Shares
Market
Value
COMMON
STOCKS
—
99.3%
Aerospace
—
2.4%
183,000
Aerojet
Rocketdyne
Holdings
Inc.†
............
$
7,201,050
Automotive
—
0.2%
84,001
Iveco
Group
NV†
......................................
552,909
Automotive:
Parts
and
Accessories
—
3.8%
140,000
Dana
Inc.
.................................................
2,459,800
30,000
Garrett
Motion
Inc.†
.................................
215,700
71,000
Genuine
Parts
Co.
.....................................
8,947,420
11,622,920
Broadcasting
—
10.9%
7,000
Liberty
Broadband
Corp.,
Cl. A†
................
917,420
30,500
Liberty
Broadband
Corp.,
Cl. C†
................
4,127,260
104,000
Liberty
Media
Corp.-
Liberty
SiriusXM,
Cl. C†
........................
4,755,920
517,500
Paramount
Global,
Cl. A
............................
20,912,175
95,000
Sinclair
Broadcast
Group
Inc.,
Cl. A
...........
2,661,900
33,374,675
Building
and
Construction
—
0.6%
30,000
Johnson
Controls
International
plc
............
1,967,100
Cable
and
Satellite
—
5.8%
18,500
AMC
Networks
Inc.,
Cl. A†
........................
751,655
110,000
Comcast
Corp.,
Cl. A
................................
5,150,200
144,000
DISH
Network
Corp.,
Cl. A†
......................
4,557,600
29,500
EchoStar
Corp.,
Cl. A†
..............................
718,030
139,000
Liberty
Global
plc,
Cl. A†
..........................
3,545,890
38,000
Liberty
Global
plc,
Cl. C†
..........................
984,580
34,000
Rogers
Communications
Inc.,
Cl. B
...........
1,929,500
17,637,455
Computer
Software
and
Services
—
0.4%
6,000
Meta
Platforms
Inc.,
Cl. A†
.......................
1,334,160
Consumer
Products
—
7.5%
80,000
Edgewell
Personal
Care
Co.
......................
2,933,600
12,000
Energizer
Holdings
Inc.
.............................
369,120
170,000
Qurate
Retail
Inc.,
Cl. A
.............................
809,200
2,490,000
Swedish
Match
AB
...................................
18,770,867
22,882,787
Diversified
Industrial
—
5.3%
36,160
Ampco-Pittsburgh
Corp.†
.........................
228,170
190,000
Bollore
SE
................................................
999,231
79,000
Crane
Co.
.................................................
8,554,120
35,000
DuPont
de
Nemours
Inc.
..........................
2,575,300
20,000
Honeywell
International
Inc.
......................
3,891,600
16,248,421
Electronics
—
7.6%
110,000
Resideo
Technologies
Inc.†
......................
2,621,300
200,500
Sony
Group
Corp.,
ADR
............................
20,593,355
23,214,655
Shares
Market
Value
Energy
and
Utilities
—
3.7%
34,000
Halliburton
Co.
.........................................
$
1,287,580
147,000
National
Fuel
Gas
Co.
................................
10,098,900
11,386,480
Entertainment
—
12.6%
37,000
Discovery
Inc.,
Cl. A†
...............................
922,040
140,000
Discovery
Inc.,
Cl. C†
...............................
3,495,800
44,500
Fox
Corp.,
Cl. A
........................................
1,755,525
565,000
Grupo
Televisa
SAB,
ADR
.........................
6,610,500
18,000
Liberty
Media
Corp.-
Liberty
Braves,
Cl. A†
............................
518,040
119,040
Liberty
Media
Corp.-
Liberty
Braves,
Cl. C†
............................
3,322,406
88,052
Madison
Square
Garden
Entertainment
Corp.†
..................................................
7,335,612
55,000
Madison
Square
Garden
Sports
Corp.†
.....
9,864,800
22,000
The
Walt
Disney
Co.†
...............................
3,017,520
125,000
Vivendi
SE
................................................
1,637,250
38,479,493
Environmental
Services
—
6.0%
90,000
Republic
Services
Inc.
..............................
11,925,000
46,000
Waste
Connections
Inc.
............................
6,426,200
18,351,200
Equipment
and
Supplies
—
1.5%
47,000
CIRCOR
International
Inc.†
.......................
1,251,140
50,000
Flowserve
Corp.
.......................................
1,795,000
6,500
Valmont
Industries
Inc.
.............................
1,550,900
4,597,040
Financial
Services
—
11.8%
91,000
American
Express
Co.
...............................
17,017,000
29,000
Citigroup
Inc.
...........................................
1,548,600
450,000
Post
Holdings
Partnering
Corp.,
Cl. A†
......
4,401,000
200,000
The
Bank
of
New
York
Mellon
Corp.
..........
9,926,000
10,000
The
Goldman
Sachs
Group
Inc.
.................
3,301,000
36,193,600
Food
and
Beverage
—
5.2%
54,000
Diageo
plc,
ADR
.......................................
10,969,560
80,000
Mondelēz
International
Inc.,
Cl. A
..............
5,022,400
15,991,960
Health
Care
—
0.3%
6,000
Zimmer
Biomet
Holdings
Inc.
...................
767,400
3,500
Zimvie
Inc.†
.............................................
79,940
847,340
Hotels
and
Gaming
—
1.3%
44,500
Ryman
Hospitality
Properties
Inc.,
REIT†
..
4,128,265
Machinery
—
2.1%
303,744
CNH
Industrial
NV
....................................
4,817,380
100,000
CNH
Industrial
NV,
Borsa
Italiana
..............
1,592,447
6,409,827
