Phocas Financial Corp. Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
NESR	NATIONAL ENERGY SERVICES REU	530,741	$8,311	1.1%	$13.12	0.0%	SHS	G6375R107
IDA	IDACORP INC	56,662	$7,171	0.9%	$130.09	0.0%	COM	451107106
NFG	NATIONAL FUEL GAS CO	88,511	$7,086	0.9%	$82.39	0.0%	COM	636180101
OPCH	OPTION CARE HEALTH INC	130,667	$4,163	0.5%	$29.35	0.0%	COM NEW	68404L201
MDU	MDU RES GROUP INC	210,150	$4,102	0.5%	$19.57	0.0%	COM	552690109
SUPN	SUPERNUS PHARMACEUTICALS INC	81,320	$4,042	0.5%	$48.62	0.0%	COM	868459108
CCB	COASTAL FINL CORP WA	34,453	$3,948	0.5%	$109.10	0.0%	COM NEW	19046P209
BELFB	BEL FUSE INC	23,091	$3,917	0.5%	$156.18	0.0%	CL B	077347300
SR	SPIRE INC	45,903	$3,796	0.5%	$82.70	—	COM	84857L101
VIAV	VIAVI SOLUTIONS INC	211,672	$3,772	0.5%	$16.15	0.0%	COM	925550105
GSHD	GOOSEHEAD INS INC	49,812	$3,669	0.5%	$71.25	0.0%	COM CL A	38267D109
JJSF	J & J SNACK FOODS CORP	40,358	$3,647	0.5%	$90.05	0.0%	COM	466032109
CBK	COMMERCIAL BANCGROUP INC	146,869	$3,607	0.5%	$24.55	0.0%	COM	20112C106
FFIN	FIRST FINL BANKSHARES INC	117,686	$3,515	0.5%	$31.36	0.0%	COM	32020R109
CPK	CHESAPEAKE UTILS CORP	26,559	$3,314	0.4%	$131.35	0.0%	COM	165303108
CRMD	CORMEDIX INC	171,087	$1,990	0.3%	$11.06	0.0%	COM	21900C308
BCRX	BIOCRYST PHARMACEUTICALS INC	250,797	$1,956	0.3%	$7.23	0.0%	COM	09058V103
NGS	NATURAL GAS SVCS GROUP INC	43,688	$1,470	0.2%	$29.70	0.0%	COM	63886Q109
KN	KNOWLES CORP	43,927	$941	0.1%	$22.79	0.0%	COM	49926D109
UL	UNILEVER PLC	5,333	$349	0.0%	$65.40	—	SPON ADR NEW	904767803
AGG	ISHARES TR	2,791	$279	0.0%	$99.88	—	CORE US AGGBD ET	464287226

Increased Positions (12)

RAL RALLIANT CORP 1.0%

Value ($000) $7,999 (+110.9%) Shares 157,116 (+81.2%) Est. Cost $45.54 Unrealized +2.9%

TRNO TERRENO RLTY CORP 1.4%

Value ($000) $10,594 (+59.1%) Shares 180,452 (+53.8%) Est. Cost $57.10 Unrealized —

ALRS ALERUS FINL CORP 1.0%

Value ($000) $7,530 (+105.7%) Shares 334,357 (+102.2%) Est. Cost $21.69 Unrealized -0.3%

TKR TIMKEN CO 1.0%

Value ($000) $7,485 (+102.8%) Shares 88,967 (+81.2%) Est. Cost $79.01 Unrealized +0.7%

GIII G III APPAREL GROUP LTD 0.9%

Value ($000) $7,078 (+92.9%) Shares 244,406 (+77.2%) Est. Cost $28.15 Unrealized +1.2%

MD PEDIATRIX MEDICAL GROUP INC 0.9%

Value ($000) $7,177 (+84.5%) Shares 335,551 (+44.5%) Est. Cost $16.68 Unrealized +22.8%

CLF CLEVELAND-CLIFFS INC NEW 0.8%

Value ($000) $6,306 (+60.0%) Shares 474,862 (+47.0%) Est. Cost $11.19 Unrealized +12.8%

HRI HERC HLDGS INC 1.0%

Value ($000) $7,400 (+43.9%) Shares 49,869 (+13.1%) Est. Cost $122.14 Unrealized +11.3%

QDEL QUIDELORTHO CORP 0.6%

Value ($000) $4,856 (+41.3%) Shares 170,018 (+45.7%) Est. Cost $36.15 Unrealized -25.0%

CHRD CHORD ENERGY CORPORATION 0.9%

Value ($000) $6,689 (+12.6%) Shares 72,153 (+20.7%) Est. Cost $108.76 Unrealized -15.4%

CON CONCENTRA GROUP HOLDINGS PAR 0.5%

Value ($000) $3,746 (+13.2%) Shares 190,328 (+20.4%) Est. Cost $20.99 Unrealized -4.9%

MDXG MIMEDX GROUP INC 0.4%

Value ($000) $3,338 (+13.6%) Shares 492,991 (+17.1%) Est. Cost $7.89 Unrealized -11.2%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
RAL	RALLIANT CORP	157,116 (+81.2%)	$7,999 (+110.9%)	1.0%	$45.54	+2.9%	COM	750940108
TRNO	TERRENO RLTY CORP	180,452 (+53.8%)	$10,594 (+59.1%)	1.4%	$57.10	—	COM	88146M101
ALRS	ALERUS FINL CORP	334,357 (+102.2%)	$7,530 (+105.7%)	1.0%	$21.69	-0.3%	COM	01446U103
TKR	TIMKEN CO	88,967 (+81.2%)	$7,485 (+102.8%)	1.0%	$79.01	+0.7%	COM	887389104
GIII	G III APPAREL GROUP LTD	244,406 (+77.2%)	$7,078 (+92.9%)	0.9%	$28.15	+1.2%	COM	36237H101
MD	PEDIATRIX MEDICAL GROUP INC	335,551 (+44.5%)	$7,177 (+84.5%)	0.9%	$16.68	+22.8%	COM	58502B106
CLF	CLEVELAND-CLIFFS INC NEW	474,862 (+47.0%)	$6,306 (+60.0%)	0.8%	$11.19	+12.8%	COM	185899101
HRI	HERC HLDGS INC	49,869 (+13.1%)	$7,400 (+43.9%)	1.0%	$122.14	+11.3%	COM	42704L104
QDEL	QUIDELORTHO CORP	170,018 (+45.7%)	$4,856 (+41.3%)	0.6%	$36.15	-25.0%	COM	219798105
CHRD	CHORD ENERGY CORPORATION	72,153 (+20.7%)	$6,689 (+12.6%)	0.9%	$108.76	-15.4%	COM NEW	674215207
CON	CONCENTRA GROUP HOLDINGS PAR	190,328 (+20.4%)	$3,746 (+13.2%)	0.5%	$20.99	-4.9%	COMMON STOCK	20603L102
MDXG	MIMEDX GROUP INC	492,991 (+17.1%)	$3,338 (+13.6%)	0.4%	$7.89	-11.2%	COM	602496101

Exited Positions (20)

FHN FIRST HORIZON CORPORATION 1.5%

Value ($000) $11,533 Shares 510,098 Est. Cost $12.68 Unrealized +75.0%

CMA COMERICA INC 1.1%

Value ($000) $8,594 Shares 125,421 Est. Cost $37.90 Unrealized +111.0%

KMPR KEMPER CORP 1.1%

Value ($000) $8,316 Shares 161,320 Est. Cost $59.07 Unrealized -27.5%

— SYNOVUS FINL CORP 0.9%

Value ($000) $7,212 Shares 146,937 Est. Cost $44.09 Unrealized —

— ALLETE INC 0.9%

Value ($000) $7,088 Shares 106,751 Est. Cost $66.40 Unrealized —

SWX SOUTHWEST GAS HLDGS INC 0.9%

Value ($000) $6,577 Shares 83,959 Est. Cost $68.19 Unrealized +17.5%

— PINNACLE FINL PARTNERS INC 0.7%

Value ($000) $5,459 Shares 58,201 Est. Cost $68.07 Unrealized —

— VERITEX HLDGS INC 0.6%

Value ($000) $4,671 Shares 139,294 Est. Cost $26.28 Unrealized —

LNTH LANTHEUS HLDGS INC 0.5%

Value ($000) $4,110 Shares 80,138 Est. Cost $68.84 Unrealized -15.5%

POR PORTLAND GEN ELEC CO 0.5%

Value ($000) $3,667 Shares 83,331 Est. Cost $35.88 Unrealized +30.3%

NOG NORTHERN OIL & GAS INC 0.5%

Value ($000) $3,649 Shares 147,139 Est. Cost $17.76 Unrealized +26.4%

AVTR AVANTOR INC 0.5%

Value ($000) $3,501 Shares 280,546 Est. Cost $12.88 Unrealized -4.5%

ELME ELME COMMUNITIES 0.4%

Value ($000) $3,238 Shares 192,043 Est. Cost $17.39 Unrealized —

EHAB ENHABIT INC 0.3%

Value ($000) $2,633 Shares 328,770 Est. Cost $9.19 Unrealized -5.7%

EPC EDGEWELL PERS CARE CO 0.3%

Value ($000) $2,268 Shares 111,411 Est. Cost $35.51 Unrealized -48.2%

AGIO AGIOS PHARMACEUTICALS INC 0.2%

Value ($000) $1,871 Shares 46,608 Est. Cost $37.61 Unrealized -6.7%

PEP PEPSICO INC 0.1%

Value ($000) $437 Shares 3,113 Est. Cost $61.42 Unrealized +137.6%

— UNILEVER PLC 0.0%

Value ($000) $356 Shares 6,000 Est. Cost $45.50 Unrealized —

EXR EXTRA SPACE STORAGE INC 0.0%

Value ($000) $221 Shares 1,570 Est. Cost $155.36 Unrealized -13.1%

INVH INVITATION HOMES INC 0.0%

Value ($000) $204 Shares 6,957 Est. Cost $31.86 Unrealized -13.2%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
FHN	FIRST HORIZON CORPORATION	510,098	$11,533	1.5%	$12.68	+75.0%	—	320517105
CMA	COMERICA INC	125,421	$8,594	1.1%	$37.90	+111.0%	—	200340107
KMPR	KEMPER CORP	161,320	$8,316	1.1%	$59.07	-27.5%	—	488401100
—	SYNOVUS FINL CORP	146,937	$7,212	0.9%	$44.09	—	—	87161C501
—	ALLETE INC	106,751	$7,088	0.9%	$66.40	—	—	018522300
SWX	SOUTHWEST GAS HLDGS INC	83,959	$6,577	0.9%	$68.19	+17.5%	—	844895102
—	PINNACLE FINL PARTNERS INC	58,201	$5,459	0.7%	$68.07	—	—	72346Q104
—	VERITEX HLDGS INC	139,294	$4,671	0.6%	$26.28	—	—	923451108
LNTH	LANTHEUS HLDGS INC	80,138	$4,110	0.5%	$68.84	-15.5%	—	516544103
POR	PORTLAND GEN ELEC CO	83,331	$3,667	0.5%	$35.88	+30.3%	—	736508847
NOG	NORTHERN OIL & GAS INC	147,139	$3,649	0.5%	$17.76	+26.4%	—	665531307
AVTR	AVANTOR INC	280,546	$3,501	0.5%	$12.88	-4.5%	—	05352A100
ELME	ELME COMMUNITIES	192,043	$3,238	0.4%	$17.39	—	—	939653101
EHAB	ENHABIT INC	328,770	$2,633	0.3%	$9.19	-5.7%	—	29332G102
EPC	EDGEWELL PERS CARE CO	111,411	$2,268	0.3%	$35.51	-48.2%	—	28035Q102
AGIO	AGIOS PHARMACEUTICALS INC	46,608	$1,871	0.2%	$37.61	-6.7%	—	00847X104
PEP	PEPSICO INC	3,113	$437	0.1%	$61.42	+137.6%	—	713448108
—	UNILEVER PLC	6,000	$356	0.0%	$45.50	—	—	904767704
EXR	EXTRA SPACE STORAGE INC	1,570	$221	0.0%	$155.36	-13.1%	—	30225T102
INVH	INVITATION HOMES INC	6,957	$204	0.0%	$31.86	-13.2%	—	46187W107

Decreased Positions (14)

PRIM PRIMORIS SVCS CORP 1.0%

Value ($000) $7,756 (-59.5%) Shares 62,478 (-55.2%) Est. Cost $25.31 Unrealized +415.9%

TTMI TTM TECHNOLOGIES INC 1.5%

Value ($000) $11,410 (-22.3%) Shares 165,357 (-35.1%) Est. Cost $21.21 Unrealized +207.7%

KD KYNDRYL HLDGS INC 0.5%

Value ($000) $3,746 (-41.3%) Shares 141,023 (-33.6%) Est. Cost $19.31 Unrealized +40.4%

— TREEHOUSE FOODS INC 0.5%

Value ($000) $3,532 (-40.5%) Shares 149,718 (-49.1%) Est. Cost $22.41 Unrealized —

RRC RANGE RES CORP 0.6%

Value ($000) $4,484 (-27.7%) Shares 127,167 (-22.8%) Est. Cost $23.69 Unrealized +57.2%

SANM SANMINA CORPORATION 1.5%

Value ($000) $11,157 (-9.0%) Shares 74,346 (-30.2%) Est. Cost $77.90 Unrealized +89.5%

PTCT PTC THERAPEUTICS INC 0.3%

Value ($000) $1,936 (-15.3%) Shares 25,482 (-31.6%) Est. Cost $52.09 Unrealized +39.5%

ELAN ELANCO ANIMAL HEALTH INC 0.5%

Value ($000) $4,136 (-6.6%) Shares 182,755 (-16.9%) Est. Cost $13.07 Unrealized +66.5%

AAPL APPLE INC 0.3%

Value ($000) $2,449 (+5.7%) Shares 9,008 (-1.0%) Est. Cost $107.55 Unrealized +149.5%

ARQT ARCUTIS BIOTHERAPEUTICS INC 0.2%

Value ($000) $1,873 (-6.5%) Shares 64,499 (-39.3%) Est. Cost $14.12 Unrealized +81.2%

BKH BLACK HILLS CORP 1.4%

Value ($000) $10,694 (-0.6%) Shares 154,041 (-11.8%) Est. Cost $50.97 Unrealized +30.4%

AMT AMERICAN TOWER CORP NEW 0.0%

Value ($000) $270 (-14.3%) Shares 1,535 (-6.2%) Est. Cost $198.35 Unrealized -9.1%

PLD PROLOGIS INC. 0.0%

Value ($000) $363 (+10.3%) Shares 2,844 (-1.0%) Est. Cost $110.17 Unrealized +12.4%

BRK/B BERKSHIRE HATHAWAY INC DEL 0.2%

Value ($000) $1,162 (-2.5%) Shares 2,312 (-2.5%) Est. Cost $281.96 Unrealized +76.5%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
PRIM	PRIMORIS SVCS CORP	62,478 (-55.2%)	$7,756 (-59.5%)	1.0%	$25.31	+415.9%	COM	74164F103
TTMI	TTM TECHNOLOGIES INC	165,357 (-35.1%)	$11,410 (-22.3%)	1.5%	$21.21	+207.7%	COM	87305R109
KD	KYNDRYL HLDGS INC	141,023 (-33.6%)	$3,746 (-41.3%)	0.5%	$19.31	+40.4%	COMMON STOCK	50155Q100
—	TREEHOUSE FOODS INC	149,718 (-49.1%)	$3,532 (-40.5%)	0.5%	$22.41	—	COM	89469A104
RRC	RANGE RES CORP	127,167 (-22.8%)	$4,484 (-27.7%)	0.6%	$23.69	+57.2%	COM	75281A109
SANM	SANMINA CORPORATION	74,346 (-30.2%)	$11,157 (-9.0%)	1.5%	$77.90	+89.5%	COM	801056102
PTCT	PTC THERAPEUTICS INC	25,482 (-31.6%)	$1,936 (-15.3%)	0.3%	$52.09	+39.5%	COM	69366J200
ELAN	ELANCO ANIMAL HEALTH INC	182,755 (-16.9%)	$4,136 (-6.6%)	0.5%	$13.07	+66.5%	COM	28414H103
AAPL	APPLE INC	9,008 (-1.0%)	$2,449 (+5.7%)	0.3%	$107.55	+149.5%	COM	037833100
ARQT	ARCUTIS BIOTHERAPEUTICS INC	64,499 (-39.3%)	$1,873 (-6.5%)	0.2%	$14.12	+81.2%	COM	03969K108
BKH	BLACK HILLS CORP	154,041 (-11.8%)	$10,694 (-0.6%)	1.4%	$50.97	+30.4%	COM	092113109
AMT	AMERICAN TOWER CORP NEW	1,535 (-6.2%)	$270 (-14.3%)	0.0%	$198.35	-9.1%	COM	03027X100
PLD	PROLOGIS INC.	2,844 (-1.0%)	$363 (+10.3%)	0.0%	$110.17	+12.4%	COM	74340W103
BRK/B	BERKSHIRE HATHAWAY INC DEL	2,312 (-2.5%)	$1,162 (-2.5%)	0.2%	$281.96	+76.5%	CL B NEW	084670702

Unchanged Positions (101)

ATGE ADTALEM GLOBAL ED INC 1.7%

Value ($000) $13,051 Shares 126,132 Est. Cost $54.72 Unrealized +109.3%

HL HECLA MNG CO 1.6%

Value ($000) $11,972 Shares 623,842 Est. Cost $8.03 Unrealized +90.3%

AMRX AMNEAL PHARMACEUTICALS INC 2.1%

Value ($000) $16,165 Shares 1,282,974 Est. Cost $5.96 Unrealized +91.9%

MKSI MKS INC. 1.5%

Value ($000) $11,724 Shares 73,365 Est. Cost $96.49 Unrealized +53.6%

WTM WHITE MTNS INS GROUP LTD 1.5%

Value ($000) $11,410 Shares 5,491 Est. Cost $1887.23 Unrealized +3.6%

PENG PENGUIN SOLUTIONS INC 0.8%

Value ($000) $5,782 Shares 295,583 Est. Cost $24.46 Unrealized -12.4%

KTB KONTOOR BRANDS INC 0.8%

Value ($000) $6,383 Shares 104,479 Est. Cost $71.60 Unrealized +3.7%

SAH SONIC AUTOMOTIVE INC 0.9%

Value ($000) $6,944 Shares 112,246 Est. Cost $60.06 Unrealized +10.2%

CRS CARPENTER TECHNOLOGY CORP 0.9%

Value ($000) $7,288 Shares 23,147 Est. Cost $79.62 Unrealized +277.5%

AAP ADVANCE AUTO PARTS INC 0.4%

Value ($000) $2,739 Shares 69,692 Est. Cost $55.73 Unrealized -10.7%

SLG SL GREEN RLTY CORP 0.6%

Value ($000) $4,923 Shares 107,332 Est. Cost $30.12 Unrealized —

OMF ONEMAIN HLDGS INC 1.2%

Value ($000) $9,032 Shares 133,708 Est. Cost $34.18 Unrealized +77.9%

LYTS LSI INDS INC OHIO 0.5%

Value ($000) $4,026 Shares 219,779 Est. Cost $15.40 Unrealized +31.9%

COLB COLUMBIA BKG SYS INC 1.7%

Value ($000) $13,317 Shares 476,456 Est. Cost $23.53 Unrealized +14.1%

ANGO ANGIODYNAMICS INC 1.0%

Value ($000) $7,785 Shares 606,273 Est. Cost $10.13 Unrealized +21.9%

CALM CAL MAINE FOODS INC 0.7%

Value ($000) $5,130 Shares 64,472 Est. Cost $103.42 Unrealized -16.3%

CSR CENTERSPACE 1.1%

Value ($000) $8,273 Shares 123,999 Est. Cost $69.41 Unrealized —

AIR AAR CORP 1.4%

Value ($000) $10,737 Shares 129,689 Est. Cost $40.80 Unrealized +102.8%

WTFC WINTRUST FINL CORP 2.2%

Value ($000) $17,242 Shares 123,314 Est. Cost $84.37 Unrealized +57.6%

PRM PERIMETER SOLUTIONS INC 0.6%

Value ($000) $4,570 Shares 165,987 Est. Cost $18.95 Unrealized +33.3%

SNEX STONEX GROUP INC 1.7%

Value ($000) $12,957 Shares 136,202 Est. Cost $61.87 Unrealized +52.4%

ROCK GIBRALTAR INDS INC 0.4%

Value ($000) $2,766 Shares 55,950 Est. Cost $57.39 Unrealized -0.2%

VRRM VERRA MOBILITY CORP 0.8%

Value ($000) $6,311 Shares 281,618 Est. Cost $16.82 Unrealized +35.8%

TCBI TEXAS CAP BANCSHARES INC 1.3%

Value ($000) $10,144 Shares 112,035 Est. Cost $64.92 Unrealized +35.2%

AM ANTERO MIDSTREAM CORP 0.8%

Value ($000) $6,507 Shares 365,743 Est. Cost $10.51 Unrealized +68.8%

GOOGL ALPHABET INC 0.4%

Value ($000) $2,749 Shares 8,784 Est. Cost $107.93 Unrealized +164.6%

FNB F N B CORP 1.4%

Value ($000) $10,704 Shares 625,940 Est. Cost $10.71 Unrealized +51.9%

ACAD ACADIA PHARMACEUTICALS INC 0.4%

Value ($000) $2,780 Shares 104,072 Est. Cost $22.29 Unrealized +7.2%

EFSC ENTERPRISE FINL SVCS CORP 0.9%

Value ($000) $7,209 Shares 133,505 Est. Cost $39.86 Unrealized +37.1%

TPH TRI POINTE HOMES INC 0.9%

Value ($000) $6,634 Shares 210,798 Est. Cost $20.70 Unrealized +57.0%

MGY MAGNOLIA OIL & GAS CORP 0.8%

Value ($000) $5,829 Shares 266,299 Est. Cost $18.00 Unrealized +26.3%

ADT ADT INC DEL 0.9%

Value ($000) $6,562 Shares 813,131 Est. Cost $8.05 Unrealized +2.8%

CASH PATHWARD FINANCIAL INC 1.5%

Value ($000) $11,811 Shares 166,353 Est. Cost $25.16 Unrealized +184.8%

SHC SOTERA HEALTH CO 0.6%

Value ($000) $4,889 Shares 277,139 Est. Cost $11.45 Unrealized +44.4%

— REV GROUP INC 1.0%

Value ($000) $7,883 Shares 129,639 Est. Cost $16.63 Unrealized —

PFBC PREFERRED BK LOS ANGELES CA 1.6%

Value ($000) $12,264 Shares 129,878 Est. Cost $52.06 Unrealized +79.0%

KRG KITE RLTY GROUP TR 0.9%

Value ($000) $6,597 Shares 275,239 Est. Cost $12.55 Unrealized —

CHCT COMMUNITY HEALTHCARE TR INC 0.9%

Value ($000) $6,550 Shares 398,893 Est. Cost $9.80 Unrealized —

MHO M/I HOMES INC 0.4%

Value ($000) $3,261 Shares 25,484 Est. Cost $135.28 Unrealized -2.3%

RHP RYMAN HOSPITALITY PPTYS INC 1.1%

Value ($000) $8,153 Shares 86,168 Est. Cost $79.26 Unrealized —

BGC BGC GROUP INC 0.8%

Value ($000) $6,276 Shares 702,819 Est. Cost $9.28 Unrealized -3.1%

NPO ENPRO INC 0.9%

Value ($000) $6,689 Shares 31,240 Est. Cost $92.66 Unrealized +138.7%

VCYT VERACYTE INC 0.3%

Value ($000) $2,115 Shares 50,231 Est. Cost $28.14 Unrealized +43.2%

IRT INDEPENDENCE RLTY TR INC 0.8%

Value ($000) $6,299 Shares 360,359 Est. Cost $12.75 Unrealized —

CUZ COUSINS PPTYS INC 0.4%

Value ($000) $2,994 Shares 116,155 Est. Cost $29.49 Unrealized —

NXST NEXSTAR MEDIA GROUP INC 2.0%

Value ($000) $15,471 Shares 76,193 Est. Cost $119.38 Unrealized +61.5%

TXNM TXNM ENERGY INC 1.0%

Value ($000) $7,581 Shares 128,758 Est. Cost $56.75 Unrealized +1.7%

BANR BANNER CORP 0.9%

Value ($000) $7,106 Shares 113,401 Est. Cost $53.36 Unrealized +17.0%

APAM ARTISAN PARTNERS ASSET MGMT 0.6%

Value ($000) $4,752 Shares 116,636 Est. Cost $27.35 Unrealized +48.8%

LZB LA Z BOY INC 0.5%

Value ($000) $4,021 Shares 107,885 Est. Cost $32.82 Unrealized +6.7%

CRC CALIFORNIA RES CORP 0.2%

Value ($000) $1,408 Shares 31,502 Est. Cost $49.44 Unrealized -4.6%

CRNX CRINETICS PHARMACEUTICALS IN 0.3%

Value ($000) $2,508 Shares 53,877 Est. Cost $31.97 Unrealized +39.2%

URBN URBAN OUTFITTERS INC 0.6%

Value ($000) $4,899 Shares 65,100 Est. Cost $43.33 Unrealized +63.3%

ETN EATON CORP PLC 0.2%

Value ($000) $1,303 Shares 4,090 Est. Cost $146.73 Unrealized +141.5%

BOOT BOOT BARN HLDGS INC 0.5%

Value ($000) $3,677 Shares 20,836 Est. Cost $74.44 Unrealized +150.6%

MTRN MATERION CORP 1.0%

Value ($000) $7,748 Shares 62,326 Est. Cost $73.35 Unrealized +68.1%

BDC BELDEN INC 0.7%

Value ($000) $5,266 Shares 45,185 Est. Cost $105.49 Unrealized +10.6%

CRK COMSTOCK RES INC 0.2%

Value ($000) $1,262 Shares 54,427 Est. Cost $19.16 Unrealized +15.0%

CRGY CRESCENT ENERGY COMPANY 0.3%

Value ($000) $2,489 Shares 296,617 Est. Cost $10.67 Unrealized -18.2%

UMBF UMB FINL CORP 0.6%

Value ($000) $4,993 Shares 43,404 Est. Cost $110.35 Unrealized +2.7%

GOOG ALPHABET INC 0.1%

Value ($000) $690 Shares 2,200 Est. Cost $110.25 Unrealized +159.7%

DCO DUCOMMUN INC DEL 1.4%

Value ($000) $10,924 Shares 114,834 Est. Cost $60.17 Unrealized +54.8%

MSFT MICROSOFT CORP 0.3%

Value ($000) $1,973 Shares 4,080 Est. Cost $178.78 Unrealized +180.0%

ABCB AMERIS BANCORP 1.7%

Value ($000) $12,977 Shares 174,733 Est. Cost $39.24 Unrealized +89.2%

OTTR OTTER TAIL CORP 1.0%

Value ($000) $7,893 Shares 97,678 Est. Cost $40.23 Unrealized +99.4%

GFF GRIFFON CORP 0.5%

Value ($000) $3,528 Shares 47,906 Est. Cost $76.76 Unrealized -3.3%

JNJ JOHNSON & JOHNSON 0.2%

Value ($000) $1,177 Shares 5,689 Est. Cost $143.59 Unrealized +37.2%

AJG GALLAGHER ARTHUR J & CO 0.1%

Value ($000) $595 Shares 2,300 Est. Cost $34.76 Unrealized +660.1%

ONB OLD NATL BANCORP IND 1.1%

Value ($000) $8,253 Shares 369,924 Est. Cost $13.50 Unrealized +59.7%

R RYDER SYS INC 1.1%

Value ($000) $8,601 Shares 44,940 Est. Cost $101.68 Unrealized +76.7%

DOV DOVER CORP 0.1%

Value ($000) $706 Shares 3,615 Est. Cost $49.45 Unrealized +267.7%

AVNT AVIENT CORPORATION 0.2%

Value ($000) $1,683 Shares 53,877 Est. Cost $28.07 Unrealized +9.5%

FRME FIRST MERCHANTS CORP 1.3%

Value ($000) $10,175 Shares 271,481 Est. Cost $32.55 Unrealized +13.0%

ADC AGREE RLTY CORP 0.9%

Value ($000) $7,270 Shares 100,932 Est. Cost $1.37 Unrealized —

ABBV ABBVIE INC 0.8%

Value ($000) $5,995 Shares 26,239 Est. Cost $55.17 Unrealized +312.4%

SKYW SKYWEST INC 1.8%

Value ($000) $14,043 Shares 139,856 Est. Cost $35.28 Unrealized +183.8%

CSD INVESCO EXCHANGE TRADED FD T 0.1%

Value ($000) $738 Shares 7,400 Est. Cost $3.02 Unrealized —

MAC MACERICH CO 0.5%

Value ($000) $3,733 Shares 202,221 Est. Cost $17.19 Unrealized —

COST COSTCO WHSL CORP NEW 0.1%

Value ($000) $523 Shares 606 Est. Cost $385.53 Unrealized +134.9%

SCHX SCHWAB STRATEGIC TR 0.4%

Value ($000) $2,721 Shares 101,124 Est. Cost $34.69 Unrealized —

PBF PBF ENERGY INC 0.0%

Value ($000) $258 Shares 9,523 Est. Cost $19.01 Unrealized +68.5%

AMZN AMAZON COM INC 0.1%

Value ($000) $566 Shares 2,450 Est. Cost $123.37 Unrealized +85.4%

LADR LADDER CAP CORP 0.7%

Value ($000) $5,217 Shares 474,719 Est. Cost $4.62 Unrealized —

PANW PALO ALTO NETWORKS INC 0.0%

Value ($000) $216 Shares 1,170 Est. Cost $185.70 Unrealized +8.6%

SCHB SCHWAB STRATEGIC TR 0.1%

Value ($000) $955 Shares 36,417 Est. Cost $34.33 Unrealized —

BAC BANK AMERICA CORP 0.0%

Value ($000) $255 Shares 4,640 Est. Cost $41.45 Unrealized +27.1%

CI THE CIGNA GROUP 0.0%

Value ($000) $333 Shares 1,210 Est. Cost $204.18 Unrealized +36.8%

AVGO BROADCOM INC 0.0%

Value ($000) $311 Shares 900 Est. Cost $215.92 Unrealized +65.3%

SCHH SCHWAB STRATEGIC TR 0.0%

Value ($000) $343 Shares 16,411 Est. Cost $24.14 Unrealized —

EQIX EQUINIX INC 0.0%

Value ($000) $329 Shares 429 Est. Cost $897.54 Unrealized -13.0%

SPG SIMON PPTY GROUP INC NEW 0.1%

Value ($000) $436 Shares 2,355 Est. Cost $165.60 Unrealized +8.7%

EFA ISHARES TR 0.0%

Value ($000) $338 Shares 3,520 Est. Cost $60.56 Unrealized —

AUB ATLANTIC UN BANKSHARES CORP 0.5%

Value ($000) $3,738 Shares 105,897 Est. Cost $33.19 Unrealized +2.0%

IYR ISHARES TR 0.0%

Value ($000) $221 Shares 2,350 Est. Cost $28.48 Unrealized —

PCRX PACIRA BIOSCIENCES INC 0.5%

Value ($000) $3,792 Shares 146,535 Est. Cost $24.27 Unrealized -2.0%

JPM JPMORGAN CHASE & CO. 0.0%

Value ($000) $274 Shares 851 Est. Cost $250.91 Unrealized +23.4%

SPY SPDR S&P 500 ETF TR 0.0%

Value ($000) $235 Shares 345 Est. Cost $617.85 Unrealized —

PWR QUANTA SVCS INC 0.0%

Value ($000) $207 Shares 490 Est. Cost $388.50 Unrealized +13.1%

FUL FULLER H B CO 0.5%

Value ($000) $3,855 Shares 64,839 Est. Cost $63.80 Unrealized -8.3%

FRT FEDERAL RLTY INVT TR NEW 0.0%

Value ($000) $237 Shares 2,349 Est. Cost $99.29 Unrealized -1.9%

NVDA NVIDIA CORPORATION 0.3%

Value ($000) $2,494 Shares 13,375 Est. Cost $92.90 Unrealized +100.4%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ATGE	ADTALEM GLOBAL ED INC	126,132	$13,051	1.7%	$54.72	+109.3%	COM	00737L103
HL	HECLA MNG CO	623,842	$11,972	1.6%	$8.03	+90.3%	COM	422704106
AMRX	AMNEAL PHARMACEUTICALS INC	1,282,974	$16,165	2.1%	$5.96	+91.9%	COM STK CL A	03168L105
MKSI	MKS INC.	73,365	$11,724	1.5%	$96.49	+53.6%	COM	55306N104
WTM	WHITE MTNS INS GROUP LTD	5,491	$11,410	1.5%	$1887.23	+3.6%	COM	G9618E107
PENG	PENGUIN SOLUTIONS INC	295,583	$5,782	0.8%	$24.46	-12.4%	COM	706915105
KTB	KONTOOR BRANDS INC	104,479	$6,383	0.8%	$71.60	+3.7%	COM	50050N103
SAH	SONIC AUTOMOTIVE INC	112,246	$6,944	0.9%	$60.06	+10.2%	CL A	83545G102
CRS	CARPENTER TECHNOLOGY CORP	23,147	$7,288	0.9%	$79.62	+277.5%	COM	144285103
AAP	ADVANCE AUTO PARTS INC	69,692	$2,739	0.4%	$55.73	-10.7%	COM	00751Y106
SLG	SL GREEN RLTY CORP	107,332	$4,923	0.6%	$30.12	—	COM	78440X887
OMF	ONEMAIN HLDGS INC	133,708	$9,032	1.2%	$34.18	+77.9%	COM	68268W103
LYTS	LSI INDS INC OHIO	219,779	$4,026	0.5%	$15.40	+31.9%	COM	50216C108
COLB	COLUMBIA BKG SYS INC	476,456	$13,317	1.7%	$23.53	+14.1%	COM	197236102
ANGO	ANGIODYNAMICS INC	606,273	$7,785	1.0%	$10.13	+21.9%	COM	03475V101
CALM	CAL MAINE FOODS INC	64,472	$5,130	0.7%	$103.42	-16.3%	COM NEW	128030202
CSR	CENTERSPACE	123,999	$8,273	1.1%	$69.41	—	COM	15202L107
AIR	AAR CORP	129,689	$10,737	1.4%	$40.80	+102.8%	COM	000361105
WTFC	WINTRUST FINL CORP	123,314	$17,242	2.2%	$84.37	+57.6%	COM	97650W108
PRM	PERIMETER SOLUTIONS INC	165,987	$4,570	0.6%	$18.95	+33.3%	COMMON STOCK	71385M107
SNEX	STONEX GROUP INC	136,202	$12,957	1.7%	$61.87	+52.4%	COM	861896108
ROCK	GIBRALTAR INDS INC	55,950	$2,766	0.4%	$57.39	-0.2%	COM	374689107
VRRM	VERRA MOBILITY CORP	281,618	$6,311	0.8%	$16.82	+35.8%	CL A COM STK	92511U102
TCBI	TEXAS CAP BANCSHARES INC	112,035	$10,144	1.3%	$64.92	+35.2%	COM	88224Q107
AM	ANTERO MIDSTREAM CORP	365,743	$6,507	0.8%	$10.51	+68.8%	COM	03676B102
GOOGL	ALPHABET INC	8,784	$2,749	0.4%	$107.93	+164.6%	CAP STK CL A	02079K305
FNB	F N B CORP	625,940	$10,704	1.4%	$10.71	+51.9%	COM	302520101
ACAD	ACADIA PHARMACEUTICALS INC	104,072	$2,780	0.4%	$22.29	+7.2%	COM	004225108
EFSC	ENTERPRISE FINL SVCS CORP	133,505	$7,209	0.9%	$39.86	+37.1%	COM	293712105
TPH	TRI POINTE HOMES INC	210,798	$6,634	0.9%	$20.70	+57.0%	COM	87265H109
MGY	MAGNOLIA OIL & GAS CORP	266,299	$5,829	0.8%	$18.00	+26.3%	CL A	559663109
ADT	ADT INC DEL	813,131	$6,562	0.9%	$8.05	+2.8%	COM	00090Q103
CASH	PATHWARD FINANCIAL INC	166,353	$11,811	1.5%	$25.16	+184.8%	COM	59100U108
SHC	SOTERA HEALTH CO	277,139	$4,889	0.6%	$11.45	+44.4%	COM	83601L102
—	REV GROUP INC	129,639	$7,883	1.0%	$16.63	—	COM	749527107
PFBC	PREFERRED BK LOS ANGELES CA	129,878	$12,264	1.6%	$52.06	+79.0%	COM NEW	740367404
KRG	KITE RLTY GROUP TR	275,239	$6,597	0.9%	$12.55	—	COM NEW	49803T300
CHCT	COMMUNITY HEALTHCARE TR INC	398,893	$6,550	0.9%	$9.80	—	COM	20369C106
MHO	M/I HOMES INC	25,484	$3,261	0.4%	$135.28	-2.3%	COM	55305B101
RHP	RYMAN HOSPITALITY PPTYS INC	86,168	$8,153	1.1%	$79.26	—	COM	78377T107
BGC	BGC GROUP INC	702,819	$6,276	0.8%	$9.28	-3.1%	CL A	088929104
NPO	ENPRO INC	31,240	$6,689	0.9%	$92.66	+138.7%	COM	29355X107
VCYT	VERACYTE INC	50,231	$2,115	0.3%	$28.14	+43.2%	COM	92337F107
IRT	INDEPENDENCE RLTY TR INC	360,359	$6,299	0.8%	$12.75	—	COM	45378A106
CUZ	COUSINS PPTYS INC	116,155	$2,994	0.4%	$29.49	—	COM NEW	222795502
NXST	NEXSTAR MEDIA GROUP INC	76,193	$15,471	2.0%	$119.38	+61.5%	COMMON STOCK	65336K103
TXNM	TXNM ENERGY INC	128,758	$7,581	1.0%	$56.75	+1.7%	COM	69349H107
BANR	BANNER CORP	113,401	$7,106	0.9%	$53.36	+17.0%	COM NEW	06652V208
APAM	ARTISAN PARTNERS ASSET MGMT	116,636	$4,752	0.6%	$27.35	+48.8%	CL A	04316A108
LZB	LA Z BOY INC	107,885	$4,021	0.5%	$32.82	+6.7%	COM	505336107
CRC	CALIFORNIA RES CORP	31,502	$1,408	0.2%	$49.44	-4.6%	COM STOCK	13057Q305
CRNX	CRINETICS PHARMACEUTICALS IN	53,877	$2,508	0.3%	$31.97	+39.2%	COM	22663K107
URBN	URBAN OUTFITTERS INC	65,100	$4,899	0.6%	$43.33	+63.3%	COM	917047102
ETN	EATON CORP PLC	4,090	$1,303	0.2%	$146.73	+141.5%	SHS	G29183103
BOOT	BOOT BARN HLDGS INC	20,836	$3,677	0.5%	$74.44	+150.6%	COM	099406100
MTRN	MATERION CORP	62,326	$7,748	1.0%	$73.35	+68.1%	COM	576690101
BDC	BELDEN INC	45,185	$5,266	0.7%	$105.49	+10.6%	COM	077454106
CRK	COMSTOCK RES INC	54,427	$1,262	0.2%	$19.16	+15.0%	COM	205768302
CRGY	CRESCENT ENERGY COMPANY	296,617	$2,489	0.3%	$10.67	-18.2%	CL A COM	44952J104
UMBF	UMB FINL CORP	43,404	$4,993	0.6%	$110.35	+2.7%	COM	902788108
GOOG	ALPHABET INC	2,200	$690	0.1%	$110.25	+159.7%	CAP STK CL C	02079K107
DCO	DUCOMMUN INC DEL	114,834	$10,924	1.4%	$60.17	+54.8%	COM	264147109
MSFT	MICROSOFT CORP	4,080	$1,973	0.3%	$178.78	+180.0%	COM	594918104
ABCB	AMERIS BANCORP	174,733	$12,977	1.7%	$39.24	+89.2%	COM	03076K108
OTTR	OTTER TAIL CORP	97,678	$7,893	1.0%	$40.23	+99.4%	COM	689648103
GFF	GRIFFON CORP	47,906	$3,528	0.5%	$76.76	-3.3%	COM	398433102
JNJ	JOHNSON & JOHNSON	5,689	$1,177	0.2%	$143.59	+37.2%	COM	478160104
AJG	GALLAGHER ARTHUR J & CO	2,300	$595	0.1%	$34.76	+660.1%	COM	363576109
ONB	OLD NATL BANCORP IND	369,924	$8,253	1.1%	$13.50	+59.7%	COM	680033107
R	RYDER SYS INC	44,940	$8,601	1.1%	$101.68	+76.7%	COM	783549108
DOV	DOVER CORP	3,615	$706	0.1%	$49.45	+267.7%	COM	260003108
AVNT	AVIENT CORPORATION	53,877	$1,683	0.2%	$28.07	+9.5%	COM	05368V106
FRME	FIRST MERCHANTS CORP	271,481	$10,175	1.3%	$32.55	+13.0%	COM	320817109
ADC	AGREE RLTY CORP	100,932	$7,270	0.9%	$1.37	—	COM	008492100
ABBV	ABBVIE INC	26,239	$5,995	0.8%	$55.17	+312.4%	COM	00287Y109
SKYW	SKYWEST INC	139,856	$14,043	1.8%	$35.28	+183.8%	COM	830879102
CSD	INVESCO EXCHANGE TRADED FD T	7,400	$738	0.1%	$3.02	—	S&P SPIN OFF	46137V159
MAC	MACERICH CO	202,221	$3,733	0.5%	$17.19	—	COM	554382101
COST	COSTCO WHSL CORP NEW	606	$523	0.1%	$385.53	+134.9%	COM	22160K105
SCHX	SCHWAB STRATEGIC TR	101,124	$2,721	0.4%	$34.69	—	US LRG CAP ETF	808524201
PBF	PBF ENERGY INC	9,523	$258	0.0%	$19.01	+68.5%	CL A	69318G106
AMZN	AMAZON COM INC	2,450	$566	0.1%	$123.37	+85.4%	COM	023135106
LADR	LADDER CAP CORP	474,719	$5,217	0.7%	$4.62	—	CL A	505743104
PANW	PALO ALTO NETWORKS INC	1,170	$216	0.0%	$185.70	+8.6%	COM	697435105
SCHB	SCHWAB STRATEGIC TR	36,417	$955	0.1%	$34.33	—	US BRD MKT ETF	808524102
BAC	BANK AMERICA CORP	4,640	$255	0.0%	$41.45	+27.1%	COM	060505104
CI	THE CIGNA GROUP	1,210	$333	0.0%	$204.18	+36.8%	COM	125523100
AVGO	BROADCOM INC	900	$311	0.0%	$215.92	+65.3%	COM	11135F101
SCHH	SCHWAB STRATEGIC TR	16,411	$343	0.0%	$24.14	—	US REIT ETF	808524847
EQIX	EQUINIX INC	429	$329	0.0%	$897.54	-13.0%	COM	29444U700
SPG	SIMON PPTY GROUP INC NEW	2,355	$436	0.1%	$165.60	+8.7%	COM	828806109
EFA	ISHARES TR	3,520	$338	0.0%	$60.56	—	MSCI EAFE ETF	464287465
AUB	ATLANTIC UN BANKSHARES CORP	105,897	$3,738	0.5%	$33.19	+2.0%	COM	04911A107
IYR	ISHARES TR	2,350	$221	0.0%	$28.48	—	U.S. REAL ES ETF	464287739
PCRX	PACIRA BIOSCIENCES INC	146,535	$3,792	0.5%	$24.27	-2.0%	COM	695127100
JPM	JPMORGAN CHASE & CO.	851	$274	0.0%	$250.91	+23.4%	COM	46625H100
SPY	SPDR S&P 500 ETF TR	345	$235	0.0%	$617.85	—	TR UNIT	78462F103
PWR	QUANTA SVCS INC	490	$207	0.0%	$388.50	+13.1%	COM	74762E102
FUL	FULLER H B CO	64,839	$3,855	0.5%	$63.80	-8.3%	COM	359694106
FRT	FEDERAL RLTY INVT TR NEW	2,349	$237	0.0%	$99.29	-1.9%	SH BEN INT NEW	313745101
NVDA	NVIDIA CORPORATION	13,375	$2,494	0.3%	$92.90	+100.4%	COM	67066G104