ActivePassive International Equity ETF | ||||||
Schedule of Investments | ||||||
November 30, 2023 (Unaudited) | ||||||
Shares | Value | |||||
COMMON STOCKS - 97.66% | ||||||
Automobiles & Components - 3.64% | ||||||
BYD Co. Ltd. - ADR | 5,242 | $ | 281,548 | |||
Dr Ing hc F Porsche AG - ADR | 2,813 | 25,683 | ||||
Honda Motor Co. Ltd. - ADR | 45,340 | 1,390,124 | ||||
Toyota Motor Corp. - ADR | 7,482 | 1,419,934 | ||||
Valeo SE - ADR | 9,587 | 69,889 | ||||
3,187,178 | ||||||
Banks - 12.20% | ||||||
Agricultural Bank of China Ltd. - ADR | 2,620 | 23,999 | ||||
Banco BBVA Argentina SA - ADR | 11,263 | 62,960 | ||||
Banco Bilbao Vizcaya Argentaria SA - ADR | 85,073 | 790,327 | ||||
Banco Bradesco SA - ADR | 12 | 35 | ||||
Banco de Chile - ADR | 6,420 | 145,734 | ||||
Banco Santander SA - ADR | 136,084 | 559,305 | ||||
Bank Central Asia Tbk PT - ADR | 4,075 | 58,224 | ||||
Bank Mandiri Persero Tbk PT - ADR | 6,527 | 98,036 | ||||
Bank of China Ltd. - ADR | 7,331 | 67,079 | ||||
Bank Rakyat Indonesia Persero Tbk PT - ADR | 5,356 | 91,079 | ||||
Barclays PLC - ADR | 60,064 | 433,662 | ||||
BNP Paribas SA - ADR | 1,800 | 56,484 | ||||
China Construction Bank Corp. - ADR | 97,317 | 1,121,091 | ||||
China Merchants Bank Co. Ltd. - ADR | 138 | 2,405 | ||||
Commonwealth Bank of Australia - ADR | 8,455 | 580,943 | ||||
HDFC Bank Ltd. - ADR | 10,768 | 646,511 | ||||
HSBC Holdings PLC - ADR | 28,534 | 1,096,561 | ||||
ICICI Bank Ltd. - ADR | 4,903 | 108,700 | ||||
Industrial & Commercial Bank of China Ltd. - ADR | 8,393 | 79,650 | ||||
ING Groep NV - ADR | 48,019 | 676,107 | ||||
KB Financial Group, Inc. - ADR | 7,667 | 308,827 | ||||
Lloyds Banking Group PLC - ADR | 146,203 | 320,185 | ||||
Mitsubishi UFJ Financial Group, Inc. - ADR | 60,740 | 521,757 | ||||
Mizuho Financial Group, Inc. - ADR | 221,742 | 758,357 | ||||
NatWest Group PLC - ADR (a) | 52,302 | 279,816 | ||||
Shinhan Financial Group Co. Ltd. - ADR | 14,090 | 400,156 | ||||
Sumitomo Mitsui Financial Group, Inc. - ADR | 92,094 | 908,967 | ||||
Swedbank AB - ADR | 66 | 1,206 | ||||
UniCredit SpA - ADR | 17,930 | 243,131 | ||||
United Overseas Bank Ltd. - ADR | 1,992 | 81,393 | ||||
Woori Financial Group, Inc. - ADR | 5,886 | 178,405 | ||||
10,701,092 | ||||||
Capital Goods - 6.85% | ||||||
Airbus SE - ADR | 19,912 | 740,130 | ||||
Alstom SA - ADR | 134,519 | 160,750 | ||||
Ashtead Group PLC - ADR | 1,023 | 250,333 | ||||
Assa Abloy AB - ADR | 3,803 | 48,564 | ||||
Daikin Industries Ltd. - ADR | 14,992 | 223,980 | ||||
Embraer SA - ADR (a) | 6,509 | 113,842 | ||||
FANUC Corp. - ADR | 32,353 | 446,471 | ||||
KION Group AG - ADR | 20,002 | 181,218 | ||||
Rolls-Royce Holdings PLC - ADR (a) | 120,917 | 409,304 | ||||
Sandvik AB - ADR | 421 | 8,344 | ||||
Schneider Electric SE - ADR | 38,930 | 1,431,846 | ||||
Siemens AG - ADR | 20,033 | 1,682,773 | ||||
SMC Corp. - ADR | 314 | 7,922 | ||||
Sociedad Quimica y Minera de Chile SA - ADR | 1,183 | 59,434 | ||||
Techtronic Industries Co. Ltd. - ADR | 2,740 | 139,384 | ||||
Vinci SA - ADR | 3,368 | 102,825 | ||||
6,007,120 | ||||||
Commercial & Professional Services - 3.58% | ||||||
RELX PLC - ADR | 68,712 | 2,650,909 | ||||
Rentokil Initial PLC - ADR | 17,985 | 491,890 | ||||
3,142,799 | ||||||
Consumer Discretionary Distribution & Retail - 4.33% | ||||||
Alibaba Group Holding Ltd. - ADR (a) | 13,513 | 1,011,852 | ||||
Fast Retailing Co. Ltd. - ADR | 10,413 | 263,241 | ||||
Industria de Diseno Textil SA - ADR | 41,316 | 854,002 | ||||
JD.com, Inc. - ADR | 8,661 | 237,571 | ||||
Jumia Technologies AG - ADR (a) | 32,556 | 110,365 | ||||
Kingfisher PLC - ADR | 7,893 | 44,082 | ||||
MINISO Group Holding Ltd. - ADR | 1,420 | 35,969 | ||||
MYT Netherlands Parent BV - ADR (a) | 26,225 | 81,298 | ||||
Pan Pacific International Holdings Corp. - ADR | 13,015 | 280,864 | ||||
PDD Holdings, Inc. - ADR (a) | 4,668 | 688,250 | ||||
Vipshop Holdings Ltd. - ADR (a) | 12,056 | 193,258 | ||||
3,800,752 | ||||||
Consumer Durables & Apparel - 3.68% | ||||||
Cie Financiere Richemont SA - ADR | 7,125 | 88,920 | ||||
Hermes International SCA - ADR | 4,110 | 853,359 | ||||
Kering SA - ADR | 3,452 | 148,453 | ||||
LVMH Moet Hennessy Louis Vuitton SE - ADR | 8,145 | 1,236,330 | ||||
Samsonite International SA - ADR (a) | 11,008 | 160,674 | ||||
Sony Group Corp. - ADR | 8,624 | 741,233 | ||||
3,228,969 | ||||||
Consumer Services - 2.27% | ||||||
Amadeus IT Group SA - ADR | 1,598 | 109,287 | ||||
Carnival PLC - ADR (a) | 5,584 | 75,272 | ||||
Compass Group PLC - ADR | 16,701 | 423,538 | ||||
GreenTree Hospitality Group Ltd. - ADR (a) | 713 | 2,602 | ||||
InterContinental Hotels Group PLC - ADR | 4,508 | 354,103 | ||||
Meituan - ADR (a) | 8,012 | 185,558 | ||||
Melco Resorts & Entertainment Ltd. - ADR (a) | 1,667 | 11,636 | ||||
New Oriental Education & Technology Group, Inc. - ADR (a) | 2,055 | 167,236 | ||||
Pearson PLC - ADR | 23,027 | 272,870 | ||||
TAL Education Group - ADR (a) | 2,072 | 25,962 | ||||
Trip.com Group Ltd. - ADR (a) | 7,672 | 269,901 | ||||
Yum China Holdings, Inc. | 2,115 | 91,326 | ||||
1,989,291 | ||||||
Consumer Staples Distribution & Retail - 0.17% | ||||||
Carrefour SA - ADR | 29,236 | 111,681 | ||||
Seven & i Holdings Co Ltd. - ADR | 1,944 | 38,200 | ||||
149,881 | ||||||
Energy - 4.52% | ||||||
BP PLC - ADR | 24,522 | 889,903 | ||||
Eni SpA - ADR | 14,306 | 474,101 | ||||
Equinor ASA - ADR | 6,178 | 196,893 | ||||
Petroleo Brasileiro SA - ADR | 16,274 | 248,504 | ||||
Shell PLC - ADR | 17,954 | 1,181,372 | ||||
Tenaris SA - ADR | 2,713 | 94,060 | ||||
TotalEnergies SE - ADR | 9,956 | 677,506 | ||||
Vista Energy SAB de CV - ADR (a) | 1,073 | 33,081 | ||||
Woodside Energy Group Ltd. - ADR | 8,399 | 170,752 | ||||
3,966,172 | ||||||
Financial Services - 3.59% | ||||||
Adyen NV - ADR (a) | 16,883 | 196,518 | ||||
AMTD IDEA Group - ADR (a) | 21,548 | 38,786 | ||||
CNFinance Holdings Ltd. - ADR (a) | 952 | 2,047 | ||||
Deutsche Bank AG | 12,056 | 150,097 | ||||
FinVolution Group - ADR | 24,386 | 108,030 | ||||
Futu Holdings Ltd. - ADR (a) | 1,174 | 63,302 | ||||
Jiayin Group, Inc. - ADR | 8,258 | 42,446 | ||||
LexinFintech Holdings Ltd. - ADR | 21,795 | 38,795 | ||||
London Stock Exchange Group PLC - ADR | 8,330 | 238,071 | ||||
Noah Holdings Ltd. - ADR | 3 | 38 | ||||
Nomura Holdings, Inc. - ADR | 97,207 | 399,521 | ||||
ORIX Corp. - ADR | 9,521 | 870,600 | ||||
Qifu Technology, Inc. - ADR | 3,911 | 60,699 | ||||
UBS Group AG | 32,253 | 911,148 | ||||
X Financial - ADR | 4,170 | 17,931 | ||||
Yiren Digital Ltd. - ADR (a) | 2,943 | 8,329 | ||||
3,146,358 | ||||||
Food, Beverage & Tobacco - 6.18% | ||||||
Anheuser-Busch InBev SA/NV - ADR | 10,892 | 685,434 | ||||
British American Tobacco PLC - ADR | 22,768 | 726,072 | ||||
Cia Cervecerias Unidas SA - ADR | 2,794 | 34,227 | ||||
Coca-Cola Femsa SAB de CV - ADR | 3,586 | 303,555 | ||||
Danone SA - ADR | 17,308 | 223,619 | ||||
Diageo PLC - ADR | 4,204 | 590,956 | ||||
Embotelladora Andina SA - ADR | 6,505 | 79,231 | ||||
Embotelladora Andina SA - ADR | 4,554 | 65,714 | ||||
Fomento Economico Mexicano SAB de CV - ADR | 3,255 | 413,027 | ||||
Kerry Group PLC - ADR | 2,708 | 220,215 | ||||
Nestle SA - ADR | 16,130 | 1,837,529 | ||||
Oatly Group AB - ADR (a) | 29,411 | 26,764 | ||||
Pernod Ricard SA - ADR | 6,080 | 209,942 | ||||
5,416,285 | ||||||
Health Care Equipment & Services - 1.01% | ||||||
EDAP TMS SA - ADR (a) | 2,678 | 13,979 | ||||
Fresenius Medical Care AG & Co KGaA - ADR | 9,747 | 199,911 | ||||
Koninklijke Philips NV - ADR (a) | 18,606 | 379,935 | ||||
Smith & Nephew PLC - ADR | 2,358 | 61,190 | ||||
Terumo Corp. - ADR | 7,097 | 226,607 | ||||
881,622 | ||||||
Household & Personal Products - 3.69% | ||||||
Haleon PLC - ADR | 30,326 | 259,591 | ||||
L'Oreal SA - ADR | 15,469 | 1,455,323 | ||||
Reckitt Benckiser Group PLC - ADR | 19,543 | 266,176 | ||||
Unicharm Corp. - ADR | 21,335 | 135,477 | ||||
Unilever PLC - ADR | 23,428 | 1,117,516 | ||||
3,234,083 | ||||||
Insurance - 2.40% | ||||||
Aegon Ltd. - ADR | 16,886 | 92,704 | ||||
AIA Group Ltd. - ADR | 18,387 | 632,697 | ||||
Allianz SE - ADR | 24,848 | 622,194 | ||||
AXA SA - ADR | 4,679 | 146,200 | ||||
Fanhua, Inc. - ADR (a) | 1,766 | 11,514 | ||||
Legal & General Group PLC - ADR | 6,974 | 103,355 | ||||
Ping An Insurance Group Co of China Ltd. - ADR | 13,436 | 122,671 | ||||
Prudential PLC - ADR | 16,352 | 358,599 | ||||
Zurich Insurance Group AG - ADR | 313 | 15,631 | ||||
2,105,565 | ||||||
Materials - 5.86% | ||||||
Air Liquide SA - ADR | 10,282 | 387,631 | ||||
Akzo Nobel NV - ADR | 8,435 | 216,598 | ||||
ArcelorMittal SA - ADR | 20,555 | 517,780 | ||||
BHP Group Ltd. - ADR | 19,559 | 1,192,317 | ||||
Cemex SAB de CV - ADR (a) | 20,901 | 144,426 | ||||
Croda International PLC - ADR | 1,122 | 32,358 | ||||
DRDGOLD Ltd. - ADR | 5,283 | 49,238 | ||||
Gold Fields Ltd. - ADR | 2,723 | 41,635 | ||||
Harmony Gold Mining Co Ltd. - ADR | 11,872 | 74,081 | ||||
IperionX Ltd. - ADR (a) | 882 | 8,203 | ||||
James Hardie Industries PLC - ADR (a) | 14,072 | 452,415 | ||||
POSCO Holdings, Inc. - ADR | 2,243 | 209,048 | ||||
Rio Tinto PLC - ADR | 15,005 | 1,036,695 | ||||
Sika AG - ADR | 10,325 | 280,324 | ||||
Suzano SA - ADR | 9,944 | 107,992 | ||||
Ternium SA - ADR | 3,906 | 154,404 | ||||
Vale SA - ADR | 15,304 | 229,560 | ||||
5,134,705 | ||||||
Media & Entertainment - 3.68% | ||||||
Baidu, Inc. - ADR (a) | 1,888 | 224,030 | ||||
Bilibili, Inc. - ADR (a) | 1 | 11 | ||||
Criteo SA - ADR (a) | 8,549 | 213,041 | ||||
Gravity Co. Ltd. - ADR (a) | 1,148 | 83,827 | ||||
Hello Group, Inc. - ADR | 7,163 | 46,273 | ||||
iQIYI, Inc. - ADR (a) | 1,892 | 8,495 | ||||
JOYY, Inc. - ADR | 1,601 | 61,494 | ||||
NetEase, Inc. - ADR | 2,858 | 324,327 | ||||
Sea Ltd. - ADR (a) | 2,259 | 81,821 | ||||
So-Young International, Inc. - ADR (a) | 4,835 | 5,439 | ||||
Tencent Holdings Ltd. - ADR | 42,218 | 1,757,114 | ||||
Tencent Music Entertainment Group - ADR (a) | 7,464 | 63,519 | ||||
Trivago NV - ADR | 8,001 | 18,802 | ||||
Weibo Corp. - ADR | 556 | 5,621 | ||||
WPP PLC - ADR | 6,658 | 298,145 | ||||
Yalla Group Ltd. - ADR (a) | 5,291 | 31,799 | ||||
3,223,758 | ||||||
Pharmaceuticals, Biotechnology & Life Sciences - 11.83% | ||||||
Abcam PLC - ADR (a) | 5,603 | 134,304 | ||||
Adaptimmune Therapeutics PLC - ADR (a) | 18,563 | 9,282 | ||||
Amarin Corp. PLC - ADR (a) | 10,687 | 8,357 | ||||
Ambrx Biopharma, Inc. (a) | 2 | 23 | ||||
Argenx SE - ADR (a) | 178 | 80,209 | ||||
AstraZeneca PLC - ADR | 18,566 | 1,199,177 | ||||
Avadel Pharmaceuticals PLC - ADR (a) | 1,652 | 19,064 | ||||
Barinthus Biotherapeutics PLC - ADR (a) | 420 | 1,260 | ||||
Bayer AG - ADR | 6,717 | 57,229 | ||||
BeiGene Ltd. - ADR (a) | 237 | 44,305 | ||||
BioLine RX Ltd. - ADR (a) | 17,984 | 26,077 | ||||
BioNTech SE - ADR (a) | 822 | 82,537 | ||||
Calliditas Therapeutics AB - ADR (a) | 411 | 7,131 | ||||
DBV Technologies SA - ADR (a) | 10,875 | 8,048 | ||||
Dr Reddy's Laboratories Ltd. - ADR | 8,203 | 573,390 | ||||
Evotec SE - ADR (a) | 3,334 | 33,373 | ||||
Galapagos NV - ADR (a) | 1,827 | 68,385 | ||||
Genetron Holdings Ltd. - ADR (a) | 468 | 1,722 | ||||
Genfit SA - ADR (a) | 2,341 | 7,608 | ||||
Genmab A/S - ADR (a) | 13,855 | 437,957 | ||||
Grifols SA - ADR (a) | 7,268 | 70,427 | ||||
GSK PLC - ADR | 16,207 | 583,290 | ||||
HUTCHMED China Ltd. - ADR (a) | 2,811 | 54,196 | ||||
Immutep Ltd. - ADR (a) | 20,666 | 41,125 | ||||
Innate Pharma SA - ADR (a) | 7,627 | 18,305 | ||||
Lonza Group AG - ADR | 6,576 | 253,965 | ||||
Mereo Biopharma Group PLC - ADR (a) | 9,590 | 20,043 | ||||
Mesoblast Ltd. - ADR (a) | 7,810 | 10,622 | ||||
MorphoSys AG - ADR (a) | 4,713 | 32,237 | ||||
Novartis AG - ADR | 17,065 | 1,670,663 | ||||
Novo Nordisk A/S - ADR | 18,895 | 1,924,266 | ||||
Olink Holding AB - ADR (a) | 474 | 12,253 | ||||
Roche Holding AG - ADR | 27,839 | 937,896 | ||||
Sanofi SA - ADR | 17,697 | 827,335 | ||||
Silence Therapeutics PLC - ADR (a) | 1,105 | 14,221 | ||||
Takeda Pharmaceutical Co. Ltd. - ADR | 75,192 | 1,063,966 | ||||
Teva Pharmaceutical Industries Ltd. - ADR (a) | 3,591 | 35,264 | ||||
Verona Pharma PLC - ADR (a) | 473 | 6,395 | ||||
10,375,907 | ||||||
Real Estate Management & Development - 0.16% | ||||||
IRSA Inversiones y Representaciones SA - ADR | 6,964 | 61,840 | ||||
KE Holdings, Inc. - ADR | 4,876 | 77,675 | ||||
139,515 | ||||||
Semiconductors & Semiconductor Equipment - 6.35% | ||||||
ASE Technology Holding Co. Ltd. - ADR | 34,239 | 294,455 | ||||
ASML Holding NV - ADR | 1,996 | 1,364,785 | ||||
ChipMOS Technologies, Inc. - ADR | 1,171 | 30,224 | ||||
Daqo New Energy Corp. - ADR (a) | 1,640 | 38,802 | ||||
Himax Technologies, Inc. - ADR | 1,856 | 10,598 | ||||
Infineon Technologies AG - ADR | 1,053 | 40,751 | ||||
JinkoSolar Holding Co Ltd. - ADR | 139 | 4,365 | ||||
STMicroelectronics NV - ADR | 10,506 | 498,405 | ||||
Taiwan Semiconductor Manufacturing Co. Ltd. - ADR | 30,859 | 3,002,888 | ||||
United Microelectronics Corp. - ADR | 35,830 | 279,116 | ||||
5,564,389 | ||||||
Software & Services - 2.73% | ||||||
AMTD Digital, Inc. - ADR (a) | 8,616 | 38,514 | ||||
Capgemini SE - ADR | 5,707 | 234,100 | ||||
Endava PLC - ADR (a) | 2,104 | 137,265 | ||||
Infosys Ltd. - ADR | 978 | 17,164 | ||||
Materialise NV - ADR (a) | 4,233 | 26,795 | ||||
Nice Ltd. - ADR (a) | 1,158 | 219,731 | ||||
Opera Ltd. - ADR | 7,331 | 81,374 | ||||
SAP SE - ADR | 10,222 | 1,626,524 | ||||
Xunlei Ltd. - ADR (a) | 7,076 | 10,685 | ||||
2,392,152 | ||||||
Technology Hardware & Equipment - 1.66% | ||||||
Logitech International SA | 5,409 | 474,369 | ||||
Murata Manufacturing Co Ltd. - ADR | 43,810 | 425,176 | ||||
Nano Dimension Ltd. - ADR (a) | 36,413 | 83,750 | ||||
Nokia Oyj - ADR | 93,545 | 325,537 | ||||
Telefonaktiebolaget LM Ericsson - ADR | 29,773 | 145,590 | ||||
1,454,422 | ||||||
Telecommunication Services - 3.31% | ||||||
Deutsche Telekom AG - ADR | 9,600 | 230,208 | ||||
KT Corp. - ADR | 12,379 | 161,670 | ||||
Nippon Telegraph & Telephone Corp. - ADR | 18,656 | 545,314 | ||||
Orange SA - ADR | 55,870 | 667,646 | ||||
SK Telecom Co. Ltd. - ADR | 15,813 | 355,793 | ||||
Telefonica Brasil SA - ADR | 6,721 | 71,915 | ||||
Telefonica SA - ADR | 102,865 | 439,234 | ||||
TIM SA/Brazil - ADR | 979 | 17,260 | ||||
Turkcell Iletisim Hizmetleri AS - ADR (a) | 15,648 | 77,927 | ||||
Vodafone Group PLC - ADR | 36,586 | 331,469 | ||||
2,898,436 | ||||||
Transportation - 1.70% | ||||||
Aena SME SA - ADR | 8,597 | 149,158 | ||||
Canadian Pacific Kansas City Ltd. | 1,597 | 114,984 | ||||
Grupo Aeroportuario del Centro Norte SAB de CV - ADR | 1,586 | 113,589 | ||||
Grupo Aeroportuario del Sureste SAB de CV - ADR | 462 | 108,783 | ||||
Ryanair Holdings PLC - ADR (a) | 7,240 | 855,912 | ||||
ZTO Express Cayman, Inc. - ADR | 6,511 | 145,326 | ||||
1,487,752 | ||||||
Utilities - 2.28% | ||||||
Cia Energetica de Minas Gerais - ADR | 10,511 | 34,266 | ||||
Cia Paranaense de Energia - ADR | 4,011 | 38,506 | ||||
Empresa Distribuidora Y Comercializadora Norte - ADR (a) | 1,006 | 16,156 | ||||
Enel Chile SA - ADR | 49,107 | 159,598 | ||||
Enel SpA - ADR | 35,641 | 249,665 | ||||
Iberdrola SA - ADR | 1,781 | 88,177 | ||||
National Grid PLC - ADR | 19,494 | 1,286,799 | ||||
RWE AG - ADR | 3,014 | 129,180 | ||||
2,002,347 | ||||||
TOTAL COMMON STOCKS (Cost $83,362,103) | 85,630,550 | |||||
PREFERRED STOCKS - 0.83% | ||||||
Banks - 0.24% | ||||||
Banco Bradesco SA - ADR (b) | 18,803 | 62,614 | ||||
Bancolombia SA - ADR (b) | 4,658 | 128,514 | ||||
Itau Unibanco Holding SA - ADR (b) | 2,510 | 16,064 | ||||
207,192 | ||||||
Energy - 0.36% | ||||||
Petroleo Brasileiro SA - ADR (b) | 22,147 | 322,240 | ||||
Materials - 0.16% | ||||||
Gerdau SA - ADR (b) | 30,551 | 136,257 | ||||
Utilities - 0.07% | ||||||
Cia Energetica de Minas Gerais - ADR (b) | 29,620 | 65,460 | ||||
TOTAL PREFERRED STOCKS (Cost $648,152) | 731,149 | |||||
MONEY MARKET FUNDS - 1.27% | ||||||
First American Government Obligations Fund, Class X, 5.285% (c) | 1,117,553 | 1,117,553 | ||||
TOTAL MONEY MARKET FUNDS (Cost $1,117,553) | 1,117,553 | |||||
Total Investments (Cost $85,127,808) - 99.77% | 87,479,252 | |||||
Other Assets in Excess of Liabilities - 0.23% | 200,924 | |||||
TOTAL NET ASSETS - 100.00% | $ | 87,680,176 |
Percentages are stated as a percent of net assets. | |||||
(a) | Non-income producing security. | ||||
(b) | Perpetual preferred stock with no stated maturity. | ||||
(c) | The rate shown represents the seven day yield at November 30, 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 November 30, 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 November 30, 2023. |
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Equity | ||||||||||||||||
Common Stocks* | $ | 85,469,876 | $ | 160,674 | $ | - | $ | 85,630,550 | ||||||||
Preferred Stocks* | 731,149 | - | - | 731,149 | ||||||||||||
Total Equity | 86,201,025 | 160,674 | - | 86,361,699 | ||||||||||||
Money Market Funds | 1,117,553 | - | - | 1,117,553 | ||||||||||||
Total Investments in Securities | $ | 87,318,578 | $ | 160,674 | $ | - | $ | 87,479,252 | ||||||||
* 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 November 30, 2023. |