|
COMMON STOCKS – 96.7%
|
Shares
|
Fair Value
|
|
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – 29.1%
|
|
|
|
Advanced Micro-Fabrication Equipment Inc. China (China)
|
55,941
|
$3,890,097
|
|
Alchip Technologies Ltd. (Taiwan)
|
28,781
|
3,854,647
|
|
ASE Technology Holding Co. Ltd. (Taiwan)
|
136,054
|
3,036,257
|
|
ASPEED Technology Inc. (Taiwan)
|
1,388
|
732,390
|
|
eMemory Technology Inc. (Taiwan)
|
23,696
|
2,231,948
|
|
King Yuan Electronics Co. Ltd. (Taiwan)
|
252,380
|
2,731,329
|
|
MediaTek Inc. (Taiwan)
|
37,623
|
5,126,687
|
|
SK hynix Inc. (South Korea)
|
11,511
|
20,312,110
|
|
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan)
|
283,895
|
22,396,556
|
|
|
|
$64,312,021
|
|
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS – 9.5%
|
|
|
|
Samsung Electronics Co. Ltd. (South Korea)
|
94,788
|
$21,033,196
|
|
BANKS – 7.1%
|
|
|
|
Grupo Financiero Banorte S.A.B. de C.V. (Mexico)
|
199,826
|
$2,109,043
|
|
ICICI Bank Ltd. (India)
|
264,963
|
3,867,726
|
|
NU Holdings Ltd. (Brazil) (a)
|
307,893
|
4,113,451
|
|
OTP Bank Nyrt. (Hungary)
|
15,335
|
2,265,072
|
|
Vietnam Technological & Commercial Joint Stock Bank (Vietnam)
|
2,589,404
|
3,305,795
|
|
|
|
$15,661,087
|
|
INTERACTIVE MEDIA & SERVICES – 6.8%
|
|
|
|
Baidu Inc. (China) (a)
|
195,397
|
$2,789,498
|
|
NAVER Corp. (South Korea)
|
10,901
|
1,414,445
|
|
Tencent Holdings Ltd. (China)
|
195,081
|
10,765,068
|
|
|
|
$14,969,011
|
|
BROADLINE RETAIL – 5.2%
|
|
|
|
Alibaba Group Holding Ltd. (China)
|
380,837
|
$4,565,646
|
|
MercadoLibre Inc. (Brazil) (a)
|
1,384
|
2,349,188
|
|
PDD Holdings Inc. (China) (a),(b)
|
22,081
|
1,684,338
|
|
Sea Ltd. (Singapore) (a),(b)
|
30,725
|
2,944,377
|
|
|
|
$11,543,549
|
|
REAL ESTATE MANAGEMENT & DEVELOPMENT – 4.7%
|
|
|
|
Aldar Properties PJSC (United Arab Emirates)
|
400,052
|
$902,743
|
|
Multiplan Empreendimentos Imobiliarios S.A. (Brazil) (a)
|
419,518
|
2,378,647
|
|
Phoenix Mills (The) Ltd. (India)
|
258,207
|
5,325,032
|
|
Prestige Estates Projects Ltd. (India)
|
113,012
|
1,872,021
|
|
|
|
$10,478,443
|
|
COMMON STOCKS — Continued
|
Shares
|
Fair Value
|
|
CAPITAL MARKETS – 4.3%
|
|
|
|
360 ONE WAM Ltd. (India)
|
89,374
|
$1,015,612
|
|
B3 S.A. - Brasil Bolsa Balcao (Brazil) (a)
|
754,491
|
2,123,618
|
|
Billionbrains Garage Ventures Ltd. (India) (a),(c)
|
1,400,319
|
2,995,350
|
|
Hong Kong Exchanges & Clearing Ltd. (Hong Kong)
|
71,059
|
3,306,159
|
|
|
|
$9,440,739
|
|
INSURANCE – 3.2%
|
|
|
|
AIA Group Ltd. (Hong Kong)
|
238,245
|
$2,181,189
|
|
Max Financial Services Ltd. (India) (a)
|
170,375
|
2,854,639
|
|
Ping An Insurance Group Co. of China Ltd. (China)
|
309,775
|
2,025,552
|
|
|
|
$7,061,380
|
|
ELECTRICAL EQUIPMENT – 2.7%
|
|
|
|
Contemporary Amperex Technology Co. Ltd. (China)
|
63,425
|
$3,683,963
|
|
Sungrow Power Supply Co. Ltd. (China)
|
98,728
|
2,314,599
|
|
|
|
$5,998,562
|
|
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS –
2.7%
|
|
|
|
All Ring Tech Co. Ltd. (Taiwan)
|
40,964
|
$1,317,903
|
|
Chroma ATE Inc. (Taiwan)
|
33,656
|
2,338,872
|
|
Delta Electronics Inc. (Taiwan)
|
36,648
|
2,301,633
|
|
|
|
$5,958,408
|
|
OIL, GAS & CONSUMABLE FUELS – 2.2%
|
|
|
|
NAC Kazatomprom JSC (Kazakhstan) (b)
|
15,758
|
$1,083,910
|
|
Paladin Energy Ltd. (Australia) (a)
|
141,675
|
924,065
|
|
Reliance Industries Ltd. (India)
|
204,425
|
2,800,339
|
|
|
|
$4,808,314
|
|
COMMUNICATIONS EQUIPMENT – 2.1%
|
|
|
|
Accton Technology Corp. (Taiwan)
|
45,535
|
$3,631,970
|
|
FOCI Fiber Optic Communications Inc. (Taiwan) (a)
|
57,317
|
1,069,942
|
|
|
|
$4,701,912
|
|
METALS & MINING – 1.8%
|
|
|
|
Harmony Gold Mining Co. Ltd. (South Africa)
|
135,000
|
$2,065,623
|
|
Ivanhoe Mines Ltd. (South Africa) (a)
|
244,586
|
1,915,988
|
|
|
|
$3,981,611
|
|
CHEMICALS – 1.6%
|
|
|
|
Lianhe Chemical Technology Co. Ltd. (China)
|
121,800
|
$245,187
|
|
COMMON STOCKS — Continued
|
Shares
|
Fair Value
|
|
Sunresin New Materials Co. Ltd. (China)
|
379,749
|
$3,304,475
|
|
|
|
$3,549,662
|
|
MACHINERY – 1.5%
|
|
|
|
Shenzhen Inovance Technology Co. Ltd. (China)
|
331,881
|
$3,251,883
|
|
LIFE SCIENCES TOOLS & SERVICES – 1.5%
|
|
|
|
WuXi XDC Cayman Inc. (China) (a)
|
444,337
|
$3,251,755
|
|
WIRELESS TELECOMMUNICATION SERVICES – 1.2%
|
|
|
|
Bharti Airtel Ltd. (India)
|
139,845
|
$2,739,458
|
|
FINANCIAL SERVICES – 1.2%
|
|
|
|
FirstRand Ltd. (South Africa)
|
455,345
|
$2,706,524
|
|
CONSUMER FINANCE – 1.2%
|
|
|
|
Kaspi.KZ JSC (Kazakhstan) (b)
|
29,550
|
$2,560,212
|
|
SPECIALTY RETAIL – 1.1%
|
|
|
|
Mobile World Investment Corp. (Vietnam)
|
840,304
|
$2,503,392
|
|
AUTOMOBILES – 1.1%
|
|
|
|
Kia Corp. (South Korea)
|
27,698
|
$2,501,620
|
|
CONSTRUCTION & ENGINEERING – 1.1%
|
|
|
|
Acter Group Corp. Ltd. (Taiwan)
|
60,131
|
$2,479,799
|
|
INDUSTRIAL CONGLOMERATES – 1.1%
|
|
|
|
Samsung C&T Corp. (South Korea)
|
7,447
|
$2,305,775
|
|
AUTO COMPONENTS – 0.8%
|
|
|
|
Hyundai Mobis Co. Ltd. (South Korea)
|
5,426
|
$1,786,958
|
|
HOTELS, RESTAURANTS & LEISURE – 0.7%
|
|
|
|
Trip.com Group Ltd. (China) (a),(b)
|
36,616
|
$1,458,781
|
|
PHARMACEUTICALS – 0.6%
|
|
|
|
Jiangsu Hengrui Pharmaceuticals Co. Ltd. (China)
|
183,866
|
$1,413,377
|
|
COMMON STOCKS — Continued
|
Shares
|
Fair Value
|
|
GROUND TRANSPORTATION – 0.6%
|
|
|
|
DiDi Global Inc. (China) (a),(b)
|
395,505
|
$1,324,942
|
|
TOTAL COMMON STOCKS–96.7% (Cost $138,113,889)
|
|
$213,782,371
|
|
PREFERRED STOCKS – 1.5%
|
|
|
|
BANKS – 1.5%
|
|
|
|
Itau Unibanco Holding S.A. (Brazil), 4.30% (d)
|
406,509
|
$3,321,494
|
|
TOTAL PREFERRED STOCKS–1.5% (Cost $1,829,725)
|
|
$3,321,494
|
|
TOTAL INVESTMENTS–98.2% (Cost $139,943,614)
|
|
$217,103,865
|
|
Other Assets in Excess of Liabilities – 1.8%
|
|
$3,993,860
|
|
NET ASSETS–100.0%
|
|
$221,097,725
|
|
(a)
|
Non-income producing security.
|
|
(b)
|
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.
|
|
(c)
|
Security exempt from registration under Rule 144A of the Securities Act of 1933. This
security may be
resold in transactions exempt from registration, typically only to qualified institutional
buyers. As of June
30, 2026, this security had a total value of $2,995,350 which represented 1.4% of
the Fund's net assets.
|
|
(d)
|
Current yield is disclosed. Dividends are calculated based on a percentage of the
issuer's net income.
|
|
COMMON STOCKS – 100.8%
|
Shares
|
Fair Value
|
|
AEROSPACE & DEFENSE – 21.6%
|
|
|
|
Data Patterns India Ltd. (India)
|
129,795
|
$6,186,318
|
|
Exail Technologies S.A. (France) (a)
|
46,819
|
6,432,661
|
|
Exosens SAS (France)
|
79,840
|
5,214,805
|
|
INVISIO AB (Sweden)
|
207,863
|
4,397,905
|
|
Montana Aerospace A.G. (Germany) (a),(b)
|
43,341
|
1,139,272
|
|
Paras Defence & Space Technologies Ltd. (India)
|
198,153
|
2,705,600
|
|
Vincorion SE (Germany) (a)
|
117,159
|
2,248,321
|
|
|
|
$28,324,882
|
|
SOFTWARE – 19.1%
|
|
|
|
Clavister AB (Sweden) (a)
|
5,910,112
|
$2,989,778
|
|
Freee KK (Japan) (a)
|
224,900
|
2,784,531
|
|
Hyundai Ezwel Co. Ltd. (South Korea)
|
291,012
|
986,533
|
|
Innoscripta SE (Germany)
|
69,349
|
6,059,714
|
|
Kinaxis Inc. (Canada) (a)
|
23,753
|
2,550,234
|
|
Lime Technologies AB (Sweden)
|
83,763
|
1,713,285
|
|
Money Forward Inc. (Japan) (a)
|
112,400
|
3,036,564
|
|
m-up Holdings Inc. (Japan)
|
284,100
|
1,255,036
|
|
Sidetrade (France) (a)
|
10,019
|
1,998,381
|
|
Smartcraft Group AB (Sweden) (a)
|
1,068,952
|
1,708,762
|
|
|
|
$25,082,818
|
|
COMMUNICATIONS EQUIPMENT – 7.3%
|
|
|
|
Appear ASA (Norway) (a)
|
226,406
|
$1,689,846
|
|
Astra Microwave Products Ltd. (India)
|
420,795
|
7,852,196
|
|
|
|
$9,542,042
|
|
FINANCIAL SERVICES – 7.1%
|
|
|
|
Boku Inc. (United States) (a),(b)
|
1,114,811
|
$2,195,699
|
|
WAG Payment Solutions PLC (United Kingdom)
|
3,613,387
|
4,905,321
|
|
Wise Group PLC (United Kingdom) (a)
|
185,451
|
2,223,091
|
|
|
|
$9,324,111
|
|
MACHINERY – 4.6%
|
|
|
|
AutoStore Holdings Ltd. (Norway) (a),(b)
|
1,847,523
|
$2,314,514
|
|
Steyr Motors A.G. (Austria)
|
96,187
|
3,661,098
|
|
|
|
$5,975,612
|
|
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS –
4.1%
|
|
|
|
E Ink Holdings Inc. (Taiwan)
|
701,300
|
$4,789,185
|
|
COMMON STOCKS — Continued
|
Shares
|
Fair Value
|
|
SOLUM Co. Ltd. (South Korea)
|
51,147
|
$534,787
|
|
|
|
$5,323,972
|
|
CONSUMER STAPLES DISTRIBUTION & RETAIL – 3.5%
|
|
|
|
Apotea AB (Sweden)
|
322,646
|
$2,470,265
|
|
Redcare Pharmacy N.V. (Netherlands) (a),(b)
|
27,497
|
2,074,979
|
|
|
|
$4,545,244
|
|
PHARMACEUTICALS – 3.4%
|
|
|
|
Neuren Pharmaceuticals Ltd. (Australia) (a)
|
263,925
|
$3,254,125
|
|
SwedenCare AB (Sweden)
|
483,022
|
1,254,138
|
|
|
|
$4,508,263
|
|
INTERACTIVE MEDIA & SERVICES – 3.2%
|
|
|
|
Baltic Classifieds Group PLC (United Kingdom)
|
378,052
|
$943,079
|
|
Hemnet Group AB (Sweden)
|
12,955
|
98,394
|
|
Trustpilot Group PLC (United Kingdom) (a),(b)
|
905,682
|
3,118,735
|
|
|
|
$4,160,208
|
|
REAL ESTATE MANAGEMENT & DEVELOPMENT – 2.9%
|
|
|
|
Corp. Inmobiliaria Vesta S.A.B. de C.V. (Mexico)
|
1,115,574
|
$3,829,473
|
|
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – 2.5%
|
|
|
|
Eo Technics Co. Ltd. (South Korea)
|
10,556
|
$3,290,456
|
|
PROFESSIONAL SERVICES – 2.3%
|
|
|
|
One Career Inc. (Japan)
|
254,000
|
$3,067,976
|
|
TRADING COMPANIES & DISTRIBUTORS – 2.2%
|
|
|
|
IPD Group Ltd. (Australia)
|
717,203
|
$2,826,935
|
|
LIFE SCIENCES TOOLS & SERVICES – 2.0%
|
|
|
|
AddLife AB (Sweden)
|
156,507
|
$2,639,233
|
|
ENTERTAINMENT – 1.8%
|
|
|
|
Hacksaw AB (Sweden)
|
292,486
|
$2,353,411
|
|
PERSONAL CARE PRODUCTS – 1.6%
|
|
|
|
Applied Nutrition PLC (United Kingdom) (a)
|
79,654
|
$328,593
|
|
COMMON STOCKS — Continued
|
Shares
|
Fair Value
|
|
Pharmanutra S.p.A. (Italy)
|
18,289
|
$1,832,668
|
|
|
|
$2,161,261
|
|
COMMERCIAL SERVICES & SUPPLIES – 1.6%
|
|
|
|
AlphaPurchase Corp. (Japan)
|
219,300
|
$2,075,628
|
|
HEALTH CARE TECHNOLOGY – 1.5%
|
|
|
|
Medley Inc. (Japan) (a)
|
87,500
|
$1,092,248
|
|
Nordhealth A/S (Finland) (a)
|
311,399
|
817,939
|
|
|
|
$1,910,187
|
|
BIOTECHNOLOGY – 1.4%
|
|
|
|
BoneSupport Holding AB (Sweden) (a),(b)
|
5,065
|
$110,466
|
|
Devyser Diagnostics AB (Sweden) (a)
|
201,840
|
1,786,020
|
|
|
|
$1,896,486
|
|
HEALTH CARE EQUIPMENT & SUPPLIES – 1.4%
|
|
|
|
PolyNovo Ltd. (Australia) (a)
|
1,772,138
|
$1,134,161
|
|
Xvivo Perfusion AB (Sweden) (a)
|
26,697
|
715,113
|
|
|
|
$1,849,274
|
|
ELECTRICAL EQUIPMENT – 1.4%
|
|
|
|
Auroora Group (Finland) (a)
|
214,866
|
$1,814,289
|
|
CONSUMER FINANCE – 1.3%
|
|
|
|
Funding Circle Holdings PLC (United Kingdom) (a),(b)
|
889,908
|
$1,749,646
|
|
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS – 1.0%
|
|
|
|
Raspberry PI Ltd. (United Kingdom) (a)
|
117,256
|
$1,283,955
|
|
DIVERSIFIED CONSUMER SERVICES – 0.9%
|
|
|
|
Auction Technology Group PLC (United Kingdom) (a)
|
227,764
|
$1,239,891
|
|
CAPITAL MARKETS – 0.8%
|
|
|
|
Integral Corp. (Japan)
|
64,900
|
$1,100,961
|
|
LEISURE PRODUCTS – 0.2%
|
|
|
|
MIPS AB (Sweden)
|
8,656
|
$230,474
|
|
COMMON STOCKS — Continued
|
Shares
|
Fair Value
|
|
MEDIA – 0.1%
|
|
|
|
YouGov PLC (United Kingdom)
|
33,079
|
$94,425
|
|
TOTAL COMMON STOCKS–100.8% (Cost $128,270,982)
|
|
$132,201,113
|
|
TOTAL INVESTMENTS–100.8% (Cost $128,270,982)
|
|
$132,201,113
|
|
Liabilities in Excess of Other Assets – (0.8)%
|
|
$(1,096,980
)
|
|
NET ASSETS–100.0%
|
|
$131,104,133
|
|
(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. As of
June 30, 2026, these securities had a total value of $12,703,311 which represented
9.7% of the Fund's net
assets.
|