GRACE & WHITE INC /NY Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
WSO	WATSCO INC	42,200 (+8.3%)	$14,219 (-9.8%)	2.5%	$105.21	+239.4%	COM	942622200
INGR	INGREDION INC COM	150,747 (+2.4%)	$16,621 (-7.6%)	3.0%	$83.66	+34.8%	COM	457187102
AMWD	AMERICAN WOODMARK CORP COM	92,532 (+39.7%)	$4,987 (+12.8%)	0.9%	$66.07	-11.4%	COM	030506109
WPRT	WESTPORT FUEL SYSTEMS INC COM	1,160,087 (+11.0%)	$1,821 (-23.2%)	0.3%	$5.74	-67.4%	COM	960908507
CHRD	CHORD ENERGY CORPORATION COM N	9,448 (+90.9%)	$876 (+78.1%)	0.2%	$128.65	-28.5%	COM	674215207
KIM	KIMCO RLTY CORP COM	410,728 (+3.3%)	$8,325 (-4.2%)	1.5%	$13.55	+51.9%	COM	49446R109
HLMMF	HOLMEN AB-B	175,966 (+3.2%)	$6,783 (+4.5%)	1.2%	$33.07	+17.3%	COM	W4R00P201
EG	EVEREST RE GROUP	47,998 (+1.6%)	$16,288 (-1.5%)	2.9%	$107.08	+208.4%	COM	G3223R108
MPB	MID PENN BANCORP INC COM	27,324 (+5.3%)	$848 (+14.1%)	0.2%	$22.27	+31.2%	COM	59540G107
APOG	APOGEE ENTERPRISES INC COM	112,472 (+21.2%)	$4,095 (+1.3%)	0.7%	$38.11	-1.7%	COM	037598109
CIBEY	COMMERCIAL INTL BK EGYPT S ASP	166,223 (+10.0%)	$359 (+12.5%)	0.1%	$2.63	—	COM	201712304
FFXXF	HELIOS FAIRFAX PARTNERS CORPCO	54,300 (+58.3%)	$80 (+16.6%)	0.0%	$2.89	-36.1%	COM	42328X104

Exited Positions (2)

ES EVERSOURCE ENERGY COM 0.1%

Value ($000) $314 Shares 4,418 Est. Cost $39.61 Unrealized +75.6%

EGFIX ADVISORS INNER CIRCLE FD EDGWD 0.0%

Value ($000) $240 Shares 5,138 Est. Cost $40.84 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ES	EVERSOURCE ENERGY COM	4,418	$314	0.1%	$39.61	+75.6%	—	30040W108
EGFIX	ADVISORS INNER CIRCLE FD EDGWD	5,138	$240	0.0%	$40.84	—	—	0075W0759

Decreased Positions (56)

SIG SIGNET JEWELERS LIMITED SHS 3.6%

Value ($000) $20,040 (-14.9%) Shares 241,795 (-1.5%) Est. Cost $42.71 Unrealized +122.4%

NUE NUCOR CORP 3.6%

Value ($000) $20,120 (+18.4%) Shares 123,352 (-1.7%) Est. Cost $47.96 Unrealized +212.3%

BHF BRIGHTHOUSE FINL INC COM 2.2%

Value ($000) $12,157 (+18.1%) Shares 187,642 (-3.2%) Est. Cost $43.83 Unrealized +34.1%

MFC MANULIFE FINL CORP COM 2.7%

Value ($000) $14,947 (+11.9%) Shares 412,003 (-3.9%) Est. Cost $14.85 Unrealized +128.6%

AIT APPLIED INDL TECHNLGIES INC CO 6.5%

Value ($000) $36,372 (-3.5%) Shares 141,653 (-1.9%) Est. Cost $36.66 Unrealized +596.0%

BWEN BROADWIND ENERGY INC COM NEW 1.0%

Value ($000) $5,746 (+28.9%) Shares 2,030,554 (-4.3%) Est. Cost $3.01 Unrealized -13.0%

BF/B BROWN FORMAN CORP CL B 1.9%

Value ($000) $10,553 (-10.6%) Shares 404,948 (-7.1%) Est. Cost $55.50 Unrealized -49.6%

LNT ALLIANT CORP COM 0.4%

Value ($000) $2,422 (-31.2%) Shares 37,262 (-28.7%) Est. Cost $31.62 Unrealized +111.4%

ORN ORION MARINE GROUP INC COM 1.7%

Value ($000) $9,305 (+12.0%) Shares 936,152 (-6.2%) Est. Cost $5.21 Unrealized +86.2%

CTO CTO REALTY GROWTH INC COM 1.9%

Value ($000) $10,896 (+8.6%) Shares 591,848 (-3.9%) Est. Cost $25.88 Unrealized —

SWGNF SWATCH GROUP AG NAMEN AKT 1.4%

Value ($000) $7,916 (+12.0%) Shares 181,750 (-1.6%) Est. Cost $46.93 Unrealized -11.8%

662 ASIA FINANCIAL HOLDINGS LTD SH 1.5%

Value ($000) $8,325 (+11.1%) Shares 13,493,666 (-1.6%) Est. Cost $0.45 Unrealized —

OESX ORION ENERGY SYS INC COM NEW 0.6%

Value ($000) $3,399 (+31.7%) Shares 220,987 (-25.0%) Est. Cost $6.98 Unrealized +83.1%

GEOS GEOSPACE TECHNOLOGIES CORP COM 0.9%

Value ($000) $5,205 (-12.7%) Shares 307,795 (-2.1%) Est. Cost $8.84 Unrealized +127.3%

— GRUPO ROTOPLAS SAB DE CV 0.6%

Value ($000) $3,500 (-17.1%) Shares 5,290,447 (-6.4%) Est. Cost $1.17 Unrealized —

SCL STEPAN CHEMICAL CO 1.1%

Value ($000) $6,115 (-9.7%) Shares 129,113 (-9.0%) Est. Cost $65.87 Unrealized -30.5%

AEG AEGON LTD AMER REG 1 CERT 1.5%

Value ($000) $8,568 (-7.0%) Shares 1,111,297 (-3.6%) Est. Cost $5.76 Unrealized —

CIMEF CIMC ENRIC HOLDINGS LTD SHS 0.7%

Value ($000) $4,136 (+16.1%) Shares 3,406,500 (-1.2%) Est. Cost $0.39 Unrealized +108.0%

UNM UNUM GROUP 6.7%

Value ($000) $37,838 (-1.5%) Shares 488,230 (-1.1%) Est. Cost $28.31 Unrealized +170.1%

PEP PEPSICO INC 0.5%

Value ($000) $2,789 (-15.5%) Shares 19,432 (-17.3%) Est. Cost $57.62 Unrealized +153.2%

HP HELMERICH & PAYNE INC 0.6%

Value ($000) $3,417 (+16.9%) Shares 119,125 (-10.0%) Est. Cost $39.64 Unrealized -33.0%

LND BRASILAGRO COMPANHIA BRASILESP 0.5%

Value ($000) $2,702 (-13.4%) Shares 754,723 (-6.1%) Est. Cost $4.74 Unrealized —

TRMLF TOURMALINE OIL CORP COM 3.2%

Value ($000) $17,834 (+2.1%) Shares 397,443 (-1.9%) Est. Cost $12.36 Unrealized +257.6%

CTRA COTERRA ENERGY INC. COM 0.7%

Value ($000) $3,804 (+10.1%) Shares 144,511 (-1.1%) Est. Cost $16.87 Unrealized +48.8%

BF/A BROWN FORMAN CORP CL A 0.5%

Value ($000) $2,903 (-10.6%) Shares 110,355 (-8.6%) Est. Cost $49.29 Unrealized -43.7%

FSLR FIRST SOLAR INC COM 3.3%

Value ($000) $18,257 (+1.9%) Shares 69,888 (-14.0%) Est. Cost $57.63 Unrealized +337.6%

BBT BEACON FINANCIAL CORPORATION 0.9%

Value ($000) $4,914 (+6.5%) Shares 186,349 (-4.2%) Est. Cost $16.18 Unrealized +54.1%

MUR MURPHY OIL CORP COM 0.8%

Value ($000) $4,350 (+6.6%) Shares 139,202 (-3.1%) Est. Cost $24.62 Unrealized +20.3%

— WESTERN ASSET CLYM INFL OPP CO 0.2%

Value ($000) $841 (-22.6%) Shares 97,961 (-19.9%) Est. Cost $11.25 Unrealized —

RSHPF IRISH RESIDENTL PPTYS REIT POR 0.5%

Value ($000) $3,030 (-7.2%) Shares 2,752,750 (-2.9%) Est. Cost $1.08 Unrealized —

SNT SENSTAR TECHNOLOGIES CORP COM 0.6%

Value ($000) $3,114 (-6.3%) Shares 644,665 (-3.2%) Est. Cost $1.17 Unrealized +267.6%

GRC GORMAN RUPP CO 2.8%

Value ($000) $15,970 (+1.3%) Shares 334,457 (-1.5%) Est. Cost $26.17 Unrealized +78.0%

KRNY KEARNY FINL CORP MD COM 0.0%

Value ($000) $177 (-53.7%) Shares 23,938 (-59.0%) Est. Cost $13.91 Unrealized -50.4%

GHM GRAHAM CORP COM 0.3%

Value ($000) $1,467 (-12.2%) Shares 22,839 (-25.0%) Est. Cost $10.66 Unrealized +466.4%

PTEN PATTERSON-UTI ENERGY INC COM 0.2%

Value ($000) $1,255 (-13.4%) Shares 205,400 (-26.6%) Est. Cost $8.94 Unrealized -33.2%

— SPINNOVA OYJ 0.0%

Value ($000) $58 (-73.1%) Shares 107,105 (-64.2%) Est. Cost $3.99 Unrealized —

— SUMMIT HOTEL PPTYS INC SER E 0.3%

Value ($000) $1,708 (-8.2%) Shares 94,340 (-1.6%) Est. Cost $19.23 Unrealized —

MCD MCDONALDS CORP 0.1%

Value ($000) $458 (-24.6%) Shares 1,500 (-25.0%) Est. Cost $265.56 Unrealized +14.9%

NWN NORTHWEST NAT HLDG CO COM 0.8%

Value ($000) $4,289 (-3.2%) Shares 91,764 (-7.0%) Est. Cost $41.82 Unrealized +11.5%

CALY CALLAWAY GOLF COMPANY 0.9%

Value ($000) $5,087 (+2.3%) Shares 435,893 (-16.7%) Est. Cost $13.45 Unrealized -21.6%

TWIN TWIN DISC INC COM 0.7%

Value ($000) $3,939 (+2.8%) Shares 236,122 (-14.1%) Est. Cost $11.92 Unrealized +29.5%

DVN DEVON ENERGY CORP NEW COM 0.6%

Value ($000) $3,386 (+3.1%) Shares 92,436 (-1.3%) Est. Cost $29.32 Unrealized +18.4%

WMT WAL MART STORES INC 0.4%

Value ($000) $2,256 (+4.2%) Shares 20,250 (-3.6%) Est. Cost $53.23 Unrealized +101.4%

NTR NUTRIEN LTD COM 1.2%

Value ($000) $6,456 (+1.3%) Shares 104,600 (-3.7%) Est. Cost $52.95 Unrealized +11.2%

AMZN AMAZON COM INC COM 0.1%

Value ($000) $476 (-13.9%) Shares 2,063 (-18.1%) Est. Cost $114.20 Unrealized +100.3%

AAPL APPLE COMPUTER INC COM 0.5%

Value ($000) $3,039 (-2.0%) Shares 11,179 (-8.2%) Est. Cost $120.67 Unrealized +122.4%

— WESTERN ASSET CLYM INFL SEC CO 0.1%

Value ($000) $340 (-13.5%) Shares 41,110 (-12.0%) Est. Cost $10.73 Unrealized —

HAIN HAIN CELESTIAL GROUP INC COM 0.0%

Value ($000) $33 (-45.6%) Shares 30,500 (-19.7%) Est. Cost $5.21 Unrealized -76.3%

CSWC CAPITAL SOUTHWEST CORP COM 0.7%

Value ($000) $3,648 (-0.6%) Shares 164,697 (-1.9%) Est. Cost $7.67 Unrealized +166.6%

WST WEST PHARMACEUTICAL SVCS INCCO 2.1%

Value ($000) $11,977 (-0.2%) Shares 43,530 (-4.8%) Est. Cost $56.50 Unrealized +383.9%

BYFC BROADWAY FINL CORP DEL CL A NE 0.2%

Value ($000) $1,338 (-0.8%) Shares 180,803 (-4.0%) Est. Cost $6.79 Unrealized -4.4%

AVA AVISTA CORP COM 0.3%

Value ($000) $1,885 (-0.5%) Shares 48,900 (-2.4%) Est. Cost $36.47 Unrealized +6.3%

BGOUF BANG & OLUFSEN HLG ORD B 0.3%

Value ($000) $1,644 (+0.6%) Shares 767,698 (-5.0%) Est. Cost $3.15 Unrealized -34.4%

EXCOF EXCO TECHNOLOGIES LTD COM 0.5%

Value ($000) $2,593 (-0.3%) Shares 517,850 (-4.2%) Est. Cost $5.02 Unrealized -5.5%

— CHUBU NIPPON BROADCAST CO LTSH 0.2%

Value ($000) $1,159 (+0.6%) Shares 193,922 (-5.7%) Est. Cost $5.73 Unrealized —

RYI RYERSON HLDG CORP COM 0.3%

Value ($000) $1,926 (+0.4%) Shares 76,567 (-8.8%) Est. Cost $20.88 Unrealized +10.1%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
SIG	SIGNET JEWELERS LIMITED SHS	241,795 (-1.5%)	$20,040 (-14.9%)	3.6%	$42.71	+122.4%	COM	G81276100
NUE	NUCOR CORP	123,352 (-1.7%)	$20,120 (+18.4%)	3.6%	$47.96	+212.3%	COM	670346105
BHF	BRIGHTHOUSE FINL INC COM	187,642 (-3.2%)	$12,157 (+18.1%)	2.2%	$43.83	+34.1%	COM	10922N103
MFC	MANULIFE FINL CORP COM	412,003 (-3.9%)	$14,947 (+11.9%)	2.7%	$14.85	+128.6%	COM	56501R106
AIT	APPLIED INDL TECHNLGIES INC CO	141,653 (-1.9%)	$36,372 (-3.5%)	6.5%	$36.66	+596.0%	COM	03820C105
BWEN	BROADWIND ENERGY INC COM NEW	2,030,554 (-4.3%)	$5,746 (+28.9%)	1.0%	$3.01	-13.0%	COM	11161T207
BF/B	BROWN FORMAN CORP CL B	404,948 (-7.1%)	$10,553 (-10.6%)	1.9%	$55.50	-49.6%	COM	115637209
LNT	ALLIANT CORP COM	37,262 (-28.7%)	$2,422 (-31.2%)	0.4%	$31.62	+111.4%	COM	018802108
ORN	ORION MARINE GROUP INC COM	936,152 (-6.2%)	$9,305 (+12.0%)	1.7%	$5.21	+86.2%	COM	68628V308
CTO	CTO REALTY GROWTH INC COM	591,848 (-3.9%)	$10,896 (+8.6%)	1.9%	$25.88	—	COM	22948Q101
SWGNF	SWATCH GROUP AG NAMEN AKT	181,750 (-1.6%)	$7,916 (+12.0%)	1.4%	$46.93	-11.8%	COM	H83949133
662	ASIA FINANCIAL HOLDINGS LTD SH	13,493,666 (-1.6%)	$8,325 (+11.1%)	1.5%	$0.45	—	COM	G0532X107
OESX	ORION ENERGY SYS INC COM NEW	220,987 (-25.0%)	$3,399 (+31.7%)	0.6%	$6.98	+83.1%	COM	686275207
GEOS	GEOSPACE TECHNOLOGIES CORP COM	307,795 (-2.1%)	$5,205 (-12.7%)	0.9%	$8.84	+127.3%	COM	37364X109
—	GRUPO ROTOPLAS SAB DE CV	5,290,447 (-6.4%)	$3,500 (-17.1%)	0.6%	$1.17	—	COM	BTF8HD3MX
SCL	STEPAN CHEMICAL CO	129,113 (-9.0%)	$6,115 (-9.7%)	1.1%	$65.87	-30.5%	COM	858586100
AEG	AEGON LTD AMER REG 1 CERT	1,111,297 (-3.6%)	$8,568 (-7.0%)	1.5%	$5.76	—	COM	0076CA104
CIMEF	CIMC ENRIC HOLDINGS LTD SHS	3,406,500 (-1.2%)	$4,136 (+16.1%)	0.7%	$0.39	+108.0%	COM	G2198S109
UNM	UNUM GROUP	488,230 (-1.1%)	$37,838 (-1.5%)	6.7%	$28.31	+170.1%	COM	91529Y106
PEP	PEPSICO INC	19,432 (-17.3%)	$2,789 (-15.5%)	0.5%	$57.62	+153.2%	COM	713448108
HP	HELMERICH & PAYNE INC	119,125 (-10.0%)	$3,417 (+16.9%)	0.6%	$39.64	-33.0%	COM	423452101
LND	BRASILAGRO COMPANHIA BRASILESP	754,723 (-6.1%)	$2,702 (-13.4%)	0.5%	$4.74	—	COM	10554B104
TRMLF	TOURMALINE OIL CORP COM	397,443 (-1.9%)	$17,834 (+2.1%)	3.2%	$12.36	+257.6%	COM	89156V106
CTRA	COTERRA ENERGY INC. COM	144,511 (-1.1%)	$3,804 (+10.1%)	0.7%	$16.87	+48.8%	COM	127097103
BF/A	BROWN FORMAN CORP CL A	110,355 (-8.6%)	$2,903 (-10.6%)	0.5%	$49.29	-43.7%	COM	115637100
FSLR	FIRST SOLAR INC COM	69,888 (-14.0%)	$18,257 (+1.9%)	3.3%	$57.63	+337.6%	COM	336433107
BBT	BEACON FINANCIAL CORPORATION	186,349 (-4.2%)	$4,914 (+6.5%)	0.9%	$16.18	+54.1%	COM	084680107
MUR	MURPHY OIL CORP COM	139,202 (-3.1%)	$4,350 (+6.6%)	0.8%	$24.62	+20.3%	COM	626717102
—	WESTERN ASSET CLYM INFL OPP CO	97,961 (-19.9%)	$841 (-22.6%)	0.2%	$11.25	—	MUTUAL FUNDS	95766R104
RSHPF	IRISH RESIDENTL PPTYS REIT POR	2,752,750 (-2.9%)	$3,030 (-7.2%)	0.5%	$1.08	—	COM	G49456109
SNT	SENSTAR TECHNOLOGIES CORP COM	644,665 (-3.2%)	$3,114 (-6.3%)	0.6%	$1.17	+267.6%	COM	81728N100
GRC	GORMAN RUPP CO	334,457 (-1.5%)	$15,970 (+1.3%)	2.8%	$26.17	+78.0%	COM	383082104
KRNY	KEARNY FINL CORP MD COM	23,938 (-59.0%)	$177 (-53.7%)	0.0%	$13.91	-50.4%	COM	48716P108
GHM	GRAHAM CORP COM	22,839 (-25.0%)	$1,467 (-12.2%)	0.3%	$10.66	+466.4%	COM	384556106
PTEN	PATTERSON-UTI ENERGY INC COM	205,400 (-26.6%)	$1,255 (-13.4%)	0.2%	$8.94	-33.2%	COM	703481101
—	SPINNOVA OYJ	107,105 (-64.2%)	$58 (-73.1%)	0.0%	$3.99	—	COM	00BKP8KY2
—	SUMMIT HOTEL PPTYS INC SER E	94,340 (-1.6%)	$1,708 (-8.2%)	0.3%	$19.23	—	PREFERRED STOCKS	866082605
MCD	MCDONALDS CORP	1,500 (-25.0%)	$458 (-24.6%)	0.1%	$265.56	+14.9%	COM	580135101
NWN	NORTHWEST NAT HLDG CO COM	91,764 (-7.0%)	$4,289 (-3.2%)	0.8%	$41.82	+11.5%	COM	66765N105
CALY	CALLAWAY GOLF COMPANY	435,893 (-16.7%)	$5,087 (+2.3%)	0.9%	$13.45	-21.6%	COM	131193104
TWIN	TWIN DISC INC COM	236,122 (-14.1%)	$3,939 (+2.8%)	0.7%	$11.92	+29.5%	COM	901476101
DVN	DEVON ENERGY CORP NEW COM	92,436 (-1.3%)	$3,386 (+3.1%)	0.6%	$29.32	+18.4%	COM	25179M103
WMT	WAL MART STORES INC	20,250 (-3.6%)	$2,256 (+4.2%)	0.4%	$53.23	+101.4%	COM	931142103
NTR	NUTRIEN LTD COM	104,600 (-3.7%)	$6,456 (+1.3%)	1.2%	$52.95	+11.2%	COM	67077M108
AMZN	AMAZON COM INC COM	2,063 (-18.1%)	$476 (-13.9%)	0.1%	$114.20	+100.3%	COM	023135106
AAPL	APPLE COMPUTER INC COM	11,179 (-8.2%)	$3,039 (-2.0%)	0.5%	$120.67	+122.4%	COM	037833100
—	WESTERN ASSET CLYM INFL SEC CO	41,110 (-12.0%)	$340 (-13.5%)	0.1%	$10.73	—	MUTUAL FUNDS	95766Q106
HAIN	HAIN CELESTIAL GROUP INC COM	30,500 (-19.7%)	$33 (-45.6%)	0.0%	$5.21	-76.3%	COM	405217100
CSWC	CAPITAL SOUTHWEST CORP COM	164,697 (-1.9%)	$3,648 (-0.6%)	0.7%	$7.67	+166.6%	COM	140501107
WST	WEST PHARMACEUTICAL SVCS INCCO	43,530 (-4.8%)	$11,977 (-0.2%)	2.1%	$56.50	+383.9%	COM	955306105
BYFC	BROADWAY FINL CORP DEL CL A NE	180,803 (-4.0%)	$1,338 (-0.8%)	0.2%	$6.79	-4.4%	COM	111444709
AVA	AVISTA CORP COM	48,900 (-2.4%)	$1,885 (-0.5%)	0.3%	$36.47	+6.3%	COM	05379B107
BGOUF	BANG & OLUFSEN HLG ORD B	767,698 (-5.0%)	$1,644 (+0.6%)	0.3%	$3.15	-34.4%	COM	K07774126
EXCOF	EXCO TECHNOLOGIES LTD COM	517,850 (-4.2%)	$2,593 (-0.3%)	0.5%	$5.02	-5.5%	COM	30150P109
—	CHUBU NIPPON BROADCAST CO LTSH	193,922 (-5.7%)	$1,159 (+0.6%)	0.2%	$5.73	—	COM	J06594105
RYI	RYERSON HLDG CORP COM	76,567 (-8.8%)	$1,926 (+0.4%)	0.3%	$20.88	+10.1%	COM	783754104

Unchanged Positions (69)

FTEK FUEL TECH INC COM 0.4%

Value ($000) $2,318 Shares 1,485,883 Est. Cost $2.09 Unrealized +5.3%

ALG ALAMO GROUP INC COM 2.0%

Value ($000) $11,161 Shares 66,485 Est. Cost $72.35 Unrealized +140.2%

— DANIELI & CO. 1.2%

Value ($000) $6,833 Shares 114,863 Est. Cost $24.52 Unrealized —

WSM WILLIAMS SONOMA INC COM 1.8%

Value ($000) $9,899 Shares 55,430 Est. Cost $87.21 Unrealized +114.7%

UPS UNITED PARCEL SVC INC CL B 0.9%

Value ($000) $5,326 Shares 53,690 Est. Cost $55.38 Unrealized +67.5%

INN SUMMIT HOTEL PPTYS INC COM 1.1%

Value ($000) $5,932 Shares 1,218,048 Est. Cost $8.03 Unrealized —

VWDRY VESTAS WIND SYS AS UNSP ADR 0.5%

Value ($000) $2,545 Shares 283,750 Est. Cost $12.45 Unrealized —

GOOGL ALPHABET CLASS A 0.6%

Value ($000) $3,240 Shares 10,350 Est. Cost $122.83 Unrealized +132.5%

KE KIMBALL ELECTRONICS INC COM 1.3%

Value ($000) $7,406 Shares 266,222 Est. Cost $20.11 Unrealized +43.5%

— PHOENIX COS INC NEW QUIBS 2032 0.9%

Value ($000) $4,795 Shares 262,432 Est. Cost $17.60 Unrealized —

— AEGON NV SHS 0.1%

Value ($000) $485 Shares 62,265 Est. Cost $4.92 Unrealized —

GNLAF GENESIS LAND DEV CORP COM 0.4%

Value ($000) $2,520 Shares 1,051,073 Est. Cost $2.15 Unrealized +14.3%

CSW CSW INDUSTRIALS INC COM 0.3%

Value ($000) $1,785 Shares 6,080 Est. Cost $34.83 Unrealized +664.6%

MSFT MICROSOFT CORP COM 0.7%

Value ($000) $3,857 Shares 7,975 Est. Cost $33.74 Unrealized +1383.6%

ALOT ASTRONOVA INC NEW COM 0.2%

Value ($000) $1,229 Shares 142,109 Est. Cost $10.65 Unrealized -18.2%

UCTT ULTRA CLEAN HLDGS INC COM 0.5%

Value ($000) $2,899 Shares 114,450 Est. Cost $26.38 Unrealized +0.9%

RYAM RAYONIER ADVANCED MATLS INC CO 0.1%

Value ($000) $839 Shares 142,365 Est. Cost $10.07 Unrealized -35.4%

KEWL KEWEENAW LD ASSN LTD COM 0.2%

Value ($000) $1,056 Shares 32,499 Est. Cost $11.58 Unrealized +190.9%

DWSN DAWSON GEOPHYSICAL CO NEW COM 0.3%

Value ($000) $1,414 Shares 906,546 Est. Cost $3.49 Unrealized -45.9%

WRB BERKLEY W R CORP COM 0.3%

Value ($000) $1,744 Shares 24,869 Est. Cost $28.00 Unrealized +159.8%

MRK MERCK & COMPANY 0.1%

Value ($000) $765 Shares 7,267 Est. Cost $31.34 Unrealized +197.5%

HNI HNI CORP COM 0.2%

Value ($000) $1,339 Shares 31,855 Est. Cost $26.58 Unrealized +58.9%

NVO NOVO-NORDISK A S ADR 0.3%

Value ($000) $1,476 Shares 29,000 Est. Cost $125.94 Unrealized —

CULP CULP INC COM 0.1%

Value ($000) $430 Shares 120,918 Est. Cost $5.88 Unrealized -33.0%

TWI TITAN INTL INC ILL COM 0.5%

Value ($000) $3,020 Shares 385,728 Est. Cost $8.68 Unrealized -9.7%

ALRS ALERUS FINL CORP COM 1.0%

Value ($000) $5,770 Shares 256,233 Est. Cost $20.92 Unrealized +3.3%

MSADF MS&AD INS GP HLDG (8725-JP) 0.5%

Value ($000) $2,556 Shares 108,511 Est. Cost $12.56 Unrealized +78.3%

REG REGENCY CTRS CORP COM 0.3%

Value ($000) $1,485 Shares 21,519 Est. Cost $57.15 Unrealized +21.6%

GOOG ALPHABET CLASS C 0.1%

Value ($000) $333 Shares 1,060 Est. Cost $209.93 Unrealized +36.4%

ZBH ZIMMER HLDGS INC COM 0.1%

Value ($000) $674 Shares 7,500 Est. Cost $129.22 Unrealized -26.8%

BMY BRISTOL MYERS SQUIBB CO 0.1%

Value ($000) $339 Shares 6,293 Est. Cost $28.67 Unrealized +65.8%

IIIN INSTEEL INDS INC COM 0.0%

Value ($000) $238 Shares 7,500 Est. Cost $32.25 Unrealized -0.9%

SWKH SWK HLDGS CORP COM NEW 0.1%

Value ($000) $322 Shares 18,721 Est. Cost $12.70 Unrealized +30.0%

XOM EXXON MOBIL CORPORATION 0.1%

Value ($000) $780 Shares 6,482 Est. Cost $53.69 Unrealized +115.1%

CSCO CISCO SYS INC COM 0.1%

Value ($000) $396 Shares 5,140 Est. Cost $20.16 Unrealized +266.0%

TKOMY TOKIO MARINE HOLDINGS INC 0.0%

Value ($000) $260 Shares 7,009 Est. Cost $22.38 Unrealized —

— SUMMIT HOTEL PPTYS INC SER F 0.1%

Value ($000) $586 Shares 32,389 Est. Cost $20.01 Unrealized —

VABK VIRGINIA NATL BANKSHARES CORCO 0.2%

Value ($000) $1,366 Shares 34,279 Est. Cost $33.74 Unrealized +18.5%

BRRE BLUE RIDGE REAL ESTATE CO COM 0.1%

Value ($000) $300 Shares 38,976 Est. Cost $6.37 Unrealized +37.5%

FXNC FIRST NATL CORP COM 0.0%

Value ($000) $264 Shares 10,478 Est. Cost $15.41 Unrealized +53.4%

NSGRX NORTHERN FDS NRTN SMCAP COR 0.0%

Value ($000) $202 Shares 8,354 Est. Cost $24.82 Unrealized —

CUSUX SIX CIRCLES TRUST US UNCONSTRA 0.1%

Value ($000) $512 Shares 26,887 Est. Cost $17.41 Unrealized —

COST COSTCO WHSL CORP NEW COM 0.1%

Value ($000) $345 Shares 400 Est. Cost $608.00 Unrealized +49.0%

AKRBF AKER BP ASA SHS 0.4%

Value ($000) $2,359 Shares 92,136 Est. Cost $21.14 Unrealized +19.8%

TBLA TABOOLA.COM LTD ORD SHS 0.0%

Value ($000) $62 Shares 13,348 Est. Cost $3.37 Unrealized +11.6%

FXAIX FIDELITY CONCORD STR TR 500 ID 0.1%

Value ($000) $753 Shares 3,169 Est. Cost $200.24 Unrealized —

— BOULDER GROWTH & INCOME FD ICO 0.1%

Value ($000) $678 Shares 36,560 Est. Cost $7.93 Unrealized —

— CHINA MOBILE LTD 0.1%

Value ($000) $394 Shares 37,500 Est. Cost $8.17 Unrealized —

— NORTH ATLANTIC SMALLER INV. TR 0.0%

Value ($000) $195 Shares 40,700 Est. Cost $9.46 Unrealized —

RBKB RHINEBECK BANCORP INC COM 0.0%

Value ($000) $152 Shares 12,664 Est. Cost $7.02 Unrealized +56.3%

CIUEX SIX CIRCLES TRUST INTL UNCONST 0.0%

Value ($000) $241 Shares 17,403 Est. Cost $10.66 Unrealized —

— JZ CAPITAL PRTNRS LTD GUERNSSH 0.0%

Value ($000) $198 Shares 77,736 Est. Cost $2.10 Unrealized —

SUZ SUZANO PAPEL E CELULOSE S A SP 0.1%

Value ($000) $745 Shares 79,774 Est. Cost $15.74 Unrealized —

— RUFFER INV 0.2%

Value ($000) $1,083 Shares 273,800 Est. Cost $3.70 Unrealized —

COP CONOCOPHILLIPS COM 0.0%

Value ($000) $256 Shares 2,730 Est. Cost $79.66 Unrealized +13.0%

DIS DISNEY WALT CO COM DISNEY 0.1%

Value ($000) $398 Shares 3,500 Est. Cost $92.55 Unrealized +18.3%

FFXDF FAIRFAX INDIA HLDGS CORP COM S 0.2%

Value ($000) $914 Shares 52,860 Est. Cost $11.02 Unrealized +52.6%

THG HANOVER INS GROUP INC COM 0.1%

Value ($000) $324 Shares 1,775 Est. Cost $34.95 Unrealized +412.5%

— CHS INC RED PFD SER3 C 0.1%

Value ($000) $599 Shares 24,229 Est. Cost $24.07 Unrealized —

VWIUX VANGUARD MUN BD FDS INTR TE AD 0.0%

Value ($000) $164 Shares 11,910 Est. Cost $13.57 Unrealized —

CBTAX SIX CIRCLES TRUST TAX AWARE BD 0.0%

Value ($000) $225 Shares 22,979 Est. Cost $9.76 Unrealized —

AUB ATLANTIC UN BANKSHARES CORP CO 0.3%

Value ($000) $1,847 Shares 52,325 Est. Cost $27.78 Unrealized +21.9%

XBNYX BLACKROCK N Y MUN INCOME TRUSH 0.0%

Value ($000) $167 Shares 16,500 Est. Cost $12.95 Unrealized —

BRK/B BERKSHIRE HATHAWAY INC DEL CL 0.1%

Value ($000) $653 Shares 1,300 Est. Cost $349.25 Unrealized +42.5%

TUEMQ TUESDAY MORNING CORP COM NEW 0.0%

Value ($000) $0 Shares 16,188 Est. Cost $3.30 Unrealized -100.0%

0NMK VESTAS WIND SYS AS SHS 0.0%

Value ($000) $0 Shares 37,500 Est. Cost $45.90 Unrealized —

KIDBQ KID BRANDS, INC. COM 0.0%

Value ($000) $0 Shares 23,000 Est. Cost $1.44 Unrealized -100.0%

— GASFRAC ENERGY SVCS INC COM 0.0%

Value ($000) $0 Shares 31,000 Est. Cost $1.29 Unrealized —

— LUBYS CAFETERIAS INC COM 0.0%

Value ($000) $20 Shares 106,401 Est. Cost $4.59 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
FTEK	FUEL TECH INC COM	1,485,883	$2,318	0.4%	$2.09	+5.3%	COM	359523107
ALG	ALAMO GROUP INC COM	66,485	$11,161	2.0%	$72.35	+140.2%	COM	011311107
—	DANIELI & CO.	114,863	$6,833	1.2%	$24.52	—	COM	T73148115
WSM	WILLIAMS SONOMA INC COM	55,430	$9,899	1.8%	$87.21	+114.7%	COM	969904101
UPS	UNITED PARCEL SVC INC CL B	53,690	$5,326	0.9%	$55.38	+67.5%	COM	911312106
INN	SUMMIT HOTEL PPTYS INC COM	1,218,048	$5,932	1.1%	$8.03	—	COM	866082100
VWDRY	VESTAS WIND SYS AS UNSP ADR	283,750	$2,545	0.5%	$12.45	—	COM	925458101
GOOGL	ALPHABET CLASS A	10,350	$3,240	0.6%	$122.83	+132.5%	COM	02079K305
KE	KIMBALL ELECTRONICS INC COM	266,222	$7,406	1.3%	$20.11	+43.5%	COM	49428J109
—	PHOENIX COS INC NEW QUIBS 2032	262,432	$4,795	0.9%	$17.60	—	PREFERRED STOCKS	71902E208
—	AEGON NV SHS	62,265	$485	0.1%	$4.92	—	COM	N00927298
GNLAF	GENESIS LAND DEV CORP COM	1,051,073	$2,520	0.4%	$2.15	+14.3%	COM	37183V102
CSW	CSW INDUSTRIALS INC COM	6,080	$1,785	0.3%	$34.83	+664.6%	COM	126402106
MSFT	MICROSOFT CORP COM	7,975	$3,857	0.7%	$33.74	+1383.6%	COM	594918104
ALOT	ASTRONOVA INC NEW COM	142,109	$1,229	0.2%	$10.65	-18.2%	COM	04638F108
UCTT	ULTRA CLEAN HLDGS INC COM	114,450	$2,899	0.5%	$26.38	+0.9%	COM	90385V107
RYAM	RAYONIER ADVANCED MATLS INC CO	142,365	$839	0.1%	$10.07	-35.4%	COM	75508B104
KEWL	KEWEENAW LD ASSN LTD COM	32,499	$1,056	0.2%	$11.58	+190.9%	COM	493026108
DWSN	DAWSON GEOPHYSICAL CO NEW COM	906,546	$1,414	0.3%	$3.49	-45.9%	COM	239360100
WRB	BERKLEY W R CORP COM	24,869	$1,744	0.3%	$28.00	+159.8%	COM	084423102
MRK	MERCK & COMPANY	7,267	$765	0.1%	$31.34	+197.5%	COM	58933Y105
HNI	HNI CORP COM	31,855	$1,339	0.2%	$26.58	+58.9%	COM	404251100
NVO	NOVO-NORDISK A S ADR	29,000	$1,476	0.3%	$125.94	—	COM	670100205
CULP	CULP INC COM	120,918	$430	0.1%	$5.88	-33.0%	COM	230215105
TWI	TITAN INTL INC ILL COM	385,728	$3,020	0.5%	$8.68	-9.7%	COM	88830M102
ALRS	ALERUS FINL CORP COM	256,233	$5,770	1.0%	$20.92	+3.3%	COM	01446U103
MSADF	MS&AD INS GP HLDG (8725-JP)	108,511	$2,556	0.5%	$12.56	+78.3%	COM	J4687C105
REG	REGENCY CTRS CORP COM	21,519	$1,485	0.3%	$57.15	+21.6%	COM	758849103
GOOG	ALPHABET CLASS C	1,060	$333	0.1%	$209.93	+36.4%	COM	02079K107
ZBH	ZIMMER HLDGS INC COM	7,500	$674	0.1%	$129.22	-26.8%	COM	98956P102
BMY	BRISTOL MYERS SQUIBB CO	6,293	$339	0.1%	$28.67	+65.8%	COM	110122108
IIIN	INSTEEL INDS INC COM	7,500	$238	0.0%	$32.25	-0.9%	COM	45774W108
SWKH	SWK HLDGS CORP COM NEW	18,721	$322	0.1%	$12.70	+30.0%	COM	78501P203
XOM	EXXON MOBIL CORPORATION	6,482	$780	0.1%	$53.69	+115.1%	COM	30231G102
CSCO	CISCO SYS INC COM	5,140	$396	0.1%	$20.16	+266.0%	COM	17275R102
TKOMY	TOKIO MARINE HOLDINGS INC	7,009	$260	0.0%	$22.38	—	COM	889094108
—	SUMMIT HOTEL PPTYS INC SER F	32,389	$586	0.1%	$20.01	—	PREFERRED STOCKS	866082704
VABK	VIRGINIA NATL BANKSHARES CORCO	34,279	$1,366	0.2%	$33.74	+18.5%	COM	928031103
BRRE	BLUE RIDGE REAL ESTATE CO COM	38,976	$300	0.1%	$6.37	+37.5%	COM	096005301
FXNC	FIRST NATL CORP COM	10,478	$264	0.0%	$15.41	+53.4%	COM	32106V107
NSGRX	NORTHERN FDS NRTN SMCAP COR	8,354	$202	0.0%	$24.82	—	MUTUAL FUNDS	665162665
CUSUX	SIX CIRCLES TRUST US UNCONSTRA	26,887	$512	0.1%	$17.41	—	MUTUAL FUNDS	83002G306
COST	COSTCO WHSL CORP NEW COM	400	$345	0.1%	$608.00	+49.0%	COM	22160K105
AKRBF	AKER BP ASA SHS	92,136	$2,359	0.4%	$21.14	+19.8%	COM	R0139K100
TBLA	TABOOLA.COM LTD ORD SHS	13,348	$62	0.0%	$3.37	+11.6%	COM	M8744T106
FXAIX	FIDELITY CONCORD STR TR 500 ID	3,169	$753	0.1%	$200.24	—	MUTUAL FUNDS	315911750
—	BOULDER GROWTH & INCOME FD ICO	36,560	$678	0.1%	$7.93	—	COM	101507101
—	CHINA MOBILE LTD	37,500	$394	0.1%	$8.17	—	COM	6073556HK
—	NORTH ATLANTIC SMALLER INV. TR	40,700	$195	0.0%	$9.46	—	COM	0643900GB
RBKB	RHINEBECK BANCORP INC COM	12,664	$152	0.0%	$7.02	+56.3%	COM	762093102
CIUEX	SIX CIRCLES TRUST INTL UNCONST	17,403	$241	0.0%	$10.66	—	MUTUAL FUNDS	83002G405
—	JZ CAPITAL PRTNRS LTD GUERNSSH	77,736	$198	0.0%	$2.10	—	COM	G5216J134
SUZ	SUZANO PAPEL E CELULOSE S A SP	79,774	$745	0.1%	$15.74	—	COM	86959K105
—	RUFFER INV	273,800	$1,083	0.2%	$3.70	—	COM	0GB00B018
COP	CONOCOPHILLIPS COM	2,730	$256	0.0%	$79.66	+13.0%	COM	20825C104
DIS	DISNEY WALT CO COM DISNEY	3,500	$398	0.1%	$92.55	+18.3%	COM	254687106
FFXDF	FAIRFAX INDIA HLDGS CORP COM S	52,860	$914	0.2%	$11.02	+52.6%	COM	303897102
THG	HANOVER INS GROUP INC COM	1,775	$324	0.1%	$34.95	+412.5%	COM	410867105
—	CHS INC RED PFD SER3 C	24,229	$599	0.1%	$24.07	—	PREFERRED STOCKS	12542R704
VWIUX	VANGUARD MUN BD FDS INTR TE AD	11,910	$164	0.0%	$13.57	—	MUTUAL FUNDS	922907878
CBTAX	SIX CIRCLES TRUST TAX AWARE BD	22,979	$225	0.0%	$9.76	—	MUTUAL FUNDS	83002G801
AUB	ATLANTIC UN BANKSHARES CORP CO	52,325	$1,847	0.3%	$27.78	+21.9%	COM	04911A107
XBNYX	BLACKROCK N Y MUN INCOME TRUSH	16,500	$167	0.0%	$12.95	—	COM	09248L106
BRK/B	BERKSHIRE HATHAWAY INC DEL CL	1,300	$653	0.1%	$349.25	+42.5%	COM	084670702
TUEMQ	TUESDAY MORNING CORP COM NEW	16,188	$0	0.0%	$3.30	-100.0%	COM	89904V200
0NMK	VESTAS WIND SYS AS SHS	37,500	$0	0.0%	$45.90	—	COM	K9773J128
KIDBQ	KID BRANDS, INC. COM	23,000	$0	0.0%	$1.44	-100.0%	COM	49375T100
—	GASFRAC ENERGY SVCS INC COM	31,000	$0	0.0%	$1.29	—	COM	367257201
—	LUBYS CAFETERIAS INC COM	106,401	$20	0.0%	$4.59	—	COM	549282101