Truffle Hound Capital, LLC Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
PFLT	PENNANTPARK FLOATING RATE CA	600,000	$5,562	1.4%	$8.73	0.0%	COM	70806A106
MSDL	MORGAN STANLEY DIRECT LENDIN	320,000	$5,274	1.4%	$16.42	0.0%	COM SHS	61774A103
NMFC	NEW MTN FIN CORP	550,000	$5,066	1.3%	$9.17	0.0%	COM	647551100
NCSM	NCS MULTISTAGE HLDGS INC	37,020	$1,462	0.4%	$39.95	0.0%	COM NEW	628877201
IAUX	I-80 GOLD CORP	900,000	$1,314	0.3%	$1.14	0.0%	COM	44955L106
SND	SMART SAND INC	220,000	$880	0.2%	$2.83	0.0%	COM	83191H107
ALTO	ALTO INGREDIENTS INC	300,000	$864	0.2%	$1.89	0.0%	COM	021513106

Increased Positions (10)

— SPDR S&P 500 ETF TR 37.3%

Value ($000) $143,203 (+10.2%) Shares 210,000 (+7.7%) Est. Cost — Unrealized —

— ENERGY TRANSFER L P 2.8%

Value ($000) $10,719 (+38.8%) Shares 650,000 (+44.4%) Est. Cost — Unrealized —

GIFI GULF IS FABRICATION INC 1.0%

Value ($000) $3,841 (+118.9%) Shares 320,884 (+28.4%) Est. Cost $7.42 Unrealized +35.5%

AMPY AMPLIFY ENERGY CORP NEW 1.5%

Value ($000) $5,713 (+36.0%) Shares 1,250,000 (+56.3%) Est. Cost $3.69 Unrealized +34.7%

PAGS PAGSEGURO DIGITAL LTD 2.3%

Value ($000) $8,676 (+15.7%) Shares 900,000 (+20.0%) Est. Cost $8.00 Unrealized +19.8%

MGYR MAGYAR BANCORP INC 0.9%

Value ($000) $3,456 (+23.2%) Shares 200,000 (+23.1%) Est. Cost $16.08 Unrealized +5.8%

CHCI COMSTOCK HLDG COS INC 1.1%

Value ($000) $4,067 (+11.1%) Shares 350,000 (+33.9%) Est. Cost $12.74 Unrealized +7.3%

MBUU MALIBU BOATS INC 0.2%

Value ($000) $846 (+86.3%) Shares 30,000 (+114.3%) Est. Cost $31.42 Unrealized -7.7%

AUBN AUBURN NATL BANCORP 0.4%

Value ($000) $1,348 (+6.7%) Shares 50,000 (+7.3%) Est. Cost $22.66 Unrealized +13.2%

HNNA HENNESSY ADVISORS INC 0.4%

Value ($000) $1,536 (-2.6%) Shares 160,000 (+6.1%) Est. Cost $11.39 Unrealized -13.1%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	SPDR S&P 500 ETF TR	210,000 (+7.7%)	$143,203 (+10.2%)	37.3%	—	—	PUT	78462F953
—	ENERGY TRANSFER L P	650,000 (+44.4%)	$10,719 (+38.8%)	2.8%	—	—	CALL	29273V900
GIFI	GULF IS FABRICATION INC	320,884 (+28.4%)	$3,841 (+118.9%)	1.0%	$7.42	+35.5%	COM	402307102
AMPY	AMPLIFY ENERGY CORP NEW	1,250,000 (+56.3%)	$5,713 (+36.0%)	1.5%	$3.69	+34.7%	COM	03212B103
PAGS	PAGSEGURO DIGITAL LTD	900,000 (+20.0%)	$8,676 (+15.7%)	2.3%	$8.00	+19.8%	COM CL A	G68707101
MGYR	MAGYAR BANCORP INC	200,000 (+23.1%)	$3,456 (+23.2%)	0.9%	$16.08	+5.8%	COM	55977T208
CHCI	COMSTOCK HLDG COS INC	350,000 (+33.9%)	$4,067 (+11.1%)	1.1%	$12.74	+7.3%	CL A NEW	205684202
MBUU	MALIBU BOATS INC	30,000 (+114.3%)	$846 (+86.3%)	0.2%	$31.42	-7.7%	COM CL A	56117J100
AUBN	AUBURN NATL BANCORP	50,000 (+7.3%)	$1,348 (+6.7%)	0.4%	$22.66	+13.2%	COM	050473107
HNNA	HENNESSY ADVISORS INC	160,000 (+6.1%)	$1,536 (-2.6%)	0.4%	$11.39	-13.1%	COM	425885100

Exited Positions (5)

FXY INVESCO CURRENCYSHARES JAPAN 1.6%

Value ($000) $6,221 Shares 100,000 Est. Cost $62.21 Unrealized —

— TEMPLETON EMERGING MKTS INCO 0.3%

Value ($000) $1,253 Shares 202,084 Est. Cost $5.13 Unrealized —

PYPL PAYPAL HLDGS INC 0.3%

Value ($000) $1,140 Shares 17,000 Est. Cost $83.88 Unrealized -22.7%

TSQ TOWNSQUARE MEDIA INC 0.3%

Value ($000) $1,008 Shares 150,000 Est. Cost $7.07 Unrealized -20.5%

PETS PETMED EXPRESS INC 0.1%

Value ($000) $301 Shares 120,035 Est. Cost $3.56 Unrealized -29.6%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
FXY	INVESCO CURRENCYSHARES JAPAN	100,000	$6,221	1.6%	$62.21	—	—	46138W107
—	TEMPLETON EMERGING MKTS INCO	202,084	$1,253	0.3%	$5.13	—	—	880192109
PYPL	PAYPAL HLDGS INC	17,000	$1,140	0.3%	$83.88	-22.7%	—	70450Y103
TSQ	TOWNSQUARE MEDIA INC	150,000	$1,008	0.3%	$7.07	-20.5%	—	892231101
PETS	PETMED EXPRESS INC	120,035	$301	0.1%	$3.56	-29.6%	—	716382106

Decreased Positions (7)

— ABRDN ASIA PACIFIC INCOME FU 1.6%

Value ($000) $6,136 (-37.2%) Shares 400,000 (-33.3%) Est. Cost $14.92 Unrealized —

— NEWMONT CORP 1.3%

Value ($000) $4,993 (-40.8%) Shares 50,000 (-50.0%) Est. Cost — Unrealized —

GOOGL ALPHABET INC 1.2%

Value ($000) $4,695 (-22.7%) Shares 15,000 (-40.0%) Est. Cost $171.01 Unrealized +67.0%

AEO AMERICAN EAGLE OUTFITTERS IN 1.2%

Value ($000) $4,747 (+38.7%) Shares 180,000 (-10.0%) Est. Cost $13.49 Unrealized +45.7%

DIBS 1STDIBS COM INC 0.6%

Value ($000) $2,396 (+54.2%) Shares 400,000 (-33.3%) Est. Cost $2.64 Unrealized +70.8%

BCH BANCO DE CHILE 1.0%

Value ($000) $3,800 (-16.4%) Shares 100,000 (-33.3%) Est. Cost $22.68 Unrealized —

CIB GRUPO CIBEST SA 3.0%

Value ($000) $11,450 (-4.2%) Shares 180,000 (-21.7%) Est. Cost $46.19 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	ABRDN ASIA PACIFIC INCOME FU	400,000 (-33.3%)	$6,136 (-37.2%)	1.6%	$14.92	—	COM NEW	003009867
—	NEWMONT CORP	50,000 (-50.0%)	$4,993 (-40.8%)	1.3%	—	—	CALL	651639906
GOOGL	ALPHABET INC	15,000 (-40.0%)	$4,695 (-22.7%)	1.2%	$171.01	+67.0%	CAP STK CL A	02079K305
AEO	AMERICAN EAGLE OUTFITTERS IN	180,000 (-10.0%)	$4,747 (+38.7%)	1.2%	$13.49	+45.7%	COM	02553E106
DIBS	1STDIBS COM INC	400,000 (-33.3%)	$2,396 (+54.2%)	0.6%	$2.64	+70.8%	COM	320551104
BCH	BANCO DE CHILE	100,000 (-33.3%)	$3,800 (-16.4%)	1.0%	$22.68	—	SPONSORED ADS	059520106
CIB	GRUPO CIBEST SA	180,000 (-21.7%)	$11,450 (-4.2%)	3.0%	$46.19	—	SPON ADS	40090E106

Unchanged Positions (28)

STNE STONECO LTD 1.5%

Value ($000) $5,916 Shares 400,000 Est. Cost $9.70 Unrealized —

AVAL GRUPO AVAL ACCIONES Y VALORE 1.8%

Value ($000) $6,885 Shares 1,700,000 Est. Cost $2.03 Unrealized —

— ISHARES INC 11.6%

Value ($000) $44,478 Shares 1,400,000 Est. Cost — Unrealized —

— SLB LIMITED 2.5%

Value ($000) $9,595 Shares 250,000 Est. Cost — Unrealized —

AXR AMREP CORP 0.7%

Value ($000) $2,820 Shares 150,000 Est. Cost $25.40 Unrealized -15.1%

DOUG DOUGLAS ELLIMAN INC 0.7%

Value ($000) $2,844 Shares 1,200,000 Est. Cost $1.91 Unrealized +34.8%

VIST VISTA ENERGY S.A.B. DE C.V. 0.5%

Value ($000) $1,946 Shares 40,000 Est. Cost $49.39 Unrealized —

SLB SLB LIMITED 1.4%

Value ($000) $5,373 Shares 140,000 Est. Cost $34.14 Unrealized +5.6%

HGBL HERITAGE GLOBAL INC 0.4%

Value ($000) $1,364 Shares 1,100,000 Est. Cost $1.84 Unrealized -24.5%

EC ECOPETROL S A 1.4%

Value ($000) $5,511 Shares 550,000 Est. Cost $9.72 Unrealized —

INFU INFUSYSTEM HLDGS INC 0.5%

Value ($000) $2,063 Shares 230,000 Est. Cost $6.13 Unrealized +56.2%

FONR FONAR CORP 0.4%

Value ($000) $1,670 Shares 90,000 Est. Cost $15.53 Unrealized -2.9%

KSPI KASPI KZ JSC 1.7%

Value ($000) $6,641 Shares 85,000 Est. Cost $93.18 Unrealized —

PPIH PERMA-PIPE INTL HLDGS INC 0.3%

Value ($000) $1,245 Shares 41,000 Est. Cost $14.42 Unrealized +90.2%

ULBI ULTRALIFE CORP 0.4%

Value ($000) $1,430 Shares 250,000 Est. Cost $5.93 Unrealized +4.1%

WHR WHIRLPOOL CORP 0.8%

Value ($000) $2,886 Shares 40,000 Est. Cost $101.05 Unrealized -26.9%

LTRX LANTRONIX INC 0.3%

Value ($000) $1,172 Shares 200,000 Est. Cost $3.57 Unrealized +45.6%

GPMT GRANITE PT MTG TR INC 0.3%

Value ($000) $960 Shares 400,000 Est. Cost $2.47 Unrealized —

NVO NOVO-NORDISK A S 0.7%

Value ($000) $2,544 Shares 50,000 Est. Cost $55.49 Unrealized —

FRD FRIEDMAN INDS INC 0.8%

Value ($000) $3,074 Shares 150,000 Est. Cost $15.68 Unrealized +30.6%

BSET BASSETT FURNITURE INDS INC 0.7%

Value ($000) $2,514 Shares 150,000 Est. Cost $13.65 Unrealized +12.7%

LGCY LEGACY ED INC 0.5%

Value ($000) $2,038 Shares 200,000 Est. Cost $8.25 Unrealized +16.6%

BBD BANCO BRADESCO S A 1.5%

Value ($000) $5,661 Shares 1,700,000 Est. Cost $2.74 Unrealized —

OPBK OP BANCORP 1.5%

Value ($000) $5,648 Shares 400,000 Est. Cost $15.34 Unrealized -10.9%

HOFT HOOKER FURNISHINGS CORPORATI 0.2%

Value ($000) $666 Shares 58,996 Est. Cost $9.66 Unrealized +4.1%

ADBE ADOBE INC 0.7%

Value ($000) $2,800 Shares 8,000 Est. Cost $385.32 Unrealized -11.7%

AMLP ALPS ETF TR 2.9%

Value ($000) $11,285 Shares 240,000 Est. Cost $48.36 Unrealized —

LCUT LIFETIME BRANDS INC 0.2%

Value ($000) $790 Shares 200,000 Est. Cost $3.64 Unrealized -0.7%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
STNE	STONECO LTD	400,000	$5,916	1.5%	$9.70	—	COM CL A	G85158106
AVAL	GRUPO AVAL ACCIONES Y VALORE	1,700,000	$6,885	1.8%	$2.03	—	SPONSORED ADS	40053W101
—	ISHARES INC	1,400,000	$44,478	11.6%	—	—	CALL	464286900
—	SLB LIMITED	250,000	$9,595	2.5%	—	—	CALL	806857908
AXR	AMREP CORP	150,000	$2,820	0.7%	$25.40	-15.1%	COM	032159105
DOUG	DOUGLAS ELLIMAN INC	1,200,000	$2,844	0.7%	$1.91	+34.8%	COM	25961D105
VIST	VISTA ENERGY S.A.B. DE C.V.	40,000	$1,946	0.5%	$49.39	—	SPONSORED ADS	92837L109
SLB	SLB LIMITED	140,000	$5,373	1.4%	$34.14	+5.6%	COM STK	806857108
HGBL	HERITAGE GLOBAL INC	1,100,000	$1,364	0.4%	$1.84	-24.5%	COM	42727E103
EC	ECOPETROL S A	550,000	$5,511	1.4%	$9.72	—	SPONSORED ADS	279158109
INFU	INFUSYSTEM HLDGS INC	230,000	$2,063	0.5%	$6.13	+56.2%	COM	45685K102
FONR	FONAR CORP	90,000	$1,670	0.4%	$15.53	-2.9%	COM NEW	344437405
KSPI	KASPI KZ JSC	85,000	$6,641	1.7%	$93.18	—	SPONSORED ADS	48581R205
PPIH	PERMA-PIPE INTL HLDGS INC	41,000	$1,245	0.3%	$14.42	+90.2%	COM	714167103
ULBI	ULTRALIFE CORP	250,000	$1,430	0.4%	$5.93	+4.1%	COM	903899102
WHR	WHIRLPOOL CORP	40,000	$2,886	0.8%	$101.05	-26.9%	COM	963320106
LTRX	LANTRONIX INC	200,000	$1,172	0.3%	$3.57	+45.6%	COM NEW	516548203
GPMT	GRANITE PT MTG TR INC	400,000	$960	0.3%	$2.47	—	COM STK	38741L107
NVO	NOVO-NORDISK A S	50,000	$2,544	0.7%	$55.49	—	ADR	670100205
FRD	FRIEDMAN INDS INC	150,000	$3,074	0.8%	$15.68	+30.6%	COM	358435105
BSET	BASSETT FURNITURE INDS INC	150,000	$2,514	0.7%	$13.65	+12.7%	COM	070203104
LGCY	LEGACY ED INC	200,000	$2,038	0.5%	$8.25	+16.6%	COM	52474R207
BBD	BANCO BRADESCO S A	1,700,000	$5,661	1.5%	$2.74	—	SP ADR PFD NEW	059460303
OPBK	OP BANCORP	400,000	$5,648	1.5%	$15.34	-10.9%	COM	67109R109
HOFT	HOOKER FURNISHINGS CORPORATI	58,996	$666	0.2%	$9.66	+4.1%	COM	439038100
ADBE	ADOBE INC	8,000	$2,800	0.7%	$385.32	-11.7%	COM	00724F101
AMLP	ALPS ETF TR	240,000	$11,285	2.9%	$48.36	—	ALERIAN MLP	00162Q452
LCUT	LIFETIME BRANDS INC	200,000	$790	0.2%	$3.64	-0.7%	COM	53222Q103