cash 65,369

Receivable for investment securities sold 16,305,361

Accrued interest and dividend income 9,190,489

Due from broker 7,258,340

Variation margin receivable 439,506

Total assets 4,263,219,694

Liabilities:

Fund shares repurchased 1,067,400

Payable for investment securities purchased 27,570

Trustee expenses 113,154

Total liabilities 1,208,124

Net assets $ 4,262,011,570

Shares outstanding 292,608,429

Share value $ 14.57



Statement of Operations

Year ended December 31, 2019

Investment income:

Dividend income from unaffiliated investments (net of foreign taxes

withheld of $2,000,233) $ 84,080,550

Dividend income from affiliated short term investment 3,286,951

Interest income (net of foreign taxes withheld of $1,858) 160,365

Total income 87,527,866

Expenses:

Administration, Advisory, and/or Trustee Fees 1,209,613

Total expenses 1,209,613

Net investment income (loss) 86,318,253

Realized and unrealized gain (loss) on investment and foreign

currency transactions

Net realized gain (loss) on:

Investments 109,605,151

Futures contracts 21,148,019

Foreign currency transactions (728,322)

Net change in unrealized appreciation (depreciation) on:

Investments 681,139,272

Futures contracts 9,943,312

Foreign currency translation of other assets and liabilities 355,873

Net gain (loss) on investments, futures contracts and foreign currency

transactions 821,463,305

Net change in net assets resulting from operations $ 907,781,558



Statement of Changes in Net Assets

Year ended December 31, 2019

Increase/(decrease) in net assets from operations:

Net investment income (loss) $ 86,318,253

Net realized gain (loss) on investments, futures contracts and foreign

currency transactions 130,024,848

Net change in unrealized appreciation (depreciation) of investments,

futures contracts and foreign currency translation on other assets and

liabilities 691,438,457

Net increase (decrease) in net assets resulting from

operations 907,781,558

Participating share holder transactions:

Proceeds from issuance of shares (56,084,349 shares) 737,976,315

Payments for withdrawals (57,708,814 shares) (770,073,734)

Net change (32,097,419)

Change in net assets derived from share transactions (32,097,419)

Total increase (decrease) in net assets 875,684,139

Net assets:

Beginning of year (294,232,894 shares) 3,386,327,431

End of year (292,608,429 shares) $ 4,262,011,570


Schedule of Investments

December 31, 2019


Shares Cost

Fair

Value ___________ ____________ ______________

Equities: 95.12%

Communication Services: 6.15%

58.com, Inc ADR 5,659 $ 244,295 $ 366,307

Activision Blizzard, Inc 37,100 1,587,878 2,204,482

Adevinta ASA 2,822 27,053 33,430

Advanced Info Service PCL 75,440 421,682 536,593

Aimia, Inc 2,343 25,330 6,496

Alibaba Pictures Group Ltd 823,284 219,215 144,745

Alphabet, Inc Cl-C 11,252 9,272,454 15,044,149

Alphabet, Inc Cl-A 11,302 9,479,947 15,137,786

Altice Europe NV A 19,887 66,944 128,222

Altice USA, Inc A 46,800 1,159,224 1,279,512

AMC Entertainment Holdings, Inc Cl-A 23,987 718,071 173,666

AMC Networks, Inc A 5,951 372,341 235,064

America Movil SAB de CV Series L 2,233,410 1,808,893 1,783,657

Anterix, Inc 5,581 207,767 241,155

Ascential PLC (2) 21,233 119,953 110,195

Asia Pacific Telecom Co Ltd 57,785 23,113 14,515

Asian Pay Television Trust 94,854 63,753 11,919

Astro Malaysia Holdings Bhd 45,901 41,961 14,251

AT&T, Inc 346,397 12,425,400 13,537,195

Ateam, Inc 709 17,857 7,109

ATN International, Inc 5,659 397,442 313,452

Atresmedia Corp de Medios de Comunicacion

SA 2,432 37,458 9,499

Auto Trader Group PLC (2) 30,310 163,705 238,724

Autohome, Inc ADR 3,900 386,440 312,039

Avex, Inc 2,835 36,740 32,656

Axiata Group Bhd 213,190 288,315 215,770

Baidu, Inc ADR 18,161 3,430,298 2,295,550

Bandwidth, Inc Cl-A 7,100 532,615 454,755

BCE, Inc 5,281 237,064 244,661

BEC World PCL 39,577 50,006 7,795

Bezeq The Israeli Telecommunication Corp

Ltd 75,548 141,693 60,709

Bitauto Holdings Ltd ADR 860 23,652 12,762

Boingo Wireless, Inc 24,704 314,628 270,509

Bollore SA 26,623 112,791 116,151

Boston Omaha Corp Cl-A 4,200 101,884 88,368

BT Group PLC 297,351 1,474,768 757,965

Cable One, Inc 592 400,526 881,174

Capcom Co. Ltd 6,274 84,130 173,664

Cardlytics, Inc 6,000 142,467 377,160

Care.com, Inc 10,710 153,529 160,971

Cargurus, Inc 31,500 1,124,577 1,108,170

Cars.com, Inc 32,009 857,801 391,150

carsales.com Ltd 15,058 122,740 175,517

CD Projekt SA 4,463 213,576 329,101

Cellnex Telecom SA (2) 8,366 168,138 360,070

Central European Media Enterprises Ltd A 38,867 124,029 176,068

CenturyLink, Inc 105,405 2,195,466 1,392,400

Charter Communications, Inc A 6,616 1,793,938 3,209,289



December 31, 2019


Shares Cost

Fair

Value ___________ ____________ ______________

Equities (Continued)

Cheil Worldwide, Inc 2,369 $ 52,809 $ 49,267

China Mobile Ltd 403,080 4,681,701 3,388,183

China Telecom Corp Ltd H 1,013,443 579,201 417,483

China Tower Corp Ltd H(2) 3,150,000 714,756 695,302

China Unicom Hong Kong Ltd 435,388 633,805 410,116

Chorus Ltd 33,087 82,868 137,654

Chunghwa Telecom Co Ltd 218,833 698,285 803,003

Cincinnati Bell, Inc 20,605 392,701 215,734

Cinemark Holdings, Inc 11,829 466,529 400,412

Cineplex, Inc 2,474 96,658 64,491

Cineworld Group PLC 41,440 137,586 120,267

CITIC Telecom International Holdings Ltd 306,368 99,006 111,660

CJ CGV Co Ltd 683 63,608 20,370

Clear Channel Outdoor Holdings, Inc 25,608 148,744 73,239

Cogeco Communications, Inc 1,741 110,511 151,770

Cogent Communications Holdings, Inc 19,140 816,966 1,259,603

COLOPL, Inc 6,552 80,648 69,949

Com2uSCorp 376 57,411 34,862

Comcast Corp Cl-A 191,870 6,647,000 8,628,394

comScore, Inc 22,300 115,319 110,162

Consolidated Communications Holdings, Inc 33,990 730,114 131,881

COOKPAD, Inc 2,671 53,635 8,704

Corus Entertainment, Inc B 3,652 54,470 14,962

CTS Eventim AG & Co KGaA 2,109 69,001 132,326

Cumulus Media, Inc Cl-A 6,100 86,547 107,177

CyberAgent, Inc 7,195 193,572 250,643

Cyfrowy Polsat SA 7,744 53,822 56,931

Daiichikosho Co Ltd 2,623 94,103 137,497

Daily Journal Corp 617 154,830 179,189

Daily Mail & General Trust PLC 4,227 46,951 46,416

Dena Co Ltd 6,651 164,957 107,196

Dentsu, Inc 15,344 680,790 528,690

Deutsche Telekom AG 115,446 1,964,545 1,886,638

DHI Group, Inc 21,900 78,564 65,919

DiGi.Com Bhd 264,774 367,761 288,691

Dip Corp 3,434 77,155 101,439

Discovery, Inc A 15,538 467,980 508,714

Discovery, Inc C 35,308 933,104 1,076,541

DISH Network Corp A 24,640 1,041,472 873,981

Domain Holdings Australia Ltd 13,279 38,302 34,479

Electronic Arts, Inc 11,769 896,031 1,265,285

Elisa Oyj 5,007 168,104 276,605

Emerald Expositions Events, Inc 10,178 190,140 107,378

Empresa Nacional de Telecomunicaciones SA 6,104 63,871 43,486

Entercom Communications Corp Cl-A 62,247 690,434 288,826

Entravision Communications Corp A 39,146 213,754 102,563

Eros International PLC 45,880 336,379 155,533

Etihad Etisalat Co 11,917 79,285 79,419

Euromoney Institutional Investor PLC 1,572 25,974 27,111

Eutelsat Communications SA 5,411 137,075 87,947

Eventbrite, Inc Cl-A 16,100 260,822 324,737



December 31, 2019


Shares Cost

Fair

Value ___________ ____________ ______________


EverQuote, Inc Cl-A 2,700 $ 65,276 $ 92,745

EW Scripps Co A 27,079 443,143 425,411

F@N Communications, Inc 3,107 25,359 13,684

Facebook, Inc Cl-A 89,394 11,339,301 18,348,118

Far EasTone Telecommunications Co Ltd 121,021 280,307 291,077

Fluent, Inc 18,732 71,810 46,830

Fox Corp Cl-A 35,733 1,387,221 1,324,622

Fox Corp Cl-B 16,294 628,598 593,102

Freenet AG 3,704 105,781 84,924

Frontier Communications Corp 53,485 1,147,048 47,580

Gaia, Inc 4,146 33,763 33,127

Gannett Co, Inc 56,264 628,387 358,964

GCI Liberty, Inc Cl-A 9,462 313,158 670,383

Global Mediacom Tbk PT 367,151 21,993 9,200

Globe Telecom, Inc 2,199 84,717 87,708

Glu Mobile, Inc 50,796 206,544 307,316

Gogo, Inc 25,667 358,292 164,269

Gray Television, Inc 38,046 511,051 815,706

Gree, Inc 17,553 106,226 79,309

Grupo Televisa SAB 178,145 960,429 417,674

GungHo Online Entertainment, Inc 2,265 65,168 47,985

Gurunavi, Inc 1,744 34,301 15,516

Hakuhodo DY Holdings, Inc 16,656 196,329 268,012

Hellenic Telecommunications Organization

SA 16,264 143,847 260,150

Hemisphere Media Group, Inc 9,465 121,325 140,555

HKBN Ltd 60,238 72,130 100,960

HKT Trust & HKT Ltd 307,880 434,501 433,829

HT&E Ltd 50,534 108,497 60,108

Hutchison Telecommunications Hong Kong

Holdings Ltd 65,417 30,547 13,180

IAC/InterActiveCorp 9,451 997,935 2,354,339

IDT Corp Cl-B 7,000 61,337 50,470

IGG, Inc 46,978 29,248 34,665

Iliad SA 822 170,914 106,541

IMAX China Holding, Inc (2) 6,269 38,073 13,226

IMAX Corp 25,917 782,472 529,484

Informa PLC 41,646 381,290 472,758

Infrastrutture Wireless Italiane SpA (2) 4,576 24,453 44,810

Innocean Worldwide, Inc 393 23,808 24,112

Intelsat SA 33,457 542,223 235,203

International Games System Co Ltd 1,635 10,803 21,271

Internet Initiative Japan, Inc 3,816 69,397 102,839

Interpublic Group of Cos, Inc 39,750 914,489 918,225

Intouch Holdings PCL 180,900 343,857 345,396

IPSOS 481 11,714 15,620

Iridium Communications, Inc 45,107 540,657 1,111,436

ITV PLC 125,761 384,623 251,540

Jasmine International PCL 185,620 23,526 30,984

JCDecaux SA 2,920 101,491 90,007

John Wiley & Sons, Inc Cl-A 4,225 242,154 204,997



December 31, 2019


Shares Cost

Fair

Value ___________ ____________ ______________


JOYY, Inc ADR 2,409 $ 115,802 $ 127,171

Kadokawa Dwango 2,924 39,723 55,894

Kakaku.com, Inc 9,016 146,007 230,206

Kakao Corp 2,299 191,509 304,490

KDDI Corp 125,748 3,215,389 3,751,861

Kinepolis Group NV 246 11,009 16,336

Koei Tecmo Holdings Co Ltd 2,668 42,656 69,660

Konami Holdings Corp 5,922 168,161 243,350

Koninklijke KPN NV 125,760 392,492 371,142

KT Corp 932 25,967 21,748

KT Skylife Co Ltd 1,974 34,619 14,876

Lagardere SCA 3,414 95,519 74,407

Lee Enterprises, Inc 65,000 117,500 92,300

LG Uplus Corp 16,192 162,165 198,599

Liberty Broadband Corp A 2,695 174,454 335,689

Liberty Broadband Corp C 10,277 684,621 1,292,333

Liberty Latin America Ltd Cl-A 25,200 453,390 486,360

Liberty Latin America Ltd Cl-C 52,300 1,009,114 1,017,758

Liberty Media Corp-Liberty Braves A 6,311 145,719 187,121

Liberty Media Corp-Liberty Braves C 18,101 389,837 534,704

Liberty Media Corp-Liberty Formula One C 18,969 532,962 871,910

Liberty Media Corp-Liberty Formula One A 2,401 73,566 105,116

Liberty Media Corp-Liberty SiriusXM A 8,006 267,269 387,010

Liberty Media Corp-Liberty SiriusXM C 14,966 492,001 720,463

Liberty TripAdvisor Holdings, Inc A 31,526 716,371 231,716

LIFULL Co Ltd 2,181 23,584 11,089

LINE Corp 7,034 248,105 345,596

Link Net Tbk PT 77,355 29,167 22,066

Lions Gate Entertainment Corp A 7,865 238,594 83,841

Lions Gate Entertainment Corp B 12,447 337,118 123,599

Live Nation Entertainment, Inc 17,977 684,237 1,284,816

LiveXLive Media, Inc 24,100 118,750 37,235

Loral Space & Communications, Inc 7,550 340,049 244,016

Madison Square Garden Co A 1,808 344,137 531,896

Magyar Telekom Telecommunications PLC 17,351 28,311 26,246

Major Cineplex Group PCL 15,536 14,022 13,096

Marchex, Inc Cl-B 38,000 135,166 143,640

Marcus Corp 10,343 300,683 328,597

Match Group, Inc 8,606 376,339 706,639

Maxis Bhd 142,118 226,520 184,835

MDC Partners, Inc A 25,245 338,282 70,181

Media Nusantara Citra Tbk PT 386,550 64,288 45,328

Mediaset Espana Comunicacion SA 7,324 88,655 46,499

Mediaset S.p.A. 24,658 94,962 73,637

Meet Group, Inc 34,206 180,680 171,372

Mei Ah Entertainment Group Ltd 76,319 5,969 1,773

Meredith Corp 18,521 1,018,706 601,377

Metropole Television SA 1,145 21,512 21,551

Millicom International Cellular SA SDR 1,912 106,303 91,822

Mixi, Inc 2,701 100,934 51,209

Mobile Telecommunications Co Saudi Arabia 8,297 27,073 25,966



December 31, 2019


Shares Cost

Fair

Value ___________ ____________ ______________


Mobile TeleSystems PJSC ADR 36,262 $ 367,170 $ 368,059

Modern Times Group MTG AB B 2,787 36,650 33,222

Momo, Inc ADR 12,400 346,260 415,400

MSG Networks, Inc A 25,915 524,391 450,921

MTN Group Ltd 98,426 1,275,914 579,692

MultiChoice Group 28,783 136,630 239,413

National CineMedia, Inc 28,208 334,818 205,636

NAVER Corp 9,190 1,177,741 1,478,624

NCSoft Corp 1,328 277,107 619,651

NetDragon Websoft Holdings Ltd 14,991 32,946 35,244

NetEase, Inc ADR 5,170 1,024,270 1,585,329

Netflix, Inc 15,989 2,307,296 5,173,561

NetLink NBN Trust 206,200 129,019 144,882

Netmarble Corp (2) 1,674 222,260 133,480

New York Times Co A 17,157 295,315 551,941

News Corp Cl-A 38,047 510,003 537,985

News Corp Cl-B 12,615 170,602 183,044

Nexon Co Ltd 33,380 343,540 442,795

Nexstar Media Group, Inc Cl-A 5,917 373,042 693,768

NHN Corp 502 26,696 28,902

Nine Entertainment Co Holdings Ltd 115,294 187,893 144,825

Nintendo Co Ltd 7,922 1,860,655 3,168,484

Nippon Telegraph & Telephone Corp 91,840 1,821,561 2,321,136

Nordic Entertainment Group AB 2,787 51,068 90,100

NOS SGPS SA 7,171 48,388 38,610

NTT DoCoMo, Inc. 94,978 2,092,810 2,645,719

O2 Czech Republic AS 2,791 26,870 28,809

Omnicom Group, Inc 26,653 2,180,351 2,159,426

oOh!media Ltd 10,348 41,168 26,433

Ooma, Inc 10,848 100,671 143,519

Ooredoo QPSC 60,610 168,066 117,857

Orange Belgium SA 491 11,346 11,401

Orange Polska SA 19,284 54,410 36,174

Orange SA 73,864 1,137,815 1,087,035

ORBCOMM, Inc 35,293 292,830 148,584

Otello Corp ASA 1,819 14,719 3,350

Pareteum Corp 45,400 164,471 19,853

PCCW Ltd 286,958 178,765 169,767

Pearson PLC 26,024 366,835 219,583

Plan B Media Pcl F 37,178 7,200 9,433

PLDT, Inc 6,922 307,933 135,770

ProSiebenSat.1 Media SE 7,053 304,373 110,047

Proximus SADP 5,071 157,012 145,161

Publicis Groupe SA 7,428 525,167 336,279

Quebecor, Inc Cl-B 6,790 93,728 173,286

QuinStreet, Inc 20,790 163,792 318,295

REA Group Ltd 3,627 143,584 263,688

Reading International, Inc A 9,587 136,911 107,279

Reliance Communications Ltd GDR 23,914 25,050 234

Rightmove PLC 33,680 162,429 282,665

Rogers Communications, Inc B 13,360 526,956 663,396



December 31, 2019


Shares Cost

Fair

Value ___________ ____________ ______________


Roku, Inc 12,700 $ 636,565 $ 1,700,530

Saga Communications, Inc Cl-A 1,724 83,467 52,410

Saudi Research & Marketing Group 1,137 27,196 23,550

Saudi Telecom Co 28,065 772,972 761,607

Schibsted ASA B 2,822 68,546 80,645

Scholastic Corp 14,355 607,079 551,950

Scout24 AG (2) 2,760 125,841 182,638

Septeni Holdings Co Ltd 953 4,796 2,459

SES SA 12,444 326,062 174,480

Seven West Media Ltd 46,829 48,178 10,845

Shaw Communications, Inc B 20,116 410,956 408,191

Shenandoah Telecommunications Co 21,890 619,080 910,843

Shochiku Co Ltd 551 54,293 83,110

Sina Corp 4,029 249,876 160,878

Sinclair Broadcast Group, Inc A 8,595 293,277 286,557

Singapore Press Holdings Ltd 107,156 302,529 173,687

Singapore Telecommunications Ltd 593,498 1,623,131 1,487,106

Sirius XM Holdings, Inc 206,531 1,140,833 1,476,697

Sistema PJSC FC GDR 13,060 100,995 63,654

SK Telecom Co Ltd 1,528 319,711 314,842

SKY Network Television Ltd 22,250 87,673 10,635

SKY Perfect JSAT Holdings, Inc 13,785 78,911 61,119

SM Entertainment Co Ltd 1,101 44,097 36,517

SmarTone Telecommunications Holdings Ltd 17,150 30,915 13,205

Smiles Fidelidade SA 2,237 20,517 21,894

Softbank Corp 119,200 1,561,734 1,598,433

SoftBank Group Corp 117,530 4,061,470 5,102,802

Sohu.com Ltd ADR 2,567 94,337 28,699

Southern Cross Media Group Ltd 42,478 42,541 24,741

Spark New Zealand Ltd 104,748 245,384 305,336

Spok Holdings, Inc 8,308 165,071 101,607

Spotify Technology SA 17,200 2,515,005 2,572,260

Sprint Corp 54,576 332,708 284,341

Square Enix Holdings Co Ltd 6,009 153,120 299,211

StarHub Ltd 33,708 86,725 35,589

Stroeer SE & Co KGaA 412 24,559 33,193

Sunrise Communications Group AG (2) 1,006 70,740 79,034

Surya Citra Media Tbk PT 388,304 84,102 39,396

Swisscom AG 864 429,992 457,381

T-Mobile US, Inc 13,839 708,029 1,085,254

Taiwan Mobile Co Ltd 121,566 405,283 454,195

Take-Two Interactive Software, Inc 13,613 702,878 1,666,640

TalkTalk Telecom Group PLC 8,612 45,858 13,244

Technicolor SA 14,366 85,895 11,030

TechTarget, Inc 12,872 199,885 335,959

TEGNA, Inc 100,710 1,300,245 1,680,850

Tele2 AB B 13,148 119,053 190,831

Telecom Italia SpA 636,063 565,018 394,341

Telefonica Deutschland Holding AG 23,554 118,235 68,271

Telefonica SA 161,856 1,727,465 1,130,536

Telekom Malaysia Bhd 85,343 139,392 79,699



December 31, 2019


Shares Cost

Fair

Value ___________ ____________ ______________


Telekomunikasi Indonesia Persero Tbk PT 2,903,105 $ 755,726 $ 831,673

Telenet Group Holding NV 1,757 100,168 78,951

Telenor ASA 27,935 521,628 500,754

Telephone & Data Systems, Inc 11,460 323,997 291,428

Telesites SAB de CV 114,921 76,676 85,093

Television Broadcasts Ltd 20,475 96,246 32,162

Television Francaise 1 2,921 50,240 24,246

Telia Co AB 98,100 466,652 421,489

Telkom SA SOC Ltd 16,630 99,559 41,343

Telstra Corp Ltd 296,229 1,197,936 735,891

TELUS Corp 9,095 304,361 352,159

Tencent Holdings Ltd 393,731 10,577,422 18,978,397

Thaicom PCL 15,536 12,483 2,002

Tim Participacoes SA 64,144 180,104 250,926

TIME dotCom Bhd 15,100 24,879 34,035

Toei Co Ltd 436 37,586 64,930

Toho Co Ltd 8,098 235,089 337,461

Tokyo Broadcasting System Holdings, Inc 2,508 36,363 42,580

Total Access Communication PCL NVDR 93,500 154,360 165,955

Tower Bersama Infrastructure Tbk PT 1,038,565 104,699 91,948

TPG Telecom Ltd 20,993 133,667 98,851

Travelzoo 2,100 17,341 22,470

Tribune Publishing Co 9,813 136,970 129,139

TripAdvisor, Inc 14,912 869,268 453,027

True Corp PCL 872,937 231,306 134,057

TrueCar, Inc 38,001 319,694 180,505

Turkcell Iletisim Hizmetleri AS 64,098 215,323 148,689

TV Asahi Holdings Corp 1,472 25,990 27,180

Twitter, Inc 108,091 3,490,322 3,464,317

Ubisoft Entertainment SA 1,426 34,573 98,500

United Internet AG 3,896 160,275 127,591

United States Cellular Corp 1,280 53,022 46,374

Vector, Inc 1,635 20,049 15,906

Verizon Communications, Inc 196,454 9,834,986 12,062,276

VGI PCL 85,205 11,181 27,165

ViacomCBS, Inc Cl-A 701 50,614 31,454

Viacomcbs, Inc Cl-B 64,157 3,932,582 2,692,669

Vivendi SA 29,992 660,521 868,637

Vocus Group Ltd 32,389 130,090 65,005

Vodacom Group Ltd 40,717 482,496 335,190

Vodafone Group PLC 925,330 2,545,905 1,798,825

Vodafone Qatar QSC 49,690 47,583 15,831

Vonage Holdings Corp 103,358 856,592 765,883

Walt Disney Co 82,860 8,726,500 11,984,042

Weibo Corp ADR 3,136 290,616 145,354

WideOpenWest, Inc 11,266 129,588 83,594

Workpoint Entertainment PCL 5,179 5,743 2,421

World Wrestling Entertainment, Inc A 6,369 190,992 413,157

WPP PLC 44,485 943,096 628,433

Yellow Pages Ltd 459 7,192 3,202

Yelp, Inc 30,470 1,013,354 1,061,270



December 31, 2019


Shares Cost

Fair

Value ___________ ____________ ______________


Z Holdings Corp 209,657 $ 690,470 $ 885,195

Zayo Group Holdings, Inc 34,326 1,031,437 1,189,396

Zenrin Co Ltd 2,616 33,267 43,461

Zillow Group, Inc A 5,500 186,747 251,570

Zillow Group, Inc C 11,868 484,961 545,216

Zynga, Inc Cl-A 95,331 296,767 583,426 ____________________________________ ____________________________________

Total Communication Services 222,288,655 262,118,851 ____________________________________ ____________________________________

Consumer Discretionary: 10.79%

1-800-Flowers.com, Inc Cl-A 12,490 166,800 181,105

888 Holdings PLC 22,490 92,155 49,154

AA PLC 18,108 80,869 13,948

Aaron's, Inc 30,542 1,124,065 1,744,254

ABC-Mart, Inc 2,316 134,244 158,093

Abercrombie & Fitch Co A 29,506 561,989 510,159

Accell Group NV 352 7,843 10,187

Accent Group Ltd 20,284 27,305 26,547

Accor SA 6,064 269,062 283,983

Ace Hardware Indonesia Tbk PT 387,049 22,528 41,683

Acushnet Holdings Corp 17,593 366,463 571,772

Adastria Co Ltd 1,653 45,704 37,612

Adidas AG 6,522 902,599 2,120,098

Adient PLC 39,954 1,275,924 849,022

Adtalem Global Education, Inc 25,982 887,694 908,591

Advance Auto Parts, Inc 7,617 1,242,860 1,219,939

Aisin Seiki Co Ltd 11,564 467,923 428,327

Aksa Akrilik Kimya Sanayii AS 2,654 7,335 6,112

Alibaba Group Holding Ltd ADR 116,040 14,648,325 24,612,084

Alpen Co Ltd 1,254 22,614 20,401

Alsea SAB de CV 34,915 103,941 92,017

Altus San Nicolas Corp (3) 3,012 341 309

Amazon.com, Inc 15,513 14,371,012 28,665,542

America's Car-Mart, Inc 3,125 153,064 342,687

American Axle & Manufacturing Holdings,

Inc 55,386 892,291 595,953

American Eagle Outfitters, Inc 72,506 1,244,578 1,065,838

American Outdoor Brands Corp 23,741 479,564 220,316

American Public Education, Inc 8,198 259,250 224,543

AmTRAN Technology Co Ltd 47,972 34,281 17,043

ANTA Sports Products Ltd 73,025 186,090 653,657

AOKI Holdings, Inc 3,053 38,616 31,573

Aoyama Trading Co Ltd 3,415 116,364 48,056

AP Eagers Ltd 10,245 114,139 73,620

Aptiv PLC 25,544 1,655,973 2,425,914

Aramark 24,377 858,753 1,057,962

ARB Corp Ltd 3,971 46,053 52,305

Arcelik AS 17,226 100,689 60,345

Arcland Sakamoto Co Ltd 4,252 52,918 48,439

Ardent Leisure Group Ltd 28,753 47,889 26,231

Aristocrat Leisure Ltd 43,423 480,907 1,025,995

Aritzia, Inc 1,800 23,250 26,406

Asbury Automotive Group, Inc 9,063 659,124 1,013,153



December 31, 2019


Shares Cost

Fair

Value ___________ ____________ ______________


Ascena Retail Group, Inc 4,706 $ 760,575 $ 36,071

Asics Corp 10,115 233,103 167,822

ASKUL Corp 1,157 39,793 34,925

ASOS PLC 1,809 108,962 80,824

Astra International Tbk PT 1,149,898 682,350 572,756

At Home Group, Inc 20,378 551,435 112,079

Atom Corp 6,027 38,438 56,183

Autobacs Seven Co Ltd 5,495 83,982 86,538

AutoCanada, Inc 426 7,762 4,065

Autogrill SpA 2,516 22,964 26,339

AutoNation, Inc 5,241 285,179 254,870

AutoZone, Inc 3,322 2,684,572 3,957,532

B&M European Value Retail SA 34,530 114,837 187,345

B2W Cia Digital 9,400 75,247 147,705

Bandai Namco Holdings, Inc 15,172 454,832 922,946

Bapcor Ltd 18,617 66,185 83,613

Barnes & Noble Education, Inc 17,228 210,075 73,564

Barratt Developments PLC 31,770 217,739 314,188

Bassett Furniture Industries, Inc 5,319 169,722 88,721

Bayerische Motoren Werke AG 11,656 1,149,958 954,693

BBX Capital Corp 36,800 284,509 175,536

Beauty Community PCL 53,206 8,464 2,984

Beazer Homes USA, Inc 14,493 227,558 204,786

Bed Bath & Beyond, Inc 59,800 1,705,451 1,034,540

Belluna Co Ltd 3,652 23,151 23,766

Bellway PLC 3,542 107,853 178,614

Benesse Holdings, Inc 4,872 139,535 128,059

Berjaya Sports Toto Bhd 48,644 43,809 30,681

Berkeley Group Holdings PLC 4,765 176,881 306,686

Best Buy Co, Inc 24,250 1,142,944 2,129,150

Betsson AB 3,222 44,497 15,015

Bic Camera, Inc 5,076 48,529 57,794

Big Lots, Inc 17,870 801,481 513,226

Biglari Holdings, Inc B 463 133,215 52,976

BJ's Restaurants, Inc 9,054 443,396 343,690

Bloomin' Brands, Inc 38,146 726,413 841,882

Bluegreen Vacations Corp 3,200 69,572 33,088

Bonava AB 2,945 37,853 31,226

boohoo Group PLC 40,666 102,068 160,467

Booking Holdings, Inc 1,597 2,383,144 3,279,807

Boot Barn Holdings, Inc 14,119 331,709 628,719

BorgWarner, Inc 20,755 990,724 900,352

Bovis Homes Group PLC 5,783 73,754 104,025

Boyd Gaming Corp 38,468 836,388 1,151,732

Brembo SpA 5,337 55,592 66,262

Breville Group Ltd 6,949 42,731 85,143

Bridgestone Corp 42,107 1,622,101 1,564,279

Bright Horizons Family Solutions, Inc 8,587 678,165 1,290,540

Brilliance China Automotive Holdings Ltd 248,547 391,467 257,724

Brinker International, Inc 18,008 768,601 756,336

BRP, Inc 1,432 24,770 65,240



December 31, 2019


Shares Cost

Fair

Value ___________ ____________ ______________


Brunswick Corp 8,405 $ 440,543 $ 504,132

Buckle, Inc 13,001 406,063 351,547

Burberry Group PLC 14,071 304,618 410,978

Burlington Stores, Inc 9,441 1,106,008 2,152,831

Byd Co Ltd H 45,899 259,542 228,838

Caesars Entertainment Corp 58,071 484,699 789,766

Cafe de Coral Holdings Ltd 25,076 91,139 59,405

Caleres, Inc 18,476 552,053 438,805

Callaway Golf Co 43,209 520,185 916,031

Camping World Holdings, Inc Cl-A 14,437 482,030 212,801

Canada Goose Holdings, Inc 2,500 82,181 90,505

Canadian Tire Corp Ltd Cl-A 2,390 259,079 257,212

Capri Holdings Ltd 16,849 881,285 642,789

Card Factory PLC 7,904 44,394 15,485

CarMax, Inc 19,838 1,305,286 1,739,197

Carnival Corp 20,031 1,026,890 1,018,176

Carnival PLC 6,308 320,161 304,477

Carriage Services, Inc 8,504 180,445 217,702

Carrols Restaurant Group, Inc 16,017 196,056 112,920

Carter's, Inc 5,290 497,089 578,409

Carvana Co 6,770 284,182 623,178

Cashbuild Ltd 960 22,120 15,420

Casio Computer Co Ltd 14,465 245,425 289,061

Cato Corp Cl-A 14,276 418,551 248,402

Cavco Industries, Inc 3,787 374,656 739,904

CCC SA 931 50,379 26,992

CECONOMY AG 5,488 184,436 33,176

Centric Brands, Inc 12,549 31,162 27,231

Century Casinos, Inc 11,102 79,983 87,928

Century Communities, Inc 13,034 286,045 356,480

Cheesecake Factory, Inc 19,104 1,009,913 742,381

Chegg, Inc 49,813 957,643 1,888,411

Cheng Shin Rubber Industry Co Ltd 147,188 301,161 205,239

Chico's FAS, Inc 58,047 880,784 221,159

Children's Place, Inc 7,511 670,624 469,588

China Dongxiang Group Co Ltd 325,448 67,675 35,918

China First Capital Group Ltd 88,326 25,260 3,060

China Harmony New Energy Auto Holding

Ltd 53,696 35,215 27,012

China Motor Corp 7,850 15,595 10,239

China Travel International Investment Hong

Kong Ltd 258,396 97,304 45,761

China Trustful Group Ltd 211,514 87,152 706

China ZhengTong Auto Services Holdings Ltd 69,505 37,009 24,797

Chipotle Mexican Grill, Inc 3,708 1,917,658 3,104,004

Chiyoda Co Ltd 654 20,025 9,625

Chofu Seisakusho Co Ltd 545 12,965 12,227

Choice Hotels International, Inc 3,995 250,188 413,203

Chow Sang Sang Holdings International Ltd 13,083 30,282 16,269

Churchill Downs, Inc 15,613 937,591 2,142,104

Chuy's Holdings, Inc 10,309 298,379 267,209



December 31, 2019


Shares Cost

Fair

Value ___________ ____________ ______________


Cia Hering 8,831 $ 53,031 $ 74,930

CIE Automotive SA 3,244 96,088 76,706

Cie Financiere Richemont SA 17,242 1,293,626 1,347,478

Cie Generale des Etablissements Michelin

SCA 4,888 525,315 598,181

Cie Plastic Omnium SA 2,726 79,832 76,138

Citi Trends, Inc 6,005 140,593 138,836

CJ ENM Co Ltd 1,044 173,695 143,928

Clarus Corp 14,642 133,485 198,546

Cogna Educacao 104,604 393,468 298,695

Cogobuy Group (2) 46,360 71,372 7,734

Collectors Universe, Inc 3,300 76,995 76,065

Colowide Co Ltd 3,362 52,030 69,512

Columbia Sportswear Co 4,656 368,341 466,485

Compass Group PLC 54,857 1,038,970 1,373,341

Conn's, Inc 8,554 199,301 105,984

Container Store Group, Inc 15,617 153,848 65,904

Continental AG 3,320 721,674 429,044

Cooper Tire & Rubber Co 24,584 903,215 706,790

Cooper-Standard Holding, Inc 7,926 642,593 262,826

Core-Mark Holding Co, Inc 21,135 758,468 574,661

Corporate Travel Management Ltd 5,800 66,029 83,438

Countryside Properties PLC (2) 20,899 93,309 126,012

Cracker Barrel Old Country Store, Inc 8,703 1,378,650 1,337,999

Create Restaurants Holdings, Inc 1,308 11,510 22,428

Crest Nicholson Holdings PLC 7,536 52,458 43,103

Crocs, Inc 27,411 263,339 1,148,247

Crown Resorts Ltd 23,992 224,882 202,205

Cub Elecparts, Inc 3,124 27,203 26,001

Culp, Inc 5,400 169,141 73,548

Cyrela Brazil Realty SA Empreendimentos e

Participacoes 14,337 54,277 106,605

D'ieteren SA/NV 407 18,303 28,579

Daido Metal Co Ltd 2,235 24,026 15,578

Daikyonishikawa Corp 1,090 14,726 8,475

Daimler AG 32,012 2,462,643 1,769,761

Dana, Inc 66,362 1,203,808 1,207,788

Daohe Global Group Ltd 11,448 3,893 262

Darden Restaurants, Inc 17,820 1,487,585 1,942,558

Dave & Buster's Entertainment, Inc 15,952 825,380 640,792

DCM Holdings Co Ltd 8,353 74,439 81,356

De' Longhi SpA 1,954 48,740 41,349

Deckers Outdoor Corp 12,545 1,056,587 2,118,349

Del Taco Restaurants, Inc 16,290 203,817 128,772

Delivery Hero SE (2) 3,959 173,623 313,787

Delta Apparel, Inc 2,700 62,283 83,970

Denny's Corp 28,522 397,377 567,017

Denso Corp 31,079 1,376,859 1,403,600

Descente Ltd 2,489 31,723 46,875

Designer Brands, Inc Cl-A 29,509 714,413 464,472

Dick's Sporting Goods, Inc 7,957 370,878 393,792



December 31, 2019


Shares Cost

Fair

Value ___________ ____________ ______________


Dignity PLC 2,024 $ 70,745 $ 15,697

Dillard's, Inc A 5,616 386,047 412,664

Dine Brands Global Inc 8,299 716,602 693,132

Dixons Carphone PLC 35,394 187,966 67,605

Dollar General Corp 35,420 3,184,308 5,524,812

Dollar Tree, Inc 29,052 2,558,159 2,732,341

Dollarama, Inc 11,835 271,692 406,758

Dometic Group AB (2) 10,311 91,112 104,000

Domino's Pizza Enterprises Ltd 4,122 175,027 151,457

Domino's Pizza Group PLC 21,104 88,536 89,510

Domino's Pizza, Inc 6,131 924,847 1,801,165

Dongfeng Motor Group Co Ltd H 193,634 257,785 182,146

Dorman Products, Inc 12,505 837,620 946,879

Doshisha Co Ltd 1,744 33,236 28,841

DoubleUGames Co Ltd 711 26,692 30,552

Doutor Nichires Holdings Co Ltd 2,126 35,477 42,199

DR Horton, Inc 32,886 1,034,286 1,734,736

Drive Shack, Inc 25,400 147,157 92,964

Dufry AG 1,527 205,268 151,419

Duluth Holdings, Inc Cl-B 13,459 180,985 141,723

Dunelm Group PLC 2,720 39,603 41,650

Dunkin' Brands Group, Inc 12,348 680,162 932,768

Eagle Industry Co Ltd 1,853 23,729 19,155

eBay, Inc 32,616 936,972 1,177,764

Eclat Textile Co Ltd 14,610 172,214 196,412

EDION Corp 7,959 70,199 88,388

El Pollo Loco Holdings, Inc 9,678 133,284 146,525

El Puerto de Liverpool SAB de CV C1 12,487 115,394 61,948

Eldorado Resorts, Inc 27,495 801,640 1,639,802

Electrolux AB B 9,053 227,282 222,553

Elior Group SA (2) 4,271 86,319 62,759

Emperor Entertainment Hotel Ltd 13,628 3,540 2,693

Erawan Group PCL 43,175 5,208 8,576

Escalade, Inc 4,712 63,069 46,319

Esprit Holdings Ltd 112,368 100,569 22,640

EssilorLuxottica SA 9,887 1,187,881 1,506,056

Ethan Allen Interiors, Inc 14,847 412,656 282,984

Etsy, Inc 17,469 338,438 773,877

Europris ASA (2) 1,349 6,337 5,301

Everi Holdings, Inc 32,749 266,991 439,819

Evolution Gaming Group AB (2) 3,610 24,934 108,946

Exedy Corp 2,799 72,578 63,318

Expedia Group, Inc 19,468 2,392,657 2,105,270

Express, Inc 34,826 464,343 169,603

Extended Stay America, Inc 18,037 341,809 268,030

Famous Brands Ltd 6,579 70,435 36,639

Far Eastern Department Stores Ltd 30,528 23,314 26,529

Fast Retailing Co Ltd 4,180 1,704,062 2,483,229

Faurecia SE 2,195 93,677 118,256

FCC Co Ltd 1,963 38,387 42,465

FDG Electric Vehicles Ltd 57,103 59,762 1,671



December 31, 2019


Shares Cost

Fair

Value ___________ ____________ ______________


Feng TAY Enterprise Co Ltd 24,960 $ 106,681 $ 162,364

Ferrari NV 4,281 256,386 710,799

FF Group (3) 3,199 78,858 36

Fiat Chrysler Automobiles NV 37,507 368,847 556,098

Fiesta Restaurant Group, Inc 10,206 387,316 100,937

Fila Korea Ltd 1,415 27,528 64,657

Five Below, Inc 7,962 457,723 1,018,021

Flexsteel Industries, Inc 4,825 157,668 96,114

Flight Centre Travel Group Ltd 3,172 87,645 98,075

Floor & Decor Holdings, Inc A 9,652 333,390 490,418

Flutter Entertainment PLC 3,139 302,136 382,162

Foot Locker, Inc 11,171 773,882 435,557

Forbo Holding AG 56 70,125 95,293

Ford Motor Co 188,504 2,479,328 1,753,087

Ford Otomotiv Sanayi AS 4,806 48,274 57,237

Formosa Taffeta Co Ltd 33,253 33,960 37,938

Foschini Group Ltd 13,612 176,689 145,285

Fossil Group, Inc 19,971 651,168 157,371

Foster Electric Co Ltd 1,526 37,820 26,805

Fox Factory Holding Corp 17,016 577,686 1,183,803

frontdoor, Inc 8,105 214,794 384,339

Fu Shou Yuan International Group Ltd 50,153 36,196 42,479

Fuji Co Ltd/Ehime 545 13,084 9,690

Fuji Kyuko Co Ltd 1,545 47,601 59,743

Fujibo Holdings, Inc 818 23,511 26,498

Fujitsu General Ltd 3,861 62,504 86,645

Funko, Inc Cl-A 7,800 111,189 133,848

Fuyao Glass Industry Group Co Ltd H(2) 17,761 50,669 54,361

G-III Apparel Group Ltd 21,386 747,035 716,431

G-Tekt Corp 1,417 24,986 22,521

G8 Education Ltd 27,823 75,685 37,097

Galaxy Entertainment Group Ltd 175,324 857,790 1,291,480

GameStop Corp A 42,482 834,663 258,291

Gamesys Group PLC 981 7,708 9,187

Gap, Inc 22,044 666,262 389,738

Garmin Ltd 14,092 789,878 1,374,816

Geely Automobile Holdings Ltd 319,597 263,579 625,060

General Motors Co 59,878 2,157,155 2,191,535

Genesco, Inc 8,182 465,354 392,081

Gentex Corp 24,697 486,283 715,719

Gentherm, Inc 15,524 635,333 689,110

Genting Bhd 170,301 352,859 251,881

Genting Malaysia Bhd 224,706 250,295 180,732

Genting Singapore Ltd 411,565 289,814 281,527

Genuine Parts Co 13,646 1,309,403 1,449,615

Geo Holdings Corp 2,344 35,813 28,910

Gestamp Automocion SA (2) 11,049 89,306 53,119

Giant Manufacturing Co Ltd 21,260 147,638 151,062

Gildan Activewear, Inc 7,769 224,986 229,681

Giordano International Ltd 54,514 26,248 16,440

GNC Holdings, Inc A 33,282 362,622 89,861



December 31, 2019


Shares Cost

Fair

Value ___________ ____________ ______________


GoCo Group PLC 5,838 $ 5,526 $ 8,042

Golden Entertainment, Inc 7,657 100,969 147,168

Goldwin, Inc 1,528 19,844 111,953

GOME Retail Holdings Ltd 858,594 155,101 79,333

Goodbaby International Holdings Ltd 52,788 23,170 11,720

Goodyear Tire & Rubber Co 23,962 736,474 372,729

GoPro, Inc Cl-A 71,461 690,218 310,141

Gourmet Master Co Ltd 4,170 21,759 17,180

Graham Holdings Co B 511 288,132 326,524

Grand Canyon Education, Inc 4,838 310,462 463,432

Grand Korea Leisure Co Ltd 921 34,032 15,471

Great Canadian Gaming Corp 1,909 51,932 63,273

Great Wall Motor Co Ltd H 221,489 349,940 163,723

Green Brick Partners, Inc 11,702 138,583 134,339

Greenlane Holdings, Inc 14,200 93,023 46,221

Greggs PLC 2,732 47,666 83,160

Group 1 Automotive, Inc 7,957 600,260 795,700

Groupon, Inc 208,039 765,701 497,213

GrubHub, Inc 13,122 587,842 638,254

GS Home Shopping, Inc 96 20,845 12,345

Guangzhou Automobile Group Co Ltd H 213,770 179,810 266,105

GUD Holdings Ltd 13,727 109,682 106,925

Guess?, Inc 24,309 393,877 544,035

Gunze Ltd 1,145 34,774 51,144

GVC Holdings PLC 20,514 152,169 240,262

H&R Block, Inc 22,119 583,423 519,354

H2O Retailing Corp 5,313 92,522 59,388

Habit Restaurants, Inc A 10,897 198,662 113,656

Haier Electronics Group Co Ltd 89,877 193,241 280,855

Halfords Group PLC 5,985 39,024 13,422

Halla Holdings Corp 515 31,979 20,441

Hamilton Beach Brands Holding Co A 4,050 118,724 77,355

Hana Tour Service, Inc 277 33,226 12,199

Handsome Co Ltd 1,145 36,429 31,237

Hanesbrands, Inc 49,065 1,227,862 728,615

Hankook Tire & Technology Co Ltd 5,625 259,451 162,895

Hanon Systems 7,550 59,927 72,678

Hansae Co Ltd 540 20,303 8,067

Hanssem Co Ltd 801 137,417 43,022

Harley-Davidson, Inc 15,151 826,598 563,466

Harvey Norman Holdings Ltd 38,642 137,367 110,366

Hasbro, Inc 17,468 1,490,048 1,844,795

Haseko Corp 17,574 181,944 235,911

Haverty Furniture Cos, Inc 7,618 172,132 153,579

Heiwa Corp 3,470 74,012 72,666

Helen of Troy Ltd 10,457 967,119 1,880,064

HengTen Networks Group Ltd 816,330 53,743 11,628

Hennes & Mauritz AB B 32,190 1,098,022 656,597

Hermes International 869 366,881 649,383

Hibbett Sports, Inc 9,182 382,350 257,463

Hiday Hidaka Corp 1,640 24,411 30,278



December 31, 2019


Shares Cost

Fair

Value ___________ ____________ ______________


Hikari Tsushin, Inc 1,541 $ 121,026 $ 387,250

Hilton Grand Vacations, Inc 9,207 284,861 316,629

Hilton Worldwide Holdings, Inc 38,711 2,636,540 4,293,437

HIS Co Ltd 2,727 83,137 78,245

HLB, Inc 1,956 44,308 194,458

Home Depot, Inc 45,995 6,598,714 10,044,388

Home Product Center PCL 308,167 73,688 164,610

Honda Motor Co Ltd 115,999 3,532,327 3,282,950

Hooker Furniture Corp 6,960 194,322 178,802

Hota Industrial Manufacturing Co Ltd 13,338 48,913 51,168

Hotai Motor Co Ltd 18,535 251,334 422,304

Hotel Shilla Co Ltd 1,460 139,491 114,114

Houghton Mifflin Harcourt Co 47,592 706,311 297,450

HS Industries Co Ltd 2,606 25,753 26,728

Hu Lane Associate, Inc 2,181 10,627 6,519

Huazhu Group Ltd ADR 11,200 353,453 448,784

Hudson Ltd Cl-A 17,000 269,965 260,780

Hudson's Bay Co 3,700 28,322 28,151

HUGO BOSS AG 1,934 167,193 93,614

Husqvarna AB B 13,770 100,076 110,349

Hyatt Hotels Corp Cl-A 4,420 274,784 396,518

Hyundai Department Store Co Ltd 673 88,043 48,260

Hyundai Home Shopping Network Corp 174 20,699 12,112

Hyundai Livart Furniture Co Ltd 884 36,415 10,185

Hyundai Mobis Co Ltd 3,944 878,362 872,572

Hyundai Motor Co 10,118 1,377,605 1,053,859

Hyundai Wia Corp 480 70,961 20,798

Ichibanya Co Ltd 382 12,726 20,165

IDOM, Inc 4,252 32,513 24,440

IDP Education Ltd 8,555 28,517 103,080

Iida Group Holdings Co Ltd 10,070 174,630 176,482

Inchcape PLC 11,633 117,052 108,788

Industria de Diseno Textil SA 32,311 1,072,100 1,139,850

Inspired Entertainment, Inc 14,400 108,298 97,200

Installed Building Products, Inc 9,905 393,695 682,157

InterContinental Hotels Group PLC 5,527 276,706 381,281

International Game Technology PLC 11,391 243,348 170,523

InvoCare Ltd 7,708 78,702 71,346

iRobot Corp 12,895 624,605 652,874

Isetan Mitsukoshi Holdings Ltd 22,069 322,041 198,173

Isuzu Motors Ltd 37,717 484,244 445,844

Izumi Co Ltd 2,909 119,638 104,778

J Alexander's Holdings, Inc 6,277 69,448 60,008

J D Wetherspoon PLC 4,818 89,267 106,131

J Front Retailing Co Ltd 15,228 230,251 212,389

J. Jill, Inc 8,450 83,455 9,549

J.C. Penney Co, Inc 139,935 784,003 156,727

Jack in the Box, Inc 12,065 1,161,688 941,432

Japan Wool Textile Co Ltd 4,361 35,482 45,045

Jardine Cycle & Carriage Ltd 6,331 188,491 141,688

Jarir Marketing Co 1,857 77,444 81,977



December 31, 2019


Shares Cost

Fair

Value ___________ ____________ ______________


JB Hi-Fi Ltd 7,597 $ 132,017 $ 200,826

JD Sports Fashion PLC 15,247 71,789 169,123

JD.com, Inc ADR 42,562 1,117,464 1,499,459

JINS Holdings, Inc 872 41,165 58,930

JM AB 3,119 89,075 92,264

Johnson Outdoors, Inc A 3,037 123,533 232,938

Jollibee Foods Corp 28,430 129,476 121,135

Joshin Denki Co Ltd 1,363 22,999 32,337

Joyful Honda Co Ltd 3,340 38,735 42,525

JUMBO SA 9,744 112,516 202,749

Just Eat PLC 18,937 153,616 209,401

JVC Kenwood Corp 10,521 25,494 26,340

K's Holdings Corp 10,682 92,504 139,655

K12, Inc 18,747 323,746 381,501

Kangwon Land, Inc 8,904 293,626 227,782

Kappa Create Co Ltd 1,963 23,606 27,191

Kasai Kogyo Co Ltd 1,581 19,165 12,400

KB Home 39,215 682,581 1,343,898

Kenda Rubber Industrial Co Ltd 31,500 51,454 32,155

Kering SA 2,528 521,826 1,659,427

Kia Motors Corp 19,942 790,863 761,595

Kindred Group PLC 9,988 77,723 61,167

Kingfisher PLC 75,912 368,074 218,200

Kinpo Electronics 39,250 14,703 16,825

Kisoji Co Ltd 600 12,797 16,309

Kohl's Corp 15,927 961,414 811,481

Kohnan Shoji Co Ltd 1,744 31,471 40,970

Koito Manufacturing Co Ltd 7,398 342,769 342,571

KOMEDA Holdings Co Ltd 5,888 97,567 114,821

Komeri Co Ltd 1,765 40,658 37,912

Kontoor Brands, Inc 20,111 557,117 844,461

Koshidaka Holdings Co Ltd 2,800 41,276 42,308

Kumho Tire Co, Inc 5,811 51,100 21,047

Kura Sushi Inc 709 32,177 35,192

Kura Sushi USA, Inc Cl-A 3,500 67,190 89,075

Kurabo Industries Ltd 1,308 24,608 30,320

KYB Corp 1,865 67,244 55,297

Kyoritsu Maintenance Co Ltd 1,874 59,463 88,750

L Brands, Inc 24,751 1,933,615 448,488

La-Z-Boy, Inc 20,004 580,114 629,726

Lands' End, Inc 4,992 115,836 83,866

Laox Co Ltd 709 21,441 1,733

Las Vegas Sands Corp 15,913 866,611 1,098,634

Laureate Education, Inc A 49,692 753,442 875,076

LCI Industries 11,315 946,925 1,212,176

Leaf Group Ltd 5,500 42,778 22,000

Lear Corp 5,983 766,213 820,868

Legacy Housing Corp 8,100 95,325 134,784

Leggett & Platt, Inc 13,079 609,949 664,806

Lennar Corp A 32,317 1,491,532 1,802,965

Lennar Corp B 2,428 86,078 108,532



December 31, 2019


Shares Cost

Fair

Value ___________ ____________ ______________


Leoni AG 806 $ 51,353 $ 9,291

LF Corp 567 18,519 9,051

LG Electronics, Inc 6,023 285,141 374,132

LGI Homes, Inc 9,527 357,308 673,083

Li & Fung Ltd 368,222 256,460 40,166

Li Ning Co Ltd 156,455 72,115 468,825

Lifetime Brands, Inc 7,443 96,138 51,729

Linamar Corp 1,573 83,785 59,514

Lindblad Expeditions Holdings, Inc 12,851 148,023 210,114

Liquidity Services, Inc 13,262 116,700 79,042

Lithia Motors, Inc A 9,786 975,361 1,438,542

LKQ Corp 32,043 1,000,658 1,143,935

Lojas Renner SA 58,900 317,511 826,617

Lotte Himart Co Ltd 245 17,232 6,534

Lotte Shopping Co Ltd 532 94,099 62,239

Lovesac Co 5,662 123,624 90,875

Lowe's Cos, Inc 28,858 2,267,250 3,456,034

LPP SA 97 161,247 225,504

Luk Fook Holdings International Ltd 26,167 75,036 75,388

Lululemon Athletica, Inc 16,920 1,863,076 3,919,856

Lumber Liquidators Holdings, Inc 21,605 341,753 211,081

LVMH Moet Hennessy Louis Vuitton SE 10,286 2,134,489 4,778,959

M/I Homes, Inc 12,720 373,128 500,532

Macau Legend Development Ltd 73,049 27,963 10,218

Macy's, Inc 30,430 1,495,471 517,310

Magazine Luiza SA 57,142 360,444 681,682

Magna International, Inc 11,355 546,103 622,599

Mahindra & Mahindra Ltd GDR 24,876 235,544 188,063

Makalot Industrial Co Ltd 5,517 44,161 28,986

Malibu Boats, Inc A 8,075 180,762 330,671

Man Wah Holdings Ltd 81,553 54,152 58,085

Mando Corp 3,830 158,136 116,185

Marine Products Corp 4,125 53,316 59,400

MarineMax, Inc 11,132 236,269 185,793

Marks & Spencer Group PLC 66,060 357,982 186,819

Marriott International, Inc Cl-A 10,534 848,208 1,595,164

Marriott Vacations Worldwide Corp 18,009 1,732,567 2,318,839

Marston's PLC 16,720 40,220 28,171

Martinrea International, Inc 3,598 24,146 39,650

Marui Group Co Ltd 13,606 185,100 331,749

MasterCraft Boat Holdings, Inc 13,332 197,601 209,979

Matahari Department Store Tbk PT 170,330 213,638 51,655

Matas AS 659 12,295 5,451

Matsuya Co Ltd 1,963 18,317 15,720

Matsuyafoods Holdings Co Ltd 1,417 54,273 58,885

Mattel, Inc 43,734 937,678 592,596

Mazda Motor Corp 37,499 668,105 319,545

MC Group PCL 12,756 5,032 3,130

McDonald's Corp 34,260 4,776,246 6,770,119

McDonald's Holdings Co Japan Ltd 4,470 109,671 215,359

MDC Holdings, Inc 23,498 554,427 896,684



December 31, 2019


Shares Cost

Fair

Value ___________ ____________ ______________


Media General, Inc. (3) 75,401 $ — $ 754

Meituan Dianping Cl-B 76,900 590,179 1,005,622

Melco International Development Ltd 53,780 88,302 151,147

Melco Resorts & Entertainment Ltd ADR 20,574 368,758 497,274

Melia Hotels International SA 1,770 23,045 15,605

Mercari, Inc 5,100 135,383 104,264

Merida Industry Co Ltd 6,542 47,195 38,518

Meritage Homes Corp 16,680 711,718 1,019,315

MGM Resorts International 50,630 1,361,478 1,684,460

Michaels Cos, Inc 38,869 491,477 314,450

Minor International PCL 145,361 149,619 174,703

Minth Group Ltd 50,153 141,641 176,996

Mitsuba Corp 5,397 111,372 36,612

Mitsubishi Motors Corp 43,583 307,925 181,666

Mizuno Corp 872 21,639 22,030

Modine Manufacturing Co 23,270 331,793 179,179

Mohawk Industries, Inc 6,028 1,174,646 822,099

Monarch Casino & Resort, Inc 5,099 128,597 247,556

Moncler SpA 5,692 103,394 256,182

Moneysupermarket.com Group PLC 20,729 82,502 90,775

Monro, Inc 14,863 945,959 1,162,287

MOS Food Services, Inc 1,433 38,597 39,603

Motorcar Parts of America, Inc 10,604 277,958 233,606

Movado Group, Inc 8,698 262,114 189,095

Mr Price Group Ltd 17,374 274,458 226,385

MRV Engenharia e Participacoes SA 18,807 43,787 101,146

MTY Food Group, Inc 634 27,193 27,092

Murphy USA, Inc 12,673 968,662 1,482,741

Musashi Seimitsu Industry Co Ltd 5,342 66,740 73,113

Myer Holdings Ltd 49,379 47,737 16,633

Nan Kang Rubber Tire Co Ltd 25,076 22,235 40,403

Naspers Ltd N 30,239 4,699,503 4,945,823

Nathan's Famous, Inc 1,908 99,574 135,239

National Vision Holdings, Inc 35,700 1,218,148 1,157,751

NET Holding AS 9,838 9,998 4,300

NetEnt AB 9,159 58,593 25,278

New Oriental Education & Technology

Group, Inc ADR 7,716 310,878 935,565

Newell Brands, Inc 36,568 1,522,308 702,837

Nexen Tire Corp 3,004 34,538 23,727

Next PLC 5,089 403,422 473,076

Nexteer Automotive Group Ltd 87,767 106,569 79,519

NGK Spark Plug Co Ltd 11,285 272,940 218,748

NHK Spring Co Ltd 13,089 124,576 118,460

Nien Made Enterprise Co Ltd 5,997 68,542 55,415

Nifco, Inc 6,130 141,409 167,404

NIKE, Inc Cl-B 46,883 2,606,421 4,749,717

Nikon Corp. 22,859 341,087 279,558

Nippon Seiki Co Ltd 2,759 59,430 45,143

Nishimatsuya Chain Co Ltd 2,998 32,578 25,742

Nissan Motor Co Ltd 165,163 1,591,925 957,076



December 31, 2019


Shares Cost

Fair

Value ___________ ____________ ______________


Nissan Shatai Co Ltd 6,702 $ 77,724 $ 63,840

Nitori Holdings Co Ltd 5,490 549,274 866,603

Nobia AB 3,818 41,284 28,434

Nojima Corp 1,799 23,314 37,463

NOK Corp 6,833 164,180 101,920

Nokian Renkaat Oyj 4,374 148,628 125,804

Noodles & Co 14,744 141,306 81,682

Nordstrom, Inc 17,013 986,265 696,342

Norwegian Cruise Line Holdings Ltd 23,725 1,174,846 1,385,777

NVR, Inc 484 1,015,389 1,843,270

O'Reilly Automotive, Inc 10,411 2,950,535 4,562,725

Ocado Group PLC 17,414 75,223 295,022

Office Depot, Inc 231,069 1,060,621 633,129

Ohsho Food Service Corp 1,744 67,671 103,875

Ollie's Bargain Outlet Holdings, Inc 7,750 336,309 506,152

OneSpaWorld Holdings Ltd 20,700 320,868 348,588

Onward Holdings Co Ltd 6,620 46,932 39,487

OPAP SA 15,656 141,489 203,536

Oriental Land Co Ltd 14,225 983,265 1,940,878

Overstock.com, Inc 11,493 260,322 81,026

OVS SpA (2) 6,725 44,139 15,148

Oxford Industries, Inc 8,446 571,559 636,997

Pacific Industrial Co Ltd 2,562 29,868 34,895

Pacific Textiles Holdings Ltd 49,063 62,765 33,685

PAL GROUP Holdings Co Ltd 1,799 58,052 62,780

PALTAC Corp 1,898 50,050 90,663

Pan Pacific International Holdings Corp 29,968 284,837 497,207

Panasonic Corp 157,128 1,770,332 1,473,732

Pandora AS 3,707 420,727 161,260

Pandox AB 1,303 21,469 29,492

Papa John's International, Inc 10,684 744,924 674,695

Paradise Co Ltd 1,357 33,142 23,111

Party City Holdco, Inc 28,441 396,584 66,552

PC Depot Corp 1,036 11,086 5,256

PChome Online, Inc 4,008 39,091 12,662

Penn National Gaming, Inc 51,824 1,027,793 1,324,621

Penske Automotive Group, Inc 4,198 211,822 210,824

Perdoceo Education Corp 30,497 254,208 560,840

Persimmon PLC 9,739 233,219 347,662

PetMed Express, Inc 8,963 206,254 210,810

Petrobras Distribuidora SA 36,000 224,816 269,770

Pets at Home Group PLC 9,367 40,075 34,691

Peugeot SA 17,921 295,080 428,172

Pinduoduo, Inc ADR 16,500 322,831 624,030

Planet Fitness, Inc Cl-A 12,360 385,504 923,045

PlayAGS, Inc 11,100 271,370 134,643

Playtech PLC 7,452 83,999 39,188

Plenus Co Ltd 1,363 23,838 24,458

Polaris, Inc 8,030 837,812 816,651

Pool Corp 5,811 583,267 1,234,140

Potbelly Corp 12,001 169,732 50,644



December 31, 2019


Shares Cost

Fair

Value ___________ ____________ ______________


Pou Chen Corp 167,358 $ 229,282 $ 218,849

Pou Sheng International Holdings Ltd 208,243 62,489 65,742

Poya International Co Ltd 3,336 36,703 46,907

Premier Investments Ltd 6,286 65,489 82,754

Press Kogyo Co Ltd 6,542 24,316 26,015

Pressance Corp 2,399 26,314 29,366

Prosus 30,239 2,555,728 2,256,637

PTG Energy PCL 20,715 8,933 11,134

PulteGroup, Inc 24,887 542,920 965,616

Puma SE 2,100 100,987 161,032

Purple Innovation, Inc 11,400 78,860 99,294

PVH Corp 7,321 749,901 769,803

Quotient Technology, Inc 36,833 394,218 363,173

Qurate Retail, Inc A 42,071 1,029,133 354,659

Rakuten, Inc 59,370 766,194 507,209

Ralph Lauren Corp 5,464 610,664 640,490

Ramayana Lestari Sentosa Tbk PT 272,460 25,725 20,898

RCI Hospitality Holdings, Inc 5,124 134,689 105,042

RealReal, Inc 10,100 177,417 190,385

Recipe Unlimited Corp 206 4,264 3,090

Red Lion Hotels Corp 24,940 150,955 93,026

Red Robin Gourmet Burgers, Inc 5,954 315,106 196,601

Red Rock Resorts, Inc Cl-A 30,669 711,983 734,523

Redrow PLC 5,894 41,431 58,164

Regina Miracle International Holdings Ltd (2) 23,986 29,574 15,268

Regis Corp 14,880 234,391 265,906

Renault SA 6,685 602,079 316,289

Rent-A-Center, Inc 22,233 411,991 641,200

Resorttrust, Inc 4,989 109,510 84,574

Restaurant Brands International, Inc 8,896 410,295 567,108

Restaurant Group PLC 9,301 46,433 20,082

Retail Food Group Ltd 9,312 49,844 686

RH 7,371 479,889 1,573,708

Riken Corp 709 24,472 27,006

Ringer Hut Co Ltd 1,090 24,902 25,175

Rinnai Corp 2,366 195,356 184,901

Robinson PCL 36,470 62,891 80,358

Rocket Internet SE (2) 3,347 102,654 82,971

Rocky Brands, Inc 2,900 73,948 85,347

Ross Stores, Inc 13,392 858,728 1,559,097

Round One Corp 4,416 35,243 42,703

Royal Caribbean Cruises Ltd 16,035 1,419,246 2,140,833

Royal Holdings Co Ltd 2,017 36,512 45,660

RTW RetailWinds, Inc 14,500 47,539 11,615

Rubicon Project, Inc 30,400 286,461 248,064

Ruentex Industries Ltd 10,466 42,389 25,661

Ruth's Hospitality Group, Inc 10,640 191,194 231,580

Ryohin Keikaku Co Ltd 15,680 287,046 365,443

S&T Motiv Co Ltd 621 38,059 22,956

SA Sa International Holdings Ltd 34,687 11,250 7,835

SACI Falabella 47,658 369,022 205,400



December 31, 2019


Shares Cost

Fair

Value ___________ ____________ ______________


Saizeriya Co Ltd 1,688 $ 39,595 $ 41,204

Sally Beauty Holdings, Inc 54,492 974,494 994,479

Salvatore Ferragamo SpA 1,835 59,538 38,623

Sanden Holdings Corp 1,744 24,755 13,452

Sands China Ltd 172,472 749,878 921,866

Sangetsu Corp 3,198 52,671 60,301

Sankyo Co Ltd 2,641 92,443 87,715

Sanrio Co Ltd 3,205 76,340 62,939

Sanyang Motor Co Ltd 17,444 11,537 12,395

Saudi Airlines Catering Co 1,269 29,857 34,775

Scientific Games Corp A 24,601 414,488 658,815

SeaWorld Entertainment, Inc 23,468 458,546 744,170

SEB SA 943 103,986 140,048

Sega Sammy Holdings, Inc 11,710 170,492 169,557

Seiko Holdings Corp 1,700 34,927 45,335

Seiren Co Ltd 3,162 39,016 45,453

Sekisui Chemical Co Ltd 27,250 397,621 472,785

Sekisui House Ltd 44,754 720,199 955,715

Select Interior Concepts, Inc A 9,100 104,837 81,809

Seria Co Ltd 2,315 62,817 63,069

Service Corp International 20,571 558,714 946,883

ServiceMaster Global Holdings, Inc 14,111 418,592 545,531

Shake Shack, Inc Cl-A 12,811 625,247 763,151

Shangri-La Asia Ltd 77,254 98,854 80,701

Sharp Corp 14,681 265,798 224,362

Shenzhou International Group Holdings Ltd 40,046 222,743 585,352

Shimachu Co Ltd 3,737 96,295 102,024

Shimamura Co Ltd 1,370 151,832 104,153

Shimano, Inc 5,128 779,573 831,920

Shinsegae Inc 350 62,676 87,252

Shoe Carnival, Inc 5,130 145,996 191,246

Shoei Co Ltd 800 33,875 37,958

Shutterstock, Inc 10,252 494,994 439,606

Siam Global House PCL 45,139 12,451 24,413

Signet Jewelers Ltd 26,877 1,419,223 584,306

Six Flags Entertainment Corp 8,177 469,077 368,864

SJM Holdings Ltd 123,525 123,928 140,609

Skechers U.S.A., Inc Cl-A 16,638 442,284 718,595

Skycity Entertainment Group Ltd 40,331 119,054 107,789

Skylark Holdings Co Ltd 17,984 269,426 352,580

Skyline Champion Corp 22,100 531,710 700,570

Skyworth Group Ltd 140,813 99,560 40,659

Sleep Country Canada Holdings, Inc (2) 1,152 27,127 17,929

Sleep Number Corp 13,929 400,127 685,864

Sodexo SA 3,319 358,429 393,327

Sonic Automotive, Inc Cl-A 12,076 302,446 374,356

Sonos, Inc 30,700 354,983 479,534

Sony Corp 91,092 3,046,162 6,184,934

Spin Master Corp (2) 869 29,468 26,460

Sports Direct International PLC 5,106 48,592 31,017

Sportsman's Warehouse Holdings, Inc 23,839 163,269 191,427



December 31, 2019


Shares Cost

Fair

Value ___________ ____________ ______________


Sri Trang Agro-Industry PCL 26,690 $ 9,977 $ 8,910

SSP Group PLC 11,927 62,542 102,690

St Marc Holdings Co Ltd 436 12,633 9,310

Stamps.com, Inc 7,947 863,978 663,733

Standard Motor Products, Inc 10,319 493,968 549,177

Stanley Electric Co Ltd 8,315 211,055 240,147

Star Entertainment Grp Ltd 51,776 197,898 167,136

Starbucks Corp 44,156 2,562,840 3,882,196

Stars Group, Inc 10,063 193,039 262,628

Starts Corp, Inc 1,199 22,150 30,510

Steinhoff International Holdings NV 214,237 1,231,885 12,849

Steven Madden Ltd 35,863 985,987 1,542,468

Stitch Fix, Inc Cl-A 18,500 591,792 474,710

Stoneridge, Inc 12,156 195,762 356,414

Strategic Education, Inc 9,540 861,826 1,515,906

Sturm Ruger & Co, Inc 7,297 397,842 343,178

Subaru Corp 43,806 1,579,786 1,085,067

Sumitomo Electric Industries Ltd 52,061 751,478 781,860

Sumitomo Forestry Co Ltd 8,837 111,747 130,134

Sumitomo Riko Co Ltd 2,780 25,307 25,079

Sumitomo Rubber Industries Ltd 10,057 173,332 122,632

Summit Ascent Holdings Ltd 28,347 6,498 3,965

Sun International Ltd 9,061 81,621 25,813

Super Group Ltd 31,680 90,148 64,328

Super Retail Group Ltd 9,675 72,295 68,709

Superdry PLC 3,466 86,909 23,116

Superior Group of Cos, Inc 4,634 82,751 62,744

Sushiro Global Holdings Ltd 2,300 153,030 198,072

Suzuki Motor Corp 27,375 1,055,022 1,142,685

Swatch Group AG 2,463 474,602 362,934

T-Gaia Corp 1,799 24,494 43,572

TABCORP Holdings Ltd 134,200 504,738 426,612

Tachi-S Co Ltd 1,799 30,719 23,438

Tailored Brands, Inc 20,661 703,521 85,537

Tainan Spinning Co Ltd 80,135 37,810 28,069

Taiwan Paiho Ltd 8,177 22,402 22,995

Takashimaya Co Ltd 9,266 166,856 103,938

Takeaway.com NV (2) 1,273 121,397 117,375

TAL Education Group ADR 23,605 374,120 1,137,761

Tamron Co Ltd 1,581 24,855 36,353

Tapestry, Inc 27,970 1,106,695 754,351

Target Corp 23,455 1,856,304 3,007,166

Target Hospitality Corp 13,800 102,995 69,000

Tata Motors Ltd ADR 6,332 226,523 81,873

Tatung Co Ltd 71,413 16,806 50,027

Taylor Morrison Home Corp A 49,587 1,011,999 1,083,972

Taylor Wimpey PLC 103,245 226,482 264,491

Ted Baker PLC 824 41,518 4,453

Tempur Sealy International, Inc 7,615 521,188 662,962

Tenneco, Inc Cl-A 28,887 1,303,526 378,420

Tesla, Inc 5,217 1,250,238 2,182,428



December 31, 2019


Shares Cost

Fair

Value ___________ ____________ ______________


Texas Roadhouse, Inc 28,219 $ 1,345,732 $ 1,589,294

Texwinca Holdings Ltd 31,618 29,744 7,831

Thomas Cook Group PLC (3) 48,699 79,368 2,226

Thor Industries, Inc 5,079 437,921 377,319

Thule Group AB (2) 4,809 75,516 110,994

Tianneng Power International Ltd 25,076 23,689 19,083

Tiffany & Co 11,698 1,073,360 1,563,438

Tilly's, Inc Cl-A 13,969 172,527 171,120

TJX Cos, Inc 47,190 1,819,166 2,881,421

Tod's SpA 695 42,093 32,137

Tofas Turk Otomobil Fabrikasi AS 9,615 63,458 43,412

Tokai Rika Co Ltd 2,978 66,478 58,033

Token Corp 491 38,168 33,091

Tokyo Dome Corp 5,291 50,155 52,705

Tokyotokeiba Co Ltd 1,199 25,082 37,960

Toll Brothers, Inc 12,974 441,213 512,603

TomTom 1,098 24,732 11,602

Tomy Co Ltd 4,133 36,044 53,542

Tong Yang Industry Co Ltd 17,990 21,582 27,996

TopBuild Corp 14,480 608,131 1,492,598

Topre Corp 1,929 44,126 31,090

Toridoll Holdings Corp 1,417 34,436 36,528

Tosho Co Ltd 1,090 22,863 25,016

Toyo Tire Corp 7,647 115,201 109,682

Toyoda Gosei Co Ltd 4,249 97,189 106,095

Toyota Boshoku Corp 4,023 77,370 64,597

Toyota Industries Corp 10,434 561,375 600,373

Toyota Motor Corp 162,505 10,146,748 11,450,341

TPR Co Ltd 1,472 37,433 28,907

Tractor Supply Co 17,759 1,496,295 1,659,401

TRI Pointe Group, Inc 64,055 838,736 997,977

Trip.com Group Ltd ADR 57,747 2,186,267 1,936,834

Truworths International Ltd 31,754 207,835 111,545

TS Tech Co. Ltd. 3,133 87,067 97,245

TSI Holdings Co Ltd 5,397 38,777 27,350

Tsogo Sun Gaming Ltd 35,709 70,243 31,308

Tsogo Sun Hotels Ltd 35,709 9,603 9,994

TUI AG 14,551 218,520 183,838

Tung Thih Electronic Co Ltd 4,906 38,877 11,833

Tupperware Brands Corp 24,638 1,055,391 211,394

Twin River Worldwide Holdings, Inc 8,713 259,242 223,488

Ulta Salon Cosmetics & Fragrance, Inc 8,169 1,968,623 2,067,901

UMW Holdings Bhd 17,172 48,761 18,849

Under Armour, Inc Cl-A 25,051 924,765 541,102

Under Armour, Inc Cl-C 29,802 900,297 571,602

Uni-Select, Inc 636 15,042 5,579

Unifi, Inc 6,609 181,941 166,943

Unipres Corp 2,151 45,124 30,184

United Arrows Ltd 1,363 47,399 38,600

Unitika Ltd 4,361 24,560 14,985

Universal Electronics, Inc 7,375 439,031 385,417



December 31, 2019


Shares Cost

Fair

Value ___________ ____________ ______________


Universal Entertainment Corp 1,353 $ 45,869 $ 46,017

Urban Outfitters, Inc 7,009 269,749 194,640

USS Co Ltd 15,629 256,745 295,439

Vail Resorts, Inc 5,850 1,036,288 1,403,005

Valeo SA 8,418 463,289 296,588

Van de Velde NV 98 6,905 3,287

Vera Bradley, Inc 9,267 100,392 109,351

Vestel Elektronik Sanayi ve Ticaret AS 3,008 6,559 6,381

VF Corp 12,383 722,920 1,234,090

Via Varejo SA 23,619 50,624 65,910

Vince Holding Corp 1,400 16,856 24,234

Vipshop Holdings Ltd ADR 28,695 368,645 406,608

Vista Outdoor, Inc 25,824 700,557 193,164

Visteon Corp 12,755 885,826 1,104,455

Volkswagen AG 1,005 186,141 194,653

VT Holdings Co Ltd 2,290 11,917 10,166

Wacoal Holdings Corp 3,032 71,092 81,305

Waitr Holdings, Inc 22,400 88,894 7,213

Wayfair, Inc Cl-A 9,022 713,710 815,318

Webjet Ltd 16,965 146,079 155,006

Wendy's Co 28,750 390,146 638,537

Wesfarmers Ltd 80,688 1,873,998 2,344,184

Weyco Group, Inc 3,341 90,824 88,369

WH Smith PLC 4,154 84,766 143,062

Whirlpool Corp 5,988 1,059,532 883,410

Whitbread PLC 6,179 358,282 396,631

William Hill PLC 25,230 112,288 62,979

William Lyon Homes A 14,192 300,064 283,556

Williams-Sonoma, Inc 8,391 505,010 616,235

Wingstop, Inc 13,305 513,825 1,147,290

Winmark Corp 1,308 163,503 259,376

Winnebago Industries, Inc 14,183 423,542 751,415

Wolverine World Wide, Inc 37,029 1,018,625 1,249,358

Woolworths Holdings Ltd 69,821 425,098 242,275

Woongjin Coway Co Ltd 4,086 333,731 328,943

World Co Ltd 1,600 33,764 39,296

WW International, Inc 21,828 822,424 834,048

Wyndham Destinations ,Inc 8,803 320,332 455,027

Wyndham Hotels & Resorts, Inc 10,603 495,179 665,974

Wynn Macau Ltd 97,350 185,468 239,868

Wynn Resorts Ltd 13,701 1,665,466 1,902,658

Xebio Holdings Co Ltd 818 11,543 9,878

Xinyi Glass Holdings Ltd 104,667 73,937 138,619

XXL ASA (2) 1,965 22,646 3,720

Yamada Denki Co Ltd 42,816 209,997 227,183

Yamaha Corp 11,052 297,968 612,761

Yamaha Motor Co Ltd 19,284 432,605 386,316

YDUQS Part 8,891 59,125 105,523

Yellow Hat Ltd 2,300 33,716 41,089

YETI Holdings, Inc 20,600 492,815 716,468

Yokohama Rubber Co Ltd 7,923 147,081 153,666



December 31, 2019


Shares Cost

Fair

Value ___________ ____________ ______________


Yondoshi Holdings, Inc 545 $ 13,234 $ 12,690

Yonex Co Ltd 1,308 13,622 8,267

Yorozu Corp 1,145 17,005 15,370

Yoshinoya Holdings Co Ltd 3,968 51,333 105,808

Youngone Corp 889 53,897 26,329

Youngone Holdings Co Ltd 452 26,237 18,839

Yue Yuen Industrial Holdings Ltd 50,260 189,971 148,349

Yulon Motor Co Ltd 49,063 54,930 31,997

Yum China Holdings, Inc 73,117 2,752,919 3,510,347

Yum! Brands, Inc 12,724 848,385 1,281,689

ZAGG, Inc 12,743 95,337 103,346

Zalando SE (2) 3,244 113,374 163,595

Zensho Holdings Co Ltd 6,547 94,465 148,224

Zojirushi Corp 2,126 39,447 39,888

zooplus AG 392 88,770 37,551

ZOZO, Inc 5,284 89,682 101,056

Zumiez, Inc 11,076 291,157 382,565 ____________________________________ ____________________________________

Total Consumer Discretionary 380,702,889 459,953,672 ____________________________________ ____________________________________

Consumer Staples: 5.63%

22nd Century Group, Inc 67,900 182,277 74,690

a2 Milk Co Ltd 48,329 291,685 488,677

AAK AB 7,494 79,653 142,538

Abdullah Al Othaim Markets Co 1,393 28,984 30,264

Aeon Co Ltd 50,085 774,240 1,033,573

Ain Holdings, Inc 2,250 140,625 143,094

Ajinomoto Co, Inc 35,435 737,895 589,897

Alico, Inc 3,472 115,270 124,402

Alimentation Couche-Tard, Inc B 33,586 772,452 1,065,865

Almarai Co JSC 7,896 103,123 104,191

Altria Group, Inc 79,654 4,690,596 3,975,531

Ambev SA 289,774 1,603,503 1,348,979

Amorepacific Corp 1,822 554,698 313,779

AMOREPACIFIC Group 2,114 266,203 151,024

Anadolu Efes Biracilik Ve Malt Sanayii AS 15,095 99,568 58,563

Andersons, Inc 13,607 523,747 343,985

Anheuser-Busch InBev SA 26,392 2,847,769 2,152,500

Arca Continental SAB de CV 27,241 157,370 144,090

Archer-Daniels-Midland Co 52,023 2,397,337 2,411,266

Arcs Co Ltd 2,315 50,520 48,640

Ariake Japan Co Ltd 1,103 51,057 81,986

Aryzta AG 32,373 182,151 36,178

Asahi Group Holdings Ltd 25,399 855,357 1,158,715

Asaleo Care Ltd 26,365 27,465 19,612

Associated British Foods PLC 11,681 454,569 401,979

Astral Foods Ltd 2,864 44,548 44,404

Atacadao SA 39,900 229,253 232,392

Ausnutria Dairy Corp Ltd 40,000 56,619 57,595

Austevoll Seafood ASA 1,340 10,772 13,744

Australian Agricultural Co Ltd 10,962 17,085 8,462

AVI Ltd 21,359 144,088 135,678

Axfood AB 4,343 67,632 96,718



December 31, 2019


Shares Cost

Fair

Value ___________ ____________ ______________


Axial Retailing, Inc 654 $ 24,192 $ 22,807

B&G Foods, Inc 30,835 1,124,239 552,872

Bakkafrost P/F 1,506 51,064 111,501

Barry Callebaut AG 86 102,854 189,844

Bega Cheese Ltd 4,036 18,359 12,235

Beiersdorf AG 3,193 272,000 381,976

Belc Co Ltd 327 12,984 16,645

Berli Jucker PCL 44,210 62,728 61,990

Beyond Meat, Inc 1,200 211,664 90,720

BGF retail Co Ltd 759 120,531 111,246

Bid Corp Ltd 24,430 444,550 575,970

BIM Birlesik Magazalar AS 30,960 246,010 242,830

Binggrae Co Ltd 456 24,384 22,081

BJ's Wholesale Club Holdings, Inc 50,900 1,329,745 1,157,466

Blackmores Ltd 823 79,807 48,975

Boston Beer Co, Inc A 3,775 906,332 1,426,384

BRF SA 48,045 477,910

wells fargo bank, n.a....opinion . in our opinion, the financial statements and financial highlights...

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