| Number of shares | Value (US $) | ||
| Common Stocks — 95.76%♣ | |||
| Communication Services — 14.20% | |||
| Bharti Airtel | 328,975 | $ 7,708,817 | |
| China United Network Communications Class A | 1,392,900 | 1,038,041 | |
| LG Uplus | 220,885 | 2,340,438 | |
| MTN Group | 194,360 | 1,546,207 | |
| NetEase | 900,600 | 24,207,364 | |
| Sitios Latinoamerica † | 1 | 0 | |
| SK Telecom | 236,468 | 9,934,600 | |
| Tencent Holdings | 698,720 | 44,771,771 | |
| Turkcell Iletisim Hizmetleri | 2,263,001 | 5,464,587 | |
| 97,011,825 | |||
| Consumer Discretionary — 13.36% | |||
| Alibaba Group Holding | 1,332,900 | 18,643,739 | |
| Bajaj Auto | 32,403 | 3,164,733 | |
| Geely Automobile Holdings | 3,419,000 | 6,951,285 | |
| Hero MotoCorp | 172,925 | 8,543,616 | |
| Hyundai Motor | 19,784 | 2,983,139 | |
| JD.com Class A | 382,161 | 6,226,587 | |
| Kia | 173,398 | 12,449,812 | |
| Maruti Suzuki India | 23,106 | 3,340,886 | |
| Meituan Class B 144A #, † | 611,412 | 9,759,288 | |
| Naspers Class N | 20,406 | 6,357,232 | |
| Pop Mart International Group 144A # | 327,000 | 11,105,574 | |
| Vipshop Holdings ADR | 119,041 | 1,791,567 | |
| 91,317,458 | |||
| Consumer Staples — 2.55% | |||
| Ambev | 3,131,497 | 7,660,009 | |
| Fix Price Group GDR 144A #, =, † | 1,489,220 | 0 | |
| Hindustan Unilever | 101,548 | 2,717,025 | |
| JBS BDR † | 343,204 | 4,999,195 | |
| Kweichow Moutai Class A | 1 | 197 | |
| Wuliangye Yibin Class A | 122,161 | 2,027,066 | |
| 17,403,492 | |||
| Energy — 2.82% | |||
| Coal India | 2,520,034 | 11,517,343 | |
| LUKOIL PJSC = | 276,569 | 0 | |
| Oil and Natural Gas | 965,171 | 2,748,419 | |
| Petroleo Brasileiro | 318,171 | 1,991,094 | |
| Shaanxi Coal Industry Class A | 695,000 | 1,866,136 | |
| United Tractors | 879,700 | 1,162,277 | |
| 19,285,269 | |||
| Financials — 22.06% | |||
| Agricultural Bank of China Class A | 7,494,900 | 6,150,305 | |
| Axis Bank | 147,558 | 2,063,334 | |
| Banco do Brasil | 1,058,408 | 4,318,880 | |
| Bank Central Asia | 12,106,200 | 6,468,820 | |
| Number of shares | Value (US $) | ||
| Common Stocks♣ (continued) | |||
| Financials (continued) | |||
| Bank of China Class A | 6,168,879 | $ 4,838,337 | |
| Bank of China Class H | 32,497,000 | 18,877,358 | |
| Bank Rakyat Indonesia Persero | 11,247,200 | 2,590,978 | |
| BB Seguridade Participacoes | 1,007,004 | 6,648,365 | |
| Cathay Financial Holding | 2,118,000 | 4,553,280 | |
| China Construction Bank Class A | 3,020,500 | 3,979,279 | |
| China Construction Bank Class H | 14,375,000 | 14,503,277 | |
| China Taiping Insurance Holdings | 1,322,000 | 2,576,653 | |
| Dubai Islamic Bank PJSC | 757,491 | 1,870,730 | |
| FirstRand | 2,648,052 | 11,321,390 | |
| HDFC Bank | 90,931 | 2,122,183 | |
| ICICI Bank | 1,496,842 | 25,234,773 | |
| Industrial and Commercial Bank of China Class H | 12,798,000 | 10,140,646 | |
| KB Financial Group | 78,074 | 6,415,535 | |
| Krung Thai Bank | 5,003,100 | 3,278,072 | |
| Powszechna Kasa Oszczednosci Bank Polski | 387,173 | 8,082,150 | |
| Qifu Technology ADR | 81,565 | 3,536,658 | |
| Saudi National Bank | 120,000 | 1,155,686 | |
| Sberbank of Russia PJSC = | 4,129,544 | 0 | |
| 150,726,689 | |||
| Healthcare — 0.85% | |||
| Shenzhen Mindray Bio-Medical Electronics Class A | 62,200 | 1,950,939 | |
| Sun Pharmaceutical Industries | 196,396 | 3,837,462 | |
| 5,788,401 | |||
| Industrials — 7.40% | |||
| Bharat Electronics | 1,243,727 | 6,112,767 | |
| Eva Airways | 5,790,000 | 7,908,428 | |
| HD Korea Shipbuilding & Offshore Engineering | 40,056 | 10,862,845 | |
| Hindustan Aeronautics | 33,672 | 1,912,032 | |
| JD Logistics 144A #, † | 2,507,400 | 4,197,127 | |
| Weichai Power Class A | 2,565,394 | 5,506,351 | |
| Yang Ming Marine Transport | 3,557,000 | 8,657,494 | |
| Yutong Bus Class A | 1,555,800 | 5,397,696 | |
| 50,554,740 | |||
| Information Technology — 28.44% | |||
| Accton Technology | 155,000 | 3,873,408 | |
| Asustek Computer | 260,000 | 5,731,891 | |
| HCL Technologies | 322,033 | 6,490,978 | |
| Hon Hai Precision Industry | 1,940,000 | 10,692,181 | |
| Infosys | 813,976 | 15,203,204 | |
| Lenovo Group | 516,000 | 619,204 | |
| MediaTek | 362,879 | 15,527,822 | |
| Novatek Microelectronics | 333,000 | 6,212,687 | |
| Realtek Semiconductor | 624,000 | 12,111,735 | |
| Number of shares | Value (US $) | ||
| Common Stocks♣ (continued) | |||
| Information Technology (continued) | |||
| Samsung Electronics | 365,690 | $ 16,203,514 | |
| SK Hynix | 22,979 | 4,971,746 | |
| Taiwan Semiconductor Manufacturing | 2,243,404 | 81,405,184 | |
| Tata Consultancy Services | 347,305 | 14,020,171 | |
| Xiaomi Class B 144A #, † | 163,800 | 1,250,939 | |
| 194,314,664 | |||
| Materials — 1.99% | |||
| Harmony Gold Mining | 220,666 | 3,051,401 | |
| Jiangxi Copper Class A | 913,500 | 2,986,994 | |
| Shandong Nanshan Aluminum Class A | 5,799,100 | 3,099,651 | |
| Tata Steel | 1,332,556 | 2,482,383 | |
| Vale | 204,603 | 1,984,609 | |
| 13,605,038 | |||
| Real Estate — 2.09% | |||
| Emaar Development PJSC | 2,039,514 | 7,496,988 | |
| Emaar Properties PJSC | 1,841,151 | 6,817,964 | |
| 14,314,952 | |||
| Total Common Stocks (cost $474,460,220) | 654,322,528 | ||
| Preferred Stock — 1.76% | |||
| Energy — 1.76% | |||
| Petroleo Brasileiro 10.63% ω | 2,088,474 | 12,058,573 | |
| Total Preferred Stock (cost $10,463,934) | 12,058,573 | ||
| Short-Term Investments — 2.89% | |||
| Money Market Mutual Funds — 2.89% | |||
| BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 4.22%) | 4,936,098 | 4,936,098 | |
| Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 4.23%) | 4,936,099 | 4,936,099 | |
| Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 4.30%) | 4,936,099 | 4,936,099 | |
| Number of shares | Value (US $) | ||
| Short-Term Investments (continued) | |||
| Money Market Mutual Funds (continued) | |||
| Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 4.23%) | 4,936,099 | $ 4,936,099 | |
| Total Short-Term Investments (cost $19,744,395) | 19,744,395 | ||
| Total Value of Securities—100.41% (cost $504,668,549) | 686,125,496 | ||
| Liabilities Net of Receivables and Other Assets—(0.41%) | (2,803,072) | ||
| Net Assets Applicable to 32,046,645 Shares Outstanding—100.00% | $683,322,424 | ||
| ♣ | Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes. |
| † | Non-income producing security. |
| # | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At June 30, 2025, the aggregate value of Rule 144A securities was $26,312,928, which represents 3.85% of the Fund’s net assets. |
| = | The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security. |
| ω | Perpetual security with no stated maturity date. |
| Summary of abbreviations: |
| ADR – American Depositary Receipt |
| BDR – Brazilian Depositary Receipt |
| GDR – Global Depositary Receipt |
| PJSC – Private Joint Stock Company |