y
MOERUS WORLDWIDE VALUE FUND | |||||||
SCHEDULE OF INVESTMENTS (Unaudited) | |||||||
February 29, 2024 | |||||||
Shares | Fair Value | ||||||
COMMON STOCKS — 98.2% | |||||||
ASSET MANAGEMENT - 8.6% | |||||||
30,813 | Aker ASA | $ 1,662,666 | |||||
2,086,553 | Dundee Corporation(a) | 1,245,304 | |||||
17,174 | EXOR N.V. | 1,852,535 | |||||
12,274 | Nuvama Wealth Management Ltd.(a) | 612,356 | |||||
5,372,861 | |||||||
BANKING - 14.2% | |||||||
19,300 | Banco Macro S.A. - ADR | 767,947 | |||||
181,427 | Bancolombia S.A. | 1,523,789 | |||||
107,679 | Grupo Financiero Galicia S.A. - ADR | 2,370,015 | |||||
1,391,165 | IDFC First Bank Ltd.(a) | 1,360,144 | |||||
185,574 | Standard Chartered PLC | 1,563,923 | |||||
36,418 | UniCredit SpA | 1,216,689 | |||||
8,802,507 | |||||||
CHEMICALS - 1.9% | |||||||
23,044 | Nutrien Ltd. | 1,203,819 | |||||
HOUSEHOLD PRODUCTS - 5.9% | |||||||
614,800 | Natura & Company Holding S.A.(a) | 2,011,073 | |||||
20,392 | Spectrum Brands Holdings, Inc. | 1,639,925 | |||||
3,650,998 | |||||||
INSTITUTIONAL FINANCIAL SERVICES - 4.4% | |||||||
1,099,660 | Edelweiss Financial Services Ltd. | 1,005,497 | |||||
42,484 | Jefferies Financial Group, Inc. | 1,776,681 | |||||
2,782,178 | |||||||
INSURANCE - 9.0% | |||||||
306,404 | Conduit Holdings Ltd. | 2,011,312 | |||||
1,279,651 | Turkiye Sigorta A/S | 2,056,704 | |||||
595,934 | Westaim Corporation (The)(a) | 1,580,744 | |||||
5,648,760 | |||||||
INTERNET MEDIA & SERVICES - 4.9% | |||||||
346,869 | Despegar.com Corporation(a) | 3,090,603 | |||||
MOERUS WORLDWIDE VALUE FUND | |||||||
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) | |||||||
February 29, 2024 | |||||||
Shares | Fair Value | ||||||
COMMON STOCKS — 98.2% (Continued) | |||||||
LEISURE FACILITIES & SERVICES - 2.7% | |||||||
142,844 | Arcos Dorados Holdings, Inc., Class A | $ 1,694,130 | |||||
METALS & MINING - 11.1% | |||||||
31,134 | Cameco Corporation | 1,261,707 | |||||
274,947 | Major Drilling Group International, Inc.(a) | 1,586,250 | |||||
424,903 | Osisko Mining, Inc.(a) | 776,430 | |||||
43,060 | Teck Resources Ltd., Class B | 1,654,365 | |||||
39,320 | Wheaton Precious Metals Corporation | 1,619,591 | |||||
6,898,343 | |||||||
OIL & GAS PRODUCERS - 5.4% | |||||||
197,957 | International Petroleum Corporation(a) | 2,084,318 | |||||
59,148 | MEG Energy Corporation(a) | 1,266,039 | |||||
3,350,357 | |||||||
OIL & GAS SERVICES & EQUIPMENT - 8.0% | |||||||
284,414 | Enerflex Ltd. | 1,655,537 | |||||
827,629 | John Wood Group plc(a) | 1,539,979 | |||||
26,392 | Tidewater, Inc.(a) | 1,848,233 | |||||
5,043,749 | |||||||
REAL ESTATE INVESTMENT TRUSTS – 5.8% | |||||||
6,116,763 | Cromwell Property Group | 1,590,422 | |||||
6,387,110 | Hammerson plc | 2,047,952 | |||||
3,638,374 | |||||||
REAL ESTATE OWNERS & DEVELOPERS - 4.3% | |||||||
1,560,301 | Sino Land Company Ltd. | 1,683,959 | |||||
920,917 | Straits Trading Company Ltd. | 1,019,773 | |||||
2,703,732 | |||||||
REAL ESTATE SERVICES - 1.4% | |||||||
467,857 | Douglas Elliman, Inc. | 860,857 | |||||
RETAIL - CONSUMER STAPLES - 3.6% | |||||||
2,771,720 | Cia Brasileira de Distribuicao(a) | 2,263,858 | |||||
MOERUS WORLDWIDE VALUE FUND | |||||||
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) | |||||||
February 29, 2024 | |||||||
Shares | Fair Value | ||||||
COMMON STOCKS — 98.2% (Continued) | |||||||
SPECIALTY FINANCE - 2.4% | |||||||
13,783 | Bajaj Holdings & Investment Ltd. | $ 1,521,245 | |||||
TRANSPORTATION & LOGISTICS - 4.6% | |||||||
9,577 | Copa Holdings S.A., Class A | 933,470 | |||||
153,929,268 | Latam Airlines Group S.A.(a) | 1,934,505 | |||||
2,867,975 | |||||||
TOTAL COMMON STOCKS (Cost $51,611,743) | 61,394,346 | ||||||
SHORT-TERM INVESTMENT — 1.2% | |||||||
MONEY MARKET FUND - 1.2% | |||||||
761,012 | Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio, Institutional Class, 5.16% (Cost $761,012)(b) | 761,012 | |||||
TOTAL INVESTMENTS - 99.4% (Cost $52,372,755) | $ 62,155,358 | ||||||
OTHER ASSETS IN EXCESS OF LIABILITIES- 0.6% | 382,811 | ||||||
NET ASSETS - 100.0% | $ 62,538,169 | ||||||
ADR | - American Depositary Receipt |
A/S | - Anonim Sirketi |
LTD | - Limited Company |
NV | - Naamioze Vennootschap |
PLC | - Public Limited Company |
S/A | - Société Anonyme |
(a) | Non-income producing security. |
(b) | Rate disclosed is the seven day effective yield as of February 29, 2024. |
MOERUS WORLDWIDE VALUE FUND | |||||||
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) | |||||||
FEBRUARY 29, 2024 | |||||||
Diversification of Assets | |||||||
Top 10 Holdings by Asset Class or Industry | % of Net Assets | ||||||
Banking | 14.2% | ||||||
Metals & Mining | 11.1% | ||||||
Insurance | 9.0% | ||||||
Asset Management | 8.6% | ||||||
Oil & Gas Services & Equipment | 8.0% | ||||||
Household Products | 5.9% | ||||||
Real Estate Investment Trusts | 5.8% | ||||||
Oil & Gas Producers | 5.4% | ||||||
Internet Media & Services | 4.9% | ||||||
Transportation & Logistics | 4.6% | ||||||
Other | 20.7% | ||||||
Total | 98.2% | ||||||
Money Market Fund | 1.2% | ||||||
Other Assets in Excess of Liabilities | 0.6% | ||||||
Grand Total | 100.0% | ||||||
MOERUS WORLDWIDE VALUE FUND | |||||||
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) | |||||||
FEBRUARY 29, 2024 | |||||||
Diversification of Assets | |||||||
Country | % of Net Assets | ||||||
Canada | 25.5% | ||||||
Argentina | 10.0% | ||||||
United States | 9.8% | ||||||
United Kingdom | 8.2% | ||||||
India | 7.2% | ||||||
Brazil | 6.8% | ||||||
Italy | 5.0% | ||||||
Turkey | 3.3% | ||||||
Bermuda | 3.2% | ||||||
Chile | 3.1% | ||||||
Uruguay | 2.7% | ||||||
Hong Kong | 2.7% | ||||||
Norway | 2.7% | ||||||
Australia | 2.5% | ||||||
Colombia | 2.4% | ||||||
Singapore | 1.6% | ||||||
Panama | 1.5% | ||||||
Total | 98.2% | ||||||
Money Market Funds | 1.2% | ||||||
Other Assets in Excess of Liabilities | 0.6% | ||||||
Grand Total | 100.0% | ||||||