Shares
Market
Value
COMMON
STOCKS
—
97.9%
COMMUNICATION
SERVICES
—
73.3%
Telecommunication
Services
—
46.6%
Wireless
Telecommunication
Services
—
31.6%
Wireless
Telecommunication
Services
—
31.6%
35,000
America
Movil
SAB
de
CV,
ADR
..................
$
653,100
50,000
Anterix
Inc.†
.............................................
1,680,500
10,000
KDDI
Corp.
................................................
295,151
80,000
Millicom
International
Cellular
SA,
SDR†
....
1,630,792
100,000
MTN
Group
Ltd.
........................................
494,931
35,000
Rogers
Communications
Inc.,
Cl. B
............
1,435,000
80,000
SoftBank
Group
Corp.
................................
4,736,161
38,000
T-Mobile
US
Inc.
.......................................
6,202,360
40,000
United
States
Cellular
Corp.†
.....................
1,460,000
80,000
Vodafone
Group
plc,
ADR
..........................
712,000
19,299,995
Diversified
Telecommunication
Services
—
15.0%
Integrated
Telecommunication
Services
—
14.5%
52,000
AT&T
Inc.
..................................................
915,200
37,415,054
Cable
&
Wireless
Jamaica
Ltd.†(a)
.............
282,001
90,000
Deutsche
Telekom
AG
................................
2,184,671
65,000
Frontier
Communications
Parent
Inc.†
.......
1,592,500
52,000
Liberty
Global
Ltd.,
Cl. C†
..........................
917,280
32,000
Telenor
ASA
..............................................
355,916
75,000
Telephone
and
Data
Systems
Inc.
...............
1,201,500
35,000
TELUS
Corp.
.............................................
560,350
20,000
Verizon
Communications
Inc.
....................
839,200
8,848,618
Alternative
Carriers
—
0.5%
35,000
Telesat
Corp.†
...........................................
301,000
Media
&
Entertainment
—
26.7%
Interactive
Media
&
Services
—
16.9%
Interactive
Media
&
Services
—
16.9%
31,000
Alphabet
Inc.,
Cl. C†
..................................
4,720,060
11,500
Meta
Platforms
Inc.,
Cl. A
..........................
5,584,170
10,304,230
Entertainment
—
5.5%
Movies
&
Entertainment
—
5.5%
13,000
Atlanta
Braves
Holdings
Inc.,
Cl. C†
...........
507,780
200,000
Bollore
SE
.................................................
1,335,617
45,000
Manchester
United
plc,
Cl. A†
....................
628,200
7,500
The
Walt
Disney
Co.
..................................
917,700
3,389,297
Media
—
4.3%
Cable
&
Satellite
—
4.3%
50,000
Comcast
Corp.,
Cl. A
.................................
2,167,500
Shares
Market
Value
120,000
WideOpenWest
Inc.†
.................................
$
434,400
2,601,900
TOTAL
COMMUNICATION
SERVICES
......
44,745,040
INFORMATION
TECHNOLOGY
—
9.6%
Software
&
Services
—
6.9%
Software
—
4.1%
Systems
Software
—
4.1%
6,000
Microsoft
Corp.
.........................................
2,524,320
IT
Services
—
2.8%
Data
Processing
&
Outsourced
Services
—
2.8%
2,000
Mastercard
Inc.,
Cl. A
................................
963,140
11,000
PayPal
Holdings
Inc.†
................................
736,890
1,700,030
Technology
Hardware
&
Equipment
—
2.7%
Technology
Hardware,
Storage
&
Peripherals
—
1.6%
Technology
Hardware,
Storage
&
Peripherals
—
1.6%
5,500
Apple
Inc.
.................................................
943,140
Electronic
Equipment,
Instruments
&
Components
—
1.1%
Electronic
Equipment
&
Instruments
—
1.1%
8,000
Sony
Group
Corp.,
ADR
.............................
685,920
TOTAL
INFORMATION
TECHNOLOGY
......
5,853,410
CONSUMER
DISCRETIONARY
—
7.8%
Retailing
—
7.8%
Internet
&
Direct
Marketing
Retail
—
7.8%
Internet
&
Direct
Marketing
Retail
—
7.8%
4,000
Amazon.com
Inc.†
....................................
721,520
100,000
Prosus
NV
.................................................
3,136,756
31,000
Zalando
SE†
..............................................
885,941
4,744,217
TOTAL
CONSUMER
DISCRETIONARY
......
4,744,217
REAL
ESTATE
—
4.4%
Real
Estate
—
4.4%
Equity
Real
Estate
Investment
Trusts
—
4.4%
Specialized
REITs
—
4.4%
4,000
American
Tower
Corp.,
REIT
......................
790,360
7,000
Crown
Castle
Inc.,
REIT
.............................
740,810
1,400
Equinix
Inc.,
REIT
......................................
1,155,462
2,686,632
TOTAL
REAL
ESTATE
.........................
2,686,632
FINANCIALS
—
2.8%
Diversified
Financials
—
2.8%
Diversified
Financial
Services
—
2.8%
Multi-Sector
Holdings
—
2.8%
70,000
Kinnevik
AB,
Cl. B†
....................................
784,426
