# EDGAR Filing Document

**Accession Number:** 0001071196
**File Stem:** 0001133228-25-012530
**Filing Date:** 2025-11
**Character Count:** 77642
**Document Hash:** 362839b5cd86feb935700aa57d2c6dc4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-25-012530.hdr.sgml**: 20251120

**ACCESSION NUMBER**: 0001133228-25-012530

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 24

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251120

**DATE AS OF CHANGE**: 20251120

**EFFECTIVENESS DATE**: 20251120

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** KIRR MARBACH PARTNERS FUNDS INC
- **CENTRAL INDEX KEY:** 0001071196

**ORGANIZATION NAME:**
- **EIN:** 311629076
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-09067
- **FILM NUMBER:** 251502442

**BUSINESS ADDRESS:**
- **STREET 1:** 621 WASHINGTON STREET
- **CITY:** COLUMBUS
- **STATE:** IN
- **ZIP:** 47202
- **BUSINESS PHONE:** 8123769444

**MAIL ADDRESS:**
- **STREET 1:** 621 WASHINGTON STREET
- **CITY:** COLUMBUS
- **STATE:** IN
- **ZIP:** 47202

## Series and Classes Contracts Data

### Kirr, Marbach Partners Value Fund (Series ID: S000009002)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000024491 | Kirr, Marbach Partners Value Fund | KMVAX           |

?xml version='1.0' encoding='ASCII'? 2025-07-31533970_KirrMarbachPartnersValueFund_TF_TSRAnnual

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED** 

**MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number **<u>811-09067</u>**

**<u>Kirr, Marbach Partners Funds, Inc.</u>**

(Exact name of registrant as specified in charter)

**<u>621 Washington Street, Columbus, IN 47201</u>**

(Address of principal executive offices) (Zip code)

**<u>Kirr, Marbach & Company, LLC</u>**

**<u>621 Washington Street, Columbus, IN 47201</u>**

(Name and address of agent for service)

**<u>(812) 376-9444</u>**

Registrant's telephone number, including area code

Date of fiscal year end: **<u>September 30</u>**

Date of reporting period: **<u>September 30, 2025</u>**

**<u>Item 1. Reports to Stockholders.</u>**

(a) ---

| | | |
|:---|:---|:---|
| ![image](img223319_202411081812457.jpg) | **Kirr, Marbach Partners Value Fund**  | ![image](img223318_202505302032445.jpg) |
| ![image](img223319_202411081812457.jpg) | KMVAX  | ![image](img223318_202505302032445.jpg) |
| ![image](img223319_202411081812457.jpg) | Annual Shareholder Report \| September 30, 2025  | ![image](img223318_202505302032445.jpg) |

---

This annual shareholder report contains important information about the Kirr, Marbach Partners Value Fund for the period of October 1, 2024, to September 30, 2025. You can find additional information about the Fund at https://www.kmpartnersfunds.com. You can also request this information by contacting us at 1-812-376-9444.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Kirr, Marbach Partners Value Fund | $154 | 1.38% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

*Patient* investors were rewarded for their *fortitude* in the year ending September 30, 2025. The U.S. stock market briefly entered "bear market" territory (a decline of > 20%) in the aftermath of the announcement of President Trump's "Liberation Day" tariffs, only to subsequently stage a rapid, massive rally from the closing low on April 8, 2025.

We believe the S&P 500® Equal-Weighted Index (all 500 constituents have same 0.2% index weight) gives a better representation of the how the "average stock" performed versus the traditional, capitalization-weighted S&P 500® Index (10 largest-capitalization stocks have a combined index weight of about 40.4%, representing a record high concentration). For the 12-month period ended September 30, 2025, the traditional, capitalization-weighted S&P 500® Index had a total return of 17.60%, driven by the superior performance of the "Magnificent Seven" mega-capitalization technology stocks (Apple, Microsoft, NVIDIA, Alphabet, Amazon, Meta Platforms and Tesla). By contrast, the equal-weighted S&P 500® Index had a more modest total return of 7.80%.

Similarly, the S&P 500® Growth Index had a total return of 26.85% for the 12-month period ending September 30, 2025, while the S&P 500® Value Index had a total return of 6.74%.

Given the "average stock" significantly underperformed the S&P 500® Index for the 12-month period ending September 30, 2025 and "value" stocks massively underperformed "growth" stocks, we are pleased with the Fund's superior performance.

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5466img003.jpg)

Kirr, Marbach Partners Value Fund PAGE 1 TSR-AR-497647107

------

**AVERAGE ANNUAL TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Kirr, Marbach Partners Value Fund**  | 22.99 | 19.47 | 10.74 |
| **S&P 500® Index**  | 17.60 | 16.47 | 15.30 |

---

Visit https://www.kmpartnersfunds.com for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
| **Net Assets** | $108619790 | **Net Advisory Fee** | $931024 |
| **Number of Holdings** | 40 | **Portfolio Turnover** | 10% |

---

**WHAT DID THE FUND INVEST IN?** (% of total investments as of September 30, 2025)

---

| | |
|:---|:---|
| **Top 10 Issuers** |  |
|  Broadcom, Inc.  | 9.7% |
|  EMCOR Group, Inc.  | 8.0% |
|  MasTec, Inc.  | 6.8% |
|  AutoZone, Inc.  | 6.7% |
|  Vistra Energy Corp.  | 6.6% |
|  Colliers International Group, Inc.  | 4.3% |
|  Alphabet, Inc.  | 4.3% |
|  Republic Services, Inc.  | 4.1% |
|  Constellation Software, Inc.  | 3.7% |
|  SS&C Technologies Holdings, Inc.  | 3.4% |

---

---

| | |
|:---|:---|
| **Industry** |  |
|  Industrial  | 29.1% |
|  Technology  | 18.4% |
|  Consumer, Cyclical  | 15.1% |
|  Consumer, Non-cyclical  | 14.3% |
|  Utilities  | 6.6% |
|  Financial  | 6.1% |
|  Communications  | 5.5% |
|  Energy  | 3.5% |
|  Cash & Other  | 1.4% |

---

**Changes to Shareholder Fees (fees paid directly from your investment).**

Effective 1/28/25 the investment advisory fee was reduced to 0.90% from 1.00% and Expense Cap to 1.35% from 1.45%.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.kmpartnersfunds.com.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Kirr, Marbach & Company, LLC documents not be householded, please contact Kirr, Marbach & Company, LLC at 1-812-376-9444, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Kirr, Marbach & Company, LLC or your financial intermediary.

Kirr, Marbach Partners Value Fund PAGE 2 TSR-AR-497647107

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**<u>Item 2. Code of Ethics.</u>**

The registrant has adopted a code of ethics that applies to the registrant's principal executive officer and principal financial officer. The registrant has not made any substantive amendments to its code of ethics during the period covered by this report. The registrant has not granted any waivers from any provisions of the code of ethics during the period covered by this report. *A copy of the registrant's Code of Ethics is filed herewith.*

**<u>Item 3. Audit Committee Financial Expert.</u>**

The registrant's Board of Directors has determined that it does not have an audit committee financial expert serving on its audit committee. At this time, the registrant believes that the experience provided by each member of the audit committee together offers the registrant adequate oversight for the registrant's level of financial complexity.

**<u>Item 4. Principal Accountant Fees and Services.</u>**

The registrant has engaged its principal accountant to perform audit services, audit-related services, tax services and other services during the past two fiscal years. "Audit services" refer to performing an audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years. "Audit-related services" refer to the assurance and related services by the principal accountant that are reasonably related to the performance of the audit. "Tax services" refer to professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. The following table details the aggregate fees billed or expected to be billed for each of the last two fiscal years for audit fees, audit-related fees, tax fees and other fees by the principal accountant.

---

| | | |
|:---|:---|:---|
| | FYE 9/30/2025 | FYE 9/30/2024 |
| (a) Audit Fees | $19000 | $19000 |
| (b) Audit-Related Fees | $0 | $0 |
| (c) Tax Fees | $3200 | $3200 |
| (d) All Other Fees | $0 | $0 |

---

(e)(1) The audit committee has adopted pre-approval policies and procedures that require the audit committee to pre-approve all audit and non-audit services of the registrant, including services provided to any entity affiliated with the registrant.

(e)(2) The percentage of fees billed by Tait, Weller & Baker LLP applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows:

---

| | | |
|:---|:---|:---|
| | FYE 9/30/2025 | FYE 9/30/2024 |
| Audit-Related Fees | 0% | 0% |
| Tax Fees | 0% | 0% |
| All Other Fees | 0% | 0% |

---

(f) All of the principal accountant's hours spent on auditing the registrant's financial statements were attributed to work performed by full-time permanent employees of the principal accountant.

(g) The following table indicates the non-audit fees billed or expected to be billed by the registrant's accountant for services to the registrant and to the registrant's investment adviser (and any other controlling entity, etc.—not sub-adviser) for the last two years.

 

---

| | | |
|:---|:---|:---|
| Non-Audit Related Fees | FYE 9/30/2025 | FYE 9/30/2024 |
| Registrant | $0 | $0 |
| Registrant's Investment Adviser | $0 | $0 |

---

(h) The audit committee of the Board of Directors has considered whether the provision of non-audit services that were rendered to the registrant's investment adviser is compatible with maintaining the principal accountant's independence and has concluded that the provision of such non-audit services by the accountant has not compromised the accountant's independence.

(i) Not applicable.

(j) Not applicable.

**<u>Item 5. Audit Committee of Listed Registrants.</u>**

Not applicable to registrants who are not listed issuers (as defined in Rule 10A-3 under the Securities Exchange Act of 1934).

**<u>Item 6. Investments.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) Schedule of Investments is included within the financial statements filed under Item 7 of this Form.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**<u>Item 7. Financial Statements and Financial Highlights for Open-End Investment Companies.</u>**

![](kirrlogo.jpg)

**KIRR, MARBACH PARTNERS VALUE FUND** 

**Core Financial Statements and Other Information** 

**September 30, 2025**

------

**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
|  | **Page**  |
| **Item 7. Financial Statements and Financial Highlights for Open-End Investment Companies** | **Item 7. Financial Statements and Financial Highlights for Open-End Investment Companies** |
| [Schedule of Investments](#tsoi) | [1](#tsoi) |
| [Statement of Assets and Liabilities](#tsal) | [3](#tsal) |
| [Statement of Operations](#tsop) | [4](#tsop) |
| [Statement of Changes in Net Assets](#tscna) | [5](#tscna) |
| [Financial Highlights](#tfihi) | [6](#tfihi) |
| [Notes to the Financial Statements](#tnote) | [7](#tnote) |
| [Report of Independent Registered Public Accounting Firm](#report) | [11](#report) |
| [Additional Information](#taddinf) | [12](#taddinf) |
| **[Item 8. Changes in and Disagreements with Accountants for Open-End Investment Companies](#i8)** | [13](#i8) |
| **[Item 9. Proxy Disclosures for Open-End Investment Companies](#i9)** | [14](#i9) |
| **[Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies](#i10)** | [15](#i10) |
| **[Item 11. Statement Regarding Basis of Approval of Investment Advisory and Subadvisory Contracts](#i11)** | [16](#i11) |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

Item 7. Financial Statements and Financial Highlights for Open-End Investment Companies.

**KIRR, MARBACH PARTNERS VALUE FUND** 

**SCHEDULE OF INVESTMENTS** 

**September 30, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 98.6%**<br>|  |  |
| **Communications - 5.5%**<br>|  |  |
| Alphabet, Inc. - Class A | 19320 | $4696692  |
| Anterix, Inc.<sup>(a)</sup> | 21354 | 458470  |
| Walt Disney Co. | 7078 | 810431  |
|  |  | 5965593  |
| **Consumer, Cyclical - 15.1%**<br>|  |  |
| AutoZone, Inc.<sup>(a)</sup> | 1711 | 7340601  |
| CarMax, Inc.<sup>(a)</sup> | 25962 | 1164915  |
| Crocs, Inc.<sup>(a)</sup> | 13485 | 1126672  |
| Dollar Tree, Inc.<sup>(a)</sup> | 22725 | 2144558  |
| Live Nation Entertainment, Inc.<sup>(a)</sup> | 10746 | 1755896  |
| Peloton Interactive, Inc. - Class A<sup>(a)</sup> | 125857 | 1132713  |
| Visteon Corp. | 14851 | 1780041  |
|  |  | 16445396  |
| **Consumer, Non-cyclical - 14.3%**<br>|  |  |
| Alight, Inc. - Class A | 176257 | 574598  |
| API Group Corp.<sup>(a)</sup> | 54762 | 1882170  |
| Brink's Co. | 21197 | 2477081  |
| Colliers International Group, Inc. | 30220 | 4720666  |
| GXO Logistics, Inc.<sup>(a)</sup> | 36665 | 1939212  |
| ICU Medical, Inc.<sup>(a)</sup> | 7934 | 951763  |
| Stride, Inc.<sup>(a)</sup> | 20327 | 3027503  |
|  |  | 15572993  |
| **Energy - 3.5%**<br>|  |  |
| Exxon Mobil Corp. | 15230 | 1717183  |
| Marathon Petroleum Corp. | 10650 | 2052681  |
|  |  | 3769864  |
| **Financial - 6.1%**<br>|  |  |
|  Brookfield Asset Management Ltd. – Class A | 6734 | 383434  |
| Brookfield Corp. | 40595 | 2784005  |
| Markel Group, Inc.<sup>(a)</sup> | 1793 | 3427069  |
|  |  | 6594508  |
| **Industrial - 29.1%<sup>(b)</sup>**<br>|  |  |
| Aebi Schmidt Holding AG | 76491 | 953843  |
| Amrize Ltd.<sup>(a)</sup> | 19111 | 927457  |
| Canadian Pacific Kansas City Ltd. | 35807 | 2667264  |
| EMCOR Group, Inc. | 13417 | 8714878  |
| Generac Holdings, Inc.<sup>(a)</sup> | 15018 | 2514013  |
| MasTec, Inc.<sup>(a)</sup> | 34715 | 7387699  |
| Moog, Inc. - Class A | 7595 | 1577254  |
| Republic Services, Inc. | 19236 | 4414277  |
| RXO, Inc.<sup>(a)</sup> | 39335 | 604972  |
| Veralto Corp. | 17612 | 1877615  |
|  |  | 31639272  |
| **Technology - 18.4%**<br>|  |  |
| Broadcom, Inc. | 32116 | 10595389  |
| Constellation Software, Inc. | 1465 | 3980405  |
| Crane NXT Co. | 21524 | 1443615  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| SS&C Technologies Holdings, Inc. | 41110 | $3648924  |
| Topicus.com, Inc.<sup>(a)</sup> | 2725 | 292237  |
|  |  | 19960570  |
| **Utilities - 6.6%**<br>|  |  |
| Vistra Energy Corp. | 36619 | 7174394  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $38,186,083)** |  | 107122590 |

---

---

| | | |
|:---|:---|:---|
|  | **Contracts** |  |
| **WARRANTS - 0.0%<sup>(c)</sup>**<br>|  |  |
| **Technology *-* 0.0%<sup>(c)</sup>**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Constellation Software, Inc., Expires 03/31/2040, Exercise Price <br>$40.00<sup>(a)(d)</sup> | 1465 | 0  |
| &nbsp;&nbsp;&nbsp; **TOTAL WARRANTS** <br>**(Cost $0)** |  | 0 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
| **MONEY MARKET FUNDS - 1.5%**<br>|  |  |
|  First American Government Obligations Fund - Class X, 4.05%<sup>(e)</sup> | 1584252 | 1584252  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $1,584,252)** |  | 1584252  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.1%**<br>**(Cost $39,770,335)** |  | 108706842  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (0.1)% |  | (87052)  |
| **TOTAL NET ASSETS - 100.0%** |  | $108619790 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors.

<sup>(c)</sup> Represents less than 0.05% of net assets.

<sup>(d)</sup> Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $0 or 0.0% of net assets as of September 30, 2025.

<sup>(e)</sup> The rate shown represents the 7-day annualized yield as of September 30, 2025.

The accompanying notes are an integral part of these financial statements.

1<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**KIRR, MARBACH PARTNERS VALUE FUND** 

**SCHEDULE OF INVESTMENTS** 

**September 30, 2025(Continued)** 

**Summary of Fair Value Exposure at September 30, 2025** 

The Fund has adopted fair valuation accounting standards that establish an authoritative definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs used to develop the measurements of fair value. The fair value hierarchy is categorized into three levels based on the inputs as follows:

Level 1 – Quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity can access at the measurement date.

Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.

Level 3 – Unobservable inputs for the asset or liability.

The following table summarizes the Fund's investments as of September 30, 2025, based on the inputs used to value them:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $107122590 | $— | $— | $107122590  |
| &nbsp;&nbsp;&nbsp; Warrants |  |  | —<sup>(a)</sup> | —<sup>(a)</sup>  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 1584252 |  |  | 1584252  |
| **Total Investments** | $108706842 | $— | $—<sup>(a)</sup> | $108706842 |

---

<sup>(a)</sup> Amount is less than $0.50. 

Refer to the Schedule of Investments for further disaggregation of investment categories.

Changes in valuation techniques may result in transfers into or out of assigned levels within the fair value hierarchy. There were no transfers into or out of Level 3 during the reporting year as compared to the security classifications from the prior year's core financial statements.

The accompanying notes are an integral part of these financial statements.

2<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**KIRR, MARBACH PARTNERS VALUE FUND** 

**STATEMENT OF ASSETS AND LIABILITIES** 

**September 30, 2025** 

---

| | |
|:---|:---|
| **ASSETS:**<br>|  |
| Investments in securities, at value | $108706842  |
| Receivable from shareholders for purchases | 55315  |
| Dividends, interest and other receivables | 14131  |
| Prepaid expenses | 17272  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 108793560  |
| **LIABILITIES:**<br>|  |
| Payable to Adviser for management fees | 91611  |
| Payable for professional fees | 38485  |
| Payable for administration and accounting fees | 15764  |
| Payable for distribution fees | 7369  |
| Payable to shareholders for redemptions | 3574  |
| Payable for custody fees | 3252  |
| Payable for board of Directors fees | 3000  |
| Other liabilities | 10715  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 173770  |
| **NET ASSETS** | $108619790  |
| **Net Assets Consists of:**<br>|  |
| Capital stock | $34617760  |
| Total distributable earnings | 74002030  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $108619790  |
| Net assets | $108619790  |
| Shares outstanding (500,000,000 shares of $0.01 par value authorized) | 2805646  |
| Net asset value, offering and redemption price per share<sup>(1)</sup> | $38.71  |
| **Cost:**<br>|  |
| &nbsp;&nbsp;&nbsp; Investments, at cost | $39770335 |

---

<sup>(1)</sup> A redemption fee is assessed against shares redeemed within 30 days of purchase

The accompanying notes are an integral part of these financial statements.

3<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**KIRR, MARBACH PARTNERS VALUE FUND** 

**STATEMENT OF OPERATIONS** 

**For the Year Ended September 30, 2025** 

---

| | |
|:---|:---|
| **INCOME:**<br>|  |
| Dividend income | $653274  |
| Less: Dividend withholding taxes | (9292)  |
| &nbsp;&nbsp;&nbsp; **Total income** | 643982  |
| **EXPENSES:**<br>|  |
| Management fees | 886578  |
| Administration and accounting services | 102817  |
| Professional fees | 95029  |
| Distribution fees | 68948  |
| Transfer agent fees | 32562  |
| Registration fees | 29633  |
| Custodian fees | 20795  |
| Board of Directors fees | 15065  |
| Printing and postage expense | 13030  |
| Other expenses | 5925  |
| &nbsp;&nbsp;&nbsp; Total expenses | 1270382  |
| &nbsp;&nbsp;&nbsp; Expense recoupment by Adviser | 45083  |
| &nbsp;&nbsp;&nbsp; Less: Reimbursement from Adviser | (637)  |
| &nbsp;&nbsp;&nbsp; Net expenses | 1314828  |
| **Net investment income (loss)** | (670846)  |
| **REALIZED AND UNREALIZED GAIN (LOSS):**<br>|  |
| Net realized gain (loss) from:<br>|  |
| &nbsp;&nbsp;&nbsp; Investments | 7103066  |
| &nbsp;&nbsp;&nbsp; Foreign currency translation | (1757)  |
| Net realized gain (loss) | 7101309  |
| Net change in unrealized appreciation (depreciation) on:<br>|  |
| &nbsp;&nbsp;&nbsp; Investments | 13919467  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 13919467  |
| **Net realized and unrealized gain (loss)** | 21020776  |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $20349930 |

---

The accompanying notes are an integral part of these financial statements.

4<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**KIRR, MARBACH PARTNERS VALUE FUND** 

**STATEMENT OF CHANGES IN NET ASSETS** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended September 30,**  | **Year Ended September 30,**  |
|  | **2025** | **2024**  |
| **OPERATIONS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $(670846) | $(476143)  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments | 7101309 | 5541550  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | 13919467 | 19912344  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 20349930 | 24977751  |
| **CAPITAL SHARE TRANSACTIONS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold | 6639637 | 3741826  |
| &nbsp;&nbsp;&nbsp; Proceeds from reinvestment of distributions | 6196174 | 2310373  |
| &nbsp;&nbsp;&nbsp; Payments for shares redeemed | (8193668) | (6982403)  |
| &nbsp;&nbsp;&nbsp; Redemption fees | 3517 | 983  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from capital share transactions** | 4645660 | (929221)  |
| **DISTRIBUTIONS TO SHAREHOLDERS:** | (6441193) | (2407039)  |
| **Net increase (decrease) in net assets** | 18554397 | 21641491  |
| **NET ASSETS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year | 90065393 | 68423902  |
| &nbsp;&nbsp;&nbsp; End of year | $108619790 | $90065393  |
| **CHANGES IN SHARES OUTSTANDING:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 187523 | 133761  |
| &nbsp;&nbsp;&nbsp; Shares issued to holders in reinvestment of dividends | 188850 | 85824  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (233821) | (241461)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) in shares outstanding | 142552 | (21876) |

---

The accompanying notes are an integral part of these financial statements.

5<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**KIRR, MARBACH PARTNERS VALUE FUND** 

**FINANCIAL HIGHLIGHTS** 

**For a Fund share outstanding throughout each year.** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Years Ended September 30,**  | **Years Ended September 30,**  | **Years Ended September 30,**  | **Years Ended September 30,**  | **Years Ended September 30,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $33.82 | $25.48  | $21.75  | $26.83  | $19.27  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income (loss)<sup>(a)</sup> | (0.24) | (0.18) | (0.07) | (0.22) | (0.14)  |
|  Net realized and unrealized gain (loss) on investments | 7.58 | 9.43 | 4.63 | (3.79) | 8.01  |
| **Total from investment operations**  | 7.34 | 9.25 | 4.56 | (4.01) | 7.87  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| Net realized gains | (2.45) | (0.91) | (0.83) | (1.07) | (0.31)  |
| **Total distributions** | (2.45) | (0.91) | (0.83) | (1.07) | (0.31)  |
| Redemption fee per share | 0.00<sup>(b)</sup>  | 0.00<sup>(b)</sup>  |  | 0.00<sup>(b)</sup>  | 0.00<sup>(b)</sup>  |
| **Net asset value, end of year** | $38.71 | $33.82  | $25.48  | $21.75  | $26.83  |
| Total return | 22.99% | 37.22% | 21.36% | (15.80)% | 41.12%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of year (in thousands) | $108620  | $90065  | $68400  | $59300  | $71900  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment | 1.33% | 1.45% | 1.55% | 1.66% | 1.60%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment | 1.38%<sup>(c)</sup>  | 1.45% | 1.45% | 1.45% | 1.45%  |
|  Ratio of net investment income (loss) to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment | (0.66)% | (0.60)% | (0.36)% | (1.06)% | (0.73)%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment | (0.70)% | (0.60)% | (0.26)% | (0.84)% | (0.58)%  |
| Portfolio turnover rate  | 10% | 9% | 10% | 14% | 9% |

---

<sup>(a)</sup> Net investment income (loss) per share was calculated using average shares outstanding.

<sup>(b)</sup> Amount represents less than $0.01 per share

<sup>(c)</sup> Ratio includes the impact of the Adviser contractually agreeing to lower the expense cap from 1.45% to 1.35% of the Fund's average daily net assets as of January 28, 2025. 

The accompanying notes are an integral part of these financial statements.

6<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**KIRR, MARBACH PARTNERS VALUE FUND** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**September 30, 2025** 

1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

Kirr, Marbach Partners Funds, Inc. (the "Corporation") was organized as a Maryland corporation on September 23, 1998 and is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end diversified management investment company issuing its shares in series, each series representing a distinct portfolio with its own investment objective and policies. The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 "Financial Services-Investment Companies." The one series presently authorized is Kirr, Marbach Partners Value Fund (the "Fund"). The investment objective of the Fund is to seek long-term capital growth. The Fund commenced operations on December 31, 1998.

The following is a summary of significant accounting policies consistently followed by the Fund. These policies are in conformity with generally accepted accounting principles in the United States of America ("GAAP").

&nbsp;&nbsp;&nbsp;&nbsp;A) *Investment Valuation* – Securities listed on the Nasdaq National Market are valued at the Nasdaq Official Closing Price ("NOCP").
 Other securities traded on a national securities exchange (including options on indices so traded) are valued at the last sales price
 on the exchange where the security is primarily traded. Exchange- traded securities for which there were no transactions and Nasdaq-traded
 securities for which there is no NOCP are valued at the mean of the bid and asked prices. Securities for which market quotations are not
 readily available are valued at fair value as determined in good faith under the supervision of the Board of Directors. Foreign securities
 have been issued by foreign private issuers registered on United States exchanges in accordance with Section 12 of the Securities Exchange
 Act of 1934. Debt securities, including short-term debt instruments having maturities less than 60 days, are valued at the mean between
 the bid and ask prices as reported by an approved pricing service.

&nbsp;&nbsp;&nbsp;&nbsp;B) *Federal Income Taxes* – A provision, for federal income taxes or excise taxes, has not been made since the Fund has elected to be taxed as
 a "regulated investment company" and intends to distribute substantially all taxable income to its shareholders and otherwise
 comply with the provisions of the Internal Revenue Code applicable to regulated investment companies. There is no tax liability resulting
 from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken on the tax return for the fiscal
 year ended September 30, 2025, or for any other tax years which are open for exam. As of September 30, 2025, open tax years
 include the tax years ended September 30, 2022 through 2025. The Fund is also not aware of any tax positions for which it is reasonably
 possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund recognizes
 interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statement of Operations. During the
 year ended September 30, 2025, the Fund did not incur any interest or penalties.

&nbsp;&nbsp;&nbsp;&nbsp;C) *Income and Expenses* – The Fund is charged for those expenses that are directly attributable to the Fund, such as advisory, administration
 and certain shareholder service fees.

&nbsp;&nbsp;&nbsp;&nbsp;D) *Use of Estimates* – The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that
 affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial
 statements and the reported amounts of revenues and expenses during the reporting year. Actual results could differ from those estimates.

&nbsp;&nbsp;&nbsp;&nbsp;E) *Repurchase Agreements* – The Fund may enter into repurchase agreements with certain banks or non-bank dealers. The Adviser will monitor,
 on an ongoing basis, the value of the underlying securities to ensure that the value always equals or exceeds the repurchase price plus
 accrued interest.

&nbsp;&nbsp;&nbsp;&nbsp;F) *Security Transactions, Investment Income and Distributions* – The Fund follows industry practice and records security transactions on the trade date.
 Realized gains and losses on sales of securities are calculated on the basis of identified cost. Dividend income is recorded on the ex-dividend
 date and interest income is recorded on an accrual basis. Withholding taxes on foreign dividends have been provided for in accordance
 with the Fund's understanding of the applicable country's tax rules and regulations. Discounts and premiums on securities
 purchased are amortized over the expected life of the respective securities.

7<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**KIRR, MARBACH PARTNERS VALUE FUND** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**September 30, 2025(Continued)** 

The Fund distributes all net investment income, if any, and net realized capital gains, if any, annually. Distributions to shareholders are recorded on the ex-dividend date. The treatment for financial reporting purposes of distributions made to shareholders during the year from net investment income or net realized capital gains may differ from their ultimate treatment for federal income tax purposes. These differences are caused primarily by differences in the timing of the recognition of certain components of income, expense or realized capital gain for federal income tax purposes. Where such differences are permanent in nature, GAAP requires that they be reclassified in the components of the net assets based on their ultimate characterization for federal income tax purposes. Any such reclassifications will have no effect on net assets, results of operations or net asset values per share of the Fund.

For the year ended September 30, 2025, the following table shows the reclassifications made:

---

| | |
|:---|:---|
| **Distributable Earnings** | **Paid In Capital**  |
| $128572 | &nbsp;&nbsp; $(128572) |

---

&nbsp;&nbsp;&nbsp;&nbsp;G) *Market Events Risk* – Certain local, regional or global events such as war, acts of terrorism, the spread of infectious illnesses and/or
 other public health issues, or other events may have a significant impact on a security or instrument. These types of events and other
 like them are collectively referred to as "Market Disruptions and Geopolitical Risks" and they may have adverse impacts on
 the worldwide economy, as well as the economies of individual countries, the financial health of individual companies and the market in
 general in significant and unforeseen ways. Some of the impacts noted in recent times include but are not limited to embargos, political
 actions, supply chain disruptions, restrictions to investment and/or monetary movement including the forced selling of securities or the
 inability to participate impacted markets. The duration of these events could adversely affect the Fund's performance, the performance
 of the securities in which the Fund invests and may lead to losses on your investment. The ultimate impact of "Market Disruptions
 and Geopolitical Risks" on the financial performance of the Fund's investments is not reasonably estimable at this time. Management
 is actively monitoring these events.

&nbsp;&nbsp;&nbsp;&nbsp;H) *Subsequent Events* – Management has evaluated Fund related events and transactions that occurred subsequent to September 30, 2025 through
 the date of issuance of the Fund's financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;I) In November 2023, the FASB issued ASU 2023-07, *Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures* ("ASU 2023-07").
 ASU 2023-07 is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant
 segment expenses, allowing financial statement users to better understand the components of a segment's profit or loss and assess potential
 future cash flows for each reportable segment and the entity as a whole. The amendments expand a public entity's segment disclosures by
 requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker, clarifying when
 an entity may report one or more additional measures to assess segment performance, requiring enhanced interim disclosures and providing
 new disclosure requirements for entities with a single reportable segment, among other new disclosure requirements.

Management has evaluated the impact of adopting ASU 2023-07 with respect to the financial statements and disclosures and determined there is no material impact for the Fund. The Fund operates as a single segment entity. The Fund's income, expenses, assets, and performance are regularly monitored and assessed by the Principal Executive Officer and Principal Financial Officer of the Adviser, who serve as the chief operating decision makers, using the information presented in the financial statements and financial highlights.

&nbsp;&nbsp;&nbsp;&nbsp;J) In December 2023, the FASB issued ASU No. 2023-09, *Income Taxes (Topic 740): Improvements to Income Tax Disclosure* ("ASU 2023-09"). The
 primary purpose of the amendments within ASU 2023-09 is to enhance the transparency and decision usefulness of income tax disclosures
 primarily related to the rate reconciliation table and income taxes paid information. The amendments in ASU 2023-09 are effective for
 annual periods beginning after December 15, 2024. Management is currently evaluating the implications of these changes on the financial
 statements.

8<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**KIRR, MARBACH PARTNERS VALUE FUND** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**September 30, 2025(Continued)** 

2. INVESTMENT TRANSACTIONS

The aggregate purchases and sales of securities, excluding short-term investments, by the Fund for the year ended September 30, 2025 were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales**  |
| U.S. Government | $— | $—  |
| Other | 9609466 | 11692370 |

---

3. FEDERAL INCOME TAXES

At September 30, 2025, the Fund's most recently completed fiscal year end, the components of distributable earnings on a tax basis were as follows:

---

| | |
|:---|:---|
| Cost of Investments | $39125802  |
| Gross unrealized appreciation | 71707703  |
| Gross unrealized depreciation | (2126663)  |
| Net unrealized appreciation | 69581040  |
| Undistributed ordinary income  | —  |
| Undistributed long-term capital gains | 5566070  |
| Total distributable earnings | 5566070  |
| Other accumulated losses  | (1145080)  |
| Total accumulated earnings  | $74002030 |

---

As of September 30, 2025, the Fund did not have any capital loss carryovers. A regulated investment company may elect for any taxable year to treat any portion of any qualified late year loss as arising on the first day of the next taxable year. Qualified late year losses are certain capital, and ordinary losses which occur during the portion of the Fund's taxable year subsequent to October 31. For the taxable year ended September 30, 2025, the Fund had $1,145,047 in qualified late year losses.

The tax character of distributions paid during the year ended September 30, 2025, were as follows:

---

| | | |
|:---|:---|:---|
| **Ordinary** <br>**Income\*** | **Long-Term** <br>**Capital Gains\*\*** | **Total**  |
| $— | &nbsp;&nbsp; $6441193 | $6441193 |

---

The tax character of distributions paid during the year ended September 30, 2024, were as follows:

---

| | | |
|:---|:---|:---|
| **Ordinary** <br>**Income\*** | **Long-Term** <br>**Capital Gains\*\*** | **Total**  |
| $— | &nbsp;&nbsp; $2407039 | $2407039 |

---

\* For federal income tax purposes, distributions of short-term capital gains are treated as ordinary income distributions.

\*\* The Fund also designates as distributions of long-term gains, to the extent necessary to fully distribute such capital gains, earnings, and profits distributed to shareholders on the redemption of shares.

4. AGREEMENTS

The Fund has entered into an Investment Advisory Agreement with Kirr, Marbach & Company, LLC (the "Adviser"). Pursuant to its advisory agreement with the Fund, the Adviser is entitled to receive a fee, calculated daily and payable monthly, at the annual rate of 0.90% as applied to the Fund's daily net assets. Prior to January 28, 2025, the annual advisory fee was equal to 1.00% of the Fund's average daily net assets.

The Adviser has contractually agreed to waive its management fee and/or reimburse the Fund's other expenses to the extent necessary to ensure that the Fund's total annual operating expenses (excluding acquired fund fees and

9<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**KIRR, MARBACH PARTNERS VALUE FUND** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**September 30, 2025(Continued)** 

expenses, interest, taxes, brokerage commissions and extraordinary expenses) do not exceed 1.35% of its average daily net assets until February 28, 2026. Prior to January 28, 2025, the expense limitation cap was 1.45% of the Fund's average daily net assets. The Adviser may decide to continue the agreement, or revise the total annual operating expense limitations after February 28, 2026. Any waiver or reimbursement is subject to later adjustment to allow the Adviser to recoup amounts waived or reimbursed to the extent actual fees and expenses for a period are less than the expense limitation cap of 1.35%, provided, however, that the Adviser shall only be entitled to recoup such amounts for a period of thirty-six months following the date on which such fee waiver or expense reimbursement was made. Waived/reimbursed fees and expenses subject to potential recovery by month of expiration are as follows:

---

| | |
|:---|:---|
| **Year of expiration** | **Amount**  |
| October 2025 - September 2026  | $66222  |
| October 2026 - September 2027  | 31774  |
| October 2027 - September 2028  | 637 |
|  | $98633 |

---

During the year ended September 30, 2025, the Adviser recouped previously waived expenses of $45,083. At the end of each fiscal year in the future, the Fund will continue to assess the potential recovery of waived/reimbursed fees and expenses for financial reporting purposes.

Quasar Distributors, LLC, (the "Distributor"), a wholly-owned broker-dealer subsidiary of Foreside serves as principal underwriter of the shares of the Fund and is not affiliated with U.S. Bancorp. The Board of Directors of the Fund has approved a new Distribution Agreement to enable Quasar to continue serving as the Fund's distributor. The Fund's shares are sold on a no-load basis and, therefore, the Distributor receives no sales commission or sales load for providing services to the Fund. The Corporation has adopted a plan pursuant to Rule 12b-1 under the 1940 Act (the "12b-1 Plan"), which authorizes the Corporation to pay the Distributor and certain financial intermediaries who assist in distributing the Fund shares or who provided shareholder services to Fund shareholders a distribution and shareholder servicing fee of up to 0.25% of the Fund's average daily net assets (computed on an annual basis). All or a portion of the fee may be used by the Fund or the Distributor to pay its distribution fee and costs of printing reports and prospectuses for potential investors and the costs of other distribution and shareholder servicing expenses. During the year ended September 30, 2025, the Fund incurred expenses of $68,948 pursuant to the 12b-1 Plan.

U.S Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services (the "Administrator"), serves as transfer agent, administrator and accounting services agent for the Fund. U.S. Bank, N.A. serves as custodian for the Fund.

The Fund imposes a 1.00% redemption fee on shares held 30 days or less. For the year ended September 30, 2025 and the year ended September 30, 2024, the Fund collected $3,517 and $983, respectively, in redemption fees.

10<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**KIRR, MARBACH PARTNERS VALUE FUND** 

**Report of Independent Registered Public Accounting Firm** 

**To the Shareholders and Board of Directors** 

**of Kirr, Marbach Partners Value Fund**

**Opinion on the Financial Statements** 

We have audited the accompanying statement of assets and liabilities of Kirr, Marbach Partners Value Fund (the "Fund"), including the schedule of investments, as of September 30, 2025, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of September 30, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We have served as the Fund's auditor since 2006.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of September 30, 2025 by correspondence with the custodian. We believe that our audits provide a reasonable basis for our opinion.

TAIT, WELLER & BAKER LLP

**Philadelphia, Pennsylvania** 

**November 19, 2025** 

11<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**KIRR, MARBACH PARTNERS VALUE FUND** 

**ADDITIONAL INFORMATION** 

**September 30, 2025 (Unaudited)** 

**AVAILABILITY OF FUND PORTFOLIO INFORMATION** 

The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Part F of Form N-PORT, which is available on the SEC's website at www.sec.gov. The Fund's Part F of Form N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington D.C. For information on the Public Reference Room call 1-800-SEC-0330.

**AVAILABILITY OF PROXY VOTING INFORMATION** 

Both a description of the Fund's Proxy Voting Policies and Procedures and information about the Fund's proxy voting record will be available (1) without charge, upon request, by calling 1-800-870-8039, and (2) on the SEC's website at www.sec.gov.

**QUALIFIED DIVIDEND INCOME/DIVIDENDS RECEIVED DEDUCTION** 

For the fiscal year ended September 30, 2025, certain dividends paid by the Fund may be reported as qualified dividend income (QDI) and may be eligible for taxation at capital gains rates. The percentage of dividends declared from ordinary income designated as QDI was 0.00% for the Fund. For corporate shareholders, the percent of ordinary income distributions qualifying for the corporate dividends received deduction for the fiscal year ended September 30, 2025, was 0.00% of the Fund.

12<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Item 8. Changes in and Disagreements with Accountants for Open-End Investment Companies. (Unaudited)** 

There were no changes in or disagreements with accountants during the year covered by this report.

13<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Item 9. Proxy Disclosure for Open-End Investment Companies. (Unaudited)** 

There were no matters submitted to a vote of shareholders during the year covered by this report.

14<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies. (Unaudited)** 

See Statement of Operations within Item 7.

15<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Item 11. Statement Regarding Basis for Approval of Investment Advisory and Subadvisory Contracts. (Unaudited)** 

Not applicable.

16<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

Directors

Mark Foster, CFA

Mickey Kim, CFA

Jeffrey N. Brown

John Elwood

Thomas J. Thornburg

Principal Officers

Mark D. Foster, CFA, President

Mickey Kim, CFA, Vice President, Treasurer and Secretary

Investment Adviser

Kirr, Marbach & Company, LLC

621 Washington Street

Columbus, IN 47201

Distributor

Quasar Distributors, LLC

3 Canal Plaza, Suite 100

Portland, ME 04101

Custodian

U.S. Bank, N.A.

1555 North RiverCenter Drive, Suite 302

Milwaukee, WI 53212

Administrator, Transfer Agent And

Dividend – Disbursing Agent

U.S. Bancorp Fund Services, LLC

615 E. Michigan Street

Milwaukee, WI 53202

Independent Registered Public Accounting Firm

Tait, Weller & Baker LLP

Two Liberty Place

50 South 16th Street, Suite 2900

Philadelphia, PA 19102

Legal Counsel

Kirkland & Ellis LLP

1301 Pennsylvania Avenue, N.W.

Washington, D.C. 20004

**<u>Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.</u>**

Not applicable to open-end investment companies.

**<u>Item 13. Portfolio Managers of Closed-End Management Investment Companies.</u>**

 

Not applicable to open-end investment companies.

**<u>Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.</u>**

Not applicable to open-end investment companies.

**<u>Item 15. Submission of Matters to a Vote of Security Holders.</u>**

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's Board of Directors.

**<u>Item 16. Controls and Procedures.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant's Principal Executive Officer and Principal Financial Officer have reviewed the Registrant's disclosure controls
 and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the "Act")) as of a date within 90 days
 of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange
 Act of 1934. Based on their review, such officers have concluded that the disclosure controls and procedures are effective in ensuring
 that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported and made known
 to them by others within the Registrant and by the Registrant's service provider.

&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act)
 that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the
 Registrant's internal control over financial reporting.

**<u>Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies</u>**

Not applicable to open-end investment companies.

 

**<u>Item 18. Recovery of Erroneously Awarded Compensation.</u>**

Not applicable.

**<u>Item 19. Exhibits.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;*(a)* [(1) *Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit.* Filed herewith.](kmc-efp18575_ex99code.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) *Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant's securities are listed.* Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(3) *A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)).* Filed herewith.](kmc-efp18575_ex99cert.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) *Any written solicitation to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons.* Not applicable to open-end investment companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(5) Change in the registrant's independent public accountant. Provide the information called for by Item 4 of Form 8-K under the Exchange Act (17 CFR 249.308). Unless otherwise specified by Item 4, or related to and necessary for a complete understanding of information not previously disclosed, the information should relate to events occurring during the reporting period.* Not applicable to open-end investment companies.

&nbsp;&nbsp;&nbsp;&nbsp;*(b)* [*Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.* Furnished herewith.](kmc-efp18575_ex99906cert.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) Kirr, Marbach Partners Funds, Inc.

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Mark Foster |
|  | Mr. Mark Foster, Principal Executive Officer |

---

Date <u>10/24/2025</u>

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Mark Foster |
|  | Mr. Mark Foster, Principal Executive Officer |

---

Date <u>10/24/2025</u>

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Mickey Kim |
|  | Mr. Mickey Kim, Principal Financial Officer |

---

Date <u>10/24/2025</u>

## Ex-99.Code

**EX.99.CODE ETH**

**<u>KIRR, MARBACH PARTNERS FUNDS, INC.</u>**

**CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND**

**SENIOR FINANCIAL OFFICERS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**I.** **Covered Officers/Purpose of the Code** 

Kirr, Marbach Partners Funds, Inc.'s (the "Fund" or the "Company") code of ethics (this "Code") applies to the Company's Principal Executive Officer and Principal Financial Officer (the "Covered Officers" each of whom are set forth in <u>Exhibit A</u>) for the purpose of promoting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• honest and ethical conduct, including
the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• full, fair, accurate, timely
and understandable disclosure in reports and documents that a registrant files with, or submits to, the Securities and Exchange Commission
("SEC") and in other public communications made by the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• compliance with applicable laws
and governmental rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the prompt internal reporting
of violations of the Code to an appropriate person or persons identified in the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• accountability for adherence
to the Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**II.** **Covered Officers Should Handle Ethically Actual and Apparent Conflicts of Interest** 

**Overview**. A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his service to, the Company. For example, a conflict of interest would arise if a Covered Officer, or a member of his family, receives improper personal benefits as a result of his position with the Company.

Certain conflicts of interest arise out of the relationships between Covered Officers and the Company and already are subject to conflict of interest provisions in the Investment Company Act of 1940 ("Investment Company Act") and the Investment Advisers Act of 1940 ("Investment Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Company because of their status as "affiliated persons" of the Company. The Company's and the investment adviser's compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Code of Ethics ~ Officers

Kirr, Marbach Partners Funds, Inc.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the Company and the investment adviser of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Company or for the adviser, or for both), be involved in establishing policies and implementing decisions that will have different effects on the adviser and the Company. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Company and the adviser and is consistent with the performance by the Covered Officers of their duties as officers of the Company. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Company.

\* \* \*

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not
 use his personal influence or personal relationships improperly to influence investment decisions
 or financial reporting by the Company whereby the Covered Officer would benefit personally
 to the detriment of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not cause the Company to take
action, or fail to take action, for the individual personal benefit of the Covered Officer rather than the benefit the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• report annually any affiliations or other relationships related to conflicts of interests as is required by the Company ' s
Directors and Officers Questionnaire, as amended from time to time.

There are some conflict of interest situations that may be discussed with the Chief Legal Officer ("CLO") or Chairman of the Audit Committee if material. Examples of these include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• service as a director on the
board of any public or private company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the receipt of any entertainment
from any company with which the Company has current or prospective business dealings unless such entertainment is business-related, reasonable
in cost, appropriate as to time and place, and not so frequent as to raise any question of impropriety;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any ownership interest in, or
any consulting or employment relationship with, any of the Company's service providers, other than its investment adviser, principal
underwriter, administrator or any affiliated person thereof;

Code of Ethics ~ Officers

Kirr, Marbach Partners Funds, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a direct or indirect financial
interest in commissions, transaction charges or spreads paid by the Company for effecting portfolio transactions or for selling or redeeming
shares other than an interest arising from the Covered Officer's employment, such as compensation or equity ownership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;III. Disclosure and Compliance

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• e ach
Covered Officer should familiarize himself with the disclosure requirements generally applicable to the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• each Covered Officer should not
knowingly misrepresent, or cause others to misrepresent, facts about the Company to others, whether within or outside the Company, including
to the Company's directors and auditors, and to governmental regulators and self-regulatory organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• each Covered Officer should,
to the extent appropriate within his area of responsibility, consult with other officers and employees of the Fund and the adviser with
the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Fund files with, or
submits to, the SEC and in other public communications made by the Fund; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• it is the responsibility of each
Covered Officer to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IV. Reporting and Accountability

Each Covered Officer must:

• upon adoption of the Code (or thereafter as applicable,
upon becoming a Covered Officer), affirm in writing to the Board that he has received, read, and understands the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• annually thereafter affirm to
the Board that he has complied with the requirements of the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not retaliate against any other
Covered Officer or any employee of the Fund or their affiliated persons for reports of potential violations that are made in good faith;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• notify the CLO,
 or Chairman of the Audit Committee if the violation involves the CLO, promptly if he or
 she knows of any violation of this Code. Failure to do so is itself a violation of this Code.

The CLO or Audit Committee Chairman, as applicable, is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation. However, any approvals or waivers sought by the Principal Executive Officer or CLO will be considered by the Audit Committee (the "Committee").

Code of Ethics ~ Officers

Kirr, Marbach Partners Funds, Inc.

The Company will follow these procedures in investigating and enforcing this Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the CLO
or Audit Committee Chairman, as applicable, will take all appropriate action to investigate any potential violations reported to
him;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if, after such investigation,
the CLO or Audit Committee Chairman, as applicable, believes that no violation has occurred,
the CLO or Audit Committee Chairman, as applicable, is not required to take any further action;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any matter that the CLO
or Audit Committee Chairman, as applicable, believes is a violation will be reported to the Committee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if the Committee concurs that
a violation has occurred, it will inform and make a recommendation to the Board, which will consider appropriate action, which may include
review of, and appropriate modifications to, applicable policies and procedures; notification to appropriate personnel of the investment
adviser or its board; or a recommendation to dismiss the Covered Officer from the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Board will be responsible
for granting waivers, as appropriate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any changes to or waivers of
this Code will, to the extent required, be disclosed as provided by SEC rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;V. Other Policies and Procedures

This Code shall be the sole code of ethics adopted by the Fund for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Fund, the Fund's adviser, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The Fund's and its investment adviser's code of ethics under Rule 17j-1 under the Investment Company Act are separate requirements applying to the Covered Officers and others (e.g. Access Persons), and are not part of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VI. Amendments

Any amendments to this Code, other than amendments to <u>Exhibit A</u>, must be approved or ratified by a majority vote of the Board, including a majority of independent directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VII. Confidentiality

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Board, the Committee, the Company<u>, the</u> adviser <u>and counsel</u>.

Code of Ethics ~ Officers

Kirr, Marbach Partners Funds, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VIII. Internal Use

The Code is intended solely for the internal use by the Fund and does not constitute an admission, by or on behalf of any Company, as to any fact, circumstance, or legal conclusion.

Date: November 25, 2003

**EXHIBIT A**

**COVERED OFFICERS**

---

| | | |
|:---|:---|:---|
|  | ***<u>Office</u>*** | ***<u>Name</u>*** |
| 1 | President | Mark D. Foster |
| 2 | Vice-President, Secretary and Treasurer | Mickey Kim |

---

## Ex-99.Cert

**EX.99.CERT**

**<u>CERTIFICATIONS</u>**

I, Mr. Mark Foster, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Kirr, Marbach Partners Funds, Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period
covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required
to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and
procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined
in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report
based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period
covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control
over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee
of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which
are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's
internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 10/24/2025 | /s/ Mark Foster |
|  |  | Mr. Mark Foster |
|  |  | Principal Executive Officer |

---

**<u>CERTIFICATIONS</u>**

I, Mr. Mickey Kim, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Kirr, Marbach Partners Funds, Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period
covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required
to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and
procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined
in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report
based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period
covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control
over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee
of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which
are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's
internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 10/24/2025 | /s/ Mickey Kim |
|  |  | Mr. Mickey Kim |
|  |  | Principal Financial Officer |

---

## Exhibit 99.906

**EX.99.906CERT**

**<u>Certification Pursuant to Section 906 of the Sarbanes-Oxley Act</u>**

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, each of the undersigned officers of the Kirr, Marbach Partners Funds, Inc., does hereby certify, to such officer's knowledge, that the report on Form N-CSR of the Kirr, Marbach Partners Funds, Inc. for the year ended September 30, 2025 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable, and that the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Kirr, Marbach Partners Funds, Inc. for the stated period.

---

| | |
|:---|:---|
| /s/ Mark Foster | /s/ Mickey Kim |
| Mr. Mark Foster | Mr. Mickey Kim |
| Principal Executive Officer, Kirr, | Principal Financial Officer, Kirr, |
| Marbach Partners Funds, Inc. | Marbach Partners Funds, Inc. |

---

Dated: <u>10/24/2025</u> Dated: <u>10/24/2025</u>

This statement accompanies this report on Form N-CSR pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not be deemed as filed by Kirr, Marbach Partners Funds, Inc. for purposes of Section 18 of the Securities Exchange Act of 1934.