Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
SR	Spire Inc	68,676	$5.226M	2.6%	$76.09	$76.09	—	COM	84857L101
DOCN	DigitalOcean Holdings Inc	25,494	$3.401M	1.7%	$133.39	$125.73	+6.1%	COM	25402D102
CNP	CenterPoint Energy Inc	58,066	$2.137M	1.1%	$36.80	$40.74	-9.7%	COM	15189T107
ONTO	Onto Innovation Inc	4,691	$1.444M	0.7%	$307.82	$286.19	+7.6%	COM	683344105
TTMI	TTM Technologies Inc	7,893	$970K	0.5%	$122.84	$128.42	-4.3%	COM	87305R109
ESTC	Elastic NV	7,402	$679K	0.3%	$91.70	$76.76	+19.5%	ORD SHS	N14506104
AA	Alcoa Corp	14,000	$588K	0.3%	$42.00	$47.70	-11.9%	COM	013872106
RGLD	Royal Gold Inc	2,070	$489K	0.2%	$236.00	$229.21	+3.0%	COM	780287108
WIX	Wix.com Ltd	6,688	$482K	0.2%	$72.13	$68.11	+5.9%	SHS	M98068105
WK	Workiva Inc	7,213	$480K	0.2%	$66.57	$65.78	+1.2%	COM CL A	98139A105
AVPT	AvePoint Inc	25,445	$358K	0.2%	$14.08	$13.08	+7.6%	COM CL A	053604104
AGRO	Adecoagro SA	24,502	$248K	0.1%	$10.14	$10.52	-3.6%	COM	L00849106
PKE	Park Aerospace Corp	7,533	$224K	0.1%	$29.69	$33.65	-11.8%	COM	70014A104

Increased Positions (16)

NSC Norfolk Southern Corp 5.9%

Value $11.74M (+31.3%) Shares 37,991 (+35.6%) Share Price $309.00 Est. Cost/Share $268.47 Unrealized @ Report Date +15.1%

SANM Sanmina Corp 1.9%

Value $3.687M (+95.5%) Shares 17,157 (+124.2%) Share Price $214.91 Est. Cost/Share $178.61 Unrealized @ Report Date +20.3%

KTOS Kratos Defense & Security Solu 0.9%

Value $1.722M (+482.1%) Shares 40,339 (+623.2%) Share Price $42.69 Est. Cost/Share $52.30 Unrealized @ Report Date -18.4%

POWL Powell Industries Inc 1.5%

Value $2.893M (+62.6%) Shares 15,682 (+133.4%) Share Price $184.47 Est. Cost/Share $208.94 Unrealized @ Report Date -11.7%

CNI Canadian National Railway Co 3.8%

Value $7.596M (+12.3%) Shares 63,662 (+12.1%) Share Price $119.32 Est. Cost/Share $105.63 Unrealized @ Report Date +12.6%

NI NiSource Inc 3.3%

Value $6.579M (-10.9%) Shares 168,695 (+7.1%) Share Price $39.00 Est. Cost/Share $34.23 Unrealized @ Report Date +13.9%

CSX CSX Corp 6.7%

Value $13.4M (+6.2%) Shares 288,186 (+10.4%) Share Price $46.51 Est. Cost/Share $34.34 Unrealized @ Report Date +35.4%

WMB Williams Cos Inc/The 5.1%

Value $10.13M (+6.2%) Shares 149,029 (+13.7%) Share Price $67.97 Est. Cost/Share $45.96 Unrealized @ Report Date +47.9%

PNFP Pinnacle Financial Partners In 0.4%

Value $788K (+294.9%) Shares 8,418 (+325.4%) Share Price $93.61 Est. Cost/Share $99.03 Unrealized @ Report Date -5.5%

PLPC Preformed Line Products Co 0.9%

Value $1.854M (+43.2%) Shares 4,552 (+38.4%) Share Price $407.20 Est. Cost/Share $210.10 Unrealized @ Report Date +93.8%

MEDP Medpace Holdings Inc 1.4%

Value $2.804M (+20.7%) Shares 4,493 (+5.1%) Share Price $624.18 Est. Cost/Share $460.69 Unrealized @ Report Date +35.5%

CCJ Cameco Corp 0.2%

Value $495K (+595.4%) Shares 5,700 (+714.3%) Share Price $86.90 Est. Cost/Share $88.92 Unrealized @ Report Date -2.5%

FEIM Frequency Electronics Inc 0.4%

Value $789K (+53.1%) Shares 9,335 (+19.1%) Share Price $84.53 Est. Cost/Share $62.90 Unrealized @ Report Date +34.4%

CCS Century Communities Inc 0.2%

Value $447K (+70.2%) Shares 7,414 (+97.2%) Share Price $60.25 Est. Cost/Share $64.61 Unrealized @ Report Date -6.8%

GHM Graham Corp 0.4%

Value $732K (+19.0%) Shares 8,484 (+64.7%) Share Price $86.31 Est. Cost/Share $98.88 Unrealized @ Report Date -12.7%

IESC IES Holdings Inc 0.1%

Value $220K (-8.3%) Shares 686 (+100.0%) Share Price $321.08 Est. Cost/Share $489.38 Unrealized @ Report Date -34.4%

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
NSC	Norfolk Southern Corp	37,991 (+35.6%)	$11.74M (+31.3%)	5.9%	$309.00	$268.47	+15.1%	COM	655844108
SANM	Sanmina Corp	17,157 (+124.2%)	$3.687M (+95.5%)	1.9%	$214.91	$178.61	+20.3%	COM	801056102
KTOS	Kratos Defense & Security Solu	40,339 (+623.2%)	$1.722M (+482.1%)	0.9%	$42.69	$52.30	-18.4%	COM NEW	50077B207
POWL	Powell Industries Inc	15,682 (+133.4%)	$2.893M (+62.6%)	1.5%	$184.47	$208.94	-11.7%	COM	739128106
CNI	Canadian National Railway Co	63,662 (+12.1%)	$7.596M (+12.3%)	3.8%	$119.32	$105.63	+12.6%	COM	136375102
NI	NiSource Inc	168,695 (+7.1%)	$6.579M (-10.9%)	3.3%	$39.00	$34.23	+13.9%	COM	65473P105
CSX	CSX Corp	288,186 (+10.4%)	$13.4M (+6.2%)	6.7%	$46.51	$34.34	+35.4%	COM	126408103
WMB	Williams Cos Inc/The	149,029 (+13.7%)	$10.13M (+6.2%)	5.1%	$67.97	$45.96	+47.9%	COM	969457100
PNFP	Pinnacle Financial Partners In	8,418 (+325.4%)	$788K (+294.9%)	0.4%	$93.61	$99.03	-5.5%	COM	72348N109
PLPC	Preformed Line Products Co	4,552 (+38.4%)	$1.854M (+43.2%)	0.9%	$407.20	$210.10	+93.8%	COM	740444104
MEDP	Medpace Holdings Inc	4,493 (+5.1%)	$2.804M (+20.7%)	1.4%	$624.18	$460.69	+35.5%	COM	58506Q109
CCJ	Cameco Corp	5,700 (+714.3%)	$495K (+595.4%)	0.2%	$86.90	$88.92	-2.5%	COM	13321L108
FEIM	Frequency Electronics Inc	9,335 (+19.1%)	$789K (+53.1%)	0.4%	$84.53	$62.90	+34.4%	COM	358010106
CCS	Century Communities Inc	7,414 (+97.2%)	$447K (+70.2%)	0.2%	$60.25	$64.61	-6.8%	COM	156504300
GHM	Graham Corp	8,484 (+64.7%)	$732K (+19.0%)	0.4%	$86.31	$98.88	-12.7%	COM	384556106
IESC	IES Holdings Inc	686 (+100.0%)	$220K (-8.3%)	0.1%	$321.08	$489.38	-34.4%	COM	44951W106

Exited Positions (12)

ENB Enbridge Inc 2.5%

Value $4.896M Shares 90,435 Share Price $54.14 * Est. Cost/Share $31.54 Unrealized @ Report Date +47.4%

PCG PG&E Corp 2.4%

Value $4.778M Shares 288,342 Share Price $16.57 * Est. Cost/Share $17.21 Unrealized @ Report Date -28.8%

OKE ONEOK Inc 2.1%

Value $4.164M Shares 48,572 Share Price $85.73 Est. Cost/Share $81.99 Unrealized @ Report Date +4.0%

ATO Atmos Energy Corp 1.6%

Value $3.263M Shares 18,860 Share Price $173.03 * Est. Cost/Share $111.07 Unrealized @ Report Date +40.9%

ATKR Atkore Inc 1.3%

Value $2.546M Shares 35,147 Share Price $72.43 * Est. Cost/Share $74.70 Unrealized @ Report Date +26.8%

KMT Kennametal Inc 0.6%

Value $1.188M Shares 35,347 Share Price $33.62 * Est. Cost/Share $36.40 Unrealized @ Report Date -15.5%

WING Wingstop Inc 0.5%

Value $1.085M Shares 6,199 Share Price $174.97 * Est. Cost/Share $157.58 Unrealized @ Report Date -33.1%

MRTN Marten Transport Ltd 0.5%

Value $985K Shares 56,438 Share Price $17.45 * Est. Cost/Share $12.83 Unrealized @ Report Date +0.7%

QXO QXO Inc 0.5%

Value $915K Shares 55,333 Share Price $16.54 * Est. Cost/Share $18.61 Unrealized @ Report Date -37.2%

ORLA Orla Mining Ltd 0.3%

Value $564K Shares 57,645 Share Price $9.79 Est. Cost/Share $9.79 Unrealized @ Report Date —

UFPI UFP Industries Inc 0.2%

Value $426K Shares 4,776 Share Price $89.15 * Est. Cost/Share $103.52 Unrealized @ Report Date -25.4%

CIEN Ciena Corp 0.1%

Value $150K Shares 324 Share Price $462.44 * Est. Cost/Share $79.05 Unrealized @ Report Date +345.1%

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
ENB	Enbridge Inc	90,435	$4.896M	2.5%	$54.14 *	$31.54	+47.4%	—	29250N105
PCG	PG&E Corp	288,342	$4.778M	2.4%	$16.57 *	$17.21	-28.8%	—	69331C108
OKE	ONEOK Inc	48,572	$4.164M	2.1%	$85.73	$81.99	+4.0%	—	682680103
ATO	Atmos Energy Corp	18,860	$3.263M	1.6%	$173.03 *	$111.07	+40.9%	—	049560105
ATKR	Atkore Inc	35,147	$2.546M	1.3%	$72.43 *	$74.70	+26.8%	—	047649108
KMT	Kennametal Inc	35,347	$1.188M	0.6%	$33.62 *	$36.40	-15.5%	—	489170100
WING	Wingstop Inc	6,199	$1.085M	0.5%	$174.97 *	$157.58	-33.1%	—	974155103
MRTN	Marten Transport Ltd	56,438	$985K	0.5%	$17.45 *	$12.83	+0.7%	—	573075108
QXO	QXO Inc	55,333	$915K	0.5%	$16.54 *	$18.61	-37.2%	—	82846H405
ORLA	Orla Mining Ltd	57,645	$564K	0.3%	$9.79	$9.79	—	—	68634K106
UFPI	UFP Industries Inc	4,776	$426K	0.2%	$89.15 *	$103.52	-25.4%	—	90278Q108
CIEN	Ciena Corp	324	$150K	0.1%	$462.44 *	$79.05	+345.1%	—	171779309

Decreased Positions (19)

ETR Entergy Corp 6.2%

Value $12.39M (-15.3%) Shares 124,789 (-3.7%) Share Price $99.26 Est. Cost/Share $82.27 Unrealized @ Report Date +20.7%

LNG Cheniere Energy Inc 4.8%

Value $9.628M (-18.5%) Shares 35,787 (-26.1%) Share Price $269.03 Est. Cost/Share $206.48 Unrealized @ Report Date +30.3%

HTO H2O America 5.3%

Value $10.47M (-15.1%) Shares 169,944 (-16.3%) Share Price $61.63 Est. Cost/Share $53.01 Unrealized @ Report Date +16.3%

CBRL Cracker Barrel Old Country Sto 0.6%

Value $1.145M (-59.4%) Shares 21,769 (-57.5%) Share Price $52.62 Est. Cost/Share $34.64 Unrealized @ Report Date +51.9%

CBU Community Financial System Inc 0.6%

Value $1.218M (-56.8%) Shares 20,454 (-50.3%) Share Price $59.54 Est. Cost/Share $59.58 Unrealized @ Report Date -0.1%

IBP Installed Building Products In 0.2%

Value $352K (-80.4%) Shares 1,837 (-77.1%) Share Price $191.88 Est. Cost/Share $244.26 Unrealized @ Report Date -21.4%

BCPC Balchem Corp 0.2%

Value $325K (-75.9%) Shares 1,968 (-75.3%) Share Price $164.96 Est. Cost/Share $159.62 Unrealized @ Report Date +3.3%

AIT Applied Industrial Technologie 1.6%

Value $3.257M (-22.5%) Shares 9,803 (-22.6%) Share Price $332.29 Est. Cost/Share $202.68 Unrealized @ Report Date +63.9%

MLI Mueller Industries Inc 1.5%

Value $3.035M (-20.4%) Shares 50,069 (-24.6%) Share Price $60.61 Est. Cost/Share $87.79 Unrealized @ Report Date -31.0%

COLB Columbia Banking System Inc 0.7%

Value $1.477M (-33.7%) Shares 51,634 (-24.6%) Share Price $28.60 Est. Cost/Share $26.48 Unrealized @ Report Date +8.0%

TXRH Texas Roadhouse Inc 0.5%

Value $903K (-41.3%) Shares 5,774 (-28.0%) Share Price $156.34 Est. Cost/Share $170.33 Unrealized @ Report Date -8.2%

FTRE Fortrea Holdings Inc 1.7%

Value $3.425M (-15.2%) Shares 171,704 (-25.3%) Share Price $19.95 Est. Cost/Share $11.94 Unrealized @ Report Date +67.0%

SFM Sprouts Farmers Market Inc 0.2%

Value $369K (-61.9%) Shares 5,563 (-50.2%) Share Price $66.35 Est. Cost/Share $80.86 Unrealized @ Report Date -17.9%

MTH Meritage Homes Corp 0.3%

Value $501K (-51.1%) Shares 7,968 (-36.5%) Share Price $62.85 Est. Cost/Share $69.43 Unrealized @ Report Date -9.5%

BTSG BrightSpring Health Services I 0.8%

Value $1.497M (-25.4%) Shares 26,373 (-8.1%) Share Price $56.75 Est. Cost/Share $55.53 Unrealized @ Report Date +2.2%

PRI Primerica Inc 1.0%

Value $2.011M (-16.6%) Shares 7,381 (-10.7%) Share Price $272.39 Est. Cost/Share $272.06 Unrealized @ Report Date +0.1%

EGP EastGroup Properties Inc 1.1%

Value $2.097M (-14.1%) Shares 10,621 (-10.7%) Share Price $197.45 Est. Cost/Share $183.24 Unrealized @ Report Date —

RNR RenaissanceRe Holdings Ltd 1.7%

Value $3.284M (-9.3%) Shares 10,320 (-9.7%) Share Price $318.23 Est. Cost/Share $273.59 Unrealized @ Report Date +16.3%

FN Fabrinet 0.1%

Value $213K (-46.3%) Shares 501 (-30.8%) Share Price $424.27 Est. Cost/Share $276.35 Unrealized @ Report Date +53.5%

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
ETR	Entergy Corp	124,789 (-3.7%)	$12.39M (-15.3%)	6.2%	$99.26	$82.27	+20.7%	COM	29364G103
LNG	Cheniere Energy Inc	35,787 (-26.1%)	$9.628M (-18.5%)	4.8%	$269.03	$206.48	+30.3%	COM NEW	16411R208
HTO	H2O America	169,944 (-16.3%)	$10.47M (-15.1%)	5.3%	$61.63	$53.01	+16.3%	COM	784305104
CBRL	Cracker Barrel Old Country Sto	21,769 (-57.5%)	$1.145M (-59.4%)	0.6%	$52.62	$34.64	+51.9%	COM	22410J106
CBU	Community Financial System Inc	20,454 (-50.3%)	$1.218M (-56.8%)	0.6%	$59.54	$59.58	-0.1%	COM	203607106
IBP	Installed Building Products In	1,837 (-77.1%)	$352K (-80.4%)	0.2%	$191.88	$244.26	-21.4%	COM	45780R101
BCPC	Balchem Corp	1,968 (-75.3%)	$325K (-75.9%)	0.2%	$164.96	$159.62	+3.3%	COM	057665200
AIT	Applied Industrial Technologie	9,803 (-22.6%)	$3.257M (-22.5%)	1.6%	$332.29	$202.68	+63.9%	COM	03820C105
MLI	Mueller Industries Inc	50,069 (-24.6%)	$3.035M (-20.4%)	1.5%	$60.61	$87.79	-31.0%	COM	624756102
COLB	Columbia Banking System Inc	51,634 (-24.6%)	$1.477M (-33.7%)	0.7%	$28.60	$26.48	+8.0%	COM	197236102
TXRH	Texas Roadhouse Inc	5,774 (-28.0%)	$903K (-41.3%)	0.5%	$156.34	$170.33	-8.2%	COM	882681109
FTRE	Fortrea Holdings Inc	171,704 (-25.3%)	$3.425M (-15.2%)	1.7%	$19.95	$11.94	+67.0%	COMMON STOCK	34965K107
SFM	Sprouts Farmers Market Inc	5,563 (-50.2%)	$369K (-61.9%)	0.2%	$66.35	$80.86	-17.9%	COM	85208M102
MTH	Meritage Homes Corp	7,968 (-36.5%)	$501K (-51.1%)	0.3%	$62.85	$69.43	-9.5%	COM	59001A102
BTSG	BrightSpring Health Services I	26,373 (-8.1%)	$1.497M (-25.4%)	0.8%	$56.75	$55.53	+2.2%	COM	10950A106
PRI	Primerica Inc	7,381 (-10.7%)	$2.011M (-16.6%)	1.0%	$272.39	$272.06	+0.1%	COM	74164M108
EGP	EastGroup Properties Inc	10,621 (-10.7%)	$2.097M (-14.1%)	1.1%	$197.45	$183.24	—	COM	277276101
RNR	RenaissanceRe Holdings Ltd	10,320 (-9.7%)	$3.284M (-9.3%)	1.7%	$318.23	$273.59	+16.3%	COM	G7496G103
FN	Fabrinet	501 (-30.8%)	$213K (-46.3%)	0.1%	$424.27	$276.35	+53.5%	SHS	G3323L100

Unchanged Positions (18)

NEE NextEra Energy Inc 5.1%

Value $10.19M Shares 134,490 Share Price $75.74 Est. Cost/Share $70.92 Unrealized @ Report Date +6.8%

FER Ferrovial NV 2.5%

Value $4.948M Shares 91,695 Share Price $53.96 Est. Cost/Share $42.35 Unrealized @ Report Date +27.7%

XEL Xcel Energy Inc 3.3%

Value $6.645M Shares 94,283 Share Price $70.48 Est. Cost/Share $79.82 Unrealized @ Report Date -11.7%

CCI Crown Castle Inc 2.9%

Value $5.707M Shares 85,633 Share Price $66.65 Est. Cost/Share $91.23 Unrealized @ Report Date —

ES Eversource Energy 3.1%

Value $6.087M Shares 94,876 Share Price $64.16 Est. Cost/Share $60.20 Unrealized @ Report Date +6.6%

D Dominion Energy Inc 2.1%

Value $4.109M Shares 67,899 Share Price $60.52 Est. Cost/Share $65.02 Unrealized @ Report Date -6.9%

DTM DT Midstream Inc 1.1%

Value $2.116M Shares 17,711 Share Price $119.47 Est. Cost/Share $103.16 Unrealized @ Report Date +15.8%

SWX Southwest Gas Holdings Inc 1.6%

Value $3.238M Shares 39,709 Share Price $81.54 Est. Cost/Share $85.24 Unrealized @ Report Date -4.3%

CEG Constellation Energy Corp 1.6%

Value $3.16M Shares 12,441 Share Price $254.02 Est. Cost/Share $278.57 Unrealized @ Report Date -8.8%

SOBO South Bow Corp 1.5%

Value $3.08M Shares 92,771 Share Price $33.20 Est. Cost/Share $24.08 Unrealized @ Report Date +37.6%

AMT American Tower Corp 3.5%

Value $6.988M Shares 42,692 Share Price $163.69 Est. Cost/Share $180.09 Unrealized @ Report Date —

HBM Hudbay Minerals Inc 0.2%

Value $389K Shares 14,525 Share Price $26.79 Est. Cost/Share $25.29 Unrealized @ Report Date +5.5%

ISOU IsoEnergy Ltd 0.2%

Value $336K Shares 37,700 Share Price $8.92 Est. Cost/Share $11.22 Unrealized @ Report Date -20.7%

UEC Uranium Energy Corp 0.1%

Value $142K Shares 15,000 Share Price $9.45 Est. Cost/Share $13.12 Unrealized @ Report Date -28.0%

EPC Edgewell Personal Care Co 0.3%

Value $644K Shares 23,875 Share Price $26.98 Est. Cost/Share $20.82 Unrealized @ Report Date +29.6%

NXE NexGen Energy Ltd 0.2%

Value $319K Shares 35,000 Share Price $9.12 Est. Cost/Share $5.60 Unrealized @ Report Date +62.7%

FCX Freeport-McMoRan Inc 0.0%

Value $70,000 Shares 1,000 Share Price $70.00 Est. Cost/Share $39.76 Unrealized @ Report Date +76.1%

MUX McEwen Inc 0.3%

Value $500K Shares 28,000 Share Price $17.85 Est. Cost/Share $18.60 Unrealized @ Report Date -4.1%

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
NEE	NextEra Energy Inc	134,490	$10.19M	5.1%	$75.74	$70.92	+6.8%	COM	65339F101
FER	Ferrovial NV	91,695	$4.948M	2.5%	$53.96	$42.35	+27.7%	ORD SHS	N3168P101
XEL	Xcel Energy Inc	94,283	$6.645M	3.3%	$70.48	$79.82	-11.7%	COM	98389B100
CCI	Crown Castle Inc	85,633	$5.707M	2.9%	$66.65	$91.23	—	COM	22822V101
ES	Eversource Energy	94,876	$6.087M	3.1%	$64.16	$60.20	+6.6%	COM	30040W108
D	Dominion Energy Inc	67,899	$4.109M	2.1%	$60.52	$65.02	-6.9%	COM	25746U109
DTM	DT Midstream Inc	17,711	$2.116M	1.1%	$119.47	$103.16	+15.8%	COMMON STOCK	23345M107
SWX	Southwest Gas Holdings Inc	39,709	$3.238M	1.6%	$81.54	$85.24	-4.3%	COM	844895102
CEG	Constellation Energy Corp	12,441	$3.16M	1.6%	$254.02	$278.57	-8.8%	COM	21037T109
SOBO	South Bow Corp	92,771	$3.08M	1.5%	$33.20	$24.08	+37.6%	COM	83671M105
AMT	American Tower Corp	42,692	$6.988M	3.5%	$163.69	$180.09	—	COM	03027X100
HBM	Hudbay Minerals Inc	14,525	$389K	0.2%	$26.79	$25.29	+5.5%	COM	443628102
ISOU	IsoEnergy Ltd	37,700	$336K	0.2%	$8.92	$11.22	-20.7%	COM NEW	46500E867
UEC	Uranium Energy Corp	15,000	$142K	0.1%	$9.45	$13.12	-28.0%	COM	916896103
EPC	Edgewell Personal Care Co	23,875	$644K	0.3%	$26.98	$20.82	+29.6%	COM	28035Q102
NXE	NexGen Energy Ltd	35,000	$319K	0.2%	$9.12	$5.60	+62.7%	COM	65340P106
FCX	Freeport-McMoRan Inc	1,000	$70,000	0.0%	$70.00	$39.76	+76.1%	CL B	35671D857
MUX	McEwen Inc	28,000	$500K	0.3%	$17.85	$18.60	-4.1%	COM NEW	58039P305