Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
OCFC	OCEANFIRST FINANCIAL CORP	76,500	$1.494M	0.9%	$19.53	—	EQUITY	675234108
MCFT	MASTERCRAFT BOAT HOLDINGS IN	51,736	$1.336M	0.8%	$25.82	—	EQUITY	57637H103
VICI	VICI PROPERTIES INC	43,570	$1.157M	0.7%	$26.55	—	EQUITY	925652109
AVO	MISSION PRODUCE INC	67,355	$794K	0.5%	$11.79	—	EQUITY	60510V108
LTRX	LANTRONIX INC	76,000	$447K	0.3%	$5.88	—	EQUITY	516548203
OIS	OIL STATES INTERNATIONAL INC	54,000	$433K	0.3%	$8.01	—	EQUITY	678026105
MIDD	MIDDLEBY CORP	1,300	$224K	0.1%	$172.01	—	EQUITY	596278101
PINE	ALPINE INCOME PROPERTY TRUST	10,000	$208K	0.1%	$20.76	—	EQUITY	02083X103
PAR	PAR TECHNOLOGY CORP/DEL	10,000	$174K	0.1%	$17.42	—	EQUITY	698884103
XRX	XEROX HOLDINGS CORP	12,146	$38,017	0.0%	$3.13	—	EQUITY	98421M106

Increased Positions (5)

RDVT RED VIOLET INC 0.4%

Value $637K (+130.2%) Shares 10,000 (+25.0%) Est. Cost $50.67 Unrealized —

ISSC INNOVATIVE SOLUTIONS & SUPP 1.2%

Value $2.088M (-8.4%) Shares 116,000 (+4.5%) Est. Cost $14.14 Unrealized —

MNRO MONRO INC 0.6%

Value $975K (+21.6%) Shares 57,000 (+14.0%) Est. Cost $16.60 Unrealized —

LWAY LIFEWAY FOODS INC 0.2%

Value $358K (+85.1%) Shares 12,000 (+20.0%) Est. Cost $23.37 Unrealized —

YORW YORK WATER CO 0.6%

Value $978K (+1.7%) Shares 31,910 (+1.1%) Est. Cost $30.58 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
RDVT	RED VIOLET INC	10,000 (+25.0%)	$637K (+130.2%)	0.4%	$50.67	—	EQUITY	75704L104
ISSC	INNOVATIVE SOLUTIONS & SUPP	116,000 (+4.5%)	$2.088M (-8.4%)	1.2%	$14.14	—	EQUITY	45769N105
MNRO	MONRO INC	57,000 (+14.0%)	$975K (+21.6%)	0.6%	$16.60	—	EQUITY	610236101
LWAY	LIFEWAY FOODS INC	12,000 (+20.0%)	$358K (+85.1%)	0.2%	$23.37	—	EQUITY	531914109
YORW	YORK WATER CO	31,910 (+1.1%)	$978K (+1.7%)	0.6%	$30.58	—	EQUITY	987184108

Exited Positions (6)

CVGW CALAVO GROWERS INC 1.0%

Value $1.774M Shares 68,800 Est. Cost $26.55 Unrealized —

MPX MARINE PRODUCTS CORP 0.9%

Value $1.621M Shares 223,000 Est. Cost $8.53 Unrealized —

FFIC FLUSHING FINANCIAL CORP 0.8%

Value $1.382M Shares 90,000 Est. Cost $12.70 Unrealized —

GDEN GOLDEN ENTERTAINMENT INC 0.8%

Value $1.335M Shares 50,000 Est. Cost $26.11 Unrealized —

LMAT LEMAITRE VASCULAR INC 0.1%

Value $218K Shares 2,000 Est. Cost $87.13 Unrealized —

FARM FARMER BROS CO 0.0%

Value $27,940 Shares 22,000 Est. Cost $1.73 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
CVGW	CALAVO GROWERS INC	68,800	$1.774M	1.0%	$26.55	—	—	128246105
MPX	MARINE PRODUCTS CORP	223,000	$1.621M	0.9%	$8.53	—	—	568427108
FFIC	FLUSHING FINANCIAL CORP	90,000	$1.382M	0.8%	$12.70	—	—	343873105
GDEN	GOLDEN ENTERTAINMENT INC	50,000	$1.335M	0.8%	$26.11	—	—	381013101
LMAT	LEMAITRE VASCULAR INC	2,000	$218K	0.1%	$87.13	—	—	525558201
FARM	FARMER BROS CO	22,000	$27,940	0.0%	$1.73	—	—	307675108

Decreased Positions (35)

MYE MYERS INDUSTRIES INC 4.8%

Value $8.284M (+56.8%) Shares 234,600 (-6.0%) Est. Cost $15.66 Unrealized —

UCTT ULTRA CLEAN HOLDINGS INC 3.0%

Value $5.233M (+100.4%) Shares 36,700 (-12.6%) Est. Cost $24.59 Unrealized —

ATEX ANTERIX INC 2.6%

Value $4.426M (+118.7%) Shares 43,000 (-18.9%) Est. Cost $22.42 Unrealized —

VPG VISHAY PRECISION GROUP 2.0%

Value $3.453M (+164.8%) Shares 23,035 (-23.3%) Est. Cost $28.94 Unrealized —

ALNT ALLIENT INC 2.7%

Value $4.632M (+70.4%) Shares 45,000 (-2.2%) Est. Cost $42.70 Unrealized —

NATH NATHAN'S FAMOUS INC 0.2%

Value $305K (-85.9%) Shares 3,000 (-86.0%) Est. Cost $104.77 Unrealized —

FSTR FOSTER (LB) CO-A 2.2%

Value $3.796M (+37.9%) Shares 84,040 (-14.8%) Est. Cost $24.77 Unrealized —

GRC GORMAN-RUPP CO 2.0%

Value $3.541M (+41.8%) Shares 38,600 (-4.0%) Est. Cost $41.48 Unrealized —

EML EASTERN CO/THE 2.0%

Value $3.543M (+36.0%) Shares 127,200 (-1.2%) Est. Cost $23.37 Unrealized —

DCO DUCOMMUN INC 1.8%

Value $3.149M (+32.3%) Shares 17,000 (-12.8%) Est. Cost $90.38 Unrealized —

ATRO ASTRONICS CORP 2.6%

Value $4.551M (+19.6%) Shares 56,000 (-1.8%) Est. Cost $36.50 Unrealized —

MOV MOVADO GROUP INC 1.2%

Value $2.064M (+48.3%) Shares 52,500 (-7.9%) Est. Cost $17.34 Unrealized —

GHM GRAHAM CORP 1.4%

Value $2.352M (+39.9%) Shares 19,000 (-10.8%) Est. Cost $51.18 Unrealized —

MYRG MYR GROUP INC/DELAWARE 1.3%

Value $2.252M (+32.9%) Shares 4,500 (-25.0%) Est. Cost $186.60 Unrealized —

MITK MITEK SYSTEMS INC 1.0%

Value $1.711M (+41.1%) Shares 85,000 (-5.3%) Est. Cost $9.83 Unrealized —

AOUT AMERICAN OUTDOOR BRANDS INC 0.8%

Value $1.357M (+24.2%) Shares 115,557 (-1.2%) Est. Cost $9.48 Unrealized —

PKE PARK AEROSPACE CORP 0.6%

Value $1.095M (+30.3%) Shares 28,700 (-6.5%) Est. Cost $18.13 Unrealized —

ASTE ASTEC INDUSTRIES INC 1.3%

Value $2.203M (+11.2%) Shares 36,000 (-2.2%) Est. Cost $43.55 Unrealized —

RUSHB RUSH ENTERPRISES INC - CL B 1.5%

Value $2.525M (-3.8%) Shares 33,000 (-19.1%) Est. Cost $56.02 Unrealized —

STRT STRATTEC SECURITY CORP 0.9%

Value $1.572M (-5.8%) Shares 19,300 (-9.4%) Est. Cost $67.12 Unrealized —

HWKN HAWKINS INC 0.3%

Value $568K (-13.9%) Shares 4,000 (-7.0%) Est. Cost $167.14 Unrealized —

STEL STELLAR BANCORP INC 1.0%

Value $1.683M (+5.0%) Shares 42,800 (-2.3%) Est. Cost $30.39 Unrealized —

LMNR LIMONEIRA CO 0.8%

Value $1.457M (-3.9%) Shares 111,000 (-1.8%) Est. Cost $15.29 Unrealized —

MOD MODINE MANUFACTURING CO 0.3%

Value $534K (+12.0%) Shares 2,000 (-9.1%) Est. Cost $127.24 Unrealized —

LCUT LIFETIME BRANDS INC 0.2%

Value $349K (+19.4%) Shares 40,900 (-19.6%) Est. Cost $4.13 Unrealized —

NAGE NIAGEN BIOSCIENCE INC 0.0%

Value $79,750 (-39.7%) Shares 25,000 (-16.7%) Est. Cost $9.38 Unrealized —

OFIX ORTHOFIX MEDICAL INC 0.1%

Value $151K (-24.0%) Shares 16,500 (-4.6%) Est. Cost $13.13 Unrealized —

CTS CTS CORP 1.3%

Value $2.188M (+1.7%) Shares 33,571 (-25.5%) Est. Cost $41.38 Unrealized —

CVGI COMMERCIAL VEHICLE GROUP INC 0.1%

Value $185K (+22.6%) Shares 40,028 (-9.5%) Est. Cost $1.83 Unrealized —

LE LANDS' END INC 0.1%

Value $208K (-13.8%) Shares 19,863 (-7.6%) Est. Cost $13.32 Unrealized —

TRC TEJON RANCH CO 0.9%

Value $1.513M (-2.1%) Shares 80,900 (-1.3%) Est. Cost $17.44 Unrealized —

FLWS 1-800-FLOWERS.COM INC-CL A 0.2%

Value $290K (-9.9%) Shares 83,300 (-21.3%) Est. Cost $5.52 Unrealized —

ACU ACME UNITED CORP 0.2%

Value $429K (-4.4%) Shares 9,000 (-10.0%) Est. Cost $41.77 Unrealized —

RUSHA RUSH ENTERPRISES INC-CL A 0.3%

Value $511K (-3.4%) Shares 7,000 (-12.5%) Est. Cost $55.65 Unrealized —

DSGR DISTRIBUTION SOLUTIONS GROUP 1.4%

Value $2.462M (+0.3%) Shares 90,000 (-3.7%) Est. Cost $30.52 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
MYE	MYERS INDUSTRIES INC	234,600 (-6.0%)	$8.284M (+56.8%)	4.8%	$15.66	—	EQUITY	628464109
UCTT	ULTRA CLEAN HOLDINGS INC	36,700 (-12.6%)	$5.233M (+100.4%)	3.0%	$24.59	—	EQUITY	90385V107
ATEX	ANTERIX INC	43,000 (-18.9%)	$4.426M (+118.7%)	2.6%	$22.42	—	EQUITY	03676C100
VPG	VISHAY PRECISION GROUP	23,035 (-23.3%)	$3.453M (+164.8%)	2.0%	$28.94	—	EQUITY	92835K103
ALNT	ALLIENT INC	45,000 (-2.2%)	$4.632M (+70.4%)	2.7%	$42.70	—	EQUITY	019330109
NATH	NATHAN'S FAMOUS INC	3,000 (-86.0%)	$305K (-85.9%)	0.2%	$104.77	—	EQUITY	632347100
FSTR	FOSTER (LB) CO-A	84,040 (-14.8%)	$3.796M (+37.9%)	2.2%	$24.77	—	EQUITY	350060109
GRC	GORMAN-RUPP CO	38,600 (-4.0%)	$3.541M (+41.8%)	2.0%	$41.48	—	EQUITY	383082104
EML	EASTERN CO/THE	127,200 (-1.2%)	$3.543M (+36.0%)	2.0%	$23.37	—	EQUITY	276317104
DCO	DUCOMMUN INC	17,000 (-12.8%)	$3.149M (+32.3%)	1.8%	$90.38	—	EQUITY	264147109
ATRO	ASTRONICS CORP	56,000 (-1.8%)	$4.551M (+19.6%)	2.6%	$36.50	—	EQUITY	046433108
MOV	MOVADO GROUP INC	52,500 (-7.9%)	$2.064M (+48.3%)	1.2%	$17.34	—	EQUITY	624580106
GHM	GRAHAM CORP	19,000 (-10.8%)	$2.352M (+39.9%)	1.4%	$51.18	—	EQUITY	384556106
MYRG	MYR GROUP INC/DELAWARE	4,500 (-25.0%)	$2.252M (+32.9%)	1.3%	$186.60	—	EQUITY	55405W104
MITK	MITEK SYSTEMS INC	85,000 (-5.3%)	$1.711M (+41.1%)	1.0%	$9.83	—	EQUITY	606710200
AOUT	AMERICAN OUTDOOR BRANDS INC	115,557 (-1.2%)	$1.357M (+24.2%)	0.8%	$9.48	—	EQUITY	02875D109
PKE	PARK AEROSPACE CORP	28,700 (-6.5%)	$1.095M (+30.3%)	0.6%	$18.13	—	EQUITY	70014A104
ASTE	ASTEC INDUSTRIES INC	36,000 (-2.2%)	$2.203M (+11.2%)	1.3%	$43.55	—	EQUITY	046224101
RUSHB	RUSH ENTERPRISES INC - CL B	33,000 (-19.1%)	$2.525M (-3.8%)	1.5%	$56.02	—	EQUITY	781846308
STRT	STRATTEC SECURITY CORP	19,300 (-9.4%)	$1.572M (-5.8%)	0.9%	$67.12	—	EQUITY	863111100
HWKN	HAWKINS INC	4,000 (-7.0%)	$568K (-13.9%)	0.3%	$167.14	—	EQUITY	420261109
STEL	STELLAR BANCORP INC	42,800 (-2.3%)	$1.683M (+5.0%)	1.0%	$30.39	—	EQUITY	858927106
LMNR	LIMONEIRA CO	111,000 (-1.8%)	$1.457M (-3.9%)	0.8%	$15.29	—	EQUITY	532746104
MOD	MODINE MANUFACTURING CO	2,000 (-9.1%)	$534K (+12.0%)	0.3%	$127.24	—	EQUITY	607828100
LCUT	LIFETIME BRANDS INC	40,900 (-19.6%)	$349K (+19.4%)	0.2%	$4.13	—	EQUITY	53222Q103
NAGE	NIAGEN BIOSCIENCE INC	25,000 (-16.7%)	$79,750 (-39.7%)	0.0%	$9.38	—	EQUITY	171077407
OFIX	ORTHOFIX MEDICAL INC	16,500 (-4.6%)	$151K (-24.0%)	0.1%	$13.13	—	EQUITY	68752M108
CTS	CTS CORP	33,571 (-25.5%)	$2.188M (+1.7%)	1.3%	$41.38	—	EQUITY	126501105
CVGI	COMMERCIAL VEHICLE GROUP INC	40,028 (-9.5%)	$185K (+22.6%)	0.1%	$1.83	—	EQUITY	202608105
LE	LANDS' END INC	19,863 (-7.6%)	$208K (-13.8%)	0.1%	$13.32	—	EQUITY	51509F105
TRC	TEJON RANCH CO	80,900 (-1.3%)	$1.513M (-2.1%)	0.9%	$17.44	—	EQUITY	879080109
FLWS	1-800-FLOWERS.COM INC-CL A	83,300 (-21.3%)	$290K (-9.9%)	0.2%	$5.52	—	EQUITY	68243Q106
ACU	ACME UNITED CORP	9,000 (-10.0%)	$429K (-4.4%)	0.2%	$41.77	—	EQUITY	004816104
RUSHA	RUSH ENTERPRISES INC-CL A	7,000 (-12.5%)	$511K (-3.4%)	0.3%	$55.65	—	EQUITY	781846209
DSGR	DISTRIBUTION SOLUTIONS GROUP	90,000 (-3.7%)	$2.462M (+0.3%)	1.4%	$30.52	—	EQUITY	520776105

Unchanged Positions (107)

PKOH PARK-OHIO HOLDINGS CORP 3.4%

Value $5.883M Shares 153,000 Est. Cost $18.88 Unrealized —

EVC ENTRAVISION COMMUNICATIONS-A 0.6%

Value $1.043M Shares 80,000 Est. Cost $2.53 Unrealized —

TWIN TWIN DISC INC 1.2%

Value $2.104M Shares 90,700 Est. Cost $10.74 Unrealized —

GTX GARRETT MOTION INC 0.8%

Value $1.449M Shares 40,000 Est. Cost $12.66 Unrealized —

EXEL EXELIXIS INC 1.4%

Value $2.476M Shares 45,500 Est. Cost $40.19 Unrealized —

ATEN A10 NETWORKS INC 0.8%

Value $1.345M Shares 36,000 Est. Cost $17.94 Unrealized —

GTN/A GRAY MEDIA INC-A 0.4%

Value $609K Shares 87,000 Est. Cost $10.30 Unrealized —

MCS MARCUS CORPORATION 0.9%

Value $1.525M Shares 65,000 Est. Cost $16.04 Unrealized —

CCBG CAPITAL CITY BANK GROUP INC 1.9%

Value $3.336M Shares 67,500 Est. Cost $41.18 Unrealized —

NEO NEOGENOMICS INC 0.4%

Value $775K Shares 53,100 Est. Cost $7.00 Unrealized —

ODC OIL-DRI CORP OF AMERICA 0.6%

Value $1.043M Shares 10,200 Est. Cost $60.72 Unrealized —

TITN TITAN MACHINERY INC 1.0%

Value $1.816M Shares 86,000 Est. Cost $19.61 Unrealized —

ELMD ELECTROMED INC 0.5%

Value $846K Shares 20,000 Est. Cost $21.20 Unrealized —

OPLN OPENLANE INC 0.6%

Value $1.072M Shares 26,000 Est. Cost $27.25 Unrealized —

PBI PITNEY BOWES INC 0.5%

Value $788K Shares 45,000 Est. Cost $11.65 Unrealized —

ARKO ARKO CORP 0.5%

Value $923K Shares 115,000 Est. Cost $4.67 Unrealized —

ROCK GIBRALTAR INDUSTRIES INC 1.4%

Value $2.345M Shares 52,000 Est. Cost $62.56 Unrealized —

AP AMPCO-PITTSBURGH CORP 0.6%

Value $1.125M Shares 130,000 Est. Cost $2.94 Unrealized —

INSE INSPIRED ENTERTAINMENT INC 1.0%

Value $1.674M Shares 202,900 Est. Cost $9.02 Unrealized —

DGII DIGI INTERNATIONAL INC 0.3%

Value $600K Shares 8,000 Est. Cost $34.37 Unrealized —

WNC WABASH NATIONAL CORP 0.3%

Value $583K Shares 43,200 Est. Cost $10.50 Unrealized —

AUB ATLANTIC UNION BANKSHARES CO 0.7%

Value $1.269M Shares 30,000 Est. Cost $33.19 Unrealized —

SSP EW SCRIPPS CO NEW 0.3%

Value $568K Shares 205,000 Est. Cost $2.31 Unrealized —

PRSU PURSUIT ATTRACTIONS AND HOSP 0.3%

Value $560K Shares 10,000 Est. Cost $33.83 Unrealized —

TSQ TOWNSQUARE MEDIA INC - CL A 0.5%

Value $813K Shares 115,000 Est. Cost $7.24 Unrealized —

TNC TENNANT CO 0.4%

Value $744K Shares 8,500 Est. Cost $81.24 Unrealized —

SAMG SILVERCREST ASSET MANAGEME-A 0.3%

Value $541K Shares 53,500 Est. Cost $16.31 Unrealized —

LEGH LEGACY HOUSING CORP 0.5%

Value $788K Shares 30,000 Est. Cost $25.50 Unrealized —

RGCO RGC RESOURCES INC 1.3%

Value $2.259M Shares 94,500 Est. Cost $21.91 Unrealized —

CWST CASELLA WASTE SYSTEMS INC-A 0.6%

Value $961K Shares 9,910 Est. Cost $100.67 Unrealized —

FNB FNB CORP 0.8%

Value $1.345M Shares 70,500 Est. Cost $15.72 Unrealized —

RNST RENASANT CORP 0.6%

Value $1.086M Shares 25,530 Est. Cost $37.83 Unrealized —

WSBF WATERSTONE FINANCIAL INC 0.7%

Value $1.223M Shares 59,000 Est. Cost $14.33 Unrealized —

VALU VALUE LINE INC 0.7%

Value $1.213M Shares 29,958 Est. Cost $38.27 Unrealized —

SMP STANDARD MOTOR PRODS 0.7%

Value $1.267M Shares 32,500 Est. Cost $36.63 Unrealized —

GVA GRANITE CONSTRUCTION INC 0.3%

Value $553K Shares 3,500 Est. Cost $102.74 Unrealized —

SFST SOUTHERN FIRST BANCSHARES 0.6%

Value $1.026M Shares 16,800 Est. Cost $42.72 Unrealized —

CWCO CONSOLIDATED WATER CO-ORD SH 0.5%

Value $897K Shares 30,400 Est. Cost $31.58 Unrealized —

FRPH FRP HOLDINGS INC 0.5%

Value $875K Shares 35,000 Est. Cost $25.99 Unrealized —

FEIM FREQUENCY ELECTRONICS INC 0.2%

Value $318K Shares 4,800 Est. Cost $36.78 Unrealized —

FSBW FS BANCORP INC 0.5%

Value $911K Shares 21,000 Est. Cost $40.30 Unrealized —

WASH WASHINGTON TRUST BANCORP 0.7%

Value $1.214M Shares 33,280 Est. Cost $27.83 Unrealized —

VLY VALLEY NATIONAL BANCORP 0.4%

Value $615K Shares 42,000 Est. Cost $9.99 Unrealized —

WNEB WESTERN NEW ENGLAND BANCORP 0.6%

Value $958K Shares 67,000 Est. Cost $11.25 Unrealized —

MFIN MEDALLION FINANCIAL CORP 0.3%

Value $556K Shares 54,500 Est. Cost $10.01 Unrealized —

GTN GRAY MEDIA INC 0.5%

Value $940K Shares 236,740 Est. Cost $5.43 Unrealized —

CMT CORE MOLDING TECHNOLOGIES IN 1.0%

Value $1.673M Shares 70,890 Est. Cost $18.57 Unrealized —

TACT TRANSACT TECHNOLOGIES INC 0.1%

Value $190K Shares 32,500 Est. Cost $4.22 Unrealized —

INFU INFUSYSTEM HOLDINGS INC 1.0%

Value $1.785M Shares 185,000 Est. Cost $8.30 Unrealized —

FSS FEDERAL SIGNAL CORP 0.3%

Value $475K Shares 3,700 Est. Cost $119.82 Unrealized —

RES RPC INC 0.2%

Value $338K Shares 58,000 Est. Cost $4.63 Unrealized —

ARTNA ARTESIAN RESOURCES CORP-CL A 0.6%

Value $1.065M Shares 31,320 Est. Cost $32.34 Unrealized —

CWT CALIFORNIA WATER SERVICE GRP 0.6%

Value $976K Shares 20,060 Est. Cost $45.27 Unrealized —

NRIM NORTHRIM BANCORP INC 0.2%

Value $377K Shares 13,600 Est. Cost $22.41 Unrealized —

OPCH OPTION CARE HEALTH INC 0.1%

Value $210K Shares 10,000 Est. Cost $28.96 Unrealized —

KE KIMBALL ELECTRONICS INC 0.5%

Value $794K Shares 31,000 Est. Cost $24.66 Unrealized —

WEAV WEAVE COMMUNICATIONS INC 0.1%

Value $259K Shares 43,164 Est. Cost $6.38 Unrealized —

UTI UNIVERSAL TECHNICAL INSTITUT 0.2%

Value $372K Shares 8,700 Est. Cost $29.39 Unrealized —

NVGS NAVIGATOR HOLDINGS LTD 0.9%

Value $1.509M Shares 81,000 Est. Cost $15.88 Unrealized —

IMAX IMAX CORP 0.7%

Value $1.196M Shares 30,000 Est. Cost $28.35 Unrealized —

RDIB READING INTERNATIONAL INC-B 0.4%

Value $633K Shares 74,360 Est. Cost $11.31 Unrealized —

NEOG NEOGEN CORP 0.9%

Value $1.633M Shares 181,660 Est. Cost $5.34 Unrealized —

FMNB FARMERS NATL BANC CORP 0.3%

Value $552K Shares 37,800 Est. Cost $13.86 Unrealized —

TRST TRUSTCO BANK CORP NY 0.1%

Value $254K Shares 4,620 Est. Cost $43.95 Unrealized —

OPK OPKO HEALTH INC 0.1%

Value $210K Shares 140,000 Est. Cost $1.37 Unrealized —

TYL TYLER TECHNOLOGIES INC 0.2%

Value $292K Shares 1,000 Est. Cost $561.33 Unrealized —

SRI STONERIDGE INC 0.1%

Value $146K Shares 20,000 Est. Cost $7.93 Unrealized —

DWSN DAWSON GEOPHYSICAL CO 0.1%

Value $119K Shares 20,000 Est. Cost $1.52 Unrealized —

ARLO ARLO TECHNOLOGIES INC 0.5%

Value $836K Shares 62,000 Est. Cost $17.00 Unrealized —

FRST PRIMIS FINANCIAL CORP 0.1%

Value $246K Shares 15,000 Est. Cost $10.93 Unrealized —

DDD 3D SYSTEMS CORP 0.1%

Value $121K Shares 40,000 Est. Cost $2.06 Unrealized —

MSA MSA SAFETY INC 0.4%

Value $716K Shares 4,100 Est. Cost $172.87 Unrealized —

DHX DHI GROUP INC 0.1%

Value $167K Shares 45,000 Est. Cost $2.77 Unrealized —

ICFI ICF INTERNATIONAL INC 0.2%

Value $364K Shares 5,000 Est. Cost $92.67 Unrealized —

SBGI SINCLAIR INC 0.2%

Value $410K Shares 28,800 Est. Cost $14.35 Unrealized —

GYRO GYRODYNE LLC 0.1%

Value $110K Shares 18,000 Est. Cost $9.65 Unrealized —

GENI GENIUS SPORTS LTD 0.1%

Value $121K Shares 20,000 Est. Cost $11.96 Unrealized —

BRBR BELLRING BRANDS INC 0.1%

Value $129K Shares 10,000 Est. Cost $45.18 Unrealized —

HBAN HUNTINGTON BANCSHARES INC 0.2%

Value $263K Shares 14,850 Est. Cost $17.89 Unrealized —

UBSI UNITED BANKSHARES INC 0.2%

Value $321K Shares 7,000 Est. Cost $37.28 Unrealized —

IIIV I3 VERTICALS INC-CLASS A 0.4%

Value $641K Shares 30,000 Est. Cost $30.14 Unrealized —

MTW MANITOWOC COMPANY INC 0.1%

Value $176K Shares 12,700 Est. Cost $11.12 Unrealized —

ERII ENERGY RECOVERY INC 0.1%

Value $244K Shares 27,000 Est. Cost $14.10 Unrealized —

NABL N-ABLE INC 0.1%

Value $91,750 Shares 25,000 Est. Cost $6.06 Unrealized —

MTLS MATERIALISE NV-ADR 0.0%

Value $74,300 Shares 10,000 Est. Cost $5.57 Unrealized —

UG UNITED GUARDIAN INC 0.2%

Value $384K Shares 53,761 Est. Cost $8.23 Unrealized —

HNVR HANOVER BANCORP INC 0.2%

Value $315K Shares 13,500 Est. Cost $22.27 Unrealized —

ULBI ULTRALIFE CORP 0.4%

Value $689K Shares 109,000 Est. Cost $7.57 Unrealized —

RDI READING INTERNATIONAL INC-A 0.1%

Value $178K Shares 139,000 Est. Cost $1.41 Unrealized —

MSEX MIDDLESEX WATER CO 0.2%

Value $281K Shares 5,000 Est. Cost $53.50 Unrealized —

GENC GENCOR INDUSTRIES INC 2.1%

Value $3.696M Shares 247,700 Est. Cost $15.14 Unrealized —

TWI TITAN INTERNATIONAL INC 0.1%

Value $156K Shares 20,200 Est. Cost $8.92 Unrealized —

BMI BADGER METER INC 0.3%

Value $482K Shares 3,250 Est. Cost $195.98 Unrealized —

AAME ATLANTIC AMERICAN CORP 0.0%

Value $31,730 Shares 19,000 Est. Cost $2.76 Unrealized —

CZNC CITIZENS & NORTHERN CORP 0.2%

Value $280K Shares 12,000 Est. Cost $19.06 Unrealized —

MTX MINERALS TECHNOLOGIES INC 0.1%

Value $259K Shares 3,500 Est. Cost $60.71 Unrealized —

MATW MATTHEWS INTL CORP-CLASS A 0.1%

Value $215K Shares 8,000 Est. Cost $24.17 Unrealized —

KLTR KALTURA INC 0.1%

Value $130K Shares 100,000 Est. Cost $1.48 Unrealized —

SSYS STRATASYS LTD 0.0%

Value $85,600 Shares 10,000 Est. Cost $10.78 Unrealized —

KKR KKR & CO INC 0.5%

Value $918K Shares 10,000 Est. Cost $141.65 Unrealized —

SPWH SPORTSMAN'S WAREHOUSE HOLDIN 0.1%

Value $106K Shares 80,000 Est. Cost $2.91 Unrealized —

LEE LEE ENTERPRISES 0.1%

Value $152K Shares 17,000 Est. Cost $5.06 Unrealized —

WGO WINNEBAGO INDUSTRIES 0.3%

Value $531K Shares 17,000 Est. Cost $32.99 Unrealized —

JOUT JOHNSON OUTDOORS INC-A 0.1%

Value $230K Shares 5,000 Est. Cost $37.27 Unrealized —

ARAY ACCURAY INC 0.0%

Value $4,640 Shares 18,000 Est. Cost $1.48 Unrealized —

WVVI WILLAMETTE VALLEY VINEYARDS 0.0%

Value $51,455 Shares 20,500 Est. Cost $4.65 Unrealized —

TG TREDEGAR CORP 0.5%

Value $899K Shares 113,000 Est. Cost $8.25 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
PKOH	PARK-OHIO HOLDINGS CORP	153,000	$5.883M	3.4%	$18.88	—	EQUITY	700666100
EVC	ENTRAVISION COMMUNICATIONS-A	80,000	$1.043M	0.6%	$2.53	—	EQUITY	29382R107
TWIN	TWIN DISC INC	90,700	$2.104M	1.2%	$10.74	—	EQUITY	901476101
GTX	GARRETT MOTION INC	40,000	$1.449M	0.8%	$12.66	—	EQUITY	366505105
EXEL	EXELIXIS INC	45,500	$2.476M	1.4%	$40.19	—	EQUITY	30161Q104
ATEN	A10 NETWORKS INC	36,000	$1.345M	0.8%	$17.94	—	EQUITY	002121101
GTN/A	GRAY MEDIA INC-A	87,000	$609K	0.4%	$10.30	—	EQUITY	389375205
MCS	MARCUS CORPORATION	65,000	$1.525M	0.9%	$16.04	—	EQUITY	566330106
CCBG	CAPITAL CITY BANK GROUP INC	67,500	$3.336M	1.9%	$41.18	—	EQUITY	139674105
NEO	NEOGENOMICS INC	53,100	$775K	0.4%	$7.00	—	EQUITY	64049M209
ODC	OIL-DRI CORP OF AMERICA	10,200	$1.043M	0.6%	$60.72	—	EQUITY	677864100
TITN	TITAN MACHINERY INC	86,000	$1.816M	1.0%	$19.61	—	EQUITY	88830R101
ELMD	ELECTROMED INC	20,000	$846K	0.5%	$21.20	—	EQUITY	285409108
OPLN	OPENLANE INC	26,000	$1.072M	0.6%	$27.25	—	EQUITY	48238T109
PBI	PITNEY BOWES INC	45,000	$788K	0.5%	$11.65	—	EQUITY	724479100
ARKO	ARKO CORP	115,000	$923K	0.5%	$4.67	—	EQUITY	041242108
ROCK	GIBRALTAR INDUSTRIES INC	52,000	$2.345M	1.4%	$62.56	—	EQUITY	374689107
AP	AMPCO-PITTSBURGH CORP	130,000	$1.125M	0.6%	$2.94	—	EQUITY	032037103
INSE	INSPIRED ENTERTAINMENT INC	202,900	$1.674M	1.0%	$9.02	—	EQUITY	45782N108
DGII	DIGI INTERNATIONAL INC	8,000	$600K	0.3%	$34.37	—	EQUITY	253798102
WNC	WABASH NATIONAL CORP	43,200	$583K	0.3%	$10.50	—	EQUITY	929566107
AUB	ATLANTIC UNION BANKSHARES CO	30,000	$1.269M	0.7%	$33.19	—	EQUITY	04911A107
SSP	EW SCRIPPS CO NEW	205,000	$568K	0.3%	$2.31	—	EQUITY	811054402
PRSU	PURSUIT ATTRACTIONS AND HOSP	10,000	$560K	0.3%	$33.83	—	EQUITY	92552R406
TSQ	TOWNSQUARE MEDIA INC - CL A	115,000	$813K	0.5%	$7.24	—	EQUITY	892231101
TNC	TENNANT CO	8,500	$744K	0.4%	$81.24	—	EQUITY	880345103
SAMG	SILVERCREST ASSET MANAGEME-A	53,500	$541K	0.3%	$16.31	—	EQUITY	828359109
LEGH	LEGACY HOUSING CORP	30,000	$788K	0.5%	$25.50	—	EQUITY	52472M101
RGCO	RGC RESOURCES INC	94,500	$2.259M	1.3%	$21.91	—	EQUITY	74955L103
CWST	CASELLA WASTE SYSTEMS INC-A	9,910	$961K	0.6%	$100.67	—	EQUITY	147448104
FNB	FNB CORP	70,500	$1.345M	0.8%	$15.72	—	EQUITY	302520101
RNST	RENASANT CORP	25,530	$1.086M	0.6%	$37.83	—	EQUITY	75970E107
WSBF	WATERSTONE FINANCIAL INC	59,000	$1.223M	0.7%	$14.33	—	EQUITY	94188P101
VALU	VALUE LINE INC	29,958	$1.213M	0.7%	$38.27	—	EQUITY	920437100
SMP	STANDARD MOTOR PRODS	32,500	$1.267M	0.7%	$36.63	—	EQUITY	853666105
GVA	GRANITE CONSTRUCTION INC	3,500	$553K	0.3%	$102.74	—	EQUITY	387328107
SFST	SOUTHERN FIRST BANCSHARES	16,800	$1.026M	0.6%	$42.72	—	EQUITY	842873101
CWCO	CONSOLIDATED WATER CO-ORD SH	30,400	$897K	0.5%	$31.58	—	EQUITY	G23773107
FRPH	FRP HOLDINGS INC	35,000	$875K	0.5%	$25.99	—	EQUITY	30292L107
FEIM	FREQUENCY ELECTRONICS INC	4,800	$318K	0.2%	$36.78	—	EQUITY	358010106
FSBW	FS BANCORP INC	21,000	$911K	0.5%	$40.30	—	EQUITY	30263Y104
WASH	WASHINGTON TRUST BANCORP	33,280	$1.214M	0.7%	$27.83	—	EQUITY	940610108
VLY	VALLEY NATIONAL BANCORP	42,000	$615K	0.4%	$9.99	—	EQUITY	919794107
WNEB	WESTERN NEW ENGLAND BANCORP	67,000	$958K	0.6%	$11.25	—	EQUITY	958892101
MFIN	MEDALLION FINANCIAL CORP	54,500	$556K	0.3%	$10.01	—	EQUITY	583928106
GTN	GRAY MEDIA INC	236,740	$940K	0.5%	$5.43	—	EQUITY	389375106
CMT	CORE MOLDING TECHNOLOGIES IN	70,890	$1.673M	1.0%	$18.57	—	EQUITY	218683100
TACT	TRANSACT TECHNOLOGIES INC	32,500	$190K	0.1%	$4.22	—	EQUITY	892918103
INFU	INFUSYSTEM HOLDINGS INC	185,000	$1.785M	1.0%	$8.30	—	EQUITY	45685K102
FSS	FEDERAL SIGNAL CORP	3,700	$475K	0.3%	$119.82	—	EQUITY	313855108
RES	RPC INC	58,000	$338K	0.2%	$4.63	—	EQUITY	749660106
ARTNA	ARTESIAN RESOURCES CORP-CL A	31,320	$1.065M	0.6%	$32.34	—	EQUITY	043113208
CWT	CALIFORNIA WATER SERVICE GRP	20,060	$976K	0.6%	$45.27	—	EQUITY	130788102
NRIM	NORTHRIM BANCORP INC	13,600	$377K	0.2%	$22.41	—	EQUITY	666762109
OPCH	OPTION CARE HEALTH INC	10,000	$210K	0.1%	$28.96	—	EQUITY	68404L201
KE	KIMBALL ELECTRONICS INC	31,000	$794K	0.5%	$24.66	—	EQUITY	49428J109
WEAV	WEAVE COMMUNICATIONS INC	43,164	$259K	0.1%	$6.38	—	EQUITY	94724R108
UTI	UNIVERSAL TECHNICAL INSTITUT	8,700	$372K	0.2%	$29.39	—	EQUITY	913915104
NVGS	NAVIGATOR HOLDINGS LTD	81,000	$1.509M	0.9%	$15.88	—	EQUITY	Y62132108
IMAX	IMAX CORP	30,000	$1.196M	0.7%	$28.35	—	EQUITY	45245E109
RDIB	READING INTERNATIONAL INC-B	74,360	$633K	0.4%	$11.31	—	EQUITY	755408200
NEOG	NEOGEN CORP	181,660	$1.633M	0.9%	$5.34	—	EQUITY	640491106
FMNB	FARMERS NATL BANC CORP	37,800	$552K	0.3%	$13.86	—	EQUITY	309627107
TRST	TRUSTCO BANK CORP NY	4,620	$254K	0.1%	$43.95	—	EQUITY	898349204
OPK	OPKO HEALTH INC	140,000	$210K	0.1%	$1.37	—	EQUITY	68375N103
TYL	TYLER TECHNOLOGIES INC	1,000	$292K	0.2%	$561.33	—	EQUITY	902252105
SRI	STONERIDGE INC	20,000	$146K	0.1%	$7.93	—	EQUITY	86183P102
DWSN	DAWSON GEOPHYSICAL CO	20,000	$119K	0.1%	$1.52	—	EQUITY	239360100
ARLO	ARLO TECHNOLOGIES INC	62,000	$836K	0.5%	$17.00	—	EQUITY	04206A101
FRST	PRIMIS FINANCIAL CORP	15,000	$246K	0.1%	$10.93	—	EQUITY	74167B109
DDD	3D SYSTEMS CORP	40,000	$121K	0.1%	$2.06	—	EQUITY	88554D205
MSA	MSA SAFETY INC	4,100	$716K	0.4%	$172.87	—	EQUITY	553498106
DHX	DHI GROUP INC	45,000	$167K	0.1%	$2.77	—	EQUITY	23331S100
ICFI	ICF INTERNATIONAL INC	5,000	$364K	0.2%	$92.67	—	EQUITY	44925C103
SBGI	SINCLAIR INC	28,800	$410K	0.2%	$14.35	—	EQUITY	829242106
GYRO	GYRODYNE LLC	18,000	$110K	0.1%	$9.65	—	EQUITY	403829104
GENI	GENIUS SPORTS LTD	20,000	$121K	0.1%	$11.96	—	EQUITY	G3934V109
BRBR	BELLRING BRANDS INC	10,000	$129K	0.1%	$45.18	—	EQUITY	07831C103
HBAN	HUNTINGTON BANCSHARES INC	14,850	$263K	0.2%	$17.89	—	EQUITY	446150104
UBSI	UNITED BANKSHARES INC	7,000	$321K	0.2%	$37.28	—	EQUITY	909907107
IIIV	I3 VERTICALS INC-CLASS A	30,000	$641K	0.4%	$30.14	—	EQUITY	46571Y107
MTW	MANITOWOC COMPANY INC	12,700	$176K	0.1%	$11.12	—	EQUITY	563571405
ERII	ENERGY RECOVERY INC	27,000	$244K	0.1%	$14.10	—	EQUITY	29270J100
NABL	N-ABLE INC	25,000	$91,750	0.1%	$6.06	—	EQUITY	62878D100
MTLS	MATERIALISE NV-ADR	10,000	$74,300	0.0%	$5.57	—	DEPOSITORY RECEI	57667T100
UG	UNITED GUARDIAN INC	53,761	$384K	0.2%	$8.23	—	EQUITY	910571108
HNVR	HANOVER BANCORP INC	13,500	$315K	0.2%	$22.27	—	EQUITY	410709109
ULBI	ULTRALIFE CORP	109,000	$689K	0.4%	$7.57	—	EQUITY	903899102
RDI	READING INTERNATIONAL INC-A	139,000	$178K	0.1%	$1.41	—	EQUITY	755408101
MSEX	MIDDLESEX WATER CO	5,000	$281K	0.2%	$53.50	—	EQUITY	596680108
GENC	GENCOR INDUSTRIES INC	247,700	$3.696M	2.1%	$15.14	—	EQUITY	368678108
TWI	TITAN INTERNATIONAL INC	20,200	$156K	0.1%	$8.92	—	EQUITY	88830M102
BMI	BADGER METER INC	3,250	$482K	0.3%	$195.98	—	EQUITY	056525108
AAME	ATLANTIC AMERICAN CORP	19,000	$31,730	0.0%	$2.76	—	EQUITY	048209100
CZNC	CITIZENS & NORTHERN CORP	12,000	$280K	0.2%	$19.06	—	EQUITY	172922106
MTX	MINERALS TECHNOLOGIES INC	3,500	$259K	0.1%	$60.71	—	EQUITY	603158106
MATW	MATTHEWS INTL CORP-CLASS A	8,000	$215K	0.1%	$24.17	—	EQUITY	577128101
KLTR	KALTURA INC	100,000	$130K	0.1%	$1.48	—	EQUITY	483467106
SSYS	STRATASYS LTD	10,000	$85,600	0.0%	$10.78	—	EQUITY	M85548101
KKR	KKR & CO INC	10,000	$918K	0.5%	$141.65	—	EQUITY	48251W104
SPWH	SPORTSMAN'S WAREHOUSE HOLDIN	80,000	$106K	0.1%	$2.91	—	EQUITY	84920Y106
LEE	LEE ENTERPRISES	17,000	$152K	0.1%	$5.06	—	EQUITY	523768406
WGO	WINNEBAGO INDUSTRIES	17,000	$531K	0.3%	$32.99	—	EQUITY	974637100
JOUT	JOHNSON OUTDOORS INC-A	5,000	$230K	0.1%	$37.27	—	EQUITY	479167108
ARAY	ACCURAY INC	18,000	$4,640	0.0%	$1.48	—	EQUITY	004397105
WVVI	WILLAMETTE VALLEY VINEYARDS	20,500	$51,455	0.0%	$4.65	—	EQUITY	969136100
TG	TREDEGAR CORP	113,000	$899K	0.5%	$8.25	—	EQUITY	894650100