| Number of Shares | Value | |
| COMMON STOCKS — 96.1% | ||
| AEROSPACE & DEFENSE — 4.6% | ||
| 11,069 | Howmet Aerospace, Inc. | $2,060,273 |
| 23,883 | Safran S.A. | 7,761,889 |
| 9,822,162 | ||
| APPAREL & TEXTILE PRODUCTS — 1.7% | ||
| 19,134 | Cie Financiere Richemont S.A. | 3,603,978 |
| BANKING — 7.5% | ||
| 129,276 | Citigroup, Inc. | 11,003,973 |
| 61,797 | Wells Fargo & Co. | 4,951,176 |
| 15,955,149 | ||
| BEVERAGES — 7.5% | ||
| 98,773 | Heineken Holding N.V. | 7,359,115 |
| 206,716 | JDE Peet's N.V. | 5,902,467 |
| 28,871 | Pernod Ricard S.A. | 2,877,127 |
| 16,138,709 | ||
| CABLE & SATELLITE — 6.9% | ||
| 14,112 | Charter Communications, Inc. - Class A* | 5,769,127 |
| 254,250 | Comcast Corp. - Class A | 9,074,182 |
| 14,843,309 | ||
| CHEMICALS — 3.2% | ||
| 93,140 | International Flavors & Fragrances, Inc. | 6,850,447 |
| COMMERCIAL SUPPORT SERVICES — 1.9% | ||
| 57,496 | Eurofins Scientific S.E. | 4,093,445 |
| CONSTRUCTION MATERIALS — 5.1% | ||
| 87,727 | Amrize Ltd.* | 4,376,123 |
| 86,683 | Holcim AG | 6,434,720 |
| 10,810,843 | ||
| E-COMMERCE DISCRETIONARY — 3.4% | ||
| 32,962 | Amazon.com, Inc.* | 7,231,533 |
| 4,147 | Vipshop Holdings Ltd. - ADR | 62,412 |
| 7,293,945 | ||
| ELECTRIC UTILITIES — 0.2% | ||
| 25,850 | PG&E Corp. | 360,349 |
| ELECTRICAL EQUIPMENT — 4.5% | ||
| 57,323 | TE Connectivity PLC | 9,668,670 |
| ENGINEERING & CONSTRUCTION — 1.4% | ||
| 24,392 | Samsung C&T Corp. | 2,917,063 |
| ENTERTAINMENT CONTENT — 1.1% | ||
| 112,897 | Nexon Co., Ltd. | 2,281,381 |
| HEALTH CARE FACILITIES & SVCS — 1.4% | ||
| 21,339 | ICON PLC* | 3,103,758 |
| Number of Shares | Value | |
| COMMON STOCKS (Continued) | ||
| HOME CONSTRUCTION — 1.1% | ||
| 47,338 | Fortune Brands Innovations, Inc. | $2,436,960 |
| HOUSEHOLD PRODUCTS — 0.3% | ||
| 31,100 | Shiseido Co., Ltd. | 555,785 |
| INSURANCE — 2.9% | ||
| 17,183 | Aon PLC - Class A | 6,130,207 |
| INTERNET MEDIA & SERVICES — 15.7% | ||
| 34,205 | Alphabet, Inc. - Class A | 6,027,947 |
| 34,645 | Alphabet, Inc. - Class C | 6,145,677 |
| 19,374 | Delivery Hero S.E.* | 524,212 |
| 17,503 | Meta Platforms, Inc. - Class A | 12,918,789 |
| 101,234 | Prosus N.V. | 5,660,731 |
| 24,310 | Uber Technologies, Inc.* | 2,268,123 |
| 33,545,479 | ||
| LEISURE FACILITIES & SERVICES — 3.0% | ||
| 10,389 | Marriott International, Inc. - Class A | 2,838,379 |
| 22,402 | Vail Resorts, Inc. | 3,520,026 |
| 6,358,405 | ||
| MACHINERY — 0.4% | ||
| 27,300 | Hoshizaki Corp. | 943,334 |
| MEDICAL EQUIPMENT & DEVICES — 1.4% | ||
| 8,707 | Bio-Rad Laboratories, Inc. - Class A* | 2,101,173 |
| 2,047 | Thermo Fisher Scientific, Inc. | 829,977 |
| 2,931,150 | ||
| METALS & MINING — 2.2% | ||
| 946,062 | Glencore PLC | 3,682,863 |
| 183,359 | Grupo Mexico S.A.B. de C.V. | 1,106,633 |
| 4,789,496 | ||
| OIL & GAS PRODUCERS — 1.2% | ||
| 90,270 | Kinder Morgan, Inc. | 2,653,938 |
| OIL & GAS SERVICES & EQUIP — 0.9% | ||
| 157,690 | NOV, Inc. | 1,960,087 |
| REAL ESTATE OWNERS & DEVELOPERS — 0.3% | ||
| 81,933 | Swire Pacific Ltd. - Class A | 701,915 |
| RETAIL - DISCRETIONARY — 4.6% | ||
| 53,424 | CarMax, Inc.* | 3,590,627 |
| 28,335 | Ferguson Enterprises, Inc. | 6,169,946 |
| 9,760,573 | ||
| SEMICONDUCTORS — 7.2% | ||
| 45,545 | Analog Devices, Inc. | 10,840,621 |
| 2,623 | Broadcom, Inc. | 723,030 |
| Number of Shares | Value | |
| COMMON STOCKS (Continued) | ||
| SEMICONDUCTORS (Continued) | ||
| 17,202 | NXP Semiconductors N.V. | $3,758,465 |
| 15,322,116 | ||
| TECHNOLOGY HARDWARE — 2.1% | ||
| 45,702 | Nintendo Co., Ltd. | 4,405,012 |
| TECHNOLOGY SERVICES — 1.4% | ||
| 51,352 | LG Corp. | 3,028,763 |
| TRANSPORTATION EQUIPMENT — 1.0% | ||
| 10,093 | Westinghouse Air Brake Technologies Corp. | 2,112,970 |
| TOTAL COMMON STOCKS | ||
| (Cost $172,984,894) | 205,379,398 | |
| EXCHANGE-TRADED FUNDS — 3.3% | ||
| 48,123 | iShares 0-3 Month Treasury Bond ETF | 4,845,505 |
| 16,777 | Vanguard Total World Stock ETF | 2,156,180 |
| TOTAL EXCHANGE-TRADED FUNDS | ||
| (Cost $6,450,934) | 7,001,685 | |
| TOTAL INVESTMENTS — 99.4% | ||
| (Cost $179,435,828) | 212,381,083 | |
| Other Assets in Excess of Liabilities — 0.6% | 1,359,766 | |
| TOTAL NET ASSETS — 100.0% | $213,740,849 |
| ADR – American Depository Receipt |
| ETF – Exchange-Traded Fund |
| PLC – Public Limited Company |
| *Non-income producing security. |