Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
XEL	Xcel Energy Inc	94,283	$7.514M	3.4%	$79.70	—	COM	98389B100
D	Dominion Energy Inc	67,899	$4.603M	2.1%	$67.79	—	COM	25746U109
CBRL	Cracker Barrel Old Country Sto	51,235	$2.823M	1.3%	$55.10	—	COM	22410J106
BTSG	BrightSpring Health Services I	28,709	$2.005M	0.9%	$69.85	—	COM	10950A106
TXRH	Texas Roadhouse Inc	8,025	$1.537M	0.7%	$191.48	—	COM	882681109
WING	Wingstop Inc	6,199	$1.085M	0.5%	$174.97	—	COM	974155103
SFM	Sprouts Farmers Market Inc	11,164	$968K	0.4%	$86.70	—	COM	85208M102
QXO	QXO Inc	55,333	$915K	0.4%	$16.54	—	COM NEW	82846H405
GHM	Graham Corp	5,152	$615K	0.3%	$119.44	—	COM	384556106
ORLA	Orla Mining Ltd	57,645	$564K	0.3%	$9.79	—	COM	68634K106
FEIM	Frequency Electronics Inc	7,835	$515K	0.2%	$65.79	—	COM	358010106
ISOU	IsoEnergy Ltd	37,700	$375K	0.2%	$9.95	—	COM NEW	46500E867
HBM	Hudbay Minerals Inc	14,525	$342K	0.2%	$23.58	—	COM	443628102
KTOS	Kratos Defense & Security Solu	5,578	$296K	0.1%	$53.04	—	COM NEW	50077B207

Increased Positions (20)

ETR Entergy Corp 6.6%

Value $14.62M (+82.9%) Shares 129,558 (+84.1%) Est. Cost $82.33 Unrealized —

LNG Cheniere Energy Inc 5.3%

Value $11.82M (+28.9%) Shares 48,440 (+45.8%) Est. Cost $204.86 Unrealized —

CNI Canadian National Railway Co 3.1%

Value $6.767M (+39.2%) Shares 56,806 (+20.7%) Est. Cost $104.06 Unrealized —

ATKR Atkore Inc 1.2%

Value $2.546M (+284.2%) Shares 35,147 (+219.6%) Est. Cost $72.71 Unrealized —

PRI Primerica Inc 1.1%

Value $2.411M (+206.5%) Shares 8,269 (+166.8%) Est. Cost $283.36 Unrealized —

CBU Community Financial System Inc 1.3%

Value $2.819M (+106.6%) Shares 41,188 (+79.3%) Est. Cost $62.04 Unrealized —

NSC Norfolk Southern Corp 4.0%

Value $8.94M (+18.3%) Shares 28,026 (+6.4%) Est. Cost $246.81 Unrealized —

RNR RenaissanceRe Holdings Ltd 1.6%

Value $3.62M (+55.8%) Shares 11,425 (+45.4%) Est. Cost $277.86 Unrealized —

COLB Columbia Banking System Inc 1.0%

Value $2.226M (+81.2%) Shares 68,483 (+55.6%) Est. Cost $27.49 Unrealized —

EGP EastGroup Properties Inc 1.1%

Value $2.443M (+61.6%) Shares 11,889 (+47.4%) Est. Cost $183.24 Unrealized —

AIT Applied Industrial Technologie 1.9%

Value $4.205M (+27.3%) Shares 12,662 (+3.3%) Est. Cost $203.48 Unrealized —

IBP Installed Building Products In 0.8%

Value $1.798M (+41.4%) Shares 8,026 (+72.5%) Est. Cost $236.30 Unrealized —

FER Ferrovial NV 2.8%

Value $6.162M (+9.3%) Shares 91,695 (+9.0%) Est. Cost $42.23 Unrealized —

MTH Meritage Homes Corp 0.5%

Value $1.024M (+86.4%) Shares 12,557 (+42.0%) Est. Cost $75.03 Unrealized —

BCPC Balchem Corp 0.6%

Value $1.345M (+53.3%) Shares 7,962 (+56.0%) Est. Cost $160.63 Unrealized —

EPC Edgewell Personal Care Co 0.3%

Value $657K (+200.4%) Shares 23,875 (+132.7%) Est. Cost $24.22 Unrealized —

KMT Kennametal Inc 0.5%

Value $1.188M (+43.9%) Shares 35,347 (+56.2%) Est. Cost $34.90 Unrealized —

POWL Powell Industries Inc 0.8%

Value $1.78M (-16.7%) Shares 6,719 (+74.2%) Est. Cost $211.08 Unrealized —

MEDP Medpace Holdings Inc 1.1%

Value $2.324M (+17.1%) Shares 4,275 (+5.5%) Est. Cost $458.55 Unrealized —

MLI Mueller Industries Inc 1.7%

Value $3.812M (-5.9%) Shares 66,392 (+84.4%) Est. Cost $54.55 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
ETR	Entergy Corp	129,558 (+84.1%)	$14.62M (+82.9%)	6.6%	$82.33	—	COM	29364G103
LNG	Cheniere Energy Inc	48,440 (+45.8%)	$11.82M (+28.9%)	5.3%	$204.86	—	COM NEW	16411R208
CNI	Canadian National Railway Co	56,806 (+20.7%)	$6.767M (+39.2%)	3.1%	$104.06	—	COM	136375102
ATKR	Atkore Inc	35,147 (+219.6%)	$2.546M (+284.2%)	1.2%	$72.71	—	COM	047649108
PRI	Primerica Inc	8,269 (+166.8%)	$2.411M (+206.5%)	1.1%	$283.36	—	COM	74164M108
CBU	Community Financial System Inc	41,188 (+79.3%)	$2.819M (+106.6%)	1.3%	$62.04	—	COM	203607106
NSC	Norfolk Southern Corp	28,026 (+6.4%)	$8.94M (+18.3%)	4.0%	$246.81	—	COM	655844108
RNR	RenaissanceRe Holdings Ltd	11,425 (+45.4%)	$3.62M (+55.8%)	1.6%	$277.86	—	COM	G7496G103
COLB	Columbia Banking System Inc	68,483 (+55.6%)	$2.226M (+81.2%)	1.0%	$27.49	—	COM	197236102
EGP	EastGroup Properties Inc	11,889 (+47.4%)	$2.443M (+61.6%)	1.1%	$183.24	—	COM	277276101
AIT	Applied Industrial Technologie	12,662 (+3.3%)	$4.205M (+27.3%)	1.9%	$203.48	—	COM	03820C105
IBP	Installed Building Products In	8,026 (+72.5%)	$1.798M (+41.4%)	0.8%	$236.30	—	COM	45780R101
FER	Ferrovial NV	91,695 (+9.0%)	$6.162M (+9.3%)	2.8%	$42.23	—	ORD SHS	N3168P101
MTH	Meritage Homes Corp	12,557 (+42.0%)	$1.024M (+86.4%)	0.5%	$75.03	—	COM	59001A102
BCPC	Balchem Corp	7,962 (+56.0%)	$1.345M (+53.3%)	0.6%	$160.63	—	COM	057665200
EPC	Edgewell Personal Care Co	23,875 (+132.7%)	$657K (+200.4%)	0.3%	$24.22	—	COM	28035Q102
KMT	Kennametal Inc	35,347 (+56.2%)	$1.188M (+43.9%)	0.5%	$34.90	—	COM	489170100
POWL	Powell Industries Inc	6,719 (+74.2%)	$1.78M (-16.7%)	0.8%	$211.08	—	COM	739128106
MEDP	Medpace Holdings Inc	4,275 (+5.5%)	$2.324M (+17.1%)	1.1%	$458.55	—	COM	58506Q109
MLI	Mueller Industries Inc	66,392 (+84.4%)	$3.812M (-5.9%)	1.7%	$54.55	—	COM	624756102

Exited Positions (12)

PEG Public Service Enterprise Grou 2.8%

Value $6.121M Shares 75,357 Est. Cost $70.94 Unrealized —

VG Venture Global Inc 1.8%

Value $3.9M Shares 265,651 Est. Cost $14.20 Unrealized —

BLD TopBuild Corp 0.9%

Value $2M Shares 5,419 Est. Cost $408.16 Unrealized —

ENSG Ensign Group Inc/The 0.8%

Value $1.776M Shares 8,878 Est. Cost $174.15 Unrealized —

NHI National Health Investors Inc 0.5%

Value $1.214M Shares 14,848 Est. Cost $76.76 Unrealized —

RLI RLI Corp 0.4%

Value $919K Shares 16,136 Est. Cost $72.62 Unrealized —

LTC LTC Properties Inc 0.4%

Value $799K Shares 21,289 Est. Cost $34.46 Unrealized —

WLDN Willdan Group Inc 0.3%

Value $706K Shares 8,943 Est. Cost $109.99 Unrealized —

PRIM Primoris Services Corp 0.1%

Value $249K Shares 1,652 Est. Cost $149.87 Unrealized —

— Freeport-McMoRan Inc 0.0%

Value $22,000 Shares 50,000 Est. Cost — Unrealized —

— BHP Group Ltd 0.0%

Value $12,000 Shares 40,000 Est. Cost — Unrealized —

GDX VanEck Gold Miners ETF/USA 0.0%

Value $8,000 Shares 20,000 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
PEG	Public Service Enterprise Grou	75,357	$6.121M	2.8%	$70.94	—	—	744573106
VG	Venture Global Inc	265,651	$3.9M	1.8%	$14.20	—	—	92333F101
BLD	TopBuild Corp	5,419	$2M	0.9%	$408.16	—	—	89055F103
ENSG	Ensign Group Inc/The	8,878	$1.776M	0.8%	$174.15	—	—	29358P101
NHI	National Health Investors Inc	14,848	$1.214M	0.5%	$76.76	—	—	63633D104
RLI	RLI Corp	16,136	$919K	0.4%	$72.62	—	—	749607107
LTC	LTC Properties Inc	21,289	$799K	0.4%	$34.46	—	—	502175102
WLDN	Willdan Group Inc	8,943	$706K	0.3%	$109.99	—	—	96924N100
PRIM	Primoris Services Corp	1,652	$249K	0.1%	$149.87	—	—	74164F103
—	Freeport-McMoRan Inc	50,000	$22,000	0.0%	—	—	PUT	35671D957
—	BHP Group Ltd	40,000	$12,000	0.0%	—	—	PUT	088606958
GDX	VanEck Gold Miners ETF/USA	20,000	$8,000	0.0%	—	—	PUT	92189F106

Decreased Positions (23)

CEG Constellation Energy Corp 1.3%

Value $2.942M (-50.3%) Shares 12,441 (-41.3%) Est. Cost $277.82 Unrealized —

HTO H2O America 5.6%

Value $12.33M (-13.6%) Shares 203,028 (-16.9%) Est. Cost $51.69 Unrealized —

PCG PG&E Corp 2.2%

Value $4.778M (-27.9%) Shares 288,342 (-22.7%) Est. Cost $17.02 Unrealized —

NEE NextEra Energy Inc 5.3%

Value $11.62M (-11.3%) Shares 134,490 (-4.7%) Est. Cost $70.78 Unrealized —

FTRE Fortrea Holdings Inc 1.8%

Value $4.04M (+44.9%) Shares 229,826 (-21.6%) Est. Cost $12.40 Unrealized —

PNFP Pinnacle Financial Partners In 0.1%

Value $200K (-78.7%) Shares 1,979 (-81.4%) Est. Cost $97.40 Unrealized —

ATO Atmos Energy Corp 1.5%

Value $3.263M (-18.2%) Shares 18,860 (-12.3%) Est. Cost $111.07 Unrealized —

SANM Sanmina Corp 0.9%

Value $1.886M (+39.4%) Shares 7,654 (-26.3%) Est. Cost $149.79 Unrealized —

FCX Freeport-McMoRan Inc 0.0%

Value $60,530 (-89.6%) Shares 1,000 (-89.5%) Est. Cost $39.76 Unrealized —

WMB Williams Cos Inc/The 4.3%

Value $9.539M (-5.1%) Shares 131,090 (-6.3%) Est. Cost $41.56 Unrealized —

ENB Enbridge Inc 2.2%

Value $4.896M (-9.1%) Shares 90,435 (-9.9%) Est. Cost $31.54 Unrealized —

CCI Crown Castle Inc 3.0%

Value $6.553M (-6.8%) Shares 85,633 (-1.6%) Est. Cost $91.23 Unrealized —

UFPI UFP Industries Inc 0.2%

Value $426K (-51.5%) Shares 4,776 (-50.4%) Est. Cost $105.09 Unrealized —

AMT American Tower Corp 3.2%

Value $7.09M (-5.5%) Shares 42,692 (-2.7%) Est. Cost $180.09 Unrealized —

OKE ONEOK Inc 1.9%

Value $4.164M (-9.0%) Shares 48,572 (-7.2%) Est. Cost $78.53 Unrealized —

FN Fabrinet 0.2%

Value $396K (-45.2%) Shares 724 (-46.4%) Est. Cost $276.35 Unrealized —

CCS Century Communities Inc 0.1%

Value $263K (-51.3%) Shares 3,759 (-60.0%) Est. Cost $64.96 Unrealized —

PLPC Preformed Line Products Co 0.6%

Value $1.294M (-14.7%) Shares 3,289 (-36.9%) Est. Cost $139.71 Unrealized —

SOBO South Bow Corp 1.5%

Value $3.263M (-5.6%) Shares 92,771 (-12.9%) Est. Cost $24.08 Unrealized —

DTM DT Midstream Inc 1.2%

Value $2.546M (-5.6%) Shares 17,711 (-12.1%) Est. Cost $103.16 Unrealized —

CIEN Ciena Corp 0.1%

Value $150K (-41.7%) Shares 324 (-47.7%) Est. Cost $79.05 Unrealized —

MRTN Marten Transport Ltd 0.4%

Value $985K (+1.9%) Shares 56,438 (-21.9%) Est. Cost $12.96 Unrealized —

IESC IES Holdings Inc 0.1%

Value $240K (+0.4%) Shares 343 (-30.6%) Est. Cost $456.62 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
CEG	Constellation Energy Corp	12,441 (-41.3%)	$2.942M (-50.3%)	1.3%	$277.82	—	COM	21037T109
HTO	H2O America	203,028 (-16.9%)	$12.33M (-13.6%)	5.6%	$51.69	—	COM	784305104
PCG	PG&E Corp	288,342 (-22.7%)	$4.778M (-27.9%)	2.2%	$17.02	—	COM	69331C108
NEE	NextEra Energy Inc	134,490 (-4.7%)	$11.62M (-11.3%)	5.3%	$70.78	—	COM	65339F101
FTRE	Fortrea Holdings Inc	229,826 (-21.6%)	$4.04M (+44.9%)	1.8%	$12.40	—	COMMON STOCK	34965K107
PNFP	Pinnacle Financial Partners In	1,979 (-81.4%)	$200K (-78.7%)	0.1%	$97.40	—	COM	72348N109
ATO	Atmos Energy Corp	18,860 (-12.3%)	$3.263M (-18.2%)	1.5%	$111.07	—	COM	049560105
SANM	Sanmina Corp	7,654 (-26.3%)	$1.886M (+39.4%)	0.9%	$149.79	—	COM	801056102
FCX	Freeport-McMoRan Inc	1,000 (-89.5%)	$60,530 (-89.6%)	0.0%	$39.76	—	CL B	35671D857
WMB	Williams Cos Inc/The	131,090 (-6.3%)	$9.539M (-5.1%)	4.3%	$41.56	—	COM	969457100
ENB	Enbridge Inc	90,435 (-9.9%)	$4.896M (-9.1%)	2.2%	$31.54	—	COM	29250N105
CCI	Crown Castle Inc	85,633 (-1.6%)	$6.553M (-6.8%)	3.0%	$91.23	—	COM	22822V101
UFPI	UFP Industries Inc	4,776 (-50.4%)	$426K (-51.5%)	0.2%	$105.09	—	COM	90278Q108
AMT	American Tower Corp	42,692 (-2.7%)	$7.09M (-5.5%)	3.2%	$180.09	—	COM	03027X100
OKE	ONEOK Inc	48,572 (-7.2%)	$4.164M (-9.0%)	1.9%	$78.53	—	COM	682680103
FN	Fabrinet	724 (-46.4%)	$396K (-45.2%)	0.2%	$276.35	—	SHS	G3323L100
CCS	Century Communities Inc	3,759 (-60.0%)	$263K (-51.3%)	0.1%	$64.96	—	COM	156504300
PLPC	Preformed Line Products Co	3,289 (-36.9%)	$1.294M (-14.7%)	0.6%	$139.71	—	COM	740444104
SOBO	South Bow Corp	92,771 (-12.9%)	$3.263M (-5.6%)	1.5%	$24.08	—	COM	83671M105
DTM	DT Midstream Inc	17,711 (-12.1%)	$2.546M (-5.6%)	1.2%	$103.16	—	COMMON STOCK	23345M107
CIEN	Ciena Corp	324 (-47.7%)	$150K (-41.7%)	0.1%	$79.05	—	COM NEW	171779309
MRTN	Marten Transport Ltd	56,438 (-21.9%)	$985K (+1.9%)	0.4%	$12.96	—	COM	573075108
IESC	IES Holdings Inc	343 (-30.6%)	$240K (+0.4%)	0.1%	$456.62	—	COM	44951W106

Unchanged Positions (8)

CSX CSX Corp 5.7%

Value $12.62M Shares 261,110 Est. Cost $32.76 Unrealized —

ES Eversource Energy 3.1%

Value $6.85M Shares 94,876 Est. Cost $60.20 Unrealized —

MUX McEwen Inc 0.2%

Value $504K Shares 28,000 Est. Cost $18.60 Unrealized —

NXE NexGen Energy Ltd 0.1%

Value $331K Shares 35,000 Est. Cost $5.60 Unrealized —

UEC Uranium Energy Corp 0.1%

Value $158K Shares 15,000 Est. Cost $13.12 Unrealized —

SWX Southwest Gas Holdings Inc 1.6%

Value $3.515M Shares 39,709 Est. Cost $84.08 Unrealized —

CCJ Cameco Corp 0.0%

Value $71,234 Shares 700 Est. Cost $50.93 Unrealized —

NI NiSource Inc 3.3%

Value $7.385M Shares 157,560 Est. Cost $33.42 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
CSX	CSX Corp	261,110	$12.62M	5.7%	$32.76	—	COM	126408103
ES	Eversource Energy	94,876	$6.85M	3.1%	$60.20	—	COM	30040W108
MUX	McEwen Inc	28,000	$504K	0.2%	$18.60	—	COM NEW	58039P305
NXE	NexGen Energy Ltd	35,000	$331K	0.1%	$5.60	—	COM	65340P106
UEC	Uranium Energy Corp	15,000	$158K	0.1%	$13.12	—	COM	916896103
SWX	Southwest Gas Holdings Inc	39,709	$3.515M	1.6%	$84.08	—	COM	844895102
CCJ	Cameco Corp	700	$71,234	0.0%	$50.93	—	COM	13321L108
NI	NiSource Inc	157,560	$7.385M	3.3%	$33.42	—	COM	65473P105