SCHEDULE OF INVESTMENTS |
||||||||
COMMON STOCK — 97.8% |
||||||||
Shares |
Value |
|||||||
Austria — 1.5% |
||||||||
Industrials — 1.5% |
||||||||
ANDRITZ |
10,001 | $ | 849,795 | |||||
Brazil — 2.7% |
||||||||
Utilities — 2.7% |
||||||||
Cia de Saneamento Basico do Estado de Sao Paulo SABESP ADR |
45,892 | 1,543,348 | ||||||
Canada — 0.5% |
||||||||
Industrials — 0.5% |
||||||||
Stantec |
3,417 | 312,079 | ||||||
China — 0.3% |
||||||||
Utilities — 0.3% |
||||||||
China Water Affairs Group |
319,730 | 201,884 | ||||||
France — 6.2% |
||||||||
Utilities — 6.2% |
||||||||
Veolia Environnement |
85,065 | 3,597,343 | ||||||
Germany — 0.6% |
||||||||
Industrials — 0.6% |
||||||||
Norma Group |
21,714 | 374,340 | ||||||
Japan — 2.9% |
||||||||
Industrials — 2.9% |
||||||||
Kurita Water Industries |
31,410 | 1,697,626 | ||||||
Mexico — 0.1% |
||||||||
Materials — 0.1% |
||||||||
Orbia Advance * |
69,280 | 82,612 | ||||||
Netherlands — 4.8% |
||||||||
Industrials — 4.8% |
||||||||
Aalberts |
41,843 | 1,589,479 | ||||||
Arcadis |
27,825 | 1,191,682 | ||||||
| 2,781,161 | ||||||||
COMMON STOCK — continued |
||||||||
|
Shares |
Value |
||||||
South Korea — 2.6% |
||||||||
Consumer Discretionary — 2.6% |
||||||||
Coway |
25,932 | $ | 1,507,641 | |||||
Switzerland — 1.6% |
||||||||
Industrials — 1.6% |
||||||||
Georg Fischer |
16,812 | 919,634 | ||||||
United Kingdom — 12.0% |
||||||||
Industrials — 1.2% |
||||||||
Weir Group |
18,626 | 675,105 | ||||||
Information Technology — 2.6% |
||||||||
Halma |
25,240 | 1,518,883 | ||||||
Utilities — 8.2% |
||||||||
Pennon Group |
220,083 | 1,645,628 | ||||||
Severn Trent |
31,036 | 1,379,666 | ||||||
United Utilities Group |
89,180 | 1,768,632 | ||||||
| 4,793,926 | ||||||||
| 6,987,914 | ||||||||
United States — 62.0% |
||||||||
Industrials — 44.7% |
||||||||
Advanced Drainage Systems |
7,042 | 1,051,018 | ||||||
AECOM |
12,488 | 1,050,241 | ||||||
Core & Main, Cl A * |
36,613 | 1,844,197 | ||||||
Energy Recovery * |
49,316 | 545,928 | ||||||
Ferguson Enterprises |
3,526 | 943,945 | ||||||
Fortune Brands Innovations |
33,600 | 1,362,144 | ||||||
Franklin Electric |
10,231 | 1,025,044 | ||||||
IDEX |
12,483 | 2,719,422 | ||||||
Ingersoll Rand |
12,527 | 1,000,406 | ||||||
Jacobs Solutions |
6,656 | 861,353 | ||||||
Lindsay |
4,806 | 538,128 | ||||||
Masco |
9,763 | 701,179 | ||||||
Mueller Water Products, Cl A |
19,904 | 555,123 | ||||||
Onterris * |
14,501 | 305,246 | ||||||
Pentair |
21,196 | 1,710,729 | ||||||
SiteOne Landscape Supply * |
7,318 | 922,434 | ||||||
SPX Technologies * |
4,483 | 981,373 | ||||||
Tetra Tech |
33,072 | 1,068,887 | ||||||
Toro |
8,278 | 787,817 | ||||||
COMMON STOCK — continued |
||||||||
|
Shares |
Value |
||||||
United States — continued |
||||||||
Valmont Industries |
1,747 | $ | 887,546 | |||||
Veralto |
23,417 | 2,065,409 | ||||||
Xylem |
25,806 | 3,049,237 | ||||||
| 25,976,806 | ||||||||
Information Technology — 2.8% |
||||||||
Badger Meter |
5,148 | 622,445 | ||||||
Itron * |
12,304 | 1,031,075 | ||||||
| 1,653,520 | ||||||||
Materials — 4.1% |
||||||||
DuPont de Nemours |
11,964 | 546,276 | ||||||
Ecolab |
7,079 | 1,844,787 | ||||||
| 2,391,063 | ||||||||
Utilities — 10.4% |
||||||||
American Water Works |
12,406 | 1,593,179 | ||||||
California Water Service Group |
35,579 | 1,502,857 | ||||||
Essential Utilities |
43,342 | 1,655,664 | ||||||
H2O America |
22,712 | 1,276,187 | ||||||
| 6,027,887 | ||||||||
| 36,049,276 | ||||||||
TOTAL COMMON STOCK |
||||||||
(Cost $44,584,128) |
56,904,653 | |||||||
TOTAL INVESTMENTS — 97.8% |
||||||||
(Cost $44,584,128) |
$ | 56,904,653 | ||||||
Percentages are based on Net Assets of $58,176,704.
* |
Non-income producing security. |
ADR |
American Depositary Receipt |
Cl |
Class |
KBI-QH-001-1600