| COMMON STOCKS – 91.6% | Shares | Fair Value | ||
| SEMICONDUCTOR MANUFACTURING – 16.7% | ||||
Andes Technology Corp. (Taiwan) | 8,000 | $67,955 | ||
eMemory Technology Inc. (Taiwan) | 3,510 | 123,132 | ||
Koh Young Technology Inc. (South Korea) | 3,886 | 42,446 | ||
LandMark Optoelectronics Corp. (Taiwan) | 18,000 | 70,450 | ||
MediaTek Inc. (Taiwan) | 7,370 | 161,780 | ||
Silergy Corp. (China) | 610 | 49,324 | ||
SK Hynix Inc. (South Korea) | 1,191 | 84,101 | ||
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan) | 39,500 | 633,041 | ||
| $1,232,229 | ||||
| INTERNET & CATALOG RETAIL – 15.9% | ||||
Alibaba Group Holding Ltd. (China) (a) | 25,572 | $364,795 | ||
Americanas S.A. (Brazil) (a) | 21,800 | 55,943 | ||
JD Health International Inc. (China) (a),(b) | 13,100 | 103,699 | ||
JD.com Inc. (China) | 8,919 | 287,397 | ||
Meituan (China) (a),(b) | 9,200 | 229,579 | ||
MercadoLibre Inc. (Brazil) (a) | 196 | 124,826 | ||
| $1,166,239 | ||||
| INTERACTIVE MEDIA & SERVICES – 9.9% | ||||
NAVER Corp. (South Korea) | 940 | $175,335 | ||
Tencent Holdings Ltd. (China) | 12,150 | 549,971 | ||
| $725,306 | ||||
| REAL ESTATE MANAGEMENT & DEVELOPMENT – 9.0% | ||||
Phoenix Mills (The) Ltd. (India) | 20,133 | $302,723 | ||
Prestige Estates Projects Ltd. (India) | 17,346 | 85,460 | ||
Sunteck Realty Ltd. (India) | 11,996 | 75,821 | ||
Vincom Retail JSC (Vietnam) (a) | 56,660 | 69,632 | ||
Vinhomes JSC (Vietnam) (b) | 47,376 | 126,618 | ||
| $660,254 | ||||
| TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS – 5.7% | ||||
Samsung Electronics Co. Ltd. (South Korea) | 9,431 | $415,976 | ||
| METALS & MINING – 5.3% | ||||
Allkem Ltd. (Australia) (a) | 11,010 | $78,749 | ||
Ganfeng Lithium Co. Ltd. (China) (b) | 9,520 | 104,926 | ||
Ivanhoe Mines Ltd. (Canada) (a) | 24,155 | 139,053 | ||
Lynas Rare Earths Ltd. (Australia) (a) | 11,731 | 70,906 | ||
| $393,634 |
| COMMON STOCKS — Continued | Shares | Fair Value | ||
| OIL, GAS & CONSUMABLE FUELS – 4.5% | ||||
Reliance Industries Ltd. (India) | 10,117 | $334,057 | ||
| IT SERVICES – 3.6% | ||||
Coforge Ltd. (India) | 2,407 | $108,273 | ||
FPT Corp. (Vietnam) | 24,000 | 89,028 | ||
Globant S.A. (Argentina) (a) | 400 | 69,600 | ||
| $266,901 | ||||
| BANKS – 3.6% | ||||
ICICI Bank Ltd. (India) | 21,472 | $192,903 | ||
Vietnam Technological & Commercial Joint Stock Bank (Vietnam) (a) | 47,900 | 73,260 | ||
| $266,163 | ||||
| ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS – 3.1% | ||||
Chroma ATE Inc. (Taiwan) | 19,000 | $97,846 | ||
Samsung SDI Co. Ltd. (South Korea) | 313 | 129,077 | ||
| $226,923 | ||||
| INSURANCE – 2.8% | ||||
AIA Group Ltd. (Hong Kong) | 19,000 | $207,605 | ||
| THRIFTS & MORTGAGE FINANCE – 2.7% | ||||
Housing Development Finance Corp. Ltd. (India) | 7,268 | $201,082 | ||
| ELECTRICAL EQUIPMENT – 1.7% | ||||
Sungrow Power Supply Co. Ltd. (China) | 8,500 | $125,184 | ||
| ENTERTAINMENT – 1.5% | ||||
Sea Ltd. (Singapore) (a),(c) | 1,649 | $110,252 | ||
| MACHINERY – 1.4% | ||||
Shenzhen Inovance Technology Co. Ltd. (China) | 10,300 | $101,641 | ||
| HEALTH CARE SUPPLIES – 0.9% | ||||
Venus MedTech Hangzhou Inc. (China) (a),(b) | 30,500 | $68,138 | ||
| DIVERSIFIED CONSUMER SERVICES – 0.9% | ||||
Arco Platform Ltd. (Brazil) (a) | 4,334 | $64,707 |
| COMMON STOCKS — Continued | Shares | Fair Value | ||
| FOOD & STAPLES RETAILING – 0.9% | ||||
Raia Drogasil S.A. (Brazil) | 17,500 | $64,202 | ||
| HEALTH CARE PROVIDERS & SERVICES – 0.8% | ||||
Apollo Hospitals Enterprise Ltd. (India) | 1,288 | $60,262 | ||
| HOUSEHOLD DURABLES – 0.7% | ||||
Dixon Technologies India Ltd. (India) | 1,144 | $52,003 | ||
TOTAL COMMON STOCKS–91.6% (Cost $8,984,319) | $6,742,758 | |||
| PARTICIPATORY NOTES – 2.2%(d) | ||||
| ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS – 1.4% | ||||
OPT Machine Vision Tech Co. Ltd., Issued by CLSA Global Markets Pte. Ltd. (China) (a) | 2,580 | $99,684 | ||
| MACHINERY – 0.8% | ||||
Leader Harmonious Drive Systems Co. Ltd., Issued by CLSA Global Markets Pte. Ltd. (China) (a) | 3,314 | $58,907 | ||
TOTAL PARTICIPATORY NOTES–2.2% (Cost $137,050) | $158,591 |
| PREFERRED STOCKS – 2.2% | ||
| BANKS – 2.2% | ||
Itau Unibanco Holding S.A. 0.86% (Brazil) (e) | 37,350 | $161,791 |
TOTAL INVESTMENTS–96.0% (Cost $9,305,386) | $7,063,140 | |
Other Assets and Liabilities, net – 4.0% | 293,521 | |
NET ASSETS–100.0% | $7,356,661 |
| (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. |
| (e) | Current yield is disclosed. Dividends are calculated based on a percentage of the issuer's net income. |