# EDGAR Filing Document

**Accession Number:** 0001145255
**File Stem:** 0000897069-25-001186
**Filing Date:** 2025-7
**Character Count:** 36620
**Document Hash:** 1685c4a38955494c50b9f22287ef3876
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000897069-25-001186.hdr.sgml**: 20250721

**ACCESSION NUMBER**: 0000897069-25-001186

**CONFORMED SUBMISSION TYPE**: 13F-HR

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250721

**DATE AS OF CHANGE**: 20250721

**EFFECTIVENESS DATE**: 20250721

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** HENNESSY ADVISORS INC
- **CENTRAL INDEX KEY:** 0001145255
- **STANDARD INDUSTRIAL CLASSIFICATION:** INVESTMENT ADVICE [6282]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 680176227
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-06715
- **FILM NUMBER:** 251136840

**BUSINESS ADDRESS:**
- **STREET 1:** 7250 REDWOOD BLVD.
- **STREET 2:** SUITE 200
- **CITY:** NOVATO
- **STATE:** CA
- **ZIP:** 94945
- **BUSINESS PHONE:** 415-899-1555

**MAIL ADDRESS:**
- **STREET 1:** 7250 REDWOOD BLVD.
- **STREET 2:** SUITE 200
- **CITY:** NOVATO
- **STATE:** CA
- **ZIP:** 94945

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 06-30-2025

**Check here if Amendment** [ ] **Amendment Number:** 

**This Amendment (Check only one.):** [ ] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** HENNESSY ADVISORS INC<br>**Address:** 7250 REDWOOD BLVD.<br>SUITE 200<br>NOVATO, CA 94945

**Form 13F File Number:** 028-06715

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

**Person Signing this Report on Behalf of Reporting Manager:**

**Name:** Teresa M. Nilsen<br>**Title:** President and Chief Operating Officer<br>**Phone:** 415-899-1555

**Signature, Place, and Date of Signing:**

Teresa M. Nilsen  NOVATO, CA  07-21-2025<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[x] **13F HOLDINGS REPORT.** (Check here if all holdings of this reporting manager are reported in this report.)

[ ] **13F NOTICE.** (Check here if no holdings are reported in this report, and all holdings are reported by other reporting manager(s).)

[ ] **13F COMBINATION REPORT.** (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 0

**Form 13F Information Table Entry Total:** 340

**Form 13F Information Table Value Total:** $2999174579

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

**NONE**

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| 3M Co | COM | 88579Y101 |  | 2862112 | 18800 | SH |  | SOLE |  | 0 | 18800 | 0 |
| Abbott Labs | COM | 002824100 |  | 6555682 | 48200 | SH |  | SOLE |  | 0 | 48200 | 0 |
| AbbVie Inc | COM | 00287Y109 |  | 5921278 | 31900 | SH |  | SOLE |  | 0 | 31900 | 0 |
| Adobe Inc | COM | 00724F101 |  | 107553 | 278 | SH |  | SOLE |  | 0 | 278 | 0 |
| ADT Inc Del | COM | 00090Q103 |  | 10601899 | 1251700 | SH |  | SOLE |  | 0 | 1251700 | 0 |
| Alaska Air Group Inc | COM | 011659109 |  | 51696704 | 1044800 | SH |  | SOLE |  | 0 | 1044800 | 0 |
| Algonquin Pwr Utils Corp | COM | 015857105 |  | 951547 | 166064 | SH |  | SOLE |  | 0 | 166064 | 0 |
| Alignment Healthcare Inc | COM | 01625V104 |  | 7852600 | 560900 | SH |  | SOLE |  | 0 | 560900 | 0 |
| Allete Inc | COM NEW | 018522300 |  | 24026 | 375 | SH |  | SOLE |  | 0 | 375 | 0 |
| Alliant Energy Corp | COM | 018802108 |  | 2300884 | 38050 | SH |  | SOLE |  | 0 | 38050 | 0 |
| Allstate Corp | COM | 020002101 |  | 8799663 | 43712 | SH |  | SOLE |  | 0 | 43712 | 0 |
| Altria Group Inc | COM | 02209S103 |  | 9199047 | 156900 | SH |  | SOLE |  | 0 | 156900 | 0 |
| Ameren Corp | COM | 023608102 |  | 4022155 | 41880 | SH |  | SOLE |  | 0 | 41880 | 0 |
| Amgen Inc | COM | 031162100 |  | 3867059 | 13850 | SH |  | SOLE |  | 0 | 13850 | 0 |
| Antero Midstream Corp | COM | 03676B102 |  | 6515768 | 343840 | SH |  | SOLE |  | 0 | 343840 | 0 |
| Antero Resources Corp | COM | 03674X106 |  | 733096 | 18200 | SH |  | SOLE |  | 0 | 18200 | 0 |
| Apple Inc | COM | 037833100 |  | 104842 | 511 | SH |  | SOLE |  | 0 | 511 | 0 |
| Applied Matls Inc | COM | 038222105 |  | 126135 | 689 | SH |  | SOLE |  | 0 | 689 | 0 |
| AppLovin Corp | COM CL A | 03831W108 |  | 132330 | 378 | SH |  | SOLE |  | 0 | 378 | 0 |
| Arista Networks Inc | COM | 040413205 |  | 134231 | 1312 | SH |  | SOLE |  | 0 | 1312 | 0 |
| Arlo Technologies Inc | COM | 04206A101 |  | 182490 | 10760 | SH |  | SOLE |  | 0 | 10760 | 0 |
| ASML Holding N V | N Y REGISTRY SHS | N07059210 |  | 121811 | 152 | SH |  | SOLE |  | 0 | 152 | 0 |
| Associated Banc-Corp | COM | 045487105 |  | 2560950 | 105000 | SH |  | SOLE |  | 0 | 105000 | 0 |
| Astronics Corp | COM | 046433108 |  | 15045912 | 449400 | SH |  | SOLE |  | 0 | 449400 | 0 |
| AT Inc | COM | 00206R102 |  | 7106506 | 245560 | SH |  | SOLE |  | 0 | 245560 | 0 |
| Atlantic Un Bankshares Corp | COM | 04911A107 |  | 1251200 | 40000 | SH |  | SOLE |  | 0 | 40000 | 0 |
| Atlassian Corp | CL A | 049468101 |  | 99514 | 490 | SH |  | SOLE |  | 0 | 490 | 0 |
| Atmos Energy Corp | COM | 049560105 |  | 25318115 | 164286 | SH |  | SOLE |  | 0 | 164286 | 0 |
| Autodesk Inc | COM | 052769106 |  | 119804 | 387 | SH |  | SOLE |  | 0 | 387 | 0 |
| AutoZone Inc | COM | 053332102 |  | 2969784 | 800 | SH |  | SOLE |  | 0 | 800 | 0 |
| Avista Corp | COM | 05379B107 |  | 962867 | 25372 | SH |  | SOLE |  | 0 | 25372 | 0 |
| Avnet Inc | COM | 053807103 |  | 118421 | 2231 | SH |  | SOLE |  | 0 | 2231 | 0 |
| Axcelis Technologies Inc | COM NEW | 054540208 |  | 144049 | 2067 | SH |  | SOLE |  | 0 | 2067 | 0 |
| Axis Cap Hldgs Ltd | SHS | G0692U109 |  | 10755752 | 103600 | SH |  | SOLE |  | 0 | 103600 | 0 |
| Banc of California Inc | COM | 05990K106 |  | 3273650 | 233000 | SH |  | SOLE |  | 0 | 233000 | 0 |
| Bancorp Inc Del | COM | 05969A105 |  | 968490 | 17000 | SH |  | SOLE |  | 0 | 17000 | 0 |
| Bank of America Corp | COM | 060505104 |  | 7221032 | 152600 | SH |  | SOLE |  | 0 | 152600 | 0 |
| BankUnited Inc | COM | 06652K103 |  | 3203100 | 90000 | SH |  | SOLE |  | 0 | 90000 | 0 |
| Banner Corp | COM NEW | 06652V208 |  | 1283000 | 20000 | SH |  | SOLE |  | 0 | 20000 | 0 |
| Bentley Sys Inc | COM CL B | 08265T208 |  | 129312 | 2396 | SH |  | SOLE |  | 0 | 2396 | 0 |
| Berkshire Hathaway Inc | CL B NEW | 084670702 |  | 1457310 | 3000 | SH |  | SOLE |  | 0 | 3000 | 0 |
| Berkshire Halthaway Inc Del | CL A | 084670108 |  | 24050400 | 33 | SH |  | SOLE |  | 0 | 33 | 0 |
| Best Buy Co Inc | COM | 086516101 |  | 2188438 | 32600 | SH |  | SOLE |  | 0 | 32600 | 0 |
| BJS Whsl Club Hldgs Inc | COM | 05550J101 |  | 9456691 | 87700 | SH |  | SOLE |  | 0 | 87700 | 0 |
| Black Hills Corp | COM | 092113109 |  | 3009597 | 53647 | SH |  | SOLE |  | 0 | 53647 | 0 |
| BlackLine Inc | COM | 09239B109 |  | 125243 | 2212 | SH |  | SOLE |  | 0 | 2212 | 0 |
| Block Inc | CL A | 852234103 |  | 1698250 | 25000 | SH |  | SOLE |  | 0 | 25000 | 0 |
| Booz Allen Hamilton Holding Corp | CLA | 099502106 |  | 2020122 | 19400 | SH |  | SOLE |  | 0 | 19400 | 0 |
| BP PLC | SPONSORED ADR | 055622104 |  | 5168911 | 172700 | SH |  | SOLE |  | 0 | 172700 | 0 |
| Bread Financial Holdings Inc | COM | 018581108 |  | 3427200 | 60000 | SH |  | SOLE |  | 0 | 60000 | 0 |
| Brighthouse Finl nc | COM | 10922N103 |  | 9326245 | 173447 | SH |  | SOLE |  | 0 | 173447 | 0 |
| BrightSpring Health Services Inc | COM | 10950A106 |  | 13701072 | 580800 | SH |  | SOLE |  | 0 | 580800 | 0 |
| Brinker International Inc | COM | 109641100 |  | 104158608 | 577600 | SH |  | SOLE |  | 0 | 577600 | 0 |
| Bristol-Myers Squibb Co | COM | 110122108 |  | 4499388 | 97200 | SH |  | SOLE |  | 0 | 97200 | 0 |
| Brookline Bancorp Inc | COM | 11373M107 |  | 1107750 | 105000 | SH |  | SOLE |  | 0 | 105000 | 0 |
| Builders FirstSource Inc | COM | 12008R107 |  | 1878709 | 16100 | SH |  | SOLE |  | 0 | 16100 | 0 |
| California BanCorp | COM | 84252A106 |  | 1970000 | 125000 | SH |  | SOLE |  | 0 | 125000 | 0 |
| Canadian Nat Res Ltd | COM | 136385101 |  | 6138700 | 195500 | SH |  | SOLE |  | 0 | 195500 | 0 |
| Canadian Solar Inc | ADR | 136635109 |  | 143288 | 12979 | SH |  | SOLE |  | 0 | 12979 | 0 |
| Capital One Financial Corp | COM | 14040H105 |  | 1595700 | 7500 | SH |  | SOLE |  | 0 | 7500 | 0 |
| Cardinal Health Inc | COM | 14149Y108 |  | 15523200 | 92400 | SH |  | SOLE |  | 0 | 92400 | 0 |
| Carlisle Cos Inc | COM | 142339100 |  | 2464440 | 6600 | SH |  | SOLE |  | 0 | 6600 | 0 |
| Caseys Gen Stores Inc | COM | 147528103 |  | 11225940 | 22000 | SH |  | SOLE |  | 0 | 22000 | 0 |
| Caterpillar Inc | COM | 149123101 |  | 2678649 | 6900 | SH |  | SOLE |  | 0 | 6900 | 0 |
| CDW Corp/DE | COM | 12514G108 |  | 2631166 | 14733 | SH |  | SOLE |  | 0 | 14733 | 0 |
| Cellebrite DI Ltd | ORDINARY SHARES | M2197Q107 |  | 82704 | 5169 | SH |  | SOLE |  | 0 | 5169 | 0 |
| Cencora Inc | COM | 03073E105 |  | 3268365 | 10900 | SH |  | SOLE |  | 0 | 10900 | 0 |
| CenterPoint Energy Inc | COM | 15189T107 |  | 14891751 | 405328 | SH |  | SOLE |  | 0 | 405328 | 0 |
| Schwab Charles Corp | COM | 808513105 |  | 273720 | 3000 | SH |  | SOLE |  | 0 | 3000 | 0 |
| Charter Communications Inc N | CL A | 16119P108 |  | 10751703 | 26300 | SH |  | SOLE |  | 0 | 26300 | 0 |
| Cheesecake Factory Inc | COM | 163072101 |  | 68387124 | 1091400 | SH |  | SOLE |  | 0 | 1091400 | 0 |
| Chefs Whse Inc | COM | 163086101 |  | 11804722 | 184998 | SH |  | SOLE |  | 0 | 184998 | 0 |
| Cheniere Energy Inc | COM NEW | 16411R208 |  | 32988924 | 135467 | SH |  | SOLE |  | 0 | 135467 | 0 |
| Chesapeake Utilities Corp | COM | 165303108 |  | 3553463 | 29558 | SH |  | SOLE |  | 0 | 29558 | 0 |
| Chevron Corp | COM | 166764100 |  | 9376368 | 65482 | SH |  | SOLE |  | 0 | 65482 | 0 |
| Chime Financial Inc | COM SHS CL A | 16935C109 |  | 207060 | 6000 | SH |  | SOLE |  | 0 | 6000 | 0 |
| Chubb Limited | COM | H1467J104 |  | 1303740 | 4500 | SH |  | SOLE |  | 0 | 4500 | 0 |
| Cinemark Holdings Inc | COM | 17243V102 |  | 49253760 | 1632000 | SH |  | SOLE |  | 0 | 1632000 | 0 |
| Circle Internet Group Inc | COM CL A | 172573107 |  | 36258 | 200 | SH |  | SOLE |  | 0 | 200 | 0 |
| Cisco Systems Inc | COM | 17275R102 |  | 10632485 | 153250 | SH |  | SOLE |  | 0 | 153250 | 0 |
| Citigroup Inc | COM | 172967424 |  | 7694848 | 90400 | SH |  | SOLE |  | 0 | 90400 | 0 |
| Citizens Financial Group Inc | COM | 174610105 |  | 358000 | 8000 | SH |  | SOLE |  | 0 | 8000 | 0 |
| Clear Secure Inc | COM CL A | 18467V109 |  | 106737 | 3845 | SH |  | SOLE |  | 0 | 3845 | 0 |
| CMS Energy Corp | COM | 125896100 |  | 11604261 | 167498 | SH |  | SOLE |  | 0 | 167498 | 0 |
| CNO Finll Group Inc | COM | 12621E103 |  | 8140380 | 211000 | SH |  | SOLE |  | 0 | 211000 | 0 |
| Coca Cola Co | COM | 191216100 |  | 10552363 | 149150 | SH |  | SOLE |  | 0 | 149150 | 0 |
| Coinbase Global Inc | COM CL A | 19260Q107 |  | 2102940 | 6000 | SH |  | SOLE |  | 0 | 6000 | 0 |
| Colgate-Palmolive Co | COM | 194162103 |  | 5608530 | 61700 | SH |  | SOLE |  | 0 | 61700 | 0 |
| Comcast Corp New | CL A | 20030N101 |  | 5339224 | 149600 | SH |  | SOLE |  | 0 | 149600 | 0 |
| Commvault Systems Inc | COM | 204166102 |  | 112617 | 646 | SH |  | SOLE |  | 0 | 646 | 0 |
| Compass Inc | CL A | 20464U100 |  | 8373752 | 1333400 | SH |  | SOLE |  | 0 | 1333400 | 0 |
| ConnectOne Bancorp Inc | COM | 20786W107 |  | 3126600 | 135000 | SH |  | SOLE |  | 0 | 135000 | 0 |
| ConocoPhillips | COM | 20825C104 |  | 8141572 | 90724 | SH |  | SOLE |  | 0 | 90724 | 0 |
| Consolidated Edison Inc | COM | 209115104 |  | 13942228 | 138936 | SH |  | SOLE |  | 0 | 138936 | 0 |
| Crowdstrike Hldgs Inc | CL A | 22788C105 |  | 141588 | 278 | SH |  | SOLE |  | 0 | 278 | 0 |
| CSG Systems International Inc | COM | 126349109 |  | 10858898 | 166267 | SH |  | SOLE |  | 0 | 166267 | 0 |
| Customers Bancorp Inc | COM | 23204G100 |  | 2173380 | 37000 | SH |  | SOLE |  | 0 | 37000 | 0 |
| CVS Health Corp | COM | 126650100 |  | 7173920 | 104000 | SH |  | SOLE |  | 0 | 104000 | 0 |
| Daktronics Inc | COM | 234264109 |  | 124559 | 8238 | SH |  | SOLE |  | 0 | 8238 | 0 |
| Darden Restaurants Inc | COM | 237194105 |  | 3182362 | 14600 | SH |  | SOLE |  | 0 | 14600 | 0 |
| Deere  Co | COM | 244199105 |  | 3000091 | 5900 | SH |  | SOLE |  | 0 | 5900 | 0 |
| Dell Technologies Inc | COM | 24703L202 |  | 2954660 | 24100 | SH |  | SOLE |  | 0 | 24100 | 0 |
| Delta Air Lines Inc Del | COM NEW | 247361702 |  | 1967200 | 40000 | SH |  | SOLE |  | 0 | 40000 | 0 |
| Devon Energy Corp | COM | 25179M103 |  | 2229881 | 70100 | SH |  | SOLE |  | 0 | 70100 | 0 |
| Diamondback Energy Inc | COM | 25278X109 |  | 566088 | 4120 | SH |  | SOLE |  | 0 | 4120 | 0 |
| Dime Cmnty Bancshares Inc | COM | 25432X102 |  | 134700 | 5000 | SH |  | SOLE |  | 0 | 5000 | 0 |
| Docusign Inc | COM | 256163106 |  | 99543 | 1278 | SH |  | SOLE |  | 0 | 1278 | 0 |
| Dominion Energy Inc | COM | 25746U109 |  | 4774640 | 84477 | SH |  | SOLE |  | 0 | 84477 | 0 |
| Dow Inc | COM | 260557103 |  | 210516 | 7950 | SH |  | SOLE |  | 0 | 7950 | 0 |
| DR Horton Inc | COM | 23331A109 |  | 2320560 | 18000 | SH |  | SOLE |  | 0 | 18000 | 0 |
| Driven Brands Holdings Inc | COM | 26210V102 |  | 10562340 | 601500 | SH |  | SOLE |  | 0 | 601500 | 0 |
| DT Midstream Inc | COMMON STOCK | 23345M107 |  | 19062790 | 173440 | SH |  | SOLE |  | 0 | 173440 | 0 |
| DTE Energy Co | COM | 233331107 |  | 6795728 | 51304 | SH |  | SOLE |  | 0 | 51304 | 0 |
| Duke Energy Corp | COM | 26441C204 |  | 13497666 | 114387 | SH |  | SOLE |  | 0 | 114387 | 0 |
| DXC Technology Co | COM | 23355L106 |  | 97000 | 6344 | SH |  | SOLE |  | 0 | 6344 | 0 |
| Dycom Industries Inc | COM | 267475101 |  | 57847113 | 236700 | SH |  | SOLE |  | 0 | 236700 | 0 |
| Eagle Bancorp Inc | COM | 268948106 |  | 2727200 | 140000 | SH |  | SOLE |  | 0 | 140000 | 0 |
| Eastern Bankshares Inc | COM | 27627N105 |  | 1985100 | 130000 | SH |  | SOLE |  | 0 | 130000 | 0 |
| Enbridge Inc | COM | 29250N105 |  | 24584514 | 542465 | SH |  | SOLE |  | 0 | 542465 | 0 |
| Energy Transfer LP | COM UT LTD PTN | 29273V100 |  | 10532261 | 580930 | SH |  | SOLE |  | 0 | 580930 | 0 |
| Entergy Corp NEW | COM | 29364G103 |  | 51534 | 620 | SH |  | SOLE |  | 0 | 620 | 0 |
| Enterprise Prods Partners L | COM | 293792107 |  | 9614651 | 310050 | SH |  | SOLE |  | 0 | 310050 | 0 |
| EOG Resources Inc | COM | 26875P101 |  | 2993838 | 25030 | SH |  | SOLE |  | 0 | 25030 | 0 |
| EQT Corp | COM | 26884L109 |  | 30314619 | 519798 | SH |  | SOLE |  | 0 | 519798 | 0 |
| Equinor ASA | SPONSORED ADR | 29446M102 |  | 5520744 | 219600 | SH |  | SOLE |  | 0 | 219600 | 0 |
| Equitable Hldgs Inc | COM | 29452E101 |  | 1514700 | 27000 | SH |  | SOLE |  | 0 | 27000 | 0 |
| Essential Utilities Inc | COM | 29670G102 |  | 4538508 | 122200 | SH |  | SOLE |  | 0 | 122200 | 0 |
| Etoro Group Ltd | SHS CL A | G32089107 |  | 998850 | 15000 | SH |  | SOLE |  | 0 | 15000 | 0 |
| EverQuote Inc | COM CL A | 30041R108 |  | 10170108 | 420600 | SH |  | SOLE |  | 0 | 420600 | 0 |
| Everus Constr Group | COM | 300426103 |  | 25054644 | 394375 | SH |  | SOLE |  | 0 | 394375 | 0 |
| Exelon Corp | COM | 30161N101 |  | 6588160 | 151731 | SH |  | SOLE |  | 0 | 151731 | 0 |
| Expand Energy Corp | COM | 165167735 |  | 573006 | 4900 | SH |  | SOLE |  | 0 | 4900 | 0 |
| Exxon Mobil Corp | COM | 30231G102 |  | 6135114 | 56912 | SH |  | SOLE |  | 0 | 56912 | 0 |
| EZCORP Inc | CL A NOW VTG | 302301106 |  | 7103784 | 511800 | SH |  | SOLE |  | 0 | 511800 | 0 |
| Ferguson Enterprises Inc | COMMON STOCK NEW | 31488V107 |  | 3222700 | 14800 | SH |  | SOLE |  | 0 | 14800 | 0 |
| Fidelity National Financial | COM SHS | 31620R303 |  | 7472798 | 133300 | SH |  | SOLE |  | 0 | 133300 | 0 |
| Flagstar Financial Inc | COM NEW | 649445400 |  | 2777200 | 262000 | SH |  | SOLE |  | 0 | 262000 | 0 |
| Fluor Corp | COM | 343412102 |  | 43769199 | 853700 | SH |  | SOLE |  | 0 | 853700 | 0 |
| Ford Motor Co | COM | 345370860 |  | 5832960 | 537600 | SH |  | SOLE |  | 0 | 537600 | 0 |
| Fortinet Inc | COM | 34959E109 |  | 112275 | 1062 | SH |  | SOLE |  | 0 | 1062 | 0 |
| Fortis Inc | COM | 349553107 |  | 5363706 | 112376 | SH |  | SOLE |  | 0 | 112376 | 0 |
| Fox Corp | CL A COMN | 35137L105 |  | 11157564 | 199100 | SH |  | SOLE |  | 0 | 199100 | 0 |
| Freeport-McMoRan Inc | CL B | 35671D857 |  | 3616257 | 83420 | SH |  | SOLE |  | 0 | 83420 | 0 |
| Fresenius Medical Care AG | SPONSORED ADR | 358029106 |  | 11479426 | 401800 | SH |  | SOLE |  | 0 | 401800 | 0 |
| Fresh Del Monte Produce Inc | ORD | G36738105 |  | 9254127 | 285445 | SH |  | SOLE |  | 0 | 285445 | 0 |
| Gartner Inc | COM | 366651107 |  | 98225 | 243 | SH |  | SOLE |  | 0 | 243 | 0 |
| Gilat Satellite Networks Ltd | SHS NEW | M51474118 |  | 116418 | 16420 | SH |  | SOLE |  | 0 | 16420 | 0 |
| Gilead Sciences Inc | COM | 375558103 |  | 6607852 | 59600 | SH |  | SOLE |  | 0 | 59600 | 0 |
| GoDaddy Inc | CL A | 380237107 |  | 2376792 | 13200 | SH |  | SOLE |  | 0 | 13200 | 0 |
| Goldman Sachs Group Inc | COM | 38141G104 |  | 1486275 | 2100 | SH |  | SOLE |  | 0 | 2100 | 0 |
| Graham Hldgs Co | COM CL B | 384637104 |  | 10206336 | 10787 | SH |  | SOLE |  | 0 | 10787 | 0 |
| Granite Construction Inc | COM | 387328107 |  | 53394210 | 571000 | SH |  | SOLE |  | 0 | 571000 | 0 |
| Graphic Packaging Holding Co | COM | 388689101 |  | 32867093 | 1559900 | SH |  | SOLE |  | 0 | 1559900 | 0 |
| Groupon Inc | COM NEW | 399473206 |  | 16524300 | 494000 | SH |  | SOLE |  | 0 | 494000 | 0 |
| GSK PLC | SPONSORED ADR | 37733W204 |  | 6284544 | 163660 | SH |  | SOLE |  | 0 | 163660 | 0 |
| Hackett Group Inc | COM | 404609109 |  | 91080 | 3583 | SH |  | SOLE |  | 0 | 3583 | 0 |
| Halliburton Co | COM | 406216101 |  | 2388128 | 117180 | SH |  | SOLE |  | 0 | 117180 | 0 |
| Hancock Whitney Corp | COM | 410120109 |  | 1722000 | 30000 | SH |  | SOLE |  | 0 | 30000 | 0 |
| Hanesbrands Inc | COM | 410345102 |  | 28710188 | 6268600 | SH |  | SOLE |  | 0 | 6268600 | 0 |
| Hanover InsGroup Inc | COM | 410867105 |  | 8782279 | 51700 | SH |  | SOLE |  | 0 | 51700 | 0 |
| HCA Healthcare Inc | COM | 40412C101 |  | 3256350 | 8500 | SH |  | SOLE |  | 0 | 8500 | 0 |
| Helmerich  Payne Inc | COM | 423452101 |  | 333520 | 22000 | SH |  | SOLE |  | 0 | 22000 | 0 |
| Herc Holdings Inc | COM | 42704L104 |  | 35945971 | 272959 | SH |  | SOLE |  | 0 | 272959 | 0 |
| Hershey Co | COM | 427866108 |  | 2854340 | 17200 | SH |  | SOLE |  | 0 | 17200 | 0 |
| Hess Corp | COM | 42809H107 |  | 2438304 | 17600 | SH |  | SOLE |  | 0 | 17600 | 0 |
| Hewlett Packard Enterprise Co | COM | 42824C109 |  | 142966 | 6991 | SH |  | SOLE |  | 0 | 6991 | 0 |
| Hingham Institution For Savings The | COM | 433323102 |  | 2980200 | 12000 | SH |  | SOLE |  | 0 | 12000 | 0 |
| Home Depot Inc | COM | 437076102 |  | 4912976 | 13400 | SH |  | SOLE |  | 0 | 13400 | 0 |
| HomeTrust Bancshares Inc | COM | 437872104 |  | 1309350 | 35000 | SH |  | SOLE |  | 0 | 35000 | 0 |
| Horace Mann Educators Corp | COM | 440327104 |  | 10377255 | 241500 | SH |  | SOLE |  | 0 | 241500 | 0 |
| HP Inc | COM | 40434L105 |  | 1993490 | 81500 | SH |  | SOLE |  | 0 | 81500 | 0 |
| HSBC Holdings PLC | SPON ADR NEW | 404280406 |  | 6571399 | 108100 | SH |  | SOLE |  | 0 | 108100 | 0 |
| Independent Bank Corp | COM | 453836108 |  | 2515400 | 40000 | SH |  | SOLE |  | 0 | 40000 | 0 |
| INFOSYS LTD | SPONSORED ADR | 456788108 |  | 104880 | 5660 | SH |  | SOLE |  | 0 | 5660 | 0 |
| Ingredion Inc | COM | 457187102 |  | 47426314 | 349700 | SH |  | SOLE |  | 0 | 349700 | 0 |
| Insight Enterprises Inc | COM | 45765U103 |  | 29232595 | 211700 | SH |  | SOLE |  | 0 | 211700 | 0 |
| InterDigital Inc | COM | 45867G101 |  | 108079 | 482 | SH |  | SOLE |  | 0 | 482 | 0 |
| International Business Machines Corp | COM | 459200101 |  | 12262848 | 41600 | SH |  | SOLE |  | 0 | 41600 | 0 |
| Ituran Location and Control | SHS | M6158M104 |  | 112975 | 2917 | SH |  | SOLE |  | 0 | 2917 | 0 |
| Jabil Inc | COM | 466313103 |  | 3697886 | 16955 | SH |  | SOLE |  | 0 | 16955 | 0 |
| Johnson  Johnson | COM | 478160104 |  | 12319288 | 80650 | SH |  | SOLE |  | 0 | 80650 | 0 |
| JPMORGAN CHASE  CO. | COM | 46625H100 |  | 1739460 | 6000 | SH |  | SOLE |  | 0 | 6000 | 0 |
| KB Home | COM | 48666K109 |  | 29170579 | 550700 | SH |  | SOLE |  | 0 | 550700 | 0 |
| KBR Inc | COM | 48242W106 |  | 31923246 | 665900 | SH |  | SOLE |  | 0 | 665900 | 0 |
| KeyCorp | COM | 493267108 |  | 121940 | 7000 | SH |  | SOLE |  | 0 | 7000 | 0 |
| Kimberly-Clark Corp | COM | 494368103 |  | 2681536 | 20800 | SH |  | SOLE |  | 0 | 20800 | 0 |
| Kinder Morgan Inc | COM | 49456B101 |  | 30248513 | 1028861 | SH |  | SOLE |  | 0 | 1028861 | 0 |
| KLA CORP | COM NEW | 482480100 |  | 135257 | 151 | SH |  | SOLE |  | 0 | 151 | 0 |
| Kraft Heinz Co | COM | 500754106 |  | 4828340 | 187000 | SH |  | SOLE |  | 0 | 187000 | 0 |
| Kroger Co | COM | 501044101 |  | 16796440 | 234162 | SH |  | SOLE |  | 0 | 234162 | 0 |
| Lam Research Corp | COM NEW | 512807306 |  | 142992 | 1469 | SH |  | SOLE |  | 0 | 1469 | 0 |
| Leidos Holdings Inc | COM | 525327102 |  | 2681920 | 17000 | SH |  | SOLE |  | 0 | 17000 | 0 |
| Lincoln National Corp | COM | 534187109 |  | 48509200 | 1402000 | SH |  | SOLE |  | 0 | 1402000 | 0 |
| Live Nation Entertainment Inc | COM | 538034109 |  | 11193964 | 73995 | SH |  | SOLE |  | 0 | 73995 | 0 |
| Lockheed Martin Corp | COM | 539830109 |  | 2500956 | 5400 | SH |  | SOLE |  | 0 | 5400 | 0 |
| Loews Corp | COM | 540424108 |  | 8982680 | 98000 | SH |  | SOLE |  | 0 | 98000 | 0 |
| Lowe's Cos Inc | COM | 548661107 |  | 124470 | 1381 | SH |  | SOLE |  | 0 | 1381 | 0 |
| Logitech Intll S A | SHS | H50430232 |  | 2263074 | 10200 | SH |  | SOLE |  | 0 | 10200 | 0 |
| LPL Financial Holdings Inc | COM | 50212V100 |  | 2849772 | 7600 | SH |  | SOLE |  | 0 | 7600 | 0 |
| Lumen Technologies Inc | COM | 550241103 |  | 30511956 | 6966200 | SH |  | SOLE |  | 0 | 6966200 | 0 |
| M/I Homes Inc | COM | 55305B101 |  | 30216340 | 269500 | SH |  | SOLE |  | 0 | 269500 | 0 |
| Markel Group Inc | COM | 570535104 |  | 9187856 | 4600 | SH |  | SOLE |  | 0 | 4600 | 0 |
| Mastercard Inc | COM | 57636Q104 |  | 1517238 | 2700 | SH |  | SOLE |  | 0 | 2700 | 0 |
| Mattel Inc | COM | 577081102 |  | 48578248 | 2463400 | SH |  | SOLE |  | 0 | 2463400 | 0 |
| McDonald's Corp | COM | 580135101 |  | 9115704 | 31200 | SH |  | SOLE |  | 0 | 31200 | 0 |
| MDU Resources Group Inc | COM | 552690109 |  | 30109471 | 1806207 | SH |  | SOLE |  | 0 | 1806207 | 0 |
| Medtronic PLC | SHS | G5960L103 |  | 5413257 | 62100 | SH |  | SOLE |  | 0 | 62100 | 0 |
| Merck  Co Inc | COM | 58933Y105 |  | 9934580 | 125500 | SH |  | SOLE |  | 0 | 125500 | 0 |
| Meritage Homes Corp | COM | 59001A102 |  | 30826291 | 460300 | SH |  | SOLE |  | 0 | 460300 | 0 |
| Meta Platforms Inc | CL A | 30303M102 |  | 130642 | 177 | SH |  | SOLE |  | 0 | 177 | 0 |
| MGE Energy Inc | COM | 55277P104 |  | 1351275 | 15279 | SH |  | SOLE |  | 0 | 15279 | 0 |
| Millicom Intl Cellular S A | COM STK | L6388F110 |  | 11237253 | 299900 | SH |  | SOLE |  | 0 | 299900 | 0 |
| Mondelez Intl Inc | CL A | 609207105 |  | 6379824 | 94600 | SH |  | SOLE |  | 0 | 94600 | 0 |
| Morgan Stanley | COM NEW | 617446448 |  | 6648592 | 47200 | SH |  | SOLE |  | 0 | 47200 | 0 |
| Motorola Solutions Inc | COM NEW | 620076307 |  | 97967 | 233 | SH |  | SOLE |  | 0 | 233 | 0 |
| MPLX LP | COM UNIT REP LTD | 55336V100 |  | 9248569 | 179549 | SH |  | SOLE |  | 0 | 179549 | 0 |
| National Fuel Gas Co | COM | 636180101 |  | 7448042 | 87924 | SH |  | SOLE |  | 0 | 87924 | 0 |
| National Grid PLC | SPONSORED ADR NE | 636274409 |  | 15703784 | 211044 | SH |  | SOLE |  | 0 | 211044 | 0 |
| NB Bancorp Inc | COM | 63945M107 |  | 3214800 | 180000 | SH |  | SOLE |  | 0 | 180000 | 0 |
| NetApp Inc | COM | 64110D104 |  | 2450224 | 22996 | SH |  | SOLE |  | 0 | 22996 | 0 |
| New Jersey Resources Corp | COM | 646025106 |  | 5671254 | 126534 | SH |  | SOLE |  | 0 | 126534 | 0 |
| Newell Brands Inc | COM | 651229106 |  | 32216400 | 5966000 | SH |  | SOLE |  | 0 | 5966000 | 0 |
| NextEra Energy Inc | COM | 65339F101 |  | 733769 | 10570 | SH |  | SOLE |  | 0 | 10570 | 0 |
| Nike Inc | CL B | 654106103 |  | 5608608 | 78950 | SH |  | SOLE |  | 0 | 78950 | 0 |
| NiSource Inc | COM | 65473P105 |  | 16833116 | 417281 | SH |  | SOLE |  | 0 | 417281 | 0 |
| Nomad Foods Ltd | USD ORD SHS | G6564A105 |  | 8617328 | 507200 | SH |  | SOLE |  | 0 | 507200 | 0 |
| Northeast Community Bancorp Inc | COM | 664121100 |  | 278940 | 12000 | SH |  | SOLE |  | 0 | 12000 | 0 |
| Northwest Natural Holding Co | COM | 66765N105 |  | 2295935 | 57803 | SH |  | SOLE |  | 0 | 57803 | 0 |
| Northwestern Energy Group In | COM NEW | 668074305 |  | 923297 | 17998 | SH |  | SOLE |  | 0 | 17998 | 0 |
| NOV Inc | COM | 62955J103 |  | 632687 | 50900 | SH |  | SOLE |  | 0 | 50900 | 0 |
| Nvidia Corporation | COM | 67066G104 |  | 145351 | 920 | SH |  | SOLE |  | 0 | 920 | 0 |
| NVR Inc | COM | 62944T105 |  | 2215698 | 300 | SH |  | SOLE |  | 0 | 300 | 0 |
| OceanFirst Financial Corp | COM | 675234108 |  | 3345900 | 190000 | SH |  | SOLE |  | 0 | 190000 | 0 |
| Old National Bancorp/IN | COM | 680033107 |  | 2134000 | 100000 | SH |  | SOLE |  | 0 | 100000 | 0 |
| Old Rep Intl Corp | COM | 680223104 |  | 8610483 | 223998 | SH |  | SOLE |  | 0 | 223998 | 0 |
| ON Semiconductor Corp | COM | 682189105 |  | 142712 | 2723 | SH |  | SOLE |  | 0 | 2723 | 0 |
| ONE Gas Inc | COM | 68235P108 |  | 6515906 | 90675 | SH |  | SOLE |  | 0 | 90675 | 0 |
| ONEOK Inc | COM | 682680103 |  | 31603381 | 387154 | SH |  | SOLE |  | 0 | 387154 | 0 |
| Oracle Corp | COM | 68389X105 |  | 160693 | 735 | SH |  | SOLE |  | 0 | 735 | 0 |
| Orange County Bancorp Inc | COM | 68417L107 |  | 646000 | 25000 | SH |  | SOLE |  | 0 | 25000 | 0 |
| Oscar Health Inc | CL A | 687793109 |  | 61569248 | 2871700 | SH |  | SOLE |  | 0 | 2871700 | 0 |
| PACCAR Inc | COM | 693718108 |  | 2281440 | 24000 | SH |  | SOLE |  | 0 | 24000 | 0 |
| Pacific Premier Bancorp Inc | COM | 69478X105 |  | 3163500 | 150000 | SH |  | SOLE |  | 0 | 150000 | 0 |
| Palo Alto Networks Inc | COM | 697435105 |  | 124626 | 609 | SH |  | SOLE |  | 0 | 609 | 0 |
| PayPal Holdings Inc | COM | 70450Y103 |  | 1523560 | 20500 | SH |  | SOLE |  | 0 | 20500 | 0 |
| Pegasystems Inc | COM | 705573103 |  | 160441 | 2964 | SH |  | SOLE |  | 0 | 2964 | 0 |
| Peloton Interactive Inc | COM | 70614W100 |  | 55796212 | 8039800 | SH |  | SOLE |  | 0 | 8039800 | 0 |
| PepsiCo Inc | COM | 713448108 |  | 7248996 | 54900 | SH |  | SOLE |  | 0 | 54900 | 0 |
| Petroleo Brasileiro SA - Petrobras | SPONSORED ADR | 71654V408 |  | 4990239 | 398900 | SH |  | SOLE |  | 0 | 398900 | 0 |
| Pfizer Inc | COM | 717081103 |  | 5044344 | 208100 | SH |  | SOLE |  | 0 | 208100 | 0 |
| PG Corp | COM | 69331C108 |  | 11865017 | 851149 | SH |  | SOLE |  | 0 | 851149 | 0 |
| Philip Morris International Inc | COM | 718172109 |  | 12184497 | 66900 | SH |  | SOLE |  | 0 | 66900 | 0 |
| Phillips 66 | COM | 718546104 |  | 596500 | 5000 | SH |  | SOLE |  | 0 | 5000 | 0 |
| Pilgrims Pride Corp | COM | 72147K108 |  | 8253830 | 183500 | SH |  | SOLE |  | 0 | 183500 | 0 |
| Pinterest Inc | CL A | 72352L106 |  | 130100 | 3628 | SH |  | SOLE |  | 0 | 3628 | 0 |
| Pitney Bowes Inc | COM | 724479100 |  | 12659964 | 1160400 | SH |  | SOLE |  | 0 | 1160400 | 0 |
| Plains All Amern Pipeline L | UNIT LTD PARTN | 726503105 |  | 8027751 | 438196 | SH |  | SOLE |  | 0 | 438196 | 0 |
| PNC Finl Svcs Group Inc | COM | 693475105 |  | 1584570 | 8500 | SH |  | SOLE |  | 0 | 8500 | 0 |
| Porch Group Inc | COM | 733245104 |  | 19606770 | 1663000 | SH |  | SOLE |  | 0 | 1663000 | 0 |
| Post Holdings Inc | COM | 737446104 |  | 53926238 | 494600 | SH |  | SOLE |  | 0 | 494600 | 0 |
| PPL Corp | COM | 69351T106 |  | 6334685 | 186919 | SH |  | SOLE |  | 0 | 186919 | 0 |
| PriceSmart Inc | COM | 741511109 |  | 10325432 | 98300 | SH |  | SOLE |  | 0 | 98300 | 0 |
| Priority Technology Holdings Inc | COM | 74275G107 |  | 77800 | 10000 | SH |  | SOLE |  | 0 | 10000 | 0 |
| Procter and Gamble Co | COM | 742718109 |  | 8754634 | 54950 | SH |  | SOLE |  | 0 | 54950 | 0 |
| ProFrac Holding Corp | CLASS A COM | 74319N100 |  | 155200 | 20000 | SH |  | SOLE |  | 0 | 20000 | 0 |
| Progressive Corp | COM | 743315103 |  | 2908774 | 10900 | SH |  | SOLE |  | 0 | 10900 | 0 |
| Provident Financial Services Inc | COM | 74386T105 |  | 3155400 | 180000 | SH |  | SOLE |  | 0 | 180000 | 0 |
| Public Service Enterprise Group Inc | COM | 744573106 |  | 15564040 | 184890 | SH |  | SOLE |  | 0 | 184890 | 0 |
| PulteGroup Inc | COM | 745867101 |  | 2393942 | 22700 | SH |  | SOLE |  | 0 | 22700 | 0 |
| Pure Storage Inc | CL A | 74624M102 |  | 136407 | 2369 | SH |  | SOLE |  | 0 | 2369 | 0 |
| QUALCOMM Inc | COM | 747525103 |  | 2678912 | 16821 | SH |  | SOLE |  | 0 | 16821 | 0 |
| Qualys Inc | COM | 74758T303 |  | 115439 | 808 | SH |  | SOLE |  | 0 | 808 | 0 |
| Redfin Corp | COM | 75737F108 |  | 46785390 | 4181000 | SH |  | SOLE |  | 0 | 4181000 | 0 |
| RGC Resources Inc | COM | 74955L103 |  | 350337 | 15654 | SH |  | SOLE |  | 0 | 15654 | 0 |
| RingCentral Inc | COM | 76680R206 |  | 39230730 | 1383800 | SH |  | SOLE |  | 0 | 1383800 | 0 |
| Robinhood Markets Inc | COM | 770700102 |  | 2153490 | 23000 | SH |  | SOLE |  | 0 | 23000 | 0 |
| Rocket Cos Inc | COM CL A | 77311W101 |  | 850800 | 60000 | SH |  | SOLE |  | 0 | 60000 | 0 |
| Root Inc | CL A NEW | 77664L207 |  | 7166576 | 56002 | SH |  | SOLE |  | 0 | 56002 | 0 |
| Royal Bk Cda | COM | 780087102 |  | 5972370 | 45400 | SH |  | SOLE |  | 0 | 45400 | 0 |
| RTX Corp | COM | 75513E101 |  | 6600104 | 45200 | SH |  | SOLE |  | 0 | 45200 | 0 |
| ScanSource Inc | COM | 806037107 |  | 131283 | 3140 | SH |  | SOLE |  | 0 | 3140 | 0 |
| Schlumberger Ltd | COM STK | 806857108 |  | 4847258 | 143410 | SH |  | SOLE |  | 0 | 143410 | 0 |
| Sempra | COM | 816851109 |  | 24616158 | 324880 | SH |  | SOLE |  | 0 | 324880 | 0 |
| ServiceNow Inc | COM | 81762P102 |  | 128510 | 125 | SH |  | SOLE |  | 0 | 125 | 0 |
| Shell PLC | SPON ADS | 780259305 |  | 5773620 | 82000 | SH |  | SOLE |  | 0 | 82000 | 0 |
| Shutterstock Inc | COM | 825690100 |  | 117495 | 6197 | SH |  | SOLE |  | 0 | 6197 | 0 |
| Skyworks Solutions Inc | COM | 83088M102 |  | 132571 | 1779 | SH |  | SOLE |  | 0 | 1779 | 0 |
| Snap-on Inc | COM | 833034101 |  | 2364968 | 7600 | SH |  | SOLE |  | 0 | 7600 | 0 |
| Southern Co | COM | 842587107 |  | 25978707 | 282900 | SH |  | SOLE |  | 0 | 282900 | 0 |
| Southwest Gas Holdings Inc | COM | 844895102 |  | 8080019 | 108617 | SH |  | SOLE |  | 0 | 108617 | 0 |
| Spire Inc | COM | 84857L101 |  | 4542971 | 62241 | SH |  | SOLE |  | 0 | 62241 | 0 |
| Starbucks Corp | COM | 855244109 |  | 5268725 | 57500 | SH |  | SOLE |  | 0 | 57500 | 0 |
| STMicroelectronics N V | NY REGISTRY | 861012102 |  | 151928 | 4996 | SH |  | SOLE |  | 0 | 4996 | 0 |
| StoneX Group Inc | COM | 861896108 |  | 10225908 | 112200 | SH |  | SOLE |  | 0 | 112200 | 0 |
| Suncor Energy Inc NEW | COM | 867224107 |  | 5908112 | 157760 | SH |  | SOLE |  | 0 | 157760 | 0 |
| Sunoco LP/Sunoco FIN Corp | COM UT REP LP | 86765K109 |  | 8938812 | 166800 | SH |  | SOLE |  | 0 | 166800 | 0 |
| Synchrony Financial | COM | 87165B103 |  | 1334800 | 20000 | SH |  | SOLE |  | 0 | 20000 | 0 |
| Sysco Corp | COM | 871829107 |  | 2734214 | 36100 | SH |  | SOLE |  | 0 | 36100 | 0 |
| Targa Resources Corp | COM | 87612G101 |  | 2745242 | 15770 | SH |  | SOLE |  | 0 | 15770 | 0 |
| Target Corp | COM | 87612E106 |  | 1992730 | 20200 | SH |  | SOLE |  | 0 | 20200 | 0 |
| TC Energy Corp | COM | 87807B107 |  | 27216526 | 557830 | SH |  | SOLE |  | 0 | 557830 | 0 |
| TD SYNNEX Corporation | COM | 87162W100 |  | 128644 | 948 | SH |  | SOLE |  | 0 | 948 | 0 |
| Telefonaktiebolaget LM Erics | ADR B SEK 10 | 294821608 |  | 115515 | 13622 | SH |  | SOLE |  | 0 | 13622 | 0 |
| Telephone and Data Sys Inc | COM NEW | 879433829 |  | 9538998 | 268100 | SH |  | SOLE |  | 0 | 268100 | 0 |
| Tenaris S A | SPONSORED ADS | 88031M109 |  | 448800 | 12000 | SH |  | SOLE |  | 0 | 12000 | 0 |
| Teradata Corp | COM | 88076W103 |  | 107378 | 4813 | SH |  | SOLE |  | 0 | 4813 | 0 |
| Toronto-Dominion Bk Ont | COM NEW | 891160509 |  | 6992440 | 95200 | SH |  | SOLE |  | 0 | 95200 | 0 |
| TotalEnergies SE | SPONSORED ADS | 89151E109 |  | 5647880 | 92000 | SH |  | SOLE |  | 0 | 92000 | 0 |
| Travelers Companies Inc | COM | 89417E109 |  | 8614788 | 32200 | SH |  | SOLE |  | 0 | 32200 | 0 |
| Truist Finl Corp | COM | 89832Q109 |  | 1569135 | 36500 | SH |  | SOLE |  | 0 | 36500 | 0 |
| UGI Corp | COM | 902681105 |  | 82671652 | 2269952 | SH |  | SOLE |  | 0 | 2269952 | 0 |
| Ulta Beauty Inc | COM | 90384S303 |  | 3040830 | 6500 | SH |  | SOLE |  | 0 | 6500 | 0 |
| Unilever PLC | ADR | 904767704 |  | 6013011 | 98300 | SH |  | SOLE |  | 0 | 98300 | 0 |
| Union Pacific Corp | COM | 907818108 |  | 2599904 | 11300 | SH |  | SOLE |  | 0 | 11300 | 0 |
| United Microelectronics Corp | SPON ADR NEW | 910873405 |  | 114046 | 14908 | SH |  | SOLE |  | 0 | 14908 | 0 |
| United Parcel Service Inc | CL B | 911312106 |  | 6318844 | 62600 | SH |  | SOLE |  | 0 | 62600 | 0 |
| UnitedHealth Group Inc | COM | 91324P102 |  | 109190 | 350 | SH |  | SOLE |  | 0 | 350 | 0 |
| Unitil Corp | COM | 913259107 |  | 797791 | 15298 | SH |  | SOLE |  | 0 | 15298 | 0 |
| Unum Group | COM | 91529Y106 |  | 8592864 | 106400 | SH |  | SOLE |  | 0 | 106400 | 0 |
| Valero Energy Corp | COM | 91913Y100 |  | 799799 | 5950 | SH |  | SOLE |  | 0 | 5950 | 0 |
| Verizon Communications Inc | COM | 92343V104 |  | 20416300 | 471835 | SH |  | SOLE |  | 0 | 471835 | 0 |
| Viasat Inc | COM | 92552V100 |  | 166002 | 11370 | SH |  | SOLE |  | 0 | 11370 | 0 |
| Virtu Finl Inc | CL A | 928254101 |  | 11475198 | 256200 | SH |  | SOLE |  | 0 | 256200 | 0 |
| Visa Inc | COM CL A | 92826C839 |  | 1526715 | 4300 | SH |  | SOLE |  | 0 | 4300 | 0 |
| Vishay Intertechnology Inc | COM | 928298108 |  | 130438 | 8214 | SH |  | SOLE |  | 0 | 8214 | 0 |
| Vontier Corporation | COM | 928881101 |  | 120700 | 3271 | SH |  | SOLE |  | 0 | 3271 | 0 |
| Voya Financial Inc | COM | 929089100 |  | 39902000 | 562000 | SH |  | SOLE |  | 0 | 562000 | 0 |
| WaFd Inc | COM | 938824109 |  | 3220800 | 110000 | SH |  | SOLE |  | 0 | 110000 | 0 |
| Walmart Inc | COM | 931142103 |  | 10100674 | 103300 | SH |  | SOLE |  | 0 | 103300 | 0 |
| WEC Energy Group Inc | COM | 92939U106 |  | 18030768 | 173040 | SH |  | SOLE |  | 0 | 173040 | 0 |
| Weis Mkts Inc | COM | 948849104 |  | 8748021 | 120679 | SH |  | SOLE |  | 0 | 120679 | 0 |
| Wells Fargo  Co | COM | 949746101 |  | 7290920 | 91000 | SH |  | SOLE |  | 0 | 91000 | 0 |
| Western Midstream Partners LP | COM UNIT LP INT | 958669103 |  | 4635099 | 119770 | SH |  | SOLE |  | 0 | 119770 | 0 |
| Western New England Bancorp Inc | COM | 958892101 |  | 2676700 | 290000 | SH |  | SOLE |  | 0 | 290000 | 0 |
| Williams Cos Inc | COM | 969457100 |  | 5730282 | 91232 | SH |  | SOLE |  | 0 | 91232 | 0 |
| Wintrust Financial Corp | COM | 97650W108 |  | 2417610 | 19500 | SH |  | SOLE |  | 0 | 19500 | 0 |
| World Kinect Corp | COM | 981475106 |  | 42868999 | 1512134 | SH |  | SOLE |  | 0 | 1512134 | 0 |
| Xcel Energy Inc | COM | 98389B100 |  | 7627132 | 111999 | SH |  | SOLE |  | 0 | 111999 | 0 |
| Ziff Davis Inc | COM | 48123V102 |  | 87057 | 2876 | SH |  | SOLE |  | 0 | 2876 | 0 |
| Zscaler Inc | COM | 98980G102 |  | 162621 | 518 | SH |  | SOLE |  | 0 | 518 | 0 |

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