Shares
Market
Value
COMMON
STOCKS
—
97
.2
%
Automobiles
—
5
.9
%
24,199
Daimler
Truck
Holding
AG
.........................
$
963,295
7,850
Mercedes-Benz
Group
AG
.........................
542,837
3,940
Toyota
Motor
Corp.
,
ADR
..........................
807,582
2,313,714
Banks
—
26
.2
%
82,500
Banco
Bilbao
Vizcaya
Argentaria
SA
..........
826,281
82,000
Commerzbank
AG
....................................
1,245,697
957,100
Dah
Sing
Banking
Group
Ltd.
....................
797,885
351,700
Dah
Sing
Financial
Holdings
Ltd.
...............
979,565
976
First
Citizens
BancShares
Inc.
,
Cl. A
..........
1,643,203
31,413
Flushing
Financial
Corp.
............................
413,081
36,500
ING
Groep
NV
..........................................
623,949
44,900
Japan
Post
Bank
Co.
Ltd.
..........................
424,051
15,250
Shinhan
Financial
Group
Co.
Ltd.
,
ADR
.....
530,853
21,968
Southern
First
Bancshares
Inc.
†
...............
642,344
10,050
Texas
Capital
Bancshares
Inc.
†
.................
614,457
44,805
TrustCo
Bank
Corp.
NY
.............................
1,289,040
6,200
Webster
Financial
Corp.
............................
270,258
10,300,664
Consumer
Finance
—
5
.6
%
19,680
Ally
Financial
Inc.
.....................................
780,706
10,310
Capital
One
Financial
Corp.
.......................
1,427,419
2,208,125
Diversified
Banks
—
13
.4
%
118,000
Barclays
plc
..............................................
311,603
15,050
Citigroup
Inc.
...........................................
955,073
41,670
Credit
Agricole
SA
....................................
568,542
17,668
Hana
Financial
Group
Inc.
.........................
779,112
169,785
NatWest
Group
plc
...................................
669,201
8,110
Societe
Generale
SA
.................................
190,384
111,200
Standard
Chartered
plc
.............................
1,006,466
20,700
UniCredit
SpA
..........................................
767,147
5,247,528
Energy
and
Utilities
—
2
.5
%
41,522
Vitesse
Energy
Inc.
...................................
984,071
Homebuilders
—
4
.1
%
3,270
Cavco
Industries
Inc.
†
..............................
1,131,976
20,413
Legacy
Housing
Corp.
†
............................
468,274
1,600,250
Institutional
Banking
—
2
.8
%
19,350
Moelis
&
Co.
,
Cl. A
...................................
1,100,241
Institutional
Brokerage
—
5
.2
%
118,500
Daiwa
Securities
Group
Inc.
......................
903,720
23,310
Jefferies
Financial
Group
Inc.
....................
1,159,906
2,063,626
Institutional
Trust,
Fiduciary,
and
Custody
—
6
.2
%
14,180
State
Street
Corp.
.....................................
1,049,320
Shares
Market
Value
23,300
The
Bank
of
New
York
Mellon
Corp.
..........
$
1,395,437
2,444,757
Insurance
—
12
.5
%
144,618
Aegon
Ltd.
...............................................
893,340
1,527
E-L
Financial
Corp.
Ltd.
............................
1,249,711
27,320
First
American
Financial
Corp.
...................
1,473,914
68,950
HG
Holdings
Inc.
†
....................................
405,081
19,355
NN
Group
NV
...........................................
900,642
4,922,688
Investment
Management
—
9
.4
%
7,796
Diamond
Hill
Investment
Group
Inc.
..........
1,097,287
17,950
Janus
Henderson
Group
plc
......................
605,095
341,500
The
Westaim
Corp.
†
.................................
1,010,983
80,025
Westwood
Holdings
Group
Inc.
.................
974,704
3,688,069
Reinsurance
—
3
.4
%
18,800
Axis
Capital
Holdings
Ltd.
.........................
1,328,220
TOTAL
COMMON
STOCKS
........................
38,201,953
Principal
Amount
U.S.
GOVERNMENT
OBLIGATIONS
—
2
.8
%
$
1,105,000
U.S.
Treasury
Bills,
5.287
%
to
5.321
%
††
,
07/18/24
to
09/19/24
............................
1,098,208
TOTAL
INVESTMENTS
—
100.0%
(Cost
$
28,565,873
)
...............................
$
39,300,161
†
Non-income
producing
security.
††
Represents
annualized
yields
at
dates
of
purchase.
ADR
American
Depositary
Receipt