Shares
Market
Value
COMMON STOCKS (Continued)
COMMUNICATIONS (Continued)
Telecommunications (Continued)
5,200
T-Mobile US Inc.
..................
$ 1,386,892
10,000
VEON Ltd., ADR†
.................
436,100
35,800
Verizon Communications Inc.
.........
1,623,888
22,847,093
Wireless Communications — 1.8%
5,000
America Movil SAB de CV, ADR
.......
71,100
25,900
Anterix Inc.†
.....................
947,940
1,200
Operadora De Sites Mexicanos SAB de CV
853
2,300
SK Telecom Co. Ltd., ADR
...........
48,898
400
SmarTone Telecommunications Holdings
Ltd.
.........................
222
60,000
Turkcell Iletisim Hizmetleri A/S, ADR
....
373,200
32,200
United States Cellular Corp.†
.........
2,226,630
230,000
Vodafone Group plc, ADR
...........
2,155,100
5,823,943
TOTAL COMMUNICATIONS
.........
32,635,312
OTHER — 3.0%
Automotive — 0.2%
275
Ducommun Inc.†
.................
15,958
45,000
Iveco Group NV
..................
733,284
749,242
Building and Construction — 0.1%
2,500
Everus Construction Group Inc.†
......
92,725
305
Gibraltar Industries Inc.†
............
17,891
2,500
Knife River Corp.†
.................
225,525
336,141
Diversified Industrial — 0.1%
1,200
Accelleron Industries AG, ADR
........
55,080
200
Arcosa Inc.
......................
15,424
166
ITT Inc.
........................
21,441
1,936
L.B. Foster Co., Cl. A†
..............
38,100
1,000
Matthews International Corp., Cl. A
.....
22,240
11,200
Trinity Industries Inc.
...............
314,272
466,557
Electronics — 0.6%
1,200
Allient Inc.
......................
26,376
2,000
Keysight Technologies Inc.†
..........
299,540
567
Resideo Technologies Inc.†
..........
10,036
64,000
Sony Group Corp., ADR
.............
1,624,960
1,960,912
Financial Services — 0.0%
150,000
GAM Holding AG†
.................
15,090
6,500
Kinnevik AB, Cl. B
.................
45,550
60,640
Shares
Market
Value
Machinery — 0.9%
212,000
CNH Industrial NV
.................
$ 2,603,360
936
Flowserve Corp.
..................
45,714
300
Medmix AG
.....................
3,527
1,686
Mueller Water Products Inc., Cl. A
.....
42,858
1,250
Xylem Inc.
......................
149,325
2,844,784
Specialty Chemicals — 0.1%
200
Air Products and Chemicals Inc.
.......
58,984
250
Linde plc
.......................
116,410
175,394
Transportation — 1.0%
21,000
GATX Corp.
.....................
3,260,670
TOTAL OTHER
.................
9,854,340
WIRELESS COMMUNICATIONS — 0.9%
Wireless Communications — 0.9%
103,000
Millicom International Cellular SA
......
3,117,810
TOTAL COMMON STOCKS
.........
298,895,788
WARRANTS — 0.0%
OTHER — 0.0%
Financial Services — 0.0%
7,500
SDCL EDGE Acquisition Corp., expire
12/31/28†
.....................
225
Principal
Amount
U.S. GOVERNMENT OBLIGATIONS — 9.3%
$ 30,805,000
U.S. Treasury Bills,
4.223% to 4.263%††, 04/22/25 to
06/26/25
......................
30,684,267
TOTAL INVESTMENTS — 100.0%
....
(Cost $247,995,299)
.............
$ 329,580,280
(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