|
Vident International Equity Strategy ETF
|
||||||||
|
Schedule of Investments
|
||||||||
|
May 31, 2025 (Unaudited)
|
||||||||
|
COMMON STOCKS - 96.9%
|
Shares
|
Value
|
||||||
|
Australia - 3.8%
|
||||||||
|
AGL Energy, Ltd.
|
197,785
|
$
|
1,291,939
|
|||||
|
BlueScope Steel, Ltd.
|
107,381
|
1,572,140
|
||||||
|
JB Hi-Fi, Ltd.
|
22,245
|
1,543,384
|
||||||
|
New Hope Corporation, Ltd.
|
426,081
|
1,020,041
|
||||||
|
Origin Energy, Ltd.
|
231,214
|
1,609,993
|
||||||
|
Perseus Mining, Ltd.
|
483,642
|
1,210,754
|
||||||
|
Qantas Airways, Ltd.
|
267,650
|
1,827,533
|
||||||
|
QBE Insurance Group, Ltd.
|
126,068
|
1,878,996
|
||||||
|
Super Retail Group, Ltd.
|
67,249
|
619,743
|
||||||
|
Yancoal Australia, Ltd.
|
309,001
|
1,040,026
|
||||||
|
13,614,549
|
||||||||
|
Austria - 0.5%
|
||||||||
|
OMV AG
|
25,673
|
1,372,747
|
||||||
|
voestalpine AG
|
13,933
|
366,650
|
||||||
|
1,739,397
|
||||||||
|
Belgium - 0.3%
|
||||||||
|
Ageas SA
|
6,718
|
438,150
|
||||||
|
Proximus SADP
|
29,582
|
257,750
|
||||||
|
Solvay SA
|
16,526
|
541,449
|
||||||
|
1,237,349
|
||||||||
|
Brazil - 2.9%
|
||||||||
|
Cia de Saneamento de Minas Gerais Copasa MG
|
293,384
|
1,219,693
|
||||||
|
Lojas Renner SA
|
703,586
|
2,210,655
|
||||||
|
Marfrig Global Foods SA
|
598,469
|
2,638,377
|
||||||
|
Telefonica Brasil SA
|
369,080
|
1,838,945
|
||||||
|
TIM SA
|
383,194
|
1,296,243
|
||||||
|
Vibra Energia SA
|
310,419
|
1,088,515
|
||||||
|
10,292,428
|
||||||||
|
Canada - 5.9%
|
||||||||
|
Air Canada (a)
|
115,027
|
1,606,254
|
||||||
|
Canadian Tire Corporation, Ltd. - Class A
|
1,938
|
245,804
|
||||||
|
Empire Company, Ltd.
|
53,966
|
2,079,042
|
||||||
|
Great-West Lifeco, Inc.
|
49,497
|
1,875,194
|
||||||
|
Hudbay Minerals, Inc.
|
191,261
|
1,701,241
|
||||||
|
iA Financial Corporation, Inc.
|
17,038
|
1,731,372
|
||||||
|
Kinross Gold Corporation
|
144,483
|
2,128,969
|
||||||
|
Magna International, Inc.
|
38,489
|
1,394,612
|
||||||
|
Manulife Financial Corporation
|
52,920
|
1,681,955
|
||||||
|
Parex Resources, Inc.
|
51,851
|
511,741
|
||||||
|
Power Corporation of Canada
|
52,799
|
2,039,459
|
||||||
|
Sun Life Financial, Inc.
|
27,443
|
1,764,400
|
||||||
|
Suncor Energy, Inc.
|
40,944
|
1,452,895
|
||||||
|
Tamarack Valley Energy, Ltd.
|
350,511
|
1,114,028
|
||||||
|
21,326,966
|
||||||||
|
Chile - 1.2%
|
||||||||
|
Cencosud SA
|
668,866
|
2,304,146
|
||||||
|
Latam Airlines Group SA (a)
|
111,321,492
|
2,119,815
|
||||||
|
4,423,961
|
||||||||
|
China - 4.4%
|
||||||||
|
Anhui Conch Cement Company, Ltd. - Class H
|
588,000
|
1,533,447
|
||||||
|
China Coal Energy Company, Ltd. - Class H
|
605,000
|
677,404
|
||||||
|
China Pacific Insurance Group Company, Ltd. - Class H
|
531,600
|
1,660,922
|
||||||
|
China Resources Pharmaceutical Group, Ltd. (b)
|
2,351,500
|
1,544,366
|
||||||
|
COSCO SHIPPING Holdings Company, Ltd. - Class H
|
753,795
|
1,301,577
|
||||||
|
Country Garden Services Holdings Company, Ltd.
|
1,897,000
|
1,616,002
|
||||||
|
JD Logistics, Inc. (a)(b)
|
922,000
|
1,462,680
|
||||||
|
Lenovo Group, Ltd.
|
1,326,000
|
1,528,657
|
||||||
|
People's Insurance Company Group of China, Ltd. - Class H
|
3,142,000
|
2,055,520
|
||||||
|
Sinopharm Group Company, Ltd. - Class H
|
394,000
|
954,658
|
||||||
|
ZTE Corporation - Class H
|
454,000
|
1,273,728
|
||||||
|
15,608,961
|
||||||||
|
Denmark - 6.6%
|
||||||||
|
AP Moller - Maersk AS - Class B
|
1,115
|
2,016,783
|
||||||
|
Bavarian Nordic AS (a)
|
58,000
|
1,527,071
|
||||||
|
Carlsberg AS - Class B
|
15,592
|
2,228,666
|
||||||
|
D/S Norden AS
|
56,521
|
1,716,941
|
||||||
|
Danske Bank AS
|
52,527
|
2,007,310
|
||||||
|
Demant AS (a)
|
38,980
|
1,524,614
|
||||||
|
Genmab AS (a)
|
5,838
|
1,225,662
|
||||||
|
H Lundbeck AS
|
263,990
|
1,460,015
|
||||||
|
ISS AS
|
85,008
|
2,283,440
|
||||||
|
NKT AS (a)
|
23,855
|
2,040,332
|
||||||
|
Pandora AS
|
8,206
|
1,494,271
|
||||||
|
ROCKWOOL AS
|
44,940
|
2,129,448
|
||||||
|
Tryg AS
|
78,593
|
2,019,023
|
||||||
|
23,673,576
|
||||||||
|
Finland - 1.2%
|
||||||||
|
Fortum Oyj
|
104,267
|
1,799,217
|
||||||
|
Nokia Oyj
|
358,024
|
1,859,907
|
||||||
|
Outokumpu Oyj
|
121,090
|
468,766
|
||||||
|
4,127,890
|
||||||||
|
France - 0.6%
|
||||||||
|
Bouygues SA
|
13,906
|
606,057
|
||||||
|
Renault SA
|
15,257
|
786,008
|
||||||
|
Societe Generale SA
|
11,740
|
637,739
|
||||||
|
2,029,804
|
||||||||
|
Germany - 5.8%
|
||||||||
|
Allianz SE
|
4,903
|
1,940,917
|
||||||
|
Aurubis AG
|
5,837
|
512,227
|
||||||
|
Continental AG
|
22,745
|
1,995,991
|
||||||
|
Deutsche Bank AG
|
78,916
|
2,182,406
|
||||||
|
Deutsche Lufthansa AG
|
249,150
|
1,992,951
|
||||||
|
Freenet AG
|
20,400
|
673,469
|
||||||
|
Fresenius Medical Care AG
|
23,972
|
1,361,260
|
||||||
|
Fresenius SE & Company KGaA
|
41,462
|
2,032,479
|
||||||
|
Heidelberg Materials AG
|
11,356
|
2,223,216
|
||||||
|
HelloFresh SE (a)
|
135,297
|
1,605,851
|
||||||
|
K+S AG
|
65,022
|
1,183,278
|
||||||
|
Schaeffler AG
|
29,128
|
140,207
|
||||||
|
Suedzucker AG
|
14,235
|
182,127
|
||||||
|
Talanx AG
|
8,481
|
1,100,491
|
||||||
|
TUI AG (a)
|
189,284
|
1,581,127
|
||||||
|
20,707,997
|
||||||||
|
Hong Kong - 6.3%
|
||||||||
|
BOC Hong Kong Holdings, Ltd
|
495,000
|
2,089,447
|
||||||
|
Bosideng International Holdings, Ltd.
|
194,000
|
108,856
|
||||||
|
Cathay Pacific Airways, Ltd.
|
1,173,000
|
1,579,647
|
||||||
|
China Taiping Insurance Holdings Company, Ltd.
|
1,062,600
|
1,634,238
|
||||||
|
Geely Automobile Holdings, Ltd.
|
874,000
|
1,963,882
|
||||||
|
Guangdong Investment, Ltd.
|
2,010,000
|
1,635,365
|
||||||
|
Hong Kong Exchanges and Clearing, Ltd.
|
26,900
|
1,357,770
|
||||||
|
Kingboard Holdings, Ltd.
|
631,500
|
1,795,876
|
||||||
|
Kunlun Energy Company, Ltd.
|
1,678,000
|
1,679,808
|
||||||
|
Orient Overseas International, Ltd.
|
120,000
|
2,067,448
|
||||||
|
Pacific Basin Shipping, Ltd.
|
5,257,605
|
1,300,732
|
||||||
|
Sino Biopharmaceutical, Ltd.
|
4,002,155
|
2,271,182
|
||||||
|
Sino Land Company, Ltd.
|
1,252,000
|
1,264,525
|
||||||
|
WH Group, Ltd. (b)
|
2,060,500
|
1,902,433
|
||||||
|
22,651,209
|
||||||||
|
Indonesia - 1.5%
|
||||||||
|
Astra International Tbk PT
|
5,242,600
|
1,560,872
|
||||||
|
PT Alamtri Resources Indonesia Tbk
|
11,100,300
|
1,499,120
|
||||||
|
Telkom Indonesia Persero Tbk PT
|
5,694,500
|
985,788
|
||||||
|
United Tractors Tbk PT
|
1,017,300
|
1,401,988
|
||||||
|
5,447,768
|
||||||||
|
Ireland - 3.5%
|
||||||||
|
Accenture PLC - Class A
|
2,278
|
721,716
|
||||||
|
AerCap Holdings NV
|
16,754
|
1,938,940
|
||||||
|
Alkermes PLC (a)
|
50,018
|
1,531,051
|
||||||
|
Aptiv PLC (a)
|
15,441
|
1,031,613
|
||||||
|
DCC PLC
|
20,364
|
1,273,128
|
||||||
|
Jazz Pharmaceuticals PLC (a)
|
12,702
|
1,372,705
|
||||||
|
Kerry Group PLC - Class A
|
15,484
|
1,691,030
|
||||||
|
Medtronic PLC
|
17,270
|
1,433,065
|
||||||
|
TE Connectivity PLC
|
10,868
|
1,739,641
|
||||||
|
12,732,889
|
||||||||
|
Israel - 1.6%
|
||||||||
|
El Al Israel Airlines (a)
|
25,045
|
92,518
|
||||||
|
ICL Group, Ltd.
|
153,472
|
1,017,519
|
||||||
|
Inmode, Ltd. (a)
|
30,827
|
451,924
|
||||||
|
Israel Discount Bank, Ltd. - Class A
|
219,741
|
1,867,001
|
||||||
|
Plus500, Ltd.
|
10,965
|
503,934
|
||||||
|
Tower Semiconductor, Ltd. (a)
|
5,391
|
212,621
|
||||||
|
ZIM Integrated Shipping Services, Ltd.
|
88,186
|
1,538,846
|
||||||
|
5,684,363
|
||||||||
|
Italy - 0.7%
|
||||||||
|
Iveco Group NV
|
123,437
|
2,459,323
|
||||||
|
Telecom Italia SpA (a)
|
342,292
|
146,265
|
||||||
|
2,605,588
|
||||||||
|
Japan - 1.9%
|
||||||||
|
Alps Alpine Company, Ltd.
|
114,800
|
1,103,089
|
||||||
|
Konica Minolta, Inc. (a)
|
393,400
|
1,200,961
|
||||||
|
Mitsubishi Motors Corporation
|
537,800
|
1,623,892
|
||||||
|
Panasonic Holdings Corporation
|
61,100
|
706,295
|
||||||
|
Sankyo Company, Ltd.
|
116,400
|
2,030,415
|
||||||
|
6,664,652
|
||||||||
|
Malaysia - 2.3%
|
||||||||
|
CIMB Group Holdings Bhd
|
367,000
|
597,512
|
||||||
|
IHH Healthcare Bhd
|
969,800
|
1,572,094
|
||||||
|
MISC Bhd
|
616,500
|
1,089,177
|
||||||
|
Public Bank Bhd
|
1,613,800
|
1,634,084
|
||||||
|
RHB Bank Bhd
|
1,105,400
|
1,669,851
|
||||||
|
Telekom Malaysia Bhd
|
1,085,000
|
1,664,525
|
||||||
|
YTL Corporation Bhd
|
292,100
|
124,897
|
||||||
|
8,352,140
|
||||||||
|
Mexico - 1.5%
|
||||||||
|
Arca Continental SAB de CV
|
136,016
|
1,496,414
|
||||||
|
Cemex SAB de CV
|
2,724,344
|
1,867,143
|
||||||
|
Qualitas Controladora SAB de CV
|
190,313
|
2,039,937
|
||||||
|
5,403,494
|
||||||||
|
Netherlands - 1.9%
|
||||||||
|
Aegon, Ltd.
|
232,313
|
1,663,108
|
||||||
|
Koninklijke Ahold Delhaize NV
|
45,025
|
1,900,449
|
||||||
|
Nebius Group NV (a)
|
53,096
|
1,951,278
|
||||||
|
Randstad NV
|
6,449
|
270,594
|
||||||
|
Stellantis NV
|
117,743
|
1,198,336
|
||||||
|
6,983,765
|
||||||||
|
Norway - 3.9%
|
||||||||
|
Aker BP ASA
|
67,322
|
1,548,443
|
||||||
|
DNO ASA
|
1,501,812
|
1,788,860
|
||||||
|
Equinor ASA
|
67,043
|
1,571,553
|
||||||
|
Hoegh Autoliners ASA
|
167,892
|
1,395,930
|
||||||
|
Leroy Seafood Group ASA
|
178,939
|
780,406
|
||||||
|
Norsk Hydro ASA
|
134,305
|
735,597
|
||||||
|
Norwegian Air Shuttle ASA (a)
|
1,650,019
|
2,306,149
|
||||||
|
Storebrand ASA
|
136,096
|
1,780,931
|
||||||
|
Yara International ASA
|
53,531
|
1,917,594
|
||||||
|
13,825,463
|
||||||||
|
Peru - 0.5%
|
||||||||
|
Credicorp, Ltd.
|
8,717
|
1,846,348
|
||||||
|
Poland - 1.9%
|
||||||||
|
Alior Bank SA
|
11,016
|
305,808
|
||||||
|
ORLEN SA
|
123,312
|
2,421,750
|
||||||
|
Powszechna Kasa Oszczednosci Bank Polski SA
|
98,048
|
1,971,146
|
||||||
|
Powszechny Zaklad Ubezpieczen SA
|
130,863
|
2,138,093
|
||||||
|
6,836,797
|
||||||||
|
Portugal - 0.7%
|
||||||||
|
Banco Comercial Portugues SA
|
3,029,410
|
2,359,257
|
||||||
|
Galp Energia SGPS SA
|
3,718
|
59,282
|
||||||
|
2,418,539
|
||||||||
|
Russia - 0.0% (d)
|
||||||||
|
Severstal PAO - GDR (a)(c)
|
24,074
|
0
|
||||||
|
Singapore - 6.3%
|
||||||||
|
ComfortDelGro Corporation, Ltd.
|
586,600
|
645,915
|
||||||
|
DBS Group Holdings, Ltd.
|
48,740
|
1,690,177
|
||||||
|
Genting Singapore, Ltd.
|
2,967,800
|
1,587,920
|
||||||
|
Hafnia, Ltd.
|
309,552
|
1,560,311
|
||||||
|
Jardine Cycle & Carriage, Ltd.
|
53,900
|
1,021,910
|
||||||
|
NetLink NBN Trust
|
594,400
|
398,694
|
||||||
|
Oversea-Chinese Banking Corporation, Ltd.
|
125,100
|
1,574,421
|
||||||
|
SATS, Ltd.
|
401,100
|
961,072
|
||||||
|
Seatrium, Ltd.
|
964,000
|
1,532,413
|
||||||
|
Sembcorp Industries, Ltd.
|
345,200
|
1,772,041
|
||||||
|
Singapore Airlines, Ltd.
|
344,900
|
1,906,899
|
||||||
|
Singapore Exchange, Ltd.
|
177,100
|
1,925,358
|
||||||
|
Singapore Telecommunications, Ltd.
|
664,500
|
1,963,202
|
||||||
|
United Overseas Bank, Ltd.
|
58,719
|
1,612,314
|
||||||
|
UOL Group, Ltd.
|
125,600
|
556,123
|
||||||
|
Venture Corporation, Ltd.
|
94,100
|
807,760
|
||||||
|
Wilmar International, Ltd.
|
476,600
|
1,127,195
|
||||||
|
22,643,725
|
||||||||
|
South Africa - 2.1%
|
||||||||
|
Foschini Group, Ltd.
|
203,142
|
1,511,851
|
||||||
|
Harmony Gold Mining Company, Ltd.
|
144,406
|
2,045,235
|
||||||
|
MTN Group, Ltd.
|
259,707
|
1,797,778
|
||||||
|
Vodacom Group, Ltd.
|
264,988
|
2,021,731
|
||||||
|
7,376,595
|
||||||||
|
South Korea - 7.3%
|
||||||||
|
DB Insurance Company, Ltd.
|
20,231
|
1,473,665
|
||||||
|
Doosan Bobcat, Inc.
|
43,049
|
1,466,480
|
||||||
|
Hankook Tire & Technology Company, Ltd.
|
57,723
|
1,610,738
|
||||||
|
HD Korea Shipbuilding & Offshore Engineering Company, Ltd.
|
10,054
|
2,306,364
|
||||||
|
HMM Company, Ltd.
|
121,243
|
1,871,766
|
||||||
|
Hyundai Glovis Company, Ltd.
|
15,685
|
1,289,178
|
||||||
|
Hyundai Mobis Company, Ltd.
|
8,576
|
1,572,609
|
||||||
|
Kia Corporation
|
22,222
|
1,439,912
|
||||||
|
Korean Air Lines Company, Ltd.
|
91,869
|
1,498,190
|
||||||
|
KT Corporation
|
48,084
|
1,770,434
|
||||||
|
LG Uplus Corporation
|
231,127
|
2,144,253
|
||||||
|
NongShim Company, Ltd.
|
4,634
|
1,424,089
|
||||||
|
Orion Corporation
|
23,660
|
1,893,212
|
||||||
|
Samsung Fire & Marine Insurance Company, Ltd.
|
3,133
|
918,532
|
||||||
|
Samsung SDS Company, Ltd.
|
20,205
|
1,906,712
|
||||||
|
SK Telecom Company, Ltd.
|
41,241
|
1,539,401
|
||||||
|
26,125,535
|
||||||||
|
Spain - 1.4%
|
||||||||
|
Banco Bilbao Vizcaya Argentaria SA
|
134,149
|
2,011,793
|
||||||
|
Banco Santander SA
|
305,745
|
2,440,448
|
||||||
|
CaixaBank SA
|
30,733
|
261,254
|
||||||
|
Mapfre SA
|
67,119
|
254,194
|
||||||
|
Repsol SA
|
16,128
|
217,058
|
||||||
|
5,184,747
|
||||||||
|
Sweden - 1.3%
|
||||||||
|
SSAB AB - Class B
|
349,556
|
2,070,780
|
||||||
|
Telefonaktiebolaget LM Ericsson - Class B
|
208,956
|
1,772,600
|
||||||
|
Volvo Car AB (a)
|
535,302
|
969,177
|
||||||
|
4,812,557
|
||||||||
|
Switzerland - 6.2%
|
||||||||
|
Avolta AG
|
21,941
|
1,177,237
|
||||||
|
Chubb, Ltd.
|
5,820
|
1,729,704
|
||||||
|
Glencore PLC
|
293,900
|
1,123,220
|
||||||
|
Helvetia Holding AG
|
4,443
|
1,053,492
|
||||||
|
Holcim AG
|
15,972
|
1,769,547
|
||||||
|
Julius Baer Group, Ltd.
|
22,315
|
1,470,011
|
||||||
|
Logitech International SA
|
16,088
|
1,340,226
|
||||||
|
Novartis AG
|
13,744
|
1,573,061
|
||||||
|
Sandoz Group AG
|
33,559
|
1,704,604
|
||||||
|
STMicroelectronics NV
|
33,121
|
831,165
|
||||||
|
Swatch Group AG
|
8,763
|
1,477,833
|
||||||
|
Swiss Re AG
|
10,377
|
1,834,653
|
||||||
|
Swisscom AG
|
110
|
75,717
|
||||||
|
Swissquote Group Holding SA
|
3,354
|
2,009,420
|
||||||
|
UBS Group AG
|
44,164
|
1,407,894
|
||||||
|
Zurich Insurance Group AG
|
2,605
|
1,830,206
|
||||||
|
22,407,990
|
||||||||
|
Taiwan - 6.6%
|
||||||||
|
Arcadyan Technology Corporation
|
292,000
|
2,085,123
|
||||||
|
Compal Electronics, Inc.
|
1,411,000
|
1,355,984
|
||||||
|
Eva Airways Corporation
|
1,083,000
|
1,476,235
|
||||||
|
Evergreen Marine Corporation Taiwan, Ltd.
|
253,000
|
2,064,117
|
||||||
|
FIT Hon Teng, Ltd. (a)(b)
|
3,704,000
|
968,329
|
||||||
|
Foxconn Technology Company, Ltd.
|
662,000
|
1,338,645
|
||||||
|
L&K Engineering Company, Ltd.
|
210,000
|
1,765,854
|
||||||
|
Pegatron Corporation
|
470,000
|
1,315,815
|
||||||
|
Pou Chen Corporation
|
1,382,000
|
1,438,791
|
||||||
|
Primax Electronics, Ltd.
|
520,000
|
1,353,421
|
||||||
|
Radiant Opto-Electronics Corporation
|
259,000
|
1,274,755
|
||||||
|
Simplo Technology Company, Ltd.
|
130,822
|
1,636,994
|
||||||
|
Taiwan Surface Mounting Technology Corporation
|
406,000
|
1,483,458
|
||||||
|
Tong Yang Industry Company, Ltd.
|
484,000
|
2,107,613
|
||||||
|
Tripod Technology Corporation
|
242,000
|
1,728,081
|
||||||
|
Zhen Ding Technology Holding, Ltd.
|
45,000
|
154,662
|
||||||
|
23,547,877
|
||||||||
|
Thailand - 2.1%
|
||||||||
|
Cal-Comp Electronics Thailand PCL
|
3,812,000
|
840,794
|
||||||
|
Kasikornbank PCL - NVDR
|
338,700
|
1,588,906
|
||||||
|
Krung Thai Bank PCL - NVDR
|
2,277,600
|
1,540,255
|
||||||
|
PTT Exploration & Production PCL - NVDR
|
429,900
|
1,283,381
|
||||||
|
SCB X PCL - NVDR
|
211,500
|
763,468
|
||||||
|
TMBThanachart Bank PCL - NVDR
|
27,052,500
|
1,582,234
|
||||||
|
7,599,038
|
||||||||
|
United Kingdom - 2.2%
|
||||||||
|
Centrica PLC
|
437,210
|
933,627
|
||||||
|
easyJet PLC
|
169,711
|
1,318,708
|
||||||
|
J Sainsbury PLC
|
118,903
|
457,628
|
||||||
|
Kingfisher PLC
|
413,392
|
1,547,558
|
||||||
|
Tesco PLC
|
350,030
|
1,831,481
|
||||||
|
Vodafone Group PLC
|
1,586,136
|
1,644,444
|
||||||
|
7,733,446
|
||||||||
|
TOTAL COMMON STOCKS (Cost $298,895,808)
|
347,667,403
|
|||||||
|
PREFERRED STOCKS - 1.6%
|
Shares
|
Value
|
||||||
|
Brazil - 0.9%
|
||||||||
|
Cia Energetica de Minas Gerais
|
797,159
|
1,506,134
|
||||||
|
Metalurgica Gerdau SA
|
775,110
|
1,127,767
|
||||||
|
Petroleo Brasileiro SA
|
130,604
|
707,242
|
||||||
|
3,341,143
|
||||||||
|
Chile - 0.6%
|
||||||||
|
Embotelladora Andina SA
|
484,690
|
2,063,072
|
||||||
|
Germany - 0.1%
|
||||||||
|
Volkswagen AG
|
4,661
|
504,590
|
||||||
|
TOTAL PREFERRED STOCKS (Cost $5,070,250)
|
5,908,805
|
|||||||
|
WARRANTS - 0.0%(d)
|
Contracts
|
Value
|
||||||
|
Malaysia - 0.0%(d)
|
||||||||
|
YTL Corporation Bhd, Expires 12/31/2099, Exercise Price $1.50 (a)(c)
|
58,420
|
3,980
|
||||||
|
TOTAL WARRANTS (Cost $0)
|
3,980
|
|||||||
|
TOTAL INVESTMENTS - 98.5% (Cost $303,966,058)
|
353,580,188
|
|||||||
|
Other Assets in Excess of Liabilities - 1.5%
|
5,322,877
|
|||||||
|
TOTAL NET ASSETS - 100.0%
|
$
|
358,903,065
|
||||||
|
two
|
–
|
%
|
||||||
|
Percentages are stated as a percent of net assets.
|
–
|
%
|
||||||
|
The Global Industry Classification Standard ("GICS®") was developed by and/or is the exclusive property of MSCI,
Inc. ("MSCI") and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S.
Bank Global Fund Services.
|
||||||||
|
ASA - Advanced Subscription Agreement
|
|
GDR - Global Depositary Receipt
|
|
NVDR - Non-Voting Depositary Receipt
|
|
PCL - Public Company Limited
|
|
PLC - Public Limited Company
|
|
(a)
|
Non-income producing security.
|
|
(b)
|
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 $5,877,808 or 1.6% of the Fund’s net assets.
|
|
(c)
|
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 $3,980 or 0.0% of net assets as of May 31, 2025.
|
|
(d)
|
Represents less than 0.05% of net assets.
|
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||||
|
Investments:
|
||||||||||||||||
|
Common Stocks
|
$
|
347,667,403
|
$
|
–
|
$
|
0
|
$
|
347,667,403
|
||||||||
|
Preferred Stocks
|
5,908,805
|
–
|
–
|
5,908,805
|
||||||||||||
|
Warrants
|
–
|
–
|
3,980
|
3,980
|
||||||||||||
|
Total Investments
|
$
|
353,576,208
|
$
|
–
|
$
|
3,980
|
$
|
353,580,188
|
||||||||
|
Refer to the Schedule of Investments for further disaggregation of investment categories.
|
||||||||||||||||
|
|
||||||||||||||||
|
Balance as of 8/31/2024
|
$
|
—
|
||
|
Net Realized Gain (Loss)
|
—
|
|||
|
Change in Net Unrealized Appreciation (Depreciation)
|
—
|
|||
|
Purchases
|
3,980
|
|||
|
Sales
|
—
|
|||
|
Transfers into Level 3
|
—
|
|||
|
Transfers Out of Level 3
|
—
|
|||
|
Balance as of 5/31/2025
|
$
|
3,980
|