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Total
Return
Securities
Fund
Portfolio
of
Investments
March
31,
2026
Sh
ar
e
s
F
air
V
alu
e
COMMON
STOCKS
—
51.0%
Banking
—
5.4%
Norwood
Financial
Corp.
170,000
$
5,001,400
Chemicals
—
5.5%
Sakata
INX
Corp.
78,500
1,121,266
Toyo
Ink
SC
Holdings
Co
Ltd.
170,000
4,005,973
5,127,239
Food
&
Beverage
—
3.7%
Aryzta
AG(a)
15,000
1,164,063
Nestle
SA
23,000
2,255,787
3,419,850
Health
Care
—
0.1%
Spineart
SA(a)(b)
221,085
65,288
Insurance
—
15.1%
Berkshire
Hathaway,
Inc.,
Class
A(a)
10
7,181,400
Chubb
Ltd.
14,000
4,563,020
Progressive
Corp.
11,000
2,180,640
13,925,060
Oil,
Gas
&
Consumable
Fuels
—
4.1%
Texas
Pacific
Land
Corp.
8,000
3,796,480
Real
Estate
Management
&
Development
—
5.3%
Tejon
Ranch
Co.(a)
260,000
4,898,401
Retail
—
11.9%
Cie
Financiere
Richemont
SA
22,000
3,812,174
Village
Super
Market,
Inc.,
Class
A
170,000
7,179,100
10,991,274
Total
Common
Stocks
(Cost $39,819,819)
47,224,992
CLOSED-END
FUNDS
—
20.2%
BNY
Mellon
Municipal
Bond
Infrastructure
Fund,
Inc.
314,891
3,318,951
BNY
Mellon
Strategic
Municipal
Bond
Fund,
Inc.
190,369
1,144,118
Central
Securities
Corp.
134,155
6,662,137
MFS
High
Yield
Municipal
Trust
760,000
2,720,800
MFS
Investment
Grade
Municipal
Trust
240,000
1,917,600
SRH
Total
Return
Fund,
Inc.
170,000
2,907,000
Total
Closed-End
Funds
(Cost $18,054,295)
18,670,606
REAL
ESTATE
INVESTMENT
TRUSTS
—
13.7%
Alexander's,
Inc.
28,000
6,613,600
Apartment
Investment
&
Management
Co.(a)
500,000
2,035,000
Elme
Communities
2,000,000
4,020,000
Total
Real
Estate
Investment
Trusts
(Cost $12,662,998)
12,668,600
Total
Return
Securities
Fund
Portfolio
of
Investments
(Continued)
March
31,
2026
Aravis
Biotech
II,
Limited
Partnership
BUSINESS
DEVELOPMENT
COMPANIES
—
1.3%
Sh
ar
e
s
F
air
V
alu
e
Monroe
Capital
Corp.
257,436
$
1,184,206
Total
Business
Development
Companies
(Cost $1,831,713)
1,184,206
LIMITED
PARTNERSHIPS
—
0.5%
U
n
i
t
s
Biotechnology
—
0.5%
Aravis
Biotech
II,
Limited
Partnership(a)(b)(c)
3,294,705
443,829
Total
Limited
Partnerships
(Cost $275,363)
443,829
SHORT-TERM
INVESTMENTS
—
11.3%
Sh
ar
e
s
MONEY
MARKET
FUNDS
—
11.3%
Fidelity
Institutional
Money
Market
Government
Portfolio
-
Class
I,
3.53%(d)
5,242,690
5,242,690
Invesco
Treasury
Portfolio
-
Institutional
Class,
3.56%(d)
5,242,690
5,242,690
Total
Money
Market
Funds
(Cost
$10,485,380)
10,485,380
TOTAL
INVESTMENTS
—
98.3%
(Cost
$83,420,723
)
90,968,768
Money
Market
Deposit
Account
—
0.3%
(e)
291,155
Other
Assets
in
Excess
of
Liabilities —
1.7%
1,578,874
TOTAL
NET
ASSETS
—
100.0%
$
92,547,642
Percentages
are
stated
as
a
percent
of
net
assets.
(a)
Non-income
producing
security.
(b)
Fair
value
determined
using
significant
unobservable
inputs
in
accordance
with
procedures
established
by
and
under
the
supervision
of
the
Board
of
Directors.
These
securities
represented
$509,117
or
0.6%
of
net
assets
as
of
March
31,
2026.
(c)
Affiliated
Security
as
defined
by
the
Investment
Company
Act
of
1940.
(d)
The
rate
shown
represents
the
7-day
annualized
effective
yield
as
of
March
31,
2026.
(e)
The
U.S.
Bank
Money
Market
Deposit
Account
(the
“MMDA”)
is
a
short-term
vehicle
in
which
the
Fund
holds
cash
balances.
The
MMDA
will
bear
interest
at
a
variable
rate
that
is
determined
based
on
market
conditions
and
is
subject
to
change
daily.
The
rate
as
of
March
31,
2026
was
2.56%.