Shares
Market
Value
COMMON
STOCKS
—
99.1%
Automotive
—
0.5%
100,000
Iveco
Group
NV
........................................
$
1,003,839
Automotive:
Parts
and
Accessories
—
4.2%
81,000
Dana
Inc.
.................................................
855,360
78,996
Garrett
Motion
Inc.†
.................................
646,187
56,000
Genuine
Parts
Co.
.....................................
7,822,080
9,323,627
Broadcasting
—
7.9%
6,500
Liberty
Broadband
Corp.,
Cl. A†
................
499,330
18,500
Liberty
Broadband
Corp.,
Cl. C†
................
1,429,865
488,500
Paramount
Global,
Cl. A
............................
10,678,610
166,500
Sinclair
Inc.
..............................................
2,547,450
48,625
Sirius
XM
Holdings
Inc.
............................
1,149,981
74,000
TEGNA
Inc.
..............................................
1,167,720
17,472,956
Cable
and
Satellite
—
2.7%
18,500
AMC
Networks
Inc.,
Cl. A†
........................
160,765
93,000
Comcast
Corp.,
Cl. A
................................
3,884,610
21,000
EchoStar
Corp.,
Cl. A†
..............................
521,220
34,000
Rogers
Communications
Inc.,
Cl. B
...........
1,367,140
5,933,735
Computer
Software
and
Services
—
1.4%
5,500
Meta
Platforms
Inc.,
Cl. A
.........................
3,148,420
Consumer
Products
—
2.1%
44,000
Edgewell
Personal
Care
Co.
......................
1,598,960
17,000
Energizer
Holdings
Inc.
.............................
539,920
15,000
Spectrum
Brands
Holdings
Inc.
................
1,427,100
11,000
The
Scotts
Miracle-Gro
Co.
.......................
953,700
4,519,680
Diversified
Industrial
—
5.8%
39,000
Ampco-Pittsburgh
Corp.†
.........................
78,000
229,000
Bollore
SE
................................................
1,525,644
61,200
Crane
Co.
.................................................
9,686,736
7,000
Honeywell
International
Inc.
......................
1,446,970
12,737,350
Electronics
—
7.5%
85,000
Resideo
Technologies
Inc.†
......................
1,711,900
154,000
Sony
Group
Corp.,
ADR
............................
14,871,780
16,583,680
Energy
and
Utilities
—
6.1%
50,000
APA
Corp.
................................................
1,223,000
61,000
Halliburton
Co.
.........................................
1,772,050
59,900
Innovex
International
Inc.†
.......................
879,332
147,500
National
Fuel
Gas
Co.
................................
8,939,975
10,000
Schlumberger
NV
.....................................
419,500
2,700
Southwest
Gas
Holdings
Inc.
....................
199,152
13,433,009
Shares
Market
Value
Entertainment
—
16.2%
33,000
Atlanta
Braves
Holdings
Inc.,
Cl. A†
..........
$
1,390,950
137,300
Atlanta
Braves
Holdings
Inc.,
Cl. C†
..........
5,464,540
39,500
Fox
Corp.,
Cl. A
........................................
1,672,035
1,133,000
Grupo
Televisa
SAB,
ADR
.........................
2,900,480
1,000
Liberty
Media
Corp.-Liberty
Live,
Cl. C†
....
51,330
83,052
Madison
Square
Garden
Entertainment
Corp.†
..................................................
3,532,201
54,000
Madison
Square
Garden
Sports
Corp.†
.....
11,246,040
300,000
Ollamani
SAB†
.........................................
566,176
93,052
Sphere
Entertainment
Co.†
.......................
4,111,037
15,200
The
Walt
Disney
Co.
.................................
1,462,088
100,000
Vivendi
SE
................................................
1,155,450
250,000
Warner
Bros
Discovery
Inc.†
....................
2,062,500
35,614,827
Environmental
Services
—
7.0%
53,000
Republic
Services
Inc.
..............................
10,644,520
27,000
Waste
Connections
Inc.
............................
4,828,140
15,472,660
Equipment
and
Supplies
—
2.4%
58,500
Flowserve
Corp.
.......................................
3,023,865
7,800
Valmont
Industries
Inc.
.............................
2,261,610
5,285,475
Financial
Services
—
14.9%
47,500
American
Express
Co.
...............................
12,882,000
30,000
Citigroup
Inc.
...........................................
1,878,000
30,000
Loews
Corp.
.............................................
2,371,500
179,100
The
Bank
of
New
York
Mellon
Corp.
..........
12,870,126
5,000
The
Goldman
Sachs
Group
Inc.
.................
2,475,550
2,250
The
PNC
Financial
Services
Group
Inc.
......
415,913
32,893,089
Food
and
Beverage
—
4.2%
42,500
Diageo
plc,
ADR
.......................................
5,964,450
45,000
Mondelēz
International
Inc.,
Cl. A
..............
3,315,150
9,279,600
Health
Care
—
1.1%
27,500
Perrigo
Co.
plc
.........................................
721,325
22,000
Pfizer
Inc.
................................................
636,680
8,500
Zimmer
Biomet
Holdings
Inc.
...................
917,575
3,000
Zimvie
Inc.†
.............................................
47,610
2,323,190
Hotels
and
Gaming
—
1.9%
40,000
Ryman
Hospitality
Properties
Inc.,
REIT
....
4,289,600
Machinery
—
2.0%
395,000
CNH
Industrial
NV
....................................
4,384,500
Metals
and
Mining
—
6.7%
22,500
Freeport-McMoRan
Inc.
............................
1,123,200
