| # | Holder Name | Position | Position Change | $ Market Value | % Port | % O/S | Rpt Date |
|---|---|---|---|---|---|---|---|
| 1 | Naman Capital Ltda. | 14,079,999 | 0 | 46,463,996.7 | 7.126 | 1.2623 | 06/30/2025 |
| 2 | Polunin Capital Partners Ltd. | 9,457,242 | 9,457,242 | 31,208,898.6 | 2.9687 | 0.8479 | 06/30/2025 |
| 3 | Parametric Portfolio Associates LLC | 3,942,723 | 2,025,214 | 13,010,985.9 | 0.0037 | 0.3535 | 06/30/2025 |
| 4 | BlackRock Fund Advisors | 3,596,302 | -316,371 | 11,867,796.6 | 0.0003 | 0.3224 | 06/30/2025 |
| 5 | American Century Investment Management, Inc. | 2,695,322 | 919,215 | 8,894,562.6 | 0.0036 | 0.2416 | 06/30/2025 |
| 6 | Renaissance Technologies LLC | 2,414,700 | -1,099,100 | 7,968,510 | 0.0103 | 0.2165 | 06/30/2025 |
| 7 | Morgan Stanley & Co. LLC | 2,276,838 | -1,115,424 | 7,513,565.4 | 0.0027 | 0.2041 | 06/30/2025 |
| 8 | Aperio Group LLC | 1,912,021 | 597,300 | 6,309,669.3 | 0.0053 | 0.1714 | 06/30/2025 |
| 9 | JPMorgan Securities LLC (Investment Management) | 1,878,562 | 504,185 | 6,199,254.6 | 0.0032 | 0.1684 | 06/30/2025 |
| 10 | SLGI Asset Management, Inc. | 1,626,160 | 0 | 5,366,328 | 0.1135 | 0.1458 | 12/31/2024 |
| 11 | Qube Research & Technologies Ltd. | 1,513,765 | -411,062 | 4,995,424.5 | 0.0068 | 0.1357 | 06/30/2025 |
| 12 | UBS Securities LLC | 1,210,828 | 941,238 | 3,995,732.4 | 0.0017 | 0.1086 | 06/30/2025 |
| 13 | Acadian Asset Management LLC | 1,139,033 | -1,717,060 | 3,758,808.9 | 0.0065 | 0.1021 | 06/30/2025 |
| 14 | Goldman Sachs & Co. LLC (Private Banking) | 1,119,633 | -453,589 | 3,694,788.9 | 0.0016 | 0.1004 | 06/30/2025 |
| 15 | Two Sigma Investments LP | 1,013,235 | -641,138 | 3,343,675.5 | 0.0059 | 0.0908 | 06/30/2025 |
| # | Holder Name | Position | Position Change | $ Market Value | % Port | % O/S | Rpt Date |
|---|---|---|---|---|---|---|---|
| 1 | Avantis Emerging Markets Equity ETF | 2,267,217 | 533,851 | 7,481,816.1 | 0.0638 | 0.2033 | 07/31/2025 |
| 2 | iShares Tr. - Global Infrastructure ETF | 2,033,189 | 242,387 | 6,709,523.7 | 0.0856 | 0.1823 | 07/31/2025 |
| 3 | Old Westbury Small & Mid Cap Strategies Fund | 1,729,047 | 1,729,047 | 5,705,855.1 | 0.0626 | 0.155 | 04/30/2025 |
| 4 | Sun Life Acadian International Equity Fund | 1,626,160 | 0 | 5,366,328 | 0.5956 | 0.1458 | 12/31/2024 |
| 5 | iShares Global Infrastructure Index Fund | 865,055 | 110,700 | 2,854,681.5 | 0.5323 | 0.0776 | 07/31/2025 |
| 6 | Lumyna - MW TOPS UCITS Fund | 553,161 | 553,161 | 1,825,431.3 | 0.072 | 0.0496 | 03/31/2025 |
| 7 | Warburg Value Fund | 405,000 | 60,000 | 1,336,500 | 1.2163 | 0.0363 | 05/30/2025 |
| 8 | White Fleet II SICAV - SGVP Global Value Equity Fund | 400,000 | 25,000 | 1,320,000 | 1.3062 | 0.0359 | 04/30/2025 |
| 9 | Avantis Emerging Markets Value ETF | 337,579 | 332,377 | 1,114,010.7 | 0.1428 | 0.0303 | 07/31/2025 |
| 10 | iShares II Plc - Emerging Markets Infrastructure UCITS ETF | 268,868 | -39,367 | 887,264.4 | 3.2147 | 0.0241 | 07/31/2025 |
| 11 | HSBC ETFs Plc - MSCI Emerging Markets | 232,561 | 0 | 767,451.3 | 0.0257 | 0.0208 | 07/31/2025 |
| 12 | BlackRock ISF - iShares EM Screened Equity Index Fund (IE) | 183,240 | 3,712 | 604,692 | 0.0928 | 0.0164 | 07/31/2025 |
| 13 | Dimensional World ex-US Core Equity 2 ETF | 180,861 | 122,817 | 596,841.3 | 0.0065 | 0.0162 | 07/31/2025 |
| 14 | SPDR S&P Global Infrastructure ETF | 153,500 | -13,900 | 506,550 | 0.0862 | 0.0138 | 07/31/2025 |
| 15 | DFA International Core Equity Fund | 131,402 | 0 | 433,626.6 | 0.0152 | 0.0118 | 12/31/2024 |
| # | Holder Name | Position | Position Change | $ Market Value | % Port | % O/S | Rpt Date |
|---|---|---|---|---|---|---|---|
| 1 | Polunin Capital Partners Ltd. | 9,457,242 | 9,457,242 | 31,208,898.6 | 2.9687 | 0.8479 | 06/30/2025 |
| 2 | Parametric Portfolio Associates LLC | 3,942,723 | 2,025,214 | 13,010,985.9 | 0.0037 | 0.3535 | 06/30/2025 |
| 3 | UBS Securities LLC | 1,210,828 | 941,238 | 3,995,732.4 | 0.0017 | 0.1086 | 06/30/2025 |
| 4 | American Century Investment Management, Inc. | 2,695,322 | 919,215 | 8,894,562.6 | 0.0036 | 0.2416 | 06/30/2025 |
| 5 | Aperio Group LLC | 1,912,021 | 597,300 | 6,309,669.3 | 0.0053 | 0.1714 | 06/30/2025 |
| 6 | JPMorgan Securities LLC (Investment Management) | 1,878,562 | 504,185 | 6,199,254.6 | 0.0032 | 0.1684 | 06/30/2025 |
| 7 | Quadrant Capital Group LLC | 497,253 | 469,440 | 1,640,934.9 | 0.0571 | 0.0446 | 06/30/2025 |
| 8 | MultiConcept Fund Management SA | 460,000 | 460,000 | 1,518,000 | 0.0352 | 0.0412 | 06/30/2025 |
| 9 | Raiffeisen Kapitalanlage-Gesellschaft mbH | 411,999 | 411,999 | 1,359,596.7 | 0.0103 | 0.0369 | 06/30/2025 |
| 10 | BofA Securities, Inc. | 189,816 | 189,690 | 626,392.8 | 0.0011 | 0.017 | 06/30/2025 |
| # | Holder Name | Position | Position Change | $ Market Value | % Port | % O/S | Rpt Date |
|---|---|---|---|---|---|---|---|
| 1 | Marshall Wace LLP | 915,813 | -1,905,312 | 3,022,182.9 | 0.0034 | 0.0821 | 06/30/2025 |
| 2 | Hennessy Advisors, Inc. (Investment Management) | 0 | -1,811,400 | 0 | 0 | 0 | |
| 3 | Acadian Asset Management LLC | 1,139,033 | -1,717,060 | 3,758,808.9 | 0.0065 | 0.1021 | 06/30/2025 |
| 4 | Morgan Stanley & Co. LLC | 2,276,838 | -1,115,424 | 7,513,565.4 | 0.0027 | 0.2041 | 06/30/2025 |
| 5 | Renaissance Technologies LLC | 2,414,700 | -1,099,100 | 7,968,510 | 0.0103 | 0.2165 | 06/30/2025 |
| 6 | Arrowstreet Capital LP | 0 | -919,060 | 0 | 0 | 0 | |
| 7 | Bank of America, NA (Private Banking) | 305,529 | -680,565 | 1,008,245.7 | 0.0003 | 0.0274 | 06/30/2025 |
| 8 | Two Sigma Investments LP | 1,013,235 | -641,138 | 3,343,675.5 | 0.0059 | 0.0908 | 06/30/2025 |
| 9 | Goldman Sachs International | 191,933 | -628,693 | 633,378.9 | 0.0055 | 0.0172 | 06/30/2025 |
| 10 | Two Sigma Advisers LP | 763,100 | -619,200 | 2,518,230 | 0.005 | 0.0684 | 06/30/2025 |
Data provided by FactSet Research Systems Inc.