GENDELL JEFFREY L Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
WTM	WHITE MOUNTAINS INSURANCE GP	32,520	$67,578	1.2%	$1955.46	0.0%	COM	G9618E107
HAL	HALLIBURTON CO	921,100	$26,030	0.5%	$26.29	0.0%	COM	406216101
—	AVADEL PHARMACEUTICALS	1,131,500	$24,384	0.4%	$13.80	—	CALL	G29687103
FTI	TECHNIPFMC PLC	320,000	$14,259	0.2%	$42.20	0.0%	COM	G87110105
FMC	FMC CORP	900,000	$12,483	0.2%	$18.96	0.0%	COM	302491303
BHC	BAUSCH HEALTH COS INC	1,298,275	$9,023	0.2%	$6.58	0.0%	COM	071734107
BAX	BAXTER INTERNATIONAL INC	446,125	$8,525	0.1%	$20.00	0.0%	COM	071813109
GT	GOODYEAR TIRE & RUBBER CO	820,569	$7,188	0.1%	$7.88	0.0%	COM	382550101
AVTR	AVANTOR INC	545,000	$6,246	0.1%	$12.31	0.0%	COM	05352A100
BOOM	DMC GLOBAL INC	902,306	$6,036	0.1%	$6.90	0.0%	COM	23291C103
UTI	UNIVERSAL TECHNICAL INSTITUT	91,585	$2,393	0.0%	$28.32	0.0%	COM	913915104
AA	ALCOA CORP	33,394	$1,775	0.0%	$40.88	0.0%	COM	013872106
GSM	FERROGLOBE PLC	97,997	$455	0.0%	$4.60	0.0%	COM	G33856108
SCL	STEPAN CO	9,085	$430	0.0%	$45.80	0.0%	COM	858586100

Increased Positions (34)

OC OWENS CORNING 1.8%

Value ($000) $103,188 (+255.4%) Shares 922,063 (+349.3%) Est. Cost $122.51 Unrealized -4.2%

GNW GENWORTH FINANCIAL INC 1.0%

Value ($000) $58,568 (+171.9%) Shares 6,485,888 (+168.0%) Est. Cost $8.54 Unrealized +2.0%

TPC TUTOR PERINI CORP 1.0%

Value ($000) $59,642 (+99.3%) Shares 889,915 (+95.0%) Est. Cost $60.52 Unrealized +8.4%

MHK MOHAWK INDUSTRIES INC 0.8%

Value ($000) $48,712 (+100.4%) Shares 445,669 (+136.3%) Est. Cost $115.88 Unrealized -0.9%

AMR ALPHA METALLURGICAL RESOURCE 1.7%

Value ($000) $98,755 (+26.7%) Shares 494,072 (+4.0%) Est. Cost $121.31 Unrealized +42.5%

OIH VANECK OIL SERVICES ETF 0.7%

Value ($000) $41,728 (+97.1%) Shares 146,532 (+79.9%) Est. Cost $284.29 Unrealized —

RIG TRANSOCEAN LTD 0.8%

Value ($000) $44,562 (+78.0%) Shares 10,789,833 (+34.5%) Est. Cost $3.49 Unrealized +11.2%

BW BABCOCK & WILCOX ENTERPR 0.6%

Value ($000) $31,992 (+132.1%) Shares 5,046,068 (+6.2%) Est. Cost $2.05 Unrealized +140.2%

FCG FIRST TRUST NATURAL GAS ETF 0.4%

Value ($000) $22,096 (+395.1%) Shares 943,874 (+396.8%) Est. Cost $23.93 Unrealized —

— INDIVIOR PLC 0.7%

Value ($000) $39,337 (+55.9%) Shares 1,096,343 (+4.8%) Est. Cost $15.25 Unrealized —

LUMN LUMEN TECHNOLOGIES INC 0.6%

Value ($000) $36,995 (+43.2%) Shares 4,761,216 (+12.8%) Est. Cost $5.37 Unrealized +53.3%

SKY CHAMPION HOMES INC 0.5%

Value ($000) $26,795 (+70.9%) Shares 317,097 (+54.4%) Est. Cost $77.36 Unrealized +1.9%

SLB SLB LTD 0.6%

Value ($000) $33,391 (+49.5%) Shares 870,000 (+33.8%) Est. Cost $40.31 Unrealized -10.5%

EQT EQT CORP 0.3%

Value ($000) $18,860 (+101.6%) Shares 351,863 (+104.7%) Est. Cost $54.41 Unrealized +3.2%

XBI SS SPDR S&P BIOTECH ETF 0.6%

Value ($000) $31,980 (+37.4%) Shares 262,278 (+12.9%) Est. Cost $98.33 Unrealized —

UFPI UFP INDUSTRIES INC 0.5%

Value ($000) $31,021 (+37.7%) Shares 340,698 (+41.4%) Est. Cost $98.20 Unrealized -6.8%

IOSP INNOSPEC INC 0.4%

Value ($000) $21,841 (+61.8%) Shares 285,351 (+63.1%) Est. Cost $88.59 Unrealized -15.3%

SND SMART SAND INC 0.2%

Value ($000) $12,508 (+116.8%) Shares 3,126,915 (+16.0%) Est. Cost $2.21 Unrealized +28.1%

INVX INNOVEX INTERNATIONAL INC 0.1%

Value ($000) $8,580 (+139.5%) Shares 392,311 (+103.0%) Est. Cost $18.66 Unrealized +11.9%

FLEX FLEX LTD 0.7%

Value ($000) $40,871 (+13.1%) Shares 676,448 (+8.5%) Est. Cost $52.76 Unrealized +17.1%

BXC BLUELINX HOLDINGS INC 0.8%

Value ($000) $44,168 (-8.3%) Shares 718,993 (+9.0%) Est. Cost $55.61 Unrealized +16.1%

SXC SUNCOKE ENERGY INC 0.2%

Value ($000) $10,599 (+60.8%) Shares 1,472,040 (+82.3%) Est. Cost $7.31 Unrealized +0.7%

CLB CORE LABORATORIES INC 0.2%

Value ($000) $10,395 (+47.7%) Shares 648,460 (+13.9%) Est. Cost $16.91 Unrealized -12.0%

CNR CORE NATURAL RESOURCES INC 0.3%

Value ($000) $15,998 (+26.2%) Shares 180,749 (+19.0%) Est. Cost $78.28 Unrealized +8.8%

ORN ORION GROUP HOLDINGS INC 0.2%

Value ($000) $10,977 (+27.2%) Shares 1,104,300 (+6.5%) Est. Cost $7.37 Unrealized +31.5%

LXU LSB INDUSTRIES INC 0.3%

Value ($000) $18,140 (+11.8%) Shares 2,134,130 (+3.7%) Est. Cost $9.07 Unrealized -2.7%

DTI DRILLING TOOLS INTERNATIONAL 0.1%

Value ($000) $5,977 (+37.7%) Shares 2,439,737 (+29.2%) Est. Cost $3.11 Unrealized -22.7%

SLND SOUTHLAND HOLDINGS INC 0.1%

Value ($000) $6,308 (+17.9%) Shares 1,899,940 (+52.4%) Est. Cost $3.67 Unrealized —

PSEC PROSPECT CAPITAL CORP 0.2%

Value ($000) $9,656 (+10.9%) Shares 3,728,319 (+17.8%) Est. Cost $2.69 Unrealized -5.3%

TGEN TECOGEN INC/WALTHAM MA 0.0%

Value ($000) $1,460 (-32.0%) Shares 295,541 (+21.3%) Est. Cost $7.36 Unrealized +2.0%

OCC OPTICAL CABLE CORP 0.0%

Value ($000) $1,848 (-19.2%) Shares 415,340 (+47.4%) Est. Cost $6.20 Unrealized +25.4%

INSG INSEEGO CORP 0.1%

Value ($000) $4,409 (-7.7%) Shares 429,301 (+34.6%) Est. Cost $10.82 Unrealized +20.0%

KLXE KLX ENERGY SERVICES HOLDING 0.1%

Value ($000) $3,313 (+0.7%) Shares 1,753,108 (+2.3%) Est. Cost $7.72 Unrealized -77.4%

MTRX MATRIX SERVICE CO 0.2%

Value ($000) $12,373 (-0.1%) Shares 1,057,561 (+11.7%) Est. Cost $10.14 Unrealized +23.9%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
OC	OWENS CORNING	922,063 (+349.3%)	$103,188 (+255.4%)	1.8%	$122.51	-4.2%	COM	690742101
GNW	GENWORTH FINANCIAL INC	6,485,888 (+168.0%)	$58,568 (+171.9%)	1.0%	$8.54	+2.0%	COM	37247D106
TPC	TUTOR PERINI CORP	889,915 (+95.0%)	$59,642 (+99.3%)	1.0%	$60.52	+8.4%	COM	901109108
MHK	MOHAWK INDUSTRIES INC	445,669 (+136.3%)	$48,712 (+100.4%)	0.8%	$115.88	-0.9%	COM	608190104
AMR	ALPHA METALLURGICAL RESOURCE	494,072 (+4.0%)	$98,755 (+26.7%)	1.7%	$121.31	+42.5%	COM	020764106
OIH	VANECK OIL SERVICES ETF	146,532 (+79.9%)	$41,728 (+97.1%)	0.7%	$284.29	—	COM	92189H607
RIG	TRANSOCEAN LTD	10,789,833 (+34.5%)	$44,562 (+78.0%)	0.8%	$3.49	+11.2%	COM	H8817H100
BW	BABCOCK & WILCOX ENTERPR	5,046,068 (+6.2%)	$31,992 (+132.1%)	0.6%	$2.05	+140.2%	COM	05614L209
FCG	FIRST TRUST NATURAL GAS ETF	943,874 (+396.8%)	$22,096 (+395.1%)	0.4%	$23.93	—	COM	33733E807
—	INDIVIOR PLC	1,096,343 (+4.8%)	$39,337 (+55.9%)	0.7%	$15.25	—	COM	G4766E116
LUMN	LUMEN TECHNOLOGIES INC	4,761,216 (+12.8%)	$36,995 (+43.2%)	0.6%	$5.37	+53.3%	COM	550241103
SKY	CHAMPION HOMES INC	317,097 (+54.4%)	$26,795 (+70.9%)	0.5%	$77.36	+1.9%	COM	830830105
SLB	SLB LTD	870,000 (+33.8%)	$33,391 (+49.5%)	0.6%	$40.31	-10.5%	COM	806857108
EQT	EQT CORP	351,863 (+104.7%)	$18,860 (+101.6%)	0.3%	$54.41	+3.2%	COM	26884L109
XBI	SS SPDR S&P BIOTECH ETF	262,278 (+12.9%)	$31,980 (+37.4%)	0.6%	$98.33	—	COM	78464A870
UFPI	UFP INDUSTRIES INC	340,698 (+41.4%)	$31,021 (+37.7%)	0.5%	$98.20	-6.8%	COM	90278Q108
IOSP	INNOSPEC INC	285,351 (+63.1%)	$21,841 (+61.8%)	0.4%	$88.59	-15.3%	COM	45768S105
SND	SMART SAND INC	3,126,915 (+16.0%)	$12,508 (+116.8%)	0.2%	$2.21	+28.1%	COM	83191H107
INVX	INNOVEX INTERNATIONAL INC	392,311 (+103.0%)	$8,580 (+139.5%)	0.1%	$18.66	+11.9%	COM	457651107
FLEX	FLEX LTD	676,448 (+8.5%)	$40,871 (+13.1%)	0.7%	$52.76	+17.1%	COM	Y2573F102
BXC	BLUELINX HOLDINGS INC	718,993 (+9.0%)	$44,168 (-8.3%)	0.8%	$55.61	+16.1%	COM	09624H208
SXC	SUNCOKE ENERGY INC	1,472,040 (+82.3%)	$10,599 (+60.8%)	0.2%	$7.31	+0.7%	COM	86722A103
CLB	CORE LABORATORIES INC	648,460 (+13.9%)	$10,395 (+47.7%)	0.2%	$16.91	-12.0%	COM	21867A105
CNR	CORE NATURAL RESOURCES INC	180,749 (+19.0%)	$15,998 (+26.2%)	0.3%	$78.28	+8.8%	COM	218937100
ORN	ORION GROUP HOLDINGS INC	1,104,300 (+6.5%)	$10,977 (+27.2%)	0.2%	$7.37	+31.5%	COM	68628V308
LXU	LSB INDUSTRIES INC	2,134,130 (+3.7%)	$18,140 (+11.8%)	0.3%	$9.07	-2.7%	COM	502160104
DTI	DRILLING TOOLS INTERNATIONAL	2,439,737 (+29.2%)	$5,977 (+37.7%)	0.1%	$3.11	-22.7%	CL A	26205E107
SLND	SOUTHLAND HOLDINGS INC	1,899,940 (+52.4%)	$6,308 (+17.9%)	0.1%	$3.67	—	COM	84445C100
PSEC	PROSPECT CAPITAL CORP	3,728,319 (+17.8%)	$9,656 (+10.9%)	0.2%	$2.69	-5.3%	COM	74348T102
TGEN	TECOGEN INC/WALTHAM MA	295,541 (+21.3%)	$1,460 (-32.0%)	0.0%	$7.36	+2.0%	COM	87876P201
OCC	OPTICAL CABLE CORP	415,340 (+47.4%)	$1,848 (-19.2%)	0.0%	$6.20	+25.4%	COM	683827208
INSG	INSEEGO CORP	429,301 (+34.6%)	$4,409 (-7.7%)	0.1%	$10.82	+20.0%	COM	45782B302
KLXE	KLX ENERGY SERVICES HOLDING	1,753,108 (+2.3%)	$3,313 (+0.7%)	0.1%	$7.72	-77.4%	COM	48253L205
MTRX	MATRIX SERVICE CO	1,057,561 (+11.7%)	$12,373 (-0.1%)	0.2%	$10.14	+23.9%	COM	576853105

Exited Positions (7)

IWM ISHARES RUSSELL 2000 ETF 0.4%

Value ($000) $24,073 Shares 99,493 Est. Cost $215.79 Unrealized —

AMRZ AMRIZE LTD 0.2%

Value ($000) $11,749 Shares 242,091 Est. Cost $50.99 Unrealized +0.1%

XLE ENERGY SELECT SECTOR SPDR 0.2%

Value ($000) $9,296 Shares 104,052 Est. Cost $89.34 Unrealized —

— ODP CORP/THE 0.1%

Value ($000) $7,422 Shares 266,489 Est. Cost $28.51 Unrealized —

KRE SPDR S&P REGIONAL BANKING 0.1%

Value ($000) $6,330 Shares 100,000 Est. Cost $63.30 Unrealized —

NINEQ NINE ENERGY SERVICE INC 0.0%

Value ($000) $2,640 Shares 4,178,566 Est. Cost $6.18 Unrealized -92.0%

ASTLW ALGOMA STEEL GROUP INC -CW26 0.0%

Value ($000) $14 Shares 93,408 Est. Cost $0.96 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
IWM	ISHARES RUSSELL 2000 ETF	99,493	$24,073	0.4%	$215.79	—	—	464287655
AMRZ	AMRIZE LTD	242,091	$11,749	0.2%	$50.99	+0.1%	—	H2927K103
XLE	ENERGY SELECT SECTOR SPDR	104,052	$9,296	0.2%	$89.34	—	—	81369Y506
—	ODP CORP/THE	266,489	$7,422	0.1%	$28.51	—	—	88337F105
KRE	SPDR S&P REGIONAL BANKING	100,000	$6,330	0.1%	$63.30	—	—	78464A698
NINEQ	NINE ENERGY SERVICE INC	4,178,566	$2,640	0.0%	$6.18	-92.0%	—	65441V101
ASTLW	ALGOMA STEEL GROUP INC -CW26	93,408	$14	0.0%	$0.96	—	—	015658115

Decreased Positions (19)

IESC IES HOLDINGS INC 69.9%

Value ($000) $4,025,737 (-3.9%) Shares 10,348,407 (-1.7%) Est. Cost $13.66 Unrealized +2843.5%

HUM HUMANA INC 0.2%

Value ($000) $9,221 (-77.1%) Shares 36,000 (-76.7%) Est. Cost $261.21 Unrealized +0.0%

BTU PEABODY ENERGY CORP 0.3%

Value ($000) $15,046 (-61.6%) Shares 506,614 (-65.7%) Est. Cost $18.54 Unrealized +58.3%

— AVADEL PHARMACEUTICALS 1.8%

Value ($000) $102,780 (+26.6%) Shares 4,769,357 (-10.3%) Est. Cost $13.80 Unrealized —

BA BOEING CO/THE 0.3%

Value ($000) $17,763 (-31.4%) Shares 81,811 (-31.8%) Est. Cost $225.47 Unrealized -8.8%

WDC WESTERN DIGITAL CORP 0.6%

Value ($000) $36,209 (+25.7%) Shares 210,189 (-12.4%) Est. Cost $69.44 Unrealized +118.3%

NBR NABORS INDUSTRIES LTD 0.3%

Value ($000) $18,614 (-23.4%) Shares 342,799 (-42.4%) Est. Cost $74.48 Unrealized -34.6%

TTI TETRA TECHNOLOGIES INC 0.5%

Value ($000) $27,038 (+23.2%) Shares 2,885,544 (-24.4%) Est. Cost $3.76 Unrealized +105.0%

MU MICRON TECHNOLOGY INC 0.7%

Value ($000) $40,920 (+12.7%) Shares 143,373 (-33.9%) Est. Cost $104.29 Unrealized +119.9%

SNDK SANDISK CORP 0.7%

Value ($000) $39,274 (+11.2%) Shares 165,449 (-47.4%) Est. Cost $49.11 Unrealized +307.8%

OSG OCTAVE SPECIALTY GROUP INC 0.2%

Value ($000) $12,210 (-21.5%) Shares 1,569,472 (-15.8%) Est. Cost $10.06 Unrealized -15.0%

LBRT LIBERTY ENERGY INC 0.2%

Value ($000) $14,238 (+29.8%) Shares 771,289 (-13.2%) Est. Cost $14.03 Unrealized +19.1%

TSEM TOWER SEMICONDUCTOR LTD 0.2%

Value ($000) $8,807 (+30.8%) Shares 75,000 (-19.4%) Est. Cost $45.01 Unrealized +114.0%

ATKR ATKORE INC 0.4%

Value ($000) $24,490 (-6.6%) Shares 387,201 (-7.4%) Est. Cost $79.05 Unrealized -18.2%

COHR COHERENT CORP 0.1%

Value ($000) $5,099 (-22.8%) Shares 27,627 (-55.0%) Est. Cost $82.15 Unrealized +82.1%

OIS OIL STATES INTERNATIONAL INC 0.2%

Value ($000) $10,597 (+6.8%) Shares 1,565,269 (-4.4%) Est. Cost $6.51 Unrealized -1.3%

BRBS BLUE RIDGE BANKSHARES INC 0.0%

Value ($000) $916 (-30.6%) Shares 214,608 (-31.3%) Est. Cost $5.95 Unrealized -28.8%

AMD ADVANCED MICRO DEVICES 0.4%

Value ($000) $22,487 (-1.1%) Shares 105,000 (-25.3%) Est. Cost $147.61 Unrealized +52.2%

WGO WINNEBAGO INDUSTRIES 0.1%

Value ($000) $6,912 (+3.4%) Shares 170,585 (-14.6%) Est. Cost $32.84 Unrealized +11.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
IESC	IES HOLDINGS INC	10,348,407 (-1.7%)	$4,025,737 (-3.9%)	69.9%	$13.66	+2843.5%	COM	44951W106
HUM	HUMANA INC	36,000 (-76.7%)	$9,221 (-77.1%)	0.2%	$261.21	+0.0%	COM	444859102
BTU	PEABODY ENERGY CORP	506,614 (-65.7%)	$15,046 (-61.6%)	0.3%	$18.54	+58.3%	COM	704551100
—	AVADEL PHARMACEUTICALS	4,769,357 (-10.3%)	$102,780 (+26.6%)	1.8%	$13.80	—	COM	G29687103
BA	BOEING CO/THE	81,811 (-31.8%)	$17,763 (-31.4%)	0.3%	$225.47	-8.8%	COM	097023105
WDC	WESTERN DIGITAL CORP	210,189 (-12.4%)	$36,209 (+25.7%)	0.6%	$69.44	+118.3%	COM	958102105
NBR	NABORS INDUSTRIES LTD	342,799 (-42.4%)	$18,614 (-23.4%)	0.3%	$74.48	-34.6%	COM	G6359F137
TTI	TETRA TECHNOLOGIES INC	2,885,544 (-24.4%)	$27,038 (+23.2%)	0.5%	$3.76	+105.0%	COM	88162F105
MU	MICRON TECHNOLOGY INC	143,373 (-33.9%)	$40,920 (+12.7%)	0.7%	$104.29	+119.9%	COM	595112103
SNDK	SANDISK CORP	165,449 (-47.4%)	$39,274 (+11.2%)	0.7%	$49.11	+307.8%	COM	80004C200
OSG	OCTAVE SPECIALTY GROUP INC	1,569,472 (-15.8%)	$12,210 (-21.5%)	0.2%	$10.06	-15.0%	COM	023139884
LBRT	LIBERTY ENERGY INC	771,289 (-13.2%)	$14,238 (+29.8%)	0.2%	$14.03	+19.1%	COM	53115L104
TSEM	TOWER SEMICONDUCTOR LTD	75,000 (-19.4%)	$8,807 (+30.8%)	0.2%	$45.01	+114.0%	COM	M87915274
ATKR	ATKORE INC	387,201 (-7.4%)	$24,490 (-6.6%)	0.4%	$79.05	-18.2%	COM	047649108
COHR	COHERENT CORP	27,627 (-55.0%)	$5,099 (-22.8%)	0.1%	$82.15	+82.1%	COM	19247G107
OIS	OIL STATES INTERNATIONAL INC	1,565,269 (-4.4%)	$10,597 (+6.8%)	0.2%	$6.51	-1.3%	COM	678026105
BRBS	BLUE RIDGE BANKSHARES INC	214,608 (-31.3%)	$916 (-30.6%)	0.0%	$5.95	-28.8%	COM	095825105
AMD	ADVANCED MICRO DEVICES	105,000 (-25.3%)	$22,487 (-1.1%)	0.4%	$147.61	+52.2%	COM	007903107
WGO	WINNEBAGO INDUSTRIES	170,585 (-14.6%)	$6,912 (+3.4%)	0.1%	$32.84	+11.0%	COM	974637100

Unchanged Positions (27)

CMI CUMMINS INC 0.2%

Value ($000) $11,352 Shares 22,240 Est. Cost $305.67 Unrealized +52.6%

GLW CORNING INC 0.5%

Value ($000) $26,347 Shares 300,900 Est. Cost $57.68 Unrealized +49.1%

PEBK PEOPLES BANCORP OF NC 0.1%

Value ($000) $7,883 Shares 217,763 Est. Cost $14.79 Unrealized +117.7%

NOV NOV INC 0.1%

Value ($000) $5,309 Shares 339,697 Est. Cost $14.18 Unrealized +4.6%

FUSB FIRST US BANCSHARES INC 0.1%

Value ($000) $5,552 Shares 397,454 Est. Cost $9.05 Unrealized +45.1%

AAPL APPLE INC 0.2%

Value ($000) $9,515 Shares 35,000 Est. Cost $201.41 Unrealized +33.2%

PATK PATRICK INDUSTRIES INC 0.2%

Value ($000) $11,395 Shares 105,088 Est. Cost $26.56 Unrealized +293.9%

FRD FRIEDMAN INDUSTRIES 0.1%

Value ($000) $7,265 Shares 354,576 Est. Cost $11.63 Unrealized +76.1%

ASRV AMERISERV FINANCIAL INC 0.1%

Value ($000) $5,218 Shares 1,635,677 Est. Cost $2.83 Unrealized +7.5%

RBCAA REPUBLIC BANCORP INC-CLASS A 0.2%

Value ($000) $9,860 Shares 142,916 Est. Cost $36.56 Unrealized +89.4%

CZWI CITIZENS COMMUNITY BANCORP I 0.1%

Value ($000) $4,425 Shares 248,319 Est. Cost $8.14 Unrealized +104.9%

IROQ IF BANCORP INC 0.2%

Value ($000) $8,794 Shares 326,179 Est. Cost $18.61 Unrealized +39.9%

CAC CAMDEN NATIONAL CORP 0.0%

Value ($000) $2,658 Shares 61,269 Est. Cost $41.32 Unrealized -3.5%

BVFL BV FINANCIAL INC 0.0%

Value ($000) $2,562 Shares 141,262 Est. Cost $10.44 Unrealized +64.8%

MTRN MATERION CORP 0.2%

Value ($000) $8,864 Shares 71,296 Est. Cost $82.53 Unrealized +49.4%

FENC FENNEC PHARMACEUTICALS INC 0.0%

Value ($000) $1,075 Shares 139,559 Est. Cost $9.01 Unrealized -8.9%

SHBI SHORE BANCSHARES INC 0.0%

Value ($000) $2,419 Shares 136,840 Est. Cost $13.26 Unrealized +26.5%

FMBH FIRST MID BANCSHARES INC 0.1%

Value ($000) $5,361 Shares 137,473 Est. Cost $25.96 Unrealized +45.3%

SBFG SB FINANCIAL GROUP INC 0.0%

Value ($000) $1,031 Shares 46,286 Est. Cost $12.24 Unrealized +69.1%

FUNC FIRST UNITED CORP 0.1%

Value ($000) $6,677 Shares 178,352 Est. Cost $12.21 Unrealized +202.0%

WTTR SELECT WATER SOLUTIONS INC 0.1%

Value ($000) $5,747 Shares 546,309 Est. Cost $7.60 Unrealized —

ALRS ALERUS FINANCIAL CORP 0.1%

Value ($000) $5,263 Shares 233,700 Est. Cost $20.92 Unrealized +3.3%

COFS CHOICEONE FINANCIAL SVCS INC 0.1%

Value ($000) $4,385 Shares 148,548 Est. Cost $30.88 Unrealized -5.0%

TILE INTERFACE INC 0.0%

Value ($000) $698 Shares 25,000 Est. Cost $13.53 Unrealized +101.5%

PSCE INVESCO S&P SMALLCAP ENERGY 0.1%

Value ($000) $2,942 Shares 68,469 Est. Cost $9.48 Unrealized —

CIVB CIVISTA BANCSHARES INC 0.0%

Value ($000) $222 Shares 10,000 Est. Cost $14.76 Unrealized +48.2%

FRBA FIRST BANK/HAMILTON NJ 0.0%

Value ($000) $806 Shares 48,939 Est. Cost $7.19 Unrealized +120.7%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
CMI	CUMMINS INC	22,240	$11,352	0.2%	$305.67	+52.6%	COM	231021106
GLW	CORNING INC	300,900	$26,347	0.5%	$57.68	+49.1%	COM	219350105
PEBK	PEOPLES BANCORP OF NC	217,763	$7,883	0.1%	$14.79	+117.7%	COM	710577107
NOV	NOV INC	339,697	$5,309	0.1%	$14.18	+4.6%	COM	62955J103
FUSB	FIRST US BANCSHARES INC	397,454	$5,552	0.1%	$9.05	+45.1%	COM	33744V103
AAPL	APPLE INC	35,000	$9,515	0.2%	$201.41	+33.2%	COM	037833100
PATK	PATRICK INDUSTRIES INC	105,088	$11,395	0.2%	$26.56	+293.9%	COM	703343103
FRD	FRIEDMAN INDUSTRIES	354,576	$7,265	0.1%	$11.63	+76.1%	COM	358435105
ASRV	AMERISERV FINANCIAL INC	1,635,677	$5,218	0.1%	$2.83	+7.5%	COM	03074A102
RBCAA	REPUBLIC BANCORP INC-CLASS A	142,916	$9,860	0.2%	$36.56	+89.4%	COM	760281204
CZWI	CITIZENS COMMUNITY BANCORP I	248,319	$4,425	0.1%	$8.14	+104.9%	COM	174903104
IROQ	IF BANCORP INC	326,179	$8,794	0.2%	$18.61	+39.9%	COM	44951J105
CAC	CAMDEN NATIONAL CORP	61,269	$2,658	0.0%	$41.32	-3.5%	COM	133034108
BVFL	BV FINANCIAL INC	141,262	$2,562	0.0%	$10.44	+64.8%	COM	05603E208
MTRN	MATERION CORP	71,296	$8,864	0.2%	$82.53	+49.4%	COM	576690101
FENC	FENNEC PHARMACEUTICALS INC	139,559	$1,075	0.0%	$9.01	-8.9%	COM	31447P100
SHBI	SHORE BANCSHARES INC	136,840	$2,419	0.0%	$13.26	+26.5%	COM	825107105
FMBH	FIRST MID BANCSHARES INC	137,473	$5,361	0.1%	$25.96	+45.3%	COM	320866106
SBFG	SB FINANCIAL GROUP INC	46,286	$1,031	0.0%	$12.24	+69.1%	COM	78408D105
FUNC	FIRST UNITED CORP	178,352	$6,677	0.1%	$12.21	+202.0%	COM	33741H107
WTTR	SELECT WATER SOLUTIONS INC	546,309	$5,747	0.1%	$7.60	—	COM	81617J301
ALRS	ALERUS FINANCIAL CORP	233,700	$5,263	0.1%	$20.92	+3.3%	COM	01446U103
COFS	CHOICEONE FINANCIAL SVCS INC	148,548	$4,385	0.1%	$30.88	-5.0%	COM	170386106
TILE	INTERFACE INC	25,000	$698	0.0%	$13.53	+101.5%	COM	458665304
PSCE	INVESCO S&P SMALLCAP ENERGY	68,469	$2,942	0.1%	$9.48	—	COM	46138G474
CIVB	CIVISTA BANCSHARES INC	10,000	$222	0.0%	$14.76	+48.2%	COM	178867107
FRBA	FIRST BANK/HAMILTON NJ	48,939	$806	0.0%	$7.19	+120.7%	COM	31931U102