| COMMON STOCKS – 94.9% | Shares | Fair Value | ||
| SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – 15.2% | ||||
Andes Technology Corp. (Taiwan) | 56,364 | $865,903 | ||
eMemory Technology Inc. (Taiwan) | 39,395 | 2,819,681 | ||
Faraday Technology Corp. (Taiwan) | 189,421 | 1,292,111 | ||
MediaTek Inc. (Taiwan) | 76,690 | 1,697,599 | ||
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan) | 576,166 | 10,643,706 | ||
| $17,319,000 | ||||
| REAL ESTATE MANAGEMENT & DEVELOPMENT – 10.5% | ||||
Aldar Properties PJSC (United Arab Emirates) | 586,041 | $819,627 | ||
Corp. Inmobiliaria Vesta S.A.B. de C.V. (Mexico) | 267,840 | 868,911 | ||
Longfor Group Holdings Ltd. (China) (a) | 477,709 | 1,166,537 | ||
Phoenix Mills (The) Ltd. (India) | 196,340 | 3,745,487 | ||
Prestige Estates Projects Ltd. (India) | 260,391 | 1,828,994 | ||
Sunteck Realty Ltd. (India) | 91,181 | 313,521 | ||
Vincom Retail JSC (Vietnam) (b) | 1,127,088 | 1,285,070 | ||
Vinhomes JSC (Vietnam) (a),(b) | 826,888 | 1,932,825 | ||
| $11,960,972 | ||||
| BANKS – 9.6% | ||||
Alinma Bank (Saudi Arabia) | 212,900 | $1,913,529 | ||
Grupo Financiero Banorte S.A.B. de C.V. (Mexico) | 285,928 | 2,358,818 | ||
HDFC Bank Ltd. (India) | 135,453 | 2,811,031 | ||
ICICI Bank Ltd. (India) | 205,367 | 2,351,244 | ||
Vietnam Technological & Commercial Joint Stock Bank (Vietnam) (b) | 1,111,472 | 1,531,579 | ||
| $10,966,201 | ||||
| BROADLINE RETAIL – 8.0% | ||||
Alibaba Group Holding Ltd. (China) (b) | 371,987 | $3,872,322 | ||
JD.com Inc. (China) | 98,087 | 1,672,832 | ||
MercadoLibre Inc. (Brazil) (b) | 2,404 | 2,847,778 | ||
Mitra Adiperkasa Tbk PT (Indonesia) (b) | 6,514,573 | 735,238 | ||
| $9,128,170 | ||||
| ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS – 7.9% | ||||
Chroma ATE Inc. (Taiwan) | 331,974 | $2,679,109 | ||
Daejoo Electronic Materials Co. Ltd. (South Korea) | 19,001 | 1,401,494 | ||
OPT Machine Vision Tech Co. Ltd. (China) | 52,037 | 1,182,471 | ||
Samsung SDI Co. Ltd. (South Korea) | 5,044 | 2,575,640 | ||
Zhejiang Supcon Technology Co. Ltd. (China) | 136,402 | 1,181,932 | ||
| $9,020,646 |
| COMMON STOCKS — Continued | Shares | Fair Value | ||
| TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS – 7.5% | ||||
Samsung Electronics Co. Ltd. (South Korea) | 153,976 | $8,478,424 | ||
| METALS & MINING – 6.3% | ||||
Allkem Ltd. (Australia) (b) | 152,961 | $1,644,951 | ||
Ivanhoe Mines Ltd. (South Africa) (b) | 390,036 | 3,562,510 | ||
Lynas Rare Earths Ltd. (Australia) (b) | 194,842 | 895,327 | ||
Merdeka Copper Gold Tbk PT (Indonesia) (b) | 4,915,807 | 1,006,318 | ||
| $7,109,106 | ||||
| INTERACTIVE MEDIA & SERVICES – 6.1% | ||||
NAVER Corp. (South Korea) | 1,357 | $189,959 | ||
Tencent Holdings Ltd. (China) | 158,772 | 6,732,120 | ||
| $6,922,079 | ||||
| HOTELS, RESTAURANTS & LEISURE – 3.7% | ||||
H World Group Ltd. (China) (b) | 254,920 | $987,909 | ||
MakeMyTrip Ltd. (India) (b) | 36,434 | 982,989 | ||
Meituan (China) (a),(b) | 141,083 | 2,212,311 | ||
| $4,183,209 | ||||
| OIL, GAS & CONSUMABLE FUELS – 3.6% | ||||
Reliance Industries Ltd. (India) | 131,211 | $4,089,990 | ||
| CONSUMER STAPLES DISTRIBUTION & RETAIL – 2.3% | ||||
JD Health International Inc. (China) (a),(b) | 128,994 | $819,349 | ||
Raia Drogasil S.A. (Brazil) | 286,153 | 1,768,959 | ||
| $2,588,308 | ||||
| IT SERVICES – 2.3% | ||||
FPT Corp. (Vietnam) | 222,960 | $814,414 | ||
Globant S.A. (Argentina) (b) | 9,818 | 1,764,491 | ||
| $2,578,905 | ||||
| INSURANCE – 2.2% | ||||
AIA Group Ltd. (Hong Kong) | 244,170 | $2,479,912 | ||
| MACHINERY – 2.2% | ||||
Shenzhen Inovance Technology Co. Ltd. (China) | 279,535 | $2,475,737 | ||
| ELECTRICAL EQUIPMENT – 1.9% | ||||
Sungrow Power Supply Co. Ltd. (China) | 133,184 | $2,143,660 |
| COMMON STOCKS — Continued | Shares | Fair Value | ||
| SOFTWARE – 1.3% | ||||
TOTVS S.A. (Brazil) (b) | 240,431 | $1,505,393 | ||
| CHEMICALS – 1.2% | ||||
Ganfeng Lithium Group Co. Ltd. (China) (a) | 210,044 | $1,377,671 | ||
| HEALTH CARE PROVIDERS & SERVICES – 1.1% | ||||
Apollo Hospitals Enterprise Ltd. (India) | 20,064 | $1,248,928 | ||
| CAPITAL MARKETS – 1.0% | ||||
B3 S.A. - Brasil Bolsa Balcao (Brazil) | 374,977 | $1,144,149 | ||
| ENTERTAINMENT – 0.9% | ||||
Sea Ltd. (Singapore) (b),(c) | 17,167 | $996,373 | ||
| CONSTRUCTION & ENGINEERING – 0.1% | ||||
Samsung Engineering Co. Ltd. (South Korea) (b) | 3,289 | $70,928 | ||
TOTAL COMMON STOCKS–94.9% (Cost $101,010,472) | $107,787,761 | |||
| PREFERRED STOCKS – 1.9% | ||||
| BANKS – 1.9% | ||||
Itau Unibanco Holding S.A. (Brazil) (b) | 363,087 | $2,155,076 | ||
TOTAL INVESTMENTS–96.8% (Cost $102,801,819) | $109,942,837 | |||
Other Assets and Liabilities, net – 3.2% | $3,611,027 | |||
NET ASSETS–100.0% | $113,553,864 |
| (a) | 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. |
| (b) | Non-income producing security. |
| (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. |
| COMMON STOCKS – 84.3% | Shares | Fair Value | ||
| SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – 17.5% | ||||
Andes Technology Corp. (Taiwan) | 1,127 | $17,314 | ||
eMemory Technology Inc. (Taiwan) | 373 | 26,697 | ||
Faraday Technology Corp. (Taiwan) | 2,589 | 17,661 | ||
MediaTek Inc. (Taiwan) | 670 | 14,831 | ||
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan) | 5,314 | 98,167 | ||
| $174,670 | ||||
| TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS – 8.0% | ||||
Samsung Electronics Co. Ltd. (South Korea) | 1,456 | $80,172 | ||
| BANKS – 7.9% | ||||
Grupo Financiero Banorte S.A.B. de C.V. (Mexico) | 3,030 | $24,996 | ||
HDFC Bank Ltd. (India) | 1,469 | 30,486 | ||
ICICI Bank Ltd. (India) | 2,057 | 23,551 | ||
| $79,033 | ||||
| REAL ESTATE MANAGEMENT & DEVELOPMENT – 7.4% | ||||
Corp. Inmobiliaria Vesta S.A.B. de C.V. (Mexico) | 3,853 | $12,500 | ||
Phoenix Mills (The) Ltd. (India) | 1,466 | 27,966 | ||
Prestige Estates Projects Ltd. (India) | 1,562 | 10,972 | ||
Vincom Retail JSC (Vietnam) (a) | 10,910 | 12,439 | ||
Vinhomes JSC (Vietnam) (a),(b) | 4,285 | 10,016 | ||
| $73,893 | ||||
| ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS – 7.1% | ||||
Chroma ATE Inc. (Taiwan) | 3,158 | $25,486 | ||
Daejoo Electronic Materials Co. Ltd. (South Korea) | 246 | 18,145 | ||
Samsung SDI Co. Ltd. (South Korea) | 54 | 27,574 | ||
| $71,205 | ||||
| METALS & MINING – 5.5% | ||||
Allkem Ltd. (Australia) (a) | 1,886 | $20,282 | ||
Ivanhoe Mines Ltd. (South Africa) (a) | 3,812 | 34,818 | ||
| $55,100 | ||||
| OIL, GAS & CONSUMABLE FUELS – 4.5% | ||||
Reliance Industries Ltd. (India) | 1,460 | $45,510 | ||
| ELECTRICAL EQUIPMENT – 3.6% | ||||
KEI Industries Ltd. (India) | 354 | $9,992 |
| COMMON STOCKS — Continued | Shares | Fair Value | ||
Voltronic Power Technology Corp. (Taiwan) | 160 | $10,119 | ||
WEG S.A. (Brazil) | 1,977 | 15,587 | ||
| $35,698 | ||||
| SPECIALTY RETAIL – 3.1% | ||||
Ethos Ltd. (India) (a) | 1,201 | $21,154 | ||
Metro Brands Ltd. (India) | 848 | 9,680 | ||
| $30,834 | ||||
| HEALTH CARE PROVIDERS & SERVICES – 2.9% | ||||
Apollo Hospitals Enterprise Ltd. (India) | 200 | $12,449 | ||
Oncoclinicas do Brasil Servicos Medicos S.A. (Brazil) (a) | 7,673 | 16,185 | ||
| $28,634 | ||||
| BROADLINE RETAIL – 2.6% | ||||
MercadoLibre Inc. (Brazil) (a) | 22 | $26,061 | ||
| CONSTRUCTION & ENGINEERING – 2.0% | ||||
Samsung Engineering Co. Ltd. (South Korea) (a) | 938 | $20,228 | ||
| TRANSPORTATION INFRASTRUCTURE – 2.0% | ||||
Grupo Aeroportuario del Centro Norte S.A.B. de C.V. (Mexico) | 1,876 | $19,934 | ||
| IT SERVICES – 1.9% | ||||
Globant S.A. (Argentina) (a) | 107 | $19,230 | ||
| CAPITAL MARKETS – 1.8% | ||||
B3 S.A. - Brasil Bolsa Balcao (Brazil) | 5,995 | $18,292 | ||
| CONSUMER STAPLES DISTRIBUTION & RETAIL – 1.6% | ||||
Raia Drogasil S.A. (Brazil) | 2,530 | $15,640 | ||
| HOTELS, RESTAURANTS & LEISURE – 1.5% | ||||
MakeMyTrip Ltd. (India) (a) | 556 | $15,001 | ||
| SOFTWARE – 1.4% | ||||
TOTVS S.A. (Brazil) (a) | 2,211 | $13,844 | ||
| ENTERTAINMENT – 1.0% | ||||
Sea Ltd. (Singapore) (a),(c) | 176 | $10,215 |
| COMMON STOCKS — Continued | Shares | Fair Value | ||
| GROUND TRANSPORTATION – 1.0% | ||||
Grupo Traxion S.A.B. de C.V. (Mexico) (a),(b) | 5,283 | $10,071 | ||
TOTAL COMMON STOCKS–84.3% (Cost $842,707) | $843,265 | |||
| PREFERRED STOCKS – 1.9% | ||||
| BANKS – 1.9% | ||||
Itau Unibanco Holding S.A. (Brazil) (a) | 3,164 | $18,780 | ||
TOTAL INVESTMENTS–86.2% (Cost $861,504) | $862,045 | |||
Other Assets and Liabilities, net – 13.8% | $138,173 | |||
NET ASSETS–100.0% | $1,000,218 |
| (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. |