Shares
Market
Value
COMMON
STOCKS
—
99.0%
COMMUNICATION
SERVICES
—
75.1%
Telecommunication
Services
—
44.8%
Wireless
Telecommunication
Services
—
30.6%
Wireless
Telecommunication
Services
—
30.6%
35,000
America
Movil
SAB
de
CV,
ADR
..................
$
606,200
45,000
Anterix
Inc.†
.............................................
1,412,100
17,000
KDDI
Corp.
................................................
520,670
85,000
Millicom
International
Cellular
SA,
SDR†
....
1,320,643
100,000
MTN
Group
Ltd.
........................................
596,025
27,000
Rogers
Communications
Inc.,
Cl. B
............
1,036,530
165,000
Sistema
PJSC
FC,
GDR†(a)
........................
82,500
80,000
SoftBank
Group
Corp.
................................
3,391,328
40,000
T-Mobile
US
Inc.†
......................................
5,602,000
30,000
United
States
Cellular
Corp.†
.....................
1,289,100
70,000
Vodafone
Group
plc,
ADR
..........................
663,600
16,520,696
Diversified
Telecommunication
Services
—
14.2%
Integrated
Telecommunication
Services
—
13.3%
45,000
AT&T
Inc.
..................................................
675,900
37,415,054
Cable
&
Wireless
Jamaica
Ltd.†(a)
.............
280,542
90,000
Deutsche
Telekom
AG
................................
1,890,490
55,000
Frontier
Communications
Parent
Inc.†
.......
860,750
32,000
Telenor
ASA
..............................................
363,478
100,000
Telephone
and
Data
Systems
Inc.
...............
1,831,000
35,000
TELUS
Corp.
.............................................
571,900
23,000
Verizon
Communications
Inc.
....................
745,430
7,219,490
Alternative
Carriers
—
0.9%
33,000
Telesat
Corp.†
...........................................
471,900
Media
&
Entertainment
—
30.3%
Interactive
Media
&
Services
—
16.3%
Interactive
Media
&
Services
—
16.3%
36,000
Alphabet
Inc.,
Cl. C†
..................................
4,746,600
13,500
Meta
Platforms
Inc.,
Cl. A†
........................
4,052,835
8,799,435
Media
—
7.2%
Cable
&
Satellite
—
7.2%
51,000
Comcast
Corp.,
Cl. A
.................................
2,261,340
52,000
Liberty
Global
plc,
Cl. C†
...........................
965,120
85,000
WideOpenWest
Inc.†
.................................
650,250
3,876,710
Entertainment
—
6.8%
Movies
&
Entertainment
—
6.8%
13,000
Atlanta
Braves
Holdings
Inc.,
Cl. C†
...........
464,490
200,000
Bollore
SE
.................................................
1,076,281
58,000
Manchester
United
plc,
Cl. A†
....................
1,147,820
1,000
Netflix
Inc.†
...............................................
377,600
Shares
Market
Value
7,500
The
Walt
Disney
Co.†
................................
$
607,875
3,674,066
TOTAL
COMMUNICATION
SERVICES
......
40,562,297
INFORMATION
TECHNOLOGY
—
9.3%
Software
&
Services
—
6.0%
Software
—
3.5%
Systems
Software
—
3.5%
6,000
Microsoft
Corp.
.........................................
1,894,500
IT
Services
—
2.5%
Data
Processing
&
Outsourced
Services
—
2.5%
2,000
Mastercard
Inc.,
Cl. A
................................
791,820
9,500
PayPal
Holdings
Inc.†
................................
555,370
1,347,190
Technology
Hardware
&
Equipment
—
3.3%
Technology
Hardware,
Storage
&
Peripherals
—
2.1%
Technology
Hardware,
Storage
&
Peripherals
—
2.1%
6,500
Apple
Inc.
.................................................
1,112,865
Electronic
Equipment,
Instruments
&
Components
—
1.2%
Electronic
Equipment
&
Instruments
—
1.2%
8,000
Sony
Group
Corp.,
ADR
.............................
659,280
TOTAL
INFORMATION
TECHNOLOGY
......
5,013,835
CONSUMER
DISCRETIONARY
—
8.1%
Retailing
—
8.1%
Internet
&
Direct
Marketing
Retail
—
8.1%
Internet
&
Direct
Marketing
Retail
—
8.1%
4,000
Amazon.com
Inc.†
....................................
508,480
115,000
Prosus
NV†
...............................................
3,394,618
20,500
Zalando
SE†
..............................................
457,964
4,361,062
TOTAL
CONSUMER
DISCRETIONARY
......
4,361,062
REAL
ESTATE
—
4.1%
Real
Estate
—
4.1%
Equity
Real
Estate
Investment
Trusts
—
4.1%
Specialized
REITs
—
4.1%
3,500
American
Tower
Corp.,
REIT
......................
575,575
6,000
Crown
Castle
Inc.,
REIT
.............................
552,180
1,500
Equinix
Inc.,
REIT
......................................
1,089,390
2,217,145
TOTAL
REAL
ESTATE
.........................
2,217,145
FINANCIALS
—
2.4%
Diversified
Financials
—
2.4%
Diversified
Financial
Services
—
2.4%
Multi-Sector
Holdings
—
2.4%
62,000
Kinnevik
AB,
Cl. B†
....................................
619,685
