SPEECE THORSON CAPITAL GROUP INC Concentrated Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
CBSH	COMMERCE BANCSHARES INC	357,936 (+53.4%)	$19 (+34.4%)	4.1%	$44.22	+17.8%	COM	200525103
MGEE	MGE ENERGY INC	195,596 (+44.3%)	$15 (+34.4%)	3.3%	$74.86	+9.4%	COM	55277P104
BRO	BROWN & BROWN INC	157,113 (+65.8%)	$13 (+40.9%)	2.7%	$68.78	+21.2%	COM	115236101
AZZ	AZZ INC	113,313 (+37.0%)	$12 (+34.6%)	2.6%	$91.96	+12.5%	COM	002474104
MSA	MSA SAFETY INC	93,158 (+23.7%)	$15 (+15.1%)	3.2%	$160.00	+1.8%	COM	553498106
CASS	CASS INFORMATION SYS INC	364,597 (+3.9%)	$15 (+9.6%)	3.3%	$40.99	-1.2%	COM	14808P109
TSCO	TRACTOR SUPPLY CO	307,359 (+22.0%)	$15 (+7.3%)	3.3%	$48.93	+9.8%	COM	892356106

Exited Positions (2)

FMC FMC CORP 2.2%

Value ($000) $10 Shares 308,478 Est. Cost $65.80 Unrealized -71.2%

HRL HORMEL FOODS CORP 0.9%

Value ($000) $4 Shares 168,522 Est. Cost $27.32 Unrealized -14.7%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
FMC	FMC CORP	308,478	$10	2.2%	$65.80	-71.2%	—	302491303
HRL	HORMEL FOODS CORP	168,522	$4	0.9%	$27.32	-14.7%	—	440452100

Decreased Positions (28)

ZBH ZIMMER HLDGS INC 3.0%

Value ($000) $14 (-29.0%) Shares 155,178 (-22.2%) Est. Cost $110.82 Unrealized -14.7%

SJM SMUCKER J M CO 2.7%

Value ($000) $13 (-29.1%) Shares 129,299 (-21.3%) Est. Cost $101.67 Unrealized +1.2%

GNTX GENTEX CORP 3.3%

Value ($000) $15 (-22.4%) Shares 650,913 (-5.6%) Est. Cost $28.66 Unrealized -15.9%

MTB M & T BANK CORP 3.2%

Value ($000) $15 (-20.6%) Shares 73,241 (-22.1%) Est. Cost $110.89 Unrealized +71.4%

KEYS KEYSIGHT TECHNOLOGIES INC 2.3%

Value ($000) $11 (-24.3%) Shares 51,907 (-34.8%) Est. Cost $144.37 Unrealized +28.5%

WTM WHITE MOUNT INS GRP LTD 4.8%

Value ($000) $22 (+17.8%) Shares 10,672 (-5.2%) Est. Cost $872.68 Unrealized +124.1%

ORLY O REILLY AUTOMOTIVE INC 2.9%

Value ($000) $14 (-19.8%) Shares 148,154 (-5.2%) Est. Cost $86.76 Unrealized +12.6%

RPM RPM INTL INC 3.5%

Value ($000) $16 (-16.6%) Shares 157,660 (-5.5%) Est. Cost $84.99 Unrealized +27.4%

ARW ARROW ELECTRS INC 3.5%

Value ($000) $16 (-13.9%) Shares 145,231 (-5.5%) Est. Cost $89.37 Unrealized +27.1%

MHK MOHAWK INDS INC 2.2%

Value ($000) $10 (-19.8%) Shares 92,052 (-5.4%) Est. Cost $122.13 Unrealized -6.0%

LH LABORATORY CORP AMER HLDGS 2.5%

Value ($000) $11 (-17.6%) Shares 45,125 (-5.7%) Est. Cost $200.39 Unrealized +32.3%

DVA DAVITA HEALTHCARE PARTNERS 2.2%

Value ($000) $10 (-19.0%) Shares 88,552 (-5.3%) Est. Cost $75.92 Unrealized +60.2%

ATR APTARGROUP INC 2.5%

Value ($000) $11 (-13.9%) Shares 93,908 (-5.6%) Est. Cost $113.97 Unrealized +7.9%

WRB BERKLEY W R CORP 2.2%

Value ($000) $10 (-13.4%) Shares 144,862 (-5.4%) Est. Cost $38.68 Unrealized +88.1%

MWA MUELLER WTR PRODS INC 2.4%

Value ($000) $11 (-11.1%) Shares 467,585 (-4.8%) Est. Cost $9.97 Unrealized +147.7%

CHRW C H ROBINSON WORLDWIDE INC 2.2%

Value ($000) $10 (-8.2%) Shares 62,839 (-24.4%) Est. Cost $75.03 Unrealized +96.4%

CASY CASEYS GEN STORES INC 2.2%

Value ($000) $10 (-6.3%) Shares 18,405 (-4.1%) Est. Cost $101.43 Unrealized +441.9%

TFX TELEFLEX INCORPORATED 2.2%

Value ($000) $10 (-6.0%) Shares 83,601 (-5.8%) Est. Cost $206.29 Unrealized -41.3%

SON SONOCO PRODUCTS 3.1%

Value ($000) $14 (-4.3%) Shares 331,607 (-5.5%) Est. Cost $40.22 Unrealized +2.4%

IEX IDEX CORP 3.3%

Value ($000) $15 (+4.1%) Shares 85,112 (-4.8%) Est. Cost $151.05 Unrealized +13.1%

TTC TORO CO 3.4%

Value ($000) $15 (-2.7%) Shares 196,634 (-5.8%) Est. Cost $88.23 Unrealized -16.2%

STE STERIS PLC SHS USD 2.9%

Value ($000) $13 (-3.0%) Shares 52,065 (-5.3%) Est. Cost $166.62 Unrealized +50.7%

HXL HEXCEL CORP NEW 4.6%

Value ($000) $21 (+1.9%) Shares 284,905 (-13.5%) Est. Cost $61.56 Unrealized +14.9%

NTRS NORTHERN TRUST CORP 1.9%

Value ($000) $9 (-3.4%) Shares 65,340 (-4.8%) Est. Cost $65.10 Unrealized +100.8%

ETN EATON CORP PLC SHS 0.3%

Value ($000) $1 (-18.2%) Shares 3,775 (-3.8%) Est. Cost $74.72 Unrealized +374.3%

DVN DEVON ENERGY CORP NEW 2.4%

Value ($000) $11 (-2.0%) Shares 303,613 (-6.2%) Est. Cost $36.35 Unrealized -4.5%

WAB WABTEC CORP 3.3%

Value ($000) $15 (+0.8%) Shares 72,387 (-5.4%) Est. Cost $76.61 Unrealized +168.0%

— REV GROUP INC 1.5%

Value ($000) $7 (+1.2%) Shares 114,016 (-5.7%) Est. Cost $0.03 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ZBH	ZIMMER HLDGS INC	155,178 (-22.2%)	$14 (-29.0%)	3.0%	$110.82	-14.7%	COM	98956P102
SJM	SMUCKER J M CO	129,299 (-21.3%)	$13 (-29.1%)	2.7%	$101.67	+1.2%	COM	832696405
GNTX	GENTEX CORP	650,913 (-5.6%)	$15 (-22.4%)	3.3%	$28.66	-15.9%	COM	371901109
MTB	M & T BANK CORP	73,241 (-22.1%)	$15 (-20.6%)	3.2%	$110.89	+71.4%	COM	55261F104
KEYS	KEYSIGHT TECHNOLOGIES INC	51,907 (-34.8%)	$11 (-24.3%)	2.3%	$144.37	+28.5%	COM	49338L103
WTM	WHITE MOUNT INS GRP LTD	10,672 (-5.2%)	$22 (+17.8%)	4.8%	$872.68	+124.1%	COM	G9618E107
ORLY	O REILLY AUTOMOTIVE INC	148,154 (-5.2%)	$14 (-19.8%)	2.9%	$86.76	+12.6%	COM	67103H107
RPM	RPM INTL INC	157,660 (-5.5%)	$16 (-16.6%)	3.5%	$84.99	+27.4%	COM	749685103
ARW	ARROW ELECTRS INC	145,231 (-5.5%)	$16 (-13.9%)	3.5%	$89.37	+27.1%	COM	042735100
MHK	MOHAWK INDS INC	92,052 (-5.4%)	$10 (-19.8%)	2.2%	$122.13	-6.0%	COM	608190104
LH	LABORATORY CORP AMER HLDGS	45,125 (-5.7%)	$11 (-17.6%)	2.5%	$200.39	+32.3%	COM	504922105
DVA	DAVITA HEALTHCARE PARTNERS	88,552 (-5.3%)	$10 (-19.0%)	2.2%	$75.92	+60.2%	COM	23918K108
ATR	APTARGROUP INC	93,908 (-5.6%)	$11 (-13.9%)	2.5%	$113.97	+7.9%	COM	038336103
WRB	BERKLEY W R CORP	144,862 (-5.4%)	$10 (-13.4%)	2.2%	$38.68	+88.1%	COM	084423102
MWA	MUELLER WTR PRODS INC	467,585 (-4.8%)	$11 (-11.1%)	2.4%	$9.97	+147.7%	COM	624758108
CHRW	C H ROBINSON WORLDWIDE INC	62,839 (-24.4%)	$10 (-8.2%)	2.2%	$75.03	+96.4%	COM	12541W209
CASY	CASEYS GEN STORES INC	18,405 (-4.1%)	$10 (-6.3%)	2.2%	$101.43	+441.9%	COM	147528103
TFX	TELEFLEX INCORPORATED	83,601 (-5.8%)	$10 (-6.0%)	2.2%	$206.29	-41.3%	COM	879369106
SON	SONOCO PRODUCTS	331,607 (-5.5%)	$14 (-4.3%)	3.1%	$40.22	+2.4%	COM	835495102
IEX	IDEX CORP	85,112 (-4.8%)	$15 (+4.1%)	3.3%	$151.05	+13.1%	COM	45167R104
TTC	TORO CO	196,634 (-5.8%)	$15 (-2.7%)	3.4%	$88.23	-16.2%	COM	891092108
STE	STERIS PLC SHS USD	52,065 (-5.3%)	$13 (-3.0%)	2.9%	$166.62	+50.7%	COM	G8473T100
HXL	HEXCEL CORP NEW	284,905 (-13.5%)	$21 (+1.9%)	4.6%	$61.56	+14.9%	COM	428291108
NTRS	NORTHERN TRUST CORP	65,340 (-4.8%)	$9 (-3.4%)	1.9%	$65.10	+100.8%	COM	665859104
ETN	EATON CORP PLC SHS	3,775 (-3.8%)	$1 (-18.2%)	0.3%	$74.72	+374.3%	COM	G29183103
DVN	DEVON ENERGY CORP NEW	303,613 (-6.2%)	$11 (-2.0%)	2.4%	$36.35	-4.5%	COM	25179M103
WAB	WABTEC CORP	72,387 (-5.4%)	$15 (+0.8%)	3.3%	$76.61	+168.0%	COM	929740108
—	REV GROUP INC	114,016 (-5.7%)	$7 (+1.2%)	1.5%	$0.03	—	COM	749527107

Unchanged Positions (7)

NSIT INSIGHT ENTERPRISES INC 0.1%

Value ($000) $1 Shares 6,244 Est. Cost $58.22 Unrealized +61.1%

WSM WILLIAMS SONOMA INC 0.3%

Value ($000) $2 Shares 8,888 Est. Cost $94.71 Unrealized +97.7%

MCY MERCURY GEN CORP NEW 0.3%

Value ($000) $1 Shares 14,586 Est. Cost $34.70 Unrealized +150.0%

LEG LEGGETT & PLATT INC 0.1%

Value ($000) $0 Shares 27,094 Est. Cost $37.93 Unrealized -74.1%

HSIC SCHEIN HENRY INC 0.1%

Value ($000) $0 Shares 6,166 Est. Cost $74.40 Unrealized -5.4%

WERN WERNER ENTERPRISES INC 0.1%

Value ($000) $0 Shares 14,563 Est. Cost $36.46 Unrealized -24.6%

PGR PROGRESSIVE CORP OHIO 0.1%

Value ($000) $0 Shares 1,426 Est. Cost $24.72 Unrealized +758.8%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
NSIT	INSIGHT ENTERPRISES INC	6,244	$1	0.1%	$58.22	+61.1%	COM	45765U103
WSM	WILLIAMS SONOMA INC	8,888	$2	0.3%	$94.71	+97.7%	COM	969904101
MCY	MERCURY GEN CORP NEW	14,586	$1	0.3%	$34.70	+150.0%	COM	589400100
LEG	LEGGETT & PLATT INC	27,094	$0	0.1%	$37.93	-74.1%	COM	524660107
HSIC	SCHEIN HENRY INC	6,166	$0	0.1%	$74.40	-5.4%	COM	806407102
WERN	WERNER ENTERPRISES INC	14,563	$0	0.1%	$36.46	-24.6%	COM	950755108
PGR	PROGRESSIVE CORP OHIO	1,426	$0	0.1%	$24.72	+758.8%	COM	743315103