BERNZOTT CAPITAL ADVISORS Long-Term Concentrated

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
AROC	ARCHROCK INC	290,620	$7,562	3.6%	$24.62	0.0%	COM	03957W106
BND	VANGUARD BD INDEX FDS	99,858	$7,396	3.5%	$74.07	—	TOTAL BND MRKT	921937835
KRG	KITE RLTY GROUP TR	283,673	$6,800	3.2%	$23.97	—	COM NEW	49803T300
AMT	AMERICAN TOWER CORP NEW	32,605	$5,724	2.7%	$180.30	0.0%	COM	03027X100
JBI	JANUS INTERNATIONAL GROUP IN	853,420	$5,581	2.7%	$7.79	0.0%	COMMON STOCK	47103N106
VOO	VANGUARD INDEX FDS	438	$275	0.1%	$627.20	—	S&P 500 ETF SHS	922908363
CNQ	CANADIAN NAT RES LTD	4,000	$135	0.1%	$32.42	0.0%	COM	136385101
ORCL	ORACLE CORP	550	$107	0.1%	$238.05	0.0%	COM	68389X105
MSFT	MICROSOFT CORP	70	$34	0.0%	$500.58	0.0%	COM	594918104
VEU	VANGUARD INTL EQUITY INDEX F	400	$29	0.0%	$73.56	—	ALLWRLD EX US	922042775
GEV	GE VERNOVA INC	31	$20	0.0%	$609.04	0.0%	COM	36828A101
TSLA	TESLA INC	10	$4	0.0%	$443.29	0.0%	COM	88160R101

Increased Positions (9)

VT VANGUARD INTL EQUITY INDEX F 10.3%

Value ($000) $21,741 (+402.9%) Shares 154,124 (+391.3%) Est. Cost $134.97 Unrealized —

CMCO COLUMBUS MCKINNON CORP N Y 4.4%

Value ($000) $9,329 (+120.1%) Shares 540,807 (+83.0%) Est. Cost $22.36 Unrealized -28.7%

SLGN SILGAN HLDGS INC 3.9%

Value ($000) $8,206 (+44.6%) Shares 203,262 (+54.1%) Est. Cost $43.78 Unrealized -7.3%

MP MP MATERIALS CORP 3.7%

Value ($000) $7,809 (-22.0%) Shares 154,574 (+3.5%) Est. Cost $26.34 Unrealized +140.7%

TIC TIC SOLUTIONS INC 3.8%

Value ($000) $8,013 (-18.9%) Shares 792,541 (+6.8%) Est. Cost $11.39 Unrealized -2.2%

LW LAMB WESTON HLDGS INC 2.4%

Value ($000) $4,945 (-26.3%) Shares 118,053 (+2.2%) Est. Cost $69.89 Unrealized -16.0%

VSH VISHAY INTERTECHNOLOGY INC 3.8%

Value ($000) $7,966 (+6.9%) Shares 549,780 (+12.9%) Est. Cost $17.83 Unrealized -15.4%

VNOM VIPER ENERGY INC 2.1%

Value ($000) $4,470 (+4.9%) Shares 115,721 (+3.8%) Est. Cost $38.09 Unrealized -0.6%

CHRD CHORD ENERGY CORPORATION 0.3%

Value ($000) $729 (+32.1%) Shares 7,867 (+41.6%) Est. Cost $100.30 Unrealized -8.3%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
VT	VANGUARD INTL EQUITY INDEX F	154,124 (+391.3%)	$21,741 (+402.9%)	10.3%	$134.97	—	TT WRLD ST ETF	922042742
CMCO	COLUMBUS MCKINNON CORP N Y	540,807 (+83.0%)	$9,329 (+120.1%)	4.4%	$22.36	-28.7%	COM	199333105
SLGN	SILGAN HLDGS INC	203,262 (+54.1%)	$8,206 (+44.6%)	3.9%	$43.78	-7.3%	COM	827048109
MP	MP MATERIALS CORP	154,574 (+3.5%)	$7,809 (-22.0%)	3.7%	$26.34	+140.7%	COM CL A	553368101
TIC	TIC SOLUTIONS INC	792,541 (+6.8%)	$8,013 (-18.9%)	3.8%	$11.39	-2.2%	COM	00510N102
LW	LAMB WESTON HLDGS INC	118,053 (+2.2%)	$4,945 (-26.3%)	2.4%	$69.89	-16.0%	COM	513272104
VSH	VISHAY INTERTECHNOLOGY INC	549,780 (+12.9%)	$7,966 (+6.9%)	3.8%	$17.83	-15.4%	COM	928298108
VNOM	VIPER ENERGY INC	115,721 (+3.8%)	$4,470 (+4.9%)	2.1%	$38.09	-0.6%	CL A	64361Q101
CHRD	CHORD ENERGY CORPORATION	7,867 (+41.6%)	$729 (+32.1%)	0.3%	$100.30	-8.3%	COM NEW	674215207

Exited Positions (5)

— HILLENBRAND INC 5.0%

Value ($000) $10,527 Shares 389,330 Est. Cost $26.26 Unrealized —

— JANUS INTERNATIONAL GROUP IN 4.9%

Value ($000) $10,230 Shares 1,036,493 Est. Cost $9.87 Unrealized —

— ARCHROCK INC 3.6%

Value ($000) $7,670 Shares 291,534 Est. Cost $26.31 Unrealized —

— AMERICAN TOWER CORP NEW 3.2%

Value ($000) $6,763 Shares 35,163 Est. Cost $192.32 Unrealized —

— KITE RLTY GROUP TR 3.1%

Value ($000) $6,515 Shares 292,151 Est. Cost $22.30 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	HILLENBRAND INC	389,330	$10,527	5.0%	$26.26	—	—	431571108
—	JANUS INTERNATIONAL GROUP IN	1,036,493	$10,230	4.9%	$9.87	—	—	47103n106
—	ARCHROCK INC	291,534	$7,670	3.6%	$26.31	—	—	03957w106
—	AMERICAN TOWER CORP NEW	35,163	$6,763	3.2%	$192.32	—	—	03027x100
—	KITE RLTY GROUP TR	292,151	$6,515	3.1%	$22.30	—	—	49803t300

Decreased Positions (18)

JJSF J & J SNACK FOODS CORP 3.3%

Value ($000) $6,890 (-30.4%) Shares 76,240 (-26.0%) Est. Cost $126.35 Unrealized -28.7%

ENOV ENOVIS CORPORATION 2.5%

Value ($000) $5,317 (-25.5%) Shares 199,596 (-15.1%) Est. Cost $44.55 Unrealized -33.7%

PCH POTLATCHDELTIC CORPORATION 2.9%

Value ($000) $6,165 (-20.3%) Shares 154,965 (-18.3%) Est. Cost $45.87 Unrealized —

NNN NNN REIT INC 2.6%

Value ($000) $5,430 (-18.2%) Shares 137,029 (-12.1%) Est. Cost $43.07 Unrealized —

MZTI MARZETTI COMPANY 2.6%

Value ($000) $5,486 (-17.2%) Shares 33,367 (-13.0%) Est. Cost $180.73 Unrealized -7.7%

EHC ENCOMPASS HEALTH CORP 2.4%

Value ($000) $4,963 (-18.3%) Shares 46,759 (-2.2%) Est. Cost $49.99 Unrealized +131.5%

WSC WILLSCOT HLDGS CORP 1.3%

Value ($000) $2,690 (-23.1%) Shares 142,879 (-13.8%) Est. Cost $29.92 Unrealized -32.6%

BDX BECTON DICKINSON & CO 2.6%

Value ($000) $5,545 (-12.3%) Shares 28,573 (-15.4%) Est. Cost $210.70 Unrealized -10.0%

NFG NATIONAL FUEL GAS CO 1.9%

Value ($000) $4,059 (-15.0%) Shares 50,695 (-1.9%) Est. Cost $51.85 Unrealized +58.9%

HLMN HILLMAN SOLUTIONS CORP 3.5%

Value ($000) $7,434 (-7.7%) Shares 858,449 (-2.2%) Est. Cost $8.48 Unrealized +6.3%

JNJ JOHNSON & JOHNSON 3.2%

Value ($000) $6,740 (+9.3%) Shares 32,570 (-2.1%) Est. Cost $90.49 Unrealized +117.7%

HALO HALOZYME THERAPEUTICS INC 2.2%

Value ($000) $4,563 (-10.2%) Shares 67,794 (-2.1%) Est. Cost $51.80 Unrealized +29.9%

TRNO TERRENO RLTY CORP 2.6%

Value ($000) $5,476 (-6.7%) Shares 93,266 (-9.8%) Est. Cost $55.38 Unrealized —

HHH HOWARD HUGHES HOLDINGS INC 3.5%

Value ($000) $7,425 (-4.8%) Shares 93,074 (-1.9%) Est. Cost $74.89 Unrealized +10.6%

GDEN GOLDEN ENTMT INC 3.6%

Value ($000) $7,557 (-4.7%) Shares 277,948 (-17.3%) Est. Cost $32.36 Unrealized -20.6%

GVA GRANITE CONSTR INC 3.2%

Value ($000) $6,813 (+3.3%) Shares 59,066 (-1.8%) Est. Cost $38.95 Unrealized +175.9%

HCI HCI GROUP INC 3.3%

Value ($000) $6,985 (-2.2%) Shares 36,438 (-2.1%) Est. Cost $68.35 Unrealized +175.6%

DVN DEVON ENERGY CORP NEW 1.8%

Value ($000) $3,774 (+0.5%) Shares 103,021 (-3.8%) Est. Cost $25.39 Unrealized +36.8%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
JJSF	J & J SNACK FOODS CORP	76,240 (-26.0%)	$6,890 (-30.4%)	3.3%	$126.35	-28.7%	COM	466032109
ENOV	ENOVIS CORPORATION	199,596 (-15.1%)	$5,317 (-25.5%)	2.5%	$44.55	-33.7%	COM	194014502
PCH	POTLATCHDELTIC CORPORATION	154,965 (-18.3%)	$6,165 (-20.3%)	2.9%	$45.87	—	COM	737630103
NNN	NNN REIT INC	137,029 (-12.1%)	$5,430 (-18.2%)	2.6%	$43.07	—	COM	637417106
MZTI	MARZETTI COMPANY	33,367 (-13.0%)	$5,486 (-17.2%)	2.6%	$180.73	-7.7%	COM	513847103
EHC	ENCOMPASS HEALTH CORP	46,759 (-2.2%)	$4,963 (-18.3%)	2.4%	$49.99	+131.5%	COM	29261A100
WSC	WILLSCOT HLDGS CORP	142,879 (-13.8%)	$2,690 (-23.1%)	1.3%	$29.92	-32.6%	COM CL A	971378104
BDX	BECTON DICKINSON & CO	28,573 (-15.4%)	$5,545 (-12.3%)	2.6%	$210.70	-10.0%	COM	075887109
NFG	NATIONAL FUEL GAS CO	50,695 (-1.9%)	$4,059 (-15.0%)	1.9%	$51.85	+58.9%	COM	636180101
HLMN	HILLMAN SOLUTIONS CORP	858,449 (-2.2%)	$7,434 (-7.7%)	3.5%	$8.48	+6.3%	COM	431636109
JNJ	JOHNSON & JOHNSON	32,570 (-2.1%)	$6,740 (+9.3%)	3.2%	$90.49	+117.7%	COM	478160104
HALO	HALOZYME THERAPEUTICS INC	67,794 (-2.1%)	$4,563 (-10.2%)	2.2%	$51.80	+29.9%	COM	40637H109
TRNO	TERRENO RLTY CORP	93,266 (-9.8%)	$5,476 (-6.7%)	2.6%	$55.38	—	COM	88146M101
HHH	HOWARD HUGHES HOLDINGS INC	93,074 (-1.9%)	$7,425 (-4.8%)	3.5%	$74.89	+10.6%	COM	44267T102
GDEN	GOLDEN ENTMT INC	277,948 (-17.3%)	$7,557 (-4.7%)	3.6%	$32.36	-20.6%	COM	381013101
GVA	GRANITE CONSTR INC	59,066 (-1.8%)	$6,813 (+3.3%)	3.2%	$38.95	+175.9%	COM	387328107
HCI	HCI GROUP INC	36,438 (-2.1%)	$6,985 (-2.2%)	3.3%	$68.35	+175.6%	COM	40416E103
DVN	DEVON ENERGY CORP NEW	103,021 (-3.8%)	$3,774 (+0.5%)	1.8%	$25.39	+36.8%	COM	25179M103