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      <regLei>549300TWJRJQNBNXO742</regLei>
      <regStreet1>155 Federal Street</regStreet1>
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      <regCity>Boston</regCity>
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      <regZipOrPostalCode>02110</regZipOrPostalCode>
      <regPhone>901-761-2474</regPhone>
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      <repPdEnd>2025-12-31</repPdEnd>
      <repPdDate>2025-06-30</repPdDate>
      <isFinalFiling>N</isFinalFiling>
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      <totLiabs>544018.36</totLiabs>
      <netAssets>687648720.39</netAssets>
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      <assetsInvested>0.00000000</assetsInvested>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>Potlatchdeltic Corp.</name>
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        <name>Empire State Realty Trust Inc</name>
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        <name>White Mountains Insurance Group Ltd.</name>
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        <title>White Mountains Insurance Group Ltd. </title>
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        <fairValLevel>1</fairValLevel>
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        <name>Eastman Kodak Company</name>
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        <isRestrictedSec>Y</isRestrictedSec>

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        <name>Hyatt Hotels Corporation</name>
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        <name>Shenandoah Telecommunications Co.</name>
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        <title>Shenandoah Telecommunications Company </title>
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        <name>State Street Bank and Trust Company</name>
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        <name>Tripadvisor Inc</name>
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        <name>Park Hotels &amp; Resorts Inc.</name>
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        <name>Westrock Coffee Co</name>
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        <name>Graham Holdings Co</name>
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        <name>Gruma S.A.B.de C.V.</name>
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        <name>Boston Beer Co Inc</name>
        <lei>529900Q02MQ0DCQNRM58</lei>
        <title>Boston Beer Co., Inc./The Class A</title>
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        <curCd>USD</curCd>
        <valUSD>20264785.24000000</valUSD>
        <pctVal>2.946967636107</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Dole PLC</name>
        <lei>635400JUG5XJXOPPJJ47</lei>
        <title>Dole plc </title>
        <cusip>G27907107</cusip>
        <identifiers>
          <isin value="IE0003LFZ4U7"/>
        </identifiers>
        <balance>2445275.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>34209397.25000000</valUSD>
        <pctVal>4.974836167890</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2025-08-27</ncom:dateSigned>
      <ncom:nameOfApplicant>Ryan S. Hocker</ncom:nameOfApplicant>
      <ncom:signature>Ryan S. Hocker</ncom:signature>
      <ncom:signerName>Ryan S. Hocker</ncom:signerName>
      <ncom:title>Global Funds Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
