ARIEL INVESTMENTS, LLC Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
OMC	OMNICOM GROUP INC	1,088,333	$87,883	0.9%	$75.76	0.0%	COM	681919106
XRAY	DENTSPLY SIRONA INC	5,274,740	$60,290	0.7%	$11.74	0.0%	COM	24906P109
BMY	BRISTOL-MYERS SQUIBB CO	732,677	$39,521	0.4%	$47.53	0.0%	COM	110122108
WBS	WEBSTER FINL CORP	578,996	$36,442	0.4%	$59.37	0.0%	COM	947890109
FDS	FACTSET RESH SYS INC	125,439	$36,401	0.4%	$280.03	0.0%	COM	303075105
HPE	HEWLETT PACKARD ENTERPRISE C	1,321,535	$31,743	0.3%	$23.44	0.0%	COM	42824C109
T	AT&T INC	1,202,446	$29,869	0.3%	$25.29	0.0%	COM	00206R102
RLI	RLI CORP	373,173	$23,876	0.3%	$61.46	0.0%	COM	749607107
CPA	COPA HOLDINGS SA	8,752	$1,056	0.0%	$121.26	0.0%	CL A	P31076105
IWD	ISHARES TR	668	$141	0.0%	$210.34	—	RUS 1000 VAL ETF	464287598

Increased Positions (22)

MIDD MIDDLEBY CORP 2.5%

Value ($000) $231,724 (+36.9%) Shares 1,558,645 (+22.4%) Est. Cost $132.19 Unrealized -0.7%

ZBRA ZEBRA TECHNOLOGIES CORPORATI 1.2%

Value ($000) $115,517 (+52.1%) Shares 475,731 (+86.1%) Est. Cost $276.83 Unrealized -3.4%

AXTA AXALTA COATING SYS LTD 1.7%

Value ($000) $157,173 (+31.1%) Shares 4,864,546 (+16.1%) Est. Cost $29.06 Unrealized +1.0%

MHK MOHAWK INDS INC 2.0%

Value ($000) $187,562 (-14.3%) Shares 1,716,027 (+1.1%) Est. Cost $125.52 Unrealized -8.5%

PBH PRESTIGE CONSMR HEALTHCARE I 2.7%

Value ($000) $253,083 (+12.8%) Shares 4,102,497 (+14.1%) Est. Cost $63.19 Unrealized -3.1%

INTC INTEL CORP 0.6%

Value ($000) $56,240 (+73.6%) Shares 1,524,112 (+57.8%) Est. Cost $35.27 Unrealized +7.1%

NCLH NORWEGIAN CRUISE LINE HLDG L 3.5%

Value ($000) $320,323 (+7.6%) Shares 14,351,367 (+18.8%) Est. Cost $21.12 Unrealized -0.0%

GNTX GENTEX CORP 2.0%

Value ($000) $183,599 (-10.1%) Shares 7,889,928 (+9.3%) Est. Cost $30.22 Unrealized -20.2%

OSW ONESPAWORLD HOLDINGS LIMITED 3.1%

Value ($000) $290,595 (+4.2%) Shares 14,011,310 (+6.2%) Est. Cost $13.36 Unrealized +56.6%

FISV FISERV INC 0.2%

Value ($000) $21,563 (-33.9%) Shares 321,025 (+26.9%) Est. Cost $151.34 Unrealized -44.6%

SJM SMUCKER J M CO 1.7%

Value ($000) $157,371 (-6.1%) Shares 1,608,943 (+4.2%) Est. Cost $103.75 Unrealized -0.9%

DIS DISNEY WALT CO 0.7%

Value ($000) $63,443 (+10.8%) Shares 557,647 (+11.5%) Est. Cost $111.84 Unrealized -2.1%

ATGE ADTALEM GLOBAL ED INC 2.1%

Value ($000) $196,348 (-1.8%) Shares 1,897,628 (+46.5%) Est. Cost $60.75 Unrealized +88.5%

TAP MOLSON COORS BEVERAGE CO 0.3%

Value ($000) $24,084 (+16.1%) Shares 515,945 (+12.6%) Est. Cost $48.69 Unrealized -6.0%

MAS MASCO CORP 0.3%

Value ($000) $25,732 (-8.3%) Shares 405,488 (+1.7%) Est. Cost $41.05 Unrealized +57.7%

FAF FIRST AMERN FINL CORP 2.6%

Value ($000) $240,670 (+0.6%) Shares 3,917,150 (+5.2%) Est. Cost $35.37 Unrealized +76.2%

KKR KKR & CO INC 0.4%

Value ($000) $33,771 (+1.7%) Shares 264,916 (+3.7%) Est. Cost $54.07 Unrealized +129.8%

AJG GALLAGHER ARTHUR J & CO 0.0%

Value ($000) $3,974 (-6.0%) Shares 15,357 (+12.5%) Est. Cost $296.19 Unrealized -10.8%

BAP CREDICORP LTD 0.0%

Value ($000) $1,647 (+18.0%) Shares 5,737 (+9.4%) Est. Cost $130.02 Unrealized +103.6%

IFS INTERCORP FINL SVCS INC 0.0%

Value ($000) $1,469 (+13.1%) Shares 34,668 (+7.7%) Est. Cost $32.77 Unrealized +25.5%

HDB HDFC BANK LTD 0.0%

Value ($000) $481 (+52.2%) Shares 13,151 (+42.3%) Est. Cost $34.87 Unrealized —

KSPI KASPI KZ JSC 0.0%

Value ($000) $1,029 (+2.7%) Shares 13,172 (+7.4%) Est. Cost $94.67 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
MIDD	MIDDLEBY CORP	1,558,645 (+22.4%)	$231,724 (+36.9%)	2.5%	$132.19	-0.7%	COM	596278101
ZBRA	ZEBRA TECHNOLOGIES CORPORATI	475,731 (+86.1%)	$115,517 (+52.1%)	1.2%	$276.83	-3.4%	CL A	989207105
AXTA	AXALTA COATING SYS LTD	4,864,546 (+16.1%)	$157,173 (+31.1%)	1.7%	$29.06	+1.0%	COM	G0750C108
MHK	MOHAWK INDS INC	1,716,027 (+1.1%)	$187,562 (-14.3%)	2.0%	$125.52	-8.5%	COM	608190104
PBH	PRESTIGE CONSMR HEALTHCARE I	4,102,497 (+14.1%)	$253,083 (+12.8%)	2.7%	$63.19	-3.1%	COM	74112D101
INTC	INTEL CORP	1,524,112 (+57.8%)	$56,240 (+73.6%)	0.6%	$35.27	+7.1%	COM	458140100
NCLH	NORWEGIAN CRUISE LINE HLDG L	14,351,367 (+18.8%)	$320,323 (+7.6%)	3.5%	$21.12	-0.0%	SHS	G66721104
GNTX	GENTEX CORP	7,889,928 (+9.3%)	$183,599 (-10.1%)	2.0%	$30.22	-20.2%	COM	371901109
OSW	ONESPAWORLD HOLDINGS LIMITED	14,011,310 (+6.2%)	$290,595 (+4.2%)	3.1%	$13.36	+56.6%	COM	P73684113
FISV	FISERV INC	321,025 (+26.9%)	$21,563 (-33.9%)	0.2%	$151.34	-44.6%	COM	337738108
SJM	SMUCKER J M CO	1,608,943 (+4.2%)	$157,371 (-6.1%)	1.7%	$103.75	-0.9%	COM NEW	832696405
DIS	DISNEY WALT CO	557,647 (+11.5%)	$63,443 (+10.8%)	0.7%	$111.84	-2.1%	COM	254687106
ATGE	ADTALEM GLOBAL ED INC	1,897,628 (+46.5%)	$196,348 (-1.8%)	2.1%	$60.75	+88.5%	COM	00737L103
TAP	MOLSON COORS BEVERAGE CO	515,945 (+12.6%)	$24,084 (+16.1%)	0.3%	$48.69	-6.0%	CL B	60871R209
MAS	MASCO CORP	405,488 (+1.7%)	$25,732 (-8.3%)	0.3%	$41.05	+57.7%	COM	574599106
FAF	FIRST AMERN FINL CORP	3,917,150 (+5.2%)	$240,670 (+0.6%)	2.6%	$35.37	+76.2%	COM	31847R102
KKR	KKR & CO INC	264,916 (+3.7%)	$33,771 (+1.7%)	0.4%	$54.07	+129.8%	COM	48251W104
AJG	GALLAGHER ARTHUR J & CO	15,357 (+12.5%)	$3,974 (-6.0%)	0.0%	$296.19	-10.8%	COM	363576109
BAP	CREDICORP LTD	5,737 (+9.4%)	$1,647 (+18.0%)	0.0%	$130.02	+103.6%	COM	G2519Y108
IFS	INTERCORP FINL SVCS INC	34,668 (+7.7%)	$1,469 (+13.1%)	0.0%	$32.77	+25.5%	SHS	P5626F128
HDB	HDFC BANK LTD	13,151 (+42.3%)	$481 (+52.2%)	0.0%	$34.87	—	SPONSORED ADS	40415F101
KSPI	KASPI KZ JSC	13,172 (+7.4%)	$1,029 (+2.7%)	0.0%	$94.67	—	SPONSORED ADS	48581R205

Exited Positions (9)

APTV APTIV PLC 1.1%

Value ($000) $99,176 Shares 1,150,265 Est. Cost $61.53 Unrealized +30.5%

— INTERPUBLIC GROUP COS INC 1.0%

Value ($000) $89,046 Shares 3,190,462 Est. Cost $15.71 Unrealized +65.3%

VZ VERIZON COMMUNICATIONS INC 0.6%

Value ($000) $51,277 Shares 1,166,712 Est. Cost $33.60 Unrealized +20.5%

WAL WESTERN ALLIANCE BANCORP 0.2%

Value ($000) $22,407 Shares 258,384 Est. Cost $78.02 Unrealized +3.3%

DHI D R HORTON INC 0.2%

Value ($000) $21,806 Shares 128,669 Est. Cost $143.20 Unrealized +6.2%

ALL ALLSTATE CORP 0.2%

Value ($000) $14,968 Shares 69,734 Est. Cost $162.36 Unrealized +25.7%

VXUS VANGUARD STAR FDS 0.1%

Value ($000) $5,177 Shares 70,469 Est. Cost $73.46 Unrealized —

VT VANGUARD INTL EQUITY INDEX F 0.0%

Value ($000) $3,815 Shares 27,685 Est. Cost $115.95 Unrealized —

INFY INFOSYS LTD 0.0%

Value ($000) $189 Shares 11,637 Est. Cost $16.27 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
APTV	APTIV PLC	1,150,265	$99,176	1.1%	$61.53	+30.5%	—	G3265R107
—	INTERPUBLIC GROUP COS INC	3,190,462	$89,046	1.0%	$15.71	+65.3%	—	460690100
VZ	VERIZON COMMUNICATIONS INC	1,166,712	$51,277	0.6%	$33.60	+20.5%	—	92343V104
WAL	WESTERN ALLIANCE BANCORP	258,384	$22,407	0.2%	$78.02	+3.3%	—	957638109
DHI	D R HORTON INC	128,669	$21,806	0.2%	$143.20	+6.2%	—	23331A109
ALL	ALLSTATE CORP	69,734	$14,968	0.2%	$162.36	+25.7%	—	020002101
VXUS	VANGUARD STAR FDS	70,469	$5,177	0.1%	$73.46	—	—	921909768
VT	VANGUARD INTL EQUITY INDEX F	27,685	$3,815	0.0%	$115.95	—	—	922042742
INFY	INFOSYS LTD	11,637	$189	0.0%	$16.27	—	—	456788108

Decreased Positions (57)

REZI RESIDEO TECHNOLOGIES INC 2.3%

Value ($000) $214,977 (-25.7%) Shares 6,121,216 (-8.6%) Est. Cost $24.37 Unrealized +51.9%

SPHR SPHERE ENTERTAINMENT CO 3.3%

Value ($000) $301,264 (-19.1%) Shares 3,168,534 (-47.1%) Est. Cost $35.93 Unrealized +112.1%

CRL CHARLES RIV LABS INTL INC 3.1%

Value ($000) $284,812 (+22.2%) Shares 1,427,771 (-4.2%) Est. Cost $180.50 Unrealized +0.5%

GNRC GENERAC HLDGS INC 2.1%

Value ($000) $194,184 (-20.9%) Shares 1,423,948 (-2.9%) Est. Cost $134.22 Unrealized +20.2%

AMG AFFILIATED MANAGERS GROUP IN 3.7%

Value ($000) $340,811 (+13.1%) Shares 1,182,223 (-6.5%) Est. Cost $124.86 Unrealized +107.0%

ZBH ZIMMER BIOMET HOLDINGS INC 0.0%

Value ($000) $290 (-99.3%) Shares 3,229 (-99.2%) Est. Cost $93.82 Unrealized +0.8%

JHG JANUS HENDERSON GROUP PLC 0.6%

Value ($000) $55,625 (-38.9%) Shares 1,169,327 (-42.8%) Est. Cost $32.16 Unrealized +37.6%

CG CARLYLE GROUP INC 2.5%

Value ($000) $233,504 (-12.0%) Shares 3,950,333 (-6.7%) Est. Cost $27.15 Unrealized +107.3%

BYD BOYD GAMING CORP 2.2%

Value ($000) $199,476 (-11.3%) Shares 2,340,172 (-10.1%) Est. Cost $59.12 Unrealized +39.2%

BCO BRINKS CO 1.3%

Value ($000) $119,934 (-16.3%) Shares 1,027,444 (-16.2%) Est. Cost $59.26 Unrealized +92.5%

NVT NVENT ELECTRIC PLC 0.7%

Value ($000) $62,510 (-26.3%) Shares 613,021 (-28.7%) Est. Cost $31.39 Unrealized +230.1%

PSKY PARAMOUNT SKYDANCE CORP 0.4%

Value ($000) $34,668 (-38.9%) Shares 2,587,190 (-13.8%) Est. Cost $14.51 Unrealized +7.3%

MSGE MADISON SQUARE GARDEN ENTMT 4.0%

Value ($000) $370,834 (+5.9%) Shares 6,881,315 (-11.1%) Est. Cost $34.89 Unrealized +37.9%

ADT ADT INC DEL 1.9%

Value ($000) $173,975 (-9.5%) Shares 21,558,300 (-2.3%) Est. Cost $7.67 Unrealized +7.8%

MSFT MICROSOFT CORP 0.9%

Value ($000) $83,403 (-17.1%) Shares 172,455 (-11.2%) Est. Cost $206.89 Unrealized +142.0%

MAT MATTEL INC 2.7%

Value ($000) $248,638 (+7.4%) Shares 12,532,133 (-8.9%) Est. Cost $18.04 Unrealized +7.1%

JLL JONES LANG LASALLE INC 3.2%

Value ($000) $300,545 (+6.0%) Shares 893,230 (-6.1%) Est. Cost $132.26 Unrealized +137.0%

CHKP CHECK POINT SOFTWARE TECH LT 0.9%

Value ($000) $86,134 (-14.4%) Shares 464,185 (-4.5%) Est. Cost $129.03 Unrealized +49.8%

KMT KENNAMETAL INC 0.7%

Value ($000) $67,548 (-14.6%) Shares 2,377,626 (-37.1%) Est. Cost $28.25 Unrealized -10.3%

LESL LESLIES INC 0.1%

Value ($000) $4,680 (-71.1%) Shares 2,836,373 (-3.7%) Est. Cost $7.37 Unrealized -56.0%

AQN ALGONQUIN PWR UTILS CORP 1.1%

Value ($000) $97,912 (+11.5%) Shares 15,920,654 (-2.6%) Est. Cost $5.14 Unrealized +15.5%

KN KNOWLES CORP 0.9%

Value ($000) $85,691 (-10.5%) Shares 3,998,641 (-2.7%) Est. Cost $15.97 Unrealized +42.7%

CVS CVS HEALTH CORP 0.7%

Value ($000) $65,479 (-12.2%) Shares 825,092 (-16.6%) Est. Cost $63.78 Unrealized +23.3%

BOKF BOK FINL CORP 2.2%

Value ($000) $200,115 (+4.4%) Shares 1,689,307 (-1.8%) Est. Cost $62.69 Unrealized +77.5%

KEYS KEYSIGHT TECHNOLOGIES INC 0.6%

Value ($000) $52,486 (+14.4%) Shares 258,309 (-1.5%) Est. Cost $75.89 Unrealized +144.5%

NTAP NETAPP INC 0.4%

Value ($000) $34,575 (-15.0%) Shares 322,860 (-6.0%) Est. Cost $61.27 Unrealized +85.5%

FSLR FIRST SOLAR INC 0.7%

Value ($000) $65,716 (-8.5%) Shares 251,565 (-22.7%) Est. Cost $150.12 Unrealized +68.0%

BIO BIO RAD LABS INC 2.5%

Value ($000) $231,688 (+2.1%) Shares 764,672 (-5.5%) Est. Cost $309.01 Unrealized +1.0%

SLB SLB LIMITED 0.5%

Value ($000) $49,322 (+10.3%) Shares 1,285,090 (-1.2%) Est. Cost $38.58 Unrealized -6.5%

COF CAPITAL ONE FINL CORP 0.4%

Value ($000) $39,318 (-10.2%) Shares 162,230 (-21.2%) Est. Cost $143.69 Unrealized +54.6%

KMX CARMAX INC 0.2%

Value ($000) $21,773 (-15.1%) Shares 563,483 (-1.4%) Est. Cost $75.64 Unrealized -47.1%

WEX WEX INC 0.5%

Value ($000) $50,176 (-6.6%) Shares 336,797 (-1.2%) Est. Cost $181.89 Unrealized -17.2%

LIND LINDBLAD EXPEDITIONS HLDGS I 0.8%

Value ($000) $73,813 (+4.4%) Shares 5,118,819 (-7.3%) Est. Cost $11.81 Unrealized +6.8%

FDX FEDEX CORP 0.2%

Value ($000) $20,626 (+15.3%) Shares 71,405 (-5.9%) Est. Cost $228.30 Unrealized +14.6%

KFY KORN FERRY 0.3%

Value ($000) $30,771 (-7.5%) Shares 466,090 (-1.9%) Est. Cost $40.67 Unrealized +64.4%

LFUS LITTELFUSE INC 0.6%

Value ($000) $56,021 (-4.0%) Shares 221,498 (-1.7%) Est. Cost $163.73 Unrealized +55.5%

MTN VAIL RESORTS INC 0.2%

Value ($000) $14,902 (-13.5%) Shares 112,211 (-2.6%) Est. Cost $218.22 Unrealized -32.6%

NTRS NORTHERN TR CORP 1.8%

Value ($000) $170,590 (-1.3%) Shares 1,248,921 (-2.8%) Est. Cost $62.30 Unrealized +109.9%

CBRE CBRE GROUP INC 0.4%

Value ($000) $33,940 (-5.9%) Shares 211,081 (-7.8%) Est. Cost $32.33 Unrealized +386.3%

VEA VANGUARD TAX-MANAGED FDS 0.0%

Value ($000) $1,529 (-55.6%) Shares 24,473 (-57.4%) Est. Cost $52.04 Unrealized —

IWN ISHARES TR 0.1%

Value ($000) $6,038 (-24.1%) Shares 33,319 (-25.9%) Est. Cost $169.85 Unrealized —

HUM HUMANA INC 0.2%

Value ($000) $21,209 (-7.4%) Shares 82,807 (-5.9%) Est. Cost $261.21 Unrealized +0.0%

CNP CENTERPOINT ENERGY INC 0.4%

Value ($000) $38,216 (-4.1%) Shares 996,778 (-3.0%) Est. Cost $31.29 Unrealized +24.2%

MTB M & T BK CORP 0.4%

Value ($000) $36,347 (-3.9%) Shares 180,402 (-5.8%) Est. Cost $193.01 Unrealized -1.5%

B BARRICK MNG CORP 0.1%

Value ($000) $9,412 (+17.4%) Shares 216,126 (-11.6%) Est. Cost $19.29 Unrealized +94.0%

SCHW SCHWAB CHARLES CORP 0.4%

Value ($000) $34,197 (+3.1%) Shares 342,275 (-1.5%) Est. Cost $51.81 Unrealized +82.9%

GILD GILEAD SCIENCES INC 0.3%

Value ($000) $25,168 (+3.6%) Shares 205,052 (-6.3%) Est. Cost $71.09 Unrealized +70.0%

SSD SIMPSON MFG INC 0.2%

Value ($000) $14,757 (-5.1%) Shares 91,389 (-1.6%) Est. Cost $45.60 Unrealized +270.0%

AFL AFLAC INC 0.3%

Value ($000) $23,385 (-2.8%) Shares 212,072 (-1.5%) Est. Cost $29.77 Unrealized +268.9%

JNJ JOHNSON & JOHNSON 0.1%

Value ($000) $8,953 (-6.9%) Shares 43,260 (-16.6%) Est. Cost $128.51 Unrealized +53.3%

BAC BANK AMERICA CORP 0.3%

Value ($000) $28,459 (+2.2%) Shares 517,442 (-4.1%) Est. Cost $41.76 Unrealized +26.1%

SWK STANLEY BLACK & DECKER INC 0.3%

Value ($000) $31,301 (-1.5%) Shares 421,387 (-1.4%) Est. Cost $95.11 Unrealized -26.5%

MGPI MGP INGREDIENTS INC NEW 0.2%

Value ($000) $15,296 (-2.2%) Shares 629,467 (-2.6%) Est. Cost $70.33 Unrealized -65.4%

LMT LOCKHEED MARTIN CORP 0.1%

Value ($000) $6,503 (-4.2%) Shares 13,446 (-1.1%) Est. Cost $165.55 Unrealized +187.6%

HCKT HACKETT GROUP INC 0.1%

Value ($000) $8,406 (+1.5%) Shares 428,199 (-1.7%) Est. Cost $21.17 Unrealized -10.4%

TSM TAIWAN SEMICONDUCTOR MFG LTD 0.0%

Value ($000) $3,088 (-1.8%) Shares 10,162 (-9.7%) Est. Cost $104.00 Unrealized —

BRC BRADY CORP 0.0%

Value ($000) $235 (-17.3%) Shares 2,996 (-17.7%) Est. Cost $33.86 Unrealized +127.8%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
REZI	RESIDEO TECHNOLOGIES INC	6,121,216 (-8.6%)	$214,977 (-25.7%)	2.3%	$24.37	+51.9%	COM	76118Y104
SPHR	SPHERE ENTERTAINMENT CO	3,168,534 (-47.1%)	$301,264 (-19.1%)	3.3%	$35.93	+112.1%	CL A	55826T102
CRL	CHARLES RIV LABS INTL INC	1,427,771 (-4.2%)	$284,812 (+22.2%)	3.1%	$180.50	+0.5%	COM	159864107
GNRC	GENERAC HLDGS INC	1,423,948 (-2.9%)	$194,184 (-20.9%)	2.1%	$134.22	+20.2%	COM	368736104
AMG	AFFILIATED MANAGERS GROUP IN	1,182,223 (-6.5%)	$340,811 (+13.1%)	3.7%	$124.86	+107.0%	COM	008252108
ZBH	ZIMMER BIOMET HOLDINGS INC	3,229 (-99.2%)	$290 (-99.3%)	0.0%	$93.82	+0.8%	COM	98956P102
JHG	JANUS HENDERSON GROUP PLC	1,169,327 (-42.8%)	$55,625 (-38.9%)	0.6%	$32.16	+37.6%	ORD SHS	G4474Y214
CG	CARLYLE GROUP INC	3,950,333 (-6.7%)	$233,504 (-12.0%)	2.5%	$27.15	+107.3%	COM	14316J108
BYD	BOYD GAMING CORP	2,340,172 (-10.1%)	$199,476 (-11.3%)	2.2%	$59.12	+39.2%	COM	103304101
BCO	BRINKS CO	1,027,444 (-16.2%)	$119,934 (-16.3%)	1.3%	$59.26	+92.5%	COM	109696104
NVT	NVENT ELECTRIC PLC	613,021 (-28.7%)	$62,510 (-26.3%)	0.7%	$31.39	+230.1%	SHS	G6700G107
PSKY	PARAMOUNT SKYDANCE CORP	2,587,190 (-13.8%)	$34,668 (-38.9%)	0.4%	$14.51	+7.3%	COM CL B	69932A204
MSGE	MADISON SQUARE GARDEN ENTMT	6,881,315 (-11.1%)	$370,834 (+5.9%)	4.0%	$34.89	+37.9%	COM CL A	558256103
ADT	ADT INC DEL	21,558,300 (-2.3%)	$173,975 (-9.5%)	1.9%	$7.67	+7.8%	COM	00090Q103
MSFT	MICROSOFT CORP	172,455 (-11.2%)	$83,403 (-17.1%)	0.9%	$206.89	+142.0%	COM	594918104
MAT	MATTEL INC	12,532,133 (-8.9%)	$248,638 (+7.4%)	2.7%	$18.04	+7.1%	COM	577081102
JLL	JONES LANG LASALLE INC	893,230 (-6.1%)	$300,545 (+6.0%)	3.2%	$132.26	+137.0%	COM	48020Q107
CHKP	CHECK POINT SOFTWARE TECH LT	464,185 (-4.5%)	$86,134 (-14.4%)	0.9%	$129.03	+49.8%	ORD	M22465104
KMT	KENNAMETAL INC	2,377,626 (-37.1%)	$67,548 (-14.6%)	0.7%	$28.25	-10.3%	COM	489170100
LESL	LESLIES INC	2,836,373 (-3.7%)	$4,680 (-71.1%)	0.1%	$7.37	-56.0%	COM	527064208
AQN	ALGONQUIN PWR UTILS CORP	15,920,654 (-2.6%)	$97,912 (+11.5%)	1.1%	$5.14	+15.5%	COM	015857105
KN	KNOWLES CORP	3,998,641 (-2.7%)	$85,691 (-10.5%)	0.9%	$15.97	+42.7%	COM	49926D109
CVS	CVS HEALTH CORP	825,092 (-16.6%)	$65,479 (-12.2%)	0.7%	$63.78	+23.3%	COM	126650100
BOKF	BOK FINL CORP	1,689,307 (-1.8%)	$200,115 (+4.4%)	2.2%	$62.69	+77.5%	COM NEW	05561Q201
KEYS	KEYSIGHT TECHNOLOGIES INC	258,309 (-1.5%)	$52,486 (+14.4%)	0.6%	$75.89	+144.5%	COM	49338L103
NTAP	NETAPP INC	322,860 (-6.0%)	$34,575 (-15.0%)	0.4%	$61.27	+85.5%	COM	64110D104
FSLR	FIRST SOLAR INC	251,565 (-22.7%)	$65,716 (-8.5%)	0.7%	$150.12	+68.0%	COM	336433107
BIO	BIO RAD LABS INC	764,672 (-5.5%)	$231,688 (+2.1%)	2.5%	$309.01	+1.0%	CL A	090572207
SLB	SLB LIMITED	1,285,090 (-1.2%)	$49,322 (+10.3%)	0.5%	$38.58	-6.5%	COM STK	806857108
COF	CAPITAL ONE FINL CORP	162,230 (-21.2%)	$39,318 (-10.2%)	0.4%	$143.69	+54.6%	COM	14040H105
KMX	CARMAX INC	563,483 (-1.4%)	$21,773 (-15.1%)	0.2%	$75.64	-47.1%	COM	143130102
WEX	WEX INC	336,797 (-1.2%)	$50,176 (-6.6%)	0.5%	$181.89	-17.2%	COM	96208T104
LIND	LINDBLAD EXPEDITIONS HLDGS I	5,118,819 (-7.3%)	$73,813 (+4.4%)	0.8%	$11.81	+6.8%	COM	535219109
FDX	FEDEX CORP	71,405 (-5.9%)	$20,626 (+15.3%)	0.2%	$228.30	+14.6%	COM	31428X106
KFY	KORN FERRY	466,090 (-1.9%)	$30,771 (-7.5%)	0.3%	$40.67	+64.4%	COM NEW	500643200
LFUS	LITTELFUSE INC	221,498 (-1.7%)	$56,021 (-4.0%)	0.6%	$163.73	+55.5%	COM	537008104
MTN	VAIL RESORTS INC	112,211 (-2.6%)	$14,902 (-13.5%)	0.2%	$218.22	-32.6%	COM	91879Q109
NTRS	NORTHERN TR CORP	1,248,921 (-2.8%)	$170,590 (-1.3%)	1.8%	$62.30	+109.9%	COM	665859104
CBRE	CBRE GROUP INC	211,081 (-7.8%)	$33,940 (-5.9%)	0.4%	$32.33	+386.3%	CL A	12504L109
VEA	VANGUARD TAX-MANAGED FDS	24,473 (-57.4%)	$1,529 (-55.6%)	0.0%	$52.04	—	VAN FTSE DEV MKT	921943858
IWN	ISHARES TR	33,319 (-25.9%)	$6,038 (-24.1%)	0.1%	$169.85	—	RUS 2000 VAL ETF	464287630
HUM	HUMANA INC	82,807 (-5.9%)	$21,209 (-7.4%)	0.2%	$261.21	+0.0%	COM	444859102
CNP	CENTERPOINT ENERGY INC	996,778 (-3.0%)	$38,216 (-4.1%)	0.4%	$31.29	+24.2%	COM	15189T107
MTB	M & T BK CORP	180,402 (-5.8%)	$36,347 (-3.9%)	0.4%	$193.01	-1.5%	COM	55261F104
B	BARRICK MNG CORP	216,126 (-11.6%)	$9,412 (+17.4%)	0.1%	$19.29	+94.0%	COM SHS	06849F108
SCHW	SCHWAB CHARLES CORP	342,275 (-1.5%)	$34,197 (+3.1%)	0.4%	$51.81	+82.9%	COM	808513105
GILD	GILEAD SCIENCES INC	205,052 (-6.3%)	$25,168 (+3.6%)	0.3%	$71.09	+70.0%	COM	375558103
SSD	SIMPSON MFG INC	91,389 (-1.6%)	$14,757 (-5.1%)	0.2%	$45.60	+270.0%	COM	829073105
AFL	AFLAC INC	212,072 (-1.5%)	$23,385 (-2.8%)	0.3%	$29.77	+268.9%	COM	001055102
JNJ	JOHNSON & JOHNSON	43,260 (-16.6%)	$8,953 (-6.9%)	0.1%	$128.51	+53.3%	COM	478160104
BAC	BANK AMERICA CORP	517,442 (-4.1%)	$28,459 (+2.2%)	0.3%	$41.76	+26.1%	COM	060505104
SWK	STANLEY BLACK & DECKER INC	421,387 (-1.4%)	$31,301 (-1.5%)	0.3%	$95.11	-26.5%	COM	854502101
MGPI	MGP INGREDIENTS INC NEW	629,467 (-2.6%)	$15,296 (-2.2%)	0.2%	$70.33	-65.4%	COM	55303J106
LMT	LOCKHEED MARTIN CORP	13,446 (-1.1%)	$6,503 (-4.2%)	0.1%	$165.55	+187.6%	COM	539830109
HCKT	HACKETT GROUP INC	428,199 (-1.7%)	$8,406 (+1.5%)	0.1%	$21.17	-10.4%	COM	404609109
TSM	TAIWAN SEMICONDUCTOR MFG LTD	10,162 (-9.7%)	$3,088 (-1.8%)	0.0%	$104.00	—	SPONSORED ADS	874039100
BRC	BRADY CORP	2,996 (-17.7%)	$235 (-17.3%)	0.0%	$33.86	+127.8%	CL A	104674106

Unchanged Positions (19)

CLB CORE LABORATORIES INC 2.4%

Value ($000) $218,986 Shares 13,661,000 Est. Cost $18.70 Unrealized -20.5%

MSGS MADISON SQUARE GRDN SPRT COR 2.0%

Value ($000) $186,873 Shares 722,495 Est. Cost $168.95 Unrealized +34.7%

LAZ LAZARD INC 2.8%

Value ($000) $257,214 Shares 5,296,822 Est. Cost $39.14 Unrealized +27.5%

NVST ENVISTA HOLDINGS CORPORATION 2.8%

Value ($000) $259,881 Shares 11,970,544 Est. Cost $22.25 Unrealized -7.8%

LH LABCORP HOLDINGS INC 1.0%

Value ($000) $90,339 Shares 360,087 Est. Cost $199.50 Unrealized +32.9%

MANU MANCHESTER UTD PLC NEW 1.5%

Value ($000) $142,996 Shares 8,982,161 Est. Cost $15.98 Unrealized +1.1%

GCMG GCM GROSVENOR INC 0.6%

Value ($000) $51,033 Shares 4,508,199 Est. Cost $6.82 Unrealized +66.2%

MOS MOSAIC CO NEW 0.0%

Value ($000) $3,542 Shares 147,037 Est. Cost $27.18 Unrealized -1.6%

ORCL ORACLE CORP 0.0%

Value ($000) $3,193 Shares 16,384 Est. Cost $37.97 Unrealized +526.9%

PHIN PHINIA INC 0.1%

Value ($000) $8,786 Shares 140,144 Est. Cost $26.02 Unrealized +111.8%

GS GOLDMAN SACHS GROUP INC 0.0%

Value ($000) $2,776 Shares 3,158 Est. Cost $479.39 Unrealized +69.7%

KB KB FINL GROUP INC 0.0%

Value ($000) $4,415 Shares 51,315 Est. Cost $41.37 Unrealized —

CVX CHEVRON CORP NEW 0.1%

Value ($000) $6,325 Shares 41,499 Est. Cost $141.24 Unrealized +7.2%

SNA SNAP ON INC 0.1%

Value ($000) $11,266 Shares 32,694 Est. Cost $109.76 Unrealized +210.2%

BWA BORGWARNER INC 0.0%

Value ($000) $2,928 Shares 64,987 Est. Cost $29.29 Unrealized +49.2%

MSI MOTOROLA SOLUTIONS INC 0.0%

Value ($000) $289 Shares 755 Est. Cost $242.26 Unrealized +65.4%

FICO FAIR ISAAC CORP 0.0%

Value ($000) $374 Shares 221 Est. Cost $552.55 Unrealized +211.5%

PGR PROGRESSIVE CORP 0.0%

Value ($000) $249 Shares 1,094 Est. Cost $241.40 Unrealized -12.0%

APA APA CORPORATION 0.1%

Value ($000) $7,273 Shares 297,339 Est. Cost $18.62 Unrealized +29.6%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
CLB	CORE LABORATORIES INC	13,661,000	$218,986	2.4%	$18.70	-20.5%	COM	21867A105
MSGS	MADISON SQUARE GRDN SPRT COR	722,495	$186,873	2.0%	$168.95	+34.7%	CL A	55825T103
LAZ	LAZARD INC	5,296,822	$257,214	2.8%	$39.14	+27.5%	COM	52110M109
NVST	ENVISTA HOLDINGS CORPORATION	11,970,544	$259,881	2.8%	$22.25	-7.8%	COM	29415F104
LH	LABCORP HOLDINGS INC	360,087	$90,339	1.0%	$199.50	+32.9%	COM SHS	504922105
MANU	MANCHESTER UTD PLC NEW	8,982,161	$142,996	1.5%	$15.98	+1.1%	ORD CL A	G5784H106
GCMG	GCM GROSVENOR INC	4,508,199	$51,033	0.6%	$6.82	+66.2%	COM CL A	36831E108
MOS	MOSAIC CO NEW	147,037	$3,542	0.0%	$27.18	-1.6%	COM	61945C103
ORCL	ORACLE CORP	16,384	$3,193	0.0%	$37.97	+526.9%	COM	68389X105
PHIN	PHINIA INC	140,144	$8,786	0.1%	$26.02	+111.8%	COMMON STOCK	71880K101
GS	GOLDMAN SACHS GROUP INC	3,158	$2,776	0.0%	$479.39	+69.7%	COM	38141G104
KB	KB FINL GROUP INC	51,315	$4,415	0.0%	$41.37	—	SPONSORED ADR	48241A105
CVX	CHEVRON CORP NEW	41,499	$6,325	0.1%	$141.24	+7.2%	COM	166764100
SNA	SNAP ON INC	32,694	$11,266	0.1%	$109.76	+210.2%	COM	833034101
BWA	BORGWARNER INC	64,987	$2,928	0.0%	$29.29	+49.2%	COM	099724106
MSI	MOTOROLA SOLUTIONS INC	755	$289	0.0%	$242.26	+65.4%	COM NEW	620076307
FICO	FAIR ISAAC CORP	221	$374	0.0%	$552.55	+211.5%	COM	303250104
PGR	PROGRESSIVE CORP	1,094	$249	0.0%	$241.40	-12.0%	COM	743315103
APA	APA CORPORATION	297,339	$7,273	0.1%	$18.62	+29.6%	COM	03743Q108