Shares
Market
Value
COMMON
STOCKS
(Continued)
Agriculture
(Continued)
61,000
Limoneira
Co.
....................
$
905,850
6,500
The
Mosaic
Co.
...................
225,420
7,105,270
Semiconductors
—
0
.3
%
8,000
Advanced
Micro
Devices
Inc.
†
........
1,294,320
3,000
Applied
Materials
Inc.
..............
614,220
415
ASML
Holding
NV
.................
401,757
1,200
Axcelis
Technologies
Inc.
†
...........
117,168
6,650
Broadcom
Inc.
...................
2,193,902
2,000
GLOBALFOUNDRIES
Inc.
†
...........
71,680
200
Hensoldt
AG
.....................
25,900
2,000
Lam
Research
Corp.
...............
267,800
3,000
nLight
Inc.
†
.....................
88,890
2,700
NXP
Semiconductors
NV
............
614,871
23,758
SkyWater
Technology
Inc.
†
..........
443,324
3,000
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
,
ADR
.....................
837,870
6,971,702
Computer
Hardware
—
0
.1
%
11,000
Dell
Technologies
Inc.
,
Cl. C
..........
1,559,470
5,500
HP
Inc.
........................
149,765
3,000
NETGEAR
Inc.
†
...................
97,170
1,806,405
Consumer
Finance
—
0.0
%
7,500
Old
Republic
International
Corp.
.......
318,525
Industrials
—
0.0
%
4,500
Clarkson
plc
.....................
222,110
TOTAL
COMMON
STOCKS
...........
2,025,451,251
CLOSED-END
FUNDS
—
0
.5
%
245,000
Altaba
Inc.,
Escrow
†
...............
330,750
4,285
Royce
Global
Trust
Inc.
.............
55,491
36,600
Royce
Small-Cap
Trust
Inc.
..........
590,358
728,500
SuRo
Capital
Corp.
................
6,556,500
77,500
The
Central
Europe,
Russia,
and
Turkey
Fund
Inc.
.............
1,190,400
156,000
The
New
Germany
Fund
Inc.
.........
1,803,360
10,526,859
TOTAL
CLOSED-END
FUNDS
.........
10,526,859
PREFERRED
STOCKS
—
0.0
%
Retail
—
0.0
%
41,097
QVC
Group
Inc.
,
8.000
%
,
03/15/31
.....
280,281
Shares
Market
Value
RIGHTS
—
0.0
%
Retail
—
0.0
%
70,000
Walgreens
Boots
Alliance
Inc.
,
CVR
†
....
$
35,000
WARRANTS
—
0.0
%
Energy
and
Utilities
—
0.0
%
2,504
Occidental
Petroleum
Corp.
,
expire
08/03/27
†
.....................
63,852
Principal
Amount
CONVERTIBLE
CORPORATE
BONDS
—
0.0
%
Cable
and
Satellite
—
0.0
%
$
200,000
AMC
Networks
Inc.
,
4.250
%
,
02/15/29
...............
191,500
U.S.
GOVERNMENT
OBLIGATIONS
—
2
.3
%
48,170,000
U.S.
Treasury
Bills,
3.776
%
to
4.104
%
††
,
11/28/25
to
03/26/26
......................
47,730,938
TOTAL
INVESTMENTS
—
100
.0
%
.....
(Cost
$
1,083,756,473
)
............
$
2,084,279,681
(a)
Security
is
valued
using
significant
unobservable
inputs
and
is
classified
as
Level
3
in
the
fair
value
hierarchy.
†
Non-income
producing
security.
††
Represents
annualized
yields
at
dates
of
purchase.
ADR
American
Depositary
Receipt
CVR
Contingent
Value
Right
REIT
Real
Estate
Investment
Trust
Geographic
Diversification
%
of
Total
Investments
Market
Value
North
America
......................
84
.2
%
$
1,754,769,202
Europe
..............................
12
.9
268,198,112
Latin
America
.......................
1
.2
25,764,036
Japan
...............................
1
.1
22,578,823
Asia/Pacific
.........................
0
.6
12,969,508
Total
Investments
...................
100.0%
$
2,084,279,681