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        <name>MasterBrand Inc</name>
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      <invstOrSec>
        <name>Proto Labs Inc</name>
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      <invstOrSec>
        <name>Clarkson PLC</name>
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        <name>Church &amp; Dwight Co Inc.</name>
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        <name>Advanced Micro Devices Inc.</name>
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        <name>Tyson Foods, Inc.</name>
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        <name>Ducommun Incorporated</name>
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        <title>Ducommun Incorporated COM</title>
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        <name>Take-Two Interactive Software Inc.</name>
        <lei>BOMSTHHJK882EWYX3334</lei>
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        <name>Sandoz Group AG</name>
        <lei>5493000JWK6XWFEUD320</lei>
        <title>Sandoz Group AG SPONSORED ADS</title>
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        <name>Alliance Resource Partners, L.P.</name>
        <lei>529900T4Q5UPWOUFG783</lei>
        <title>Alliance Resource Partners, L.P. UT LTD PART</title>
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        <name>Tenaris SA</name>
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        <title>Tenaris SA SPONSORED ADS</title>
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        <name>AbbVie Inc.</name>
        <lei>FR5LCKFTG8054YNNRU85</lei>
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        <name>Wesco International, Inc.</name>
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        <name>International Flavors &amp; Fragrances Inc.</name>
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        <title>International Flavors &amp; Fragrances Inc. COM</title>
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        <name>Soleno Therapeutics Inc</name>
        <lei>5493003LCY77N7FXK844</lei>
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        <name>HCA Healthcare Inc</name>
        <lei>529900PH4ZGUH2MNEU89</lei>
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        <name>Regal Rexnord Corporation</name>
        <lei>QH78R09VCJGQKPBPYU33</lei>
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        <name>Unity Software Inc</name>
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        <title>Unity Software Inc COM</title>
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        <name>FLEX LTD</name>
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        <name>WALGREENS BOOTS ALLIANCE INC</name>
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        <name>Danone SA</name>
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        <title>Danone SA EUR0.25</title>
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      <invstOrSec>
        <name>Caesars Entertainment Inc.</name>
        <lei>549300FA4CTCW903Y781</lei>
        <title>Caesars Entertainment Inc. COM</title>
        <cusip>12769G100</cusip>
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          <ticker value="CZR"/>
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        <invCountry>US</invCountry>
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        <name>Deutsche Telekom AG</name>
        <lei>549300V9QSIG4WX4GJ96</lei>
        <title>Deutsche Telekom AG NPV(REGD)</title>
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          <isin value="DE0005557508"/>
          <ticker value="DTE"/>
          <other otherDesc="SEDOL" value="5842359"/>
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        <assetCat>EC</assetCat>
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        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Hyatt Hotels Corporation</name>
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      <invstOrSec>
        <name>ARKO CORP</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>SLB LTD</name>
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      <invstOrSec>
        <name>Franklin Electric Co Inc</name>
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      <invstOrSec>
        <name>Kerry Group PLC</name>
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      <invstOrSec>
        <name>Valmont Industries, Inc.</name>
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      <invstOrSec>
        <name>Hermes International</name>
        <lei>969500Y4IJGHJE2MTJ13</lei>
        <title>Hermes International NPV</title>
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      <invstOrSec>
        <name>Ajinomoto Co Inc.</name>
        <lei>353800UT0TLROREPIC92</lei>
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        <invCountry>JP</invCountry>
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      <invstOrSec>
        <name>First American Financial Corporation</name>
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        <title>First American Financial Corporation COM</title>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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      <invstOrSec>
        <name>Koninklijke KPN N.V.</name>
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        <title>Koninklijke KPN N.V. EUR0.04</title>
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      <invstOrSec>
        <name>Post Holdings Inc.</name>
        <lei>JM1I5YUAURL6DC8N1468</lei>
        <title>Post Holdings Inc. COM</title>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>AAR Corp.</name>
        <lei>MP76T5YQX3YK5VVAQ802</lei>
        <title>AAR Corp. COM</title>
        <cusip>000361105</cusip>
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          <ticker value="AIR"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Accor SA</name>
        <lei>969500QZC2Q0TK11NV07</lei>
        <title>Accor SA EUR3</title>
        <cusip>000000000</cusip>
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        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Airbus SE</name>
        <lei>MINO79WLOO247M1IL051</lei>
        <title>Airbus SE EUR1</title>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>LIBERTY LIVE HOLDINGS INC</name>
        <lei>N/A</lei>
        <title>Liberty Live Holdings Inc. COM SER A</title>
        <cusip>530909100</cusip>
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          <isin value="US5309091008"/>
          <ticker value="LLYVA"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>GCI LIBERTY INC</name>
        <lei>N/A</lei>
        <title>GCI Liberty Inc. COM SER C</title>
        <cusip>36164V800</cusip>
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          <isin value="US36164V8000"/>
          <ticker value="GLIBK"/>
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        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>GENIUS SPORTS LTD</name>
        <lei>N/A</lei>
        <title>Genius Sports Ltd. COM NPV</title>
        <cusip>000000000</cusip>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GG</invCountry>

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      <invstOrSec>
        <name>LVMH Moet Hennessy Louis Vuitton SE</name>
        <lei>IOG4E947OATN0KJYSD45</lei>
        <title>LVMH Moet Hennessy Louis Vuitton SE EUR0.30</title>
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          <isin value="FR0000121014"/>
          <ticker value="MC"/>
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      <invstOrSec>
        <name>Walmart Inc</name>
        <lei>Y87794H0US1R65VBXU25</lei>
        <title>Walmart Inc COM</title>
        <cusip>931142103</cusip>
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          <isin value="US9311421039"/>
          <ticker value="WMT"/>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>TREX COMPANY INC</name>
        <lei>N/A</lei>
        <title>Trex Company, Inc. COM</title>
        <cusip>89531P105</cusip>
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          <isin value="US89531P1057"/>
          <ticker value="TREX"/>
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        <valUSD>1347540.00000000</valUSD>
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        <assetCat>EC</assetCat>
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      <invstOrSec>
        <name>UNIVERSAL DISPLAY CORP</name>
        <lei>N/A</lei>
        <title>Universal Display Corp. COM</title>
        <cusip>91347P105</cusip>
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          <isin value="US91347P1057"/>
          <ticker value="OLED"/>
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      <invstOrSec>
        <name>Incyte Corporation.</name>
        <lei>549300Z4WN6JVZ3T4680</lei>
        <title>Incyte Corporation. COM</title>
        <cusip>45337C102</cusip>
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          <isin value="US45337C1027"/>
          <ticker value="INCY"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Amrize Ltd.</name>
        <lei>529900SLCCO6K43P8146</lei>
        <title>Amrize Ltd. USD0.01</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="CH1430134226"/>
          <ticker value="AMRZ"/>
          <other otherDesc="SEDOL" value="BV5F675"/>
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        <balance>3500.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>196070.00000000</valUSD>
        <pctVal>0.011316247025</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
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        <name>Parker-Hannifin Corp.</name>
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      <invstOrSec>
        <name>MGM Resorts International</name>
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        <name>Synopsys Inc</name>
        <lei>QG7T915N9S0NY5UKNE63</lei>
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      <invstOrSec>
        <name>Royce Global Trust Inc</name>
        <lei>254900MA25TE88EMIP63</lei>
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        <name>MILLROSE PROPERTIES INC</name>
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        <name>Rogers Corp</name>
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        <name>Rogers Communications Inc.</name>
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        <name>VERSANT MEDIA GROUP INC</name>
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        <name>Howard Hughes Holdings Inc.</name>
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        <title>Howard Hughes Holdings Inc. COM</title>
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        <name>Ally Financial Inc.</name>
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        <title>Ally Financial Inc. COM</title>
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      <invstOrSec>
        <name>LIBERTY LIVE HOLDINGS INC</name>
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        <title>Liberty Live Holdings Inc. COM SHS SER C</title>
        <cusip>530909308</cusip>
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        <name>Lamar Advertising Company</name>
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        <title>Lamar Advertising Company CL A</title>
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        <name>The Estee Lauder Companies Inc.</name>
        <lei>549300VFZ8XJ9NUPU221</lei>
        <title>The Estee Lauder Companies Inc. CL A</title>
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        <name>Niko Resources Ltd</name>
        <lei>N/A</lei>
        <title>Niko Resources Ltd</title>
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        <name>Allegion PLC</name>
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        <name>Piaggio &amp; C. S.p.A.</name>
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        <name>SUPER GROUP (SGHC) LTD</name>
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        <name>Pfizer Inc.</name>
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        <name>GAM Holding AG</name>
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        <name>Liberty Broadband Corporation</name>
        <lei>549300MIX43II8JLN536</lei>
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        <name>The Campbells Co.</name>
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        <title>The Campbells Co. COM</title>
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        <name>United States Treasury Bills</name>
        <lei>254900HROIFWPRGM1V77</lei>
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        <name>Marsh &amp; McLennan Companies, Inc.</name>
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      <invstOrSec>
        <name>Enbridge Inc.</name>
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      <invstOrSec>
        <name>Agnico Eagle Mines Ltd</name>
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          <ticker value="AEM"/>
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        <assetCat>EC</assetCat>
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      <invstOrSec>
        <name>Daimler Truck Holding AG</name>
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        <name>Deutsche Telekom AG</name>
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        <name>Cohen And Steers Inc.</name>
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        <name>Molson Coors Beverage Company</name>
        <lei>54930073LBBH6ZCBE225</lei>
        <title>Molson Coors Beverage Company CL B</title>
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          <ticker value="TAP"/>
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        <name>AUTONATION INC</name>
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        <name>D.R. Horton, Inc.</name>
        <lei>529900ZIUEYVSB8QDD25</lei>
        <title>D.R. Horton, Inc. COM</title>
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        <name>DAH Sing Banking G</name>
        <lei>529900DXBMKJOLLQOM66</lei>
        <title>DAH Sing Banking G NPV</title>
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      <invstOrSec>
        <name>Apple Inc.</name>
        <lei>HWUPKR0MPOU8FGXBT394</lei>
        <title>Apple Inc. COM</title>
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        <name>ITT Inc</name>
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        <name>Aon PLC</name>
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        <name>Tristel</name>
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        <name>Flowserve Corporation</name>
        <lei>6Y0GK87T6V7NJKZJVM41</lei>
        <title>Flowserve Corporation COM</title>
        <cusip>34354P105</cusip>
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        <name>EQT Corporation</name>
        <lei>4NT01YGM4X7ZX86ISY52</lei>
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        <invCountry>US</invCountry>
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        <name>Amentum Holdings, Inc.</name>
        <lei>2549009FJIBLW40CU216</lei>
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          <ticker value="AMTM"/>
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        <name>Mettler-Toledo International Inc</name>
        <lei>5493000BD5GJNUDIUG10</lei>
        <title>Mettler-Toledo International Inc COM</title>
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        <name>GENCOR INDUSTRIES INC</name>
        <lei>N/A</lei>
        <title>Gencor Industries Inc. COM</title>
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        <name>Solstice Advanced Materials Inc.</name>
        <lei>2138004GZ4H9TW6HK435</lei>
        <title>Solstice Advanced Materials Inc. COM SHS</title>
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        <name>Hershey Co. (The)</name>
        <lei>21X2CX66SU2BR6QTAD08</lei>
        <title>Hershey Co. (The) COM</title>
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      <invstOrSec>
        <name>Dell Technologies Inc</name>
        <lei>549300TJB5YBRUPOG437</lei>
        <title>Dell Technologies Inc CL C</title>
        <cusip>24703L202</cusip>
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        <invCountry>US</invCountry>
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      </invstOrSec>
      <invstOrSec>
        <name>RTX Corp.</name>
        <lei>I07WOS4YJ0N7YRFE7309</lei>
        <title>RTX Corp. COM</title>
        <cusip>75513E101</cusip>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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        <name>National Fuel Gas Company</name>
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        <name>Arista Networks Inc</name>
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        <name>ConocoPhillips</name>
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        <name>Taiwan Semiconductor Manufacturing Co., Ltd.</name>
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      <invstOrSec>
        <name>BellRing Intermediate Holdings Inc.</name>
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        <name>LIBERTY MEDIA CORP</name>
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        <name>JBT Marel Corp.</name>
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        <name>Sunrise Communications AG</name>
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        <name>STARZ ENTERTAINMENT CORP</name>
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        <title>Starz Entertainment Corp. COM</title>
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        <name>Exxon Mobil Corp.</name>
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        <name>3M Company</name>
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        <title>3M Company COM</title>
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        <name>Interactive Brokers Group Inc</name>
        <lei>5493004DT6DCDUZNDM53</lei>
        <title>Interactive Brokers Group Inc COM CL A</title>
        <cusip>45841N107</cusip>
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          <ticker value="IBKR"/>
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        <invCountry>US</invCountry>
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        <name>LEGACY HOUSING CORP</name>
        <lei>V6WE5M18QYITU8L1QF76</lei>
        <title>Legacy Housing Corp. COM</title>
        <cusip>52472M101</cusip>
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          <ticker value="LEGH"/>
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        <name>I3 Verticals INC</name>
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        <title>I3 Verticals INC COM CL A</title>
        <cusip>46571Y107</cusip>
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        <name>Stratasys Ltd</name>
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        <invCountry>IL</invCountry>

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        <name>The Timken Company</name>
        <lei>B0I35MLPFXZSE70ASS73</lei>
        <title>The Timken Company COM</title>
        <cusip>887389104</cusip>
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          <ticker value="TKR"/>
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        <name>Intuit Inc</name>
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        <title>Intuit Inc COM</title>
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        <name>Premier Foods PLC</name>
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        <name>Roche Holding AG</name>
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        <name>Comcast Corporation</name>
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        <name>United States Treasury Bills</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>B 0 04/16/26</title>
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        <name>Eversource Energy</name>
        <lei>SJ7XXD41SQU3ZNWUJ746</lei>
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          <ticker value="ES"/>
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      <invstOrSec>
        <name>Republic Services, Inc.</name>
        <lei>NKNQHM6BLECKVOQP7O46</lei>
        <title>Republic Services, Inc. COM</title>
        <cusip>760759100</cusip>
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          <ticker value="RSG"/>
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        <name>E.W. Scripps Co.</name>
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        <name>United States Treasury Bills</name>
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        <name>Fortinet Inc</name>
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        <name>State Street Corp.</name>
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        <name>JARDINE MATHESON HOLDINGS LTD</name>
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        <name>Vodafone Group PLC</name>
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        <name>EchoStar Corp.</name>
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        <name>Energy Transfer LP</name>
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        <name>SGL Carbon SE</name>
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        <name>Johnson Matthey Bankers Ltd</name>
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        <name>Akamai Technologies, Inc.</name>
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        <name>Edgewell Personal Care Co</name>
        <lei>549300CY8QZDL4Z3RU59</lei>
        <title>Edgewell Personal Care Co COM</title>
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      <invstOrSec>
        <name>Martin Marietta Materials Inc</name>
        <lei>5299005MZ4WZECVATV08</lei>
        <title>Martin Marietta Materials Inc COM</title>
        <cusip>573284106</cusip>
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          <isin value="US5732841060"/>
          <ticker value="MLM"/>
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      <invstOrSec>
        <name>Perrigo Company PLC</name>
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          <ticker value="PRGO"/>
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        <invCountry>IE</invCountry>

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      <invstOrSec>
        <name>Axcelis Technologies Inc.</name>
        <lei>529900HF9B6NL1QG9F05</lei>
        <title>Axcelis Technologies Inc. COM NEW</title>
        <cusip>054540208</cusip>
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          <isin value="US0545402085"/>
          <ticker value="ACLS"/>
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      <invstOrSec>
        <name>Agilent Technologies Inc.</name>
        <lei>QUIX8Y7A2WP0XRMW7G29</lei>
        <title>Agilent Technologies Inc. COM</title>
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        <curCd>USD</curCd>
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      <invstOrSec>
        <name>Marathon Petroleum Corp.</name>
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        <title>Marathon Petroleum Corp. COM</title>
        <cusip>56585A102</cusip>
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          <ticker value="MPC"/>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>Vale S.A.</name>
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        <title>Vale S.A. SPONSORED ADS</title>
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        <curCd>USD</curCd>
        <valUSD>159100.00000000</valUSD>
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        <invCountry>BR</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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        <name>AMC Networks Inc</name>
        <lei>549300VGG9K75226LR46</lei>
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            <dbtSecRefInstrument>
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              <title>AMC Networks Inc</title>
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      <invstOrSec>
        <name>Zoetis Inc.</name>
        <lei>549300HD9Q1LOC9KLJ48</lei>
        <title>Zoetis Inc. CL A</title>
        <cusip>98978V103</cusip>
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          <isin value="US98978V1035"/>
          <ticker value="ZTS"/>
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      <invstOrSec>
        <name>Grupo Televisa S.A.B.</name>
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        <title>Grupo Televisa S.A.B. SPON ADR REP ORD</title>
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          <ticker value="TV"/>
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        <balance>1750000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5092500.00000000</valUSD>
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        <invCountry>MX</invCountry>
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      <invstOrSec>
        <name>Vici Properties Inc</name>
        <lei>254900RKH6RY9KCJQH63</lei>
        <title>Vici Properties Inc COM</title>
        <cusip>925652109</cusip>
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          <isin value="US9256521090"/>
          <ticker value="VICI"/>
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        <curCd>USD</curCd>
        <valUSD>805940.00000000</valUSD>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>Sally Beauty Holdings Inc.</name>
        <lei>529900VXW6E8ONDIQ271</lei>
        <title>Sally Beauty Holdings Inc. COM</title>
        <cusip>79546E104</cusip>
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          <isin value="US79546E1047"/>
          <ticker value="SBH"/>
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      <invstOrSec>
        <name>Flutter Entertainment PLC</name>
        <lei>635400EG4YIJLJMZJ782</lei>
        <title>Flutter Entertainment PLC ORD EUR0.09 (DI)</title>
        <cusip>000000000</cusip>
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          <ticker value="FLTR"/>
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        <assetCat>EC</assetCat>
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        <invCountry>IE</invCountry>

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      <invstOrSec>
        <name>First Citizens BancShares Inc (Delaware)</name>
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        <cusip>31946M103</cusip>
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          <ticker value="FCNCA"/>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>Millicom International Cellular SA</name>
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        <title>Millicom International Cellular SA COM USD1.50</title>
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          <ticker value="TIGO"/>
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        <invCountry>LU</invCountry>

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      <invstOrSec>
        <name>Atlanta Braves Holdings Inc</name>
        <lei>N/A</lei>
        <title>Atlanta Braves Holdings Inc COM SER A</title>
        <cusip>047726104</cusip>
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          <ticker value="BATRA"/>
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      <invstOrSec>
        <name>Verizon Communications Inc.</name>
        <lei>2S72QS2UO2OESLG6Y829</lei>
        <title>Verizon Communications Inc. COM</title>
        <cusip>92343V104</cusip>
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          <ticker value="VZ"/>
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      <invstOrSec>
        <name>Ryman Hospitality Properties Inc</name>
        <lei>529900GCCWW9SRMPJR11</lei>
        <title>Ryman Hospitality Properties Inc COM</title>
        <cusip>78377T107</cusip>
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          <ticker value="RHP"/>
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      <invstOrSec>
        <name>Clear Channel Outdoor Holdings Inc.</name>
        <lei>254900XBEE6V1ENYS150</lei>
        <title>Clear Channel Outdoor Holdings Inc. COM</title>
        <cusip>18453H106</cusip>
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          <ticker value="CCO"/>
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        <name>Givaudan SA</name>
        <lei>213800SVRMQA1TD91D41</lei>
        <title>Givaudan SA CHF10</title>
        <cusip>000000000</cusip>
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      <invstOrSec>
        <name>CHAMPION HOMES INC</name>
        <lei>N/A</lei>
        <title>Champion Homes Inc. COM</title>
        <cusip>830830105</cusip>
        <identifiers>
          <isin value="US8308301055"/>
          <ticker value="SKY"/>
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        <balance>39500.00000000</balance>
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        <valUSD>2937615.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Capital One Financial Corp.</name>
        <lei>ZUE8T73ROZOF6FLBAR73</lei>
        <title>Capital One Financial Corp. COM</title>
        <cusip>14040H105</cusip>
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          <isin value="US14040H1059"/>
          <ticker value="COF"/>
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        <balance>1370.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>249929.10000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Rockwell Automation, Inc.</name>
        <lei>VH3R4HHBHH12O0EXZJ88</lei>
        <title>Rockwell Automation, Inc. COM</title>
        <cusip>773903109</cusip>
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          <isin value="US7739031091"/>
          <ticker value="ROK"/>
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      <invstOrSec>
        <name>News Corporation</name>
        <lei>549300ITS31QK8VRBQ14</lei>
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      <invstOrSec>
        <name>Ferrari Group PLC</name>
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      <invstOrSec>
        <name>The J M Smucker Company</name>
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      <invstOrSec>
        <name>UGI Corp</name>
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      <invstOrSec>
        <name>Capgemini SE</name>
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        <invCountry>FR</invCountry>
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      <invstOrSec>
        <name>Barrick Mining Corp.</name>
        <lei>0O4KBQCJZX82UKGCBV73</lei>
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      <invstOrSec>
        <name>Shinhan Financial Group Co Ltd.</name>
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      <invstOrSec>
        <name>YORK SPACE SYSTEMS INC</name>
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      <invstOrSec>
        <name>Pepsico Inc</name>
        <lei>FJSUNZKFNQ5YPJ5OT455</lei>
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      <invstOrSec>
        <name>Daiwa Securities Group Inc.</name>
        <lei>353800WRC7Y23PWFJG38</lei>
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        <name>Herc Holdings Inc</name>
        <lei>549300TP80QLITMSBP82</lei>
        <title>Herc Holdings Inc COM</title>
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        <name>Hubbell Incorporated</name>
        <lei>54930088VDQ6840Y6597</lei>
        <title>Hubbell Incorporated COM</title>
        <cusip>443510607</cusip>
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        <name>Charter Communications, Inc.</name>
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        <name>Phinia Inc.</name>
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        <name>Truist Financial Corp.</name>
        <lei>549300DRQQI75D2JP341</lei>
        <title>Truist Financial Corp. COM</title>
        <cusip>89832Q109</cusip>
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          <ticker value="TFC"/>
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      <invstOrSec>
        <name>Dana Inc.</name>
        <lei>KVWHW7YLZPFJM8QYNJ51</lei>
        <title>Dana Inc. COM</title>
        <cusip>235825205</cusip>
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        <name>Vodafone Group PLC</name>
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        <name>NN Group N.V.</name>
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        <name>Invesco Ltd</name>
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        <title>Invesco Ltd COM STK USD0.20</title>
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        <invCountry>BM</invCountry>

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        <name>Nexstar Media Group Inc</name>
        <lei>52990083ZRR5UT591988</lei>
        <title>Nexstar Media Group Inc COMMON STOCK</title>
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        <name>Amphenol Corporation</name>
        <lei>549300D3L3G0R4U4VT04</lei>
        <title>Amphenol Corporation CL A</title>
        <cusip>032095101</cusip>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>Gambling.Com Group Limited</name>
        <lei>254900PUNXQ3N26IMU63</lei>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
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        <name>NatWest Group PLC</name>
        <lei>2138005O9XJIJN4JPN90</lei>
        <title>NatWest Group PLC ORD GBP1.0769</title>
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      <invstOrSec>
        <name>Kimbell Royalty Partners Lp</name>
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      <invstOrSec>
        <name>General Motors Company</name>
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        <name>British American Tobacco PLC</name>
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        <name>Janus Henderson Group PLC</name>
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        <name>WEALTHFRONT CORP</name>
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        <name>WEAVE COMMUNICATIONS INC</name>
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        <name>PENN Entertainment Inc</name>
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        <name>Flowers Foods, Inc.</name>
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        <name>Kimball Electronics Inc.</name>
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        <name>Trinity Industries, Inc.</name>
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        <name>SIRIUS XM HOLDINGS INC</name>
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        <title>SiriusXM Holdings Inc COMMON STOCK</title>
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        <name>Prosus NV</name>
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        <name>H B Fuller Company</name>
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        <name>Fox Corporation</name>
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        <title>Fox Corporation CL B COM</title>
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        <name>MADISON SQUARE GARDEN ENTERTAINMENT CORP</name>
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        <title>Madison Square Garden Entertainment Corp New COM CL A</title>
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        <name>Stryker Corporation</name>
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        <name>Loews Corporation</name>
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        <name>Astronics Corp.</name>
        <lei>549300NNXCF8H4MSMK17</lei>
        <title>Astronics Corp. COM</title>
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        <name>Wyndham Hotels &amp; Resorts Inc</name>
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        <title>Wyndham Hotels &amp; Resorts Inc COM</title>
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          <ticker value="WH"/>
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        <name>Monro Inc</name>
        <lei>N/A</lei>
        <title>Monro Inc COM</title>
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        <name>DSM Firmenich AG</name>
        <lei>506700G44V67MPM4BI12</lei>
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        <invCountry>CH</invCountry>

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      <invstOrSec>
        <name>Casey'S General Stores Inc.</name>
        <lei>549300CAFWSI86V66Q65</lei>
        <title>Casey'S General Stores Inc. COM</title>
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        <name>DAVIDE CAMPARI - MILANO NV</name>
        <lei>213800ED5AN2J56N6Z02</lei>
        <title>Davide Campari-Milano N.V. EUR0.01</title>
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      <invstOrSec>
        <name>Deere &amp; Company</name>
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      <invstOrSec>
        <name>Dauch Corp.</name>
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      <invstOrSec>
        <name>TELESAT CORP</name>
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      <invstOrSec>
        <name>Bollore SE</name>
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      <invstOrSec>
        <name>Banco Santander SA</name>
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        <name>Cogeco Inc</name>
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      <invstOrSec>
        <name>Microsoft Corp.</name>
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      <invstOrSec>
        <name>GE Vernova Inc.</name>
        <lei>254900DP080RU6OK2553</lei>
        <title>GE Vernova Inc. COM</title>
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      <invstOrSec>
        <name>Atlanta Braves Holdings Inc</name>
        <lei>N/A</lei>
        <title>Atlanta Braves Holdings Inc COM SER C</title>
        <cusip>047726302</cusip>
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          <ticker value="BATRK"/>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>The Sherwin-Williams Company</name>
        <lei>Z15BMIOX8DDH0X2OBP21</lei>
        <title>The Sherwin-Williams Company COM</title>
        <cusip>824348106</cusip>
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          <ticker value="SHW"/>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>Roper Technologies Inc</name>
        <lei>54930003T4SXCIWVXY35</lei>
        <title>Roper Technologies Inc COM</title>
        <cusip>776696106</cusip>
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      <invstOrSec>
        <name>Parsons Corporation</name>
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        <name>The Mosaic Company</name>
        <lei>2YD5STGSJNMUB7H76907</lei>
        <title>The Mosaic Company COM</title>
        <cusip>61945C103</cusip>
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        <name>Television Broadcasts Ltd</name>
        <lei>N/A</lei>
        <title>Television Broadcasts Ltd</title>
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      <invstOrSec>
        <name>Array Digital Infrastructure Inc.</name>
        <lei>549300B164AZXESI6E03</lei>
        <title>Array Digital Infrastructure Inc. COM</title>
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      <invstOrSec>
        <name>Applied Materials Inc.</name>
        <lei>41BNNE1AFPNAZELZ6K07</lei>
        <title>Applied Materials Inc. COM</title>
        <cusip>038222105</cusip>
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          <ticker value="AMAT"/>
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        <name>Sunbelt Rentals Holdings Inc.</name>
        <lei>529900W4BQDNMAOSRA49</lei>
        <title>Sunbelt Rentals Holdings Inc. SHS</title>
        <cusip>866966104</cusip>
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      <invstOrSec>
        <name>Old Republic International Corporation</name>
        <lei>549300IV6O2YY2A1KH37</lei>
        <title>Old Republic International Corporation COM</title>
        <cusip>680223104</cusip>
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          <ticker value="ORI"/>
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        <assetCat>EC</assetCat>
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      <invstOrSec>
        <name>Havas NV</name>
        <lei>894500L53AVOFQK7T710</lei>
        <title>Havas NV EUR2 (POST CONS)</title>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

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      <invstOrSec>
        <name>BBB Foods Inc</name>
        <lei>N/A</lei>
        <title>BBB Foods Inc CL A COM</title>
        <cusip>000000000</cusip>
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          <ticker value="TBBB"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>VG</invCountry>

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        <name>Renk Group AG</name>
        <lei>894500H8CNSZ53EI6K63</lei>
        <title>Renk Group AG NPV</title>
        <cusip>000000000</cusip>
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          <ticker value="R3NK"/>
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        <invCountry>DE</invCountry>
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      <invstOrSec>
        <name>Biomarin Pharmaceutical Inc.</name>
        <lei>NSLL8ITTRR0J5HEMR848</lei>
        <title>Biomarin Pharmaceutical Inc. COM</title>
        <cusip>09061G101</cusip>
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          <ticker value="BMRN"/>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Federal Signal Corp.</name>
        <lei>549300RTXZRPTNP6G884</lei>
        <title>Federal Signal Corp. COM</title>
        <cusip>313855108</cusip>
        <identifiers>
          <isin value="US3138551086"/>
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        <name>3D Systems Corporation</name>
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        <name>Kerry Group PLC</name>
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        <name>Rocket Companies Inc</name>
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        <name>NVIDIA Corp.</name>
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        <name>Tesla Inc</name>
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        <name>PARK-OHIO HOLDINGS CORP</name>
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        <name>Arcosa Inc</name>
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        <name>Zosano Pharma Corp</name>
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        <name>INDIVIOR PHARMACEUTICALS INC</name>
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        <name>Sealed Air Corp.</name>
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        <name>Abivax SA</name>
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        <name>Farmer Bros Co</name>
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        <name>Bolsas Y Mercados Argentinos Sa</name>
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        <name>Harmonic Inc</name>
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        <name>PURECYCLE TECHNOLOGIES INC</name>
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        <name>Simon Property Group Inc</name>
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        <title>Simon Property Group Inc COM</title>
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        <name>Bridgebio Pharma Inc</name>
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        <name>Paccar Inc</name>
        <lei>KDTEY8BWE486IKZ3CC07</lei>
        <title>Paccar Inc COM</title>
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        <name>Belden Inc.</name>
        <lei>68BKYO1JC791TTJHUE82</lei>
        <title>Belden Inc. COM</title>
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        <name>ViaSat, Inc.</name>
        <lei>UFC8NYMNFSYIHNSM2I38</lei>
        <title>ViaSat, Inc. COM</title>
        <cusip>92552V100</cusip>
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        <name>Backblaze Inc</name>
        <lei>N/A</lei>
        <title>Backblaze Inc COM CL A</title>
        <cusip>05637B105</cusip>
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          <ticker value="BLZE"/>
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        <name>CMS Energy Corporation</name>
        <lei>549300IA9XFBAGNIBW29</lei>
        <title>CMS Energy Corporation COM</title>
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        <name>CHEVRON CORP</name>
        <lei>N/A</lei>
        <title>Chevron Corp. COM</title>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <name>Niagen Bioscience Inc.</name>
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        <name>Cisco Systems, Inc.</name>
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        <name>The Bank of New York Mellon Corp.</name>
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        <name>Check Point Software Technologies Ltd.</name>
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        <name>Ametek, Inc.</name>
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        <name>Fomento Economico Mexicano S A B de C V</name>
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        <name>KNIFE RIVER CORP</name>
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        <name>Occidental Petroleum Corp.</name>
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        <name>Kratos Defense &amp; Security Solutions, Inc.</name>
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        <name>ESAB Corp.</name>
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        <title>ESAB Corp. COM</title>
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        <name>GE Aerospace</name>
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        <name>SIMPLY GOOD FOODS CO (THE)</name>
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        <cusip>82900L102</cusip>
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        <name>Diageo PLC</name>
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        <name>Weyerhaeuser Company</name>
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        <name>NXP Semiconductors NV</name>
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        <name>Gen Digital Inc</name>
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        <title>Gen Digital Inc COM</title>
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        <name>Marriott International, Inc.</name>
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        <name>Salesforce Inc.</name>
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        <title>Salesforce Inc. COM</title>
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      <invstOrSec>
        <name>Astec Industries Inc.</name>
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        <title>Astec Industries Inc. COM</title>
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        <name>Caterpillar Inc</name>
        <lei>WRJR7GS4GTRECRRTVX92</lei>
        <title>Caterpillar Inc COM</title>
        <cusip>149123101</cusip>
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          <ticker value="CAT"/>
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      </invstOrSec>
      <invstOrSec>
        <name>BCE Inc.</name>
        <lei>5493001I9203PRB5KR45</lei>
        <title>BCE Inc. COM NEW</title>
        <cusip>05534B760</cusip>
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        <name>LIBERTY MEDIA CORP</name>
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        <name>Alphabet Inc.</name>
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        <name>Greif, Inc.</name>
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        <name>Texas Instruments Inc.</name>
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      <invstOrSec>
        <name>Cullen/Frost Bankers, Inc.</name>
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      <invstOrSec>
        <name>TXNM Energy Inc.</name>
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        <title>TXNM Energy Inc. COM</title>
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      <invstOrSec>
        <name>CVS Group PLC</name>
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      <invstOrSec>
        <name>Fortune Brands Innovations Inc</name>
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        <title>Fortune Brands Innovations Inc COM</title>
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      <invstOrSec>
        <name>Amrize Ltd.</name>
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          <isin value="CH1430134226"/>
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      <invstOrSec>
        <name>AMPCO PITTSBURGH CORP</name>
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        <title>Ampco Pittsburgh Corp. COM</title>
        <cusip>032037103</cusip>
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        <name>Greif, Inc.</name>
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        <name>Iveco Group NV</name>
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        <name>Eaton Corporation PLC</name>
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        <invCountry>IE</invCountry>

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        <name>Rayonier Inc</name>
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        <cusip>754907103</cusip>
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        <name>Unilever PLC</name>
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        <name>Mueller Water Products, Inc.</name>
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          <ticker value="MWA"/>
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        <name>CAVCO INDUSTRIES INC</name>
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        <name>United States Treasury Bills</name>
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        <name>Tejon Ranch Co</name>
        <lei>549300TMNDO77VJ6J111</lei>
        <title>Tejon Ranch Co COM</title>
        <cusip>879080109</cusip>
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          <isin value="US8790801091"/>
          <ticker value="TRC"/>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <name>QVC Group Inc.</name>
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        <title>QVC Group Inc. 8.0% FIXED RATE CUMULATIVE REDEEMABLE PREFERRED STOCK DUE 3/15/2031</title>
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        <assetCat>EP</assetCat>
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      <invstOrSec>
        <name>Bridgepoint Group PLC</name>
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        <cusip>000000000</cusip>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
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      <invstOrSec>
        <name>DigitalBridge Group Inc</name>
        <lei>549300XG87L902AGBO89</lei>
        <title>DigitalBridge Group Inc CL A NEW</title>
        <cusip>25401T603</cusip>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
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      <invstOrSec>
        <name>ASML Holding N.V.</name>
        <lei>724500Y6DUVHQD6OXN27</lei>
        <title>ASML Holding N.V. NY REGISTRY SHS</title>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Evergy Inc</name>
        <lei>549300PGTHDQY6PSUI61</lei>
        <title>Evergy Inc COM</title>
        <cusip>30034W106</cusip>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Manchester United PLC</name>
        <lei>529900GWGZPE83MJOV59</lei>
        <title>Manchester United PLC COM USD0.0005 CL 'A'</title>
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          <other otherDesc="SEDOL" value="B8Q8MV8"/>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Cencora Inc</name>
        <lei>AI8GXW8LG5WK7E9UD086</lei>
        <title>Cencora Inc COM</title>
        <cusip>03073E105</cusip>
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          <ticker value="COR"/>
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        <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>
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      <invstOrSec>
        <name>Johnson &amp; Johnson</name>
        <lei>549300G0CFPGEF6X2043</lei>
        <title>Johnson &amp; Johnson COM</title>
        <cusip>478160104</cusip>
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          <isin value="US4781601046"/>
          <ticker value="JNJ"/>
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        <curCd>USD</curCd>
        <valUSD>4644360.00000000</valUSD>
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        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Sensient Technologies Corp</name>
        <lei>CMMZHMFZQG86EI7WZU92</lei>
        <title>Sensient Technologies Corp COM</title>
        <cusip>81725T100</cusip>
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          <isin value="US81725T1007"/>
          <ticker value="SXT"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Lockheed Martin Corporation</name>
        <lei>DPRBOZP0K5RM2YE8UU08</lei>
        <title>Lockheed Martin Corporation COM</title>
        <cusip>539830109</cusip>
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          <isin value="US5398301094"/>
          <ticker value="LMT"/>
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        <balance>2000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1208780.00000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Rollins Inc</name>
        <lei>549300F2A0BXT4SGWD84</lei>
        <title>Rollins Inc COM</title>
        <cusip>775711104</cusip>
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          <isin value="US7757111049"/>
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        <curCd>USD</curCd>
        <valUSD>26598180.00000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Sempra</name>
        <lei>PBBKGKLRK5S5C0Y4T545</lei>
        <title>Sempra COM</title>
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          <isin value="US8168511090"/>
          <ticker value="SRE"/>
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        <assetCat>EC</assetCat>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Standard Motor Products, Inc.</name>
        <lei>THGK1EO5B5HK0JHQVZ90</lei>
        <title>Standard Motor Products, Inc. COM</title>
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          <isin value="US8536661056"/>
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        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Severn Trent PLC</name>
        <lei>213800RPBXRETY4A4C59</lei>
        <title>Severn Trent PLC ORD GBP0.9789</title>
        <cusip>000000000</cusip>
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          <isin value="GB00B1FH8J72"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Hertz Global Holdings Inc.</name>
        <lei>549300NBK3K85MH1EX16</lei>
        <title>Hertz Global Holdings Inc. COM NEW</title>
        <cusip>42806J700</cusip>
        <identifiers>
          <isin value="US42806J7000"/>
          <ticker value="HTZ"/>
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        <balance>475000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2189750.00000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Toll Brothers, Inc.</name>
        <lei>529900JB6IS9MSZGVR44</lei>
        <title>Toll Brothers, Inc. COM</title>
        <cusip>889478103</cusip>
        <identifiers>
          <isin value="US8894781033"/>
          <ticker value="TOL"/>
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        <balance>13000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1774110.00000000</valUSD>
        <pctVal>0.102393364664</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Netgear Inc</name>
        <lei>54930067KX3UNRHDWA78</lei>
        <title>Netgear Inc COM</title>
        <cusip>64111Q104</cusip>
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          <isin value="US64111Q1040"/>
          <ticker value="NTGR"/>
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        <balance>3000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>65520.00000000</valUSD>
        <pctVal>0.003781509180</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>
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      <invstOrSec>
        <name>Hellenic Telecommunications Organization S.A.</name>
        <lei>ELPUFM0XZRZO4LFXW404</lei>
        <title>Hellenic Telecommunications Organization S.A. EUR2.83(CR)</title>
        <cusip>000000000</cusip>
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          <isin value="GRS260333000"/>
          <ticker value="HTO"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Liberty Latin America Ltd</name>
        <lei>213800YWQHEAX7CAVO83</lei>
        <title>Liberty Latin America Ltd COM USD0.01 CL A</title>
        <cusip>000000000</cusip>
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          <isin value="BMG9001E1021"/>
          <ticker value="LILA"/>
          <other otherDesc="SEDOL" value="BD9Q3P5"/>
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        <balance>155000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1339200.00000000</valUSD>
        <pctVal>0.077292385454</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Resideo Technologies Inc</name>
        <lei>5493006TKFPYISY2DS54</lei>
        <title>Resideo Technologies Inc COM</title>
        <cusip>76118Y104</cusip>
        <identifiers>
          <isin value="US76118Y1047"/>
          <ticker value="REZI"/>
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        <balance>83500.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2814785.00000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>Telecom Argentina SA</name>
        <lei>549300MKPIRSJD8SB782</lei>
        <title>Telecom Argentina SA</title>
        <cusip>879273209</cusip>
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          <isin value="US8792732096"/>
          <ticker value="TEO"/>
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        <curCd>USD</curCd>
        <valUSD>245490.00000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Lennar Corp.</name>
        <lei>529900G61XVRLX5TJX09</lei>
        <title>Lennar Corp. CL B</title>
        <cusip>526057302</cusip>
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          <ticker value="LEN/B"/>
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        <balance>7500.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>630900.00000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>PNC Financial Services Group Inc.</name>
        <lei>CFGNEKW0P8842LEUIA51</lei>
        <title>PNC Financial Services Group Inc. COM</title>
        <cusip>693475105</cusip>
        <identifiers>
          <isin value="US6934751057"/>
          <ticker value="PNC"/>
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        <balance>20000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4161800.00000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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        <name>Kyndryl Holdings Inc</name>
        <lei>549300LQ4LWX2R8ZV130</lei>
        <title>Kyndryl Holdings Inc COMMON STOCK</title>
        <cusip>50155Q100</cusip>
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          <isin value="US50155Q1004"/>
          <ticker value="KD"/>
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        <curCd>USD</curCd>
        <valUSD>144320.00000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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        <name>Grupo Bimbo S.A.B de C.V.</name>
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        <title>Grupo Bimbo S.A.B de C.V. SER'A'NPV</title>
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          <ticker value="BIMBOA"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MX</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Ollamani SAB</name>
        <lei>N/A</lei>
        <title>Ollamani SAB CPO</title>
        <cusip>000000000</cusip>
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          <isin value="MX01AG080022"/>
          <ticker value="AGUILCPO"/>
          <other otherDesc="SEDOL" value="BS89BX4"/>
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        <assetCat>EP</assetCat>
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        <invCountry>MX</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Rapid7 Inc.</name>
        <lei>549300GNVG5D60KEYN14</lei>
        <title>Rapid7 Inc. COM</title>
        <cusip>753422104</cusip>
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          <isin value="US7534221046"/>
          <ticker value="RPD"/>
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        <balance>2790.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>15372.90000000</valUSD>
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        <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>
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      <invstOrSec>
        <name>QUALCOMM Inc.</name>
        <lei>H1J8DDZKZP6H7RWC0H53</lei>
        <title>QUALCOMM Inc. COM</title>
        <cusip>747525103</cusip>
        <identifiers>
          <isin value="US7475251036"/>
          <ticker value="QCOM"/>
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        <balance>4500.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>579510.00000000</valUSD>
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        <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>
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      </invstOrSec>
      <invstOrSec>
        <name>Haleon PLC</name>
        <lei>549300PSB3WWEODCUP19</lei>
        <title>Haleon PLC ORD GBP0.01</title>
        <cusip>000000000</cusip>
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          <isin value="GB00BMX86B70"/>
          <ticker value="HLN"/>
          <other otherDesc="SEDOL" value="BMX86B7"/>
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        <balance>25000.00000000</balance>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>NVR Inc</name>
        <lei>529900RWXR4JI3JYTV70</lei>
        <title>NVR Inc COM</title>
        <cusip>62944T105</cusip>
        <identifiers>
          <isin value="US62944T1051"/>
          <ticker value="NVR"/>
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        <balance>50.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>329491.50000000</valUSD>
        <pctVal>0.019016714472</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
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        <name>ING Groep N.V.</name>
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        <name>Holcim AG</name>
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      <invstOrSec>
        <name>Wynn Resorts Limited</name>
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        <name>LIONSGATE STUDIOS CORP</name>
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        <name>Thales SA</name>
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        <name>Howmet Aerospace Inc</name>
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        <name>Cipher Digital Inc.</name>
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        <name>Corus Entertainment Inc</name>
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        <name>Ardagh Metal Packaging S A</name>
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        <name>Portland General Electric Company</name>
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        <name>KKR &amp; Co Inc.</name>
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        <name>Albany International Corp.</name>
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        <name>Henry Schein, Inc.</name>
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        <name>Tenet Healthcare Corporation</name>
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        <name>Anterix Inc.</name>
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        <name>TE Connectivity PLC</name>
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        <name>Metallus Inc.</name>
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        <name>Blackstone Mortgage Trust, Inc</name>
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        <name>Apollo Global Management Inc</name>
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        <name>O'Reilly Automotive Inc.</name>
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        <name>Assa Abloy AB</name>
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        <name>LIBERTY GLOBAL LTD</name>
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        <name>AT&amp;T Inc</name>
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        <title>AT&amp;T Inc COM</title>
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      </invstOrSec>
      <invstOrSec>
        <name>Pitney Bowes Inc.</name>
        <lei>549300N2O26NW4ST6W55</lei>
        <title>Pitney Bowes Inc. COM</title>
        <cusip>724479100</cusip>
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          <isin value="US7244791007"/>
          <ticker value="PBI"/>
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        <curCd>USD</curCd>
        <valUSD>110500.00000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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      </invstOrSec>
      <invstOrSec>
        <name>Vulcan Materials Company</name>
        <lei>549300Q8LSNHAVWBNI21</lei>
        <title>Vulcan Materials Company COM</title>
        <cusip>929160109</cusip>
        <identifiers>
          <isin value="US9291601097"/>
          <ticker value="VMC"/>
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        <balance>3000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>816900.00000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>NATIONAL PRESTO INDUSTRIES INC</name>
        <lei>N/A</lei>
        <title>National Presto Industries Inc. COM</title>
        <cusip>637215104</cusip>
        <identifiers>
          <isin value="US6372151042"/>
          <ticker value="NPK"/>
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        <balance>13000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1781780.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Globalfoundries Inc</name>
        <lei>549300BA76VK784VMX48</lei>
        <title>Globalfoundries Inc ORDINARY SHARES</title>
        <cusip>000000000</cusip>
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          <isin value="KYG393871085"/>
          <ticker value="GFS"/>
          <other otherDesc="SEDOL" value="BMW7F63"/>
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        <balance>2000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>88960.00000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>BEL Fuse Inc</name>
        <lei>2549009L4XYDBRRY6X39</lei>
        <title>BEL Fuse Inc CL A</title>
        <cusip>077347201</cusip>
        <identifiers>
          <isin value="US0773472016"/>
          <ticker value="BELFA"/>
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        <balance>2800.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>504560.00000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Chubb Ltd. Switzerland</name>
        <lei>E0JAN6VLUDI1HITHT809</lei>
        <title>Chubb Ltd. Switzerland ORD CHF24.15</title>
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          <isin value="CH0044328745"/>
          <ticker value="CB"/>
          <other otherDesc="SEDOL" value="B3BQMF6"/>
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        <balance>200.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>65186.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>

        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Bank of East Asia Ltd. (The)</name>
        <lei>CO6GC26LCGGRTUESIP55</lei>
        <title>Bank of East Asia Ltd. (The) NPV</title>
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          <isin value="HK0023000190"/>
          <ticker value="23"/>
          <other otherDesc="SEDOL" value="6075648"/>
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        <balance>184700.00000000</balance>
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        <currencyConditional curCd="HKD" exchangeRt="7.84120000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>HK</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Commerzbank AG</name>
        <lei>851WYGNLUQLFZBSYGB56</lei>
        <title>Commerzbank AG NPV</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="DE000CBK1001"/>
          <ticker value="CBK"/>
          <other otherDesc="SEDOL" value="B90LKT4"/>
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        <balance>5375.00000000</balance>
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        <pctVal>0.011040300742</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Julius Baer Group AG</name>
        <lei>5299007MF0604ZGJER92</lei>
        <title>Julius Baer Group AG CHF0.02 (REGD)</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="CH0102484968"/>
          <ticker value="BAER"/>
          <other otherDesc="SEDOL" value="B4R2R50"/>
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        <balance>6000.00000000</balance>
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        <currencyConditional curCd="CHF" exchangeRt="0.79960000"/>
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        <pctVal>0.025188026065</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Telefonica Brasil S.A</name>
        <lei>529900MTGG2HSDBIWG79</lei>
        <title>Telefonica Brasil S.A SPONSORED ADS</title>
        <cusip>87936R205</cusip>
        <identifiers>
          <isin value="US87936R2058"/>
          <ticker value="VIV"/>
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        <balance>70000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1113700.00000000</valUSD>
        <pctVal>0.064277575926</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>MADISON SQUARE GARDEN SPORTS CORP</name>
        <lei>529900BQELIZ5ZQYB788</lei>
        <title>Madison Square Garden Sports Corp. CL A</title>
        <cusip>55825T103</cusip>
        <identifiers>
          <isin value="US55825T1034"/>
          <ticker value="MSGS"/>
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        <balance>94517.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>30377763.80000000</valUSD>
        <pctVal>1.753263014400</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>
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      <invstOrSec>
        <name>Trane Technologies PLC</name>
        <lei>549300BURLR9SLYY2705</lei>
        <title>Trane Technologies PLC COM USD1</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="IE00BK9ZQ967"/>
          <ticker value="TT"/>
          <other otherDesc="SEDOL" value="BK9ZQ96"/>
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        <balance>18960.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7901390.40000000</valUSD>
        <pctVal>0.456031445957</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>
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      <invstOrSec>
        <name>Tiptree Inc.</name>
        <lei>254900EH52HA4YXENT37</lei>
        <title>Tiptree Inc. COM</title>
        <cusip>88822Q103</cusip>
        <identifiers>
          <isin value="US88822Q1031"/>
          <ticker value="TIPT"/>
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        <balance>97947.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1657263.24000000</valUSD>
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        <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>
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      <invstOrSec>
        <name>Entegris Inc</name>
        <lei>IYX6OWO7BT5DKO3BYG52</lei>
        <title>Entegris Inc COM</title>
        <cusip>29362U104</cusip>
        <identifiers>
          <isin value="US29362U1043"/>
          <ticker value="ENTG"/>
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        <balance>1000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>117240.00000000</valUSD>
        <pctVal>0.006766546647</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>
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      <invstOrSec>
        <name>Zalando SE</name>
        <lei>529900YRFFGH5AXU4S86</lei>
        <title>Zalando SE NPV</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="DE000ZAL1111"/>
          <ticker value="ZAL"/>
          <other otherDesc="SEDOL" value="BQV0SV7"/>
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        <balance>4200.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.86516416"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Christian Dior SE</name>
        <lei>969500WESYQMQ1F2C272</lei>
        <title>Christian Dior SE EUR2</title>
        <cusip>000000000</cusip>
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          <isin value="FR0000130403"/>
          <ticker value="CDI"/>
          <other otherDesc="SEDOL" value="4061393"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Tootsie Roll Industries Inc.</name>
        <lei>529900SBKOV9XX4M4Q35</lei>
        <title>Tootsie Roll Industries Inc. COM</title>
        <cusip>890516107</cusip>
        <identifiers>
          <isin value="US8905161076"/>
          <ticker value="TR"/>
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        <balance>43260.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1848067.20000000</valUSD>
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      <invstOrSec>
        <name>Diamondback Energy Inc</name>
        <lei>549300R22LSX6OHWEN64</lei>
        <title>Diamondback Energy Inc COM</title>
        <cusip>25278X109</cusip>
        <identifiers>
          <isin value="US25278X1090"/>
          <ticker value="FANG"/>
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        <balance>3000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>593370.00000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Moelis &amp; Co.</name>
        <lei>549300891QNU7VTQUR83</lei>
        <title>Moelis &amp; Co. CL A</title>
        <cusip>60786M105</cusip>
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          <isin value="US60786M1053"/>
          <ticker value="MC"/>
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        <balance>2550.00000000</balance>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ATN International Inc.</name>
        <lei>54930013NP7VEU877V56</lei>
        <title>ATN International Inc. COM</title>
        <cusip>00215F107</cusip>
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          <isin value="US00215F1075"/>
          <ticker value="ATNI"/>
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        <balance>45152.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1229037.44000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Ingredion Incorporated</name>
        <lei>PKSTQ48QDN0XSVS7YK88</lei>
        <title>Ingredion Incorporated COM</title>
        <cusip>457187102</cusip>
        <identifiers>
          <isin value="US4571871023"/>
          <ticker value="INGR"/>
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        <balance>3200.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>360512.00000000</valUSD>
        <pctVal>0.020807073226</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>
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      </invstOrSec>
      <invstOrSec>
        <name>Maple Leaf Foods Inc.</name>
        <lei>549300LX07S5J8F76F37</lei>
        <title>Maple Leaf Foods Inc. COM NPV</title>
        <cusip>564905107</cusip>
        <identifiers>
          <isin value="CA5649051078"/>
          <ticker value="MFI"/>
          <other otherDesc="SEDOL" value="2555865"/>
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        <balance>35000.00000000</balance>
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        <currencyConditional curCd="CAD" exchangeRt="1.39110000"/>
        <valUSD>754798.36000000</valUSD>
        <pctVal>0.043563445177</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Meta Platforms Inc</name>
        <lei>BQ4BKCS1HXDV9HN80Z93</lei>
        <title>Meta Platforms Inc CL A</title>
        <cusip>30303M102</cusip>
        <identifiers>
          <isin value="US30303M1027"/>
          <ticker value="META"/>
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      <invstOrSec>
        <name>Gray Media Inc.</name>
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        <name>Amazon.com, Inc.</name>
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        <name>Oracle Corp.</name>
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        <name>VEON LTD</name>
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        <title>Veon Ltd. SPONSORED ADS</title>
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        <name>PAR Technology Corp.</name>
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        <name>Idex Corporation</name>
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        <name>Entain PLC</name>
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        <name>Bresler &amp; Reiner Inc</name>
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        <name>Credit Agricole S.A.</name>
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        <name>FIREFLY AEROSPACE INC</name>
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        <name>RPC Inc</name>
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        <name>United States Treasury Bills</name>
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        <name>Heineken N.V.</name>
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        <name>Kennametal Inc</name>
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        <title>Kennametal Inc COM</title>
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        <name>FERRARI NV</name>
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        <name>Anheuser-Busch Inbev SA/NV</name>
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        <name>Toyota Motor Corp.</name>
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        <name>NIQ Global Intelligence PLC</name>
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        <assetCat>EC</assetCat>
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        <name>Inspired Entertainment Inc.</name>
        <lei>549300ZUGYK6NBIU6D69</lei>
        <title>Inspired Entertainment Inc. COM</title>
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        <name>Canfor Corp.</name>
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        <name>Essential Utilities Inc</name>
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        <name>Farmers &amp; Merchants Bank of Lo</name>
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        <name>Genuine Parts Co</name>
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        <name>Glaukos Corp.</name>
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        <name>Berkshire Hathaway Inc.</name>
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        <name>Honeywell International Inc.</name>
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        <name>United States Treasury Bills</name>
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        <name>Graham Holdings Co</name>
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        <name>Temenos AG</name>
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        <name>DexCom Inc</name>
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        <name>United Rentals, Inc.</name>
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        <name>News Corporation</name>
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        <name>NOMAD FOODS LTD</name>
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        <name>Tredegar Corp.</name>
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        <name>Watts Water Technologies Inc.</name>
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        <name>Enovis Corporation</name>
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        <name>MKS Inc.</name>
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        <name>BP PLC</name>
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        <title>BP PLC SPONSORED ADR</title>
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        <name>CTS Eventim AG &amp; Co. KGaA</name>
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        <name>Fox Corporation</name>
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        <name>Koninklijke Philips NV</name>
        <lei>H1FJE8H61JGM1JSGM897</lei>
        <title>Koninklijke Philips NV NY REGIS SHS NEW</title>
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        <name>Heineken Holding N.V.</name>
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        <title>Heineken Holding N.V. EUR1.60</title>
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        <name>Booking Holdings Inc</name>
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        <name>Ilika PLC</name>
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        <name>Avio S.p.A.</name>
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        <name>Crowdstrike Holdings Inc</name>
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        <name>UL Solutions Inc.</name>
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        <name>Venture Global Inc</name>
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        <name>HK&amp;S HOTELS</name>
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        <name>W.R. Berkley Corporation</name>
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        <name>United States Treasury Bills</name>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>LIBERTY GLOBAL LTD</name>
        <lei>213800HRMKKTYH7SKA24</lei>
        <title>Liberty Global Ltd. COM CL A</title>
        <cusip>000000000</cusip>
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          <isin value="BMG611881019"/>
          <ticker value="LBTYA"/>
          <other otherDesc="SEDOL" value="BS71B31"/>
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        <balance>130045.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1572244.05000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>
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      <invstOrSec>
        <name>Matthews International Corp</name>
        <lei>549300ZVC5O0ATML6U61</lei>
        <title>Matthews International Corp CL A</title>
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          <isin value="US5771281012"/>
          <ticker value="MATW"/>
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        <curCd>USD</curCd>
        <valUSD>1660226.00000000</valUSD>
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        <assetCat>EC</assetCat>
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      <invstOrSec>
        <name>Central and Eastern Europe Fund Inc</name>
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          <ticker value="CEE"/>
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        <curCd>USD</curCd>
        <valUSD>1409100.00000000</valUSD>
        <pctVal>0.081326687831</pctVal>
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        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Ibstock Public Limited Company</name>
        <lei>2138003QHTNX34CN9V93</lei>
        <title>Ibstock Public Limited Company ORD GBP0.01</title>
        <cusip>000000000</cusip>
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          <isin value="GB00BYXJC278"/>
          <ticker value="IBST"/>
          <other otherDesc="SEDOL" value="BYXJC27"/>
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        <pctVal>0.002715889474</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Jefferies Financial Group Inc</name>
        <lei>549300HOF34RGOJ5YL07</lei>
        <title>Jefferies Financial Group Inc COM</title>
        <cusip>47233W109</cusip>
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          <isin value="US47233W1099"/>
          <ticker value="JEF"/>
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        <balance>79200.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3268584.00000000</valUSD>
        <pctVal>0.188647442069</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>American Tower Corporation</name>
        <lei>5493006ORUSIL88JOE18</lei>
        <title>American Tower Corporation COM</title>
        <cusip>03027X100</cusip>
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          <isin value="US03027X1000"/>
          <ticker value="AMT"/>
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        <curCd>USD</curCd>
        <valUSD>2933860.00000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Boston Beer Co Inc</name>
        <lei>529900Q02MQ0DCQNRM58</lei>
        <title>Boston Beer Co Inc CL A</title>
        <cusip>100557107</cusip>
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          <isin value="US1005571070"/>
          <ticker value="SAM"/>
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        <balance>8800.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2027520.00000000</valUSD>
        <pctVal>0.117019009376</pctVal>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Freeport-McMoRan Inc.</name>
        <lei>549300IRDTHJQ1PVET45</lei>
        <title>Freeport-McMoRan Inc. CL B</title>
        <cusip>35671D857</cusip>
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          <isin value="US35671D8570"/>
          <ticker value="FCX"/>
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        <balance>83000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4878740.00000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Standard Chartered PLC</name>
        <lei>U4LOSYZ7YG4W3S5F2G91</lei>
        <title>Standard Chartered PLC ORD USD0.50</title>
        <cusip>000000000</cusip>
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          <isin value="GB0004082847"/>
          <ticker value="STAN"/>
          <other otherDesc="SEDOL" value="0408284"/>
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        <balance>9987.00000000</balance>
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        <pctVal>0.011863517168</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>APA Corp.</name>
        <lei>549300VCIWLRHYVSHC79</lei>
        <title>APA Corp. COM</title>
        <cusip>03743Q108</cusip>
        <identifiers>
          <isin value="US03743Q1085"/>
          <ticker value="APA"/>
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        <balance>48500.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2058340.00000000</valUSD>
        <pctVal>0.118797796204</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>
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      <invstOrSec>
        <name>Verisure Plc</name>
        <lei>636700ZY9PP0NGXTA943</lei>
        <title>Verisure Plc ORD EUR 0.001</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="GB00BVMN1558"/>
          <ticker value="VSURE"/>
          <other otherDesc="SEDOL" value="BVMN155"/>
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        <balance>15000.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.86516416"/>
        <valUSD>154288.64000000</valUSD>
        <pctVal>0.008904821560</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>CRH PLC</name>
        <lei>549300MIDJNNTH068E74</lei>
        <title>CRH PLC ORD EUR 0.32</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="IE0001827041"/>
          <ticker value="CRH"/>
          <other otherDesc="SEDOL" value="B01ZKD6"/>
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        <balance>4200.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>441504.00000000</valUSD>
        <pctVal>0.025481554172</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>
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      <invstOrSec>
        <name>Zimmer Biomet Holdings Inc</name>
        <lei>2P2YLDVPES3BXQ1FRB91</lei>
        <title>Zimmer Biomet Holdings Inc COM</title>
        <cusip>98956P102</cusip>
        <identifiers>
          <isin value="US98956P1021"/>
          <ticker value="ZBH"/>
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        <balance>22000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1989240.00000000</valUSD>
        <pctVal>0.114809666100</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>FLUSHING FINANCIAL CORP</name>
        <lei>N/A</lei>
        <title>Flushing Financial Corp. COM</title>
        <cusip>343873105</cusip>
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          <isin value="US3438731057"/>
          <ticker value="FFIC"/>
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        <balance>16526.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>253839.36000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Bausch Plus Lomb Corp.</name>
        <lei>549300NY6OZM39SO6475</lei>
        <title>Bausch Plus Lomb Corp. COMMON SHARES</title>
        <cusip>071705107</cusip>
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          <isin value="CA0717051076"/>
          <ticker value="BLCO"/>
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        <balance>12000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>190800.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>NESTLE' CAPITAL MARKETS SA</name>
        <lei>549300PZN3NFSOUXLC42</lei>
        <title>Nestle SA CHF0.10 (REGD)</title>
        <cusip>000000000</cusip>
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          <isin value="CH0038863350"/>
          <ticker value="NESN"/>
          <other otherDesc="SEDOL" value="7123870"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>
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      <invstOrSec>
        <name>IAC Inc</name>
        <lei>549300TO56L57RP6P031</lei>
        <title>IAC Inc COM NEW</title>
        <cusip>44891N208</cusip>
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          <isin value="US44891N2080"/>
          <ticker value="IAC"/>
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        <curCd>USD</curCd>
        <valUSD>1381035.00000000</valUSD>
        <pctVal>0.079706906770</pctVal>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>NVent Electric PLC</name>
        <lei>N/A</lei>
        <title>NVent Electric PLC COM USD0.01</title>
        <cusip>000000000</cusip>
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          <isin value="IE00BDVJJQ56"/>
          <ticker value="NVT"/>
          <other otherDesc="SEDOL" value="BDVJJQ5"/>
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        <balance>17500.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2069900.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>

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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Essity AB</name>
        <lei>549300G8E6YUVJ1DA153</lei>
        <title>Essity AB SER'B'NPV</title>
        <cusip>000000000</cusip>
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          <isin value="SE0009922164"/>
          <ticker value="ESSITYB"/>
          <other otherDesc="SEDOL" value="BF1K7P7"/>
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        <balance>35500.00000000</balance>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SE</invCountry>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>TBS HOLDINGS INC</name>
        <lei>N/A</lei>
        <title>TBS Holdings Inc. NPV</title>
        <cusip>000000000</cusip>
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          <isin value="JP3588600001"/>
          <ticker value="9401"/>
          <other otherDesc="SEDOL" value="6894166"/>
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        <assetCat>EC</assetCat>
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        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Novartis AG</name>
        <lei>5493007HIVTX6SY6XD66</lei>
        <title>Novartis AG SPONSORED ADR</title>
        <cusip>66987V109</cusip>
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          <isin value="US66987V1098"/>
          <ticker value="NVS"/>
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        <balance>65500.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>10005125.00000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Limoneira Co.</name>
        <lei>549300UCPZVJGYHI7550</lei>
        <title>Limoneira Co. COM</title>
        <cusip>532746104</cusip>
        <identifiers>
          <isin value="US5327461043"/>
          <ticker value="LMNR"/>
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        <balance>63000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>845460.00000000</valUSD>
        <pctVal>0.048796012699</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>
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      </invstOrSec>
      <invstOrSec>
        <name>Modine Manufacturing Co.</name>
        <lei>Z35SZFYJR8GZZRSIUU09</lei>
        <title>Modine Manufacturing Co. COM</title>
        <cusip>607828100</cusip>
        <identifiers>
          <isin value="US6078281002"/>
          <ticker value="MOD"/>
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        <balance>59200.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>12829232.00000000</valUSD>
        <pctVal>0.740443507193</pctVal>
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        <assetCat>EC</assetCat>
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      <invstOrSec>
        <name>Oceaneering International, Inc.</name>
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      <invstOrSec>
        <name>Southwest Gas Holdings Inc</name>
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      <invstOrSec>
        <name>Carrier Global Corporation</name>
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      <invstOrSec>
        <name>Safehold Inc.</name>
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          <isin value="US78646V1070"/>
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        <name>Telecom Italia S.p.A.</name>
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        <invCountry>IT</invCountry>
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      <invstOrSec>
        <name>Ingersoll Rand Inc</name>
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        <name>Angi Inc</name>
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        <name>VITESSE ENERGY INC</name>
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        <name>Cytokinetics Inc</name>
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      <invstOrSec>
        <name>Texas Capital Bancshares, Inc.</name>
        <lei>549300466Q2SXRX0YM48</lei>
        <title>Texas Capital Bancshares, Inc. COM</title>
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          <isin value="US88224Q1076"/>
          <ticker value="TCBI"/>
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        <invCountry>US</invCountry>
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        <name>Halliburton Company</name>
        <lei>ENYF8GB5SMQZ25S06U51</lei>
        <title>Halliburton Company COM</title>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <name>Brightstar Lottery PLC</name>
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      <invstOrSec>
        <name>Bank of America Corp.</name>
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        <name>Crane Co.</name>
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        <name>Diamond Hill Investment Group Inc.</name>
        <lei>549300AQ6779A0B7VZ57</lei>
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          <ticker value="DHIL"/>
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      <invstOrSec>
        <name>Intuitive Surgical Inc.</name>
        <lei>54930052SRG011710797</lei>
        <title>Intuitive Surgical Inc. COM NEW</title>
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          <ticker value="ISRG"/>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <name>XPLR Infrastructure LP</name>
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        <name>Remy Cointreau SA</name>
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      <invstOrSec>
        <name>Curtiss-Wright Corp.</name>
        <lei>TEL51ETZWP7D0ZM4X325</lei>
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        <name>American Outdoor Brands Inc</name>
        <lei>N/A</lei>
        <title>American Outdoor Brands Inc COM</title>
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        <name>GATX Corporation</name>
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        <title>GATX Corporation COM</title>
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        <name>Costco Wholesale Corporation</name>
        <lei>29DX7H14B9S6O3FD6V18</lei>
        <title>Costco Wholesale Corporation COM</title>
        <cusip>22160K105</cusip>
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          <ticker value="COST"/>
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      <invstOrSec>
        <name>Fiserv Inc.</name>
        <lei>GI7UBEJLXYLGR2C7GV83</lei>
        <title>Fiserv Inc. COM</title>
        <cusip>337738108</cusip>
        <identifiers>
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          <ticker value="FISV"/>
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        <balance>40000.00000000</balance>
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        <valUSD>2232000.00000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <name>Archer-Daniels-Midland Co.</name>
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        <name>Diageo PLC</name>
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        <name>Intercontinental Exchange Inc</name>
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        <name>Universal Entertainment Corp</name>
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        <name>Exor Nv</name>
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        <name>Waste Management, Inc.</name>
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        <name>Yakult Honsha Co Ltd</name>
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        <name>The Toro Company</name>
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        <name>Citigroup Inc.</name>
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        <name>S&amp;P Global Inc</name>
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        <name>Boeing Co.</name>
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        <name>Strattec Security Corp.</name>
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        <name>Louis Hachette Group</name>
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        <name>Veolia Environnement S.A.</name>
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        <name>Sturm Ruger &amp; Co Inc.</name>
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        <title>Sturm Ruger &amp; Co Inc. COM</title>
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        <name>Sphere Entertainment Co.</name>
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        <name>BT Group PLC</name>
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        <name>Broadcom Inc</name>
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        <name>Svenska Cellulosa Aktiebolaget SCA (publ)</name>
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        <name>Webster Financial Corp.</name>
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        <name>Morinaga Milk Industry Co Ltd</name>
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        <name>MILLROSE PROPERTIES INC</name>
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        <name>GCI LIBERTY INC</name>
        <lei>N/A</lei>
        <title>GCI Liberty Inc. COM SER A</title>
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        <name>United States Treasury Bills</name>
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        <name>Waters Corporation</name>
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        <name>ATMUS FILTRATION TECHNOLOGIES INC</name>
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        <name>Bristol-Myers Squibb Company</name>
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        <name>NextEra Energy Inc</name>
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        <name>Brinks Company</name>
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        <name>Tim S A</name>
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        <name>Motorola Solutions Inc</name>
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        <name>Mueller Industries Inc.</name>
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        <name>Boston Scientific Corporation</name>
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        <name>CRIMSON WINE GROUP LTD</name>
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        <name>Franklin Bsp Realty Trust Inc</name>
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        <name>Omnicom Group Inc</name>
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        <name>GABELLI ETFS TRUST (THE)</name>
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        <name>Cleveland-Cliffs Inc</name>
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        <name>Myers Industries Inc.</name>
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        <name>Servicenow Inc</name>
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        <name>Stellantis N.V</name>
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        <name>American Express Company</name>
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        <title>American Express Company COM</title>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Sony Group Corp.</name>
        <lei>529900R5WX9N2OI2N910</lei>
        <title>Sony Group Corp. SPONSORED ADR</title>
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          <isin value="US8356993076"/>
          <ticker value="SONY"/>
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        <invCountry>JP</invCountry>
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      <invstOrSec>
        <name>Alphabet Inc.</name>
        <lei>5493006MHB84DD0ZWV18</lei>
        <title>Alphabet Inc. CAP STK CL A</title>
        <cusip>02079K305</cusip>
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          <isin value="US02079K3059"/>
          <ticker value="GOOGL"/>
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        <curCd>USD</curCd>
        <valUSD>575120.00000000</valUSD>
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      <invstOrSec>
        <name>TP ICAP Group PLC</name>
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        <issuerCat>CORP</issuerCat>
        <invCountry>JE</invCountry>

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      <invstOrSec>
        <name>Aptiv PLC</name>
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        <cusip>000000000</cusip>
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        <valUSD>520800.00000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JE</invCountry>

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      <invstOrSec>
        <name>Merck &amp; Co., Inc</name>
        <lei>4YV9Y5M8S0BRK1RP0397</lei>
        <title>Merck &amp; Co., Inc COM</title>
        <cusip>58933Y105</cusip>
        <identifiers>
          <isin value="US58933Y1055"/>
          <ticker value="MRK"/>
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        <balance>69250.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>8330082.50000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Celcuity Inc.</name>
        <lei>25490070W7UU7W2SEY87</lei>
        <title>Celcuity Inc. COM</title>
        <cusip>15102K100</cusip>
        <identifiers>
          <isin value="US15102K1007"/>
          <ticker value="CELC"/>
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        <balance>500.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>57070.00000000</valUSD>
        <pctVal>0.003293814544</pctVal>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>Hewlett Packard Enterprise Co.</name>
        <lei>549300BX44RGX6ANDV88</lei>
        <title>Hewlett Packard Enterprise Co. COM</title>
        <cusip>42824C109</cusip>
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          <isin value="US42824C1099"/>
          <ticker value="HPE"/>
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        <balance>105500.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2511955.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>TELUS CORP</name>
        <lei>894500TX134IMF6NW757</lei>
        <title>Telus Corp. COM NPV</title>
        <cusip>87971M103</cusip>
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          <isin value="CA87971M1032"/>
          <ticker value="T"/>
          <other otherDesc="SEDOL" value="2381093"/>
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        <balance>50000.00000000</balance>
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        <currencyConditional curCd="CAD" exchangeRt="1.39110000"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>TELEPHONE &amp; DATA SYSTEMS INC</name>
        <lei>5299003YZW5BE2NNLO37</lei>
        <title>Telephone and Data Systems Inc. COM NEW</title>
        <cusip>879433829</cusip>
        <identifiers>
          <isin value="US8794338298"/>
          <ticker value="TDS"/>
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        <balance>243200.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>10238720.00000000</valUSD>
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        <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>
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      </invstOrSec>
      <invstOrSec>
        <name>Hitachi Ltd</name>
        <lei>549300T6IPOCDWLKC615</lei>
        <title>Hitachi Ltd</title>
        <cusip>433578507</cusip>
        <identifiers>
          <isin value="US4335785071"/>
          <ticker value="HTHIY"/>
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        <balance>40000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1164400.00000000</valUSD>
        <pctVal>0.067203743745</pctVal>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Sika AG</name>
        <lei>549300R3N69ECGYPU434</lei>
        <title>Sika AG CHF0.01 (REG)</title>
        <cusip>000000000</cusip>
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          <isin value="CH0418792922"/>
          <ticker value="SIKA"/>
          <other otherDesc="SEDOL" value="BF2DSG3"/>
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        <currencyConditional curCd="CHF" exchangeRt="0.79960000"/>
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        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Berkshire Hathaway Inc.</name>
        <lei>5493000C01ZX7D35SD85</lei>
        <title>Berkshire Hathaway Inc. CL B NEW</title>
        <cusip>084670702</cusip>
        <identifiers>
          <isin value="US0846707026"/>
          <ticker value="BRK/B"/>
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        <balance>3250.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1557400.00000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Suro Capital Corp</name>
        <lei>549300YR4IAV0VJFWN84</lei>
        <title>Suro Capital Corp COM NEW</title>
        <cusip>86887Q109</cusip>
        <identifiers>
          <isin value="US86887Q1094"/>
          <ticker value="SSSS"/>
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        <balance>633668.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6786584.28000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>NEW Hope Corp Ltd.</name>
        <lei>254900DHRUGXZSLSNZ83</lei>
        <title>NEW Hope Corp Ltd. NPV</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="AU000000NHC7"/>
          <ticker value="NHC"/>
          <other otherDesc="SEDOL" value="6681960"/>
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        <balance>50000.00000000</balance>
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        <currencyConditional curCd="AUD" exchangeRt="1.44938038"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>CTS Corporation</name>
        <lei>549300YV1HQLBVHOI649</lei>
        <title>CTS Corporation COM</title>
        <cusip>126501105</cusip>
        <identifiers>
          <isin value="US1265011056"/>
          <ticker value="CTS"/>
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        <balance>160.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7641.60000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Walt Disney Company</name>
        <lei>549300GZKULIZ0WOW665</lei>
        <title>Walt Disney Company COM</title>
        <cusip>254687106</cusip>
        <identifiers>
          <isin value="US2546871060"/>
          <ticker value="DIS"/>
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        <balance>97200.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>9368136.00000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Movella Holdings Inc</name>
        <lei>549300MY5MYSR79R7L50</lei>
        <title>Movella Holdings Inc</title>
        <cusip>62459N105</cusip>
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          <ticker value="MVLA"/>
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        <balance>25000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>Mercury Systems Inc</name>
        <lei>549300P3B84SGK7HH679</lei>
        <title>Mercury Systems Inc COM</title>
        <cusip>589378108</cusip>
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          <ticker value="MRCY"/>
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        <valUSD>510370.00000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>QuidelOrtho Corp</name>
        <lei>549300YU8CMO9HF53113</lei>
        <title>QuidelOrtho Corp COM</title>
        <cusip>219798105</cusip>
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          <isin value="US2197981051"/>
          <ticker value="QDEL"/>
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        <curCd>USD</curCd>
        <valUSD>328600.00000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>UniCredit S.p.A.</name>
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        <title>UniCredit S.p.A. NPV</title>
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          <isin value="IT0005239360"/>
          <ticker value="UCG"/>
          <other otherDesc="SEDOL" value="BYMXPS7"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IT</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Nintendo Co Ltd.</name>
        <lei>353800FEEXU6I9M0ZF27</lei>
        <title>Nintendo Co Ltd. UNSPON ADS</title>
        <cusip>654445303</cusip>
        <identifiers>
          <isin value="US6544453037"/>
          <ticker value="NTDOY"/>
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        <curCd>USD</curCd>
        <valUSD>100030.00000000</valUSD>
        <pctVal>0.005773265619</pctVal>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Canal Plus SA</name>
        <lei>9695000537F9F73BXN18</lei>
        <title>Canal Plus SA ORD EUR 0.25 (CDI)</title>
        <cusip>000000000</cusip>
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          <isin value="FR001400T0D6"/>
          <ticker value="CAN"/>
          <other otherDesc="SEDOL" value="BRS9F13"/>
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        <balance>262000.00000000</balance>
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        <valUSD>693046.23000000</valUSD>
        <pctVal>0.039999399900</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>API Group Corp</name>
        <lei>213800NZT1VX6PZ7BT53</lei>
        <title>API Group Corp COM STK</title>
        <cusip>00187Y100</cusip>
        <identifiers>
          <isin value="US00187Y1001"/>
          <ticker value="APG"/>
        </identifiers>
        <balance>78000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3160560.00000000</valUSD>
        <pctVal>0.182412800009</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>Coca-Cola Co (The)</name>
        <lei>UWJKFUJFZ02DKWI3RY53</lei>
        <title>Coca-Cola Co (The) COM</title>
        <cusip>191216100</cusip>
        <identifiers>
          <isin value="US1912161007"/>
          <ticker value="KO"/>
        </identifiers>
        <balance>60000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4563000.00000000</valUSD>
        <pctVal>0.263355103666</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>Flutter Entertainment PLC</name>
        <lei>635400EG4YIJLJMZJ782</lei>
        <title>Flutter Entertainment PLC ORD EUR0.09 (DI)</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="IE00BWT6H894"/>
          <ticker value="FLUT"/>
          <other otherDesc="SEDOL" value="BWZMZF4"/>
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        <balance>5800.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>591310.00000000</valUSD>
        <pctVal>0.034127658634</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>
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      </invstOrSec>
      <invstOrSec>
        <name>Option Care Health Inc</name>
        <lei>549300DI3Q5ACSYJRI17</lei>
        <title>Option Care Health Inc COM NEW</title>
        <cusip>68404L201</cusip>
        <identifiers>
          <isin value="US68404L2016"/>
          <ticker value="OPCH"/>
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        <balance>31000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>834520.00000000</valUSD>
        <pctVal>0.048164606862</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Cable &amp; Wireless Jamaica Ltd</name>
        <lei>N/A</lei>
        <title>Cable &amp; Wireless Jamaica Ltd</title>
        <cusip>000000000</cusip>
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          <isin value="JMP192311026"/>
          <ticker value="CWJ"/>
          <other otherDesc="SEDOL" value="2880567"/>
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        <balance>7040836.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JMD" exchangeRt="158.09000000"/>
        <valUSD>0.45000000</valUSD>
        <pctVal>0.000000025971</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JM</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Gaming and Leisure Properties Inc</name>
        <lei>5493006GWRDBCZYWTM57</lei>
        <title>Gaming and Leisure Properties Inc COM</title>
        <cusip>36467J108</cusip>
        <identifiers>
          <isin value="US36467J1088"/>
          <ticker value="GLPI"/>
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        <balance>10000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>443700.00000000</valUSD>
        <pctVal>0.025608297062</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>
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      </invstOrSec>
      <invstOrSec>
        <name>Trustco Bank Corp NY</name>
        <lei>N/A</lei>
        <title>Trustco Bank Corp NY COM NEW</title>
        <cusip>898349204</cusip>
        <identifiers>
          <isin value="US8983492047"/>
          <ticker value="TRST"/>
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        <balance>16763.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>733884.14000000</valUSD>
        <pctVal>0.042356373826</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>
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      </invstOrSec>
      <invstOrSec>
        <name>Warner Bros. Discovery Inc.</name>
        <lei>5493006ZCRFWKF6B1K26</lei>
        <title>Warner Bros. Discovery Inc. COM SER A</title>
        <cusip>934423104</cusip>
        <identifiers>
          <isin value="US9344231041"/>
          <ticker value="WBD"/>
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        <balance>285750.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7846695.00000000</valUSD>
        <pctVal>0.452874682262</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>
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      </invstOrSec>
      <invstOrSec>
        <name>Constellation Brands, Inc.</name>
        <lei>5493005GKEG8QCVY7037</lei>
        <title>Constellation Brands, Inc. CL A</title>
        <cusip>21036P108</cusip>
        <identifiers>
          <isin value="US21036P1084"/>
          <ticker value="STZ"/>
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        <balance>18200.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2730000.00000000</valUSD>
        <pctVal>0.157562882535</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>
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      </invstOrSec>
      <invstOrSec>
        <name>Siemens AG</name>
        <lei>W38RGI023J3WT1HWRP32</lei>
        <title>Siemens AG NPV(REGD)</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="DE0007236101"/>
          <ticker value="SIE"/>
          <other otherDesc="SEDOL" value="5727973"/>
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        <balance>900.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.86516416"/>
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        <pctVal>0.012350073658</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Rheinmetall AG</name>
        <lei>5299001OU9CSE29O6S05</lei>
        <title>Rheinmetall AG NPV</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="DE0007030009"/>
          <ticker value="RHM"/>
          <other otherDesc="SEDOL" value="5334588"/>
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        <balance>250.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.86516416"/>
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        <pctVal>0.024090748916</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Hellenic Telecommunications Or</name>
        <lei>ELPUFM0XZRZO4LFXW404</lei>
        <title>Hellenic Telecommunications Organization SA</title>
        <cusip>423325307</cusip>
        <identifiers>
          <isin value="US4233253073"/>
          <ticker value="HLTOY"/>
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        <balance>15000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>141375.00000000</valUSD>
        <pctVal>0.008159506417</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Mondelez International Inc.</name>
        <lei>549300DV9GIB88LZ5P30</lei>
        <title>Mondelez International Inc. CL A</title>
        <cusip>609207105</cusip>
        <identifiers>
          <isin value="US6092071058"/>
          <ticker value="MDLZ"/>
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        <balance>157000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>9049480.00000000</valUSD>
        <pctVal>0.522293829394</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>
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      </invstOrSec>
      <invstOrSec>
        <name>Royce Small Cap Trust Inc</name>
        <lei>254900NJE1W1YYKNVM16</lei>
        <title>Royce Small Cap Trust Inc COM</title>
        <cusip>780910105</cusip>
        <identifiers>
          <isin value="US7809101055"/>
          <ticker value="RVT"/>
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        <balance>35000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>581000.00000000</valUSD>
        <pctVal>0.033532613462</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Brown-Forman Corp.</name>
        <lei>549300873K3LXF7ARU34</lei>
        <title>Brown-Forman Corp. CL A</title>
        <cusip>115637100</cusip>
        <identifiers>
          <isin value="US1156371007"/>
          <ticker value="BF/A"/>
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        <balance>92800.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2486112.00000000</valUSD>
        <pctVal>0.143486803306</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>
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      <invstOrSec>
        <name>Shake Shack Inc</name>
        <lei>529900J74GJAHYP80N79</lei>
        <title>Shake Shack Inc CL A</title>
        <cusip>819047101</cusip>
        <identifiers>
          <isin value="US8190471016"/>
          <ticker value="SHAK"/>
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        <balance>5000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>442350.00000000</valUSD>
        <pctVal>0.025530381351</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>
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      <invstOrSec>
        <name>Kinnevik AB</name>
        <lei>2138006PZH76JOS6MN27</lei>
        <title>Kinnevik AB</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="SE0022060513"/>
          <ticker value="KINVA"/>
          <other otherDesc="SEDOL" value="BRDY7L7"/>
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        <balance>27200.00000000</balance>
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        <currencyConditional curCd="SEK" exchangeRt="9.46665000"/>
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        <pctVal>0.009584990512</pctVal>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>AXIS Capital Holdings Limited</name>
        <lei>635400VD2NQBYAHMEM55</lei>
        <title>AXIS Capital Holdings Limited COM USD0.0125</title>
        <cusip>000000000</cusip>
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          <isin value="BMG0692U1099"/>
          <ticker value="AXS"/>
          <other otherDesc="SEDOL" value="2677606"/>
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        <balance>1900.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>192679.00000000</valUSD>
        <pctVal>0.011120534301</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Gilead Sciences Inc.</name>
        <lei>549300WTZWR07K8MNV44</lei>
        <title>Gilead Sciences Inc. COM</title>
        <cusip>375558103</cusip>
        <identifiers>
          <isin value="US3755581036"/>
          <ticker value="GILD"/>
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        <balance>2800.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>390236.00000000</valUSD>
        <pctVal>0.022522604039</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>
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      </invstOrSec>
      <invstOrSec>
        <name>Harley-Davidson, Inc.</name>
        <lei>ZDNAWZWXIKMWI51R2A08</lei>
        <title>Harley-Davidson, Inc. COM</title>
        <cusip>412822108</cusip>
        <identifiers>
          <isin value="US4128221086"/>
          <ticker value="HOG"/>
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        <balance>16300.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>329586.00000000</valUSD>
        <pctVal>0.019022168572</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>Mercedes-Benz Group AG</name>
        <lei>529900R27DL06UVNT076</lei>
        <title>Mercedes-Benz Group AG ORD NPV(REGD)</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="DE0007100000"/>
          <ticker value="MBG"/>
          <other otherDesc="SEDOL" value="5529027"/>
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        <balance>10000.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.86516416"/>
        <valUSD>605549.82000000</valUSD>
        <pctVal>0.034949514709</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Qnity Electronics Inc.</name>
        <lei>254900RSUG4J9TFFZX53</lei>
        <title>Qnity Electronics Inc. COMMON STOCK</title>
        <cusip>74743L100</cusip>
        <identifiers>
          <isin value="US74743L1008"/>
          <ticker value="Q-W"/>
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        <balance>14500.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1673010.00000000</valUSD>
        <pctVal>0.096558343630</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>Reckitt Benckiser Group PLC</name>
        <lei>5493003JFSMOJG48V108</lei>
        <title>Reckitt Benckiser Group PLC ORD GBP0.1041666666666667</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="GB00BSZBP530"/>
          <ticker value="RKT"/>
          <other otherDesc="SEDOL" value="BSZBP53"/>
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        <balance>47520.00000000</balance>
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        <currencyConditional curCd="GBP" exchangeRt="0.75551526"/>
        <valUSD>3200223.38000000</valUSD>
        <pctVal>0.184701985534</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
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      <invstOrSec>
        <name>Mirion Technologies Inc</name>
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        <title>Mirion Technologies Inc COM CL A</title>
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      <invstOrSec>
        <name>Las Vegas Sands Corp</name>
        <lei>549300DUOO1KXOHPM605</lei>
        <title>Las Vegas Sands Corp COM</title>
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        <assetCat>EC</assetCat>
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      <invstOrSec>
        <name>CoreWeave Inc.</name>
        <lei>984500511DP2B6186053</lei>
        <title>CoreWeave Inc. COM CL A</title>
        <cusip>21873S108</cusip>
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      <invstOrSec>
        <name>Treatt PLC</name>
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        <title>Treatt PLC</title>
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      <invstOrSec>
        <name>Stack Capital Group Inc</name>
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        <title>Stack Capital Group Inc COM</title>
        <cusip>85236X104</cusip>
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      <invstOrSec>
        <name>Affiliated Managers Group, Inc.</name>
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        <title>Affiliated Managers Group, Inc. COM</title>
        <cusip>008252108</cusip>
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      <invstOrSec>
        <name>Idacorp Inc</name>
        <lei>N134NUJDWN8UEFA8B673</lei>
        <title>Idacorp Inc COM</title>
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      <invstOrSec>
        <name>Magnite Inc</name>
        <lei>54930018FR2YX1HHSB02</lei>
        <title>Magnite Inc COM</title>
        <cusip>55955D100</cusip>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>Sulzer AG</name>
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        <title>Sulzer AG CHF0.01 (REGD)</title>
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      <invstOrSec>
        <name>Sony Financial Group Inc.</name>
        <lei>353800O7BDSU41WOZA60</lei>
        <title>Sony Financial Group Inc. UNSPONSERED ADS</title>
        <cusip>83571B100</cusip>
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          <ticker value="SFGYY"/>
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        <invCountry>JP</invCountry>
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        <name>Magnum Ice Cream Co. NV (The)</name>
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        <name>Macy's, Inc.</name>
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        <title>Macy's, Inc. COM</title>
        <cusip>55616P104</cusip>
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        <name>The Kraft Heinz Co.</name>
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        <title>The Kraft Heinz Co. COM</title>
        <cusip>500754106</cusip>
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        <name>Northrop Grumman Corporation</name>
        <lei>RIMU48P07456QXSO0R61</lei>
        <title>Northrop Grumman Corporation COM</title>
        <cusip>666807102</cusip>
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        <name>Societe Generale S.A.</name>
        <lei>O2RNE8IBXP4R0TD8PU41</lei>
        <title>Societe Generale S.A. EUR1.25</title>
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        <invCountry>FR</invCountry>
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      <invstOrSec>
        <name>Smith &amp; Nephew PLC</name>
        <lei>213800ZTMDN8S67S1H61</lei>
        <title>Smith &amp; Nephew PLC ORD USD0.20</title>
        <cusip>000000000</cusip>
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        <name>Kinder Morgan, Inc.</name>
        <lei>549300WR7IX8XE0TBO16</lei>
        <title>Kinder Morgan, Inc. COM</title>
        <cusip>49456B101</cusip>
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        <name>Moodys Corp.</name>
        <lei>549300GCEDD8YCF5WU84</lei>
        <title>Moodys Corp. COM</title>
        <cusip>615369105</cusip>
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        <name>Pentair PLC</name>
        <lei>549300EVR9D56WPSRP15</lei>
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        <cusip>000000000</cusip>
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        <name>Dupont De Nemours Inc</name>
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        <title>Dupont De Nemours Inc COM</title>
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        <name>United States Treasury Bills</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>B 0 06/25/26</title>
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      <invstOrSec>
        <name>Morgan Stanley</name>
        <lei>IGJSJL3JD5P30I6NJZ34</lei>
        <title>Morgan Stanley COM NEW</title>
        <cusip>617446448</cusip>
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          <ticker value="MS"/>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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      </invstOrSec>
      <invstOrSec>
        <name>Bio-Rad Laboratories, Inc.</name>
        <lei>549300ZC1GPV35XYDK53</lei>
        <title>Bio-Rad Laboratories, Inc. CL A</title>
        <cusip>090572207</cusip>
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          <isin value="US0905722072"/>
          <ticker value="BIO"/>
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      <invstOrSec>
        <name>United States Treasury Bills</name>
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      <invstOrSec>
        <name>T-Mobile US Inc</name>
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        <title>T-Mobile US Inc COM</title>
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      <invstOrSec>
        <name>MasterCard Incorporated</name>
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        <name>DHL GROUP</name>
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        <name>L3 Harris Technologies Inc</name>
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        <name>Daimler Truck Holding AG</name>
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        <name>Energizer Holdings Inc</name>
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      <invstOrSec>
        <name>National Beverage Corp.</name>
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        <name>AZZ Inc</name>
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        <title>AZZ Inc COM</title>
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      <invstOrSec>
        <name>CVS Health Corp</name>
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      <invstOrSec>
        <name>Johnson Controls International PLC</name>
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        <invCountry>IE</invCountry>

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        <name>INPOST SA</name>
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        <name>Darling Ingredients, Inc</name>
        <lei>L1N0SPPKS7EXZYUMZ898</lei>
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        <name>Fluor Corporation</name>
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        <name>The Wendys Company</name>
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        <title>The Wendys Company COM</title>
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        <name>Wintrust Financial Corporation</name>
        <lei>Q774KI4AW80FHFW33O61</lei>
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        <name>Arlo Technologies Inc</name>
        <lei>549300T4EUX2OQ75HV52</lei>
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        <name>Embraer S.A.</name>
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        <name>FMC Corp.</name>
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        <name>SINCLAIR INC</name>
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        <title>Sinclair Inc. CL A</title>
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        <name>SOUTHERN FIRST BANCSHARES INC</name>
        <lei>N/A</lei>
        <title>Southern First Bancshares Inc. COM</title>
        <cusip>842873101</cusip>
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          <ticker value="SFST"/>
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      <invstOrSec>
        <name>Advansix Inc</name>
        <lei>5493009TPRODMCAZLF67</lei>
        <title>Advansix Inc COM</title>
        <cusip>00773T101</cusip>
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          <ticker value="ASIX"/>
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        <balance>8000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>195200.00000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Garrett Motion Inc</name>
        <lei>549300LS5WT7EMBNV724</lei>
        <title>Garrett Motion Inc COM</title>
        <cusip>366505105</cusip>
        <identifiers>
          <isin value="US3665051054"/>
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        <name>Enterprise Products Partners L.P.</name>
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        <name>Corning Incorporated</name>
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        <name>The Cigna Group</name>
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        <name>NEW Germany Fund</name>
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        <name>Toray Industries Inc.</name>
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        <name>Teva Pharmaceutical Industries Ltd.</name>
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        <name>Telefonica SA</name>
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        <name>Micron Technology Inc.</name>
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        <name>MGM CHINA HOLDINGS LTD</name>
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        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>
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      <invstOrSec>
        <name>St. Joe Co.</name>
        <lei>529900XVHOT3BF8PWG49</lei>
        <title>St. Joe Co. COM</title>
        <cusip>790148100</cusip>
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          <isin value="US7901481009"/>
          <ticker value="JOE"/>
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        <curCd>USD</curCd>
        <valUSD>13056120.00000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>The Charles Schwab Corporation</name>
        <lei>549300VSGCJ7E698NM85</lei>
        <title>The Charles Schwab Corporation COM</title>
        <cusip>808513105</cusip>
        <identifiers>
          <isin value="US8085131055"/>
          <ticker value="SCHW"/>
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        <balance>1150.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>108077.00000000</valUSD>
        <pctVal>0.006237700972</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>
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      </invstOrSec>
      <invstOrSec>
        <name>Deutsche Bank AG</name>
        <lei>7LTWFZYICNSX8D621K86</lei>
        <title>Deutsche Bank AG NPV(REGD)</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="DE0005140008"/>
          <ticker value="DB"/>
          <other otherDesc="SEDOL" value="2803025"/>
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        <balance>30000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>893400.00000000</valUSD>
        <pctVal>0.051562886174</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Price T Rowe Group Inc.</name>
        <lei>549300SIV6FPS9Y7IH33</lei>
        <title>Price T Rowe Group Inc. COM</title>
        <cusip>74144T108</cusip>
        <identifiers>
          <isin value="US74144T1088"/>
          <ticker value="TROW"/>
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        <balance>58500.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5273190.00000000</valUSD>
        <pctVal>0.304343962109</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Baxter International, Inc.</name>
        <lei>J5OIVXX3P24RJRW5CK77</lei>
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        <cusip>071813109</cusip>
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          <ticker value="BAX"/>
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        <curCd>USD</curCd>
        <valUSD>520800.00000000</valUSD>
        <pctVal>0.030058149899</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>
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      <invstOrSec>
        <name>Spectrum Brands Holdings Inc.</name>
        <lei>549300JM0MJETDD30O20</lei>
        <title>Spectrum Brands Holdings Inc. COM</title>
        <cusip>84790A105</cusip>
        <identifiers>
          <isin value="US84790A1051"/>
          <ticker value="SPB"/>
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        <curCd>USD</curCd>
        <valUSD>3795550.00000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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        <name>Seritage Growth Properties</name>
        <lei>5493003CJFC2MM82WB25</lei>
        <title>Seritage Growth Properties CL A</title>
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          <isin value="US81752R1005"/>
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        <balance>57000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>160170.00000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Visa Inc</name>
        <lei>549300JZ4OKEHW3DPJ59</lei>
        <title>Visa Inc COM CL A</title>
        <cusip>92826C839</cusip>
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          <ticker value="V"/>
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        <curCd>USD</curCd>
        <valUSD>3354864.00000000</valUSD>
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        <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>
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      <invstOrSec>
        <name>SILVERCREST ASSET MANAGEMENT GROUP INC</name>
        <lei>N/A</lei>
        <title>Silvercrest Asset Mgmt Group Inc CL A</title>
        <cusip>828359109</cusip>
        <identifiers>
          <isin value="US8283591092"/>
          <ticker value="SAMG"/>
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        <balance>1100.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>14784.00000000</valUSD>
        <pctVal>0.000853263610</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>
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      <invstOrSec>
        <name>Mattel, Inc.</name>
        <lei>549300VELLG24KHTJ564</lei>
        <title>Mattel, Inc. COM</title>
        <cusip>577081102</cusip>
        <identifiers>
          <isin value="US5770811025"/>
          <ticker value="MAT"/>
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        <balance>25000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>363250.00000000</valUSD>
        <pctVal>0.020965097831</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>Smiths Group PLC</name>
        <lei>213800MJL6IPZS3ASA11</lei>
        <title>Smiths Group PLC ORD GBP0.375</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="GB00B1WY2338"/>
          <ticker value="SMIN"/>
          <other otherDesc="SEDOL" value="B1WY233"/>
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        <balance>9000.00000000</balance>
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        <currencyConditional curCd="GBP" exchangeRt="0.75551526"/>
        <valUSD>271602.72000000</valUSD>
        <pctVal>0.015675643761</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>DAH Sing Financial</name>
        <lei>529900J55QMXMR5KMH32</lei>
        <title>DAH Sing Financial NPV</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="HK0440001847"/>
          <ticker value="440"/>
          <other otherDesc="SEDOL" value="6249799"/>
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        <balance>101800.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.84120000"/>
        <valUSD>522943.43000000</valUSD>
        <pctVal>0.030181858693</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>HK</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Operadora de Sites Mexicanos SA de CV</name>
        <lei>4469000001BRCBO8VP14</lei>
        <title>Operadora de Sites Mexicanos SA de CV COM NPV A-1</title>
        <cusip>000000000</cusip>
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          <ticker value="SITES1"/>
          <other otherDesc="SEDOL" value="BJLD2Y8"/>
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        <balance>105000.00000000</balance>
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        <pctVal>0.005805507140</pctVal>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MX</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Union Pacific Corporation</name>
        <lei>549300LMMRSZZCZ8CL11</lei>
        <title>Union Pacific Corporation COM</title>
        <cusip>907818108</cusip>
        <identifiers>
          <isin value="US9078181081"/>
          <ticker value="UNP"/>
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        <balance>500.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>121310.00000000</valUSD>
        <pctVal>0.007001448088</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2026-05-29</ncom:dateSigned>
      <ncom:nameOfApplicant>Gabelli Equity Trust Inc</ncom:nameOfApplicant>
      <ncom:signature>John C. Ball</ncom:signature>
      <ncom:signerName>John C. Ball</ncom:signerName>
      <ncom:title>Treasurer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
