ALBERT D MASON INC Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
TTE	TotalEnergies SE ADR	20,812	$1,362	0.9%	$63.23	0.0%	ADR	F92124100
GTY	Getty Realty Corp.	30,425	$833	0.5%	$27.37	—	COM	374297109
—	Hewlett Packard Enterprise Com	9,855	$237	0.2%	$24.02	—	COM	G4315G101
FLS	Flowserve Corp.	3,215	$223	0.1%	$64.09	0.0%	COM	34354P105
CTSH	Cognizant Technology Solutions	2,560	$212	0.1%	$74.65	0.0%	COM	192446102
RHHBY	Roche Holding AG	4,009	$207	0.1%	$51.57	—	COM	771195104
MRNFF	Meren Energy Inc.	40,000	$52	0.0%	$1.27	0.0%	COM	588914101

Increased Positions (34)

FISV Fiserv Inc. 0.9%

Value ($000) $1,350 (-40.2%) Shares 20,101 (+14.8%) Est. Cost $77.49 Unrealized +8.2%

AVY Avery Dennison Corp. 1.2%

Value ($000) $1,889 (+58.6%) Shares 10,386 (+41.4%) Est. Cost $95.49 Unrealized +80.5%

MGDDY Michelin ADR 0.5%

Value ($000) $685 (+132.0%) Shares 41,296 (+150.6%) Est. Cost $10.45 Unrealized —

TXRH Texas Roadhouse, Inc. 0.6%

Value ($000) $987 (+47.2%) Shares 5,944 (+47.3%) Est. Cost $147.44 Unrealized +14.5%

MTD Mettler-Toledo International, 1.2%

Value ($000) $1,768 (+15.8%) Shares 1,268 (+1.9%) Est. Cost $450.80 Unrealized +209.8%

FBK FB Financial Corp. 1.0%

Value ($000) $1,546 (+17.9%) Shares 27,702 (+17.8%) Est. Cost $28.11 Unrealized +97.9%

TSM Taiwan Semiconductor Manufactu 1.6%

Value ($000) $2,399 (+10.8%) Shares 7,894 (+1.8%) Est. Cost $29.41 Unrealized —

GAIN Gladstone Investment Corp. 0.6%

Value ($000) $934 (+32.4%) Shares 66,833 (+31.0%) Est. Cost $7.72 Unrealized +75.8%

LIN Linde PLC 1.8%

Value ($000) $2,682 (+6.2%) Shares 6,290 (+18.3%) Est. Cost $349.89 Unrealized +22.1%

FAST Fastenal Co. 1.3%

Value ($000) $1,957 (+8.0%) Shares 48,779 (+31.9%) Est. Cost $32.86 Unrealized +27.9%

KMI Kinder Morgan, Inc. 1.2%

Value ($000) $1,803 (+8.7%) Shares 65,590 (+11.9%) Est. Cost $15.85 Unrealized +69.8%

VTRS Viatris Inc. 0.2%

Value ($000) $308 (+74.5%) Shares 24,726 (+38.8%) Est. Cost $9.88 Unrealized +8.5%

— Compagnie Michelin 0.7%

Value ($000) $1,007 (+14.7%) Shares 30,288 (+23.6%) Est. Cost $13.23 Unrealized —

LUNMF Lundin Mining Corporation 0.3%

Value ($000) $382 (+50.1%) Shares 17,751 (+4.1%) Est. Cost $8.96 Unrealized +97.0%

LNG Cheniere Energy, Inc. 0.3%

Value ($000) $489 (-14.7%) Shares 2,515 (+3.1%) Est. Cost $172.42 Unrealized +21.8%

OMC Omnicom Group 0.3%

Value ($000) $384 (+28.1%) Shares 4,752 (+29.4%) Est. Cost $60.79 Unrealized +24.6%

CHRD Chord Energy Corporation 0.6%

Value ($000) $849 (+9.9%) Shares 9,162 (+17.8%) Est. Cost $125.54 Unrealized -26.7%

BMY Bristol Myers Squibb Co. 0.3%

Value ($000) $390 (+23.2%) Shares 7,236 (+3.0%) Est. Cost $49.76 Unrealized -4.5%

DMLP Dorchester Minerals LP 0.3%

Value ($000) $490 (-12.1%) Shares 21,931 (+1.8%) Est. Cost $14.92 Unrealized —

BNEFF Bonterra Energy Corp. 0.2%

Value ($000) $304 (+27.3%) Shares 92,207 (+1.3%) Est. Cost $5.05 Unrealized -46.1%

SFL SFL Corp. LTD 0.5%

Value ($000) $809 (+8.0%) Shares 103,567 (+4.2%) Est. Cost $12.12 Unrealized -36.6%

PAYX Paychex, Inc. 0.6%

Value ($000) $909 (-5.7%) Shares 8,101 (+6.6%) Est. Cost $47.13 Unrealized +147.3%

HII Huntington Ingalls Industries, 0.2%

Value ($000) $306 (+19.3%) Shares 900 (+1.0%) Est. Cost $221.33 Unrealized +39.8%

CVS CVS Health Corp. 0.5%

Value ($000) $803 (+6.4%) Shares 10,123 (+1.1%) Est. Cost $52.24 Unrealized +50.6%

EPD Enterprise Products Partners L 0.8%

Value ($000) $1,268 (+3.8%) Shares 39,548 (+1.3%) Est. Cost $33.23 Unrealized —

ZM Zoom Communications Inc. 0.2%

Value ($000) $271 (+17.4%) Shares 3,145 (+12.3%) Est. Cost $78.69 Unrealized +7.0%

CHCT Community Healthcare Trust Inc 0.3%

Value ($000) $425 (+10.2%) Shares 25,893 (+2.7%) Est. Cost $38.84 Unrealized —

ET Energy Transfer LP 0.8%

Value ($000) $1,241 (-2.9%) Shares 75,242 (+1.1%) Est. Cost $11.12 Unrealized —

CF CF Industries Holdings, Inc. 0.1%

Value ($000) $210 (-9.2%) Shares 2,720 (+5.3%) Est. Cost $75.37 Unrealized +8.7%

SIEGY Siemens Aktiengesellschaft 0.2%

Value ($000) $305 (+5.0%) Shares 2,177 (+1.3%) Est. Cost $115.98 Unrealized —

APA APA Corp. 0.4%

Value ($000) $673 (+2.0%) Shares 27,500 (+1.2%) Est. Cost $17.40 Unrealized +38.7%

CHD Church & Dwight Company, Inc. 0.5%

Value ($000) $733 (-1.5%) Shares 8,739 (+2.9%) Est. Cost $49.49 Unrealized +72.3%

PMREF Primaris REIT 0.1%

Value ($000) $169 (+3.8%) Shares 18,112 (+3.4%) Est. Cost $10.90 Unrealized —

ADM Archer Daniels Midland 0.2%

Value ($000) $320 (+1.6%) Shares 5,558 (+5.6%) Est. Cost $47.47 Unrealized +25.3%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
FISV	Fiserv Inc.	20,101 (+14.8%)	$1,350 (-40.2%)	0.9%	$77.49	+8.2%	COM	337738108
AVY	Avery Dennison Corp.	10,386 (+41.4%)	$1,889 (+58.6%)	1.2%	$95.49	+80.5%	COM	053611109
MGDDY	Michelin ADR	41,296 (+150.6%)	$685 (+132.0%)	0.5%	$10.45	—	ADR	59410T106
TXRH	Texas Roadhouse, Inc.	5,944 (+47.3%)	$987 (+47.2%)	0.6%	$147.44	+14.5%	COM	882681109
MTD	Mettler-Toledo International,	1,268 (+1.9%)	$1,768 (+15.8%)	1.2%	$450.80	+209.8%	COM	592688105
FBK	FB Financial Corp.	27,702 (+17.8%)	$1,546 (+17.9%)	1.0%	$28.11	+97.9%	COM	30257X104
TSM	Taiwan Semiconductor Manufactu	7,894 (+1.8%)	$2,399 (+10.8%)	1.6%	$29.41	—	COM	874039100
GAIN	Gladstone Investment Corp.	66,833 (+31.0%)	$934 (+32.4%)	0.6%	$7.72	+75.8%	COM	376546107
LIN	Linde PLC	6,290 (+18.3%)	$2,682 (+6.2%)	1.8%	$349.89	+22.1%	COM	G54950103
FAST	Fastenal Co.	48,779 (+31.9%)	$1,957 (+8.0%)	1.3%	$32.86	+27.9%	COM	311900104
KMI	Kinder Morgan, Inc.	65,590 (+11.9%)	$1,803 (+8.7%)	1.2%	$15.85	+69.8%	COM	49456B101
VTRS	Viatris Inc.	24,726 (+38.8%)	$308 (+74.5%)	0.2%	$9.88	+8.5%	COM	92556V106
—	Compagnie Michelin	30,288 (+23.6%)	$1,007 (+14.7%)	0.7%	$13.23	—	COM	BPBPJ0907
LUNMF	Lundin Mining Corporation	17,751 (+4.1%)	$382 (+50.1%)	0.3%	$8.96	+97.0%	COM	550372106
LNG	Cheniere Energy, Inc.	2,515 (+3.1%)	$489 (-14.7%)	0.3%	$172.42	+21.8%	COM	16411R208
OMC	Omnicom Group	4,752 (+29.4%)	$384 (+28.1%)	0.3%	$60.79	+24.6%	COM	681919106
CHRD	Chord Energy Corporation	9,162 (+17.8%)	$849 (+9.9%)	0.6%	$125.54	-26.7%	COM	674215207
BMY	Bristol Myers Squibb Co.	7,236 (+3.0%)	$390 (+23.2%)	0.3%	$49.76	-4.5%	COM	110122108
DMLP	Dorchester Minerals LP	21,931 (+1.8%)	$490 (-12.1%)	0.3%	$14.92	—	UNIT LTD PARTN	25820R105
BNEFF	Bonterra Energy Corp.	92,207 (+1.3%)	$304 (+27.3%)	0.2%	$5.05	-46.1%	COM	098546104
SFL	SFL Corp. LTD	103,567 (+4.2%)	$809 (+8.0%)	0.5%	$12.12	-36.6%	COM	G7738W106
PAYX	Paychex, Inc.	8,101 (+6.6%)	$909 (-5.7%)	0.6%	$47.13	+147.3%	COM	704326107
HII	Huntington Ingalls Industries,	900 (+1.0%)	$306 (+19.3%)	0.2%	$221.33	+39.8%	COM	446413106
CVS	CVS Health Corp.	10,123 (+1.1%)	$803 (+6.4%)	0.5%	$52.24	+50.6%	COM	126650100
EPD	Enterprise Products Partners L	39,548 (+1.3%)	$1,268 (+3.8%)	0.8%	$33.23	—	UNIT LTD PARTN	293792107
ZM	Zoom Communications Inc.	3,145 (+12.3%)	$271 (+17.4%)	0.2%	$78.69	+7.0%	COM	98980L101
CHCT	Community Healthcare Trust Inc	25,893 (+2.7%)	$425 (+10.2%)	0.3%	$38.84	—	COM	20369C106
ET	Energy Transfer LP	75,242 (+1.1%)	$1,241 (-2.9%)	0.8%	$11.12	—	UNIT LTD PARTN	29273V100
CF	CF Industries Holdings, Inc.	2,720 (+5.3%)	$210 (-9.2%)	0.1%	$75.37	+8.7%	COM	125269100
SIEGY	Siemens Aktiengesellschaft	2,177 (+1.3%)	$305 (+5.0%)	0.2%	$115.98	—	COM	826197501
APA	APA Corp.	27,500 (+1.2%)	$673 (+2.0%)	0.4%	$17.40	+38.7%	COM	03743Q108
CHD	Church & Dwight Company, Inc.	8,739 (+2.9%)	$733 (-1.5%)	0.5%	$49.49	+72.3%	COM	171340102
PMREF	Primaris REIT	18,112 (+3.4%)	$169 (+3.8%)	0.1%	$10.90	—	COM	74167K109
ADM	Archer Daniels Midland	5,558 (+5.6%)	$320 (+1.6%)	0.2%	$47.47	+25.3%	COM	039483102

Exited Positions (11)

— TotalEnergies SE ADR 0.8%

Value ($000) $1,221 Shares 20,450 Est. Cost $50.22 Unrealized —

NOW ServiceNow, Inc. 0.7%

Value ($000) $1,038 Shares 1,128 Est. Cost $150.62 Unrealized +13.9%

SWKS Skyworks Solutions Inc. 0.6%

Value ($000) $896 Shares 11,638 Est. Cost $81.98 Unrealized -15.3%

BAC Bank of America Corp. 0.5%

Value ($000) $799 Shares 15,484 Est. Cost $23.23 Unrealized +126.7%

IEX IDEX Corp. 0.5%

Value ($000) $743 Shares 4,566 Est. Cost $180.23 Unrealized -5.2%

FNF Fidelity National Financial, I 0.4%

Value ($000) $608 Shares 10,044 Est. Cost $35.32 Unrealized +55.0%

— SThree PLC 0.3%

Value ($000) $448 Shares 206,946 Est. Cost $4.66 Unrealized —

NNN National Retail Properties 0.2%

Value ($000) $291 Shares 6,835 Est. Cost $46.38 Unrealized —

WBD Warner Brothers Discovery 0.2%

Value ($000) $260 Shares 13,291 Est. Cost $18.42 Unrealized +26.9%

ARE Alexandria Real Estate Equitie 0.1%

Value ($000) $220 Shares 2,645 Est. Cost $77.73 Unrealized -25.4%

— Hanesbrands, Inc. 0.1%

Value ($000) $135 Shares 20,455 Est. Cost $12.08 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	TotalEnergies SE ADR	20,450	$1,221	0.8%	$50.22	—	—	89151E109
NOW	ServiceNow, Inc.	1,128	$1,038	0.7%	$150.62	+13.9%	—	81762P102
SWKS	Skyworks Solutions Inc.	11,638	$896	0.6%	$81.98	-15.3%	—	83088M102
BAC	Bank of America Corp.	15,484	$799	0.5%	$23.23	+126.7%	—	060505104
IEX	IDEX Corp.	4,566	$743	0.5%	$180.23	-5.2%	—	45167R104
FNF	Fidelity National Financial, I	10,044	$608	0.4%	$35.32	+55.0%	—	31620R303
—	SThree PLC	206,946	$448	0.3%	$4.66	—	—	BOKM9T907
NNN	National Retail Properties	6,835	$291	0.2%	$46.38	—	—	637417106
WBD	Warner Brothers Discovery	13,291	$260	0.2%	$18.42	+26.9%	—	934423104
ARE	Alexandria Real Estate Equitie	2,645	$220	0.1%	$77.73	-25.4%	—	015271109
—	Hanesbrands, Inc.	20,455	$135	0.1%	$12.08	—	—	410345102

Decreased Positions (27)

GGG Graco Inc. 0.4%

Value ($000) $631 (-70.7%) Shares 7,700 (-69.7%) Est. Cost $41.15 Unrealized +99.1%

CMI Cummins Inc. 1.2%

Value ($000) $1,882 (-38.8%) Shares 3,687 (-49.4%) Est. Cost $143.58 Unrealized +224.8%

NBIS Nebius Group NV 0.4%

Value ($000) $544 (-43.0%) Shares 6,495 (-23.5%) Est. Cost $34.43 Unrealized +201.0%

HON Honeywell International Inc. 0.9%

Value ($000) $1,325 (-9.0%) Shares 6,791 (-1.8%) Est. Cost $88.65 Unrealized +120.0%

NSC Norfolk & Southern Corp. 1.1%

Value ($000) $1,653 (-5.2%) Shares 5,726 (-1.3%) Est. Cost $77.07 Unrealized +274.5%

UNH United Health Group Incorporat 0.1%

Value ($000) $215 (-25.8%) Shares 650 (-22.3%) Est. Cost $443.70 Unrealized -24.0%

AAPL Apple Inc. 0.9%

Value ($000) $1,326 (+4.5%) Shares 4,878 (-2.1%) Est. Cost $98.52 Unrealized +172.4%

GS Goldman Sachs Group Inc. 0.4%

Value ($000) $662 (+9.2%) Shares 753 (-1.1%) Est. Cost $347.29 Unrealized +134.2%

NGG National Grid PLC ADS 0.7%

Value ($000) $1,124 (+5.2%) Shares 14,534 (-1.2%) Est. Cost $59.61 Unrealized —

C Citigroup Inc. 0.3%

Value ($000) $454 (+13.4%) Shares 3,889 (-1.4%) Est. Cost $67.74 Unrealized +53.0%

GTBIF Green Thumb Industries Inc. 0.5%

Value ($000) $703 (-6.9%) Shares 87,464 (-7.5%) Est. Cost $15.24 Unrealized -51.7%

ABNB Airbnb Inc. 0.3%

Value ($000) $523 (+9.6%) Shares 3,856 (-1.9%) Est. Cost $127.58 Unrealized -2.4%

PYPL PayPal Holdings, Inc. 0.2%

Value ($000) $247 (-14.5%) Shares 4,233 (-1.7%) Est. Cost $80.31 Unrealized -19.3%

PSA Public Storage 0.2%

Value ($000) $252 (-14.1%) Shares 972 (-4.4%) Est. Cost $260.76 Unrealized +6.3%

LKQ LKQ Corp. 0.1%

Value ($000) $224 (-15.2%) Shares 7,415 (-14.3%) Est. Cost $33.79 Unrealized -11.3%

NXPI NXP Semiconductors N.V. 0.2%

Value ($000) $231 (-12.4%) Shares 1,065 (-8.1%) Est. Cost $209.53 Unrealized +2.0%

MSFT Microsoft Corp. 0.2%

Value ($000) $261 (-10.8%) Shares 540 (-4.4%) Est. Cost $437.52 Unrealized +14.4%

CMCSA Comcast Corp. 0.3%

Value ($000) $424 (-6.5%) Shares 14,199 (-1.7%) Est. Cost $27.48 Unrealized +3.8%

CURLF Curaleaf Holdings, Inc. 0.1%

Value ($000) $194 (-13.1%) Shares 76,978 (-3.8%) Est. Cost $7.47 Unrealized -62.4%

AVGO Broadcom Inc. 0.5%

Value ($000) $753 (+3.8%) Shares 2,176 (-1.0%) Est. Cost $167.27 Unrealized +113.4%

AGYS Agilysys, Inc. 0.8%

Value ($000) $1,234 (+1.6%) Shares 10,387 (-10.0%) Est. Cost $24.60 Unrealized +389.3%

OKE ONEOK Inc. 0.2%

Value ($000) $266 (-6.3%) Shares 3,624 (-7.0%) Est. Cost $55.66 Unrealized +26.6%

ADBE Adobe Inc. 0.1%

Value ($000) $215 (-7.0%) Shares 613 (-6.3%) Est. Cost $383.78 Unrealized -11.4%

CRLBF Cresco Labs 0.1%

Value ($000) $112 (-8.5%) Shares 91,155 (-1.5%) Est. Cost $7.81 Unrealized -85.5%

— Coats Group PLC 0.0%

Value ($000) $33 (-5.2%) Shares 29,376 (-6.7%) Est. Cost $0.75 Unrealized —

— Novolipetsk GDR 0.0%

Value ($000) $0 (0.0%) Shares 15,295 (-1.4%) Est. Cost $20.36 Unrealized —

ROSYY Rostelecom Long Distance ADR 0.0%

Value ($000) $0 (0.0%) Shares 49,180 (-7.9%) Est. Cost $7.57 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
GGG	Graco Inc.	7,700 (-69.7%)	$631 (-70.7%)	0.4%	$41.15	+99.1%	COM	384109104
CMI	Cummins Inc.	3,687 (-49.4%)	$1,882 (-38.8%)	1.2%	$143.58	+224.8%	COM	231021106
NBIS	Nebius Group NV	6,495 (-23.5%)	$544 (-43.0%)	0.4%	$34.43	+201.0%	COM	N97284108
HON	Honeywell International Inc.	6,791 (-1.8%)	$1,325 (-9.0%)	0.9%	$88.65	+120.0%	COM	438516106
NSC	Norfolk & Southern Corp.	5,726 (-1.3%)	$1,653 (-5.2%)	1.1%	$77.07	+274.5%	COM	655844108
UNH	United Health Group Incorporat	650 (-22.3%)	$215 (-25.8%)	0.1%	$443.70	-24.0%	COM	91324P102
AAPL	Apple Inc.	4,878 (-2.1%)	$1,326 (+4.5%)	0.9%	$98.52	+172.4%	COM	037833100
GS	Goldman Sachs Group Inc.	753 (-1.1%)	$662 (+9.2%)	0.4%	$347.29	+134.2%	COM	38141G104
NGG	National Grid PLC ADS	14,534 (-1.2%)	$1,124 (+5.2%)	0.7%	$59.61	—	ADR	636274409
C	Citigroup Inc.	3,889 (-1.4%)	$454 (+13.4%)	0.3%	$67.74	+53.0%	COM	172967424
GTBIF	Green Thumb Industries Inc.	87,464 (-7.5%)	$703 (-6.9%)	0.5%	$15.24	-51.7%	COM	39342L108
ABNB	Airbnb Inc.	3,856 (-1.9%)	$523 (+9.6%)	0.3%	$127.58	-2.4%	COM	009066101
PYPL	PayPal Holdings, Inc.	4,233 (-1.7%)	$247 (-14.5%)	0.2%	$80.31	-19.3%	COM	70450Y103
PSA	Public Storage	972 (-4.4%)	$252 (-14.1%)	0.2%	$260.76	+6.3%	COM	74460D109
LKQ	LKQ Corp.	7,415 (-14.3%)	$224 (-15.2%)	0.1%	$33.79	-11.3%	COM	501889208
NXPI	NXP Semiconductors N.V.	1,065 (-8.1%)	$231 (-12.4%)	0.2%	$209.53	+2.0%	COM	N6596X109
MSFT	Microsoft Corp.	540 (-4.4%)	$261 (-10.8%)	0.2%	$437.52	+14.4%	COM	594918104
CMCSA	Comcast Corp.	14,199 (-1.7%)	$424 (-6.5%)	0.3%	$27.48	+3.8%	COM	20030N101
CURLF	Curaleaf Holdings, Inc.	76,978 (-3.8%)	$194 (-13.1%)	0.1%	$7.47	-62.4%	COM	23126M102
AVGO	Broadcom Inc.	2,176 (-1.0%)	$753 (+3.8%)	0.5%	$167.27	+113.4%	COM	11135F101
AGYS	Agilysys, Inc.	10,387 (-10.0%)	$1,234 (+1.6%)	0.8%	$24.60	+389.3%	COM	00847J105
OKE	ONEOK Inc.	3,624 (-7.0%)	$266 (-6.3%)	0.2%	$55.66	+26.6%	COM	682680103
ADBE	Adobe Inc.	613 (-6.3%)	$215 (-7.0%)	0.1%	$383.78	-11.4%	COM	00724F101
CRLBF	Cresco Labs	91,155 (-1.5%)	$112 (-8.5%)	0.1%	$7.81	-85.5%	COM	22587M106
—	Coats Group PLC	29,376 (-6.7%)	$33 (-5.2%)	0.0%	$0.75	—	COM	B4YZN3906
—	Novolipetsk GDR	15,295 (-1.4%)	$0 (0.0%)	0.0%	$20.36	—	ADR	B0RTNX900
ROSYY	Rostelecom Long Distance ADR	49,180 (-7.9%)	$0 (0.0%)	0.0%	$7.57	—	ADR	778529107

Unchanged Positions (71)

GOOG Alphabet Inc. Class C 4.5%

Value ($000) $6,844 Shares 21,810 Est. Cost $113.23 Unrealized +152.9%

LRCX Lam Research Corp. 2.3%

Value ($000) $3,501 Shares 20,452 Est. Cost $77.56 Unrealized +100.3%

KLAC KLA Corp. 2.8%

Value ($000) $4,224 Shares 3,477 Est. Cost $501.52 Unrealized +133.7%

IRMD IRadimed Corp. 1.1%

Value ($000) $1,656 Shares 17,021 Est. Cost $47.31 Unrealized +80.4%

PH Parker Hannifin Corp. 2.0%

Value ($000) $3,060 Shares 3,481 Est. Cost $143.26 Unrealized +470.8%

CLMB Climb Global Solutions Inc. 0.9%

Value ($000) $1,320 Shares 12,842 Est. Cost $23.04 Unrealized +403.5%

— Dollarama Inc. 1.7%

Value ($000) $2,616 Shares 17,502 Est. Cost $43.83 Unrealized —

META Meta Platforms, Inc. 2.0%

Value ($000) $2,991 Shares 4,531 Est. Cost $326.40 Unrealized +104.4%

PAC Grupo Aeroportuario Del Pacifi 2.0%

Value ($000) $3,069 Shares 11,642 Est. Cost $104.93 Unrealized —

ETN Eaton Corp. PLC 1.1%

Value ($000) $1,630 Shares 5,116 Est. Cost $221.90 Unrealized +59.7%

ADP Automatic Data Processing, Inc 1.4%

Value ($000) $2,080 Shares 8,086 Est. Cost $81.59 Unrealized +224.6%

GRMN Garmin LTD 0.8%

Value ($000) $1,256 Shares 6,193 Est. Cost $106.50 Unrealized +103.5%

NVS Novartis AG ADR 2.3%

Value ($000) $3,528 Shares 25,587 Est. Cost $97.36 Unrealized —

TMTNF Toromont Industries Ltd. 1.6%

Value ($000) $2,378 Shares 19,652 Est. Cost $84.70 Unrealized +36.8%

AMAT Applied Material, Inc. 0.5%

Value ($000) $786 Shares 3,058 Est. Cost $125.86 Unrealized +90.3%

— Sparebank 1 SR-Bank 0.9%

Value ($000) $1,364 Shares 69,032 Est. Cost $8.27 Unrealized —

— Sabre Insurance Group PLC 0.8%

Value ($000) $1,200 Shares 684,990 Est. Cost $0.73 Unrealized —

SHW Sherwin-Williams Co. 1.3%

Value ($000) $2,004 Shares 6,184 Est. Cost $165.28 Unrealized +102.2%

GWW W.W. Grainger, Inc. 1.4%

Value ($000) $2,175 Shares 2,155 Est. Cost $253.16 Unrealized +282.7%

GUKYF Gulf Keystone Petroleum LTD 0.3%

Value ($000) $503 Shares 211,075 Est. Cost $2.25 Unrealized +8.4%

MGY Magnolia Oil & Gas Corp. 0.9%

Value ($000) $1,348 Shares 61,603 Est. Cost $15.80 Unrealized +43.9%

— Straumann Holdings AG 1.0%

Value ($000) $1,449 Shares 12,390 Est. Cost $131.58 Unrealized —

T AT&T Inc. 0.6%

Value ($000) $903 Shares 36,348 Est. Cost $16.29 Unrealized +55.3%

CPK Chesapeake Utilities Corporati 1.0%

Value ($000) $1,521 Shares 12,188 Est. Cost $56.04 Unrealized +134.4%

GOOGL Alphabet Inc. Class A 0.4%

Value ($000) $546 Shares 1,743 Est. Cost $209.20 Unrealized +36.5%

ATR AptarGroup, Inc. 0.8%

Value ($000) $1,253 Shares 10,277 Est. Cost $67.95 Unrealized +80.9%

WTFC Wintrust Financial Corp. 1.3%

Value ($000) $2,043 Shares 14,614 Est. Cost $126.97 Unrealized +4.7%

PBA Pembina Pipeline Corp. 1.0%

Value ($000) $1,515 Shares 39,799 Est. Cost $23.02 Unrealized +67.1%

ITT ITT Corp. 1.7%

Value ($000) $2,610 Shares 15,041 Est. Cost $45.94 Unrealized +290.0%

— Labrador Iron Ore Royalty Corp 0.8%

Value ($000) $1,148 Shares 52,816 Est. Cost $15.49 Unrealized —

HUBB Hubbell Inc. 1.6%

Value ($000) $2,391 Shares 5,385 Est. Cost $105.94 Unrealized +312.7%

TNC Tennant Co. 0.5%

Value ($000) $722 Shares 9,802 Est. Cost $57.88 Unrealized +31.7%

PLBC Plumas Bancorp 1.3%

Value ($000) $1,997 Shares 44,681 Est. Cost $42.94 Unrealized -0.1%

— Treatt PLC 0.1%

Value ($000) $201 Shares 73,053 Est. Cost $0.50 Unrealized —

NDSN Nordson Corp. 0.7%

Value ($000) $1,031 Shares 4,287 Est. Cost $119.75 Unrealized +95.6%

GILD Gilead Sciences Inc 0.4%

Value ($000) $630 Shares 5,132 Est. Cost $58.94 Unrealized +105.1%

ENB Enbridge Inc. 0.7%

Value ($000) $1,095 Shares 22,898 Est. Cost $23.44 Unrealized +101.0%

BHP BHP LTD ADR 0.5%

Value ($000) $729 Shares 12,072 Est. Cost $67.72 Unrealized —

ECL Ecolab, Inc. 0.6%

Value ($000) $952 Shares 3,626 Est. Cost $159.89 Unrealized +66.2%

VZ Verizon Communications Inc. 0.4%

Value ($000) $639 Shares 15,694 Est. Cost $33.98 Unrealized +19.1%

VRSN VeriSign, Inc. 0.2%

Value ($000) $300 Shares 1,233 Est. Cost $225.24 Unrealized +11.3%

— Schneider Electric SA 1.7%

Value ($000) $2,614 Shares 9,473 Est. Cost $96.42 Unrealized —

VET Vermilion Energy Trust 0.4%

Value ($000) $681 Shares 81,657 Est. Cost $11.18 Unrealized -26.1%

ATO Atmos Energy Corp. 1.4%

Value ($000) $2,066 Shares 12,325 Est. Cost $100.50 Unrealized +71.4%

GVDNY Givaudan SA ADR 0.9%

Value ($000) $1,313 Shares 16,609 Est. Cost $41.47 Unrealized —

SKT Tanger Factory Outlet Centers, 1.4%

Value ($000) $2,127 Shares 63,743 Est. Cost $7.05 Unrealized —

LECO Lincoln Electric Holdings, Inc 1.1%

Value ($000) $1,621 Shares 6,764 Est. Cost $107.13 Unrealized +121.1%

SNA Snap-on Inc. 2.0%

Value ($000) $3,024 Shares 8,776 Est. Cost $142.24 Unrealized +139.4%

— Keyera Corp. 0.4%

Value ($000) $611 Shares 19,058 Est. Cost $7.70 Unrealized —

— Precinct Properties New Zealan 0.2%

Value ($000) $280 Shares 405,912 Est. Cost $0.82 Unrealized —

TCNNF Trulieve Cannabis Corp. 0.2%

Value ($000) $348 Shares 40,093 Est. Cost $21.82 Unrealized -66.7%

CME CME Group Inc. 1.1%

Value ($000) $1,619 Shares 5,929 Est. Cost $244.10 Unrealized +10.9%

EMR Emerson Electric Co. 1.1%

Value ($000) $1,738 Shares 13,094 Est. Cost $64.97 Unrealized +103.8%

DDOG Datadog, Inc. 0.3%

Value ($000) $496 Shares 3,651 Est. Cost $123.10 Unrealized +28.4%

— Commonwealth Bank of Australia 0.5%

Value ($000) $811 Shares 7,565 Est. Cost $72.55 Unrealized —

MCD McDonald's Corp. 1.5%

Value ($000) $2,318 Shares 7,584 Est. Cost $142.73 Unrealized +113.8%

AME Ametek, Inc. 0.1%

Value ($000) $227 Shares 1,106 Est. Cost $171.25 Unrealized +13.5%

WES Western Midstream Partners, LP 0.9%

Value ($000) $1,340 Shares 33,912 Est. Cost $27.89 Unrealized —

SHEL Shell PLC ADR 0.4%

Value ($000) $563 Shares 7,656 Est. Cost $49.82 Unrealized —

CMWAY Commonwealth Bank of Australia 0.4%

Value ($000) $621 Shares 5,826 Est. Cost $74.02 Unrealized —

— Gaztransport et Technigaz SAS 0.8%

Value ($000) $1,279 Shares 6,954 Est. Cost $68.58 Unrealized —

NHI National Health Investors, Inc 0.2%

Value ($000) $345 Shares 4,523 Est. Cost $18.05 Unrealized —

— Banco del Bajio SA 0.8%

Value ($000) $1,250 Shares 493,886 Est. Cost $1.78 Unrealized —

V Visa Inc. 0.2%

Value ($000) $251 Shares 716 Est. Cost $299.24 Unrealized +13.7%

— Martinrea International Inc. 0.5%

Value ($000) $692 Shares 91,683 Est. Cost $8.39 Unrealized —

CBSTF Cannabist Company Holdings Inc 0.0%

Value ($000) $2 Shares 35,690 Est. Cost $0.50 Unrealized -85.8%

MDT Medtronic PLC 0.1%

Value ($000) $209 Shares 2,176 Est. Cost $91.27 Unrealized +6.4%

— Credito Real Sofom ENR 0.0%

Value ($000) $18 Shares 918,094 Est. Cost $0.79 Unrealized —

NVDA NVIDIA Corp. 0.4%

Value ($000) $620 Shares 3,324 Est. Cost $127.44 Unrealized +46.1%

AYRWF AYR Wellness Inc. 0.0%

Value ($000) $0 Shares 13,605 Est. Cost $4.36 Unrealized -99.5%

— Indiva Limited 0.0%

Value ($000) $0 Shares 110,000 Est. Cost $0.20 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
GOOG	Alphabet Inc. Class C	21,810	$6,844	4.5%	$113.23	+152.9%	COM	02079K107
LRCX	Lam Research Corp.	20,452	$3,501	2.3%	$77.56	+100.3%	COM	512807306
KLAC	KLA Corp.	3,477	$4,224	2.8%	$501.52	+133.7%	COM	482480100
IRMD	IRadimed Corp.	17,021	$1,656	1.1%	$47.31	+80.4%	COM	46266A109
PH	Parker Hannifin Corp.	3,481	$3,060	2.0%	$143.26	+470.8%	COM	701094104
CLMB	Climb Global Solutions Inc.	12,842	$1,320	0.9%	$23.04	+403.5%	COM	946760105
—	Dollarama Inc.	17,502	$2,616	1.7%	$43.83	—	COM	25675T958
META	Meta Platforms, Inc.	4,531	$2,991	2.0%	$326.40	+104.4%	COM	30303M102
PAC	Grupo Aeroportuario Del Pacifi	11,642	$3,069	2.0%	$104.93	—	ADR	400506101
ETN	Eaton Corp. PLC	5,116	$1,630	1.1%	$221.90	+59.7%	COM	G29183103
ADP	Automatic Data Processing, Inc	8,086	$2,080	1.4%	$81.59	+224.6%	COM	053015103
GRMN	Garmin LTD	6,193	$1,256	0.8%	$106.50	+103.5%	COM	H2906T109
NVS	Novartis AG ADR	25,587	$3,528	2.3%	$97.36	—	ADR	66987V109
TMTNF	Toromont Industries Ltd.	19,652	$2,378	1.6%	$84.70	+36.8%	COM	891102105
AMAT	Applied Material, Inc.	3,058	$786	0.5%	$125.86	+90.3%	COM	038222105
—	Sparebank 1 SR-Bank	69,032	$1,364	0.9%	$8.27	—	COM	B40JTQ902
—	Sabre Insurance Group PLC	684,990	$1,200	0.8%	$0.73	—	COM	BYWVDP903
SHW	Sherwin-Williams Co.	6,184	$2,004	1.3%	$165.28	+102.2%	COM	824348106
GWW	W.W. Grainger, Inc.	2,155	$2,175	1.4%	$253.16	+282.7%	COM	384802104
GUKYF	Gulf Keystone Petroleum LTD	211,075	$503	0.3%	$2.25	+8.4%	COM	G4209G207
MGY	Magnolia Oil & Gas Corp.	61,603	$1,348	0.9%	$15.80	+43.9%	COM	559663109
—	Straumann Holdings AG	12,390	$1,449	1.0%	$131.58	—	COM	715683900
T	AT&T Inc.	36,348	$903	0.6%	$16.29	+55.3%	COM	00206R102
CPK	Chesapeake Utilities Corporati	12,188	$1,521	1.0%	$56.04	+134.4%	COM	165303108
GOOGL	Alphabet Inc. Class A	1,743	$546	0.4%	$209.20	+36.5%	COM	02079K305
ATR	AptarGroup, Inc.	10,277	$1,253	0.8%	$67.95	+80.9%	COM	038336103
WTFC	Wintrust Financial Corp.	14,614	$2,043	1.3%	$126.97	+4.7%	COM	97650W108
PBA	Pembina Pipeline Corp.	39,799	$1,515	1.0%	$23.02	+67.1%	COM	706327103
ITT	ITT Corp.	15,041	$2,610	1.7%	$45.94	+290.0%	COM	45073V108
—	Labrador Iron Ore Royalty Corp	52,816	$1,148	0.8%	$15.49	—	COM	505440966
HUBB	Hubbell Inc.	5,385	$2,391	1.6%	$105.94	+312.7%	COM	443510607
TNC	Tennant Co.	9,802	$722	0.5%	$57.88	+31.7%	COM	880345103
PLBC	Plumas Bancorp	44,681	$1,997	1.3%	$42.94	-0.1%	COM	729273102
—	Treatt PLC	73,053	$201	0.1%	$0.50	—	COM	AC1086L59
NDSN	Nordson Corp.	4,287	$1,031	0.7%	$119.75	+95.6%	COM	655663102
GILD	Gilead Sciences Inc	5,132	$630	0.4%	$58.94	+105.1%	COM	375558103
ENB	Enbridge Inc.	22,898	$1,095	0.7%	$23.44	+101.0%	COM	29250N105
BHP	BHP LTD ADR	12,072	$729	0.5%	$67.72	—	ADR	088606108
ECL	Ecolab, Inc.	3,626	$952	0.6%	$159.89	+66.2%	COM	278865100
VZ	Verizon Communications Inc.	15,694	$639	0.4%	$33.98	+19.1%	COM	92343V104
VRSN	VeriSign, Inc.	1,233	$300	0.2%	$225.24	+11.3%	COM	92343E102
—	Schneider Electric SA	9,473	$2,614	1.7%	$96.42	—	COM	483410007
VET	Vermilion Energy Trust	81,657	$681	0.4%	$11.18	-26.1%	COM	923725105
ATO	Atmos Energy Corp.	12,325	$2,066	1.4%	$100.50	+71.4%	COM	049560105
GVDNY	Givaudan SA ADR	16,609	$1,313	0.9%	$41.47	—	ADR	37636P108
SKT	Tanger Factory Outlet Centers,	63,743	$2,127	1.4%	$7.05	—	COM	875465106
LECO	Lincoln Electric Holdings, Inc	6,764	$1,621	1.1%	$107.13	+121.1%	COM	533900106
SNA	Snap-on Inc.	8,776	$3,024	2.0%	$142.24	+139.4%	COM	833034101
—	Keyera Corp.	19,058	$611	0.4%	$7.70	—	COM	593271951
—	Precinct Properties New Zealan	405,912	$280	0.2%	$0.82	—	COM	609327903
TCNNF	Trulieve Cannabis Corp.	40,093	$348	0.2%	$21.82	-66.7%	COM	89788C104
CME	CME Group Inc.	5,929	$1,619	1.1%	$244.10	+10.9%	COM	12572Q105
EMR	Emerson Electric Co.	13,094	$1,738	1.1%	$64.97	+103.8%	COM	291011104
DDOG	Datadog, Inc.	3,651	$496	0.3%	$123.10	+28.4%	COM	23804L103
—	Commonwealth Bank of Australia	7,565	$811	0.5%	$72.55	—	COM	621503002
MCD	McDonald's Corp.	7,584	$2,318	1.5%	$142.73	+113.8%	COM	580135101
AME	Ametek, Inc.	1,106	$227	0.1%	$171.25	+13.5%	COM	031100100
WES	Western Midstream Partners, LP	33,912	$1,340	0.9%	$27.89	—	UNIT LTD PARTN	958669103
SHEL	Shell PLC ADR	7,656	$563	0.4%	$49.82	—	ADR	780259305
CMWAY	Commonwealth Bank of Australia	5,826	$621	0.4%	$74.02	—	COM	202712600
—	Gaztransport et Technigaz SAS	6,954	$1,279	0.8%	$68.58	—	COM	ACI07W296
NHI	National Health Investors, Inc	4,523	$345	0.2%	$18.05	—	COM	63633D104
—	Banco del Bajio SA	493,886	$1,250	0.8%	$1.78	—	COM	ACI0VM9Y9
V	Visa Inc.	716	$251	0.2%	$299.24	+13.7%	COM	92826C839
—	Martinrea International Inc.	91,683	$692	0.5%	$8.39	—	COM	573459963
CBSTF	Cannabist Company Holdings Inc	35,690	$2	0.0%	$0.50	-85.8%	COM	13765Y103
MDT	Medtronic PLC	2,176	$209	0.1%	$91.27	+6.4%	COM	G5960L103
—	Credito Real Sofom ENR	918,094	$18	0.0%	$0.79	—	COM	B8DST5905
NVDA	NVIDIA Corp.	3,324	$620	0.4%	$127.44	+46.1%	COM	67066G104
AYRWF	AYR Wellness Inc.	13,605	$0	0.0%	$4.36	-99.5%	COM	05475P109
—	Indiva Limited	110,000	$0	0.0%	$0.20	—	COM	45580J101