|
Boston Partners Emerging Markets Dynamic Equity Fund
|
||||||||
|
Schedule of Investments
|
||||||||
|
May 31, 2025 (Unaudited)
|
||||||||
|
COMMON STOCKS - 64.9%
|
Shares
|
Value
|
||||||
|
Brazil - 9.1%
|
||||||||
|
Embraer SA
|
10,100
|
$
|
115,648
|
|||||
|
Hypera SA
|
144,800
|
640,264
|
||||||
|
Itau Unibanco Holding SA - ADR
|
101,729
|
670,394
|
||||||
|
Localiza Rent a Car SA
|
134,900
|
1,011,838
|
||||||
|
Rede D'Or Sao Luiz SA (a)
|
113,700
|
749,651
|
||||||
|
Sendas Distribuidora SA
|
558,700
|
1,093,077
|
||||||
|
Suzano SA
|
20,700
|
179,404
|
||||||
|
TIM SA
|
280,900
|
952,295
|
||||||
|
5,412,571
|
||||||||
|
Chile - 1.9%
|
||||||||
|
Cencosud SA
|
86,372
|
297,257
|
||||||
|
Sociedad Quimica y Minera de Chile SA - ADR (b)
|
26,416
|
803,839
|
||||||
|
1,101,096
|
||||||||
|
China - 15.7%
|
||||||||
|
Angel Yeast Co. Ltd. - Class A (b)
|
40,100
|
211,818
|
||||||
|
China Jushi Co. Ltd. - Class A (b)
|
585,000
|
916,219
|
||||||
|
Contemporary Amperex Technology Co. Ltd. - Class A (b)
|
14,300
|
493,800
|
||||||
|
Ginlong Technologies Co. Ltd. - Class A (b)
|
34,700
|
245,389
|
||||||
|
Hangzhou Chang Chuan Technology Co. Ltd. - Class A (b)
|
21,900
|
124,849
|
||||||
|
Hongfa Technology Co. Ltd. - Class A (b)
|
14,400
|
65,392
|
||||||
|
Hoymiles Power Electronics, Inc. - Class A (b)
|
16,527
|
227,808
|
||||||
|
Inner Mongolia Yili Industrial Group Co. Ltd. - Class A (b)
|
171,100
|
717,271
|
||||||
|
JD.com, Inc. - ADR (b)
|
3,284
|
106,434
|
||||||
|
Luzhou Laojiao Co. Ltd. - Class A (b)
|
10,500
|
169,672
|
||||||
|
Muyuan Foods Co., Ltd. - Class A (b)
|
195,100
|
1,092,494
|
||||||
|
Ningbo Deye Technology Co. Ltd. - Class A (b)
|
25,300
|
288,812
|
||||||
|
Qinghai Salt Lake Industry Co. Ltd. - Class A (b)(c)
|
227,000
|
497,646
|
||||||
|
Quectel Wireless Solutions Co. Ltd. - Class A (b)
|
23,700
|
231,972
|
||||||
|
Sunwoda Electronic Co. Ltd. - Class A (b)
|
76,000
|
194,625
|
||||||
|
Tencent Holdings Ltd. - ADR - ADR (b)
|
7,442
|
467,209
|
||||||
|
Tongwei Co., Ltd., Class A - Class A (b)
|
159,400
|
359,642
|
||||||
|
Wanhua Chemical Group Co., Ltd. - Class A (b)
|
26,000
|
194,938
|
||||||
|
Wens Foodstuffs Group Co., Ltd., Class A - Class A (b)
|
81,000
|
186,852
|
||||||
|
Wuliangye Yibin Co., Ltd., Class A - Class A (b)
|
10,400
|
181,791
|
||||||
|
WuXi AppTec Co. Ltd. - Class A (b)
|
53,600
|
470,801
|
||||||
|
Wuxi NCE Power Co. Ltd. - Class A
|
19,000
|
79,859
|
||||||
|
Yifeng Pharmacy Chain Co. Ltd. - Class A (b)
|
215,200
|
776,609
|
||||||
|
Yunnan Baiyao Group Co. Ltd. - Class A (b)
|
38,400
|
300,786
|
||||||
|
Yunnan Yuntianhua Co. Ltd. - Class A (b)
|
179,600
|
543,043
|
||||||
|
Zhejiang Jingxin Pharmaceutical Co. Ltd. - Class A (b)
|
101,600
|
184,640
|
||||||
|
Zhejiang NHU Co. Ltd. - Class A (b)
|
19,700
|
59,957
|
||||||
|
9,390,328
|
||||||||
|
Cyprus - 0.0%(d)
|
||||||||
|
Fix Price Group PLC - GDR (c)(e)
|
21,704
|
0
|
||||||
|
Greece - 1.5%
|
||||||||
|
Hellenic Telecommunications Organization SA
|
9,366
|
180,610
|
||||||
|
OPAP SA
|
34,159
|
734,520
|
||||||
|
915,130
|
||||||||
|
India - 1.8%
|
||||||||
|
Chambal Fertilisers and Chemicals Ltd.
|
28,541
|
184,031
|
||||||
|
UPL Ltd.
|
111,281
|
818,005
|
||||||
|
UPL Ltd. (c)
|
10,899
|
52,199
|
||||||
|
1,054,235
|
||||||||
|
Israel - 0.3%
|
||||||||
|
ICL Group Ltd. (b)
|
30,145
|
199,861
|
||||||
|
Luxembourg - 3.4%
|
||||||||
|
Millicom International Cellular SA (b)
|
30,688
|
1,151,107
|
||||||
|
Zabka Group SA (c)
|
148,545
|
897,920
|
||||||
|
2,049,027
|
||||||||
|
Malaysia - 0.1%
|
||||||||
|
AMMB Holdings Bhd
|
62,700
|
77,167
|
||||||
|
Mexico - 8.3%
|
||||||||
|
America Movil SAB de CV (c)
|
981,100
|
827,026
|
||||||
|
Arca Continental SAB de CV
|
5,500
|
60,541
|
||||||
|
Cemex SAB de CV - ADR (b)
|
105,524
|
722,839
|
||||||
|
Coca-Cola Femsa SAB de CV - ADR (b)
|
7,278
|
691,410
|
||||||
|
Fibra Uno Administracion SAB de CV
|
252,500
|
353,052
|
||||||
|
Genomma Lab Internacional SAB de CV - Class B
|
94,600
|
109,349
|
||||||
|
Gruma SAB de CV - Class B
|
10,010
|
188,346
|
||||||
|
Grupo Comercial Chedraui SAB de CV
|
10,100
|
73,943
|
||||||
|
Grupo Financiero Banorte SAB de CV
|
106,700
|
946,305
|
||||||
|
Kimberly-Clark de Mexico SAB de CV - Class A
|
304,300
|
542,833
|
||||||
|
Prologis Property Mexico SAB de CV
|
81,500
|
310,940
|
||||||
|
Vista Energy SAB de CV - ADR (b)(c)
|
2,308
|
114,315
|
||||||
|
4,940,899
|
||||||||
|
Portugal - 1.1%
|
||||||||
|
Jeronimo Martins SGPS SA
|
26,841
|
676,559
|
||||||
|
Saudi Arabia - 2.6%
|
||||||||
|
Al Rajhi Bank
|
34,809
|
844,331
|
||||||
|
Riyad Bank
|
81,769
|
632,606
|
||||||
|
SABIC Agri-Nutrients Co.
|
4,008
|
102,353
|
||||||
|
1,579,290
|
||||||||
|
Singapore - 1.0%
|
||||||||
|
Singapore Airlines Ltd.
|
104,000
|
573,826
|
||||||
|
South Africa - 1.0%
|
||||||||
|
Vodacom Group Ltd.
|
78,822
|
604,707
|
||||||
|
South Korea - 3.4%
|
||||||||
|
Hankook Tire & Technology Co., Ltd.
|
6,577
|
183,427
|
||||||
|
Hyundai Rotem Co. Ltd.
|
3,067
|
324,632
|
||||||
|
KT Corp. - ADR (b)
|
18,017
|
338,900
|
||||||
|
Samsung Electro-Mechanics Co., Ltd.
|
1,827
|
161,266
|
||||||
|
Samsung Electronics Co., Ltd.
|
18,518
|
751,418
|
||||||
|
Samsung Fire & Marine Insurance Co. Ltd.
|
927
|
271,297
|
||||||
|
2,030,940
|
||||||||
|
Taiwan - 4.3%
|
||||||||
|
Globalwafers Co. Ltd.
|
58,000
|
600,869
|
||||||
|
Nan Ya Plastics Corp.
|
609,000
|
577,428
|
||||||
|
Nanya Technology Corp. (c)
|
391,000
|
581,632
|
||||||
|
Taiwan Semiconductor Manufacturing Co. Ltd. - ADR
|
3,103
|
599,872
|
||||||
|
Taiwan Semiconductor Manufacturing Co. Ltd. (b)
|
7,000
|
223,258
|
||||||
|
2,583,059
|
||||||||
|
Thailand - 1.5%
|
||||||||
|
Com7 PCL - NVDR
|
303,700
|
183,806
|
||||||
|
CP ALL PCL - NVDR
|
190,300
|
271,986
|
||||||
|
Indorama Ventures PCL - NVDR
|
698,600
|
431,741
|
||||||
|
887,533
|
||||||||
|
United Arab Emirates - 5.1%
|
||||||||
|
Abu Dhabi Commercial Bank PJSC
|
176,996
|
581,782
|
||||||
|
Abu Dhabi Islamic Bank PJSC
|
239,371
|
1,249,551
|
||||||
|
Emaar Properties PJSC
|
341,425
|
1,222,627
|
||||||
|
3,053,960
|
||||||||
|
United Kingdom - 0.3%
|
||||||||
|
Hikma Pharmaceuticals PLC
|
5,640
|
162,801
|
||||||
|
United States - 2.5%
|
||||||||
|
Monolithic Power Systems, Inc. (b)
|
637
|
421,630
|
||||||
|
Mosaic Co. (b)
|
30,077
|
1,086,983
|
||||||
|
1,508,613
|
||||||||
|
TOTAL COMMON STOCKS (Cost $35,470,287)
|
38,801,602
|
|||||||
|
PREFERRED STOCKS - 2.6%
|
Shares
|
Value
|
||||||
|
Brazil - 0.7%
|
||||||||
|
Itau Unibanco Holding SA (b)
|
62,500
|
409,236
|
||||||
|
South Korea - 1.9%
|
||||||||
|
Samsung Electronics Co., Ltd.
|
34,999
|
1,166,441
|
||||||
|
TOTAL PREFERRED STOCKS (Cost $1,515,137)
|
1,575,677
|
|||||||
|
SHORT-TERM INVESTMENTS - 12.8%
|
Value
|
|||||||
|
Money Market Funds - 12.8%
|
Shares
|
|||||||
|
BlackRock Liquidity Funds Treasury Trust Fund Portfolio - Class Institutional, 4.18% (b)(f)
|
1,908,723
|
1,908,723
|
||||||
|
Federated Hermes U.S. Treasury Cash Reserves - Class Institutional, 4.09% (b)(f)
|
1,908,722
|
1,908,722
|
||||||
|
Fidelity Treasury Portfolio - Class I, 4.19% (b)(f)
|
1,908,723
|
1,908,723
|
||||||
|
Goldman Sachs Financial Square Funds - Treasury Instruments Fund - Class Institutional, 4.15% (b)(f)
|
1,908,723
|
1,908,723
|
||||||
|
TOTAL SHORT-TERM INVESTMENTS (Cost $7,634,891)
|
7,634,891
|
|||||||
|
TOTAL INVESTMENTS - 80.3% (Cost $44,620,315)
|
48,012,170
|
|||||||
|
Other Assets in Excess of Liabilities - 19.7%
|
11,779,460
|
|||||||
|
TOTAL NET ASSETS - 100.0%
|
$
|
59,791,630
|
||||||
|
two
|
–
|
%
|
||||||
|
Percentages are stated as a percent of net assets.
|
–
|
%
|
||||||
|
ADR - American Depositary Receipt
|
|
GDR - Global Depositary Receipt
|
|
NVDR - Non-Voting Depositary Receipt
|
|
PCL - Public Company Limited
|
|
PJSC - Public Joint Stock Company
|
|
PLC - Public Limited Company
|
|
(a)
|
Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified
institutional investors. As of May 31, 2025, the value of these securities total $749,651 or 1.3% of the Fund’s net assets.
|
|
(b)
|
All or a portion of security has been pledged as collateral for securities sold short. The fair value of assets committed as collateral as of May 31, 2025 is $26,287,720.
|
|
(c)
|
Non-income producing security.
|
|
(d)
|
Represents less than 0.05% of net assets.
|
|
(e)
|
Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities
represented $0 or 0.0% of net assets as of May 31, 2025.
|
|
(f)
|
The rate shown represents the 7-day annualized effective yield as of May 31, 2025.
|
|
Boston Partners Emerging Markets Dynamic Equity Fund
|
||||||||
|
Schedule of Securities Sold Short
|
||||||||
|
May 31, 2025 (Unaudited)
|
||||||||
|
COMMON STOCKS - (1.1)%
|
Shares
|
Value
|
||||||
|
Greece - (0.5)%
|
||||||||
|
Metlen Energy & Metals SA
|
(5,755
|
)
|
$
|
(291,817
|
)
|
|||
|
South Korea - (0.3)%
|
||||||||
|
Hyundai Motor Co. - GDR
|
(3,189
|
)
|
(197,622
|
)
|
||||
|
Taiwan - (0.3)%
|
||||||||
|
Hon Hai Precision Industry Co. Ltd. - GDR
|
(14,065
|
)
|
(143,463
|
)
|
||||
|
TOTAL COMMON STOCKS (Proceeds $568,475)
|
(632,902
|
)
|
||||||
|
TOTAL SECURITIES SOLD SHORT - (1.1)% (Proceeds $568,475)
|
$
|
(632,902
|
)
|
|||||
|
Percentages are stated as a percent of net assets.
|
||||||||
|
Boston Partners Emerging Markets Dynamic Equity Fund
|
|||||||||||||
|
Schedule of Futures Contracts
|
|||||||||||||
|
May 31, 2025 (Unaudited)
|
|||||||||||||
|
Description
|
Contracts Sold
|
Expiration Date
|
Notional Value
|
Value / Unrealized
Appreciation
(Depreciation)
|
|||||||||
|
Dabur India Ltd.
|
(68)
|
06/26/2025
|
$
|
482,387
|
$
|
813
|
|||||||
|
Varun Beverages Ltd.
|
(95)
|
06/26/2025
|
464,315
|
9,578
|
|||||||||
|
Net Unrealized Appreciation (Depreciation)
|
$
|
10,391
|
|||||||||||
|
Boston Partners Emerging Markets Dynamic Equity Fund
|
||||||||||||||
|
Schedule of Contracts For Difference
|
||||||||||||||
|
May 31, 2025 (Unaudited)
|
||||||||||||||
|
Reference Entity
|
Counterparty
|
Pay/ Receive
Reference Entity
|
Financing Rate
|
Payment Frequency
|
Maturity Date
|
Notional Amount
|
Value/ Unrealized Appreciation
(Depreciation)
|
|||||||
|
AAC Technologies Holdings, Inc.
|
Morgan Stanley
|
Receive
|
1 mo. HIBOR HKD + 0.55%
|
Termination
|
08/01/2027
|
HKD
|
$
|
783,675
|
$
|
17,784
|
||||
|
Alibaba Group Holding Ltd.
|
Goldman Sachs
|
Receive
|
1 mo. HIBOR HKD + 0.50%
|
Termination
|
08/04/2027
|
HKD
|
9,191,730
|
(62,840
|
)
|
|||||
|
Alpek SAB de CV
|
Morgan Stanley
|
Receive
|
EFFR + 0.55%
|
Termination
|
12/04/2025
|
38,084
|
(19,153
|
)
|
||||||
|
Alpek SAB de CV
|
Morgan Stanley
|
Receive
|
EFFR + 0.55%
|
Termination
|
12/04/2025
|
222,662
|
(125,269
|
)
|
||||||
|
BYD Co. Ltd.
|
Morgan Stanley
|
Receive
|
HONIA + 0.55%
|
Termination
|
11/20/2027
|
HKD
|
7,856,000
|
237,081
|
||||||
|
Cathay Pacific Airways Ltd.
|
Goldman Sachs
|
Receive
|
1 mo. HIBOR HKD + 0.50%
|
Termination
|
01/23/2028
|
HKD
|
3,474,240
|
10,292
|
||||||
|
China Feihe Ltd.
|
Goldman Sachs
|
Receive
|
1 mo. HIBOR HKD + 0.50%
|
Termination
|
09/15/2027
|
HKD
|
4,652,760
|
75,514
|
||||||
|
China Mengniu Dairy Co. Ltd.
|
J.P. Morgan Securities, Inc.
|
Receive
|
HONIA + 0.40%
|
Termination
|
05/14/2028
|
HKD
|
2,811,120
|
(29,914
|
)
|
|||||
|
Coca-Cola Femsa SAB de CV
|
Goldman Sachs
|
Receive
|
EFFR + 0.51%
|
Termination
|
08/08/2027
|
157,320
|
14,002
|
|||||||
|
Coway Co. Ltd.
|
Morgan Stanley
|
Receive
|
EFFR + 0.25%
|
Termination
|
09/15/2027
|
621,404
|
125,805
|
|||||||
|
DBS Group Holdings Ltd.
|
Morgan Stanley
|
Receive
|
SORA + 0.55%
|
Termination
|
12/10/2025
|
SGD
|
4
|
1
|
||||||
|
DBS Group Holdings Ltd.
|
Morgan Stanley
|
Receive
|
SORA + 0.55%
|
Termination
|
10/24/2027
|
SGD
|
147,576
|
5,309
|
||||||
|
Detsky Mir PJSC
|
Goldman Sachs
|
Receive
|
EFFR + 0.85%
|
Monthly
|
09/18/2025
|
0
|
(178,548
|
)
|
||||||
|
Eva Airways Corp.
|
Morgan Stanley
|
Receive
|
EFFR + 0.85%
|
Termination
|
11/13/2027
|
174,477
|
18,591
|
|||||||
|
Flat Glass Group Co. Ltd.
|
UBS AG
|
Receive
|
HIHDO/N INDEX + 0.33%
|
Termination
|
03/29/2028
|
HKD
|
2,690,590
|
(150,355
|
)
|
|||||
|
Formosa Plastics Corp.
|
Goldman Sachs
|
Receive
|
EFFR + 0.76%
|
Termination
|
05/17/2028
|
297,576
|
(16,961
|
)
|
||||||
|
Geely Automobile Holdings Ltd.
|
Goldman Sachs
|
Receive
|
1 mo. HIBOR HKD + 0.50%
|
Termination
|
09/01/2027
|
HKD
|
12,897,840
|
(46,718
|
)
|
|||||
|
Genomma Lab Internacional SAB de CV
|
J.P. Morgan Securities, Inc.
|
Receive
|
OBFR + 0.60%
|
Termination
|
08/08/2027
|
132,467
|
21,374
|
|||||||
|
Goldwind Science & Technology Co. Ltd.
|
Morgan Stanley
|
Receive
|
HONIA + 0.55%
|
Termination
|
09/11/2027
|
HKD
|
2,158,400
|
40,894
|
||||||
|
Hana Financial Group, Inc.
|
Morgan Stanley
|
Receive
|
EFFR + 0.85%
|
Termination
|
11/17/2027
|
476,025
|
97,823
|
|||||||
|
HeadHunter Group PLC
|
Goldman Sachs
|
Receive
|
EFFR + 0.55%
|
Monthly
|
09/23/2026
|
0
|
(116,107
|
)
|
||||||
|
Hypera SA
|
J.P. Morgan Securities, Inc.
|
Receive
|
OBFR + 0.60%
|
Termination
|
08/11/2027
|
294,486
|
10,964
|
|||||||
|
Hyundai Mobis Co. Ltd.
|
Morgan Stanley
|
Receive
|
EFFR + 3.88%
|
Termination
|
11/06/2027
|
1,282,879
|
9,053
|
|||||||
|
ICL Group Ltd.
|
Goldman Sachs
|
Receive
|
TELBOR + 0.70%
|
Termination
|
08/27/2027
|
ILS
|
740,661
|
59,493
|
||||||
|
J&T Global Express Ltd.
|
Morgan Stanley
|
Receive
|
HONIA + 0.55%
|
Termination
|
11/20/2027
|
HKD
|
6,640,126
|
48,862
|
||||||
|
JD Logistics, Inc.
|
Morgan Stanley
|
Receive
|
HONIA + 0.55%
|
Termination
|
10/27/2027
|
HKD
|
929,268
|
(16,340
|
)
|
|||||
|
JD.com, Inc.
|
UBS AG
|
Receive
|
1 mo. HIBOR HKD + 0.33%
|
Termination
|
03/15/2028
|
HKD
|
1,166,545
|
(37,087
|
)
|
|||||
|
Korea Electric Power Corp.
|
Morgan Stanley
|
Receive
|
EFFR + 0.85%
|
Termination
|
11/27/2027
|
710,388
|
192,445
|
|||||||
|
Korean Air Lines Co. Ltd.
|
Morgan Stanley
|
Receive
|
EFFR + 0.85%
|
Termination
|
07/31/2027
|
169,863
|
(11,087
|
)
|
||||||
|
KT Corp.
|
Morgan Stanley
|
Receive
|
EFFR + 0.55%
|
Termination
|
08/11/2027
|
223,753
|
58,352
|
|||||||
|
KT Corp.
|
Morgan Stanley
|
Receive
|
EFFR + 0.55%
|
Termination
|
09/22/2027
|
555,215
|
98,446
|
|||||||
|
Lenovo Group Ltd.
|
Morgan Stanley
|
Receive
|
HONIA + 0.55%
|
Termination
|
03/15/2028
|
HKD
|
741,280
|
(40,772
|
)
|
|||||
|
Millicom International Cellular SA
|
Goldman Sachs
|
Receive
|
EFFR + 0.55%
|
Termination
|
01/02/2031
|
199,928
|
44,474
|
|||||||
|
NAVER Corp.
|
Morgan Stanley
|
Receive
|
EFFR + 0.85%
|
Termination
|
11/03/2027
|
133,725
|
(22,310
|
)
|
||||||
|
Orion Corp./Republic of Korea
|
Goldman Sachs
|
Receive
|
EFFR + 0.76%
|
Termination
|
04/19/2028
|
246,294
|
1,768
|
|||||||
|
Oversea-Chinese Banking Corp. Ltd.
|
Morgan Stanley
|
Receive
|
SORA + 0.55%
|
Termination
|
09/18/2027
|
SGD
|
142,824
|
(3,625
|
)
|
|||||
|
Pharmaron Beijing Co. Ltd.
|
Morgan Stanley
|
Receive
|
HONIA + 0.55%
|
Termination
|
09/25/2027
|
HKD
|
915,272
|
38,394
|
||||||
|
Rede D'Or Sao Luiz SA
|
J.P. Morgan Securities, Inc.
|
Receive
|
OBFR + 0.60%
|
Termination
|
06/16/2027
|
258,712
|
55,382
|
|||||||
|
Samsung Electronics Co. Ltd.
|
Goldman Sachs
|
Receive
|
SONIA + 0.96%
|
Termination
|
04/01/2026
|
604,606
|
(72,261
|
)
|
||||||
|
Samsung Electronics Co. Ltd.
|
UBS AG
|
Receive
|
OBFR + 0.30%
|
Termination
|
03/09/2028
|
667,984
|
50,455
|
|||||||
|
Sberbank of Russia PJSC
|
Goldman Sachs
|
Receive
|
EFFR + 0.96%
|
Monthly
|
09/18/2025
|
0
|
(1,057
|
)
|
||||||
|
Silergy Corp.
|
Goldman Sachs
|
Receive
|
EFFR + 0.76%
|
Termination
|
08/04/2027
|
572,268
|
(55,839
|
)
|
||||||
|
STO Express Co. Ltd.
|
Goldman Sachs
|
Receive
|
EFFR + 0.50%
|
Termination
|
02/27/2028
|
127,138
|
2,640
|
|||||||
|
Sunny Optical Technology Group Co. Ltd.
|
Goldman Sachs
|
Receive
|
1 mo. HIBOR HKD + 0.50%
|
Termination
|
08/01/2027
|
HKD
|
567,760
|
14,429
|
||||||
|
Taiwan Semiconductor Manufacturing Co. Ltd.
|
Morgan Stanley
|
Receive
|
EFFR + 0.85%
|
Termination
|
10/16/2027
|
2,226,438
|
(43,946
|
)
|
||||||
|
Tencent Holdings Ltd.
|
Goldman Sachs
|
Receive
|
1 mo. HIBOR HKD + 0.50%
|
Termination
|
08/25/2027
|
HKD
|
9,814,540
|
167,940
|
||||||
|
Tingyi Cayman Islands Holding Corp.
|
Morgan Stanley
|
Receive
|
HONIA + 0.55%
|
Termination
|
09/15/2027
|
HKD
|
4,945,920
|
49,465
|
||||||
|
Tongcheng Travel Holdings Ltd.
|
Morgan Stanley
|
Receive
|
HONIA + 0.55%
|
Termination
|
12/04/2027
|
HKD
|
5,803,300
|
86,249
|
||||||
|
WH Group Ltd.
|
Goldman Sachs
|
Receive
|
1 mo. HIBOR HKD + 0.50%
|
Termination
|
08/01/2027
|
HKD
|
13,784,960
|
365,696
|
||||||
|
WuXi AppTec Co. Ltd.
|
Goldman Sachs
|
Receive
|
1 mo. HIBOR HKD + 0.50%
|
Termination
|
09/25/2027
|
HKD
|
9,446,250
|
333,297
|
||||||
|
$
|
1,302,085
|
|||||||||||||
|
Reference Entity
|
Counterparty
|
Pay/ Receive
Reference Entity
|
Financing Rate
|
Payment Frequency
|
Maturity Date
|
Notional Amount
|
Value/ Unrealized Appreciation (Depreciation)
|
|||||||
|
Accton Technology Corp.
|
Goldman Sachs
|
Pay
|
EFFR + (1.50)%
|
Termination
|
03/21/2027
|
(74,578
|
)
|
(25,552
|
)
|
|||||
|
Accton Technology Corp.
|
HSBC Bank
|
Pay
|
SOFR + (0.50)%
|
Termination
|
03/29/2028
|
(124,297
|
)
|
(25,628
|
)
|
|||||
|
Adient PLC
|
Goldman Sachs
|
Pay
|
EFFR + (0.25)%
|
Termination
|
08/15/2027
|
(177,695
|
)
|
66,714
|
||||||
|
Adient PLC
|
Morgan Stanley
|
Pay
|
EFFR + (0.25)%
|
Termination
|
08/25/2027
|
(308,183
|
)
|
90,868
|
||||||
|
ADNOC Logistics & Services
|
Goldman Sachs
|
Pay
|
EFFR + (0.75)%
|
Termination
|
12/11/2027
|
(504,805
|
)
|
47,443
|
||||||
|
Airports of Thailand PCL
|
Goldman Sachs
|
Pay
|
EFFR + (1.50)%
|
Termination
|
08/18/2027
|
(310,749
|
)
|
202,318
|
||||||
|
AKR Corporindo Tbk PT
|
Bank of America
|
Pay
|
EFFR + (0.03)%
|
Termination
|
02/24/2027
|
(10,371
|
)
|
880
|
||||||
|
AKR Corporindo Tbk PT
|
J.P. Morgan Securities, Inc.
|
Pay
|
OBFR + (8.72)%
|
Termination
|
03/12/2028
|
(7,827
|
)
|
(617
|
)
|
|||||
|
AKR Corporindo Tbk PT
|
Morgan Stanley
|
Pay
|
EFFR + (4.05)%
|
Termination
|
08/14/2027
|
(7,944
|
)
|
1,229
|
||||||
|
Al Hammadi Co. for Development and Investment
|
J.P. Morgan Securities, Inc.
|
Pay
|
EFFR + (10.65)%
|
Termination
|
08/25/2027
|
(198,664
|
)
|
23,029
|
||||||
|
Alsea SAB de CV
|
Morgan Stanley
|
Pay
|
EFFR + (0.55)%
|
Termination
|
12/15/2027
|
(510,470
|
)
|
(72,552
|
)
|
|||||
|
Amorepacific Corp.
|
Goldman Sachs
|
Pay
|
EFFR + (9.00)%
|
Termination
|
12/10/2025
|
(397,214
|
)
|
18,687
|
||||||
|
Antofagasta PLC
|
Goldman Sachs
|
Pay
|
SONIA + (0.40)%
|
Termination
|
09/05/2027
|
GBP
|
(58,072
|
)
|
(5,988
|
)
|
||||
|
Arabian Contracting Services Co.
|
J.P. Morgan Securities, Inc.
|
Pay
|
EFFR + (0.35)%
|
Termination
|
11/12/2027
|
(12
|
)
|
4
|
||||||
|
Asia Vital Components Co. Ltd.
|
HSBC Bank
|
Pay
|
SOFR + (4.00)%
|
Termination
|
03/05/2028
|
(124,130
|
)
|
(24,448
|
)
|
|||||
|
Asia Vital Components Co. Ltd.
|
Morgan Stanley
|
Pay
|
EFFR + (2.875)%
|
Termination
|
02/13/2028
|
(455,145
|
)
|
(89,793
|
)
|
|||||
|
ASPEED Technology, Inc.
|
J.P. Morgan Securities, Inc.
|
Pay
|
OBFR + (4.83)%
|
Termination
|
12/22/2027
|
(394,414
|
)
|
(47,096
|
)
|
|||||
|
AURAS Technology Co. Ltd.
|
HSBC Bank
|
Pay
|
SOFR + (19.00)%
|
Termination
|
03/05/2028
|
(95,100
|
)
|
6,942
|
||||||
|
AURAS Technology Co. Ltd.
|
Morgan Stanley
|
Pay
|
EFFR + (18.00)%
|
Termination
|
02/13/2028
|
(399,419
|
)
|
(41,632
|
)
|
|||||
|
Axis Bank Ltd.
|
Morgan Stanley
|
Pay
|
EFFR + (1.25)%
|
Termination
|
11/13/2027
|
(1,112,648
|
)
|
(66,574
|
)
|
|||||
|
Bangkok Airways PCL
|
Morgan Stanley
|
Pay
|
EFFR + (12.75)%
|
Termination
|
01/30/2028
|
(227,888
|
)
|
53,499
|
||||||
|
Bank Negara Indonesia Persero Tbk PT
|
Bank of America
|
Pay
|
EFFR + (0.04)%
|
Termination
|
02/09/2028
|
(119,265
|
)
|
(16,742
|
)
|
|||||
|
Bank Negara Indonesia Persero Tbk PT
|
HSBC Bank
|
Pay
|
SOFR + (3.50)%
|
Termination
|
03/15/2028
|
(125,246
|
)
|
(12,547
|
)
|
|||||
|
Bank Negara Indonesia Persero Tbk PT
|
Morgan Stanley
|
Pay
|
EFFR + (4.05)%
|
Termination
|
02/02/2028
|
(289,411
|
)
|
(7,281
|
)
|
|||||
|
Bank Negara Indonesia Persero Tbk PT
|
UBS AG
|
Pay
|
OBFR + (0.30)%
|
Termination
|
02/23/2028
|
(181,033
|
)
|
(6,562
|
)
|
|||||
|
Bank Rakyat Indonesia Persero Tbk PT
|
Goldman Sachs
|
Pay
|
EFFR + (12.53)%
|
Termination
|
02/23/2028
|
(640,566
|
)
|
(115,512
|
)
|
|||||
|
Becle SAB de CV
|
J.P. Morgan Securities, Inc.
|
Pay
|
OBFR + (0.83)%
|
Termination
|
03/05/2028
|
(652,451
|
)
|
(170,690
|
)
|
|||||
|
Bid Corp. Ltd.
|
HSBC Bank
|
Pay
|
South Africa Rand Overnight Deposit Rate + (0.60)%
|
Termination
|
03/29/2028
|
ZAR
|
(2,510,206
|
)
|
(12,005
|
)
|
||||
|
Bid Corp. Ltd.
|
Morgan Stanley
|
Pay
|
South Africa Rand Overnight Deposit Rate + (1.05)%
|
Termination
|
08/08/2027
|
ZAR
|
(9,234,416
|
)
|
(39,468
|
)
|
||||
|
Bora Pharmaceuticals Co. Ltd.
|
Goldman Sachs
|
Pay
|
EFFR + (5.75)%
|
Termination
|
07/25/2027
|
(51,387
|
)
|
(9,419
|
)
|
|||||
|
Bora Pharmaceuticals Co. Ltd.
|
J.P. Morgan Securities, Inc.
|
Pay
|
OBFR + (4.75)%
|
Termination
|
03/29/2028
|
(102,775
|
)
|
(8,964
|
)
|
|||||
|
Budweiser Brewing Co. APAC Ltd.
|
Goldman Sachs
|
Pay
|
HONIA + (0.50)%
|
Termination
|
02/24/2027
|
HKD
|
(1,683,444
|
)
|
5,514
|
|||||
|
Budweiser Brewing Co. APAC Ltd.
|
Morgan Stanley
|
Pay
|
HONIA + (0.55)%
|
Termination
|
05/12/2027
|
HKD
|
(1,235,998
|
)
|
(7,036
|
)
|
||||
|
Bumrungrad Hospital PCL
|
J.P. Morgan Securities, Inc.
|
Pay
|
OBFR + (4.00)%
|
Termination
|
01/30/2028
|
(375,295
|
)
|
103,655
|
||||||
|
Camtek Ltd.
|
Morgan Stanley
|
Pay
|
EFFR + (2.53)%
|
Termination
|
04/16/2026
|
(61,283
|
)
|
(6,679
|
)
|
|||||
|
Camtek Ltd.
|
Morgan Stanley
|
Pay
|
EFFR + (2.53)%
|
Termination
|
04/16/2026
|
(465,780
|
)
|
97,399
|
||||||
|
CGN Power Co. Ltd.
|
Morgan Stanley
|
Pay
|
HONIA + (0.75)%
|
Termination
|
12/11/2027
|
HKD
|
(1,770,730
|
)
|
2,266
|
|||||
|
Chenbro Micom Co. Ltd.
|
J.P. Morgan Securities, Inc.
|
Pay
|
OBFR + (12.00)%
|
Termination
|
08/11/2027
|
(140,331
|
)
|
(48,317
|
)
|
|||||
|
China Coal Energy Co. Ltd.
|
Goldman Sachs
|
Pay
|
HONIA + (0.50)%
|
Termination
|
07/30/2026
|
HKD
|
(1,676,980
|
)
|
(87,529
|
)
|
||||
|
China Motor Corp.
|
Goldman Sachs
|
Pay
|
EFFR + (6.50)%
|
Termination
|
09/15/2027
|
(34,036
|
)
|
(525
|
)
|
|||||
|
China Shenhua Energy Co. Ltd.
|
Goldman Sachs
|
Pay
|
HONIA + (0.50)%
|
Termination
|
07/30/2026
|
HKD
|
(2,453,100
|
)
|
(75,357
|
)
|
||||
|
China Shenhua Energy Co. Ltd.
|
Morgan Stanley
|
Pay
|
HONIA + (0.55)%
|
Termination
|
03/12/2028
|
HKD
|
(1,558,050
|
)
|
(15,548
|
)
|
||||
|
Chroma ATE, Inc.
|
Morgan Stanley
|
Pay
|
EFFR + (2.375)%
|
Termination
|
03/08/2028
|
(391,828
|
)
|
(22,268
|
)
|
|||||
|
Compal Electronics, Inc.
|
J.P. Morgan Securities, Inc.
|
Pay
|
OBFR + (0.75)%
|
Termination
|
11/15/2026
|
(125,892
|
)
|
(1,809
|
)
|
|||||
|
Corp. Inmobiliaria Vesta SAB de CV
|
J.P. Morgan Securities, Inc.
|
Pay
|
OBFR + (0.75)%
|
Termination
|
08/11/2027
|
(349,044
|
)
|
(43,460
|
)
|
|||||
|
COSCO SHIPPING Energy Transportation Co. Ltd.
|
Goldman Sachs
|
Pay
|
HONIA + (15.75)%
|
Termination
|
12/08/2027
|
HKD
|
(918,000
|
)
|
1,141
|
|||||
|
COSCO SHIPPING Energy Transportation Co. Ltd.
|
HSBC Bank
|
Pay
|
1 mo. HIBOR HKD + (6.50)%
|
Termination
|
04/04/2027
|
HKD
|
(1,481,040
|
)
|
52,417
|
|||||
|
COSCO SHIPPING Energy Transportation Co. Ltd.
|
Morgan Stanley
|
Pay
|
HONIA + (17.00)%
|
Termination
|
09/15/2027
|
HKD
|
(1,138,320
|
)
|
28,791
|
|||||
|
Coupang, Inc.
|
Morgan Stanley
|
Pay
|
EFFR + (0.25)%
|
Termination
|
01/26/2028
|
(835,049
|
)
|
(154,591
|
)
|
|||||
|
CSPC Innovation Pharmaceutical Co. Ltd.
|
Bank of America
|
Pay
|
EFFR + (0.90)%
|
Termination
|
09/22/2027
|
(98,832
|
)
|
(59,287
|
)
|
|||||
|
CSPC Innovation Pharmaceutical Co. Ltd.
|
Morgan Stanley
|
Pay
|
EFFR + (14.16)%
|
Termination
|
05/15/2027
|
(192,613
|
)
|
(84,722
|
)
|
|||||
|
Delta Electronics, Inc.
|
Goldman Sachs
|
Pay
|
EFFR + (0.50)%
|
Termination
|
11/27/2027
|
(386,873
|
)
|
(16,364
|
)
|
|||||
|
Dr Reddy's Laboratories Ltd.
|
Morgan Stanley
|
Pay
|
EFFR + (0.25)%
|
Termination
|
12/01/2027
|
(866,743
|
)
|
(58,263
|
)
|
|||||
|
E Ink Holdings, Inc.
|
Bank of America
|
Pay
|
EFFR + (0.40)%
|
Termination
|
12/29/2027
|
(198,075
|
)
|
43,794
|
||||||
|
E Ink Holdings, Inc.
|
J.P. Morgan Securities, Inc.
|
Pay
|
OBFR + (2.50)%
|
Termination
|
11/27/2027
|
(155,630
|
)
|
39,514
|
||||||
|
EcoPro BM Co. Ltd.
|
Goldman Sachs
|
Pay
|
EFFR + (16.00)%
|
Termination
|
05/06/2026
|
(109,809
|
)
|
198,225
|
||||||
|
EcoPro Co. Ltd.
|
Goldman Sachs
|
Pay
|
EFFR + (12.25)%
|
Termination
|
11/11/2026
|
(39,707
|
)
|
75,180
|
||||||
|
Elan Microelectronics Corp.
|
Goldman Sachs
|
Pay
|
EFFR + (3.25)%
|
Termination
|
02/24/2027
|
(179,589
|
)
|
(14,993
|
)
|
|||||
|
Elite Material Co. Ltd.
|
Goldman Sachs
|
Pay
|
EFFR + (7.50)%
|
Termination
|
02/24/2027
|
(99,972
|
)
|
(50,236
|
)
|
|||||
|
Elite Material Co. Ltd.
|
J.P. Morgan Securities, Inc.
|
Pay
|
OBFR + (4.25)%
|
Termination
|
05/04/2028
|
(124,965
|
)
|
(38,319
|
)
|
|||||
|
Espressif Systems Shanghai Co. Ltd.
|
Morgan Stanley
|
Pay
|
EFFR + (9.15)%
|
Termination
|
03/29/2028
|
(75,154
|
)
|
18,780
|
||||||
|
Faraday Technology Corp.
|
Goldman Sachs
|
Pay
|
EFFR + (7.75)%
|
Termination
|
12/10/2025
|
(105,711
|
)
|
11,370
|
||||||
|
Faraday Technology Corp.
|
Morgan Stanley
|
Pay
|
EFFR + (9.00)%
|
Termination
|
12/12/2025
|
(91,957
|
)
|
27,375
|
||||||
|
Fortune Electric Co. Ltd.
|
Goldman Sachs
|
Pay
|
EFFR + (13.25)%
|
Termination
|
09/15/2027
|
(61,331
|
)
|
(4,921
|
)
|
|||||
|
Fortune Electric Co. Ltd.
|
HSBC Bank
|
Pay
|
SOFR + (12.25)%
|
Termination
|
03/29/2028
|
(91,997
|
)
|
5,641
|
||||||
|
Fositek Corp.
|
Morgan Stanley
|
Pay
|
EFFR + (12.75)%
|
Termination
|
05/08/2027
|
(194,538
|
)
|
(9,314
|
)
|
|||||
|
Gamuda Bhd
|
HSBC Bank
|
Pay
|
SOFR + (7.47)%
|
Termination
|
05/08/2027
|
(445,210
|
)
|
(105,614
|
)
|
|||||
|
Gigabyte Technology Co. Ltd.
|
Morgan Stanley
|
Pay
|
EFFR + (7.25)%
|
Termination
|
03/08/2028
|
(423,645
|
)
|
(58,288
|
)
|
|||||
|
Global Unichip Corp.
|
Goldman Sachs
|
Pay
|
EFFR + (7.75)%
|
Termination
|
11/15/2026
|
(155,497
|
)
|
8,481
|
||||||
|
Global Unichip Corp.
|
J.P. Morgan Securities, Inc.
|
Pay
|
OBFR + (7.50)%
|
Termination
|
05/12/2027
|
(38,874
|
)
|
200
|
||||||
|
Gold Circuit Electronics Ltd.
|
J.P. Morgan Securities, Inc.
|
Pay
|
OBFR + (5.00)%
|
Termination
|
05/04/2028
|
(86,758
|
)
|
(27,034
|
)
|
|||||
|
Gold Circuit Electronics Ltd.
|
Morgan Stanley
|
Pay
|
EFFR + (6.25)%
|
Termination
|
11/27/2027
|
(164,840
|
)
|
(54,712
|
)
|
|||||
|
Grupo Aeroportuario del Sureste SAB de CV
|
Goldman Sachs
|
Pay
|
EFFR + (0.25)%
|
Termination
|
08/25/2027
|
(378,696
|
)
|
(79,426
|
)
|
|||||
|
Grupo Aeroportuario del Sureste SAB de CV
|
Morgan Stanley
|
Pay
|
EFFR + (0.25)%
|
Termination
|
03/23/2028
|
(210,923
|
)
|
(36,990
|
)
|
|||||
|
Guanghui Energy Co. Ltd.
|
Bank of America
|
Pay
|
EFFR + (0.90)%
|
Termination
|
09/16/2026
|
(44,007
|
)
|
(36,353
|
)
|
|||||
|
Guanghui Energy Co. Ltd.
|
Goldman Sachs
|
Pay
|
EFFR + (12.50)%
|
Termination
|
09/13/2026
|
(29,420
|
)
|
(4,617
|
)
|
|||||
|
HD Hyundai Electric Co. Ltd.
|
Morgan Stanley
|
Pay
|
EFFR + (3.88)%
|
Termination
|
04/12/2028
|
(349,964
|
)
|
(110,781
|
)
|
|||||
|
Hon Hai Precision Industry Co. Ltd.
|
Morgan Stanley
|
Pay
|
EFFR + (0.62)%
|
Termination
|
11/27/2027
|
(416,437
|
)
|
60,283
|
||||||
|
Hyundai Motor Co.
|
Goldman Sachs
|
Pay
|
EFFR + (0.50)%
|
Termination
|
04/16/2026
|
(1,209
|
)
|
119
|
||||||
|
Hyundai Motor Co.
|
Morgan Stanley
|
Pay
|
EFFR + (0.55)%
|
Termination
|
12/10/2025
|
(141,288
|
)
|
(11,552
|
)
|
|||||
|
ICICI Bank Ltd.
|
Morgan Stanley
|
Pay
|
EFFR + (0.25)%
|
Termination
|
10/30/2027
|
(464,705
|
)
|
(78,965
|
)
|
|||||
|
Indosat Tbk PT
|
J.P. Morgan Securities, Inc.
|
Pay
|
OBFR + (4.75)%
|
Termination
|
04/12/2028
|
(174,847
|
)
|
(52,622
|
)
|
|||||
|
Indosat Tbk PT
|
UBS AG
|
Pay
|
OBFR + (0.30)%
|
Termination
|
02/16/2028
|
(212,387
|
)
|
(42,739
|
)
|
|||||
|
Indosat Tbk PT
|
UBS AG
|
Pay
|
OBFR + (0.30)%
|
Termination
|
02/23/2028
|
(221,317
|
)
|
(41,321
|
)
|
|||||
|
Infosys Ltd.
|
Morgan Stanley
|
Pay
|
EFFR + (0.58)%
|
Termination
|
03/22/2028
|
(537,424
|
)
|
(21,658
|
)
|
|||||
|
Inter & Co., Inc.
|
Bank of America
|
Pay
|
EFFR + (0.30)%
|
Termination
|
04/19/2028
|
(76,647
|
)
|
(16,350
|
)
|
|||||
|
Inter & Co., Inc.
|
Goldman Sachs
|
Pay
|
EFFR + (1.08)%
|
Termination
|
12/15/2027
|
(211,614
|
)
|
(83,098
|
)
|
|||||
|
International Container Terminal Services, Inc.
|
Goldman Sachs
|
Pay
|
EFFR + (3.00)%
|
Termination
|
02/13/2028
|
(577,652
|
)
|
(113,223
|
)
|
|||||
|
iQIYI, Inc.
|
Morgan Stanley
|
Pay
|
EFFR + (1.22)%
|
Termination
|
12/08/2027
|
(169,858
|
)
|
35,856
|
||||||
|
Jiumaojiu International Holdings Ltd.
|
Goldman Sachs
|
Pay
|
HONIA + (15.50)%
|
Termination
|
10/21/2026
|
HKD
|
(113,740
|
)
|
36,114
|
|||||
|
Jiumaojiu International Holdings Ltd.
|
J.P. Morgan Securities, Inc.
|
Pay
|
HONIA + (0.50)%
|
Termination
|
11/12/2026
|
HKD
|
(513,040
|
)
|
181,102
|
|||||
|
Jiumaojiu International Holdings Ltd.
|
Morgan Stanley
|
Pay
|
HONIA + (15.25)%
|
Termination
|
08/01/2027
|
HKD
|
(1,239,040
|
)
|
1,912
|
|||||
|
JUMBO SA
|
Morgan Stanley
|
Pay
|
EONIA + (6.50)%
|
Termination
|
08/18/2027
|
EUR
|
(322,061
|
)
|
(84,394
|
)
|
||||
|
Kakao Games Corp.
|
Goldman Sachs
|
Pay
|
EFFR + (3.25)%
|
Termination
|
10/21/2026
|
(185,803
|
)
|
84,082
|
||||||
|
Kia Corp.
|
Morgan Stanley
|
Pay
|
EFFR + (0.55)%
|
Termination
|
12/10/2025
|
(105,748
|
)
|
(24,931
|
)
|
|||||
|
KINIK CO
|
Bank of America
|
Pay
|
EFFR + (0.40)%
|
Termination
|
04/02/2028
|
(225,437
|
)
|
(45,797
|
)
|
|||||
|
KINIK CO
|
J.P. Morgan Securities, Inc.
|
Pay
|
OBFR + (7.75)%
|
Termination
|
03/08/2028
|
(338,155
|
)
|
(32,231
|
)
|
|||||
|
Kum Yang Co. Ltd.
|
Goldman Sachs
|
Pay
|
EFFR + (32.25)%
|
Termination
|
11/11/2026
|
(11,994
|
)
|
86,307
|
||||||
|
Land & Houses PCL
|
Morgan Stanley
|
Pay
|
EFFR + (15.13)%
|
Termination
|
08/28/2027
|
(114,254
|
)
|
(2,754
|
)
|
|||||
|
Leejam Sports Co. JSC
|
J.P. Morgan Securities, Inc.
|
Pay
|
EFFR + (10.18)%
|
Termination
|
11/12/2027
|
(355,495
|
)
|
85,400
|
||||||
|
Leejam Sports Co. JSC
|
Morgan Stanley
|
Pay
|
EFFR + (4.94)%
|
Termination
|
11/14/2026
|
(65,233
|
)
|
41,239
|
||||||
|
Leejam Sports Co. JSC
|
Morgan Stanley
|
Pay
|
EFFR + (4.94)%
|
Termination
|
11/14/2026
|
(311,927
|
)
|
134,875
|
||||||
|
LG Energy Solution Ltd.
|
Goldman Sachs
|
Pay
|
EFFR + (19.50)%
|
Termination
|
10/21/2026
|
(74,418
|
)
|
42,199
|
||||||
|
LG H&H Co. Ltd.
|
Goldman Sachs
|
Pay
|
EFFR + (0.75)%
|
Termination
|
12/10/2025
|
(176,267
|
)
|
192,041
|
||||||
|
Lotes Co. Ltd.
|
J.P. Morgan Securities, Inc.
|
Pay
|
OBFR + (4.00)%
|
Termination
|
09/12/2027
|
(87,759
|
)
|
2,447
|
||||||
|
Lotes Co. Ltd.
|
Morgan Stanley
|
Pay
|
EFFR + (2.63)%
|
Termination
|
02/13/2028
|
(219,397
|
)
|
35,410
|
||||||
|
Lotus Pharmaceutical Co. Ltd.
|
Goldman Sachs
|
Pay
|
EFFR + (3.25)%
|
Termination
|
08/25/2027
|
(140,848
|
)
|
4,588
|
||||||
|
Lumi Rental Co.
|
J.P. Morgan Securities, Inc.
|
Pay
|
EFFR + (3.00)%
|
Termination
|
01/28/2028
|
(115,682
|
)
|
30,530
|
||||||
|
Lumi Rental Co.
|
Morgan Stanley
|
Pay
|
EFFR + (8.81)%
|
Termination
|
02/04/2028
|
(53,462
|
)
|
13,154
|
||||||
|
MakeMyTrip Ltd.
|
HSBC Bank
|
Pay
|
SOFR + (0.15)%
|
Termination
|
03/19/2028
|
(134,355
|
)
|
(9,540
|
)
|
|||||
|
MakeMyTrip Ltd.
|
UBS AG
|
Pay
|
OBFR + (0.30)%
|
Termination
|
03/15/2028
|
(380,604
|
)
|
(68,253
|
)
|
|||||
|
MediaTek, Inc.
|
J.P. Morgan Securities, Inc.
|
Pay
|
OBFR + (0.60)%
|
Termination
|
08/11/2027
|
(210,221
|
)
|
2,586
|
||||||
|
Melco Resorts & Entertainment Ltd.
|
J.P. Morgan Securities, Inc.
|
Pay
|
OBFR + (0.25)%
|
Termination
|
04/12/2028
|
(145,526
|
)
|
(27,322
|
)
|
|||||
|
Melco Resorts & Entertainment Ltd.
|
Morgan Stanley
|
Pay
|
EFFR + (0.25)%
|
Termination
|
04/07/2027
|
(97,955
|
)
|
8,244
|
||||||
|
Middle East Healthcare Co.
|
Goldman Sachs
|
Pay
|
EFFR + (3.50)%
|
Termination
|
03/15/2028
|
(133,272
|
)
|
18,521
|
||||||
|
Middle East Healthcare Co.
|
J.P. Morgan Securities, Inc.
|
Pay
|
EFFR + (8.00)%
|
Termination
|
10/13/2027
|
(62,611
|
)
|
14,246
|
||||||
|
MISC Bhd
|
HSBC Bank
|
Pay
|
SOFR + (11.00)%
|
Termination
|
12/15/2027
|
(250,696
|
)
|
(19,366
|
)
|
|||||
|
Mitra Adiperkasa Tbk PT
|
J.P. Morgan Securities, Inc.
|
Pay
|
OBFR + (7.93)%
|
Termination
|
04/07/2027
|
(111,541
|
)
|
7,075
|
||||||
|
Mitra Adiperkasa Tbk PT
|
Morgan Stanley
|
Pay
|
EFFR + (4.05)%
|
Termination
|
02/25/2027
|
(6,169
|
)
|
545
|
||||||
|
Mr Price Group Ltd.
|
HSBC Bank
|
Pay
|
South Africa Rand Overnight Deposit Rate + (0.60)%
|
Termination
|
03/01/2028
|
ZAR
|
(12,828,764
|
)
|
(390
|
)
|
||||
|
Murata Manufacturing Co. Ltd.
|
Morgan Stanley
|
Pay
|
TONA + (0.45)%
|
Termination
|
12/11/2027
|
JPY
|
(10,660,000
|
)
|
12,739
|
|||||
|
NAURA Technology Group Co. Ltd.
|
Morgan Stanley
|
Pay
|
EFFR + (4.35)%
|
Termination
|
02/16/2028
|
(319,922
|
)
|
(10,825
|
)
|
|||||
|
Nova Ltd.
|
Goldman Sachs
|
Pay
|
EFFR + (0.25)%
|
Termination
|
10/21/2026
|
(111,510
|
)
|
(11,376
|
)
|
|||||
|
Nova Ltd.
|
J.P. Morgan Securities, Inc.
|
Pay
|
OBFR + (0.25)%
|
Termination
|
04/19/2028
|
(103,819
|
)
|
(13,023
|
)
|
|||||
|
NU Holdings Ltd.
|
J.P. Morgan Securities, Inc.
|
Pay
|
OBFR + (0.25)%
|
Termination
|
12/15/2027
|
(842,634
|
)
|
(45,580
|
)
|
|||||
|
Onto Innovation, Inc.
|
UBS AG
|
Pay
|
OBFR + (0.30)%
|
Termination
|
03/01/2028
|
(383,850
|
)
|
243,886
|
||||||
|
Ozon Holdings PLC
|
Goldman Sachs
|
Pay
|
EFFR + (0.25)%
|
Monthly
|
09/18/2025
|
0
|
314,151
|
|||||||
|
Pegatron Corp.
|
Goldman Sachs
|
Pay
|
EFFR + (0.20)%
|
Termination
|
11/27/2027
|
(148,379
|
)
|
2,810
|
||||||
|
Pegatron Corp.
|
HSBC Bank
|
Pay
|
SOFR + (0.50)%
|
Termination
|
03/29/2028
|
(316,356
|
)
|
(5,410
|
)
|
|||||
|
Pegavision Corp.
|
J.P. Morgan Securities, Inc.
|
Pay
|
OBFR + (11.00)%
|
Termination
|
08/11/2027
|
(68,272
|
)
|
(2,620
|
)
|
|||||
|
Pegavision Corp.
|
Morgan Stanley
|
Pay
|
EFFR + (9.25)%
|
Termination
|
09/15/2027
|
(193,436
|
)
|
17,532
|
||||||
|
Perfect World Co. Ltd.
|
Morgan Stanley
|
Pay
|
EFFR + (13.35)%
|
Termination
|
08/15/2027
|
(64,998
|
)
|
(29,572
|
)
|
|||||
|
PharmaEssentia Corp.
|
J.P. Morgan Securities, Inc.
|
Pay
|
OBFR + (2.25)%
|
Termination
|
12/01/2027
|
(133,473
|
)
|
11,088
|
||||||
|
Pingdingshan Tianan Coal Mining Co. Ltd.
|
Goldman Sachs
|
Pay
|
EFFR + (18.75)%
|
Termination
|
10/18/2026
|
(54,399
|
)
|
(3,655
|
)
|
|||||
|
Pingdingshan Tianan Coal Mining Co. Ltd.
|
Morgan Stanley
|
Pay
|
EFFR + (5.95)%
|
Termination
|
08/02/2026
|
(56,712
|
)
|
(11,638
|
)
|
|||||
|
POSCO Future M Co. Ltd.
|
Bank of America
|
Pay
|
EFFR + (0.40)%
|
Termination
|
11/11/2026
|
(77,581
|
)
|
91,556
|
||||||
|
POSCO Future M Co. Ltd.
|
Goldman Sachs
|
Pay
|
EFFR + (18.50)%
|
Termination
|
10/21/2026
|
(48,594
|
)
|
97,958
|
||||||
|
Quanta Computer, Inc.
|
Morgan Stanley
|
Pay
|
EFFR + (0.88)%
|
Termination
|
11/27/2027
|
(516,392
|
)
|
(26,138
|
)
|
|||||
|
Raia Drogasil SA
|
Goldman Sachs
|
Pay
|
EFFR + (11.96)%
|
Termination
|
03/20/2027
|
(231,743
|
)
|
191,045
|
||||||
|
Raia Drogasil SA
|
J.P. Morgan Securities, Inc.
|
Pay
|
OBFR + (31.55)%
|
Termination
|
05/24/2028
|
(211,342
|
)
|
3,067
|
||||||
|
Raia Drogasil SA
|
Morgan Stanley
|
Pay
|
EFFR + (18.00)%
|
Termination
|
01/30/2028
|
(238,021
|
)
|
44,516
|
||||||
|
Realtek Semiconductor Corp.
|
Goldman Sachs
|
Pay
|
EFFR + (0.75)%
|
Termination
|
11/07/2027
|
(288,837
|
)
|
(44,539
|
)
|
|||||
|
Santander Bank Polska SA
|
Goldman Sachs
|
Pay
|
EFFR + (0.75)%
|
Termination
|
09/15/2027
|
(80,646
|
)
|
(13,591
|
)
|
|||||
|
SATS Ltd.
|
Morgan Stanley
|
Pay
|
SORA + (0.56)%
|
Termination
|
03/12/2028
|
SGD
|
(163,152
|
)
|
(582
|
)
|
||||
|
SATS Ltd.
|
UBS AG
|
Pay
|
SORA + (0.35)%
|
Termination
|
03/05/2028
|
SGD
|
(410,661
|
)
|
2,235
|
|||||
|
Shanxi Coking Coal Energy Group Co., Ltd.
|
Goldman Sachs
|
Pay
|
EFFR + (15.25)%
|
Termination
|
09/13/2026
|
(187,567
|
)
|
46,718
|
||||||
|
Shanxi Coking Coal Energy Group Co., Ltd.
|
Morgan Stanley
|
Pay
|
EFFR + (0.56)%
|
Termination
|
09/16/2026
|
(49,109
|
)
|
11,522
|
||||||
|
Shenzhen Inovance Technology Co. Ltd.
|
Morgan Stanley
|
Pay
|
EFFR + (4.75)%
|
Termination
|
09/01/2027
|
(29,235
|
)
|
(10,855
|
)
|
|||||
|
Shenzhen Inovance Technology Co., Ltd.
|
J.P. Morgan Securities, Inc.
|
Pay
|
OBFR + (9.15)%
|
Termination
|
11/12/2026
|
(49,364
|
)
|
(2,855
|
)
|
|||||
|
Siam Cement PCL
|
Morgan Stanley
|
Pay
|
EFFR + (1.55)%
|
Termination
|
12/15/2027
|
(184,571
|
)
|
8,424
|
||||||
|
Singapore Technologies Engineering Ltd.
|
Morgan Stanley
|
Pay
|
SORA + (0.55)%
|
Termination
|
12/15/2027
|
SGD
|
(192,372
|
)
|
(66,947
|
)
|
||||
|
Sinotruk Hong Kong Ltd.
|
HSBC Bank
|
Pay
|
1 mo. HIBOR HKD + (0.35)%
|
Termination
|
12/04/2027
|
HKD
|
(1,217,700
|
)
|
16,609
|
|||||
|
Sonoscape Medical Corp.
|
Morgan Stanley
|
Pay
|
EFFR + (8.35)%
|
Termination
|
12/04/2025
|
(202,306
|
)
|
(57,333
|
)
|
|||||
|
State Bank of India
|
Morgan Stanley
|
Pay
|
EFFR + (0.50)%
|
Termination
|
10/31/2027
|
(747,593
|
)
|
(96,482
|
)
|
|||||
|
Sumber Alfaria Trijaya Tbk PT
|
HSBC Bank
|
Pay
|
SOFR + (3.50)%
|
Termination
|
03/17/2027
|
(103,599
|
)
|
22,407
|
||||||
|
Sumber Alfaria Trijaya Tbk PT
|
J.P. Morgan Securities, Inc.
|
Pay
|
OBFR + (2.74)%
|
Termination
|
02/24/2027
|
(323,925
|
)
|
11,411
|
||||||
|
Sunway Bhd
|
Morgan Stanley
|
Pay
|
EFFR + (13.75)%
|
Termination
|
02/16/2028
|
(445,260
|
)
|
(58,129
|
)
|
|||||
|
Sunway Bhd
|
Morgan Stanley
|
Pay
|
EFFR + (13.75)%
|
Termination
|
01/02/2031
|
(196,852
|
)
|
(12,715
|
)
|
|||||
|
Suzhou TFC Optical Communication Co. Ltd.
|
Bank of America
|
Pay
|
EFFR + (0.90)%
|
Termination
|
03/16/2028
|
(93,102
|
)
|
10,266
|
||||||
|
Suzhou TFC Optical Communication Co. Ltd.
|
Morgan Stanley
|
Pay
|
EFFR + (11.95)%
|
Termination
|
03/19/2028
|
(76,071
|
)
|
8,572
|
||||||
|
Taiwan Union Technology Corp.
|
J.P. Morgan Securities, Inc.
|
Pay
|
OBFR + (5.00)%
|
Termination
|
12/22/2027
|
(160,235
|
)
|
(11,395
|
)
|
|||||
|
Taiwan Union Technology Corp.
|
Morgan Stanley
|
Pay
|
EFFR + (6.50)%
|
Termination
|
11/27/2027
|
(68,672
|
)
|
(15,850
|
)
|
|||||
|
Telkom Indonesia Persero Tbk PT
|
HSBC Bank
|
Pay
|
SOFR + (3.00)%
|
Termination
|
03/05/2028
|
(463,629
|
)
|
(60,957
|
)
|
|||||
|
Tong Yang Industry Co. Ltd.
|
J.P. Morgan Securities, Inc.
|
Pay
|
OBFR + (3.25)%
|
Termination
|
08/11/2027
|
(108,864
|
)
|
(37,253
|
)
|
|||||
|
Unilever Indonesia Tbk PT
|
J.P. Morgan Securities, Inc.
|
Pay
|
OBFR + (2.25)%
|
Termination
|
03/17/2027
|
(77,367
|
)
|
47,047
|
||||||
|
Unilever Indonesia Tbk PT
|
Morgan Stanley
|
Pay
|
EFFR + (4.05)%
|
Termination
|
05/19/2027
|
(25,658
|
)
|
14,177
|
||||||
|
Unilever Indonesia Tbk PT
|
UBS AG
|
Pay
|
OBFR + (0.30)%
|
Termination
|
03/15/2028
|
(286,793
|
)
|
(87,436
|
)
|
|||||
|
United Electronics Co.
|
Goldman Sachs
|
Pay
|
EFFR + (2.00)%
|
Termination
|
08/14/2027
|
(152,761
|
)
|
(3,635
|
)
|
|||||
|
United International Transportation Co.
|
Goldman Sachs
|
Pay
|
EFFR + (5.00)%
|
Termination
|
11/11/2026
|
(322,406
|
)
|
41,463
|
||||||
|
United International Transportation Co.
|
Morgan Stanley
|
Pay
|
EFFR + (0.55)%
|
Termination
|
12/19/2026
|
(123,614
|
)
|
7,680
|
||||||
|
Vanguard International Semiconductor Corp.
|
J.P. Morgan Securities, Inc.
|
Pay
|
OBFR + (13.25)%
|
Termination
|
11/27/2027
|
(58,582
|
)
|
(3,038
|
)
|
|||||
|
VK IPJSC
|
Morgan Stanley
|
Pay
|
EFFR + (6.50)%
|
Monthly
|
09/23/2026
|
0
|
140,169
|
|||||||
|
Wal-Mart de Mexico SAB de CV
|
Morgan Stanley
|
Pay
|
EFFR + (0.55)%
|
Termination
|
12/04/2025
|
(266,517
|
)
|
78,737
|
||||||
|
Wal-Mart de Mexico SAB de CV
|
Morgan Stanley
|
Pay
|
EFFR + (0.55)%
|
Termination
|
12/04/2025
|
(588,885
|
)
|
(110,570
|
)
|
|||||
|
WEG SA
|
J.P. Morgan Securities, Inc.
|
Pay
|
OBFR + (0.50)%
|
Termination
|
03/22/2028
|
(506,921
|
)
|
50,952
|
||||||
|
Wizz Air Holdings PLC
|
Goldman Sachs
|
Pay
|
SONIA + (0.40)%
|
Termination
|
08/14/2027
|
GBP
|
(39,469
|
)
|
(9,308
|
)
|
||||
|
Woolworths Holdings Ltd.
|
Goldman Sachs
|
Pay
|
South Africa Rand Overnight Deposit Rate + (0.80)%
|
Termination
|
08/18/2027
|
ZAR
|
(11,006,604
|
)
|
1,845
|
|||||
|
Woolworths Holdings Ltd./South Africa
|
HSBC Bank
|
Pay
|
South Africa Rand Overnight Deposit Rate + (0.60)%
|
Termination
|
03/29/2028
|
ZAR
|
(2,445,378
|
)
|
(10,297
|
)
|
||||
|
Yankuang Energy Group Co. Ltd.
|
HSBC Bank
|
Pay
|
1 mo. HIBOR HKD + (1.50)%
|
Termination
|
04/15/2026
|
HKD
|
(1,332,760
|
)
|
(36,498
|
)
|
||||
|
Yankuang Energy Group Co. Ltd.
|
Morgan Stanley
|
Pay
|
HONIA + (1.00)%
|
Termination
|
12/08/2027
|
HKD
|
(3,317,920
|
)
|
(33,519
|
)
|
||||
|
Yulon Motor Co. Ltd.
|
Morgan Stanley
|
Pay
|
EFFR + (4.25)%
|
Termination
|
12/12/2025
|
(79,492
|
)
|
25,767
|
||||||
|
Yum China Holdings, Inc.
|
Morgan Stanley
|
Pay
|
EFFR + (0.25)%
|
Termination
|
02/09/2028
|
(237,893
|
)
|
12,002
|
||||||
|
Zhongji Innolight Co. Ltd.
|
Bank of America
|
Pay
|
EFFR + (0.90)%
|
Termination
|
03/08/2028
|
(341,919
|
)
|
27,369
|
||||||
|
Zhongji Innolight Co. Ltd.
|
UBS AG
|
Pay
|
OBFR + (0.30)%
|
Termination
|
02/26/2028
|
(150,808
|
)
|
32,614
|
||||||
|
$
|
166,015
|
|||||||||||||
|
Net Unrealized Appreciation (Depreciation)
|
$
|
1,468,100
|
||||||||||||
|
There are no upfront payments or receipts associated with contracts for difference in the Fund as of May 31, 2025.
|
||||||||||||||
|
Notional Amount is in USD unless otherwise indicated.
|
||||||||||||||
|
OBFR - Overnight Bank Funding Rate was 4.33% as of May 31, 2025.
|
||||||||||||||
|
EFFR - Effective Federal Funds Rate was 4.33% as of May 31, 2025.
|
||||||||||||||
|
EONIA - European Overnight Index Average was 3.96% as of May 31, 2025.
|
||||||||||||||
|
HIBOR - Hong Kong Inter-Bank Offered Rate was 1.33% as of May 31, 2025.
|
||||||||||||||
|
HONIA - Hong Kong Overnight Index Average was 0.02% as of May 31, 2025.
|
||||||||||||||
|
SOFR - Secured Overnight Financing Rate was 4.31% as of May 31, 2025.
|
||||||||||||||
|
SONIA - Sterling Overnight Index Average was 4.46% as of May 31, 2025.
|
||||||||||||||
|
SORA - Singapore Overnight Rate Average was 2.15% as of May 31, 2025.
|
||||||||||||||
|
TELBOR - Tel Aviv Interbank Offer Rate was 4.51% as of May 31, 2025.
|
||||||||||||||
|
TONA - Tokyo Overnight Average Rate was 0.48% as of May 31, 2025.
|
||||||||||||||
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||||
|
Assets:
|
||||||||||||||||
|
Investments:
|
||||||||||||||||
|
Common Stocks
|
$ |
15,826,563
|
$ |
22,975,039
|
$ |
0
|
$ |
38,801,602
|
||||||||
|
Preferred Stocks
|
409,236
|
1,166,441
|
–
|
1,575,677
|
||||||||||||
|
Money Market Funds
|
7,634,891
|
–
|
–
|
7,634,891
|
||||||||||||
|
Total Investments
|
$ |
23,870,690
|
$ |
24,141,480
|
$ |
0
|
$ |
48,012,170
|
||||||||
|
Other Financial Instruments:
|
||||||||||||||||
|
Contracts for Difference*
|
$ |
5,810,212
|
$ |
86,307
|
$ |
454,320
|
$ |
6,350,839
|
||||||||
|
Futures Contracts*
|
10,391
|
–
|
–
|
10,391
|
||||||||||||
|
Total Other Financial Instruments
|
$ |
5,820,603
|
$ | 86,307 | $ |
454,320
|
$ |
6,361,230
|
||||||||
|
Liabilities:
|
||||||||||||||||
|
Investments:
|
||||||||||||||||
|
Common Stocks
|
$ |
(143,463
|
)
|
$ |
(489,439
|
)
|
$ |
–
|
$ |
(632,902
|
)
|
|||||
|
Total Investments
|
$ |
(143,463
|
)
|
$ |
(489,439
|
)
|
$ |
–
|
$ |
(632,902
|
)
|
|||||
|
Other Financial Instruments:
|
||||||||||||||||
|
Contracts for Difference*
|
$ |
(4,471,515
|
)
|
$ |
(115,512
|
)
|
$ |
(295,712
|
)
|
$ |
(4,882,739
|
)
|
||||
|
Total Other Financial Instruments
|
$ |
(4,471,515
|
)
|
$ |
(115,512
|
)
|
$ |
(295,712
|
)
|
$ |
(4,882,739
|
)
|
||||
|
* The fair value of the Fund's investment represents the unrealized appreciation (depreciation) as of May 31, 2025.
|
||||||||||||||||
|
Refer to the Schedule of Investments for further disaggregation of investment categories.
|
||||||||||||||||
|
Changes in valuation techniques may result in transfers into or out of assigned levels within the fair value hierarchy. There were no significant transfers into or out of Level 3 during the reporting period as
compared to the security classifications from the prior year’s annual report.
|
||||||||||||||||