Shares
Market
Value
COMMON
STOCKS
—
83
.5
%
Automotive:
Parts
and
Accessories
—
1
.0
%
6,000
Aptiv
plc
†
.................................................
$
422,520
Building
and
Construction
—
2
.1
%
7,000
Herc
Holdings
Inc.
....................................
933,030
Computer
Software
and
Services
—
2
.1
%
5,000
Alphabet
Inc.
,
Cl. C
...................................
917,100
Energy
and
Utilities
—
26
.7
%
157,500
Energy
Transfer
LP
...................................
2,554,650
107,500
Enterprise
Products
Partners
LP
...............
3,115,350
100,000
Kinder
Morgan
Inc.
...................................
1,987,000
47,500
New
Fortress
Energy
Inc.
..........................
1,044,050
74,334
NextEra
Energy
Partners
LP
......................
2,054,592
25,000
PNM
Resources
Inc.
.................................
924,000
11,679,642
Entertainment
—
0
.2
%
7,500
Paramount
Global
,
Cl. B
............................
77,925
Financial
Services
—
6
.4
%
18,000
Apollo
Global
Management
Inc.
................
2,125,260
7,000
Morgan
Stanley
........................................
680,330
2,805,590
Food
and
Beverage
—
5
.3
%
100,000
Maple
Leaf
Foods
Inc.
..............................
1,675,377
8,000
Mondelēz
International
Inc.
,
Cl. A
..............
523,520
1,000
Post
Holdings
Inc.
†
..................................
104,160
2,303,057
Health
Care
—
4
.0
%
5,500
AbbVie
Inc.
..............................................
943,360
30,000
Option
Care
Health
Inc.
†
...........................
831,000
1,774,360
Metals
and
Mining
—
2
.1
%
21,750
Newmont
Corp.
........................................
910,673
Real
Estate
Investment
Trusts
—
24
.7
%
190,000
Blackstone
Mortgage
Trust
Inc.
,
Cl. A
........
3,309,800
175,698
Franklin
BSP
Realty
Trust
Inc.
...................
2,213,795
128,133
Medical
Properties
Trust
Inc.
....................
552,253
6,500
Simon
Property
Group
Inc.
.......................
986,700
130,000
VICI
Properties
Inc.
..................................
3,723,200
10,785,748
Specialty
Chemicals
—
0
.7
%
3,250
International
Flavors
&
Fragrances
Inc.
.....
309,432
Telecommunications
—
8
.2
%
160,000
AT&T
Inc.
.................................................
3,057,600
4,000
GCI
Liberty
Inc.,
Escrow
†
.........................
0
3,000
T-Mobile
US
Inc.
......................................
528,540
3,586,140
TOTAL
COMMON
STOCKS
........................
36,505,217
Shares
Market
Value
PREFERRED
STOCKS
—
11
.6
%
Diversified
Industrial
—
2
.3
%
20,440
Babcock
&
Wilcox
Enterprises
Inc.
,
8.125
%
,
02/28/26
.................................
$
403,690
25,018
Steel
Partners
Holdings
LP
,
Ser.
A
,
6.000
%
,
02/07/26
.................................
598,180
1,001,870
Financial
Services
—
2
.8
%
36,528
FTAI
Aviation
Ltd.
,
Ser.
A
,
8.250
%
.............
914,296
25,874
Greenidge
Generation
Holdings
Inc.
,
8.500
%
,
10/31/26
.................................
291,859
1,206,155
Retail
—
6
.5
%
68,051
Qurate
Retail
Inc.
,
8.000
%
,
03/15/31
........
2,861,545
TOTAL
PREFERRED
STOCKS
....................
5,069,570
Principal
Amount
U.S.
GOVERNMENT
OBLIGATIONS
—
4
.9
%
$
2,140,000
U.S.
Treasury
Bills,
5.283
%
to
5.319
%
††
,
07/05/24
to
09/26/24
............................
2,128,081
TOTAL
INVESTMENTS
—
100.0%
(Cost
$
32,457,511
)
...............................
$
43,702,868
†
Non-income
producing
security.
††
Represents
annualized
yields
at
dates
of
purchase.