Amplify Etho Climate Leadership U.S. ETF
 
Schedule of Investments
 
June 30, 2025 (Unaudited)
 
   
COMMON STOCKS - 95.0%
 
Shares
   
Value
 
Communication Services - 4.4%
       
Alphabet, Inc. - Class A
   
2,951
   
$
520,055
 
Cable One, Inc.
   
1,716
     
233,050
 
Cargurus, Inc. (a)
   
15,652
     
523,872
 
Cars.com, Inc. (a)
   
40,462
     
479,475
 
Electronic Arts, Inc.
   
3,157
     
504,173
 
Eventbrite, Inc. - Class A (a)
   
216,081
     
568,293
 
John Wiley & Sons, Inc. - Class A
   
10,235
     
456,788
 
Netflix, Inc. (a)
   
504
     
674,922
 
New York Times Co. - Class A
   
9,496
     
531,586
 
Omnicom Group, Inc.
   
5,716
     
411,209
 
Paramount Global - Class B (b)
   
38,122
     
491,774
 
Pinterest, Inc. - Class A (a)
   
14,704
     
527,285
 
TEGNA, Inc.
   
25,020
     
419,335
 
T-Mobile US, Inc.
   
1,712
     
407,901
 
             
6,749,718
 
                 
Consumer Discretionary - 13.7%
         
Asbury Automotive Group, Inc. (a)
   
2,067
     
493,062
 
Booking Holdings, Inc.
   
102
     
590,502
 
Boot Barn Holdings, Inc. (a)
   
4,246
     
645,392
 
Burlington Stores, Inc. (a)
   
1,916
     
445,738
 
Carter's, Inc.
   
11,147
     
335,859
 
Cheesecake Factory, Inc.
   
9,370
     
587,124
 
Chipotle Mexican Grill, Inc. (a)
   
9,083
     
510,010
 
Columbia Sportswear Co.
   
6,025
     
368,007
 
Crocs, Inc. (a)
   
4,295
     
434,998
 
Deckers Outdoor Corp. (a)
   
4,079
     
420,423
 
Dorman Products, Inc. (a)
   
3,785
     
464,306
 
Etsy, Inc. (a)
   
9,666
     
484,847
 
Five Below, Inc. (a)
   
6,084
     
798,099
 
Floor & Decor Holdings, Inc. - Class A (a)
   
5,668
     
430,541
 
Frontdoor, Inc. (a)
   
11,871
     
699,677
 
Gentherm, Inc. (a)
   
17,054
     
482,458
 
G-III Apparel Group Ltd. (a)
   
16,671
     
373,430
 
H&R Block, Inc.
   
8,308
     
456,026
 
Haverty Furniture Cos., Inc.
   
23,124
     
470,573
 
Helen of Troy Ltd. (a)
   
8,522
     
241,854
 
Home Depot, Inc.
   
1,247
     
457,200
 
Installed Building Products, Inc.
   
2,660
     
479,651
 
iRobot Corp. (a)(b)
   
168,749
     
528,184
 
Kontoor Brands, Inc.
   
7,111
     
469,113
 
La-Z-Boy, Inc.
   
11,666
     
433,625
 
LCI Industries
   
5,216
     
475,647
 
Levi Strauss & Co. - Class A
   
29,242
     
540,685
 
Lithia Motors, Inc.
   
1,556
     
525,648
 
Meritage Homes Corp.
   
6,675
     
447,025
 
Modine Manufacturing Co. (a)
   
5,942
     
585,287
 
Movado Group, Inc.
   
27,871
     
425,033
 
O'Reilly Automotive, Inc. (a)
   
4,785
     
431,272
 
Planet Fitness, Inc. - Class A (a)
   
4,722
     
514,934
 
Pool Corp.
   
1,434
     
417,982
 
Ralph Lauren Corp.
   
2,067
     
566,937
 
RH (a)
   
1,944
     
367,435
 
Rivian Automotive, Inc. - Class A (a)
   
36,619
     
503,145
 
Ross Stores, Inc.
   
3,571
     
455,588
 
Steven Madden Ltd.
   
17,110
     
410,298
 
TJX Cos., Inc.
   
3,744
     
462,347
 
Visteon Corp. (a)
   
5,876
     
548,231
 
Wayfair, Inc. - Class A (a)
   
14,232
     
727,825
 
YETI Holdings, Inc. (a)
   
13,775
     
434,188
 
             
20,940,206
 
                 
Consumer Staples - 3.6%
         
elf Beauty, Inc. (a)
   
7,261
     
903,559
 
Estee Lauder Cos., Inc. - Class A
   
6,908
     
558,166
 
Hain Celestial Group, Inc. (a)
   
109,868
     
166,999
 
Marzetti Co.
   
2,606
     
450,239
 
Performance Food Group Co. (a)
   
5,800
     
507,326
 
PriceSmart, Inc.
   
5,193
     
545,473
 
Sprouts Farmers Market, Inc. (a)
   
2,989
     
492,109
 
SunOpta, Inc. (a)
   
93,783
     
543,941
 
TreeHouse Foods, Inc. (a)
   
16,832
     
326,878
 
USANA Health Sciences, Inc. (a)
   
16,906
     
516,140
 
Walmart, Inc.
   
5,197
     
508,163
 
             
5,518,993
 
                 
Financials - 14.8%
         
Ally Financial, Inc.
   
12,500
     
486,875
 
Amerant Bancorp, Inc.
   
22,088
     
402,664
 
American Express Co.
   
1,696
     
540,990
 
Arthur J Gallagher & Co.
   
1,322
     
423,199
 
Associated Banc-Corp.
   
20,233
     
493,483
 
Bank of Hawaii Corp.
   
6,611
     
446,441
 
Bank OZK
   
10,495
     
493,895
 
BankUnited, Inc.
   
13,238
     
471,140
 
Banner Corp.
   
7,151
     
458,737
 
BOK Financial Corp.
   
4,377
     
427,327
 
Brown & Brown, Inc.
   
3,666
     
406,449
 
Camden National Corp.
   
11,268
     
457,255
 
Cass Information Systems, Inc.
   
10,545
     
458,180
 
Cohen & Steers, Inc.
   
5,682
     
428,139
 
Columbia Banking System, Inc.
   
18,278
     
427,340
 
Comerica, Inc.
   
7,720
     
460,498
 
Commerce Bancshares, Inc./MO
   
7,329
     
455,644
 
Essent Group Ltd.
   
7,902
     
479,888
 
First Busey Corp.
   
21,110
     
483,102
 
First Citizens BancShares, Inc./NC - Class A
   
248
     
485,205
 
First Financial Bancorp
   
18,252
     
442,794
 
First Financial Bankshares, Inc.
   
12,692
     
456,658
 
First Horizon Corp.
   
23,474
     
497,649
 
Global Payments, Inc.
   
4,657
     
372,746
 
Hamilton Lane, Inc. - Class A
   
3,068
     
436,024
 
Hancock Whitney Corp.
   
8,692
     
498,921
 
Huntington Bancshares, Inc./OH
   
30,368
     
508,968
 
Jack Henry & Associates, Inc.
   
2,497
     
449,884
 
LPL Financial Holdings, Inc.
   
1,396
     
523,458
 
M&T Bank Corp.
   
2,641
     
512,328
 
Mastercard, Inc. - Class A
   
832
     
467,534
 
MGIC Investment Corp.
   
19,092
     
531,521
 
NMI Holdings, Inc. - Class A (a)
   
13,090
     
552,267
 
OneMain Holdings, Inc.
   
9,326
     
531,582
 
Pacific Premier Bancorp, Inc.
   
21,385
     
451,010
 
PayPal Holdings, Inc. (a)
   
6,988
     
519,348
 
Piper Sandler Cos.
   
1,842
     
511,965
 
Primerica, Inc.
   
1,605
     
439,240
 
Prosperity Bancshares, Inc.
   
6,390
     
448,834
 
Selective Insurance Group, Inc.
   
4,983
     
431,777
 
Southside Bancshares, Inc.
   
15,747
     
463,434
 
Visa, Inc. - Class A
   
1,301
     
461,920
 
W R Berkley Corp.
   
6,408
     
470,796
 
WaFd, Inc.
   
15,954
     
467,133
 
Webster Financial Corp.
   
8,842
     
482,773
 
Wintrust Financial Corp.
   
4,056
     
502,863
 
WSFS Financial Corp.
   
8,790
     
483,450
 
Zions Bancorp NA
   
9,145
     
474,991
 
             
22,578,319
 
                 
Health Care - 12.6%
         
Agios Pharmaceuticals, Inc. (a)
   
15,560
     
517,526
 
Alnylam Pharmaceuticals, Inc. (a)
   
1,690
     
551,092
 
Amgen, Inc.
   
1,464
     
408,763
 
Amicus Therapeutics, Inc. (a)
   
55,867
     
320,118
 
Arrowhead Pharmaceuticals, Inc. (a)
   
35,775
     
565,245
 
AtriCure, Inc. (a)
   
14,138
     
463,302
 
Axsome Therapeutics, Inc. (a)
   
3,909
     
408,061
 
Bruker Corp.
   
10,924
     
450,069
 
Catalyst Pharmaceuticals, Inc. (a)
   
18,802
     
408,003
 
Corcept Therapeutics, Inc. (a)
   
3,989
     
292,793
 
Cytokinetics, Inc. (a)
   
11,344
     
374,806
 
DexCom, Inc. (a)
   
6,677
     
582,835
 
Edwards Lifesciences Corp. (a)
   
6,292
     
492,097
 
Encompass Health Corp.
   
4,504
     
552,326
 
Exact Sciences Corp. (a)
   
10,538
     
559,989
 
Exelixis, Inc. (a)
   
12,352
     
544,414
 
Glaukos Corp. (a)
   
4,632
     
478,439
 
Globus Medical, Inc. - Class A (a)
   
6,232
     
367,813
 
Haemonetics Corp. (a)
   
7,176
     
535,401
 
Halozyme Therapeutics, Inc. (a)
   
7,147
     
371,787
 
IDEXX Laboratories, Inc. (a)
   
1,088
     
583,538
 
Insulet Corp. (a)
   
1,738
     
546,045
 
Integer Holdings Corp. (a)
   
3,865
     
475,279
 
Intuitive Surgical, Inc. (a)
   
923
     
501,567
 
Ironwood Pharmaceuticals, Inc. (a)
   
310,079
     
222,389
 
Lantheus Holdings, Inc. (a)
   
4,675
     
382,695
 
Masimo Corporation (a)
   
2,739
     
460,755
 
Medpace Holdings, Inc. (a)
   
1,499
     
470,476
 
Merit Medical Systems, Inc. (a)
   
4,315
     
403,366
 
Moderna, Inc. (a)
   
16,746
     
462,022
 
Neogen Corp. (a)
   
55,070
     
263,235
 
Neurocrine Biosciences, Inc. (a)
   
4,263
     
535,816
 
Penumbra, Inc. (a)
   
1,708
     
438,324
 
Premier, Inc. - Class A
   
23,657
     
518,798
 
Protagonist Therapeutics, Inc. (a)
   
9,429
     
521,141
 
Regeneron Pharmaceuticals, Inc.
   
721
     
378,525
 
Repligen Corp. (a)
   
3,586
     
446,027
 
Ultragenyx Pharmaceutical, Inc. (a)
   
12,591
     
457,809
 
United Therapeutics Corp. (a)
   
1,480
     
425,278
 
Veeva Systems, Inc. - Class A (a)
   
1,971
     
567,609
 
Vertex Pharmaceuticals, Inc. (a)
   
941
     
418,933
 
Waters Corp. (a)
   
1,239
     
432,461
 
             
19,156,967
 
                 
Industrials - 13.8%
         
AAON, Inc.
   
5,837
     
430,479
 
Alamo Group, Inc.
   
2,559
     
558,834
 
Atkore, Inc.
   
7,601
     
536,251
 
Automatic Data Processing, Inc.
   
1,494
     
460,750
 
AZZ, Inc.
   
5,456
     
515,483
 
Bloom Energy Corp. - Class A (a)
   
23,190
     
554,705
 
Brady Corp. - Class A
   
6,455
     
438,746
 
Builders FirstSource, Inc. (a)
   
3,650
     
425,918
 
Dayforce, Inc. (a)
   
7,816
     
432,928
 
Ennis, Inc.
   
22,699
     
411,760
 
Forward Air Corp. (a)
   
22,662
     
556,125
 
Franklin Covey Co. (a)
   
16,494
     
376,393
 
Franklin Electric Co., Inc.
   
4,858
     
435,957
 
HNI Corp.
   
10,283
     
505,718
 
Hub Group, Inc. - Class A
   
12,267
     
410,086
 
Illinois Tool Works, Inc.
   
1,839
     
454,693
 
JBT Marel Corp.
   
3,732
     
448,810
 
Johnson Controls International PLC
   
5,692
     
601,189
 
Kadant, Inc.
   
1,353
     
429,510
 
Kelly Services, Inc. - Class A
   
34,621
     
405,412
 
Lennox International, Inc.
   
815
     
467,191
 
Liquidity Services, Inc. (a)
   
14,706
     
346,915
 
Matson, Inc.
   
3,558
     
396,183
 
MSA Safety, Inc.
   
3,222
     
539,782
 
MYR Group, Inc. (a)
   
4,138
     
750,840
 
NORDSON Corp.
   
2,342
     
502,055
 
Paychex, Inc.
   
2,958
     
430,271
 
Paycom Software, Inc.
   
2,087
     
482,932
 
Resideo Technologies, Inc. (a)
   
25,758
     
568,221
 
Robert Half, Inc.
   
8,359
     
343,137
 
Rockwell Automation, Inc.
   
1,767
     
586,944
 
Rush Enterprises, Inc. - Class A
   
8,538
     
439,792
 
SiteOne Landscape Supply, Inc. (a)
   
3,755
     
454,130
 
SS&C Technologies Holdings, Inc.
   
5,460
     
452,088
 
Steelcase, Inc. - Class A
   
42,000
     
438,060
 
Sunrun, Inc. (a)(b)
   
77,852
     
636,829
 
Thermon Group Holdings, Inc. (a)
   
16,372
     
459,726
 
Trex Co., Inc. (a)
   
7,850
     
426,883
 
TriNet Group, Inc.
   
5,756
     
420,994
 
United Rentals, Inc.
   
728
     
548,475
 
Verisk Analytics, Inc.
   
1,533
     
477,529
 
Watts Water Technologies, Inc. - Class A
   
2,236
     
549,810
 
WW Grainger, Inc.
   
464
     
482,671
 
Xylem, Inc./NY
   
3,817
     
493,767
 
             
21,084,972
 
                 
Information Technology - 27.8%(c)
         
A10 Networks, Inc.
   
27,905
     
539,962
 
ACI Worldwide, Inc. (a)
   
8,335
     
382,660
 
Adobe, Inc. (a)
   
1,191
     
460,774
 
Advanced Micro Devices, Inc. (a)
   
4,437
     
629,610
 
Amkor Technology, Inc.
   
25,241
     
529,809
 
Analog Devices, Inc.
   
2,262
     
538,401
 
Ansys, Inc. (a)
   
1,442
     
506,459
 
Apple, Inc.
   
2,053
     
421,214
 
Applied Industrial Technologies, Inc.
   
2,026
     
470,944
 
Applied Materials, Inc.
   
3,143
     
575,389
 
Arista Networks, Inc. (a)
   
5,884
     
601,992
 
Asana, Inc. - Class A (a)
   
31,298
     
422,523
 
Autodesk, Inc. (a)
   
1,743
     
539,580
 
Badger Meter, Inc.
   
2,397
     
587,145
 
BILL Holdings, Inc. (a)
   
9,934
     
459,547
 
BlackLine, Inc. (a)
   
9,416
     
533,134
 
Box, Inc. - Class A (a)
   
14,776
     
504,896
 
Cadence Design System, Inc. (a)
   
1,794
     
552,821
 
Calix, Inc. (a)
   
12,866
     
684,343
 
CDW Corp./DE
   
2,847
     
508,446
 
Ciena Corp. (a)
   
7,545
     
613,635
 
Cisco Systems, Inc.
   
7,388
     
512,579
 
Cloudflare, Inc. - Class A (a)
   
4,158
     
814,261
 
Cognex Corp.
   
15,282
     
484,745
 
Cohu, Inc. (a)
   
30,998
     
596,402
 
CTS Corp.
   
10,972
     
467,517
 
Datadog, Inc. - Class A (a)
   
4,596
     
617,381
 
Docusign, Inc. (a)
   
5,603
     
436,418
 
Dropbox, Inc. - Class A (a)
   
17,073
     
488,288
 
Dynatrace, Inc. (a)
   
9,672
     
533,991
 
Enphase Energy, Inc. (a)
   
7,349
     
291,388
 
Entegris, Inc.
   
5,209
     
420,106
 
Extreme Networks, Inc. (a)
   
34,455
     
618,467
 
F5, Inc. (a)
   
1,715
     
504,759
 
FormFactor, Inc. (a)
   
16,116
     
554,552
 
Gartner, Inc. (a)
   
1,089
     
440,196
 
GoDaddy, Inc. - Class A (a)
   
2,533
     
456,092
 
HubSpot, Inc. (a)
   
799
     
444,747
 
Insight Enterprises, Inc. (a)
   
3,162
     
436,625
 
InterDigital, Inc.
   
2,207
     
494,876
 
International Business Machines Corp.
   
1,834
     
540,626
 
IPG Photonics Corp. (a)
   
7,221
     
495,722
 
Juniper Networks, Inc.
   
12,601
     
503,158
 
KLA Corp.
   
673
     
602,833
 
Lattice Semiconductor Corp. (a)
   
8,687
     
425,576
 
Littelfuse, Inc.
   
2,318
     
525,560
 
Lumentum Holdings, Inc. (a)
   
7,313
     
695,174
 
Marvell Technology, Inc.
   
7,673
     
593,890
 
MaxLinear, Inc. (a)
   
43,350
     
616,003
 
Microsoft Corp.
   
1,254
     
623,752
 
MKS, Inc.
   
5,687
     
565,060
 
MongoDB, Inc. (a)
   
2,600
     
545,974
 
Monolithic Power Systems, Inc.
   
811
     
593,149
 
NetApp, Inc.
   
5,360
     
571,108
 
NetScout Systems, Inc. (a)
   
22,429
     
556,463
 
Novanta, Inc. (a)
   
3,694
     
476,267
 
Nutanix, Inc. - Class A (a)
   
6,738
     
515,053
 
NVIDIA Corp.
   
4,334
     
684,729
 
Okta, Inc. (a)
   
4,469
     
446,766
 
Power Integrations, Inc.
   
9,028
     
504,665
 
Progress Software Corp.
   
8,857
     
565,431
 
PTC, Inc. (a)
   
2,944
     
507,369
 
Pure Storage, Inc. - Class A (a)
   
10,297
     
592,901
 
Qualcomm, Inc.
   
2,968
     
472,684
 
Rambus, Inc. (a)
   
8,805
     
563,696
 
RingCentral, Inc. - Class A (a)
   
18,413
     
522,009
 
Rogers Corp. (a)
   
6,755
     
462,582
 
Roper Technologies, Inc.
   
776
     
439,868
 
Salesforce, Inc.
   
1,701
     
463,846
 
ScanSource, Inc. (a)
   
13,407
     
560,547
 
ServiceNow, Inc. (a)
   
590
     
606,567
 
Teradyne, Inc.
   
5,519
     
496,268
 
Texas Instruments, Inc.
   
2,539
     
527,147
 
Trimble, Inc. (a)
   
6,945
     
527,681
 
Twilio, Inc. - Class A (a)
   
4,657
     
579,145
 
Universal Display Corp.
   
3,379
     
521,920
 
VeriSign, Inc.
   
1,798
     
519,262
 
Workday, Inc. - Class A (a)
   
1,954
     
468,960
 
Zoom Communications, Inc. - Class A (a)
   
6,183
     
482,150
 
Zscaler, Inc. (a)
   
2,298
     
721,434
 
             
42,359,669
 
                 
Materials - 1.9%
         
AptarGroup, Inc.
   
3,073
     
480,709
 
Balchem Corp.
   
2,749
     
437,641
 
Carpenter Technology Corporation
   
2,517
     
695,649
 
Element Solutions, Inc.
   
20,160
     
456,624
 
Kronos Worldwide, Inc.
   
60,946
     
377,865
 
Stepan Co.
   
8,283
     
452,086
 
             
2,900,574
 
                 
Real Estate - 0.3%
         
CoStar Group, Inc. (a)
   
5,757
     
462,863
 
                 
Utilities - 2.1%
         
American States Water Co.
   
5,797
     
444,398
 
American Water Works Co., Inc.
   
3,093
     
430,267
 
California Water Service Group
   
9,412
     
428,058
 
Clearway Energy, Inc. - Class A
   
16,020
     
484,765
 
Middlesex Water Co.
   
7,430
     
402,557
 
Ormat Technologies, Inc.
   
6,446
     
539,917
 
XPLR Infrastructure LP
   
47,988
     
393,502
 
             
3,123,464
 
TOTAL COMMON STOCKS (Cost $135,282,758)
     
144,875,745
 
                 
REAL ESTATE INVESTMENT TRUSTS - COMMON - 4.7%
 
Shares
   
Value
 
Financials - 0.3%
         
AGNC Investment Corp. (b)
   
47,591
     
437,361
 
                 
Real Estate - 4.4%
         
Agree Realty Corp. (b)
   
5,909
     
431,712
 
American Assets Trust, Inc.
   
22,639
     
447,120
 
Apple Hospitality REIT, Inc. (b)
   
35,311
     
412,079
 
Cousins Properties, Inc.
   
15,454
     
464,084
 
First Industrial Realty Trust, Inc.
   
8,449
     
406,650
 
Hudson Pacific Properties, Inc.
   
154,486
     
423,292
 
Kimco Realty Corp.
   
21,468
     
451,257
 
Prologis, Inc.
   
4,079
     
428,785
 
Realty Income Corp.
   
8,182
     
471,365
 
Rexford Industrial Realty, Inc.
   
11,646
     
414,248
 
Ryman Hospitality Properties, Inc.
   
4,988
     
492,166
 
Simon Property Group, Inc.
   
2,747
     
441,608
 
Sunstone Hotel Investors, Inc.
   
48,444
     
420,494
 
WP Carey, Inc.
   
7,227
     
450,820
 
Xenia Hotels & Resorts, Inc.
   
38,757
     
487,176
 
             
6,642,855
 
TOTAL REAL ESTATE INVESTMENT TRUSTS - COMMON (Cost $7,852,094)
     
7,080,217
 
                 
SHORT-TERM INVESTMENTS - 2.0%
         
Value
 
Investments Purchased with Proceeds from Securities Lending - 1.7%
 
Shares
         
First American Government Obligations Fund - Class X, 4.25% (d)
   
2,611,368
     
2,611,368
 
                 
Money Market Funds - 0.3%
 
Shares
         
Invesco Government & Agency Portfolio - Institutional Class, 4.26% (d)
   
465,085
     
465,085
 
TOTAL SHORT-TERM INVESTMENTS (Cost $3,076,453)
     
3,076,453
 
                 
TOTAL INVESTMENTS - 101.7% (Cost $146,211,305)
     
155,032,415
 
Liabilities in Excess of Other Assets - (1.7)%
     
(2,574,900
)
TOTAL NET ASSETS - 100.0%
         
$
152,457,515
 
two
     
%
Percentages are stated as a percent of net assets.
     
%
   
The Global Industry Classification Standard ("GICS®") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.
 

LP - Limited Partnership
PLC - Public Limited Company
REIT - Real Estate Investment Trust

(a)
Non-income producing security.
(b)
All or a portion of this security is on loan as of June 30, 2025. The fair value of these securities was $2,548,832.
(c)
To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors.
(d)
The rate shown represents the 7-day annualized effective yield as of June 30, 2025.



Summary of Fair Value Disclosure as of June 30, 2025 (Unaudited)
 
Amplify Etho Climate Leadership U.S. ETF (the "Fund") has adopted fair value accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or valuation methodology used for valuing securities are not an indication of the risk associated with investing in those securities.
 
Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.
 
Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
 
Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and based on the best information available.
 
The following is a summary of the fair valuation hierarchy of the Fund’s securities as of June 30, 2025:

   
Level 1
   
Level 2
   
Level 3
   
Total
 
Assets:
                       
Investments:
                       
  Common Stocks
   
144,875,745
     
     
     
144,875,745
 
  Real Estate Investment Trusts - Common
   
7,080,217
     
     
     
7,080,217
 
  Investments Purchased with Proceeds from Securities Lending
   
2,611,368
     
     
     
2,611,368
 
  Money Market Funds
   
465,085
     
     
     
465,085
 
Total Investments
   
155,032,415
     
     
     
155,032,415
 
   
Refer to the Schedule of Investments for further disaggregation of investment categories.
 

Secured Borrowings (Unaudited)
The Funds adopted guidance requiring entities to present gross obligations for secured borrowings by the type of collateral pledged and remaining time to maturity. As of June 30, 2025, the Fund had loaned securities and received cash collateral for the loans. The cash collateral is invested by the Securities Lending Agent in accordance with approved investment guidelines. Those guidelines require the cash collateral to be invested in readily marketable, high quality, short-term obligations; however, such investments are subject to risk of payment delays or default on the part of the issuer or counterparty or otherwise may not generate sufficient interest to support the costs associated with securities lending. The Fund could also experience delays in recovering its securities and possible loss of income or value if the borrower fails to return the borrowed securities, although the Fund is indemnified from this risk by contract with the Securities Lending Agent.