| COMMON STOCKS – 97.0% | Shares | Fair Value | ||
| SEMICONDUCTOR MANUFACTURING – 22.4% | ||||
Andes Technology Corp. (Taiwan) | 6,500 | $125,267 | ||
eMemory Technology Inc. (Taiwan) | 3,810 | 300,703 | ||
ITM Semiconductor Co. Ltd. (South Korea) | 3,108 | 111,213 | ||
Koh Young Technology Inc. (South Korea) (a) | 6,741 | 134,268 | ||
LandMark Optoelectronics Corp. (Taiwan) | 18,000 | 127,628 | ||
MediaTek Inc. (Taiwan) | 6,600 | 283,203 | ||
Seoul Viosys Co. Ltd. (South Korea) | 7,010 | 77,946 | ||
SK Hynix Inc. (South Korea) | 2,320 | 254,812 | ||
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan) | 38,000 | 840,598 | ||
| $2,255,638 | ||||
| INTERNET & CATALOG RETAIL – 12.7% | ||||
Alibaba Group Holding Ltd. (China) (a) | 24,572 | $361,100 | ||
Americanas S.A. (Brazil) (a) | 16,100 | 90,724 | ||
JD Health International Inc. (China) (a),(b) | 14,900 | 117,538 | ||
JD.com Inc. (China) (a) | 7,358 | 253,500 | ||
Meituan (China) (a),(b) | 8,100 | 234,232 | ||
MercadoLibre Inc. (Argentina) (a) | 160 | 215,744 | ||
| $1,272,838 | ||||
| INTERACTIVE MEDIA & SERVICES – 10.9% | ||||
Info Edge India Ltd. (India) | 1,061 | $79,406 | ||
NAVER Corp. (South Korea) | 767 | 243,462 | ||
Tencent Holdings Ltd. (China) | 11,500 | 671,038 | ||
Yandex N.V. (Russia) (a) | 1,693 | 102,426 | ||
| $1,096,332 | ||||
| TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS – 7.5% | ||||
Samsung Electronics Co. Ltd. (South Korea) | 11,534 | $757,495 | ||
| REAL ESTATE MANAGEMENT & DEVELOPMENT – 7.5% | ||||
Longfor Group Holdings Ltd. (China) (b) | 22,500 | $106,127 | ||
Phoenix Mills (The) Ltd. (India) | 20,504 | 270,908 | ||
Prestige Estates Projects Ltd. (India) | 27,678 | 176,049 | ||
Vincom Retail JSC (Vietnam) (a) | 54,560 | 71,957 | ||
Vinhomes JSC (Vietnam) (b) | 35,376 | 127,161 | ||
| $752,202 | ||||
| BANKS – 5.0% | ||||
ICICI Bank Ltd. (India) | 31,661 | $314,741 | ||
TCS Group Holding PLC (Russia) (c) | 1,004 | 84,637 |
| COMMON STOCKS — Continued | Shares | Fair Value | ||
Vietnam Technological & Commercial Joint Stock Bank (Vietnam) (a) | 47,900 | $105,028 | ||
| $504,406 | ||||
| IT SERVICES – 3.7% | ||||
Coforge Ltd. (India) | 2,317 | $183,045 | ||
EPAM Systems Inc. (United States) (a) | 288 | 192,514 | ||
| $375,559 | ||||
| ENTERTAINMENT – 3.4% | ||||
Bilibili Inc. (China) (a) | 1,414 | $65,673 | ||
Sea Ltd. (Taiwan) (a),(c) | 1,215 | 271,808 | ||
| $337,481 | ||||
| INSURANCE – 3.3% | ||||
AIA Group Ltd. (Hong Kong) | 10,800 | $109,003 | ||
ICICI Prudential Life Insurance Co. Ltd. (India) (b) | 11,689 | 87,996 | ||
Ping An Insurance Group Co. of China Ltd. (China) | 18,500 | 133,313 | ||
| $330,312 | ||||
| ELECTRICAL EQUIPMENT – 3.2% | ||||
Ecopro BM Co. Ltd. (South Korea) | 418 | $175,621 | ||
Sungrow Power Supply Co. Ltd. (China) | 6,500 | 149,124 | ||
| $324,745 | ||||
| METALS & MINING – 3.1% | ||||
Ivanhoe Mines Ltd. (Canada) (a) | 38,039 | $310,338 | ||
| OIL, GAS & CONSUMABLE FUELS – 3.1% | ||||
Reliance Industries Ltd. (India) | 9,739 | $309,375 | ||
| ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS – 2.5% | ||||
Chroma ATE Inc. (Taiwan) | 18,000 | $129,809 | ||
Samsung SDI Co. Ltd. (South Korea) | 223 | 122,644 | ||
| $252,453 | ||||
| THRIFTS & MORTGAGE FINANCE – 1.9% | ||||
Housing Development Finance Corp. Ltd. (India) | 5,541 | $191,714 | ||
| HEALTH CARE PROVIDERS & SERVICES – 1.8% | ||||
Apollo Hospitals Enterprise Ltd. (India) | 2,643 | $177,906 |
| COMMON STOCKS — Continued | Shares | Fair Value | ||
| MACHINERY – 1.1% | ||||
Shenzhen Inovance Technology Co. Ltd. (China) | 9,900 | $106,934 | ||
| MULTILINE RETAIL – 0.9% | ||||
Fix Price Group Ltd. (Russia) (b),(c) | 10,116 | $86,492 | ||
| HEALTH CARE SUPPLIES – 0.8% | ||||
Venus MedTech Hangzhou Inc. (China) (a),(b) | 22,000 | $83,872 | ||
| HOUSEHOLD DURABLES – 0.8% | ||||
Dixon Technologies India Ltd. (India) | 1,101 | $81,431 | ||
| DIVERSIFIED CONSUMER SERVICES – 0.7% | ||||
Arco Platform Ltd. (Brazil) (a) | 3,631 | $75,852 | ||
| HEALTH CARE TECHNOLOGY – 0.7% | ||||
Alibaba Health Information Technology Ltd. (China) (a) | 78,000 | $66,063 | ||
TOTAL COMMON STOCKS–97.0% (Cost $9,825,381) | $9,749,438 | |||
| PARTICIPATORY NOTES – 2.0%(d) | ||||
| MACHINERY – 1.1% | ||||
Leader Harmonious Drive Systems Co. Ltd. (China) | 4,259 | $116,650 |
| PARTICIPATORY NOTES — Continued | Shares | Fair Value | ||
| ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS – 0.9% | ||||
OPT Machine Vision Tech Co. Ltd. (China) | 1,976 | $87,484 | ||
TOTAL PARTICIPATORY NOTES–2.0% (Cost $149,995) | $204,134 | |||
TOTAL INVESTMENTS–99.0% (Cost $9,975,376) | $9,953,572 | |||
Other Assets and Liabilities, net – 1.0% | 97,325 | |||
NET ASSETS–100.0% | $10,050,897 |
| (a) | Non-income producing security. |
| (b) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, typically only to qualified institutional buyers. Unless otherwise indicated, these securities are not considered to be illiquid. |
| (c) | This security represents the common stock of a foreign company which trades directly or through an American Depositary Receipt/ADR on the over-the-counter market or on a U.S. national securities exchange. |
| (d) | Participation notes are issued by banks or broker-dealers and are designed to offer a return linked to the performance of a particular underlying equity security or market. |