Shares
Market
Value
COMMON
STOCKS
—
96.7%
MATERIALS
—
21.1%
11,350
Alamos
Gold
Inc.,
Cl. A
.............................
$
226,169
8,000
Eldorado
Gold
Corp.†
...............................
138,960
9,544
Endeavour
Mining
plc
...............................
226,806
5,000
Labrador
Iron
Ore
Royalty
Corp.
...............
118,895
4,000
MAG
Silver
Corp.†
....................................
56,283
7,000
Osisko
Gold
Royalties
Ltd.
........................
129,654
75,000
Perseus
Mining
Ltd.
.................................
135,332
15,000
Treatt
plc
..................................................
89,943
80,000
Westgold
Resources
Ltd.
..........................
147,673
1,269,715
HEALTH
CARE
—
16.3%
6,212
AddLife
AB,
Cl. B
......................................
99,335
1,000
Bachem
Holding
AG
.................................
84,126
1,800
Gerresheimer
AG
......................................
160,293
7,000
Mani
Inc.
..................................................
88,690
200
Siegfried
Holding
AG
................................
268,919
230
Tecan
Group
AG
.......................................
75,657
15,000
Tristel
plc
.................................................
79,415
1,300
Vetoquinol
SA
..........................................
120,977
977,412
CONSUMER
STAPLES
—
16.0%
15,000
Austevoll
Seafood
ASA
.............................
137,450
5,500
Fevertree
Drinks
plc
..................................
60,664
7,000
Glanbia
plc
...............................................
123,192
3,130
Interparfums
SA
.......................................
158,007
1,600
Laurent-Perrier
.........................................
190,571
2,500
Milbon
Co.
Ltd.
........................................
55,105
4,000
Sakata
Seed
Corp.
....................................
98,243
2,000
Viscofan
SA
.............................................
141,816
965,048
CONSUMER
DISCRETIONARY
—
14.1%
10,000
Beneteau
SACA
........................................
108,198
9,820
Entain
plc
.................................................
100,200
24,000
Genius
Sports
Ltd.†
..................................
188,160
2,200
JINS
Holdings
Inc.
...................................
80,515
75,000
Mandarin
Oriental
International
Ltd.
..........
127,500
20,000
Piaggio
&
C
SpA
.......................................
58,596
2,300
Tokyotokeiba
Co.
Ltd.
...............................
70,172
10,000
Zojirushi
Corp.
.........................................
115,011
848,352
INDUSTRIALS
—
13.4%
15,000
Aida
Engineering
Ltd.
...............................
80,049
8,000
AZ-COM
MARUWA
Holdings
Inc.
..............
63,844
45,000
Chemring
Group
plc
.................................
221,098
2,000
Clarkson
plc
.............................................
98,400
6,000
Daiei
Kankyo
Co.
Ltd.
...............................
129,831
8,000
Iveco
Group
NV
........................................
80,307
Shares
Market
Value
4,000
Loomis
AB
...............................................
$
131,471
805,000
INFORMATION
TECHNOLOGY
—
9.6%
4,000
A&D
HOLON
Holdings
Co.
Ltd.
.................
58,751
7,500
GMO
internet
group
Inc.
...........................
130,979
3,300
Macnica
Holdings
Inc.
..............................
45,600
20,000
NCC
Group
plc
.........................................
47,649
6,000
Optex
Group
Co.
Ltd.
................................
64,749
100,000
Oxford
Metrics
plc
....................................
80,217
6,000
PSI
Software
SE†
.....................................
148,939
576,884
FINANCIALS
—
5.1%
17,000
Polar
Capital
Holdings
plc
.........................
121,823
18,000
Tamburi
Investment
Partners
SpA
.............
183,937
305,760
COMMUNICATION
SERVICES
—
1.1%
4,059
Manchester
United
plc,
Cl. A†
...................
65,675
TOTAL
COMMON
STOCKS
..................
5,813,846
PREFERRED
STOCKS
—
1.6%
HEALTH
CARE
—
1.6%
1,800
Draegerwerk
AG
&
Co.
KGaA,
0.190%
.......
93,872
Principal
Amount
U.S.
GOVERNMENT
OBLIGATIONS
—
1.7%
$
105,000
U.S.
Treasury
Bill,
4.627%††,
12/19/24
.............................
103,962
TOTAL
INVESTMENTS
—
100.0%
(Cost
$5,549,037)
.................................
$
6,011,680
†
Non-income
producing
security.
††
Represents
annualized
yield
at
date
of
purchase.
Geographic
Diversification
%
of
Market
Value
Market
Value
Europe
..............................
62.3
%
$
3,745,713
Japan
...............................
18.0
1,081,540
Canada
..............................
11.2
669,961
Asia/Pacific
.........................
6.8
410,504
United
States
........................
1.7
103,962
100.0%
$
6,011,680
