CM Management, LLC Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ARE	ALEXANDRIA REAL ESTATE EQ IN	30,000	$1,468	1.2%	$58.01	0.0%	COM	015271109
SRCE	1ST SOURCE CORP	17,500	$1,094	0.9%	$62.49	—	COM	336901103
CMCO	COLUMBUS MCKINNON CORP N Y	55,000	$949	0.8%	$15.95	0.0%	COM	199333105
PROF	PROFOUND MED CORP	80,000	$630	0.5%	$6.43	0.0%	COM	74319B502
ASRT	ASSERTIO HOLDINGS INC	50,000	$454	0.4%	$11.67	0.0%	COM	04546C304
SI	SHOULDER INNOVATIONS INC COMMON	25,000	$358	0.3%	$13.63	0.0%	COM	82537J108
CGTX	COGNITION THERAPEUTICS INC	200,000	$270	0.2%	$1.62	0.0%	COM	19243B102

Increased Positions (15)

RPRX ROYALTY PHARMA PLC SHS 2.4%

Value ($000) $2,898 (+64.3%) Shares 75,000 (+50.0%) Est. Cost $36.85 Unrealized +3.5%

LYB LYONDELLBASELL INDUSTRIES N 1.1%

Value ($000) $1,299 (+164.9%) Shares 30,000 (+200.0%) Est. Cost $47.64 Unrealized -6.7%

GUTS FRACTYL HEALTH INC 1.5%

Value ($000) $1,760 (+84.5%) Shares 800,000 (+33.3%) Est. Cost $1.38 Unrealized +17.0%

KDP KEURIG DR PEPPER INC 2.4%

Value ($000) $2,801 (+37.3%) Shares 100,000 (+25.0%) Est. Cost $30.10 Unrealized -9.5%

IOSP INNOSPEC INC 1.3%

Value ($000) $1,531 (+65.3%) Shares 20,000 (+66.7%) Est. Cost $81.28 Unrealized -7.7%

ELDN ELEDON PHARMACEUTICALS INC 0.8%

Value ($000) $982 (-36.8%) Shares 650,000 (+8.3%) Est. Cost $3.79 Unrealized -37.3%

VTOL BRISTOW GROUP INC 1.2%

Value ($000) $1,465 (+35.3%) Shares 40,000 (+33.3%) Est. Cost $32.03 Unrealized +17.5%

COYA COYA THERAPEUTICS INC COMMON 1.7%

Value ($000) $2,030 (+18.7%) Shares 350,000 (+16.7%) Est. Cost $5.68 Unrealized +6.9%

BGC BGC GROUP INC 3.0%

Value ($000) $3,572 (+7.9%) Shares 400,000 (+14.3%) Est. Cost $6.20 Unrealized +45.0%

CTSO CYTOSORBENTS CORP 0.8%

Value ($000) $944 (-21.6%) Shares 1,476,500 (+14.6%) Est. Cost $1.84 Unrealized -58.1%

NWL NEWELL BRANDS INC 0.6%

Value ($000) $744 (+42.0%) Shares 200,000 (+100.0%) Est. Cost $5.17 Unrealized -22.9%

— ENVVENO MEDICAL CORPORATION 0.3%

Value ($000) $401 (-26.2%) Shares 1,250,000 (+108.3%) Est. Cost $0.60 Unrealized —

ELTX ELICIO THERAPEUTICS INC 0.2%

Value ($000) $199 (+203.2%) Shares 25,000 (+316.7%) Est. Cost $8.76 Unrealized +3.6%

SVC SERVICE PPTYS TR 0.6%

Value ($000) $736 (-9.5%) Shares 400,000 (+33.3%) Est. Cost $4.61 Unrealized —

PD PAGERDUTY INC 1.7%

Value ($000) $1,967 (-0.8%) Shares 150,000 (+25.0%) Est. Cost $20.12 Unrealized -27.5%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
RPRX	ROYALTY PHARMA PLC SHS	75,000 (+50.0%)	$2,898 (+64.3%)	2.4%	$36.85	+3.5%	COM - CLASS A	G7709Q104
LYB	LYONDELLBASELL INDUSTRIES N	30,000 (+200.0%)	$1,299 (+164.9%)	1.1%	$47.64	-6.7%	COM - CLASS A	N53745100
GUTS	FRACTYL HEALTH INC	800,000 (+33.3%)	$1,760 (+84.5%)	1.5%	$1.38	+17.0%	COM	35168W103
KDP	KEURIG DR PEPPER INC	100,000 (+25.0%)	$2,801 (+37.3%)	2.4%	$30.10	-9.5%	COM	49271V100
IOSP	INNOSPEC INC	20,000 (+66.7%)	$1,531 (+65.3%)	1.3%	$81.28	-7.7%	COM	45768S105
ELDN	ELEDON PHARMACEUTICALS INC	650,000 (+8.3%)	$982 (-36.8%)	0.8%	$3.79	-37.3%	COM	28617K101
VTOL	BRISTOW GROUP INC	40,000 (+33.3%)	$1,465 (+35.3%)	1.2%	$32.03	+17.5%	COM	11040G103
COYA	COYA THERAPEUTICS INC COMMON	350,000 (+16.7%)	$2,030 (+18.7%)	1.7%	$5.68	+6.9%	COM	22407B108
BGC	BGC GROUP INC	400,000 (+14.3%)	$3,572 (+7.9%)	3.0%	$6.20	+45.0%	COM - CLASS A	088929104
CTSO	CYTOSORBENTS CORP	1,476,500 (+14.6%)	$944 (-21.6%)	0.8%	$1.84	-58.1%	COM	23283X206
NWL	NEWELL BRANDS INC	200,000 (+100.0%)	$744 (+42.0%)	0.6%	$5.17	-22.9%	COM	651229106
—	ENVVENO MEDICAL CORPORATION	1,250,000 (+108.3%)	$401 (-26.2%)	0.3%	$0.60	—	COM	29415J106
ELTX	ELICIO THERAPEUTICS INC	25,000 (+316.7%)	$199 (+203.2%)	0.2%	$8.76	+3.6%	COM	28657F103
SVC	SERVICE PPTYS TR	400,000 (+33.3%)	$736 (-9.5%)	0.6%	$4.61	—	COM SH BEN INT	81761L102
PD	PAGERDUTY INC	150,000 (+25.0%)	$1,967 (-0.8%)	1.7%	$20.12	-27.5%	COM	69553P100

Exited Positions (10)

WGO WINNEBAGO INDS INC 1.1%

Value ($000) $1,338 Shares 40,000 Est. Cost $32.78 Unrealized +11.2%

ALK ALASKA AIR GROUP INC 1.0%

Value ($000) $1,245 Shares 25,000 Est. Cost $55.61 Unrealized -16.9%

ICLR ICON PLC 1.0%

Value ($000) $1,225 Shares 7,000 Est. Cost $167.36 Unrealized +6.4%

PFE PFIZER INC 1.0%

Value ($000) $1,147 Shares 45,000 Est. Cost $22.35 Unrealized +12.0%

IQV IQVIA HLDGS INC 1.0%

Value ($000) $1,140 Shares 6,000 Est. Cost $150.55 Unrealized +44.5%

ADBE ADOBE SYSTEMS INCORPORATED 0.9%

Value ($000) $1,058 Shares 3,000 Est. Cost $376.46 Unrealized -9.7%

HRI HERC HLDGS INC 0.7%

Value ($000) $875 Shares 7,500 Est. Cost $127.39 Unrealized +6.7%

— ASSERTIO HOLDINGS INC 0.5%

Value ($000) $638 Shares 724,382 Est. Cost $1.10 Unrealized —

PCAR PACCAR INC 0.4%

Value ($000) $492 Shares 5,000 Est. Cost $90.46 Unrealized +11.9%

ASH ASHLAND INC 0.4%

Value ($000) $479 Shares 10,000 Est. Cost $51.89 Unrealized +1.4%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
WGO	WINNEBAGO INDS INC	40,000	$1,338	1.1%	$32.78	+11.2%	—	974637100
ALK	ALASKA AIR GROUP INC	25,000	$1,245	1.0%	$55.61	-16.9%	—	011659109
ICLR	ICON PLC	7,000	$1,225	1.0%	$167.36	+6.4%	—	G4705A100
PFE	PFIZER INC	45,000	$1,147	1.0%	$22.35	+12.0%	—	717081103
IQV	IQVIA HLDGS INC	6,000	$1,140	1.0%	$150.55	+44.5%	—	46266C105
ADBE	ADOBE SYSTEMS INCORPORATED	3,000	$1,058	0.9%	$376.46	-9.7%	—	00724F101
HRI	HERC HLDGS INC	7,500	$875	0.7%	$127.39	+6.7%	—	42704L104
—	ASSERTIO HOLDINGS INC	724,382	$638	0.5%	$1.10	—	—	04546C205
PCAR	PACCAR INC	5,000	$492	0.4%	$90.46	+11.9%	—	693718108
ASH	ASHLAND INC	10,000	$479	0.4%	$51.89	+1.4%	—	044186104

Decreased Positions (16)

TGB TASEKO MINES LTD 8.1%

Value ($000) $9,622 (+23.0%) Shares 1,700,000 (-8.1%) Est. Cost $1.06 Unrealized +344.0%

FOLD AMICUS THERAPEUTICS INC 4.4%

Value ($000) $5,269 (+48.6%) Shares 370,000 (-17.8%) Est. Cost $16.47 Unrealized -40.4%

OGN ORGANON & CO COMMON 1.2%

Value ($000) $1,434 (-40.3%) Shares 200,000 (-11.1%) Est. Cost $12.76 Unrealized -38.2%

XOMA XOMA CORP DEL 0.9%

Value ($000) $1,064 (-42.5%) Shares 40,000 (-16.7%) Est. Cost $17.54 Unrealized +83.5%

CPA COPA HOLDINGS SA 0.3%

Value ($000) $302 (-71.8%) Shares 2,500 (-72.2%) Est. Cost $97.07 Unrealized +24.9%

ARKO ARKO CORP 1.5%

Value ($000) $1,816 (-27.8%) Shares 400,000 (-42.9%) Est. Cost $6.95 Unrealized -35.7%

EEFT EURONET WORLDWIDE INC 0.8%

Value ($000) $951 (-38.1%) Shares 12,500 (-28.6%) Est. Cost $98.45 Unrealized -20.8%

BBT BEACON FINANCIAL CORPORATION 1.1%

Value ($000) $1,274 (-28.9%) Shares 48,300 (-36.1%) Est. Cost $24.98 Unrealized -0.2%

IOVA IOVANCE BIOTHERAPEUTICS INC 0.9%

Value ($000) $1,092 (-28.1%) Shares 400,000 (-42.9%) Est. Cost $5.09 Unrealized -54.5%

PLPC PREFORMED LINE PRODS CO 4.4%

Value ($000) $5,168 (-5.9%) Shares 25,000 (-10.7%) Est. Cost $86.31 Unrealized +146.8%

RLGT RADIANT LOGISTICS INC 3.5%

Value ($000) $4,115 (-7.0%) Shares 650,000 (-13.3%) Est. Cost $6.03 Unrealized +2.9%

TALO TALOS ENERGY INC 1.9%

Value ($000) $2,204 (-8.1%) Shares 200,000 (-20.0%) Est. Cost $11.68 Unrealized -10.4%

AVIR ATEA PHARMACEUTICALS INC 1.1%

Value ($000) $1,267 (-12.6%) Shares 355,000 (-29.0%) Est. Cost $8.22 Unrealized -61.3%

ALCO ALICO INC 6.1%

Value ($000) $7,276 (-2.4%) Shares 200,000 (-7.0%) Est. Cost $27.36 Unrealized +27.1%

VTRS VIATRIS INC 2.1%

Value ($000) $2,490 (+0.6%) Shares 200,000 (-20.0%) Est. Cost $10.22 Unrealized +4.9%

CMPX COMPASS THERAPEUTICS INC 0.5%

Value ($000) $537 (+2.3%) Shares 100,000 (-33.3%) Est. Cost $3.16 Unrealized +46.2%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
TGB	TASEKO MINES LTD	1,700,000 (-8.1%)	$9,622 (+23.0%)	8.1%	$1.06	+344.0%	COM	876511106
FOLD	AMICUS THERAPEUTICS INC	370,000 (-17.8%)	$5,269 (+48.6%)	4.4%	$16.47	-40.4%	COM	03152W109
OGN	ORGANON & CO COMMON	200,000 (-11.1%)	$1,434 (-40.3%)	1.2%	$12.76	-38.2%	COM	68622V106
XOMA	XOMA CORP DEL	40,000 (-16.7%)	$1,064 (-42.5%)	0.9%	$17.54	+83.5%	COM	98419J206
CPA	COPA HOLDINGS SA	2,500 (-72.2%)	$302 (-71.8%)	0.3%	$97.07	+24.9%	COM - CLASS A	P31076105
ARKO	ARKO CORP	400,000 (-42.9%)	$1,816 (-27.8%)	1.5%	$6.95	-35.7%	COM	041242108
EEFT	EURONET WORLDWIDE INC	12,500 (-28.6%)	$951 (-38.1%)	0.8%	$98.45	-20.8%	COM	298736109
BBT	BEACON FINANCIAL CORPORATION	48,300 (-36.1%)	$1,274 (-28.9%)	1.1%	$24.98	-0.2%	COM	084680107
IOVA	IOVANCE BIOTHERAPEUTICS INC	400,000 (-42.9%)	$1,092 (-28.1%)	0.9%	$5.09	-54.5%	COM	462260100
PLPC	PREFORMED LINE PRODS CO	25,000 (-10.7%)	$5,168 (-5.9%)	4.4%	$86.31	+146.8%	COM	740444104
RLGT	RADIANT LOGISTICS INC	650,000 (-13.3%)	$4,115 (-7.0%)	3.5%	$6.03	+2.9%	COM	75025X100
TALO	TALOS ENERGY INC	200,000 (-20.0%)	$2,204 (-8.1%)	1.9%	$11.68	-10.4%	COM	87484T108
AVIR	ATEA PHARMACEUTICALS INC	355,000 (-29.0%)	$1,267 (-12.6%)	1.1%	$8.22	-61.3%	COM	04683R106
ALCO	ALICO INC	200,000 (-7.0%)	$7,276 (-2.4%)	6.1%	$27.36	+27.1%	COM	016230104
VTRS	VIATRIS INC	200,000 (-20.0%)	$2,490 (+0.6%)	2.1%	$10.22	+4.9%	COM	92556V106
CMPX	COMPASS THERAPEUTICS INC	100,000 (-33.3%)	$537 (+2.3%)	0.5%	$3.16	+46.2%	COM	20454B104

Unchanged Positions (24)

RIGL RIGEL PHARMACEUTICALS INC 8.1%

Value ($000) $9,637 Shares 225,000 Est. Cost $12.01 Unrealized +213.8%

CGAU CENTERRA GOLD INC 2.4%

Value ($000) $2,874 Shares 200,000 Est. Cost $5.57 Unrealized +124.9%

CLPT CLEARPOINT NEURO INC 0.9%

Value ($000) $1,094 Shares 80,000 Est. Cost $9.49 Unrealized +95.4%

CHRS COHERUS BIOSCIENCES INC 2.5%

Value ($000) $2,982 Shares 2,100,000 Est. Cost $3.30 Unrealized -55.9%

SABR SABRE CORP 0.9%

Value ($000) $1,088 Shares 800,000 Est. Cost $4.08 Unrealized -57.8%

LTRN LANTERN PHARMA INC 0.6%

Value ($000) $682 Shares 225,000 Est. Cost $4.69 Unrealized -20.7%

NMRK NEWMARK GROUP INC 2.8%

Value ($000) $3,295 Shares 190,000 Est. Cost $6.21 Unrealized +181.8%

OSTX OS THERAPIES INCORPORATED 0.5%

Value ($000) $560 Shares 400,000 Est. Cost $2.44 Unrealized -26.1%

CRIS CURIS INC 0.3%

Value ($000) $321 Shares 325,000 Est. Cost $5.73 Unrealized -76.6%

INTT INTEST CORP 2.6%

Value ($000) $3,119 Shares 417,500 Est. Cost $10.84 Unrealized -26.9%

CGNT COGNYTE SOFTWARE LTD ORD 1.3%

Value ($000) $1,504 Shares 160,000 Est. Cost $9.47 Unrealized -8.6%

PK PARK HOTELS RESORTS INC 2.0%

Value ($000) $2,354 Shares 225,000 Est. Cost $10.24 Unrealized —

EOLS EVOLUS INC 1.4%

Value ($000) $1,663 Shares 250,000 Est. Cost $8.64 Unrealized -21.6%

HZO MARINEMAX INC 2.0%

Value ($000) $2,423 Shares 100,000 Est. Cost $22.82 Unrealized +8.1%

RBCAA REPUBLIC BANCORP KY 1.9%

Value ($000) $2,208 Shares 32,000 Est. Cost $42.69 Unrealized +62.2%

ARKR ARK RESTAURANTS CORP 1.3%

Value ($000) $1,509 Shares 225,000 Est. Cost $13.22 Unrealized -47.1%

CRGY CRESCENT ENERGY COMPANY CL A 1.2%

Value ($000) $1,468 Shares 175,000 Est. Cost $8.91 Unrealized -2.1%

THFF FIRST FINL CORP IND 1.1%

Value ($000) $1,359 Shares 22,500 Est. Cost $35.00 Unrealized +63.0%

HELE HELEN OF TROY CORP LTD 0.3%

Value ($000) $319 Shares 15,000 Est. Cost $28.54 Unrealized -28.5%

AVNW AVIAT NETWORKS INC 0.4%

Value ($000) $428 Shares 20,000 Est. Cost $20.16 Unrealized +10.7%

HRTX HERON THERAPEUTICS INC 0.8%

Value ($000) $975 Shares 750,000 Est. Cost $2.98 Unrealized -58.5%

SMG SCOTTS MIRACLE GRO CO 1.0%

Value ($000) $1,167 Shares 20,000 Est. Cost $58.45 Unrealized -5.6%

DIT AMCON DISTRG CO 0.8%

Value ($000) $997 Shares 9,000 Est. Cost $137.95 Unrealized -17.2%

BCDA BIOCARDIA INC 0.1%

Value ($000) $163 Shares 130,000 Est. Cost $2.32 Unrealized -41.5%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
RIGL	RIGEL PHARMACEUTICALS INC	225,000	$9,637	8.1%	$12.01	+213.8%	COM	766559702
CGAU	CENTERRA GOLD INC	200,000	$2,874	2.4%	$5.57	+124.9%	COM	152006102
CLPT	CLEARPOINT NEURO INC	80,000	$1,094	0.9%	$9.49	+95.4%	COM	18507C103
CHRS	COHERUS BIOSCIENCES INC	2,100,000	$2,982	2.5%	$3.30	-55.9%	COM	19249H103
SABR	SABRE CORP	800,000	$1,088	0.9%	$4.08	-57.8%	COM	78573M104
LTRN	LANTERN PHARMA INC	225,000	$682	0.6%	$4.69	-20.7%	COM	51654W101
NMRK	NEWMARK GROUP INC	190,000	$3,295	2.8%	$6.21	+181.8%	COM - CLASS A	65158N102
OSTX	OS THERAPIES INCORPORATED	400,000	$560	0.5%	$2.44	-26.1%	COM	68764Y207
CRIS	CURIS INC	325,000	$321	0.3%	$5.73	-76.6%	COM	231269309
INTT	INTEST CORP	417,500	$3,119	2.6%	$10.84	-26.9%	COM	461147100
CGNT	COGNYTE SOFTWARE LTD ORD	160,000	$1,504	1.3%	$9.47	-8.6%	COM	M25133105
PK	PARK HOTELS RESORTS INC	225,000	$2,354	2.0%	$10.24	—	COM	700517105
EOLS	EVOLUS INC	250,000	$1,663	1.4%	$8.64	-21.6%	COM	30052C107
HZO	MARINEMAX INC	100,000	$2,423	2.0%	$22.82	+8.1%	COM	567908108
RBCAA	REPUBLIC BANCORP KY	32,000	$2,208	1.9%	$42.69	+62.2%	COM - CLASS A	760281204
ARKR	ARK RESTAURANTS CORP	225,000	$1,509	1.3%	$13.22	-47.1%	COM	040712101
CRGY	CRESCENT ENERGY COMPANY CL A	175,000	$1,468	1.2%	$8.91	-2.1%	COM	44952J104
THFF	FIRST FINL CORP IND	22,500	$1,359	1.1%	$35.00	+63.0%	COM	320218100
HELE	HELEN OF TROY CORP LTD	15,000	$319	0.3%	$28.54	-28.5%	COM	G4388N106
AVNW	AVIAT NETWORKS INC	20,000	$428	0.4%	$20.16	+10.7%	COM	05366Y201
HRTX	HERON THERAPEUTICS INC	750,000	$975	0.8%	$2.98	-58.5%	COM	427746102
SMG	SCOTTS MIRACLE GRO CO	20,000	$1,167	1.0%	$58.45	-5.6%	COM - CLASS A	810186106
DIT	AMCON DISTRG CO	9,000	$997	0.8%	$137.95	-17.2%	COM	02341Q205
BCDA	BIOCARDIA INC	130,000	$163	0.1%	$2.32	-41.5%	COM	09060U606