# EDGAR Filing Document

**Accession Number:** 0001806095
**File Stem:** 0002066578-25-000261
**Filing Date:** 2025-8
**Character Count:** 93583
**Document Hash:** 99ef4373f71d7a72351abf2912cb2b7d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002066578-25-000261.hdr.sgml**: 20250826

**ACCESSION NUMBER**: 0002066578-25-000261

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250826

**DATE AS OF CHANGE**: 20250826

**PERIOD START**: 20260331

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Datum One Series Trust
- **CENTRAL INDEX KEY:** 0001806095

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23556
- **FILM NUMBER:** 251254685

**BUSINESS ADDRESS:**
- **STREET 1:** 333 SOUTH WABASH AVE.
- **STREET 2:** 43RD FLOOR
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60604
- **BUSINESS PHONE:** 866-494-4270

**MAIL ADDRESS:**
- **STREET 1:** 50 S. LASALLE STREET
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60603

## Series and Classes Contracts Data

### BRANDES EMERGING MARKETS VALUE FUND (Series ID: S000084889)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000249538 | Class C      | BEMCX           |
| C000249539 | Class I      | BEMIX           |
| C000249540 | Class A      | BEMAX           |
| C000249541 | Class R6     | BEMRX           |

## Nport-Ex

Brandes International Equity Fund

**SCHEDULE OF INVESTMENTS — June 30, 2025 (Unaudited)** 

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| **COMMON STOCKS – 90.09%** | **COMMON STOCKS – 90.09%** | **COMMON STOCKS – 90.09%** |
| ***Austria – 0.98%*** | ***Austria – 0.98%*** | ***Austria – 0.98%*** |
| 189675 | Erste Group Bank <br> AG<br>| $16146144 |
| ***Brazil – 4.11%*** | ***Brazil – 4.11%*** | ***Brazil – 4.11%*** |
| 10005300 | Ambev SA | 24529384 |
| 441296 | Embraer SA <br> Sponsored – ADR<br>| 25114155 |
| 3120500 | Telefonica Brasil <br> SA<sup>(a)</sup> <br>| 17741666 |
|  |  | 67385205 |
| ***Canada – 3.79%*** | ***Canada – 3.79%*** | ***Canada – 3.79%*** |
| 913814 | CAE, Inc.<sup>(a)</sup> <br>| 26747336 |
| 258156 | Nutrien Ltd. | 15035005 |
| 697956 | Open Text Corp. | 20380315 |
|  |  | 62162656 |
| ***China – 2.40%*** | ***China – 2.40%*** | ***China – 2.40%*** |
| 2785900 | Alibaba Group <br> Holding Ltd.<br>| 39437060 |
| ***France – 17.36%*** | ***France – 17.36%*** | ***France – 17.36%*** |
| 326688 | BNP Paribas SA | 29304474 |
| 168993 | Capgemini SE | 28937755 |
| 2157304 | Carrefour SA | 30431432 |
| 245000 | Engie Prime De <br> Fidelite 2027<sup>(a)</sup> <br>| 5750311 |
| 508672 | Engie SA | 11955219 |
| 137740 | Kering SA | 30007437 |
| 999414 | Orange SA | 15219267 |
| 277303 | Pernod Ricard SA | 27661349 |
| 213099 | Publicis Groupe SA | 24068418 |
| 421227 | Sanofi SA | 40780553 |
| 257543 | Societe BIC SA | 16039202 |
| 403406 | TotalEnergies SE | 24657250 |
|  |  | 284812667 |
| ***Germany – 5.88%*** | ***Germany – 5.88%*** | ***Germany – 5.88%*** |
| 506880 | Deutsche Post AG | 23478611 |
| 54147 | Heidelberg <br> Materials AG<br>| 12751447 |
| 453660 | Henkel AG & Co. <br> KGaA<br>| 32901824 |
| 288775 | Infineon <br> Technologies AG<br>| 12322621 |
| 48973 | SAP SE | 14974939 |
|  |  | 96429442 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| ***Hong Kong – 2.21%*** | ***Hong Kong – 2.21%*** | ***Hong Kong – 2.21%*** |
| 23892800 | Budweiser Brewing <br> Co. APAC Ltd.<sup>(b)</sup> <br>| $23722771 |
| 17776000 | First Pacific Co. <br> Ltd.<br>| 12599988 |
|  |  | 36322759 |
| ***Italy – 3.57%*** | ***Italy – 3.57%*** | ***Italy – 3.57%*** |
| 209917 | Buzzi SpA | 11642016 |
| 1499515 | Eni SpA | 24223350 |
| 3943883 | Intesa Sanpaolo SpA | 22718386 |
|  |  | 58583752 |
| ***Japan – 12.31%*** | ***Japan – 12.31%*** | ***Japan – 12.31%*** |
| 2914400 | Astellas Pharma, <br> Inc.<br>| 28534758 |
| 470800 | Bridgestone Corp.<sup>(c)</sup> <br>| 19252046 |
| 2441600 | Honda Motor Co. <br> Ltd.<br>| 23543993 |
| 2200100 | Kubota Corp.<sup>(c)</sup> <br>| 24810313 |
| 686400 | Makita Corp. | 21139724 |
| 589500 | Mitsubishi UFJ <br> Financial Group, <br> Inc.<br>| 8037003 |
| 1056800 | Sumitomo Mitsui <br> Trust Group, Inc.<br>| 28108165 |
| 1573583 | Takeda <br> Pharmaceutical Co. <br> Ltd.<br>| 48581235 |
|  |  | 202007237 |
| ***Mexico – 6.90%*** | ***Mexico – 6.90%*** | ***Mexico – 6.90%*** |
| 835243 | America Movil SAB <br> de CV – ADR<br>| 14984259 |
| 11140870 | America Movil SAB <br> de CV – Class B<br>| 9962632 |
| 3633075 | Cemex SAB de CV <br> Sponsored – ADR<br>| 25177210 |
| 16613101 | Fibra Uno <br> Administracion SA <br> de CV<br>| 22948204 |
| 8217618 | Kimberly-Clark de <br> Mexico SAB de CV <br> – Class A<br>| 15034284 |
| 7594674 | Wal-Mart de Mexico <br> SAB de CV<br>| 25154360 |
|  |  | 113260949 |

---

------

Brandes International Equity Fund

**SCHEDULE OF INVESTMENTS — June 30, 2025 (Unaudited) (continued)**

------

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| ***Netherlands – 6.17%*** | ***Netherlands – 6.17%*** | ***Netherlands – 6.17%*** |
| 505423 | Heineken Holding <br> NV<br>| $37714491 |
| 1233449 | Koninklijke Philips <br> NV<br>| 29618008 |
| 1104811 | STMicroelectronics <br> NV<sup>(c)</sup> <br>| 33875712 |
|  |  | 101208211 |
| ***Russia – 0.00%*** | ***Russia – 0.00%*** | ***Russia – 0.00%*** |
| 1013133 | Mobile TeleSystems <br> PJSC<sup>(d)</sup> <br>|  |
| ***Singapore – 1.73%*** | ***Singapore – 1.73%*** | ***Singapore – 1.73%*** |
| 12583000 | Wilmar <br> International Ltd.<br>| 28403353 |
| ***South Korea – 2.14%*** | ***South Korea – 2.14%*** | ***South Korea – 2.14%*** |
| 248315 | Hana Financial <br> Group, Inc.<br>| 15817174 |
| 91038 | Hyundai Mobis Co. <br> Ltd.<br>| 19313548 |
|  |  | 35130722 |
| ***Switzerland – 6.69%*** | ***Switzerland – 6.69%*** | ***Switzerland – 6.69%*** |
| 95970 | Cie Financiere <br> Richemont SA – <br> Class A Registered<br>| 18160679 |
| 166642 | Novartis AG <br> Registered<br>| 20226524 |
| 7948 | Swatch Group AG <br> Bearer<br>| 1297598 |
| 1043663 | Swatch Group AG <br> Registered<br>| 35162125 |
| 1028640 | UBS Group AG <br> Registered<br>| 34924149 |
|  |  | 109771075 |
| ***Taiwan – 1.57%*** | ***Taiwan – 1.57%*** | ***Taiwan – 1.57%*** |
| 703000 | Taiwan <br> Semiconductor <br> Manufacturing Co. <br> Ltd.<br>| 25708256 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| ***United Kingdom – 12.28%*** | ***United Kingdom – 12.28%*** | ***United Kingdom – 12.28%*** |
| 2051123 | GSK Plc | $39107676 |
| 6291130 | J Sainsbury Plc | 25037847 |
| 5237987 | Kingfisher Plc | 20918412 |
| 348590 | Reckitt Benckiser <br> Group Plc<br>| 23748394 |
| 688464 | Shell Plc | 24020202 |
| 1870602 | Smith & Nephew <br> Plc<br>| 28646856 |
| 2942202 | Tesco Plc | 16221900 |
| 3383835 | WPP Plc | 23825549 |
|  |  | 201526836 |
| &nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $1,276,800,465) | &nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $1,276,800,465) | $1478296324 |
| **PREFERRED STOCKS – 6.43%** | **PREFERRED STOCKS – 6.43%** | **PREFERRED STOCKS – 6.43%** |
| ***Brazil – 2.10%*** | ***Brazil – 2.10%*** | ***Brazil – 2.10%*** |
| 5963600 | Petroleo Brasileiro <br> SA – Petrobras, <br> 3.932%<sup>(e)</sup> <br>| $34444013 |
| ***Russia – 0.00%*** | ***Russia – 0.00%*** | ***Russia – 0.00%*** |
| 21512699 | Surgutneftegas <br> PJSC, 2.033%<sup>(d),(e)</sup> <br>|  |
| ***South Korea – 2.57%*** | ***South Korea – 2.57%*** | ***South Korea – 2.57%*** |
| 1148296 | Samsung <br> Electronics Co. <br> Ltd., 2.931%<sup>(e)</sup> <br>| 42125140 |
| ***Spain – 1.76%*** | ***Spain – 1.76%*** | ***Spain – 1.76%*** |
| 3209510 | Grifols SA – <br> Class B<sup>(a)</sup> <br>| 28952069 |
| &nbsp;&nbsp; **TOTAL PREFERRED** <br> **STOCKS** <br>(Cost $111,214,174) | &nbsp;&nbsp; **TOTAL PREFERRED** <br> **STOCKS** <br>(Cost $111,214,174) | $105521222 |

---

------

Brandes International Equity Fund

**SCHEDULE OF INVESTMENTS — June 30, 2025 (Unaudited) (continued)**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **SHORT-TERM INVESTMENTS – 3.40%** | **SHORT-TERM INVESTMENTS – 3.40%** | **SHORT-TERM INVESTMENTS – 3.40%** |
| ***Money Market Funds — 3.40%*** | ***Money Market Funds — 3.40%*** | ***Money Market Funds — 3.40%*** |
| Northern Institutional Funds - Treasury Portfolio (Premier), 4.157%<sup>(f)</sup> | 55785824 | $55785824 |
| &nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>(Cost $55,785,824)<br>|  | $55785824 |
| **Total Investments** <br>**(Cost $1,443,800,463) – 99.92%**<br>|  | **$1639603370** |
| **Other Assets in Excess of Liabilities – 0.08%** |  | **1257278** |
| **TOTAL NET ASSETS – 100.00%** |  | **$1640860648** |

---

------

---

| |
|:---|
| Percentages are stated as a percent of net assets. |
| ADR American Depositary Receipt |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Acquired in a transaction exempt from registration under Rule 144A or Section 4(a)(2)
 of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally
 to qualified institutional buyers. The total value of all such securities was $23,722,771 which
 represented 1.45% of the net assets of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;(c) All or a portion of this security is on loan.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Security is valued using significant unobservable inputs and is classified as Level
 3 in the fair value hierarchy.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Current yield is disclosed. Dividends are calculated based on a percentage of the issuer's net income.

&nbsp;&nbsp;&nbsp;&nbsp;(f) The rate shown is the annualized seven day yield as of June 30, 2025.

------

Brandes International Equity Fund

**SCHEDULE OF INVESTMENTS BY INDUSTRY — June 30, 2025** 

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **COMMON STOCKS** |  |
| Aerospace & Defense | 3.16<br> %<br>|
| Air Freight & Logistics | 1.43<br> %<br>|
| Automobile Components | 2.35<br> %<br>|
| Automobiles | 1.44<br> %<br>|
| Banks | 7.31<br> %<br>|
| Beverages | 6.93<br> %<br>|
| Broadline Retail | 2.40<br> %<br>|
| Capital Markets | 2.13<br> %<br>|
| Chemicals | 0.92<br> %<br>|
| Commercial Services & Supplies | 0.98<br> %<br>|
| Construction Materials | 3.02<br> %<br>|
| Consumer Staples Distribution & Retail | 5.90<br> %<br>|
| Diversified REITs | 1.40<br> %<br>|
| Diversified Telecommunication Services | 2.01<br> %<br>|
| Food Products | 2.50<br> %<br>|
| Health Care Equipment & Supplies | 3.56<br> %<br>|
| Household Products | 4.38<br> %<br>|
| IT Services | 1.76<br> %<br>|
| Machinery | 2.80<br> %<br>|
| Media | 2.92<br> %<br>|
| Multi-Utilities | 1.08<br> %<br>|
| Oil, Gas & Consumable Fuels | 4.44<br> %<br>|
| Pharmaceuticals | 10.79<br> %<br>|
| Semiconductors & Semiconductor Equipment | 4.38<br> %<br>|
| Software | 2.15<br> %<br>|
| Specialty Retail | 1.27<br> %<br>|
| Textiles, Apparel & Luxury Goods | 5.16<br> %<br>|
| Wireless Telecommunication Services | 1.52<br> %<br>|
| **TOTAL COMMON STOCKS** | 90.09<br> %<br>|
| **PREFERRED STOCKS** |  |
| Biotechnology | 1.76<br> %<br>|
| Oil, Gas & Consumable Fuels | 2.10<br> %<br>|
| Technology Hardware, Storage & Peripherals | 2.57<br> %<br>|
| **TOTAL PREFERRED STOCKS** | 6.43<br> %<br>|
| **SHORT-TERM INVESTMENTS** | 3.40<br> %<br>|
| **TOTAL INVESTMENTS** | 99.92<br> %<br>|
| Other Assets in Excess of Liabilities | 0.08<br> %<br>|
| **TOTAL NET ASSETS** | 100.00<br> %<br>|

---

The industry classifications represented in the Schedule of Investments are in accordance with Global Industry Classification Standards (GICS®), which was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor's Financial Services LLC or were otherwise determined by the Advisor to be appropriate. This information is unaudited.

------

Brandes Global Equity Fund

**SCHEDULE OF INVESTMENTS — June 30, 2025 (Unaudited)** 

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| **COMMON STOCKS – 95.15%** | **COMMON STOCKS – 95.15%** | **COMMON STOCKS – 95.15%** |
| ***Austria – 2.96%*** | ***Austria – 2.96%*** | ***Austria – 2.96%*** |
| 20627 | Erste Group Bank AG | $1755880 |
| ***Brazil – 4.49%*** | ***Brazil – 4.49%*** | ***Brazil – 4.49%*** |
| 390900 | Ambev SA | 958346 |
| 120320 | Embraer SA | 1705443 |
|  |  | 2663789 |
| ***Canada – 1.42%*** | ***Canada – 1.42%*** | ***Canada – 1.42%*** |
| 28873 | CAE, Inc.<sup>(a)</sup> <br>| 845113 |
| ***China – 2.64%*** | ***China – 2.64%*** | ***China – 2.64%*** |
| 82300 | Alibaba Group Holding <br> Ltd.<br>| 1165035 |
| 1025000 | Topsports International <br> Holdings Ltd.<br>| 401123 |
|  |  | 1566158 |
| ***France – 10.57%*** | ***France – 10.57%*** | ***France – 10.57%*** |
| 4228 | Capgemini SE | 723987 |
| 32590 | Carrefour SA | 459722 |
| 3465 | Kering SA | 754870 |
| 7470 | Pernod Ricard SA | 745143 |
| 8015 | Publicis Groupe SA | 905252 |
| 15354 | Sanofi SA | 1486478 |
| 19630 | TotalEnergies SE | 1199838 |
|  |  | 6275290 |
| ***Germany – 1.85%*** | ***Germany – 1.85%*** | ***Germany – 1.85%*** |
| 4670 | Heidelberg Materials <br> AG<br>| 1099770 |
| ***Hong Kong – 3.04%*** | ***Hong Kong – 3.04%*** | ***Hong Kong – 3.04%*** |
| 141200 | AIA Group Ltd. | 1279053 |
| 531700 | Budweiser Brewing Co. <br> APAC Ltd.<sup>(b)</sup> <br>| 527916 |
|  |  | 1806969 |
| ***Ireland – 1.30%*** | ***Ireland – 1.30%*** | ***Ireland – 1.30%*** |
| 8386 | CRH Plc | 774109 |
| ***Japan – 1.25%*** | ***Japan – 1.25%*** | ***Japan – 1.25%*** |
| 24100 | Takeda Pharmaceutical <br> Co. Ltd.<br>| 744039 |
| ***Malaysia – 0.77%*** | ***Malaysia – 0.77%*** | ***Malaysia – 0.77%*** |
| 629000 | Genting Bhd | 455728 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| ***Mexico – 1.92%*** | ***Mexico – 1.92%*** | ***Mexico – 1.92%*** |
| 311196 | Fibra Uno <br> Administracion SA de <br> CV<br>| $429865 |
| 213801 | Wal-Mart de Mexico <br> SAB de CV<br>| 708131 |
|  |  | 1137996 |
| ***Netherlands – 1.67%*** | ***Netherlands – 1.67%*** | ***Netherlands – 1.67%*** |
| 11382 | Heineken NV | 992998 |
| ***South Korea – 2.17%*** | ***South Korea – 2.17%*** | ***South Korea – 2.17%*** |
| 1516 | Hyundai Mobis Co. Ltd. | 321617 |
| 2233 | Hyundai Motor Co. | 335301 |
| 14353 | Samsung Electronics Co. <br> Ltd.<br>| 634713 |
|  |  | 1291631 |
| ***Switzerland – 2.95%*** | ***Switzerland – 2.95%*** | ***Switzerland – 2.95%*** |
| 2641 | Cie Financiere <br> Richemont SA – Class A <br> Registered<br>| 499764 |
| 36938 | UBS Group AG <br> Registered<br>| 1254111 |
|  |  | 1753875 |
| ***Taiwan – 3.19%*** | ***Taiwan – 3.19%*** | ***Taiwan – 3.19%*** |
| 28000 | Taiwan Semiconductor <br> Manufacturing Co. Ltd.<br>| 1023942 |
| 10000 | Wiwynn Corp. | 868349 |
|  |  | 1892291 |
| ***United Kingdom – 11.30%*** | ***United Kingdom – 11.30%*** | ***United Kingdom – 11.30%*** |
| 77932 | GSK Plc | 1485888 |
| 16880 | Imperial Brands Plc | 666932 |
| 87491 | NatWest Group Plc | 614445 |
| 9134 | Reckitt Benckiser Group <br> Plc<br>| 622272 |
| 72664 | Rolls-Royce Holdings <br> Plc<br>| 962990 |
| 20431 | Shell Plc Sponsored – <br> ADR<br>| 1438547 |
| 60098 | Smith & Nephew Plc | 920356 |
|  |  | 6711430 |
| ***United States – 41.66%*** | ***United States – 41.66%*** | ***United States – 41.66%*** |
| 3609 | Alphabet, Inc. – Class A | 636014 |
| 10538 | Amdocs Ltd. | 961487 |
| 6760 | American International <br> Group, Inc.<br>| 578588 |
| 5905 | Arch Capital Group Ltd. | 537650 |

---

------

Brandes Global Equity Fund

**SCHEDULE OF INVESTMENTS — June 30, 2025 (Unaudited) (continued)**

------

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| 27011 | Bank of America Corp. | $1278161 |
| 7931 | Bank of New York <br> Mellon Corp.<br>| 722593 |
| 5189 | Becton Dickinson & Co. | 893805 |
| 4643 | Cardinal Health, Inc. | 780024 |
| 3304 | Cigna Corp. | 1092236 |
| 14939 | Citigroup, Inc. | 1271608 |
| 10995 | Cognizant Technology <br> Solutions Corp. – <br> Class A<br>| 857940 |
| 27666 | Comcast Corp. – Class A | 987400 |
| 11941 | Corteva, Inc. | 889963 |
| 8726 | CVS Health Corp. | 601919 |
| 3862 | Emerson Electric Co. | 514920 |
| 8020 | Evergy, Inc. | 552819 |
| 3473 | FedEx Corp. | 789448 |
| 6836 | Fiserv, Inc.<sup>(a)</sup> <br>| 1178595 |
| 26032 | Halliburton Co. | 530532 |
| 1914 | HCA Healthcare, Inc. | 733253 |
| 1054 | McKesson Corp. | 772350 |
| 9090 | Merck & Co., Inc. | 719564 |
| 6702 | Micron Technology, Inc. | 826022 |
| 5309 | Mohawk Industries, <br> Inc.<sup>(a)</sup> <br>| 556596 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| 10838 | OneMain Holdings, Inc. | $617766 |
| 41898 | Pfizer, Inc. | 1015608 |
| 3704 | PNC Financial Services <br> Group, Inc.<br>| 690500 |
| 16722 | Textron, Inc. | 1342609 |
| 14925 | Wells Fargo & Co. | 1195791 |
| 8040 | Westlake Corp. | 610477 |
|  |  | 24736238 |
| &nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $40,062,234) | &nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $40,062,234) | $56503304 |
| **PREFERRED STOCKS – 1.65%** | **PREFERRED STOCKS – 1.65%** | **PREFERRED STOCKS – 1.65%** |
| ***South Korea – 0.56%*** | ***South Korea – 0.56%*** | ***South Korea – 0.56%*** |
| 9069 | Samsung Electronics Co. <br> Ltd., 2.931%<sup>(c)</sup> <br>| $332696 |
| ***Spain – 1.09%*** | ***Spain – 1.09%*** | ***Spain – 1.09%*** |
| 71406 | Grifols SA – Class B – <br> ADR <sup>(a)</sup> <br>| 645510 |
| &nbsp;&nbsp; **TOTAL PREFERRED STOCKS** <br>(Cost $1,147,030) | &nbsp;&nbsp; **TOTAL PREFERRED STOCKS** <br>(Cost $1,147,030) | $978206 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **SHORT-TERM INVESTMENTS – 3.13%** | **SHORT-TERM INVESTMENTS – 3.13%** | **SHORT-TERM INVESTMENTS – 3.13%** |
| ***Money Market Funds — 3.13%*** | ***Money Market Funds — 3.13%*** | ***Money Market Funds — 3.13%*** |
| Northern Institutional Funds - Treasury Portfolio (Premier), 4.157%<sup>(d)</sup> | 1856838 | $1856838 |
| &nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>(Cost $1,856,838)<br>|  | $1856838 |
| **Total Investments** <br>**(Cost $43,066,102) – 99.93%**<br>|  | **$59338348** |
| **Other Assets in Excess of Liabilities – 0.07%** |  | **43740** |
| **TOTAL NET ASSETS – 100.00%** |  | **$59382088** |

---

------

---

| |
|:---|
| Percentages are stated as a percent of net assets. |
| ADR American Depositary Receipt |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Acquired in a transaction exempt from registration under Rule 144A or Section 4(a)(2)
 of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally
 to qualified institutional buyers. The total value of all such securities was $527,916 which represented
 0.89% of the net assets of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Current yield is disclosed. Dividends are calculated based on a percentage of the issuer's net income.

&nbsp;&nbsp;&nbsp;&nbsp;(d) The rate shown is the annualized seven day yield as of June 30, 2025.

------

Brandes Global Equity Fund

**SCHEDULE OF INVESTMENTS BY INDUSTRY — June 30, 2025** 

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **COMMON STOCKS** |  |
| Aerospace & Defense | 8.17<br> %<br>|
| Air Freight & Logistics | 1.33<br> %<br>|
| Automobile Components | 0.54<br> %<br>|
| Automobiles | 0.56<br> %<br>|
| Banks | 11.46<br> %<br>|
| Beverages | 5.44<br> %<br>|
| Broadline Retail | 1.96<br> %<br>|
| Capital Markets | 3.33<br> %<br>|
| Chemicals | 2.53<br> %<br>|
| Construction Materials | 3.15<br> %<br>|
| Consumer Finance | 1.04<br> %<br>|
| Consumer Staples Distribution & Retail | 1.96<br> %<br>|
| Diversified REITs | 0.73<br> %<br>|
| Electric Utilities | 0.93<br> %<br>|
| Electrical Equipment | 0.87<br> %<br>|
| Energy Equipment & Services | 0.89<br> %<br>|
| Financial Services | 1.99<br> %<br>|
| Health Care Equipment & Supplies | 3.06<br> %<br>|
| Health Care Providers & Services | 6.70<br> %<br>|
| Hotels, Restaurants & Leisure | 0.77<br> %<br>|
| Household Durables | 0.94<br> %<br>|
| Household Products | 1.05<br> %<br>|
| Insurance | 4.03<br> %<br>|
| Interactive Media & Services | 1.07<br> %<br>|
| IT Services | 4.29<br> %<br>|
| Media | 3.19<br> %<br>|
| Oil, Gas & Consumable Fuels | 4.44<br> %<br>|
| Pharmaceuticals | 9.17<br> %<br>|
| Semiconductors & Semiconductor Equipment | 3.12<br> %<br>|
| Specialty Retail | 0.68<br> %<br>|
| Technology Hardware, Storage & Peripherals | 2.53<br> %<br>|
| Textiles, Apparel & Luxury Goods | 2.11<br> %<br>|
| Tobacco | 1.12<br> %<br>|
| **TOTAL COMMON STOCKS** | 95.15<br> %<br>|
| **PREFERRED STOCKS** |  |
| Biotechnology | 1.09<br> %<br>|
| Technology Hardware, Storage & Peripherals | 0.56<br> %<br>|
| **TOTAL PREFERRED STOCKS** | 1.65<br> %<br>|
| **SHORT-TERM INVESTMENTS** | 3.13<br> %<br>|
| **TOTAL INVESTMENTS** | 99.93<br> %<br>|
| Other Assets in Excess of Liabilities | 0.07<br> %<br>|
| **TOTAL NET ASSETS** | 100.00<br> %<br>|

---

------

Brandes Global Equity Fund

**SCHEDULE OF INVESTMENTS BY INDUSTRY — June 30, 2025 (continued)**

------

The industry classifications represented in the Schedule of Investments are in accordance with Global Industry Classification Standards (GICS®), which was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor's Financial Services LLC or were otherwise determined by the Advisor to be appropriate. This information is unaudited.

------

Brandes Emerging Markets Value Fund

**SCHEDULE OF INVESTMENTS — June 30, 2025 (Unaudited)** 

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| **COMMON STOCKS – 96.55%** | **COMMON STOCKS – 96.55%** | **COMMON STOCKS – 96.55%** |
| ***Austria – 2.18%*** | ***Austria – 2.18%*** | ***Austria – 2.18%*** |
| 185116 | Erste Group Bank AG | $15758057 |
| ***Brazil – 11.23%*** | ***Brazil – 11.23%*** | ***Brazil – 11.23%*** |
| 399688 | Embraer SA <br> Sponsored – ADR<br>| 22746244 |
| 961966 | Engie Brasil Energia <br> SA<br>| 8040138 |
| 2976833 | Neoenergia SA | 14004501 |
| 4125700 | Sendas Distribuidora <br> SA<br>| 8550438 |
| 880000 | Suzano SA<sup>(a)</sup> <br>| 8294491 |
| 735760 | Telefonica Brasil SA<sup>(a)</sup> <br>| 4183178 |
| 3775200 | TIM SA | 15321485 |
|  |  | 81140475 |
| ***Chile – 0.81%*** | ***Chile – 0.81%*** | ***Chile – 0.81%*** |
| 1822284 | Empresa Nacional de <br> Telecomunicaciones <br> SA<br>| 5869256 |
| ***China – 14.98%*** | ***China – 14.98%*** | ***China – 14.98%*** |
| 1858100 | Alibaba Group <br> Holding Ltd.<br>| 26303170 |
| 5095000 | China Resources Beer <br> Holdings Co. Ltd.<br>| 16297769 |
| 2625000 | Galaxy Entertainment <br> Group Ltd.<br>| 11701199 |
| 3365000 | Haier Smart Home <br> Co. Ltd. – Class H<br>| 9669669 |
| 2427326 | LONGi Green Energy <br> Technology Co. Ltd. – <br> Class A<br>| 5095836 |
| 266300 | NetEase, Inc. | 7176617 |
| 17790000 | Topsports <br> International <br> Holdings Ltd.<br>| 6961935 |
| 6770000 | TravelSky Technology <br> Ltd. – Class H<br>| 9074235 |
| 6440600 | Wynn Macau Ltd. | 4457598 |
| 650650 | ZTO Express Cayman, <br> Inc.<br>| 11519842 |
|  |  | 108257870 |
| ***Georgia – 1.30%*** | ***Georgia – 1.30%*** | ***Georgia – 1.30%*** |
| 147344 | TBC Bank Group Plc | 9384481 |
| ***Greece – 1.83%*** | ***Greece – 1.83%*** | ***Greece – 1.83%*** |
| 695367 | Hellenic <br> Telecommunications <br> Organization SA<br>| 13220397 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| ***Hong Kong – 3.78%*** | ***Hong Kong – 3.78%*** | ***Hong Kong – 3.78%*** |
| 1149800 | AIA Group Ltd. | $10415399 |
| 1535400 | ASMPT Ltd. | 11300065 |
| 2181200 | Luk Fook Holdings <br> International Ltd.<br>| 5572018 |
|  |  | 27287482 |
| ***India – 4.92%*** | ***India – 4.92%*** | ***India – 4.92%*** |
| 512338 | Embassy Office Parks <br> REIT<br>| 2327604 |
| 872115 | HDFC Bank Ltd. | 20359928 |
| 1263076 | IndusInd Bank Ltd. | 12845508 |
|  |  | 35533040 |
| ***Indonesia – 6.23%*** | ***Indonesia – 6.23%*** | ***Indonesia – 6.23%*** |
| 81376111 | Bank Rakyat <br> Indonesia Persero Tbk <br> PT<br>| 18762106 |
| 2806712 | Gudang Garam Tbk <br> PT<sup>(a)</sup> <br>| 1581855 |
| 18939800 | Indofood Sukses <br> Makmur Tbk PT<br>| 9483729 |
| 88691000 | Telkom Indonesia <br> Persero Tbk PT<br>| 15173403 |
|  |  | 45001093 |
| ***Luxembourg – 2.32%*** | ***Luxembourg – 2.32%*** | ***Luxembourg – 2.32%*** |
| 447962 | Millicom International <br> Cellular SA<br>| 16785136 |
| ***Mexico – 8.81%*** | ***Mexico – 8.81%*** | ***Mexico – 8.81%*** |
| 342717 | America Movil SAB <br> de CV – ADR<br>| 6148343 |
| 1586133 | America Movil SAB <br> de CV – Class B<br>| 1418387 |
| 1267503 | Cemex SAB de CV <br> Sponsored – ADR<br>| 8783796 |
| 10352107 | Fibra Uno <br> Administracion SA de <br> CV<br>| 14299694 |
| 1143704 | Kimberly-Clark de <br> Mexico SAB de CV – <br> ADR<br>| 10412739 |
| 1621162 | Kimberly-Clark de <br> Mexico SAB de CV – <br> Class A<br>| 2965946 |

---

------

Brandes Emerging Markets Value Fund

**SCHEDULE OF INVESTMENTS — June 30, 2025 (Unaudited) (continued)**

------

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| 2051547 | Prologis Property <br> Mexico SA de CV<br>| $7753775 |
| 3579581 | Wal-Mart de Mexico <br> SAB de CV<br>| 11855949 |
|  |  | 63638629 |
| ***Panama – 4.25%*** | ***Panama – 4.25%*** | ***Panama – 4.25%*** |
| 334380 | Banco <br> Latinoamericano de <br> Comercio Exterior SA <br> – Class E<br>| 13475514 |
| 156609 | Copa Holdings SA – <br> Class A<br>| 17222292 |
|  |  | 30697806 |
| ***Philippines – 1.06%*** | ***Philippines – 1.06%*** | ***Philippines – 1.06%*** |
| 3299219 | Bank of the Philippine <br> Islands<br>| 7614033 |
| ***Russia – 0.00%*** | ***Russia – 0.00%*** | ***Russia – 0.00%*** |
| 236429 | LUKOIL PJSC<sup>(a),(b)</sup> <br>|  |
| 4858073 | Mobile TeleSystems <br> PJSC<sup>(a),(b)</sup> <br>|  |
| 7919891 | Sberbank of Russia <br> PJSC<sup>(a),(b)</sup> <br>|  |
| 31423480 | Sistema AFK <br> PAO<sup>(a),(b)</sup> <br>|  |
| ***Singapore – 1.92%*** | ***Singapore – 1.92%*** | ***Singapore – 1.92%*** |
| 6147593 | Wilmar International <br> Ltd.<br>| 13876838 |
| ***Slovenia – 0.47%*** | ***Slovenia – 0.47%*** | ***Slovenia – 0.47%*** |
| 96032 | Nova Ljubljanska <br> Banka – GDR<br>| 3393627 |
| ***South Africa – 1.49%*** | ***South Africa – 1.49%*** | ***South Africa – 1.49%*** |
| 1083418 | Absa Group Ltd. | 10783700 |
| ***South Korea – 11.25%*** | ***South Korea – 11.25%*** | ***South Korea – 11.25%*** |
| 235870 | Hana Financial <br> Group, Inc.<br>| 15024452 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| 215805 | Hankook Tire & <br> Technology Co. Ltd.<br>| $6340159 |
| 871690 | Samsung Electronics <br> Co. Ltd.<br>| 38547545 |
| 142272 | Shinhan Financial <br> Group Co. Ltd.<br>| 6450165 |
| 69220 | SK Hynix, Inc. | 14915637 |
|  |  | 81277958 |
| ***Taiwan – 13.69%*** | ***Taiwan – 13.69%*** | ***Taiwan – 13.69%*** |
| 2698430 | Chailease Holding Co. <br> Ltd.<br>| 11687487 |
| 1755900 | Taiwan <br> Semiconductor <br> Manufacturing Co. <br> Ltd.<br>| 64212129 |
| 265000 | Wiwynn Corp. | 23011257 |
|  |  | 98910873 |
| ***Thailand – 2.55%*** | ***Thailand – 2.55%*** | ***Thailand – 2.55%*** |
| 30042081 | 3BB Internet <br> Infrastructure Fund<sup>(a)</sup> <br>| 5406119 |
| 2760200 | Kasikornbank PCL – <br> Class F<br>| 13035795 |
|  |  | 18441914 |
| ***United Kingdom – 1.48%*** | ***United Kingdom – 1.48%*** | ***United Kingdom – 1.48%*** |
| 884483 | HSBC Holdings Plc | 10698876 |
| &nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $639,623,882) | &nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $639,623,882) | $697571541 |
| **PREFERRED STOCKS – 2.47%** | **PREFERRED STOCKS – 2.47%** | **PREFERRED STOCKS – 2.47%** |
| ***Brazil – 2.47%*** | ***Brazil – 2.47%*** | ***Brazil – 2.47%*** |
| 3094457 | Petroleo Brasileiro SA <br> – Petrobras, 3.932%<sup>(c)</sup> <br>| $17872680 |
| &nbsp;&nbsp; **TOTAL PREFERRED STOCKS** <br>(Cost $12,386,204) | &nbsp;&nbsp; **TOTAL PREFERRED STOCKS** <br>(Cost $12,386,204) | $17872680 |

---

------

Brandes Emerging Markets Value Fund

**SCHEDULE OF INVESTMENTS — June 30, 2025 (Unaudited) (continued)**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **SHORT-TERM INVESTMENTS – 1.53%** | **SHORT-TERM INVESTMENTS – 1.53%** | **SHORT-TERM INVESTMENTS – 1.53%** |
| ***Money Market Funds — 1.53%*** | ***Money Market Funds — 1.53%*** | ***Money Market Funds — 1.53%*** |
| Northern Institutional Funds - Treasury Portfolio (Premier), 4.157%<sup>(d)</sup> | 11015059 | $11015059 |
| &nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>(Cost $11,015,059)<br>|  | $11015059 |
| **Total Investments** <br>**(Cost $663,025,145) – 100.55%**<br>|  | **$726459280** |
| **Liabilities in Excess of Other Assets – (0.55)%** |  | **(3948688)**<br>|
| **TOTAL NET ASSETS – 100.00%** |  | **$722510592** |

---

------

---

| |
|:---|
| Percentages are stated as a percent of net assets. |
| ADR American Depositary Receipt |
| REIT Real Estate Investment Trust |
| GDR Global Depositary Receipt |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Security is valued using significant unobservable inputs and is classified as Level
 3 in the fair value hierarchy.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Current yield is disclosed. Dividends are calculated based on a percentage of the issuer's net income.

&nbsp;&nbsp;&nbsp;&nbsp;(d) The rate shown is the annualized seven day yield as of June 30, 2025.

------

Brandes Emerging Markets Value Fund

**SCHEDULE OF INVESTMENTS BY INDUSTRY — June 30, 2025** 

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **COMMON STOCKS** |  |
| Aerospace & Defense | 3.15<br> %<br>|
| Air Freight & Logistics | 1.59<br> %<br>|
| Automobile Components | 0.88<br> %<br>|
| Banks | 19.95<br> %<br>|
| Beverages | 2.26<br> %<br>|
| Broadline Retail | 3.64<br> %<br>|
| Construction Materials | 1.22<br> %<br>|
| Consumer Staples Distribution & Retail | 2.82<br> %<br>|
| Diversified REITs | 1.98<br> %<br>|
| Diversified Telecommunication Services | 5.26<br> %<br>|
| Electric Utilities | 1.94<br> %<br>|
| Entertainment | 0.99<br> %<br>|
| Financial Services | 3.49<br> %<br>|
| Food Products | 3.23<br> %<br>|
| Hotels, Restaurants & Leisure | 3.50<br> %<br>|
| Household Durables | 1.34<br> %<br>|
| Household Products | 1.85<br> %<br>|
| Independent Power and Renewable Electricity Producers | 1.11<br> %<br>|
| Industrial Real Estate Investment Trusts | 1.07<br> %<br>|
| Insurance | 1.44<br> %<br>|
| Office Real Estate Investment Trusts | 0.32<br> %<br>|
| Oil, Gas & Consumable Fuels | 0.00<br> %<br>|
| Paper & Forest Products | 1.15<br> %<br>|
| Passenger Airlines | 2.38<br> %<br>|
| Semiconductors & Semiconductor Equipment | 13.22<br> %<br>|
| Specialty Retail | 1.73<br> %<br>|
| Technology Hardware, Storage & Peripherals | 8.52<br> %<br>|
| Tobacco | 0.22<br> %<br>|
| Wireless Telecommunication Services | 6.30<br> %<br>|
| **TOTAL COMMON STOCKS** | 96.55<br> %<br>|
| **PREFERRED STOCKS** |  |
| Oil, Gas & Consumable Fuels | 2.47<br> %<br>|
| **TOTAL PREFERRED STOCKS** | 2.47<br> %<br>|
| **SHORT-TERM INVESTMENTS** | 1.53<br> %<br>|
| **TOTAL INVESTMENTS** | 100.55<br> %<br>|
| Liabilities in Excess of Other Assets | (0.55)%<br>|
| **TOTAL NET ASSETS** | 100.00<br> %<br>|

---

The industry classifications represented in the Schedule of Investments are in accordance with Global Industry Classification Standards (GICS®), which was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor's Financial Services LLC or were otherwise determined by the Advisor to be appropriate. This information is unaudited.

------

Brandes International Small Cap Equity Fund

**SCHEDULE OF INVESTMENTS — June 30, 2025 (Unaudited)** 

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| **COMMON STOCKS – 93.76%** | **COMMON STOCKS – 93.76%** | **COMMON STOCKS – 93.76%** |
| ***Austria – 1.09%*** | ***Austria – 1.09%*** | ***Austria – 1.09%*** |
| 599204 | Addiko Bank AG<sup>(a)</sup> <br>| $13340232 |
| ***Belgium – 1.58%*** | ***Belgium – 1.58%*** | ***Belgium – 1.58%*** |
| 2407980 | Ontex Group NV<sup>(a)</sup> <br>| 19319160 |
| ***Brazil – 5.50%*** | ***Brazil – 5.50%*** | ***Brazil – 5.50%*** |
| 3473440 | Embraer SA | 49233332 |
| 3820172 | Neoenergia SA | 17971986 |
|  |  | 67205318 |
| ***Canada – 10.08%*** | ***Canada – 10.08%*** | ***Canada – 10.08%*** |
| 1354890 | CAE, Inc.<sup>(a)</sup> <br>| 39657630 |
| 1021208 | Canfor Corp.<sup>(a)</sup> <br>| 10603915 |
| 540830 | Corby Spirit and <br> Wine Ltd.<br>| 5588014 |
| 1156725 | Dorel Industries, <br> Inc. – Class B<sup>(a)</sup> <br>| 1274160 |
| 51387 | Lassonde Industries, <br> Inc. – Class A<br>| 7871730 |
| 906557 | Open Text Corp. | 26471464 |
| 1472735 | Pason Systems, Inc. | 13280842 |
| 562517 | Winpak Ltd. | 18440065 |
|  |  | 123187820 |
| ***France – 7.56%*** | ***France – 7.56%*** | ***France – 7.56%*** |
| 841012 | Elior Group SA<sup>(a),(b)</sup> <br>| 2570245 |
| 1166384 | Euroapi SA<sup>(a)</sup> <br>| 3969099 |
| 664044 | LISI SA | 29584134 |
| 21230 | LISI SA (PRIME) | 945298 |
| 71431 | LISI SA <br> Registered (2026)<br>| 3180573 |
| 137000 | LISI SA <br> Registered (2027)<br>| 6100132 |
| 517845 | Societe BIC SA | 32250229 |
| 200427 | Vicat SACA | 13886387 |
|  |  | 92486097 |
| ***Germany – 0.51%*** | ***Germany – 0.51%*** | ***Germany – 0.51%*** |
| 91918 | Draegerwerk AG & <br> Co. KGaA<br>| 6178178 |
| ***Hong Kong – 5.51%*** | ***Hong Kong – 5.51%*** | ***Hong Kong – 5.51%*** |
| 2059500 | Dickson Concepts <br> International Ltd.<br>| 1799409 |
| 34061300 | Emperor Watch & <br> Jewellery Ltd.<br>| 1909180 |
| 40063000 | First Pacific Co. <br> Ltd.<br>| 28397465 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| 28649020 | PAX Global <br> Technology Ltd.<br>| $22079958 |
| 41798000 | Pico Far East <br> Holdings Ltd.<br>| 13216925 |
|  |  | 67402937 |
| ***Hungary – 2.44%*** | ***Hungary – 2.44%*** | ***Hungary – 2.44%*** |
| 5679946 | Magyar Telekom <br> Telecommunications <br> Plc<br>| 29840963 |
| ***Indonesia – 1.97%*** | ***Indonesia – 1.97%*** | ***Indonesia – 1.97%*** |
| 47990200 | Indofood Sukses <br> Makmur Tbk PT<br>| 24030141 |
| ***Ireland – 5.45%*** | ***Ireland – 5.45%*** | ***Ireland – 5.45%*** |
| 1331861 | AIB Group Plc | 10991652 |
| 1403427 | Avadel <br> Pharmaceuticals <br> Plc<sup>(a)</sup> <br>| 12420329 |
| 19349539 | C&C Group Plc<sup>(c)</sup> <br>| 43239917 |
|  |  | 66651898 |
| ***Italy – 0.61%*** | ***Italy – 0.61%*** | ***Italy – 0.61%*** |
| 135630 | Buzzi SpA | 7522052 |
| ***Japan – 10.07%*** | ***Japan – 10.07%*** | ***Japan – 10.07%*** |
| 1006300 | Futaba Corp. | 4287027 |
| 1082500 | H.U. Group <br> Holdings, Inc.<br>| 23927349 |
| 1499000 | Hyakugo Bank Ltd. | 7171575 |
| 482200 | Kaken <br> Pharmaceutical Co. <br> Ltd.<br>| 12773650 |
| 455900 | Kissei <br> Pharmaceutical Co. <br> Ltd.<br>| 12761885 |
| 1290100 | Koatsu Gas Kogyo <br> Co. Ltd.<br>| 9364731 |
| 1208544 | Komori Corp. | 12527237 |
| 1883200 | Medipal Holdings <br> Corp.<br>| 30541663 |
| 1109300 | Nihon Parkerizing <br> Co. Ltd.<br>| 9780264 |
|  |  | 123135381 |
| ***Luxembourg – 3.03%*** | ***Luxembourg – 3.03%*** | ***Luxembourg – 3.03%*** |
| 989642 | Millicom <br> International <br> Cellular SA<br>| 37081886 |

---

------

Brandes International Small Cap Equity Fund

**SCHEDULE OF INVESTMENTS — June 30, 2025 (Unaudited) (continued)**

------

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| ***Mexico – 5.17%*** | ***Mexico – 5.17%*** | ***Mexico – 5.17%*** |
| 10534718 | Bolsa Mexicana de <br> Valores SAB de CV<br>| $24135337 |
| 32000124 | Consorcio ARA SAB <br> de CV<sup>(a)</sup> <br>| 5781151 |
| 24066521 | Fibra Uno <br> Administracion SA <br> de CV<br>| 33243850 |
|  |  | 63160338 |
| ***Panama – 1.38%*** | ***Panama – 1.38%*** | ***Panama – 1.38%*** |
| 418727 | Banco <br> Latinoamericano de <br> Comercio Exterior <br> SA – Class E<br>| 16874698 |
| ***Slovenia – 2.57%*** | ***Slovenia – 2.57%*** | ***Slovenia – 2.57%*** |
| 406612 | Nova Ljubljanska <br> Banka – GDR<sup>(b)</sup> <br>| 14369059 |
| 483262 | Nova Ljubljanska <br> Banka – GDR<br>| 17077756 |
|  |  | 31446815 |
| ***South Korea – 4.63%*** | ***South Korea – 4.63%*** | ***South Korea – 4.63%*** |
| 849066 | Hankook Tire & <br> Technology Co. Ltd.<br>| 24944802 |
| 624892 | S-1 Corp. | 31672324 |
|  |  | 56617126 |
| ***Spain – 2.40%*** | ***Spain – 2.40%*** | ***Spain – 2.40%*** |
| 18370750 | Linea Directa <br> Aseguradora SA Cia <br> de Seguros y <br> Reaseguros<br>| 29313374 |
| ***Switzerland – 5.57%*** | ***Switzerland – 5.57%*** | ***Switzerland – 5.57%*** |
| 25410 | Bystronic AG | 12329510 |
| 1458607 | Montana Aerospace <br> AG<sup>(a),(b)</sup> <br>| 47733853 |
| 52681 | Valiant Holding AG <br> Registered<br>| 8023678 |
|  |  | 68087041 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| ***United Kingdom – 14.50%*** | ***United Kingdom – 14.50%*** | ***United Kingdom – 14.50%*** |
| 2576927 | Balfour Beatty Plc | $18488898 |
| 1739361 | Burberry Group <br> Plc<sup>(a)</sup> <br>| 28252820 |
| 19011798 | ITV Plc | 21538331 |
| 6946341 | J Sainsbury Plc | 27645498 |
| 5020300 | LSL Property <br> Services Plc<br>| 21844835 |
| 4469364 | Mitie Group Plc | 8675516 |
| 3568535 | Pagegroup Plc | 13110941 |
| 2810788 | QinetiQ Group Plc | 19888515 |
| 2469835 | Yellow Cake Plc<sup>(a),(b)</sup> <br>| 17840465 |
|  |  | 177285819 |
| ***United States – 2.14%*** | ***United States – 2.14%*** | ***United States – 2.14%*** |
| 1137353 | Kennametal, Inc. | 26113625 |
| &nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $853,170,661) | &nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $853,170,661) | $1146280899 |
| **PREFERRED STOCKS – 4.98%** | **PREFERRED STOCKS – 4.98%** | **PREFERRED STOCKS – 4.98%** |
| ***Germany – 2.16%*** | ***Germany – 2.16%*** | ***Germany – 2.16%*** |
| 334016 | Draegerwerk AG & <br> Co. KGaA, <br> 3.034%<sup>(d)</sup> <br>| $26455107 |
| ***Spain – 2.82%*** | ***Spain – 2.82%*** | ***Spain – 2.82%*** |
| 3816499 | Grifols SA – Class B <br> – ADR <sup>(a)</sup> <br>| 34501151 |
| &nbsp;&nbsp; **TOTAL PREFERRED** <br> **STOCKS** <br>(Cost $47,616,498) | &nbsp;&nbsp; **TOTAL PREFERRED** <br> **STOCKS** <br>(Cost $47,616,498) | $60956258 |
| **INVESTMENT COMPANIES – 0.69%** | **INVESTMENT COMPANIES – 0.69%** | **INVESTMENT COMPANIES – 0.69%** |
| ***Canada – 0.69%*** | ***Canada – 0.69%*** | ***Canada – 0.69%*** |
| 448543 | Sprott Physical <br> Uranium Trust<sup>(a)</sup> <br>| $8399373 |
| &nbsp;&nbsp; **TOTAL INVESTMENT** <br> **COMPANIES** <br>(Cost $6,337,381) | &nbsp;&nbsp; **TOTAL INVESTMENT** <br> **COMPANIES** <br>(Cost $6,337,381) | $8399373 |

---

------

Brandes International Small Cap Equity Fund

**SCHEDULE OF INVESTMENTS — June 30, 2025 (Unaudited) (continued)**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **SHORT-TERM INVESTMENTS – 2.29%** | **SHORT-TERM INVESTMENTS – 2.29%** | **SHORT-TERM INVESTMENTS – 2.29%** |
| ***Money Market Funds — 2.29%*** | ***Money Market Funds — 2.29%*** | ***Money Market Funds — 2.29%*** |
| Northern Institutional Funds - Treasury Portfolio (Premier), 4.157%<sup>(e)</sup> | 27987188 | $27987188 |
| &nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>(Cost $27,987,188)<br>|  | $27987188 |
| **Total Investments** <br>**(Cost $935,111,728) – 101.72%**<br>|  | **$1243623718** |
| **Liabilities in Excess of Other Assets – (1.72)%** |  | **(21042096)**<br>|
| **TOTAL NET ASSETS – 100.00%** |  | **$1222581622** |

---

------

---

| |
|:---|
| Percentages are stated as a percent of net assets. |
| GDR Global Depositary Receipt |
| ADR American Depositary Receipt |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Acquired in a transaction exempt from registration under Rule 144A or Section 4(a)(2)
 of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally
 to qualified institutional buyers. The total value of all such securities was $82,513,622 which
 represented 6.75% of the net assets of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Affiliated issuer. See Note 3 in the Notes to Financial Statements.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Current yield is disclosed. Dividends are calculated based on a percentage of the issuer's net income.

&nbsp;&nbsp;&nbsp;&nbsp;(e) The rate shown is the annualized seven day yield as of June 30, 2025.

------

Brandes International Small Cap Equity Fund

**SCHEDULE OF INVESTMENTS BY INDUSTRY — June 30, 2025** 

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **COMMON STOCKS** |  |
| Aerospace & Defense | 16.06<br> %<br>|
| Automobile Components | 2.04<br> %<br>|
| Banks | 5.81<br> %<br>|
| Beverages | 4.00<br> %<br>|
| Capital Markets | 1.98<br> %<br>|
| Chemicals | 1.57<br> %<br>|
| Commercial Services & Supplies | 5.94<br> %<br>|
| Construction & Engineering | 1.51<br> %<br>|
| Construction Materials | 1.74<br> %<br>|
| Consumer Staples Distribution & Retail | 2.26<br> %<br>|
| Containers & Packaging | 1.51<br> %<br>|
| Diversified REITs | 2.72<br> %<br>|
| Diversified Telecommunication Services | 2.44<br> %<br>|
| Electric Utilities | 1.47<br> %<br>|
| Electrical Equipment | 0.35<br> %<br>|
| Electronic Equipment, Instruments & Components | 1.80<br> %<br>|
| Energy Equipment & Services | 1.09<br> %<br>|
| Financial Services | 1.38<br> %<br>|
| Food Products | 4.93<br> %<br>|
| Health Care Equipment & Supplies | 0.51<br> %<br>|
| Health Care Providers & Services | 4.46<br> %<br>|
| Hotels, Restaurants & Leisure | 0.21<br> %<br>|
| Household Durables | 0.57<br> %<br>|
| Insurance | 2.40<br> %<br>|
| Machinery | 4.17<br> %<br>|
| Media | 2.84<br> %<br>|
| Oil, Gas & Consumable Fuels | 1.46<br> %<br>|
| Paper & Forest Products | 0.87<br> %<br>|
| Personal Care Products | 1.58<br> %<br>|
| Pharmaceuticals | 3.41<br> %<br>|
| Professional Services | 1.07<br> %<br>|
| Real Estate Management & Development | 1.79<br> %<br>|
| Software | 2.17<br> %<br>|
| Specialty Retail | 0.31<br> %<br>|
| Textiles, Apparel & Luxury Goods | 2.31<br> %<br>|
| Wireless Telecommunication Services | 3.03<br> %<br>|
| **TOTAL COMMON STOCKS** | 93.76<br> %<br>|
| **PREFERRED STOCKS** |  |
| Biotechnology | 2.82<br> %<br>|
| Health Care Equipment & Supplies | 2.16<br> %<br>|
| **TOTAL PREFERRED STOCKS** | 4.98<br> %<br>|
| **INVESTMENT COMPANIES** |  |
| Trading Companies & Distributors | 0.69<br> %<br>|
| **TOTAL INVESTMENT COMPANIES** | 0.69<br> %<br>|

---

------

Brandes International Small Cap Equity Fund

**SCHEDULE OF INVESTMENTS BY INDUSTRY — June 30, 2025 (continued)**

------

---

| | |
|:---|:---|
| **SHORT-TERM INVESTMENTS** | 2.29<br> %<br>|
| **TOTAL INVESTMENTS** | 101.72<br> %<br>|
| Liabilities in Excess of Other Assets | (1.72)%<br>|
| **TOTAL NET ASSETS** | 100.00<br> %<br>|

---

The industry classifications represented in the Schedule of Investments are in accordance with Global Industry Classification Standards (GICS®), which was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor's Financial Services LLC or were otherwise determined by the Advisor to be appropriate. This information is unaudited.

------

Brandes Small Cap Value Fund

**SCHEDULE OF INVESTMENTS — June 30, 2025 (Unaudited)** 

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| **COMMON STOCKS – 96.71%** | **COMMON STOCKS – 96.71%** | **COMMON STOCKS – 96.71%** |
| ***Aerospace & Defense – 16.28%*** | ***Aerospace & Defense – 16.28%*** | ***Aerospace & Defense – 16.28%*** |
| 84283 | CAE, Inc.<sup>(a)</sup> <br>| $2466963 |
| 38690 | Embraer SA Sponsored <br> – ADR<br>| 2201848 |
| 114964 | Hexcel Corp. | 6494316 |
| 33319 | Moog, Inc. – Class A | 6029740 |
| 5899 | National Presto <br> Industries, Inc.<br>| 577866 |
| 478859 | Park Aerospace Corp. | 7072748 |
|  |  | 24843481 |
| ***Banks – 2.04%*** | ***Banks – 2.04%*** | ***Banks – 2.04%*** |
| 93637 | Eagle Bancorp <br> Montana, Inc.<br>| 1560929 |
| 56822 | National Bankshares, <br> Inc.<br>| 1545558 |
|  |  | 3106487 |
| ***Biotechnology – 0.00%*** | ***Biotechnology – 0.00%*** | ***Biotechnology – 0.00%*** |
| 11508 | PDL BioPharma, <br> Inc.<sup>(a),(b)</sup> <br>| 720 |
| ***Chemicals – 3.99%*** | ***Chemicals – 3.99%*** | ***Chemicals – 3.99%*** |
| 54599 | Minerals Technologies, <br> Inc.<br>| 3006767 |
| 46562 | Scotts Miracle-Gro Co. | 3071229 |
|  |  | 6077996 |
| ***Commercial Services & Supplies – 3.60%*** | ***Commercial Services & Supplies – 3.60%*** | ***Commercial Services & Supplies – 3.60%*** |
| 22303 | Brady Corp. – Class A | 1515935 |
| 61811 | Healthcare Services <br> Group, Inc.<sup>(a)</sup> <br>| 929019 |
| 16180 | UniFirst Corp. | 3045400 |
|  |  | 5490354 |
| ***Communications Equipment – 1.21%*** | ***Communications Equipment – 1.21%*** | ***Communications Equipment – 1.21%*** |
| 63485 | NETGEAR, Inc.<sup>(a)</sup> <br>| 1845509 |
| ***Construction & Engineering – 3.54%*** | ***Construction & Engineering – 3.54%*** | ***Construction & Engineering – 3.54%*** |
| 596099 | Orion Group Holdings, <br> Inc.<sup>(a)</sup> <br>| 5406618 |
| ***Consumer Staples Distribution & Retail –*** <br> ***3.24%*** | ***Consumer Staples Distribution & Retail –*** <br> ***3.24%*** | ***Consumer Staples Distribution & Retail –*** <br> ***3.24%*** |
| 78036 | Ingles Markets, Inc. – <br> Class A<br>| 4945922 |
| ***Containers & Packaging – 3.16%*** | ***Containers & Packaging – 3.16%*** | ***Containers & Packaging – 3.16%*** |
| 155097 | Sealed Air Corp. | 4812660 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| ***Electronic Equipment, Instruments &*** <br> ***Components – 4.71%*** | ***Electronic Equipment, Instruments &*** <br> ***Components – 4.71%*** | ***Electronic Equipment, Instruments &*** <br> ***Components – 4.71%*** |
| 423262 | Arlo Technologies, <br> Inc.<sup>(a)</sup> <br>| $7178523 |
| ***Energy Equipment & Services – 4.65%*** | ***Energy Equipment & Services – 4.65%*** | ***Energy Equipment & Services – 4.65%*** |
| 454222 | Innovex International, <br> Inc.<sup>(a)</sup> <br>| 7094948 |
| ***Health Care Equipment & Supplies – 3.79%*** | ***Health Care Equipment & Supplies – 3.79%*** | ***Health Care Equipment & Supplies – 3.79%*** |
| 108081 | LENSAR, Inc.<sup>(a)</sup> <br>| 1423427 |
| 76601 | Utah Medical Products, <br> Inc.<br>| 4360129 |
|  |  | 5783556 |
| ***Health Care Providers & Services – 2.53%*** | ***Health Care Providers & Services – 2.53%*** | ***Health Care Providers & Services – 2.53%*** |
| 54981 | Pediatrix Medical <br> Group, Inc.<sup>(a)</sup> <br>| 788977 |
| 140199 | Premier, Inc. – Class A | 3074564 |
|  |  | 3863541 |
| ***Hotels, Restaurants & Leisure – 2.33%*** | ***Hotels, Restaurants & Leisure – 2.33%*** | ***Hotels, Restaurants & Leisure – 2.33%*** |
| 72676 | Papa John's <br> International, Inc.<br>| 3556763 |
| ***Household Durables – 0.12%*** | ***Household Durables – 0.12%*** | ***Household Durables – 0.12%*** |
| 164960 | Dorel Industries, Inc. – <br> Class B<sup>(a)</sup> <br>| 181707 |
| ***Leisure Products – 2.27%*** | ***Leisure Products – 2.27%*** | ***Leisure Products – 2.27%*** |
| 330753 | American Outdoor <br> Brands, Inc.<sup>(a)</sup> <br>| 3456369 |
| ***Machinery – 16.30%*** | ***Machinery – 16.30%*** | ***Machinery – 16.30%*** |
| 182379 | Graham Corp.<sup>(a)</sup> <br>| 9029584 |
| 104885 | Hurco Companies, <br> Inc.<sup>(a)</sup> <br>| 1982326 |
| 304212 | Kennametal, Inc. | 6984708 |
| 180003 | L.B. Foster Co. – <br> Class A<sup>(a)</sup> <br>| 3936666 |
| 40463 | Timken Co. | 2935591 |
|  |  | 24868875 |
| ***Oil, Gas & Consumable Fuels – 2.03%*** | ***Oil, Gas & Consumable Fuels – 2.03%*** | ***Oil, Gas & Consumable Fuels – 2.03%*** |
| 109383 | World Kinect Corp. | 3101008 |
| ***Paper & Forest Products – 1.02%*** | ***Paper & Forest Products – 1.02%*** | ***Paper & Forest Products – 1.02%*** |
| 150056 | Canfor Corp.<sup>(a)</sup> <br>| 1558136 |
| ***Personal Care Products – 4.41%*** | ***Personal Care Products – 4.41%*** | ***Personal Care Products – 4.41%*** |
| 287587 | Edgewell Personal <br> Care Co.<br>| 6732412 |

---

------

Brandes Small Cap Value Fund

**SCHEDULE OF INVESTMENTS — June 30, 2025 (Unaudited) (continued)**

------

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| ***Pharmaceuticals – 6.03%*** | ***Pharmaceuticals – 6.03%*** | ***Pharmaceuticals – 6.03%*** |
| 184355 | Avadel Pharmaceuticals <br> Plc<sup>(a)</sup> <br>| $1631542 |
| 457462 | Elanco Animal Health, <br> Inc.<sup>(a)</sup> <br>| 6532557 |
| 40497 | Phibro Animal Health <br> Corp. – Class A<br>| 1034293 |
|  |  | 9198392 |
| ***Professional Services – 0.66%*** | ***Professional Services – 0.66%*** | ***Professional Services – 0.66%*** |
| 187248 | Resources Connection, <br> Inc.<br>| 1005522 |
| ***Software – 1.50%*** | ***Software – 1.50%*** | ***Software – 1.50%*** |
| 78556 | Open Text Corp. | 2293835 |
| ***Textiles, Apparel & Luxury Goods – 4.98%*** | ***Textiles, Apparel & Luxury Goods – 4.98%*** | ***Textiles, Apparel & Luxury Goods – 4.98%*** |
| 1164347 | Hanesbrands, Inc.<sup>(a)</sup> <br>| 5332709 |
| 148632 | Movado Group, Inc. | 2266638 |
|  |  | 7599347 |
| ***Trading Companies & Distributors – 2.32%*** | ***Trading Companies & Distributors – 2.32%*** | ***Trading Companies & Distributors – 2.32%*** |
| 41691 | MSC Industrial Direct <br> Co., Inc. – Class A<br>| 3544569 |
| &nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $135,886,746) | &nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $135,886,746) | $147547250 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| **PREFERRED STOCKS – 1.92%** | **PREFERRED STOCKS – 1.92%** | **PREFERRED STOCKS – 1.92%** |
| ***Biotechnology – 1.92%*** | ***Biotechnology – 1.92%*** | ***Biotechnology – 1.92%*** |
| 324340 | Grifols SA – Class B – <br> ADR <sup>(a)</sup> <br>| $2932034 |
| &nbsp;&nbsp; **TOTAL PREFERRED STOCKS** <br>(Cost $2,485,412) | &nbsp;&nbsp; **TOTAL PREFERRED STOCKS** <br>(Cost $2,485,412) | $2932034 |
| **INVESTMENT COMPANIES – 0.86%** | **INVESTMENT COMPANIES – 0.86%** | **INVESTMENT COMPANIES – 0.86%** |
| ***Trading Companies & Distributors – 0.86%*** | ***Trading Companies & Distributors – 0.86%*** | ***Trading Companies & Distributors – 0.86%*** |
| 70130 | Sprott Physical <br> Uranium Trust<sup>(a)</sup> <br>| $1313248 |
| &nbsp;&nbsp; **TOTAL INVESTMENT** <br> **COMPANIES** <br>(Cost $1,113,745) | &nbsp;&nbsp; **TOTAL INVESTMENT** <br> **COMPANIES** <br>(Cost $1,113,745) | $1313248 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **SHORT-TERM INVESTMENTS – 0.37%** | **SHORT-TERM INVESTMENTS – 0.37%** | **SHORT-TERM INVESTMENTS – 0.37%** |
| Northern Institutional Funds - Treasury Portfolio (Premier), 4.157%, <sup>(c)</sup> | 559498 | $559498 |
| &nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>(Cost $559,498)<br>|  | $559498 |
| **Total Investments (Cost $140,045,401) – 99.86%** |  | **$152352030** |
| **Other Assets in Excess of Liabilities – 0.14%** |  | **218750** |
| **TOTAL NET ASSETS – 100.00%** |  | **$152570780** |

---

------

---

| |
|:---|
| Percentages are stated as a percent of net assets. |
| ADR American Depositary Receipt |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Security is valued using significant unobservable inputs and is classified as Level
 3 in the fair value hierarchy.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The rate shown is the annualized seven day yield as of June 30, 2025.

------

Brandes Small Cap Value Fund

**SCHEDULE OF INVESTMENTS BY COUNTRY — June 30, 2025** 

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **COMMON STOCKS** |  |
| Brazil | 1.44<br> %<br>|
| Canada | 4.26<br> %<br>|
| Ireland | 1.07<br> %<br>|
| United States | 89.94<br> %<br>|
| **TOTAL COMMON STOCKS** | 96.71<br> %<br>|
| **PREFERRED STOCKS** |  |
| Spain | 1.92<br> %<br>|
| **TOTAL PREFERRED STOCKS** | 1.92<br> %<br>|
| **INVESTMENT COMPANIES** |  |
| Canada | 0.86<br> %<br>|
| **TOTAL INVESTMENT COMPANIES** | 0.86<br> %<br>|
| **SHORT-TERM INVESTMENTS** | 0.37<br> %<br>|
| **TOTAL INVESTMENTS** | 99.86<br> %<br>|
| Other Assets in Excess of Liabilities | 0.14<br> %<br>|
| **TOTAL NET ASSETS** | 100.00<br> %<br>|

---

The industry classifications represented in the Schedule of Investments are in accordance with Global Industry Classification Standards (GICS®), which was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor's Financial Services LLC or were otherwise determined by the Advisor to be appropriate. This information is unaudited.

------

Brandes Core Plus Fixed Income Fund

**SCHEDULE OF INVESTMENTS — June 30, 2025 (Unaudited)** 

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount**<br>| **Value** |
| **FEDERAL AND FEDERALLY SPONSORED CREDITS – 3.36%** | **FEDERAL AND FEDERALLY SPONSORED CREDITS – 3.36%** | **FEDERAL AND FEDERALLY SPONSORED CREDITS – 3.36%** |
| ***Federal Home Loan Mortgage Corporation – 1.75%*** | ***Federal Home Loan Mortgage Corporation – 1.75%*** | ***Federal Home Loan Mortgage Corporation – 1.75%*** |
| Pool A9-3505 4.500%, 8/1/2040 | 36191 | $36116 |
| Pool G0-6018 6.500%, 4/1/2039 | 8639 | 9005 |
| Pool G1-8578 3.000%, 12/1/2030 | 304526 | 297451 |
| Pool SD-2873 3.000%, 1/1/2052 | 1957474 | 1714768 |
| Pool SD-8001 3.500%, 7/1/2049 | 175921 | 160327 |
| Pool SD-8003 4.000%, 7/1/2049 | 171326 | 161620 |
|  |  | 2379287 |
| ***Federal National Mortgage Association – 1.61%*** | ***Federal National Mortgage Association – 1.61%*** | ***Federal National Mortgage Association – 1.61%*** |
| Pool 934124 5.500%, 7/1/2038 | 32337 | 33137 |
| Pool AL9865 3.000%, 2/1/2047 | 587309 | 518746 |
| Pool AS6201 3.500%, 11/1/2045 | 126588 | 117754 |
| Pool BJ2553 3.500%, 12/1/2047 | 195602 | 179962 |
| Pool BN6683 3.500%, 6/1/2049 | 305270 | 278210 |
| Pool CA0483 3.500%, 10/1/2047 | 592202 | 544375 |
| Pool CA1624 3.000%, 4/1/2033 | 316850 | 307572 |
| Pool MA0918 4.000%, 12/1/2041 | 85670 | 82636 |
| Pool MA3687 4.000%, 6/1/2049 | 137808 | 128681 |
| Pool MA3695 3.000%, 7/1/2034 | 4137 | 3996 |
|  |  | 2195069 |
| &nbsp;&nbsp; **TOTAL FEDERAL AND FEDERALLY SPONSORED CREDITS** <br>(Cost $4,591,525)<br>|  | $4574356 |
| **OTHER MORTGAGE RELATED SECURITIES – 0.00%** | **OTHER MORTGAGE RELATED SECURITIES – 0.00%** | **OTHER MORTGAGE RELATED SECURITIES – 0.00%** |
| ***Collateralized Mortgage Obligations – 0.00%*** | ***Collateralized Mortgage Obligations – 0.00%*** | ***Collateralized Mortgage Obligations – 0.00%*** |
| &nbsp;&nbsp; Wells Fargo Mortgage Backed Securities Trust Series 2006-AR14 6.644%, <br> 10/25/2036<sup>(a)</sup><br>| 218 | $204 |
| &nbsp;&nbsp; **TOTAL OTHER MORTGAGE RELATED SECURITIES** <br>(Cost $215)<br>|  | $204 |
| **US GOVERNMENTS – 66.37%** | **US GOVERNMENTS – 66.37%** | **US GOVERNMENTS – 66.37%** |
| ***Sovereign Government – 66.37%*** | ***Sovereign Government – 66.37%*** | ***Sovereign Government – 66.37%*** |
| United States Treasury Bond  | United States Treasury Bond  | United States Treasury Bond  |
| 4.750%, 2/15/2037 | 11350497 | $11821809 |
| 3.500%, 2/15/2039 | 3082289 | 2783090 |
| 3.750%, 11/15/2043 | 12286874 | 10735656 |
| 3.000%, 5/15/2047 | 9329223 | 6986349 |
|  |  | 32326904 |
| United States Treasury Note  | United States Treasury Note  | United States Treasury Note  |
| 2.250%, 2/15/2027 | 11657255 | 11373109 |
| 2.375%, 5/15/2029 | 23951090 | 22783474 |

---

------

Brandes Core Plus Fixed Income Fund

**SCHEDULE OF INVESTMENTS — June 30, 2025 (Unaudited) (continued)**

------

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount**<br>| **Value** |
| 1.625%, 5/15/2031 | 19951124 | $17595956 |
| 4.375%, 5/15/2034 | 6150000 | 6245854 |
|  |  | 57998393 |
| &nbsp;&nbsp; **TOTAL US GOVERNMENTS** <br>(Cost $92,046,110)<br>|  | $90325297 |
| **CORPORATE BONDS – 23.79%** | **CORPORATE BONDS – 23.79%** | **CORPORATE BONDS – 23.79%** |
| ***Aerospace & Defense – 0.94%*** | ***Aerospace & Defense – 0.94%*** | ***Aerospace & Defense – 0.94%*** |
| &nbsp;&nbsp; Spirit AeroSystems, Inc. <br>9.375%, 11/30/2029<sup>(b)</sup><br>| 1205000 | $1278518 |
| ***Automotive – 1.80%*** | ***Automotive – 1.80%*** | ***Automotive – 1.80%*** |
| Ford Motor Credit Co. LLC  | Ford Motor Credit Co. LLC  | Ford Motor Credit Co. LLC  |
| 3.375%, 11/13/2025 | 423842 | 421019 |
| 2.700%, 8/10/2026 | 2078842 | 2024006 |
|  |  | 2445025 |
| ***Banking – 4.20%*** | ***Banking – 4.20%*** | ***Banking – 4.20%*** |
| &nbsp;&nbsp; Bank of America Corp. <br>4.450%, 3/3/2026<br>| 2362221 | 2359710 |
| &nbsp;&nbsp; Citigroup, Inc. <br>6.950% (U.S. Treasury Yield Curve Rate CMT 5Y + 2.726%), <br> 2/15/2030<sup>(c)</sup><br>| 1115000 | 1138771 |
| &nbsp;&nbsp; Fifth Third Bancorp <br>8.250%, 3/1/2038<br>| 380381 | 455588 |
| &nbsp;&nbsp; USB Capital IX <br>5.538% (CME Term SOFR 3M + 1.282%, minimum of 5.538%), <br> Perpetual, 7/30/2025<sup>(c)</sup><br>| 2129060 | 1765747 |
|  |  | 5719816 |
| ***Biotechnology & Pharmaceuticals – 1.00%*** | ***Biotechnology & Pharmaceuticals – 1.00%*** | ***Biotechnology & Pharmaceuticals – 1.00%*** |
| &nbsp;&nbsp; Organon & Co./Organon Foreign Debt Co-Issuer BV <br>4.125%, 4/30/2028<sup>(b)</sup><br>| 1415000 | 1360907 |
| ***Cable & Satellite – 0.06%*** | ***Cable & Satellite – 0.06%*** | ***Cable & Satellite – 0.06%*** |
| &nbsp;&nbsp; Charter Communications Operating LLC <br>4.908%, 7/23/2025<br>| 79305 | 79299 |
| ***Commercial Support Services – 1.34%*** | ***Commercial Support Services – 1.34%*** | ***Commercial Support Services – 1.34%*** |
| Prime Security Services Borrower LLC  | Prime Security Services Borrower LLC  | Prime Security Services Borrower LLC  |
| 5.750%, 4/15/2026<sup>(b)</sup> | 626223 | 629470 |
| 6.250%, 1/15/2028<sup>(b)</sup> | 1188685 | 1190546 |
|  |  | 1820016 |
| ***Containers & Packaging – 0.43%*** | ***Containers & Packaging – 0.43%*** | ***Containers & Packaging – 0.43%*** |
| &nbsp;&nbsp; Sealed Air Corp. <br>4.000%, 12/1/2027<sup>(b)</sup><br>| 594612 | 580326 |

---

------

Brandes Core Plus Fixed Income Fund

**SCHEDULE OF INVESTMENTS — June 30, 2025 (Unaudited) (continued)**

------

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount**<br>| **Value** |
| ***Electric Utilities – 0.62%*** | ***Electric Utilities – 0.62%*** | ***Electric Utilities – 0.62%*** |
| &nbsp;&nbsp; American Transmission Systems, Inc. <br>2.650%, 1/15/2032<sup>(b)</sup><br>| 677534 | $596100 |
| &nbsp;&nbsp; Commonwealth Edison Co. <br>5.900%, 3/15/2036<br>| 237766 | 253948 |
|  |  | 850048 |
| ***Entertainment Content – 3.52%*** | ***Entertainment Content – 3.52%*** | ***Entertainment Content – 3.52%*** |
| &nbsp;&nbsp; Netflix, Inc. <br>4.375%, 11/15/2026<br>| 2036608 | 2046921 |
| Univision Communications, Inc.  | Univision Communications, Inc.  | Univision Communications, Inc.  |
| 8.000%, 8/15/2028<sup>(b)</sup> | 965000 | 979262 |
| 8.500%, 7/31/2031<sup>(b)</sup> | 1765000 | 1766955 |
|  |  | 4793138 |
| ***Food – 0.70%*** | ***Food – 0.70%*** | ***Food – 0.70%*** |
| &nbsp;&nbsp; Pilgrim's Pride Corp. <br>4.250%, 4/15/2031<br>| 986533 | 951140 |
| ***Home Construction – 0.59%*** | ***Home Construction – 0.59%*** | ***Home Construction – 0.59%*** |
| &nbsp;&nbsp; PulteGroup, Inc. <br>5.500%, 3/1/2026<br>| 684 | 686 |
| &nbsp;&nbsp; Toll Brothers Finance Corp. <br>4.875%, 11/15/2025<br>| 807766 | 807430 |
|  |  | 808116 |
| ***Household Products – 0.79%*** | ***Household Products – 0.79%*** | ***Household Products – 0.79%*** |
| &nbsp;&nbsp; Coty, Inc. <br>5.000%, 4/15/2026<sup>(b)</sup><br>| 1076594 | 1075165 |
| ***Institutional Financial Services – 1.46%*** | ***Institutional Financial Services – 1.46%*** | ***Institutional Financial Services – 1.46%*** |
| &nbsp;&nbsp; Goldman Sachs Group, Inc. <br>3.800% (U.S. Treasury Yield Curve Rate CMT 5Y + 2.969%), <br> 5/10/2026<sup>(c),(d)</sup><br>| 2013842 | 1982270 |
| ***Internet Media & Services – 1.52%*** | ***Internet Media & Services – 1.52%*** | ***Internet Media & Services – 1.52%*** |
| Expedia Group, Inc.  | Expedia Group, Inc.  | Expedia Group, Inc.  |
| 3.800%, 2/15/2028 | 150307 | 148082 |
| 3.250%, 2/15/2030 | 796151 | 751036 |
| &nbsp;&nbsp; Meta Platforms, Inc. <br>4.950%, 5/15/2033<br>| 1145456 | 1174534 |
|  |  | 2073652 |
| ***Leisure Facilities & Services – 0.79%*** | ***Leisure Facilities & Services – 0.79%*** | ***Leisure Facilities & Services – 0.79%*** |
| &nbsp;&nbsp; Travel + Leisure Co. <br>6.625%, 7/31/2026<sup>(b)</sup><br>| 1056839 | 1068455 |
| ***Oil & Gas Producers – 0.36%*** | ***Oil & Gas Producers – 0.36%*** | ***Oil & Gas Producers – 0.36%*** |
| &nbsp;&nbsp; Hess Midstream Operations LP <br>4.250%, 2/15/2030<sup>(b)</sup><br>| 516689 | 496782 |

---

------

Brandes Core Plus Fixed Income Fund

**SCHEDULE OF INVESTMENTS — June 30, 2025 (Unaudited) (continued)**

------

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount**<br>| **Value** |
| ***REIT – 0.65%*** | ***REIT – 0.65%*** | ***REIT – 0.65%*** |
| Iron Mountain, Inc.  | Iron Mountain, Inc.  | Iron Mountain, Inc.  |
| 4.875%, 9/15/2027<sup>(b)</sup> | 852228 | $847379 |
| 4.875%, 9/15/2027 | 38767 | 38546 |
|  |  | 885925 |
| ***Retail - Discretionary – 0.48%*** | ***Retail - Discretionary – 0.48%*** | ***Retail - Discretionary – 0.48%*** |
| &nbsp;&nbsp; Kohl's Corp. <br>10.000%, 6/1/2030<sup>(b)</sup><br>| 630000 | 653007 |
| ***Software – 0.84%*** | ***Software – 0.84%*** | ***Software – 0.84%*** |
| &nbsp;&nbsp; VMware LLC <br>3.900%, 8/21/2027<br>| 1153760 | 1143751 |
| ***Technology Hardware – 0.90%*** | ***Technology Hardware – 0.90%*** | ***Technology Hardware – 0.90%*** |
| &nbsp;&nbsp; Pitney Bowes, Inc. <br>7.250%, 3/15/2029<sup>(b)</sup><br>| 1205000 | 1223461 |
| ***Telecommunications – 0.80%*** | ***Telecommunications – 0.80%*** | ***Telecommunications – 0.80%*** |
| &nbsp;&nbsp; Consolidated Communications, Inc. <br>6.500%, 10/1/2028<sup>(b)</sup><br>| 465000 | 473269 |
| &nbsp;&nbsp; Sprint Spectrum Co. LLC <br>5.152%, 9/20/2029<sup>(b)</sup><br>| 268863 | 270707 |
| &nbsp;&nbsp; T-Mobile USA, Inc. <br>4.750%, 2/1/2028<br>| 346151 | 346085 |
|  |  | 1090061 |
| &nbsp;&nbsp; **TOTAL CORPORATE BONDS** <br>(Cost $32,078,901)<br>|  | $32378878 |
| **FOREIGN ISSUER BONDS – 2.30%** | **FOREIGN ISSUER BONDS – 2.30%** | **FOREIGN ISSUER BONDS – 2.30%** |
| ***Chemicals – 0.60%*** | ***Chemicals – 0.60%*** | ***Chemicals – 0.60%*** |
| Methanex Corp.  | Methanex Corp.  | Methanex Corp.  |
| 5.125%, 10/15/2027 | 283229 | $282264 |
| 5.250%, 12/15/2029 | 541689 | 535125 |
|  |  | 817389 |
| ***Oil, Gas Services & Equipment – 0.65%*** | ***Oil, Gas Services & Equipment – 0.65%*** | ***Oil, Gas Services & Equipment – 0.65%*** |
| &nbsp;&nbsp; Transocean, Inc. <br>8.750%, 2/15/2030<sup>(b)</sup><br>| 857967 | 882286 |
| ***Telecommunications – 1.05%*** | ***Telecommunications – 1.05%*** | ***Telecommunications – 1.05%*** |
| &nbsp;&nbsp; Fibercop SpA <br>6.375%, 11/15/2033<sup>(b)</sup><br>| 1278000 | 1241053 |
| &nbsp;&nbsp; Telecom Italia Capital SA <br>6.375%, 11/15/2033<br>| 182302 | 190093 |
|  |  | 1431146 |
| &nbsp;&nbsp; **TOTAL FOREIGN ISSUER BONDS** <br>(Cost $3,173,587)<br>|  | $3130821 |

---

------

Brandes Core Plus Fixed Income Fund

**SCHEDULE OF INVESTMENTS — June 30, 2025 (Unaudited) (continued)**

------

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount**<br>| **Value** |
| **ASSET BACKED SECURITIES – 0.56%** | **ASSET BACKED SECURITIES – 0.56%** | **ASSET BACKED SECURITIES – 0.56%** |
| ***Specialty Finance – 0.56%*** | ***Specialty Finance – 0.56%*** | ***Specialty Finance – 0.56%*** |
| &nbsp;&nbsp; SLM Private Credit Student Loan Trust Series 2004-B, 5.010%, (CME <br> Term SOFR 3M + 0.692%), 9/15/2033<sup>(c)</sup><br>| 215132 | $212032 |
| &nbsp;&nbsp; SLM Private Credit Student Loan Trust Series 2005-A, 4.890%, (CME <br> Term SOFR 3M + 0.572%), 12/15/2038<sup>(c)</sup><br>| 173772 | 171367 |
| &nbsp;&nbsp; SLM Private Credit Student Loan Trust Series 2006-A, 4.870%, (CME <br> Term SOFR 3M + 0.552%), 6/15/2039<sup>(c)</sup><br>| 284041 | 276278 |
| &nbsp;&nbsp; SLM Private Credit Student Loan Trust Series 2007-A, 4.820%, (CME <br> Term SOFR 3M + 0.502%), 12/16/2041<sup>(c)</sup><br>| 100617 | 98154 |
| &nbsp;&nbsp; **TOTAL ASSET BACKED SECURITIES** <br>(Cost $731,996)<br>|  | $757831 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **SHORT-TERM INVESTMENTS – 6.53%** | **SHORT-TERM INVESTMENTS – 6.53%** | **SHORT-TERM INVESTMENTS – 6.53%** |
| ***Money Market Funds – 6.53%*** | ***Money Market Funds – 6.53%*** | ***Money Market Funds – 6.53%*** |
| Northern Institutional Funds - Treasury Portfolio (Premier), 4.157%<sup>(e)</sup> | 8887927 | $8887927 |
| &nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>(Cost $8,887,927)<br>|  | $8887927 |
| **Total Investments (Cost $141,510,261) – 102.91%** |  | **$140055314** |
| **Liabilities in Excess of Other Assets – (2.91)%** |  | **(3960093)**<br>|
| **Total Net Assets – 100.00%** |  | **$136095221** |

---

------

---

| |
|:---|
| Percentages are stated as a percent of net assets. |
| LLC Limited Liability Company |
| 5Y 5 Year |
| CMT Constant Maturity Treasury |
| SOFR Secured Overnight Financing Rate |
| 3M 3 Month |
| CME Chicago Mercantile Exchange |
| LP Limited Partnership |
| REIT Real Estate Investment Trust |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Variable rate security. The coupon is based on an underlying pool of loans.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Acquired in a transaction exempt from registration under Rule 144A or Section 4(a)(2)
 of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally
 to qualified institutional buyers. The total value of all such securities was $16,613,648 which
 represented 12.21% of the net assets of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Variable rate security. The coupon is based on a reference index and spread index.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Security issued at a fixed rate for a specified period of time, after which it will
 convert to a variable rate.

&nbsp;&nbsp;&nbsp;&nbsp;(e) The rate shown is the annualized seven day yield as of June 30, 2025.

------

Brandes Core Plus Fixed Income Fund

**SCHEDULE OF INVESTMENTS — June 30, 2025 (Unaudited) (continued)**

------

The industry classifications represented in the Schedule of Investments are in accordance with Global Industry Classification Standards (GICS®), which was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor's Financial Services LLC or were otherwise determined by the Advisor to be appropriate. This information is unaudited.

------

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Datum One Series Trust

- **b. Investment Company Act file number:** 811-23556

- **c. CIK number of Registrant:** 0001806095

- **d. LEI of Registrant:** 5493003NXAX6X00BBF25

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 50 S. LaSalle Street

  - **City:** Chicago

  - **State:** IL

  - **Foreign country:** US

  - **Zip / Postal Code:** 60603

  - **Telephone number:** 312-557-4100

**Item A.2. Information about the Series.**

- **a. Name of Series:** Brandes Emerging Markets Value Fund

- **b. EDGAR series identifier (if any):** S000084889

- **c. LEI of Series:** 254900137XB0GGYXYN31

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-03-31

- **b. Date as of which information is reported:** 2025-06-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $728813486.67

**Total Liabilities:** $10198302.34

**Net Assets:** $718615184.33

**Cash Not Reported:** $91368.39

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000249538 | 2.65%                | 6.17%                | 6.18%                |
| Class ID C000249539 | 2.71%                | 6.28%                | 6.27%                |
| Class ID C000249540 | 2.74%                | 6.33%                | 6.17%                |
| Class ID C000249541 | 2.69%                | 6.33%                | 6.25%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-3834107.84             | $17123916.59                               |
| Month 2  | $-5643358.36             | $44074462.72                               |
| Month 3  | $6532290.47              | $33093280.73                               |

### Schedule of Portfolio Investments

| Name                                          | Title                                                            | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| HSBC Holdings PLC                             | HSBC Holdings PLC ORD USD0.50                                    | CUSIP: G4634U169<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | EC               | CORP              | GB        |    884483 | NS      | $10698876.24  | 1.49%             |  |  |  | No            |                  2 | On Loan: No      |
| Northern Institutional Funds                  | Northern Institutional Funds TREAS PRT PRMR                      | CUSIP: 665279873<br>LEI: 549300Y178DO5JBR1S04 | Long             | STIV             | RF                | US        |  11015059 | NS      | $11015058.60  | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Mobile Telesystems Pjsc                       | Mobile Telesystems Pjsc RUB0.1(USD)                              | CUSIP: X5430T109<br>LEI: 2534008FX8EXH1FMJA74 | Long             | EC               | CORP              | RU        |   4858073 | NS      | $485.81       | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Embassy Office Parks REIT                     | Embassy Office Parks REIT NPV (REIT)                             | CUSIP: Y2R9YR104<br>LEI: 335800O555A557E43Z08 | Long             | EC               | CORP              | IN        |    512338 | NS      | $2327603.76   | 0.32%             |  |  |  | No            |                  2 | On Loan: No      |
| Embraer S.A.                                  | Embraer S.A. SPON ADS EACH REP 4 ORD SHS                         | CUSIP: 29082A107<br>LEI: 549300EM51WYXFHUY333 | Long             | EC               | CORP              | BR        |    399688 | NS      | $22746244.08  | 3.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Luk Fook Holdings (International) Limited     | Luk Fook Holdings (International) Limited HKD0.10                | CUSIP: G5695X125<br>LEI: 529900U7PECBLERIIX44 | Long             | EC               | CORP              | BM        |   2181200 | NS      | $5572018.43   | 0.78%             |  |  |  | No            |                  2 | On Loan: No      |
| Sendas Distribuidora S.A.                     | Sendas Distribuidora S.A. COM NPV                                | CUSIP: P8T81L100<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |   4125700 | NS      | $8550437.50   | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Samsung Electronics Co Ltd.                   | Samsung Electronics Co Ltd. KRW100                               | CUSIP: Y74718100<br>LEI: 9884007ER46L6N7EI764 | Long             | EC               | CORP              | KR        |    871690 | NS      | $38547545.21  | 5.36%             |  |  |  | No            |                  2 | On Loan: No      |
| Kasikornbank Public Co Ltd.                   | Kasikornbank Public Co Ltd. THBH10(ALIEN)                        | CUSIP: Y4591R118<br>LEI: 5493004COSQ54937AW41 | Long             | EC               | CORP              | TH        |   2760200 | NS      | $13035794.58  | 1.81%             |  |  |  | No            |                  2 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co., Ltd.  | Taiwan Semiconductor Manufacturing Co., Ltd. TWD10               | CUSIP: Y84629107<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |   1755900 | NS      | $64212128.87  | 8.94%             |  |  |  | No            |                  2 | On Loan: No      |
| AIA Group Ltd, Hong Kong                      | AIA Group Ltd, Hong Kong NPV                                     | CUSIP: Y002A1105<br>LEI: ZP5ILWVSYE4LJGMMVD57 | Long             | EC               | CORP              | HK        |   1149800 | NS      | $10415398.49  | 1.45%             |  |  |  | No            |                  2 | On Loan: No      |
| Lukoil PJSC                                   | Lukoil PJSC RUB0.025(USD)                                        | CUSIP: X6983S100<br>LEI: 549300LCJ1UJXHYBWI24 | Long             | EC               | CORP              | RU        |    236429 | NS      | $23.64        | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Copa Holdings SA                              | Copa Holdings SA NPV CLASS 'A'                                   | CUSIP: P31076105<br>LEI: 529900BB9UQJV6QQHA59 | Long             | EC               | CORP              | PA        |    156609 | NS      | $17222291.73  | 2.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Chailease Holding Co Ltd.                     | Chailease Holding Co Ltd. TWD10                                  | CUSIP: G20288109<br>LEI: 529900L76E6T0JCM3J27 | Long             | EC               | CORP              | KY        |   2698430 | NS      | $11687487.55  | 1.63%             |  |  |  | No            |                  2 | On Loan: No      |
| HDFC Bank Ltd.                                | HDFC Bank Ltd. INR1                                              | CUSIP: Y3119P190<br>LEI: 335800ZQ6I4E2JXENC50 | Long             | EC               | CORP              | IN        |    872115 | NS      | $20359927.93  | 2.83%             |  |  |  | No            |                  2 | On Loan: No      |
| ZTO Express (Cayman) Inc.                     | ZTO Express (Cayman) Inc. USD0.0001 A CLASS                      | CUSIP: G9897K105<br>LEI: 549300SCJPK3YZJTJR78 | Long             | EC               | CORP              | KY        |    650650 | NS      | $11519842.07  | 1.60%             |  |  |  | Yes           |                  2 | On Loan: No      |
| China Resources Beer Holdings Co Ltd.         | China Resources Beer Holdings Co Ltd. NPV                        | CUSIP: Y15037107<br>LEI: 254900OH02Y7OS7RNG48 | Long             | EC               | CORP              | HK        |   5095000 | NS      | $16297769.13  | 2.27%             |  |  |  | No            |                  2 | On Loan: No      |
| Banco Actinver SA                             | Banco Actinver SA CBFI (PROLOGIS PROPERTY MEXICO SA DE CV)       | CUSIP: P4559M101<br>LEI: N/A                  | Long             | EC               | CORP              | MX        |   2051547 | NS      | $7753775.12   | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| ASMPT Ltd.                                    | ASMPT Ltd. HKD0.10                                               | CUSIP: G0535Q133<br>LEI: 529900PYFA1HFYKPT360 | Long             | EC               | CORP              | KY        |   1535400 | NS      | $11300065.31  | 1.57%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank Rakyat Indonesia (Persero) Tbk           | Bank Rakyat Indonesia (Persero) Tbk IDR50                        | CUSIP: Y0697U112<br>LEI: 254900HB6S4B12GBNP64 | Long             | EC               | CORP              | ID        |  81376111 | NS      | $18762106.15  | 2.61%             |  |  |  | No            |                  2 | On Loan: No      |
| Haier Smart Home Co Ltd.                      | Haier Smart Home Co Ltd. CNY1 H                                  | CUSIP: Y298BN100<br>LEI: 3003002BYTNGNJTWSH07 | Long             | EC               | CORP              | CN        |   3365000 | NS      | $9669668.81   | 1.35%             |  |  |  | No            |                  2 | On Loan: No      |
| Tim S A                                       | Tim S A COM NPV                                                  | CUSIP: P9153B104<br>LEI: 529900QI0CH1DN5ZCS77 | Long             | EC               | CORP              | BR        |   3775200 | NS      | $15321484.97  | 2.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Kimberly-Clark de Mexico S.A.B. de C.V.       | Kimberly-Clark de Mexico S.A.B. de C.V. SPON ADR REP 5 ORD'A'NPV | CUSIP: 494386204<br>LEI: 549300JGHL56QT00KT54 | Long             | EC               | CORP              | MX        |   1143704 | NS      | $10412738.70  | 1.45%             |  |  |  | No            |                  2 | On Loan: No      |
| Empresa Nacional de Telecomunicaciones S.A.   | Empresa Nacional de Telecomunicaciones S.A. COM NPV              | CUSIP: P37115105<br>LEI: 529900N4SUIP0URJT330 | Long             | EC               | CORP              | CL        |   1822284 | NS      | $5869255.73   | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Kimberly-Clark de Mexico S.A.B. de C.V.       | Kimberly-Clark de Mexico S.A.B. de C.V. COM SER'A'NPV            | CUSIP: P60694117<br>LEI: 549300JGHL56QT00KT54 | Long             | EC               | CORP              | MX        |   1621162 | NS      | $2965945.88   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Millicom International Cellular SA            | Millicom International Cellular SA COM USD1.50                   | CUSIP: L6388F110<br>LEI: 549300CTHC1CP86P2G96 | Long             | EC               | CORP              | LU        |    447962 | NS      | $16785136.14  | 2.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Sistema PJSFC                                 | Sistema PJSFC RUB0.09(USD)                                       | CUSIP: X78489105<br>LEI: 213800JSZ2UUK4QQK694 | Long             | EC               | CORP              | RU        |  31423480 | NS      | $3142.35      | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Wal-Mart De Mexico                            | Wal-Mart De Mexico COM NPV                                       | CUSIP: P98180188<br>LEI: N/A                  | Long             | EC               | CORP              | MX        |   3579581 | NS      | $11855949.22  | 1.65%             |  |  |  | No            |                  1 | On Loan: No      |
| America Movil S.A.B. de C.V.                  | America Movil S.A.B. de C.V. SPON ADS RP CL B                    | CUSIP: 02390A101<br>LEI: 5493000FNR3UCEAONM59 | Long             | EC               | CORP              | MX        |    342717 | NS      | $6148342.98   | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| NetEase Inc.                                  | NetEase Inc. USD0.0001                                           | CUSIP: G6427A102<br>LEI: 5299004AF4DSJDB0PA32 | Long             | EC               | CORP              | KY        |    266300 | NS      | $7176616.83   | 1.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Alibaba Group Holding Ltd.                    | Alibaba Group Holding Ltd. USD0.000003125                        | CUSIP: G01719114<br>LEI: 5493001NTNQJDH60PM02 | Long             | EC               | CORP              | KY        |   1858100 | NS      | $26303169.88  | 3.66%             |  |  |  | No            |                  2 | On Loan: No      |
| Topsports International Holdings Ltd.         | Topsports International Holdings Ltd. HKD0.000001                | CUSIP: G8924B104<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |  17790000 | NS      | $6961934.54   | 0.97%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Hankook Tire & Technology Co Ltd.             | Hankook Tire & Technology Co Ltd. KRW500                         | CUSIP: Y3R57J108<br>LEI: 9884001BIEVM09M7AH02 | Long             | EC               | CORP              | KR        |    193394 | NS      | $5681743.28   | 0.79%             |  |  |  | No            |                  2 | On Loan: No      |
| America Movil S.A.B. de C.V.                  | America Movil S.A.B. de C.V. COM SER 'B' NPV                     | CUSIP: P0280A192<br>LEI: 5493000FNR3UCEAONM59 | Long             | EC               | CORP              | MX        |   1586133 | NS      | $1418386.41   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Erste Group Bank AG                           | Erste Group Bank AG NPV                                          | CUSIP: A19494102<br>LEI: PQOH26KWDF7CG10L6792 | Long             | EC               | CORP              | AT        |    185116 | NS      | $15758057.34  | 2.19%             |  |  |  | No            |                  2 | On Loan: No      |
| Hellenic Telecommunications Organization S.A. | Hellenic Telecommunications Organization S.A. EUR2.83(CR)        | CUSIP: X3258B102<br>LEI: ELPUFM0XZRZO4LFXW404 | Long             | EC               | CORP              | GR        |    695367 | NS      | $13220397.03  | 1.84%             |  |  |  | No            |                  2 | On Loan: No      |
| Wynn Macau Ltd.                               | Wynn Macau Ltd. HKD0.001                                         | CUSIP: G98149100<br>LEI: 254900NMDQ8ENTHU1I31 | Long             | EC               | CORP              | KY        |   6440600 | NS      | $4457598.53   | 0.62%             |  |  |  | No            |                  2 | On Loan: No      |
| Banco Actinver SA                             | Banco Actinver SA CBFI (FIBRA UNO ADMINISTRACION SA DE CV)       | CUSIP: P3515D163<br>LEI: N/A                  | Long             | EC               | CORP              | MX        |  10352107 | NS      | $14299694.29  | 1.99%             |  |  |  | No            |                  1 | On Loan: No      |
| PT Indofood Sukses Makmur Tbk                 | PT Indofood Sukses Makmur Tbk IDR100                             | CUSIP: Y7128X128<br>LEI: 529900E61EV2GTYWZ485 | Long             | EC               | CORP              | ID        |  18939800 | NS      | $9483729.13   | 1.32%             |  |  |  | No            |                  2 | On Loan: No      |
| TravelSky Technology Ltd.                     | TravelSky Technology Ltd. CLS'H' CNY1                            | CUSIP: Y8972V101<br>LEI: 5299007TAWP4DZ6QFG73 | Long             | EC               | CORP              | CN        |   6770000 | NS      | $9074234.63   | 1.26%             |  |  |  | No            |                  2 | On Loan: No      |
| Gudang Garam Tbk PT                           | Gudang Garam Tbk PT IDR500                                       | CUSIP: Y7121F165<br>LEI: 5299005TDQ8UGGR3AM31 | Long             | EC               | CORP              | ID        |   2806712 | NS      | $1581854.93   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Shinhan Financial Group Co Ltd.               | Shinhan Financial Group Co Ltd. KRW5000                          | CUSIP: Y7749X101<br>LEI: 988400EB8A6G49E5KO54 | Long             | EC               | CORP              | KR        |    142272 | NS      | $6450165.37   | 0.90%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank of the Philippine Islands                | Bank of the Philippine Islands PHP10                             | CUSIP: Y0967S169<br>LEI: 549300UW4UH6XT2X8C50 | Long             | EC               | CORP              | PH        |   3299219 | NS      | $7614032.84   | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Hana Financial Group Inc.                     | Hana Financial Group Inc. KRW5000                                | CUSIP: Y29975102<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |    235870 | NS      | $15024451.92  | 2.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Indusind Bank Ltd.                            | Indusind Bank Ltd. INR10                                         | CUSIP: Y3990M134<br>LEI: 335800JDVJ8HSXG9G512 | Long             | EC               | CORP              | IN        |   1263076 | NS      | $12845508.41  | 1.79%             |  |  |  | No            |                  2 | On Loan: No      |
| Wilmar International Ltd.                     | Wilmar International Ltd. NPV                                    | CUSIP: Y9586L109<br>LEI: 549300H2EAI4YRLWBB20 | Long             | EC               | CORP              | SG        |   6147593 | NS      | $13876838.34  | 1.93%             |  |  |  | No            |                  2 | On Loan: No      |
| SK Hynix Inc.                                 | SK Hynix Inc. KRW5000                                            | CUSIP: Y8085F100<br>LEI: 988400XAIK6XISWQV045 | Long             | EC               | CORP              | KR        |     69220 | NS      | $14915637.18  | 2.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Galaxy Entertainment Group Ltd.               | Galaxy Entertainment Group Ltd. NPV                              | CUSIP: Y2679D118<br>LEI: 549300ZSEBV3HR826S10 | Long             | EC               | CORP              | HK        |   2625000 | NS      | $11701198.82  | 1.63%             |  |  |  | No            |                  2 | On Loan: No      |
| Sberbank of Russia                            | Sberbank of Russia RUB3(USD)                                     | CUSIP: X76317100<br>LEI: 549300WE6TAF5EEWQS81 | Long             | EC               | CORP              | RU        |   7919891 | NS      | $791.99       | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Telkom Indonesia(Persero) Tbk PT              | Telkom Indonesia(Persero) Tbk PT SER'B'IDR50                     | CUSIP: Y71474145<br>LEI: 529900M5SQZAOKV1PC81 | Long             | EC               | CORP              | ID        |  88691000 | NS      | $15173402.20  | 2.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Absa Group Ltd                                | Absa Group Ltd ZAR2                                              | CUSIP: S0270C106<br>LEI: 2138006IPPRD4N6XLT30 | Long             | EC               | CORP              | ZA        |   1083418 | NS      | $10783700.09  | 1.50%             |  |  |  | No            |                  2 | On Loan: No      |
| Banco Latinoamericano De Comercio Exterior SA | Banco Latinoamericano De Comercio Exterior SA CLASS'E'COM NPV    | CUSIP: P16994132<br>LEI: 549300CN3134K4LC0651 | Long             | EC               | CORP              | PA        |    334380 | NS      | $13475514.00  | 1.88%             |  |  |  | No            |                  1 | On Loan: No      |
| CEMEX S.A.B. de C.V.                          | CEMEX S.A.B. de C.V. SPON ADR REP 10 ORD SHS                     | CUSIP: 151290889<br>LEI: 549300RIG2CXWN6IV731 | Long             | EC               | CORP              | MX        |   1267503 | NS      | $8783795.79   | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Petroleo Brasileiro SA                        | Petroleo Brasileiro SA PRF NPV                                   | CUSIP: P78331140<br>LEI: 5493000J801JZRCMFE49 | Long             | EP               | CORP              | BR        |   3094457 | PA      | $17872680.54  | 2.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Engie Brasil Energia SA                       | Engie Brasil Energia SA COM NPV                                  | CUSIP: P37625103<br>LEI: 52990057Q0EK2Q9YBC07 | Long             | EC               | CORP              | BR        |    961966 | NS      | $8040138.42   | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Nova Ljubljanska Bank DD                      | Nova Ljubljanska Bank DD 5 GDR EACH REPR 1 ORD SHS SPON REG S    | CUSIP: 66980N203<br>LEI: 5493001BABFV7P27OW30 | Long             | EC               | CORP              | SI        |     67194 | NS      | $2374535.36   | 0.33%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Suzano S A                                    | Suzano S A COM NPV                                               | CUSIP: P8T20U187<br>LEI: 391200AW174YQSDMGG41 | Long             | EC               | CORP              | BR        |    880000 | NS      | $8294491.17   | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| TBC Bank Group PLC                            | TBC Bank Group PLC ORD GBP0.01                                   | CUSIP: G8705J102<br>LEI: 213800T6NS9N2WQ3B328 | Long             | EC               | CORP              | GE        |    147344 | NS      | $9384481.20   | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| LONGi Green Energy Technology Co Ltd.         | LONGi Green Energy Technology Co Ltd. 'A'CNY1                    | CUSIP: Y9727F102<br>LEI: 300300NRGAITUP1EZ248 | Long             | EC               | CORP              | CN        |   2427326 | NS      | $5095836.40   | 0.71%             |  |  |  | No            |                  2 | On Loan: No      |
| Wiwynn Corp.                                  | Wiwynn Corp. TWD10                                               | CUSIP: Y9673D101<br>LEI: 254900FV2R15PMKXFL69 | Long             | EC               | CORP              | TW        |    265000 | NS      | $23011256.87  | 3.20%             |  |  |  | No            |                  2 | On Loan: No      |
| Telefonica Brasil S.A                         | Telefonica Brasil S.A COM NPV                                    | CUSIP: P9T369176<br>LEI: 529900MTGG2HSDBIWG79 | Long             | EC               | CORP              | BR        |    735760 | NS      | $4183178.37   | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| 3Bb Internet Infrastructure Fund              | 3Bb Internet Infrastructure Fund THB8.6716(ALIEN MKT)            | CUSIP: Y4255A112<br>LEI: N/A                  | Long             | EC               | RF                | TH        |  30042081 | NS      | $5406119.09   | 0.75%             |  |  |  | No            |                  2 | On Loan: No      |
| Neoenergia SA                                 | Neoenergia SA COM NPV                                            | CUSIP: P7133Y111<br>LEI: 959800B3RXPMGEZ1W429 | Long             | EC               | CORP              | BR        |   2976833 | NS      | $14004500.47  | 1.95%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-07-21

**Name of Applicant:** Datum One Series Trust

**Signature:** Tracy L. Dotolo

**Name of Signer:** Tracy L. Dotolo

**Title:** Treasurer