| Vert Global Sustainable Real Estate Fund |
| Schedule of Investments |
| as of September 30, 2023 (Unaudited) |
REAL ESTATE INVESTMENT TRUSTS (REITs)- 98.9% | Shares | Value | ||||||
| Diversified REITs - 7.5% | ||||||||
| Activia Properties, Inc. | 265 | $ | 731,105 | |||||
| Alexander & Baldwin, Inc. | 30,539 | 510,917 | ||||||
| American Assets Trust, Inc. | 23,415 | 455,422 | ||||||
| British Land Co. PLC | 356,200 | 1,371,968 | ||||||
| Charter Hall Long Wale REIT | 259,743 | 534,445 | ||||||
Cromwell European REIT(a) | 46,919 | 63,495 | ||||||
| Daiwa House REIT Investment Corp. | 933 | 1,646,135 | ||||||
| Dream Impact Trust | 2,075 | 11,809 | ||||||
| Empire State Realty Trust, Inc. | 52,847 | 424,890 | ||||||
| GPT Group/The | 752,023 | 1,872,708 | ||||||
| Growthpoint Properties Australia Ltd. | 99,262 | 140,061 | ||||||
| Growthpoint Properties Ltd. | 1,403,224 | 781,885 | ||||||
| Hulic REIT, Inc. | 519 | 553,387 | ||||||
| ICADE | 12,591 | 414,686 | ||||||
| Land Securities Group PLC | 270,107 | 1,936,147 | ||||||
| Lar Espana Real Estate Socimi SA | 13,501 | 79,078 | ||||||
| Merlin Properties Socimi SA | 121,730 | 1,024,217 | ||||||
| Mirvac Group | 1,592,994 | 2,165,181 | ||||||
| Nomura Real Estate Master Fund, Inc. | 1,654 | 1,852,487 | ||||||
| NTT UD REIT Investment Corp. | 566 | 522,729 | ||||||
| Picton Property Income Ltd. | 117,544 | 97,454 | ||||||
| Redefine Properties Ltd. | 2,372,542 | 444,065 | ||||||
| Schroder Real Estate Investment Trust Ltd. | 162,778 | 81,171 | ||||||
| Sekisui House REIT, Inc. | 1,691 | 941,981 | ||||||
| Stockland | 963,690 | 2,411,896 | ||||||
| Suntec Real Estate Investment Trust | 860,100 | 728,420 | ||||||
| Tritax EuroBox PLC | 285,392 | 174,801 | ||||||
| 21,972,540 | ||||||||
| Health Care REITs - 9.6% | ||||||||
| Aedifica SA | 18,536 | 1,053,498 | ||||||
| Cofinimmo SA | 11,879 | 814,399 | ||||||
| Healthpeak Properties, Inc. | 224,199 | 4,116,294 | ||||||
Ventas, Inc.(b) | 164,831 | 6,944,330 | ||||||
Welltower, Inc.(b) | 185,289 | 15,178,875 | ||||||
| 28,107,396 | ||||||||
| Hotel & Resort REITs - 3.0% | ||||||||
| CapitaLand Ascott Trust | 904,700 | 634,158 | ||||||
DiamondRock Hospitality Co.(b) | 87,299 | 701,011 | ||||||
| Hersha Hospitality Trust | 11,491 | 113,301 | ||||||
| Hoshino Resorts REIT, Inc. | 93 | 407,287 | ||||||
Host Hotels & Resorts, Inc.(b) | 291,449 | 4,683,585 | ||||||
| Japan Hotel REIT Investment Corp. | 1,706 | 890,769 | ||||||
| RLJ Lodging Trust | 60,863 | 595,849 | ||||||
Sunstone Hotel Investors, Inc.(b) | 82,270 | 769,225 | ||||||
8,795,185 | ||||||||
| Industrial REITs - 17.7% | ||||||||
| Advance Logistics Investment Corp. | 242 | 203,776 | ||||||
| Americold Realty Trust, Inc. | 110,567 | 3,362,342 | ||||||
| CapitaLand Ascendas REIT | 1,473,700 | 2,955,766 | ||||||
| Dream Industrial Real Estate Investment Trust | 49,419 | 467,175 | ||||||
| Frasers Logistics & Commercial Trust | 1,101,000 | 859,715 | ||||||
| GLP J-REIT | 1,861 | 1,663,378 | ||||||
| Goodman Group | 678,871 | 9,304,500 | ||||||
| Goodman Property Trust | 410,401 | 520,236 | ||||||
Hannon Armstrong Sustainable Infrastructure Capital, Inc.(b) | 43,830 | 929,196 | ||||||
| Industrial & Infrastructure Fund Investment Corp. | 887 | 819,568 | ||||||
| Japan Logistics Fund, Inc. | 349 | 676,629 | ||||||
| LaSalle Logiport REIT | 686 | 657,718 | ||||||
| Mitsubishi Estate Logistics REIT Investment Corp. | 191 | 479,424 | ||||||
| Nippon Prologis REIT, Inc. | 947 | 1,768,019 | ||||||
| Prologis Property Mexico SAB de CV | 250,923 | 864,750 | ||||||
| Prologis, Inc. | 121,919 | 13,680,531 | ||||||
| Rexford Industrial Realty, Inc. | 84,853 | 4,187,496 | ||||||
| Segro PLC | 482,210 | 4,216,490 | ||||||
| SOSiLA Logistics REIT, Inc. | 274 | 226,276 | ||||||
STAG Industrial, Inc.(b) | 66,279 | 2,287,288 | ||||||
| TF Administradora Industrial S de RL de CV | 261,568 | 463,025 | ||||||
| Tritax Big Box REIT PLC | 768,504 | 1,307,859 | ||||||
| 51,901,157 | ||||||||
| Office REITs - 10.0% | ||||||||
Alexandria Real Estate Equities, Inc.(b) | 66,783 | 6,684,979 | ||||||
| Allied Properties Real Estate Investment Trust | 23,500 | 310,219 | ||||||
Boston Properties, Inc.(b) | 60,961 | 3,625,960 | ||||||
| Brandywine Realty Trust | 67,039 | 304,357 | ||||||
| Covivio SA | 18,969 | 841,402 | ||||||
| Cromwell Property Group | 605,229 | 143,212 | ||||||
| Derwent London PLC | 38,851 | 910,878 | ||||||
Dexus(a) | 422,042 | 1,967,348 | ||||||
| Dream Office Real Estate Investment Trust | 3,240 | 23,019 | ||||||
| Franklin Street Properties Corp. | 18,517 | 34,256 | ||||||
| Gecina SA | 18,087 | 1,844,115 | ||||||
| Global One Real Estate Investment Corp. | 406 | 311,703 | ||||||
| Great Portland Estates PLC | 94,878 | 483,651 | ||||||
Hudson Pacific Properties, Inc.(b) | 64,117 | 426,378 | ||||||
| Inmobiliaria Colonial Socimi SA | 113,169 | 641,757 | ||||||
| Japan Excellent, Inc. | 494 | 436,974 | ||||||
| Japan Real Estate Investment Corp. | 524 | 2,041,893 | ||||||
JBG SMITH Properties(b) | 43,786 | 633,146 | ||||||
| Kilroy Realty Corp. | 45,804 | 1,447,864 | ||||||
| Manulife US Real Estate Investment Trust | 752,209 | 42,846 | ||||||
| Nippon Building Fund, Inc. | 622 | 2,518,814 | ||||||
| NSI NV | 7,701 | 146,065 | ||||||
| Orix JREIT, Inc. | 1,036 | 1,242,545 | ||||||
| Precinct Properties New Zealand Ltd. | 535,231 | 368,910 | ||||||
| Societe de la Tour Eiffel | 402 | 5,881 | ||||||
Vornado Realty Trust(b) | 64,235 | 1,456,850 | ||||||
| Workspace Group PLC | 52,043 | 310,014 | ||||||
| 29,205,036 | ||||||||
| Residential REITs - 16.2% | ||||||||
| Advance Residence Investment Corp. | 563 | 1,276,273 | ||||||
| Altarea SCA | 1,655 | 151,729 | ||||||
| AvalonBay Communities, Inc. | 57,293 | 9,839,499 | ||||||
| Comforia Residential REIT, Inc. | 268 | 593,983 | ||||||
| Dream Residential Real Estate Investment Trust | 2,600 | 18,070 | ||||||
Equity LifeStyle Properties, Inc.(b) | 72,371 | 4,610,756 | ||||||
| Equity Residential | 145,168 | 8,522,813 | ||||||
| Essex Property Trust, Inc. | 26,130 | 5,541,912 | ||||||
Home REIT PLC(c) | 255,956 | 29,699 | ||||||
| Killam Apartment Real Estate Investment Trust | 22,142 | 283,978 | ||||||
| Minto Apartment Real Estate Investment Trust | 11,500 | 115,402 | ||||||
| Nippon Accommodations Fund, Inc. | 210 | 886,391 | ||||||
| Sun Communities, Inc. | 51,431 | 6,086,345 | ||||||
| UDR, Inc. | 127,780 | 4,557,913 | ||||||
| UMH Properties, Inc. | 23,900 | 335,078 | ||||||
Unibail-Rodamco-Westfield(a) | 46,607 | 2,291,923 | ||||||
| UNITE Group PLC | 142,810 | 1,556,933 | ||||||
| Veris Residential, Inc. | 27,498 | 453,717 | ||||||
| 47,152,414 | ||||||||
| Retail REITs - 14.9% | ||||||||
| CapitaLand Integrated Commercial Trust | 2,158,512 | 2,912,947 | ||||||
| Carmila SA | 22,262 | 332,966 | ||||||
| Charter Hall Retail REIT | 212,034 | �� | 425,246 | |||||
| Choice Properties Real Estate Investment Trust | 64,234 | 599,659 | ||||||
| Eurocommercial Properties NV | 13,479 | 298,794 | ||||||
| Federal Realty Investment Trust | 30,264 | 2,742,826 | ||||||
| First Capital Real Estate Investment Trust | 42,825 | 419,343 | ||||||
| Frasers Centrepoint Trust | 404,700 | 646,893 | ||||||
Hammerson PLC(a) | 1,739,128 | 532,306 | ||||||
| Immobiliare Grande Distribuzione SIIQ SpA | 20,822 | 46,930 | ||||||
| Japan Metropolitan Fund Invest | 2,787 | 1,807,517 | ||||||
| Kimco Realty Corp. | 252,569 | 4,442,689 | ||||||
| Kiwi Property Group Ltd. | 484,611 | 245,464 | ||||||
| Klepierre SA | 83,120 | 2,035,241 | ||||||
| Lendlease Global Commercial REIT | 755,496 | 300,620 | ||||||
| Macerich Co. | 87,870 | 958,662 | ||||||
| Mercialys SA | 32,217 | 289,900 | ||||||
| Regency Centers Corp. | 62,930 | 3,740,559 | ||||||
| RioCan Real Estate Investment Trust | 56,613 | 753,173 | ||||||
| Scentre Group | 2,072,517 | 3,256,684 | ||||||
| Shaftesbury Capital PLC | 561,616 | 784,480 | ||||||
| Simon Property Group, Inc. | 127,662 | 13,791,326 | ||||||
| Vastned Belgium NV | 37 | 1,056 | ||||||
| Vastned Retail NV | 3,437 | 70,092 | ||||||
| Vicinity Ltd. | 1,503,084 | 1,628,971 | ||||||
| Wereldhave Belgium Comm VA | 447 | 21,739 | ||||||
| Wereldhave NV | 10,144 | 161,241 | ||||||
| 43,247,324 | ||||||||
| Specialized REITs - 20.0% | ||||||||
| American Tower Corp. | 83,645 | 13,755,420 | ||||||
| Big Yellow Group PLC | 67,086 | 764,478 | ||||||
| Charter Hall Social Infrastructure REIT | 127,064 | 204,394 | ||||||
| Digital Realty Trust, Inc. | 120,731 | 14,610,867 | ||||||
| Equinix, Inc. | 18,751 | 13,618,101 | ||||||
| Extra Space Storage, Inc. | 73,910 | 8,985,978 | ||||||
| Iron Mountain, Inc. | 118,712 | 7,057,428 | ||||||
| 58,996,666 | ||||||||
TOTAL REAL ESTATE INVESTMENT TRUSTS (REITs) (Cost $324,189,362) | 289,377,718 | |||||||
| SHORT-TERM INVESTMENTS - 12.9% | ||||||||
| Money Market Funds – 0.4% | Shares | |||||||
STIT - Government & Agency Portfolio, 5.26%(d) | 1,118,102 | 1,118,102 | ||||||
| Total Money Market Funds | 1,118,102 | |||||||
| Investments Purchased with Proceeds from Securities Lending – 12.5% | Shares | |||||||
Mount Vernon Liquid Assets Portfolio, LLC, 4.96%(d) | 36,424,560 | 36,424,560 | ||||||
| Total Investments Purchased with Proceeds from Securities Lending | 36,424,560 | |||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $37,542,662) | 37,542,662 | |||||||
TOTAL INVESTMENTS - 111.8% (Cost $361,732,024) | 326,920,380 | |||||||
| Liabilities in Excess of Other Assets - (11.8)% | (34,570,412 | ) | ||||||
| TOTAL NET ASSETS - 100.0% | $ | 292,349,968 | ||||||
| Percentages are stated as a percent of net assets. |
PLC - Public Limited Company
REIT- Real Estate Investment Trust
NA – Naamloze Vennootschap
SA – Societe Anonyme
CA – Capital Variable
| (a) | Non-income producing security. |
| (b) | All or a portion of this security is on loan as of September 30, 2023. The total market value of these securities was $35,944,638 which represented 12.3% of net assets. |
| (c) | Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting through its Valuation Committee. These securities represented $29,699 or 0.0% of net assets as of September 30, 2023. |
| (d) | The rate shown represents the 7-day effective yield as of September 30, 2023. |
The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor’s Financial Services LLC (“S&P”). GICS is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.
| Summary of Fair Value Measurements at September 30, 2023 (Unaudited) |
| The Fund has adopted fair value accounting standards which establish an authoritative definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below: |
| Level 1 - | Unadjusted, quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access at the date of measurement. | ||||
| Level 2 - | Other significant observable inputs (including, but not limited to, quoted prices in active markets for similar instruments, quoted prices in markets that are not active for identical or similar instruments model-derived valuations in which all significant inputs and significant value drivers are observable in active markets, such as interest rates, prepayment speeds, credit risk curves, default rates, and similar data). | ||||
| Level 3 - | Significant unobservable inputs for the asset or liability, to the extent relevant observable inputs, are not available, are representing the Fund's own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information | ||||
| available. | |||||
The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities. The following is a summary of the fair valuation hierarchy of the Fund's securities as of September 30, 2023:
| Vert Global Sustainable Real Estate Fund |
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| Investments: | ||||||||||||||||
| Real Estate Investment Trusts | ||||||||||||||||
| Diversified REITs | $ | 2,502,296 | $ | 19,470,244 | $ | – | $ | 21,972,540 | ||||||||
| Health Care REITs | 26,239,499 | 1,867,897 | – | 28,107,396 | ||||||||||||
| Hotel & Resort REITs | 6,862,971 | 1,932,214 | – | 8,795,185 | ||||||||||||
| Industrial REITs | 26,762,039 | 25,139,118 | – | 51,901,157 | ||||||||||||
| Office REITs | 15,945,655 | 13,259,381 | – | 29,205,036 | ||||||||||||
| Residential REITs | 40,365,484 | 6,757,231 | 29,699 | 47,152,414 | ||||||||||||
| Retail REITs | 27,471,032 | 15,776,292 | – | 43,247,324 | ||||||||||||
| Specialized REITs | 58,027,793 | 968,872 | – | 58,996,665 | ||||||||||||
| Real Estate Investment Trusts - Total | 204,176,769 | 85,171,249 | 29,699 | 289,377,718 | ||||||||||||
Investments Purchased with Proceeds from Securities Lending(a) | – | – | – | 36,424,560 | ||||||||||||
| Money Market Funds | 1,118,102 | – | – | 1,118,102 | ||||||||||||
| Total Investments | $ | 205,294,872 | $ | 85,171,249 | $ | 29,699 | $ | 326,920,380 | ||||||||
| (a) | Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments. |