Shares
Market
Value
SECURITIES
SOLD
SHORT
—
(7.5)%
Aerospace
—
(0.2)%
1,300
The
Boeing
Co.
.............................
$
280,579
Energy
and
Utilities
—
(0.3)%
2,500
Chevron
Corp.
.............................
388,225
Financial
Services
—
(4.8)%
11,700
Atlantic
Union
Bankshares
Corp.
...........
412,893
26,498
Capital
One
Financial
Corp.
................
5,632,945
25,000
Renasant
Corp.
............................
922,250
6,968,088
Food
and
Beverage
—
(0.3)%
58,000
Amcor
plc
..................................
474,440
Metals
and
Mining
—
(1.5)%
178,500
First
Majestic
Silver
Corp.
..................
2,193,765
Paper
and
Forest
Products
—
(0.4)%
10,280
International
Paper
Co.
....................
476,992
TOTAL
SECURITIES
SOLD
SHORT
(Proceeds
received
$9,015,388)(c)
......
$
10,782,089
(a)
Security
is
valued
using
significant
unobservable
inputs
and
is
classified
as
Level
3
in
the
fair
value
hierarchy.
(b)
At
September
30,
2025,
$1,000,000
of
the
principal
amount
was
reserved
and/or
pledged
with
the
custodian
for
securities
sold
short
and
forward
foreign
exchange
contracts.
(c)
At
September
30,
2025,
these
proceeds
are
being
held
at
Pershing
LLC.
†
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
Long
Positions
North
America
......................
89.3
%
$
138,510,738
Europe
..............................
7.7
11,964,171
Asia/Pacific
.........................
2.3
3,545,980
Latin
America
.......................
0.7
1,084,751
Total
Investments
—
Long
Positions
100.0%
$
155,105,640
Short
Positions
North
America
......................
(6.6)
%
$
(10,307,649)
Latin
America
.......................
(0.3)
(474,440)
Total
Investments
—
Short
Positions
(6.9)%
$
(10,782,089)
As
of
September
30,
2025,
forward
foreign
exchange
contracts
outstanding
were
as
follows:
Currency
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation
USD
3,663,166
EUR
3,100,000
State
Street
Bank
and
Trust
Co.
10/31/25
$
16,527
USD
1,521,601
CAD
2,100,000
State
Street
Bank
and
Trust
Co.
10/31/25
10,264
TOTAL
FORWARD
FOREIGN
EXCHANGE
CONTRACTS
$
26,791