|
|
Shares
|
Value
|
|
COMMON STOCKS - 97.4%
|
||
|
Canada - 1.1%
|
||
|
Alimentation Couche-Tard Inc.
(Consumer Staples
Distribution & Retail)
|
78,302
|
$5,083,472
|
|
China - 5.5%
|
||
|
Contemporary Amperex
Technology Co., Ltd.,
Class A (Capital Goods)†
|
124,700
|
7,322,936
|
|
Lenovo Group Ltd. (Technology
Hardware & Equipment)†
|
2,196,000
|
6,753,152
|
|
Tencent Holdings Ltd. (Media &
Entertainment)†
|
187,500
|
11,370,430
|
|
|
|
25,446,518
|
|
France - 3.8%
|
||
|
Safran SA (Capital Goods)†
|
11,618
|
4,549,631
|
|
Schneider Electric SE (Capital
Goods)†
|
38,450
|
12,907,595
|
|
|
|
17,457,226
|
|
Germany - 1.9%
|
||
|
Infineon Technologies AG
(Semiconductors &
Semiconductor Equipment)†
|
57,166
|
4,075,112
|
|
SAP SE - Sponsored ADR
(Software & Services)
|
24,515
|
4,501,444
|
|
|
|
8,576,556
|
|
Hong Kong - 1.6%
|
||
|
AIA Group Ltd. (Insurance)†
|
729,205
|
7,384,549
|
|
India - 0.8%
|
||
|
HDFC Bank Ltd. - ADR (Banks)
|
155,095
|
3,711,423
|
|
Ireland - 1.4%
|
||
|
Ryanair Holdings plc -
Sponsored ADR
(Transportation)
|
109,846
|
6,427,089
|
|
Japan - 5.3%
|
||
|
Chugai Pharmaceutical Co., Ltd.
(Pharmaceuticals,
Biotechnology & Life
Sciences)†
|
72,900
|
3,164,515
|
|
Keyence Corp. (Technology
Hardware & Equipment)†
|
10,800
|
5,427,227
|
|
Kubota Corp. (Capital Goods)†
|
283,700
|
4,817,313
|
|
Sony Financial Group Inc.
(Financial Services)†
|
4,416,500
|
4,331,245
|
|
Sony Group Corp. (Consumer
Durables & Apparel)†
|
299,700
|
7,019,313
|
|
|
|
24,759,613
|
|
Netherlands - 1.8%
|
||
|
ASML Holding NV
(Semiconductors &
Semiconductor Equipment)†
|
4,983
|
8,148,378
|
|
Sweden - 2.8%
|
||
|
Epiroc AB, Class A (Capital
Goods)†
|
165,731
|
4,248,019
|
|
|
Shares
|
Value
|
|
COMMON STOCKS - 97.4% (continued)
|
||
|
Sweden - 2.8% (continued)
|
||
|
Spotify Technology SA (Media
& Entertainment)*
|
17,335
|
$8,666,460
|
|
|
|
12,914,479
|
|
Switzerland - 2.0%
|
||
|
Roche Holding AG
(Pharmaceuticals,
Biotechnology & Life
Sciences)†
|
11,462
|
5,011,552
|
|
SGS SA, Reg S (Commercial &
Professional Services)†
|
37,531
|
4,447,981
|
|
|
|
9,459,533
|
|
Taiwan - 6.9%
|
||
|
Delta Electronics Inc.
(Technology Hardware &
Equipment)†
|
138,000
|
6,810,209
|
|
Taiwan Semiconductor
Manufacturing Co., Ltd. -
Sponsored ADR
(Semiconductors &
Semiconductor Equipment)
|
61,583
|
24,894,928
|
|
|
|
31,705,137
|
|
United Kingdom - 5.2%
|
||
|
Compass Group plc (Consumer
Services)†
|
220,383
|
6,996,528
|
|
Diploma plc (Capital Goods)†
|
49,513
|
4,891,486
|
|
Haleon plc (Pharmaceuticals,
Biotechnology & Life
Sciences)†
|
1,350,556
|
6,608,023
|
|
Shell plc (Energy)†
|
125,202
|
5,745,909
|
|
|
|
24,241,946
|
|
United States - 57.3%
|
||
|
AbbVie Inc. (Pharmaceuticals,
Biotechnology & Life
Sciences)
|
23,642
|
5,932,723
|
|
Accenture plc, Class A (Software
& Services)
|
25,992
|
4,312,593
|
|
Adobe Inc. (Software &
Services)*
|
21,087
|
5,280,396
|
|
Alphabet Inc., Class A (Media &
Entertainment)
|
64,363
|
22,921,595
|
|
Amazon.com Inc. (Consumer
Discretionary Distribution &
Retail)*
|
73,495
|
19,959,772
|
|
AMETEK Inc. (Capital Goods)
|
21,813
|
5,272,420
|
|
Amphenol Corp., Class A
(Technology Hardware &
Equipment)
|
42,721
|
6,865,265
|
|
Apple Inc. (Technology
Hardware & Equipment)
|
27,301
|
8,433,552
|
|
Atkore Inc. (Capital Goods)
|
47,384
|
3,457,137
|
|
Booking Holdings Inc.
(Consumer Services)
|
32,570
|
6,282,753
|
|
Broadcom Inc. (Semiconductors
& Semiconductor
Equipment)
|
24,960
|
9,716,429
|
|
|
Shares
|
Value
|
|
COMMON STOCKS - 97.4% (continued)
|
||
|
United States - 57.3% (continued)
|
||
|
Danaher Corp. (Pharmaceuticals,
Biotechnology & Life
Sciences)
|
23,457
|
$4,573,646
|
|
Deere & Co. (Capital Goods)
|
9,510
|
5,636,292
|
|
Elevance Health Inc. (Health
Care Equipment & Services)
|
14,288
|
5,370,002
|
|
Equifax Inc. (Commercial &
Professional Services)
|
21,855
|
3,772,610
|
|
HEICO Corp. (Capital Goods)
|
16,822
|
5,994,688
|
|
Honeywell Aerospace Inc.
(Capital Goods)*
|
15,640
|
3,233,414
|
|
Honeywell International Inc.
(Capital Goods)
|
15,640
|
3,801,302
|
|
Johnson & Johnson
(Pharmaceuticals,
Biotechnology & Life
Sciences)
|
31,658
|
8,115,528
|
|
JPMorgan Chase & Co. (Banks)
|
15,605
|
5,489,683
|
|
Meta Platforms Inc., Class A
(Media & Entertainment)
|
20,290
|
11,295,646
|
|
Microsoft Corp. (Software &
Services)
|
27,997
|
13,010,766
|
|
Netflix Inc. (Media &
Entertainment)*
|
75,233
|
5,394,958
|
|
Neurocrine Biosciences Inc.
(Pharmaceuticals,
Biotechnology & Life
Sciences)*
|
27,337
|
4,559,812
|
|
NextEra Energy Inc. (Utilities)
|
48,011
|
4,173,116
|
|
Northrop Grumman Corp.
(Capital Goods)
|
6,350
|
3,444,748
|
|
nVent Electric plc (Capital
Goods)
|
41,518
|
6,386,714
|
|
NVIDIA Corp. (Semiconductors
& Semiconductor
Equipment)
|
107,590
|
21,598,692
|
|
Progressive Corp. (Insurance)
|
38,955
|
8,235,866
|
|
Reinsurance Group of
America Inc. (Insurance)
|
54,197
|
12,836,559
|
|
SLB Ltd. (Energy)
|
126,690
|
6,282,557
|
|
Thermo Fisher Scientific Inc.
(Pharmaceuticals,
Biotechnology & Life
Sciences)
|
14,437
|
8,291,169
|
|
Tradeweb Markets Inc., Class A
(Financial Services)
|
73,269
|
7,363,535
|
|
Visa Inc., Class A (Financial
Services)
|
22,119
|
8,098,429
|
|
|
|
265,394,367
|
|
Total Common Stocks (Cost $310,733,364)
|
$450,710,286
|
|
|
|
|
|
|
|
Shares
|
Value
|
|
PREFERRED STOCKS - 3.3%
|
||
|
South Korea - 3.3%
|
||
|
Samsung Electronics Co., Ltd. -
GDR, Reg S, 0.83%
(Technology Hardware &
Equipment)†+
|
5,083
|
$15,194,919
|
|
|
|
|
|
Total Preferred Stocks (Cost $11,381,298)
|
$15,194,919
|
|
|
|
|
|
|
SHORT TERM INVESTMENTS - 1.6%
|
||
|
Northern Institutional Funds -
Treasury Portfolio (Premier
Shares), 3.55% (Money
Market Funds)
|
7,392,237
|
7,392,237
|
|
|
|
|
|
Total Short Term Investments (Cost $7,392,237)
|
$7,392,237
|
|
|
|
|
|
|
Total Investments — 102.3%
|
|
|
|
(Cost $329,506,899)
|
$473,297,442
|
|
|
Liabilities Less Other Assets - (2.3)%
|
(10,535,879
)
|
|
|
Net Assets — 100.0%
|
$462,761,563
|
|
|
Summary of Abbreviations
|
|
|
ADR
|
American Depositary Receipt
|
|
GDR
|
Global Depositary Receipt
|
|
Reg S
|
Security sold outside United States without registration under
the Securities Act of 1933.
|
|
†
|
Investment categorized as level 2 security.
|
|
*
|
Non-income producing security.
|
|
+
|
Current yield is disclosed. Dividends are calculated based on a
percentage of the issuer’s net income.
|
|
Industry
|
Percentage of
Net Assets
|
|
Banks
|
2.0
%
|
|
Capital Goods
|
16.3
|
|
Commercial & Professional Services
|
1.7
|
|
Consumer Discretionary Distribution & Retail
|
4.3
|
|
Consumer Durables & Apparel
|
1.5
|
|
Consumer Services
|
2.9
|
|
Consumer Staples Distribution & Retail
|
1.1
|
|
Energy
|
2.6
|
|
Financial Services
|
4.2
|
|
Health Care Equipment & Services
|
1.2
|
|
Insurance
|
6.2
|
|
Media & Entertainment
|
12.8
|
|
Pharmaceuticals, Biotechnology & Life Sciences
|
10.1
|
|
Semiconductors & Semiconductor Equipment
|
14.9
|
|
Software & Services
|
5.8
|
|
Technology Hardware & Equipment
|
10.8
|
|
Transportation
|
1.4
|
|
Utilities
|
0.9
|
|
Money Market Fund
|
1.6
|
|
Total Investments
|
102.3
|
|
Liabilities Less Other Assets
|
(2.3
)
|
|
Net Assets
|
100.0
%
|
|
|
Shares
|
Value
|
|
COMMON STOCKS - 97.3%
|
||
|
Canada - 6.6%
|
||
|
Alimentation Couche-Tard Inc.
(Consumer Staples
Distribution & Retail)
|
2,460,226
|
$159,721,203
|
|
Canadian National Railway Co.
(Transportation)
|
2,285,743
|
290,769,367
|
|
Manulife Financial Corp.
(Insurance)
|
8,750,356
|
388,639,937
|
|
|
|
839,130,507
|
|
China - 8.7%
|
||
|
Contemporary Amperex
Technology Co., Ltd.,
Class A (Capital Goods)†
|
5,297,457
|
311,090,107
|
|
Haier Smart Home Co., Ltd.,
Class A (Consumer Durables
& Apparel)†
|
31,872,288
|
109,598,190
|
|
Lenovo Group Ltd. (Technology
Hardware & Equipment)†
|
56,158,000
|
172,697,422
|
|
NetEase Inc. - ADR (Media &
Entertainment)
|
985,236
|
131,302,402
|
|
Ping An Insurance Group Co. of
China Ltd., Class H
(Insurance)†
|
15,815,000
|
118,414,693
|
|
SF Holding Co., Ltd., Class A
(Transportation)†
|
20,950,800
|
108,669,401
|
|
Tencent Holdings Ltd. (Media &
Entertainment)†
|
2,465,810
|
149,532,370
|
|
|
|
1,101,304,585
|
|
Denmark - 1.1%
|
||
|
Genmab A/S (Pharmaceuticals,
Biotechnology & Life
Sciences)*†
|
466,817
|
134,484,711
|
|
France - 4.3%
|
||
|
Air Liquide SA (Materials)†
|
672,718
|
132,484,422
|
|
Dassault Systemes SE (Software
& Services)†
|
3,164,402
|
73,647,693
|
|
L'Oreal SA (Household &
Personal Products)†
|
355,015
|
158,271,715
|
|
Schneider Electric SE (Capital
Goods)†
|
531,498
|
178,422,906
|
|
|
|
542,826,736
|
|
Germany - 4.6%
|
||
|
Allianz SE, Reg S (Insurance)†
|
619,886
|
309,399,632
|
|
Infineon Technologies AG
(Semiconductors &
Semiconductor Equipment)†
|
2,362,765
|
168,431,083
|
|
Symrise AG (Materials)†
|
979,583
|
100,709,109
|
|
|
|
578,539,824
|
|
Hong Kong - 3.5%
|
||
|
AIA Group Ltd. (Insurance)†
|
28,486,374
|
288,477,215
|
|
Techtronic Industries Co., Ltd.
(Capital Goods)†
|
8,921,500
|
150,618,705
|
|
|
|
439,095,920
|
|
India - 0.8%
|
||
|
HDFC Bank Ltd. - ADR (Banks)
|
4,424,428
|
105,876,562
|
|
|
Shares
|
Value
|
|
COMMON STOCKS - 97.3% (continued)
|
||
|
Indonesia - 0.3%
|
||
|
Telkom Indonesia Persero Tbk
PT (Telecommunication
Services)†
|
237,162,451
|
$34,685,046
|
|
Ireland - 0.9%
|
||
|
Ryanair Holdings plc -
Sponsored ADR
(Transportation)
|
1,866,193
|
109,190,952
|
|
Israel - 0.6%
|
||
|
Nice Ltd. - Sponsored ADR
(Software & Services)*
|
828,856
|
81,882,684
|
|
Japan - 13.8%
|
||
|
Chugai Pharmaceutical Co., Ltd.
(Pharmaceuticals,
Biotechnology & Life
Sciences)†
|
4,783,800
|
207,659,924
|
|
Daifuku Co., Ltd. (Capital
Goods)†
|
3,725,007
|
137,393,362
|
|
Disco Corp. (Semiconductors &
Semiconductor Equipment)†
|
250,800
|
90,174,012
|
|
Hitachi Ltd. (Capital Goods)†
|
1,649,988
|
54,762,493
|
|
Keyence Corp. (Technology
Hardware & Equipment)†
|
231,534
|
116,350,700
|
|
Lasertec Corp. (Semiconductors
& Semiconductor
Equipment)†
|
837,900
|
193,461,051
|
|
M3 Inc. (Health Care Equipment
& Services)†
|
14,514,067
|
162,256,868
|
|
Obic Co., Ltd. (Software &
Services)†
|
2,784,300
|
78,530,928
|
|
Recruit Holdings Co., Ltd.
(Commercial & Professional
Services)†
|
2,852,700
|
224,236,987
|
|
Shionogi & Co., Ltd.
(Pharmaceuticals,
Biotechnology & Life
Sciences)†
|
6,137,400
|
111,808,399
|
|
Sony Group Corp. (Consumer
Durables & Apparel)†
|
8,694,500
|
203,635,041
|
|
Sysmex Corp. (Health Care
Equipment & Services)†
|
8,630,820
|
86,667,115
|
|
Unicharm Corp. (Household &
Personal Products)†
|
13,126,500
|
82,957,423
|
|
|
|
1,749,894,303
|
|
Mexico - 3.3%
|
||
|
Fomento Economico Mexicano
SAB de CV - Sponsored
ADR (Food, Beverage &
Tobacco)
|
2,234,958
|
286,052,274
|
|
Grupo Financiero Banorte SAB
de CV, Series O (Banks)
|
11,916,263
|
138,004,217
|
|
|
|
424,056,491
|
|
Netherlands - 2.6%
|
||
|
ASML Holding NV
(Semiconductors &
Semiconductor Equipment)†
|
194,543
|
318,123,613
|
|
|
Shares
|
Value
|
|
COMMON STOCKS - 97.3% (continued)
|
||
|
Netherlands - 2.6% (continued)
|
||
|
ASML Holding NV - ADR, Reg
S (Semiconductors &
Semiconductor Equipment)
|
3,825
|
$6,230,925
|
|
|
|
324,354,538
|
|
Peru - 1.8%
|
||
|
Credicorp Ltd. (Banks)
|
575,234
|
230,427,236
|
|
Singapore - 2.9%
|
||
|
DBS Group Holdings Ltd.
(Banks)†
|
3,913,618
|
225,639,974
|
|
Sea Ltd. - ADR (Consumer
Discretionary Distribution &
Retail)*
|
1,368,262
|
146,048,286
|
|
|
|
371,688,260
|
|
South Korea - 4.7%
|
||
|
NAVER Corp. (Media &
Entertainment)†
|
1,205,528
|
175,150,256
|
|
Samsung Electronics Co., Ltd. -
GDR, Reg S (Technology
Hardware & Equipment)†
|
100,680
|
425,398,397
|
|
|
|
600,548,653
|
|
Spain - 5.5%
|
||
|
Amadeus IT Group SA
(Consumer Services)†
|
3,933,552
|
244,486,513
|
|
Banco Bilbao Vizcaya
Argentaria SA (Banks)†
|
15,394,389
|
430,987,860
|
|
Banco Bilbao Vizcaya
Argentaria SA - Sponsored
ADR (Banks)
|
754,586
|
21,090,679
|
|
|
|
696,565,052
|
|
Sweden - 9.3%
|
||
|
Alfa Laval AB (Capital Goods)†
|
3,945,259
|
233,573,882
|
|
Assa Abloy AB, Class B (Capital
Goods)†
|
3,659,901
|
135,686,145
|
|
Atlas Copco AB, Class A
(Capital Goods)†
|
5,580,435
|
118,113,106
|
|
Epiroc AB, Class A (Capital
Goods)†
|
5,360,771
|
137,407,349
|
|
Skandinaviska Enskilda Banken
AB, Class A (Banks)†
|
10,320,014
|
241,961,190
|
|
Spotify Technology SA (Media
& Entertainment)*
|
634,366
|
317,144,938
|
|
|
|
1,183,886,610
|
|
Switzerland - 3.8%
|
||
|
Novartis AG, Reg S
(Pharmaceuticals,
Biotechnology & Life
Sciences)†
|
840,563
|
131,218,610
|
|
Roche Holding AG
(Pharmaceuticals,
Biotechnology & Life
Sciences)†
|
607,593
|
265,659,042
|
|
|
Shares
|
Value
|
|
COMMON STOCKS - 97.3% (continued)
|
||
|
Switzerland - 3.8% (continued)
|
||
|
Sonova Holding AG, Reg S
(Health Care Equipment &
Services)†
|
299,114
|
$81,434,448
|
|
|
|
478,312,100
|
|
Taiwan - 6.3%
|
||
|
Delta Electronics Inc.
(Technology Hardware &
Equipment)†
|
6,189,000
|
305,423,066
|
|
Taiwan Semiconductor
Manufacturing Co., Ltd. -
Sponsored ADR
(Semiconductors &
Semiconductor Equipment)
|
1,205,081
|
487,153,994
|
|
|
|
792,577,060
|
|
United Kingdom - 10.7%
|
||
|
BAE Systems plc (Capital
Goods)†
|
9,807,540
|
277,277,482
|
|
Compass Group plc (Consumer
Services)†
|
4,885,917
|
155,113,854
|
|
Haleon plc (Pharmaceuticals,
Biotechnology & Life
Sciences)†
|
43,428,421
|
212,487,296
|
|
Rio Tinto plc (Materials)†
|
2,979,267
|
291,965,955
|
|
Shell plc (Energy)†
|
9,191,871
|
421,843,543
|
|
|
|
1,358,688,130
|
|
United States - 1.2%
|
||
|
MercadoLibre Inc. (Consumer
Discretionary Distribution &
Retail)*
|
82,785
|
155,466,091
|
|
|
|
|
|
Total Common Stocks (Cost $7,255,305,009)
|
$12,333,482,051
|
|
|
|
|
|
|
PREFERRED STOCKS - 1.1%
|
||
|
Brazil - 1.1%
|
||
|
Itau Unibanco Holding SA -
Sponsored ADR, 3.87%
(Banks)+
|
16,614,778
|
140,561,022
|
|
|
|
|
|
Total Preferred Stocks (Cost $136,586,749)
|
$140,561,022
|
|
|
|
|
|
|
|
Shares
|
Value
|
|
SHORT TERM INVESTMENTS - 1.6%
|
||
|
Northern Institutional Funds -
Treasury Portfolio (Premier
Shares), 3.55% (Money
Market Funds)
|
208,948,294
|
$208,948,294
|
|
|
|
|
|
Total Short Term Investments (Cost
$208,948,294)
|
$208,948,294
|
|
|
|
|
|
|
Total Investments — 100.0%
|
|
|
|
(Cost $7,600,840,052)
|
$12,682,991,367
|
|
|
Liabilities Less Other Assets - (0.0)%
|
(1,012,313
)
|
|
|
Net Assets — 100.0%
|
$12,681,979,054
|
|
|
Summary of Abbreviations
|
|
|
ADR
|
American Depositary Receipt
|
|
GDR
|
Global Depositary Receipt
|
|
Reg S
|
Security sold outside United States without registration under
the Securities Act of 1933.
|
|
†
|
Investment categorized as level 2 security.
|
|
*
|
Non-income producing security.
|
|
+
|
Current yield is disclosed. Dividends are calculated based on a
percentage of the issuer’s net income.
|
|
Industry
|
Percentage of
Net Assets
|
|
Banks
|
12.1
%
|
|
Capital Goods
|
13.6
|
|
Commercial & Professional Services
|
1.8
|
|
Consumer Discretionary Distribution & Retail
|
2.3
|
|
Consumer Durables & Apparel
|
2.5
|
|
Consumer Services
|
3.1
|
|
Consumer Staples Distribution & Retail
|
1.2
|
|
Energy
|
3.3
|
|
Food, Beverage & Tobacco
|
2.2
|
|
Health Care Equipment & Services
|
2.7
|
|
Household & Personal Products
|
2.0
|
|
Insurance
|
8.8
|
|
Materials
|
4.1
|
|
Media & Entertainment
|
6.1
|
|
Pharmaceuticals, Biotechnology & Life Sciences
|
8.4
|
|
Semiconductors & Semiconductor Equipment
|
10.0
|
|
Software & Services
|
1.8
|
|
Technology Hardware & Equipment
|
8.0
|
|
Telecommunication Services
|
0.3
|
|
Transportation
|
4.1
|
|
Money Market Fund
|
1.6
|
|
Total Investments
|
100.0
|
|
Liabilities Less Other Assets
|
(0.0
)
|
|
Net Assets
|
100.0
%
|
|
|
Shares
|
Value
|
|
COMMON STOCKS - 98.2%
|
||
|
Argentina - 1.4%
|
||
|
Vista Energy SAB de CV - ADR
(Energy)*
|
33,614
|
$2,368,106
|
|
Bangladesh - 0.7%
|
||
|
Square Pharmaceuticals plc
(Pharmaceuticals,
Biotechnology & Life
Sciences)†
|
681,545
|
1,218,355
|
|
Belgium - 1.8%
|
||
|
Lotus Bakeries NV (Food,
Beverage & Tobacco)†
|
236
|
3,034,618
|
|
Brazil - 1.3%
|
||
|
XP Inc., Class A (Financial
Services)
|
130,713
|
2,229,964
|
|
Canada - 2.1%
|
||
|
Kinaxis Inc. (Software &
Services)*
|
30,769
|
3,687,407
|
|
China - 4.3%
|
||
|
Haitian International Holdings
Ltd. (Capital Goods)†
|
393,000
|
1,044,213
|
|
Qingdao Haier Biomedical Co.,
Ltd., Class A (Health Care
Equipment & Services)†
|
544,400
|
2,276,535
|
|
Shanghai Friendess Electronic
Technology Corp., Ltd.,
Class A (Technology
Hardware & Equipment)†
|
74,011
|
1,148,280
|
|
Shanghai Hanbell Precise
Machinery Co., Ltd., Class A
(Capital Goods)†
|
500,700
|
1,887,991
|
|
Yantai China Pet Foods Co.,
Ltd., Class A (Food,
Beverage & Tobacco)†
|
228,899
|
1,129,199
|
|
|
|
7,486,218
|
|
Denmark - 1.6%
|
||
|
Ringkjoebing Landbobank A/S
(Banks)†
|
10,040
|
2,692,620
|
|
Finland - 1.8%
|
||
|
Vaisala OYJ, Class A
(Technology Hardware &
Equipment)†
|
48,459
|
3,076,492
|
|
France - 5.1%
|
||
|
Alten SA (Software & Services)†
|
33,643
|
2,915,917
|
|
IPSOS SA (Media &
Entertainment)†
|
32,185
|
1,326,469
|
|
Rubis SCA (Utilities)†
|
121,104
|
4,678,707
|
|
|
|
8,921,093
|
|
Germany - 9.9%
|
||
|
Atoss Software SE (Software &
Services)†
|
21,196
|
2,059,827
|
|
Bechtle AG (Software &
Services)†
|
60,668
|
2,526,342
|
|
Brenntag SE (Capital Goods)†
|
34,560
|
2,436,782
|
|
FUCHS SE (Materials)†
|
75,531
|
3,012,527
|
|
|
Shares
|
Value
|
|
COMMON STOCKS - 98.2% (continued)
|
||
|
Germany - 9.9% (continued)
|
||
|
KWS Saat SE & Co. KGaA
(Food, Beverage &
Tobacco)†
|
40,969
|
$3,397,803
|
|
Nemetschek SE (Software &
Services)†
|
7,152
|
479,063
|
|
Scout24 SE (Media &
Entertainment)^†
|
25,148
|
2,157,178
|
|
TeamViewer SE (Software &
Services)*^†
|
154,704
|
1,069,425
|
|
|
|
17,138,947
|
|
Hong Kong - 0.8%
|
||
|
ASMPT Ltd. (Semiconductors &
Semiconductor Equipment)†
|
76,800
|
1,460,545
|
|
India - 1.6%
|
||
|
Max Financial Services Ltd.
(Insurance)*†
|
174,385
|
2,747,208
|
|
Israel - 1.5%
|
||
|
Nice Ltd. - Sponsored ADR
(Software & Services)*
|
26,921
|
2,659,526
|
|
Italy - 2.6%
|
||
|
Carel Industries SpA (Capital
Goods)^†
|
57,513
|
1,794,682
|
|
Reply SpA (Software &
Services)†
|
20,545
|
2,620,126
|
|
|
|
4,414,808
|
|
Japan - 18.6%
|
||
|
Ariake Japan Co., Ltd. (Food,
Beverage & Tobacco)†
|
25,100
|
846,407
|
|
Asahi Intecc Co., Ltd. (Health
Care Equipment &
Services)†
|
140,400
|
3,169,464
|
|
Curves Holdings Co., Ltd.
(Consumer Services)†
|
220,300
|
1,325,090
|
|
GMO Payment Gateway Inc.
(Financial Services)†
|
49,600
|
3,078,724
|
|
Harmonic Drive Systems Inc.
(Capital Goods)†
|
51,700
|
1,944,375
|
|
Japan Elevator Service Holdings
Co., Ltd. (Commercial &
Professional Services)†
|
63,700
|
678,226
|
|
JCU Corp. (Materials)†
|
18,000
|
656,288
|
|
M3 Inc. (Health Care Equipment
& Services)†
|
208,300
|
2,328,645
|
|
MISUMI Group Inc. (Capital
Goods)†
|
125,400
|
3,026,402
|
|
Rakus Co., Ltd. (Software &
Services)†
|
316,300
|
2,103,271
|
|
Rohto Pharmaceutical Co., Ltd.
(Household & Personal
Products)†
|
211,800
|
3,177,569
|
|
Sanrio Co., Ltd. (Consumer
Discretionary Distribution &
Retail)†
|
305,600
|
2,443,218
|
|
|
Shares
|
Value
|
|
COMMON STOCKS - 98.2% (continued)
|
||
|
Japan - 18.6% (continued)
|
||
|
Santen Pharmaceutical Co., Ltd.
(Pharmaceuticals,
Biotechnology & Life
Sciences)†
|
265,400
|
$3,141,982
|
|
SHIFT Inc. (Software &
Services)*†
|
332,900
|
1,838,251
|
|
Sony Financial Group Inc.
(Financial Services)†
|
2,501,200
|
2,452,917
|
|
|
|
32,210,829
|
|
Malaysia - 1.3%
|
||
|
Dialog Group Bhd. (Energy)†
|
1,821,240
|
881,410
|
|
TIME dotCom Bhd.
(Telecommunication
Services)†
|
987,000
|
1,449,233
|
|
|
|
2,330,643
|
|
Mexico - 1.2%
|
||
|
Megacable Holdings SAB de CV
(Media & Entertainment)
|
608,900
|
2,075,312
|
|
Netherlands - 0.5%
|
||
|
BE Semiconductor Industries NV
(Semiconductors &
Semiconductor Equipment)†
|
3,624
|
841,125
|
|
Norway - 0.8%
|
||
|
Medistim ASA (Health Care
Equipment & Services)†
|
59,694
|
1,423,926
|
|
Panama - 1.5%
|
||
|
Copa Holdings SA, Class A
(Transportation)
|
18,788
|
2,653,241
|
|
Peru - 1.0%
|
||
|
Ferreycorp SAA (Capital Goods)
|
1,344,535
|
1,681,411
|
|
Poland - 0.9%
|
||
|
Allegro.eu SA (Consumer
Discretionary Distribution &
Retail)*^†
|
133,122
|
1,610,052
|
|
Romania - 0.8%
|
||
|
Societatea Nationala de Gaze
Naturale ROMGAZ SA
(Energy)†
|
356,791
|
1,450,011
|
|
South Korea - 0.6%
|
||
|
Cheil Worldwide Inc. (Media &
Entertainment)†
|
76,637
|
1,014,900
|
|
Spain - 1.9%
|
||
|
Bankinter SA (Banks)†
|
67,325
|
1,237,140
|
|
Linea Directa Aseguradora SA
Cia de Seguros y Reaseguros
(Insurance)†
|
1,349,713
|
1,995,825
|
|
|
|
3,232,965
|
|
Sweden - 2.6%
|
||
|
Cellavision AB (Health Care
Equipment & Services)†
|
100,233
|
1,549,341
|
|
Dynavox Group AB (Technology
Hardware & Equipment)†
|
100,735
|
759,345
|
|
|
Shares
|
Value
|
|
COMMON STOCKS - 98.2% (continued)
|
||
|
Sweden - 2.6% (continued)
|
||
|
Hexpol AB (Materials)†
|
137,092
|
$1,276,740
|
|
Paradox Interactive AB (Media
& Entertainment)†
|
67,321
|
989,023
|
|
|
|
4,574,449
|
|
Switzerland - 5.7%
|
||
|
Belimo Holding AG, Reg S
(Capital Goods)†
|
2,268
|
2,364,972
|
|
Bossard Holding AG, Class A,
Reg S (Capital Goods)†
|
9,169
|
2,580,032
|
|
Burckhardt Compression
Holding AG (Capital
Goods)†
|
3,342
|
1,997,463
|
|
Tecan Group AG, Reg S
(Pharmaceuticals,
Biotechnology & Life
Sciences)†
|
9,948
|
2,312,293
|
|
Temenos AG, Reg S (Software &
Services)†
|
8,398
|
703,470
|
|
|
|
9,958,230
|
|
Taiwan - 3.8%
|
||
|
ASPEED Technology Inc.
(Semiconductors &
Semiconductor
Equipment)*†
|
7,700
|
3,379,060
|
|
Silergy Corp. (Semiconductors &
Semiconductor Equipment)†
|
258,000
|
3,239,721
|
|
|
|
6,618,781
|
|
Thailand - 0.7%
|
||
|
Bumrungrad Hospital pcl, Reg S
(Health Care Equipment &
Services)†
|
228,200
|
1,281,351
|
|
United Kingdom - 17.0%
|
||
|
Airtel Africa plc
(Telecommunication
Services)^†
|
514,195
|
2,310,734
|
|
Autotrader Group plc (Media &
Entertainment)^†
|
130,308
|
923,896
|
|
Baltic Classifieds Group plc
(Media & Entertainment)†
|
1,176,064
|
3,182,180
|
|
Clarkson plc (Transportation)†
|
79,886
|
5,102,112
|
|
Cranswick plc (Food, Beverage
& Tobacco)†
|
52,278
|
3,768,295
|
|
Croda International plc
(Materials)†
|
50,379
|
2,181,085
|
|
Diploma plc (Capital Goods)†
|
37,617
|
3,716,257
|
|
Games Workshop Group plc
(Consumer Durables &
Apparel)†
|
7,737
|
1,992,969
|
|
Grafton Group plc - CDI (Capital
Goods)†
|
108,804
|
1,415,268
|
|
Rathbones Group plc (Financial
Services)†
|
49,163
|
1,104,644
|
|
Spirax Group plc (Capital
Goods)†
|
24,797
|
2,326,025
|
|
|
Shares
|
Value
|
|
COMMON STOCKS - 98.2% (continued)
|
||
|
United Kingdom - 17.0% (continued)
|
||
|
YouGov plc (Media &
Entertainment)†
|
421,793
|
$1,453,884
|
|
|
|
29,477,349
|
|
Vietnam - 2.8%
|
||
|
FPT Corp. (Software &
Services)†
|
570,415
|
1,452,356
|
|
Hoa Phat Group JSC
(Materials)†
|
4,196,502
|
3,453,417
|
|
|
|
4,905,773
|
|
Total Common Stocks (Cost $121,028,523)
|
$170,476,255
|
|
|
|
|
|
|
SHORT TERM INVESTMENTS - 1.5%
|
||
|
Northern Institutional Funds -
Treasury Portfolio (Premier
Shares), 3.55% (Money
Market Funds)
|
2,665,229
|
2,665,229
|
|
|
|
|
|
Total Short Term Investments (Cost $2,665,229)
|
$2,665,229
|
|
|
|
|
|
|
Total Investments — 99.7%
|
|
|
|
(Cost $123,693,752)
|
$173,141,484
|
|
|
Other Assets Less Liabilities - 0.3%
|
520,455
|
|
|
Net Assets — 100.0%
|
$173,661,939
|
|
|
Summary of Abbreviations
|
|
|
ADR
|
American Depositary Receipt
|
|
CDI
|
CREST Depositary Interest
|
|
Reg S
|
Security sold outside United States without registration under
the Securities Act of 1933.
|
|
*
|
Non-income producing security.
|
|
†
|
Investment categorized as level 2 security.
|
|
^
|
Security exempt from registration pursuant to Rule 144A of the
Securities Act of 1933. These securities, which represent 5.7%
of net assets as of July 31, 2026, are considered liquid and may
be resold in transactions exempt from registration, normally to
qualified buyers.
|
|
Industry
|
Percentage of
Net Assets
|
|
Banks
|
2.3
%
|
|
Capital Goods
|
16.5
|
|
Commercial & Professional Services
|
0.4
|
|
Consumer Discretionary Distribution & Retail
|
2.3
|
|
Consumer Durables & Apparel
|
1.2
|
|
Consumer Services
|
0.8
|
|
Energy
|
2.7
|
|
Financial Services
|
5.1
|
|
Food, Beverage & Tobacco
|
7.1
|
|
Health Care Equipment & Services
|
6.8
|
|
Household & Personal Products
|
1.8
|
|
Insurance
|
2.8
|
|
Materials
|
6.1
|
|
Media & Entertainment
|
7.4
|
|
Pharmaceuticals, Biotechnology & Life Sciences
|
3.8
|
|
Semiconductors & Semiconductor Equipment
|
5.1
|
|
Software & Services
|
13.9
|
|
Technology Hardware & Equipment
|
2.9
|
|
Telecommunication Services
|
2.1
|
|
Transportation
|
4.4
|
|
Utilities
|
2.7
|
|
Money Market Fund
|
1.5
|
|
Total Investments
|
99.7
|
|
Other Assets Less Liabilities
|
0.3
|
|
Net Assets
|
100.0
%
|
|
|
Shares
|
Value
|
|
COMMON STOCKS - 95.1%
|
||
|
Brazil - 5.0%
|
||
|
B3 SA - Brasil Bolsa Balcao
(Financial Services)*
|
1,902,100
|
$5,902,377
|
|
Lojas Renner SA (Consumer
Discretionary Distribution &
Retail)*
|
554,030
|
1,486,405
|
|
Raia Drogasil SA (Consumer
Staples Distribution & Retail)
|
2,766,543
|
10,085,658
|
|
WEG SA (Capital Goods)
|
781,552
|
7,277,207
|
|
|
|
24,751,647
|
|
China - 24.0%
|
||
|
Alibaba Group Holding Ltd.
(Consumer Discretionary
Distribution & Retail)†
|
752,298
|
11,490,960
|
|
Contemporary Amperex
Technology Co., Ltd.,
Class A (Capital Goods)†
|
233,979
|
13,740,282
|
|
Hefei Meiya Optoelectronic
Technology Inc., Class A
(Capital Goods)†
|
853,336
|
2,003,692
|
|
Jiangsu Hengli Hydraulic Co.,
Ltd., Class A (Capital
Goods)†
|
492,300
|
7,927,094
|
|
Lenovo Group Ltd. (Technology
Hardware & Equipment)†
|
1,382,000
|
4,249,935
|
|
Li Ning Co., Ltd. (Consumer
Durables & Apparel)†
|
2,003,000
|
3,875,155
|
|
Midea Group Co., Ltd., Class A
(Consumer Durables &
Apparel)†
|
418,902
|
5,439,814
|
|
NetEase Inc. (Media &
Entertainment)†
|
431,900
|
11,531,254
|
|
Ping An Insurance Group Co. of
China Ltd., Class H
(Insurance)†
|
1,369,000
|
10,250,377
|
|
Sany Heavy Industry Co., Ltd.,
Class A (Capital Goods)†
|
1,276,100
|
3,892,950
|
|
SF Holding Co., Ltd., Class A
(Transportation)†
|
768,418
|
3,985,696
|
|
Shanghai Friendess Electronic
Technology Corp., Ltd.,
Class A (Technology
Hardware & Equipment)†
|
285,949
|
4,436,498
|
|
Shenzhou International Group
Holdings Ltd. (Consumer
Durables & Apparel)†
|
444,410
|
2,528,487
|
|
Tencent Holdings Ltd. (Media &
Entertainment)†
|
343,855
|
20,852,155
|
|
WuXi AppTec Co., Ltd., Class A
(Pharmaceuticals,
Biotechnology & Life
Sciences)†
|
629,433
|
11,991,911
|
|
|
|
118,196,260
|
|
Egypt - 1.6%
|
||
|
Commercial International Bank
Egypt - GDR, Reg S
(Banks)†
|
2,801,484
|
7,588,335
|
|
|
Shares
|
Value
|
|
COMMON STOCKS - 95.1% (continued)
|
||
|
Hong Kong - 3.2%
|
||
|
AIA Group Ltd. (Insurance)†
|
715,956
|
$7,250,378
|
|
Techtronic Industries Co., Ltd.
(Capital Goods)†
|
501,261
|
8,462,622
|
|
|
|
15,713,000
|
|
India - 8.7%
|
||
|
Bajaj Auto Ltd. (Automobiles &
Components)†
|
27,880
|
3,372,365
|
|
HDFC Bank Ltd. (Banks)†
|
1,604,661
|
12,584,076
|
|
HDFC Life Insurance Co., Ltd.
(Insurance)^†
|
597,148
|
3,433,963
|
|
ICICI Bank Ltd. (Banks)†
|
576,781
|
8,680,129
|
|
Maruti Suzuki India Ltd.
(Automobiles &
Components)†
|
56,210
|
8,389,083
|
|
Supreme Industries Ltd. (Capital
Goods)†
|
51,382
|
1,866,780
|
|
Tata Consultancy Services Ltd.
(Software & Services)†
|
184,794
|
4,582,715
|
|
|
|
42,909,111
|
|
Indonesia - 1.5%
|
||
|
Bank Central Asia Tbk PT
(Banks)†
|
14,911,929
|
5,244,265
|
|
Bank Rakyat Indonesia Persero
Tbk PT (Banks)†
|
13,167,086
|
2,226,540
|
|
|
|
7,470,805
|
|
Italy - 2.2%
|
||
|
Tenaris SA - ADR (Energy)
|
189,921
|
10,888,171
|
|
Kazakhstan - 1.7%
|
||
|
Kaspi.KZ JSC - ADR (Financial
Services)
|
47,782
|
4,242,086
|
|
NAC Kazatomprom JSC - GDR,
Reg S (Energy)†
|
61,157
|
3,879,759
|
|
|
|
8,121,845
|
|
Kenya - 1.3%
|
||
|
Safaricom plc
(Telecommunication
Services)†
|
22,955,382
|
6,483,283
|
|
Mexico - 3.8%
|
||
|
Fomento Economico Mexicano
SAB de CV - Sponsored
ADR (Food, Beverage &
Tobacco)
|
63,280
|
8,099,207
|
|
Grupo Financiero Banorte SAB
de CV, Series O (Banks)
|
760,529
|
8,807,812
|
|
Wal-Mart de Mexico SAB de CV
(Consumer Staples
Distribution & Retail)
|
673,525
|
1,954,135
|
|
|
|
18,861,154
|
|
Panama - 1.0%
|
||
|
Copa Holdings SA, Class A
(Transportation)
|
35,835
|
5,060,619
|
|
Peru - 0.6%
|
||
|
Credicorp Ltd. (Banks)
|
7,108
|
2,847,323
|
|
|
Shares
|
Value
|
|
COMMON STOCKS - 95.1% (continued)
|
||
|
Russia - 0.0%^^
|
||
|
Sberbank of Russia PJSC
(Banks)*‡#
|
36,588,248
|
$—
|
|
Saudi Arabia - 1.6%
|
||
|
Al Rajhi Bank (Banks)†
|
233,710
|
3,895,287
|
|
Bupa Arabia for Cooperative
Insurance Co. (Insurance)†
|
98,155
|
4,115,091
|
|
|
|
8,010,378
|
|
Singapore - 0.8%
|
||
|
Sea Ltd. - ADR (Consumer
Discretionary Distribution &
Retail)*
|
36,194
|
3,863,348
|
|
South Africa - 2.3%
|
||
|
Clicks Group Ltd. (Consumer
Staples Distribution &
Retail)†
|
230,685
|
3,078,793
|
|
Discovery Ltd. (Insurance)†
|
244,802
|
3,887,614
|
|
Standard Bank Group Ltd.
(Banks)†
|
219,627
|
4,389,764
|
|
|
|
11,356,171
|
|
South Korea - 11.2%
|
||
|
Cheil Worldwide Inc. (Media &
Entertainment)†
|
210,479
|
2,787,364
|
|
Coway Co., Ltd. (Consumer
Durables & Apparel)†
|
112,539
|
7,242,481
|
|
Kakao Corp. (Media &
Entertainment)†
|
204,941
|
5,383,204
|
|
NAVER Corp. (Media &
Entertainment)†
|
22,107
|
3,211,909
|
|
Samsung Electronics Co., Ltd. -
GDR, Reg S (Technology
Hardware & Equipment)†
|
4,637
|
19,592,495
|
|
SK hynix Inc. (Semiconductors
& Semiconductor
Equipment)†
|
15,471
|
16,997,549
|
|
|
|
55,215,002
|
|
Taiwan - 17.7%
|
||
|
Airtac International Group
(Capital Goods)†
|
242,783
|
9,813,553
|
|
ASPEED Technology Inc.
(Semiconductors &
Semiconductor
Equipment)*†
|
25,934
|
11,380,848
|
|
Delta Electronics Inc.
(Technology Hardware &
Equipment)†
|
206,950
|
10,212,846
|
|
Eclat Textile Co., Ltd.
(Consumer Durables &
Apparel)†
|
184,181
|
1,958,881
|
|
Hon Hai Precision Industry Co.,
Ltd. (Technology Hardware
& Equipment)†
|
1,841,545
|
14,230,777
|
|
Silergy Corp. (Semiconductors &
Semiconductor Equipment)†
|
305,000
|
3,829,903
|
|
|
Shares
|
Value
|
|
COMMON STOCKS - 95.1% (continued)
|
||
|
Taiwan - 17.7% (continued)
|
||
|
Taiwan Semiconductor
Manufacturing Co., Ltd.
(Semiconductors &
Semiconductor Equipment)†
|
477,527
|
$35,710,341
|
|
|
|
87,137,149
|
|
Thailand - 0.4%
|
||
|
Bumrungrad Hospital pcl, Reg S
(Health Care Equipment &
Services)†
|
336,055
|
1,886,960
|
|
United Arab Emirates - 1.0%
|
||
|
Emaar Properties PJSC (Real
Estate Management &
Development)†
|
1,602,009
|
4,763,969
|
|
United Kingdom - 1.0%
|
||
|
Coca-Cola HBC AG - CDI
(Food, Beverage &
Tobacco)†
|
75,274
|
5,084,553
|
|
United States - 1.7%
|
||
|
EPAM Systems Inc. (Software &
Services)*
|
17,509
|
1,848,250
|
|
MercadoLibre Inc. (Consumer
Discretionary Distribution &
Retail)*
|
3,490
|
6,554,045
|
|
|
|
8,402,295
|
|
Vietnam - 2.8%
|
||
|
Hoa Phat Group JSC
(Materials)†
|
7,348,240
|
6,047,069
|
|
Mobile World Investment Corp.
(Consumer Discretionary
Distribution & Retail)†
|
2,816,800
|
7,497,092
|
|
|
|
13,544,161
|
|
Total Common Stocks (Cost $383,449,588)
|
$468,155,539
|
|
|
|
|
|
|
PREFERRED STOCKS - 4.1%
|
||
|
Brazil - 1.2%
|
||
|
Itau Unibanco Holding SA -
Sponsored ADR, 3.87%
(Banks)+
|
697,835
|
5,903,684
|
|
Colombia - 0.7%
|
||
|
Grupo Cibest SA - ADR, 5.74%
(Banks)+
|
38,077
|
3,522,884
|
|
South Korea - 2.2%
|
||
|
Samsung Electronics Co., Ltd. -
GDR, Reg S, 0.83%
(Technology Hardware &
Equipment)†+
|
3,496
|
10,450,804
|
|
|
|
|
|
Total Preferred Stocks (Cost $12,290,375)
|
$19,877,372
|
|
|
|
|
|
|
|
Shares
|
Value
|
|
SHORT TERM INVESTMENTS - 0.6%
|
||
|
Northern Institutional Funds -
Treasury Portfolio (Premier
Shares), 3.55% (Money
Market Funds)
|
3,074,468
|
$3,074,468
|
|
|
|
|
|
Total Short Term Investments (Cost $3,074,468)
|
$3,074,468
|
|
|
|
|
|
|
Total Investments — 99.8%
|
|
|
|
(Cost $398,814,431)
|
$491,107,379
|
|
|
Other Assets Less Liabilities - 0.2%
|
1,149,557
|
|
|
Net Assets — 100.0%
|
$492,256,936
|
|
|
Summary of Abbreviations
|
|
|
ADR
|
American Depositary Receipt
|
|
CDI
|
CREST Depositary Interest
|
|
GDR
|
Global Depositary Receipt
|
|
Reg S
|
Security sold outside United States without registration under
the Securities Act of 1933.
|
|
*
|
Non-income producing security.
|
|
†
|
Investment categorized as level 2 security.
|
|
^
|
Security exempt from registration pursuant to Rule 144A of the
Securities Act of 1933. This security, which represents 0.7% of
net assets as of July 31, 2026, is considered liquid and may be
resold in transactions exempt from registration, normally to
qualified buyers.
|
|
‡
|
Investment categorized as level 3 security that is effectively
valued at zero.
|
|
#
|
Following the December 19, 2025 reorganization of the
Emerging Markets Portfolio into the Portfolio
(“Reorganization”), 20,812,636 additional shares of Sberbank
were not transferred to the Portfolio due to applicable U.S.
sanctions. Pursuant to the Plan of Reorganization approved by
the Board of Directors, as soon as legally permissible and
reasonably practicable to do so, these shares, or the net
proceeds from their sale or disposition, will be transferred to
the Portfolio for no additional consideration. Please see the
October 8, 2025 Prospectus Supplement for further details
regarding the Reorganization.
|
|
+
|
Current yield is disclosed. Dividends are calculated based on a
percentage of the issuer’s net income.
|
|
^^
|
Amount is less than 0.005%.
|
|
Industry
|
Percentage of
Net Assets
|
|
Automobiles & Components
|
2.4
%
|
|
Banks
|
13.4
|
|
Capital Goods
|
11.2
|
|
Consumer Discretionary Distribution & Retail
|
6.2
|
|
Consumer Durables & Apparel
|
4.3
|
|
Consumer Staples Distribution & Retail
|
3.0
|
|
Energy
|
3.0
|
|
Financial Services
|
2.1
|
|
Food, Beverage & Tobacco
|
2.6
|
|
Health Care Equipment & Services
|
0.4
|
|
Insurance
|
5.9
|
|
Materials
|
1.3
|
|
Media & Entertainment
|
8.9
|
|
Pharmaceuticals, Biotechnology & Life Sciences
|
2.4
|
|
Real Estate Management & Development
|
1.0
|
|
Semiconductors & Semiconductor Equipment
|
13.7
|
|
Software & Services
|
1.3
|
|
Technology Hardware & Equipment
|
13.0
|
|
Telecommunication Services
|
1.3
|
|
Transportation
|
1.8
|
|
Money Market Fund
|
0.6
|
|
Total Investments
|
99.8
|
|
Other Assets Less Liabilities
|
0.2
|
|
Net Assets
|
100.0
%
|
|
|
Shares
|
Value
|
|
COMMON STOCKS - 93.1%
|
||
|
Bangladesh - 1.3%
|
||
|
BRAC Bank plc (Banks)†
|
899,730
|
$462,104
|
|
GrameenPhone Ltd.
(Telecommunication
Services)†
|
160,761
|
336,806
|
|
Square Pharmaceuticals plc
(Pharmaceuticals,
Biotechnology & Life
Sciences)†
|
447,046
|
799,156
|
|
|
|
1,598,066
|
|
Colombia - 2.8%
|
||
|
Cementos Argos SA - Sponsored
ADR (Materials)†
|
196,131
|
3,425,271
|
|
Egypt - 2.9%
|
||
|
Commercial International Bank
Egypt - GDR, Reg S
(Banks)†
|
1,280,435
|
3,468,294
|
|
Indonesia - 2.9%
|
||
|
Bank Central Asia Tbk PT
(Banks)†
|
3,321,600
|
1,168,149
|
|
Map Aktif Adiperkasa PT
(Consumer Discretionary
Distribution & Retail)†
|
36,171,100
|
1,307,637
|
|
Sumber Alfaria Trijaya Tbk PT
(Consumer Staples
Distribution & Retail)†
|
5,847,900
|
428,984
|
|
Telkom Indonesia Persero Tbk
PT (Telecommunication
Services)†
|
4,385,855
|
641,432
|
|
|
|
3,546,202
|
|
Kazakhstan - 8.2%
|
||
|
Halyk Savings Bank of
Kazakhstan JSC - GDR, Reg
S (Banks)†
|
79,787
|
2,557,232
|
|
Kaspi.KZ JSC - ADR (Financial
Services)
|
47,395
|
4,207,728
|
|
NAC Kazatomprom JSC - GDR,
Reg S (Energy)†
|
50,201
|
3,184,718
|
|
|
|
9,949,678
|
|
Kenya - 5.2%
|
||
|
Equity Group Holdings plc
(Banks)†
|
2,769,700
|
1,858,675
|
|
KCB Group plc (Banks)†
|
1,836,400
|
1,222,173
|
|
Safaricom plc
(Telecommunication
Services)†
|
11,102,450
|
3,135,662
|
|
|
|
6,216,510
|
|
Morocco - 7.2%
|
||
|
Akdital SA (Health Care
Equipment & Services)†
|
7,856
|
960,524
|
|
Attijariwafa Bank (Banks)†
|
20,418
|
1,501,882
|
|
Itissalat Al-Maghrib
(Telecommunication
Services)†
|
157,838
|
1,566,749
|
|
|
Shares
|
Value
|
|
COMMON STOCKS - 93.1% (continued)
|
||
|
Morocco - 7.2% (continued)
|
||
|
Societe d'Exploitation des Ports
(Transportation)†
|
50,097
|
$4,624,680
|
|
|
|
8,653,835
|
|
Panama - 1.7%
|
||
|
Copa Holdings SA, Class A
(Transportation)
|
14,761
|
2,084,548
|
|
Peru - 8.4%
|
||
|
Alicorp SAA (Food, Beverage &
Tobacco)
|
65,338
|
243,203
|
|
Credicorp Ltd. (Banks)
|
22,017
|
8,819,570
|
|
Ferreycorp SAA (Capital Goods)
|
808,822
|
1,011,474
|
|
|
|
10,074,247
|
|
Philippines - 14.8%
|
||
|
Bank of the Philippine Islands
(Banks)†
|
964,730
|
1,613,399
|
|
BDO Unibank Inc. (Banks)†
|
992,121
|
2,024,226
|
|
Century Pacific Food Inc. (Food,
Beverage & Tobacco)†
|
3,036,600
|
1,556,487
|
|
International Container Terminal
Services Inc.
(Transportation)†
|
478,490
|
7,501,567
|
|
Jollibee Foods Corp. (Consumer
Services)†
|
901,150
|
2,194,416
|
|
SM Prime Holdings Inc. (Real
Estate Management &
Development)†
|
7,407,700
|
2,217,180
|
|
Universal Robina Corp. (Food,
Beverage & Tobacco)†
|
798,550
|
772,294
|
|
|
|
17,879,569
|
|
Poland - 0.7%
|
||
|
Allegro.eu SA (Consumer
Discretionary Distribution &
Retail)*^†
|
72,445
|
876,190
|
|
Romania - 6.0%
|
||
|
Banca Transilvania SA (Banks)†
|
697,707
|
5,665,151
|
|
Societatea Nationala de Gaze
Naturale ROMGAZ SA
(Energy)†
|
383,678
|
1,559,280
|
|
|
|
7,224,431
|
|
Saudi Arabia - 2.9%
|
||
|
Al Rajhi Bank (Banks)†
|
48,390
|
806,525
|
|
Bupa Arabia for Cooperative
Insurance Co. (Insurance)†
|
29,229
|
1,225,409
|
|
Mouwasat Medical Services Co.
(Health Care Equipment &
Services)†
|
85,682
|
1,419,814
|
|
|
|
3,451,748
|
|
Slovenia - 2.1%
|
||
|
Krka dd Novo mesto
(Pharmaceuticals,
Biotechnology & Life
Sciences)†
|
8,638
|
2,584,846
|
|
|
Shares
|
Value
|
|
COMMON STOCKS - 93.1% (continued)
|
||
|
Thailand - 0.7%
|
||
|
Bumrungrad Hospital pcl, Reg S
(Health Care Equipment &
Services)†
|
141,900
|
$796,773
|
|
United Arab Emirates - 1.5%
|
||
|
Agthia Group PJSC (Food,
Beverage & Tobacco)†
|
444,858
|
387,051
|
|
Emaar Properties PJSC (Real
Estate Management &
Development)†
|
462,666
|
1,375,851
|
|
|
|
1,762,902
|
|
United Kingdom - 5.6%
|
||
|
Airtel Africa plc
(Telecommunication
Services)^†
|
763,308
|
3,430,220
|
|
Helios Towers plc
(Telecommunication
Services)*†
|
1,246,018
|
3,309,802
|
|
|
|
6,740,022
|
|
United States - 1.8%
|
||
|
Fabrinet (Technology Hardware
& Equipment)*
|
5,017
|
2,184,452
|
|
Vietnam - 16.4%
|
||
|
Bank for Foreign Trade of
Vietnam JSC (Banks)†
|
1,688,135
|
3,810,160
|
|
FPT Corp. (Software &
Services)†
|
807,475
|
2,055,944
|
|
Gemadept Group Corp.
(Transportation)†
|
634,900
|
1,855,950
|
|
Hoa Phat Group JSC
(Materials)†
|
5,636,842
|
4,638,713
|
|
Mobile World Investment Corp.
(Consumer Discretionary
Distribution & Retail)†
|
1,581,100
|
4,208,198
|
|
Saigon Beer Alcohol Beverage
Corp. (Food, Beverage &
Tobacco)†
|
827,420
|
1,368,705
|
|
Vietnam Dairy Products JSC
(Food, Beverage &
Tobacco)†
|
770,394
|
1,783,211
|
|
|
|
19,720,881
|
|
Total Common Stocks (Cost $77,680,726)
|
$112,238,465
|
|
|
|
|
|
|
PREFERRED STOCKS - 5.4%
|
||
|
Colombia - 5.4%
|
||
|
Grupo Cibest SA - ADR, 5.74%
(Banks)+
|
69,955
|
6,472,237
|
|
|
|
|
|
Total Preferred Stocks (Cost $2,242,521)
|
$6,472,237
|
|
|
|
|
|
|
|
Shares
|
Value
|
|
SHORT TERM INVESTMENTS - 1.4%
|
||
|
Northern Institutional Funds -
Treasury Portfolio (Premier
Shares), 3.55% (Money
Market Funds)
|
1,646,048
|
$1,646,048
|
|
|
|
|
|
Total Short Term Investments (Cost $1,646,048)
|
$1,646,048
|
|
|
|
|
|
|
Total Investments — 99.9%
|
|
|
|
(Cost $81,569,295)
|
$120,356,750
|
|
|
Other Assets Less Liabilities - 0.1%
|
138,327
|
|
|
Net Assets — 100.0%
|
$120,495,077
|
|
|
Summary of Abbreviations
|
|
|
ADR
|
American Depositary Receipt
|
|
GDR
|
Global Depositary Receipt
|
|
Reg S
|
Security sold outside United States without registration under
the Securities Act of 1933.
|
|
†
|
Investment categorized as level 2 security.
|
|
*
|
Non-income producing security.
|
|
^
|
Security exempt from registration pursuant to Rule 144A of the
Securities Act of 1933. These securities, which represent 3.6%
of net assets as of July 31, 2026, are considered liquid and may
be resold in transactions exempt from registration, normally to
qualified buyers.
|
|
+
|
Current yield is disclosed. Dividends are calculated based on a
percentage of the issuer’s net income.
|
|
Industry
|
Percentage of
Net Assets
|
|
Banks
|
34.6
%
|
|
Capital Goods
|
0.9
|
|
Consumer Discretionary Distribution & Retail
|
5.3
|
|
Consumer Services
|
1.8
|
|
Consumer Staples Distribution & Retail
|
0.3
|
|
Energy
|
3.9
|
|
Financial Services
|
3.5
|
|
Food, Beverage & Tobacco
|
5.1
|
|
Health Care Equipment & Services
|
2.7
|
|
Insurance
|
1.0
|
|
Materials
|
6.7
|
|
Pharmaceuticals, Biotechnology & Life Sciences
|
2.7
|
|
Real Estate Management & Development
|
3.0
|
|
Software & Services
|
1.7
|
|
Technology Hardware & Equipment
|
1.8
|
|
Telecommunication Services
|
10.3
|
|
Transportation
|
13.2
|
|
Money Market Fund
|
1.4
|
|
Total Investments
|
99.9
|
|
Other Assets Less Liabilities
|
0.1
|
|
Net Assets
|
100.0
%
|