Shares
Market
Value
CLOSED-END
FUNDS
—
0.0
%
8,000
Altaba
Inc.,
Escrow
†
...............
$
10,800
PREFERRED
STOCKS
—
0
.1
%
DISTRIBUTION
COMPANIES
—
0
.1
%
Broadcasting
—
0
.1
%
6,000
Liberty
Broadband
Corp.
,
Ser.
A
,
7.000
%
.
149,160
WARRANTS
—
0.0
%
DISTRIBUTION
COMPANIES
—
0.0
%
Real
Estate
—
0.0
%
600
Malaysian
Resources
Corp.
Berhad
,
expire
10/29/27
†
.....................
7
Wireless
Communications
—
0.0
%
194,529
Jasmine
International
PCL
,
expire
10/10/31
†
.....................
2,341
TOTAL
DISTRIBUTION
COMPANIES
....
2,348
TOTAL
WARRANTS
................
2,348
Principal
Amount
U.S.
GOVERNMENT
OBLIGATIONS
—
5
.7
%
$
12,659,000
U.S.
Treasury
Bills,
3.786
%
to
4.289
%
††
,
10/23/25
to
03/19/26
......................
12,577,790
TOTAL
INVESTMENTS
—
100
.0
%
.....
(Cost
$
161,092,206
)
.............
$
218,982,526
(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
GDR
Global
Depositary
Receipt
REIT
Real
Estate
Investment
Trust
Geographic
Diversification
%
of
Total
Investments
Market
Value
North
America
......................
69
.0
%
$
151,063,206
Europe
..............................
14
.0
30,681,255
Japan
...............................
10
.1
22,002,958
Latin
America
.......................
3
.1
6,785,113
Asia/Pacific
.........................
1
.9
4,218,870
South
Africa
.........................
1
.9
4,163,238
Africa/Middle
East
...................
0.0
*
67,886
Total
Investments
...................
100.0%
$
218,982,526
*
Amount
represents
less
than
0.05%.