|
|
Shares
|
Value
|
|
COMMON STOCKS - 96.8%
|
||
|
Canada - 1.0%
|
||
|
Alimentation Couche-Tard Inc.
(Consumer Staples
Distribution & Retail)
|
108,400
|
$5,632,794
|
|
China - 4.0%
|
||
|
Shenzhen Mindray Bio-Medical
Electronics Co., Ltd., Class A
(Health Care Equipment &
Services)†
|
250,700
|
8,049,702
|
|
Tencent Holdings Ltd. (Media &
Entertainment)†
|
210,500
|
14,756,136
|
|
|
|
22,805,838
|
|
France - 3.4%
|
||
|
Schneider Electric SE (Capital
Goods)†
|
75,633
|
19,735,023
|
|
Germany - 2.2%
|
||
|
SAP SE - Sponsored ADR
(Software & Services)
|
29,345
|
8,413,212
|
|
Symrise AG (Materials)†
|
49,071
|
4,451,154
|
|
|
|
12,864,366
|
|
Hong Kong - 1.6%
|
||
|
AIA Group Ltd. (Insurance)†
|
977,405
|
9,145,071
|
|
India - 1.4%
|
||
|
HDFC Bank Ltd. - ADR (Banks)
|
103,302
|
7,930,494
|
|
Indonesia - 0.6%
|
||
|
Bank Central Asia Tbk PT
(Banks)†
|
7,022,770
|
3,503,086
|
|
Japan - 6.0%
|
||
|
Chugai Pharmaceutical Co., Ltd.
(Pharmaceuticals,
Biotechnology & Life
Sciences)†
|
191,400
|
9,327,115
|
|
Disco Corp. (Semiconductors &
Semiconductor Equipment)†
|
24,200
|
7,209,605
|
|
Keyence Corp. (Technology
Hardware & Equipment)†
|
14,600
|
5,278,642
|
|
Sony Group Corp. (Consumer
Durables & Apparel)†
|
522,600
|
12,647,287
|
|
|
|
34,462,649
|
|
Mexico - 0.7%
|
||
|
Wal-Mart de Mexico SAB de CV
(Consumer Staples
Distribution & Retail)
|
1,456,900
|
4,294,631
|
|
Netherlands - 1.4%
|
||
|
ASML Holding NV
(Semiconductors &
Semiconductor Equipment)†
|
11,403
|
7,912,609
|
|
Singapore - 1.3%
|
||
|
DBS Group Holdings Ltd.
(Banks)†
|
196,700
|
7,219,849
|
|
Sweden - 2.4%
|
||
|
Alfa Laval AB (Capital Goods)†
|
122,287
|
5,302,230
|
|
|
Shares
|
Value
|
|
COMMON STOCKS - 96.8% (continued)
|
||
|
Sweden - 2.4% (continued)
|
||
|
Atlas Copco AB, Class A
(Capital Goods)†
|
272,893
|
$4,135,141
|
|
Epiroc AB, Class A (Capital
Goods)†
|
223,571
|
4,529,242
|
|
|
|
13,966,613
|
|
Switzerland - 3.9%
|
||
|
Alcon AG (Health Care
Equipment & Services)
|
92,799
|
8,124,553
|
|
Roche Holding AG, Genusschein
(Pharmaceuticals,
Biotechnology & Life
Sciences)†
|
29,213
|
9,166,272
|
|
SGS SA, Reg S (Commercial &
Professional Services)†
|
49,687
|
5,038,444
|
|
|
|
22,329,269
|
|
Taiwan - 1.7%
|
||
|
Taiwan Semiconductor
Manufacturing Co., Ltd. -
Sponsored ADR
(Semiconductors &
Semiconductor Equipment)
|
39,583
|
9,564,044
|
|
United Kingdom - 5.2%
|
||
|
Compass Group plc (Consumer
Services)†
|
205,728
|
7,230,571
|
|
Diploma plc (Capital Goods)†
|
108,965
|
7,722,165
|
|
Haleon plc (Pharmaceuticals,
Biotechnology & Life
Sciences)†
|
1,824,064
|
8,590,990
|
|
Shell plc (Energy)†
|
169,564
|
6,084,348
|
|
|
|
29,628,074
|
|
United States - 60.0%
|
||
|
AbbVie Inc. (Pharmaceuticals,
Biotechnology & Life
Sciences)
|
31,893
|
6,028,415
|
|
Accenture plc, Class A (Software
& Services)
|
34,401
|
9,188,507
|
|
Adobe Inc. (Software &
Services)*
|
22,942
|
8,206,124
|
|
Alphabet Inc., Class A (Media &
Entertainment)
|
128,688
|
24,695,227
|
|
Amazon.com Inc. (Consumer
Discretionary Distribution &
Retail)*
|
100,628
|
23,558,021
|
|
AMETEK Inc. (Capital Goods)
|
29,425
|
5,439,211
|
|
Amphenol Corp., Class A
(Technology Hardware &
Equipment)
|
78,021
|
8,310,017
|
|
Applied Materials Inc.
(Semiconductors &
Semiconductor Equipment)
|
36,609
|
6,591,817
|
|
Atkore Inc. (Capital Goods)
|
45,498
|
3,504,256
|
|
Booking Holdings Inc.
(Consumer Services)
|
1,993
|
10,969,592
|
|
|
Shares
|
Value
|
|
COMMON STOCKS - 96.8% (continued)
|
||
|
United States - 60.0% (continued)
|
||
|
Broadcom Inc. (Semiconductors
& Semiconductor
Equipment)
|
42,388
|
$12,449,356
|
|
CME Group Inc. (Financial
Services)
|
51,059
|
14,208,698
|
|
CoStar Group Inc. (Real Estate
Management &
Development)*
|
80,467
|
7,659,654
|
|
Danaher Corp. (Pharmaceuticals,
Biotechnology & Life
Sciences)
|
31,644
|
6,238,931
|
|
Deere & Co. (Capital Goods)
|
23,356
|
12,247,186
|
|
HEICO Corp. (Capital Goods)
|
22,578
|
7,378,490
|
|
Honeywell International Inc.
(Capital Goods)
|
21,819
|
4,851,455
|
|
Johnson & Johnson
(Pharmaceuticals,
Biotechnology & Life
Sciences)
|
32,371
|
5,332,799
|
|
Meta Platforms Inc., Class A
(Media & Entertainment)
|
26,601
|
20,574,277
|
|
Microsoft Corp. (Software &
Services)
|
51,892
|
27,684,382
|
|
Netflix Inc. (Media &
Entertainment)*
|
16,656
|
19,310,966
|
|
Northrop Grumman Corp.
(Capital Goods)
|
9,491
|
5,472,605
|
|
NVIDIA Corp. (Semiconductors
& Semiconductor
Equipment)
|
56,611
|
10,069,399
|
|
Progressive Corp. (Insurance)
|
40,050
|
9,693,702
|
|
Schlumberger NV (Energy)
|
172,487
|
5,830,061
|
|
ServiceNow Inc. (Software &
Services)*
|
7,171
|
6,763,113
|
|
Synopsys Inc. (Software &
Services)*
|
21,758
|
13,783,040
|
|
Thermo Fisher Scientific Inc.
(Pharmaceuticals,
Biotechnology & Life
Sciences)
|
12,842
|
6,005,947
|
|
Trade Desk Inc., Class A (Media
& Entertainment)*
|
99,463
|
8,649,302
|
|
Tradeweb Markets Inc., Class A
(Financial Services)
|
98,431
|
13,637,615
|
|
Vertex Pharmaceuticals Inc.
(Pharmaceuticals,
Biotechnology & Life
Sciences)*
|
34,389
|
15,711,302
|
|
Visa Inc., Class A (Financial
Services)
|
15,217
|
5,257,017
|
|
|
|
345,300,484
|
|
Total Common Stocks (Cost $340,818,619)
|
$556,294,894
|
|
|
|
|
|
|
|
Shares
|
Value
|
|
SHORT TERM INVESTMENTS - 2.9%
|
||
|
Northern Institutional Funds -
Treasury Portfolio (Premier
Shares), 4.15% (Money
Market Funds)
|
16,794,192
|
$16,794,192
|
|
|
|
|
|
Total Short Term Investments (Cost $16,794,192)
|
$16,794,192
|
|
|
|
|
|
|
Total Investments — 99.7%
|
|
|
|
(Cost $357,612,811)
|
$573,089,086
|
|
|
Other Assets Less Liabilities - 0.3%
|
1,913,129
|
|
|
Net Assets — 100.0%
|
$575,002,215
|
|
|
Summary of Abbreviations
|
|
|
ADR
|
American 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.
|
|
Industry
|
Percentage of
Net Assets
|
|
Banks
|
3.3
%
|
|
Capital Goods
|
13.8
|
|
Commercial & Professional Services
|
0.9
|
|
Consumer Discretionary Distribution & Retail
|
4.1
|
|
Consumer Durables & Apparel
|
2.2
|
|
Consumer Services
|
3.2
|
|
Consumer Staples Distribution & Retail
|
1.7
|
|
Energy
|
2.1
|
|
Financial Services
|
5.8
|
|
Health Care Equipment & Services
|
2.8
|
|
Insurance
|
3.3
|
|
Materials
|
0.8
|
|
Media & Entertainment
|
15.4
|
|
Pharmaceuticals, Biotechnology & Life Sciences
|
11.5
|
|
Real Estate Management & Development
|
1.3
|
|
Semiconductors & Semiconductor Equipment
|
9.5
|
|
Software & Services
|
12.8
|
|
Technology Hardware & Equipment
|
2.3
|
|
Money Market Fund
|
2.9
|
|
Total Investments
|
99.7
|
|
Other Assets Less Liabilities
|
0.3
|
|
Net Assets
|
100.0
%
|
|
|
Shares
|
Value
|
|
COMMON STOCKS - 98.1%
|
||
|
Australia - 1.4%
|
||
|
BHP Group Ltd. - Sponsored
ADR (Materials)
|
3,414,868
|
$173,031,362
|
|
Canada - 4.0%
|
||
|
Alimentation Couche-Tard Inc.
(Consumer Staples
Distribution & Retail)
|
3,023,349
|
157,102,431
|
|
Canadian National Railway Co.
(Transportation)
|
977,613
|
91,357,935
|
|
Manulife Financial Corp.
(Insurance)
|
7,606,073
|
235,329,351
|
|
|
|
483,789,717
|
|
China - 9.5%
|
||
|
Contemporary Amperex
Technology Co., Ltd.,
Class A (Capital Goods)†
|
6,553,257
|
239,004,933
|
|
Haier Smart Home Co., Ltd.,
Class A (Consumer Durables
& Apparel)†
|
39,285,788
|
134,851,750
|
|
NetEase Inc. - ADR (Media &
Entertainment)
|
1,182,078
|
154,024,763
|
|
Ping An Insurance Group Co. of
China Ltd., Class H
(Insurance)†
|
13,762,000
|
94,638,668
|
|
SF Holding Co., Ltd., Class A
(Transportation)†
|
19,044,400
|
121,668,317
|
|
Shenzhen Mindray Bio-Medical
Electronics Co., Ltd., Class A
(Health Care Equipment &
Services)†
|
2,816,564
|
90,436,779
|
|
Tencent Holdings Ltd. (Media &
Entertainment)†
|
3,032,210
|
212,559,157
|
|
ZTO Express Cayman Inc. -
ADR (Transportation)
|
5,870,628
|
115,592,665
|
|
|
|
1,162,777,032
|
|
Denmark - 2.2%
|
||
|
Coloplast A/S, Class B (Health
Care Equipment &
Services)†
|
893,466
|
81,228,420
|
|
Genmab A/S (Pharmaceuticals,
Biotechnology & Life
Sciences)*†
|
426,361
|
92,609,274
|
|
Novonesis (Novozymes), Class B
(Materials)†
|
1,525,367
|
99,070,455
|
|
|
|
272,908,149
|
|
France - 6.6%
|
||
|
Air Liquide SA (Materials)†
|
744,590
|
146,562,662
|
|
Dassault Systemes SE (Software
& Services)†
|
3,141,318
|
103,341,915
|
|
L'Oreal SA (Household &
Personal Products)†
|
573,594
|
254,134,737
|
|
Safran SA (Capital Goods)†
|
408,731
|
134,597,714
|
|
Schneider Electric SE (Capital
Goods)†
|
657,165
|
171,474,970
|
|
|
|
810,111,998
|
|
|
Shares
|
Value
|
|
COMMON STOCKS - 98.1% (continued)
|
||
|
Germany - 4.6%
|
||
|
Allianz SE, Reg S (Insurance)†
|
764,070
|
$302,606,855
|
|
SAP SE - Sponsored ADR
(Software & Services)
|
541,463
|
155,237,442
|
|
Symrise AG (Materials)†
|
1,198,909
|
108,751,170
|
|
|
|
566,595,467
|
|
Hong Kong - 3.5%
|
||
|
AIA Group Ltd. (Insurance)†
|
35,112,174
|
328,526,366
|
|
Techtronic Industries Co., Ltd.
(Capital Goods)†
|
8,566,000
|
102,961,112
|
|
|
|
431,487,478
|
|
India - 3.5%
|
||
|
HDFC Bank Ltd. - ADR (Banks)
|
5,577,710
|
428,200,797
|
|
Indonesia - 1.0%
|
||
|
Telkom Indonesia Persero Tbk
PT (Telecommunication
Services)†
|
689,525,700
|
119,573,999
|
|
Ireland - 1.2%
|
||
|
Ryanair Holdings plc -
Sponsored ADR
(Transportation)
|
2,254,686
|
140,399,297
|
|
Israel - 0.6%
|
||
|
Nice Ltd. - Sponsored ADR
(Software & Services)*
|
493,490
|
77,009,114
|
|
Japan - 13.4%
|
||
|
Chugai Pharmaceutical Co., Ltd.
(Pharmaceuticals,
Biotechnology & Life
Sciences)†
|
5,896,500
|
287,342,395
|
|
Daifuku Co., Ltd. (Capital
Goods)†
|
4,856,600
|
124,080,442
|
|
Disco Corp. (Semiconductors &
Semiconductor Equipment)†
|
511,500
|
152,384,822
|
|
Keyence Corp. (Technology
Hardware & Equipment)†
|
282,234
|
102,041,942
|
|
Komatsu Ltd. (Capital Goods)†
|
5,290,400
|
169,146,815
|
|
Obic Co., Ltd. (Software &
Services)†
|
3,317,314
|
118,872,270
|
|
Shionogi & Co., Ltd.
(Pharmaceuticals,
Biotechnology & Life
Sciences)†
|
7,492,100
|
124,799,975
|
|
Sony Group Corp. (Consumer
Durables & Apparel)†
|
10,716,800
|
259,354,082
|
|
Sysmex Corp. (Health Care
Equipment & Services)†
|
10,860,121
|
176,951,369
|
|
Unicharm Corp. (Household &
Personal Products)†
|
16,315,900
|
114,007,723
|
|
|
|
1,628,981,835
|
|
Mexico - 2.7%
|
||
|
Fomento Economico Mexicano
SAB de CV - Sponsored
ADR (Food, Beverage &
Tobacco)
|
2,240,501
|
202,675,720
|
|
|
Shares
|
Value
|
|
COMMON STOCKS - 98.1% (continued)
|
||
|
Mexico - 2.7% (continued)
|
||
|
Grupo Financiero Banorte SAB
de CV, Series O (Banks)
|
14,693,800
|
$130,947,345
|
|
|
|
333,623,065
|
|
Netherlands - 3.6%
|
||
|
Adyen NV (Financial
Services)*^†
|
93,458
|
160,059,251
|
|
ASML Holding NV
(Semiconductors &
Semiconductor Equipment)†
|
392,858
|
272,606,490
|
|
|
|
432,665,741
|
|
Peru - 1.4%
|
||
|
Credicorp Ltd. (Banks)
|
712,122
|
168,772,914
|
|
Singapore - 3.9%
|
||
|
DBS Group Holdings Ltd.
(Banks)†
|
12,911,618
|
473,919,329
|
|
South Korea - 2.8%
|
||
|
Samsung Electronics Co., Ltd. -
GDR, Reg S (Technology
Hardware & Equipment)†
|
273,810
|
342,432,461
|
|
Spain - 1.7%
|
||
|
Banco Bilbao Vizcaya
Argentaria SA (Banks)†
|
12,570,422
|
209,826,950
|
|
Sweden - 6.9%
|
||
|
Alfa Laval AB (Capital Goods)†
|
4,862,923
|
210,850,983
|
|
Assa Abloy AB, Class B (Capital
Goods)†
|
4,473,884
|
147,115,483
|
|
Atlas Copco AB, Class A
(Capital Goods)†
|
6,936,365
|
105,106,574
|
|
Epiroc AB, Class A (Capital
Goods)†
|
7,412,267
|
150,162,365
|
|
Skandinaviska Enskilda Banken
AB, Class A (Banks)†
|
12,720,439
|
222,114,163
|
|
|
|
835,349,568
|
|
Switzerland - 7.0%
|
||
|
Alcon AG (Health Care
Equipment & Services)
|
2,218,258
|
194,208,488
|
|
Nestle SA - Sponsored ADR
(Food, Beverage & Tobacco)
|
2,386,367
|
207,566,202
|
|
Novartis AG, Reg S
(Pharmaceuticals,
Biotechnology & Life
Sciences)†
|
1,036,077
|
117,280,042
|
|
Roche Holding AG, Genusschein
(Pharmaceuticals,
Biotechnology & Life
Sciences)†
|
751,644
|
235,846,145
|
|
Sonova Holding AG, Reg S
(Health Care Equipment &
Services)†
|
364,410
|
99,115,116
|
|
|
|
854,015,993
|
|
|
Shares
|
Value
|
|
COMMON STOCKS - 98.1% (continued)
|
||
|
Taiwan - 6.6%
|
||
|
Delta Electronics Inc.
(Technology Hardware &
Equipment)†
|
15,223,000
|
$287,671,708
|
|
Taiwan Semiconductor
Manufacturing Co., Ltd. -
Sponsored ADR
(Semiconductors &
Semiconductor Equipment)
|
2,134,563
|
515,753,112
|
|
|
|
803,424,820
|
|
United Kingdom - 6.5%
|
||
|
Haleon plc (Pharmaceuticals,
Biotechnology & Life
Sciences)†
|
52,633,563
|
247,893,958
|
|
Rio Tinto plc (Materials)†
|
2,972,227
|
176,492,849
|
|
Shell plc (Energy)†
|
10,224,764
|
366,888,132
|
|
|
|
791,274,939
|
|
United States - 3.5%
|
||
|
Linde plc (Materials)
|
399,351
|
183,805,291
|
|
MercadoLibre Inc. (Consumer
Discretionary Distribution &
Retail)*
|
101,010
|
239,786,629
|
|
|
|
423,591,920
|
|
Total Common Stocks (Cost $7,713,182,051)
|
$11,963,763,945
|
|
|
|
|
|
|
SHORT TERM INVESTMENTS - 2.0%
|
||
|
Northern Institutional Funds -
Treasury Portfolio (Premier
Shares), 4.15% (Money
Market Funds)
|
237,230,532
|
237,230,532
|
|
|
|
|
|
Total Short Term Investments (Cost
$237,230,532)
|
$237,230,532
|
|
|
|
|
|
|
Total Investments — 100.1%
|
|
|
|
(Cost $7,950,412,583)
|
$12,200,994,477
|
|
|
Liabilities Less Other Assets - (0.1)%
|
(8,646,640
)
|
|
|
Net Assets — 100.0%
|
$12,192,347,837
|
|
|
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 1.3%
of net assets as of July 31, 2025, are considered liquid and may
be resold in transactions exempt from registration, normally to
qualified buyers.
|
|
Industry
|
Percentage of
Net Assets
|
|
Banks
|
13.4
%
|
|
Capital Goods
|
12.8
|
|
Consumer Discretionary Distribution & Retail
|
2.0
|
|
Consumer Durables & Apparel
|
3.2
|
|
Consumer Staples Distribution & Retail
|
1.3
|
|
Energy
|
3.0
|
|
Financial Services
|
1.3
|
|
Food, Beverage & Tobacco
|
3.3
|
|
Health Care Equipment & Services
|
5.3
|
|
Household & Personal Products
|
3.0
|
|
Insurance
|
7.9
|
|
Materials
|
7.3
|
|
Media & Entertainment
|
3.0
|
|
Pharmaceuticals, Biotechnology & Life Sciences
|
9.0
|
|
Semiconductors & Semiconductor Equipment
|
7.8
|
|
Software & Services
|
3.6
|
|
Technology Hardware & Equipment
|
6.0
|
|
Telecommunication Services
|
1.0
|
|
Transportation
|
3.9
|
|
Money Market Fund
|
2.0
|
|
Total Investments
|
100.1
|
|
Liabilities Less Other Assets
|
(0.1
)
|
|
Net Assets
|
100.0
%
|
|
|
Shares
|
Value
|
|
COMMON STOCKS - 96.6%
|
||
|
Australia - 1.7%
|
||
|
BHP Group Ltd. - Sponsored
ADR (Materials)
|
31,331
|
$1,587,542
|
|
Canada - 5.7%
|
||
|
Alimentation Couche-Tard Inc.
(Consumer Staples
Distribution & Retail)
|
39,315
|
2,042,927
|
|
Canadian National Railway Co.
(Transportation)
|
11,087
|
1,036,080
|
|
Manulife Financial Corp.
(Insurance)
|
78,090
|
2,416,079
|
|
|
|
5,495,086
|
|
Denmark - 2.9%
|
||
|
Coloplast A/S, Class B (Health
Care Equipment &
Services)†
|
9,329
|
848,135
|
|
Genmab A/S (Pharmaceuticals,
Biotechnology & Life
Sciences)*†
|
4,158
|
903,154
|
|
Novonesis (Novozymes), Class B
(Materials)†
|
15,523
|
1,008,197
|
|
|
|
2,759,486
|
|
France - 9.0%
|
||
|
Air Liquide SA (Materials)†
|
7,506
|
1,477,457
|
|
Dassault Systemes SE (Software
& Services)†
|
37,517
|
1,234,220
|
|
L'Oreal SA (Household &
Personal Products)†
|
5,786
|
2,563,527
|
|
Safran SA (Capital Goods)†
|
4,574
|
1,506,247
|
|
Schneider Electric SE (Capital
Goods)†
|
6,858
|
1,789,467
|
|
|
|
8,570,918
|
|
Germany - 7.1%
|
||
|
Allianz SE, Reg S (Insurance)†
|
8,014
|
3,173,912
|
|
SAP SE - Sponsored ADR
(Software & Services)
|
8,464
|
2,426,628
|
|
Symrise AG (Materials)†
|
12,952
|
1,174,856
|
|
|
|
6,775,396
|
|
Hong Kong - 4.8%
|
||
|
AIA Group Ltd. (Insurance)†
|
375,400
|
3,512,423
|
|
Techtronic Industries Co., Ltd.
(Capital Goods)†
|
87,000
|
1,045,717
|
|
|
|
4,558,140
|
|
India - 1.1%
|
||
|
HDFC Bank Ltd. - ADR (Banks)
|
13,378
|
1,027,029
|
|
Ireland - 1.6%
|
||
|
Ryanair Holdings plc -
Sponsored ADR
(Transportation)
|
24,304
|
1,513,410
|
|
Israel - 0.8%
|
||
|
Nice Ltd. - Sponsored ADR
(Software & Services)*
|
4,734
|
738,741
|
|
|
Shares
|
Value
|
|
COMMON STOCKS - 96.6% (continued)
|
||
|
Japan - 18.0%
|
||
|
Chugai Pharmaceutical Co., Ltd.
(Pharmaceuticals,
Biotechnology & Life
Sciences)†
|
59,100
|
$2,880,003
|
|
Daifuku Co., Ltd. (Capital
Goods)†
|
48,100
|
1,228,899
|
|
Disco Corp. (Semiconductors &
Semiconductor Equipment)†
|
5,300
|
1,578,963
|
|
Keyence Corp. (Technology
Hardware & Equipment)†
|
2,800
|
1,012,342
|
|
Komatsu Ltd. (Capital Goods)†
|
58,200
|
1,860,794
|
|
Obic Co., Ltd. (Software &
Services)†
|
36,567
|
1,310,338
|
|
Shionogi & Co., Ltd.
(Pharmaceuticals,
Biotechnology & Life
Sciences)†
|
85,400
|
1,422,554
|
|
Sony Group Corp. (Consumer
Durables & Apparel)†
|
120,200
|
2,908,924
|
|
Sysmex Corp. (Health Care
Equipment & Services)†
|
115,100
|
1,875,403
|
|
Unicharm Corp. (Household &
Personal Products)†
|
166,700
|
1,164,820
|
|
|
|
17,243,040
|
|
Netherlands - 4.7%
|
||
|
Adyen NV (Financial
Services)*^†
|
1,052
|
1,801,690
|
|
ASML Holding NV
(Semiconductors &
Semiconductor Equipment)†
|
3,825
|
2,654,190
|
|
|
|
4,455,880
|
|
Singapore - 4.7%
|
||
|
DBS Group Holdings Ltd.
(Banks)†
|
122,100
|
4,481,665
|
|
South Korea - 1.2%
|
||
|
Samsung Electronics Co., Ltd. -
GDR, Reg S (Technology
Hardware & Equipment)†
|
892
|
1,115,554
|
|
Spain - 2.4%
|
||
|
Banco Bilbao Vizcaya
Argentaria SA (Banks)†
|
136,459
|
2,277,790
|
|
Sweden - 8.8%
|
||
|
Alfa Laval AB (Capital Goods)†
|
46,999
|
2,037,825
|
|
Assa Abloy AB, Class B (Capital
Goods)†
|
41,013
|
1,348,637
|
|
Atlas Copco AB, Class A
(Capital Goods)†
|
75,212
|
1,139,686
|
|
Epiroc AB, Class A (Capital
Goods)†
|
75,885
|
1,537,326
|
|
Skandinaviska Enskilda Banken
AB, Class A (Banks)†
|
137,307
|
2,397,545
|
|
|
|
8,461,019
|
|
|
Shares
|
Value
|
|
COMMON STOCKS - 96.6% (continued)
|
||
|
Switzerland - 9.1%
|
||
|
Alcon AG (Health Care
Equipment & Services)
|
21,311
|
$1,865,778
|
|
Nestle SA, Reg S (Food,
Beverage & Tobacco)†
|
24,007
|
2,093,652
|
|
Novartis AG, Reg S
(Pharmaceuticals,
Biotechnology & Life
Sciences)†
|
12,430
|
1,407,029
|
|
Roche Holding AG, Genusschein
(Pharmaceuticals,
Biotechnology & Life
Sciences)†
|
7,554
|
2,370,247
|
|
Sonova Holding AG, Reg S
(Health Care Equipment &
Services)†
|
3,735
|
1,015,875
|
|
|
|
8,752,581
|
|
Taiwan - 2.6%
|
||
|
Taiwan Semiconductor
Manufacturing Co., Ltd. -
Sponsored ADR
(Semiconductors &
Semiconductor Equipment)
|
10,397
|
2,512,123
|
|
United Kingdom - 8.5%
|
||
|
Haleon plc (Pharmaceuticals,
Biotechnology & Life
Sciences)†
|
563,621
|
2,654,546
|
|
Rio Tinto plc (Materials)†
|
29,366
|
1,743,773
|
|
Shell plc (Energy)†
|
104,809
|
3,760,789
|
|
|
|
8,159,108
|
|
United States - 1.9%
|
||
|
Linde plc (Materials)
|
3,934
|
1,810,663
|
|
|
|
|
|
Total Common Stocks (Cost $78,615,945)
|
$92,295,171
|
|
|
|
|
|
|
SHORT TERM INVESTMENTS - 3.4%
|
||
|
Northern Institutional Funds -
Treasury Portfolio (Premier
Shares), 4.15% (Money
Market Funds)
|
3,292,132
|
3,292,132
|
|
|
|
|
|
Total Short Term Investments (Cost $3,292,132)
|
$3,292,132
|
|
|
|
|
|
|
Total Investments — 100.0%
|
|
|
|
(Cost $81,908,077)
|
$95,587,303
|
|
|
Liabilities Less Other Assets - (0.0)%
|
(31,004
)
|
|
|
Net Assets — 100.0%
|
$95,556,299
|
|
|
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 1.9%
of net assets as of July 31, 2025, are considered liquid and may
be resold in transactions exempt from registration, normally to
qualified buyers.
|
|
Industry
|
Percentage of
Net Assets
|
|
Banks
|
10.7
%
|
|
Capital Goods
|
14.1
|
|
Consumer Durables & Apparel
|
3.0
|
|
Consumer Staples Distribution & Retail
|
2.1
|
|
Energy
|
3.9
|
|
Financial Services
|
1.9
|
|
Food, Beverage & Tobacco
|
2.2
|
|
Health Care Equipment & Services
|
5.8
|
|
Household & Personal Products
|
3.9
|
|
Insurance
|
9.5
|
|
Materials
|
9.2
|
|
Pharmaceuticals, Biotechnology & Life Sciences
|
12.2
|
|
Semiconductors & Semiconductor Equipment
|
7.0
|
|
Software & Services
|
6.1
|
|
Technology Hardware & Equipment
|
2.3
|
|
Transportation
|
2.7
|
|
Money Market Fund
|
3.4
|
|
Total Investments
|
100.0
|
|
Liabilities Less Other Assets
|
(0.0
)
|
|
Net Assets
|
100.0
%
|
|
|
Shares
|
Value
|
|
COMMON STOCKS - 98.8%
|
||
|
Bangladesh - 0.8%
|
||
|
Square Pharmaceuticals plc
(Pharmaceuticals,
Biotechnology & Life
Sciences)†
|
1,126,640
|
$2,112,901
|
|
Belgium - 0.7%
|
||
|
Lotus Bakeries NV (Food,
Beverage & Tobacco)†
|
222
|
1,879,512
|
|
Canada - 1.2%
|
||
|
Kinaxis Inc. (Software &
Services)*
|
21,894
|
3,249,338
|
|
China - 5.0%
|
||
|
Haitian International Holdings
Ltd. (Capital Goods)†
|
656,000
|
1,764,591
|
|
Shanghai Friendess Electronic
Technology Corp., Ltd.,
Class A (Technology
Hardware & Equipment)†
|
207,426
|
3,762,378
|
|
TravelSky Technology Ltd.,
Class H (Consumer
Services)†
|
3,164,000
|
5,032,253
|
|
Yantai China Pet Foods Co.,
Ltd., Class A (Food,
Beverage & Tobacco)†
|
404,499
|
3,192,877
|
|
|
|
13,752,099
|
|
Finland - 1.6%
|
||
|
Vaisala OYJ, Class A
(Technology Hardware &
Equipment)†
|
84,362
|
4,539,315
|
|
France - 2.4%
|
||
|
Alten SA (Software & Services)†
|
30,761
|
2,508,979
|
|
Rubis SCA (Utilities)†
|
129,707
|
4,115,652
|
|
|
|
6,624,631
|
|
Germany - 14.5%
|
||
|
Bechtle AG (Software &
Services)†
|
100,527
|
4,371,012
|
|
Brenntag SE (Capital Goods)†
|
34,511
|
2,146,061
|
|
Carl Zeiss Meditec AG (Bearer)
(Health Care Equipment &
Services)†
|
53,812
|
2,985,582
|
|
Evotec SE (Pharmaceuticals,
Biotechnology & Life
Sciences)*†
|
451,355
|
3,627,764
|
|
FUCHS SE (Materials)†
|
132,159
|
4,658,380
|
|
KWS Saat SE & Co. KGaA
(Food, Beverage &
Tobacco)†
|
70,971
|
5,063,941
|
|
Nemetschek SE (Software &
Services)†
|
25,947
|
3,879,221
|
|
Pfeiffer Vacuum Technology AG
(Capital Goods)†
|
21,575
|
3,826,050
|
|
Scout24 SE (Media &
Entertainment)^†
|
41,229
|
5,522,457
|
|
STRATEC SE (Health Care
Equipment & Services)†
|
47,953
|
1,521,301
|
|
|
Shares
|
Value
|
|
COMMON STOCKS - 98.8% (continued)
|
||
|
Germany - 14.5% (continued)
|
||
|
TeamViewer SE (Software &
Services)*^†
|
239,865
|
$2,464,557
|
|
|
|
40,066,326
|
|
India - 2.8%
|
||
|
Max Financial Services Ltd.
(Insurance)*†
|
291,126
|
4,966,730
|
|
SH Kelkar & Co., Ltd.
(Materials)^†
|
966,431
|
2,825,136
|
|
|
|
7,791,866
|
|
Israel - 1.9%
|
||
|
CyberArk Software Ltd.
(Software & Services)*
|
12,460
|
5,126,916
|
|
Italy - 4.5%
|
||
|
Carel Industries SpA (Capital
Goods)^†
|
94,568
|
2,570,694
|
|
DiaSorin SpA (Health Care
Equipment & Services)†
|
45,071
|
4,395,168
|
|
Reply SpA (Software &
Services)†
|
35,435
|
5,556,548
|
|
|
|
12,522,410
|
|
Japan - 11.9%
|
||
|
Ariake Japan Co., Ltd. (Food,
Beverage & Tobacco)†
|
110,300
|
4,892,976
|
|
Asahi Intecc Co., Ltd. (Health
Care Equipment &
Services)†
|
190,900
|
2,978,033
|
|
GMO Payment Gateway Inc.
(Financial Services)†
|
70,400
|
3,958,787
|
|
JCU Corp. (Materials)†
|
111,900
|
2,644,080
|
|
MISUMI Group Inc. (Capital
Goods)†
|
150,000
|
2,161,642
|
|
Rohto Pharmaceutical Co., Ltd.
(Household & Personal
Products)†
|
353,200
|
5,075,045
|
|
Santen Pharmaceutical Co., Ltd.
(Pharmaceuticals,
Biotechnology & Life
Sciences)†
|
261,500
|
2,891,459
|
|
SHIFT Inc. (Software &
Services)*†
|
418,700
|
4,398,685
|
|
Stanley Electric Co., Ltd.
(Automobiles &
Components)†
|
209,400
|
3,950,740
|
|
|
|
32,951,447
|
|
Lithuania - 2.0%
|
||
|
Artea bankas AB (Banks)†
|
6,148,519
|
5,644,808
|
|
Malaysia - 1.2%
|
||
|
Dialog Group Bhd. (Energy)†
|
2,961,040
|
1,206,185
|
|
TIME dotCom Bhd.
(Telecommunication
Services)†
|
1,719,400
|
2,090,969
|
|
|
|
3,297,154
|
|
|
Shares
|
Value
|
|
COMMON STOCKS - 98.8% (continued)
|
||
|
Mexico - 2.9%
|
||
|
Grupo Herdez SAB de CV
(Food, Beverage & Tobacco)
|
923,247
|
$2,681,894
|
|
Megacable Holdings SAB de CV
(Media & Entertainment)
|
1,895,700
|
5,268,569
|
|
|
|
7,950,463
|
|
Netherlands - 1.1%
|
||
|
BE Semiconductor Industries NV
(Semiconductors &
Semiconductor Equipment)†
|
21,824
|
2,940,151
|
|
Norway - 1.8%
|
||
|
Medistim ASA (Health Care
Equipment & Services)†
|
122,312
|
2,560,176
|
|
TOMRA Systems ASA (Capital
Goods)†
|
181,382
|
2,532,918
|
|
|
|
5,093,094
|
|
Panama - 1.3%
|
||
|
Copa Holdings SA, Class A
(Transportation)
|
31,751
|
3,513,566
|
|
Philippines - 2.1%
|
||
|
Robinsons Retail Holdings Inc.
(Consumer Staples
Distribution & Retail)†
|
3,494,670
|
2,276,344
|
|
Wilcon Depot Inc. (Consumer
Discretionary Distribution &
Retail)†
|
21,151,700
|
3,617,982
|
|
|
|
5,894,326
|
|
Poland - 0.9%
|
||
|
Allegro.eu SA (Consumer
Discretionary Distribution &
Retail)*^†
|
245,226
|
2,411,164
|
|
Romania - 0.8%
|
||
|
Societatea Nationala de Gaze
Naturale ROMGAZ SA
(Energy)†
|
1,202,530
|
2,142,403
|
|
South Korea - 0.7%
|
||
|
Cheil Worldwide Inc. (Media &
Entertainment)†
|
141,200
|
2,021,902
|
|
Spain - 2.3%
|
||
|
Bankinter SA (Banks)†
|
202,782
|
2,890,140
|
|
Linea Directa Aseguradora SA
Cia de Seguros y Reaseguros
(Insurance)†
|
2,165,552
|
3,340,384
|
|
|
|
6,230,524
|
|
Sweden - 2.9%
|
||
|
Cellavision AB (Health Care
Equipment & Services)†
|
169,114
|
3,009,008
|
|
Paradox Interactive AB (Media
& Entertainment)†
|
103,153
|
1,760,217
|
|
Thule Group AB (Consumer
Durables & Apparel)^†
|
112,331
|
3,176,382
|
|
|
|
7,945,607
|
|
|
Shares
|
Value
|
|
COMMON STOCKS - 98.8% (continued)
|
||
|
Switzerland - 6.3%
|
||
|
Belimo Holding AG, Reg S
(Capital Goods)†
|
3,892
|
$4,530,088
|
|
Bossard Holding AG, Class A,
Reg S (Capital Goods)†
|
14,913
|
3,156,129
|
|
Burckhardt Compression
Holding AG (Capital
Goods)†
|
5,806
|
5,163,067
|
|
LEM Holding SA, Reg S
(Technology Hardware &
Equipment)*†
|
3,959
|
3,205,954
|
|
Temenos AG, Reg S (Software &
Services)†
|
13,768
|
1,234,171
|
|
|
|
17,289,409
|
|
Taiwan - 1.3%
|
||
|
ASPEED Technology Inc.
(Semiconductors &
Semiconductor Equipment)†
|
16,000
|
2,430,006
|
|
Eclat Textile Co., Ltd.
(Consumer Durables &
Apparel)†
|
81,909
|
1,095,857
|
|
|
|
3,525,863
|
|
United Kingdom - 20.1%
|
||
|
Airtel Africa plc
(Telecommunication
Services)^†
|
3,148,185
|
8,474,319
|
|
Baltic Classifieds Group plc
(Media & Entertainment)†
|
716,167
|
3,378,475
|
|
Clarkson plc (Transportation)†
|
135,430
|
6,162,247
|
|
Cranswick plc (Food, Beverage
& Tobacco)†
|
89,407
|
6,256,949
|
|
Croda International plc
(Materials)†
|
88,529
|
3,047,267
|
|
Diploma plc (Capital Goods)†
|
83,939
|
5,948,615
|
|
Grafton Group plc (Capital
Goods)†
|
281,431
|
3,303,546
|
|
Rathbones Group plc (Financial
Services)†
|
80,541
|
2,032,718
|
|
Rightmove plc (Media &
Entertainment)†
|
230,166
|
2,482,182
|
|
Senior plc (Capital Goods)†
|
3,408,752
|
9,060,627
|
|
Spirax Group plc (Capital
Goods)†
|
30,386
|
2,538,928
|
|
YouGov plc (Media &
Entertainment)†
|
717,903
|
2,948,777
|
|
|
|
55,634,650
|
|
United States - 0.8%
|
||
|
Globant SA (Software &
Services)*
|
24,779
|
2,087,878
|
|
Vietnam - 3.0%
|
||
|
FPT Corp. (Software &
Services)†
|
257,715
|
1,012,225
|
|
|
Shares
|
Value
|
|
COMMON STOCKS - 98.8% (continued)
|
||
|
Vietnam - 3.0% (continued)
|
||
|
Hoa Phat Group JSC
(Materials)*†
|
7,828,102
|
$7,386,047
|
|
|
|
8,398,272
|
|
Total Common Stocks (Cost $184,223,072)
|
$272,637,995
|
|
|
|
|
|
|
SHORT TERM INVESTMENTS - 1.1%
|
||
|
Northern Institutional Funds -
Treasury Portfolio (Premier
Shares), 4.15% (Money
Market Funds)
|
3,160,406
|
3,160,406
|
|
|
|
|
|
Total Short Term Investments (Cost $3,160,406)
|
$3,160,406
|
|
|
|
|
|
|
Total Investments — 99.9%
|
|
|
|
(Cost $187,383,478)
|
$275,798,401
|
|
|
Other Assets Less Liabilities - 0.1%
|
226,362
|
|
|
Net Assets — 100.0%
|
$276,024,763
|
|
|
Summary of Abbreviations
|
|
|
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 9.9%
of net assets as of July 31, 2025, are considered liquid and may
be resold in transactions exempt from registration, normally to
qualified buyers.
|
|
Industry
|
Percentage of
Net Assets
|
|
Automobiles & Components
|
1.4
%
|
|
Banks
|
3.1
|
|
Capital Goods
|
17.5
|
|
Consumer Discretionary Distribution & Retail
|
2.2
|
|
Consumer Durables & Apparel
|
1.6
|
|
Consumer Services
|
1.8
|
|
Consumer Staples Distribution & Retail
|
0.8
|
|
Energy
|
1.2
|
|
Financial Services
|
2.1
|
|
Food, Beverage & Tobacco
|
8.8
|
|
Health Care Equipment & Services
|
6.3
|
|
Household & Personal Products
|
1.8
|
|
Insurance
|
3.0
|
|
Materials
|
7.5
|
|
Media & Entertainment
|
8.4
|
|
Pharmaceuticals, Biotechnology & Life Sciences
|
3.1
|
|
Semiconductors & Semiconductor Equipment
|
2.0
|
|
Software & Services
|
13.1
|
|
Technology Hardware & Equipment
|
4.2
|
|
Telecommunication Services
|
3.9
|
|
Transportation
|
3.5
|
|
Utilities
|
1.5
|
|
Money Market Fund
|
1.1
|
|
Total Investments
|
99.9
|
|
Other Assets Less Liabilities
|
0.1
|
|
Net Assets
|
100.0
%
|
|
|
Shares
|
Value
|
|
COMMON STOCKS - 94.2%
|
||
|
Brazil - 3.2%
|
||
|
B3 SA - Brasil Bolsa Balcao
(Financial Services)
|
949,800
|
$2,133,829
|
|
Lojas Renner SA (Consumer
Discretionary Distribution &
Retail)*
|
445,830
|
1,295,399
|
|
Raia Drogasil SA (Consumer
Staples Distribution & Retail)
|
485,735
|
1,168,460
|
|
WEG SA (Capital Goods)
|
608,652
|
4,033,731
|
|
|
|
8,631,419
|
|
China - 23.6%
|
||
|
Alibaba Group Holding Ltd.
(Consumer Discretionary
Distribution & Retail)†
|
559,262
|
8,249,599
|
|
Contemporary Amperex
Technology Co., Ltd.,
Class A (Capital Goods)†
|
140,079
|
5,108,845
|
|
Hefei Meiya Optoelectronic
Technology Inc., Class A
(Capital Goods)†
|
701,600
|
1,646,065
|
|
JD.com Inc., Class A (Consumer
Discretionary Distribution &
Retail)†
|
111,181
|
1,720,579
|
|
Li Ning Co., Ltd. (Consumer
Durables & Apparel)†
|
663,500
|
1,408,771
|
|
Midea Group Co., Ltd., Class A
(Consumer Durables &
Apparel)†
|
391,849
|
3,801,565
|
|
Ping An Insurance Group Co. of
China Ltd., Class H
(Insurance)†
|
644,000
|
4,428,666
|
|
Sany Heavy Industry Co., Ltd.,
Class A (Capital Goods)†
|
928,200
|
2,569,556
|
|
SF Holding Co., Ltd., Class A
(Transportation)†
|
436,000
|
2,785,458
|
|
Shenzhen Inovance Technology
Co., Ltd., Class A (Capital
Goods)†
|
302,800
|
2,667,105
|
|
Shenzhen Mindray Bio-Medical
Electronics Co., Ltd., Class A
(Health Care Equipment &
Services)†
|
91,400
|
2,934,754
|
|
Shenzhou International Group
Holdings Ltd. (Consumer
Durables & Apparel)†
|
340,700
|
2,433,170
|
|
Tencent Holdings Ltd. (Media &
Entertainment)†
|
209,455
|
14,682,881
|
|
Trip.com Group Ltd. (Consumer
Services)†
|
134,688
|
8,446,842
|
|
Zhejiang Sanhua Intelligent
Controls Co., Ltd., Class A
(Capital Goods)†
|
431,711
|
1,570,760
|
|
|
|
64,454,616
|
|
Egypt - 1.4%
|
||
|
Commercial International Bank
Egypt - GDR, Reg S
(Banks)†
|
1,956,368
|
3,743,021
|
|
|
Shares
|
Value
|
|
COMMON STOCKS - 94.2% (continued)
|
||
|
Hong Kong - 3.7%
|
||
|
AIA Group Ltd. (Insurance)†
|
542,685
|
$5,077,621
|
|
ASMPT Ltd. (Semiconductors &
Semiconductor Equipment)†
|
164,679
|
1,389,278
|
|
Budweiser Brewing Co. APAC
Ltd. (Food, Beverage &
Tobacco)^†
|
668,100
|
703,285
|
|
Techtronic Industries Co., Ltd.
(Capital Goods)†
|
253,401
|
3,045,815
|
|
|
|
10,215,999
|
|
India - 15.1%
|
||
|
Asian Paints Ltd. (Materials)†
|
25,128
|
686,214
|
|
Bajaj Auto Ltd. (Automobiles &
Components)†
|
20,051
|
1,825,705
|
|
HDFC Bank Ltd. (Banks)†
|
548,439
|
12,595,875
|
|
HDFC Life Insurance Co., Ltd.
(Insurance)^†
|
473,068
|
4,055,458
|
|
ICICI Bank Ltd. (Banks)†
|
424,506
|
7,167,456
|
|
Maruti Suzuki India Ltd.
(Automobiles &
Components)†
|
47,663
|
6,848,899
|
|
Supreme Industries Ltd.
(Materials)†
|
39,132
|
1,910,607
|
|
Tata Consultancy Services Ltd.
(Software & Services)†
|
176,247
|
6,071,454
|
|
|
|
41,161,668
|
|
Indonesia - 2.8%
|
||
|
Astra International Tbk PT
(Capital Goods)†
|
7,788,900
|
2,405,429
|
|
Bank Central Asia Tbk PT
(Banks)†
|
3,673,765
|
1,832,541
|
|
Bank Rakyat Indonesia Persero
Tbk PT (Banks)†
|
10,628,350
|
2,371,421
|
|
Telkom Indonesia Persero Tbk
PT (Telecommunication
Services)†
|
6,086,300
|
1,055,455
|
|
|
|
7,664,846
|
|
Italy - 1.8%
|
||
|
Tenaris SA - ADR (Energy)
|
141,532
|
4,945,128
|
|
Kazakhstan - 1.0%
|
||
|
Kaspi.KZ JSC - ADR (Financial
Services)
|
33,868
|
2,672,185
|
|
Kenya - 1.3%
|
||
|
Safaricom plc
(Telecommunication
Services)†
|
17,097,082
|
3,480,870
|
|
Mexico - 3.7%
|
||
|
Fomento Economico Mexicano
SAB de CV - Sponsored
ADR (Food, Beverage &
Tobacco)
|
39,797
|
3,600,037
|
|
Grupo Financiero Banorte SAB
de CV, Series O (Banks)
|
353,255
|
3,148,117
|
|
|
Shares
|
Value
|
|
COMMON STOCKS - 94.2% (continued)
|
||
|
Mexico - 3.7% (continued)
|
||
|
Wal-Mart de Mexico SAB de CV
(Consumer Staples
Distribution & Retail)
|
1,187,710
|
$3,501,116
|
|
|
|
10,249,270
|
|
Panama - 0.7%
|
||
|
Copa Holdings SA, Class A
(Transportation)
|
17,187
|
1,901,913
|
|
Poland - 1.5%
|
||
|
Allegro.eu SA (Consumer
Discretionary Distribution &
Retail)*^†
|
409,567
|
4,027,033
|
|
Russia - 0.0%^^
|
||
|
Sberbank of Russia PJSC
(Banks)‡
|
36,588,248
|
—
|
|
Saudi Arabia - 1.7%
|
||
|
Al Rajhi Bank (Banks)†
|
117,054
|
2,947,111
|
|
Bupa Arabia for Cooperative
Insurance Co. (Insurance)†
|
35,904
|
1,601,753
|
|
|
|
4,548,864
|
|
South Africa - 2.5%
|
||
|
Clicks Group Ltd. (Consumer
Staples Distribution &
Retail)†
|
93,228
|
1,948,606
|
|
Discovery Ltd. (Insurance)†
|
184,485
|
2,178,367
|
|
Standard Bank Group Ltd.
(Banks)†
|
220,443
|
2,823,839
|
|
|
|
6,950,812
|
|
South Korea - 6.4%
|
||
|
Coway Co., Ltd. (Consumer
Durables & Apparel)†
|
54,852
|
4,296,063
|
|
NAVER Corp. (Media &
Entertainment)†
|
17,741
|
2,997,698
|
|
Samsung Electronics Co., Ltd. -
GDR, Reg S (Technology
Hardware & Equipment)†
|
8,271
|
10,343,884
|
|
|
|
17,637,645
|
|
Taiwan - 16.1%
|
||
|
Airtac International Group
(Capital Goods)†
|
134,783
|
3,841,117
|
|
ASPEED Technology Inc.
(Semiconductors &
Semiconductor Equipment)†
|
53,668
|
8,150,848
|
|
Delta Electronics Inc.
(Technology Hardware &
Equipment)†
|
395,950
|
7,482,337
|
|
Eclat Textile Co., Ltd.
(Consumer Durables &
Apparel)†
|
265,181
|
3,547,844
|
|
Hon Hai Precision Industry Co.,
Ltd. (Technology Hardware
& Equipment)†
|
892,545
|
5,289,450
|
|
|
Shares
|
Value
|
|
COMMON STOCKS - 94.2% (continued)
|
||
|
Taiwan - 16.1% (continued)
|
||
|
Taiwan Semiconductor
Manufacturing Co., Ltd.
(Semiconductors &
Semiconductor Equipment)†
|
406,527
|
$15,703,408
|
|
|
|
44,015,004
|
|
Thailand - 0.5%
|
||
|
Bumrungrad Hospital pcl, Reg S
(Health Care Equipment &
Services)†
|
266,955
|
1,388,689
|
|
United Arab Emirates - 1.7%
|
||
|
Emaar Properties PJSC (Real
Estate Management &
Development)†
|
1,163,984
|
4,795,268
|
|
United Kingdom - 1.1%
|
||
|
Coca-Cola HBC AG - CDI
(Food, Beverage &
Tobacco)*†
|
57,948
|
3,014,325
|
|
United States - 3.0%
|
||
|
EPAM Systems Inc. (Software &
Services)*
|
10,675
|
1,683,554
|
|
Globant SA (Software &
Services)*
|
23,155
|
1,951,040
|
|
MercadoLibre Inc. (Consumer
Discretionary Distribution &
Retail)*
|
1,947
|
4,621,964
|
|
|
|
8,256,558
|
|
Vietnam - 1.4%
|
||
|
Mobile World Investment Corp.
(Consumer Discretionary
Distribution & Retail)†
|
1,548,500
|
3,814,574
|
|
|
|
|
|
Total Common Stocks (Cost $208,326,841)
|
$257,569,707
|
|
|
|
|
|
|
PREFERRED STOCKS - 1.9%
|
||
|
Brazil - 1.1%
|
||
|
Itau Unibanco Holding SA -
Sponsored ADR, 3.97%
(Banks)+
|
504,366
|
3,162,375
|
|
Colombia - 0.5%
|
||
|
Grupo Cibest SA - ADR, 3.23%
(Banks)+
|
29,976
|
1,301,558
|
|
South Korea - 0.3%
|
||
|
Samsung Electronics Co., Ltd. -
GDR, Reg S, 2.60%
(Technology Hardware &
Equipment)+†
|
711
|
715,117
|
|
|
|
|
|
Total Preferred Stocks (Cost $2,112,299)
|
$5,179,050
|
|
|
|
|
|
|
|
Shares
|
Value
|
|
SHORT TERM INVESTMENTS - 4.2%
|
||
|
Northern Institutional Funds -
Treasury Portfolio (Premier
Shares), 4.15% (Money
Market Funds)
|
11,303,203
|
$11,303,203
|
|
|
|
|
|
Total Short Term Investments (Cost $11,303,203)
|
$11,303,203
|
|
|
|
|
|
|
Total Investments — 100.3%
|
|
|
|
(Cost $221,742,343)
|
$274,051,960
|
|
|
Liabilities Less Other Assets - (0.3)%
|
(720,602
)
|
|
|
Net Assets — 100.0%
|
$273,331,358
|
|
|
Summary of Abbreviations
|
|
|
ADR
|
American Depositary Receipt
|
|
CDI
|
Chess 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. These securities, which represent 3.2%
of net assets as of July 31, 2025, are 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.
|
|
+
|
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
|
3.2
%
|
|
Banks
|
14.9
|
|
Capital Goods
|
9.9
|
|
Consumer Discretionary Distribution & Retail
|
8.7
|
|
Consumer Durables & Apparel
|
5.6
|
|
Consumer Services
|
3.1
|
|
Consumer Staples Distribution & Retail
|
2.4
|
|
Energy
|
1.8
|
|
Financial Services
|
1.8
|
|
Food, Beverage & Tobacco
|
2.6
|
|
Health Care Equipment & Services
|
1.6
|
|
Insurance
|
6.4
|
|
Materials
|
1.0
|
|
Media & Entertainment
|
6.5
|
|
Real Estate Management & Development
|
1.7
|
|
Semiconductors & Semiconductor Equipment
|
9.3
|
|
Software & Services
|
3.5
|
|
Technology Hardware & Equipment
|
8.7
|
|
Telecommunication Services
|
1.7
|
|
Transportation
|
1.7
|
|
Money Market Fund
|
4.2
|
|
Total Investments
|
100.3
|
|
Liabilities Less Other Assets
|
(0.3
)
|
|
Net Assets
|
100.0
%
|
|
|
Shares
|
Value
|
|
COMMON STOCKS - 94.4%
|
||
|
Brazil - 3.1%
|
||
|
B3 SA - Brasil Bolsa Balcao
(Financial Services)
|
1,389,409
|
$3,121,459
|
|
Lojas Renner SA (Consumer
Discretionary Distribution &
Retail)*
|
708,890
|
2,059,744
|
|
Raia Drogasil SA (Consumer
Staples Distribution & Retail)
|
750,800
|
1,806,087
|
|
WEG SA (Capital Goods)
|
909,848
|
6,029,853
|
|
|
|
13,017,143
|
|
China - 23.6%
|
||
|
Alibaba Group Holding Ltd.
(Consumer Discretionary
Distribution & Retail)†
|
873,236
|
12,880,987
|
|
Contemporary Amperex
Technology Co., Ltd.,
Class A (Capital Goods)†
|
218,181
|
7,957,316
|
|
Hefei Meiya Optoelectronic
Technology Inc., Class A
(Capital Goods)†
|
1,106,470
|
2,595,955
|
|
JD.com Inc., Class A (Consumer
Discretionary Distribution &
Retail)†
|
171,300
|
2,650,949
|
|
Li Ning Co., Ltd. (Consumer
Durables & Apparel)†
|
956,500
|
2,030,881
|
|
Midea Group Co., Ltd., Class A
(Consumer Durables &
Apparel)†
|
595,315
|
5,775,512
|
|
Ping An Insurance Group Co. of
China Ltd., Class H
(Insurance)†
|
979,000
|
6,732,398
|
|
Sany Heavy Industry Co., Ltd.,
Class A (Capital Goods)†
|
1,421,400
|
3,934,893
|
|
SF Holding Co., Ltd., Class A
(Transportation)†
|
699,700
|
4,470,150
|
|
Shenzhen Inovance Technology
Co., Ltd., Class A (Capital
Goods)†
|
464,101
|
4,087,867
|
|
Shenzhen Mindray Bio-Medical
Electronics Co., Ltd., Class A
(Health Care Equipment &
Services)†
|
146,500
|
4,703,954
|
|
Shenzhou International Group
Holdings Ltd. (Consumer
Durables & Apparel)†
|
524,710
|
3,747,310
|
|
Tencent Holdings Ltd. (Media &
Entertainment)†
|
322,800
|
22,628,411
|
|
Trip.com Group Ltd. (Consumer
Services)†
|
210,650
|
13,210,734
|
|
Zhejiang Sanhua Intelligent
Controls Co., Ltd., Class A
(Capital Goods)†
|
629,799
|
2,291,494
|
|
|
|
99,698,811
|
|
Egypt - 1.4%
|
||
|
Commercial International Bank
Egypt - GDR, Reg S
(Banks)†
|
3,059,279
|
5,853,165
|
|
|
Shares
|
Value
|
|
COMMON STOCKS - 94.4% (continued)
|
||
|
Hong Kong - 3.8%
|
||
|
AIA Group Ltd. (Insurance)†
|
839,271
|
$7,852,623
|
|
ASMPT Ltd. (Semiconductors &
Semiconductor Equipment)†
|
251,845
|
2,124,634
|
|
Budweiser Brewing Co. APAC
Ltd. (Food, Beverage &
Tobacco)^†
|
1,144,900
|
1,205,195
|
|
Techtronic Industries Co., Ltd.
(Capital Goods)†
|
404,860
|
4,866,313
|
|
|
|
16,048,765
|
|
India - 15.1%
|
||
|
Asian Paints Ltd. (Materials)†
|
43,472
|
1,187,165
|
|
Bajaj Auto Ltd. (Automobiles &
Components)†
|
30,981
|
2,820,916
|
|
HDFC Bank Ltd. (Banks)†
|
844,735
|
19,400,839
|
|
HDFC Life Insurance Co., Ltd.
(Insurance)^†
|
719,310
|
6,166,411
|
|
ICICI Bank Ltd. (Banks)†
|
652,614
|
11,018,883
|
|
Maruti Suzuki India Ltd.
(Automobiles &
Components)†
|
74,479
|
10,702,204
|
|
Supreme Industries Ltd.
(Materials)†
|
62,788
|
3,065,603
|
|
Tata Consultancy Services Ltd.
(Software & Services)†
|
275,225
|
9,481,102
|
|
|
|
63,843,123
|
|
Indonesia - 2.8%
|
||
|
Astra International Tbk PT
(Capital Goods)†
|
11,549,500
|
3,566,807
|
|
Bank Central Asia Tbk PT
(Banks)†
|
5,633,864
|
2,810,275
|
|
Bank Rakyat Indonesia Persero
Tbk PT (Banks)†
|
16,314,836
|
3,640,202
|
|
Telkom Indonesia Persero Tbk
PT (Telecommunication
Services)†
|
9,609,900
|
1,666,499
|
|
|
|
11,683,783
|
|
Italy - 1.8%
|
||
|
Tenaris SA - ADR (Energy)
|
222,132
|
7,761,292
|
|
Kazakhstan - 1.0%
|
||
|
Kaspi.KZ JSC - ADR (Financial
Services)
|
54,215
|
4,277,563
|
|
Kenya - 1.3%
|
||
|
Safaricom plc
(Telecommunication
Services)†
|
26,438,873
|
5,382,806
|
|
Mexico - 3.7%
|
||
|
Fomento Economico Mexicano
SAB de CV - Sponsored
ADR (Food, Beverage &
Tobacco)
|
59,492
|
5,381,646
|
|
Grupo Financiero Banorte SAB
de CV, Series O (Banks)
|
528,874
|
4,713,188
|
|
|
Shares
|
Value
|
|
COMMON STOCKS - 94.4% (continued)
|
||
|
Mexico - 3.7% (continued)
|
||
|
Wal-Mart de Mexico SAB de CV
(Consumer Staples
Distribution & Retail)
|
1,855,215
|
$5,468,779
|
|
|
|
15,563,613
|
|
Panama - 0.7%
|
||
|
Copa Holdings SA, Class A
(Transportation)
|
27,712
|
3,066,610
|
|
Poland - 1.4%
|
||
|
Allegro.eu SA (Consumer
Discretionary Distribution &
Retail)*^†
|
614,387
|
6,040,908
|
|
Russia - 0.0%^^
|
||
|
Sberbank of Russia PJSC
(Banks)‡
|
20,812,636
|
—
|
|
Saudi Arabia - 1.7%
|
||
|
Al Rajhi Bank (Banks)†
|
187,342
|
4,716,778
|
|
Bupa Arabia for Cooperative
Insurance Co. (Insurance)†
|
56,851
|
2,536,243
|
|
|
|
7,253,021
|
|
South Africa - 2.6%
|
||
|
Clicks Group Ltd. (Consumer
Staples Distribution &
Retail)†
|
150,459
|
3,144,820
|
|
Discovery Ltd. (Insurance)†
|
297,471
|
3,512,487
|
|
Standard Bank Group Ltd.
(Banks)†
|
339,589
|
4,350,079
|
|
|
|
11,007,386
|
|
South Korea - 6.5%
|
||
|
Coway Co., Ltd. (Consumer
Durables & Apparel)†
|
83,281
|
6,522,650
|
|
NAVER Corp. (Media &
Entertainment)†
|
27,186
|
4,593,620
|
|
Samsung Electronics Co., Ltd. -
GDR, Reg S (Technology
Hardware & Equipment)†
|
12,898
|
16,130,506
|
|
|
|
27,246,776
|
|
Taiwan - 16.1%
|
||
|
Airtac International Group
(Capital Goods)†
|
201,823
|
5,751,658
|
|
ASPEED Technology Inc.
(Semiconductors &
Semiconductor Equipment)†
|
83,309
|
12,652,587
|
|
Delta Electronics Inc.
(Technology Hardware &
Equipment)†
|
610,000
|
11,527,277
|
|
Eclat Textile Co., Ltd.
(Consumer Durables &
Apparel)†
|
414,846
|
5,550,205
|
|
Hon Hai Precision Industry Co.,
Ltd. (Technology Hardware
& Equipment)†
|
1,377,146
|
8,161,320
|
|
|
Shares
|
Value
|
|
COMMON STOCKS - 94.4% (continued)
|
||
|
Taiwan - 16.1% (continued)
|
||
|
Taiwan Semiconductor
Manufacturing Co., Ltd.
(Semiconductors &
Semiconductor Equipment)†
|
627,147
|
$24,225,562
|
|
|
|
67,868,609
|
|
Thailand - 0.5%
|
||
|
Bumrungrad Hospital pcl, Reg S
(Health Care Equipment &
Services)†
|
422,800
|
2,199,388
|
|
United Arab Emirates - 1.8%
|
||
|
Emaar Properties PJSC (Real
Estate Management &
Development)†
|
1,799,097
|
7,411,745
|
|
United Kingdom - 1.1%
|
||
|
Coca-Cola HBC AG - CDI
(Food, Beverage &
Tobacco)*†
|
89,145
|
4,637,122
|
|
United States - 3.0%
|
||
|
EPAM Systems Inc. (Software &
Services)*
|
16,338
|
2,576,666
|
|
Globant SA (Software &
Services)*
|
37,365
|
3,148,375
|
|
MercadoLibre Inc. (Consumer
Discretionary Distribution &
Retail)*
|
2,998
|
7,116,922
|
|
|
|
12,841,963
|
|
Vietnam - 1.4%
|
||
|
Mobile World Investment Corp.
(Consumer Discretionary
Distribution & Retail)†
|
2,349,100
|
5,786,772
|
|
|
|
|
|
Total Common Stocks (Cost $260,626,128)
|
$398,490,364
|
|
|
|
|
|
|
PREFERRED STOCKS - 1.8%
|
||
|
Brazil - 1.1%
|
||
|
Itau Unibanco Holding SA -
Sponsored ADR, 3.97%
(Banks)+
|
754,093
|
4,728,163
|
|
Colombia - 0.5%
|
||
|
Grupo Cibest SA - ADR, 3.23%
(Banks)+
|
47,433
|
2,059,541
|
|
South Korea - 0.2%
|
||
|
Samsung Electronics Co., Ltd. -
GDR, Reg S, 2.60%
(Technology Hardware &
Equipment)+†
|
1,057
|
1,063,120
|
|
|
|
|
|
Total Preferred Stocks (Cost $3,474,011)
|
$7,850,824
|
|
|
|
|
|
|
|
Shares
|
Value
|
|
SHORT TERM INVESTMENTS - 3.9%
|
||
|
Northern Institutional Funds -
Treasury Portfolio (Premier
Shares), 4.15% (Money
Market Funds)
|
16,387,444
|
$16,387,444
|
|
|
|
|
|
Total Short Term Investments (Cost $16,387,444)
|
$16,387,444
|
|
|
|
|
|
|
Total Investments — 100.1%
|
|
|
|
(Cost $280,487,583)
|
$422,728,632
|
|
|
Liabilities Less Other Assets - (0.1)%
|
(512,877
)
|
|
|
Net Assets — 100.0%
|
$422,215,755
|
|
|
Summary of Abbreviations
|
|
|
ADR
|
American Depositary Receipt
|
|
CDI
|
Chess 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. These securities, which represent 3.2%
of net assets as of July 31, 2025, are 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.
|
|
+
|
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
|
3.2
%
|
|
Banks
|
15.0
|
|
Capital Goods
|
9.6
|
|
Consumer Discretionary Distribution & Retail
|
8.6
|
|
Consumer Durables & Apparel
|
5.7
|
|
Consumer Services
|
3.1
|
|
Consumer Staples Distribution & Retail
|
2.5
|
|
Energy
|
1.8
|
|
Financial Services
|
1.8
|
|
Food, Beverage & Tobacco
|
2.7
|
|
Health Care Equipment & Services
|
1.6
|
|
Insurance
|
6.4
|
|
Materials
|
1.0
|
|
Media & Entertainment
|
6.5
|
|
Real Estate Management & Development
|
1.8
|
|
Semiconductors & Semiconductor Equipment
|
9.3
|
|
Software & Services
|
3.5
|
|
Technology Hardware & Equipment
|
8.6
|
|
Telecommunication Services
|
1.7
|
|
Transportation
|
1.8
|
|
Money Market Fund
|
3.9
|
|
Total Investments
|
100.1
|
|
Liabilities Less Other Assets
|
(0.1
)
|
|
Net Assets
|
100.0
%
|
|
|
Shares
|
Value
|
|
COMMON STOCKS - 96.5%
|
||
|
Brazil - 3.4%
|
||
|
B3 SA - Brasil Bolsa Balcao
(Financial Services)
|
8,300
|
$18,647
|
|
Raia Drogasil SA (Consumer
Staples Distribution & Retail)
|
8,900
|
21,409
|
|
WEG SA (Capital Goods)
|
12,400
|
82,179
|
|
|
|
122,235
|
|
Egypt - 1.2%
|
||
|
Commercial International Bank
Egypt - GDR, Reg S
(Banks)†
|
23,683
|
45,311
|
|
India - 22.6%
|
||
|
Asian Paints Ltd. (Materials)†
|
1,512
|
41,291
|
|
Bajaj Auto Ltd. (Automobiles &
Components)†
|
617
|
56,180
|
|
HDFC Asset Management Co.,
Ltd. (Financial Services)^†
|
1,068
|
68,539
|
|
HDFC Bank Ltd. (Banks)†
|
7,314
|
167,979
|
|
HDFC Life Insurance Co., Ltd.
(Insurance)^†
|
9,668
|
82,881
|
|
ICICI Bank Ltd. (Banks)†
|
8,846
|
149,358
|
|
Maruti Suzuki India Ltd.
(Automobiles &
Components)†
|
987
|
141,826
|
|
Tata Consultancy Services Ltd.
(Software & Services)†
|
3,259
|
112,268
|
|
|
|
820,322
|
|
Indonesia - 3.7%
|
||
|
Astra International Tbk PT
(Capital Goods)†
|
143,100
|
44,193
|
|
Bank Central Asia Tbk PT
(Banks)†
|
69,100
|
34,468
|
|
Bank Rakyat Indonesia Persero
Tbk PT (Banks)†
|
152,400
|
34,004
|
|
Telkom Indonesia Persero Tbk
PT (Telecommunication
Services)†
|
116,100
|
20,134
|
|
|
|
132,799
|
|
Kazakhstan - 1.6%
|
||
|
Kaspi.KZ JSC - ADR (Financial
Services)
|
737
|
58,149
|
|
Kenya - 1.3%
|
||
|
Safaricom plc
(Telecommunication
Services)†
|
241,300
|
49,127
|
|
Mexico - 4.9%
|
||
|
Fomento Economico Mexicano
SAB de CV - Sponsored
ADR (Food, Beverage &
Tobacco)
|
661
|
59,794
|
|
Grupo Financiero Banorte SAB
de CV, Series O (Banks)
|
6,700
|
59,709
|
|
|
Shares
|
Value
|
|
COMMON STOCKS - 96.5% (continued)
|
||
|
Mexico - 4.9% (continued)
|
||
|
Wal-Mart de Mexico SAB de CV
(Consumer Staples
Distribution & Retail)
|
20,300
|
$59,840
|
|
|
|
179,343
|
|
Panama - 1.0%
|
||
|
Copa Holdings SA, Class A
(Transportation)
|
315
|
34,858
|
|
Peru - 0.8%
|
||
|
Credicorp Ltd. (Banks)
|
116
|
27,492
|
|
Philippines - 3.9%
|
||
|
International Container Terminal
Services Inc.
(Transportation)†
|
7,500
|
57,416
|
|
Jollibee Foods Corp. (Consumer
Services)†
|
11,800
|
43,831
|
|
Wilcon Depot Inc. (Consumer
Discretionary Distribution &
Retail)†
|
225,700
|
38,606
|
|
|
|
139,853
|
|
Poland - 1.3%
|
||
|
Allegro.eu SA (Consumer
Discretionary Distribution &
Retail)*^†
|
4,837
|
47,559
|
|
Saudi Arabia - 4.9%
|
||
|
Al Rajhi Bank (Banks)†
|
2,320
|
58,412
|
|
Bupa Arabia for Cooperative
Insurance Co. (Insurance)†
|
812
|
36,225
|
|
Mouwasat Medical Services Co.
(Health Care Equipment &
Services)†
|
1,743
|
35,068
|
|
Saudi Arabian Oil Co.
(Energy)^†
|
7,625
|
49,366
|
|
|
|
179,071
|
|
South Africa - 2.8%
|
||
|
Clicks Group Ltd. (Consumer
Staples Distribution &
Retail)†
|
2,059
|
43,036
|
|
Standard Bank Group Ltd.
(Banks)†
|
4,662
|
59,720
|
|
|
|
102,756
|
|
South Korea - 13.0%
|
||
|
Cheil Worldwide Inc. (Media &
Entertainment)†
|
4,408
|
63,120
|
|
Coway Co., Ltd. (Consumer
Durables & Apparel)†
|
1,570
|
122,964
|
|
NAVER Corp. (Media &
Entertainment)†
|
532
|
89,892
|
|
Samsung Electronics Co., Ltd. -
GDR, Reg S (Technology
Hardware & Equipment)†
|
157
|
196,347
|
|
|
|
472,323
|
|
Taiwan - 15.6%
|
||
|
Airtac International Group
(Capital Goods)†
|
1,200
|
34,198
|
|
|
Shares
|
Value
|
|
COMMON STOCKS - 96.5% (continued)
|
||
|
Taiwan - 15.6% (continued)
|
||
|
ASPEED Technology Inc.
(Semiconductors &
Semiconductor Equipment)†
|
300
|
$45,563
|
|
Delta Electronics Inc.
(Technology Hardware &
Equipment)†
|
4,000
|
75,589
|
|
Hon Hai Precision Industry Co.,
Ltd. (Technology Hardware
& Equipment)†
|
8,000
|
47,410
|
|
Taiwan Semiconductor
Manufacturing Co., Ltd.
(Semiconductors &
Semiconductor Equipment)†
|
9,400
|
363,105
|
|
|
|
565,865
|
|
Thailand - 1.9%
|
||
|
Bangkok Dusit Medical Services
pcl, Class F, Reg S (Health
Care Equipment &
Services)†
|
42,200
|
27,763
|
|
Bumrungrad Hospital pcl, Reg S
(Health Care Equipment &
Services)†
|
8,100
|
42,136
|
|
|
|
69,899
|
|
United Arab Emirates - 2.6%
|
||
|
Agthia Group PJSC (Food,
Beverage & Tobacco)†
|
25,666
|
29,760
|
|
Emaar Properties PJSC (Real
Estate Management &
Development)†
|
15,779
|
65,005
|
|
|
|
94,765
|
|
United Kingdom - 3.6%
|
||
|
Baltic Classifieds Group plc
(Media & Entertainment)†
|
15,165
|
71,540
|
|
Coca-Cola HBC AG - CDI
(Food, Beverage &
Tobacco)*†
|
1,106
|
57,532
|
|
|
|
129,072
|
|
United States - 4.9%
|
||
|
EPAM Systems Inc. (Software &
Services)*
|
227
|
35,800
|
|
Globant SA (Software &
Services)*
|
454
|
38,254
|
|
MercadoLibre Inc. (Consumer
Discretionary Distribution &
Retail)*
|
43
|
102,077
|
|
|
|
176,131
|
|
Vietnam - 1.5%
|
||
|
Mobile World Investment Corp.
(Consumer Discretionary
Distribution & Retail)†
|
22,100
|
54,441
|
|
|
|
|
|
Total Common Stocks (Cost $2,978,511)
|
$3,501,371
|
|
|
|
|
|
|
|
Shares
|
Value
|
|
PREFERRED STOCKS - 3.1%
|
||
|
Brazil - 2.0%
|
||
|
Itau Unibanco Holding SA -
Sponsored ADR, 3.97%
(Banks)+
|
11,251
|
$70,544
|
|
Colombia - 1.1%
|
||
|
Grupo Cibest SA - ADR, 3.23%
(Banks)+
|
918
|
39,860
|
|
|
|
|
|
Total Preferred Stocks (Cost $89,551)
|
$110,404
|
|
|
|
|
|
|
SHORT TERM INVESTMENTS - 1.3%
|
||
|
Northern Institutional Funds -
Treasury Portfolio (Premier
Shares), 4.15% (Money
Market Funds)
|
48,090
|
48,090
|
|
|
|
|
|
Total Short Term Investments (Cost $48,090)
|
$48,090
|
|
|
|
|
|
|
Total Investments — 100.9%
|
|
|
|
(Cost $3,116,152)
|
$3,659,865
|
|
|
Liabilities Less Other Assets - (0.9)%
|
(32,425
)
|
|
|
Net Assets — 100.0%
|
$3,627,440
|
|
|
Summary of Abbreviations
|
|
|
ADR
|
American Depositary Receipt
|
|
CDI
|
Chess Depositary Interest
|
|
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.
|
|
^
|
Security exempt from registration pursuant to Rule 144A of the
Securities Act of 1933. These securities, which represent 6.8%
of net assets as of July 31, 2025, are considered liquid and may
be resold in transactions exempt from registration, normally to
qualified buyers.
|
|
*
|
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
|
|
Automobiles & Components
|
5.5
%
|
|
Banks
|
20.5
|
|
Capital Goods
|
4.4
|
|
Consumer Discretionary Distribution & Retail
|
6.7
|
|
Consumer Durables & Apparel
|
3.4
|
|
Consumer Services
|
1.2
|
|
Consumer Staples Distribution & Retail
|
3.5
|
|
Energy
|
1.3
|
|
Financial Services
|
4.0
|
|
Food, Beverage & Tobacco
|
4.0
|
|
Health Care Equipment & Services
|
2.9
|
|
Insurance
|
3.3
|
|
Materials
|
1.1
|
|
Media & Entertainment
|
6.2
|
|
Real Estate Management & Development
|
1.8
|
|
Semiconductors & Semiconductor Equipment
|
11.3
|
|
Software & Services
|
5.2
|
|
Technology Hardware & Equipment
|
8.8
|
|
Telecommunication Services
|
1.9
|
|
Transportation
|
2.6
|
|
Money Market Fund
|
1.3
|
|
Total Investments
|
100.9
|
|
Liabilities Less Other Assets
|
(0.9
)
|
|
Net Assets
|
100.0
%
|
|
|
Shares
|
Value
|
|
COMMON STOCKS - 96.6%
|
||
|
China - 77.9%
|
||
|
Alibaba Group Holding Ltd.
(Consumer Discretionary
Distribution & Retail)†
|
11,500
|
$169,635
|
|
ANTA Sports Products Ltd.
(Consumer Durables &
Apparel)†
|
5,000
|
57,351
|
|
China Tower Corp., Ltd.,
Class H (Telecommunication
Services)^†
|
53,500
|
74,987
|
|
Contemporary Amperex
Technology Co., Ltd.,
Class A (Capital Goods)†
|
2,540
|
92,637
|
|
Dongguan Yiheda Automation
Co., Ltd., Class A (Capital
Goods)†
|
18,400
|
59,737
|
|
Foshan Haitian Flavouring &
Food Co., Ltd., Class A
(Food, Beverage &
Tobacco)†
|
3,498
|
18,616
|
|
Fuyao Glass Industry Group Co.,
Ltd., Class A (Automobiles
& Components)†
|
3,900
|
29,589
|
|
Fuyao Glass Industry Group Co.,
Ltd., Class H (Automobiles
& Components)^†
|
4,800
|
34,712
|
|
Haier Smart Home Co., Ltd.,
Class H (Consumer Durables
& Apparel)†
|
6,200
|
19,520
|
|
Haitian International Holdings
Ltd. (Capital Goods)†
|
25,020
|
67,302
|
|
Hangzhou Tigermed Consulting
Co., Ltd., Class H
(Pharmaceuticals,
Biotechnology & Life
Sciences)^†
|
6,200
|
44,065
|
|
Hefei Meiya Optoelectronic
Technology Inc., Class A
(Capital Goods)†
|
16,680
|
39,134
|
|
Hongfa Technology Co., Ltd.,
Class A (Capital Goods)†
|
8,372
|
28,347
|
|
Inner Mongolia Yili Industrial
Group Co., Ltd., Class A
(Food, Beverage &
Tobacco)†
|
19,600
|
74,544
|
|
JD.com Inc., Class A (Consumer
Discretionary Distribution &
Retail)†
|
1,521
|
23,538
|
|
Kweichow Moutai Co., Ltd.,
Class A (Food, Beverage &
Tobacco)†
|
270
|
53,288
|
|
Li Ning Co., Ltd. (Consumer
Durables & Apparel)†
|
20,500
|
43,526
|
|
LONGi Green Energy
Technology Co., Ltd.,
Class A (Semiconductors &
Semiconductor
Equipment)*†
|
11,060
|
24,067
|
|
Meituan, Class B (Consumer
Services)*^†
|
3,530
|
54,712
|
|
|
Shares
|
Value
|
|
COMMON STOCKS - 96.6% (continued)
|
||
|
China - 77.9% (continued)
|
||
|
Midea Group Co., Ltd., Class A
(Consumer Durables &
Apparel)†
|
4,400
|
$42,687
|
|
NetEase Inc. (Media &
Entertainment)†
|
2,700
|
70,441
|
|
Ping An Insurance Group Co. of
China Ltd., Class H
(Insurance)†
|
12,500
|
85,960
|
|
Proya Cosmetics Co., Ltd.,
Class A (Household &
Personal Products)†
|
4,600
|
52,366
|
|
Qingdao Haier Biomedical Co.,
Ltd., Class A (Health Care
Equipment & Services)†
|
11,200
|
51,424
|
|
Sany Heavy Industry Co., Ltd.,
Class A (Capital Goods)†
|
18,300
|
50,660
|
|
SF Holding Co., Ltd., Class A
(Transportation)†
|
8,900
|
56,859
|
|
Shandong Sinocera Functional
Material Co., Ltd., Class A
(Materials)†
|
14,100
|
35,810
|
|
Shanghai Friendess Electronic
Technology Corp., Ltd.,
Class A (Technology
Hardware & Equipment)†
|
2,660
|
48,248
|
|
Shenzhen Inovance Technology
Co., Ltd., Class A (Capital
Goods)†
|
6,600
|
58,134
|
|
Shenzhen Mindray Bio-Medical
Electronics Co., Ltd., Class A
(Health Care Equipment &
Services)†
|
1,500
|
48,163
|
|
Shenzhou International Group
Holdings Ltd. (Consumer
Durables & Apparel)†
|
7,000
|
49,992
|
|
Tencent Holdings Ltd. (Media &
Entertainment)†
|
5,200
|
364,522
|
|
TravelSky Technology Ltd.,
Class H (Consumer
Services)†
|
67,000
|
106,562
|
|
Trip.com Group Ltd. (Consumer
Services)†
|
1,396
|
87,549
|
|
Wuliangye Yibin Co., Ltd.,
Class A (Food, Beverage &
Tobacco)†
|
1,100
|
18,499
|
|
WuXi AppTec Co., Ltd., Class H
(Pharmaceuticals,
Biotechnology & Life
Sciences)^†
|
3,400
|
45,809
|
|
Zhejiang Sanhua Intelligent
Controls Co., Ltd., Class A
(Capital Goods)†
|
7,400
|
26,925
|
|
Zhejiang Shuanghuan Driveline
Co., Ltd., Class A
(Automobiles &
Components)†
|
8,400
|
38,530
|
|
ZTO Express Cayman Inc.
(Transportation)†
|
3,800
|
74,414
|
|
|
|
2,422,861
|
|
|
Shares
|
Value
|
|
COMMON STOCKS - 96.6% (continued)
|
||
|
Hong Kong - 10.8%
|
||
|
AIA Group Ltd. (Insurance)†
|
13,600
|
$127,248
|
|
ASMPT Ltd. (Semiconductors &
Semiconductor Equipment)†
|
1,400
|
11,811
|
|
Budweiser Brewing Co. APAC
Ltd. (Food, Beverage &
Tobacco)^†
|
27,400
|
28,843
|
|
Hong Kong Exchanges &
Clearing Ltd. (Financial
Services)†
|
2,100
|
114,306
|
|
Techtronic Industries Co., Ltd.
(Capital Goods)†
|
4,500
|
54,089
|
|
|
|
336,297
|
|
Taiwan - 7.9%
|
||
|
Airtac International Group
(Capital Goods)†
|
3,300
|
94,045
|
|
Delta Electronics Inc.
(Technology Hardware &
Equipment)†
|
8,000
|
151,177
|
|
|
|
245,222
|
|
Total Common Stocks (Cost $3,225,557)
|
$3,004,380
|
|
|
|
|
|
|
SHORT TERM INVESTMENTS - 4.3%
|
||
|
Northern Institutional Funds -
Treasury Portfolio (Premier
Shares), 4.15% (Money
Market Funds)
|
135,229
|
135,229
|
|
|
|
|
|
Total Short Term Investments (Cost $135,229)
|
$135,229
|
|
|
|
|
|
|
Total Investments — 100.9%
|
|
|
|
(Cost $3,360,786)
|
$3,139,609
|
|
|
Liabilities Less Other Assets - (0.9)%
|
(28,495
)
|
|
|
Net Assets — 100.0%
|
$3,111,114
|
|
|
† Investment categorized as level 2 security.
|
|
^ Security exempt from registration pursuant to Rule 144A of the
Securities Act of 1933. These securities, which represent 9.1% of net
assets as of July 31, 2025, are considered liquid and may be resold
in transactions exempt from registration, normally to qualified
buyers.
|
|
* Non-income producing security.
|
|
Industry
|
Percentage of
Net Assets
|
|
Automobiles & Components
|
3.2
%
|
|
Capital Goods
|
18.4
|
|
Consumer Discretionary Distribution & Retail
|
6.3
|
|
Consumer Durables & Apparel
|
6.8
|
|
Consumer Services
|
8.0
|
|
Financial Services
|
3.7
|
|
Food, Beverage & Tobacco
|
6.2
|
|
Health Care Equipment & Services
|
3.2
|
|
Household & Personal Products
|
1.7
|
|
Insurance
|
6.9
|
|
Materials
|
1.1
|
|
Media & Entertainment
|
14.0
|
|
Pharmaceuticals, Biotechnology & Life Sciences
|
2.9
|
|
Semiconductors & Semiconductor Equipment
|
1.2
|
|
Technology Hardware & Equipment
|
6.4
|
|
Telecommunication Services
|
2.4
|
|
Transportation
|
4.2
|
|
Money Market Fund
|
4.3
|
|
Total Investments
|
100.9
|
|
Liabilities Less Other Assets
|
(0.9
)
|
|
Net Assets
|
100.0
%
|
|
|
Shares
|
Value
|
|
COMMON STOCKS - 95.2%
|
||
|
Bangladesh - 3.9%
|
||
|
BRAC Bank plc (Banks)†
|
4,571,298
|
$2,636,400
|
|
GrameenPhone Ltd.
(Telecommunication
Services)†
|
271,823
|
694,474
|
|
Square Pharmaceuticals plc
(Pharmaceuticals,
Biotechnology & Life
Sciences)†
|
1,073,017
|
2,012,337
|
|
|
|
5,343,211
|
|
Colombia - 2.4%
|
||
|
Cementos Argos SA - Sponsored
ADR (Materials)#†
|
242,986
|
3,187,004
|
|
Croatia - 0.1%
|
||
|
Ericsson Nikola Tesla
(Technology Hardware &
Equipment)†
|
800
|
160,886
|
|
Egypt - 2.3%
|
||
|
Commercial International Bank
Egypt - GDR, Reg S
(Banks)†
|
1,612,397
|
3,084,918
|
|
Indonesia - 3.5%
|
||
|
Astra International Tbk PT
(Capital Goods)†
|
5,210,200
|
1,609,055
|
|
Bank Central Asia Tbk PT
(Banks)†
|
4,130,100
|
2,060,169
|
|
Sumber Alfaria Trijaya Tbk PT
(Consumer Staples
Distribution & Retail)†
|
7,766,600
|
1,091,300
|
|
|
|
4,760,524
|
|
Kazakhstan - 5.7%
|
||
|
Halyk Savings Bank of
Kazakhstan JSC - GDR, Reg
S (Banks)†
|
178,223
|
4,420,494
|
|
Kaspi.KZ JSC - ADR (Financial
Services)
|
42,027
|
3,315,931
|
|
|
|
7,736,425
|
|
Kenya - 3.3%
|
||
|
East African Breweries plc
(Food, Beverage &
Tobacco)†
|
323,700
|
527,821
|
|
Equity Group Holdings plc
(Banks)†
|
3,703,700
|
1,445,226
|
|
Safaricom plc
(Telecommunication
Services)†
|
12,585,050
|
2,562,245
|
|
|
|
4,535,292
|
|
Morocco - 9.6%
|
||
|
Attijariwafa Bank (Banks)†
|
52,434
|
4,278,822
|
|
Itissalat Al-Maghrib
(Telecommunication
Services)†
|
165,873
|
2,209,132
|
|
Societe d'Exploitation des Ports
(Transportation)†
|
65,556
|
6,470,884
|
|
|
|
12,958,838
|
|
|
Shares
|
Value
|
|
COMMON STOCKS - 95.2% (continued)
|
||
|
Peru - 9.0%
|
||
|
Alicorp SAA (Food, Beverage &
Tobacco)
|
513,758
|
$1,365,731
|
|
Cementos Pacasmayo SAA
(Materials)
|
1,129,276
|
1,361,104
|
|
Credicorp Ltd. (Banks)
|
27,343
|
6,480,291
|
|
Ferreycorp SAA (Capital Goods)
|
3,122,997
|
3,016,506
|
|
|
|
12,223,632
|
|
Philippines - 16.8%
|
||
|
Bank of the Philippine Islands
(Banks)†
|
1,233,920
|
2,493,054
|
|
BDO Unibank Inc. (Banks)†
|
1,069,231
|
2,606,252
|
|
Century Pacific Food Inc. (Food,
Beverage & Tobacco)†
|
2,232,400
|
1,410,061
|
|
International Container Terminal
Services Inc.
(Transportation)†
|
658,930
|
5,044,385
|
|
Jollibee Foods Corp. (Consumer
Services)†
|
765,560
|
2,843,689
|
|
Robinsons Retail Holdings Inc.
(Consumer Staples
Distribution & Retail)†
|
1,539,350
|
1,002,696
|
|
SM Prime Holdings Inc. (Real
Estate Management &
Development)†
|
8,422,400
|
3,338,766
|
|
Universal Robina Corp. (Food,
Beverage & Tobacco)†
|
984,620
|
1,488,978
|
|
Wilcon Depot Inc. (Consumer
Discretionary Distribution &
Retail)†
|
14,619,700
|
2,500,689
|
|
|
|
22,728,570
|
|
Poland - 1.9%
|
||
|
Allegro.eu SA (Consumer
Discretionary Distribution &
Retail)*^†
|
265,807
|
2,613,525
|
|
Romania - 7.3%
|
||
|
Banca Transilvania SA (Banks)†
|
965,028
|
5,984,293
|
|
Societatea Nationala de Gaze
Naturale ROMGAZ SA
(Energy)†
|
2,156,306
|
3,841,630
|
|
|
|
9,825,923
|
|
Saudi Arabia - 2.2%
|
||
|
Al Rajhi Bank (Banks)†
|
42,020
|
1,057,953
|
|
Bupa Arabia for Cooperative
Insurance Co. (Insurance)†
|
15,851
|
707,147
|
|
Mouwasat Medical Services Co.
(Health Care Equipment &
Services)†
|
58,166
|
1,170,258
|
|
|
|
2,935,358
|
|
Slovenia - 1.8%
|
||
|
Krka dd Novo mesto
(Pharmaceuticals,
Biotechnology & Life
Sciences)†
|
10,652
|
2,417,059
|
|
|
Shares
|
Value
|
|
COMMON STOCKS - 95.2% (continued)
|
||
|
Thailand - 0.7%
|
||
|
Bumrungrad Hospital pcl, Reg S
(Health Care Equipment &
Services)†
|
180,500
|
$938,953
|
|
United Arab Emirates - 2.6%
|
||
|
Agthia Group PJSC (Food,
Beverage & Tobacco)†
|
581,568
|
674,332
|
|
Emaar Properties PJSC (Real
Estate Management &
Development)†
|
683,855
|
2,817,279
|
|
|
|
3,491,611
|
|
United Kingdom - 5.5%
|
||
|
Airtel Africa plc
(Telecommunication
Services)^†
|
1,052,373
|
2,832,789
|
|
Baltic Classifieds Group plc
(Media & Entertainment)†
|
789,605
|
3,724,915
|
|
Helios Towers plc
(Telecommunication
Services)*†
|
534,934
|
838,305
|
|
|
|
7,396,009
|
|
United States - 2.1%
|
||
|
EPAM Systems Inc. (Software &
Services)*
|
6,127
|
966,289
|
|
Globant SA (Software &
Services)*
|
21,820
|
1,838,553
|
|
|
|
2,804,842
|
|
Vietnam - 14.5%
|
||
|
Bank for Foreign Trade of
Vietnam JSC (Banks)*†
|
1,796,735
|
4,099,130
|
|
FPT Corp. (Software &
Services)†
|
675,375
|
2,652,664
|
|
Hoa Phat Group JSC
(Materials)*†
|
3,682,402
|
3,474,456
|
|
Mobile World Investment Corp.
(Consumer Discretionary
Distribution & Retail)†
|
1,653,900
|
4,074,216
|
|
Sai Gon Cargo Service Corp.
(Transportation)†
|
501,594
|
1,223,268
|
|
Saigon Beer Alcohol Beverage
Corp. (Food, Beverage &
Tobacco)†
|
1,025,720
|
1,852,163
|
|
Vietnam Dairy Products JSC
(Food, Beverage &
Tobacco)†
|
995,894
|
2,305,927
|
|
|
|
19,681,824
|
|
Total Common Stocks (Cost $87,408,987)
|
$128,824,404
|
|
|
|
|
|
|
|
Shares
|
Value
|
|
PREFERRED STOCKS - 3.0%
|
||
|
Colombia - 3.0%
|
||
|
Grupo Cibest SA - ADR, 3.23%
(Banks)+
|
95,155
|
$4,131,630
|
|
|
|
|
|
Total Preferred Stocks (Cost $2,981,566)
|
$4,131,630
|
|
|
|
|
|
|
PARTICIPATION NOTES - 0.7%
|
||
|
Qatar - 0.7%
|
||
|
Qatar National Bank, Issued by
HSBC BANK PLC, Maturity
Date 5/28/26 (Banks)^†
|
171,904
|
885,254
|
|
|
|
|
|
Total Participation Notes (Cost $819,398)
|
$885,254
|
|
|
|
|
|
|
SHORT TERM INVESTMENTS - 1.5%
|
||
|
Northern Institutional Funds -
Treasury Portfolio (Premier
Shares), 4.15% (Money
Market Funds)
|
2,043,551
|
2,043,551
|
|
|
|
|
|
Total Short Term Investments (Cost $2,043,551)
|
$2,043,551
|
|
|
|
|
|
|
Total Investments — 100.4%
|
|
|
|
(Cost $93,253,502)
|
$135,884,839
|
|
|
Liabilities Less Other Assets - (0.4)%
|
(498,480
)
|
|
|
Net Assets — 100.0%
|
$135,386,359
|
|
|
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.
|
|
#
|
Security valued at fair value as determined in good faith under
policies and procedures established by and under the
supervision of the Portfolio’s Board of Directors.
|
|
*
|
Non-income producing security.
|
|
^
|
Security exempt from registration pursuant to Rule 144A of the
Securities Act of 1933. These securities, which represent 4.7%
of net assets as of July 31, 2025, 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
|
33.6
%
|
|
Capital Goods
|
3.4
|
|
Consumer Discretionary Distribution & Retail
|
6.8
|
|
Consumer Services
|
2.1
|
|
Consumer Staples Distribution & Retail
|
1.5
|
|
Energy
|
2.9
|
|
Financial Services
|
2.4
|
|
Food, Beverage & Tobacco
|
7.2
|
|
Health Care Equipment & Services
|
1.6
|
|
Insurance
|
0.5
|
|
Materials
|
6.0
|
|
Media & Entertainment
|
2.8
|
|
Pharmaceuticals, Biotechnology & Life Sciences
|
3.3
|
|
Real Estate Management & Development
|
4.6
|
|
Software & Services
|
4.0
|
|
Technology Hardware & Equipment
|
0.1
|
|
Telecommunication Services
|
6.7
|
|
Transportation
|
9.4
|
|
Money Market Fund
|
1.5
|
|
Total Investments
|
100.4
|
|
Liabilities Less Other Assets
|
(0.4
)
|
|
Net Assets
|
100.0
%
|