| Number of Shares | Value | |
| COMMON STOCKS — 97.9% | ||
| AUSTRIA — 1.6% | ||
| 5,529 | BAWAG Group A.G. | $840,525 |
| BELGIUM — 2.5% | ||
| 4,492 | UCB S.A. | 1,353,369 |
| BERMUDA — 1.0% | ||
| 7,621 | Viking Holdings Ltd.* | 559,991 |
| BRAZIL — 5.3% | ||
| 61,900 | Embraer S.A. | 919,555 |
| 48,789 | NU Holdings, Ltd. - Class A* | 701,098 |
| 93,861 | PRIO S.A.* | 1,199,741 |
| 2,820,394 | ||
| CANADA — 5.9% | ||
| 17,948 | Canadian Natural Resources Ltd. | 874,606 |
| 17,133 | Definity Financial Corp. | 806,585 |
| 19,150 | MDA Space Ltd.* | 484,878 |
| 7,606 | Wheaton Precious Metals Corp. | 996,462 |
| 3,162,531 | ||
| CHINA — 1.2% | ||
| 41,800 | Alibaba Group Holding Ltd. | 655,194 |
| CZECH REPUBLIC — 1.6% | ||
| 30,749 | CSG N.V.* | 829,498 |
| DENMARK — 3.5% | ||
| 3,718 | DSV A/S | 897,928 |
| 32,223 | Vestas Wind Systems A/S | 972,198 |
| 1,870,126 | ||
| FINLAND — 1.0% | ||
| 16,855 | Amer Sports, Inc.* | 554,867 |
| FRANCE — 4.0% | ||
| 3,976 | Sartorius Stedim Biotech | 774,343 |
| 9,956 | Societe Generale S.A. | 726,926 |
| 7,231 | TotalEnergies S.E. | 663,591 |
| 2,164,860 | ||
| GERMANY — 7.5% | ||
| 22,965 | Commerzbank A.G. | 837,713 |
| Number of Shares | Value | |
| COMMON STOCKS (Continued) | ||
| GERMANY (Continued) | ||
| 4,102 | Heidelberg Materials A.G. | $865,636 |
| 13,306 | Siemens Energy A.G. | 2,294,519 |
| 3,997,868 | ||
| GREECE — 1.7% | ||
| 110,059 | Piraeus Bank S.A.* | 904,209 |
| HONG KONG — 1.1% | ||
| 44,500 | Techtronic Industries Co., Ltd. | 590,970 |
| IRELAND — 1.6% | ||
| 8,038 | Flutter Entertainment PLC* | 830,876 |
| ISRAEL — 1.1% | ||
| 3,254 | Tower Semiconductor Ltd.* | 571,012 |
| ITALY — 2.2% | ||
| 41,290 | Lottomatica Group Spa | 1,192,194 |
| JAPAN — 11.2% | ||
| 30,100 | Ebara Corp. | 852,075 |
| 21,000 | Fujikura Ltd. | 577,543 |
| 10,400 | Kioxia Holdings Corp.* | 1,358,241 |
| 37,200 | Mitsubishi Heavy Industries Ltd. | 1,022,132 |
| 60,685 | PayPay Corp. - ADR* | 1,295,018 |
| 27,553 | Sumitomo Mitsui Financial Group, Inc. | 905,951 |
| 6,010,960 | ||
| LUXEMBOURG — 1.6% | ||
| 12,042 | Eurofins Scientific S.E. | 878,657 |
| NETHERLANDS — 4.3% | ||
| 812 | Argenx S.E.* | 589,276 |
| 4,012 | BE Semiconductor Industries N.V. | 859,310 |
| 8,291 | Nebius Group N.V.* | 860,274 |
| 2,308,860 | ||
| PERU — 1.4% | ||
| 2,176 | Credicorp Ltd. | 738,056 |
| POLAND — 1.0% | ||
| 71,435 | Allegro.eu S.A.* | 512,759 |
| Number of Shares | Value | |
| COMMON STOCKS (Continued) | ||
| SINGAPORE — 2.5% | ||
| 145,951 | Grab Holdings Ltd. - Class A* | $534,181 |
| 9,362 | Sea Ltd. - ADR* | 775,267 |
| 1,309,448 | ||
| SOUTH KOREA — 9.0% | ||
| 62,809 | Coupang, Inc.* | 1,185,834 |
| 466 | Hyosung Heavy Industries Corp. | 786,874 |
| 9,701 | KB Financial Group, Inc. - ADR | 967,481 |
| 5,731 | SK Square Co., Ltd.* | 1,886,946 |
| 4,827,135 | ||
| SWITZERLAND — 5.6% | ||
| 12,313 | Coca-Cola HBC A.G.* | 693,596 |
| 15,818 | On Holding A.G. - Class A* | 538,128 |
| 10,629 | Philip Morris International, Inc. | 1,757,399 |
| 2,989,123 | ||
| TAIWAN — 4.5% | ||
| 6,000 | Jentech Precision Industrial Co., Ltd. | 754,432 |
| 28,267 | Taiwan Semiconductor Manufacturing Co., Ltd. | 1,634,809 |
| 2,389,241 | ||
| UNITED KINGDOM — 12.0% | ||
| 21,951 | 3i Group PLC | 715,419 |
| 73,355 | Babcock International Group PLC | 1,138,833 |
| 15,114 | Birkenstock Holding Plc* | 541,535 |
| 22,600 | British American Tobacco PLC | 1,312,155 |
| 134,704 | Rolls-Royce Holdings PLC | 2,046,520 |
| 61,378 | Verisure PLC* | 637,112 |
| 6,391,574 |
| Number of Shares | Value | |
| COMMON STOCKS (Continued) | ||
| UNITED STATES — 2.0% | ||
| 744 | KLA Corp. | $1,095,473 |
| TOTAL COMMON STOCKS | ||
| (Cost $48,018,114) | 52,349,770 | |
| WARRANTS — 0.0% | ||
| CANADA — 0.0% | ||
| 345 | Constellation Software, Inc. (Expires 4/01/2040)*,1 | — |
| TOTAL WARRANTS | ||
| (Cost $0) | — | |
| SHORT-TERM INVESTMENTS — 2.4% | ||
| 1,265,900 | Morgan Stanley Institutional Liquidity Treasury Portfolio - Institutional Class, 3.46%2 | 1,265,900 |
| TOTAL SHORT-TERM INVESTMENTS | ||
| (Cost $1,265,900) | 1,265,900 | |
| TOTAL INVESTMENTS — 100.3% | ||
| (Cost $49,284,014) | 53,615,670 | |
| Liabilities in Excess of Other Assets — (0.3)% | (139,876) | |
| TOTAL NET ASSETS — 100.0% | $53,475,794 |
| ADR – American Depository Receipt |
| PLC – Public Limited Company |
| * | Non-income producing security. |
| 1 | The value of these securities was determined using significant unobservable inputs. These are reported as Level 3 securities in the Fair Value Hierarchy. |
| 2 | The rate is the annualized seven-day yield at period end. |