Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
TDY	TELEDYNE TECHNOLOGIES INC	42,631	$28.43M	7.4%	—	—	COM	879360105
VNT	VONTIER CORPORATION	535,085	$15.52M	4.1%	—	—	COM	928881101
IPGP	IPG PHOTONICS CORP	94,830	$11.13M	2.9%	—	—	COM	44980X109
MEI	METHODE ELECTRS INC	441,582	$8.377M	2.2%	—	—	COM	591520200
GTES	GATES INDL CORP PLC	179,120	$5.01M	1.3%	—	—	ORD SHS	G39108108
BDC	BELDEN INC	41,176	$4.937M	1.3%	—	—	COM	077454106

Increased Positions (9)

CR CRANE COMPANY 8.5%

Value $32.49M (+66.7%) Shares 145,658 (+27.8%) Est. Cost — Unrealized —

IEX IDEX CORP 7.2%

Value $27.52M (+88.0%) Shares 121,261 (+57.0%) Est. Cost — Unrealized —

FSS FEDERAL SIGNAL CORP 8.2%

Value $31.35M (+61.6%) Shares 243,958 (+36.0%) Est. Cost — Unrealized —

MDALF MDA SPACE LTD 4.6%

Value $17.65M (+195.0%) Shares 427,482 (+80.9%) Est. Cost — Unrealized —

TKR TIMKEN CO 6.5%

Value $24.79M (+54.8%) Shares 170,586 (+7.1%) Est. Cost — Unrealized —

MPTI M-TRON INDS INC 1.7%

Value $6.613M (+134.1%) Shares 66,701 (+57.8%) Est. Cost — Unrealized —

FEIM FREQUENCY ELECTRS INC 1.1%

Value $4.383M (+450.3%) Shares 66,066 (+267.1%) Est. Cost — Unrealized —

HLMN HILLMAN SOLUTIONS CORP 2.4%

Value $9.355M (+26.2%) Shares 1,108,435 (+24.4%) Est. Cost — Unrealized —

CLBT CELLEBRITE DI LTD 3.1%

Value $11.77M (+12.2%) Shares 805,846 (+5.9%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
CR	CRANE COMPANY	145,658 (+27.8%)	$32.49M (+66.7%)	8.5%	—	—	COMMON STOCK	224408104
IEX	IDEX CORP	121,261 (+57.0%)	$27.52M (+88.0%)	7.2%	—	—	COM	45167R104
FSS	FEDERAL SIGNAL CORP	243,958 (+36.0%)	$31.35M (+61.6%)	8.2%	—	—	COM	313855108
MDALF	MDA SPACE LTD	427,482 (+80.9%)	$17.65M (+195.0%)	4.6%	—	—	COM	55293N109
TKR	TIMKEN CO	170,586 (+7.1%)	$24.79M (+54.8%)	6.5%	—	—	COM	887389104
MPTI	M-TRON INDS INC	66,701 (+57.8%)	$6.613M (+134.1%)	1.7%	—	—	COM	55380K109
FEIM	FREQUENCY ELECTRS INC	66,066 (+267.1%)	$4.383M (+450.3%)	1.1%	—	—	COM	358010106
HLMN	HILLMAN SOLUTIONS CORP	1,108,435 (+24.4%)	$9.355M (+26.2%)	2.4%	—	—	COM	431636109
CLBT	CELLEBRITE DI LTD	805,846 (+5.9%)	$11.77M (+12.2%)	3.1%	—	—	ORDINARY SHARES	M2197Q107

Exited Positions (8)

GBX GREENBRIER COS INC 4.0%

Value $15.22M Shares 289,039 Est. Cost — Unrealized —

ECVT ECOVYST INC 2.7%

Value $10.49M Shares 815,443 Est. Cost — Unrealized —

SPXC SPX TECHNOLOGIES INC 2.1%

Value $8.118M Shares 40,603 Est. Cost — Unrealized —

ASTE ASTEC INDS INC 1.7%

Value $6.68M Shares 124,069 Est. Cost — Unrealized —

ROCK GIBRALTAR INDS INC 1.1%

Value $4.201M Shares 105,371 Est. Cost — Unrealized —

VMI VALMONT INDS INC 1.0%

Value $3.867M Shares 9,678 Est. Cost — Unrealized —

MTRX MATRIX SVC CO 0.9%

Value $3.492M Shares 304,145 Est. Cost — Unrealized —

— M-TRON INDS INC 0.0%

Value $42,256 Shares 42,256 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
GBX	GREENBRIER COS INC	289,039	$15.22M	4.0%	—	—	—	393657101
ECVT	ECOVYST INC	815,443	$10.49M	2.7%	—	—	—	27923Q109
SPXC	SPX TECHNOLOGIES INC	40,603	$8.118M	2.1%	—	—	—	78473E103
ASTE	ASTEC INDS INC	124,069	$6.68M	1.7%	—	—	—	046224101
ROCK	GIBRALTAR INDS INC	105,371	$4.201M	1.1%	—	—	—	374689107
VMI	VALMONT INDS INC	9,678	$3.867M	1.0%	—	—	—	920253101
MTRX	MATRIX SVC CO	304,145	$3.492M	0.9%	—	—	—	576853105
—	M-TRON INDS INC	42,256	$42,256	0.0%	—	—	—	55380K133

Decreased Positions (11)

ESE ESCO TECHNOLOGIES INC 3.9%

Value $14.9M (-36.8%) Shares 42,575 (-49.2%) Est. Cost — Unrealized —

NPO ENPRO INC 6.6%

Value $25.21M (+28.3%) Shares 66,890 (-14.7%) Est. Cost — Unrealized —

BCPC BALCHEM CORP 2.7%

Value $10.23M (-31.1%) Shares 60,567 (-30.9%) Est. Cost — Unrealized —

SMP STANDARD MTR PRODS INC 0.4%

Value $1.659M (-72.3%) Shares 42,561 (-75.3%) Est. Cost — Unrealized —

USLM UNITED STS LIME & MINERALS I 0.3%

Value $1.308M (-74.4%) Shares 12,497 (-68.0%) Est. Cost — Unrealized —

ST SENSATA TECHNOLOGIES HLDG PL 6.1%

Value $23.21M (+12.6%) Shares 486,274 (-17.0%) Est. Cost — Unrealized —

MITK MITEK SYS INC 1.9%

Value $7.26M (+39.8%) Shares 360,635 (-6.2%) Est. Cost — Unrealized —

ATRO ASTRONICS CORP 3.6%

Value $13.72M (+17.3%) Shares 168,856 (-3.7%) Est. Cost — Unrealized —

GFF GRIFFON CORP 4.3%

Value $16.42M (-9.6%) Shares 168,334 (-32.7%) Est. Cost — Unrealized —

TPC TUTOR PERINI CORP 3.2%

Value $12.06M (-4.7%) Shares 145,400 (-11.4%) Est. Cost — Unrealized —

NWPX NWPX INFRASTRUCTURE INC 1.2%

Value $4.591M (+5.6%) Shares 30,619 (-45.2%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
ESE	ESCO TECHNOLOGIES INC	42,575 (-49.2%)	$14.9M (-36.8%)	3.9%	—	—	COM	296315104
NPO	ENPRO INC	66,890 (-14.7%)	$25.21M (+28.3%)	6.6%	—	—	COM	29355X107
BCPC	BALCHEM CORP	60,567 (-30.9%)	$10.23M (-31.1%)	2.7%	—	—	COM	057665200
SMP	STANDARD MTR PRODS INC	42,561 (-75.3%)	$1.659M (-72.3%)	0.4%	—	—	COM	853666105
USLM	UNITED STS LIME & MINERALS I	12,497 (-68.0%)	$1.308M (-74.4%)	0.3%	—	—	COM	911922102
ST	SENSATA TECHNOLOGIES HLDG PL	486,274 (-17.0%)	$23.21M (+12.6%)	6.1%	—	—	SHS	G8060N102
MITK	MITEK SYS INC	360,635 (-6.2%)	$7.26M (+39.8%)	1.9%	—	—	COM NEW	606710200
ATRO	ASTRONICS CORP	168,856 (-3.7%)	$13.72M (+17.3%)	3.6%	—	—	COM	046433108
GFF	GRIFFON CORP	168,334 (-32.7%)	$16.42M (-9.6%)	4.3%	—	—	COM	398433102
TPC	TUTOR PERINI CORP	145,400 (-11.4%)	$12.06M (-4.7%)	3.2%	—	—	COM	901109108
NWPX	NWPX INFRASTRUCTURE INC	30,619 (-45.2%)	$4.591M (+5.6%)	1.2%	—	—	COM	667746101

Unchanged Positions (2)

MEC MAYVILLE ENGR CO INC 2.3%

Value $8.825M Shares 235,580 Est. Cost — Unrealized —

AEBI AEBI SCHMIDT HLDG AG 1.0%

Value $3.9M Shares 310,771 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
MEC	MAYVILLE ENGR CO INC	235,580	$8.825M	2.3%	—	—	COM	578605107
AEBI	AEBI SCHMIDT HLDG AG	310,771	$3.9M	1.0%	—	—	COM	H00501108