Shares
Market
Value
COMMON
STOCKS
—
96.2%
CONSUMER
STAPLES
—
18.7%
15,000
Austevoll
Seafood
ASA
.............................
$
231,960
4,500
Fevertree
Drinks
plc
..................................
105,070
11,000
Glanbia
plc
...............................................
127,611
30,000
Hotel
Chocolat
Group
plc†
........................
177,343
3,478
Interparfums
SA
.......................................
209,226
4,000
Kobe
Bussan
Co.
Ltd.
...............................
123,099
1,750
Laurent-Perrier
.........................................
185,463
2,500
Milbon
Co.
Ltd.
........................................
112,012
6,000
Nomad
Foods
Ltd.†
..................................
135,480
32,000
PZ
Cussons
plc
........................................
81,930
4,000
Sakata
Seed
Corp.
....................................
121,256
2,000
Viscofan
SA
.............................................
118,614
1,729,064
HEALTH
CARE
—
17.6%
12,212
AddLife
AB,
Cl. B
......................................
338,453
500
Bachem
Holding
AG,
Cl. B
.........................
275,172
1,800
Gerresheimer
AG
......................................
131,485
4,000
Idorsia
Ltd.†
............................................
79,906
2,300
MedPeer
Inc.†
..........................................
74,150
230
Siegfried
Holding
AG
................................
189,581
5,000
Takara
Bio
Inc.
.........................................
91,468
230
Tecan
Group
AG
.......................................
90,928
15,000
Tristel
plc
.................................................
63,055
1,300
Vetoquinol
SA
..........................................
190,725
600
Ypsomed
Holding
AG
...............................
105,380
1,630,303
CONSUMER
DISCRETIONARY
—
14.9%
27,000
888
Holdings
plc
......................................
65,439
10,000
Beneteau
SA†
...........................................
156,566
35,000
boohoo
Group
plc†
...................................
40,547
9,820
Entain
plc†
...............................................
210,354
2,200
JINS
Holdings
Inc.
...................................
103,718
40,000
LeoVegas
AB
............................................
160,504
75,000
Mandarin
Oriental
International
Ltd.†
........
150,000
6,000
Raccoon
Holdings
Inc.
..............................
61,591
2,000
Tod's
SpA†
..............................................
89,543
15,000
Treatt
plc
..................................................
222,609
10,000
Zojirushi
Corp.
.........................................
118,428
1,379,299
MATERIALS
—
12.1%
6,000
Alamos
Gold
Inc.,
Cl. A
.............................
50,520
13,850
Alamos
Gold
Inc.,
Toronto,
Cl. A
...............
116,326
10,000
Eldorado
Gold
Corp.†
...............................
112,100
10,544
Endeavour
Mining
plc
...............................
261,544
5,000
Labrador
Iron
Ore
Royalty
Corp.
...............
168,020
4,000
MAG
Silver
Corp.†
....................................
64,760
9,000
Osisko
Gold
Royalties
Ltd.
........................
118,714
75,000
Perseus
Mining
Ltd.
.................................
110,171
Shares
Market
Value
80,000
Westgold
Resources
Ltd.
..........................
$
115,914
1,118,069
INFORMATION
TECHNOLOGY
—
11.9%
15,000
Alphawave
IP
Group
plc†
..........................
34,868
9,000
Genius
Sports
Ltd.†
..................................
41,400
7,500
GMO
internet
Inc.
.....................................
170,291
20,000
NCC
Group
plc
.........................................
47,974
30,000
Network
International
Holdings
plc†
..........
110,346
3,000
Nynomic
AG†
...........................................
129,152
6,000
Optex
Group
Co.
Ltd.
................................
84,402
100,000
Oxford
Metrics
plc
....................................
126,767
6,000
PSI
Software
AG
.......................................
257,535
20,000
WithSecure
OYJ†
.....................................
101,001
1,103,736
INDUSTRIALS
—
9.4%
15,000
Aida
Engineering
Ltd.
...............................
128,982
50,000
Chemring
Group
plc
.................................
212,545
2,000
Clarkson
plc
.............................................
96,643
4,000
Iveco
Group
NV†
......................................
26,132
6,000
JGC
Holdings
Corp.
..................................
71,715
4,000
Loomis
AB
...............................................
109,107
8,000
Maruwa
Unyu
Kikan
Co.
Ltd.
.....................
73,171
20,000
QleanAir
AB
..............................................
83,827
23,000
Teraoka
Seisakusho
Co.
Ltd.
.....................
66,918
869,040
FINANCIALS
—
7.9%
35,000
Brewin
Dolphin
Holdings
plc
.....................
234,837
17,000
Polar
Capital
Holdings
plc
.........................
138,565
4,000
Rothschild
&
Co.
......................................
158,167
20,000
Tamburi
Investment
Partners
SpA
.............
197,728
729,297
COMMUNICATION
SERVICES
—
3.7%
9,000
Manchester
United
plc,
Cl. A
.....................
130,230
3,190
Nordic
Entertainment
Group
AB,
Cl. B†
.....
128,809
2,000
Xilam
Animation
SA†
................................
80,313
339,352
TOTAL
COMMON
STOCKS
..................
8,898,160
PREFERRED
STOCKS
—
1.1%
HEALTH
CARE
—
1.1%
1,800
Draegerwerk
AG
&
Co.
KGaA,
0.190%
.......
99,603
Principal
Amount
U.S.
GOVERNMENT
OBLIGATIONS
—
2.7%
$
250,000
U.S.
Treasury
Bill,
0.325%††,
06/02/22
.............................
249,860
TOTAL
INVESTMENTS
—
100.0%
(Cost
$8,330,567)
.................................
$
9,247,623