# EDGAR Filing Document

**Accession Number:** 0000872163
**File Stem:** 0001104659-23-009840
**Filing Date:** 2023-2
**Character Count:** 28000
**Document Hash:** b90b39e48e5e76e0798b4929909cb62f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-23-009840.hdr.sgml**: 20230202

**ACCESSION NUMBER**: 0001104659-23-009840

**CONFORMED SUBMISSION TYPE**: 13F-HR

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230202

**DATE AS OF CHANGE**: 20230202

**EFFECTIVENESS DATE**: 20230202

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** NAVELLIER & ASSOCIATES INC
- **CENTRAL INDEX KEY:** 0000872163
- **IRS NUMBER:** 880240393
- **STATE OF INCORPORATION:** NV
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-02824
- **FILM NUMBER:** 23580287

**BUSINESS ADDRESS:**
- **STREET 1:** ONE EAST LIBERTY, SUITE 504
- **CITY:** RENO
- **STATE:** NV
- **ZIP:** 89501
- **BUSINESS PHONE:** 7757852300

**MAIL ADDRESS:**
- **STREET 1:** ONE EAST LIBERTY, SUITE 504
- **CITY:** RENO
- **STATE:** NV
- **ZIP:** 89501

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 12-31-2022

**Check here if Amendment** [ ] **Amendment Number:** 

**This Amendment (Check only one.):** [ ] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** NAVELLIER  ASSOCIATES INC<br>**Address:** One East Liberty Suite 504<br>Reno, NV 89501

**Form 13F File Number:** 028-02824

**CRD Number (if applicable):** 000107568

**SEC File Number (if applicable):** 801-30582

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

**Person Signing this Report on Behalf of Reporting Manager:**

**Name:** Louis Navellier<br>**Title:** CCO<br>**Phone:** 775-785-2300

**Signature, Place, and Date of Signing:**

/s/ Louis Navellier  Reno, NV  02-01-2023<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[x] **13F HOLDINGS REPORT.** (Check here if all holdings of this reporting manager are reported in this report.)

[ ] **13F NOTICE.** (Check here if no holdings are reported in this report, and all holdings are reported by other reporting manager(s).)

[ ] **13F COMBINATION REPORT.** (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 0

**Form 13F Information Table Entry Total:** 252

**Form 13F Information Table Value Total:** $490786644

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

**NONE**

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| AbbVie Inc. | COM | 00287Y109 |  | 4814978 | 29794 | SH |  | SOLE |  | 29794 | 0 | 0 |
| AdvanSix Inc. | COM | 00773T101 |  | 708959 | 18647 | SH |  | SOLE |  | 18647 | 0 | 0 |
| Aehr Test Systems | COM | 00760J108 |  | 2824512 | 140523 | SH |  | SOLE |  | 140523 | 0 | 0 |
| Alliance Resource Partners L.P | COM | 01877R108 |  | 1708262 | 84068 | SH |  | SOLE |  | 84068 | 0 | 0 |
| Amazon.Com Inc. | COM | 023135106 |  | 646800 | 7700 | SH |  | SOLE |  | 7700 | 0 | 0 |
| Amerant Bancorp Inc. | COM | 023576101 |  | 484328 | 18045 | SH |  | SOLE |  | 18045 | 0 | 0 |
| American Express Co. | COM | 025816109 |  | 325050 | 2200 | SH |  | SOLE |  | 2200 | 0 | 0 |
| Amgen Inc. | COM | 031162100 |  | 5461074 | 20793 | SH |  | SOLE |  | 20793 | 0 | 0 |
| Amkor Technology Inc. | COM | 031652100 |  | 262629 | 10952 | SH |  | SOLE |  | 10952 | 0 | 0 |
| Amn Healthcare Services Inc. | COM | 001744101 |  | 4384450 | 42642 | SH |  | SOLE |  | 42642 | 0 | 0 |
| Amphastar Pharmaceutical Inc. | COM | 03209R103 |  | 368603 | 13155 | SH |  | SOLE |  | 13155 | 0 | 0 |
| Andersons Inc. | COM | 034164103 |  | 443603 | 12678 | SH |  | SOLE |  | 12678 | 0 | 0 |
| Antero Resources Corp. | COM | 03674X106 |  | 3206163 | 103458 | SH |  | SOLE |  | 103458 | 0 | 0 |
| Apollo Global Management Inc. | COM | 03769M106 |  | 201513 | 3159 | SH |  | SOLE |  | 3159 | 0 | 0 |
| Apple Computer Inc. | COM | 037833100 |  | 2718850 | 20926 | SH |  | SOLE |  | 20926 | 0 | 0 |
| Applied Industrial Technologie | COM | 03820C105 |  | 249791 | 1982 | SH |  | SOLE |  | 1982 | 0 | 0 |
| Arbor Realty Trust Inc. | COM | 038923108 |  | 214611 | 16271 | SH |  | SOLE |  | 16271 | 0 | 0 |
| Arcbest Corp | COM | 03937C105 |  | 752650 | 10746 | SH |  | SOLE |  | 10746 | 0 | 0 |
| Archer-Daniels-Midland Co. | COM | 039483102 |  | 14494628 | 156108 | SH |  | SOLE |  | 156108 | 0 | 0 |
| Ardmore Shipping Corp | COM | Y0207T100 |  | 1998854 | 138713 | SH |  | SOLE |  | 138713 | 0 | 0 |
| Arista Networks Inc. | COM | 040413106 |  | 5668016 | 46708 | SH |  | SOLE |  | 46708 | 0 | 0 |
| Ascent Industries Co. | COM | 871565107 |  | 242240 | 27940 | SH |  | SOLE |  | 27940 | 0 | 0 |
| Ashland Global Holdings Inc. | COM | 044186104 |  | 4810677 | 44738 | SH |  | SOLE |  | 44738 | 0 | 0 |
| Atkore Int Group | COM | 047649108 |  | 1180135 | 10405 | SH |  | SOLE |  | 10405 | 0 | 0 |
| Avnet Inc. | COM | 053807103 |  | 292432 | 7033 | SH |  | SOLE |  | 7033 | 0 | 0 |
| Axcelis Technologies | COM | 054540208 |  | 1435146 | 18084 | SH |  | SOLE |  | 18084 | 0 | 0 |
| BHP Billiton Ltd. | COM | 088606108 |  | 2713509 | 43731 | SH |  | SOLE |  | 43731 | 0 | 0 |
| Bank Of America Corp. | COM | 060505104 |  | 536544 | 16200 | SH |  | SOLE |  | 16200 | 0 | 0 |
| Bel Fuse Inc. | COM | 077347300 |  | 521980 | 15856 | SH |  | SOLE |  | 15856 | 0 | 0 |
| Berry Plastics Group Inc. | COM | 08579W103 |  | 290427 | 4806 | SH |  | SOLE |  | 4806 | 0 | 0 |
| Black Stone Minerals LP | COM | 09225M101 |  | 867540 | 51425 | SH |  | SOLE |  | 51425 | 0 | 0 |
| Boise Cascade Co Del | COM | 09739D100 |  | 249615 | 3635 | SH |  | SOLE |  | 3635 | 0 | 0 |
| Booz Allen Hamilton Holding Co | COM | 099502106 |  | 2993557 | 28641 | SH |  | SOLE |  | 28641 | 0 | 0 |
| Bp Plc | COM | 055622104 |  | 3614871 | 103489 | SH |  | SOLE |  | 103489 | 0 | 0 |
| Broadcom Inc. | COM | 11135F101 |  | 777586 | 1391 | SH |  | SOLE |  | 1391 | 0 | 0 |
| Builders Firstsource | COM | 12008R107 |  | 3314135 | 51081 | SH |  | SOLE |  | 51081 | 0 | 0 |
| Bunge Ltd. | COM | G16962105 |  | 2998887 | 30058 | SH |  | SOLE |  | 30058 | 0 | 0 |
| Cactus inc. | COM | 127203107 |  | 951171 | 18925 | SH |  | SOLE |  | 18925 | 0 | 0 |
| Cal-Maine Foods Inc. | COM | 128030202 |  | 1936732 | 35569 | SH |  | SOLE |  | 35569 | 0 | 0 |
| Calix Inc. | COM | 13100M509 |  | 1864854 | 27252 | SH |  | SOLE |  | 27252 | 0 | 0 |
| Canadian Natural Resources Ltd | COM | 136385101 |  | 2682876 | 48314 | SH |  | SOLE |  | 48314 | 0 | 0 |
| Capital Product Partners LP | COM | Y11082206 |  | 376167 | 27558 | SH |  | SOLE |  | 27558 | 0 | 0 |
| Carlisle Cos. | COM | 142339100 |  | 3822714 | 16222 | SH |  | SOLE |  | 16222 | 0 | 0 |
| Catalyst Pharmaceuticals Inc. | COM | 14888U101 |  | 2036440 | 109486 | SH |  | SOLE |  | 109486 | 0 | 0 |
| Caterpillar Inc. | COM | 149123101 |  | 982196 | 4100 | SH |  | SOLE |  | 4100 | 0 | 0 |
| Ceco Environmental Corp. | COM | 125141101 |  | 614415 | 52604 | SH |  | SOLE |  | 52604 | 0 | 0 |
| Cenovus Energy Inc. | COM | 15135U109 |  | 3467674 | 178654 | SH |  | SOLE |  | 178654 | 0 | 0 |
| Cf Industries Holdings Inc | COM | 125269100 |  | 9878088 | 115940 | SH |  | SOLE |  | 115940 | 0 | 0 |
| Cheniere Energy Inc. | COM | 16411R208 |  | 455878 | 3040 | SH |  | SOLE |  | 3040 | 0 | 0 |
| Chevron Corp. | COM | 166764100 |  | 3122817 | 17398 | SH |  | SOLE |  | 17398 | 0 | 0 |
| Chico's Fas Inc. | COM | 168615102 |  | 84250 | 17124 | SH |  | SOLE |  | 17124 | 0 | 0 |
| Clearfield Inc. | COM | 18482P103 |  | 2611255 | 27738 | SH |  | SOLE |  | 27738 | 0 | 0 |
| Cleveland Cliffs Inc | COM | 185899101 |  | 305574 | 18968 | SH |  | SOLE |  | 18968 | 0 | 0 |
| Coca-Cola Co. | COM | 191216100 |  | 522683 | 8217 | SH |  | SOLE |  | 8217 | 0 | 0 |
| Colgate-Palmolive Co. | COM | 194162103 |  | 3041215 | 38599 | SH |  | SOLE |  | 38599 | 0 | 0 |
| Commercial Metals Co. | COM | 201723103 |  | 1035745 | 21444 | SH |  | SOLE |  | 21444 | 0 | 0 |
| Comstock Resources Inc. | COM | 205768302 |  | 165274 | 12055 | SH |  | SOLE |  | 12055 | 0 | 0 |
| Conagra Foods Inc. | COM | 205887102 |  | 2876339 | 74324 | SH |  | SOLE |  | 74324 | 0 | 0 |
| ConocoPhillips | COM | 20825C104 |  | 15248432 | 129224 | SH |  | SOLE |  | 129224 | 0 | 0 |
| Consol Energy Inc New | COM | 20854L108 |  | 1652820 | 25428 | SH |  | SOLE |  | 25428 | 0 | 0 |
| Consolidated Water Co. Inc. | COM | G23773107 |  | 292152 | 19740 | SH |  | SOLE |  | 19740 | 0 | 0 |
| Copart Inc. | COM | 217204106 |  | 455518 | 7481 | SH |  | SOLE |  | 7481 | 0 | 0 |
| Costco Wholesale Corp. | COM | 22160K105 |  | 6043181 | 13238 | SH |  | SOLE |  | 13238 | 0 | 0 |
| Coterra Energy Inc. | COM | 127097103 |  | 6121075 | 249128 | SH |  | SOLE |  | 249128 | 0 | 0 |
| Cra Intl | COM | 12618T105 |  | 3180609 | 25979 | SH |  | SOLE |  | 25979 | 0 | 0 |
| Crescent Point Energy Corp. | COM | 22576C101 |  | 713827 | 99836 | SH |  | SOLE |  | 99836 | 0 | 0 |
| Cross Country Healthcare Inc. | COM | 227483104 |  | 729612 | 27460 | SH |  | SOLE |  | 27460 | 0 | 0 |
| Csx Corp. | COM | 126408103 |  | 266428 | 8600 | SH |  | SOLE |  | 8600 | 0 | 0 |
| CubeSmart | COM | 229663109 |  | 6139252 | 152528 | SH |  | SOLE |  | 152528 | 0 | 0 |
| DHT Holdings Inc. | COM | Y2065G121 |  | 1049199 | 118153 | SH |  | SOLE |  | 118153 | 0 | 0 |
| DLH Holdings. | COM | 23335Q100 |  | 554546 | 46738 | SH |  | SOLE |  | 46738 | 0 | 0 |
| Danaos Corporation | COM | Y1968P121 |  | 404166 | 7675 | SH |  | SOLE |  | 7675 | 0 | 0 |
| Darden Restaurants Inc. | COM | 237194105 |  | 333375 | 2410 | SH |  | SOLE |  | 2410 | 0 | 0 |
| Datadog Inc Class A | COM | 23804L103 |  | 278786 | 3793 | SH |  | SOLE |  | 3793 | 0 | 0 |
| Devon Energy Corp. | COM | 25179M103 |  | 7135160 | 116000 | SH |  | SOLE |  | 116000 | 0 | 0 |
| Diana Shipping Inc. | COM | Y2066G104 |  | 291966 | 74863 | SH |  | SOLE |  | 74863 | 0 | 0 |
| Dick's Sporting Goods Inc. | COM | 253393102 |  | 637417 | 5299 | SH |  | SOLE |  | 5299 | 0 | 0 |
| Dillard's Inc. | COM | 254067101 |  | 226563 | 701 | SH |  | SOLE |  | 701 | 0 | 0 |
| Duke Energy Corp. | COM | 26441C204 |  | 518555 | 5035 | SH |  | SOLE |  | 5035 | 0 | 0 |
| Eli Lilly  Co. | COM | 532457108 |  | 6127454 | 16749 | SH |  | SOLE |  | 16749 | 0 | 0 |
| Encore Wire Corp. | COM | 292562105 |  | 210192 | 1528 | SH |  | SOLE |  | 1528 | 0 | 0 |
| Enerplus Corp. | COM | 292766102 |  | 1175667 | 66610 | SH |  | SOLE |  | 66610 | 0 | 0 |
| Enphase Energy Inc. | COM | 29355A107 |  | 5953916 | 22471 | SH |  | SOLE |  | 22471 | 0 | 0 |
| Eog Resources Inc. | COM | 26875P101 |  | 12193531 | 94144 | SH |  | SOLE |  | 94144 | 0 | 0 |
| Epsilon Energy Ltd. | COM | 294375209 |  | 708614 | 106880 | SH |  | SOLE |  | 106880 | 0 | 0 |
| Equinor ASA Sponsored ADR | COM | 29446M102 |  | 2541364 | 70968 | SH |  | SOLE |  | 70968 | 0 | 0 |
| Essential Utilities Inc. | COM | 29670G102 |  | 4413879 | 92476 | SH |  | SOLE |  | 92476 | 0 | 0 |
| Evolution Petroleum Corp | COM | 30049A107 |  | 360392 | 47734 | SH |  | SOLE |  | 47734 | 0 | 0 |
| Exlservice Holdings Inc. | COM | 302081104 |  | 4548348 | 26845 | SH |  | SOLE |  | 26845 | 0 | 0 |
| Extra Space Storage Inc. | COM | 30225T102 |  | 513364 | 3488 | SH |  | SOLE |  | 3488 | 0 | 0 |
| Exxon Mobil Corp. | COM | 30231G102 |  | 535065 | 4851 | SH |  | SOLE |  | 4851 | 0 | 0 |
| Fidelity MSCI Information Tech | COM | 316092808 |  | 1757886 | 18600 | SH |  | SOLE |  | 18600 | 0 | 0 |
| First Bancorp | COM | 318672706 |  | 264385 | 20785 | SH |  | SOLE |  | 20785 | 0 | 0 |
| Fmc Corp. | COM | 302491303 |  | 3894259 | 31204 | SH |  | SOLE |  | 31204 | 0 | 0 |
| Ford Motor Co. | COM | 345370860 |  | 2631555 | 226273 | SH |  | SOLE |  | 226273 | 0 | 0 |
| Fortinet Inc. | COM | 34959E109 |  | 2441664 | 49942 | SH |  | SOLE |  | 49942 | 0 | 0 |
| Frontline LTD. | COM | M46528101 |  | 1730302 | 142529 | SH |  | SOLE |  | 142529 | 0 | 0 |
| Gaslog Partners LP | COM | Y2687W108 |  | 246447 | 37004 | SH |  | SOLE |  | 37004 | 0 | 0 |
| General Dynamics Corp. | COM | 369550108 |  | 3498599 | 14101 | SH |  | SOLE |  | 14101 | 0 | 0 |
| Genmab A S | COM | 372303206 |  | 976096 | 23032 | SH |  | SOLE |  | 23032 | 0 | 0 |
| Genuine Parts Co. | COM | 372460105 |  | 517407 | 2982 | SH |  | SOLE |  | 2982 | 0 | 0 |
| Getty Realty Corp. | COM | 374297109 |  | 411582 | 12159 | SH |  | SOLE |  | 12159 | 0 | 0 |
| Gildan Activewear Inc. | COM | 375916103 |  | 418343 | 15268 | SH |  | SOLE |  | 15268 | 0 | 0 |
| Global Partners LP | COM | 37946R109 |  | 615081 | 17690 | SH |  | SOLE |  | 17690 | 0 | 0 |
| Golar Lng Ltd. | COM | G9456A100 |  | 366805 | 16095 | SH |  | SOLE |  | 16095 | 0 | 0 |
| Golden Ocean Group Ltd | COM | G39637205 |  | 228373 | 26280 | SH |  | SOLE |  | 26280 | 0 | 0 |
| Harmony Biosciences Holdings | COM | 413197104 |  | 353356 | 6413 | SH |  | SOLE |  | 6413 | 0 | 0 |
| Hershey Foods Corp. | COM | 427866108 |  | 342232 | 1478 | SH |  | SOLE |  | 1478 | 0 | 0 |
| Hf Sinclair Corporation | COM | 403949100 |  | 2825099 | 54444 | SH |  | SOLE |  | 54444 | 0 | 0 |
| Home Depot Inc. | COM | 437076102 |  | 1036263 | 3281 | SH |  | SOLE |  | 3281 | 0 | 0 |
| Honeywell International Inc. | COM | 438516106 |  | 595968 | 2781 | SH |  | SOLE |  | 2781 | 0 | 0 |
| Hudson Technologies Inc. | COM | 444144109 |  | 1098425 | 108540 | SH |  | SOLE |  | 108540 | 0 | 0 |
| Huntington Ingalls Industries | COM | 446413106 |  | 4953392 | 21473 | SH |  | SOLE |  | 21473 | 0 | 0 |
| ICL Group | COM | M53213100 |  | 2451935 | 335422 | SH |  | SOLE |  | 335422 | 0 | 0 |
| Imperial Oil Ltd. | COM | 453038408 |  | 3720422 | 76332 | SH |  | SOLE |  | 76332 | 0 | 0 |
| International Seaways Inc. | COM | Y41053102 |  | 431394 | 11653 | SH |  | SOLE |  | 11653 | 0 | 0 |
| Ishares Trust Lehman 1-3 Year | COM | 464287457 |  | 13871304 | 170892 | SH |  | SOLE |  | 170892 | 0 | 0 |
| Ishares Trust Lehman 20 Year | COM | 464287432 |  | 6006853 | 60334 | SH |  | SOLE |  | 60334 | 0 | 0 |
| Ishares Trust Lehman 7-10 Year | COM | 464287440 |  | 13281813 | 138670 | SH |  | SOLE |  | 138670 | 0 | 0 |
| Johnson  Johnson | COM | 478160104 |  | 282640 | 1600 | SH |  | SOLE |  | 1600 | 0 | 0 |
| Jpmorgan Chase  Co. | COM | 46625H100 |  | 214560 | 1600 | SH |  | SOLE |  | 1600 | 0 | 0 |
| Keysight Technologies Inc | COM | 49338L103 |  | 973730 | 5692 | SH |  | SOLE |  | 5692 | 0 | 0 |
| Kimberly-Clark Corp. | COM | 494368103 |  | 3116006 | 22954 | SH |  | SOLE |  | 22954 | 0 | 0 |
| Kinder Morgan Inc. | COM | 49456B101 |  | 4708574 | 260430 | SH |  | SOLE |  | 260430 | 0 | 0 |
| Kla-Tencor Corp. | COM | 482480100 |  | 962181 | 2552 | SH |  | SOLE |  | 2552 | 0 | 0 |
| Kosmos Energy Ltd. | COM | 500688106 |  | 886355 | 139364 | SH |  | SOLE |  | 139364 | 0 | 0 |
| Kroger Co. | COM | 501044101 |  | 4302237 | 96506 | SH |  | SOLE |  | 96506 | 0 | 0 |
| L3Harris Technologies Inc | COM | 502431109 |  | 1761040 | 8458 | SH |  | SOLE |  | 8458 | 0 | 0 |
| Lamar Advertising Co. Class A | COM | 512816109 |  | 534493 | 5662 | SH |  | SOLE |  | 5662 | 0 | 0 |
| Lamb Weston Holdings Inc. | COM | 513272104 |  | 3690836 | 41303 | SH |  | SOLE |  | 41303 | 0 | 0 |
| Lantheus Holdings Inc | COM | 516544103 |  | 993465 | 19495 | SH |  | SOLE |  | 19495 | 0 | 0 |
| Livent Corporation | COM | 53814L108 |  | 588808 | 29633 | SH |  | SOLE |  | 29633 | 0 | 0 |
| Lockheed Martin Corp. | COM | 539830109 |  | 3600762 | 7402 | SH |  | SOLE |  | 7402 | 0 | 0 |
| Lpl Financial Holdings Inc | COM | 50212V100 |  | 765242 | 3540 | SH |  | SOLE |  | 3540 | 0 | 0 |
| Lululemon Athletica | COM | 550021109 |  | 319739 | 998 | SH |  | SOLE |  | 998 | 0 | 0 |
| MSCI Inc. | COM | 55354G100 |  | 484707 | 1042 | SH |  | SOLE |  | 1042 | 0 | 0 |
| Magnolia Oil and Gas Corp | COM | 559663109 |  | 945645 | 40326 | SH |  | SOLE |  | 40326 | 0 | 0 |
| Marathon Oil Corp. | COM | 565849106 |  | 6385245 | 235879 | SH |  | SOLE |  | 235879 | 0 | 0 |
| Marathon Petroleum Corp. | COM | 56585A102 |  | 3384738 | 29081 | SH |  | SOLE |  | 29081 | 0 | 0 |
| Marine Petroleum Trust | COM | 568423107 |  | 280007 | 39944 | SH |  | SOLE |  | 39944 | 0 | 0 |
| Matador Resources Company | COM | 576485205 |  | 787050 | 13750 | SH |  | SOLE |  | 13750 | 0 | 0 |
| Mcdonald's Corp. | COM | 580135101 |  | 843296 | 3200 | SH |  | SOLE |  | 3200 | 0 | 0 |
| Mercer International Inc. | COM | 588056101 |  | 117913 | 10130 | SH |  | SOLE |  | 10130 | 0 | 0 |
| Merck  Co. | COM | 58933Y105 |  | 1158651 | 10443 | SH |  | SOLE |  | 10443 | 0 | 0 |
| Meta Platforms Inc. Class A | COM | 30303M102 |  | 240680 | 2000 | SH |  | SOLE |  | 2000 | 0 | 0 |
| Mgp Ingredients Inc. | COM | 55303J106 |  | 448711 | 4218 | SH |  | SOLE |  | 4218 | 0 | 0 |
| Microsoft Corp. | COM | 594918104 |  | 1443903 | 6021 | SH |  | SOLE |  | 6021 | 0 | 0 |
| Molina Healthcare Inc. | COM | 60855R100 |  | 5040478 | 15264 | SH |  | SOLE |  | 15264 | 0 | 0 |
| Mosaic Company | COM | 61945C103 |  | 227378 | 5183 | SH |  | SOLE |  | 5183 | 0 | 0 |
| Mp Materials Corp | COM | 553368101 |  | 587673 | 24204 | SH |  | SOLE |  | 24204 | 0 | 0 |
| Mueller Industries Inc. | COM | 624756102 |  | 372526 | 6314 | SH |  | SOLE |  | 6314 | 0 | 0 |
| Murphy Usa Inc | COM | 626755102 |  | 693539 | 2481 | SH |  | SOLE |  | 2481 | 0 | 0 |
| NV5 Holdings Inc. | COM | 62945V109 |  | 247571 | 1871 | SH |  | SOLE |  | 1871 | 0 | 0 |
| Nasdaq Stock Market Inc. | COM | 631103108 |  | 248786 | 4055 | SH |  | SOLE |  | 4055 | 0 | 0 |
| Nexstar Broadcasting Group Inc | COM | 65336K103 |  | 4057020 | 23179 | SH |  | SOLE |  | 23179 | 0 | 0 |
| Nordic American Tanker Shippin | COM | G65773106 |  | 457556 | 149528 | SH |  | SOLE |  | 149528 | 0 | 0 |
| Nordson Corp. | COM | 655663102 |  | 274091 | 1153 | SH |  | SOLE |  | 1153 | 0 | 0 |
| North European Oil Rlty Trust | COM | 659310106 |  | 303012 | 23878 | SH |  | SOLE |  | 23878 | 0 | 0 |
| Northrop Grumman Corp. | COM | 666807102 |  | 398754 | 731 | SH |  | SOLE |  | 731 | 0 | 0 |
| Northwest Pipe Co. | COM | 667746101 |  | 405815 | 12042 | SH |  | SOLE |  | 12042 | 0 | 0 |
| Novanta Inc | COM | 67000B104 |  | 472012 | 3474 | SH |  | SOLE |  | 3474 | 0 | 0 |
| Now Inc. | COM | 67011P100 |  | 528371 | 41604 | SH |  | SOLE |  | 41604 | 0 | 0 |
| Nucor Corp. | COM | 670346105 |  | 262566 | 1992 | SH |  | SOLE |  | 1992 | 0 | 0 |
| Nutrien LTD | COM | 67077M108 |  | 3924267 | 53735 | SH |  | SOLE |  | 53735 | 0 | 0 |
| Nvidia Corp. | COM | 67066G104 |  | 10290152 | 70413 | SH |  | SOLE |  | 70413 | 0 | 0 |
| Obsidian Energy Ltd | COM | 674482203 |  | 277911 | 41854 | SH |  | SOLE |  | 41854 | 0 | 0 |
| Occidental Petroleum Corp. | COM | 674599105 |  | 2716192 | 43121 | SH |  | SOLE |  | 43121 | 0 | 0 |
| Old Republic International Cor | COM | 680223104 |  | 443726 | 18374 | SH |  | SOLE |  | 18374 | 0 | 0 |
| On Semiconductor Corp. | COM | 682189105 |  | 3899747 | 62526 | SH |  | SOLE |  | 62526 | 0 | 0 |
| Oneok Inc. | COM | 682680103 |  | 522315 | 7950 | SH |  | SOLE |  | 7950 | 0 | 0 |
| P A M Trans Svcs iNC. | COM | 693149106 |  | 467728 | 18059 | SH |  | SOLE |  | 18059 | 0 | 0 |
| PGT Inc. | COM | 69336V101 |  | 939901 | 52333 | SH |  | SOLE |  | 52333 | 0 | 0 |
| Pampa Energia SA | COM | 697660207 |  | 478014 | 14966 | SH |  | SOLE |  | 14966 | 0 | 0 |
| Panasonic Corp. | COM | 69832A205 |  | 526690 | 62582 | SH |  | SOLE |  | 62582 | 0 | 0 |
| Paycom Software Inc. | COM | 70432V102 |  | 341651 | 1101 | SH |  | SOLE |  | 1101 | 0 | 0 |
| Pbf Energy Inc Class A | COM | 69318G106 |  | 2818673 | 69119 | SH |  | SOLE |  | 69119 | 0 | 0 |
| Pennant Investment Corp | COM | 708062104 |  | 65757 | 11436 | SH |  | SOLE |  | 11436 | 0 | 0 |
| Pepsico Inc. | COM | 713448108 |  | 2674270 | 14803 | SH |  | SOLE |  | 14803 | 0 | 0 |
| Perion Network Ltd. | COM | M78673114 |  | 782529 | 30930 | SH |  | SOLE |  | 30930 | 0 | 0 |
| Permian Basin Royalty Trust | COM | 714236106 |  | 340452 | 13510 | SH |  | SOLE |  | 13510 | 0 | 0 |
| Petroleo Brasileiro S/A | COM | 71654V408 |  | 2336514 | 219391 | SH |  | SOLE |  | 219391 | 0 | 0 |
| Phillips 66 | COM | 718546104 |  | 9784353 | 94008 | SH |  | SOLE |  | 94008 | 0 | 0 |
| Photronics Inc. | COM | 719405102 |  | 468328 | 27827 | SH |  | SOLE |  | 27827 | 0 | 0 |
| Pilgrim's Pride Corp. | COM | 72147K108 |  | 372537 | 15699 | SH |  | SOLE |  | 15699 | 0 | 0 |
| Precision Drilling Corp. | COM | 74022D407 |  | 347911 | 4536 | SH |  | SOLE |  | 4536 | 0 | 0 |
| Procter  Gamble Co. | COM | 742718109 |  | 3319164 | 21900 | SH |  | SOLE |  | 21900 | 0 | 0 |
| Prophase Labs Inc | COM | 74345W108 |  | 697077 | 72386 | SH |  | SOLE |  | 72386 | 0 | 0 |
| Pyxix TankersInc. | COM | Y71726130 |  | 408495 | 84750 | SH |  | SOLE |  | 84750 | 0 | 0 |
| Quanta Services Inc. | COM | 74762E102 |  | 10736235 | 75342 | SH |  | SOLE |  | 75342 | 0 | 0 |
| Quest Diagnostics Inc. | COM | 74834L100 |  | 314601 | 2011 | SH |  | SOLE |  | 2011 | 0 | 0 |
| Ramaco Res Inc. | COM | 75134P303 |  | 403760 | 45934 | SH |  | SOLE |  | 45934 | 0 | 0 |
| Rambus Inc. | COM | 750917106 |  | 378940 | 10579 | SH |  | SOLE |  | 10579 | 0 | 0 |
| Raymond James Financial Inc. | COM | 754730109 |  | 308155 | 2884 | SH |  | SOLE |  | 2884 | 0 | 0 |
| Rcm Technologies Inc. | COM | 749360400 |  | 650627 | 52725 | SH |  | SOLE |  | 52725 | 0 | 0 |
| Repligen Corp. | COM | 759916109 |  | 529263 | 3126 | SH |  | SOLE |  | 3126 | 0 | 0 |
| Richardson Electronics Ltd. | COM | 763165107 |  | 520495 | 24402 | SH |  | SOLE |  | 24402 | 0 | 0 |
| Rio Tinto Plc | COM | 767204100 |  | 4113010 | 57767 | SH |  | SOLE |  | 57767 | 0 | 0 |
| Rpc Inc. | COM | 749660106 |  | 725228 | 81578 | SH |  | SOLE |  | 81578 | 0 | 0 |
| SPDR Gold Shares | COM | 78463V107 |  | 339280 | 2000 | SH |  | SOLE |  | 2000 | 0 | 0 |
| Sabine Royalty Trust | COM | 785688102 |  | 836726 | 9792 | SH |  | SOLE |  | 9792 | 0 | 0 |
| Safety Insurance Group Inc. | COM | 78648T100 |  | 416303 | 4941 | SH |  | SOLE |  | 4941 | 0 | 0 |
| Scorpio Tankers Inc | COM | Y7542C130 |  | 804453 | 14961 | SH |  | SOLE |  | 14961 | 0 | 0 |
| Sensus Health Care  Inc. | COM | 81728J109 |  | 921690 | 124217 | SH |  | SOLE |  | 124217 | 0 | 0 |
| Sfl Corporation Ltd | COM | G7738W106 |  | 530390 | 57526 | SH |  | SOLE |  | 57526 | 0 | 0 |
| Shell Plc Sponsored Adr | COM | 780259305 |  | 769565 | 13513 | SH |  | SOLE |  | 13513 | 0 | 0 |
| Sinovac Biotech Ltd. | COM | P8696W104 |  | 0 | 15056 | SH |  | SOLE |  | 15056 | 0 | 0 |
| Sitio Royalties Corp. Class A | COM | 82983N108 |  | 1754859 | 60827 | SH |  | SOLE |  | 60827 | 0 | 0 |
| Sociedad Quimica Y Minera De C | COM | 833635105 |  | 6668876 | 83528 | SH |  | SOLE |  | 83528 | 0 | 0 |
| Southwestern Energy Co. | COM | 845467109 |  | 452574 | 77363 | SH |  | SOLE |  | 77363 | 0 | 0 |
| Standard  Poor's Depositary R | COM | 78462F103 |  | 1298732 | 3396 | SH |  | SOLE |  | 3396 | 0 | 0 |
| Steel Dynamics Inc. | COM | 858119100 |  | 3395075 | 34750 | SH |  | SOLE |  | 34750 | 0 | 0 |
| Suncor Energy Inc. | COM | 867224107 |  | 2937849 | 92589 | SH |  | SOLE |  | 92589 | 0 | 0 |
| Super Micro Computer Inc. | COM | 86800U104 |  | 1550130 | 18881 | SH |  | SOLE |  | 18881 | 0 | 0 |
| TFI International | COM | 87241L109 |  | 2052514 | 20476 | SH |  | SOLE |  | 20476 | 0 | 0 |
| Targa Resources | COM | 87612G101 |  | 3279644 | 44621 | SH |  | SOLE |  | 44621 | 0 | 0 |
| Technoglass Inc. | COM | G87264100 |  | 814790 | 26480 | SH |  | SOLE |  | 26480 | 0 | 0 |
| Teekay Tankers Ltd | COM | Y8565N300 |  | 481745 | 15636 | SH |  | SOLE |  | 15636 | 0 | 0 |
| Tenaris S.A. ADS | COM | 88031M109 |  | 2163746 | 61540 | SH |  | SOLE |  | 61540 | 0 | 0 |
| Texas Instruments Inc. | COM | 882508104 |  | 223503 | 1353 | SH |  | SOLE |  | 1353 | 0 | 0 |
| Titan International Inc. | COM | 88830M102 |  | 1120444 | 73136 | SH |  | SOLE |  | 73136 | 0 | 0 |
| Titan Machinery Inc. | COM | 88830R101 |  | 1422334 | 35800 | SH |  | SOLE |  | 35800 | 0 | 0 |
| TotalEnergies SE Sponsored ADR | COM | 89151E109 |  | 3433707 | 55311 | SH |  | SOLE |  | 55311 | 0 | 0 |
| Toyota Motor Corp. | COM | 892331307 |  | 1516038 | 11100 | SH |  | SOLE |  | 11100 | 0 | 0 |
| Transcat Inc. | COM | 893529107 |  | 463915 | 6546 | SH |  | SOLE |  | 6546 | 0 | 0 |
| Tsakos Energy Navigation Ltd. | COM | G9108L173 |  | 409215 | 24171 | SH |  | SOLE |  | 24171 | 0 | 0 |
| Ufp Technologies Inc. | COM | 902673102 |  | 1062307 | 9011 | SH |  | SOLE |  | 9011 | 0 | 0 |
| Ugi Corp. | COM | 902681105 |  | 472939 | 12758 | SH |  | SOLE |  | 12758 | 0 | 0 |
| Union Pacific Corp. | COM | 907818108 |  | 933472 | 4508 | SH |  | SOLE |  | 4508 | 0 | 0 |
| United Microelectronics Corp. | COM | 910873405 |  | 505585 | 77425 | SH |  | SOLE |  | 77425 | 0 | 0 |
| United Parcel Service Inc. | COM | 911312106 |  | 417390 | 2401 | SH |  | SOLE |  | 2401 | 0 | 0 |
| Unitedhealth Group Inc. | COM | 91324P102 |  | 733879 | 1384 | SH |  | SOLE |  | 1384 | 0 | 0 |
| Universal Corp. | COM | 913456109 |  | 4617178 | 87430 | SH |  | SOLE |  | 87430 | 0 | 0 |
| Uranium Energy Corp. | COM | 916896103 |  | 58638 | 15113 | SH |  | SOLE |  | 15113 | 0 | 0 |
| VOC Energy Trust | COM | 91829B103 |  | 757518 | 73049 | SH |  | SOLE |  | 73049 | 0 | 0 |
| Vaalco Energy Inc. | COM | 91851C201 |  | 48537 | 10644 | SH |  | SOLE |  | 10644 | 0 | 0 |
| Valaris Ltd. | COM | G9460G101 |  | 791424 | 11704 | SH |  | SOLE |  | 11704 | 0 | 0 |
| Valero Energy Corp. | COM | 91913Y100 |  | 8500508 | 67007 | SH |  | SOLE |  | 67007 | 0 | 0 |
| Vanguard Dividend Appreciation | COM | 921908844 |  | 255860 | 1685 | SH |  | SOLE |  | 1685 | 0 | 0 |
| Veritiv Corp | COM | 923454102 |  | 391176 | 3214 | SH |  | SOLE |  | 3214 | 0 | 0 |
| Vermillion Energy Inc. | COM | 923725105 |  | 539000 | 30452 | SH |  | SOLE |  | 30452 | 0 | 0 |
| Vista Oil  Gas SAB ADR | COM | 92837L109 |  | 2018308 | 128883 | SH |  | SOLE |  | 128883 | 0 | 0 |
| Vistra Corp. | COM | 92840M102 |  | 3406085 | 146814 | SH |  | SOLE |  | 146814 | 0 | 0 |
| Volkswagen Ag. | COM | 928662600 |  | 1764786 | 111993 | SH |  | SOLE |  | 111993 | 0 | 0 |
| W Offshore Inc. | COM | 92922P106 |  | 525368 | 94152 | SH |  | SOLE |  | 94152 | 0 | 0 |
| WEC Energy Group Inc. | COM | 92939U106 |  | 2398287 | 25579 | SH |  | SOLE |  | 25579 | 0 | 0 |
| WNS Holdings Ltd. (ADS) | COM | 92932M101 |  | 721670 | 9022 | SH |  | SOLE |  | 9022 | 0 | 0 |
| Wal-Mart Stores Inc. | COM | 931142103 |  | 237073 | 1672 | SH |  | SOLE |  | 1672 | 0 | 0 |
| Westlake Chemical Corp. | COM | 960413102 |  | 1724415 | 16817 | SH |  | SOLE |  | 16817 | 0 | 0 |
| WillScot Mobile Mini Holdings | COM | 971378104 |  | 5802764 | 128465 | SH |  | SOLE |  | 128465 | 0 | 0 |
| Ypf S.A. | COM | 984245100 |  | 428144 | 46588 | SH |  | SOLE |  | 46588 | 0 | 0 |
| Yum! Brands Inc. | COM | 988498101 |  | 496595 | 3877 | SH |  | SOLE |  | 3877 | 0 | 0 |
| iRadimed Corp | COM | 46266A109 |  | 262984 | 9296 | SH |  | SOLE |  | 9296 | 0 | 0 |

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