Schedule of Investments
March 28, 2024 (unaudited)
Mercator International Opportunity Fund
			Shares or Principal
Security Description			Amount ($)		Fair Value ($)(1)
Common Stocks - 98.11%
Airports, Flying Fields & Airport Terminal Services - 1.47%
Grupo Aeroportuario del Sureste S.A.B. de C.V. ADR			1,000		318,680
Auto Manufacturers - 3.09%
Subaru Corp.			20,000		452,917
Aston Martin Lagonda Global Holdings plc ADR			100,000		214,446
					667,363
Biological Products, (No Diagnostic Substances) - 1.10%
CRISPR Therapeutics AG			3,500		238,560
Biotech & Pharma- 1.74%
ALK-Abellà A/S			21,000		376,920
Biotechnology 0.72%
Onward Medical NV			30,000		154,698
Comml & Res Bldg Equip & Sys - 1.51%
Japan Elevator Service Holdings Co., Ltd.			20,000		326,005
Consulting Services - 2.04%
Bengo4.com, Inc.			20,000		440,226
Consumer Discretionary Products  - 1.45%
Mister Spex SE			90,000		313,604
Consumer Discretionary-Services - 5.25%
Entain plc (United Kingdom) (2)			34,000		342,200
Watches of Switzerland Group plc			175,000		792,087
					1,134,287
Hardware - 0.38%
Tobii AB-RTS			240,000		13,635
Tobii AB			240,000		69,519
					83,154
Health Care Facilities & Services - 2.02%
Amplifon S.p.a.			12,000		437,557
Internet Content & Information - 1.83%
Spotify Technology S.A.			1,500		395,850
Media - 3.30%
CyberAgent, Inc.			45,000		326,600
Future plc			50,120		387,790
					714,390
Medical Equipment & Devices - 1.01%
Lumibird			154,952		219,270
Medical Instruments & Supplies 2.19%
Asahi Intecc Co., Ltd.			14,000		244,491
Shofu, Inc. (2)			12,000		229,631
					474,122
Packaged Foods - 2.41%
Ajinomoto Co., Inc. (2)			14,000		521,185
Real Estate - 1.74%
Cresud SACIF y A ADR (2)			39,894		356,253
IRSA Inversioners y Representaciones Sociedad Anonima			2,080		19,469
					375,722
Retail and Wholesale-Discretionary - 0.94%
Pets at Home Group plc (2)			60,000		203,263
Retail-Consumer Staples - 1.86%
Ocado Group plc			70,000		402,096
Retail-Discretionary - 10.58%
Boozt AB			40,000		525,133
MonotaRO Co., Ltd.			26,100		313,126
Rakuten Group, Inc.			130,000		735,561
Zalando SE			25,000		714,429
					2,288,248
Semiductors - 13.56%
AIXTRON SE			16,000		422,886
Lasertec Corp. (2)			3,000		851,302
Taiwan Semiconductor Manufacturing Company Ltd. (2)			3,500		476,175
Vitec Software Group AB Class B (2)			7,000		363,668
Alphawave IP Group plc			150,000		331,325
Advantest Corp. (2)			11,000		486,793
					2,932,149
Semiconductors & Related Devices - 4.80%
Tokyo Electron Ltd. (2)			4,000		1,038,034
Services-Business Services, NEC - 4.90%
MercadoLibre, Inc.			700		1,058,372
Software  - 8.26%
Materialise NV			85,000		448,800
RaySearch Laboratories AB Class B			34,000		365,350
Money Forward, Inc.			10,000		444,523
Comture Corp. (2)			20,000		259,773
ZOO Digital Group plc			600,000		268,089
					1,786,535
Software Technology Services - 3.66%
Nemetschek SE			3,000		296,840
Boku, Inc.			212,000		493,693
					790,533
Specialty Apparel Stores - 4.40%
Hugo Boss AG			4,500		265,156
Brunello Cucinelli S.p.A.			6,000		686,110
					951,266
Specialty Finance - 3.29%
Adyen N.V.			420		710,448
Specialty Industrial Machinery - 0.94%
PVA TePla AG			10,000		202,705
Tech Hardware & Semiconductors - 6.58%
ASM International NV			1,100		671,536
Accesso Technology Group plc			50,000		338,267
Jeol Ltd.			10,000		412,200
					1,422,003
Technology Services - 1.09%
Adesso SE			2,000		235,608
Total Common Stocks			(Cost $          24,492,277)		21,212,855
Money Market Registered Investment Companies - 2.22%
First American Government Obligations Fund Class X 5.25% (3)			478,965		478,965
Total Money Market Registered Investment Companies			(Cost $                478,982)		478,965
Total Investments - 100.33%			(Cost $          21,359,143)		21,691,820
Other  Liabilities Less Assets - (0.33%)					(71,038)
Total Net Assets - 100.00%					21,620,781
(1)  Statement on Financial Accounting Standard No. 157 "Fair Value Measurements" - Various inputs are used in determining the value of the Fund's investments.
These inputs are summarized in the three broad levels listed below.
• Level 1 - quoted prices in active markets for identical securities
• Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
• Level 3 - significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)
The following is a summary of the inputs used as of March 28, 2024 in valuing the Fund's assets carried at fair value:
			Investments in		Other Financial
Valuation Inputs			Securities		Instruments
Level 1 - Quoted Prices		$	21,691,820	$	-
Level 2 - Other Significant Observable Inputs			-		-
Level 3 - Significant Unobservable Inputs			-		-
Total		$	21,691,820	$	-
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For example, short-term
debt instruments and repurchase agreements with a maturity of less than 60 days are valued using amortized cost, in accordance with rules under the Investment
Company Act of 1940. Generally, amortized cost approximates the current fair value of a security, but since the value is not obtained from a quoted price in an active
market, such securities are reflected as Level 2.
As of March 28,2024, the breakout of the Fund's portfolio by country of issuer was as follows:
	Country				% of Net Assets
	Argentina				6.69%
	Belgium				2.09%
	Denmark				1.76%
	France				1.02%
	Germany				11.43%
	Great Britain				9.57%
	Italy				5.24%
	Japan				33.01%
	Luxembourg				1.85%
	Mexico				1.49%
	Netherlands				7.16%
	Sweden				6.23%
	Taiwan				2.22%
	United Kingdom				8.02%
	United States				2.23%
					100.00%
(2)  Represents non-income producing securities.
(3)  Variable rate security; the rate shown represents the yield at March 28, 2024.
ADR - American Depositary Receipt.
PLC - Public Limited Company
SE - Societas Europaea, Latin term means European Company.
SA - Société Anonyme, a French term for a public limited company.
AB - Aktiebolag, the Swedish term for "limited company" or "corporation".
AG  - Aktiengesellschaft, a German term for a public limited company.
SpA - Società per azioni, an Italian term for a public limited company.
KGaA - Kommanditgesellschaft auf Aktien, a German corporate designation standing for partnership limited by shares.
ASA - Allmennaksjeselskap, a Norwegian term for public limited company.
NV - Naamloze Vennootschap, a Dutch term for public limited company.