# EDGAR Filing Document

**Accession Number:** 0000806636
**File Stem:** 0000910472-25-004223
**Filing Date:** 2025-11
**Character Count:** 25716
**Document Hash:** 468fda6f623af001194d289c8485dbf3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000910472-25-004223.hdr.sgml**: 20251126

**ACCESSION NUMBER**: 0000910472-25-004223

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251126

**DATE AS OF CHANGE**: 20251126

**PERIOD START**: 20251231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** LONGLEAF PARTNERS FUNDS TRUST
- **CENTRAL INDEX KEY:** 0000806636

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** TN
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04923
- **FILM NUMBER:** 251525865

**BUSINESS ADDRESS:**
- **STREET 1:** C/O SOUTHEASTERN ASSET MANAGEMENT
- **STREET 2:** 5100 POPLAR AVE, SUITE 2450
- **CITY:** MEMPHIS
- **STATE:** TN
- **ZIP:** 38137
- **BUSINESS PHONE:** 9017612474

**MAIL ADDRESS:**
- **STREET 1:** C/O SOUTHEASTERN ASSET MANAGEMENT
- **STREET 2:** 5100 POPLAR AVE, SUITE 2450
- **CITY:** MEMPHIS
- **STATE:** TN
- **ZIP:** 38137

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SOUTHEASTERN ASSET MANAGEMENT FUNDS TRUST
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SOUTHEASTERN ASSET MANAGEMENT VALUE TRUST
- **DATE OF NAME CHANGE:** 19881220

## Series and Classes Contracts Data

### Longleaf Partners Small-Cap Fund (Series ID: S000009312)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000025444 | Longleaf Partners Small-Cap Fund | llscx           |

## Nport-Ex

---

| | |
|:---|:---|
| Portfolio of Investments | **/ 1** |
| **Longleaf Partners Fund** |  |
| **September 30, 2025** *(Unaudited)* |  |

---

---

| | | | |
|:---|:---|:---|:---|
| **Common Stocks** | | | |
|  | **Shares** | **Value** | **% of Net Assets** |
| Apparel & Textile Products |  |  |  |
| &nbsp;&nbsp;&nbsp;PVH Corporation | 650590 | $54499924 | 4.8% |
| Asset Management |  |  |  |
| &nbsp;&nbsp;&nbsp;Exor N.V. | 648645 | 63356732 | 5.5 |
| Biotech & Pharma |  |  |  |
| &nbsp;&nbsp;&nbsp;Regeneron Pharmaceuticals, Inc.<sup>(a)</sup> | 98688 | 55489302 | 4.9 |
| Entertainment Content |  |  |  |
| &nbsp;&nbsp;&nbsp;Walt Disney Company (The) | 193673 | 22175558 | 1.9 |
| Food |  |  |  |
| &nbsp;&nbsp;&nbsp;The Kraft Heinz Company | 2521389 | 65656970 | 5.8 |
| Home Construction |  |  |  |
| &nbsp;&nbsp;&nbsp;Fortune Brands Innovations, Inc. | 688909 | 36780851 | 3.2 |
| Internet Media & Services |  |  |  |
| &nbsp;&nbsp;&nbsp;IAC, Inc.<sup>(a)</sup> | 1865767 | 63566682 | 5.6 |
| Leisure Facilities & Services |  |  |  |
| &nbsp;&nbsp;&nbsp;MGM Resorts International<sup>(a)</sup> | 1171391 | 40600412 | 3.6 |
| Leisure Products |  |  |  |
| &nbsp;&nbsp;&nbsp;Mattel, Inc. | 3910545 | 65814472 | 5.8 |
| Machinery |  |  |  |
| &nbsp;&nbsp;&nbsp;CNH Industrial N.V. | 3308474 | 35896943 | 3.1 |
| Medical Equipment & Devices |  |  |  |
| &nbsp;&nbsp;&nbsp;Avantor, Inc.<sup>(a)</sup> | 3639654 | 45422882 | 4.0 |
| &nbsp;&nbsp;&nbsp;Bio-Rad Laboratories, Inc. - Class A<sup>(a)</sup> | 169579 | 47548256 | 4.2 |
|  |  | 92971138 | 8.2 |
| Oil & Gas Producers |  |  |  |
| &nbsp;&nbsp;&nbsp;CNX Resources Corporation<sup>(a)</sup> | 2200710 | 70686805 | 6.2 |
| REITs |  |  |  |
| &nbsp;&nbsp;&nbsp;PotlatchDeltic Corporation | 1055228 | 43000541 | 3.8 |
| &nbsp;&nbsp;&nbsp;Rayonier, Inc. | 2249038 | 59689469 | 5.2 |
|  |  | 102690010 | 9.0 |
| Retail - Consumer Staples |  |  |  |
| &nbsp;&nbsp;&nbsp;Albertsons Companies, Inc. - Class A<sup>(a)</sup> | 3473855 | 60827201 | 5.3 |
| Technology Services |  |  |  |
| &nbsp;&nbsp;&nbsp;Fidelity National Information Services, Inc. | 528594 | 34855488 | 3.0 |
| &nbsp;&nbsp;&nbsp;PayPal Holdings, Inc.<sup>(a)</sup> | 470248 | 31534831 | 2.8 |
|  |  | 66390319 | 5.8 |
| Transportation & Logistics |  |  |  |
| &nbsp;&nbsp;&nbsp;FedEx Corporation | 263853 | 62219176 | 5.5 |
| **Total Common Stocks** (Cost $900,941,137) |  | 959622495 | 84.2 |

---

**/ 2**

---

| | | | |
|:---|:---|:---|:---|
| **Short-Term Obligations** | | | |
|  | **Principal Amount** | **Value** | **% of Net Assets** |
| &nbsp;&nbsp;&nbsp;Repurchase Agreement with State Street Bank, 3.40%, dated 9/30/2025, due 10/01/2025, Repurchase Price $173,584,393 (Collateral: 177,039,360 U.S. Treasury Notes, 0.50%-3.63% due 06/30/2027-08/31/2027, Par $178,117,700) (Cost $173,568,000) | $173568000 | $173568000 | 15.2% |
| **Total Investments -** (Cost $1,074,509,137) |  | 1133190495 | 99.4 |
| **Other Assets (Liabilities), Net** |  | 6421485 | 0.6 |
| **Net Assets** |  | $1139611980 | 100.0% |

---

 

<sup>(a)</sup> *Non-income producing security.*

---

| | |
|:---|:---|
| Portfolio of Investments | **/ 1** |

---

---

| |
|:---|
| **Longleaf Partners Small-Cap Fund** |
| **September 30, 2025** *(Unaudited)* |

---

---

| | | | |
|:---|:---|:---|:---|
| **Common Stocks** | | | |
|  | **Shares** | **Value** | **% of Net Assets** |
| Beverages |  |  |  |
| &nbsp;&nbsp;&nbsp;Becle S.A.B. de C.V.<sup>(a)</sup> | 43520333 | $46141513 | 6.1% |
| &nbsp;&nbsp;&nbsp;Boston Beer Company, Inc. (The) - Class A<sup>(a)</sup> | 109062 | 23057888 | 3.1 |
|  |  | 69199401 | 9.2 |
| Cable & Satellite |  |  |  |
| &nbsp;&nbsp;&nbsp;GCI Liberty, Inc. Series A<sup>(a)</sup> | 80675 | 3029750 | 0.4 |
| &nbsp;&nbsp;&nbsp;GCI Liberty, Inc. Series C<sup>(a)</sup> | 862213 | 32134679 | 4.3 |
|  |  | 35164429 | 4.7 |
| Consumer Services |  |  |  |
| &nbsp;&nbsp;&nbsp;Graham Holdings Company - Class B | 29406 | 34619978 | 4.6 |
| Containers & Packaging |  |  |  |
| &nbsp;&nbsp;&nbsp;Clearwater Paper Corporation<sup>(a)</sup> | 936449 | 19440681 | 2.6 |
| Food |  |  |  |
| &nbsp;&nbsp;&nbsp;Dole PLC | 1930616 | 25947479 | 3.4 |
| &nbsp;&nbsp;&nbsp;Gruma, S.A.B. de C.V. - Class B<sup>(a)</sup> | 2223731 | 41397517 | 5.5 |
|  |  | 67344996 | 8.9 |
| Insurance |  |  |  |
| &nbsp;&nbsp;&nbsp;White Mountains Insurance Group Ltd. | 26246 | 43870714 | 5.8 |
| Internet Media & Services |  |  |  |
| &nbsp;&nbsp;&nbsp;TripAdvisor, Inc.<sup>(a)</sup> | 2341244 | 38068627 | 5.1 |
| Leisure Facilities & Services |  |  |  |
| &nbsp;&nbsp;&nbsp;Atlanta Braves Holdings, Inc. - Series C<sup>(a)</sup> | 669988 | 27864801 | 3.7 |
| Leisure Products |  |  |  |
| &nbsp;&nbsp;&nbsp;Mattel, Inc. | 2266398 | 38143478 | 5.1 |
| Oil & Gas Producers |  |  |  |
| &nbsp;&nbsp;&nbsp;CNX Resources Corporation<sup>(a)</sup> | 1441238 | 46292565 | 6.1 |
| REITs |  |  |  |
| &nbsp;&nbsp;&nbsp;Alexander's, Inc. | 122516 | 28728777 | 3.8 |
| &nbsp;&nbsp;&nbsp;Empire State Realty Trust, Inc. - Class A | 2625947 | 20114754 | 2.7 |
| &nbsp;&nbsp;&nbsp;PotlatchDeltic Corporation | 644654 | 26269650 | 3.5 |
| &nbsp;&nbsp;&nbsp;Rayonier, Inc. | 1318329 | 34988452 | 4.6 |
|  |  | 110101633 | 14.6 |
| Telecommunications |  |  |  |
| &nbsp;&nbsp;&nbsp;Shenandoah Telecommunications Company | 2444275 | 32802170 | 4.4 |
| **Total Common Stocks** (Cost $437,000,507) |  | 562913473 | 74.8 |
| **Preferred Stocks** |  |  |  |
| &nbsp;&nbsp;&nbsp;Eastman Kodak Company Convertible Preferred Stock - Series B 4.00% (Cost $95,452,160)<sup>(b)(c)(d)</sup> | 932150 | 91537130 | 12.1 |

---

**/ 2**

---

| | | | |
|:---|:---|:---|:---|
| **Short-Term Obligations** | | | |
|  | **Principal Amount** | **Value** | **% of Net Assets** |
| Repurchase Agreement with State Street Bank, 3.40%, dated 9/30/2025, due 10/01/2025 Repurchase Price: $116,889,038 (Collateral: $119,215,560 U.S. Treasury Notes, 0.50% due 06/30/2027, Par $125,738,300) (Cost $116,878,000) | $116878000 | $116878000 | 15.5% |
| **Total Investments -** (Cost $649,330,667) |  | 771328603 | 102.4 |
| **Other Assets (Liabilities), Net** |  | (17735560) | (2.4) |
| **Net Assets** |  | $753593043 | 100.0% |

---

<sup>(a)</sup> *Non-income producing security.*

 

<sup>(b)</sup> *Affiliated security during the period.*

<sup>(c)</sup> *Value determined using significant unobservable inputs.*

<sup>(d)</sup> *These shares were acquired directly from the issuer in a private placement on February 26, 2021 with a total cost at September 30, 2025 of $95,452,160. They are considered restricted securities under the Securities Act of 1933 (the "33 Act"). These shares may be sold only if registered under the 33 Act or an exemption is available. The issuer has filed with the SEC a registration statement on Form S-3 providing for the potential resale on an ongoing basis under 33 Act Rule 415 of Common Stock issuable upon conversion of the Series B Preferred Stock, subject to certain terms of a Registration Rights Agreement with the issuer. Due to the lack of an active trading market, all or a portion of this position may be illiquid. Judgment plays a greater role in valuing illiquid securities than those for which a more active market exists, and are valued by Southeastern Asset Management as designee under procedures adopted by the Board of Trustees.*

Under Section 2(a)(3) of the 1940 Act, a portfolio company is defined as "affiliated" if a fund owns five percent or more of its voting stock during all or part of the period. Affiliated companies during the period ended September

30, 2025 were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Shares at<br>9/30/25 | Value at<br>12/31/24 |<br>Purchases |<br>Sales |<br>Dividends | Net Realized<br> Gain (Loss)<br> 1/1/25 to<br>9/30/25 | Net Unrealized<br> Appreciation<br> (Depreciation)<br>1/1/25 to 9/30/25 | Value at<br>9/30/25 |
| **Small Cap Fund** |  |  |  |  |  |  |  |  |
| **Common Stocks** |  |  |  |  |  |  |  |  |
| Clearwater Paper Corporation\* (Containers & Packaging) | 4767743 | $— | $22727034 | $— | $— | $— | $(3286353) | $19440681 |
| Westrock Coffee Company\*^ (Beverages) | 932150 | 30608910 |  | 32375022 |  | (12938276) | 14704388 |  |
| **Preferred Stock** |  |  |  |  |  |  |  |  |
| Eastman Kodak Company Convertible Preferred Stock - Series B 4.00%<sup>(a)(b)</sup> (Consumer Services) | 932150 | 89113540 |  |  | 1864300 |  | 2423590 | 91537130 |
|  |  | $119722450 | $22727034 | $32375022 | $1864300 | $(12938276) | $13841625 | $110977811 |

---

\* *Non-income producing security.*

^ *Not an affiliate at the end of the period.*

 

<sup>(a)</sup> *Restricted security, see Portfolio of Investments for additional disclosures.*

 

<sup>(b)</sup> *Value determined using significant unobservable inputs.*

---

| | |
|:---|:---|
| Portfolio of Investments | **/** **1** |
| **Longleaf Partners International Fund** |  |
| **September 30, 2025** *(Unaudited)* |  |

---

---

| | | | |
|:---|:---|:---|:---|
| **Common Stocks** | | | |
| | **Shares** | **Value** | **% of Net Assets** |
| Asset Management |  |  |  |
| &nbsp;&nbsp;&nbsp;Exor N.V. (Netherlands) | 293402 | $28715329 | 5.0% |
| Banking |  |  |  |
| &nbsp;&nbsp;&nbsp;HDFC Bank Ltd. (India) | 2937074 | 31459195 | 5.5 |
| Chemicals |  |  |  |
| &nbsp;&nbsp;&nbsp;Kansai Paint Company Ltd. (Japan) | 714700 | 11649992 | 2.1 |
| Commercial Support Services |  |  |  |
| &nbsp;&nbsp;&nbsp;Medley, Inc. (Japan)<sup>(a)</sup> | 831500 | 13687806 | 2.4 |
| Consumer Services |  |  |  |
| &nbsp;&nbsp;&nbsp;IDP Education Limited (Australia) | 5446947 | 23672035 | 4.1 |
| Entertainment Content |  |  |  |
| &nbsp;&nbsp;&nbsp;Canal + SADIR (France)<sup>(a)</sup> | 11089477 | 36673290 | 6.4 |
| Food |  |  |  |
| &nbsp;&nbsp;&nbsp;Glanbia PLC (Ireland)<sup>(a)</sup> | 1727160 | 28461380 | 5.0 |
| &nbsp;&nbsp;&nbsp;Gruma, S.A.B. DE C.V. - Class B (Mexico)<sup>(a)</sup> | 1287044 | 23959924 | 4.2 |
|  |  | 52421304 | 9.2 |
| Internet Media & Services |  |  |  |
| &nbsp;&nbsp;&nbsp;Delivery Hero S.E. 144A (Germany)<sup>(a)</sup> | 792773 | 22762690 | 4.0 |
| &nbsp;&nbsp;&nbsp;Prosus N.V. (Netherlands) | 527853 | 37325071 | 6.5 |
|  |  | 60087761 | 10.5 |
| Leisure Facilities & Services |  |  |  |
| &nbsp;&nbsp;&nbsp;H World Group Ltd. (China) | 905200 | 3572163 | 0.6 |
| &nbsp;&nbsp;&nbsp;H World Group Ltd. - ADR (China) | 588001 | 22996719 | 4.0 |
| &nbsp;&nbsp;&nbsp;Jollibee Foods Corporation (Philippines) | 7630170 | 28007828 | 4.9 |
|  |  | 54576710 | 9.5 |
| Medical Equipment & Devices |  |  |  |
| &nbsp;&nbsp;&nbsp;Koninklijke Philips N.V. (Netherlands) | 901105 | 24683552 | 4.3 |
| &nbsp;&nbsp;&nbsp;Menicon Company Ltd. (Japan) | 550400 | 4239210 | 0.7 |
|  |  | 28922762 | 5.0 |
| Technology Services |  |  |  |
| &nbsp;&nbsp;&nbsp;Allfunds Group PLC (United Kingdom) | 2857727 | 21329386 | 3.7 |
| **Total Common Stocks** (Cost $255,256,156) |  | 363195570 | 63.4 |
| **Short-Term Investments** |  |  |  |
|  | **Principal Amount** |  |  |
| &nbsp;&nbsp;&nbsp;Repurchase Agreement with State Street Bank, 3.40%, dated 9/30/2025, due 10/01/2025 Repurchase Price: $191,075,044 (Collateral: $194,878,140 U.S. Treasury Notes, 0.50% due 06/30/2027, Par $205,540,600) (Cost $191,057,000) | 191057000 | 191057000 | 33.3 |
| **Total Investments -** (Cost $446,313,156) |  | 554252570 | 96.7 |
| **Other Assets (Liabilities), Net** |  | 19084352 | 3.3 |
| **Net Assets** |  | $573336922 | 100.0% |

---

*ADR - American Depositary Receipt.*

<sup>(a)</sup> *Non-income producing security.*

---

| | |
|:---|:---|
| Portfolio of Investments | **/ 1** |
| **Longleaf Partners Global Fund** |  |
| **September 30, 2025** *(Unaudited)* |  |

---

---

| | | | |
|:---|:---|:---|:---|
| **Common Stocks** | | | |
| | **Shares** | **Value** | **% of Net Assets** |
| Apparel & Textile Products |  |  |  |
| &nbsp;&nbsp;&nbsp;PVH Corporation | 118462 | $9923562 | 3.9% |
| Asset Management |  |  |  |
| &nbsp;&nbsp;&nbsp;Exor N.V. (Netherlands) | 141567 | 13855199 | 5.4 |
| Biotech & Pharma |  |  |  |
| &nbsp;&nbsp;&nbsp;Regeneron Pharmaceuticals, Inc.<sup>(a)</sup> | 18629 | 10474528 | 4.1 |
| Chemicals |  |  |  |
| &nbsp;&nbsp;&nbsp;Kansai Paint Company Ltd. (Japan) | 209700 | 3418222 | 1.3 |
| Entertainment Content |  |  |  |
| &nbsp;&nbsp;&nbsp;Canal + SADIR (France)<sup>(a)</sup> | 4783760 | 15820063 | 6.2 |
| &nbsp;&nbsp;&nbsp;Walt Disney Company (The) | 39578 | 4531681 | 1.8 |
|  |  | 20351744 | 8.0 |
| Food |  |  |  |
| &nbsp;&nbsp;&nbsp;Glanbia PLC (Ireland)<sup>(a)</sup> | 799135 | 13168719 | 5.1 |
| &nbsp;&nbsp;&nbsp;The Kraft Heinz Company | 436087 | 11355706 | 4.4 |
|  |  | 24524425 | 9.5 |
| Home Construction |  |  |  |
| &nbsp;&nbsp;&nbsp;Fortune Brands Innovations, Inc. | 140510 | 7501829 | 2.9 |
| Internet Media & Services |  |  |  |
| &nbsp;&nbsp;&nbsp;Delivery Hero S.E. 144A (Germany)<sup>(a)</sup> | 392066 | 11257291 | 4.4 |
| &nbsp;&nbsp;&nbsp;IAC, Inc.<sup>(a)</sup> | 392893 | 13385865 | 5.2 |
|  |  | 24643156 | 9.6 |
| Leisure Facilities & Services |  |  |  |
| &nbsp;&nbsp;&nbsp;MGM Resorts International<sup>(a)</sup> | 240309 | 8329110 | 3.2 |
| Leisure Products |  |  |  |
| &nbsp;&nbsp;&nbsp;Mattel, Inc. | 837861 | 14101200 | 5.5 |
| Medical Equipment & Devices |  |  |  |
| &nbsp;&nbsp;&nbsp;Avantor, Inc.<sup>(a)</sup> | 590410 | 7368317 | 2.9 |
| &nbsp;&nbsp;&nbsp;Bio-Rad Laboratories, Inc. - Class A<sup>(a)</sup> | 25090 | 7034985 | 2.7 |
| &nbsp;&nbsp;&nbsp;Koninklijke Philips N.V. (Netherlands) | 402959 | 11038069 | 4.3 |
|  |  | 25441371 | 9.9 |
| Oil & Gas Producers |  |  |  |
| &nbsp;&nbsp;&nbsp;CNX Resources Corporation<sup>(a)</sup> | 490001 | 15738832 | 6.1 |
| Publishing & Broadcasting |  |  |  |
| &nbsp;&nbsp;&nbsp;Louis Hachette Group (France)<sup>(a)</sup> | 4645769 | 8446982 | 3.3 |
| REITs |  |  |  |
| &nbsp;&nbsp;&nbsp;PotlatchDeltic Corporation | 172603 | 7033572 | 2.7 |
| &nbsp;&nbsp;&nbsp;Rayonier, Inc. | 376861 | 10001891 | 3.9 |
|  |  | 17035463 | 6.6 |
| Retail - Consumer Staples |  |  |  |
| &nbsp;&nbsp;&nbsp;Albertsons Companies, Inc. - Class A<sup>(a)</sup> | 600113 | 10507979 | 4.1 |
| Transportation & Logistics |  |  |  |
| &nbsp;&nbsp;&nbsp;FedEx Corporation | 43882 | 10347814 | 4.0 |
| **Total Common Stocks** (Cost $196,343,097) |  | 224641416 | 87.4 |

---

**/ 2**

---

| | | | |
|:---|:---|:---|:---|
| **Short-Term Obligations** | | | |
| | **Principal Amount** | **Value** | **% of Net Assets** |
| &nbsp;&nbsp;&nbsp;Repurchase Agreement with State Street Bank, 3.40%, dated 9/30/2025, due 10/01/2025 Repurchase Price: $32,564,075 (Collateral: $33,212,220 U.S. Treasury Notes, 0.50% due 06/30/2027, Par $35,029,400) (Cost $32,561,000) | $32561000 | $32561000 | 12.6% |
| **Total Investments -** (Cost $228,904,097) |  | 257202416 | 100.0 |
| **Other Assets (Liabilities), Net** |  | (97897) | 0.0 |
| **Net Assets** |  | $257104519 | 100.0% |

---

<sup>(a)</sup> *Non-income producing security.*

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Longleaf Partners Funds Trust

- **b. Investment Company Act file number:** 811-04923

- **c. CIK number of Registrant:** 0000806636

- **d. LEI of Registrant:** 549300TWJRJQNBNXO742

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 155 Federal Street

  - **City:** Boston

  - **State:** MA

  - **Foreign country:** US

  - **Zip / Postal Code:** 02110

  - **Telephone number:** 901-761-2474

**Item A.2. Information about the Series.**

- **a. Name of Series:** Longleaf Partners Small Cap Fund

- **b. EDGAR series identifier (if any):** S000009312

- **c. LEI of Series:** 5493007I4VKNTV71RD52

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-12-31

- **b. Date as of which information is reported:** 2025-09-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $789299577.99

**Total Liabilities:** $35706535.45

**Net Assets:** $753593042.54

**Cash Not Reported:** $188.27

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000025444 | 0.60%                | 2.16%                | -0.72%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $4144541.40              | $286675.06                                 |
| Month 2  | $1613542.21              | $13223501.70                               |
| Month 3  | $12188434.04             | $-18194756.29                              |

### Schedule of Portfolio Investments

| Name                                 | Title                                       | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| GCI Liberty Inc.                     | GCI Liberty, Inc. Series C                  | CUSIP: 36164V800<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    862213 | NS      | $32134678.51  | 4.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Rayonier Inc                         | Rayonier, Inc. REIT                         | CUSIP: 754907103<br>LEI: HGV8VDVNL0W6SF2U9C50 | Long             | EC               | CORP              | US        |   1318329 | NS      | $34988451.66  | 4.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Mattel, Inc.                         | Mattel, Inc.                                | CUSIP: 577081102<br>LEI: 549300VELLG24KHTJ564 | Long             | EC               | CORP              | US        |   2266398 | NS      | $38143478.34  | 5.06%             |  |  |  | No            |                  1 | On Loan: No      |
| State Street Bank and Trust Company  | Repurchase agreement                        | CUSIP: N/A<br>LEI: N/A                        | Long             | RA               | CORP              | US        | 116878000 | PA      | $116878000.00 | 15.51%            |  |  |  | No            |                  2 | On Loan: No      |
| CNX Resources Corporation            | Cnx Resources Corporation                   | CUSIP: 12653C108<br>LEI: 549300JK3KH8PWM3B226 | Long             | EC               | CORP              | US        |   1441238 | NS      | $46292564.56  | 6.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Clearwater Paper Corporation         | Clearwater Paper Corporation                | CUSIP: 18538R103<br>LEI: 549300HCVV19GXN4P292 | Long             | EC               | CORP              | US        |    936449 | NS      | $19440681.24  | 2.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Becle Sab DE CV                      | Becle S.A.B. de C.V.                        | CUSIP: P0929Y106<br>LEI: 529900JY55CZKMJLCE09 | Long             | EC               | CORP              | MX        |  43520333 | NS      | $46141513.08  | 6.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Potlatchdeltic Corp.                 | PotlatchDeltic Corporation REIT             | CUSIP: 737630103<br>LEI: 54930084YA8UJOTXDM59 | Long             | EC               | CORP              | US        |    644654 | NS      | $26269650.50  | 3.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Atlanta Braves Holdings Inc          | Atlanta Braves Holdings, Inc.               | CUSIP: 047726302<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    669988 | NS      | $27864800.92  | 3.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Alexanders Inc                       | ALEXANDER'S, INC. REIT                      | CUSIP: 014752109<br>LEI: 549300TZM28P04U5R635 | Long             | EC               | CORP              | US        |    122516 | NS      | $28728776.84  | 3.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Empire State Realty Trust Inc        | Empire State Realty Trust, Inc.             | CUSIP: 292104106<br>LEI: 549300VOKY1DUEQSB456 | Long             | EC               | CORP              | US        |   2625947 | NS      | $20114754.02  | 2.67%             |  |  |  | No            |                  1 | On Loan: No      |
| White Mountains Insurance Group Ltd. | White Mountains Insurance Group Ltd.        | CUSIP: G9618E107<br>LEI: 549300N3FL068JERBG02 | Long             | EC               | CORP              | BM        |     26246 | NS      | $43870713.92  | 5.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Eastman Kodak Company                | Eastman Kodak Company, Preferred Series B-4 | CUSIP: 277461703<br>LEI: 549300P7J8F3SSMY3E81 | Long             | EP               | CORP              | US        |    932150 | NS      | $91537130.00  | 12.15%            |  |  |  | Yes           |                  3 | On Loan: No      |
| Shenandoah Telecommunications Co.    | Shenandoah Telecommunications Company       | CUSIP: 82312B106<br>LEI: 549300XH3H4OUKFPHS84 | Long             | EC               | CORP              | US        |   2444275 | NS      | $32802170.50  | 4.35%             |  |  |  | No            |                  1 | On Loan: No      |
| GCI Liberty Inc.                     | GCI Liberty, Inc. Series A                  | CUSIP: 36164V602<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     80675 | NS      | $3029749.63   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Tripadvisor Inc                      | TripAdvisor, Inc.                           | CUSIP: 896945201<br>LEI: 549300XVG45PT5BART17 | Long             | EC               | CORP              | US        |   2341244 | NS      | $38068627.44  | 5.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Graham Holdings Co                   | Graham Holdings Company Class B             | CUSIP: 384637104<br>LEI: 529900BOSCEEEMAFQJ29 | Long             | EC               | CORP              | US        |     29406 | NS      | $34619977.86  | 4.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Gruma S.A.B.de C.V.                  | Gruma S.A.B. de C.V.                        | CUSIP: P4948K121<br>LEI: 5493000XJLJ6C4T0PG82 | Long             | EC               | CORP              | MX        |   2223731 | NS      | $41397516.69  | 5.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Boston Beer Co Inc                   | Boston Beer Co., Inc./The Class A           | CUSIP: 100557107<br>LEI: 529900Q02MQ0DCQNRM58 | Long             | EC               | CORP              | US        |    109062 | NS      | $23057888.04  | 3.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Dole PLC                             | Dole plc                                    | CUSIP: G27907107<br>LEI: 635400JUG5XJXOPPJJ47 | Long             | EC               | CORP              | IE        |   1930616 | NS      | $25947479.04  | 3.44%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-11-26

**Name of Applicant:** Ryan S. Hocker

**Signature:** Ryan S. Hocker

**Name of Signer:** Ryan S. Hocker

**Title:** Global Funds Treasurer