Shares
Market
Value
COMMON
STOCKS
—
98.6%
COMMUNICATION
SERVICES
—
72.6%
Telecommunication
Services
—
49.2%
Wireless
Telecommunication
Services
—
31.5%
Wireless
Telecommunication
Services
—
31.5%
35,000
America
Movil
SAB
de
CV,
ADR
..................
$
572,600
55,000
Anterix
Inc.†
.............................................
2,071,300
10,000
KDDI
Corp.
................................................
319,638
80,000
Millicom
International
Cellular
SA,
SDR†
....
2,172,541
80,000
MTN
Group
Ltd.
........................................
425,201
50,000
Rogers
Communications
Inc.,
Cl. B
............
2,010,500
76,000
SoftBank
Group
Corp.
................................
4,456,093
30,000
T-Mobile
US
Inc.
.......................................
6,190,800
40,000
United
States
Cellular
Corp.†
.....................
2,186,000
85,000
Vodafone
Group
plc,
ADR
..........................
851,700
21,256,373
Diversified
Telecommunication
Services
—
17.7%
Integrated
Telecommunication
Services
—
17.1%
52,000
AT&T
Inc.
..................................................
1,144,000
37,415,054
Cable
&
Wireless
Jamaica
Ltd.†(a)
.............
276,020
100,000
Deutsche
Telekom
AG
................................
2,937,603
65,000
Frontier
Communications
Parent
Inc.†
.......
2,309,450
54,000
Liberty
Global
Ltd.,
Cl. C†
..........................
1,166,940
32,000
Telenor
ASA
..............................................
409,364
75,000
Telephone
and
Data
Systems
Inc.
...............
1,743,750
35,000
TELUS
Corp.
.............................................
587,300
20,000
Verizon
Communications
Inc.
....................
898,200
11,472,627
Alternative
Carriers
—
0.6%
32,000
Telesat
Corp.†
...........................................
421,440
Media
&
Entertainment
—
23.4%
Interactive
Media
&
Services
—
15.0%
Interactive
Media
&
Services
—
15.0%
28,000
Alphabet
Inc.,
Cl. C
....................................
4,681,320
9,500
Meta
Platforms
Inc.,
Cl. A
..........................
5,438,180
10,119,500
Entertainment
—
4.9%
Movies
&
Entertainment
—
4.9%
13,000
Atlanta
Braves
Holdings
Inc.,
Cl. C†
...........
517,400
225,000
Bollore
SE
.................................................
1,498,996
50,000
Manchester
United
plc,
Cl. A†
....................
809,000
5,000
The
Walt
Disney
Co.
..................................
480,950
3,306,346
Media
—
3.5%
Cable
&
Satellite
—
3.5%
45,000
Comcast
Corp.,
Cl. A
.................................
1,879,650
Shares
Market
Value
95,000
WideOpenWest
Inc.†
.................................
$
498,750
2,378,400
TOTAL
COMMUNICATION
SERVICES
......
48,954,686
CONSUMER
DISCRETIONARY
—
8.5%
Retailing
—
8.5%
Internet
&
Direct
Marketing
Retail
—
8.5%
Internet
&
Direct
Marketing
Retail
—
8.5%
4,500
Amazon.com
Inc.†
....................................
838,485
85,000
Prosus
NV
.................................................
3,714,693
35,000
Zalando
SE†
..............................................
1,154,002
5,707,180
TOTAL
CONSUMER
DISCRETIONARY
......
5,707,180
INFORMATION
TECHNOLOGY
—
6.8%
Software
&
Services
—
3.8%
Software
—
3.8%
Systems
Software
—
3.8%
6,000
Microsoft
Corp.
.........................................
2,581,800
Technology
Hardware
&
Equipment
—
3.0%
Technology
Hardware,
Storage
&
Peripherals
—
1.8%
Technology
Hardware,
Storage
&
Peripherals
—
1.8%
5,000
Apple
Inc.
.................................................
1,165,000
Electronic
Equipment,
Instruments
&
Components
—
1.2%
Electronic
Equipment
&
Instruments
—
1.2%
8,500
Sony
Group
Corp.,
ADR
.............................
820,845
TOTAL
INFORMATION
TECHNOLOGY
......
4,567,645
FINANCIALS
—
6.0%
Financial
Services
—
6.0%
Financial
Services
—
6.0%
Multi-Sector
Holdings
—
3.1%
130,000
Kinnevik
AB,
Cl. B
......................................
1,057,066
500,000
VNV
Global
AB†
........................................
1,026,994
12,000
Waterloo
Investment
Holdings
Ltd.†(a)
......
6,000
2,090,060
Transaction
&
Payment
Processing
Services
—
2.9%
2,000
Mastercard
Inc.,
Cl. A
................................
987,600
12,000
PayPal
Holdings
Inc.†
................................
936,360
1,923,960
Banks
—
0.0%
Banks
—
0.0%
Diversified
Banks
—
0.0%
58
Nedbank
Group
Ltd.
..................................
1,004
