# EDGAR Filing Document

**Accession Number:** 0001388485
**File Stem:** 0001752724-23-038750
**Filing Date:** 2023-2
**Character Count:** 116579
**Document Hash:** 9dcbf56ab19bc9987ee50ac9f7c70b6b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-038750.hdr.sgml**: 20230224

**ACCESSION NUMBER**: 0001752724-23-038750

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221230

**FILED AS OF DATE**: 20230224

**DATE AS OF CHANGE**: 20230224

**PERIOD START**: 20230930

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FundVantage Trust
- **CENTRAL INDEX KEY:** 0001388485
- **IRS NUMBER:** 000000000

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22027
- **FILM NUMBER:** 23664765

**BUSINESS ADDRESS:**
- **BUSINESS PHONE:** 3027911906

**MAIL ADDRESS:**
- **STREET 1:** 301 BELLEVUE PARKWAY
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 19809

## Series and Classes Contracts Data

### TOBAM Emerging Markets Fund (Series ID: S000054486)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000171063 | Class I      | TBMIX           |

## Nport-Ex

TOBAM EMERGING MARKETS FUND

#### Portfolio of Investments

#### December 31, 2022
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **COMMON STOCKS — 96.4%** | **COMMON STOCKS — 96.4%** | **COMMON STOCKS — 96.4%** |
| **Brazil — 5.3%** | **Brazil — 5.3%** | **Brazil — 5.3%** |
| Atacadao SA | &nbsp;&nbsp;&nbsp;&nbsp;139200 | $390099 |
| CCR SA | &nbsp;&nbsp;&nbsp;&nbsp;147600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 302887 |
| Hapvida Participacoes e Investimentos S/A<sup>(a)\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;344400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 331875 |
| Lojas Renner SA | &nbsp;&nbsp;&nbsp;&nbsp;71200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 275960 |
| Magazine Luiza SA<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;678800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 352150 |
| Petroleo Brasileiro SA | &nbsp;&nbsp;&nbsp;&nbsp;49800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 264073 |
| Raia Drogasil SA | &nbsp;&nbsp;&nbsp;&nbsp;293700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1322720 |
| Sendas Distribuidora SA | &nbsp;&nbsp;&nbsp;&nbsp;85400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 315584 |
| Suzano SA | &nbsp;&nbsp;&nbsp;&nbsp;139100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1284323 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4839671 |
| **Chile — 0.4%** | **Chile — 0.4%** | **Chile — 0.4%** |
| Cencosud SA | &nbsp;&nbsp;&nbsp;&nbsp;209188 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 344023 |
| **China — 30.0%** | **China — 30.0%** | **China — 30.0%** |
| 3peak, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8109 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 320788 |
| Agricultural Bank of China Ltd., Class H | &nbsp;&nbsp;&nbsp;&nbsp;782000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 267520 |
| Anjoy Foods Group Co. Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 121027 |
| Asia - Potash International Investment Guangzhou Co. Ltd., Class A<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;60700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 237327 |
| Beijing Kingsoft Office Software, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;18787 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 712432 |
| CanSino Biologics, Inc., Class H<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;19600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 166371 |
| Changchun High & New Technology Industry Group, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100374 |
| Chengxin Lithium Group Co. Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;16100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 86407 |
| China Construction Bank Corp., Class H | &nbsp;&nbsp;&nbsp;&nbsp;557000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 348342 |
| China CSSC Holdings Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;82300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 263194 |
| China Feihe Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;392000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 331890 |
| China Gas Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;382000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 553618 |
| China Literature Ltd.<sup>(a)\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;54600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 210619 |
| China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;138500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250672 |
| China Overseas Land & Investment Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;421500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1103012 |
| China Resources Gas Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;213000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 794608 |
| China Yangtze Power Co. Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;211411 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 637765 |
| China Zhenhua Group Science & Technology Co. Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 126328 |
| Chongqing Zhifei Biological Products Co. Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;32688 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 412694 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **COMMON STOCKS — (Continued)** | **COMMON STOCKS — (Continued)** | **COMMON STOCKS — (Continued)** |
| **China — (Continued)** | **China — (Continued)** | **China — (Continued)** |
| COSCO SHIPPING Energy Transportation Co. Ltd., Class A<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;229800 | $398333 |
| ENN Energy Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;81900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1143983 |
| GD Power Development Co. Ltd., Class A<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;358800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 220196 |
| Gemdale Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;104300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 152421 |
| Ginlong Technologies Co. Ltd., Class A<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 166698 |
| GoodWe Technologies Co. Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8013 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 371140 |
| Guangdong Investment Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;646000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 659598 |
| Guangzhou Shiyuan Electronic Technology Co. Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;12200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 103445 |
| Henan Shuanghui Investment & Development Co. Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;32300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 120331 |
| Hengan International Group Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;144000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 763470 |
| Hoshine Silicon Industry Co. Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;43563 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 518641 |
| Huadong Medicine Co. Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;32700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 219612 |
| Huizhou Desay Sv Automotive Co. Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;11300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 170859 |
| Industrial & Commercial Bank of China Ltd., Class H | 2101000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1077581 |
| Ingenic Semiconductor Co. Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 81987 |
| iRay Technology Co. Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4931 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 324182 |
| Jiangsu Zhongtian Technology Co. Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;147700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 342747 |
| Maxscend Microelectronics Co. Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9728 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 159771 |
| Metallurgical Corp. of China Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;238600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 108886 |
| Montage Technology Co. Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;20722 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 186424 |
| Muyuan Foods Co. Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;39484 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 276228 |
| NARI Technology Co. Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;89800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 313832 |
| New Hope Liuhe Co. Ltd., Class A<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;83500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 154757 |
| Ningbo Deye Technology Co. Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;12800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 608899 |
| Ningbo Orient Wires & Cables Co. Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;35900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 349020 |
| PetroChina Co. Ltd., Class H | 1090000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 497905 |
| Poly Developments and Holdings Group Co. Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;245600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 532301 |
| Porton Pharma Solutions Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;27800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 163028 |

---

See accompanying Notes to the Quarterly Portfolio of Investments.

------

TOBAM EMERGING MARKETS FUND

#### Portfolio of Investments (Continued)

#### December 31, 2022
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **COMMON STOCKS — (Continued)** | **COMMON STOCKS — (Continued)** | **COMMON STOCKS — (Continued)** |
| **China — (Continued)** | **China — (Continued)** | **China — (Continued)** |
| Postal Savings Bank of China Co. Ltd., Class H<sup>(a)</sup> | 2245000 | $1389241 |
| Pylon Technologies Co. Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;10634 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 481898 |
| SG Micro Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 127596 |
| Shandong Weigao Group Medical Polymer Co. Ltd., Class H | &nbsp;&nbsp;&nbsp;&nbsp;579200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 946396 |
| Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;36100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 182764 |
| Shanghai Fudan Microelectronics Group Co. Ltd., Class H | &nbsp;&nbsp;&nbsp;&nbsp;64000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 241210 |
| Shanghai Junshi Biosciences Co. Ltd., Class H<sup>(a)\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;40400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250156 |
| Shanghai Putailai New Energy Technology Co. Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;27100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 201981 |
| Shenzhen Dynanonic Co. Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 237465 |
| Shenzhen New Industries Biomedical Engineering Co. Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;44900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 322989 |
| Shenzhen SC New Energy Technology Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;23300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 381020 |
| Shenzhen Transsion Holdings Co. Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9597 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 109614 |
| Shijiazhuang Yiling Pharmaceutical Co. Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;111200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 478413 |
| Sichuan Road and Bridge Group Co. Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;102300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 163379 |
| StarPower Semiconductor Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 137182 |
| Sungrow Power Supply Co. Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;29200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 468548 |
| Suzhou Maxwell Technologies Co. Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5905 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 348989 |
| Suzhou TA&A Ultra Clean Technology Co. Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;40640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 325892 |
| Tianjin 712 Communication & Broadcasting Co. Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;34000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 170785 |
| Tingyi Cayman Islands Holding Corp. | &nbsp;&nbsp;&nbsp;&nbsp;442000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 779701 |
| Trina Solar Co. Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;28990 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 264908 |
| Unigroup Guoxin Microelectronics Co. Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;16199 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 306347 |
| Walvax Biotechnology Co. Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;82400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 474849 |
| Want Want China Holdings Ltd. | 1006000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 670354 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **COMMON STOCKS — (Continued)** | **COMMON STOCKS — (Continued)** | **COMMON STOCKS — (Continued)** |
| **China — (Continued)** | **China — (Continued)** | **China — (Continued)** |
| Weihai Guangwei Composites Co. Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;15000 | $155644 |
| Wens Foodstuffs Group Co. Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;121620 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 343037 |
| YongXing Special Materials Technology Co. Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 81991 |
| Zhejiang Jiuzhou Pharmaceutical Co. Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;54600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 332236 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27605848 |
| **India — 22.1%** | **India — 22.1%** | **India — 22.1%** |
| Adani Green Energy Ltd.<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;43072 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1003500 |
| Adani Power Ltd.<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;217398 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 783990 |
| Adani Total Gas Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;22593 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1007464 |
| Adani Transmission Ltd.<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3635 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 113509 |
| Apollo Hospitals Enterprise Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 493098 |
| Aurobindo Pharma Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;53563 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 283634 |
| Avenue Supermarts Ltd.<sup>(a)\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;24627 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1209223 |
| Bandhan Bank Ltd.<sup>(a)\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;129673 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 365973 |
| Bharat Petroleum Corp. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;185393 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 739042 |
| Bharti Airtel Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;137761 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1339742 |
| Cipla Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;104050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1351843 |
| Container Corp. Of India Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;63865 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 569427 |
| Dr Reddy's Laboratories Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;24025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1228733 |
| Eicher Motors Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;23428 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 911096 |
| GAIL India Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;299535 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 347834 |
| Godrej Consumer Products Ltd.<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;51989 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 548522 |
| HCL Technologies Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;40078 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 502614 |
| Hero MotoCorp Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;11353 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 375128 |
| Hindustan Petroleum Corp. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;131157 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 371815 |
| Indian Oil Corp. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;622984 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 575435 |
| Indian Railway Catering & Tourism Corp. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;53224 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 410357 |
| Indus Towers Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;219086 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 503022 |
| InterGlobe Aviation Ltd.<sup>(a)\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;16586 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 401354 |
| Lupin Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;40170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 355853 |
| Patanjali Foods Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9877 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 142488 |
| Power Grid Corp. of India Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;249405 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 643017 |
| Sun Pharmaceutical Industries Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;115578 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1397685 |
| Tata Consultancy Services Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8848 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 347966 |
| Tech Mahindra Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;14108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 173016 |
| United Spirits Ltd.<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;65368 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 692496 |
| Vodafone Idea Ltd.<sup>\*</sup> | 3598599 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 342415 |
| Yes Bank Ltd.<sup>\*</sup> | 3381200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 841185 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20372476 |

---

See accompanying Notes to the Quarterly Portfolio of Investments.

------

TOBAM EMERGING MARKETS FUND

#### Portfolio of Investments (Continued)

#### December 31, 2022
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **COMMON STOCKS — (Continued)** | **COMMON STOCKS — (Continued)** | **COMMON STOCKS — (Continued)** |
| **Indonesia — 4.5%** | **Indonesia — 4.5%** | **Indonesia — 4.5%** |
| Aneka Tambang Tbk | 1873500 | $238417 |
| Bank Central Asia Tbk PT | &nbsp;&nbsp;&nbsp;&nbsp;361400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 198170 |
| Bank Jago Tbk PT<sup>\*</sup> | 1629900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 389009 |
| Bank Mandiri Persero Tbk PT | &nbsp;&nbsp;&nbsp;&nbsp;282300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 180021 |
| Merdeka Copper Gold Tbk PT<sup>\*</sup> | 2078900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 549231 |
| Sumber Alfaria Trijaya Tbk PT | 2333700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 397728 |
| Telkom Indonesia Persero Tbk PT | 5839500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1406223 |
| Tower Bersama Infrastructure Tbk PT | 1164300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 171990 |
| Unilever Indonesia Tbk PT | 1387800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 419219 |
| Vale Indonesia Tbk PT<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;456300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 207566 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4157574 |
| **Malaysia — 3.0%** | **Malaysia — 3.0%** | **Malaysia — 3.0%** |
| Axiata Group Bhd | &nbsp;&nbsp;&nbsp;&nbsp;619985 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 435450 |
| Kuala Lumpur Kepong Bhd | &nbsp;&nbsp;&nbsp;&nbsp;65500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 332899 |
| Maxis Bhd | &nbsp;&nbsp;&nbsp;&nbsp;201400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 175630 |
| Public Bank Bhd | 1377100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1350320 |
| Sime Darby Bhd | &nbsp;&nbsp;&nbsp;&nbsp;421300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 219906 |
| Sime Darby Plantation Bhd | &nbsp;&nbsp;&nbsp;&nbsp;220600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 233112 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2747317 |
| **Mexico — 0.5%** | **Mexico — 0.5%** | **Mexico — 0.5%** |
| Grupo Financiero Banorte SAB de CV, Class O | &nbsp;&nbsp;&nbsp;&nbsp;68300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 491540 |
| **Peru — 0.7%** | **Peru — 0.7%** | **Peru — 0.7%** |
| Credicorp Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4642 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 629734 |
| **Philippines — 0.8%** | **Philippines — 0.8%** | **Philippines — 0.8%** |
| Emperador, Inc.<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;486200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 179727 |
| International Container Terminal Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;65450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 234899 |
| PLDT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 149222 |
| SM Investments Corp. | &nbsp;&nbsp;&nbsp;&nbsp;12980 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 210508 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 774356 |
| **Poland — 0.2%** | **Poland — 0.2%** | **Poland — 0.2%** |
| Polski Koncern Naftowy ORLEN SA | &nbsp;&nbsp;&nbsp;&nbsp;10308 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 151438 |
| **Russia — 0.0%** | **Russia — 0.0%** | **Russia — 0.0%** |
| Polyus PJSC<sup>(b)(c)\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1069 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| **South Africa — 3.1%** | **South Africa — 3.1%** | **South Africa — 3.1%** |
| AngloGold Ashanti Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;59748 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1164140 |
| Capitec Bank Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4551 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 495407 |
| Gold Fields Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;96539 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1002542 |
| MTN Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;22559 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 168488 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2830577 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **COMMON STOCKS — (Continued)** | **COMMON STOCKS — (Continued)** | **COMMON STOCKS — (Continued)** |
| **South Korea — 7.4%** | **South Korea — 7.4%** | **South Korea — 7.4%** |
| Amorepacific Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2938 | $321548 |
| Celltrion Healthcare Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;15704 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 725729 |
| Celltrion, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2269 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 289630 |
| Coway Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;11480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 509710 |
| Hanon Systems | &nbsp;&nbsp;&nbsp;&nbsp;24053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 154453 |
| HLB, Inc.<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;23681 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 534320 |
| HMM Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;40359 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 629052 |
| Hyundai Glovis Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;978 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 126975 |
| LG Uplus Corp. | &nbsp;&nbsp;&nbsp;&nbsp;20793 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 182091 |
| NCSoft Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 803754 |
| Orion Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4646 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 472989 |
| Pearl Abyss Corp.<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5714 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 190452 |
| Samsung Biologics Co. Ltd.<sup>(a)\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 364120 |
| Samsung Engineering Co. Ltd.<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;15453 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 273375 |
| Samsung Fire & Marine Insurance Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1070 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 169317 |
| SK Bioscience Co. Ltd.<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1860 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 108914 |
| SK Telecom Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;11689 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 438499 |
| S-Oil Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7788 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 518332 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6813260 |
| **Taiwan — 12.1%** | **Taiwan — 12.1%** | **Taiwan — 12.1%** |
| Accton Technology Corp. | &nbsp;&nbsp;&nbsp;&nbsp;70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 531566 |
| Asustek Computer, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1089649 |
| AUO Corp. | 1434200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 696728 |
| E Ink Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;127000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 665063 |
| Eclat Textile Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;33660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 540347 |
| Far EasTone Telecommunications Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;455000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 975968 |
| Feng TAY Enterprise Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;84200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 564100 |
| Innolux Corp. | &nbsp;&nbsp;&nbsp;&nbsp;825245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 296625 |
| Inventec Corp. | &nbsp;&nbsp;&nbsp;&nbsp;596000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 508649 |
| Micro-Star International Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;106000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 411071 |
| momo.com, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;15600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 324635 |
| Nien Made Enterprise Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 191110 |
| PharmaEssentia Corp.<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;52626 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 815556 |
| Taiwan High Speed Rail Corp. | &nbsp;&nbsp;&nbsp;&nbsp;493000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 460536 |
| Taiwan Mobile Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;443000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1364101 |
| United Microelectronics Corp. | &nbsp;&nbsp;&nbsp;&nbsp;245000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 321902 |
| Wan Hai Lines Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;137920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 358463 |
| Wiwynn Corp. | &nbsp;&nbsp;&nbsp;&nbsp;17000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 439712 |
| Yang Ming Marine Transport Corp. | &nbsp;&nbsp;&nbsp;&nbsp;285000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 605408 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11161189 |
| **Thailand — 6.3%** | **Thailand — 6.3%** | **Thailand — 6.3%** |
| Airports of Thailand PCL<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;155300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 336143 |

---

See accompanying Notes to the Quarterly Portfolio of Investments.

------

TOBAM EMERGING MARKETS FUND

#### Portfolio of Investments (Concluded)

#### December 31, 2022
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **COMMON STOCKS — (Continued)** | **COMMON STOCKS — (Continued)** | **COMMON STOCKS — (Continued)** |
| **Thailand — (Continued)** | **Thailand — (Continued)** | **Thailand — (Continued)** |
| Bangkok Dusit Medical Services PCL, Class F | 1704000 | $1424988 |
| Bangkok Expressway & Metro PCL | 2025500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 572814 |
| Berli Jucker PCL | &nbsp;&nbsp;&nbsp;&nbsp;205300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 208965 |
| Bumrungrad Hospital PCL | &nbsp;&nbsp;&nbsp;&nbsp;163200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 998398 |
| Charoen Pokphand Foods PCL | &nbsp;&nbsp;&nbsp;&nbsp;866920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 619820 |
| Energy Absolute PCL | &nbsp;&nbsp;&nbsp;&nbsp;117600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 328665 |
| Krungthai Card PCL | &nbsp;&nbsp;&nbsp;&nbsp;184800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 314277 |
| PTT Exploration & Production PCL | &nbsp;&nbsp;&nbsp;&nbsp;163200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 831115 |
| SCB X PCL | &nbsp;&nbsp;&nbsp;&nbsp;36200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 111670 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5746855 |
| &nbsp;&nbsp;&nbsp;TOTAL COMMON STOCKS<br> (Cost $89,103,777) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88665858 |
| **PREFERRED STOCKS — 2.4%** | **PREFERRED STOCKS — 2.4%** | **PREFERRED STOCKS — 2.4%** |
| **Brazil — 2.4%** | **Brazil — 2.4%** | **Brazil — 2.4%** |
| Banco Bradesco SA<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;108700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 310066 |
| Cia Paranaense de Energia<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;105500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 157786 |
| Itau Unibanco Holding SA<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;127800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 605280 |
| Petroleo Brasileiro SA<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;250100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1160384 |
| &nbsp;&nbsp;&nbsp;TOTAL PREFERRED STOCKS<br> (Cost $2,596,483) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2233516 |
| TOTAL INVESTMENTS - 98.8%<br> (Cost $91,700,260) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90899374 |
| OTHER ASSETS IN EXCESS OF LIABILITIES - 1.2% |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1102002 |
| NET ASSETS - 100.0% |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$92001376 |

---

------

(a) Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities were purchased in accordance with the guidelines approved by the Fund's Board of Trustees and may be resold, in transactions exempt from registration, to qualified institutional buyers. At December 31, 2022, these securities amounted to $5,020,822 or 5.46% of net assets. These securities have been determined by the Adviser to be liquid securities.

(b) Security is fair valued by the Adviser in accordance with the policies established by the Board of Trustees.

(c) Security is deemed illiquid at December 31, 2022.

(d) Preferred stocks are shares that carry certain preferential rights. The dividend rate may not be consistent each pay period and could be zero for a particular year.

\* Non-income producing.

PCL Public Company Limited <br> PJSC Public Joint Stock Company

At December 31, 2022, the Fund held the following open positions in futures contracts:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Long Futures<br> Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;**Expiration<br> Date** | &nbsp;&nbsp;&nbsp;&nbsp;**Number of<br> Contracts** | &nbsp;&nbsp;&nbsp;&nbsp;**Notional<br> Cost** | &nbsp;&nbsp;&nbsp;&nbsp;**Notional<br> Amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Value and<br> Unrealized<br> Depreciation** |
| MSCI<sup>®</sup> Emerging Markets Index | &nbsp;&nbsp;&nbsp;&nbsp;03/17/23 | &nbsp;&nbsp;&nbsp;&nbsp;21 | &nbsp;&nbsp;&nbsp;&nbsp;$1034335 | &nbsp;&nbsp;&nbsp;&nbsp;$1007370 | &nbsp;&nbsp;&nbsp;&nbsp;$(26965) |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;$(26965) |

---

See accompanying Notes to the Quarterly Portfolio of Investments.

------

TOBAM EMERGING MARKETS FUND

#### Notes to the Quarterly Portfolio of Investments

#### December 31, 2022
(Unaudited)

A. Portfolio Valuation:

***Portfolio Valuation — The Fund's net asset value ("NAV") is calculated once daily at the close of regular trading hours on the New York Stock Exchange ("NYSE") (typically 4:00 p.m. Eastern time) on each day the NYSE is open. Securities held by the Fund are valued using the closing price or the last sale price on a national securities exchange or the National Association of Securities Dealers Automatic Quotation System ("NASDAQ") market system where they are primarily traded. The Fund's equity securities listed on any national exchange market system will be valued at the last sale price. Equity securities traded in the over-the-counter ("OTC") market are valued at their closing sale or official closing price. If there were no transactions on that day, securities traded principally on an exchange will be valued at the mean of the last bid and ask prices prior to the market close. Securities that do not have a readily available current market value are valued in good faith by the Adviser as "valuation designee" under the oversight of the Trust's Board of Trustees. Relying on prices supplied by pricing services or dealers or using fair valuation may result in values that are higher or lower than the values used by other investment companies and investors to price the same investments. The Adviser has adopted written policies and procedures for valuing securities and other assets in circumstances where market quotes are not readily available. In the event that market quotes are not readily available, and the security or asset cannot be valued pursuant to one of the valuation methods, the value of the security or asset will be determined in good faith by the Adviser pursuant to its policies and procedures. On a quarterly basis, the Adviser's fair valuation determinations will be reviewed by the Trust's Board of Trustees. Prices for equity securities normally are supplied by an independent pricing service approved by the Trust's Board of Trustees. Fixed income securities are valued based on market quotations, which are furnished by an independent pricing service. Fixed income securities having remaining maturities of 60 days or less are generally valued at amortized cost, provided such amount approximates fair value. Any assets held by the Fund that are denominated in foreign currencies are valued daily in U.S. dollars at the foreign currency exchange rates that are prevailing at the time that the Fund determines the daily NAV per share. Foreign securities may trade on weekends or other days when the Fund does not calculate NAV. As a result, the market value of these investments may change on days when you cannot buy or sell shares of the Fund. Investments in other open-end investment companies are valued based on the NAV of such investment companies (which may use fair value pricing as disclosed in their prospectuses). Exchange traded futures contracts are generally valued using the settlement price determined by the relevant exchange. Exchange traded futures contracts for which no settlement price is reported, are generally valued at the mean between the most recent bid and ask prices obtained from approved pricing services, established market makers, or from broker-dealers.***

***Fair Value Measurements — The inputs and valuation techniques used to measure fair value of the Fund's investments are summarized into three levels as described in the hierarchy below:***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 — quoted prices in active markets for identical securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 — significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments).

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. Transfers in and out are recognized at the value at the end of the period.

Securities listed on a non-U.S. exchange are generally fair valued daily by an independent fair value pricing service approved by the Board of Trustees and categorized as Level 2 investments within the hierarchy. The fair valuations for these securities may not be the same as quoted or published prices of the securities on their primary markets. Securities for which daily fair value prices from the independent fair value pricing service are not available are generally valued at the last quoted sale price at the close of an exchange on which the security is traded and categorized as Level 1 investments within the hierarchy. Values of foreign securities, currencies, and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rate of said currencies against the U.S. dollar, as of valuation time, as provided by an independent pricing service approved by the Board of Trustees.

------

TOBAM EMERGING MARKETS FUND

#### Notes to the Quarterly Portfolio of Investments (Continued)

#### December 31, 2022
(Unaudited)

The following is a summary of the inputs used, as of December 31, 2022, in valuing the Fund's investments carried at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Total<br> Value at 12/31/22** | &nbsp;&nbsp;**Level 1<br> Quoted<br> Price** | &nbsp;&nbsp;**Level 2<br> Other<br> Significant<br> Observable<br> Inputs** | &nbsp;&nbsp;**Level 3<br> Significant<br> Unobservable<br> Inputs** |
| **Assets** |  |  |  |  |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brazil | &nbsp;&nbsp;$4839671 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;$4839671 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chile | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;344023 | &nbsp;&nbsp;&nbsp;&nbsp;344023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China | &nbsp;&nbsp;&nbsp;&nbsp;27605848 | &nbsp;&nbsp;&nbsp;&nbsp;635660 | &nbsp;&nbsp;&nbsp;&nbsp;26970188 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;India | &nbsp;&nbsp;&nbsp;&nbsp;20372476 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;20372476 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indonesia | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4157574 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4157574 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Malaysia | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2747317 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2747317 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mexico | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;491540 | &nbsp;&nbsp;&nbsp;&nbsp;491540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Peru | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;629734 | &nbsp;&nbsp;&nbsp;&nbsp;629734 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Philippines | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;774356 | &nbsp;&nbsp;&nbsp;&nbsp;179727 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;594629 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Poland | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151438 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151438 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Russia | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Africa | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2830577 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2830577 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Korea | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6813260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6813260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taiwan | &nbsp;&nbsp;&nbsp;&nbsp;11161189 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;11161189 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thailand | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5746855 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5746855 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Preferred Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2233516 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2233516 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total Assets | &nbsp;&nbsp;$90899374 | $2280684 | &nbsp;&nbsp;$88618690 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |
| **Liabilities** |  |  |  |  |
| Derivatives: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Equity Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long Futures | &nbsp;&nbsp;$(26965) | $(26965) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |
| Total Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(26965) | &nbsp;&nbsp;&nbsp;&nbsp;$(26965) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |

---

At the end of each quarter, management evaluates the classification of Levels 1, 2 and 3 assets and liabilities. Various factors are considered, such as changes in liquidity from the prior reporting period; whether or not a broker is willing to execute at the quoted price; the depth and consistency of prices from third-party pricing services; and the existence of contemporaneous, observable trades in the market. Additionally, management evaluates the classification of Level 1 and Level 2 assets and liabilities on a quarterly basis for changes in listings or delistings on national exchanges.

Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Fund's investments may fluctuate from period to period. Additionally, the fair value of investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values the Fund may ultimately realize. Further, such investments may be subject to legal and other restrictions on resale or otherwise less liquid than publicly traded securities.

For fair valuations using significant unobservable inputs, U.S. generally accepted accounting principles ("U.S. GAAP") require the Fund to present a reconciliation of the beginning to ending balances for reported market values that present changes attributable to total realized and unrealized gains or losses, purchase and sales, and transfers in and out of Level 3 during the period. A reconciliation of Level 3 investments is presented only when the Fund had an amount of Level 3 investments at the end of the reporting period that was meaningful in relation to net assets. The amounts and reasons for all transfers in and out of Level 3 are disclosed when the Fund had an amount of transfers during the reporting period that was meaningful in relation to net assets as of the end of the reporting period.

------

TOBAM EMERGING MARKETS FUND

#### Notes to the Quarterly Portfolio of Investments (Concluded)

#### December 31, 2022
(Unaudited)

For the period ended December 31, 2022, there were no transfers in or out of Level 3.

***Futures Contracts — The Fund may use futures contracts for hedging or speculative purposes consistent with its investment objective. Upon entering into a futures contract, the Fund must deposit initial margin in addition to segregating cash or liquid assets sufficient to meet its obligation to purchase or provide securities, or to pay the amount owed at the expiration of an index-based futures contract. Such liquid assets may consist of cash, cash equivalents, liquid debt or equity securities or other acceptable assets. Pursuant to the futures contract, the Fund agrees to receive from, or pay to the broker, an amount of cash equal to the daily fluctuation in value of the contract. Such a receipt of payment is known as "variation margin" and is recorded by the Fund as an unrealized gain or loss. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transactions and the Fund's basis in the contract. Futures contracts have market risks, including the risk that the change in the value of the contract may not correlate with changes in the value of the underlying securities. Use of long futures contracts subjects the Fund to risk of loss in excess of the amount shown on the Statement of Assets and Liabilities, up to the notional value of the futures contract. Use of short futures contracts subjects the Fund to unlimited risk of loss.***

For more information with regard to significant accounting policies, see the most recent semi-annual or annual report filed with the Securities and Exchange Commission.

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** FundVantage Trust

- **b. Investment Company Act file number:** 811-22027

- **c. CIK number of Registrant:** 0001388485

- **d. LEI of Registrant:** 549300C6U7XKIL1IY249

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

  - **Street Address 1:** 301 Bellevue Parkway

  - **City:** Wilmington

  - **State:** DE

  - **Foreign country:** US

  - **Zip / Postal Code:** 19809

  - **Telephone number:** 856-528-3500

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

- **a. Name of Series:** TOBAM Emerging Markets Fund

- **b. EDGAR series identifier (if any):** S000054486

- **c. LEI of Series:** 549300YSMHETZ2EZDX72

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

- **a. Date of fiscal year-end:** 2023-09-30

- **b. Date as of which information is reported:** 2022-12-30

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $92223517.43

**Total Liabilities:** $299526.38

**Net Assets:** $91923991.05

**Cash Not Reported:** $1428512.14

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000171063 | -1.18%               | 9.43%                | -3.60%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-386364.59              | $-638007.81                                |
| Month 2  | $11013.27                | $8008499.89                                |
| Month 3  | $-2044198.94             | $-729916.86                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Ningbo Deye Technology Co Ltd  | Ningbo Deye Technology Co Ltd                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |     12800 | NS      | $608898.81    | 0.66%             |  |  |  | No            |                  2 | On Loan: No      |
| Maxis Bhd                      | Maxis Bhd                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | MY        |    201400 | NS      | $175630.08    | 0.19%             |  |  |  | No            |                  2 | On Loan: No      |
| Tower Bersama Infrastructure T | Tower Bersama Infrastructure Tbk PT                     | CUSIP: 000000000<br>LEI: 213800ELUARKGNPAPY10 | Long             | EC               | CORP              | ID        |   1164300 | NS      | $171989.83    | 0.19%             |  |  |  | No            |                  2 | On Loan: No      |
| CMSK                           | China Merchants Shekou Industrial Zone Holdings Co Ltd  | CUSIP: 000000000<br>LEI: 300300T3ACALX7NIPW13 | Long             | EC               | CORP              | CN        |    138500 | NS      | $250671.99    | 0.27%             |  |  |  | No            |                  2 | On Loan: No      |
| Taiwan Mobile Co Ltd           | Taiwan Mobile Co Ltd                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |    443000 | NS      | $1364101.09   | 1.48%             |  |  |  | No            |                  2 | On Loan: No      |
| Hapvida Participacoes e Invest | Hapvida Participacoes e Investimentos S/A               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |    344400 | NS      | $331875.31    | 0.36%             |  |  |  | No            |                  2 | On Loan: No      |
| NARI Technology Co Ltd         | NARI Technology Co Ltd                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |     89800 | NS      | $313832.00    | 0.34%             |  |  |  | No            |                  2 | On Loan: No      |
| China Literature Ltd           | China Literature Ltd                                    | CUSIP: 000000000<br>LEI: 529900YXWIZUFHMK8W28 | Long             | EC               | CORP              | CN        |     54600 | NS      | $210618.90    | 0.23%             |  |  |  | No            |                  2 | On Loan: No      |
| Feng TAY Enterprise Co Ltd     | Feng TAY Enterprise Co Ltd                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |     84200 | NS      | $564099.78    | 0.61%             |  |  |  | No            |                  2 | On Loan: No      |
| Vodafone Idea Ltd              | Vodafone Idea Ltd                                       | CUSIP: 000000000<br>LEI: 335800UBBFAK7HCF3209 | Long             | EC               | CORP              | IN        |   3598599 | NS      | $342415.24    | 0.37%             |  |  |  | No            |                  2 | On Loan: No      |
| Sime Darby Plantation Bhd      | Sime Darby Plantation Bhd                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | MY        |    220600 | NS      | $233111.50    | 0.25%             |  |  |  | No            |                  2 | On Loan: No      |
| Nien Made Enterprise Co Ltd    | Nien Made Enterprise Co Ltd                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |     20000 | NS      | $191110.33    | 0.21%             |  |  |  | No            |                  2 | On Loan: No      |
| Credicorp Ltd                  | Credicorp Ltd                                           | CUSIP: 000000000<br>LEI: 529900UYAEYQCQ2BKB17 | Long             | EC               | CORP              | PE        |      4642 | NS      | $629733.72    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| GAIL India Ltd                 | GAIL India Ltd                                          | CUSIP: 000000000<br>LEI: 335800N82LJD42ZA5L32 | Long             | EC               | CORP              | IN        |    299535 | NS      | $347833.72    | 0.38%             |  |  |  | No            |                  2 | On Loan: No      |
| Wens Foodstuffs Group Co Ltd   | Wens Foodstuffs Group Co Ltd                            | CUSIP: 000000000<br>LEI: 3003005O7DXT61IXLJ96 | Long             | EC               | CORP              | CN        |    121620 | NS      | $343036.84    | 0.37%             |  |  |  | No            |                  2 | On Loan: No      |
| Micro-Star International Co Lt | Micro-Star International Co Ltd                         | CUSIP: 000000000<br>LEI: 254900F4E0BDGJSSD870 | Long             | EC               | CORP              | TW        |    106000 | NS      | $411070.70    | 0.45%             |  |  |  | No            |                  2 | On Loan: No      |
| AngloGold Ashanti Ltd          | AngloGold Ashanti Ltd                                   | CUSIP: 000000000<br>LEI: 378900EF3BA9A5F42A59 | Long             | EC               | CORP              | ZA        |     59748 | NS      | $1164140.48   | 1.27%             |  |  |  | No            |                  2 | On Loan: No      |
| MTN Group Ltd                  | MTN Group Ltd                                           | CUSIP: 000000000<br>LEI: 2549009JD6Q6XHZS5E05 | Long             | EC               | CORP              | ZA        |     22559 | NS      | $168487.51    | 0.18%             |  |  |  | No            |                  2 | On Loan: No      |
| Bharti Airtel Ltd              | Bharti Airtel Ltd                                       | CUSIP: 000000000<br>LEI: 335800KQ1FPKOQ84OR26 | Long             | EC               | CORP              | IN        |    137761 | NS      | $1339741.79   | 1.46%             |  |  |  | No            |                  2 | On Loan: No      |
| Pylon Technologies Co Ltd      | Pylon Technologies Co Ltd                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |     10634 | NS      | $481898.42    | 0.52%             |  |  |  | No            |                  2 | On Loan: No      |
| 3peak Inc                      | 3peak Inc                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |      8109 | NS      | $320787.64    | 0.35%             |  |  |  | No            |                  2 | On Loan: No      |
| S-Oil Corp                     | S-Oil Corp                                              | CUSIP: 000000000<br>LEI: 988400QTUXYDN8W3MZ32 | Long             | EC               | CORP              | KR        |      7788 | NS      | $518331.78    | 0.56%             |  |  |  | No            |                  2 | On Loan: No      |
| Hyundai Glovis Co Ltd          | Hyundai Glovis Co Ltd                                   | CUSIP: 000000000<br>LEI: 988400U6RDXNJ5ZRN304 | Long             | EC               | CORP              | KR        |       978 | NS      | $126975.17    | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Hindustan Petroleum Corp Ltd   | Hindustan Petroleum Corp Ltd                            | CUSIP: 000000000<br>LEI: 335800DWLXIP7HFFY564 | Long             | EC               | CORP              | IN        |    131157 | NS      | $371815.18    | 0.40%             |  |  |  | No            |                  2 | On Loan: No      |
| Porton Pharma Solutions Ltd    | Porton Pharma Solutions Ltd                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |     27800 | NS      | $163028.27    | 0.18%             |  |  |  | No            |                  2 | On Loan: No      |
| China CSSC Holdings Ltd        | China CSSC Holdings Ltd                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |     82300 | NS      | $263193.56    | 0.29%             |  |  |  | No            |                  2 | On Loan: No      |
| FOSUN PHARMA                   | Shanghai Fosun Pharmaceutical Group Co Ltd              | CUSIP: 000000000<br>LEI: 300300DMUYLW3FP1OT73 | Long             | EC               | CORP              | CN        |     36100 | NS      | $182763.60    | 0.20%             |  |  |  | No            |                  2 | On Loan: No      |
| Itau Unibanco Holding SA       | Itau Unibanco Holding SA                                | CUSIP: 000000000<br>LEI: 5493002W2IVG62O3ZJ94 | Long             | EP               | CORP              | BR        |    127800 | NS      | $605280.38    | 0.66%             |  |  |  | No            |                  2 | On Loan: No      |
| China Yangtze Power Co Ltd     | China Yangtze Power Co Ltd                              | CUSIP: 000000000<br>LEI: 3003008VX8JFJXA6QP74 | Long             | EC               | CORP              | CN        |    211411 | NS      | $637765.01    | 0.69%             |  |  |  | No            |                  2 | On Loan: No      |
| Sumber Alfaria Trijaya Tbk PT  | Sumber Alfaria Trijaya Tbk PT                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | ID        |   2333700 | NS      | $397728.30    | 0.43%             |  |  |  | No            |                  2 | On Loan: No      |
| COSCO SHIP ENGY                | COSCO SHIPPING Energy Transportation Co Ltd             | CUSIP: 000000000<br>LEI: 529900IGB8FVHRCR1W95 | Long             | EC               | CORP              | CN        |    229800 | NS      | $398332.78    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Sime Darby Bhd                 | Sime Darby Bhd                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | MY        |    421300 | NS      | $219906.07    | 0.24%             |  |  |  | No            |                  2 | On Loan: No      |
| Aneka Tambang Tbk              | Aneka Tambang Tbk                                       | CUSIP: 000000000<br>LEI: 529900LRE2NALSSHMB80 | Long             | EC               | CORP              | ID        |   1873500 | NS      | $238416.89    | 0.26%             |  |  |  | No            |                  2 | On Loan: No      |
| Wan Hai Lines Ltd              | Wan Hai Lines Ltd                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |    137920 | NS      | $358462.90    | 0.39%             |  |  |  | No            |                  2 | On Loan: No      |
| Sendas Distribuidora SA        | Sendas Distribuidora SA                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |     85400 | NS      | $315584.34    | 0.34%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank Central Asia Tbk PT       | Bank Central Asia Tbk PT                                | CUSIP: 000000000<br>LEI: 254900BR956G2OHVOM21 | Long             | EC               | CORP              | ID        |    361400 | NS      | $198169.45    | 0.22%             |  |  |  | No            |                  2 | On Loan: No      |
| Yes Bank Ltd                   | Yes Bank Ltd                                            | CUSIP: 000000000<br>LEI: 335800X6WKDDXJUSFZ86 | Long             | EC               | CORP              | IN        |   3381200 | NS      | $841184.93    | 0.92%             |  |  |  | No            |                  2 | On Loan: No      |
| Hero MotoCorp Ltd              | Hero MotoCorp Ltd                                       | CUSIP: 000000000<br>LEI: 335800Q49FBMZJTRLK49 | Long             | EC               | CORP              | IN        |     11353 | NS      | $375128.07    | 0.41%             |  |  |  | No            |                  2 | On Loan: No      |
| PLDT Inc                       | PLDT Inc                                                | CUSIP: 000000000<br>LEI: 254900ADE8GQHM5P2648 | Long             | EC               | CORP              | PH        |      6325 | NS      | $149222.24    | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| TINGYI                         | Tingyi Cayman Islands Holding Corp                      | CUSIP: 000000000<br>LEI: 5299009MPI9B60VN4P25 | Long             | EC               | CORP              | CN        |    442000 | NS      | $779701.04    | 0.85%             |  |  |  | No            |                  2 | On Loan: No      |
| iRay Technology Co Ltd         | iRay Technology Co Ltd                                  | CUSIP: 000000000<br>LEI: 30030001U2KA1D3CS476 | Long             | EC               | CORP              | CN        |      4931 | NS      | $324182.13    | 0.35%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank Jago Tbk PT               | Bank Jago Tbk PT                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | ID        |   1629900 | NS      | $389009.39    | 0.42%             |  |  |  | No            |                  2 | On Loan: No      |
| New Hope Liuhe Co Ltd          | New Hope Liuhe Co Ltd                                   | CUSIP: 000000000<br>LEI: 300300F28XODWP5GJF78 | Long             | EC               | CORP              | CN        |     83500 | NS      | $154756.62    | 0.17%             |  |  |  | No            |                  2 | On Loan: No      |
| ZHENHUA                        | China Zhenhua Group Science & Technology Co Ltd         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |      7700 | NS      | $126328.33    | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Godrej Consumer Products Ltd   | Godrej Consumer Products Ltd                            | CUSIP: 000000000<br>LEI: 335800P4GUWLGZFK2D63 | Long             | EC               | CORP              | IN        |     51989 | NS      | $548521.96    | 0.60%             |  |  |  | No            |                  2 | On Loan: No      |
| PTT Exploration & Production P | PTT Exploration & Production PCL                        | CUSIP: 000000000<br>LEI: 2549001O8YYGP5N7Q076 | Long             | EC               | CORP              | TH        |    163200 | NS      | $831115.16    | 0.90%             |  |  |  | No            |                  2 | On Loan: No      |
| Emperador Inc                  | Emperador Inc                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | PH        |    486200 | NS      | $179726.71    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| HENGAN INT'L                   | Hengan International Group Co Ltd                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |    144000 | NS      | $763469.74    | 0.83%             |  |  |  | No            |                  2 | On Loan: No      |
| Sun Pharmaceutical Industries  | Sun Pharmaceutical Industries Ltd                       | CUSIP: 000000000<br>LEI: 335800KJ7GE29LB4SS73 | Long             | EC               | CORP              | IN        |    115578 | NS      | $1397685.16   | 1.52%             |  |  |  | No            |                  2 | On Loan: No      |
| Avenue Supermarts Ltd          | Avenue Supermarts Ltd                                   | CUSIP: 000000000<br>LEI: 335800B2ZPJKOU2ZM776 | Long             | EC               | CORP              | IN        |     24627 | NS      | $1209222.66   | 1.32%             |  |  |  | No            |                  2 | On Loan: No      |
| HMM Co Ltd                     | HMM Co Ltd                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |     40359 | NS      | $629052.12    | 0.68%             |  |  |  | No            |                  2 | On Loan: No      |
| Adani Green Energy Ltd         | Adani Green Energy Ltd                                  | CUSIP: 000000000<br>LEI: 335800ZBBU81OH211H17 | Long             | EC               | CORP              | IN        |     43072 | NS      | $1003500.44   | 1.09%             |  |  |  | No            |                  2 | On Loan: No      |
| CHINA OVERSEAS                 | China Overseas Land & Investment Ltd                    | CUSIP: 000000000<br>LEI: 529900I6W35GYKRIZ151 | Long             | EC               | CORP              | HK        |    421500 | NS      | $1103011.79   | 1.20%             |  |  |  | No            |                  2 | On Loan: No      |
| PharmaEssentia Corp            | PharmaEssentia Corp                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |     52626 | NS      | $815556.02    | 0.89%             |  |  |  | No            |                  2 | On Loan: No      |
| Suzhou Maxwell Technologies Co | Suzhou Maxwell Technologies Co Ltd                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |      5905 | NS      | $348989.50    | 0.38%             |  |  |  | No            |                  2 | On Loan: No      |
| Hoshine Silicon Industry Co Lt | Hoshine Silicon Industry Co Ltd                         | CUSIP: 000000000<br>LEI: 300300RQV6XQFC4OVX72 | Long             | EC               | CORP              | CN        |     43563 | NS      | $518640.89    | 0.56%             |  |  |  | No            |                  2 | On Loan: No      |
| Bangkok Dusit Medical Services | Bangkok Dusit Medical Services PCL                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | TH        |   1704000 | NS      | $1424987.92   | 1.55%             |  |  |  | No            |                  2 | On Loan: No      |
| Atacadao SA                    | Atacadao SA                                             | CUSIP: 000000000<br>LEI: 549300SMI26ISJIRM371 | Long             | EC               | CORP              | BR        |    139200 | NS      | $390099.03    | 0.42%             |  |  |  | No            |                  2 | On Loan: No      |
| momo.com Inc                   | momo.com Inc                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |     15600 | NS      | $324634.71    | 0.35%             |  |  |  | No            |                  2 | On Loan: No      |
| GUOXIN MICRO                   | Unigroup Guoxin Microelectronics Co Ltd                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |     16199 | NS      | $306346.87    | 0.33%             |  |  |  | No            |                  2 | On Loan: No      |
| Bharat Petroleum Corp Ltd      | Bharat Petroleum Corp Ltd                               | CUSIP: 000000000<br>LEI: 8GRDBX1TJ0PU5NCSHT72 | Long             | EC               | CORP              | IN        |    185393 | NS      | $739041.49    | 0.80%             |  |  |  | No            |                  2 | On Loan: No      |
| Berli Jucker PCL               | Berli Jucker PCL                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | TH        |    205300 | NS      | $208964.90    | 0.23%             |  |  |  | No            |                  2 | On Loan: No      |
| China Gas Holdings Ltd         | China Gas Holdings Ltd                                  | CUSIP: 000000000<br>LEI: 254900KTSZLZ21VV8T33 | Long             | EC               | CORP              | HK        |    382000 | NS      | $553618.42    | 0.60%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank Mandiri Persero Tbk PT    | Bank Mandiri Persero Tbk PT                             | CUSIP: 000000000<br>LEI: 549300RSKQN4Z5ZSGH94 | Long             | EC               | CORP              | ID        |    282300 | NS      | $180021.20    | 0.20%             |  |  |  | No            |                  2 | On Loan: No      |
| Patanjali Foods Ltd            | Patanjali Foods Ltd                                     | CUSIP: 000000000<br>LEI: 335800EXLHZBCGE81H10 | Long             | EC               | CORP              | IN        |      9877 | NS      | $142488.00    | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| China Construction Bank Corp   | China Construction Bank Corp                            | CUSIP: 000000000<br>LEI: 5493001KQW6DM7KEDR62 | Long             | EC               | CORP              | CN        |    557000 | NS      | $348341.99    | 0.38%             |  |  |  | No            |                  2 | On Loan: No      |
| Kuala Lumpur Kepong Bhd        | Kuala Lumpur Kepong Bhd                                 | CUSIP: 000000000<br>LEI: 2549009JSTRFMR7A8D34 | Long             | EC               | CORP              | MY        |     65500 | NS      | $332899.30    | 0.36%             |  |  |  | No            |                  2 | On Loan: No      |
| Inventec Corp                  | Inventec Corp                                           | CUSIP: 000000000<br>LEI: 391200XSJU5WEVAXB086 | Long             | EC               | CORP              | TW        |    596000 | NS      | $508649.48    | 0.55%             |  |  |  | No            |                  2 | On Loan: No      |
| Muyuan Foods Co Ltd            | Muyuan Foods Co Ltd                                     | CUSIP: 000000000<br>LEI: 3003006NCTDQW4KZR676 | Long             | EC               | CORP              | CN        |     39484 | NS      | $276228.01    | 0.30%             |  |  |  | No            |                  2 | On Loan: No      |
| Shenzhen SC New Energy Technol | Shenzhen SC New Energy Technology Corp                  | CUSIP: 000000000<br>LEI: 30030050928CNGYD2N39 | Long             | EC               | CORP              | CN        |     23300 | NS      | $381019.76    | 0.41%             |  |  |  | No            |                  2 | On Loan: No      |
| Shenzhen Transsion Holdings Co | Shenzhen Transsion Holdings Co Ltd                      | CUSIP: 000000000<br>LEI: 300300PDJRSNMVF0VJ83 | Long             | EC               | CORP              | CN        |      9597 | NS      | $109614.29    | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Shenzhen New Industries Biomed | Shenzhen New Industries Biomedical Engineering Co Ltd   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |     44900 | NS      | $322989.15    | 0.35%             |  |  |  | No            |                  2 | On Loan: No      |
| Shanghai Putailai New Energy T | Shanghai Putailai New Energy Technology Co Ltd          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |     27100 | NS      | $201980.66    | 0.22%             |  |  |  | No            |                  2 | On Loan: No      |
| Montage Technology Co Ltd      | Montage Technology Co Ltd                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |     20722 | NS      | $186423.94    | 0.20%             |  |  |  | No            |                  2 | On Loan: No      |
| Coway Co Ltd                   | Coway Co Ltd                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |     11480 | NS      | $509710.14    | 0.55%             |  |  |  | No            |                  2 | On Loan: No      |
| ICE FUTURES U.S., INC.         | ICE US MSCI EMERGING MARKETS EM INDEX                   | CUSIP: 000000000<br>LEI: 5493004R83R1LVX2IL36 | N/A              | DE               | CORP              | US        |        21 | NC      | $-26965.00    | -0.03%            |  |  |  | No            |                  1 | On Loan: No      |
| Petroleo Brasileiro SA         | Petroleo Brasileiro SA                                  | CUSIP: 000000000<br>LEI: 5493000J801JZRCMFE49 | Long             | EC               | CORP              | BR        |     49800 | NS      | $264072.90    | 0.29%             |  |  |  | No            |                  2 | On Loan: No      |
| Adani Total Gas Ltd            | Adani Total Gas Ltd                                     | CUSIP: 000000000<br>LEI: 335800XLXJ32DBM6H567 | Long             | EC               | CORP              | IN        |     22593 | NS      | $1007463.54   | 1.10%             |  |  |  | No            |                  2 | On Loan: No      |
| China Resources Gas Group Ltd  | China Resources Gas Group Ltd                           | CUSIP: 000000000<br>LEI: 529900A0E1J5JSOKEK83 | Long             | EC               | CORP              | HK        |    213000 | NS      | $794607.55    | 0.86%             |  |  |  | No            |                  2 | On Loan: No      |
| Tianjin 712 Communication & Br | Tianjin 712 Communication & Broadcasting Co Ltd         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |     34000 | NS      | $170785.06    | 0.19%             |  |  |  | No            |                  2 | On Loan: No      |
| THCJ                           | Suzhou TA&A Ultra Clean Technology Co Ltd               | CUSIP: 000000000<br>LEI: 8368000VRYF7HAR81G71 | Long             | EC               | CORP              | CN        |     40640 | NS      | $325892.19    | 0.35%             |  |  |  | No            |                  2 | On Loan: No      |
| Eclat Textile Co Ltd           | Eclat Textile Co Ltd                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |     33660 | NS      | $540347.31    | 0.59%             |  |  |  | No            |                  2 | On Loan: No      |
| Far EasTone Telecommunications | Far EasTone Telecommunications Co Ltd                   | CUSIP: 000000000<br>LEI: 529900L7W7BWDLVZL253 | Long             | EC               | CORP              | TW        |    455000 | NS      | $975968.03    | 1.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Bumrungrad Hospital PCL        | Bumrungrad Hospital PCL                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | TH        |    163200 | NS      | $998397.84    | 1.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Merdeka Copper Gold Tbk PT     | Merdeka Copper Gold Tbk PT                              | CUSIP: 000000000<br>LEI: 894500DF5TJXCOE26L58 | Long             | EC               | CORP              | ID        |   2078900 | NS      | $549230.89    | 0.60%             |  |  |  | No            |                  2 | On Loan: No      |
| Shanghai Junshi Biosciences Co | Shanghai Junshi Biosciences Co Ltd                      | CUSIP: 000000000<br>LEI: 300300L36FLCKN0WXW06 | Long             | EC               | CORP              | CN        |     40400 | NS      | $250156.37    | 0.27%             |  |  |  | No            |                  2 | On Loan: No      |
| Samsung Biologics Co Ltd       | Samsung Biologics Co Ltd                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |       560 | NS      | $364120.58    | 0.40%             |  |  |  | No            |                  2 | On Loan: No      |
| Celltrion Healthcare Co Ltd    | Celltrion Healthcare Co Ltd                             | CUSIP: 000000000<br>LEI: 988400KI4VU01I1E7I73 | Long             | EC               | CORP              | KR        |     15704 | NS      | $725728.82    | 0.79%             |  |  |  | No            |                  2 | On Loan: No      |
| CCR SA                         | CCR SA                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |    147600 | NS      | $302886.55    | 0.33%             |  |  |  | No            |                  2 | On Loan: No      |
| Bangkok Expressway & Metro PCL | Bangkok Expressway & Metro PCL                          | CUSIP: 000000000<br>LEI: 529900A653WRN6DJXS19 | Long             | EC               | CORP              | TH        |   2025500 | NS      | $572814.44    | 0.62%             |  |  |  | No            |                  2 | On Loan: No      |
| Sungrow Power Supply Co Ltd    | Sungrow Power Supply Co Ltd                             | CUSIP: 000000000<br>LEI: 30030052IWC7RGVFG505 | Long             | EC               | CORP              | CN        |     29200 | NS      | $468548.30    | 0.51%             |  |  |  | No            |                  2 | On Loan: No      |
| Container Corp Of India Ltd    | Container Corp Of India Ltd                             | CUSIP: 000000000<br>LEI: 335800T2XH4HLGGQSJ32 | Long             | EC               | CORP              | IN        |     63865 | NS      | $569427.05    | 0.62%             |  |  |  | No            |                  2 | On Loan: No      |
| Guangdong Investment Ltd       | Guangdong Investment Ltd                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | HK        |    646000 | NS      | $659598.49    | 0.72%             |  |  |  | No            |                  2 | On Loan: No      |
| InterGlobe Aviation Ltd        | InterGlobe Aviation Ltd                                 | CUSIP: 000000000<br>LEI: 33580079R8SLLO23XD19 | Long             | EC               | CORP              | IN        |     16586 | NS      | $401353.51    | 0.44%             |  |  |  | No            |                  2 | On Loan: No      |
| Huadong Medicine Co Ltd        | Huadong Medicine Co Ltd                                 | CUSIP: 000000000<br>LEI: 300300WEZ30P69YUQZ42 | Long             | EC               | CORP              | CN        |     32700 | NS      | $219611.56    | 0.24%             |  |  |  | No            |                  2 | On Loan: No      |
| Telkom Indonesia Persero Tbk P | Telkom Indonesia Persero Tbk PT                         | CUSIP: 000000000<br>LEI: 529900M5SQZAOKV1PC81 | Long             | EC               | CORP              | ID        |   5839500 | NS      | $1406222.96   | 1.53%             |  |  |  | No            |                  2 | On Loan: No      |
| Taiwan High Speed Rail Corp    | Taiwan High Speed Rail Corp                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |    493000 | NS      | $460536.09    | 0.50%             |  |  |  | No            |                  2 | On Loan: No      |
| Polyus PJSC                    | Polyus PJSC                                             | CUSIP: 000000000<br>LEI: 549300FUXVT7TF6ZKV71 | Long             | EC               | CORP              | RU        |      1069 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Indian Railway Catering & Tour | Indian Railway Catering & Tourism Corp Ltd              | CUSIP: 000000000<br>LEI: 335800TVHEFK23CTJG98 | Long             | EC               | CORP              | IN        |     53224 | NS      | $410357.06    | 0.45%             |  |  |  | No            |                  2 | On Loan: No      |
| HLB Inc                        | HLB Inc                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |     23681 | NS      | $534320.01    | 0.58%             |  |  |  | No            |                  2 | On Loan: No      |
| SCB X PCL                      | SCB X PCL                                               | CUSIP: 000000000<br>LEI: 254900TG41KIWX7VDO42 | Long             | EC               | CORP              | TH        |     36200 | NS      | $111670.02    | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Vale Indonesia Tbk PT          | Vale Indonesia Tbk PT                                   | CUSIP: 000000000<br>LEI: 5299002HHYBH7C6WBQ62 | Long             | EC               | CORP              | ID        |    456300 | NS      | $207566.40    | 0.23%             |  |  |  | No            |                  2 | On Loan: No      |
| United Microelectronics Corp   | United Microelectronics Corp                            | CUSIP: 000000000<br>LEI: 391200YJCAGH9LF96P73 | Long             | EC               | CORP              | TW        |    245000 | NS      | $321901.81    | 0.35%             |  |  |  | No            |                  2 | On Loan: No      |
| Orion Corp/Republic of Korea   | Orion Corp/Republic of Korea                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |      4646 | NS      | $472988.64    | 0.51%             |  |  |  | No            |                  2 | On Loan: No      |
| SG Micro Corp                  | SG Micro Corp                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |      5150 | NS      | $127595.53    | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Polski Koncern Naftowy ORLEN S | Polski Koncern Naftowy ORLEN SA                         | CUSIP: 000000000<br>LEI: 259400VVMM70CQREJT74 | Long             | EC               | CORP              | PL        |     10308 | NS      | $151438.21    | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| Amorepacific Corp              | Amorepacific Corp                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |      2938 | NS      | $321548.45    | 0.35%             |  |  |  | No            |                  2 | On Loan: No      |
| Chengxin Lithium Group Co Ltd  | Chengxin Lithium Group Co Ltd                           | CUSIP: 000000000<br>LEI: 300300LUBPEGH8SHWI63 | Long             | EC               | CORP              | CN        |     16100 | NS      | $86407.08     | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Wiwynn Corp                    | Wiwynn Corp                                             | CUSIP: 000000000<br>LEI: 254900FV2R15PMKXFL69 | Long             | EC               | CORP              | TW        |     17000 | NS      | $439712.19    | 0.48%             |  |  |  | No            |                  2 | On Loan: No      |
| United Spirits Ltd             | United Spirits Ltd                                      | CUSIP: 000000000<br>LEI: 3358004YFWQVX2EZDE82 | Long             | EC               | CORP              | IN        |     65368 | NS      | $692496.14    | 0.75%             |  |  |  | No            |                  2 | On Loan: No      |
| JIUZHOU PHARMACEUTICAL         | Zhejiang Jiuzhou Pharmaceutical Co Ltd                  | CUSIP: 000000000<br>LEI: 300300M9CIE6UX0BWZ27 | Long             | EC               | CORP              | CN        |     54600 | NS      | $332235.59    | 0.36%             |  |  |  | No            |                  2 | On Loan: No      |
| Cencosud SA                    | Cencosud SA                                             | CUSIP: 000000000<br>LEI: 549300NLTGCFV7482429 | Long             | EC               | CORP              | CL        |    209188 | NS      | $344022.71    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Capitec Bank Holdings Ltd      | Capitec Bank Holdings Ltd                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | ZA        |      4551 | NS      | $495407.02    | 0.54%             |  |  |  | No            |                  2 | On Loan: No      |
| SK Bioscience Co Ltd           | SK Bioscience Co Ltd                                    | CUSIP: 000000000<br>LEI: 988400F5SGZAXEGIAM36 | Long             | EC               | CORP              | KR        |      1860 | NS      | $108913.73    | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| GD Power Development Co Ltd    | GD Power Development Co Ltd                             | CUSIP: 000000000<br>LEI: 300300BVGPH64Z7BNK97 | Long             | EC               | CORP              | CN        |    358800 | NS      | $220195.55    | 0.24%             |  |  |  | No            |                  2 | On Loan: No      |
| Hanon Systems                  | Hanon Systems                                           | CUSIP: 000000000<br>LEI: 5493004WIDNO4WOEYG91 | Long             | EC               | CORP              | KR        |     24053 | NS      | $154453.10    | 0.17%             |  |  |  | No            |                  2 | On Loan: No      |
| Cipla Ltd/India                | Cipla Ltd/India                                         | CUSIP: 000000000<br>LEI: 335800KMJJYEDDK82Q34 | Long             | EC               | CORP              | IN        |    104050 | NS      | $1351843.24   | 1.47%             |  |  |  | No            |                  2 | On Loan: No      |
| Airports of Thailand PCL       | Airports of Thailand PCL                                | CUSIP: 000000000<br>LEI: 5299006VS4CU6LW0TY22 | Long             | EC               | CORP              | TH        |    155300 | NS      | $336143.39    | 0.37%             |  |  |  | No            |                  2 | On Loan: No      |
| YILING                         | Shijiazhuang Yiling Pharmaceutical Co Ltd               | CUSIP: 000000000<br>LEI: 300300MXXUF4JUKD5G32 | Long             | EC               | CORP              | CN        |    111200 | NS      | $478413.01    | 0.52%             |  |  |  | No            |                  2 | On Loan: No      |
| Suzano SA                      | Suzano SA                                               | CUSIP: 000000000<br>LEI: 391200AW174YQSDMGG41 | Long             | EC               | CORP              | BR        |    139100 | NS      | $1284323.06   | 1.40%             |  |  |  | No            |                  2 | On Loan: No      |
| Tech Mahindra Ltd              | Tech Mahindra Ltd                                       | CUSIP: 000000000<br>LEI: 3358005FZUZ1I25XQH69 | Long             | EC               | CORP              | IN        |     14108 | NS      | $173016.38    | 0.19%             |  |  |  | No            |                  2 | On Loan: No      |
| LG Uplus Corp                  | LG Uplus Corp                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |     20793 | NS      | $182091.09    | 0.20%             |  |  |  | No            |                  2 | On Loan: No      |
| Dr Reddy's Laboratories Ltd    | Dr Reddy's Laboratories Ltd                             | CUSIP: 000000000<br>LEI: 335800OVDPY3DVZR2798 | Long             | EC               | CORP              | IN        |     24025 | NS      | $1228732.55   | 1.34%             |  |  |  | No            |                  2 | On Loan: No      |
| Anjoy Foods Group Co Ltd       | Anjoy Foods Group Co Ltd                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |      5200 | NS      | $121027.38    | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| Pearl Abyss Corp               | Pearl Abyss Corp                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |      5714 | NS      | $190452.02    | 0.21%             |  |  |  | No            |                  2 | On Loan: No      |
| Shanghai Fudan Microelectronic | Shanghai Fudan Microelectronics Group Co Ltd            | CUSIP: 000000000<br>LEI: 300300MN0B6IF027O317 | Long             | EC               | CORP              | CN        |     64000 | NS      | $241210.28    | 0.26%             |  |  |  | No            |                  2 | On Loan: No      |
| CanSino Biologics Inc          | CanSino Biologics Inc                                   | CUSIP: 000000000<br>LEI: 254900SPBQ0ZVM8QC931 | Long             | EC               | CORP              | CN        |     19600 | NS      | $166370.80    | 0.18%             |  |  |  | No            |                  2 | On Loan: No      |
| Huizhou Desay Sv Automotive Co | Huizhou Desay Sv Automotive Co Ltd                      | CUSIP: 000000000<br>LEI: 655600CCT6YFPT86LA32 | Long             | EC               | CORP              | CN        |     11300 | NS      | $170858.98    | 0.19%             |  |  |  | No            |                  2 | On Loan: No      |
| NCSoft Corp                    | NCSoft Corp                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |      2250 | NS      | $803753.61    | 0.87%             |  |  |  | No            |                  2 | On Loan: No      |
| GoodWe Technologies Co Ltd     | GoodWe Technologies Co Ltd                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |      8013 | NS      | $371140.48    | 0.40%             |  |  |  | No            |                  2 | On Loan: No      |
| Beijing Kingsoft Office Softwa | Beijing Kingsoft Office Software Inc                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |     18787 | NS      | $712431.96    | 0.78%             |  |  |  | No            |                  2 | On Loan: No      |
| SHUANGHUI                      | Henan Shuanghui Investment & Development Co Ltd         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |     32300 | NS      | $120330.80    | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| MCC                            | Metallurgical Corp of China Ltd                         | CUSIP: 000000000<br>LEI: 3003002HS6H57JTIFW38 | Long             | EC               | CORP              | CN        |    238600 | NS      | $108886.16    | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Banco Bradesco SA              | Banco Bradesco SA                                       | CUSIP: 000000000<br>LEI: 549300CTUU1RFXHQJE44 | Long             | EP               | CORP              | BR        |    108700 | NS      | $310065.46    | 0.34%             |  |  |  | No            |                  2 | On Loan: No      |
| YONGXING MATERIALS             | YongXing Special Materials Technology Co Ltd            | CUSIP: 000000000<br>LEI: 300300ULJO6T9VWWOQ73 | Long             | EC               | CORP              | CN        |      6200 | NS      | $81991.21     | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Gold Fields Ltd                | Gold Fields Ltd                                         | CUSIP: 000000000<br>LEI: 5299003KXIBJQYCBBD72 | Long             | EC               | CORP              | ZA        |     96539 | NS      | $1002542.16   | 1.09%             |  |  |  | No            |                  2 | On Loan: No      |
| PRE                            | Poly Developments and Holdings Group Co Ltd             | CUSIP: 000000000<br>LEI: 300300W9OF1ZRGUDVU96 | Long             | EC               | CORP              | CN        |    245600 | NS      | $532301.23    | 0.58%             |  |  |  | No            |                  2 | On Loan: No      |
| Want Want China Holdings Ltd   | Want Want China Holdings Ltd                            | CUSIP: 000000000<br>LEI: 5299005HZCEKX4O1J230 | Long             | EC               | CORP              | CN        |   1006000 | NS      | $670354.34    | 0.73%             |  |  |  | No            |                  2 | On Loan: No      |
| Lojas Renner SA                | Lojas Renner SA                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |     71200 | NS      | $275959.87    | 0.30%             |  |  |  | No            |                  2 | On Loan: No      |
| Apollo Hospitals Enterprise Lt | Apollo Hospitals Enterprise Ltd                         | CUSIP: 000000000<br>LEI: 3358005YT7JQCWYLTG43 | Long             | EC               | CORP              | IN        |      9125 | NS      | $493097.95    | 0.54%             |  |  |  | No            |                  2 | On Loan: No      |
| Adani Transmission Ltd         | Adani Transmission Ltd                                  | CUSIP: 000000000<br>LEI: 549300PLH866JQ6LXE52 | Long             | EC               | CORP              | IN        |      3635 | NS      | $113508.93    | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| PetroChina Co Ltd              | PetroChina Co Ltd                                       | CUSIP: 000000000<br>LEI: 529900RPY4YG47TRSV05 | Long             | EC               | CORP              | CN        |   1090000 | NS      | $497904.94    | 0.54%             |  |  |  | No            |                  2 | On Loan: No      |
| Innolux Corp                   | Innolux Corp                                            | CUSIP: 000000000<br>LEI: 3003007EXL0825P1MJ10 | Long             | EC               | CORP              | TW        |    825245 | NS      | $296625.44    | 0.32%             |  |  |  | No            |                  2 | On Loan: No      |
| SM Investments Corp            | SM Investments Corp                                     | CUSIP: 000000000<br>LEI: 254900YB8UATFP21AF80 | Long             | EC               | CORP              | PH        |     12980 | NS      | $210507.64    | 0.23%             |  |  |  | No            |                  2 | On Loan: No      |
| Aurobindo Pharma Ltd           | Aurobindo Pharma Ltd                                    | CUSIP: 000000000<br>LEI: 335800G4T2A353RDGM23 | Long             | EC               | CORP              | IN        |     53563 | NS      | $283633.59    | 0.31%             |  |  |  | No            |                  2 | On Loan: No      |
| Petroleo Brasileiro SA         | Petroleo Brasileiro SA                                  | CUSIP: 000000000<br>LEI: 5493000J801JZRCMFE49 | Long             | EP               | CORP              | BR        |    250100 | NS      | $1160383.71   | 1.26%             |  |  |  | No            |                  2 | On Loan: No      |
| Grupo Financiero Banorte SAB d | Grupo Financiero Banorte SAB de CV                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | MX        |     68300 | NS      | $491539.89    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Power Grid Corp of India Ltd   | Power Grid Corp of India Ltd                            | CUSIP: 000000000<br>LEI: 3358009SHWZ3DZEQ4Z56 | Long             | EC               | CORP              | IN        |    249405 | NS      | $643017.44    | 0.70%             |  |  |  | No            |                  2 | On Loan: No      |
| ICBC                           | Industrial & Commercial Bank of China Ltd               | CUSIP: 000000000<br>LEI: 5493002ERZU2K9PZDL40 | Long             | EC               | CORP              | CN        |   2101000 | NS      | $1077581.28   | 1.17%             |  |  |  | No            |                  2 | On Loan: No      |
| Gemdale Corp                   | Gemdale Corp                                            | CUSIP: 000000000<br>LEI: 300300VAI0OCY3OKWO66 | Long             | EC               | CORP              | CN        |    104300 | NS      | $152420.91    | 0.17%             |  |  |  | No            |                  2 | On Loan: No      |
| E Ink Holdings Inc             | E Ink Holdings Inc                                      | CUSIP: 000000000<br>LEI: 529900UOR451FJJYL571 | Long             | EC               | CORP              | TW        |    127000 | NS      | $665062.87    | 0.72%             |  |  |  | No            |                  2 | On Loan: No      |
| Shenzhen Dynanonic Co Ltd      | Shenzhen Dynanonic Co Ltd                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |      7200 | NS      | $237465.05    | 0.26%             |  |  |  | No            |                  2 | On Loan: No      |
| Krungthai Card PCL             | Krungthai Card PCL                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | TH        |    184800 | NS      | $314276.78    | 0.34%             |  |  |  | No            |                  2 | On Loan: No      |
| ZHIFEI-BIOL                    | Chongqing Zhifei Biological Products Co Ltd             | CUSIP: 000000000<br>LEI: 300300DRZD9P8L2NA467 | Long             | EC               | CORP              | CN        |     32688 | NS      | $412694.07    | 0.45%             |  |  |  | No            |                  2 | On Loan: No      |
| ICTSI                          | International Container Terminal Services Inc           | CUSIP: 000000000<br>LEI: 254900FU1MWK0I0Q4J61 | Long             | EC               | CORP              | PH        |     65450 | NS      | $234899.49    | 0.26%             |  |  |  | No            |                  2 | On Loan: No      |
| SRBG                           | Sichuan Road and Bridge Group Co Ltd                    | CUSIP: 000000000<br>LEI: 3003007YDF25LKX9OI30 | Long             | EC               | CORP              | CN        |    102300 | NS      | $163378.78    | 0.18%             |  |  |  | No            |                  2 | On Loan: No      |
| Charoen Pokphand Foods PCL     | Charoen Pokphand Foods PCL                              | CUSIP: 000000000<br>LEI: 529900FJ3AI2GKGIWK15 | Long             | EC               | CORP              | TH        |    866920 | NS      | $619819.49    | 0.67%             |  |  |  | No            |                  2 | On Loan: No      |
| Guangzhou Shiyuan Electronic T | Guangzhou Shiyuan Electronic Technology Co Ltd          | CUSIP: 000000000<br>LEI: 300300XCN9JKXKDKGF57 | Long             | EC               | CORP              | CN        |     12200 | NS      | $103444.56    | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Asustek Computer Inc           | Asustek Computer Inc                                    | CUSIP: 000000000<br>LEI: 254900B3WB4OGRB7HM13 | Long             | EC               | CORP              | TW        |    125000 | NS      | $1089648.48   | 1.19%             |  |  |  | No            |                  2 | On Loan: No      |
| WEIGAO GROUP                   | Shandong Weigao Group Medical Polymer Co Ltd            | CUSIP: 000000000<br>LEI: 5299005WQUU15JQU8S60 | Long             | EC               | CORP              | CN        |    579200 | NS      | $946395.56    | 1.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Celltrion Inc                  | Celltrion Inc                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |      2269 | NS      | $289629.75    | 0.32%             |  |  |  | No            |                  2 | On Loan: No      |
| Axiata Group Bhd               | Axiata Group Bhd                                        | CUSIP: 000000000<br>LEI: 254900DM0V7OCPDUUC55 | Long             | EC               | CORP              | MY        |    619985 | NS      | $435449.46    | 0.47%             |  |  |  | No            |                  2 | On Loan: No      |
| Cia Paranaense de Energia      | Cia Paranaense de Energia                               | CUSIP: 000000000<br>LEI: 2549001AS1I9A71VG663 | Long             | EP               | CORP              | BR        |    105500 | NS      | $157786.00    | 0.17%             |  |  |  | No            |                  2 | On Loan: No      |
| Indian Oil Corp Ltd            | Indian Oil Corp Ltd                                     | CUSIP: 000000000<br>LEI: 335800J8OBWE4VFUDG88 | Long             | EC               | CORP              | IN        |    622984 | NS      | $575435.06    | 0.63%             |  |  |  | No            |                  2 | On Loan: No      |
| HCL Technologies Ltd           | HCL Technologies Ltd                                    | CUSIP: 000000000<br>LEI: 549300C1F8OLYSOQYB65 | Long             | EC               | CORP              | IN        |     40078 | NS      | $502613.84    | 0.55%             |  |  |  | No            |                  2 | On Loan: No      |
| Walvax Biotechnology Co Ltd    | Walvax Biotechnology Co Ltd                             | CUSIP: 000000000<br>LEI: 300300H82R2DIQXA8N24 | Long             | EC               | CORP              | CN        |     82400 | NS      | $474849.41    | 0.52%             |  |  |  | No            |                  2 | On Loan: No      |
| GW COMPOS                      | Weihai Guangwei Composites Co Ltd                       | CUSIP: 000000000<br>LEI: 6556005NSLA1CR4BUU74 | Long             | EC               | CORP              | CN        |     15000 | NS      | $155644.17    | 0.17%             |  |  |  | No            |                  2 | On Loan: No      |
| Ginlong Technologies Co Ltd    | Ginlong Technologies Co Ltd                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |      6450 | NS      | $166698.32    | 0.18%             |  |  |  | No            |                  2 | On Loan: No      |
| Tata Consultancy Services Ltd  | Tata Consultancy Services Ltd                           | CUSIP: 000000000<br>LEI: 335800ZJKU9GPQRE2U66 | Long             | EC               | CORP              | IN        |      8848 | NS      | $347966.35    | 0.38%             |  |  |  | No            |                  2 | On Loan: No      |
| Indus Towers Ltd               | Indus Towers Ltd                                        | CUSIP: 000000000<br>LEI: 335800L6DI4VHODGDK41 | Long             | EC               | CORP              | IN        |    219086 | NS      | $503022.49    | 0.55%             |  |  |  | No            |                  2 | On Loan: No      |
| Agricultural Bank of China Ltd | Agricultural Bank of China Ltd                          | CUSIP: 000000000<br>LEI: 549300E7TSGLCOVSY746 | Long             | EC               | CORP              | CN        |    782000 | NS      | $267519.55    | 0.29%             |  |  |  | No            |                  2 | On Loan: No      |
| Asia - Potash International In | Asia - Potash International Investment Guangzhou Co Ltd | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |     60700 | NS      | $237326.98    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Yang Ming Marine Transport Cor | Yang Ming Marine Transport Corp                         | CUSIP: 000000000<br>LEI: 254900WG2ACWNVSP6E13 | Long             | EC               | CORP              | TW        |    285000 | NS      | $605407.76    | 0.66%             |  |  |  | No            |                  2 | On Loan: No      |
| Unilever Indonesia Tbk PT      | Unilever Indonesia Tbk PT                               | CUSIP: 000000000<br>LEI: 549300MUHUFNRRI19O72 | Long             | EC               | CORP              | ID        |   1387800 | NS      | $419218.76    | 0.46%             |  |  |  | No            |                  2 | On Loan: No      |
| Maxscend Microelectronics Co L | Maxscend Microelectronics Co Ltd                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |      9728 | NS      | $159770.63    | 0.17%             |  |  |  | No            |                  2 | On Loan: No      |
| Accton Technology Corp         | Accton Technology Corp                                  | CUSIP: 000000000<br>LEI: 529900M1YRZ0GWMDF920 | Long             | EC               | CORP              | TW        |     70000 | NS      | $531566.15    | 0.58%             |  |  |  | No            |                  2 | On Loan: No      |
| ZTT                            | Jiangsu Zhongtian Technology Co Ltd                     | CUSIP: 000000000<br>LEI: 3003006LG5TV3D5D3508 | Long             | EC               | CORP              | CN        |    147700 | NS      | $342746.80    | 0.37%             |  |  |  | No            |                  2 | On Loan: No      |
| AUO Corp                       | AUO Corp                                                | CUSIP: 000000000<br>LEI: 391200L7PIS4QXYJUQ72 | Long             | EC               | CORP              | TW        |   1434200 | NS      | $696728.02    | 0.76%             |  |  |  | No            |                  2 | On Loan: No      |
| Bandhan Bank Ltd               | Bandhan Bank Ltd                                        | CUSIP: 000000000<br>LEI: 335800Q13QAC32IOCH33 | Long             | EC               | CORP              | IN        |    129673 | NS      | $365973.17    | 0.40%             |  |  |  | No            |                  2 | On Loan: No      |
| StarPower Semiconductor Ltd    | StarPower Semiconductor Ltd                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |      2900 | NS      | $137182.26    | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| Adani Power Ltd                | Adani Power Ltd                                         | CUSIP: 000000000<br>LEI: 33580074T4XKFXBDG813 | Long             | EC               | CORP              | IN        |    217398 | NS      | $783989.64    | 0.85%             |  |  |  | No            |                  2 | On Loan: No      |
| Ingenic Semiconductor Co Ltd   | Ingenic Semiconductor Co Ltd                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |      8100 | NS      | $81987.26     | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Energy Absolute PCL            | Energy Absolute PCL                                     | CUSIP: 000000000<br>LEI: 549300YNVU2DM30XBZ14 | Long             | EC               | CORP              | TH        |    117600 | NS      | $328665.33    | 0.36%             |  |  |  | No            |                  2 | On Loan: No      |
| Trina Solar Co Ltd             | Trina Solar Co Ltd                                      | CUSIP: 000000000<br>LEI: 30030040IFQ4UMZDUU48 | Long             | EC               | CORP              | CN        |     28990 | NS      | $264907.81    | 0.29%             |  |  |  | No            |                  2 | On Loan: No      |
| Samsung Fire & Marine Insuranc | Samsung Fire & Marine Insurance Co Ltd                  | CUSIP: 000000000<br>LEI: 988400JMBDK47EW0Z936 | Long             | EC               | CORP              | KR        |      1070 | NS      | $169316.90    | 0.18%             |  |  |  | No            |                  2 | On Loan: No      |
| Raia Drogasil SA               | Raia Drogasil SA                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |    293700 | NS      | $1322719.94   | 1.44%             |  |  |  | No            |                  2 | On Loan: No      |
| China Feihe Ltd                | China Feihe Ltd                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |    392000 | NS      | $331890.10    | 0.36%             |  |  |  | No            |                  2 | On Loan: No      |
| SK Telecom Co Ltd              | SK Telecom Co Ltd                                       | CUSIP: 000000000<br>LEI: 9884003WEA1PHW006037 | Long             | EC               | CORP              | KR        |     11689 | NS      | $438499.41    | 0.48%             |  |  |  | No            |                  2 | On Loan: No      |
| Public Bank Bhd                | Public Bank Bhd                                         | CUSIP: 000000000<br>LEI: 549300L2RSQCVMOHGM20 | Long             | EC               | CORP              | MY        |   1377100 | NS      | $1350320.17   | 1.47%             |  |  |  | No            |                  2 | On Loan: No      |
| CCHN                           | Changchun High & New Technology Industry Group Inc      | CUSIP: 000000000<br>LEI: 300300X04OTKZG18WD66 | Long             | EC               | CORP              | CN        |      4200 | NS      | $100373.53    | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Lupin Ltd                      | Lupin Ltd                                               | CUSIP: 000000000<br>LEI: 335800HHXTESDEE2FC65 | Long             | EC               | CORP              | IN        |     40170 | NS      | $355853.19    | 0.39%             |  |  |  | No            |                  2 | On Loan: No      |
| PSBC                           | Postal Savings Bank of China Co Ltd                     | CUSIP: 000000000<br>LEI: 300300C1040311005298 | Long             | EC               | CORP              | CN        |   2245000 | NS      | $1389241.53   | 1.51%             |  |  |  | No            |                  2 | On Loan: No      |
| Eicher Motors Ltd              | Eicher Motors Ltd                                       | CUSIP: 000000000<br>LEI: 25490059S64CN2OY7239 | Long             | EC               | CORP              | IN        |     23428 | NS      | $911095.78    | 0.99%             |  |  |  | No            |                  2 | On Loan: No      |
| NINGBO ORIENT WIRES & CABLES   | Ningbo Orient Wires & Cables Co Ltd                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |     35900 | NS      | $349020.37    | 0.38%             |  |  |  | No            |                  2 | On Loan: No      |
| Magazine Luiza SA              | Magazine Luiza SA                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |    678800 | NS      | $352150.34    | 0.38%             |  |  |  | No            |                  2 | On Loan: No      |
| Samsung Engineering Co Ltd     | Samsung Engineering Co Ltd                              | CUSIP: 000000000<br>LEI: 988400HDAY5KIVHGZ188 | Long             | EC               | CORP              | KR        |     15453 | NS      | $273375.20    | 0.30%             |  |  |  | No            |                  2 | On Loan: No      |
| ENN Energy Holdings Ltd        | ENN Energy Holdings Ltd                                 | CUSIP: 000000000<br>LEI: 549300V7BXPWT6WIPR03 | Long             | EC               | CORP              | CN        |     81900 | NS      | $1143983.38   | 1.24%             |  |  |  | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2023-02-22

**Name of Applicant:** FundVantage Trust

**Signature:** T. Richard Keyes

**Name of Signer:** T. Richard Keyes

**Title:** Treasurer and Chief Financial Officer