Shares
Market
Value
COMMON
STOCKS
—
97.5%
Aerospace
—
3.4%
190,000
Aerojet
Rocketdyne
Holdings
Inc.†
............
$
7,598,100
Automotive
—
0.2%
84,000
Iveco
Group
NV†
......................................
400,919
Automotive:
Parts
and
Accessories
—
5.1%
140,000
Dana
Inc.
.................................................
1,600,200
30,000
Garrett
Motion
Inc.†
.................................
169,500
65,500
Genuine
Parts
Co.
.....................................
9,780,460
11,550,160
Broadcasting
—
8.2%
7,000
Liberty
Broadband
Corp.,
Cl. A†
................
522,200
23,500
Liberty
Broadband
Corp.,
Cl. C†
................
1,734,300
79,000
Liberty
Media
Corp.-
Liberty
SiriusXM,
Cl. C†
........................
2,979,090
516,000
Paramount
Global,
Cl. A
............................
11,114,640
115,000
Sinclair
Broadcast
Group
Inc.,
Cl. A
...........
2,080,350
18,430,580
Building
and
Construction
—
0.6%
28,000
Johnson
Controls
International
plc
............
1,378,160
Cable
and
Satellite
—
4.6%
18,500
AMC
Networks
Inc.,
Cl. A†
........................
375,550
110,000
Comcast
Corp.,
Cl. A
................................
3,226,300
159,000
DISH
Network
Corp.,
Cl. A†
......................
2,198,970
29,500
EchoStar
Corp.,
Cl. A†
..............................
485,865
139,000
Liberty
Global
plc,
Cl. A†
..........................
2,167,010
38,000
Liberty
Global
plc,
Cl. C†
..........................
627,000
34,000
Rogers
Communications
Inc.,
Cl. B
...........
1,310,360
10,391,055
Computer
Software
and
Services
—
0.5%
9,000
Meta
Platforms
Inc.,
Cl. A†
.......................
1,221,120
Consumer
Products
—
7.0%
72,000
Edgewell
Personal
Care
Co.
......................
2,692,800
12,000
Energizer
Holdings
Inc.
.............................
301,680
1,300,000
Swedish
Match
AB
...................................
12,885,611
15,880,091
Diversified
Industrial
—
5.6%
36,160
Ampco-Pittsburgh
Corp.†
.........................
133,069
210,000
Bollore
SE
................................................
971,837
78,000
Crane
Holdings
Co.
...................................
6,828,120
28,000
DuPont
de
Nemours
Inc.
..........................
1,411,200
20,000
Honeywell
International
Inc.
......................
3,339,400
12,683,626
Electronics
—
6.3%
110,000
Resideo
Technologies
Inc.†
......................
2,096,600
189,000
Sony
Group
Corp.,
ADR
............................
12,105,450
14,202,050
Shares
Market
Value
Energy
and
Utilities
—
5.4%
29,000
Callon
Petroleum
Co.†
..............................
$
1,015,290
20,000
Dril-Quip
Inc.†
..........................................
390,400
72,000
Halliburton
Co.
.........................................
1,772,640
145,000
National
Fuel
Gas
Co.
................................
8,924,750
12,103,080
Entertainment
—
11.1%
44,500
Fox
Corp.,
Cl. A
........................................
1,365,260
583,000
Grupo
Televisa
SAB,
ADR
.........................
3,136,540
22,000
Liberty
Media
Corp.-
Liberty
Braves,
Cl. A†
............................
619,300
128,040
Liberty
Media
Corp.-
Liberty
Braves,
Cl. C†
............................
3,521,100
91,052
Madison
Square
Garden
Entertainment
Corp.†
..................................................
4,014,482
54,500
Madison
Square
Garden
Sports
Corp.†
.....
7,447,970
18,000
The
Walt
Disney
Co.†
...............................
1,697,940
175,000
Vivendi
SE
................................................
1,367,268
157,000
Warner
Bros
Discovery
Inc.†
....................
1,805,500
24,975,360
Environmental
Services
—
7.3%
82,000
Republic
Services
Inc.
..............................
11,155,280
39,000
Waste
Connections
Inc.
............................
5,270,070
16,425,350
Equipment
and
Supplies
—
1.6%
47,000
CIRCOR
International
Inc.†
.......................
775,030
50,000
Flowserve
Corp.
.......................................
1,215,000
6,000
Valmont
Industries
Inc.
.............................
1,611,720
3,601,750
Financial
Services
—
12.9%
86,000
American
Express
Co.
...............................
11,602,260
32,000
Citigroup
Inc.
...........................................
1,333,440
30,000
Loews
Corp.
.............................................
1,495,200
440,000
Post
Holdings
Partnering
Corp.,
Cl. A†
......
4,263,600
195,000
The
Bank
of
New
York
Mellon
Corp.
..........
7,511,400
10,000
The
Goldman
Sachs
Group
Inc.
.................
2,930,500
29,136,400
Food
and
Beverage
—
5.9%
54,000
Diageo
plc,
ADR
.......................................
9,169,740
77,000
Mondelēz
International
Inc.,
Cl. A
..............
4,221,910
13,391,650
Health
Care
—
0.4%
8,000
Zimmer
Biomet
Holdings
Inc.
...................
836,400
3,500
Zimvie
Inc.†
.............................................
34,545
870,945
Hotels
and
Gaming
—
1.5%
44,500
Ryman
Hospitality
Properties
Inc.,
REIT
....
3,274,755
Machinery
—
2.0%
303,744
CNH
Industrial
NV
....................................
3,392,821