# EDGAR Filing Document

**Accession Number:** 0000872163
**File Stem:** 0001104659-26-056800
**Filing Date:** 2026-5
**Character Count:** 36035
**Document Hash:** f8b72d74ae7aed180ed36779b08b6c40
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-056800.hdr.sgml**: 20260507

**ACCESSION NUMBER**: 0001104659-26-056800

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260507

**DATE AS OF CHANGE**: 20260507

**EFFECTIVENESS DATE**: 20260507

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** NAVELLIER & ASSOCIATES INC
- **CENTRAL INDEX KEY:** 0000872163

**ORGANIZATION NAME:**
- **EIN:** 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:** 26951348

**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:** 03-31-2026

**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

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:**

Louis Navellier  Reno, NV  05-06-2026<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:** 326

**Form 13F Information Table Value Total:** $959530505

      (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 |
| Abbott Laboratories | COM | 002824100 |  | 567513 | 5528 | SH |  | SOLE |  | 0 | 0 | 5528 |
| AbbVie Inc. | COM | 00287Y109 |  | 6155952 | 28305 | SH |  | SOLE |  | 0 | 0 | 28305 |
| Advanced Energy Industries Inc. | COM | 007973100 |  | 5412815 | 16773 | SH |  | SOLE |  | 0 | 0 | 16773 |
| Advanced Micro Devices Inc. | COM | 007903107 |  | 409098 | 2011 | SH |  | SOLE |  | 0 | 0 | 2011 |
| AECOM | COM | 00766T100 |  | 2454290 | 28935 | SH |  | SOLE |  | 0 | 0 | 28935 |
| Agnico Eagle Mines Limited | COM | 008474108 |  | 13072927 | 64405 | SH |  | SOLE |  | 0 | 0 | 64405 |
| Alamos Gold Inc. | COM | 011532108 |  | 13432788 | 302336 | SH |  | SOLE |  | 0 | 0 | 302336 |
| Alaska Air Group Inc. | COM | 011659109 |  | 233958 | 6361 | SH |  | SOLE |  | 0 | 0 | 6361 |
| Alignment Healthcare Inc. | COM | 01625V104 |  | 360153 | 20440 | SH |  | SOLE |  | 0 | 0 | 20440 |
| Allient Inc. | COM | 019330109 |  | 410557 | 6948 | SH |  | SOLE |  | 0 | 0 | 6948 |
| Allstate Corporation | COM | 020002101 |  | 4100863 | 19778 | SH |  | SOLE |  | 0 | 0 | 19778 |
| Alphabet Inc. Class A | COM | 02079K305 |  | 2892970 | 10060 | SH |  | SOLE |  | 0 | 0 | 10060 |
| Alphabet Inc. Class C | COM | 02079K107 |  | 2778572 | 9686 | SH |  | SOLE |  | 0 | 0 | 9686 |
| Alphatec Holdings Inc. | COM | 02081G201 |  | 221778 | 20384 | SH |  | SOLE |  | 0 | 0 | 20384 |
| Amazon.com Inc. | COM | 023135106 |  | 3861250 | 18540 | SH |  | SOLE |  | 0 | 0 | 18540 |
| Amcor PLC | COM | G0250X149 |  | 571724 | 14383 | SH |  | SOLE |  | 0 | 0 | 14383 |
| Amer Sports Inc. | COM | G0260P102 |  | 1726193 | 52436 | SH |  | SOLE |  | 0 | 0 | 52436 |
| American Electric Power Company Inc. | COM | 025537101 |  | 262160 | 2000 | SH |  | SOLE |  | 0 | 0 | 2000 |
| American Express Company | COM | 025816109 |  | 362976 | 1200 | SH |  | SOLE |  | 0 | 0 | 1200 |
| American International Group Inc. | COM | 026874784 |  | 237038 | 3150 | SH |  | SOLE |  | 0 | 0 | 3150 |
| American Public Education Inc. | COM | 02913V103 |  | 674199 | 11853 | SH |  | SOLE |  | 0 | 0 | 11853 |
| Amgen Inc. | COM | 031162100 |  | 4212102 | 11971 | SH |  | SOLE |  | 0 | 0 | 11971 |
| Analog Devices Inc. | COM | 032654105 |  | 1267152 | 3983 | SH |  | SOLE |  | 0 | 0 | 3983 |
| Apollo Global Management Inc | COM | 03769M106 |  | 421279 | 3781 | SH |  | SOLE |  | 0 | 0 | 3781 |
| Apple Inc. | COM | 037833100 |  | 11829098 | 46610 | SH |  | SOLE |  | 0 | 0 | 46610 |
| Applied Industrial Technologies Inc. | COM | 03820C105 |  | 620318 | 2338 | SH |  | SOLE |  | 0 | 0 | 2338 |
| Applied Materials Inc. | COM | 038222105 |  | 378153 | 1106 | SH |  | SOLE |  | 0 | 0 | 1106 |
| AppLovin Corp. Class A | COM | 03831W108 |  | 9697270 | 24365 | SH |  | SOLE |  | 0 | 0 | 24365 |
| Archrock Inc. | COM | 03957W106 |  | 312991 | 8994 | SH |  | SOLE |  | 0 | 0 | 8994 |
| Arcutis Biotherapeutics Inc | COM | 03969K108 |  | 324021 | 13753 | SH |  | SOLE |  | 0 | 0 | 13753 |
| Argan Inc. | COM | 04010E109 |  | 16275622 | 29883 | SH |  | SOLE |  | 0 | 0 | 29883 |
| argenx SE Sponsored ADR | COM | 04016X101 |  | 5128546 | 7023 | SH |  | SOLE |  | 0 | 0 | 7023 |
| Array Digital Infrastructure Inc. | COM | 911684108 |  | 359384 | 7789 | SH |  | SOLE |  | 0 | 0 | 7789 |
| Artisan Partners Asset Management Inc. Class A | COM | 04316A108 |  | 2976032 | 81782 | SH |  | SOLE |  | 0 | 0 | 81782 |
| Artivion Inc. | COM | 228903100 |  | 264470 | 7222 | SH |  | SOLE |  | 0 | 0 | 7222 |
| Atmos Energy Corporation | COM | 049560105 |  | 4144458 | 22436 | SH |  | SOLE |  | 0 | 0 | 22436 |
| Aurinia Pharmaceuticals Inc. | COM | 05156V102 |  | 1703352 | 114936 | SH |  | SOLE |  | 0 | 0 | 114936 |
| Automatic Data Processing Inc. | COM | 053015103 |  | 369000 | 1816 | SH |  | SOLE |  | 0 | 0 | 1816 |
| Avery Dennison Corporation | COM | 053611109 |  | 203417 | 1178 | SH |  | SOLE |  | 0 | 0 | 1178 |
| Avista Corporation | COM | 05379B107 |  | 634618 | 15810 | SH |  | SOLE |  | 0 | 0 | 15810 |
| AZZ Inc. | COM | 002474104 |  | 308696 | 2467 | SH |  | SOLE |  | 0 | 0 | 2467 |
| Baker Hughes Company Class A | COM | 05722G100 |  | 3626676 | 59405 | SH |  | SOLE |  | 0 | 0 | 59405 |
| Bank of America Corp | COM | 060505104 |  | 526500 | 10800 | SH |  | SOLE |  | 0 | 0 | 10800 |
| Barrick Mining Corporation | COM | 06849F108 |  | 5329336 | 130653 | SH |  | SOLE |  | 0 | 0 | 130653 |
| Bel Fuse Inc. Class B | COM | 077347300 |  | 420905 | 2126 | SH |  | SOLE |  | 0 | 0 | 2126 |
| BioCryst Pharmaceuticals Inc. | COM | 09058V103 |  | 431123 | 45286 | SH |  | SOLE |  | 0 | 0 | 45286 |
| Biogen Inc. | COM | 09062X103 |  | 396726 | 2164 | SH |  | SOLE |  | 0 | 0 | 2164 |
| BJ's Wholesale Club Holdings Inc. | COM | 05550J101 |  | 224791 | 2284 | SH |  | SOLE |  | 0 | 0 | 2284 |
| Black Hills Corporation | COM | 092113109 |  | 623718 | 8986 | SH |  | SOLE |  | 0 | 0 | 8986 |
| Bloom Energy Corporation Class A | COM | 093712107 |  | 17440950 | 128725 | SH |  | SOLE |  | 0 | 0 | 128725 |
| Booz Allen Hamilton Holding Corporation Class A | COM | 099502106 |  | 1414484 | 18127 | SH |  | SOLE |  | 0 | 0 | 18127 |
| BorgWarner Inc. | COM | 099724106 |  | 301957 | 5565 | SH |  | SOLE |  | 0 | 0 | 5565 |
| Brink's Company | COM | 109696104 |  | 243427 | 2349 | SH |  | SOLE |  | 0 | 0 | 2349 |
| Bristol-Myers Squibb Company | COM | 110122108 |  | 479135 | 7900 | SH |  | SOLE |  | 0 | 0 | 7900 |
| Broadcom Inc. | COM | 11135F101 |  | 3827512 | 12366 | SH |  | SOLE |  | 0 | 0 | 12366 |
| Brown Advisory Small-Cap Fundamental Value Fund Investor Shs | COM | 115233793 |  | 862667 | 31438 | SH |  | SOLE |  | 0 | 0 | 31438 |
| BRP Inc. | COM | 05577W200 |  | 674009 | 9386 | SH |  | SOLE |  | 0 | 0 | 9386 |
| BWX Technologies Inc. | COM | 05605H100 |  | 4356592 | 21305 | SH |  | SOLE |  | 0 | 0 | 21305 |
| Caledonia Mining Corporation PLC | COM | G1757E113 |  | 1183061 | 52371 | SH |  | SOLE |  | 0 | 0 | 52371 |
| Cal-Maine Foods Inc. | COM | 128030202 |  | 2614585 | 33033 | SH |  | SOLE |  | 0 | 0 | 33033 |
| Cardinal Health Inc. | COM | 14149Y108 |  | 13977956 | 66149 | SH |  | SOLE |  | 0 | 0 | 66149 |
| Carpenter Technology Corporation | COM | 144285103 |  | 19251381 | 48843 | SH |  | SOLE |  | 0 | 0 | 48843 |
| Carriage Services Inc. | COM | 143905107 |  | 223140 | 4887 | SH |  | SOLE |  | 0 | 0 | 4887 |
| Carvana Co. Class A | COM | 146869102 |  | 4596864 | 14622 | SH |  | SOLE |  | 0 | 0 | 14622 |
| Casey's General Stores Inc. | COM | 147528103 |  | 537161 | 738 | SH |  | SOLE |  | 0 | 0 | 738 |
| Catalyst Pharmaceuticals Inc. | COM | 14888U101 |  | 312372 | 12616 | SH |  | SOLE |  | 0 | 0 | 12616 |
| CECO Environmental Corp. | COM | 125141101 |  | 2697782 | 45280 | SH |  | SOLE |  | 0 | 0 | 45280 |
| Cencora Inc. | COM | 03073E105 |  | 252314 | 803 | SH |  | SOLE |  | 0 | 0 | 803 |
| Centerra Gold Inc. | COM | 152006102 |  | 2675260 | 150380 | SH |  | SOLE |  | 0 | 0 | 150380 |
| Charles Schwab Corp | COM | 808513105 |  | 610870 | 6500 | SH |  | SOLE |  | 0 | 0 | 6500 |
| Chevron Corporation | COM | 166764100 |  | 2518858 | 12174 | SH |  | SOLE |  | 0 | 0 | 12174 |
| Ciena Corporation | COM | 171779309 |  | 9294226 | 23940 | SH |  | SOLE |  | 0 | 0 | 23940 |
| Cipher Digital Inc. | COM | 17253J106 |  | 313114 | 24329 | SH |  | SOLE |  | 0 | 0 | 24329 |
| Cisco Systems Inc. | COM | 17275R102 |  | 4312746 | 55584 | SH |  | SOLE |  | 0 | 0 | 55584 |
| Citigroup Inc. | COM | 172967424 |  | 961603 | 8479 | SH |  | SOLE |  | 0 | 0 | 8479 |
| Cleanspark Inc. | COM | 18452B209 |  | 91874 | 10796 | SH |  | SOLE |  | 0 | 0 | 10796 |
| ClearPoint Neuro Inc. | COM | 18507C103 |  | 455000 | 50000 | SH |  | SOLE |  | 0 | 0 | 50000 |
| Clorox Company | COM | 189054109 |  | 457630 | 4416 | SH |  | SOLE |  | 0 | 0 | 4416 |
| CME Group Inc. Class A | COM | 12572Q105 |  | 2808605 | 9509 | SH |  | SOLE |  | 0 | 0 | 9509 |
| Coca-Cola Company | COM | 191216100 |  | 870012 | 11440 | SH |  | SOLE |  | 0 | 0 | 11440 |
| Coca-Cola Consolidated Inc. | COM | 191098102 |  | 6449888 | 33639 | SH |  | SOLE |  | 0 | 0 | 33639 |
| Coda Octopus Group Inc. | COM | 19188U206 |  | 524885 | 46450 | SH |  | SOLE |  | 0 | 0 | 46450 |
| Coeur Mining Inc. | COM | 192108504 |  | 5366043 | 285884 | SH |  | SOLE |  | 0 | 0 | 285884 |
| Cohen  Steers Inc. | COM | 19247A100 |  | 3428536 | 54813 | SH |  | SOLE |  | 0 | 0 | 54813 |
| Coherent Corp. | COM | 19247G107 |  | 5982406 | 25114 | SH |  | SOLE |  | 0 | 0 | 25114 |
| Colgate-Palmolive Company | COM | 194162103 |  | 2163356 | 25383 | SH |  | SOLE |  | 0 | 0 | 25383 |
| Columbia Banking System Inc. | COM | 197236102 |  | 248351 | 9054 | SH |  | SOLE |  | 0 | 0 | 9054 |
| Comfort Systems USA Inc. | COM | 199908104 |  | 27307057 | 19802 | SH |  | SOLE |  | 0 | 0 | 19802 |
| Compania de Minas Buenaventura SAA Sponsored ADR | COM | 204448104 |  | 3287965 | 91231 | SH |  | SOLE |  | 0 | 0 | 91231 |
| Compass Diversified Holdings | COM | 20451Q104 |  | 518721 | 65995 | SH |  | SOLE |  | 0 | 0 | 65995 |
| Comstock Holding Companies Inc. Class A | COM | 205684202 |  | 274573 | 14497 | SH |  | SOLE |  | 0 | 0 | 14497 |
| Consolidated Edison Inc. | COM | 209115104 |  | 389247 | 3439 | SH |  | SOLE |  | 0 | 0 | 3439 |
| Constellium SE Class A | COM | F21107101 |  | 2277632 | 92662 | SH |  | SOLE |  | 0 | 0 | 92662 |
| Costco Wholesale Corporation | COM | 22160K105 |  | 5929689 | 5951 | SH |  | SOLE |  | 0 | 0 | 5951 |
| Covista Inc. | COM | 00737L103 |  | 283746 | 2462 | SH |  | SOLE |  | 0 | 0 | 2462 |
| CSP Inc. | COM | 126389105 |  | 86500 | 10000 | SH |  | SOLE |  | 0 | 0 | 10000 |
| Dakota Gold Corp | COM | 46655E100 |  | 81598 | 16158 | SH |  | SOLE |  | 0 | 0 | 16158 |
| Darden Restaurants Inc. | COM | 237194105 |  | 549358 | 2802 | SH |  | SOLE |  | 0 | 0 | 2802 |
| Delta Air Lines Inc. | COM | 247361702 |  | 294506 | 4430 | SH |  | SOLE |  | 0 | 0 | 4430 |
| Douglas Dynamics Inc. | COM | 25960R105 |  | 213144 | 5064 | SH |  | SOLE |  | 0 | 0 | 5064 |
| D-Wave Quantum Inc. | COM | 26740W109 |  | 575382 | 39874 | SH |  | SOLE |  | 0 | 0 | 39874 |
| Dynex Capital Inc. | COM | 26817Q886 |  | 1994350 | 156297 | SH |  | SOLE |  | 0 | 0 | 156297 |
| Eaton Corp. Plc | COM | G29183103 |  | 311173 | 870 | SH |  | SOLE |  | 0 | 0 | 870 |
| eBay Inc. | COM | 278642103 |  | 3206947 | 35233 | SH |  | SOLE |  | 0 | 0 | 35233 |
| eGain Corporation | COM | 28225C806 |  | 1346310 | 170635 | SH |  | SOLE |  | 0 | 0 | 170635 |
| Elbit Systems Ltd | COM | M3760D101 |  | 12509643 | 14733 | SH |  | SOLE |  | 0 | 0 | 14733 |
| Eldorado Gold Corporation | COM | 284902509 |  | 2543098 | 74078 | SH |  | SOLE |  | 0 | 0 | 74078 |
| Element Solutions Inc | COM | 28618M106 |  | 289337 | 8475 | SH |  | SOLE |  | 0 | 0 | 8475 |
| Eli Lilly and Company | COM | 532457108 |  | 25287988 | 27494 | SH |  | SOLE |  | 0 | 0 | 27494 |
| Embraer S.A. Sponsored ADR | COM | 29082A107 |  | 4800191 | 80893 | SH |  | SOLE |  | 0 | 0 | 80893 |
| EMCOR Group Inc. | COM | 29084Q100 |  | 29836137 | 40411 | SH |  | SOLE |  | 0 | 0 | 40411 |
| Energy Transfer LP | COM | 29273V100 |  | 381175 | 19750 | SH |  | SOLE |  | 0 | 0 | 19750 |
| Enterprise Products Partners L.P. | COM | 293792107 |  | 361200 | 9545 | SH |  | SOLE |  | 0 | 0 | 9545 |
| Equinox Gold Corp. | COM | 29446Y502 |  | 1847974 | 127799 | SH |  | SOLE |  | 0 | 0 | 127799 |
| Euroseas Ltd. | COM | Y23592135 |  | 533931 | 7987 | SH |  | SOLE |  | 0 | 0 | 7987 |
| Eversource Energy | COM | 30040W108 |  | 798383 | 11524 | SH |  | SOLE |  | 0 | 0 | 11524 |
| Everus Construction Group Inc. | COM | 300426103 |  | 360083 | 3050 | SH |  | SOLE |  | 0 | 0 | 3050 |
| Extra Space Storage Inc. | COM | 30225T102 |  | 409625 | 3124 | SH |  | SOLE |  | 0 | 0 | 3124 |
| Exxon Mobil Corporation | COM | 30231G102 |  | 15621319 | 92074 | SH |  | SOLE |  | 0 | 0 | 92074 |
| EZCORP Inc. Class A | COM | 302301106 |  | 547370 | 21567 | SH |  | SOLE |  | 0 | 0 | 21567 |
| Fidelity MSCI Information Technology Index ETF | COM | 316092808 |  | 2392575 | 11500 | SH |  | SOLE |  | 0 | 0 | 11500 |
| FIGS Inc. Class A | COM | 30260D103 |  | 297926 | 20171 | SH |  | SOLE |  | 0 | 0 | 20171 |
| First Bancorp | COM | 318672706 |  | 480899 | 22514 | SH |  | SOLE |  | 0 | 0 | 22514 |
| First Trust Consumer Discretionary AlphaDEX Fund | COM | 33734X101 |  | 1323998 | 20681 | SH |  | SOLE |  | 0 | 0 | 20681 |
| First Trust Consumer Staples AlphaDEX Fund | COM | 33734X119 |  | 1296129 | 20341 | SH |  | SOLE |  | 0 | 0 | 20341 |
| First Trust Energy AlphaDEX Fund | COM | 33734X127 |  | 1603307 | 71385 | SH |  | SOLE |  | 0 | 0 | 71385 |
| First Trust Industrials/Producer Durables AlphaDEX Fund | COM | 33734X150 |  | 1447382 | 17731 | SH |  | SOLE |  | 0 | 0 | 17731 |
| First Trust Materials AlphaDEX Fund | COM | 33734X168 |  | 1582043 | 20759 | SH |  | SOLE |  | 0 | 0 | 20759 |
| First Trust NYSE Arca Biotechnology Index Fund | COM | 33733E203 |  | 1341076 | 6678 | SH |  | SOLE |  | 0 | 0 | 6678 |
| Flotek Industries Inc. | COM | 343389409 |  | 1465699 | 86370 | SH |  | SOLE |  | 0 | 0 | 86370 |
| Flowserve Corporation | COM | 34354P105 |  | 2260607 | 30752 | SH |  | SOLE |  | 0 | 0 | 30752 |
| Fortinet Inc. | COM | 34959E109 |  | 214515 | 2625 | SH |  | SOLE |  | 0 | 0 | 2625 |
| Frequency Electronics Inc. | COM | 358010106 |  | 509875 | 11520 | SH |  | SOLE |  | 0 | 0 | 11520 |
| Fresh Del Monte Produce Inc. | COM | G36738105 |  | 2903276 | 72113 | SH |  | SOLE |  | 0 | 0 | 72113 |
| FTAI Aviation Ltd. | COM | G3730V105 |  | 726425 | 2965 | SH |  | SOLE |  | 0 | 0 | 2965 |
| GE Vernova Inc. | COM | 36828A101 |  | 7432765 | 8515 | SH |  | SOLE |  | 0 | 0 | 8515 |
| General Dynamics Corporation | COM | 369550108 |  | 3182386 | 9272 | SH |  | SOLE |  | 0 | 0 | 9272 |
| General Motors Company | COM | 37045V100 |  | 223500 | 3000 | SH |  | SOLE |  | 0 | 0 | 3000 |
| Genuine Parts Company | COM | 372460105 |  | 428483 | 4052 | SH |  | SOLE |  | 0 | 0 | 4052 |
| Genworth Financial Inc. | COM | 37247D106 |  | 203171 | 25021 | SH |  | SOLE |  | 0 | 0 | 25021 |
| Getty Realty Corp. | COM | 374297109 |  | 362520 | 11400 | SH |  | SOLE |  | 0 | 0 | 11400 |
| Grab Holdings Limited Class A | COM | G4124C109 |  | 230997 | 63114 | SH |  | SOLE |  | 0 | 0 | 63114 |
| Guardant Health Inc. | COM | 40131M109 |  | 485312 | 5254 | SH |  | SOLE |  | 0 | 0 | 5254 |
| HCI Group Inc. | COM | 40416E103 |  | 1978584 | 12797 | SH |  | SOLE |  | 0 | 0 | 12797 |
| Hecla Mining Company | COM | 422704106 |  | 3932178 | 211067 | SH |  | SOLE |  | 0 | 0 | 211067 |
| HEICO Corporation | COM | 422806109 |  | 565949 | 2064 | SH |  | SOLE |  | 0 | 0 | 2064 |
| Hennessy Advisors Inc. | COM | 425885100 |  | 115967 | 11894 | SH |  | SOLE |  | 0 | 0 | 11894 |
| Heritage Insurance Holdings Inc. | COM | 42727J102 |  | 1239000 | 47200 | SH |  | SOLE |  | 0 | 0 | 47200 |
| Hershey Company | COM | 427866108 |  | 478150 | 2300 | SH |  | SOLE |  | 0 | 0 | 2300 |
| Hesai Group Sponsored ADR | COM | 428050108 |  | 1775005 | 92835 | SH |  | SOLE |  | 0 | 0 | 92835 |
| Hess Midstream LP Class A | COM | 428103105 |  | 434567 | 11180 | SH |  | SOLE |  | 0 | 0 | 11180 |
| Home Depot Inc. | COM | 437076102 |  | 674381 | 2050 | SH |  | SOLE |  | 0 | 0 | 2050 |
| Honeywell International Inc. | COM | 438516106 |  | 257674 | 1140 | SH |  | SOLE |  | 0 | 0 | 1140 |
| Howmet Aerospace Inc. | COM | 443201108 |  | 16780324 | 72812 | SH |  | SOLE |  | 0 | 0 | 72812 |
| Hudbay Minerals Inc | COM | 443628102 |  | 2526183 | 120870 | SH |  | SOLE |  | 0 | 0 | 120870 |
| Huntington Bancshares Incorporated | COM | 446150104 |  | 345396 | 22070 | SH |  | SOLE |  | 0 | 0 | 22070 |
| IAMGOLD Corporation | COM | 450913108 |  | 2099729 | 111569 | SH |  | SOLE |  | 0 | 0 | 111569 |
| IBEX Ltd | COM | G4690M101 |  | 339246 | 12649 | SH |  | SOLE |  | 0 | 0 | 12649 |
| Idaho Strategic Resources Inc | COM | 645827205 |  | 3529378 | 109881 | SH |  | SOLE |  | 0 | 0 | 109881 |
| IDEXX Laboratories Inc. | COM | 45168D104 |  | 334886 | 596 | SH |  | SOLE |  | 0 | 0 | 596 |
| IES Holdings Inc. | COM | 44951W106 |  | 1274081 | 2674 | SH |  | SOLE |  | 0 | 0 | 2674 |
| Indivior Pharmaceuticals Inc. | COM | 45579U109 |  | 4087612 | 134108 | SH |  | SOLE |  | 0 | 0 | 134108 |
| Integra Resources Corp | COM | 45826T509 |  | 641517 | 234988 | SH |  | SOLE |  | 0 | 0 | 234988 |
| Intel Corporation | COM | 458140100 |  | 383931 | 8700 | SH |  | SOLE |  | 0 | 0 | 8700 |
| Intellicheck Inc | COM | 45817G201 |  | 178035 | 25470 | SH |  | SOLE |  | 0 | 0 | 25470 |
| Interactive Brokers Group Inc. Class A | COM | 45841N107 |  | 731331 | 10904 | SH |  | SOLE |  | 0 | 0 | 10904 |
| Intercontinental Exchange Inc. | COM | 45866F104 |  | 473256 | 3009 | SH |  | SOLE |  | 0 | 0 | 3009 |
| International Business Machines Corporation | COM | 459200101 |  | 1168939 | 4823 | SH |  | SOLE |  | 0 | 0 | 4823 |
| International General Insurance Holdings Ltd. | COM | G4809J106 |  | 349494 | 14427 | SH |  | SOLE |  | 0 | 0 | 14427 |
| International Seaways Inc. | COM | Y41053102 |  | 1658312 | 22754 | SH |  | SOLE |  | 0 | 0 | 22754 |
| IonQ Inc. | COM | 46222L108 |  | 554113 | 19220 | SH |  | SOLE |  | 0 | 0 | 19220 |
| iShares Core S 500 ETF | COM | 464287200 |  | 966751 | 1480 | SH |  | SOLE |  | 0 | 0 | 1480 |
| iShares Core S Mid-Cap ETF | COM | 464287507 |  | 786725 | 11650 | SH |  | SOLE |  | 0 | 0 | 11650 |
| iShares MSCI Canada ETF | COM | 464286509 |  | 783223 | 14295 | SH |  | SOLE |  | 0 | 0 | 14295 |
| iShares MSCI EAFE Growth ETF | COM | 464288885 |  | 2966117 | 26633 | SH |  | SOLE |  | 0 | 0 | 26633 |
| iShares MSCI EAFE Value ETF | COM | 464288877 |  | 2478309 | 33333 | SH |  | SOLE |  | 0 | 0 | 33333 |
| iShares MSCI Emerging Markets ETF | COM | 464287234 |  | 777625 | 13693 | SH |  | SOLE |  | 0 | 0 | 13693 |
| iShares MSCI Japan ETF | COM | 46434G822 |  | 1254947 | 14862 | SH |  | SOLE |  | 0 | 0 | 14862 |
| iShares U.S. Energy ETF | COM | 464287796 |  | 790000 | 12197 | SH |  | SOLE |  | 0 | 0 | 12197 |
| iShares U.S. Industrials ETF | COM | 464287754 |  | 721471 | 4890 | SH |  | SOLE |  | 0 | 0 | 4890 |
| iShares U.S. Technology ETF | COM | 464287721 |  | 851041 | 4691 | SH |  | SOLE |  | 0 | 0 | 4691 |
| Itron Inc. | COM | 465741106 |  | 486601 | 5429 | SH |  | SOLE |  | 0 | 0 | 5429 |
| Ituran Location and Control Ltd. | COM | M6158M104 |  | 647275 | 13207 | SH |  | SOLE |  | 0 | 0 | 13207 |
| Jabil Inc. | COM | 466313103 |  | 416508 | 1568 | SH |  | SOLE |  | 0 | 0 | 1568 |
| Johnson  Johnson | COM | 478160104 |  | 3442693 | 14084 | SH |  | SOLE |  | 0 | 0 | 14084 |
| Johnson Controls International plc | COM | G51502105 |  | 4717474 | 36025 | SH |  | SOLE |  | 0 | 0 | 36025 |
| JPMorgan Chase  Co. | COM | 46625H100 |  | 2423878 | 8240 | SH |  | SOLE |  | 0 | 0 | 8240 |
| Kaiser Aluminum Corporation | COM | 483007704 |  | 1258486 | 10443 | SH |  | SOLE |  | 0 | 0 | 10443 |
| Kinder Morgan Inc Class P | COM | 49456B101 |  | 408583 | 12186 | SH |  | SOLE |  | 0 | 0 | 12186 |
| Kinross Gold Corporation | COM | 496902404 |  | 16030447 | 525244 | SH |  | SOLE |  | 0 | 0 | 525244 |
| KLA Corporation | COM | 482480100 |  | 3199547 | 2173 | SH |  | SOLE |  | 0 | 0 | 2173 |
| Kraft Heinz Company | COM | 500754106 |  | 409318 | 18200 | SH |  | SOLE |  | 0 | 0 | 18200 |
| Kroger Co. | COM | 501044101 |  | 3519931 | 48645 | SH |  | SOLE |  | 0 | 0 | 48645 |
| Lam Research Corporation | COM | 512807306 |  | 7394779 | 34610 | SH |  | SOLE |  | 0 | 0 | 34610 |
| Lamar Advertising Company Class A | COM | 512816109 |  | 673997 | 5321 | SH |  | SOLE |  | 0 | 0 | 5321 |
| Lemonade Inc | COM | 52567D107 |  | 445780 | 7112 | SH |  | SOLE |  | 0 | 0 | 7112 |
| Limbach Holdings Inc. | COM | 53263P105 |  | 229389 | 2939 | SH |  | SOLE |  | 0 | 0 | 2939 |
| Littelfuse Inc. | COM | 537008104 |  | 325097 | 958 | SH |  | SOLE |  | 0 | 0 | 958 |
| Lowe's Companies Inc. | COM | 548661107 |  | 911096 | 3856 | SH |  | SOLE |  | 0 | 0 | 3856 |
| Masimo Corporation | COM | 574795100 |  | 1122360 | 6310 | SH |  | SOLE |  | 0 | 0 | 6310 |
| MasTec Inc. | COM | 576323109 |  | 6888132 | 21409 | SH |  | SOLE |  | 0 | 0 | 21409 |
| Mastercard Incorporated Class A | COM | 57636Q104 |  | 657553 | 1316 | SH |  | SOLE |  | 0 | 0 | 1316 |
| McDonald's Corporation | COM | 580135101 |  | 1426526 | 4590 | SH |  | SOLE |  | 0 | 0 | 4590 |
| McGrath RentCorp | COM | 580589109 |  | 256842 | 2329 | SH |  | SOLE |  | 0 | 0 | 2329 |
| Merck  Co. Inc. | COM | 58933Y105 |  | 312754 | 2600 | SH |  | SOLE |  | 0 | 0 | 2600 |
| Meta Platforms Inc Class A | COM | 30303M102 |  | 6161033 | 10769 | SH |  | SOLE |  | 0 | 0 | 10769 |
| Micron Technology Inc. | COM | 595112103 |  | 6136526 | 18164 | SH |  | SOLE |  | 0 | 0 | 18164 |
| Microsoft Corporation | COM | 594918104 |  | 6564823 | 17735 | SH |  | SOLE |  | 0 | 0 | 17735 |
| MPLX LP | COM | 55336V100 |  | 614073 | 10760 | SH |  | SOLE |  | 0 | 0 | 10760 |
| Mueller Industries Inc. | COM | 624756102 |  | 1250271 | 11284 | SH |  | SOLE |  | 0 | 0 | 11284 |
| Nasdaq Inc. | COM | 631103108 |  | 359178 | 4231 | SH |  | SOLE |  | 0 | 0 | 4231 |
| National Storage Affiliates Trust | COM | 637870106 |  | 437138 | 11583 | SH |  | SOLE |  | 0 | 0 | 11583 |
| Nephros Inc. | COM | 640671400 |  | 56995 | 19126 | SH |  | SOLE |  | 0 | 0 | 19126 |
| Nestle S.A. Sponsored ADR | COM | 641069406 |  | 574086 | 5793 | SH |  | SOLE |  | 0 | 0 | 5793 |
| Netflix Inc. | COM | 64110L106 |  | 256721 | 2670 | SH |  | SOLE |  | 0 | 0 | 2670 |
| Newmont Corporation | COM | 651639106 |  | 389700 | 3600 | SH |  | SOLE |  | 0 | 0 | 3600 |
| NextDecade Corp. | COM | 65342K105 |  | 383000 | 50000 | SH |  | SOLE |  | 0 | 0 | 50000 |
| NextEra Energy Inc. | COM | 65339F101 |  | 2083777 | 22435 | SH |  | SOLE |  | 0 | 0 | 22435 |
| Norfolk Southern Corporation | COM | 655844108 |  | 1061900 | 3700 | SH |  | SOLE |  | 0 | 0 | 3700 |
| Northern Technologies International Corporation | COM | 665809109 |  | 206000 | 25000 | SH |  | SOLE |  | 0 | 0 | 25000 |
| Northern Trust Corporation | COM | 665859104 |  | 462395 | 3313 | SH |  | SOLE |  | 0 | 0 | 3313 |
| Northrop Grumman Corp. | COM | 666807102 |  | 524257 | 768 | SH |  | SOLE |  | 0 | 0 | 768 |
| NRG Energy Inc. | COM | 629377508 |  | 2805331 | 19196 | SH |  | SOLE |  | 0 | 0 | 19196 |
| Nucor Corporation | COM | 670346105 |  | 4513478 | 26691 | SH |  | SOLE |  | 0 | 0 | 26691 |
| nVent Electric plc | COM | G6700G107 |  | 4863945 | 41122 | SH |  | SOLE |  | 0 | 0 | 41122 |
| NVIDIA Corporation | COM | 67066G104 |  | 104143656 | 597154 | SH |  | SOLE |  | 0 | 0 | 597154 |
| OGE Energy Corp. | COM | 670837103 |  | 988329 | 20607 | SH |  | SOLE |  | 0 | 0 | 20607 |
| Okeanis Eco Tankers Corp. | COM | Y64177101 |  | 1003655 | 19839 | SH |  | SOLE |  | 0 | 0 | 19839 |
| Old Dominion Freight Line Inc. | COM | 679580100 |  | 274342 | 1404 | SH |  | SOLE |  | 0 | 0 | 1404 |
| Old Republic International Corporation | COM | 680223104 |  | 683864 | 17139 | SH |  | SOLE |  | 0 | 0 | 17139 |
| ONEOK Inc. | COM | 682680103 |  | 681456 | 7539 | SH |  | SOLE |  | 0 | 0 | 7539 |
| OR Royalties Inc. | COM | 68390D106 |  | 1836632 | 48307 | SH |  | SOLE |  | 0 | 0 | 48307 |
| Oracle Corporation | COM | 68389X105 |  | 498703 | 3390 | SH |  | SOLE |  | 0 | 0 | 3390 |
| Palantir Technologies Inc. Class A | COM | 69608A108 |  | 12701785 | 86832 | SH |  | SOLE |  | 0 | 0 | 86832 |
| Palo Alto Networks Inc. | COM | 697435105 |  | 432223 | 2696 | SH |  | SOLE |  | 0 | 0 | 2696 |
| Palomar Holdings Inc. | COM | 69753M105 |  | 276762 | 2316 | SH |  | SOLE |  | 0 | 0 | 2316 |
| Par Pacific Holdings Inc | COM | 69888T207 |  | 385361 | 6152 | SH |  | SOLE |  | 0 | 0 | 6152 |
| Parker-Hannifin Corporation | COM | 701094104 |  | 3285559 | 3670 | SH |  | SOLE |  | 0 | 0 | 3670 |
| Paymentus Holdings Inc Class A | COM | 70439P108 |  | 1098118 | 43233 | SH |  | SOLE |  | 0 | 0 | 43233 |
| PennyMac Financial Services Inc. | COM | 70932M107 |  | 218500 | 2500 | SH |  | SOLE |  | 0 | 0 | 2500 |
| PepsiCo Inc. | COM | 713448108 |  | 2085821 | 13432 | SH |  | SOLE |  | 0 | 0 | 13432 |
| Pfizer Inc. | COM | 717081103 |  | 220147 | 7840 | SH |  | SOLE |  | 0 | 0 | 7840 |
| Phibro Animal Health Corporation Class A | COM | 71742Q106 |  | 2894947 | 52340 | SH |  | SOLE |  | 0 | 0 | 52340 |
| Philip Morris International Inc. | COM | 718172109 |  | 663344 | 4012 | SH |  | SOLE |  | 0 | 0 | 4012 |
| Phillips 66 | COM | 718546104 |  | 7335798 | 40267 | SH |  | SOLE |  | 0 | 0 | 40267 |
| Plains GP Holdings LP Class A | COM | 72651A207 |  | 395157 | 16275 | SH |  | SOLE |  | 0 | 0 | 16275 |
| Porsche Automobil Holding SE Unsponsored ADR | COM | 73328P106 |  | 211025 | 58962 | SH |  | SOLE |  | 0 | 0 | 58962 |
| Powell Industries Inc. | COM | 739128106 |  | 1572498 | 2906 | SH |  | SOLE |  | 0 | 0 | 2906 |
| Power Solutions International Inc. | COM | 73933G202 |  | 6544722 | 107502 | SH |  | SOLE |  | 0 | 0 | 107502 |
| Primoris Services Corporation | COM | 74164F103 |  | 340006 | 2377 | SH |  | SOLE |  | 0 | 0 | 2377 |
| Procter  Gamble Company | COM | 742718109 |  | 2377094 | 16457 | SH |  | SOLE |  | 0 | 0 | 16457 |
| Prudential Financial Inc. | COM | 744320102 |  | 480190 | 4915 | SH |  | SOLE |  | 0 | 0 | 4915 |
| Qnity Electronics Inc. | COM | 74743L100 |  | 246452 | 2136 | SH |  | SOLE |  | 0 | 0 | 2136 |
| Quanta Services Inc. | COM | 74762E102 |  | 25456060 | 46366 | SH |  | SOLE |  | 0 | 0 | 46366 |
| QXO Inc. | COM | 82846H405 |  | 417880 | 21518 | SH |  | SOLE |  | 0 | 0 | 21518 |
| Rocket Lab Corporation | COM | 773121108 |  | 1084676 | 16890 | SH |  | SOLE |  | 0 | 0 | 16890 |
| Royal Caribbean Group | COM | V7780T103 |  | 13098150 | 47598 | SH |  | SOLE |  | 0 | 0 | 47598 |
| Royal Gold Inc. | COM | 780287108 |  | 525522 | 2065 | SH |  | SOLE |  | 0 | 0 | 2065 |
| RTX Corporation | COM | 75513E101 |  | 749702 | 3886 | SH |  | SOLE |  | 0 | 0 | 3886 |
| S Global Inc. | COM | 78409V104 |  | 372173 | 875 | SH |  | SOLE |  | 0 | 0 | 875 |
| Salesforce Inc. | COM | 79466L302 |  | 825329 | 4421 | SH |  | SOLE |  | 0 | 0 | 4421 |
| Sandisk Corporation | COM | 80004C200 |  | 612468 | 964 | SH |  | SOLE |  | 0 | 0 | 964 |
| Sanmina Corporation | COM | 801056102 |  | 453481 | 3498 | SH |  | SOLE |  | 0 | 0 | 3498 |
| Scorpio Tankers Inc. | COM | Y7542C130 |  | 1203594 | 16121 | SH |  | SOLE |  | 0 | 0 | 16121 |
| Seagate Technology Holdings PLC | COM | G7997R103 |  | 17386325 | 44380 | SH |  | SOLE |  | 0 | 0 | 44380 |
| Seneca Foods Corporation Class A | COM | 817070501 |  | 381125 | 2522 | SH |  | SOLE |  | 0 | 0 | 2522 |
| Sezzle Inc. | COM | 78435P105 |  | 3375825 | 53339 | SH |  | SOLE |  | 0 | 0 | 53339 |
| Skyward Specialty Insurance Group Inc. | COM | 830940102 |  | 210581 | 4821 | SH |  | SOLE |  | 0 | 0 | 4821 |
| SPDR Gold Shares | COM | 78463V107 |  | 1733638 | 4029 | SH |  | SOLE |  | 0 | 0 | 4029 |
| Sportradar Group AG Class A | COM | H8088L103 |  | 1104974 | 66008 | SH |  | SOLE |  | 0 | 0 | 66008 |
| SSR Mining Inc | COM | 784730103 |  | 2859385 | 97258 | SH |  | SOLE |  | 0 | 0 | 97258 |
| State Street Materials Select Sector SPDR ETF | COM | 81369Y100 |  | 646912 | 12946 | SH |  | SOLE |  | 0 | 0 | 12946 |
| State Street SPDR S 500 ETF | COM | 78462F103 |  | 1819001 | 2797 | SH |  | SOLE |  | 0 | 0 | 2797 |
| Steel Dynamics Inc. | COM | 858119100 |  | 5348567 | 29714 | SH |  | SOLE |  | 0 | 0 | 29714 |
| StoneX Group Inc. | COM | 861896108 |  | 1003286 | 12440 | SH |  | SOLE |  | 0 | 0 | 12440 |
| Super Micro Computer Inc. | COM | 86800U302 |  | 7186030 | 315592 | SH |  | SOLE |  | 0 | 0 | 315592 |
| Taiwan Semiconductor Manufacturing Co. Ltd. Sponsored ADR | COM | 874039100 |  | 513673 | 1520 | SH |  | SOLE |  | 0 | 0 | 1520 |
| Talen Energy Corp | COM | 87422Q109 |  | 805098 | 2522 | SH |  | SOLE |  | 0 | 0 | 2522 |
| Targa Resources Corp. | COM | 87612G101 |  | 5097695 | 20331 | SH |  | SOLE |  | 0 | 0 | 20331 |
| TAT Technologies Ltd. | COM | M8740S227 |  | 472689 | 11634 | SH |  | SOLE |  | 0 | 0 | 11634 |
| TD SYNNEX Corporation | COM | 87162W100 |  | 290012 | 1719 | SH |  | SOLE |  | 0 | 0 | 1719 |
| TechnipFMC plc | COM | G87110105 |  | 6555460 | 94828 | SH |  | SOLE |  | 0 | 0 | 94828 |
| TeraWulf Inc. | COM | 88080T104 |  | 513722 | 35601 | SH |  | SOLE |  | 0 | 0 | 35601 |
| Terex Corporation | COM | 880779103 |  | 585858 | 9913 | SH |  | SOLE |  | 0 | 0 | 9913 |
| Texas Instruments Incorporated | COM | 882508104 |  | 377520 | 1945 | SH |  | SOLE |  | 0 | 0 | 1945 |
| Textron Inc. | COM | 883203101 |  | 328175 | 3748 | SH |  | SOLE |  | 0 | 0 | 3748 |
| TG Therapeutics Inc. | COM | 88322Q108 |  | 973014 | 29290 | SH |  | SOLE |  | 0 | 0 | 29290 |
| T-Mobile US Inc. | COM | 872590104 |  | 246785 | 1175 | SH |  | SOLE |  | 0 | 0 | 1175 |
| Tower Semiconductor Ltd | COM | M87915274 |  | 2570957 | 14651 | SH |  | SOLE |  | 0 | 0 | 14651 |
| TPG Inc Class A | COM | 872657101 |  | 275873 | 6810 | SH |  | SOLE |  | 0 | 0 | 6810 |
| Triple Flag Precious Metals Corp. | COM | 89679M104 |  | 1683088 | 48490 | SH |  | SOLE |  | 0 | 0 | 48490 |
| TRX Gold Corporation | COM | 87283P109 |  | 544094 | 362729 | SH |  | SOLE |  | 0 | 0 | 362729 |
| Tsakos Energy Navigation Limited | COM | G9108L173 |  | 960456 | 24340 | SH |  | SOLE |  | 0 | 0 | 24340 |
| TTM Technologies Inc. | COM | 87305R109 |  | 5612658 | 57613 | SH |  | SOLE |  | 0 | 0 | 57613 |
| Tutor Perini Corporation | COM | 901109108 |  | 2872626 | 37215 | SH |  | SOLE |  | 0 | 0 | 37215 |
| Tyler Technologies Inc. | COM | 902252105 |  | 1069938 | 3125 | SH |  | SOLE |  | 0 | 0 | 3125 |
| Ubiquiti Inc. | COM | 90353W103 |  | 16572416 | 20970 | SH |  | SOLE |  | 0 | 0 | 20970 |
| UFP Technologies Inc. | COM | 902673102 |  | 278203 | 1437 | SH |  | SOLE |  | 0 | 0 | 1437 |
| Unilever PLC Sponsored ADR | COM | 904767803 |  | 581949 | 10215 | SH |  | SOLE |  | 0 | 0 | 10215 |
| Union Pacific Corporation | COM | 907818108 |  | 1216739 | 5015 | SH |  | SOLE |  | 0 | 0 | 5015 |
| UnitedHealth Group Incorporated | COM | 91324P102 |  | 647599 | 2393 | SH |  | SOLE |  | 0 | 0 | 2393 |
| Universal Corp | COM | 913456109 |  | 3110247 | 59018 | SH |  | SOLE |  | 0 | 0 | 59018 |
| Uranium Energy Corp. | COM | 916896103 |  | 788238 | 58388 | SH |  | SOLE |  | 0 | 0 | 58388 |
| Vale S.A. Sponsored ADR | COM | 91912E105 |  | 2524074 | 158647 | SH |  | SOLE |  | 0 | 0 | 158647 |
| Valero Energy Corporation | COM | 91913Y100 |  | 3931635 | 15912 | SH |  | SOLE |  | 0 | 0 | 15912 |
| Vanguard Dividend Appreciation ETF | COM | 921908844 |  | 382836 | 1780 | SH |  | SOLE |  | 0 | 0 | 1780 |
| VeriSign Inc. | COM | 92343E102 |  | 3751085 | 15103 | SH |  | SOLE |  | 0 | 0 | 15103 |
| Verizon Communications Inc. | COM | 92343V104 |  | 1065605 | 21227 | SH |  | SOLE |  | 0 | 0 | 21227 |
| Vertiv Holdings Co. Class A | COM | 92537N108 |  | 23824594 | 95078 | SH |  | SOLE |  | 0 | 0 | 95078 |
| Viper Energy Inc. | COM | 64361Q101 |  | 3068595 | 65303 | SH |  | SOLE |  | 0 | 0 | 65303 |
| Virtu Financial Inc. Class A | COM | 928254101 |  | 1393330 | 31681 | SH |  | SOLE |  | 0 | 0 | 31681 |
| Visa Inc. Class A | COM | 92826C839 |  | 560425 | 1854 | SH |  | SOLE |  | 0 | 0 | 1854 |
| Walmart Inc. | COM | 931142103 |  | 13901835 | 111859 | SH |  | SOLE |  | 0 | 0 | 111859 |
| Walt Disney Company | COM | 254687106 |  | 373372 | 3874 | SH |  | SOLE |  | 0 | 0 | 3874 |
| Wasatch Core Growth Fund | COM | 936772201 |  | 677931 | 9674 | SH |  | SOLE |  | 0 | 0 | 9674 |
| Waste Connections Inc. | COM | 94106B101 |  | 645699 | 3975 | SH |  | SOLE |  | 0 | 0 | 3975 |
| Waste Management Inc. | COM | 94106L109 |  | 236763 | 1030 | SH |  | SOLE |  | 0 | 0 | 1030 |
| Western Midstream Partners LP | COM | 958669103 |  | 437349 | 10623 | SH |  | SOLE |  | 0 | 0 | 10623 |
| Wheaton Precious Metals Corp | COM | 962879102 |  | 2327000 | 17762 | SH |  | SOLE |  | 0 | 0 | 17762 |
| Willdan Group Inc. | COM | 96924N100 |  | 1094808 | 14300 | SH |  | SOLE |  | 0 | 0 | 14300 |
| Wintrust Financial Corporation | COM | 97650W108 |  | 439467 | 3163 | SH |  | SOLE |  | 0 | 0 | 3163 |
| WisdomTree Inc. | COM | 97717P104 |  | 786328 | 54006 | SH |  | SOLE |  | 0 | 0 | 54006 |
| Woodward Inc. | COM | 980745103 |  | 3279281 | 9162 | SH |  | SOLE |  | 0 | 0 | 9162 |
| Xcel Energy Inc. | COM | 98389B100 |  | 2680753 | 33746 | SH |  | SOLE |  | 0 | 0 | 33746 |
| Xylem Inc. | COM | 98419M100 |  | 200554 | 1678 | SH |  | SOLE |  | 0 | 0 | 1678 |
| Yum! Brands Inc. | COM | 988498101 |  | 638116 | 4104 | SH |  | SOLE |  | 0 | 0 | 4104 |

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