ABS INSIGHTS EMERGING MARKETS FUND
SCHEDULE OF INVESTMENTS (Unaudited)
June 30, 2025
 
Shares             Fair Value
    COMMON STOCKS — 98.5%      
    ADVERTISING & MARKETING - 0.1%      
716,900   Plan B Media Pcl       $ 108,718
             
    AEROSPACE & DEFENSE - 1.0%      
266   Hanwha Aerospace Company Ltd.         166,808
2,496   LIG Nex1 Company Ltd.         996,732
             

1,163,540

    APPAREL & TEXTILE PRODUCTS - 0.4%      
10,565   Youngone Corporation         493,772
             
    ASSET MANAGEMENT - 1.5%      
8,633   SK Square Company Ltd.(a),(b)         1,168,295
28,800   XP, Inc., Class A         581,760
             

1,750,055

    AUTOMOTIVE - 0.8%      
389,200   Sailun Group Company Ltd.         712,782
42,537   Tofas Turk Otomobil Fabrikasi A/S         209,598
             

922,380

    BANKING - 15.9%      
47,668   Absa Group Ltd.(b)         473,893
119,972   Abu Dhabi Commercial Bank PJSC         440,324
28,560   Al Rajhi Bank         720,358
87,266   Alinma Bank         624,027
71,477   Alpha Bank S.A.         251,727
89,405   Arab National Bank(b)         517,751
214,900   Banco del Bajio S.A. 144A(c)         518,706
112,400   Bank for Foreign Trade of Vietnam JSC(a)         245,255
602,100   Bank Mandiri Persero Tbk P.T.         181,016
987,700   Bank Negara Indonesia Persero Tbk P.T.         250,698
330,600   Bank of Chengdu Company Ltd., Class A         927,576
320,600   Bank of Ningbo Company Ltd.         1,224,419
64,200   Bank of the Philippine Islands         148,242
4,376   Bank Polska Kasa Opieki S.A.(b)         224,622
615,700   Bank Rakyat Indonesia Persero Tbk P.T.         141,863
892,900   Bank Syariah Indonesia Tbk P.T.         141,922
 
 

 

ABS INSIGHTS EMERGING MARKETS FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2025
 
Shares             Fair Value
    COMMON STOCKS — 98.5% (Continued)      
    BANKING - 15.9% (Continued)      
30,287   BDO Unibank, Inc.       $ 82,200
548,000   China Construction Bank Corporation, H Shares(b)         552,889
263,500   China Merchants Bank Company Ltd., H Shares(b)         1,841,152
99,000   CIMB Group Holdings Bhd         159,556
66,376   FirstRand Ltd.(b)         283,786
39,900   Grupo Financiero Banorte SAB de CV         366,073
42,666   HDFC Bank Ltd.(b)         996,137
322,000   Ho Chi Minh City Development Joint Stock         268,713
81,218   ICICI Bank Ltd.(b)         1,369,752
77,800   Inter & Company, Inc.         578,054
6,298   KB Financial Group, Inc.(b)         516,504
29,899   Kotak Mahindra Bank Ltd.(b)         754,562
70,200   Malayan Banking Bhd         161,628
205,020   Metropolitan Bank & Trust Company         264,013
50,364   National Bank of Kuwait S.A.KP(b)         164,639
1,400   OTP Bank Nyrt         111,835
35,940   Piraeus Financial Holdings S.A.(b)         248,998
10,190   Powszechna Kasa Oszczednosci Bank Polski S.A.(b)         212,729
9,062   Raiffeisen Bank International A.G.(b)         276,236
104,793   Saudi National Bank (The)         1,009,205
14,067   Standard Bank Group Ltd.(b)         180,793
83,057   State Bank of India(b)         794,798
             

18,226,651

    BEVERAGES - 1.4%      
7,745   Anheuser-Busch InBev S.A.         533,123
26,400   Fomento Economico Mexicano S.A.B. de C.V.         271,543
149,962   Varun Beverages Ltd.         800,388
             

1,605,054

    BIOTECH & PHARMA - 4.2%      
63,000   Akeso, Inc. 144A(a),(c)         737,946
952,000   CSPC Pharmaceutical Group Ltd.         933,814
2,861   Gedeon Richter plc         84,333
42,499   Glenmark Pharmaceuticals Ltd.         869,441
3,847   Hanmi Pharm Co Ltd         813,632
 
 

 

ABS INSIGHTS EMERGING MARKETS FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2025
 
Shares             Fair Value
    COMMON STOCKS — 98.5% (Continued)      
    BIOTECH & PHARMA - 4.2% (Continued)      
21,900   Legend Biotech Corporation - ADR(a)       $ 777,231
26,005   Mankind Pharma Ltd.(a),(d)         703,702
             

4,920,099

    CHEMICALS - 1.4%      
702,700   Alfa S.A.B. de C.V.         518,569
209,100   Hubei Dinglong Company Ltd.(a)         837,112
14,334   Saudi Arabian Mining Company(a)         204,848
             

1,560,529

    COMMERCIAL SUPPORT SERVICES - 0.3%      
6,677   Almoosa Health Company         288,756
             
    CONSUMER SERVICES - 0.8%      
161,100   New Oriental Education & Technology Group, Inc.         865,019
             
    E-COMMERCE DISCRETIONARY - 3.4%      
146,000   Alibaba Group Holding Ltd.(b)         2,042,152
42,600   Meituan 144A(a),(c)         679,975
200   MercadoLibre, Inc.(a)         522,726
6,100   PDD Holdings, Inc. - ADR(a)         638,426
             

3,883,279

    ELECTRIC UTILITIES - 3.1%      
1,717,470   Colbun S.A.         276,324
318,862   Dubai Electricity & Water Authority PJSC         244,824
82,100   Equatorial Energia S.A.         548,582
1,542,000   Huadian Power International Corp Ltd.         817,166
1,418,000   Huaneng Power International, Inc.         914,028
4,183   Metlen Energy & Metals S.A.         226,739
299,606   National Central Cooling Company PJSC         231,671
3,300   Pampa Energia S.A. - ADR(a)         228,954
             

3,488,288

    ELECTRICAL EQUIPMENT - 0.8%      
123,505   Triveni Turbine Ltd.         882,341
             
 
 

 

ABS INSIGHTS EMERGING MARKETS FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2025
 
Shares             Fair Value
    COMMON STOCKS — 98.5% (Continued)      
    ENGINEERING & CONSTRUCTION - 0.7%      
953,880   China State Construction Engineering Corp Ltd.       $ 768,281
             
    FOOD - 1.4%      
326,600   Century Pacific Food, Inc.         233,493
1,348,800   Mayora Indah Tbk PT         173,669
1,033   Samyang Foods Company Ltd.         1,065,649
109,320   Universal Robina Corporation         173,883
             

1,646,694

    FORESTRY, PAPER & WOOD PRODUCTS - 0.4%      
49,000   Suzano S.A.         462,218
             
    GAS & WATER UTILITIES - 0.4%      
43,280   Power & Water Utility Company for Jubail & Yanbu         498,275
             
    HEALTH CARE FACILITIES & SERVICES - 1.4%      
35,600   Bumrungrad Hospital PCL         153,075
51,647   Global Health Ltd./India(a)         684,874
219,000   Wuxi Biologics Cayman, Inc.(a),(b)         715,589
             

1,553,538

    HOUSEHOLD PRODUCTS - 2.3%      
4,813   Cosmax, Inc.         994,804
107,527   Emami Ltd.         716,954
62,900   Mao Geping Cosmetics Company LTD 144A(c)         867,784
             

2,579,542

    INDUSTRIAL INTERMEDIATE PROD - 3.6%      
41,959   APL Apollo Tubes Ltd.         851,199
33,000   ELITE MATERIAL CO LTD         995,656
24,098   KEI Industries Limited         1,066,103
12,000   King Slide Works Co Ltd         835,357
69,000   Shin Zu Shing Company Ltd.         506,294
             

4,254,609

    INSTITUTIONAL FINANCIAL SERVICES - 0.9%      
20,400   Hong Kong Exchanges & Clearing Ltd.(b)         1,088,352
             
 
 

 

ABS INSIGHTS EMERGING MARKETS FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2025
 
Shares             Fair Value
    COMMON STOCKS — 98.5% (Continued)      
    INSURANCE - 0.8%      
15,342   Company for Cooperative Insurance (The)       $ 646,306
13,141   Powszechny Zaklad Ubezpieczen S.A.         229,706
             

876,012

    INTERNET MEDIA & SERVICES - 5.2%      
2,263   Naspers Ltd.(b)         705,019
1,902   NAVER Corporation(b)         369,215
10,436   Prosus N.V.         584,542
66,700   Tencent Holdings Ltd.(b)         4,273,921
             

5,932,697

    LEISURE FACILITIES & SERVICES - 0.7%      
230,600   Central Plaza Hotel PCL         172,010
145,600   Smartfit Escola de Ginastica e Danca S.A.         663,949
             

835,959

    LEISURE PRODUCTS - 0.7%      
115,000   Giant Manufacturing Company Ltd.         426,829
96,000   Merida Industry Company Ltd.         338,248
             

765,077

    MACHINERY - 1.9%      
97,858   Elecon Engineering Company Ltd.         747,343
25,018   Kirloskar Brothers Ltd.         687,966
1,062,200   Zoomlion Heavy Industry Science and Technology         788,874
             

2,224,183

    METALS & MINING - 1.1%      
12,073   Anglogold Ashanti plc(b)         546,178
5,278   Gold Fields Ltd.         123,958
99,900   Grupo Mexico S.A.B. de C.V., Class B         602,824
             

1,272,960

    OIL & GAS PRODUCERS - 2.7%      
374,672   Adnoc Gas plc         348,883
81,957   Aegis Logistics Ltd.         741,681
187,437   Hindustan Petroleum Corp Ltd.(b)         957,768
73,700   PRIO S.A.(a)         573,965
11,544   Reliance Industries Ltd.         202,070
 
 

 

ABS INSIGHTS EMERGING MARKETS FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2025
 
Shares             Fair Value
    COMMON STOCKS — 98.5% (Continued)      
    OIL & GAS PRODUCERS - 2.7% (Continued)      
7,600   Transportadora de Gas del Sur S.A. - ADR(a)       $ 196,840
             

3,021,207

    OIL & GAS SERVICES & EQUIPMENT - 1.3%      
846,000   China Oilfield Services Ltd., H Shares         694,047
158,500   Yantai Jereh Oilfield Services Group Company Ltd.         774,369
             

1,468,416

    REAL ESTATE OWNERS & DEVELOPERS - 1.2%      
1,085,000   Greentown China Holdings Ltd.         1,306,153
             
    REAL ESTATE SERVICES - 0.7%      
203,600   Poly Property Services Company Ltd.         859,793
             
    RENEWABLE ENERGY - 0.9%      
21,300   Contemporary Amperex Technology Company Ltd.         749,911
9,776   CS Wind Corporation         339,058
             

1,088,969

    RETAIL - CONSUMER STAPLES - 1.4%      
4,192   BGF Retail Company Ltd.         375,100
11,139   BIM Birlesik Magazalar A/S         138,405
106,100   CP All Plc.(b)         143,895
61,507   Pepco Group N.V. 144A(c)         369,475
2,006,200   Sumber Alfaria Trijaya Tbk PT         295,393
99,000   Wal-Mart de Mexico S.A.B. de C.V.         327,472
             

1,649,740

    RETAIL - DISCRETIONARY - 1.5%      
40,900   Azzas 2154 S.A.         324,168
70,500   Localiza Rent a Car S.A. 144A(c)         529,194
3,741,300   Map Aktif Adiperkasa PT         150,970
177,076   Mavi Giyim Sanayi Ve Ticaret A/S, B Shares 144A(c)         171,037
109,600   Mobile World Investment Corporation         274,808
16,816   United International Transportation Company         324,609
             

1,774,786

    SEMICONDUCTORS - 13.7%      
10,000   Alchip Technologies Ltd.         1,058,735
 
 

 

ABS INSIGHTS EMERGING MARKETS FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2025
 
Shares             Fair Value
    COMMON STOCKS — 98.5% (Continued)      
    SEMICONDUCTORS - 13.7% (Continued)      
16,000   ASMedia Technology, Inc.       $ 1,045,394
12,839   DB HiTek Company Ltd.(b)         444,341
14,367   Dongjin Semichem Company Ltd.         347,419
2,573   Eo Technics Co., Ltd.         320,041
14,000   MediaTek, Inc.         598,639
6,194   SK Hynix, Inc.(b)         1,337,500
296,000   Taiwan Semiconductor Manufacturing Company Ltd.         10,733,075
             

15,885,144

    SOFTWARE - 0.9%      
2,500   Kaspi.KZ JSC - ADR         212,225
408,000   Kingdee International Software Group Company Ltd.(a)         802,491
             

1,014,716

    SPECIALTY FINANCE - 1.6%      
30,554   Bajaj Finserv Ltd.         732,778
307,800   Krungthai Card PCL         227,698
66,295   Piramal Enterprises Ltd.         884,839
             

1,845,315

    STEEL - 0.9%      
7,822   East Pipes Integrated Company for Industry         263,611
655,300   Fushun Special Steel Company Ltd.         477,487
306,720   Hoa Phat Group JSC(a)         266,529
             

1,007,627

    TECHNOLOGY HARDWARE - 5.9%      
38,000   Asia Vital Components Co., Ltd.         965,826
42,000   BizLink Holding, Inc.         1,218,349
32,000   Hon Hai Precision Industry Company Ltd.         176,239
22,000   Jentech Precision Industrial Company Ltd.         1,136,387
20,000   Lotes Company Ltd.         923,614
26,000   Quanta Computer Inc         244,142
37,547   Samsung Electronics Company Ltd.         1,660,413
60,600   Xiaomi Corp 144A(a),(b),(c)         462,801
             

6,787,771

    TECHNOLOGY SERVICES - 1.6%      
8,782   Infosys Ltd.(b)         164,090
 
 

 

ABS INSIGHTS EMERGING MARKETS FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2025
 
Shares             Fair Value
    COMMON STOCKS — 98.5% (Continued)      
    TECHNOLOGY SERVICES - 1.6% (Continued)      
78,015   One 97 Communications Ltd.(a)       $ 840,875
588,000   TravelSky Technology Ltd., H Shares(b)         786,501
             

1,791,466

    TELECOMMUNICATIONS - 1.6%      
55,625   Bharti Airtel Ltd.(b)         1,303,950
73,421   Ooredoo QPSC(b)         257,738
24,840   Saudi Telecom Company         281,740
             

1,843,428

    TRANSPORTATION & LOGISTICS - 3.4%      
226,345   Abu Dhabi Ports Company PJSC(a)         250,823
49,425   Adani Ports & Special Economic Zone Ltd.         836,096
554,000   Anhui Expressway Company Ltd., H Shares         889,228
12,795   Grupo Aeroportuario del Sureste S.A.B. de C.V.         408,370
48,835   Jazeera Airways Company KSCP         235,865
43,130   Promotora y Operadora de Infraestructura S.A.B. de C.V.         486,367
929,000   Qingdao Port International Company Ltd., H Shares 144A(c)         778,707
             

3,885,456

    TRANSPORTATION EQUIPMENT - 2.1%      
310,726   Ashok Leyland Ltd.(b)         909,447
2,298   HD Hyundai Heavy Industries Company Ltd.         728,183
189,600   Zhuzhou CRRC Times Electric Company Ltd., H Shares         763,234
             

2,400,864

    WHOLESALE - DISCRETIONARY - 0.5%      
249,900   Sendas Distribuidora S/A         521,037
             
               
    TOTAL COMMON STOCKS (Cost $98,210,541)    

  113,068,766

               
Shares         Coupon Rate (%) Maturity Fair Value
    PREFERRED STOCKS — 1.3%      
           
    AUTOMOTIVE — 0.7%      
6,683   Hyundai Motor Company              7.93%     785,300
             
 
 

 

ABS INSIGHTS EMERGING MARKETS FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2025
 
Shares         Coupon Rate (%) Maturity Fair Value
    TECHNOLOGY HARDWARE — 0.6%      
20,143   Samsung Electronics Company Ltd.(b)               2.94%   $ 737,342
             
  TOTAL PREFERRED STOCKS (Cost $1,364,864)    

1,522,642    

             
Shares             Fair Value
    SHORT-TERM INVESTMENT — 0.6%      
    MONEY MARKET FUND - 0.6%      
641,724   Northern Institutional Treasury Portfolio, , 4.13% (Cost $641,724)(e)       641,724
             
    TOTAL INVESTMENTS - 100.4% (Cost $100,217,129)     $ 115,233,132
    LIABILITIES IN EXCESS OF OTHER ASSETS - (0.4)%    

(496,701)

    NET ASSETS - 100.0%        

$ 114,736,431

           
               
 

 

 

 

(a) Non-income producing security.
(b) The value of this security has been determined in good faith under policies of the Board of Trustees.
(c) Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers.  As of June 30, 2025 the total market value of 144A securities is 5,115,625 or 4.5% of net assets.
(d) Illiquid security.  The total fair value of these securities as of June 30, 2025 was $703,702, representing 0.60% of net assets.
(e) Rate disclosed is the seven day effective yield as of June 30, 2025.