i

 

INVENOMIC FUND
SCHEDULE OF INVESTMENTS (Unaudited)
July 31, 2025
 
Shares             Fair Value
    COMMON STOCKS — 111.3%      
    ADVERTISING & MARKETING - 0.7%      
95,036   Omnicom Group, Inc.       $ 6,847,344
             
    APPAREL & TEXTILE PRODUCTS - 2.3%      
42,778   Oxford Industries, Inc.         1,633,264
196,563   Puma S.E.         4,184,651
185,741   PVH Corporation(a)         13,637,105
205,363   Unifi, Inc.(b)         932,348
             

20,387,368

    ASSET MANAGEMENT - 0.7%      
129,749   Federated Hermes, Inc.(a)         6,431,658
             
    AUTOMOTIVE - 2.2%      
783,600   American Axle & Manufacturing Holdings, Inc.(b)         3,487,020
432,018   Goodyear Tire & Rubber Company (The)(b)         4,441,145
46,347   Linamar Corporation         2,241,086
136,673   Phinia, Inc.         6,929,321
25,450   Visteon Corporation(b)         2,828,768
             

19,927,340

    BANKING - 2.9%      
525,883   First Foundation, Inc.(a),(b)         2,561,050
69,852   M&T Bank Corporation(a)         13,181,073
94,486   Popular, Inc.         10,826,206
             

26,568,329

    BIOTECH & PHARMA - 4.4%      
355,122   Avadel Pharmaceuticals PLC(b)         3,732,332
34,359   Halozyme Therapeutics, Inc.(b)         2,060,509
192,381   Hikma Pharmaceuticals PLC(c)         4,989,914
4,463,009   Iovance Biotherapeutics, Inc.(a),(b)         11,469,933
226,837   Lexaria Bioscience Corporation(b)         204,153
2,061,363   Viatris, Inc.(a)         18,016,313
             

40,473,154

    CHEMICALS - 3.8%      
363,591   American Vanguard Corporation(b)         1,403,461
33,811   Ashland, Inc.         1,743,295
 
 

 

INVENOMIC FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
July 31, 2025
 
Shares             Fair Value
    COMMON STOCKS — 111.3% (Continued)      
    CHEMICALS - 3.8% (Continued)      
101,020   Eastman Chemical Company       $ 7,335,062
476,377   Ecovyst, Inc.(b)         4,101,606
932,159   Mativ Holdings, Inc.(a)         6,170,893
138,087   Olin Corporation         2,615,368
243,207   Orion S.A.         2,359,108
48,133   Quaker Chemical Corporation         5,507,378
1,048,074   Tronox Holdings PLC, Class A         3,343,356
             

34,579,527

    COMMERCIAL SUPPORT SERVICES - 3.6%      
118,304   ABM Industries, Inc.         5,457,364
202,281   CoreCivic, Inc.(b)         4,053,711
212,212   Forrester Research, Inc.(b)         2,066,945
78,147   Heidrick & Struggles International, Inc.(a)         3,479,886
93,506   ISS A/S(c)         2,693,531
850,366   Legalzoom.com, Inc.(b)         7,644,790
479,387   Prosegur Cia de Seguridad S.A.(c)         1,423,163
523,935   Resources Connection, Inc.(a)         2,651,111
220,995   TrueBlue, Inc.(b)         1,595,584
234,363   Vestis Corporation         1,420,240
             

32,486,325

    CONSUMER SERVICES - 0.8%      
632,212   Coursera, Inc.(a),(b)         7,991,160
             
 
    CONTAINERS & PACKAGING - 4.8%      
71,879   Gerresheimer A.G.(c)         3,560,300
436,127   Myers Industries, Inc.(a)         6,389,261
281,533   Sealed Air Corporation(a)         8,240,471
575,299   Sonoco Products Company(a)         25,928,726
             

44,118,758

    E-COMMERCE DISCRETIONARY - 0.0%(d)      
57,829   PetMed Express, Inc.(b)         180,426
             
 
 

 

INVENOMIC FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
July 31, 2025
 
Shares             Fair Value
    COMMON STOCKS — 111.3% (Continued)      
    ELECTRIC UTILITIES - 0.6%      
101,376   Black Hills Corporation       $ 5,857,505
             
    ELECTRICAL EQUIPMENT - 3.3%      
56,587   Generac Holdings, Inc.(b)         11,016,923
557,257   Sensata Technologies Holding PLC         17,141,226
101,017   Signify N.V.(e)         2,433,728
             

30,591,877

    ENTERTAINMENT CONTENT - 2.1%      
1,467,168   Warner Bros Discovery, Inc.(a),(b)         19,322,602
             
    FOOD - 2.2%      
549,590   Dole PLC         7,826,162
215,178   Fresh Del Monte Produce, Inc.         8,088,542
14,079   John B Sanfilippo & Son, Inc.         891,341
172,605   Nomad Foods Ltd.         2,906,668
             

19,712,713

    HEALTH CARE FACILITIES & SERVICES - 4.6%      
607,067   Acadia Healthcare Company, Inc.(a),(b)         13,215,848
56,328   IQVIA Holdings, Inc.(a),(b)         10,469,121
126,426   Pediatrix Medical Group, Inc.(b)         1,548,719
1,101,089   Teladoc Health, Inc.(a),(b)         7,938,852
58,757   Universal Health Services, Inc., Class B         9,780,103
             

42,952,643

    HOME & OFFICE PRODUCTS - 0.9%      
845,853   Leggett & Platt, Inc.(a)         8,077,896
513,153   Purple Innovation, Inc.(b)         416,372
             

8,494,268

    HOME CONSTRUCTION - 0.2%      
15,849   Mohawk Industries, Inc.(b)         1,814,869
             
    HOUSEHOLD PRODUCTS - 1.6%      
260,706   Edgewell Personal Care Company         6,577,612
348,913   Helen of Troy Ltd.(b)         7,669,108
             

14,246,720

 
 

 

INVENOMIC FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
July 31, 2025
 
Shares             Fair Value
    COMMON STOCKS — 111.3% (Continued)      
    INSTITUTIONAL FINANCIAL SERVICES - 1.0%      
79,143   State Street Corporation(a)       $ 8,844,230
             
    INTERNET MEDIA & SERVICES - 5.5%      
2,639,311   Getty Images Holdings, Inc.(a),(b)         4,671,580
1,775,222   Lyft, Inc., Class A(a),(b)         24,959,622
248,594   Maplebear, Inc.(a),(b)         11,925,054
350,337   Shutterstock, Inc.(a)         6,712,457
138,351   Upwork, Inc.(b)         1,654,678
             

49,923,391

    LEISURE FACILITIES & SERVICES - 5.2%      
64,659   DraftKings, Inc.(b)         2,912,241
383,098   Jack in the Box, Inc.(a)         7,547,031
1,118,254   Penn Entertainment, Inc.(a),(b)         20,195,667
552,791   Six Flags Entertainment Corporation(a),(b)         16,561,618
5,653   Vail Resorts, Inc.         849,420
             

48,065,977

    LEISURE PRODUCTS - 0.4%      
22,293   Johnson Outdoors, Inc., Class A         740,128
150,846   Spin Master Corporation(e)         2,482,166
             

3,222,294

    MACHINERY - 3.8%      
51,659   Albany International Corporation, Class A         2,799,401
504,278   Enovis Corporation(a),(b)         13,514,651
505,991   GrafTech International Ltd.(b)         703,327
60,002   Hurco Companies, Inc.(b)         1,153,238
24,174   Regal Rexnord Corporation         3,695,721
156,829   Tennant Company(a)         12,944,666
             

34,811,004

    MEDICAL EQUIPMENT & DEVICES - 8.2%      
32,364   Align Technology, Inc.(b)         4,175,280
56,776   CONMED Corporation         2,904,092
1,788,326   Dentsply Sirona, Inc.(a)         25,590,944
12,316   Haemonetics Corporation(a),(b)         911,877
434,170   Integra LifeSciences Holdings Corporation(b)         5,704,994
 
 

 

INVENOMIC FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
July 31, 2025
 
Shares             Fair Value
    COMMON STOCKS — 111.3% (Continued)      
    MEDICAL EQUIPMENT & DEVICES - 8.2% (Continued)      
535,796   Neogen Corporation(b)       $ 2,491,451
508,167   Quanterix Corporation(b)         3,018,512
283,623   Tactile Systems Technology, Inc.(a),(b)         2,830,558
135,837   Teleflex, Inc.(a)         16,232,522
119,008   Zimmer Biomet Holdings, Inc.(a)         10,907,083
             

74,767,313

    METALS & MINING - 6.6%      
247,136   A-Mark Precious Metals, Inc.         5,259,054
562,124   B2Gold Corporation         1,894,358
124,003   Barrick Mining Corporation         2,618,943
118,176   Century Aluminum Company(b)         2,502,968
893,036   Eldorado Gold Corporation(b)         18,307,237
1,963,488   Equinox Gold Corporation(b)         11,977,276
2,282,720   New Gold, Inc.(b)         9,564,597
86,095   Newmont Corporation         5,346,499
111,822   Torex Gold Resources, Inc.(b)         3,149,836
             

60,620,768

    OIL & GAS PRODUCERS - 2.6%      
93,788   Chord Energy Corporation(a)         10,347,630
73,273   ConocoPhillips         6,985,848
21,531   Marathon Petroleum Corporation         3,664,361
76,685   Ovintiv, Inc.         3,157,888
             

24,155,727

    REAL ESTATE INVESTMENT TRUSTS - 0.9%      
140,357   Allied Properties Real Estate Investment Trust         1,752,437
30,173   Equity LifeStyle Properties, Inc.         1,807,966
199,928   Rayonier, Inc.         4,660,321
             

8,220,724

    REAL ESTATE SERVICES - 0.1%      
169,759   REX Holdings, Inc., Class A(b)         1,305,447
             
    RETAIL - CONSUMER STAPLES - 0.5%      
316,842   Carrefour S.A.(c)         4,547,504
             
 
 

 

INVENOMIC FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
July 31, 2025
 
Shares             Fair Value
    COMMON STOCKS — 111.3% (Continued)      
    RETAIL - DISCRETIONARY - 4.8%      
45,620   BlueLinx Holdings, Inc.(b)       $ 3,342,577
586,241   Caleres, Inc.         8,049,089
21,838   HUGO BOSS A.G.(c)         1,023,329
79,542   J Jill, Inc.         1,247,219
210,608   Kohl's Corporation         2,282,991
840,348   Macy's, Inc.(a)         10,613,595
493,306   Monro, Inc.(a)         6,953,148
747,342   Sally Beauty Holdings, Inc.(a),(b)         7,279,111
389,731   Sleep Number Corporation(b)         2,856,728
             

43,647,787

    SEMICONDUCTORS - 1.7%      
22,101   AIXTRON S.E.         375,121
75,108   Penguin Solutions, Inc.(b)         1,770,296
816,657   Vishay Intertechnology, Inc.(a)         13,385,008
             

15,530,425

    SOFTWARE - 15.1%      
2,534,803   8x8, Inc.(a),(b)         4,917,518
188,540   Akamai Technologies, Inc.(a),(b)         14,387,487
285,938   BILL Holdings, Inc.(a),(b)         12,252,443
4,136,904   Clarivate PLC(b)         15,927,080
180,784   Concentrix Corporation(a)         9,395,344
99,668   Ibotta, Inc.(b)         3,622,932
419,813   Ingram Micro Holding Corporation         8,278,712
347,674   Jamf Holding Corporation(b)         2,760,532
309,769   Lightspeed Commerce, Inc.(b)         3,853,526
105,232   N-Able, Inc.(b)         850,275
293,128   Rapid7, Inc.(a),(b)         6,190,863
658,418   RingCentral, Inc., Class A(a),(b)         16,783,075
443,022   Riskified Ltd.(b)         2,259,412
36,672   Salesforce, Inc.(a)         9,473,478
199,399   Sprout Social, Inc., Class A(b)         3,419,693
811,634   Verint Systems, Inc.(a),(b)         17,271,572
12,520   Wix.com Ltd.(b)         1,703,096
 
 

 

INVENOMIC FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
July 31, 2025
 
Shares             Fair Value
    COMMON STOCKS — 111.3% (Continued)      
    SOFTWARE - 15.1% (Continued)      
167,181   Ziff Davis, Inc.(a),(b)       $ 5,202,673
             

138,549,711

    SPECIALTY FINANCE - 0.3%      
23,737   Flywire Corporation(b)         258,496
159,950   PRA Group, Inc.(a),(b)         2,431,240
             

2,689,736

    STEEL - 0.2%      
88,046   Metallus, Inc.(b)         1,391,127
             
    TECHNOLOGY HARDWARE - 3.5%      
98,121   Crane NXT Company(a)         5,822,500
10,295   Samsung Electronics Company Ltd.(c)         12,940,815
1,181,300   Stratasys Ltd.(b)         12,793,480
74,375   Xperi, Inc.(b)         447,738
             

32,004,533

    TECHNOLOGY SERVICES - 6.5%      
117,684   EVERTEC, Inc.         4,254,277
64,376   Fidelity National Information Services, Inc.(a)         5,112,098
272,469   Global Payments, Inc.(a)         21,783,896
1,202,875   Integral Ad Science Holding Corporation(a),(b)         9,863,575
128,927   LiveRamp Holdings, Inc.(b)         4,231,384
159,401   PayPal Holdings, Inc.(a),(b)         10,960,412
149,070   Priority Technology Holdings, Inc.(b)         1,021,129
282,127   Softwareone Holding A.G.(c)         2,313,257
             

59,540,028

    TELECOMMUNICATIONS - 1.8%      
87,232   ATN International, Inc.         1,496,029
350,847   Verizon Communications, Inc.(a)         15,002,218
             

16,498,247

    TRANSPORTATION & LOGISTICS - 0.9%      
87,388   Bristow Group, Inc.(b)         3,021,003
635,062   Deutsche Lufthansa A.G.(c)         5,470,322
             

8,491,325

 
 

 

INVENOMIC FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
July 31, 2025
 
Shares             Fair Value
               
    TOTAL COMMON STOCKS (Cost $1,004,788,859)    

$ 1,019,811,884

               
        Expiration Date Exercise Price    
    WARRANT — 0.0%(d)      
    BIOTECH & PHARMA - 0.0% (d)      
320,380   Lexaria Bioscience Corporation Warrants 05/12/2028 $ 0.95     177,555
    TOTAL WARRANT (Cost $3,204)        
               
    SHORT-TERM INVESTMENTS — 5.1%      
    MONEY MARKET FUNDS - 5.1%      
46,234,096   First American Government Obligations Fund, Class X, 4.19% (Cost $46,234,096)(f)         46,234,096
             
Contracts(g)              
    EQUITY OPTIONS PURCHASED - 0.1%   Expiration Date Exercise Price Notional Value  
    CALL OPTIONS PURCHASED - 0.0%(d)      
3,948   Lyft, Inc.   08/29/2025 $ 17 $ 5,550,888 $ 142,128
    TOTAL CALL OPTIONS PURCHASED (Cost - $230,600)  
         
    PUT OPTIONS PURCHASED - 0.1%      
1,582   SPDR S&P 500 ETF Trust   08/22/2025 $ 606 $ 99,995,056 $ 313,236
593   SPDR S&P 500 ETF Trust   10/31/2025   575   37,482,344   332,080
    TOTAL PUT OPTIONS PURCHASED (Cost - $1,393,209)  

645,316

         
    TOTAL EQUITY OPTIONS PURCHASED (Cost - $1,623,809)     787,444   
           
    TOTAL INVESTMENTS - 116.5% (Cost $1,052,649,968)     $ 1,067,010,979
    LIABILITIES IN EXCESS OF OTHER ASSETS - (16.5)%    

(152,074,787)

    NET ASSETS - 100.0%        

$ 914,936,192

           
               
 

 
 

 

 

INVENOMIC FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
July 31, 2025
 
Shares             Fair Value
    COMMON STOCKS SOLD SHORT — (88.7)%      
    AEROSPACE & DEFENSE - (7.4)%      
(38,157)   AeroVironment, Inc.       $ (10,212,339)
(1,415,267)   Archer Aviation, Inc., Class A         (14,195,128)
(20,253)   Boeing Company (The)         (4,492,926)
(1,072,322)   Joby Aviation, Inc.         (17,864,884)
(141,300)   Kratos Defense & Security Solutions, Inc.         (8,294,310)
(168,661)   Loar Holdings, Inc.         (12,465,735)
             

(67,525,322)

    ASSET MANAGEMENT - (6.6)%      
(40,476)   Ares Management Corporation, Class A         (7,509,512)
(109,120)   Blackstone, Inc.         (18,873,394)
(555,673)   Blue Owl Capital, Inc.         (10,752,273)
(69,279)   Robinhood Markets, Inc., Class A         (7,139,201)
(180,234)   StepStone Group, Inc., Class A         (10,698,690)
(85,839)   TPG, Inc.         (4,898,832)
             

(59,871,902)

    AUTOMOTIVE - (3.5)%      
(2,120,417)   Aurora Innovation, Inc.         (12,319,623)
(1,775)   Ferrari N.V.         (787,017)
(316,209)   QuantumScape Corporation         (2,719,397)
(51,841)   Tesla, Inc.         (15,981,026)
             

(31,807,063)

    BANKING - (1.9)%      
(37,879)   Coastal Financial Corporation         (3,643,960)
(66,195)   Community Financial System, Inc.         (3,488,476)
(57,218)   International Bancshares Corporation         (3,901,123)
(42,270)   NBT Bancorp, Inc.         (1,749,133)
(54,977)   ServisFirst Bancshares, Inc.         (4,323,941)
             

(17,106,633)

    BEVERAGES - (0.5)%      
(73,446)   Monster Beverage Corporation         (4,314,953)
             
    BIOTECH & PHARMA - (0.7)%      
(56,256)   TransMedics Group, Inc.         (6,692,776)
             
 
 

 

INVENOMIC FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
July 31, 2025
 
Shares             Fair Value
    COMMON STOCKS SOLD SHORT — (88.7)% (Continued)      
    COMMERCIAL SUPPORT SERVICES - (3.3)%      
(94,862)   Casella Waste Systems, Inc.       $ (10,314,345)
(29,106)   CorVel Corporation         (2,578,792)
(61,028)   Innodata, Inc.         (3,350,437)
(54,428)   PureCycle Technologies, Inc.         (729,879)
(224,414)   Rollins, Inc.         (12,852,190)
             

(29,825,643)

    CONSUMER SERVICES - (0.3)%      
(26,981)   Bright Horizons Family Solutions, Inc.         (3,051,551)
             
    ELECTRIC UTILITIES - (1.2)%      
(145,001)   Oklo, Inc.         (11,105,626)
             
    ELECTRICAL EQUIPMENT - (2.1)%      
(3,085)   GE Vernova, LLC         (2,036,995)
(54,028)   Novanta, Inc.         (6,646,525)
(217,865)   NuScale Power Corporation         (10,939,002)
             

(19,622,522)

    ENGINEERING & CONSTRUCTION - (6.1)%      
(9,075)   Comfort Systems USA, Inc.         (6,382,448)
(164,889)   Construction Partners, Inc., Class A         (16,629,055)
(80,197)   Exponent, Inc.         (5,530,385)
(33,677)   IES Holdings, Inc.         (11,890,338)
(66,626)   Installed Building Products, Inc.         (13,477,774)
(7,289)   Sterling Infrastructure, Inc.         (1,950,464)
             

(55,860,464)

    ENTERTAINMENT CONTENT - (0.9)%      
(21,992)   AppLovin Corporation, Class A         (8,592,274)
             
    FOOD - (0.3)%      
(17,856)   BellRing Brands, Inc.         (974,580)
(48,176)   Tootsie Roll Industries, Inc.         (1,827,316)
             

(2,801,896)

 
 

 

INVENOMIC FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
July 31, 2025
 
Shares             Fair Value
    COMMON STOCKS SOLD SHORT — (88.7)% (Continued)      
    HEALTH CARE FACILITIES & SERVICES - 0.0% (a)      
(1,026)   Medpace Holdings, Inc.       $ (438,307)
             
    HOME & OFFICE PRODUCTS - (0.4)%      
(51,598)   Somnigroup International, Inc.         (3,734,663)
             
    HOME CONSTRUCTION - (1.6)%      
(52,043)   Armstrong World Industries, Inc.         (9,792,931)
(47,975)   Patrick Industries, Inc.         (4,665,089)
             

(14,458,020)

    INSURANCE - (1.0)%      
(56,948)   Baldwin Insurance Group, Inc. (The)         (2,097,964)
(77,149)   Goosehead Insurance, Inc., Class A         (7,013,616)
             

(9,111,580)

    INTERNET MEDIA & SERVICES - (1.3)%      
(11,424)   GoDaddy, Inc., Class A         (1,845,890)
(56,387)   Groupon, Inc.         (1,738,975)
(5,648)   Spotify Technology S.A.         (3,538,698)
(16,494)   VeriSign, Inc.         (4,434,742)
             

(11,558,305)

    LEISURE FACILITIES & SERVICES - (4.7)%      
(5,635)   Brinker International, Inc.         (888,076)
(20,322)   Planet Fitness, Inc., Class A         (2,218,959)
(162,409)   Red Rock Resorts, Inc., Class A         (9,963,792)
(121,552)   Shake Shack, Inc., Class A         (14,627,568)
(41,148)   Wingstop, Inc.         (15,526,786)
             

(43,225,181)

    LEISURE PRODUCTS - (2.1)%      
(33,684)   Acushnet Holdings Corporation         (2,681,920)
(440,419)   Amer Sports, Inc.         (16,533,330)
             

(19,215,250)

    MACHINERY - (1.7)%      
(44,428)   Kadant, Inc.         (14,784,305)
(16,966)   Symbotic, Inc.         (915,316)
             

(15,699,621)

 
 

 

INVENOMIC FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
July 31, 2025
 
Shares             Fair Value
    COMMON STOCKS SOLD SHORT — (88.7)% (Continued)      
    MEDICAL EQUIPMENT & DEVICES - (3.4)%      
(1,632)   IDEXX Laboratories, Inc.       $ (871,994)
(31,916)   Intuitive Surgical, Inc.         (15,354,468)
(35,311)   iRhythm Technologies, Inc.         (4,949,896)
(36,925)   Penumbra, Inc.         (9,315,070)
(23,209)   Sectra A.B.         (860,765)
             

(31,352,193)

    OIL & GAS PRODUCERS - (0.4)%      
(172,452)   Delek US Holdings, Inc.         (3,857,751)
             
    REAL ESTATE INVESTMENT TRUSTS - (1.8)%      
(83,064)   Gaming and Leisure Properties, Inc.         (3,786,057)
(91,909)   Iron Mountain, Inc.         (8,948,261)
(4,585)   Texas Pacific Land Corporation         (4,438,876)
             

(17,173,194)

    RETAIL - CONSUMER STAPLES - (0.6)%      
(4,573)   Costco Wholesale Corporation         (4,296,974)
(15,372)   Hims & Hers Health, Inc.         (1,017,319)
             

(5,314,293)

    RETAIL - DISCRETIONARY - (5.7)%      
(5,312)   Boot Barn Holdings, Inc.         (913,133)
(76,196)   Brunello Cucinelli SpA         (8,571,397)
(45,819)   Carvana Company         (17,877,199)
(27,759)   JB Hi-Fi Ltd.         (1,992,597)
(270,602)   National Vision Holdings, Inc.         (6,564,805)
(25,484)   Pandora A/S         (4,229,598)
(63,278)   Williams-Sonoma, Inc.         (11,836,150)
             

(51,984,879)

    SEMICONDUCTORS - (6.6)%      
(167,428)   Allegro MicroSystems, Inc.         (5,258,913)
(41,775)   Analog Devices, Inc.         (9,383,918)
(95,614)   ARM Holdings PLC - ADR         (13,517,429)
(15,546)   Astera Labs, Inc.         (2,125,605)
(3,447)   Broadcom, Inc.         (1,012,384)
(76,648)   NVIDIA Corporation         (13,633,380)
 
 

 

INVENOMIC FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
July 31, 2025
 
Shares             Fair Value
    COMMON STOCKS SOLD SHORT — (88.7)% (Continued)      
    SEMICONDUCTORS - (6.6)%  (Continued)      
(85,228)   Texas Instruments, Inc.       $ (15,431,381)
             

(60,363,010)

    SOFTWARE - (12.9)%      
(9,205)   Appfolio, Inc., Class A         (2,461,233)
(134,290)   Bentley Systems, Inc., Class B         (7,786,134)
(39,186)   Circle Internet Group, Inc.         (7,191,415)
(34,271)   Crowdstrike Holdings, Inc., Class A         (15,578,568)
(163,910)   IonQ, Inc.         (6,535,092)
(107,818)   Lumine Group, Inc.         (4,182,461)
(8,372)   Monday.com Ltd.         (2,195,892)
(115,790)   Palantir Technologies, Inc., Class A         (18,335,346)
(78,680)   Palo Alto Networks, Inc.         (13,658,848)
(89,376)   Pro Medicus Ltd.         (18,488,041)
(254,942)   Samsara, Inc., Class A         (9,695,444)
(53,210)   Shopify, Inc., Class A         (6,502,794)
(30,650)   Technology One Ltd.         (809,140)
(37,343)   WiseTech Global Ltd.         (2,864,859)
(8,572)   Zscaler, Inc.         (2,447,820)
             

(118,733,087)

    SPECIALTY FINANCE - (2.5)%      
(26,915)   American Express Company         (8,055,929)
(16,239)   Credit Acceptance Corporation         (7,961,657)
(26,207)   Dave, Inc.         (6,179,611)
(39,830)   SoFi Technologies, Inc.         (899,361)
             

(23,096,558)

    TECHNOLOGY HARDWARE - (2.3)%      
(13,222)   Apple, Inc.         (2,744,491)
(11,506)   Celestica, Inc.         (2,299,589)
(36,634)   Credo Technology Group Holding Ltd.         (4,086,523)
(14,738)   Fabrinet         (4,771,133)
(72,237)   PAR Technology Corporation         (4,390,565)
(5,972)   Ubiquiti, Inc.         (2,600,627)
             

(20,892,928)

 
 

 

INVENOMIC FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
July 31, 2025
 
Shares             Fair Value
    COMMON STOCKS SOLD SHORT — (88.7)% (Continued)      
    TECHNOLOGY SERVICES - (2.2)%      
(21,718)   Coinbase Global, Inc., Class A       $ (8,204,192)
(1,228)   Euronet Worldwide, Inc.         (119,337)
(7,625)   Fair Isaac Corporation         (10,954,990)
             

(19,278,519)

    TELECOMMUNICATIONS - (1.8)%      
(116,194)   AST SpaceMobile, Inc.         (6,178,035)
(227,466)   Cogent Communications Holdings, Inc.         (10,370,175)
             

(16,548,210)

    TRANSPORTATION & LOGISTICS - (0.9)%      
(54,141)   Old Dominion Freight Line, Inc.         (8,080,544)
             
               
    TOTAL SECURITIES SOLD SHORT - (Proceeds - $774,162,172)    

$ (812,294,718)

           
 

 

 

 

A.B.  - Aktiebolag
ADR  - American Depositary Receipt
A.G.  - Aktiengesellschaft
A/S  - Anonim Sirketi
ETF  - Exchange-Traded Fund
LLC  - Limited Liability Company
Ltd.  - Limited Company
N.V.  - Naamioze Vennootschap
PLC  - Public Limited Company
S.A.  - Société Anonyme
S.E.  - Societas Europeae
SpA  - Società per Azioni
SPDR  - Standard & Poor's Depositary Receipt
 

 

 

(a) All or a portion of the security is segregated as collateral for short sales.
(b) Non-income producing security.
(c) The value of this security has been determined in good faith under policies of the Board of Trustees.
(d) Percentage rounds to less than 0.1%.
(e) 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 July 31, 2025, the total market value of 144A securities is 4,915,894 or 0.5% of net assets.
(f) Rate disclosed is the seven-day effective yield as of July 31, 2025.
(g) Each option contract allows the holder of the option to purchase or sell 100 shares of the underlying security.
(h) Percentage rounds to greater than (0.1%).