# EDGAR Filing Document

**Accession Number:** 0001806095
**File Stem:** 0002066578-26-000591
**Filing Date:** 2026-2
**Character Count:** 93740
**Document Hash:** e17931ee2ae0c67624b76f0a4dd8caaa
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002066578-26-000591.hdr.sgml**: 20260226

**ACCESSION NUMBER**: 0002066578-26-000591

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260226

**DATE AS OF CHANGE**: 20260226

**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:** 26684242

**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 GLOBAL EQUITY FUND (Series ID: S000084887)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000249532 | Class A      | BGEAX           |
| C000249533 | Class C      | BGVCX           |
| C000249534 | Class I      | BGVIX           |

## Nport-Ex

Brandes International Equity Fund

**SCHEDULE OF INVESTMENTS — December 31, 2025 (Unaudited)** 

------

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

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| **COMMON STOCKS – 89.57%** | **COMMON STOCKS – 89.57%** | **COMMON STOCKS – 89.57%** |
| ***Austria – 1.02%*** | ***Austria – 1.02%*** | ***Austria – 1.02%*** |
| 189675 | Erste Group Bank <br> AG<br>| $22743831 |
| ***Brazil – 3.55%*** | ***Brazil – 3.55%*** | ***Brazil – 3.55%*** |
| 14001800 | Ambev SA | 35244720 |
| 482620 | Embraer SA <br> Sponsored – ADR<br>| 31066249 |
| 2195100 | Telefonica Brasil <br> SA<sup>(a)</sup> <br>| 13142606 |
|  |  | 79453575 |
| ***Canada – 3.62%*** | ***Canada – 3.62%*** | ***Canada – 3.62%*** |
| 1156579 | CAE, Inc.<sup>(a)</sup> <br>| 35183133 |
| 276270 | Nutrien Ltd. | 17051384 |
| 879075 | Open Text Corp. | 28640264 |
|  |  | 80874781 |
| ***China – 2.38%*** | ***China – 2.38%*** | ***China – 2.38%*** |
| 2892000 | Alibaba Group <br> Holding Ltd.<br>| 53099903 |
| ***France – 18.44%*** | ***France – 18.44%*** | ***France – 18.44%*** |
| 440039 | BNP Paribas SA | 41630793 |
| 241347 | Capgemini SE | 40075248 |
| 2657151 | Carrefour SA | 44336113 |
| 245000 | Engie Prime De <br> Fidelite 2027<sup>(a)</sup> <br>| 6452377 |
| 1170397 | Engie SA | 30745573 |
| 137740 | Kering SA | 48131569 |
| 999414 | Orange SA | 16676790 |
| 433436 | Pernod Ricard SA | 37113543 |
| 322295 | Publicis Groupe SA | 33469605 |
| 618629 | Sanofi SA | 59855596 |
| 330293 | Societe BIC SA | 19956556 |
| 519227 | TotalEnergies SE | 33852571 |
|  |  | 412296334 |
| ***Germany – 5.77%*** | ***Germany – 5.77%*** | ***Germany – 5.77%*** |
| 658434 | Deutsche Post AG | 35901584 |
| 586720 | Henkel AG & Co. <br> KGaA<br>| 44653078 |
| 210243 | Infineon <br> Technologies AG<br>| 9173105 |
| 161653 | SAP SE | 39276596 |
|  |  | 129004363 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| ***Hong Kong – 2.27%*** | ***Hong Kong – 2.27%*** | ***Hong Kong – 2.27%*** |
| 34217600 | Budweiser Brewing <br> Co. APAC Ltd.<sup>(b)</sup> <br>| $33384103 |
| 22778000 | First Pacific Co. <br> Ltd.<br>| 17437411 |
|  |  | 50821514 |
| ***Israel – 0.91%*** | ***Israel – 0.91%*** | ***Israel – 0.91%*** |
| 179237 | Nice Ltd. - ADR<sup>(a)</sup> <br>| 20260950 |
| ***Italy – 1.30%*** | ***Italy – 1.30%*** | ***Italy – 1.30%*** |
| 209917 | Buzzi SpA | 12689717 |
| 2367723 | Intesa Sanpaolo SpA | 16361218 |
|  |  | 29050935 |
| ***Japan – 12.43%*** | ***Japan – 12.43%*** | ***Japan – 12.43%*** |
| 3550700 | Astellas Pharma, <br> Inc.<br>| 47258103 |
| 1178400 | Bridgestone Corp. | 26513154 |
| 3305900 | Honda Motor Co. <br> Ltd.<br>| 32446328 |
| 1766100 | Kubota Corp. | 25026830 |
| 956000 | Makita Corp. | 28975382 |
| 78400 | SMC Corp. | 27126470 |
| 1056800 | Sumitomo Mitsui <br> Trust Group, Inc.<br>| 32205838 |
| 1880083 | Takeda <br> Pharmaceutical Co. <br> Ltd.<br>| 58405280 |
|  |  | 277957385 |
| ***Mexico – 6.97%*** | ***Mexico – 6.97%*** | ***Mexico – 6.97%*** |
| 743485 | America Movil SAB <br> de CV – ADR<br>| 15367835 |
| 16897170 | America Movil SAB <br> de CV – Class B<br>| 17481287 |
| 1860647 | Cemex SAB de CV <br> Sponsored – ADR<br>| 21378834 |
| 24869566 | Fibra Uno <br> Administracion SA <br> de CV<br>| 37275001 |
| 8217618 | Kimberly-Clark de <br> Mexico SAB de CV <br> – Class A<br>| 17523617 |
| 15013774 | Wal-Mart de Mexico <br> SAB de CV<br>| 46798453 |
|  |  | 155825027 |
| ***Netherlands – 6.07%*** | ***Netherlands – 6.07%*** | ***Netherlands – 6.07%*** |
| 657578 | Heineken Holding <br> NV<br>| 48152377 |

---

------

Brandes International Equity Fund

**SCHEDULE OF INVESTMENTS — December 31, 2025 (Unaudited) (continued)**

------

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| 1445112 | Koninklijke Philips <br> NV<br>| $39349251 |
| 1840011 | STMicroelectronics <br> NV<br>| 48088905 |
|  |  | 135590533 |
| ***Russia – 0.00%*** | ***Russia – 0.00%*** | ***Russia – 0.00%*** |
| 1013133 | Mobile TeleSystems <br> PJSC<sup>(a),(c)</sup> <br>|  |
| ***Singapore – 2.03%*** | ***Singapore – 2.03%*** | ***Singapore – 2.03%*** |
| 18945900 | Wilmar <br> International Ltd.<br>| 45312029 |
| ***South Korea – 1.29%*** | ***South Korea – 1.29%*** | ***South Korea – 1.29%*** |
| 111239 | Hyundai Mobis Co. <br> Ltd.<br>| 28864450 |
| ***Switzerland – 6.51%*** | ***Switzerland – 6.51%*** | ***Switzerland – 6.51%*** |
| 168660 | Cie Financiere <br> Richemont SA – <br> Class A Registered<br>| 36371705 |
| 166642 | Novartis AG <br> Registered<br>| 22962600 |
| 14150 | Swatch Group AG <br> Bearer<br>| 2975122 |
| 1063581 | Swatch Group AG <br> Registered<br>| 45823778 |
| 808008 | UBS Group AG <br> Registered<br>| 37309448 |
|  |  | 145442653 |
| ***Taiwan – 1.12%*** | ***Taiwan – 1.12%*** | ***Taiwan – 1.12%*** |
| 511000 | Taiwan <br> Semiconductor <br> Manufacturing Co. <br> Ltd.<br>| 25119373 |
| ***United Kingdom – 13.89%*** | ***United Kingdom – 13.89%*** | ***United Kingdom – 13.89%*** |
| 1388101 | Diageo Plc | 29910684 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| 2111809 | GSK Plc | $51775684 |
| 7579395 | J Sainsbury Plc | 33204102 |
| 7103185 | Kingfisher Plc | 29901231 |
| 2065690 | Mondi Plc | 25201845 |
| 2057006 | National Grid Plc | 31551353 |
| 348590 | Reckitt Benckiser <br> Group Plc<br>| 28202314 |
| 904717 | Shell Plc | 33340861 |
| 1656739 | Smith & Nephew <br> Plc<br>| 27553153 |
| 4416778 | WPP Plc | 19841200 |
|  |  | 310482427 |
| &nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $1,682,382,767) | &nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $1,682,382,767) | $2002200063 |
| **PREFERRED STOCKS – 6.48%** | **PREFERRED STOCKS – 6.48%** | **PREFERRED STOCKS – 6.48%** |
| ***Brazil – 2.28%*** | ***Brazil – 2.28%*** | ***Brazil – 2.28%*** |
| 9098600 | Petroleo Brasileiro <br> SA – Petrobras, <br> 3.847%<sup>(d)</sup> <br>| $51074611 |
| ***Russia – 0.00%*** | ***Russia – 0.00%*** | ***Russia – 0.00%*** |
| 21512699 | Surgutneftegas <br> PJSC<sup>(a),(c)</sup> <br>|  |
| ***South Korea – 2.45%*** | ***South Korea – 2.45%*** | ***South Korea – 2.45%*** |
| 883517 | Samsung <br> Electronics Co. <br> Ltd., 1.644%<sup>(d)</sup> <br>| 54840621 |
| ***Spain – 1.75%*** | ***Spain – 1.75%*** | ***Spain – 1.75%*** |
| 4202519 | Grifols SA – Class B, <br> 1.918%<sup>(d)</sup> <br>| 39082381 |
| &nbsp;&nbsp; **TOTAL PREFERRED** <br> **STOCKS** <br>(Cost $127,956,571) | &nbsp;&nbsp; **TOTAL PREFERRED** <br> **STOCKS** <br>(Cost $127,956,571) | $144997613 |

---

------

Brandes International Equity Fund

**SCHEDULE OF INVESTMENTS — December 31, 2025 (Unaudited) (continued)**

------

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **SHORT-TERM INVESTMENTS – 3.19%** | **SHORT-TERM INVESTMENTS – 3.19%** | **SHORT-TERM INVESTMENTS – 3.19%** |
| ***Money Market Funds — 3.19%*** | ***Money Market Funds — 3.19%*** | ***Money Market Funds — 3.19%*** |
| Northern Institutional Funds - Treasury Portfolio (Premier), 3.630%<sup>(e)</sup> | 71263909 | $71263909 |
| &nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>(Cost $71,263,909)<br>|  | $71263909 |
| **Total Investments** <br>**(Cost $1,881,603,247) – 99.24%**<br>|  | **$2218461585** |
| **Other Assets in Excess of Liabilities – 0.76%** |  | **16932070** |
| **TOTAL NET ASSETS – 100.00%** |  | **$2235393655** |

---

------

---

| |
|:---|
| 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 $33,384,103 which
 represented 1.49% of the net assets of the Fund.

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

&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 December 31, 2025.

------

Brandes International Equity Fund

**SCHEDULE OF INVESTMENTS BY INDUSTRY — December 31, 2025 (Unaudited)** 

------

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

---

| | |
|:---|:---|
| **COMMON STOCKS** |  |
| Aerospace & Defense | 2.97<br> %<br>|
| Air Freight & Logistics | 1.60<br> %<br>|
| Automobile Components | 2.48<br> %<br>|
| Automobiles | 1.45<br> %<br>|
| Banks | 5.05<br> %<br>|
| Beverages | 8.22<br> %<br>|
| Broadline Retail | 2.38<br> %<br>|
| Capital Markets | 1.67<br> %<br>|
| Chemicals | 0.76<br> %<br>|
| Commercial Services & Supplies | 0.89<br> %<br>|
| Construction Materials | 1.53<br> %<br>|
| Consumer Staples Distribution & Retail | 5.55<br> %<br>|
| Diversified REITs | 1.67<br> %<br>|
| Diversified Telecommunication Services | 1.34<br> %<br>|
| Food Products | 2.81<br> %<br>|
| Health Care Equipment & Supplies | 2.99<br> %<br>|
| Household Products | 4.04<br> %<br>|
| IT Services | 1.79<br> %<br>|
| Machinery | 3.63<br> %<br>|
| Media | 2.39<br> %<br>|
| Multi-Utilities | 3.08<br> %<br>|
| Oil, Gas & Consumable Fuels | 3.00<br> %<br>|
| Paper & Forest Products | 1.13<br> %<br>|
| Pharmaceuticals | 10.75<br> %<br>|
| Semiconductors & Semiconductor Equipment | 3.68<br> %<br>|
| Software | 3.95<br> %<br>|
| Specialty Retail | 1.34<br> %<br>|
| Textiles, Apparel & Luxury Goods | 5.96<br> %<br>|
| Wireless Telecommunication Services | 1.47<br> %<br>|
| **TOTAL COMMON STOCKS** | 89.57<br> %<br>|
| **PREFERRED STOCKS** |  |
| Biotechnology | 1.75<br> %<br>|
| Oil, Gas & Consumable Fuels | 2.28<br> %<br>|
| Technology Hardware, Storage & Peripherals | 2.45<br> %<br>|
| **TOTAL PREFERRED STOCKS** | 6.48<br> %<br>|
| **SHORT-TERM INVESTMENTS** | 3.19<br> %<br>|
| **TOTAL INVESTMENTS** | 99.24<br> %<br>|
| Other Assets in Excess of Liabilities | 0.76<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 — December 31, 2025 (Unaudited)** 

------

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

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| **COMMON STOCKS – 95.69%** | **COMMON STOCKS – 95.69%** | **COMMON STOCKS – 95.69%** |
| ***Austria – 2.53%*** | ***Austria – 2.53%*** | ***Austria – 2.53%*** |
| 15720 | Erste Group Bank AG | $1884977 |
| ***Brazil – 3.32%*** | ***Brazil – 3.32%*** | ***Brazil – 3.32%*** |
| 477100 | Ambev SA | 1200935 |
| 79520 | Embraer SA | 1275378 |
|  |  | 2476313 |
| ***Canada – 1.19%*** | ***Canada – 1.19%*** | ***Canada – 1.19%*** |
| 29202 | CAE, Inc.<sup>(a)</sup> <br>| 888325 |
| ***China – 3.00%*** | ***China – 3.00%*** | ***China – 3.00%*** |
| 97800 | Alibaba Group Holding <br> Ltd.<br>| 1795702 |
| 1165000 | Topsports International <br> Holdings Ltd.<sup>(b)</sup> <br>| 436323 |
|  |  | 2232025 |
| ***France – 12.08%*** | ***France – 12.08%*** | ***France – 12.08%*** |
| 7814 | Capgemini SE | 1297501 |
| 34860 | Carrefour SA | 581659 |
| 4017 | Kering SA | 1403692 |
| 12661 | Pernod Ricard SA | 1084115 |
| 10715 | Publicis Groupe SA | 1112729 |
| 18513 | Sanofi SA | 1791230 |
| 26508 | TotalEnergies SE | 1728269 |
|  |  | 8999195 |
| ***Germany – 2.49%*** | ***Germany – 2.49%*** | ***Germany – 2.49%*** |
| 3476 | Heidelberg Materials <br> AG<br>| 901178 |
| 3926 | SAP SE | 953894 |
|  |  | 1855072 |
| ***Hong Kong – 2.95%*** | ***Hong Kong – 2.95%*** | ***Hong Kong – 2.95%*** |
| 157800 | AIA Group Ltd. | 1624250 |
| 587400 | Budweiser Brewing Co. <br> APAC Ltd.<sup>(b)</sup> <br>| 573092 |
|  |  | 2197342 |
| ***Ireland – 1.14%*** | ***Ireland – 1.14%*** | ***Ireland – 1.14%*** |
| 4648 | ICON Plc<sup>(a)</sup> <br>| 846959 |
| ***Japan – 1.01%*** | ***Japan – 1.01%*** | ***Japan – 1.01%*** |
| 24300 | Takeda Pharmaceutical <br> Co. Ltd.<br>| 754886 |
| ***Malaysia – 0.60%*** | ***Malaysia – 0.60%*** | ***Malaysia – 0.60%*** |
| 601300 | Genting Bhd | 447205 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| ***Mexico – 2.44%*** | ***Mexico – 2.44%*** | ***Mexico – 2.44%*** |
| 311766 | Fibra Uno <br> Administracion SA de <br> CV<br>| $467281 |
| 433006 | Wal-Mart de Mexico <br> SAB de CV<br>| 1349695 |
|  |  | 1816976 |
| ***Netherlands – 1.97%*** | ***Netherlands – 1.97%*** | ***Netherlands – 1.97%*** |
| 17782 | Heineken NV | 1467138 |
| ***South Korea – 1.88%*** | ***South Korea – 1.88%*** | ***South Korea – 1.88%*** |
| 2135 | Hyundai Motor Co. | 440894 |
| 11412 | Samsung Electronics Co. <br> Ltd.<br>| 956496 |
|  |  | 1397390 |
| ***Switzerland – 3.05%*** | ***Switzerland – 3.05%*** | ***Switzerland – 3.05%*** |
| 2571 | Cie Financiere <br> Richemont SA – Class A <br> Registered<br>| 554439 |
| 37288 | UBS Group AG <br> Registered<br>| 1721758 |
|  |  | 2276197 |
| ***Taiwan – 3.83%*** | ***Taiwan – 3.83%*** | ***Taiwan – 3.83%*** |
| 29000 | Taiwan Semiconductor <br> Manufacturing Co. Ltd.<br>| 1425561 |
| 10000 | Wiwynn Corp. | 1424666 |
|  |  | 2850227 |
| ***United Kingdom – 11.18%*** | ***United Kingdom – 11.18%*** | ***United Kingdom – 11.18%*** |
| 82219 | GSK Plc | 2015781 |
| 16974 | Imperial Brands Plc | 712741 |
| 65169 | Mondi Plc | 795075 |
| 64167 | National Grid Plc | 984225 |
| 63409 | NatWest Group Plc | 556242 |
| 9190 | Reckitt Benckiser Group <br> Plc<br>| 743507 |
| 20616 | Shell Plc Sponsored – <br> ADR<br>| 1514864 |
| 60479 | Smith & Nephew Plc | 1005824 |
|  |  | 8328259 |
| ***United States – 41.03%*** | ***United States – 41.03%*** | ***United States – 41.03%*** |
| 2914 | Alphabet, Inc. – Class A | 912082 |
| 13919 | Amdocs Ltd. | 1120619 |
| 7779 | Arch Capital Group <br> Ltd.<sup>(a)</sup> <br>| 746162 |
| 23779 | Bank of America Corp. | 1307845 |
| 7077 | Becton Dickinson & Co. | 1373433 |

---

------

Brandes Global Equity Fund

**SCHEDULE OF INVESTMENTS — December 31, 2025 (Unaudited) (continued)**

------

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| 4695 | Cardinal Health, Inc. | $964823 |
| 6052 | Cigna Corp. | 1665692 |
| 13045 | Citigroup, Inc. | 1522221 |
| 12316 | Cognizant Technology <br> Solutions Corp. – <br> Class A<br>| 1022228 |
| 34334 | Comcast Corp. – Class A | 1026243 |
| 11028 | Corteva, Inc. | 739207 |
| 9118 | CVS Health Corp. | 723604 |
| 3851 | Emerson Electric Co. | 511105 |
| 6532 | EPAM Systems, Inc.<sup>(a)</sup> <br>| 1338276 |
| 9530 | Evergy, Inc. | 690830 |
| 3817 | FedEx Corp. | 1102579 |
| 11003 | Fiserv, Inc.<sup>(a)</sup> <br>| 739072 |
| 28680 | Halliburton Co. | 810497 |
| 1900 | HCA Healthcare, Inc. | 887034 |
| 1061 | McKesson Corp. | 870328 |
| 11990 | Merck & Co., Inc. | 1262067 |
| 3541 | Micron Technology, Inc. | 1010637 |
| 6431 | Mohawk Industries, <br> Inc.<sup>(a)</sup> <br>| 702908 |
| 48126 | Pfizer, Inc. | 1198337 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| 3762 | PNC Financial Services <br> Group, Inc.<br>| $785242 |
| 3428 | Progressive Corp. | 780624 |
| 19459 | Textron, Inc. | 1696241 |
| 2750 | UnitedHealth Group, <br> Inc.<br>| 907803 |
| 13797 | Wells Fargo & Co. | 1285880 |
| 11744 | Westlake Corp. | 868351 |
|  |  | 30571970 |
| &nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $50,761,313) | &nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $50,761,313) | $71290456 |
| **PREFERRED STOCKS – 2.07%** | **PREFERRED STOCKS – 2.07%** | **PREFERRED STOCKS – 2.07%** |
| ***South Korea – 0.97%*** | ***South Korea – 0.97%*** | ***South Korea – 0.97%*** |
| 11669 | Samsung Electronics Co. <br> Ltd., 1.644%<sup>(c)</sup> <br>| $724304 |
| ***Spain – 1.10%*** | ***Spain – 1.10%*** | ***Spain – 1.10%*** |
| 87797 | Grifols SA – Class B – <br> ADR, 1.880%<sup>(c)</sup> <br>| 820902 |
| &nbsp;&nbsp; **TOTAL PREFERRED STOCKS** <br>(Cost $1,368,622) | &nbsp;&nbsp; **TOTAL PREFERRED STOCKS** <br>(Cost $1,368,622) | $1545206 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **SHORT-TERM INVESTMENTS – 2.06%** | **SHORT-TERM INVESTMENTS – 2.06%** | **SHORT-TERM INVESTMENTS – 2.06%** |
| ***Money Market Funds — 2.06%*** | ***Money Market Funds — 2.06%*** | ***Money Market Funds — 2.06%*** |
| Northern Institutional Funds - Treasury Portfolio (Premier), 3.63%<sup>(d)</sup> | 1533925 | $1533925 |
| &nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>(Cost $1,533,925)<br>|  | $1533925 |
| **Total Investments** <br>**(Cost $53,663,860) – 99.82%**<br>|  | **$74369587** |
| **Other Assets in Excess of Liabilities – 0.18%** |  | **134366** |
| **TOTAL NET ASSETS – 100.00%** |  | **$74503953** |

---

------

---

| |
|:---|
| 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 $1,009,415 which
 represented 1.35% 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 December 31, 2025.

------

Brandes Global Equity Fund

**SCHEDULE OF INVESTMENTS BY INDUSTRY — December 31, 2025 (Unaudited)** 

------

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

---

| | |
|:---|:---|
| **COMMON STOCKS** |  |
| Aerospace & Defense | 5.18<br> %<br>|
| Air Freight & Logistics | 1.48<br> %<br>|
| Automobiles | 0.59<br> %<br>|
| Banks | 9.85<br> %<br>|
| Beverages | 5.81<br> %<br>|
| Broadline Retail | 2.41<br> %<br>|
| Capital Markets | 2.31<br> %<br>|
| Chemicals | 2.16<br> %<br>|
| Construction Materials | 1.21<br> %<br>|
| Consumer Staples Distribution & Retail | 2.59<br> %<br>|
| Diversified REITs | 0.63<br> %<br>|
| Electric Utilities | 0.93<br> %<br>|
| Electrical Equipment | 0.69<br> %<br>|
| Energy Equipment & Services | 1.09<br> %<br>|
| Financial Services | 0.99<br> %<br>|
| Health Care Equipment & Supplies | 3.19<br> %<br>|
| Health Care Providers & Services | 8.08<br> %<br>|
| Hotels, Restaurants & Leisure | 0.60<br> %<br>|
| Household Durables | 0.94<br> %<br>|
| Household Products | 1.00<br> %<br>|
| Insurance | 4.23<br> %<br>|
| Interactive Media & Services | 1.22<br> %<br>|
| IT Services | 6.41<br> %<br>|
| Life Sciences Tools & Services | 1.14<br> %<br>|
| Media | 2.87<br> %<br>|
| Multi-Utilities | 1.32<br> %<br>|
| Oil, Gas & Consumable Fuels | 4.35<br> %<br>|
| Paper & Forest Products | 1.07<br> %<br>|
| Pharmaceuticals | 9.42<br> %<br>|
| Semiconductors & Semiconductor Equipment | 3.28<br> %<br>|
| Software | 1.28<br> %<br>|
| Specialty Retail | 0.59<br> %<br>|
| Technology Hardware, Storage & Peripherals | 3.20<br> %<br>|
| Textiles, Apparel & Luxury Goods | 2.62<br> %<br>|
| Tobacco | 0.96<br> %<br>|
| **TOTAL COMMON STOCKS** | 95.69<br> %<br>|
| **PREFERRED STOCKS** |  |
| Biotechnology | 1.10<br> %<br>|
| Technology Hardware, Storage & Peripherals | 0.97<br> %<br>|
| **TOTAL PREFERRED STOCKS** | 2.07<br> %<br>|
| **SHORT-TERM INVESTMENTS** | 2.06<br> %<br>|
| **TOTAL INVESTMENTS** | 99.82<br> %<br>|
| Other Assets in Excess of Liabilities | 0.18<br> %<br>|
| **TOTAL NET ASSETS** | 100.00<br> %<br>|

---

------

Brandes Global Equity Fund

**SCHEDULE OF INVESTMENTS BY INDUSTRY — December 31, 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.

------

Brandes Emerging Markets Value Fund

**SCHEDULE OF INVESTMENTS — December 31, 2025 (Unaudited)** 

------

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

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| **COMMON STOCKS – 94.74%** | **COMMON STOCKS – 94.74%** | **COMMON STOCKS – 94.74%** |
| ***Austria – 1.97%*** | ***Austria – 1.97%*** | ***Austria – 1.97%*** |
| 160655 | Erste Group Bank <br> AG<br>| $19264057 |
| ***Brazil – 6.56%*** | ***Brazil – 6.56%*** | ***Brazil – 6.56%*** |
| 344334 | Embraer SA <br> Sponsored – ADR<br>| 22164779 |
| 1515653 | Engie Brasil Energia <br> SA<br>| 8676083 |
| 4125700 | Sendas Distribuidora <br> SA<br>| 5467874 |
| 1125800 | Suzano SA | 10556378 |
| 735760 | Telefonica Brasil <br> SA<sup>(a)</sup> <br>| 4405177 |
| 3346700 | TIM SA | 12988431 |
|  |  | 64258722 |
| ***Chile – 0.47%*** | ***Chile – 0.47%*** | ***Chile – 0.47%*** |
| 882410 | Empresa Nacional <br> de <br> Telecomunicaciones <br> SA<br>| 4604824 |
| ***China – 14.98%*** | ***China – 14.98%*** | ***China – 14.98%*** |
| 1966400 | Alibaba Group <br> Holding Ltd.<br>| 36104996 |
| 2517500 | BYD Electronic <br> International Co. <br> Ltd.<br>| 10902248 |
| 6334500 | China Resources <br> Beer Holdings Co. <br> Ltd.<br>| 21393468 |
| 2874000 | Galaxy <br> Entertainment <br> Group Ltd.<br>| 14171171 |
| 4427200 | Haier Smart Home <br> Co. Ltd. – Class H<br>| 13825033 |
| 25042000 | Topsports <br> International <br> Holdings Ltd.<br>| 9378891 |
| 9323000 | TravelSky <br> Technology Ltd. – <br> Class H<br>| 12316935 |
| 141100 | Trip.com Group Ltd. | 10117072 |
| 6440600 | Wynn Macau Ltd. | 4923515 |
| 650650 | ZTO Express <br> Cayman, Inc.<br>| 13571322 |
|  |  | 146704651 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| ***Georgia – 1.63%*** | ***Georgia – 1.63%*** | ***Georgia – 1.63%*** |
| 292331 | TBC Bank Group <br> Plc<br>| $15975924 |
| ***Greece – 1.91%*** | ***Greece – 1.91%*** | ***Greece – 1.91%*** |
| 943068 | Hellenic <br> Telecommunications <br> Organization SA<br>| 18685831 |
| ***Hong Kong – 3.37%*** | ***Hong Kong – 3.37%*** | ***Hong Kong – 3.37%*** |
| 1149800 | AIA Group Ltd. | 11834999 |
| 1369700 | ASMPT Ltd. | 13642181 |
| 2479200 | Luk Fook Holdings <br> International Ltd.<br>| 7485988 |
|  |  | 32963168 |
| ***India – 3.61%*** | ***India – 3.61%*** | ***India – 3.61%*** |
| 805905 | Embassy Office <br> Parks REIT<br>| 3906880 |
| 1744230 | HDFC Bank Ltd. | 19268326 |
| 1263076 | IndusInd Bank <br> Ltd.<sup>(a)</sup> <br>| 12151459 |
|  |  | 35326665 |
| ***Indonesia – 5.58%*** | ***Indonesia – 5.58%*** | ***Indonesia – 5.58%*** |
| 109736611 | Bank Rakyat <br> Indonesia Persero <br> Tbk PT<br>| 24033077 |
| 29806645 | Indofood Sukses <br> Makmur Tbk PT<br>| 12087399 |
| 88691000 | Telkom Indonesia <br> Persero Tbk PT<br>| 18557291 |
|  |  | 54677767 |
| ***Kazakhstan – 1.25%*** | ***Kazakhstan – 1.25%*** | ***Kazakhstan – 1.25%*** |
| 156264 | Kaspi.KZ JSC - <br> ADR<sup>(a)</sup> <br>| 12208906 |
| ***Luxembourg – 3.55%*** | ***Luxembourg – 3.55%*** | ***Luxembourg – 3.55%*** |
| 151392 | Globant SA<sup>(a)</sup> <br>| 9896495 |
| 447962 | Millicom <br> International <br> Cellular SA<br>| 24835013 |
|  |  | 34731508 |
| ***Mexico – 6.97%*** | ***Mexico – 6.97%*** | ***Mexico – 6.97%*** |
| 342717 | America Movil SAB <br> de CV – ADR<br>| 7083960 |
| 1586133 | America Movil SAB <br> de CV – Class B<br>| 1640964 |

---

------

Brandes Emerging Markets Value Fund

**SCHEDULE OF INVESTMENTS — December 31, 2025 (Unaudited) (continued)**

------

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| 11001628 | Fibra Uno <br> Administracion SA <br> de CV<br>| $16489459 |
| 1143704 | Kimberly-Clark de <br> Mexico SAB de CV – <br> ADR<br>| 12216589 |
| 1621162 | Kimberly-Clark de <br> Mexico SAB de CV – <br> Class A<br>| 3457038 |
| 2096557 | Prologis Property <br> Mexico SA de CV<br>| 8783244 |
| 5950335 | Wal-Mart de Mexico <br> SAB de CV<br>| 18547400 |
|  |  | 68218654 |
| ***Netherlands – 0.59%*** | ***Netherlands – 0.59%*** | ***Netherlands – 0.59%*** |
| 399587 | JBS NV – Class A<sup>(a)</sup> <br>| 5762045 |
| ***Panama – 3.77%*** | ***Panama – 3.77%*** | ***Panama – 3.77%*** |
| 334380 | Banco <br> Latinoamericano de <br> Comercio Exterior <br> SA – Class E<br>| 14913348 |
| 182673 | Copa Holdings SA – <br> Class A<br>| 22032191 |
|  |  | 36945539 |
| ***Philippines – 2.24%*** | ***Philippines – 2.24%*** | ***Philippines – 2.24%*** |
| 11134539 | Bank of the <br> Philippine Islands<br>| 21972889 |
| ***Poland – 1.10%*** | ***Poland – 1.10%*** | ***Poland – 1.10%*** |
| 71397 | Santander Bank <br> Polska SA<br>| 10792922 |
| ***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 – 1.99%*** | ***Singapore – 1.99%*** | ***Singapore – 1.99%*** |
| 8143993 | Wilmar International <br> Ltd.<br>| 19477610 |
| ***Slovenia – 1.45%*** | ***Slovenia – 1.45%*** | ***Slovenia – 1.45%*** |
| 335544 | Nova Ljubljanska <br> Banka – GDR <br> Registered<br>| 14235362 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| ***South Africa – 1.60%*** | ***South Africa – 1.60%*** | ***South Africa – 1.60%*** |
| 1083418 | Absa Group Ltd. | $15658503 |
| ***South Korea – 13.51%*** | ***South Korea – 13.51%*** | ***South Korea – 13.51%*** |
| 193128 | Hana Financial <br> Group, Inc.<br>| 12600942 |
| 291512 | Hankook Tire & <br> Technology Co. Ltd.<br>| 11814235 |
| 871690 | Samsung Electronics <br> Co. Ltd.<br>| 73060609 |
| 142272 | Shinhan Financial <br> Group Co. Ltd.<br>| 7575952 |
| 60127 | SK Hynix, Inc. | 27230206 |
|  |  | 132281944 |
| ***Taiwan – 13.55%*** | ***Taiwan – 13.55%*** | ***Taiwan – 13.55%*** |
| 4440398 | Chailease Holding <br> Co. Ltd.<br>| 14884268 |
| 1755900 | Taiwan <br> Semiconductor <br> Manufacturing Co. <br> Ltd.<br>| 86315277 |
| 221000 | Wiwynn Corp. | 31485124 |
|  |  | 132684669 |
| ***Thailand – 2.15%*** | ***Thailand – 2.15%*** | ***Thailand – 2.15%*** |
| 34904081 | 3BB Internet <br> Infrastructure Fund<br>| 6979709 |
| 2279800 | Kasikornbank PCL <br> Registered<br>| 14074626 |
|  |  | 21054335 |
| ***United Kingdom – 0.94%*** | ***United Kingdom – 0.94%*** | ***United Kingdom – 0.94%*** |
| 588255 | HSBC Holdings Plc | 9256747 |
| &nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $739,320,604) | &nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $739,320,604) | $927743242 |
| **PREFERRED STOCKS – 2.35%** | **PREFERRED STOCKS – 2.35%** | **PREFERRED STOCKS – 2.35%** |
| ***Brazil – 2.35%*** | ***Brazil – 2.35%*** | ***Brazil – 2.35%*** |
| 4096857 | Petroleo Brasileiro <br> SA – Petrobras, <br> 3.847%<sup>(c)</sup> <br>| $22997536 |
| &nbsp;&nbsp; **TOTAL PREFERRED STOCKS** <br>(Cost $18,080,355) | &nbsp;&nbsp; **TOTAL PREFERRED STOCKS** <br>(Cost $18,080,355) | $22997536 |

---

------

Brandes Emerging Markets Value Fund

**SCHEDULE OF INVESTMENTS — December 31, 2025 (Unaudited) (continued)**

------

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **SHORT-TERM INVESTMENTS – 3.00%** | **SHORT-TERM INVESTMENTS – 3.00%** | **SHORT-TERM INVESTMENTS – 3.00%** |
| ***Money Market Funds — 3.00%*** | ***Money Market Funds — 3.00%*** | ***Money Market Funds — 3.00%*** |
| Northern Institutional Funds - Treasury Portfolio (Premier), 3.630%<sup>(d)</sup> | 29343969 | $29343969 |
| &nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>(Cost $29,343,969)<br>|  | $29343969 |
| **Total Investments** <br>**(Cost $786,744,928) – 100.09%**<br>|  | **$980084747** |
| **Liabilities in Excess of Other Assets – (0.09)%** |  | **(839249)**<br>|
| **TOTAL NET ASSETS – 100.00%** |  | **$979245498** |

---

------

---

| |
|:---|
| 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 December 31, 2025.

------

Brandes Emerging Markets Value Fund

**SCHEDULE OF INVESTMENTS BY INDUSTRY — December 31, 2025 (Unaudited)** 

------

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

---

| | |
|:---|:---|
| **COMMON STOCKS** |  |
| Aerospace & Defense | 2.26<br> %<br>|
| Air Freight & Logistics | 1.39<br> %<br>|
| Automobile Components | 1.21<br> %<br>|
| Banks | 20.09<br> %<br>|
| Beverages | 2.18<br> %<br>|
| Broadline Retail | 3.69<br> %<br>|
| Communications Equipment | 1.11<br> %<br>|
| Consumer Finance | 1.25<br> %<br>|
| Consumer Staples Distribution & Retail | 2.46<br> %<br>|
| Diversified REITs | 1.68<br> %<br>|
| Diversified Telecommunication Services | 4.97<br> %<br>|
| Financial Services | 3.04<br> %<br>|
| Food Products | 3.81<br> %<br>|
| Hotels, Restaurants & Leisure | 4.24<br> %<br>|
| Household Durables | 1.41<br> %<br>|
| Household Products | 1.60<br> %<br>|
| Independent Power and Renewable Electricity Producers | 0.88<br> %<br>|
| Industrial Real Estate Investment Trusts | 0.90<br> %<br>|
| Insurance | 1.21<br> %<br>|
| IT Services | 1.01<br> %<br>|
| Office Real Estate Investment Trusts | 0.40<br> %<br>|
| Oil, Gas & Consumable Fuels | 0.00<br> %<br>|
| Paper & Forest Products | 1.08<br> %<br>|
| Passenger Airlines | 2.25<br> %<br>|
| Semiconductors & Semiconductor Equipment | 12.98<br> %<br>|
| Specialty Retail | 1.73<br> %<br>|
| Technology Hardware, Storage & Peripherals | 10.68<br> %<br>|
| Wireless Telecommunication Services | 5.23<br> %<br>|
| **TOTAL COMMON STOCKS** | 94.74<br> %<br>|
| **PREFERRED STOCKS** |  |
| Oil, Gas & Consumable Fuels | 2.35<br> %<br>|
| **TOTAL PREFERRED STOCKS** | 2.35<br> %<br>|
| **SHORT-TERM INVESTMENTS** | 3.00<br> %<br>|
| **TOTAL INVESTMENTS** | 100.09<br> %<br>|
| Liabilities in Excess of Other Assets | (0.09)%<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 — December 31, 2025 (Unaudited)** 

------

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

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| **COMMON STOCKS – 91.15%** | **COMMON STOCKS – 91.15%** | **COMMON STOCKS – 91.15%** |
| ***Austria – 1.12%*** | ***Austria – 1.12%*** | ***Austria – 1.12%*** |
| 599204 | Addiko Bank AG<sup>(a)</sup> <br>| $15844154 |
| ***Belgium – 1.56%*** | ***Belgium – 1.56%*** | ***Belgium – 1.56%*** |
| 3822932 | Ontex Group NV<sup>(a)</sup> <br>| 21945890 |
| ***Brazil – 2.10%*** | ***Brazil – 2.10%*** | ***Brazil – 2.10%*** |
| 1849540 | Embraer SA | 29663759 |
| ***Canada – 10.26%*** | ***Canada – 10.26%*** | ***Canada – 10.26%*** |
| 1356967 | CAE, Inc.<sup>(a)</sup> <br>| 41278936 |
| 1690345 | Canfor Corp.<sup>(a)</sup> <br>| 14445920 |
| 688763 | Corby Spirit and <br> Wine Ltd.<br>| 7426828 |
| 1156725 | Dorel Industries, <br> Inc. – Class B<sup>(a)</sup> <br>| 1255707 |
| 54084 | Lassonde Industries, <br> Inc. – Class A<br>| 8649381 |
| 816698 | Open Text Corp. | 26608021 |
| 2616875 | Pason Systems, Inc. | 22859882 |
| 684489 | Winpak Ltd. | 22246952 |
|  |  | 144771627 |
| ***France – 7.21%*** | ***France – 7.21%*** | ***France – 7.21%*** |
| 1051381 | Elior Group SA<sup>(a),(b)</sup> <br>| 3377359 |
| 1528018 | Euroapi SA<sup>(a)</sup> <br>| 4066210 |
| 759822 | LISI SA | 47317366 |
| 21230 | LISI SA (PRIME) | 1324818 |
| 71431 | LISI SA <br> Registered (2026)<br>| 4457518 |
| 137000 | LISI SA <br> Registered (2027)<br>| 8549228 |
| 540848 | Societe BIC SA | 32678450 |
|  |  | 101770949 |
| ***Germany – 0.43%*** | ***Germany – 0.43%*** | ***Germany – 0.43%*** |
| 91918 | Draegerwerk AG & <br> Co. KGaA<br>| 6061140 |
| ***Hong Kong – 5.40%*** | ***Hong Kong – 5.40%*** | ***Hong Kong – 5.40%*** |
| 2059500 | Dickson Concepts <br> International Ltd.<br>| 1585576 |
| 23403000 | Emperor Watch & <br> Jewellery Ltd.<br>| 688616 |
| 42929000 | First Pacific Co. <br> Ltd.<br>| 32863755 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| 36674020 | PAX Global <br> Technology Ltd.<br>| $23796857 |
| 49900000 | Pico Far East <br> Holdings Ltd.<br>| 17199457 |
|  |  | 76134261 |
| ***Hungary – 2.18%*** | ***Hungary – 2.18%*** | ***Hungary – 2.18%*** |
| 5606926 | Magyar Telekom <br> Telecommunications <br> Plc<br>| 30700250 |
| ***Indonesia – 2.50%*** | ***Indonesia – 2.50%*** | ***Indonesia – 2.50%*** |
| 87025860 | Indofood Sukses <br> Makmur Tbk PT<br>| 35291336 |
| ***Ireland – 3.51%*** | ***Ireland – 3.51%*** | ***Ireland – 3.51%*** |
| 1014670 | AIB Group Plc | 10847177 |
| 21276052 | C&C Group Plc<sup>(e)</sup> <br>| 38716727 |
|  |  | 49563904 |
| ***Israel – 0.34%*** | ***Israel – 0.34%*** | ***Israel – 0.34%*** |
| 42992 | Nice Ltd. - ADR<sup>(a)</sup> <br>| 4859816 |
| ***Japan – 8.17%*** | ***Japan – 8.17%*** | ***Japan – 8.17%*** |
| 1006300 | Futaba Corp. | 3745235 |
| 1065800 | H.U. Group <br> Holdings, Inc.<br>| 23017213 |
| 539200 | Kaken <br> Pharmaceutical Co. <br> Ltd.<br>| 13832197 |
| 487400 | Kissei <br> Pharmaceutical Co. <br> Ltd.<br>| 14453936 |
| 1346000 | Koatsu Gas Kogyo <br> Co. Ltd.<br>| 8997024 |
| 1208544 | Komori Corp. | 12243961 |
| 1996200 | Medipal Holdings <br> Corp.<br>| 35338295 |
| 397300 | Nihon Parkerizing <br> Co. Ltd.<br>| 3615409 |
|  |  | 115243270 |
| ***Luxembourg – 4.24%*** | ***Luxembourg – 4.24%*** | ***Luxembourg – 4.24%*** |
| 345557 | Globant SA<sup>(a)</sup> <br>| 22589061 |
| 671764 | Millicom <br> International <br> Cellular SA<br>| 37242596 |
|  |  | 59831657 |
| ***Mexico – 5.99%*** | ***Mexico – 5.99%*** | ***Mexico – 5.99%*** |
| 14639776 | Bolsa Mexicana de <br> Valores SAB de CV<br>| 30096599 |

---

------

Brandes International Small Cap Equity Fund

**SCHEDULE OF INVESTMENTS — December 31, 2025 (Unaudited) (continued)**

------

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| 32000124 | Consorcio ARA SAB <br> de CV<br>| $6646145 |
| 27089060 | Fibra Uno <br> Administracion SA <br> de CV<br>| 40601623 |
| 694724 | Qualitas <br> Controladora SAB <br> de CV<br>| 7200902 |
|  |  | 84545269 |
| ***Netherlands – 1.60%*** | ***Netherlands – 1.60%*** | ***Netherlands – 1.60%*** |
| 684940 | Aalberts NV | 22577603 |
| ***Panama – 0.28%*** | ***Panama – 0.28%*** | ***Panama – 0.28%*** |
| 88986 | Banco <br> Latinoamericano de <br> Comercio Exterior <br> SA – Class E<br>| 3968776 |
| ***Slovenia – 2.86%*** | ***Slovenia – 2.86%*** | ***Slovenia – 2.86%*** |
| 406612 | Nova Ljubljanska <br> Banka – GDR<sup>(b)</sup> <br>| 17250402 |
| 543836 | Nova Ljubljanska <br> Banka – GDR <br> Registered<br>| 23072093 |
|  |  | 40322495 |
| ***South Korea – 5.43%*** | ***South Korea – 5.43%*** | ***South Korea – 5.43%*** |
| 89477 | Binggrae Co. Ltd. | 4622092 |
| 998258 | Hankook Tire & <br> Technology Co. Ltd.<br>| 40456839 |
| 628277 | S-1 Corp. | 31445470 |
|  |  | 76524401 |
| ***Spain – 2.15%*** | ***Spain – 2.15%*** | ***Spain – 2.15%*** |
| 23082802 | Linea Directa <br> Aseguradora SA Cia <br> de Seguros y <br> Reaseguros<br>| 30327887 |
| ***Switzerland – 4.71%*** | ***Switzerland – 4.71%*** | ***Switzerland – 4.71%*** |
| 17726 | Bystronic AG | 6026448 |
| 1696771 | Montana Aerospace <br> AG<sup>(a),(b)</sup> <br>| 60344104 |
|  |  | 66370552 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| ***United Kingdom – 15.85%*** | ***United Kingdom – 15.85%*** | ***United Kingdom – 15.85%*** |
| 2133344 | Balfour Beatty Plc | $20347570 |
| 1411871 | Burberry Group <br> Plc<sup>(a)</sup> <br>| 24007533 |
| 14268952 | Hays Plc | 10828650 |
| 26639429 | ITV Plc | 29382441 |
| 5660236 | J Sainsbury Plc | 24796577 |
| 7160845 | LSL Property <br> Services Plc<sup>(e)</sup> <br>| 25385975 |
| 2051701 | Mondi Plc | 25031176 |
| 5931032 | Pagegroup Plc | 18688553 |
| 2722615 | QinetiQ Group Plc | 16133064 |
| 1832362 | Travis Perkins Plc | 15648292 |
| 1680523 | Yellow Cake Plc<sup>(a),(b)</sup> <br>| 13304470 |
|  |  | 223554301 |
| ***United States – 3.26%*** | ***United States – 3.26%*** | ***United States – 3.26%*** |
| 1619349 | Kennametal, Inc. | 46005705 |
| &nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $1,005,705,269) | &nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $1,005,705,269) | $1285879002 |
| **PREFERRED STOCKS – 4.69%** | **PREFERRED STOCKS – 4.69%** | **PREFERRED STOCKS – 4.69%** |
| ***Germany – 1.99%*** | ***Germany – 1.99%*** | ***Germany – 1.99%*** |
| 346399 | Draegerwerk AG & <br> Co. KGaA, <br> 2.925%<sup>(c)</sup> <br>| $28098733 |
| ***Spain – 2.70%*** | ***Spain – 2.70%*** | ***Spain – 2.70%*** |
| 4073711 | Grifols SA – Class B <br> – ADR, 1.880%<sup>(c)</sup> <br>| 38089198 |
| &nbsp;&nbsp; **TOTAL PREFERRED** <br> **STOCKS** <br>(Cost $51,296,269) | &nbsp;&nbsp; **TOTAL PREFERRED** <br> **STOCKS** <br>(Cost $51,296,269) | $66187931 |
| **INVESTMENT COMPANIES – 1.03%** | **INVESTMENT COMPANIES – 1.03%** | **INVESTMENT COMPANIES – 1.03%** |
| ***Canada – 1.03%*** | ***Canada – 1.03%*** | ***Canada – 1.03%*** |
| 746919 | Sprott Physical <br> Uranium Trust<sup>(a)</sup> <br>| $14600442 |
| &nbsp;&nbsp; **TOTAL INVESTMENT** <br> **COMPANIES** <br>(Cost $11,277,910) | &nbsp;&nbsp; **TOTAL INVESTMENT** <br> **COMPANIES** <br>(Cost $11,277,910) | $14600442 |

---

------

Brandes International Small Cap Equity Fund

**SCHEDULE OF INVESTMENTS — December 31, 2025 (Unaudited) (continued)**

------

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **SHORT-TERM INVESTMENTS – 3.53%** | **SHORT-TERM INVESTMENTS – 3.53%** | **SHORT-TERM INVESTMENTS – 3.53%** |
| ***Money Market Funds — 3.53%*** | ***Money Market Funds — 3.53%*** | ***Money Market Funds — 3.53%*** |
| Northern Institutional Funds - Treasury Portfolio (Premier), 3.630%<sup>(d)</sup> | 49728456 | $49728456 |
| &nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>(Cost $49,728,456)<br>|  | $49728456 |
| **Total Investments** <br>**(Cost $1,118,007,904) – 100.40%**<br>|  | **$1416395831** |
| **Liabilities in Excess of Other Assets – (0.40)%** |  | **(5693841)**<br>|
| **TOTAL NET ASSETS – 100.00%** |  | **$1410701990** |

---

------

---

| |
|:---|
| Percentages are stated as a percent of net assets. |
| ADR American Depositary Receipt |
| 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) 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 $94,276,335 which
 represented 6.68% 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 December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Affiliated issuer. The following issuers were affiliated with the International Small
 Cap Fund as defined in Section (2)(a)(3) of the 1940 Act, as this Fund held 5% or more of the outstanding
 voting securities of the following issuers as of December 31, 2025:

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Issuer Name** | **Value At** <br>**March 31,** <br>**2025**<br>| **Purchases** | **Sales Proceeds** | **Realized** <br>**Gain/(Loss)**<br>| **Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Value At** <br>**December 31, 2025**<br>| **Dividend** <br>**Income**<br>|
| C&C Group Plc | $22991426 | $15519420 | $— | $— | $205881 | $38716727 | $1385473 |
| &nbsp;&nbsp;&nbsp; LSL Property Services <br> Plc<br>| 13171370 | 12605586 |  |  | (390981)<br>| 25385975 | 722601 |
|  | $36162796 | $28125006 | $— | $— | $(185100)<br>| $64102702 | $2108074 |

---

------

Brandes International Small Cap Equity Fund

**SCHEDULE OF INVESTMENTS BY INDUSTRY — December 31, 2025 (Unaudited)** 

------

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

---

| | |
|:---|:---|
| **COMMON STOCKS** |  |
| Aerospace & Defense | 14.80<br> %<br>|
| Automobile Components | 2.87<br> %<br>|
| Banks | 4.75<br> %<br>|
| Beverages | 3.27<br> %<br>|
| Capital Markets | 2.13<br> %<br>|
| Chemicals | 0.90<br> %<br>|
| Commercial Services & Supplies | 4.55<br> %<br>|
| Construction & Engineering | 1.44<br> %<br>|
| Consumer Staples Distribution & Retail | 1.76<br> %<br>|
| Containers & Packaging | 1.58<br> %<br>|
| Diversified REITs | 2.88<br> %<br>|
| Diversified Telecommunication Services | 2.18<br> %<br>|
| Electrical Equipment | 0.27<br> %<br>|
| Electronic Equipment, Instruments & Components | 1.69<br> %<br>|
| Energy Equipment & Services | 1.62<br> %<br>|
| Financial Services | 0.28<br> %<br>|
| Food Products | 5.77<br> %<br>|
| Health Care Equipment & Supplies | 0.43<br> %<br>|
| Health Care Providers & Services | 4.13<br> %<br>|
| Hotels, Restaurants & Leisure | 0.24<br> %<br>|
| Household Durables | 0.56<br> %<br>|
| Insurance | 2.66<br> %<br>|
| IT Services | 1.60<br> %<br>|
| Machinery | 6.16<br> %<br>|
| Media | 3.30<br> %<br>|
| Oil, Gas & Consumable Fuels | 0.94<br> %<br>|
| Paper & Forest Products | 2.80<br> %<br>|
| Personal Care Products | 1.56<br> %<br>|
| Pharmaceuticals | 2.29<br> %<br>|
| Professional Services | 2.10<br> %<br>|
| Real Estate Management & Development | 1.80<br> %<br>|
| Software | 2.23<br> %<br>|
| Specialty Retail | 0.16<br> %<br>|
| Textiles, Apparel & Luxury Goods | 1.70<br> %<br>|
| Trading Companies & Distributors | 1.11<br> %<br>|
| Wireless Telecommunication Services | 2.64<br> %<br>|
| **TOTAL COMMON STOCKS** | 91.15<br> %<br>|
| **PREFERRED STOCKS** |  |
| Biotechnology | 2.70<br> %<br>|
| Health Care Equipment & Supplies | 1.99<br> %<br>|
| **TOTAL PREFERRED STOCKS** | 4.69<br> %<br>|
| **INVESTMENT COMPANIES** |  |
| Trading Companies & Distributors | 1.03<br> %<br>|
| **TOTAL INVESTMENT COMPANIES** | 1.03<br> %<br>|

---

------

Brandes International Small Cap Equity Fund

**SCHEDULE OF INVESTMENTS BY INDUSTRY — December 31, 2025 (Unaudited) (continued)**

------

---

| | |
|:---|:---|
| **SHORT-TERM INVESTMENTS** | 3.53<br> %<br>|
| **TOTAL INVESTMENTS** | 100.40<br> %<br>|
| Liabilities in Excess of Other Assets | (0.40)%<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 — December 31, 2025 (Unaudited)** 

------

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

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| **COMMON STOCKS – 94.61%** | **COMMON STOCKS – 94.61%** | **COMMON STOCKS – 94.61%** |
| ***Aerospace & Defense – 14.41%*** | ***Aerospace & Defense – 14.41%*** | ***Aerospace & Defense – 14.41%*** |
| 104286 | CAE, Inc.<sup>(a)</sup> <br>| $3172380 |
| 161064 | Hexcel Corp. | 11902630 |
| 52535 | Moog, Inc. – Class A | 12794899 |
| 5899 | National Presto <br> Industries, Inc.<br>| 629777 |
| 668172 | Park Aerospace Corp. | 14258791 |
|  |  | 42758477 |
| ***Banks – 2.15%*** | ***Banks – 2.15%*** | ***Banks – 2.15%*** |
| 161535 | Eagle Bancorp <br> Montana, Inc.<br>| 3214546 |
| 93901 | National Bankshares, <br> Inc.<br>| 3148501 |
|  |  | 6363047 |
| ***Biotechnology – 0.00%*** | ***Biotechnology – 0.00%*** | ***Biotechnology – 0.00%*** |
| 11508 | PDL BioPharma, <br> Inc.<sup>(a),(b)</sup> <br>| 720 |
| ***Chemicals – 5.29%*** | ***Chemicals – 5.29%*** | ***Chemicals – 5.29%*** |
| 128031 | Minerals Technologies, <br> Inc.<br>| 7803490 |
| 135203 | Scotts Miracle-Gro Co. | 7889095 |
|  |  | 15692585 |
| ***Commercial Services & Supplies – 4.08%*** | ***Commercial Services & Supplies – 4.08%*** | ***Commercial Services & Supplies – 4.08%*** |
| 24232 | Brady Corp. – Class A | 1899062 |
| 65647 | Healthcare Services <br> Group, Inc.<sup>(a)</sup> <br>| 1255171 |
| 46366 | UniFirst Corp. | 8944001 |
|  |  | 12098234 |
| ***Communications Equipment – 1.53%*** | ***Communications Equipment – 1.53%*** | ***Communications Equipment – 1.53%*** |
| 184551 | NETGEAR, Inc.<sup>(a)</sup> <br>| 4527036 |
| ***Construction & Engineering – 3.38%*** | ***Construction & Engineering – 3.38%*** | ***Construction & Engineering – 3.38%*** |
| 1009676 | Orion Group Holdings, <br> Inc.<sup>(a)</sup> <br>| 10036179 |
| ***Consumer Staples Distribution & Retail –*** <br> ***3.40%*** | ***Consumer Staples Distribution & Retail –*** <br> ***3.40%*** | ***Consumer Staples Distribution & Retail –*** <br> ***3.40%*** |
| 147265 | Ingles Markets, Inc. – <br> Class A<br>| 10095016 |
| ***Containers & Packaging – 4.29%*** | ***Containers & Packaging – 4.29%*** | ***Containers & Packaging – 4.29%*** |
| 153966 | Sealed Air Corp. | 6378811 |
| 145115 | Sonoco Products Co. | 6332819 |
|  |  | 12711630 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| ***Electronic Equipment, Instruments &*** <br> ***Components – 3.92%*** | ***Electronic Equipment, Instruments &*** <br> ***Components – 3.92%*** | ***Electronic Equipment, Instruments &*** <br> ***Components – 3.92%*** |
| 831592 | Arlo Technologies, <br> Inc.<sup>(a)</sup> <br>| $11633972 |
| ***Energy Equipment & Services – 4.77%*** | ***Energy Equipment & Services – 4.77%*** | ***Energy Equipment & Services – 4.77%*** |
| 647166 | Innovex International, <br> Inc.<sup>(a)</sup> <br>| 14153520 |
| ***Health Care Equipment & Supplies – 4.01%*** | ***Health Care Equipment & Supplies – 4.01%*** | ***Health Care Equipment & Supplies – 4.01%*** |
| 329842 | LENSAR, Inc.<sup>(a)</sup> <br>| 3836062 |
| 144201 | Utah Medical Products, <br> Inc.<br>| 8069488 |
|  |  | 11905550 |
| ***Hotels, Restaurants & Leisure – 2.00%*** | ***Hotels, Restaurants & Leisure – 2.00%*** | ***Hotels, Restaurants & Leisure – 2.00%*** |
| 154142 | Papa John's <br> International, Inc.<br>| 5932926 |
| ***Household Durables – 0.06%*** | ***Household Durables – 0.06%*** | ***Household Durables – 0.06%*** |
| 164960 | Dorel Industries, Inc. – <br> Class B<sup>(a)</sup> <br>| 179076 |
| ***Household Products – 0.50%*** | ***Household Products – 0.50%*** | ***Household Products – 0.50%*** |
| 50930 | Central Garden & Pet <br> Co. – Class A<sup>(a)</sup> <br>| 1486647 |
| ***IT Services – 1.01%*** | ***IT Services – 1.01%*** | ***IT Services – 1.01%*** |
| 45690 | Globant SA<sup>(a)</sup> <br>| 2986755 |
| ***Leisure Products – 2.15%*** | ***Leisure Products – 2.15%*** | ***Leisure Products – 2.15%*** |
| 826008 | American Outdoor <br> Brands, Inc.<sup>(a),(e)</sup> <br>| 6385042 |
| ***Machinery – 15.68%*** | ***Machinery – 15.68%*** | ***Machinery – 15.68%*** |
| 199676 | Graham Corp.<sup>(a)</sup> <br>| 12825189 |
| 174437 | Hurco Companies, <br> Inc.<sup>(a)</sup> <br>| 2695052 |
| 553225 | Kennametal, Inc. | 15717122 |
| 288563 | L.B. Foster Co. – <br> Class A<sup>(a)</sup> <br>| 7776773 |
| 89043 | Timken Co. | 7491188 |
|  |  | 46505324 |
| ***Oil, Gas & Consumable Fuels – 2.22%*** | ***Oil, Gas & Consumable Fuels – 2.22%*** | ***Oil, Gas & Consumable Fuels – 2.22%*** |
| 281645 | World Kinect Corp. | 6598942 |
| ***Paper & Forest Products – 0.97%*** | ***Paper & Forest Products – 0.97%*** | ***Paper & Forest Products – 0.97%*** |
| 337602 | Canfor Corp.<sup>(a)</sup> <br>| 2885193 |
| ***Personal Care Products – 3.55%*** | ***Personal Care Products – 3.55%*** | ***Personal Care Products – 3.55%*** |
| 618123 | Edgewell Personal <br> Care Co.<br>| 10538997 |

---

------

Brandes Small Cap Value Fund

**SCHEDULE OF INVESTMENTS — December 31, 2025 (Unaudited) (continued)**

------

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| ***Pharmaceuticals – 5.68%*** | ***Pharmaceuticals – 5.68%*** | ***Pharmaceuticals – 5.68%*** |
| 362893 | Elanco Animal Health, <br> Inc.<sup>(a)</sup> <br>| $8212269 |
| 139750 | Prestige Consumer <br> Healthcare, Inc.<sup>(a)</sup> <br>| 8621177 |
|  |  | 16833446 |
| ***Professional Services – 0.94%*** | ***Professional Services – 0.94%*** | ***Professional Services – 0.94%*** |
| 550993 | Resources Connection, <br> Inc.<br>| 2777005 |
| ***Software – 1.33%*** | ***Software – 1.33%*** | ***Software – 1.33%*** |
| 120934 | Open Text Corp. | 3940030 |
| ***Textiles, Apparel & Luxury Goods – 5.25%*** | ***Textiles, Apparel & Luxury Goods – 5.25%*** | ***Textiles, Apparel & Luxury Goods – 5.25%*** |
| 167897 | Gildan Activewear, Inc. | 10486846 |
| 246101 | Movado Group, Inc. | 5074603 |
|  |  | 15561449 |
| ***Trading Companies & Distributors – 2.04%*** | ***Trading Companies & Distributors – 2.04%*** | ***Trading Companies & Distributors – 2.04%*** |
| 71853 | MSC Industrial Direct <br> Co., Inc. – Class A<br>| 6042837 |
| &nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $246,136,564) | &nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $246,136,564) | $280629635 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| **PREFERRED STOCKS – 1.83%** | **PREFERRED STOCKS – 1.83%** | **PREFERRED STOCKS – 1.83%** |
| ***Biotechnology – 1.83%*** | ***Biotechnology – 1.83%*** | ***Biotechnology – 1.83%*** |
| 581249 | Grifols SA – Class B – <br> ADR, 1.880%<sup>(c)</sup> <br>| $5434678 |
| &nbsp;&nbsp; **TOTAL PREFERRED STOCKS** <br>(Cost $4,890,008) | &nbsp;&nbsp; **TOTAL PREFERRED STOCKS** <br>(Cost $4,890,008) | $5434678 |
| **INVESTMENT COMPANIES – 0.81%** | **INVESTMENT COMPANIES – 0.81%** | **INVESTMENT COMPANIES – 0.81%** |
| ***Trading Companies & Distributors – 0.81%*** | ***Trading Companies & Distributors – 0.81%*** | ***Trading Companies & Distributors – 0.81%*** |
| 122828 | Sprott Physical <br> Uranium Trust<sup>(a)</sup> <br>| $2400987 |
| &nbsp;&nbsp; **TOTAL INVESTMENT** <br> **COMPANIES** <br>(Cost $2,042,818) | &nbsp;&nbsp; **TOTAL INVESTMENT** <br> **COMPANIES** <br>(Cost $2,042,818) | $2400987 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **SHORT-TERM INVESTMENTS – 2.35%** | **SHORT-TERM INVESTMENTS – 2.35%** | **SHORT-TERM INVESTMENTS – 2.35%** |
| Northern Institutional Funds - Treasury Portfolio (Premier), 3.630%, <sup>(d)</sup> | 6984781 | $6984781 |
| &nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>(Cost $6,984,781)<br>|  | $6984781 |
| **Total Investments (Cost $260,054,171) – 99.60%** |  | **$295450081** |
| **Other Assets in Excess of Liabilities – 0.40%** |  | **1181556** |
| **TOTAL NET ASSETS – 100.00%** |  | **$296631637** |

---

------

---

| |
|:---|
| 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) 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 December 31, 2025.

------

Brandes Small Cap Value Fund

**SCHEDULE OF INVESTMENTS — December 31, 2025 (Unaudited) (continued)**

------

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

&nbsp;&nbsp;&nbsp;&nbsp;(e) Affiliated issuer. The following issuer were affiliated with the Small Cap Value Fund
 as defined in Section (2)(a)(3) of the 1940 Act, as this Fund held 5% or more of the outstanding
 voting securities of the following issuers as of December 31, 2025:

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Issuer Name** | **Value At** <br>**March 31,** <br>**2025**<br>| **Purchases** | **Sales Proceeds** | **Realized** <br>**Gain/(Loss)**<br>| **Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Value At** <br>**December 31, 2025**<br>| **Dividend** <br>**Income**<br>|
| &nbsp;&nbsp;&nbsp; American Outdoor Brands, <br> Inc.<br>| $3757124 | $4374595 | $(104391)<br>| $(61497)<br>| $(1580789)<br>| $6385042 | $— |
|  | $3757124 | $4374595 | $(104391)<br>| $(61497)<br>| $(1580789)<br>| $6385042 | $— |

---

------

Brandes Small Cap Value Fund

**SCHEDULE OF INVESTMENTS BY COUNTRY — December 31, 2025 (Unaudited)** 

------

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

---

| | |
|:---|:---|
| **COMMON STOCKS** |  |
| Canada | 6.97<br> %<br>|
| Luxembourg | 1.01<br> %<br>|
| United States | 86.63<br> %<br>|
| **TOTAL COMMON STOCKS** | 94.61<br> %<br>|
| **PREFERRED STOCKS** |  |
| Spain | 1.83<br> %<br>|
| **TOTAL PREFERRED STOCKS** | 1.83<br> %<br>|
| **INVESTMENT COMPANIES** |  |
| Canada | 0.81<br> %<br>|
| **TOTAL INVESTMENT COMPANIES** | 0.81<br> %<br>|
| **SHORT-TERM INVESTMENTS** | 2.35<br> %<br>|
| **TOTAL INVESTMENTS** | 99.60<br> %<br>|
| Other Assets in Excess of Liabilities | 0.40<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 — December 31, 2025 (Unaudited)** 

------

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

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount**<br>| **Value** |
| **FEDERAL AND FEDERALLY SPONSORED CREDITS – 5.29%** | **FEDERAL AND FEDERALLY SPONSORED CREDITS – 5.29%** | **FEDERAL AND FEDERALLY SPONSORED CREDITS – 5.29%** |
| ***Federal Home Loan Mortgage Corporation – 2.77%*** | ***Federal Home Loan Mortgage Corporation – 2.77%*** | ***Federal Home Loan Mortgage Corporation – 2.77%*** |
| Pool A9-3505 4.500%, 8/1/2040 | 34269 | $34589 |
| Pool G0-6018 6.500%, 4/1/2039 | 8213 | 8723 |
| Pool G1-8578 3.000%, 12/1/2030 | 263223 | 258666 |
| Pool SD-2873 3.000%, 1/1/2052 | 1912601 | 1722655 |
| Pool SD-8001 3.500%, 7/1/2049 | 166404 | 155845 |
| Pool SD-8003 4.000%, 7/1/2049 | 163890 | 158159 |
|  |  | 2338637 |
| ***Federal National Mortgage Association – 2.52%*** | ***Federal National Mortgage Association – 2.52%*** | ***Federal National Mortgage Association – 2.52%*** |
| Pool 934124 5.500%, 7/1/2038 | 31304 | 32636 |
| Pool AL9865 3.000%, 2/1/2047 | 561202 | 508821 |
| Pool AS6201 3.500%, 11/1/2045 | 106441 | 101224 |
| Pool BJ2553 3.500%, 12/1/2047 | 190063 | 179205 |
| Pool BN6683 3.500%, 6/1/2049 | 288239 | 269979 |
| Pool CA0483 3.500%, 10/1/2047 | 569743 | 537372 |
| Pool CA1624 3.000%, 4/1/2033 | 285933 | 279204 |
| Pool MA0918 4.000%, 12/1/2041 | 83308 | 81582 |
| Pool MA3687 4.000%, 6/1/2049 | 132251 | 126399 |
| Pool MA3695 3.000%, 7/1/2034 | 3691 | 3584 |
|  |  | 2120006 |
| &nbsp;&nbsp; **TOTAL FEDERAL AND FEDERALLY SPONSORED CREDITS** <br>(Cost $4,370,872)<br>|  | $4458643 |
| **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>| 208 | $195 |
| &nbsp;&nbsp; **TOTAL OTHER MORTGAGE RELATED SECURITIES** <br>(Cost $205)<br>|  | $195 |
| **US GOVERNMENTS – 60.16%** | **US GOVERNMENTS – 60.16%** | **US GOVERNMENTS – 60.16%** |
| ***Sovereign Government – 60.16%*** | ***Sovereign Government – 60.16%*** | ***Sovereign Government – 60.16%*** |
| United States Treasury Bond  | United States Treasury Bond  | United States Treasury Bond  |
| 4.750%, 2/15/2037 | 6600497 | $6930780 |
| 3.500%, 2/15/2039 | 1582289 | 1446187 |
| 3.750%, 11/15/2043 | 7586874 | 6673782 |
| 3.000%, 5/15/2047 | 7579223 | 5715208 |
|  |  | 20765957 |
| United States Treasury Note  | United States Treasury Note  | United States Treasury Note  |
| 2.250%, 2/15/2027 | 5657255 | 5579247 |
| 2.375%, 5/15/2029 | 10251090 | 9861068 |

---

------

Brandes Core Plus Fixed Income Fund

**SCHEDULE OF INVESTMENTS — December 31, 2025 (Unaudited) (continued)**

------

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount**<br>| **Value** |
| 1.625%, 5/15/2031 | 10951124 | $9822217 |
| 4.375%, 5/15/2034 | 4550000 | 4658418 |
|  |  | 29920950 |
| &nbsp;&nbsp; **TOTAL US GOVERNMENTS** <br>(Cost $50,186,540)<br>|  | $50686907 |
| **CORPORATE BONDS – 27.97%** | **CORPORATE BONDS – 27.97%** | **CORPORATE BONDS – 27.97%** |
| ***Automotive – 1.56%*** | ***Automotive – 1.56%*** | ***Automotive – 1.56%*** |
| &nbsp;&nbsp; Ford Motor Credit Co. LLC <br>2.700%, 8/10/2026<br>| 1328842 | $1316003 |
| ***Banking – 5.64%*** | ***Banking – 5.64%*** | ***Banking – 5.64%*** |
| &nbsp;&nbsp; Bank of America Corp. <br>4.450%, 3/3/2026<br>| 1862221 | 1863570 |
| &nbsp;&nbsp; Citigroup, Inc. <br>6.950% (U.S. Treasury Yield Curve Rate CMT 5Y + 2.726%), 2/15/2030<sup>(b)</sup><br>| 1115000 | 1149384 |
| &nbsp;&nbsp; Fifth Third Bancorp <br>8.250%, 3/1/2038<br>| 380381 | 468158 |
| &nbsp;&nbsp; USB Capital IX <br>5.186% (CME Term SOFR 3M + 1.282%, minimum of 5.186%), <br> 2/1/2026<sup>(c)</sup><br>| 1629060 | 1268998 |
|  |  | 4750110 |
| ***Biotechnology & Pharmaceuticals – 1.64%*** | ***Biotechnology & Pharmaceuticals – 1.64%*** | ***Biotechnology & Pharmaceuticals – 1.64%*** |
| &nbsp;&nbsp; Organon & Co./Organon Foreign Debt Co-Issuer BV <br>4.125%, 4/30/2028<sup>(d)</sup><br>| 1415000 | 1378825 |
| ***Commercial Support Services – 0.06%*** | ***Commercial Support Services – 0.06%*** | ***Commercial Support Services – 0.06%*** |
| &nbsp;&nbsp; Prime Security Services Borrower LLC/Prime Finance, Inc. <br>5.750%, 4/15/2026<sup>(d)</sup><br>| 54223 | 54242 |
| ***Containers & Packaging – 0.70%*** | ***Containers & Packaging – 0.70%*** | ***Containers & Packaging – 0.70%*** |
| &nbsp;&nbsp; Sealed Air Corp. <br>4.000%, 12/1/2027<sup>(d)</sup><br>| 594612 | 591531 |
| ***Electric Utilities – 1.03%*** | ***Electric Utilities – 1.03%*** | ***Electric Utilities – 1.03%*** |
| &nbsp;&nbsp; American Transmission Systems, Inc. <br>2.650%, 1/15/2032<sup>(d)</sup><br>| 677534 | 610358 |
| &nbsp;&nbsp; Commonwealth Edison Co. <br>5.900%, 3/15/2036<br>| 237766 | 255823 |
|  |  | 866181 |
| ***Entertainment Content – 3.78%*** | ***Entertainment Content – 3.78%*** | ***Entertainment Content – 3.78%*** |
| &nbsp;&nbsp; Netflix, Inc. <br>4.375%, 11/15/2026<br>| 336608 | 338361 |
| Univision Communications, Inc.  | Univision Communications, Inc.  | Univision Communications, Inc.  |
| 8.000%, 8/15/2028<sup>(d)</sup> | 965000 | 999375 |
| 8.500%, 7/31/2031<sup>(d)</sup> | 1765000 | 1843426 |
|  |  | 3181162 |

---

------

Brandes Core Plus Fixed Income Fund

**SCHEDULE OF INVESTMENTS — December 31, 2025 (Unaudited) (continued)**

------

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount**<br>| **Value** |
| ***Food – 1.14%*** | ***Food – 1.14%*** | ***Food – 1.14%*** |
| &nbsp;&nbsp; Pilgrim's Pride Corp. <br>4.250%, 4/15/2031<br>| 986533 | $963120 |
| ***Home Construction – 0.00%*** | ***Home Construction – 0.00%*** | ***Home Construction – 0.00%*** |
| &nbsp;&nbsp; PulteGroup, Inc. <br>5.500%, 3/1/2026<br>| 684 | 684 |
| ***Institutional Financial Services – 1.60%*** | ***Institutional Financial Services – 1.60%*** | ***Institutional Financial Services – 1.60%*** |
| &nbsp;&nbsp; Goldman Sachs Group, Inc. <br>3.800% (U.S. Treasury Yield Curve Rate CMT 5Y + 2.969%), 5/10/2026<sup>(b)</sup><br>| 1363842 | 1350637 |
| ***Internet Media & Services – 1.57%*** | ***Internet Media & Services – 1.57%*** | ***Internet Media & Services – 1.57%*** |
| Expedia Group, Inc.  | Expedia Group, Inc.  | Expedia Group, Inc.  |
| 3.800%, 2/15/2028 | 150307 | 149510 |
| 3.250%, 2/15/2030 | 796151 | 764170 |
| &nbsp;&nbsp; Meta Platforms, Inc. <br>4.950%, 5/15/2033<br>| 395456 | 407756 |
|  |  | 1321436 |
| ***IT Services – 1.45%*** | ***IT Services – 1.45%*** | ***IT Services – 1.45%*** |
| &nbsp;&nbsp; Pitney Bowes, Inc. <br>7.250%, 3/15/2029<sup>(d)</sup><br>| 1205000 | 1221284 |
| ***Leisure Facilities & Services – 2.52%*** | ***Leisure Facilities & Services – 2.52%*** | ***Leisure Facilities & Services – 2.52%*** |
| &nbsp;&nbsp; Sabre GLBL, Inc. <br>11.125%, 7/15/2030<sup>(d)</sup><br>| 1275000 | 1057064 |
| &nbsp;&nbsp; Travel + Leisure Co. <br>6.625%, 7/31/2026<sup>(d)</sup><br>| 1056839 | 1064500 |
|  |  | 2121564 |
| ***Oil & Gas Supply Chain – 0.60%*** | ***Oil & Gas Supply Chain – 0.60%*** | ***Oil & Gas Supply Chain – 0.60%*** |
| &nbsp;&nbsp; Hess Midstream Operations LP <br>4.250%, 2/15/2030<sup>(d)</sup><br>| 516689 | 505469 |
| ***Publishing & Broadcasting – 1.17%*** | ***Publishing & Broadcasting – 1.17%*** | ***Publishing & Broadcasting – 1.17%*** |
| &nbsp;&nbsp; Gray Media, Inc. <br>9.625%, 7/15/2032<sup>(d)</sup><br>| 950000 | 988499 |
| ***REIT – 1.06%*** | ***REIT – 1.06%*** | ***REIT – 1.06%*** |
| Iron Mountain, Inc.  | Iron Mountain, Inc.  | Iron Mountain, Inc.  |
| 4.875%, 9/15/2027<sup>(d)</sup> | 852228 | 851362 |
| 4.875%, 9/15/2027 | 38767 | 38728 |
|  |  | 890090 |
| ***Retail - Discretionary – 0.82%*** | ***Retail - Discretionary – 0.82%*** | ***Retail - Discretionary – 0.82%*** |
| &nbsp;&nbsp; Kohl's Corp. <br>10.000%, 6/1/2030<sup>(d)</sup><br>| 630000 | 693895 |
| ***Software – 0.95%*** | ***Software – 0.95%*** | ***Software – 0.95%*** |
| &nbsp;&nbsp; VMware LLC <br>3.900%, 8/21/2027<br>| 803760 | 804042 |

---

------

Brandes Core Plus Fixed Income Fund

**SCHEDULE OF INVESTMENTS — December 31, 2025 (Unaudited) (continued)**

------

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount**<br>| **Value** |
| ***Telecommunications – 0.68%*** | ***Telecommunications – 0.68%*** | ***Telecommunications – 0.68%*** |
| &nbsp;&nbsp; Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum <br> Co. III LLC <br>5.152%, 3/20/2028<sup>(d)</sup><br>| 219979 | $221892 |
| &nbsp;&nbsp; T-Mobile USA, Inc. <br>4.750%, 2/1/2028<br>| 346151 | 346292 |
|  |  | 568184 |
| &nbsp;&nbsp; **TOTAL CORPORATE BONDS** <br>(Cost $23,341,143)<br>|  | $23566958 |
| **FOREIGN ISSUER BONDS – 3.72%** | **FOREIGN ISSUER BONDS – 3.72%** | **FOREIGN ISSUER BONDS – 3.72%** |
| ***Chemicals – 0.99%*** | ***Chemicals – 0.99%*** | ***Chemicals – 0.99%*** |
| Methanex Corp.  | Methanex Corp.  | Methanex Corp.  |
| 5.125%, 10/15/2027 | 283229 | $284810 |
| 5.250%, 12/15/2029 | 541689 | 546651 |
|  |  | 831461 |
| ***Oil, Gas Services & Equipment – 1.00%*** | ***Oil, Gas Services & Equipment – 1.00%*** | ***Oil, Gas Services & Equipment – 1.00%*** |
| &nbsp;&nbsp; Transocean International Ltd. <br>8.750%, 2/15/2030<sup>(d)</sup><br>| 804344 | 839832 |
| ***Telecommunications – 1.73%*** | ***Telecommunications – 1.73%*** | ***Telecommunications – 1.73%*** |
| &nbsp;&nbsp; Fibercop SpA <br>6.375%, 11/15/2033<sup>(d)</sup><br>| 1278000 | 1266418 |
| &nbsp;&nbsp; Telecom Italia Capital SA <br>6.375%, 11/15/2033<br>| 182302 | 191695 |
|  |  | 1458113 |
| &nbsp;&nbsp; **TOTAL FOREIGN ISSUER BONDS** <br>(Cost $3,119,047)<br>|  | $3129406 |
| **ASSET BACKED SECURITIES – 0.79%** | **ASSET BACKED SECURITIES – 0.79%** | **ASSET BACKED SECURITIES – 0.79%** |
| ***Specialty Finance – 0.79%*** | ***Specialty Finance – 0.79%*** | ***Specialty Finance – 0.79%*** |
| &nbsp;&nbsp; SLM Private Credit Student Loan Trust Series 2004-B, 4.415%, (CME <br> Term SOFR 3M + 0.692%), 9/15/2033<sup>(c)</sup><br>| 181807 | $179551 |
| &nbsp;&nbsp; SLM Private Credit Student Loan Trust Series 2005-A, 4.295%, (CME <br> Term SOFR 3M + 0.572%), 12/15/2038<sup>(c)</sup><br>| 148889 | 147016 |
| &nbsp;&nbsp; SLM Private Credit Student Loan Trust Series 2006-A, 4.275%, (CME <br> Term SOFR 3M + 0.552%), 6/15/2039<sup>(c)</sup><br>| 259600 | 250228 |
| &nbsp;&nbsp; SLM Private Credit Student Loan Trust Series 2007-A, 4.225%, (CME <br> Term SOFR 3M + 0.502%), 12/16/2041<sup>(c)</sup><br>| 86541 | 85739 |
| &nbsp;&nbsp; **TOTAL ASSET BACKED SECURITIES** <br>(Cost $641,369)<br>|  | $662534 |

---

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

------

Brandes Core Plus Fixed Income Fund

**SCHEDULE OF INVESTMENTS — December 31, 2025 (Unaudited) (continued)**

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **SHORT-TERM INVESTMENTS – 1.75%** | **SHORT-TERM INVESTMENTS – 1.75%** | **SHORT-TERM INVESTMENTS – 1.75%** |
| ***Money Market Funds – 1.75%*** | ***Money Market Funds – 1.75%*** | ***Money Market Funds – 1.75%*** |
| Northern Institutional Funds - Treasury Portfolio (Premier), 3.630%<sup>(e)</sup> | 1474239 | $1474239 |
| &nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>(Cost $1,474,239)<br>|  | $1474239 |
| **Total Investments (Cost $83,133,415) – 99.68%** |  | **$83978882** |
| **Other Assets in Excess of Liabilities – 0.32%** |  | **268567** |
| **Total Net Assets – 100.00%** |  | **$84247449** |

---

------

---

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

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(d) 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 $14,187,972 which
 represented 16.84% of the net assets of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;(e) The rate shown is the annualized seven day yield as of December 31, 2025.

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 Global Equity Fund

- **b. EDGAR series identifier (if any):** S000084887

- **c. LEI of Series:** 254900UOTVMTT2TWEQ13

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

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

- **b. Date as of which information is reported:** 2025-12-31

**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:** $74730306.01

**Total Liabilities:** $401844.49

**Net Assets:** $74328461.52

**Cash Not Reported:** $85854.18

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000249532 | 1.61%                | 2.20%                | 2.81%                |
| Class ID C000249533 | 1.56%                | 2.16%                | 2.73%                |
| Class ID C000249534 | 1.64%                | 2.22%                | 2.85%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $523718.54               | $549882.73                                 |
| Month 2  | $672529.84               | $779610.25                                 |
| Month 3  | $613101.99               | $1323434.87                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| HCA HEALTHCARE INC        | HCA HEALTHCARE INC        | CUSIP: 40412C101<br>LEI: 529900PH4ZGUH2MNEU89 | Long             | EC               | CORP              | US        |      1900 | NS      | $887034.00    | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| CAE INC                   | CAE INC                   | CUSIP: 124765108<br>LEI: 549300FFM2BEH2GF1E44 | Long             | EC               | CORP              | CA        |     29202 | NS      | $888324.84    | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| EVERGY INC                | EVERGY INC                | CUSIP: 30034W106<br>LEI: 549300PGTHDQY6PSUI61 | Long             | EC               | CORP              | US        |      9530 | NS      | $690829.70    | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| CIGNA GROUP/THE           | CIGNA GROUP/THE           | CUSIP: 125523100<br>LEI: 549300VIWYMSIGT1U456 | Long             | EC               | CORP              | US        |      6052 | NS      | $1665691.96   | 2.24%             |  |  |  | No            |                  1 | On Loan: No      |
| MOHAWK INDS INC COM       | MOHAWK INDS INC COM       | CUSIP: 608190104<br>LEI: 549300JI1115MG3Q6322 | Long             | EC               | CORP              | US        |      6431 | NS      | $702908.30    | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| BUDWEISER BREWING CO APAC | BUDWEISER BREWING CO APAC | CUSIP: G1674K101<br>LEI: 549300YF1MR4GTF18132 | Long             | EC               | CORP              | KY        |    587400 | NS      | $573091.68    | 0.77%             |  |  |  | Yes           |                  2 | On Loan: No      |
| CAPGEMINI SE              | CAPGEMINI SE              | CUSIP: F4973Q101<br>LEI: 96950077L0TN7BAROX36 | Long             | EC               | CORP              | FR        |      7814 | NS      | $1297501.04   | 1.75%             |  |  |  | No            |                  2 | On Loan: No      |
| PERNOD RICARD SA          | PERNOD RICARD SA          | CUSIP: F72027109<br>LEI: 52990097YFPX9J0H5D87 | Long             | EC               | CORP              | FR        |     12661 | NS      | $1084115.22   | 1.46%             |  |  |  | No            |                  2 | On Loan: No      |
| TOTALENERGIES SE          | TOTALENERGIES SE          | CUSIP: F92124100<br>LEI: 529900S21EQ1BO4ESM68 | Long             | EC               | CORP              | FR        |     26508 | NS      | $1728269.04   | 2.33%             |  |  |  | No            |                  2 | On Loan: No      |
| PUBLICIS GROUPE SA        | PUBLICIS GROUPE SA        | CUSIP: F7607Z165<br>LEI: 2138004KW8BV57III342 | Long             | EC               | CORP              | FR        |     10715 | NS      | $1112728.44   | 1.50%             |  |  |  | No            |                  2 | On Loan: No      |
| CORTEVA INC               | CORTEVA INC               | CUSIP: 22052L104<br>LEI: 549300WZN9I2QKLS0O94 | Long             | EC               | CORP              | US        |     11028 | NS      | $739206.84    | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| ERSTE GROUP BANK AG       | ERSTE GROUP BANK AG       | CUSIP: A19494102<br>LEI: PQOH26KWDF7CG10L6792 | Long             | EC               | CORP              | AT        |     15720 | NS      | $1884977.02   | 2.54%             |  |  |  | No            |                  2 | On Loan: No      |
| HEIDELBERG MATERIALS AG   | HEIDELBERG MATERIALS AG   | CUSIP: D31709104<br>LEI: LZ2C6E0W5W7LQMX5ZI37 | Long             | EC               | CORP              | DE        |      3476 | NS      | $901177.57    | 1.21%             |  |  |  | No            |                  2 | On Loan: No      |
| CARREFOUR SA              | CARREFOUR SA              | CUSIP: F13923119<br>LEI: 549300B8P6MUJ1YWTS08 | Long             | EC               | CORP              | FR        |     34860 | NS      | $581659.42    | 0.78%             |  |  |  | No            |                  2 | On Loan: No      |
| SMITH & NEPHEW PLC ORD US | SMITH & NEPHEW PLC ORD US | CUSIP: G82343164<br>LEI: 213800ZTMDN8S67S1H61 | Long             | EC               | CORP              | GB        |     60479 | NS      | $1005823.56   | 1.35%             |  |  |  | No            |                  2 | On Loan: No      |
| IMPERIAL BRANDS PLC       | IMPERIAL BRANDS PLC       | CUSIP: G4720C107<br>LEI: 549300DFVPOB67JL3A42 | Long             | EC               | CORP              | GB        |     16974 | NS      | $712741.39    | 0.96%             |  |  |  | No            |                  2 | On Loan: No      |
| SANOFI SA                 | SANOFI SA                 | CUSIP: F5548N101<br>LEI: 549300E9PC51EN656011 | Long             | EC               | CORP              | FR        |     18513 | NS      | $1791229.72   | 2.41%             |  |  |  | No            |                  2 | On Loan: No      |
| FIBRA UNO ADMINISTRACION  | FIBRA UNO ADMINISTRACION  | CUSIP: P3515D163<br>LEI: 4469000001BLWI4LQJ08 | Long             | EC               | CORP              | MX        |    311766 | NS      | $467281.10    | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| CITIGROUP INC             | CITIGROUP INC             | CUSIP: 172967424<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EC               | CORP              | US        |     13045 | NS      | $1522221.05   | 2.05%             |  |  |  | No            |                  1 | On Loan: No      |
| WAL-MART DE MEXICO SAB DE | WAL-MART DE MEXICO SAB DE | CUSIP: P98180188<br>LEI: N/A                  | Long             | EC               | CORP              | MX        |    433006 | NS      | $1349694.67   | 1.82%             |  |  |  | No            |                  1 | On Loan: No      |
| ALIBABA GRP. HLDG. LTD    | ALIBABA GRP. HLDG. LTD    | CUSIP: G01719114<br>LEI: 5493001NTNQJDH60PM02 | Long             | EC               | CORP              | KY        |     97800 | NS      | $1795702.11   | 2.42%             |  |  |  | No            |                  2 | On Loan: No      |
| TOPSPORTS INTL. HLDGS. LT | TOPSPORTS INTL. HLDGS. LT | CUSIP: G8924B104<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |   1165000 | NS      | $436323.28    | 0.59%             |  |  |  | Yes           |                  2 | On Loan: No      |
| HYUNDAI MOTOR CO KRW5000  | HYUNDAI MOTOR CO KRW5000  | CUSIP: Y38472109<br>LEI: 9884004RQX8PRBXQ8S60 | Long             | EC               | CORP              | KR        |      2135 | NS      | $440894.52    | 0.59%             |  |  |  | No            |                  2 | On Loan: No      |
| GENTING BHD               | GENTING BHD               | CUSIP: Y26926116<br>LEI: N/A                  | Long             | EC               | CORP              | MY        |    601300 | NS      | $447204.89    | 0.60%             |  |  |  | No            |                  2 | On Loan: No      |
| AMBEV SA COM NPV ABEV3    | AMBEV SA COM NPV ABEV3    | CUSIP: P0273U106<br>LEI: 549300TH5Q6VRP8OT012 | Long             | EC               | CORP              | BR        |    477100 | NS      | $1200935.29   | 1.62%             |  |  |  | No            |                  2 | On Loan: No      |
| ALPHABET INC              | ALPHABET INC              | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |      2914 | NS      | $912082.00    | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| WIWYNN CORP               | WIWYNN CORP               | CUSIP: Y9673D101<br>LEI: 254900FV2R15PMKXFL69 | Long             | EC               | CORP              | TW        |     10000 | NS      | $1424666.27   | 1.92%             |  |  |  | No            |                  2 | On Loan: No      |
| EPAM SYS. INC             | EPAM SYS. INC             | CUSIP: 29414B104<br>LEI: 549300XCR4R530HJP604 | Long             | EC               | CORP              | US        |      6532 | NS      | $1338276.16   | 1.80%             |  |  |  | No            |                  1 | On Loan: No      |
| CARDINAL HEALTH INC       | CARDINAL HEALTH INC       | CUSIP: 14149Y108<br>LEI: CCU46N3GJMF4OK4N7U60 | Long             | EC               | CORP              | US        |      4695 | NS      | $964822.50    | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| BANK OF AMERICA CORP      | BANK OF AMERICA CORP      | CUSIP: 060505104<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EC               | CORP              | US        |     23779 | NS      | $1307845.00   | 1.76%             |  |  |  | No            |                  1 | On Loan: No      |
| GRIFOLS SA ADR            | GRIFOLS SA ADR            | CUSIP: 398438408<br>LEI: 959800HSSNXWRKBK4N60 | Long             | EC               | CORP              | ES        |     87797 | NS      | $820901.95    | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| ICON PLC                  | ICON PLC                  | CUSIP: G4705A100<br>LEI: 6354008SRQGEMC4XFI67 | Long             | EC               | CORP              | IE        |      4648 | NS      | $846958.56    | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| EMERSON ELECTRIC CO       | EMERSON ELECTRIC CO       | CUSIP: 291011104<br>LEI: FGLT0EWZSUIRRITFOA30 | Long             | EC               | CORP              | US        |      3851 | NS      | $511104.72    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| HALLIBURTON               | HALLIBURTON               | CUSIP: 406216101<br>LEI: ENYF8GB5SMQZ25S06U51 | Long             | EC               | CORP              | US        |     28680 | NS      | $810496.80    | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| MICRON TECH. INC          | MICRON TECH. INC          | CUSIP: 595112103<br>LEI: B3DXGBC8GAIYWI2Z0172 | Long             | EC               | CORP              | US        |      3541 | NS      | $1010636.81   | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| WELLS FARGO & CO          | WELLS FARGO & CO          | CUSIP: 949746101<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EC               | CORP              | US        |     13797 | NS      | $1285880.40   | 1.73%             |  |  |  | No            |                  1 | On Loan: No      |
| COMPAGNIE FINANCIERE RICH | COMPAGNIE FINANCIERE RICH | CUSIP: H25662182<br>LEI: 549300YIPGJ6UX2QPS51 | Long             | EC               | CORP              | CH        |      2571 | NS      | $554438.83    | 0.75%             |  |  |  | No            |                  2 | On Loan: No      |
| UBS GROUP AG USD0.10 (REG | UBS GROUP AG USD0.10 (REG | CUSIP: H42097107<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | EC               | CORP              | CH        |     37288 | NS      | $1721758.58   | 2.32%             |  |  |  | No            |                  2 | On Loan: No      |
| NATIONAL GRID PLC         | NATIONAL GRID PLC         | CUSIP: G6S9A7120<br>LEI: 8R95QZMKZLJX5Q2XR704 | Long             | EC               | CORP              | GB        |     64167 | NS      | $984224.49    | 1.32%             |  |  |  | No            |                  2 | On Loan: No      |
| ARCH CAP. GRP. LTD        | ARCH CAP. GRP. LTD        | CUSIP: G0450A105<br>LEI: 549300AYR4P8AFKDCE43 | Long             | EC               | CORP              | BM        |      7779 | NS      | $746161.68    | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| PNC FINL. SERVS. GRP. INC | PNC FINL. SERVS. GRP. INC | CUSIP: 693475105<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | EC               | CORP              | US        |      3762 | NS      | $785242.26    | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| PROGRESSIVE CORP/THE      | PROGRESSIVE CORP/THE      | CUSIP: 743315103<br>LEI: 529900TACNVLY9DCR586 | Long             | EC               | CORP              | US        |      3428 | NS      | $780624.16    | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| RECKITT BENCKISER GROUP P | RECKITT BENCKISER GROUP P | CUSIP: G74079107<br>LEI: 5493003JFSMOJG48V108 | Long             | EC               | CORP              | GB        |      9190 | NS      | $743507.46    | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| NI TREASURY PORTFOLIO     | NI TREASURY PORTFOLIO     | CUSIP: 665279873<br>LEI: 549300Y178DO5JBR1S04 | Long             | STIV             | RF                | US        |   1533925 | NS      | $1533924.95   | 2.06%             |  |  |  | No            |                  1 | On Loan: No      |
| TEXTRON INC               | TEXTRON INC               | CUSIP: 883203101<br>LEI: 3PPKBHUG1HD6BO7RNR87 | Long             | EC               | CORP              | US        |     19459 | NS      | $1696241.03   | 2.28%             |  |  |  | No            |                  1 | On Loan: No      |
| SAP SE                    | SAP SE                    | CUSIP: D66992104<br>LEI: 529900D6BF99LW9R2E68 | Long             | EC               | CORP              | DE        |      3926 | NS      | $953894.56    | 1.28%             |  |  |  | No            |                  2 | On Loan: No      |
| SAMSUNG ELECTRONICS CO N/ | SAMSUNG ELECTRONICS CO N/ | CUSIP: Y74718118<br>LEI: 9884007ER46L6N7EI764 | Long             | EP               | CORP              | KR        |     11669 | PA      | $724304.35    | 0.97%             |  |  |  | No            |                  2 | On Loan: No      |
| HEINEKEN NV               | HEINEKEN NV               | CUSIP: N39427211<br>LEI: 724500K5PTPSST86UQ23 | Long             | EC               | CORP              | NL        |     17782 | NS      | $1467138.24   | 1.97%             |  |  |  | No            |                  2 | On Loan: No      |
| SHELL PLC ADR             | SHELL PLC ADR             | CUSIP: 780259305<br>LEI: 21380068P1DRHMJ8KU70 | Long             | EC               | CORP              | GB        |     20616 | NS      | $1514863.68   | 2.04%             |  |  |  | No            |                  1 | On Loan: No      |
| GSK PLC                   | GSK PLC                   | CUSIP: G3910J179<br>LEI: 5493000HZTVUYLO1D793 | Long             | EC               | CORP              | GB        |     82219 | NS      | $2015781.25   | 2.71%             |  |  |  | No            |                  2 | On Loan: No      |
| MCKESSON CORP             | MCKESSON CORP             | CUSIP: 58155Q103<br>LEI: 549300WZWOM80UCFSF54 | Long             | EC               | CORP              | US        |      1061 | NS      | $870327.69    | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| AMDOCS LTD                | AMDOCS LTD                | CUSIP: G02602103<br>LEI: 549300HQV672RJ7RQV66 | Long             | EC               | CORP              | GG        |     13919 | NS      | $1120618.69   | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| BECTON DICKINSON & CO     | BECTON DICKINSON & CO     | CUSIP: 075887109<br>LEI: ICE2EP6D98PQUILVRZ91 | Long             | EC               | CORP              | US        |      7077 | NS      | $1373433.39   | 1.85%             |  |  |  | No            |                  1 | On Loan: No      |
| COGNIZANT TECH. SOLS. COR | COGNIZANT TECH. SOLS. COR | CUSIP: 192446102<br>LEI: 5493006IEVQEFQO40L83 | Long             | EC               | CORP              | US        |     12316 | NS      | $1022228.00   | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| FEDEX CORP                | FEDEX CORP                | CUSIP: 31428X106<br>LEI: 549300E707U7WNPZN687 | Long             | EC               | CORP              | US        |      3817 | NS      | $1102578.62   | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| FISERV INC                | FISERV INC                | CUSIP: 337738108<br>LEI: GI7UBEJLXYLGR2C7GV83 | Long             | EC               | CORP              | US        |     11003 | NS      | $739071.51    | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| CVS HEALTH CORP           | CVS HEALTH CORP           | CUSIP: 126650100<br>LEI: 549300EJG376EN5NQE29 | Long             | EC               | CORP              | US        |      9118 | NS      | $723604.48    | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| PFIZER INC                | PFIZER INC                | CUSIP: 717081103<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | EC               | CORP              | US        |     48126 | NS      | $1198337.40   | 1.61%             |  |  |  | No            |                  1 | On Loan: No      |
| COMCAST CORP              | COMCAST CORP              | CUSIP: 20030N101<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | EC               | CORP              | US        |     34334 | NS      | $1026243.26   | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITEDHEALTH GRP. INC     | UNITEDHEALTH GRP. INC     | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |      2750 | NS      | $907802.50    | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| MERCK & CO INC            | MERCK & CO INC            | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |     11990 | NS      | $1262067.40   | 1.70%             |  |  |  | No            |                  1 | On Loan: No      |
| WESTLAKE CORP             | WESTLAKE CORP             | CUSIP: 960413102<br>LEI: GOXNEVUM0LL78B1OS344 | Long             | EC               | CORP              | US        |     11744 | NS      | $868351.36    | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| AIA GRP. LTD              | AIA GRP. LTD              | CUSIP: Y002A1105<br>LEI: ZP5ILWVSYE4LJGMMVD57 | Long             | EC               | CORP              | HK        |    157800 | NS      | $1624250.17   | 2.19%             |  |  |  | No            |                  2 | On Loan: No      |
| KERING SA                 | KERING SA                 | CUSIP: F5433L103<br>LEI: 549300VGEJKB7SVUZR78 | Long             | EC               | CORP              | FR        |      4017 | NS      | $1403691.84   | 1.89%             |  |  |  | No            |                  2 | On Loan: No      |
| NATWEST GROUP PLC         | NATWEST GROUP PLC         | CUSIP: G6422B147<br>LEI: 2138005O9XJIJN4JPN90 | Long             | EC               | CORP              | GB        |     63409 | NS      | $556241.70    | 0.75%             |  |  |  | No            |                  2 | On Loan: No      |
| SAMSUNG ELECTRONICS CO KR | SAMSUNG ELECTRONICS CO KR | CUSIP: Y74718100<br>LEI: 9884007ER46L6N7EI764 | Long             | EC               | CORP              | KR        |     11412 | NS      | $956495.62    | 1.29%             |  |  |  | No            |                  2 | On Loan: No      |
| TAKEDA PHARM. CO LTD      | TAKEDA PHARM. CO LTD      | CUSIP: J8129E108<br>LEI: 549300ZLMVP4X0OGR454 | Long             | EC               | CORP              | JP        |     24300 | NS      | $754885.99    | 1.02%             |  |  |  | No            |                  2 | On Loan: No      |
| TAIWAN SEMICONDUCTOR MANU | TAIWAN SEMICONDUCTOR MANU | CUSIP: Y84629107<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |     29000 | NS      | $1425561.27   | 1.92%             |  |  |  | No            |                  2 | On Loan: No      |
| EMBRAER SA                | EMBRAER SA                | CUSIP: P3700H268<br>LEI: 549300EM51WYXFHUY333 | Long             | EC               | CORP              | BR        |     79520 | NS      | $1275377.71   | 1.72%             |  |  |  | No            |                  2 | On Loan: No      |
| MONDI PLC                 | MONDI PLC                 | CUSIP: G6258S115<br>LEI: 213800LOZA69QFDC9N34 | Long             | EC               | CORP              | GB        |     65169 | NS      | $795075.28    | 1.07%             |  |  |  | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-01-29

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

**Signature:** Tracy L. Dotolo

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

**Title:** Treasurer