Shares
Market
Value
COMMON
STOCKS
—
92.9%
Automotive
—
1.9%
60,000
Monro
Inc.
.................................................
$
1,026,600
25,000
Rush
Enterprises
Inc.,
Cl. A
.......................
1,824,625
2,851,225
Aviation:
Parts
and
Services
—
3.4%
20,000
AAR
Corp.†
................................................
2,858,600
75,000
Innovative
Solutions
and
Support
Inc.†
.....
1,350,000
20,000
Standard
Motor
Products
Inc.
....................
779,400
4,988,000
Banking
—
9.1%
12,000
Atlantic
Union
Bankshares
Corp.
................
507,720
70,000
Banc
of
California
Inc.
................................
1,430,100
50,000
Columbia
Banking
System
Inc.
..................
1,602,500
20,000
First
Interstate
BancSystem
Inc.,
Cl. A
.......
771,200
25,000
Five
Star
Bancorp
.......................................
1,217,250
10,000
Glacier
Bancorp
Inc.
...................................
515,800
80,000
Huntington
Bancshares
Inc.
.......................
1,418,400
50,000
OceanFirst
Financial
Corp.
..........................
976,500
50,000
Old
National
Bancorp
.................................
1,295,000
10,000
SouthState
Bank
Corp.
...............................
999,000
34,000
USCB
Financial
Holdings
Inc.
.....................
695,640
50,000
Valley
National
Bancorp
.............................
732,500
20,000
WaFd
Inc.
...................................................
767,400
15,000
Washington
Trust
Bancorp
Inc.
..................
547,200
13,476,210
Broadcasting
—
2.4%
350,000
Grupo
Televisa
SAB,
ADR
...........................
948,500
65,000
IMAX
Corp.†
..............................................
2,590,900
3,539,400
Building
and
Construction
—
5.5%
25,000
Champion
Homes
Inc.†
..............................
2,203,000
8,000
MYR
Group
Inc.†
.......................................
4,003,200
40,000
Trex
Co.
Inc.†
.............................................
2,001,600
8,207,800
Business
Services
—
1.5%
50,000
ABM
Industries
Inc.
...................................
2,212,000
Communication
Services
—
5.0%
50,000
Anterix
Inc.†
...............................................
5,147,000
140,000
Harmonic
Inc.†
..........................................
2,286,200
7,433,200
Computer
Software
and
Services
—
5.3%
100,000
NetScout
Systems
Inc.†
.............................
4,355,000
75,000
PAR
Technology
Corp.†
.............................
1,306,500
35,000
Progress
Software
Corp.†
..........................
1,175,300
30,000
Teradata
Corp.†
..........................................
1,039,500
7,876,300
Consumer
Products
—
4.5%
100,000
Arlo
Technologies
Inc.†
..............................
1,348,000
60,000
Masterbrand
Inc.†
......................................
617,400
80,000
OPENLANE
Inc.†
........................................
3,299,200
20,000
Oxford
Industries
Inc.
................................
697,400
20,000
Sturm
Ruger
&
Co.
Inc.
.............................
757,000
6,719,000
Diversified
Industrial
—
8.3%
40,000
Albany
International
Corp.,
Cl. A
................
2,980,000
40,000
Apogee
Enterprises
Inc.
.............................
1,829,600
40,000
Enerpac
Tool
Group
Corp.
..........................
1,434,400
15,000
Hexcel
Corp.
...............................................
1,500,900
35,000
ICF
International
Inc.
..................................
2,550,100
Shares
Market
Value
25,000
Kennametal
Inc.
.........................................
$
876,250
20,000
Worthington
Enterprises
Inc.
.....................
1,075,200
12,246,450
Electronics
—
4.2%
7,000
Advanced
Energy
Industries
Inc.
................
2,610,090
50,000
Sonos
Inc.†
................................................
676,500
16,000
TTM
Technologies
Inc.†
.............................
2,992,320
6,278,910
Energy
and
Utilities
—
6.0%
40,000
ARKO
Petroleum
Corp.†
............................
754,000
50,000
Magnolia
Oil
&
Gas
Corp.,
Cl. A
.................
1,279,000
20,000
MGE
Energy
Inc.
........................................
1,630,800
30,000
Oceaneering
International
Inc.†
.................
1,215,600
100,000
Patterson-UTI
Energy
Inc.
..........................
918,000
13,000
Riley
Exploration
Permian
Inc.
...................
428,480
100,000
Sable
Offshore
Corp.†
................................
308,000
20,000
SandRidge
Energy
Inc.
...............................
274,000
40,000
Select
Water
Solutions
Inc.
........................
799,200
50,000
Shoals
Technologies
Group
Inc.,
Cl. A†
.....
495,000
50,000
Vitesse
Energy
Inc.
....................................
788,500
8,890,580
Entertainment
—
1.0%
100,000
Lionsgate
Studios
Corp.†
...........................
1,531,000
Equipment
and
Supplies
—
1.8%
35,000
Flowserve
Corp.
.........................................
2,595,600
Financial
Services
—
4.2%
30,000
Firstsun
Capital
Bancorp†
..........................
1,163,400
20,000
Heritage
Financial
Corp.
.............................
592,400
15,000
Horace
Mann
Educators
Corp.
...................
774,750
10,500
Spartacus
Acquisition
Corp.
II†
.................
110,880
25,000
Stewart
Information
Services
Corp.
...........
1,650,500
60,000
Tiptree
Inc.
.................................................
1,075,200
21,000
Univest
Financial
Corp.
..............................
918,750
6,285,880
Health
Care
—
5.1%
45,000
Axogen
Inc.†
..............................................
2,078,550
15,000
Haemonetics
Corp.†
...................................
1,125,000
10,000
LeMaitre
Vascular
Inc.
...............................
959,600
30,000
Omnicell
Inc.†
............................................
1,245,600
23,000
Supernus
Pharmaceuticals
Inc.†
................
1,069,730
75,000
Tandem
Diabetes
Care
Inc.†
.......................
1,131,750
7,610,230
Machinery
—
2.6%
75,000
Mueller
Water
Products
Inc.,
Cl. A
.............
1,937,250
22,000
Tennant
Co.
................................................
1,925,880
3,863,130
Materials
—
2.4%
20,000
Avient
Corp.
...............................................
739,200
18,000
Darling
Ingredients
Inc.†
............................
983,160
25,000
Minerals
Technologies
Inc.
.........................
1,849,250
3,571,610
Real
Estate
—
2.4%
50,000
Alpine
Income
Property
Trust
Inc.,
REIT
....
1,038,000
45,000
CareTrust
REIT
Inc.
....................................
1,815,750
25,000
Legacy
Housing
Corp.†
..............................
656,750
3,510,500
Retail
—
3.6%
35,000
Advance
Auto
Parts
Inc.
.............................
2,177,700
60,000
American
Eagle
Outfitters
Inc.
....................
1,032,000