|
Shares
|
Description
|
Value (†)
|
|
Common Stocks — 97.9% of Net Assets
|
||
|
|
Australia — 2.6%
|
|
|
20,917
|
WiseTech Global Ltd.
|
$564,352
|
|
|
Belgium — 2.1%
|
|
|
6,544
|
Anheuser-Busch InBev SA
|
452,754
|
|
|
Brazil — 10.1%
|
|
|
253,699
|
Ambev SA, ADR
|
740,801
|
|
862
|
MercadoLibre, Inc.(a)
|
1,490,415
|
|
|
|
2,231,216
|
|
|
Canada — 5.2%
|
|
|
9,628
|
Shopify, Inc., Class A(a)
|
1,142,073
|
|
|
China — 20.2%
|
|
|
2,133
|
Alibaba Group Holding Ltd., ADR(b)
|
267,606
|
|
3,391
|
Baidu, Inc., ADR(a)(b)
|
377,825
|
|
47,300
|
Budweiser Brewing Co. APAC Ltd.
|
43,723
|
|
2,600
|
Kweichow Moutai Co. Ltd., Class A
|
549,153
|
|
19,700
|
Tencent Holdings Ltd.
|
1,242,525
|
|
19,677
|
Trip.com Group Ltd., ADR(a)(b)
|
979,718
|
|
32,956
|
Vipshop Holdings Ltd., ADR(b)
|
518,068
|
|
9,948
|
Yum China Holdings, Inc.(b)
|
485,263
|
|
|
|
4,463,881
|
|
|
Denmark — 2.9%
|
|
|
17,599
|
Novo Nordisk AS, Class B
|
644,026
|
|
|
France — 5.8%
|
|
|
2,018
|
EssilorLuxottica SA
|
470,245
|
|
994
|
LVMH Moet Hennessy Louis Vuitton SE
|
543,370
|
|
5,139
|
Sodexo SA
|
263,795
|
|
|
|
1,277,410
|
|
|
Germany — 3.5%
|
|
|
4,516
|
SAP SE
|
769,899
|
|
|
Italy — 0.8%
|
|
|
537
|
Ferrari NV
|
181,748
|
|
|
Japan — 3.2%
|
|
|
18,100
|
FANUC Corp.
|
630,910
|
|
12,600
|
Unicharm Corp.
|
73,875
|
|
|
|
704,785
|
|
|
Macau — 0.6%
|
|
|
30,000
|
Galaxy Entertainment Group Ltd.
|
135,597
|
|
|
Netherlands — 6.6%
|
|
|
881
|
Adyen NV(a)
|
881,749
|
|
2,938
|
NXP Semiconductors NV
|
578,375
|
|
|
|
1,460,124
|
|
Shares
|
Description
|
Value (†)
|
|
|
Switzerland — 1.1%
|
|
|
5,310
|
CRISPR Therapeutics AG(a)
|
$252,597
|
|
|
United Kingdom — 4.5%
|
|
|
5,250
|
Diageo PLC
|
97,635
|
|
7,411
|
Reckitt Benckiser Group PLC
|
498,318
|
|
7,003
|
Unilever PLC
|
395,387
|
|
|
|
991,340
|
|
|
United States — 28.7%
|
|
|
7,576
|
ARM Holdings PLC, ADR(a)
|
1,146,097
|
|
5,970
|
Block, Inc.(a)
|
359,275
|
|
11,270
|
Doximity, Inc., Class A(a)
|
262,591
|
|
14,501
|
Experian PLC
|
501,655
|
|
5,545
|
Nestle SA, (Registered)
|
543,915
|
|
6,248
|
Novartis AG, (Registered)
|
959,032
|
|
2,600
|
Roche Holding AG
|
1,037,636
|
|
4,103
|
Tesla, Inc.(a)
|
1,525,290
|
|
|
|
6,335,491
|
|
|
Total Common Stocks
(Identified Cost $18,809,234)
|
21,607,293
|
|
Principal
Amount
|
|
|
|
Short-Term Investments — 1.8%
|
||
|
$383,008
|
Tri-Party Repurchase Agreement with Fixed Income
Clearing Corporation, dated 3/31/2026 at 2.150% to be
repurchased at $383,031 on 4/01/2026 collateralized by
$409,400 U.S. Treasury Note, 0.500% due 8/31/2027
valued at $390,671 including accrued interest(c)
(Identified Cost $383,008)
|
383,008
|
|
|
Total Investments — 99.7%
(Identified Cost $19,192,242)
|
21,990,301
|
|
|
Other assets less liabilities — 0.3%
|
73,612
|
|
|
Net Assets — 100.0%
|
$22,063,913
|
|
(†)
|
Registered investment companies are required to value portfolio investments using
an unadjusted, readily available market quotation. The Fund obtains
readily available market quotations from independent pricing services. Fund investments
for which readily available market quotations are not available
are priced at fair value pursuant to the Fund's Valuation Procedures. The Board of
Trustees has approved a valuation designee who is subject to the
Board's oversight.
Unadjusted readily available market quotations that are utilized for exchange traded
equity securities (including shares of closed-end investment
companies and exchange-traded funds) include the last sale price quoted on the exchange
where the security is traded most extensively. Shares of open-
end investment companies are valued at net asset value ("NAV") per share.
Exchange traded equity securities for which there is no reported sale during the day
are fair valued at the closing bid quotation as reported by an
independent pricing service. Unlisted equity securities (except unlisted preferred
equity securities) are fair valued at the last sale price quoted in the
market where they are traded most extensively or, if there is no reported sale during
the day, the closing bid quotation as reported by an independent
pricing service. If there is no last sale price or closing bid quotation available,
unlisted equity securities will be fair valued using evaluated bids furnished
by an independent pricing service, if available.
Debt securities and unlisted preferred equity securities are fair valued based on
evaluated bids furnished to the Fund by an independent pricing service or
bid prices obtained from broker-dealers. Broker-dealer bid prices may be used to fair
value debt and unlisted equities where an independent pricing
service is unable to price an investment or where an independent pricing service does
not provide a reliable price for the investment.
The Fund may also fair value investments in other circumstances such as when extraordinary
events occur after the close of a foreign market, but prior to
the close of the New York Stock Exchange. This may include situations relating to
a single issuer (such as a declaration of bankruptcy or a delisting of the
issuer's security from the primary market on which it has traded) as well as events
affecting the securities markets in general (such as market disruptions
or closings and significant fluctuations in U.S. and/or foreign markets). When fair
valuing a Fund's investments, the valuation designee may, among other
things, use modeling tools or other processes that may take into account factors such
as issuer specific information, or other related market activity
and/or information that occurred after the close of the foreign market but before
the time the Fund's NAV is calculated. Fair valuation by the Fund's
valuation designee may require subjective determinations about the value of the investment,
and fair values used to determine a Fund's NAV may differ
from quoted or published prices, or from prices that are used by others, for the same
investments. In addition, the use of fair value pricing may not always
result in adjustments to the prices of investments held by a Fund.
The books and records of the Fund are maintained in U.S. dollars. The values of securities,
currencies and other assets and liabilities denominated in
currencies other than U.S. dollars, if any, are translated into U.S. dollars based
upon foreign exchange rates prevailing at the end of the period.
|
|
(a)
|
Non-income producing security.
|
|
(b)
|
Security invests in variable interest entities based in China.
|
|
(c)
|
The Fund may enter into repurchase agreements, under the terms of a Master Repurchase
Agreement, under which the Fund acquires securities as
collateral and agrees to resell the securities at an agreed upon time and at an agreed
upon price. It is the Fund's policy that the market value of the
collateral for repurchase agreements be at least equal to 102% of the repurchase price,
including interest. Certain repurchase agreements are tri-party
arrangements whereby the collateral is held in a segregated account for the benefit
of the Fund and on behalf of the counterparty. Repurchase
agreements could involve certain risks in the event of default or insolvency of the
counterparty, including possible delays or restrictions upon the Fund's
ability to dispose of the underlying securities. As of March 31, 2026, the Fund had
an investment in a repurchase agreement for which the value of the
related collateral exceeded the value of the repurchase agreement.
|
|
ADR
|
An American Depositary Receipt is a certificate issued by a custodian bank representing
the right to receive securities of the foreign issuer described.
The values of ADRs may be significantly influenced by trading on exchanges not located
in the United States.
|
|
Asset Valuation Inputs
|
||||
|
Description
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|
Common Stocks
|
|
|
|
|
|
Australia
|
$ —
|
$564,352
|
$ —
|
$564,352
|
|
Belgium
|
—
|
452,754
|
—
|
452,754
|
|
China
|
2,628,480
|
1,835,401
|
—
|
4,463,881
|
|
Denmark
|
—
|
644,026
|
—
|
644,026
|
|
France
|
—
|
1,277,410
|
—
|
1,277,410
|
|
Germany
|
—
|
769,899
|
—
|
769,899
|
|
Japan
|
73,875
|
630,910
|
—
|
704,785
|
|
Macau
|
—
|
135,597
|
—
|
135,597
|
|
Netherlands
|
578,375
|
881,749
|
—
|
1,460,124
|
|
United Kingdom
|
—
|
991,340
|
—
|
991,340
|
|
United States
|
3,293,253
|
3,042,238
|
—
|
6,335,491
|
|
All Other Common Stocks(a)
|
3,807,634
|
—
|
—
|
3,807,634
|
|
Total Common Stocks
|
10,381,617
|
11,225,676
|
—
|
21,607,293
|
|
Short-Term Investments
|
—
|
383,008
|
—
|
383,008
|
|
Total Investments
|
$10,381,617
|
$11,608,684
|
$—
|
$21,990,301
|
|
(a)
|
Details of the major categories of the Fund’s investments are reflected within the Portfolio of Investments.
|
|
Currency Exposure Summary at March 31, 2026 (Unaudited)
|
|
|
United States Dollar
|
48.4
%
|
|
Euro
|
17.2
|
|
Swiss Franc
|
11.5
|
|
Hong Kong Dollar
|
6.4
|
|
British Pound
|
5.0
|
|
Japanese Yen
|
3.2
|
|
Danish Krone
|
2.9
|
|
Australian Dollar
|
2.6
|
|
Yuan Renminbi
|
2.5
|
|
Total Investments
|
99.7
|
|
Other assets less liabilities
|
0.3
|
|
Net Assets
|
100.0
%
|