Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
APD	AIR PRODUCTS AND CHEMICALS I	7,061	$2.07M	2.8%	$293.18	—	COM	009158106
FAST	FASTENAL CO	41,526	$1.994M	2.7%	$48.03	—	COM	311900104
PCAR	PACCAR INC	16,247	$1.952M	2.6%	$120.12	—	COM	693718108
CHD	CHURCH & DWIGHT CO INC	18,857	$1.827M	2.4%	$96.88	—	COM	171340102
JCI	JOHNSON CONTROLS INTERNATION	10,277	$1.502M	2.0%	$146.11	—	SHS	G51502105
NVT	NVENT ELEC PLC	8,838	$1.499M	2.0%	$169.61	—	SHS	G6700G107
BLDR	BUILDERS FIRSTSOURCE INC	15,507	$1.388M	1.8%	$89.48	—	COM	12008R107
WSO	WATSCO INC	3,278	$1.366M	1.8%	$416.73	—	COM	942622200
AVY	AVERY DENNISON CORP	7,997	$1.298M	1.7%	$162.35	—	COM	053611109
AGCO	AGCO CORP	7,778	$931K	1.2%	$119.70	—	COM	001084102
AXTA	AXALTA COATING SYS LTD	26,416	$904K	1.2%	$34.22	—	COM	G0750C108
LECO	LINCOLN ELEC HLDGS INC	2,550	$677K	0.9%	$265.51	—	COM	533900106
EME	EMCOR GROUP INC	672	$558K	0.7%	$829.88	—	COM	29084Q100
LOW	LOWES COS INC	1,517	$334K	0.4%	$220.49	—	COM	548661107
BALL	BALL CORP	1,955	$122K	0.2%	$62.40	—	COM	058498106
KMT	KENNAMETAL INC	3,362	$118K	0.2%	$35.05	—	COM	489170100
BCC	BOISE CASCADE CO DEL	953	$73,981	0.1%	$77.63	—	COM	09739D100

Exited Positions (16)

IR INGERSOLL RAND INC 33.2%

Value $24.91M Shares 310,957 Est. Cost $90.43 Unrealized —

IEX IDEX CORP 32.9%

Value $24.72M Shares 130,389 Est. Cost $192.97 Unrealized —

ITT ITT INC 32.5%

Value $24.46M Shares 128,378 Est. Cost $181.09 Unrealized —

MMM 3M CO 18.6%

Value $14.01M Shares 96,480 Est. Cost $163.22 Unrealized —

EMR EMERSON ELEC CO 18.4%

Value $13.86M Shares 105,769 Est. Cost $143.29 Unrealized —

RPM RPM INTL INC 16.5%

Value $12.41M Shares 124,822 Est. Cost $110.78 Unrealized —

LII LENNOX INTL INC 14.8%

Value $11.15M Shares 24,024 Est. Cost $537.93 Unrealized —

LIN LINDE PLC 14.8%

Value $11.13M Shares 22,455 Est. Cost $427.28 Unrealized —

TKR TIMKEN CO 13.6%

Value $10.23M Shares 101,754 Est. Cost $79.55 Unrealized —

DOV DOVER CORP 11.3%

Value $8.505M Shares 40,800 Est. Cost $214.66 Unrealized —

PPG PPG INDS INC 8.8%

Value $6.579M Shares 61,559 Est. Cost $109.99 Unrealized —

BLD TOPBUILD COR 6.2%

Value $4.656M Shares 13,253 Est. Cost $491.84 Unrealized —

MLM MARTIN MARIETTA MATLS INC 4.0%

Value $2.975M Shares 5,054 Est. Cost $661.01 Unrealized —

ROK ROCKWELL AUTOMATION INC 3.5%

Value $2.625M Shares 7,314 Est. Cost $410.26 Unrealized —

CNH CNH INDL N V 2.1%

Value $1.572M Shares 142,881 Est. Cost $12.22 Unrealized —

AYI ACUITY INC 1.6%

Value $1.193M Shares 4,257 Est. Cost $321.75 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
IR	INGERSOLL RAND INC	310,957	$24.91M	33.2%	$90.43	—	—	45687V106
IEX	IDEX CORP	130,389	$24.72M	32.9%	$192.97	—	—	45167R104
ITT	ITT INC	128,378	$24.46M	32.5%	$181.09	—	—	45073V108
MMM	3M CO	96,480	$14.01M	18.6%	$163.22	—	—	88579Y101
EMR	EMERSON ELEC CO	105,769	$13.86M	18.4%	$143.29	—	—	291011104
RPM	RPM INTL INC	124,822	$12.41M	16.5%	$110.78	—	—	749685103
LII	LENNOX INTL INC	24,024	$11.15M	14.8%	$537.93	—	—	526107107
LIN	LINDE PLC	22,455	$11.13M	14.8%	$427.28	—	—	G54950103
TKR	TIMKEN CO	101,754	$10.23M	13.6%	$79.55	—	—	887389104
DOV	DOVER CORP	40,800	$8.505M	11.3%	$214.66	—	—	260003108
PPG	PPG INDS INC	61,559	$6.579M	8.8%	$109.99	—	—	693506107
BLD	TOPBUILD COR	13,253	$4.656M	6.2%	$491.84	—	—	89055F103
MLM	MARTIN MARIETTA MATLS INC	5,054	$2.975M	4.0%	$661.01	—	—	573284106
ROK	ROCKWELL AUTOMATION INC	7,314	$2.625M	3.5%	$410.26	—	—	773903109
CNH	CNH INDL N V	142,881	$1.572M	2.1%	$12.22	—	—	N20944109
AYI	ACUITY INC	4,257	$1.193M	1.6%	$321.75	—	—	00508Y102

Decreased Positions (19)

SNA SNAP ON INC 1.7%

Value $1.305M (-94.6%) Shares 3,242 (-95.2%) Est. Cost $369.24 Unrealized —

PH PARKER-HANNIFIN CORP 2.7%

Value $1.997M (-92.0%) Shares 2,042 (-92.6%) Est. Cost $956.31 Unrealized —

ALLE ALLEGION PLC 2.3%

Value $1.739M (-92.8%) Shares 12,378 (-92.5%) Est. Cost $166.39 Unrealized —

ITW ILLINOIS TOOL WKS INC 2.6%

Value $1.99M (-91.8%) Shares 7,359 (-92.1%) Est. Cost $273.24 Unrealized —

CAT CATERPILLAR INC 0.0%

Value $15,974 (-99.9%) Shares 15 (-99.9%) Est. Cost $684.39 Unrealized —

APH AMPHENOL CORP NEW 1.0%

Value $730K (-95.8%) Shares 4,143 (-97.0%) Est. Cost $106.78 Unrealized —

RBC RBC BEARINGS INC 2.4%

Value $1.822M (-90.1%) Shares 2,829 (-91.6%) Est. Cost $517.64 Unrealized —

AOS SMITH A O CORP 1.5%

Value $1.143M (-93.4%) Shares 18,225 (-93.1%) Est. Cost $69.99 Unrealized —

ETN EATON CORP PLC 2.0%

Value $1.507M (-91.4%) Shares 3,536 (-92.8%) Est. Cost $354.34 Unrealized —

VMC VULCAN MATLS CO 0.1%

Value $56,052 (-99.6%) Shares 190 (-99.6%) Est. Cost $293.14 Unrealized —

TT TRANE TECHNOLOGIES PLC 2.0%

Value $1.476M (-89.2%) Shares 3,005 (-90.8%) Est. Cost $422.16 Unrealized —

OTIS OTIS WORLDWIDE CORP 2.6%

Value $1.933M (-85.7%) Shares 26,993 (-84.6%) Est. Cost $89.52 Unrealized —

CCK CROWN HLDGS INC 0.0%

Value $3,578 (-100.0%) Shares 32 (-100.0%) Est. Cost $105.44 Unrealized —

SWK STANLEY BLACK & DECKER INC 0.2%

Value $185K (-96.5%) Shares 1,966 (-97.4%) Est. Cost $84.45 Unrealized —

CRH CRH PLC 2.6%

Value $1.935M (-72.2%) Shares 18,080 (-72.7%) Est. Cost $124.33 Unrealized —

ST SENSATA TECHNOLOGIES HLDG PL 0.8%

Value $580K (-89.4%) Shares 12,157 (-92.2%) Est. Cost $31.23 Unrealized —

CMI CUMMINS INC 0.8%

Value $578K (-83.1%) Shares 810 (-87.2%) Est. Cost $575.50 Unrealized —

SHW SHERWIN WILLIAMS CO 2.6%

Value $1.968M (-51.3%) Shares 5,717 (-54.6%) Est. Cost $338.57 Unrealized —

JBTM JBT MAREL CORPORATION 0.8%

Value $607K (-71.4%) Shares 4,186 (-74.8%) Est. Cost $131.15 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
SNA	SNAP ON INC	3,242 (-95.2%)	$1.305M (-94.6%)	1.7%	$369.24	—	COM	833034101
PH	PARKER-HANNIFIN CORP	2,042 (-92.6%)	$1.997M (-92.0%)	2.7%	$956.31	—	COM	701094104
ALLE	ALLEGION PLC	12,378 (-92.5%)	$1.739M (-92.8%)	2.3%	$166.39	—	ORD SHS	G0176J109
ITW	ILLINOIS TOOL WKS INC	7,359 (-92.1%)	$1.99M (-91.8%)	2.6%	$273.24	—	COM	452308109
CAT	CATERPILLAR INC	15 (-99.9%)	$15,974 (-99.9%)	0.0%	$684.39	—	COM	149123101
APH	AMPHENOL CORP NEW	4,143 (-97.0%)	$730K (-95.8%)	1.0%	$106.78	—	CL A	032095101
RBC	RBC BEARINGS INC	2,829 (-91.6%)	$1.822M (-90.1%)	2.4%	$517.64	—	COM	75524B104
AOS	SMITH A O CORP	18,225 (-93.1%)	$1.143M (-93.4%)	1.5%	$69.99	—	COM	831865209
ETN	EATON CORP PLC	3,536 (-92.8%)	$1.507M (-91.4%)	2.0%	$354.34	—	SHS	G29183103
VMC	VULCAN MATLS CO	190 (-99.6%)	$56,052 (-99.6%)	0.1%	$293.14	—	COM	929160109
TT	TRANE TECHNOLOGIES PLC	3,005 (-90.8%)	$1.476M (-89.2%)	2.0%	$422.16	—	SHS	G8994E103
OTIS	OTIS WORLDWIDE CORP	26,993 (-84.6%)	$1.933M (-85.7%)	2.6%	$89.52	—	COM	68902V107
CCK	CROWN HLDGS INC	32 (-100.0%)	$3,578 (-100.0%)	0.0%	$105.44	—	COM	228368106
SWK	STANLEY BLACK & DECKER INC	1,966 (-97.4%)	$185K (-96.5%)	0.2%	$84.45	—	COM	854502101
CRH	CRH PLC	18,080 (-72.7%)	$1.935M (-72.2%)	2.6%	$124.33	—	ORD	G25508105
ST	SENSATA TECHNOLOGIES HLDG PL	12,157 (-92.2%)	$580K (-89.4%)	0.8%	$31.23	—	SHS	G8060N102
CMI	CUMMINS INC	810 (-87.2%)	$578K (-83.1%)	0.8%	$575.50	—	COM	231021106
SHW	SHERWIN WILLIAMS CO	5,717 (-54.6%)	$1.968M (-51.3%)	2.6%	$338.57	—	COM	824348106
JBTM	JBT MAREL CORPORATION	4,186 (-74.8%)	$607K (-71.4%)	0.8%	$131.15	—	COM	477839104

Unchanged Positions (1)

AMZN AMAZON COM INC 46.5%

Value $34.96M Shares 146,695 Est. Cost $197.89 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
AMZN	AMAZON COM INC	146,695	$34.96M	46.5%	$197.89	—	COM	023135106