|
ActivePassive International Equity ETF
|
||||||||
|
Schedule of Investments
|
||||||||
|
May 31, 2023 (Unaudited)
|
||||||||
|
Shares
|
Value
|
|||||||
|
COMMON STOCKS - 97.79%
|
||||||||
|
Automobiles & Components - 3.14%
|
||||||||
|
BYD Co. Ltd. - ADR
|
3,080
|
$
|
185,816
|
|||||
|
Honda Motor Co. Ltd. - ADR
|
40,920
|
1,162,537
|
||||||
|
Toyota Motor Corp. - ADR
|
5,060
|
688,818
|
||||||
|
Valeo - ADR
|
4,620
|
44,953
|
||||||
|
2,082,124
|
||||||||
|
Banks - 11.65%
|
||||||||
|
Banco BBVA Argentina SA - ADR
|
13,750
|
60,225
|
||||||
|
Banco Bilbao Vizcaya Argentaria SA - ADR
|
66,440
|
433,189
|
||||||
|
Banco de Chile - ADR
|
5,060
|
102,212
|
||||||
|
Banco Itau Chile SA - ADR
|
10,450
|
36,262
|
||||||
|
Banco Macro SA - ADR
|
1,760
|
30,906
|
||||||
|
Banco Santander SA - ADR
|
121,440
|
389,822
|
||||||
|
Barclays PLC - ADR
|
44,110
|
331,707
|
||||||
|
BNP Paribas SA - ADR
|
1,449
|
42,050
|
||||||
|
China Construction Bank Corp. - ADR
|
76,120
|
973,574
|
||||||
|
Commonwealth Bank of Australia - ADR
|
5,390
|
339,408
|
||||||
|
Credicorp Ltd. (b)
|
70
|
9,062
|
||||||
|
HDFC Bank Ltd. - ADR
|
10,450
|
672,980
|
||||||
|
HSBC Holdings PLC - ADR
|
21,450
|
789,789
|
||||||
|
ICICI Bank Ltd. - ADR
|
15,950
|
365,574
|
||||||
|
ING Groep NV - ADR
|
42,570
|
522,334
|
||||||
|
KB Financial Group, Inc. - ADR
|
330
|
11,880
|
||||||
|
Lloyds Banking Group PLC - ADR
|
70,180
|
152,291
|
||||||
|
Mitsubishi UFJ Financial Group, Inc. - ADR
|
29,590
|
195,590
|
||||||
|
Mizuho Financial Group, Inc. - ADR
|
201,410
|
588,117
|
||||||
|
NatWest Group PLC - ADR (a)
|
46,750
|
302,473
|
||||||
|
Shinhan Financial Group Co Ltd. - ADR
|
12,100
|
317,625
|
||||||
|
Sumitomo Mitsui Financial Group, Inc. - ADR
|
86,900
|
700,414
|
||||||
|
Swedbank AB - ADR
|
3,080
|
47,216
|
||||||
|
UniCredit SpA - ADR
|
23,100
|
221,760
|
||||||
|
United Overseas Bank Ltd. - ADR
|
1,430
|
59,016
|
||||||
|
Woori Financial Group, Inc. - ADR
|
1,210
|
32,452
|
||||||
|
7,727,928
|
||||||||
|
Capital Goods - 8.70%
|
||||||||
|
ABB Ltd. - ADR
|
39,270
|
1,431,392
|
||||||
|
Airbus SE - ADR
|
13,640
|
447,392
|
||||||
|
Alstom SA - ADR
|
124,740
|
339,293
|
||||||
|
Ashtead Group PLC - ADR
|
834
|
201,736
|
||||||
|
Daikin Industries Ltd. - ADR
|
12,049
|
228,329
|
||||||
|
Embraer SA - ADR (a)
|
3,080
|
45,830
|
||||||
|
FANUC Corp. - ADR
|
23,281
|
396,941
|
||||||
|
KION Group AG - ADR
|
16,060
|
139,407
|
||||||
|
Rolls-Royce Holdings PLC - ADR (a)
|
186,780
|
326,865
|
||||||
|
Schneider Electric SE - ADR
|
27,060
|
932,217
|
||||||
|
Siemens AG - ADR
|
13,200
|
1,083,720
|
||||||
|
Techtronic Industries Co. Ltd. - ADR
|
2,200
|
102,234
|
||||||
|
Vinci SA - ADR
|
3,410
|
96,980
|
||||||
|
5,772,336
|
||||||||
|
Commercial & Professional Services - 2.37%
|
||||||||
|
RELX PLC - ADR
|
38,064
|
1,191,403
|
||||||
|
Rentokil Initial PLC - ADR
|
6,820
|
270,959
|
||||||
|
Teleperformance - ADR
|
1,430
|
107,436
|
||||||
|
1,569,798
|
||||||||
|
Consumer Discretionary Distribution & Retail - 4.00%
|
||||||||
|
Alibaba Group Holding Ltd. - ADR (a)
|
10,340
|
822,546
|
||||||
|
Fast Retailing Co. Ltd. - ADR (a)
|
6,997
|
163,380
|
||||||
|
Industria de Diseno Textil SA - ADR
|
38,749
|
658,733
|
||||||
|
JD.com, Inc. - ADR
|
3,740
|
121,924
|
||||||
|
Jumia Technologies AG - ADR (a)
|
17,380
|
48,490
|
||||||
|
MINISO Group Holding Ltd. - ADR
|
990
|
15,048
|
||||||
|
MYT Netherlands Parent BV - ADR (a)
|
18,920
|
78,518
|
||||||
|
Naspers Ltd. - ADR
|
6,050
|
182,468
|
||||||
|
Pan Pacific International Holdings Corp. - ADR
|
10,450
|
177,964
|
||||||
|
PDD Holdings, Inc. - ADR (a)
|
3,740
|
244,297
|
||||||
|
Vipshop Holdings Ltd. - ADR (a)
|
9,680
|
138,618
|
||||||
|
2,651,986
|
||||||||
|
Consumer Durables & Apparel - 4.52%
|
||||||||
|
Cie Financiere Richemont SA - ADR
|
446
|
7,082
|
||||||
|
Hermes International - ADR
|
3,300
|
673,794
|
||||||
|
Kering SA - ADR
|
872
|
46,547
|
||||||
|
LVMH Moet Hennessy Louis Vuitton SE - ADR
|
7,755
|
1,357,824
|
||||||
|
Samsonite International SA - ADR (a)
|
13,310
|
169,005
|
||||||
|
Sony Group Corp. - ADR
|
7,920
|
742,104
|
||||||
|
2,996,356
|
||||||||
|
Consumer Services - 2.41%
|
||||||||
|
Amadeus IT Group SA - ADR (a)
|
1,941
|
139,577
|
||||||
|
Carnival PLC - ADR (a)
|
1,760
|
17,547
|
||||||
|
Compass Group PLC - ADR
|
14,058
|
383,923
|
||||||
|
Gaotu Techedu, Inc. - ADR (a)
|
990
|
2,336
|
||||||
|
InterContinental Hotels Group PLC - ADR
|
1,980
|
131,373
|
||||||
|
Meituan - ADR (a)
|
9,570
|
267,673
|
||||||
|
New Oriental Education & Technology Group, Inc. - ADR (a)
|
1,650
|
62,156
|
||||||
|
Pearson PLC - ADR
|
22,110
|
217,784
|
||||||
|
Sands China Ltd. - ADR (a)
|
550
|
17,710
|
||||||
|
Sunlands Technology Group - ADR
|
1,760
|
5,597
|
||||||
|
TAL Education Group - ADR (a)
|
5,720
|
31,060
|
||||||
|
Trip.com Group Ltd. - ADR (a)
|
6,160
|
194,533
|
||||||
|
Yum China Holdings, Inc.
|
2,200
|
124,212
|
||||||
|
1,595,481
|
||||||||
|
Consumer Staples Distribution & Retail - 0.10%
|
||||||||
|
Carrefour SA - ADR
|
18,480
|
67,637
|
||||||
|
Energy - 3.87%
|
||||||||
|
BP PLC - ADR
|
12,665
|
426,937
|
||||||
|
Eni SpA - ADR
|
15,180
|
403,181
|
||||||
|
Equinor ASA - ADR
|
4,070
|
103,093
|
||||||
|
Petroleo Brasileiro SA - ADR
|
9,350
|
107,899
|
||||||
|
Shell PLC - ADR
|
13,090
|
733,040
|
||||||
|
Tenaris SA - ADR
|
660
|
16,342
|
||||||
|
TotalEnergies SE - ADR
|
9,828
|
553,316
|
||||||
|
Vista Energy SAB de CV - ADR (a)
|
1,430
|
29,558
|
||||||
|
Woodside Energy Group Ltd. - ADR
|
7,040
|
155,443
|
||||||
|
YPF SA - ADR (a)
|
3,520
|
38,685
|
||||||
|
2,567,494
|
||||||||
|
Financial Services - 3.45%
|
||||||||
|
Adyen NV - ADR (a)
|
9,900
|
161,964
|
||||||
|
AMTD IDEA Group - ADR (a)
|
43,450
|
65,610
|
||||||
|
Deutsche Bank AG (b)
|
9,680
|
98,058
|
||||||
|
FinVolution Group - ADR
|
19,580
|
75,579
|
||||||
|
Futu Holdings Ltd. - ADR (a)
|
1,100
|
40,546
|
||||||
|
Jiayin Group, Inc. - ADR (a)
|
7,150
|
43,973
|
||||||
|
London Stock Exchange Group PLC - ADR
|
6,710
|
180,902
|
||||||
|
Nomura Holdings, Inc. - ADR
|
80,960
|
284,170
|
||||||
|
ORIX Corp. - ADR
|
8,250
|
696,299
|
||||||
|
Qifu Technology, Inc. - ADR
|
3,410
|
46,888
|
||||||
|
UBS Group AG (b)
|
25,080
|
474,262
|
||||||
|
Worldline SA/France - ADR (a)
|
5,940
|
115,889
|
||||||
|
X Financial - ADR (a)
|
1,320
|
4,422
|
||||||
|
Yiren Digital Ltd. - ADR (a)
|
1,100
|
2,222
|
||||||
|
2,290,784
|
||||||||
|
Food, Beverage & Tobacco - 6.02%
|
||||||||
|
Anheuser-Busch InBev SA/NV - ADR
|
6,682
|
356,819
|
||||||
|
British American Tobacco PLC - ADR
|
16,023
|
508,089
|
||||||
|
Coca-Cola Femsa SAB de CV - ADR
|
3,520
|
291,526
|
||||||
|
Danone SA - ADR
|
15,180
|
180,338
|
||||||
|
Diageo PLC - ADR
|
2,437
|
409,465
|
||||||
|
Embotelladora Andina SA - ADR
|
6,820
|
84,841
|
||||||
|
Embotelladora Andina SA - ADR
|
4,620
|
71,610
|
||||||
|
Fomento Economico Mexicano SAB de CV - ADR
|
2,420
|
243,476
|
||||||
|
Kerry Group PLC - ADR
|
1,980
|
194,297
|
||||||
|
Nestle SA - ADR
|
12,083
|
1,434,615
|
||||||
|
Oatly Group AB - ADR (a)
|
6,160
|
9,733
|
||||||
|
Pernod Ricard SA - ADR
|
4,892
|
211,579
|
||||||
|
3,996,388
|
||||||||
|
Health Care Equipment & Services - 0.87%
|
||||||||
|
EDAP TMS SA - ADR (a)
|
8,360
|
83,182
|
||||||
|
Fresenius Medical Care AG & Co KGaA - ADR
|
3,740
|
80,148
|
||||||
|
Koninklijke Philips NV - ADR
|
11,372
|
214,705
|
||||||
|
Smith & Nephew PLC - ADR
|
2,090
|
62,491
|
||||||
|
Terumo Corp. - ADR
|
4,510
|
136,845
|
||||||
|
577,371
|
||||||||
|
Household & Personal Products - 3.81%
|
||||||||
|
Haleon PLC - ADR
|
8,470
|
68,099
|
||||||
|
Kose Corp. - ADR
|
7,040
|
140,659
|
||||||
|
L'Oreal SA - ADR
|
12,760
|
1,090,086
|
||||||
|
Reckitt Benckiser Group PLC - ADR
|
12,830
|
201,303
|
||||||
|
Unilever PLC - ADR
|
20,570
|
1,027,266
|
||||||
|
2,527,413
|
||||||||
|
Insurance - 2.37%
|
||||||||
|
AIA Group Ltd. - ADR
|
12,803
|
493,940
|
||||||
|
Allianz SE - ADR
|
21,017
|
449,343
|
||||||
|
AXA SA - ADR
|
4,338
|
122,722
|
||||||
|
Legal & General Group PLC - ADR
|
2,333
|
33,759
|
||||||
|
Ping An Insurance Group Co of China Ltd. - ADR
|
14,300
|
181,181
|
||||||
|
Prudential PLC - ADR
|
8,221
|
217,281
|
||||||
|
Zurich Insurance Group AG - ADR
|
1,540
|
72,149
|
||||||
|
1,570,375
|
||||||||
|
Materials - 5.82%
|
||||||||
|
Air Liquide SA - ADR
|
2,346
|
78,638
|
||||||
|
Akzo Nobel NV - ADR
|
5,830
|
147,091
|
||||||
|
ArcelorMittal SA - ADR
|
11,220
|
279,939
|
||||||
|
BHP Group Ltd. - ADR
|
15,730
|
863,577
|
||||||
|
Cemex SAB de CV - ADR (a)
|
13,750
|
82,500
|
||||||
|
CRH PLC - ADR
|
14,080
|
669,363
|
||||||
|
Gold Fields Ltd. - ADR
|
2,310
|
34,927
|
||||||
|
Grupo Simec SAB de CV - ADR (a)
|
880
|
28,266
|
||||||
|
James Hardie Industries PLC - ADR
|
7,920
|
194,832
|
||||||
|
Loma Negra Cia Industrial Argentina SA - ADR
|
220
|
1,349
|
||||||
|
POSCO Holdings, Inc. - ADR
|
3,740
|
253,871
|
||||||
|
Rio Tinto PLC - ADR
|
8,771
|
517,928
|
||||||
|
Sasol Ltd. - ADR
|
3,850
|
44,506
|
||||||
|
Sika AG - ADR
|
8,300
|
227,171
|
||||||
|
Sociedad Quimica y Minera de Chile SA - ADR
|
1,320
|
84,704
|
||||||
|
Suzano SA - ADR
|
5,170
|
45,858
|
||||||
|
Ternium SA - ADR
|
1,540
|
57,457
|
||||||
|
Vale SA - ADR
|
19,690
|
249,669
|
||||||
|
3,861,646
|
||||||||
|
Media & Entertainment - 3.29%
|
||||||||
|
Autohome, Inc. - ADR
|
2,530
|
72,409
|
||||||
|
Baidu, Inc. - ADR (a)
|
2,090
|
256,756
|
||||||
|
Criteo SA - ADR (a)
|
2,310
|
73,666
|
||||||
|
Gravity Co. Ltd. - ADR (a)
|
770
|
42,450
|
||||||
|
Hello Group, Inc. - ADR
|
4,950
|
39,947
|
||||||
|
iQIYI, Inc. - ADR (a)
|
330
|
1,340
|
||||||
|
JOYY, Inc. - ADR
|
110
|
2,728
|
||||||
|
NetEase, Inc. - ADR
|
1,760
|
149,741
|
||||||
|
Sea Ltd. - ADR (a)
|
2,090
|
119,987
|
||||||
|
Sohu.com Ltd. - ADR (a)
|
3,850
|
43,582
|
||||||
|
Tencent Holdings Ltd. - ADR
|
33,348
|
1,318,245
|
||||||
|
Tencent Music Entertainment Group - ADR (a)
|
1,650
|
11,451
|
||||||
|
Trivago NV - ADR (a)
|
14,850
|
17,523
|
||||||
|
WPP PLC - ADR
|
440
|
23,395
|
||||||
|
Yalla Group Ltd. - ADR (a)
|
1,650
|
6,947
|
||||||
|
2,180,167
|
||||||||
|
Pharmaceuticals, Biotechnology & Life Sciences - 12.25%
|
||||||||
|
Abcam PLC - ADR (a)
|
2,420
|
39,083
|
||||||
|
Amarin Corp. PLC - ADR (a)
|
25,190
|
29,472
|
||||||
|
Argenx SE - ADR (a)
|
110
|
42,757
|
||||||
|
AstraZeneca PLC - ADR
|
14,080
|
1,028,966
|
||||||
|
Avadel Pharmaceuticals PLC - ADR (a)
|
770
|
10,665
|
||||||
|
Bayer AG - ADR
|
6,710
|
93,806
|
||||||
|
BeiGene Ltd. - ADR (a)
|
220
|
48,605
|
||||||
|
BioNTech SE - ADR
|
660
|
69,353
|
||||||
|
Calliditas Therapeutics AB - ADR (a)
|
880
|
15,013
|
||||||
|
Cellectis SA - ADR (a)
|
9,020
|
17,138
|
||||||
|
DBV Technologies SA - ADR (a)
|
16,940
|
33,033
|
||||||
|
Dr Reddy's Laboratories Ltd. - ADR
|
6,160
|
339,970
|
||||||
|
Evotec SE - ADR (a)
|
4,950
|
53,807
|
||||||
|
Genfit SA - ADR (a)
|
13,530
|
55,067
|
||||||
|
Genmab A/S - ADR (a)
|
14,080
|
552,077
|
||||||
|
Grifols SA - ADR (a)
|
4,180
|
34,443
|
||||||
|
GSK PLC - ADR
|
8,250
|
277,200
|
||||||
|
HUTCHMED China Ltd. - ADR (a)
|
1,100
|
13,200
|
||||||
|
Immutep Ltd. - ADR (a)
|
17,490
|
33,144
|
||||||
|
Innate Pharma SA - ADR (a)
|
6,380
|
18,374
|
||||||
|
Lonza Group AG - ADR
|
5,280
|
332,133
|
||||||
|
Mereo Biopharma Group PLC - ADR (a)
|
7,700
|
7,777
|
||||||
|
Mesoblast Ltd. - ADR (a)
|
5,610
|
18,962
|
||||||
|
Novartis AG - ADR
|
13,230
|
1,273,387
|
||||||
|
Novo Nordisk A/S - ADR
|
7,334
|
1,176,813
|
||||||
|
Olink Holding AB - ADR (a)
|
990
|
19,285
|
||||||
|
Roche Holding AG - ADR
|
21,340
|
844,851
|
||||||
|
Sanofi - ADR
|
14,300
|
729,586
|
||||||
|
Silence Therapeutics PLC - ADR (a)
|
440
|
2,336
|
||||||
|
Takeda Pharmaceutical Co. Ltd. - ADR
|
56,320
|
892,109
|
||||||
|
Teva Pharmaceutical Industries Ltd. - ADR (a)
|
2,860
|
20,592
|
||||||
|
8,123,004
|
||||||||
|
Real Estate Management & Development - 0.22%
|
||||||||
|
IRSA Inversiones y Representaciones SA - ADR
|
14,740
|
89,767
|
||||||
|
KE Holdings, Inc. - ADR (a)
|
3,850
|
54,824
|
||||||
|
144,591
|
||||||||
|
Semiconductors & Semiconductor Equipment - 6.19%
|
||||||||
|
ASE Technology Holding Co. Ltd. - ADR
|
25,960
|
197,815
|
||||||
|
ASML Holding NV - ADR
|
1,631
|
1,179,099
|
||||||
|
ChipMOS Technologies, Inc. - ADR
|
2,090
|
53,462
|
||||||
|
Daqo New Energy Corp. - ADR (a)
|
1,100
|
39,545
|
||||||
|
Himax Technologies, Inc. - ADR
|
4,290
|
29,515
|
||||||
|
Sequans Communications SA - ADR (a)
|
21,230
|
44,795
|
||||||
|
STMicroelectronics NV - ADR
|
9,350
|
406,164
|
||||||
|
Taiwan Semiconductor Manufacturing Co. Ltd. - ADR
|
19,360
|
1,908,702
|
||||||
|
Tokyo Electron Ltd. - ADR
|
660
|
44,821
|
||||||
|
United Microelectronics Corp. - ADR
|
24,860
|
205,344
|
||||||
|
4,109,262
|
||||||||
|
Software & Services - 2.63%
|
||||||||
|
AMTD Digital, Inc. - ADR (a)
|
2,970
|
19,454
|
||||||
|
Capgemini SE - ADR
|
4,070
|
143,101
|
||||||
|
Endava PLC - ADR (a)
|
880
|
42,944
|
||||||
|
Materialise NV - ADR (a)
|
440
|
4,101
|
||||||
|
Nice Ltd. - ADR (a)
|
1,540
|
317,148
|
||||||
|
Opera Ltd. - ADR
|
7,260
|
114,272
|
||||||
|
SAP SE - ADR
|
8,244
|
1,075,347
|
||||||
|
Xunlei Ltd. - ADR (a)
|
20,350
|
27,269
|
||||||
|
1,743,636
|
||||||||
|
Technology Hardware & Equipment - 1.55%
|
||||||||
|
Logitech International SA (b)
|
2,860
|
182,582
|
||||||
|
Murata Manufacturing Co Ltd. - ADR
|
23,430
|
342,313
|
||||||
|
Nano Dimension Ltd. - ADR (a)
|
23,980
|
57,792
|
||||||
|
Nokia Oyj - ADR
|
80,300
|
322,003
|
||||||
|
Telefonaktiebolaget LM Ericsson - ADR
|
24,090
|
124,304
|
||||||
|
1,028,994
|
||||||||
|
Telecommunication Services - 4.01%
|
||||||||
|
America Movil SAB de CV - ADR (a)
|
10,890
|
231,521
|
||||||
|
Deutsche Telekom AG - ADR
|
31,790
|
705,420
|
||||||
|
KT Corp. - ADR
|
8,250
|
97,515
|
||||||
|
Nippon Telegraph & Telephone Corp. - ADR
|
22,220
|
631,715
|
||||||
|
Orange SA - ADR
|
46,530
|
559,756
|
||||||
|
SK Telecom Co. Ltd. - ADR
|
9,240
|
193,116
|
||||||
|
Telefonica SA - ADR
|
22,990
|
96,098
|
||||||
|
Turkcell Iletisim Hizmetleri AS - ADR
|
17,270
|
71,498
|
||||||
|
Vodafone Group PLC - ADR
|
7,920
|
75,082
|
||||||
|
2,661,721
|
||||||||
|
Transportation - 1.90%
|
||||||||
|
Aena SME SA - ADR
|
6,923
|
107,930
|
||||||
|
Canadian National Railway Co. (b)
|
783
|
88,268
|
||||||
|
Grupo Aeroportuario del Centro Norte SAB de CV - ADR
|
660
|
54,549
|
||||||
|
Grupo Aeroportuario del Pacifico SAB de CV - ADR
|
550
|
97,257
|
||||||
|
Grupo Aeroportuario del Sureste SAB de CV - ADR
|
990
|
277,547
|
||||||
|
Ryanair Holdings PLC - ADR (a)
|
5,828
|
612,405
|
||||||
|
ZTO Express Cayman, Inc. - ADR
|
880
|
22,211
|
||||||
|
1,260,167
|
||||||||
|
Utilities - 2.66%
|
||||||||
|
Cia de Saneamento Basico do Estado de Sao Paulo SABESP - ADR
|
1,210
|
12,608
|
||||||
|
Cia Energetica de Minas Gerais - ADR
|
4,290
|
14,715
|
||||||
|
Enel Chile SA - ADR
|
37,620
|
105,336
|
||||||
|
Enel SpA - ADR
|
34,430
|
214,499
|
||||||
|
Iberdrola SA - ADR
|
1,430
|
69,898
|
||||||
|
National Grid PLC - ADR
|
16,940
|
1,174,789
|
||||||
|
Pampa Energia SA - ADR (a)
|
1,870
|
69,190
|
||||||
|
RWE AG - ADR
|
2,420
|
101,471
|
||||||
|
1,762,506
|
||||||||
|
TOTAL COMMON STOCKS (Cost $67,506,777)
|
64,869,165
|
|||||||
|
PREFERRED STOCKS - 0.68%
|
||||||||
|
Banks - 0.14%
|
||||||||
|
Banco Bradesco SA - ADR, 6.1927% (c)
|
11,791
|
36,316
|
||||||
|
Bancolombia SA - ADR, 10.433% (c)
|
1,320
|
30,901
|
||||||
|
Itau Unibanco Holding SA - ADR, 4.687% (c)
|
5,500
|
28,270
|
||||||
|
95,487
|
||||||||
|
Energy - 0.33%
|
||||||||
|
Petroleo Brasileiro SA - ADR, 20.688% (c)
|
21,120
|
217,113
|
||||||
|
Materials - 0.17%
|
||||||||
|
Gerdau SA - ADR, 13.611% (c)
|
24,530
|
115,782
|
||||||
|
Utilities - 0.04%
|
||||||||
|
Cia Energetica de Minas Gerais - ADR, 10.073% (c)
|
11,440
|
25,969
|
||||||
|
TOTAL PREFERRED STOCKS (Cost $451,461)
|
454,351
|
|||||||
|
SHORT-TERM INVESTMENTS - 1.40%
|
||||||||
|
First American Government Obligations Fund, Class X, 4.965% (d)
|
927,434
|
927,434
|
||||||
|
TOTAL SHORT-TERM INVESTMENTS (Cost $927,434)
|
927,434
|
|||||||
|
Total Investments (Cost $68,885,672) - 99.88%
|
66,250,950
|
|||||||
|
Other Assets in Excess of Liabilities - 0.12%
|
82,612
|
|||||||
|
TOTAL NET ASSETS - 100.00%
|
$
|
66,333,562
|
||||||
|
Percentages are stated as a percent of net assets.
|
|
(a)
|
Non-income producing security.
|
||||
|
(b)
|
Foreign issued security.
|
||||
|
(c)
|
Perpetual preferred stock with no stated maturity.
|
||||
|
(d)
|
The rate shown represents the seven day yield at May 31, 2023.
|
||||
|
Abbreviations
|
|||||
|
AB
|
Aktiebolag is a Swedish term for a stock company.
|
||||
|
ADR
|
American Depositary Receipt
|
||||
|
AG
|
Aktiengesellschaft is a German term that refers to a corporation that is limited by shares, i.e. owned by shareholders.
|
||||
|
A/S
|
An abbreviation used by many countries to signify a stock company whereby shareholders have limited liability.
|
||||
|
ASA
|
Allmennaksjeselskap is a Norwegian term for a stock company.
|
||||
|
KGaA
|
Kommanditgesellschaft auf Aktien is a German term that refers to a Limited Partnership that has shares.
|
||||
|
NV
|
Naamloze Vennootschap is a Dutch term for publicly traded companies.
|
||||
|
OYJ
|
Julkinen osakeyhtio is a Finnish term for publicly-traded companies.
|
||||
|
PLC
|
Public Limited Company is a publicly traded company which signifies that shareholders have limited liability.
|
||||
|
SA
|
An abbreviation used by many countries to signify a publicly traded company.
|
||||
|
SAB de CV
|
Sociedad Anonima de Capital Variable is a Spanish term for an SA with variable capital.
|
||||
|
SE
|
Societas Europea is a term for a European Public Limited Liability Company.
|
||||
|
SpA
|
Soicieta per Azioni is an Italian term for limited share company.
|
||||
|
The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc.
|
|||||
|
and Standard & Poors Financial Services LLC ("S&P"). GICS is a service mark of MSCI and S&P and has been
|
|||||
|
licensed for use by U.S. Bancorp Fund Services, LLC.
|
|||||
|
The accompanying notes are an integral part of these schedule of investments.
|
|||||
|
Summary of Fair Value Exposure at May 31, 2023
|
||||||||
|
The Fund has adopted Statement of Financial Accounting Standard, “Fair Value Measurements and Disclosures” (“Fair
Value Measurements”) and FASB Staff Position “Determining Fair Value when the Volume and Level of Activity for the Asset or Liability Have Significantly Decreased and Identified Transactions that are not Orderly” (“Determining Fair
Value”). Determining Fair Value clarifies Fair Value Measurements and requires an entity to evaluate certain factors to determine whether there has been a significant decrease in volume and level of activity for the security such that
recent transactions and quoted prices may not be determinative of fair value and further analysis and adjustment may be necessary to estimate fair value. Determining Fair Value also requires enhanced disclosure regarding the inputs and
valuation techniques used to measure fair value in those instances as well as expanded disclosure of valuation levels for major security types. Fair Value Measurements requires the Fund to classify securities based on valuation method.
These inputs are summarized in the three broad levels listed below:
|
||||||||
|
Level 1 - Quoted prices in active markets for identical securities.
|
||||||||
|
Level 2 - Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds,
credit risk, etc.)
|
||||||||
|
Level 3 - Significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments.)
|
||||||||
|
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in
those securities. The following is a summary of the inputs used to value the Funds' investments carried at fair value as of May 31, 2023.
|
||||||||
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||||
|
Assets:
|
||||||||||||||||
|
Equity
|
||||||||||||||||
|
Common Stocks*
|
$
|
64,553,909
|
$
|
315,256
|
$
|
-
|
$
|
64,869,165
|
||||||||
|
Preferred Stocks*
|
454,351
|
-
|
-
|
454,351
|
||||||||||||
|
Total Equity
|
65,008,260
|
315,256
|
-
|
65,323,516
|
||||||||||||
|
Money Market Funds
|
927,434
|
-
|
-
|
927,434
|
||||||||||||
|
Total Investments in Securities
|
$
|
65,935,694
|
$
|
315,256
|
$
|
-
|
$
|
66,250,950
|
||||||||
|
* For further breakdown by industry, please refer to the Schedule of Investments.
|
||||||||
|
The Fund did not hold any Level 3 securities during the period ended May 31, 2023.
|
||||||||