| Number of Shares | Value | |
| COMMON STOCKS — 94.8% | ||
| BRAZIL — 11.0% | ||
| 750,000 | Ambev S.A. | $2,116,269 |
| 1,000,000 | B3 S.A. - Brasil Bolsa Balcao | 3,068,709 |
| 135,000 | NU Holdings Ltd. - Class A * | 2,396,250 |
| 200,000 | Vale S.A. | 3,204,378 |
| 300,000 | WEG S.A. | 2,948,240 |
| 13,733,846 | ||
| CANADA — 2.4% | ||
| 600,000 | B2Gold Corp. | 2,940,000 |
| CHINA — 21.0% | ||
| 200,000 | Alibaba Group Holding Ltd. | 4,254,718 |
| 300,000 | Anhui Conch Cement Co., Ltd. - Class H | 951,397 |
| 150,000 | ANTA Sports Products Ltd. | 1,498,491 |
| 2,700,000 | China Forestry Holdings Co., Ltd. *,1 | — |
| 700,000 | Chongqing Fuling Zhacai Group Co., Ltd. - Class A | 1,337,117 |
| 1,750,000 | CSPC Pharmaceutical Group Ltd. | 2,146,792 |
| 125,000 | ENN Energy Holdings Ltd. | 1,076,094 |
| 499,904 | Hangzhou Robam Appliances Co., Ltd. - Class A | 1,509,511 |
| 125,000 | Jiangsu Yanghe Distillery Co., Ltd. - Class A | 995,384 |
| 150,000 | Luzhou Laojiao Co., Ltd. - Class A | 2,605,082 |
| 100,000 | Midea Group Co., Ltd. - Class A | 1,116,864 |
| 190,000 | Shandong WIT Dyne Health Co., Ltd. - Class A | 884,519 |
| 35,000 | Shenzhen Mindray Bio-Medical Electronics Co., Ltd. - Class A | 952,646 |
| 40,000 | Tencent Holdings Ltd. | 3,074,472 |
| 110,000 | Wuliangye Yibin Co., Ltd. - Class A | 1,660,562 |
| 60,000 | Zhejiang Cfmoto Power Co., Ltd. - Class A | 2,173,250 |
| 26,236,899 | ||
| HONG KONG — 1.4% | ||
| 3,250,000 | China Overseas Property Holdings Ltd. | 1,809,360 |
| HUNGARY — 1.3% | ||
| 50,000 | Richter Gedeon Nyrt | 1,673,490 |
| INDIA — 3.8% | ||
| 20,000 | AIA Engineering Ltd. | 868,148 |
| 400,000 | Castrol India Ltd. | 801,306 |
| 50,000 | GMM Pfaudler Ltd. | 530,870 |
| 300,000 | Indraprastha Gas Ltd. | 581,148 |
| 55,000 | Infosys Ltd. - ADR | 966,900 |
| Number of Shares | Value | |
| COMMON STOCKS (Continued) | ||
| INDIA (Continued) | ||
| 32,060 | Mphasis Ltd. | $964,198 |
| 4,712,570 | ||
| INDONESIA — 10.8% | ||
| 12,500,000 | Astra International Tbk P.T. | 4,739,642 |
| 24,000,000 | Telkom Indonesia Persero Tbk P.T. | 5,130,249 |
| 11,000,000 | Unilever Indonesia Tbk P.T. | 1,261,543 |
| 1,500,000 | United Tractors Tbk P.T. | 2,336,787 |
| 13,468,221 | ||
| MEXICO — 7.0% | ||
| 170,000 | Arca Continental S.A.B. de C.V. | 1,915,759 |
| 1,000,000 | Bolsa Mexicana de Valores S.A.B. de C.V. | 2,005,608 |
| 40,000 | Grupo Aeroportuario del Sureste S.A.B. de C.V. - Class B | 1,383,863 |
| 1,200,000 | Kimberly-Clark de Mexico S.A.B. de C.V. - Class A | 2,658,045 |
| 250,000 | Wal-Mart de Mexico S.A.B. de C.V. | 793,374 |
| 8,756,649 | ||
| PHILIPPINES — 0.5% | ||
| 3,200,000 | DMCI Holdings, Inc. | 586,952 |
| SAUDI ARABIA — 4.1% | ||
| 138,300 | Mouwasat Medical Services Co. | 2,567,073 |
| 375,000 | Saudi Arabian Oil Co. 2 | 2,577,839 |
| 5,144,912 | ||
| SINGAPORE — 2.1% | ||
| 625,000 | Grab Holdings Ltd. - Class A * | 2,687,500 |
| SOUTH AFRICA — 2.7% | ||
| 250,000 | JSE Ltd. | 2,296,209 |
| 100,000 | Mr Price Group Ltd. | 1,098,113 |
| 3,394,322 | ||
| SOUTH KOREA — 13.1% | ||
| 25,000 | BGF Retail Co., Ltd. | 2,105,385 |
| 12,500 | GOLFZON Co., Ltd. | 526,297 |
| 18,000 | Hyundai Glovis Co., Ltd. | 3,034,788 |
| 12,000 | NAVER Corp. | 2,280,981 |
| 5,000 | NCSoft Corp. | 813,103 |
| 9,000 | Orion Corp. | 732,606 |
| 25,000 | S-1 Corp. | 1,384,291 |
| Number of Shares | Value | |
| COMMON STOCKS (Continued) | ||
| SOUTH KOREA (Continued) | ||
| 50,000 | Samsung Electronics Co., Ltd. | $5,523,739 |
| 16,401,190 | ||
| TAIWAN — 7.2% | ||
| 9,000 | ASPEED Technology, Inc. | 2,516,903 |
| 400,000 | Formosa Plastics Corp. | 599,208 |
| 51,005 | Poya International Co., Ltd. | 641,503 |
| 75,000 | Realtek Semiconductor Corp. | 1,147,485 |
| 75,000 | Taiwan Semiconductor Manufacturing Co., Ltd. | 4,147,195 |
| 9,052,294 | ||
| THAILAND — 0.5% | ||
| 1,500,000 | Thai Beverage PCL | 566,111 |
| UNITED KINGDOM — 3.6% | ||
| 75,000 | British American Tobacco PLC | 4,477,742 |
| UNITED STATES — 1.9% | ||
| 150,000 | FMC Corp. | 2,370,000 |
| URUGUAY — 0.4% | ||
| 250 | MercadoLibre, Inc. * | 536,948 |
| TOTAL COMMON STOCKS | ||
| (Cost $96,868,317) | 118,549,006 | |
| SHORT-TERM INVESTMENTS — 8.6% | ||
| 10,754,120 | Federated Hermes Treasury Obligations Fund - Institutional Class, 3.506% 3 | 10,754,120 |
| Total Short-Term Investments | ||
| (Cost $10,754,120) | 10,754,120 | |
| TOTAL INVESTMENTS — 103.4% | ||
| (Cost $107,622,437) | 129,303,126 | |
| Liabilities in Excess of Other Assets — (3.4)% | (4,196,331) | |
| TOTAL NET ASSETS — 100.0% | $125,106,795 |
| ADR – American Depository Receipt |
| PCL – Public Company Limited |
| PLC – Public Limited Company |
| *Non-income producing security. |
| 1The value of these securities was determined using significant unobservable inputs. These are reported as Level 3 securities in the Fair Value Hierarchy. |
| 2Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities are restricted and may be resold in transactions exempt from registration normally to qualified institutional buyers. The total value of these securities is $2,577,839, which represents 2.06% of Net Assets. |
| 3The rate is the annualized seven-day yield at period end. |