The

Gabelli

Global

Utility

Income

Trust

Schedule

Investments

—

September

30,

2025

(Unaudited)

Market

Value

COMMON

STOCKS

—

97.8%

ENERGY

AND

UTILITIES

—

50.7%

Aerospace

—

0.0%

U.S.

Companies

4,000‌

Redwire

Corp.†

........................

35,960‌

Alternative

Energy

—

0.7%

Non

U.S.

Companies

750‌

Brookfield

Renewable

Corp.

.............

25,815‌

U.S.

Companies

7,000‌

Ormat

Technologies

Inc.

................

673,750‌

19,250‌

XPLR

Infrastructure

.................

195,772‌

895,337‌

Diversified

Industrial

—

2.5%

Non

U.S.

Companies

21,800‌

Bouygues

..........................

980,773‌

17,700‌

Jardine

Matheson

Holdings

Ltd.

.........

1,115,100‌

U.S.

Companies

200‌

Chart

Industries

Inc.†

...................

40,030‌

24,500‌

Flowserve

Corp.

........................

1,301,930‌

3,437,833‌

Electric

Transmission

and

Distribution

—

2.6%

Non

U.S.

Companies

154,000‌

Algonquin

Power

Utilities

Corp.

........

826,980‌

1,300‌

Boralex

Inc.,

Cl. A

......................

25,380‌

28,000‌

Enel

Chile

SA,

ADR

.....................

108,920‌

9,000‌

Fortis

Inc.

.............................

456,499‌

650‌

Fortis

Inc.,

New

York

....................

32,981‌

18,000‌

Redeia

Corp.

........................

347,425‌

U.S.

Companies

500‌

CenterPoint

Energy

Inc.

.................

19,400‌

1,200‌

Consolidated

Edison

Inc.

................

120,624‌

700‌

Sempra

...............................

62,986‌

5,500‌

Unitil

Corp.

............................

263,230‌

10,500‌

WEC

Energy

Group

Inc.

.................

1,203,195‌

3,467,620‌

Energy

and

Utilities:

Integrated

—

26.1%

Non

U.S.

Companies

140,000‌

A2A

SpA

..............................

366,045‌

500‌

Acciona

............................

100,323‌

2,000‌

E.ON

...............................

37,605‌

14,000‌

E.ON

SE,

ADR

..........................

265,160‌

17,615‌

EDP

................................

83,489‌

9,000‌

EDP

SA,

ADR

..........................

427,590‌

13,800‌

Electric

Power

Development

Co.

Ltd.

.....

258,905‌

33,800‌

Emera

Inc.

.............................

1,621,633‌

10,000‌

Endesa

.............................

319,459‌

157,000‌

Enel

SpA

..............................

1,486,772‌

4,000‌

Eni

SpA

...............................

69,814‌

Market

Value

7,000‌

Eni

SpA,

ADR

..........................

244,650‌

225,000‌

Hera

SpA

..............................

1,011,738‌

15,000‌

Hokkaido

Electric

Power

Co.

Inc.

.........

109,950‌

20,000‌

Hokuriku

Electric

Power

Co.

.............

114,332‌

115,100‌

Iberdrola

...........................

2,176,319‌

35,000‌

Korea

Electric

Power

Corp.,

ADR

.........

456,750‌

21,500‌

Kyushu

Electric

Power

Co.

Inc.

..........

215,094‌

12,000‌

Shikoku

Electric

Power

Co.

Inc.

..........

106,705‌

10,000‌

The

Chugoku

Electric

Power

Co.

Inc.

.....

57,024‌

14,000‌

The

Kansai

Electric

Power

Co.

Inc.

.......

200,554‌

10,000‌

Tohoku

Electric

Power

Co.

Inc.

...........

72,759‌

1,800‌

Verbund

............................

130,813‌

U.S.

Companies

600‌

ALLETE

Inc.

...........................

39,840‌

600‌

Alliant

Energy

Corp.

....................

40,446‌

16,700‌

Ameren

Corp.

..........................

1,743,146‌

19,400‌

American

Electric

Power

Co.

Inc.

.........

2,182,500‌

21,500‌

Avista

Corp.

...........................

812,915‌

600‌

Black

Hills

Corp.

........................

36,954‌

9,500‌

Dominion

Energy

Inc.

...................

581,115‌

1,000‌

DTE

Energy

Co.

........................

141,430‌

8,950‌

Duke

Energy

Corp.

.....................

1,107,562‌

600‌

Entergy

Corp.

..........................

55,914‌

15,500‌

Evergy

Inc.

............................

1,178,310‌

17,700‌

Eversource

Energy

......................

1,259,178‌

380,000‌

Gulf

Coast

Ultra

Deep

Royalty

Trust†

.....

12,388‌

10,000‌

Hawaiian

Electric

Industries

Inc.†

........

110,400‌

7,200‌

MGE

Energy

Inc.

.......................

606,096‌

19,080‌

NextEra

Energy

Inc.

.....................

1,440,349‌

35,500‌

NiSource

Inc.

..........................

1,537,150‌

11,000‌

Northwestern

Energy

Group

Inc.

.........

644,710‌

2,000‌

NRG

Energy

Inc.

.......................

323,900‌

34,000‌

OGE

Energy

Corp.

......................

1,573,180‌

10,000‌

Otter

Tail

Corp.

.........................

819,700‌

13,500‌

PG&E

Corp.

............................

203,580‌

13,700‌

Pinnacle

West

Capital

Corp.

.............

1,228,342‌

39,500‌

Portland

General

Electric

Co.

............

1,738,000‌

9,900‌

PPL

Corp.

.............................

367,884‌

14,500‌

Public

Service

Enterprise

Group

Inc.

.....

1,210,170‌

16,650‌

The

Southern

Co.

.......................

1,577,921‌

23,000‌

TXNM

Energy

Inc.

......................

1,300,650‌

18,000‌

Xcel

Energy

Inc.

........................

1,451,700‌

35,258,913‌

Environmental

Services

—

0.4%

Non

U.S.

Companies

13,800‌

Veolia

Environnement

................

469,531‌

Independent

Power

Producers

and

Energy

Traders

—

2.1%

Non

U.S.

Companies

10,000‌

Chubu

Electric

Power

Co.

Inc.

...........

139,196‌

The

Gabelli

Global

Utility

Income

Trust

Schedule

Investments

(Continued)

—

September

30,

2025

(Unaudited)

Market

Value

COMMON

STOCKS

(Continued)

ENERGY

AND

UTILITIES

(Continued)

Independent

Power

Producers

and

Energy

Traders

(Continued)

Non

U.S.

Companies

(Continued)

152,000‌

Datang

International

Power

Generation

Co.

Ltd.,

Cl. H

...........................

43,752‌

560,000‌

Huaneng

Power

International

Inc.,

Cl. H

390,031‌

2,700‌

RWE

...............................

119,887‌

U.S.

Companies

110,000‌

The

AES

Corp.

.........................

1,447,600‌

3,600‌

Vistra

Corp.

............................

705,312‌

2,845,778‌

Natural

Gas

Integrated

—

5.0%

Non

U.S.

Companies

80,000‌

Snam

SpA

.............................

480,703‌

900‌

Energy

Corp.

........................

48,969‌

U.S.

Companies

500‌

Midstream

Inc.

......................

56,530‌

27,500‌

Kinder

Morgan

Inc.

.....................

778,525‌

55,700‌

National

Fuel

Gas

Co.

...................

5,145,009‌

4,000‌

ONEOK

Inc.

............................

291,880‌

6,801,616‌

Natural

Gas

Utilities

—

4.4%

Non

U.S.

Companies

1,000‌

Engie

..............................

21,432‌

9,500‌

Engie

SA,

ADR

.........................

204,630‌

20,000‌

Italgas

SpA

............................

183,974‌

100,730‌

National

Grid

plc

.......................

1,446,161‌

1,500‌

National

Grid

plc,

ADR

..................

109,005‌

U.S.

Companies

5,500‌

Atmos

Energy

Corp.

....................

939,125‌

1,200‌

Chesapeake

Utilities

Corp.

...............

161,628‌

12,500‌

MDU

Resources

Group

Inc.

.............

222,625‌

1,000‌

ONE

Gas

Inc.

..........................

80,940‌

10,000‌

RGC

Resources

Inc.

....................

224,400‌

17,000‌

Southwest

Gas

Holdings

Inc.

............

1,331,780‌

2,000‌

Spire

Inc.

..............................

163,040‌

24,200‌

UGI

Corp.

..............................

804,892‌

5,893,632‌

Natural

Resources

—

1.2%

Non

U.S.

Companies

14,000‌

Cameco

Corp.

..........................

1,174,040‌

100‌

Linde

plc

..............................

47,500‌

U.S.

Companies

6,800‌

APA

Corp.

.............................

165,104‌

1,800‌

Diamondback

Energy

Inc.

...............

257,580‌

1,644,224‌

Market

Value

Oil

—

1.1%

Non

U.S.

Companies

13,500‌

plc,

ADR

...........................

465,210‌

10,000‌

Petroleo

Brasileiro

Petrobras,

ADR

126,600‌

16,000‌

PrairieSky

Royalty

Ltd.

..................

296,846‌

7,200‌

Shell

plc,

ADR

.........................

515,016‌

U.S.

Companies

1,000‌

ConocoPhillips

.........................

94,590‌

1,498,262‌

Services

—

2.8%

Non

U.S.

Companies

27,000‌

ABB

Ltd.,

ADR

.........................

1,942,650‌

23,000‌

Enbridge

Inc.

..........................

1,160,580‌

180‌

South

Bow

Corp.

.......................

5,092‌

U.S.

Companies

20,000‌

Halliburton

Co.

.........................

492,000‌

8,000‌

Innovex

International

Inc.†

..............

148,320‌

3,748,642‌

Water

—

1.8%

Non

U.S.

Companies

2,500‌

Cia

Saneamento

Basico

Estado

Sao

Paulo

SABESP,

ADR

..............

62,225‌

4,700‌

Consolidated

Water

Co.

Ltd.

.............

165,816‌

40,000‌

Fluence

Corp.

Ltd.†

.....................

1,668‌

30,000‌

Severn

Trent

plc

........................

1,044,180‌

35,000‌

United

Utilities

Group

plc

................

539,675‌

U.S.

Companies

500‌

Artesian

Resources

Corp.,

Cl. A

..........

16,297‌

5,000‌

California

Water

Service

Group

..........

229,450‌

6,500‌

Essential

Utilities

Inc.

...................

259,350‌

1,200‌

H2O

America

..........................

58,440‌

1,000‌

Middlesex

Water

Co.

....................

54,120‌

2,431,221‌

TOTAL

ENERGY

AND

UTILITIES

.......

68,428,569‌

..............................................................................

OTHER

—

29.1%

Aerospace

—

2.5%

Non

U.S.

Companies

100,000‌

Rolls-Royce

Holdings

plc

...............

1,600,431‌

U.S.

Companies

9,200‌

AAR

Corp.†

............................

824,964‌

3,000‌

General

Electric

Co.

.....................

902,460‌

3,327,855‌

Automotive

—

1.3%

Non

U.S.

Companies

350‌

Ferrari

.............................

169,827‌

27,000‌

Iveco

Group

........................

581,841‌

32,000‌

Traton

..............................

1,024,899‌

The

Gabelli

Global

Utility

Income

Trust

Schedule

Investments

(Continued)

—

September

30,

2025

(Unaudited)

Market

Value

COMMON

STOCKS

(Continued)

OTHER

(Continued)

Automotive

(Continued)

U.S.

Companies

500‌

General

Motors

Co.

.....................

30,485‌

1,807,052‌

Broadline

Retail

—

0.8%

Non

U.S.

Companies

1,500‌

Naspers

Ltd.,

Cl. N

.....................

543,256‌

7,500‌

Prosus

.............................

527,794‌

1,071,050‌

Building

and

Construction

—

2.8%

Non

U.S.

Companies

2,000‌

Amrize

Ltd.†

...........................

96,451‌

1,000‌

CRH

plc

...............................

119,900‌

500‌

Holcim

.............................

42,296‌

1,400‌

Sika

...............................

311,463‌

U.S.

Companies

1,200‌

Arcosa

Inc.

............................

112,452‌

23,300‌

AZZ

Inc.

...............................

2,542,729‌

3,125‌

Everus

Construction

Group

Inc.†

.........

267,969‌

1,000‌

Herc

Holdings

Inc.

......................

116,660‌

2,500‌

Knife

River

Corp.†

......................

192,175‌

3,802,095‌

Computer

Hardware

—

0.0%

U.S.

Companies

300‌

Dell

Technologies

Inc.,

Cl. C

.............

42,531‌

Computer

Software

and

Services

—

0.2%

Non

U.S.

Companies

550‌

Check

Point

Software

Technologies

Ltd.†

113,800‌

U.S.

Companies

150‌

Global

Payments

Inc.

...................

12,462‌

2,100‌

Kyndryl

Holdings

Inc.†

..................

63,063‌

3,800‌

N-able

Inc.†

...........................

29,640‌

120‌

Oracle

Corp.

...........................

33,749‌

252,714‌

Consumer

Products

—

0.3%

Non

U.S.

Companies

15,000‌

Essity

AB,

Cl. B

.........................

391,634‌

3,000‌

Salvatore

Ferragamo

SpA†

..............

18,844‌

410,478‌

Consumer

Services

—

0.4%

U.S.

Companies

23,000‌

Matthews

International

Corp.,

Cl. A

.......

558,440‌

Market

Value

Diversified

Industrial

—

1.1%

Non

U.S.

Companies

1,750‌

Accelleron

Industries

AG,

ADR

...........

146,790‌

1,300‌

Velan

Inc.

..............................

14,572‌

5,500‌

Vestas

Wind

Systems

A/S

...............

103,633‌

U.S.

Companies

500‌

Corning

Inc.

...........................

41,015‌

4,000‌

GATX

Corp.

............................

699,200‌

17,000‌

Trinity

Industries

Inc.

...................

476,680‌

1,481,890‌

Electronics

—

3.2%

Non

U.S.

Companies

40,000‌

Kyocera

Corp.

..........................

538,121‌

9,600‌

Landis+Gyr

Group

...................

774,223‌

1,000‌

Signify

.............................

26,181‌

98,000‌

Sony

Group

Corp.,

ADR

.................

2,821,420‌

U.S.

Companies

300‌

Badger

Meter

Inc.

......................

53,574‌

2,817‌

Kimball

Electronics

Inc.†

................

84,115‌

1,000‌

Proto

Labs

Inc.†

.......................

50,030‌

4,347,664‌

Financial

Services

—

5.7%

Non

U.S.

Companies

1,125‌

Brookfield

Asset

Management

Ltd.,

Cl. A

64,057‌

4,500‌

Brookfield

Corp.

........................

308,610‌

52,200‌

Commerzbank

......................

1,966,649‌

10,000‌

Janus

Henderson

Group

plc

.............

445,100‌

2,500‌

Kinnevik

AB,

Cl. A†

.....................

22,359‌

135,000‌

Orascom

Financial

Holding

SAE†

.........

1,828‌

100,000‌

Resona

Holdings

Inc.

...................

1,021,402‌

19,600‌

Sony

Financial

Group

Inc.,

ADR†

.........

108,584‌

26,500‌

UBS

Group

.........................

1,086,500‌

18,000‌

UBS

Group

.........................

735,105‌

U.S.

Companies

400‌

Bank

America

Corp.

..................

20,636‌

15,000‌

The

Bank

New

York

Mellon

Corp.

......

1,634,400‌

300‌

The

Goldman

Sachs

Group

Inc.

..........

238,905‌

7,654,135‌

Food

and

Beverage

—

5.0%

Non

U.S.

Companies

100‌

Chocoladefabriken

Lindt

Spruengli

1,527,542‌

35,000‌

Davide

Campari-Milano

..............

220,663‌

7,000‌

Diageo

plc,

ADR

........................

668,010‌

5,400‌

Fomento

Economico

Mexicano

SAB

CV,

ADR

................................

532,602‌

6,000‌

Heineken

...........................

467,882‌

500‌

Kerry

Group

plc,

Cl. A

...................

45,201‌

20,000‌

Kikkoman

Corp.

........................

169,726‌

44,000‌

Maple

Leaf

Foods

Inc.

..................

1,138,493‌

The

Gabelli

Global

Utility

Income

Trust

Schedule

Investments

(Continued)

—

September

30,

2025

(Unaudited)

Market

Value

COMMON

STOCKS

(Continued)

OTHER

(Continued)

Food

and

Beverage

(Continued)

Non

U.S.

Companies

(Continued)

9,500‌

Nestlé

..............................

872,012‌

2,000‌

Pernod

Ricard

......................

196,160‌

1,500‌

Remy

Cointreau

.....................

80,974‌

11,000‌

Yakult

Honsha

Co.

Ltd.

..................

179,373‌

U.S.

Companies

10,000‌

McCormick

Co.

Inc.,

Non-Voting

.......

669,100‌

6,767,738‌

Health

Care

—

0.5%

U.S.

Companies

26,000‌

Pfizer

Inc.

.............................

662,480‌

Hotels

and

Gaming

—

0.8%

Non

U.S.

Companies

150,000‌

Genting

Singapore

Ltd.

.................

85,469‌

335,000‌

Mandarin

Oriental

International

Ltd.

......

787,250‌

350,000‌

The

Hongkong

Shanghai

Hotels

Ltd.†

262,659‌

1,135,378‌

Machinery

—

1.6%

Non

U.S.

Companies

154,500‌

CNH

Industrial

......................

1,676,325‌

U.S.

Companies

32,500‌

Twin

Disc

Inc.

..........................

453,050‌

2,129,375‌

Metals

and

Mining

—

0.4%

U.S.

Companies

14,500‌

Freeport-McMoRan

Inc.

.................

568,690‌

Semiconductors

—

0.8%

Non

U.S.

Companies

3,000‌

First

Sensor

........................

191,605‌

1,873‌

GLOBALFOUNDRIES

Inc.†

..............

67,128‌

600‌

NXP

Semiconductors

................

136,638‌

U.S.

Companies

1,500‌

Advanced

Micro

Devices

Inc.†

...........

242,685‌

800‌

Axcelis

Technologies

Inc.†

..............

78,112‌

890‌

Broadcom

Inc.

.........................

293,620‌

2,640‌

SkyWater

Technology

Inc.†

..............

49,262‌

400‌

SolarEdge

Technologies

Inc.†

............

14,800‌

50‌

Texas

Instruments

Inc.

..................

9,187‌

100‌

Universal

Display

Corp.

.................

14,363‌

1,097,400‌

Specialty

Chemicals

—

1.7%

Non

U.S.

Companies

1,800‌

Axalta

Coating

Systems

Ltd.†

............

51,516‌

Market

Value

500‌

Givaudan

...........................

2,030,023‌

U.S.

Companies

2,000‌

Rogers

Corp.†

.........................

160,920‌

2,242,459‌

TOTAL

OTHER

....................

39,359,424‌

..............................................................................

COMMUNICATION

SERVICES

—

18.0%

Cable

and

Satellite

—

2.8%

Non

U.S.

Companies

13,000‌

Cogeco

Inc.

............................

564,856‌

170,500‌

Grupo

Televisa

SAB,

ADR

...............

458,645‌

70,000‌

ITV

plc

................................

75,267‌

55,000‌

Liberty

Latin

America

Ltd.,

Cl. A†

........

455,950‌

3,632‌

Liberty

Latin

America

Ltd.,

Cl. C†

........

30,654‌

42,000‌

Rogers

Communications

Inc.,

Cl. B

.......

1,447,740‌

U.S.

Companies

200‌

Charter

Communications

Inc.,

Cl. A†

.....

55,021‌

14,500‌

Comcast

Corp.,

Cl. A

....................

455,590‌

3,000‌

EchoStar

Corp.,

Cl. A†

..................

229,080‌

400‌

Liberty

Broadband

Corp.,

Cl. B†

..........

28,706‌

3,801,509‌

Entertainment

—

1.8%

Non

U.S.

Companies

38,000‌

JCDecaux

..........................

681,254‌

24,000‌

Manchester

United

plc,

Cl. A†

...........

363,360‌

41,000‌

Ollamani

SAB†

.........................

122,910‌

U.S.

Companies

18,000‌

Fox

Corp.,

Cl. B

........................

1,031,220‌

10,000‌

Warner

Bros

Discovery

Inc.†

............

195,300‌

2,394,044‌

Telecommunication

Services

—

8.6%

Non

U.S.

Companies

32,000‌

BCE

Inc.

...............................

748,480‌

103,000‌

Group

plc,

Cl. A

.....................

264,790‌

18,000‌

Deutsche

Telekom

...................

613,065‌

48,000‌

Deutsche

Telekom

AG,

ADR

.............

1,639,200‌

17,500‌

Eurotelesites

AG†

......................

101,086‌

11,000‌

Itissalat

Al-Maghrib

.....................

145,934‌

445,000‌

Koninklijke

KPN

.....................

2,135,262‌

31,000‌

Liberty

Global

Ltd.,

Cl. A†

...............

355,260‌

5,000‌

Orange

SA,

ADR

........................

81,150‌

60,000‌

Pharol

SGPS

SA†

......................

4,424‌

18,000‌

Proximus

...........................

157,229‌

6,000‌

Sunrise

Communications

AG,

Cl. A

.......

354,400‌

1,100‌

Swisscom

..........................

798,003‌

400,000‌

Telecom

Italia

SpA†

.....................

209,122‌

17,000‌

Telefonica

Brasil

SA,

ADR

...............

216,750‌

230,000‌

Telefonica

Deutschland

Holding

AG†

.....

563,286‌

80,000‌

Telefonica

SA,

ADR

.....................

406,400‌

The

Gabelli

Global

Utility

Income

Trust

Schedule

Investments

(Continued)

—

September

30,

2025

(Unaudited)

Market

Value

COMMON

STOCKS

(Continued)

COMMUNICATION

SERVICES

(Continued)

Telecommunication

Services

(Continued)

Non

U.S.

Companies

(Continued)

70,000‌

Telekom

Austria

.....................

747,870‌

44,500‌

Telesat

Corp.†

..........................

1,179,250‌

5,000‌

TELUS

Corp.

...........................

78,752‌

U.S.

Companies

8,500‌

Anterix

Inc.†

...........................

182,495‌

4,000‌

AT&T

Inc.

..............................

112,960‌

1,000‌

Cisco

Systems

Inc.

.....................

68,420‌

100‌

Motorola

Solutions

Inc.

.................

45,729‌

10,430‌

Shenandoah

Telecommunications

Co.

....

139,971‌

7,500‌

Verizon

Communications

Inc.

............

329,625‌

11,678,913‌

Wireless

Telecommunication

Services

—

4.8%

Non

U.S.

Companies

3,000‌

America

Movil

SAB

CV,

ADR

..........

63,000‌

5,000‌

Infrastrutture

Wireless

Italiane

SpA

.......

58,761‌

27,000‌

Millicom

International

Cellular

........

1,310,580‌

75,000‌

Orange

Belgium

SA†

....................

1,673,021‌

27,000‌

Orascom

Investment

Holding,

GDR†(a)

...

378‌

5,400‌

Telecom

Co.

Ltd.,

ADR

...............

116,640‌

28,000‌

Turkcell

Iletisim

Hizmetleri

A/S,

ADR

.....

168,560‌

10,000‌

VEON

Ltd.,

ADR†

.......................

544,300‌

115,000‌

Vodafone

Group

plc,

ADR

...............

1,334,000‌

U.S.

Companies

9,500‌

Array

Digital

Infrastructure

Inc.

..........

475,095‌

14,500‌

Telephone

and

Data

Systems

Inc.

........

568,980‌

700‌

T-Mobile

Inc.

.......................

167,566‌

1,600‌

Vimeo

Inc.†

............................

12,400‌

6,493,281‌

TOTAL

COMMUNICATION

SERVICES

...

24,367,747‌

..............................................................................

COMMUNICATIONS

—

0.0%

Cable

and

Satellite

—

0.0%

U.S.

Companies

53‌

GCI

Liberty

Inc.,

Cl. B†

..................

1,935‌

..............................................................................

TOTAL

COMMON

STOCKS

...........

132,157,675‌

CLOSED-END

FUNDS

—

0.0%

10,000‌

Altaba

Inc.,

Escrow†

....................

13,500‌

..............................................................................

Market

Value

WARRANTS

—

0.0%

ENERGY

AND

UTILITIES

—

0.0%

Natural

Resources

—

0.0%

U.S.

Companies

1,500‌

Occidental

Petroleum

Corp.,

expire

08/03/27†

...........................

38,250‌

..............................................................................

OTHER

—

0.0%

Diversified

Industrial

—

0.0%

Non

U.S.

Companies

1,250‌

SDCL

EDGE

Acquisition

Corp.,

expire

12/31/28†

...........................

37‌

..............................................................................

TOTAL

WARRANTS

.................

38,287‌

Principal

Amount

U.S.

GOVERNMENT

OBLIGATIONS

—

2.2%

2,950,000‌

U.S.

Treasury

Bills,

3.967%

4.289%††,

10/23/25

12/04/25

............................

2,936,348‌

..............................................................................

TOTAL

INVESTMENTS

—

100.0%

(Cost

$83,363,409)

.....................

135,145,810‌

(a)

Security

valued

using

significant

unobservable

inputs

and

classified

Level

the

fair

value

hierarchy.

†

Non-income

producing

security.

††

Represents

annualized

yields

dates

purchase.

ADR

American

Depositary

Receipt

GDR

Global

Depositary

Receipt

Geographic

Diversification

Total

Investments

Market

Value

North

America

......................

55.3‌

74,682,816‌

Europe

..............................

35.5‌

47,999,034‌

Japan

...............................

4.5‌

6,113,145‌

Asia/Pacific

.........................

2.4‌

3,257,651‌

Latin

America

.......................

1.8‌

2,401,767‌

South

Africa

.........................

0.4‌

543,256‌

Africa/Middle

East

...................

0.1‌

148,141‌

Total

Investments

...................

100.0‌%

135,145,810‌