| Number of Shares | Value | |
| COMMON STOCKS — 92.9% | ||
| AEROSPACE/DEFENSE — 5.6% | ||
| 10,872 | Howmet Aerospace, Inc. | $2,923,046 |
| 5,519 | Lockheed Martin Corp. | 2,811,710 |
| 1,058 | Rheinmetall A.G. | 1,198,120 |
| 4,230 | Safran S.A. | 1,668,475 |
| 8,601,351 | ||
| AUTO MANUFACTURERS — 2.0% | ||
| 4,442 | Cummins, Inc. | 3,168,079 |
| BUILDING MATERIALS — 2.0% | ||
| 8,173 | Holcim A.G. | 738,422 |
| 66,437 | Mitsubishi Electric Corp. | 2,401,992 |
| 3,140,414 | ||
| CHEMICALS — 2.7% | ||
| 15,040 | Air Liquide S.A. | 2,979,590 |
| 10,860 | CF Industries Holdings, Inc. | 1,175,703 |
| 4,155,293 | ||
| COMPUTERS — 0.5% | ||
| 7,523 | Leidos Holdings, Inc. | 774,643 |
| DIVERSIFIED FINANCIAL SERVICES — 0.8% | ||
| 8,844 | AerCap Holdings N.V.1 | 1,289,278 |
| ELECTRIC — 17.8% | ||
| 23,279 | American Electric Power Co., Inc. | 3,184,800 |
| 8,800 | Constellation Energy Corp. | 2,185,656 |
| 153,474 | E.ON S.E. | 3,162,790 |
| 23,834 | Edison International | 1,774,441 |
| 123,909 | Engie S.A. | 3,908,542 |
| 42,343 | Exelon Corp. | 1,974,031 |
| 32,991 | FirstEnergy Corp. | 1,568,392 |
| 148,626 | Kansai Electric Power Co., Inc. | 2,090,046 |
| 12,021 | NRG Energy, Inc. | 1,755,787 |
| 58,963 | SSE PLC | 1,906,380 |
| 4,078 | Talen Energy Corp.* | 1,567,012 |
| 16,101 | Vistra Corp. | 2,554,102 |
| 27,631,979 | ||
| ELECTRICAL COMPONENTS & EQUIPMENT — 6.4% | ||
| 41,422 | ABB Ltd. | 4,497,290 |
| 5,502 | EnerSys | 1,286,478 |
| 50,606 | Fujikura Ltd. | 1,942,349 |
| 34,000 | Furukawa Electric Co., Ltd. | 989,509 |
| Number of Shares | Value | |
| COMMON STOCKS (Continued) | ||
| ELECTRICAL COMPONENTS & EQUIPMENT (Continued) | ||
| 4,248 | Powell Industries, Inc. | $1,216,457 |
| 9,932,083 | ||
| ENGINEERING & CONSTRUCTION — 4.5% | ||
| 1,145 | Comfort Systems USA, Inc. | 2,269,333 |
| 2,493 | Dycom Industries, Inc.* | 1,260,436 |
| 24,629 | Kajima Corp. | 889,841 |
| 2,144 | Sterling Infrastructure, Inc.* | 1,799,588 |
| 8,251 | Taisei Corp. | 723,438 |
| 6,942,636 | ||
| GAS — 0.7% | ||
| 14,261 | National Fuel Gas Co. | 1,101,092 |
| IRON/STEEL — 3.5% | ||
| 7,163 | ATI, Inc.* | 1,411,827 |
| 2,793 | Carpenter Technology Corp. | 1,722,834 |
| 10,672 | Commercial Metals Co. | 669,668 |
| 7,191 | Steel Dynamics, Inc. | 1,650,047 |
| 5,454,376 | ||
| MACHINERY-CONSTRUCTION & MINING — 8.2% | ||
| 4,806 | GE Vernova, Inc. | 5,646,377 |
| 17,679 | Siemens Energy A.G. | 3,351,216 |
| 10,903 | Vertiv Holdings Co. - Class A | 3,650,543 |
| 12,648,136 | ||
| METAL FABRICATE/HARDWARE — 0.7% | ||
| 8,526 | Mueller Industries, Inc. | 1,048,101 |
| MINING — 5.8% | ||
| 12,582 | Anglogold Ashanti PLC1 | 1,017,758 |
| 41,717 | Freeport-McMoRan, Inc. | 2,623,582 |
| 3,046 | Mitsui Kinzoku Co., Ltd. | 797,461 |
| 19,015 | Newmont Corp. | 1,776,001 |
| 28,535 | Rio Tinto PLC - ADR | 2,708,827 |
| 8,923,629 | ||
| OIL & GAS — 12.3% | ||
| 36,822 | Antero Resources Corp.* | 1,293,925 |
| 41,368 | Canadian Natural Resources Ltd. | 1,636,350 |
| 52,702 | Cenovus Energy, Inc.1 | 1,307,537 |
| 23,708 | CNX Resources Corp.* | 804,412 |
| 35,486 | Devon Energy Corp. | 1,466,282 |
| 13,749 | EOG Resources, Inc. | 1,783,658 |
| Number of Shares | Value | |
| COMMON STOCKS (Continued) | ||
| OIL & GAS (Continued) | ||
| 27,914 | EQT Corp. | $1,484,187 |
| 19,062 | Exxon Mobil Corp. | 2,606,157 |
| 38,993 | Shell PLC - ADR | 3,023,517 |
| 28,530 | Suncor Energy, Inc. | 1,534,336 |
| 7,900 | Valero Energy Corp. | 2,057,476 |
| 18 | Woodside Energy Group Ltd. | 352 |
| 18,998,189 | ||
| OIL & GAS SERVICES — 3.2% | ||
| 51,863 | Halliburton Co. | 1,760,749 |
| 35,089 | SLB Ltd.1 | 1,631,288 |
| 24,314 | TechnipFMC PLC1 | 1,612,018 |
| 5,004,055 | ||
| PACKAGING & CONTAINERS — 0.7% | ||
| 9,374 | Crown Holdings, Inc. | 1,048,201 |
| REAL ESTATE — 3.1% | ||
| 18,506 | CBRE Group, Inc. - Class A* | 2,492,573 |
| 7,235 | Jones Lang LaSalle, Inc.* | 2,242,488 |
| 4,735,061 | ||
| REITS — 12.4% | ||
| 25,347 | CareTrust REIT, Inc. | 1,022,751 |
| 36,852 | Gaming and Leisure Properties, Inc. | 1,641,020 |
| 95,848 | Host Hotels & Resorts, Inc. | 2,272,556 |
| 14,919 | Lamar Advertising Co. - Class A | 2,327,066 |
| 30,599 | NNN REIT, Inc. | 1,423,771 |
| 31,448 | Omega Healthcare Investors, Inc. | 1,499,441 |
| 17,048 | Simon Property Group, Inc. | 3,812,785 |
| 24,681 | STAG Industrial, Inc. | 939,359 |
| 94,405 | VICI Properties, Inc. | 2,506,453 |
| 25,684 | WP Carey, Inc. | 1,836,406 |
| 19,281,608 | ||
| TOTAL COMMON STOCKS | ||
| (Cost $129,427,696) | 143,878,204 | |
| EXCHANGE-TRADED FUNDS — 6.6% | ||
| 9,475 | abrdn Physical Silver Shares ETF* | 532,685 |
| 112,958 | SPDR Gold MiniShares Trust* | 8,971,124 |
| Number of Shares | Value | |
| EXCHANGE-TRADED FUNDS (Continued) | ||
| 59,897 | Sprott Physical Copper Trust* | $681,823 |
| TOTAL EXCHANGE-TRADED FUNDS | ||
| (Cost $8,692,021) | 10,185,632 | |
| TOTAL INVESTMENTS — 99.5% | ||
| (Cost $138,119,717) | 154,063,836 | |
| Other Assets in Excess of Liabilities — 0.5% | 732,298 | |
| TOTAL NET ASSETS — 100.0% | $154,796,134 |
| PLC – Public Limited Company |
| ADR – American Depository Receipt |
| REIT – Real Estate Investment Trusts |
| ETF – Exchange-Traded Fund |
| *Non-income producing security. |
| 1Foreign security denominated in U.S. Dollars. |