River Road Asset Management, LLC Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ATR	AptarGroup, Inc.	917,670	$111,919	1.2%	$122.95	0.0%	COM	038336103
LMT	Lockheed Martin Corporation	140,791	$68,096	0.7%	$476.18	0.0%	COM	539830109
IFF	International Flavors & Fragra	969,490	$65,334	0.7%	$64.40	0.0%	COM	459506101
BRBR	BellRing Brands, Inc.	2,112,436	$56,465	0.6%	$31.04	0.0%	COM	07831C103
BMRN	BioMarin Pharmaceutical Inc.	906,366	$53,865	0.6%	$54.44	0.0%	COM	09061G101
SMPL	Simply Good Foods Co	1,586,490	$31,857	0.3%	$20.81	0.0%	COM	82900L102
UL	Unilever PLC Sponsored ADR	452,487	$29,593	0.3%	$65.40	—	COM	904767803
LSTR	Landstar System, Inc.	125,829	$18,082	0.2%	$143.70	—	COM	515098101
NMIH	NMI Holdings, Inc.	370,295	$15,104	0.2%	$37.80	0.0%	COM	629209305
APD	Air Products and Chemicals, In	43,085	$10,643	0.1%	$251.65	0.0%	COM	009158106
NWSA	News Corporation Class A	368,114	$9,615	0.1%	$26.23	0.0%	COM	65249B109
RPM	RPM International Inc.	64,015	$6,658	0.1%	$108.25	0.0%	COM	749685103
ACI	Albertsons Companies, Inc. Cla	370,792	$6,366	0.1%	$17.64	0.0%	COM	013091103
IWN	iShares Russell 2000 Value ETF	7,064	$1,280	0.0%	$181.21	—	COM	464287630
ET	Energy Transfer LP	74,955	$1,236	0.0%	$16.49	—	COM	29273V100
FG	F&G Annuities & Life Inc	6,765	$209	0.0%	$31.09	0.0%	COM	30190A104

Increased Positions (62)

ARES Ares Management Corporation 1.4%

Value ($000) $130,484 (+41095.6%) Shares 807,300 (+40652.1%) Est. Cost $154.98 Unrealized -0.0%

UNP Union Pacific Corporation 1.2%

Value ($000) $113,406 (+1185.2%) Shares 490,254 (+1213.2%) Est. Cost $227.00 Unrealized +0.1%

FCNCA First Citizens BancShares, Inc 1.3%

Value ($000) $118,903 (+708.5%) Shares 55,402 (+574.0%) Est. Cost $1880.14 Unrealized +0.2%

DAL Delta Air Lines, Inc. 1.0%

Value ($000) $89,454 (+437.5%) Shares 1,288,956 (+339.5%) Est. Cost $58.13 Unrealized +7.4%

LAD Lithia Motors, Inc. 2.7%

Value ($000) $246,814 (+40.5%) Shares 742,677 (+33.6%) Est. Cost $293.22 Unrealized +8.3%

WTM White Mountains Insurance Grou 2.8%

Value ($000) $251,192 (+37.1%) Shares 120,880 (+10.3%) Est. Cost $979.32 Unrealized +99.7%

VRRM Verra Mobility Corp. Class A 0.7%

Value ($000) $66,888 (+391.3%) Shares 2,984,760 (+441.6%) Est. Cost $23.18 Unrealized -1.5%

MMS MAXIMUS, Inc. 0.8%

Value ($000) $71,064 (+217.5%) Shares 823,262 (+236.1%) Est. Cost $80.95 Unrealized +5.6%

PAYC Paycom Software, Inc. 0.7%

Value ($000) $62,533 (+345.5%) Shares 392,403 (+481.9%) Est. Cost $177.75 Unrealized -0.5%

AMRZ Amrize Ltd 1.7%

Value ($000) $155,942 (+40.6%) Shares 2,883,536 (+26.1%) Est. Cost $50.84 Unrealized +0.4%

UNF UniFirst Corporation 1.8%

Value ($000) $166,861 (+26.4%) Shares 865,014 (+9.6%) Est. Cost $168.80 Unrealized -0.2%

ICLR Icon PLC 1.0%

Value ($000) $86,630 (+62.0%) Shares 475,413 (+55.6%) Est. Cost $159.96 Unrealized +11.3%

DE Deere & Company 0.9%

Value ($000) $85,319 (+57.9%) Shares 183,258 (+55.1%) Est. Cost $480.07 Unrealized -2.6%

UFPI UFP Industries, Inc. 0.9%

Value ($000) $80,118 (+59.9%) Shares 879,935 (+64.1%) Est. Cost $97.29 Unrealized -5.9%

PRKS United Parks & Resorts Inc. 0.8%

Value ($000) $74,645 (-27.2%) Shares 2,056,349 (+3.8%) Est. Cost $51.77 Unrealized -19.7%

KR Kroger Co. 1.2%

Value ($000) $110,037 (+28.6%) Shares 1,761,155 (+38.7%) Est. Cost $62.61 Unrealized +4.2%

BRK/B Berkshire Hathaway Inc. Class 2.5%

Value ($000) $225,147 (+12.0%) Shares 447,921 (+12.0%) Est. Cost $423.51 Unrealized +17.5%

COO Cooper Companies, Inc. 1.4%

Value ($000) $129,732 (+20.8%) Shares 1,582,867 (+1.0%) Est. Cost $72.94 Unrealized +2.6%

CSL Carlisle Companies Incorporate 1.2%

Value ($000) $105,787 (+25.3%) Shares 330,729 (+28.9%) Est. Cost $347.82 Unrealized -7.2%

MGRC McGrath RentCorp 2.5%

Value ($000) $223,619 (-7.8%) Shares 2,131,121 (+3.1%) Est. Cost $100.57 Unrealized +7.8%

BJ BJ's Wholesale Club Holdings, 3.4%

Value ($000) $306,436 (+5.8%) Shares 3,403,710 (+9.6%) Est. Cost $73.01 Unrealized +25.7%

SAIC Science Applications Internati 0.5%

Value ($000) $48,284 (+46.3%) Shares 479,677 (+44.4%) Est. Cost $107.56 Unrealized -11.2%

JBI Janus International Group, Inc 0.3%

Value ($000) $29,874 (-32.3%) Shares 4,567,960 (+2.1%) Est. Cost $8.76 Unrealized -11.1%

DOLE Dole PLC 0.8%

Value ($000) $69,215 (+25.9%) Shares 4,617,435 (+12.9%) Est. Cost $14.61 Unrealized -4.7%

HUBG Hub Group, Inc. Class A 0.6%

Value ($000) $56,279 (+31.9%) Shares 1,320,784 (+6.6%) Est. Cost $39.32 Unrealized -3.3%

AGO Assured Guaranty Ltd. 1.9%

Value ($000) $169,483 (+8.6%) Shares 1,885,863 (+2.3%) Est. Cost $82.87 Unrealized +4.1%

INGM Ingram Micro Holding Corporati 0.3%

Value ($000) $28,440 (+85.7%) Shares 1,332,690 (+87.0%) Est. Cost $20.94 Unrealized +3.6%

MTN Vail Resorts, Inc. 0.7%

Value ($000) $67,529 (+22.5%) Shares 508,498 (+37.9%) Est. Cost $172.64 Unrealized -14.8%

BDX Becton, Dickinson and Company 0.9%

Value ($000) $84,782 (+15.9%) Shares 436,863 (+11.7%) Est. Cost $197.60 Unrealized -4.1%

MUSA Murphy USA, Inc. 2.2%

Value ($000) $204,267 (+5.6%) Shares 506,214 (+1.6%) Est. Cost $257.77 Unrealized +48.7%

BN Brookfield Corporation 0.9%

Value ($000) $78,217 (-11.8%) Shares 1,704,456 (+31.8%) Est. Cost $42.59 Unrealized +7.0%

SSD Simpson Manufacturing Co., Inc 0.2%

Value ($000) $22,303 (+80.8%) Shares 138,126 (+87.5%) Est. Cost $173.03 Unrealized -2.5%

OC Owens Corning 0.4%

Value ($000) $38,958 (-18.5%) Shares 348,116 (+3.0%) Est. Cost $145.87 Unrealized -19.5%

MAA Mid-America Apartment Communit 1.4%

Value ($000) $130,278 (+7.2%) Shares 937,860 (+7.8%) Est. Cost $137.07 Unrealized -3.0%

CNH CNH Industrial NV 0.6%

Value ($000) $58,745 (-12.3%) Shares 6,371,476 (+3.3%) Est. Cost $10.51 Unrealized -4.9%

TTAM Titan America SA 0.7%

Value ($000) $63,552 (+14.1%) Shares 3,856,334 (+3.5%) Est. Cost $13.36 Unrealized +17.1%

LGIH LGI Homes, Inc. 0.4%

Value ($000) $40,013 (-15.2%) Shares 931,391 (+2.0%) Est. Cost $98.93 Unrealized -52.6%

VNT Vontier Corp 1.3%

Value ($000) $122,645 (-5.5%) Shares 3,298,671 (+6.7%) Est. Cost $29.96 Unrealized +27.7%

VYX NCR Voyix Corporation 0.3%

Value ($000) $26,503 (-16.8%) Shares 2,598,320 (+2.4%) Est. Cost $18.95 Unrealized -42.7%

CXW CoreCivic, Inc. 1.9%

Value ($000) $171,574 (-3.0%) Shares 8,978,240 (+3.3%) Est. Cost $9.15 Unrealized +100.2%

LEN Lennar Corporation Class A 0.5%

Value ($000) $47,462 (-10.0%) Shares 461,696 (+10.3%) Est. Cost $129.90 Unrealized -7.1%

EMBC Embecta Corporation 0.4%

Value ($000) $40,587 (-11.4%) Shares 3,416,401 (+5.3%) Est. Cost $16.07 Unrealized -18.7%

TRIP TripAdvisor, Inc. 0.6%

Value ($000) $50,213 (-9.0%) Shares 3,448,718 (+1.7%) Est. Cost $18.81 Unrealized -19.1%

PGNY Progyny, Inc. 0.2%

Value ($000) $17,663 (+35.9%) Shares 687,824 (+13.9%) Est. Cost $16.43 Unrealized +40.0%

RPC P10, Inc. Class A 0.6%

Value ($000) $50,413 (-8.3%) Shares 5,138,918 (+1.7%) Est. Cost $8.69 Unrealized +16.7%

WMG Warner Music Group Corp. Class 0.2%

Value ($000) $19,679 (+29.0%) Shares 641,621 (+43.3%) Est. Cost $29.52 Unrealized +2.4%

ENOV Enovis Corporation 0.4%

Value ($000) $39,621 (-9.4%) Shares 1,487,277 (+3.2%) Est. Cost $43.48 Unrealized -32.0%

SN SharkNinja, Inc. 0.1%

Value ($000) $9,886 (+62.7%) Shares 88,347 (+49.9%) Est. Cost $90.48 Unrealized +8.9%

CCL Carnival Corporation 0.2%

Value ($000) $14,311 (+34.5%) Shares 468,595 (+27.4%) Est. Cost $23.84 Unrealized +16.9%

SNN Smith & Nephew plc Sponsored A 1.1%

Value ($000) $103,996 (+2.9%) Shares 3,169,644 (+13.8%) Est. Cost $29.19 Unrealized —

PRSU Pursuit Attractions and Hospit 0.8%

Value ($000) $68,458 (-3.6%) Shares 2,032,605 (+3.6%) Est. Cost $33.48 Unrealized +4.3%

WSO Watsco, Inc. 0.1%

Value ($000) $5,697 (+59.6%) Shares 16,907 (+91.5%) Est. Cost $343.56 Unrealized +3.9%

TXN Texas Instruments Incorporated 0.1%

Value ($000) $10,333 (+25.0%) Shares 59,562 (+32.4%) Est. Cost $166.80 Unrealized +2.4%

GEO GEO Group Inc 0.1%

Value ($000) $10,041 (-15.8%) Shares 622,904 (+7.0%) Est. Cost $10.02 Unrealized +66.4%

PGR Progressive Corporation 1.1%

Value ($000) $100,476 (-1.8%) Shares 441,224 (+6.5%) Est. Cost $216.87 Unrealized -2.1%

BXC BlueLinx Holdings Inc. 0.2%

Value ($000) $14,774 (-7.6%) Shares 240,500 (+9.9%) Est. Cost $96.19 Unrealized -32.9%

LH Labcorp Holdings Inc. 1.1%

Value ($000) $102,423 (-0.9%) Shares 408,256 (+13.4%) Est. Cost $233.51 Unrealized +13.5%

IMKTA Ingles Markets, Incorporated C 0.8%

Value ($000) $69,049 (+0.8%) Shares 1,007,275 (+2.3%) Est. Cost $43.57 Unrealized +66.4%

YELP Yelp Inc. 0.4%

Value ($000) $35,304 (-1.2%) Shares 1,161,711 (+1.4%) Est. Cost $35.07 Unrealized -12.1%

ABG Asbury Automotive Group, Inc. 0.5%

Value ($000) $49,076 (+0.3%) Shares 211,054 (+5.4%) Est. Cost $225.34 Unrealized +4.9%

ACIW ACI Worldwide, Inc. 0.1%

Value ($000) $12,794 (-0.5%) Shares 267,605 (+9.8%) Est. Cost $35.15 Unrealized +38.0%

TNC Tennant Company 0.2%

Value ($000) $19,570 (-0.1%) Shares 265,530 (+9.9%) Est. Cost $77.45 Unrealized -1.6%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ARES	Ares Management Corporation	807,300 (+40652.1%)	$130,484 (+41095.6%)	1.4%	$154.98	-0.0%	COM	03990B101
UNP	Union Pacific Corporation	490,254 (+1213.2%)	$113,406 (+1185.2%)	1.2%	$227.00	+0.1%	COM	907818108
FCNCA	First Citizens BancShares, Inc	55,402 (+574.0%)	$118,903 (+708.5%)	1.3%	$1880.14	+0.2%	COM	31946M103
DAL	Delta Air Lines, Inc.	1,288,956 (+339.5%)	$89,454 (+437.5%)	1.0%	$58.13	+7.4%	COM	247361702
LAD	Lithia Motors, Inc.	742,677 (+33.6%)	$246,814 (+40.5%)	2.7%	$293.22	+8.3%	COM	536797103
WTM	White Mountains Insurance Grou	120,880 (+10.3%)	$251,192 (+37.1%)	2.8%	$979.32	+99.7%	COM	G9618E107
VRRM	Verra Mobility Corp. Class A	2,984,760 (+441.6%)	$66,888 (+391.3%)	0.7%	$23.18	-1.5%	COM	92511U102
MMS	MAXIMUS, Inc.	823,262 (+236.1%)	$71,064 (+217.5%)	0.8%	$80.95	+5.6%	COM	577933104
PAYC	Paycom Software, Inc.	392,403 (+481.9%)	$62,533 (+345.5%)	0.7%	$177.75	-0.5%	COM	70432V102
AMRZ	Amrize Ltd	2,883,536 (+26.1%)	$155,942 (+40.6%)	1.7%	$50.84	+0.4%	COM	H2927K103
UNF	UniFirst Corporation	865,014 (+9.6%)	$166,861 (+26.4%)	1.8%	$168.80	-0.2%	COM	904708104
ICLR	Icon PLC	475,413 (+55.6%)	$86,630 (+62.0%)	1.0%	$159.96	+11.3%	COM	G4705A100
DE	Deere & Company	183,258 (+55.1%)	$85,319 (+57.9%)	0.9%	$480.07	-2.6%	COM	244199105
UFPI	UFP Industries, Inc.	879,935 (+64.1%)	$80,118 (+59.9%)	0.9%	$97.29	-5.9%	COM	90278Q108
PRKS	United Parks & Resorts Inc.	2,056,349 (+3.8%)	$74,645 (-27.2%)	0.8%	$51.77	-19.7%	COM	81282V100
KR	Kroger Co.	1,761,155 (+38.7%)	$110,037 (+28.6%)	1.2%	$62.61	+4.2%	COM	501044101
BRK/B	Berkshire Hathaway Inc. Class	447,921 (+12.0%)	$225,147 (+12.0%)	2.5%	$423.51	+17.5%	COM	084670702
COO	Cooper Companies, Inc.	1,582,867 (+1.0%)	$129,732 (+20.8%)	1.4%	$72.94	+2.6%	COM	216648501
CSL	Carlisle Companies Incorporate	330,729 (+28.9%)	$105,787 (+25.3%)	1.2%	$347.82	-7.2%	COM	142339100
MGRC	McGrath RentCorp	2,131,121 (+3.1%)	$223,619 (-7.8%)	2.5%	$100.57	+7.8%	COM	580589109
BJ	BJ's Wholesale Club Holdings,	3,403,710 (+9.6%)	$306,436 (+5.8%)	3.4%	$73.01	+25.7%	COM	05550J101
SAIC	Science Applications Internati	479,677 (+44.4%)	$48,284 (+46.3%)	0.5%	$107.56	-11.2%	COM	808625107
JBI	Janus International Group, Inc	4,567,960 (+2.1%)	$29,874 (-32.3%)	0.3%	$8.76	-11.1%	COM	47103N106
DOLE	Dole PLC	4,617,435 (+12.9%)	$69,215 (+25.9%)	0.8%	$14.61	-4.7%	COM	G27907107
HUBG	Hub Group, Inc. Class A	1,320,784 (+6.6%)	$56,279 (+31.9%)	0.6%	$39.32	-3.3%	COM	443320106
AGO	Assured Guaranty Ltd.	1,885,863 (+2.3%)	$169,483 (+8.6%)	1.9%	$82.87	+4.1%	COM	G0585R106
INGM	Ingram Micro Holding Corporati	1,332,690 (+87.0%)	$28,440 (+85.7%)	0.3%	$20.94	+3.6%	COM	457152106
MTN	Vail Resorts, Inc.	508,498 (+37.9%)	$67,529 (+22.5%)	0.7%	$172.64	-14.8%	COM	91879Q109
BDX	Becton, Dickinson and Company	436,863 (+11.7%)	$84,782 (+15.9%)	0.9%	$197.60	-4.1%	COM	075887109
MUSA	Murphy USA, Inc.	506,214 (+1.6%)	$204,267 (+5.6%)	2.2%	$257.77	+48.7%	COM	626755102
BN	Brookfield Corporation	1,704,456 (+31.8%)	$78,217 (-11.8%)	0.9%	$42.59	+7.0%	COM	11271J107
SSD	Simpson Manufacturing Co., Inc	138,126 (+87.5%)	$22,303 (+80.8%)	0.2%	$173.03	-2.5%	COM	829073105
OC	Owens Corning	348,116 (+3.0%)	$38,958 (-18.5%)	0.4%	$145.87	-19.5%	COM	690742101
MAA	Mid-America Apartment Communit	937,860 (+7.8%)	$130,278 (+7.2%)	1.4%	$137.07	-3.0%	COM	59522J103
CNH	CNH Industrial NV	6,371,476 (+3.3%)	$58,745 (-12.3%)	0.6%	$10.51	-4.9%	COM	N20944109
TTAM	Titan America SA	3,856,334 (+3.5%)	$63,552 (+14.1%)	0.7%	$13.36	+17.1%	COM	B9151N105
LGIH	LGI Homes, Inc.	931,391 (+2.0%)	$40,013 (-15.2%)	0.4%	$98.93	-52.6%	COM	50187T106
VNT	Vontier Corp	3,298,671 (+6.7%)	$122,645 (-5.5%)	1.3%	$29.96	+27.7%	COM	928881101
VYX	NCR Voyix Corporation	2,598,320 (+2.4%)	$26,503 (-16.8%)	0.3%	$18.95	-42.7%	COM	62886E108
CXW	CoreCivic, Inc.	8,978,240 (+3.3%)	$171,574 (-3.0%)	1.9%	$9.15	+100.2%	COM	21871N101
LEN	Lennar Corporation Class A	461,696 (+10.3%)	$47,462 (-10.0%)	0.5%	$129.90	-7.1%	COM	526057104
EMBC	Embecta Corporation	3,416,401 (+5.3%)	$40,587 (-11.4%)	0.4%	$16.07	-18.7%	COM	29082K105
TRIP	TripAdvisor, Inc.	3,448,718 (+1.7%)	$50,213 (-9.0%)	0.6%	$18.81	-19.1%	COM	896945201
PGNY	Progyny, Inc.	687,824 (+13.9%)	$17,663 (+35.9%)	0.2%	$16.43	+40.0%	COM	74340E103
RPC	P10, Inc. Class A	5,138,918 (+1.7%)	$50,413 (-8.3%)	0.6%	$8.69	+16.7%	COM	69376K106
WMG	Warner Music Group Corp. Class	641,621 (+43.3%)	$19,679 (+29.0%)	0.2%	$29.52	+2.4%	COM	934550203
ENOV	Enovis Corporation	1,487,277 (+3.2%)	$39,621 (-9.4%)	0.4%	$43.48	-32.0%	COM	194014502
SN	SharkNinja, Inc.	88,347 (+49.9%)	$9,886 (+62.7%)	0.1%	$90.48	+8.9%	COM	G8068L108
CCL	Carnival Corporation	468,595 (+27.4%)	$14,311 (+34.5%)	0.2%	$23.84	+16.9%	COM	143658300
SNN	Smith & Nephew plc Sponsored A	3,169,644 (+13.8%)	$103,996 (+2.9%)	1.1%	$29.19	—	COM	83175M205
PRSU	Pursuit Attractions and Hospit	2,032,605 (+3.6%)	$68,458 (-3.6%)	0.8%	$33.48	+4.3%	COM	92552R406
WSO	Watsco, Inc.	16,907 (+91.5%)	$5,697 (+59.6%)	0.1%	$343.56	+3.9%	COM	942622200
TXN	Texas Instruments Incorporated	59,562 (+32.4%)	$10,333 (+25.0%)	0.1%	$166.80	+2.4%	COM	882508104
GEO	GEO Group Inc	622,904 (+7.0%)	$10,041 (-15.8%)	0.1%	$10.02	+66.4%	COM	36162J106
PGR	Progressive Corporation	441,224 (+6.5%)	$100,476 (-1.8%)	1.1%	$216.87	-2.1%	COM	743315103
BXC	BlueLinx Holdings Inc.	240,500 (+9.9%)	$14,774 (-7.6%)	0.2%	$96.19	-32.9%	COM	09624H208
LH	Labcorp Holdings Inc.	408,256 (+13.4%)	$102,423 (-0.9%)	1.1%	$233.51	+13.5%	COM	504922105
IMKTA	Ingles Markets, Incorporated C	1,007,275 (+2.3%)	$69,049 (+0.8%)	0.8%	$43.57	+66.4%	COM	457030104
YELP	Yelp Inc.	1,161,711 (+1.4%)	$35,304 (-1.2%)	0.4%	$35.07	-12.1%	COM	985817105
ABG	Asbury Automotive Group, Inc.	211,054 (+5.4%)	$49,076 (+0.3%)	0.5%	$225.34	+4.9%	COM	043436104
ACIW	ACI Worldwide, Inc.	267,605 (+9.8%)	$12,794 (-0.5%)	0.1%	$35.15	+38.0%	COM	004498101
TNC	Tennant Company	265,530 (+9.9%)	$19,570 (-0.1%)	0.2%	$77.45	-1.6%	COM	880345103

Exited Positions (17)

CSX CSX Corporation 1.1%

Value ($000) $96,921 Shares 2,729,409 Est. Cost $33.42 Unrealized +6.8%

FIS Fidelity National Information 0.8%

Value ($000) $71,463 Shares 1,083,755 Est. Cost $74.17 Unrealized -11.5%

SM SM Energy Company 0.5%

Value ($000) $42,992 Shares 1,721,765 Est. Cost $31.64 Unrealized -36.7%

— Unilever PLC Sponsored ADR 0.4%

Value ($000) $32,722 Shares 551,989 Est. Cost $51.14 Unrealized —

OPLN OPENLANE, Inc. 0.3%

Value ($000) $27,936 Shares 970,685 Est. Cost $16.73 Unrealized +61.7%

— Aspen insurance Holdings Ltd C 0.2%

Value ($000) $21,260 Shares 579,134 Est. Cost $33.08 Unrealized +11.5%

ATKR Atkore Inc 0.2%

Value ($000) $21,098 Shares 336,274 Est. Cost $58.22 Unrealized +11.1%

FISV Fiserv, Inc. 0.2%

Value ($000) $19,809 Shares 153,642 Est. Cost $177.21 Unrealized -52.7%

TAP Molson Coors Beverage Company 0.2%

Value ($000) $15,508 Shares 342,714 Est. Cost $52.02 Unrealized -12.0%

RPAY Repay Holdings Corp. Class A 0.1%

Value ($000) $12,046 Shares 2,303,218 Est. Cost $8.63 Unrealized -53.6%

KMB Kimberly-Clark Corporation 0.1%

Value ($000) $10,451 Shares 84,051 Est. Cost $83.46 Unrealized +29.9%

CMCSA Comcast Corporation Class A 0.1%

Value ($000) $8,961 Shares 285,189 Est. Cost $34.96 Unrealized -18.4%

ARE Alexandria Real Estate Equitie 0.1%

Value ($000) $8,653 Shares 103,826 Est. Cost $86.47 Unrealized -32.9%

STZ Constellation Brands, Inc. Cla 0.1%

Value ($000) $7,750 Shares 57,547 Est. Cost $177.00 Unrealized -22.7%

FAF First American Financial Corpo 0.1%

Value ($000) $6,606 Shares 102,838 Est. Cost $57.94 Unrealized +7.6%

PZZA Papa John's International, Inc 0.1%

Value ($000) $6,128 Shares 127,270 Est. Cost $46.84 Unrealized -7.5%

KELYA Kelly Services, Inc. Class A 0.1%

Value ($000) $4,736 Shares 360,956 Est. Cost $18.24 Unrealized -44.6%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
CSX	CSX Corporation	2,729,409	$96,921	1.1%	$33.42	+6.8%	—	126408103
FIS	Fidelity National Information	1,083,755	$71,463	0.8%	$74.17	-11.5%	—	31620M106
SM	SM Energy Company	1,721,765	$42,992	0.5%	$31.64	-36.7%	—	78454L100
—	Unilever PLC Sponsored ADR	551,989	$32,722	0.4%	$51.14	—	—	904767704
OPLN	OPENLANE, Inc.	970,685	$27,936	0.3%	$16.73	+61.7%	—	48238T109
—	Aspen insurance Holdings Ltd C	579,134	$21,260	0.2%	$33.08	+11.5%	—	G05384501
ATKR	Atkore Inc	336,274	$21,098	0.2%	$58.22	+11.1%	—	047649108
FISV	Fiserv, Inc.	153,642	$19,809	0.2%	$177.21	-52.7%	—	337738108
TAP	Molson Coors Beverage Company	342,714	$15,508	0.2%	$52.02	-12.0%	—	60871R209
RPAY	Repay Holdings Corp. Class A	2,303,218	$12,046	0.1%	$8.63	-53.6%	—	76029L100
KMB	Kimberly-Clark Corporation	84,051	$10,451	0.1%	$83.46	+29.9%	—	494368103
CMCSA	Comcast Corporation Class A	285,189	$8,961	0.1%	$34.96	-18.4%	—	20030N101
ARE	Alexandria Real Estate Equitie	103,826	$8,653	0.1%	$86.47	-32.9%	—	015271109
STZ	Constellation Brands, Inc. Cla	57,547	$7,750	0.1%	$177.00	-22.7%	—	21036P108
FAF	First American Financial Corpo	102,838	$6,606	0.1%	$57.94	+7.6%	—	31847R102
PZZA	Papa John's International, Inc	127,270	$6,128	0.1%	$46.84	-7.5%	—	698813102
KELYA	Kelly Services, Inc. Class A	360,956	$4,736	0.1%	$18.24	-44.6%	—	488152208

Decreased Positions (87)

CACI Caci International Inc Class A 1.5%

Value ($000) $133,942 (-41.8%) Shares 251,387 (-45.5%) Est. Cost $418.56 Unrealized +35.0%

SBUX Starbucks Corporation 0.1%

Value ($000) $13,471 (-84.4%) Shares 159,971 (-84.3%) Est. Cost $85.96 Unrealized -2.2%

WCC WESCO International, Inc. 0.6%

Value ($000) $53,203 (-56.1%) Shares 217,473 (-62.0%) Est. Cost $166.79 Unrealized +46.9%

TLN Talen Energy Corp 0.2%

Value ($000) $19,452 (-75.3%) Shares 51,895 (-72.0%) Est. Cost $138.87 Unrealized +179.9%

WTW Willis Towers Watson Public Li 1.2%

Value ($000) $111,893 (-33.9%) Shares 340,513 (-30.5%) Est. Cost $270.72 Unrealized +20.6%

NWE NorthWestern Energy Group, Inc 0.9%

Value ($000) $81,576 (-39.3%) Shares 1,263,967 (-44.8%) Est. Cost $48.46 Unrealized +29.6%

CRH CRH public limited company 1.4%

Value ($000) $129,390 (-26.9%) Shares 1,036,775 (-29.7%) Est. Cost $78.78 Unrealized +51.2%

HCC Warrior Met Coal, Inc. 0.2%

Value ($000) $21,938 (-64.4%) Shares 248,815 (-74.3%) Est. Cost $59.79 Unrealized +25.7%

QSR Restaurant Brands Internationa 0.6%

Value ($000) $58,921 (-37.0%) Shares 863,570 (-40.8%) Est. Cost $65.67 Unrealized +4.9%

DK Delek US Holdings Inc 0.8%

Value ($000) $75,571 (-31.3%) Shares 2,547,919 (-25.3%) Est. Cost $23.95 Unrealized +48.7%

EVTC EVERTEC, Inc. 0.3%

Value ($000) $28,515 (-53.5%) Shares 980,239 (-46.0%) Est. Cost $34.29 Unrealized -13.4%

GEHC GE Healthcare Technologies Inc 1.3%

Value ($000) $115,718 (-21.2%) Shares 1,410,848 (-27.8%) Est. Cost $75.48 Unrealized +3.2%

AER AerCap Holdings NV 0.0%

Value ($000) $362 (-98.7%) Shares 2,517 (-98.9%) Est. Cost $95.06 Unrealized +39.3%

TXNM TXNM Energy, Inc. 0.5%

Value ($000) $47,754 (-32.2%) Shares 811,032 (-34.9%) Est. Cost $39.81 Unrealized +45.0%

CNNE Cannae Holdings, Inc. 0.6%

Value ($000) $56,635 (-27.4%) Shares 3,600,455 (-15.5%) Est. Cost $28.08 Unrealized -39.9%

AXS Axis Capital Holdings Limited 1.2%

Value ($000) $112,655 (-14.2%) Shares 1,051,961 (-23.3%) Est. Cost $43.40 Unrealized +128.9%

EXPD Expeditors International Of Wa 0.2%

Value ($000) $15,947 (-45.0%) Shares 107,023 (-54.8%) Est. Cost $112.38 Unrealized +20.7%

KKR KKR & Co Inc 0.5%

Value ($000) $47,868 (-21.1%) Shares 375,494 (-19.5%) Est. Cost $116.07 Unrealized +7.1%

ALIT Alight, Inc. Class A 0.2%

Value ($000) $16,767 (-43.2%) Shares 8,598,252 (-5.1%) Est. Cost $9.60 Unrealized -74.4%

SWX Southwest Gas Holdings, Inc. 0.8%

Value ($000) $74,200 (-14.2%) Shares 927,263 (-16.0%) Est. Cost $66.44 Unrealized +20.6%

LKQ LKQ Corporation 0.5%

Value ($000) $43,639 (-21.0%) Shares 1,445,000 (-20.2%) Est. Cost $34.06 Unrealized -12.0%

NSP Insperity, Inc. 0.3%

Value ($000) $28,236 (-25.0%) Shares 729,239 (-4.7%) Est. Cost $77.57 Unrealized -49.2%

AWI Armstrong World Industries, In 0.6%

Value ($000) $53,495 (-14.6%) Shares 279,934 (-12.4%) Est. Cost $72.04 Unrealized +164.7%

DINO HF Sinclair Corporation 0.3%

Value ($000) $31,723 (-21.5%) Shares 688,431 (-10.8%) Est. Cost $35.55 Unrealized +44.3%

WEX WEX Inc. 1.3%

Value ($000) $115,610 (-6.9%) Shares 776,008 (-1.5%) Est. Cost $159.66 Unrealized -5.6%

HHH Howard Hughes Holdings Inc. 0.5%

Value ($000) $41,598 (-16.0%) Shares 521,477 (-13.4%) Est. Cost $76.52 Unrealized +8.3%

HAE Haemonetics Corporation 1.0%

Value ($000) $88,337 (+9.5%) Shares 1,102,140 (-33.4%) Est. Cost $67.73 Unrealized -0.8%

RDN Radian Group Inc. 0.2%

Value ($000) $17,691 (-24.6%) Shares 491,560 (-24.1%) Est. Cost $17.63 Unrealized +97.2%

BAH Booz Allen Hamilton Holding Co 0.2%

Value ($000) $21,689 (-20.5%) Shares 257,099 (-5.8%) Est. Cost $105.84 Unrealized -16.4%

SNX TD SYNNEX Corporation 0.5%

Value ($000) $44,184 (-11.1%) Shares 294,112 (-3.1%) Est. Cost $94.12 Unrealized +62.4%

ORCL Oracle Corporation 0.1%

Value ($000) $6,659 (-44.8%) Shares 34,165 (-20.4%) Est. Cost $73.78 Unrealized +222.6%

PR Permian Resources Corporation 0.7%

Value ($000) $65,686 (+7.9%) Shares 4,681,795 (-1.5%) Est. Cost $7.06 Unrealized +90.2%

NOMD Nomad Foods Ltd. 0.5%

Value ($000) $45,568 (-9.1%) Shares 3,642,529 (-4.5%) Est. Cost $18.30 Unrealized -33.3%

KMI Kinder Morgan Inc Class P 0.2%

Value ($000) $15,057 (-23.2%) Shares 547,730 (-20.9%) Est. Cost $14.85 Unrealized +81.2%

DEO Diageo plc Sponsored ADR 0.2%

Value ($000) $20,774 (-17.6%) Shares 240,805 (-8.9%) Est. Cost $97.85 Unrealized —

PSX Phillips 66 0.1%

Value ($000) $5,908 (-42.7%) Shares 45,786 (-39.6%) Est. Cost $118.71 Unrealized +12.9%

EPM Evolution Petroleum Corporatio 0.0%

Value ($000) $1,902 (-69.5%) Shares 537,375 (-58.5%) Est. Cost $4.36 Unrealized -5.7%

APG Api Group Corporation 0.1%

Value ($000) $9,207 (-31.6%) Shares 240,642 (-38.6%) Est. Cost $20.52 Unrealized +80.2%

RTO Rentokil Initial plc Sponsored 0.7%

Value ($000) $64,238 (-6.0%) Shares 2,180,514 (-19.5%) Est. Cost $25.00 Unrealized —

HII Huntington Ingalls Industries, 0.6%

Value ($000) $55,333 (-6.8%) Shares 162,712 (-21.1%) Est. Cost $210.12 Unrealized +47.3%

MU Micron Technology, Inc. 0.1%

Value ($000) $9,020 (-30.5%) Shares 31,605 (-59.3%) Est. Cost $65.62 Unrealized +249.5%

AMT American Tower Corporation 0.1%

Value ($000) $12,155 (-24.2%) Shares 69,234 (-17.0%) Est. Cost $203.26 Unrealized -11.3%

GXO GXO Logistics Inc 1.7%

Value ($000) $154,910 (-2.4%) Shares 2,942,811 (-1.9%) Est. Cost $48.70 Unrealized +7.9%

VMI Valmont Industries, Inc. 0.1%

Value ($000) $6,462 (-36.0%) Shares 16,063 (-38.3%) Est. Cost $296.48 Unrealized +37.3%

CSGS CSG Systems International, Inc 0.0%

Value ($000) $4,207 (-44.4%) Shares 54,854 (-53.3%) Est. Cost $46.11 Unrealized +59.4%

AMGN Amgen Inc. 0.1%

Value ($000) $7,215 (-31.2%) Shares 22,044 (-40.7%) Est. Cost $123.15 Unrealized +156.6%

COKE Coca-Cola Consolidated, Inc. 0.2%

Value ($000) $19,010 (+15.1%) Shares 124,005 (-12.1%) Est. Cost $115.38 Unrealized +26.9%

CSCO Cisco Systems, Inc. 0.0%

Value ($000) $3,397 (-41.9%) Shares 44,099 (-48.4%) Est. Cost $36.68 Unrealized +101.2%

CASY Casey's General Stores, Inc. 0.4%

Value ($000) $39,782 (-5.8%) Shares 71,976 (-3.6%) Est. Cost $428.92 Unrealized +28.1%

GLW Corning Inc 0.0%

Value ($000) $2,898 (-45.1%) Shares 33,095 (-48.6%) Est. Cost $24.06 Unrealized +257.3%

MDU MDU Resources Group, Inc. 1.0%

Value ($000) $91,881 (-2.5%) Shares 4,707,042 (-11.0%) Est. Cost $16.46 Unrealized +18.9%

ABBV AbbVie, Inc. 0.1%

Value ($000) $7,675 (-21.9%) Shares 33,588 (-20.9%) Est. Cost $60.51 Unrealized +276.1%

WMB Williams Companies, Inc. 0.2%

Value ($000) $21,550 (-8.3%) Shares 358,505 (-3.4%) Est. Cost $23.29 Unrealized +157.9%

EL Estee Lauder Companies Inc. Cl 0.1%

Value ($000) $12,436 (+16.3%) Shares 118,755 (-2.2%) Est. Cost $67.91 Unrealized +42.6%

GPC Genuine Parts Company 0.1%

Value ($000) $10,421 (-14.2%) Shares 84,755 (-3.3%) Est. Cost $127.31 Unrealized +1.1%

EXE Expand Energy Corporation 0.0%

Value ($000) $3,314 (-33.9%) Shares 30,033 (-36.4%) Est. Cost $89.24 Unrealized +24.0%

SSNC SS&C Technologies Holdings, In 0.6%

Value ($000) $50,960 (-3.2%) Shares 582,929 (-1.7%) Est. Cost $76.46 Unrealized +11.5%

IDA IDACORP, Inc. 0.1%

Value ($000) $5,901 (-21.4%) Shares 46,629 (-17.9%) Est. Cost $96.46 Unrealized +34.9%

PKE Park Aerospace Corp. 0.1%

Value ($000) $13,396 (-9.6%) Shares 627,737 (-13.9%) Est. Cost $14.07 Unrealized +41.6%

ALG Alamo Group Inc. 0.1%

Value ($000) $7,415 (-14.1%) Shares 44,174 (-2.3%) Est. Cost $189.86 Unrealized -8.5%

TPG TPG Inc Class A 0.2%

Value ($000) $14,955 (+8.6%) Shares 234,254 (-2.3%) Est. Cost $47.97 Unrealized +23.1%

EPD Enterprise Products Partners L 0.0%

Value ($000) $3,307 (-25.2%) Shares 103,165 (-27.0%) Est. Cost $26.83 Unrealized —

EXPE Expedia Group, Inc. 0.1%

Value ($000) $8,798 (-11.1%) Shares 31,054 (-32.9%) Est. Cost $140.25 Unrealized +76.0%

RPRX Royalty Pharma Plc Class A 0.2%

Value ($000) $20,041 (+5.4%) Shares 518,654 (-3.8%) Est. Cost $29.72 Unrealized +28.3%

AVT Avnet, Inc. 0.1%

Value ($000) $7,319 (-12.2%) Shares 152,216 (-4.5%) Est. Cost $47.27 Unrealized +3.5%

CRM Salesforce, Inc. 0.1%

Value ($000) $13,160 (+8.0%) Shares 49,678 (-3.4%) Est. Cost $265.13 Unrealized -6.4%

CB Chubb Limited 0.2%

Value ($000) $17,080 (+5.7%) Shares 54,721 (-4.4%) Est. Cost $153.18 Unrealized +90.9%

WFC Wells Fargo & Company 0.1%

Value ($000) $12,872 (+7.6%) Shares 138,114 (-3.2%) Est. Cost $74.19 Unrealized +16.8%

JOE St. Joe Company 0.1%

Value ($000) $8,186 (-9.9%) Shares 137,874 (-24.9%) Est. Cost $45.73 Unrealized +22.5%

FNF Fidelity National Financial, I 0.1%

Value ($000) $6,134 (-12.5%) Shares 112,360 (-3.0%) Est. Cost $34.75 Unrealized +57.6%

EOG EOG Resources, Inc. 0.1%

Value ($000) $7,535 (-10.2%) Shares 71,751 (-4.1%) Est. Cost $114.28 Unrealized -6.2%

OSK Oshkosh Corp 0.2%

Value ($000) $14,463 (-5.4%) Shares 115,121 (-2.3%) Est. Cost $107.03 Unrealized +19.5%

CG Carlyle Group Inc 0.1%

Value ($000) $9,020 (-7.9%) Shares 152,601 (-2.3%) Est. Cost $61.48 Unrealized -8.5%

BMY Bristol-Myers Squibb Company 0.1%

Value ($000) $5,168 (+15.3%) Shares 95,807 (-3.6%) Est. Cost $44.43 Unrealized +7.0%

BATRK Atlanta Braves Holdings Inc Cl 0.1%

Value ($000) $8,291 (-7.3%) Shares 210,161 (-2.3%) Est. Cost $39.49 Unrealized +0.1%

DUK Duke Energy Corporation 0.1%

Value ($000) $5,347 (-10.2%) Shares 45,621 (-5.2%) Est. Cost $85.82 Unrealized +41.7%

ACN Accenture Plc Class A 0.1%

Value ($000) $9,606 (+5.3%) Shares 35,803 (-3.2%) Est. Cost $318.92 Unrealized -20.3%

JNJ Johnson & Johnson 0.1%

Value ($000) $7,613 (+6.5%) Shares 36,787 (-4.6%) Est. Cost $145.29 Unrealized +35.6%

CCI Crown Castle Inc. 0.0%

Value ($000) $2,483 (-11.9%) Shares 27,940 (-4.4%) Est. Cost $102.25 Unrealized -10.9%

CPAY Corpay, Inc. 0.2%

Value ($000) $15,320 (+2.1%) Shares 50,910 (-2.2%) Est. Cost $325.25 Unrealized -10.7%

— Hewlett Packard Enterprise Co. 0.1%

Value ($000) $7,273 (-4.0%) Shares 109,056 (-2.3%) Est. Cost $60.72 Unrealized —

VOYA Voya Financial, Inc. 0.1%

Value ($000) $9,273 (-2.8%) Shares 124,490 (-2.3%) Est. Cost $65.96 Unrealized +10.0%

MDT Medtronic PLC 0.1%

Value ($000) $8,879 (-2.5%) Shares 92,437 (-3.3%) Est. Cost $91.27 Unrealized +6.4%

PEP PepsiCo, Inc. 0.1%

Value ($000) $7,713 (-2.3%) Shares 53,745 (-4.4%) Est. Cost $78.24 Unrealized +86.5%

PNC PNC Financial Services Group, 0.2%

Value ($000) $19,752 (-0.8%) Shares 94,629 (-4.6%) Est. Cost $100.31 Unrealized +92.2%

AES AES Corporation 0.1%

Value ($000) $4,559 (+3.7%) Shares 317,900 (-4.8%) Est. Cost $14.68 Unrealized -4.4%

CNA CNA Financial Corporation 0.4%

Value ($000) $40,279 (+0.4%) Shares 843,719 (-2.3%) Est. Cost $23.81 Unrealized +92.6%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
CACI	Caci International Inc Class A	251,387 (-45.5%)	$133,942 (-41.8%)	1.5%	$418.56	+35.0%	COM	127190304
SBUX	Starbucks Corporation	159,971 (-84.3%)	$13,471 (-84.4%)	0.1%	$85.96	-2.2%	COM	855244109
WCC	WESCO International, Inc.	217,473 (-62.0%)	$53,203 (-56.1%)	0.6%	$166.79	+46.9%	COM	95082P105
TLN	Talen Energy Corp	51,895 (-72.0%)	$19,452 (-75.3%)	0.2%	$138.87	+179.9%	COM	87422Q109
WTW	Willis Towers Watson Public Li	340,513 (-30.5%)	$111,893 (-33.9%)	1.2%	$270.72	+20.6%	COM	G96629103
NWE	NorthWestern Energy Group, Inc	1,263,967 (-44.8%)	$81,576 (-39.3%)	0.9%	$48.46	+29.6%	COM	668074305
CRH	CRH public limited company	1,036,775 (-29.7%)	$129,390 (-26.9%)	1.4%	$78.78	+51.2%	COM	G25508105
HCC	Warrior Met Coal, Inc.	248,815 (-74.3%)	$21,938 (-64.4%)	0.2%	$59.79	+25.7%	COM	93627C101
QSR	Restaurant Brands Internationa	863,570 (-40.8%)	$58,921 (-37.0%)	0.6%	$65.67	+4.9%	COM	76131D103
DK	Delek US Holdings Inc	2,547,919 (-25.3%)	$75,571 (-31.3%)	0.8%	$23.95	+48.7%	COM	24665A103
EVTC	EVERTEC, Inc.	980,239 (-46.0%)	$28,515 (-53.5%)	0.3%	$34.29	-13.4%	COM	30040P103
GEHC	GE Healthcare Technologies Inc	1,410,848 (-27.8%)	$115,718 (-21.2%)	1.3%	$75.48	+3.2%	COM	36266G107
AER	AerCap Holdings NV	2,517 (-98.9%)	$362 (-98.7%)	0.0%	$95.06	+39.3%	COM	N00985106
TXNM	TXNM Energy, Inc.	811,032 (-34.9%)	$47,754 (-32.2%)	0.5%	$39.81	+45.0%	COM	69349H107
CNNE	Cannae Holdings, Inc.	3,600,455 (-15.5%)	$56,635 (-27.4%)	0.6%	$28.08	-39.9%	COM	13765N107
AXS	Axis Capital Holdings Limited	1,051,961 (-23.3%)	$112,655 (-14.2%)	1.2%	$43.40	+128.9%	COM	G0692U109
EXPD	Expeditors International Of Wa	107,023 (-54.8%)	$15,947 (-45.0%)	0.2%	$112.38	+20.7%	COM	302130109
KKR	KKR & Co Inc	375,494 (-19.5%)	$47,868 (-21.1%)	0.5%	$116.07	+7.1%	COM	48251W104
ALIT	Alight, Inc. Class A	8,598,252 (-5.1%)	$16,767 (-43.2%)	0.2%	$9.60	-74.4%	COM	01626W101
SWX	Southwest Gas Holdings, Inc.	927,263 (-16.0%)	$74,200 (-14.2%)	0.8%	$66.44	+20.6%	COM	844895102
LKQ	LKQ Corporation	1,445,000 (-20.2%)	$43,639 (-21.0%)	0.5%	$34.06	-12.0%	COM	501889208
NSP	Insperity, Inc.	729,239 (-4.7%)	$28,236 (-25.0%)	0.3%	$77.57	-49.2%	COM	45778Q107
AWI	Armstrong World Industries, In	279,934 (-12.4%)	$53,495 (-14.6%)	0.6%	$72.04	+164.7%	COM	04247X102
DINO	HF Sinclair Corporation	688,431 (-10.8%)	$31,723 (-21.5%)	0.3%	$35.55	+44.3%	COM	403949100
WEX	WEX Inc.	776,008 (-1.5%)	$115,610 (-6.9%)	1.3%	$159.66	-5.6%	COM	96208T104
HHH	Howard Hughes Holdings Inc.	521,477 (-13.4%)	$41,598 (-16.0%)	0.5%	$76.52	+8.3%	COM	44267T102
HAE	Haemonetics Corporation	1,102,140 (-33.4%)	$88,337 (+9.5%)	1.0%	$67.73	-0.8%	COM	405024100
RDN	Radian Group Inc.	491,560 (-24.1%)	$17,691 (-24.6%)	0.2%	$17.63	+97.2%	COM	750236101
BAH	Booz Allen Hamilton Holding Co	257,099 (-5.8%)	$21,689 (-20.5%)	0.2%	$105.84	-16.4%	COM	099502106
SNX	TD SYNNEX Corporation	294,112 (-3.1%)	$44,184 (-11.1%)	0.5%	$94.12	+62.4%	COM	87162W100
ORCL	Oracle Corporation	34,165 (-20.4%)	$6,659 (-44.8%)	0.1%	$73.78	+222.6%	COM	68389X105
PR	Permian Resources Corporation	4,681,795 (-1.5%)	$65,686 (+7.9%)	0.7%	$7.06	+90.2%	COM	71424F105
NOMD	Nomad Foods Ltd.	3,642,529 (-4.5%)	$45,568 (-9.1%)	0.5%	$18.30	-33.3%	COM	G6564A105
KMI	Kinder Morgan Inc Class P	547,730 (-20.9%)	$15,057 (-23.2%)	0.2%	$14.85	+81.2%	COM	49456B101
DEO	Diageo plc Sponsored ADR	240,805 (-8.9%)	$20,774 (-17.6%)	0.2%	$97.85	—	COM	25243Q205
PSX	Phillips 66	45,786 (-39.6%)	$5,908 (-42.7%)	0.1%	$118.71	+12.9%	COM	718546104
EPM	Evolution Petroleum Corporatio	537,375 (-58.5%)	$1,902 (-69.5%)	0.0%	$4.36	-5.7%	COM	30049A107
APG	Api Group Corporation	240,642 (-38.6%)	$9,207 (-31.6%)	0.1%	$20.52	+80.2%	COM	00187Y100
RTO	Rentokil Initial plc Sponsored	2,180,514 (-19.5%)	$64,238 (-6.0%)	0.7%	$25.00	—	COM	760125104
HII	Huntington Ingalls Industries,	162,712 (-21.1%)	$55,333 (-6.8%)	0.6%	$210.12	+47.3%	COM	446413106
MU	Micron Technology, Inc.	31,605 (-59.3%)	$9,020 (-30.5%)	0.1%	$65.62	+249.5%	COM	595112103
AMT	American Tower Corporation	69,234 (-17.0%)	$12,155 (-24.2%)	0.1%	$203.26	-11.3%	COM	03027X100
GXO	GXO Logistics Inc	2,942,811 (-1.9%)	$154,910 (-2.4%)	1.7%	$48.70	+7.9%	COM	36262G101
VMI	Valmont Industries, Inc.	16,063 (-38.3%)	$6,462 (-36.0%)	0.1%	$296.48	+37.3%	COM	920253101
CSGS	CSG Systems International, Inc	54,854 (-53.3%)	$4,207 (-44.4%)	0.0%	$46.11	+59.4%	COM	126349109
AMGN	Amgen Inc.	22,044 (-40.7%)	$7,215 (-31.2%)	0.1%	$123.15	+156.6%	COM	031162100
COKE	Coca-Cola Consolidated, Inc.	124,005 (-12.1%)	$19,010 (+15.1%)	0.2%	$115.38	+26.9%	COM	191098102
CSCO	Cisco Systems, Inc.	44,099 (-48.4%)	$3,397 (-41.9%)	0.0%	$36.68	+101.2%	COM	17275R102
CASY	Casey's General Stores, Inc.	71,976 (-3.6%)	$39,782 (-5.8%)	0.4%	$428.92	+28.1%	COM	147528103
GLW	Corning Inc	33,095 (-48.6%)	$2,898 (-45.1%)	0.0%	$24.06	+257.3%	COM	219350105
MDU	MDU Resources Group, Inc.	4,707,042 (-11.0%)	$91,881 (-2.5%)	1.0%	$16.46	+18.9%	COM	552690109
ABBV	AbbVie, Inc.	33,588 (-20.9%)	$7,675 (-21.9%)	0.1%	$60.51	+276.1%	COM	00287Y109
WMB	Williams Companies, Inc.	358,505 (-3.4%)	$21,550 (-8.3%)	0.2%	$23.29	+157.9%	COM	969457100
EL	Estee Lauder Companies Inc. Cl	118,755 (-2.2%)	$12,436 (+16.3%)	0.1%	$67.91	+42.6%	COM	518439104
GPC	Genuine Parts Company	84,755 (-3.3%)	$10,421 (-14.2%)	0.1%	$127.31	+1.1%	COM	372460105
EXE	Expand Energy Corporation	30,033 (-36.4%)	$3,314 (-33.9%)	0.0%	$89.24	+24.0%	COM	165167735
SSNC	SS&C Technologies Holdings, In	582,929 (-1.7%)	$50,960 (-3.2%)	0.6%	$76.46	+11.5%	COM	78467J100
IDA	IDACORP, Inc.	46,629 (-17.9%)	$5,901 (-21.4%)	0.1%	$96.46	+34.9%	COM	451107106
PKE	Park Aerospace Corp.	627,737 (-13.9%)	$13,396 (-9.6%)	0.1%	$14.07	+41.6%	COM	70014A104
ALG	Alamo Group Inc.	44,174 (-2.3%)	$7,415 (-14.1%)	0.1%	$189.86	-8.5%	COM	011311107
TPG	TPG Inc Class A	234,254 (-2.3%)	$14,955 (+8.6%)	0.2%	$47.97	+23.1%	COM	872657101
EPD	Enterprise Products Partners L	103,165 (-27.0%)	$3,307 (-25.2%)	0.0%	$26.83	—	COM	293792107
EXPE	Expedia Group, Inc.	31,054 (-32.9%)	$8,798 (-11.1%)	0.1%	$140.25	+76.0%	COM	30212P303
RPRX	Royalty Pharma Plc Class A	518,654 (-3.8%)	$20,041 (+5.4%)	0.2%	$29.72	+28.3%	COM	G7709Q104
AVT	Avnet, Inc.	152,216 (-4.5%)	$7,319 (-12.2%)	0.1%	$47.27	+3.5%	COM	053807103
CRM	Salesforce, Inc.	49,678 (-3.4%)	$13,160 (+8.0%)	0.1%	$265.13	-6.4%	COM	79466L302
CB	Chubb Limited	54,721 (-4.4%)	$17,080 (+5.7%)	0.2%	$153.18	+90.9%	COM	H1467J104
WFC	Wells Fargo & Company	138,114 (-3.2%)	$12,872 (+7.6%)	0.1%	$74.19	+16.8%	COM	949746101
JOE	St. Joe Company	137,874 (-24.9%)	$8,186 (-9.9%)	0.1%	$45.73	+22.5%	COM	790148100
FNF	Fidelity National Financial, I	112,360 (-3.0%)	$6,134 (-12.5%)	0.1%	$34.75	+57.6%	COM	31620R303
EOG	EOG Resources, Inc.	71,751 (-4.1%)	$7,535 (-10.2%)	0.1%	$114.28	-6.2%	COM	26875P101
OSK	Oshkosh Corp	115,121 (-2.3%)	$14,463 (-5.4%)	0.2%	$107.03	+19.5%	COM	688239201
CG	Carlyle Group Inc	152,601 (-2.3%)	$9,020 (-7.9%)	0.1%	$61.48	-8.5%	COM	14316J108
BMY	Bristol-Myers Squibb Company	95,807 (-3.6%)	$5,168 (+15.3%)	0.1%	$44.43	+7.0%	COM	110122108
BATRK	Atlanta Braves Holdings Inc Cl	210,161 (-2.3%)	$8,291 (-7.3%)	0.1%	$39.49	+0.1%	COM	047726302
DUK	Duke Energy Corporation	45,621 (-5.2%)	$5,347 (-10.2%)	0.1%	$85.82	+41.7%	COM	26441C204
ACN	Accenture Plc Class A	35,803 (-3.2%)	$9,606 (+5.3%)	0.1%	$318.92	-20.3%	COM	G1151C101
JNJ	Johnson & Johnson	36,787 (-4.6%)	$7,613 (+6.5%)	0.1%	$145.29	+35.6%	COM	478160104
CCI	Crown Castle Inc.	27,940 (-4.4%)	$2,483 (-11.9%)	0.0%	$102.25	-10.9%	COM	22822V101
CPAY	Corpay, Inc.	50,910 (-2.2%)	$15,320 (+2.1%)	0.2%	$325.25	-10.7%	COM	219948106
—	Hewlett Packard Enterprise Co.	109,056 (-2.3%)	$7,273 (-4.0%)	0.1%	$60.72	—	COM	42824C208
VOYA	Voya Financial, Inc.	124,490 (-2.3%)	$9,273 (-2.8%)	0.1%	$65.96	+10.0%	COM	929089100
MDT	Medtronic PLC	92,437 (-3.3%)	$8,879 (-2.5%)	0.1%	$91.27	+6.4%	COM	G5960L103
PEP	PepsiCo, Inc.	53,745 (-4.4%)	$7,713 (-2.3%)	0.1%	$78.24	+86.5%	COM	713448108
PNC	PNC Financial Services Group,	94,629 (-4.6%)	$19,752 (-0.8%)	0.2%	$100.31	+92.2%	COM	693475105
AES	AES Corporation	317,900 (-4.8%)	$4,559 (+3.7%)	0.1%	$14.68	-4.4%	COM	00130H105
CNA	CNA Financial Corporation	843,719 (-2.3%)	$40,279 (+0.4%)	0.4%	$23.81	+92.6%	COM	126117100

Unchanged Positions (10)

PLUS ePlus inc. 1.6%

Value ($000) $141,789 Shares 1,616,749 Est. Cost $62.98 Unrealized +31.0%

ICUI ICU Medical, Inc. 1.0%

Value ($000) $92,860 Shares 650,872 Est. Cost $141.96 Unrealized -5.6%

WSC WillScot Holdings Corporation 0.6%

Value ($000) $53,843 Shares 2,859,436 Est. Cost $33.73 Unrealized -40.2%

ITRN Ituran Location and Control Lt 0.2%

Value ($000) $17,639 Shares 410,105 Est. Cost $22.80 Unrealized +72.0%

GNW Genworth Financial, Inc. 1.6%

Value ($000) $148,056 Shares 16,396,056 Est. Cost $3.52 Unrealized +147.2%

PSMT PriceSmart, Inc. 1.0%

Value ($000) $88,249 Shares 719,400 Est. Cost $88.34 Unrealized +37.5%

OVV Ovintiv Inc 0.1%

Value ($000) $11,589 Shares 295,720 Est. Cost $43.16 Unrealized -10.2%

APO Apollo Global Management Inc 0.0%

Value ($000) $886 Shares 6,119 Est. Cost $146.92 Unrealized -9.8%

CNI Canadian National Railway Comp 0.0%

Value ($000) $966 Shares 9,774 Est. Cost $99.49 Unrealized -3.4%

NVR NVR, Inc. 0.0%

Value ($000) $350 Shares 48 Est. Cost $7605.45 Unrealized -1.7%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
PLUS	ePlus inc.	1,616,749	$141,789	1.6%	$62.98	+31.0%	COM	294268107
ICUI	ICU Medical, Inc.	650,872	$92,860	1.0%	$141.96	-5.6%	COM	44930G107
WSC	WillScot Holdings Corporation	2,859,436	$53,843	0.6%	$33.73	-40.2%	COM	971378104
ITRN	Ituran Location and Control Lt	410,105	$17,639	0.2%	$22.80	+72.0%	COM	M6158M104
GNW	Genworth Financial, Inc.	16,396,056	$148,056	1.6%	$3.52	+147.2%	COM	37247D106
PSMT	PriceSmart, Inc.	719,400	$88,249	1.0%	$88.34	+37.5%	COM	741511109
OVV	Ovintiv Inc	295,720	$11,589	0.1%	$43.16	-10.2%	COM	69047Q102
APO	Apollo Global Management Inc	6,119	$886	0.0%	$146.92	-9.8%	COM	03769M106
CNI	Canadian National Railway Comp	9,774	$966	0.0%	$99.49	-3.4%	COM	136375102
NVR	NVR, Inc.	48	$350	0.0%	$7605.45	-1.7%	COM	62944T105