# EDGAR Filing Document

**Accession Number:** 0001863523
**File Stem:** 0001863523-25-000009
**Filing Date:** 2025-8
**Character Count:** 41269
**Document Hash:** 5634fb2750ee1eb1d87917178e765bb6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001863523-25-000009.hdr.sgml**: 20250807

**ACCESSION NUMBER**: 0001863523-25-000009

**CONFORMED SUBMISSION TYPE**: 13F-HR

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250807

**DATE AS OF CHANGE**: 20250807

**EFFECTIVENESS DATE**: 20250807

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CSM Advisors, LLC
- **CENTRAL INDEX KEY:** 0001863523

**ORGANIZATION NAME:**
- **EIN:** 843346426
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-21264
- **FILM NUMBER:** 251192164

**BUSINESS ADDRESS:**
- **STREET 1:** 2000 ERICSSON DRIVE
- **STREET 2:** SUITE 100
- **CITY:** WARRENDALE
- **STATE:** PA
- **ZIP:** 15086-6507
- **BUSINESS PHONE:** 4125661234

**MAIL ADDRESS:**
- **STREET 1:** 2000 ERICSSON DRIVE
- **STREET 2:** SUITE 100
- **CITY:** WARRENDALE
- **STATE:** PA
- **ZIP:** 15086-6507

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 06-30-2025

**Check here if Amendment** [ ] **Amendment Number:** 

**This Amendment (Check only one.):** [ ] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** CSM Advisors LLC<br>**Address:** 2000 ERICSSON DRIVE<br>SUITE 100<br>WARRENDALE, PA 15086-6507

**Form 13F File Number:** 028-21264

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

**Person Signing this Report on Behalf of Reporting Manager:**

**Name:** Kurt Threlfall<br>**Title:** Investment Performance Manager<br>**Phone:** 412-880-5216

**Signature, Place, and Date of Signing:**

Kurt Threlfall  Warrendale, PA  08-07-2025<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[x] **13F HOLDINGS REPORT.** (Check here if all holdings of this reporting manager are reported in this report.)

[ ] **13F NOTICE.** (Check here if no holdings are reported in this report, and all holdings are reported by other reporting manager(s).)

[ ] **13F COMBINATION REPORT.** (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 0

**Form 13F Information Table Entry Total:** 377

**Form 13F Information Table Value Total:** $3427956

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

**NONE**

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| ACCO BRANDS CORP | COMMON | 00081T108 |  | 2638 | 736881 | SH |  | SOLE |  | 322059 | 0 | 414822 |
| ABM INDS INC | COMMON | 000957100 |  | 3967 | 83989 | SH |  | SOLE |  | 68291 | 0 | 15698 |
| AES CORP | COMMON | 00130H105 |  | 11948 | 1135596 | SH |  | SOLE |  | 480401 | 0 | 655195 |
| AT INC | COMMON | 00206R102 |  | 9688 | 334807 | SH |  | SOLE |  | 309702 | 0 | 25105 |
| ABACUS GLOBAL MGMT | COM CL A | 00258Y104 |  | 4138 | 804690 | SH |  | SOLE |  | 359505 | 0 | 445185 |
| ABBOTT LABS | COMMON | 002824100 |  | 13166 | 96811 | SH |  | SOLE |  | 89291 | 0 | 7520 |
| ABBVIE INC | COMMON | 00287Y109 |  | 17945 | 96667 | SH |  | SOLE |  | 40472 | 0 | 56195 |
| ACCURAY INC | COMMON | 004397105 |  | 527 | 386350 | SH |  | SOLE |  | 169020 | 0 | 217330 |
| ADAPTHEALTH CORP | COMMON | 00653Q102 |  | 6149 | 652077 | SH |  | SOLE |  | 614600 | 0 | 37477 |
| ADVANCE AUTO PARTS | COMMON | 00751Y106 |  | 2435 | 52381 | SH |  | SOLE |  | 49360 | 0 | 3021 |
| ADV MICRO DEVICES | COMMON | 007903107 |  | 10280 | 72440 | SH |  | SOLE |  | 66130 | 0 | 6310 |
| AFFILIATED MANAGE GR | COMMON | 008252108 |  | 798 | 4058 | SH |  | SOLE |  | 0 | 0 | 4058 |
| AGILENT TECHN INC | COMMON | 00846U101 |  | 2530 | 21432 | SH |  | SOLE |  | 20342 | 0 | 1090 |
| ALERUS FINL CORP | COMMON | 01446U103 |  | 4123 | 190470 | SH |  | SOLE |  | 83240 | 0 | 107230 |
| ALPHABET INC | CLASS C | 02079K107 |  | 28187 | 158900 | SH |  | SOLE |  | 143950 | 0 | 14950 |
| ALPHABET INC | CLASS A | 02079K305 |  | 48475 | 275042 | SH |  | SOLE |  | 137772 | 0 | 137270 |
| ALTRIA GROUP INC | COMMON | 02209S103 |  | 26705 | 455414 | SH |  | SOLE |  | 190819 | 0 | 264595 |
| AMAZON COM INC | COMMON | 023135106 |  | 29136 | 132799 | SH |  | SOLE |  | 118784 | 0 | 14015 |
| AMERANT BANCORP INC | CLASS A COMMON STOCK | 023576101 |  | 3898 | 213755 | SH |  | SOLE |  | 91130 | 0 | 122625 |
| AMENTUM HOLDINGS INC | COMMON | 023939101 |  | 14947 | 633048 | SH |  | SOLE |  | 581209 | 0 | 51839 |
| AMERICAN EXPRESS CO | COMMON | 025816109 |  | 6264 | 19640 | SH |  | SOLE |  | 18670 | 0 | 970 |
| AMERICAN PUBLIC EDU | COMMON | 02913V103 |  | 6723 | 220720 | SH |  | SOLE |  | 96700 | 0 | 124020 |
| AMERICAN WOODMARK | COMMON | 030506109 |  | 1978 | 37066 | SH |  | SOLE |  | 34936 | 0 | 2130 |
| AMERISAFE INC | COMMON | 03071H100 |  | 2402 | 54940 | SH |  | SOLE |  | 23990 | 0 | 30950 |
| CENCORA INC | COMMON | 03073E105 |  | 8031 | 26787 | SH |  | SOLE |  | 25377 | 0 | 1410 |
| AMERIPRISE FINANCIAL | COMMON | 03076C106 |  | 21564 | 40403 | SH |  | SOLE |  | 16818 | 0 | 23585 |
| AMERIS BANCORP | COMMON | 03076K108 |  | 5740 | 88734 | SH |  | SOLE |  | 83634 | 0 | 5100 |
| AMGEN INC | COMMON | 031162100 |  | 3682 | 13187 | SH |  | SOLE |  | 12517 | 0 | 670 |
| AMPLIFY ENERGY CORP | COMMON STOCK | 03212B103 |  | 3520 | 1099995 | SH |  | SOLE |  | 480530 | 0 | 619465 |
| ELEVANCE HEALTH INC | COMMON | 036752103 |  | 14208 | 36527 | SH |  | SOLE |  | 15687 | 0 | 20840 |
| APOGEE ENTERPRISES | COMMON | 037598109 |  | 1712 | 42173 | SH |  | SOLE |  | 39750 | 0 | 2423 |
| APPLE INC | COMMON | 037833100 |  | 37124 | 180955 | SH |  | SOLE |  | 162215 | 0 | 18740 |
| APPLE HOSPITALITY | COMMON | 03784Y200 |  | 5299 | 454001 | SH |  | SOLE |  | 427908 | 0 | 26093 |
| ARTESIAN RESOURCES | CLASS A | 043113208 |  | 1005 | 29870 | SH |  | SOLE |  | 13040 | 0 | 16830 |
| AVISTA CORPORATION | COMMON | 05379B107 |  | 3669 | 96702 | SH |  | SOLE |  | 91144 | 0 | 5558 |
| AVNET INC | COMMON | 053807103 |  | 5798 | 109227 | SH |  | SOLE |  | 102949 | 0 | 6278 |
| AXON ENTERPRISE INC | COMMON | 05464C101 |  | 226 | 274 | SH |  | SOLE |  | 274 | 0 | 0 |
| BAKER HUGHES A GE CO | CL A | 05722G100 |  | 10249 | 267367 | SH |  | SOLE |  | 114847 | 0 | 152520 |
| BANK OF NEW YORK MEL | COMMON | 064058100 |  | 38724 | 425015 | SH |  | SOLE |  | 203630 | 0 | 221385 |
| BANNER CORPORATION | COMMON | 06652V208 |  | 423 | 6598 | SH |  | SOLE |  | 4413 | 0 | 2185 |
| BAR HBR BANKSHARES | COMMON | 066849100 |  | 2690 | 89710 | SH |  | SOLE |  | 39395 | 0 | 50315 |
| BARRETT BUSINESS SER | COMMON | 068463108 |  | 6155 | 147650 | SH |  | SOLE |  | 64485 | 0 | 83165 |
| BEAZER HOMES USA | COMMON | 07556Q881 |  | 2504 | 112000 | SH |  | SOLE |  | 48890 | 0 | 63110 |
| BELDEN INC | COMMON | 077454106 |  | 6110 | 52774 | SH |  | SOLE |  | 49742 | 0 | 3032 |
| BENCHMARK ELECTRS | COMMON | 08160H101 |  | 5460 | 140600 | SH |  | SOLE |  | 59915 | 0 | 80685 |
| BIOGEN INC | COMMON | 09062X103 |  | 3448 | 27459 | SH |  | SOLE |  | 25339 | 0 | 2120 |
| BORG WARNER INC | COMMON | 099724106 |  | 2033 | 60744 | SH |  | SOLE |  | 57849 | 0 | 2895 |
| BRIDGEWATER BANCSHAR | COMMON | 108621103 |  | 2973 | 186950 | SH |  | SOLE |  | 82080 | 0 | 104870 |
| BRISTOL MYERS SQUIBB | COMMON | 110122108 |  | 17696 | 382329 | SH |  | SOLE |  | 162104 | 0 | 220225 |
| BROADCOM INC | COMMON | 11135F101 |  | 21025 | 76280 | SH |  | SOLE |  | 68090 | 0 | 8190 |
| BUILD A BEAR WORKSHP | COMMON | 120076104 |  | 6233 | 120875 | SH |  | SOLE |  | 52035 | 0 | 68840 |
| CECO ENVIRONMENTAL | COMMON | 125141101 |  | 5248 | 185435 | SH |  | SOLE |  | 78620 | 0 | 106815 |
| CF INDUSTRIES HLDGS | COMMON | 125269100 |  | 7719 | 83917 | SH |  | SOLE |  | 77267 | 0 | 6650 |
| THE CIGNA GROUP | COMMON USD0.01 | 125523100 |  | 14628 | 44245 | SH |  | SOLE |  | 19020 | 0 | 25225 |
| CRA INTERNATIONAL | COMMON | 12618T105 |  | 4923 | 26263 | SH |  | SOLE |  | 11498 | 0 | 14765 |
| COTERRA ENERGY INC | COMMON | 127097103 |  | 13541 | 533596 | SH |  | SOLE |  | 218374 | 0 | 315222 |
| CAPITAL ONE FINL CO | COMMON | 14040H105 |  | 13387 | 62939 | SH |  | SOLE |  | 58288 | 0 | 4651 |
| CAPITOL FEDERAL FN | COMMON | 14057J101 |  | 4373 | 716865 | SH |  | SOLE |  | 311550 | 0 | 405315 |
| CARLYLE GROUP INC | COM | 14316J108 |  | 13714 | 266725 | SH |  | SOLE |  | 247735 | 0 | 18990 |
| CASS INFORMATION SYS | COMMON | 14808P109 |  | 4045 | 93140 | SH |  | SOLE |  | 40630 | 0 | 52510 |
| CATERPILLAR INC | COMMON | 149123101 |  | 34678 | 89328 | SH |  | SOLE |  | 50773 | 0 | 38555 |
| CATHAY GEN BANCORP | COMMON | 149150104 |  | 7077 | 155429 | SH |  | SOLE |  | 146497 | 0 | 8932 |
| CENTENE CORP DEL | COMMON | 15135B101 |  | 8213 | 151288 | SH |  | SOLE |  | 139768 | 0 | 11520 |
| CENTURY ALUM CO | COMMON | 156431108 |  | 4721 | 261953 | SH |  | SOLE |  | 246898 | 0 | 15055 |
| CHART INDS INC | COMMON | 16115Q308 |  | 11680 | 70975 | SH |  | SOLE |  | 65895 | 0 | 5080 |
| CHEESECAKE FACTORY | COMMON | 163072101 |  | 377 | 6027 | SH |  | SOLE |  | 3437 | 0 | 2590 |
| CHEVRON CORP | COMMON | 166764100 |  | 15657 | 109366 | SH |  | SOLE |  | 101326 | 0 | 8040 |
| CISCO SYSTEMS INC | COMMON | 17275R102 |  | 41667 | 600531 | SH |  | SOLE |  | 288686 | 0 | 311845 |
| CITIGROUP INC | COMMON | 172967424 |  | 36872 | 433163 | SH |  | SOLE |  | 185618 | 0 | 247545 |
| CLEANSPARK INC | COMMON | 18452B209 |  | 3647 | 330650 | SH |  | SOLE |  | 141910 | 0 | 188740 |
| CLEAR SECURE INC. | CLASS A COMMON STOCK | 18467V109 |  | 2002 | 72068 | SH |  | SOLE |  | 63180 | 0 | 8888 |
| COCA COLA CONSOLIDAT | COMMON | 191098102 |  | 263 | 2360 | SH |  | SOLE |  | 0 | 0 | 2360 |
| COEUR MINING INC | COMMON | 192108504 |  | 391 | 44103 | SH |  | SOLE |  | 23918 | 0 | 20185 |
| COHU INC | COMMON | 192576106 |  | 3268 | 169902 | SH |  | SOLE |  | 77462 | 0 | 92440 |
| CONCENTRA GRP HLDGS | COMMON STOCK | 20603L102 |  | 365 | 17731 | SH |  | SOLE |  | 12891 | 0 | 4840 |
| COSTCO WHSL CORP | COMMON | 22160K105 |  | 309 | 313 | SH |  | SOLE |  | 313 | 0 | 0 |
| COUSINS PPTYS INC | COMMON | 222795502 |  | 9113 | 303434 | SH |  | SOLE |  | 285996 | 0 | 17438 |
| COVENANT LOGISTICS | COMMON | 22284P105 |  | 9458 | 392267 | SH |  | SOLE |  | 243378 | 0 | 148889 |
| CRAWFORD  CO | CLASS A | 224633206 |  | 1582 | 149581 | SH |  | SOLE |  | 65590 | 0 | 83991 |
| CROWN HOLDINGS INC | COMMON | 228368106 |  | 749 | 7267 | SH |  | SOLE |  | 0 | 0 | 7267 |
| CUMMINS INC | COMMON | 231021106 |  | 33770 | 103113 | SH |  | SOLE |  | 43663 | 0 | 59450 |
| DBX ETF TR | XT MSCI EAFE HDIV YL | 233051630 |  | 3638 | 126031 | SH |  | SOLE |  | 126031 | 0 | 0 |
| DAKTRONICS INC | COMMON | 234264109 |  | 6242 | 412863 | SH |  | SOLE |  | 389134 | 0 | 23729 |
| DARDEN RESTAURANT | COMMON | 237194105 |  | 23031 | 105673 | SH |  | SOLE |  | 44923 | 0 | 60750 |
| DEERE  CO | COMMON | 244199105 |  | 7516 | 14781 | SH |  | SOLE |  | 13351 | 0 | 1430 |
| DELL TECHNOLOGIES IN | COMMON CLASS C | 24703L202 |  | 14171 | 115581 | SH |  | SOLE |  | 106572 | 0 | 9009 |
| DELTA AIR LINES | COMMON | 247361702 |  | 22760 | 462822 | SH |  | SOLE |  | 195489 | 0 | 267333 |
| DICKS SPORTING GOODS | COMMON | 253393102 |  | 11591 | 58592 | SH |  | SOLE |  | 53872 | 0 | 4720 |
| DIME COMMUNITY BANCS | COM USD0.01 | 25432X102 |  | 6302 | 233800 | SH |  | SOLE |  | 105100 | 0 | 128700 |
| WALT DISNEY CO | COM | 254687106 |  | 10089 | 81342 | SH |  | SOLE |  | 75182 | 0 | 6160 |
| DOCUSIGN INC | COMMON | 256163106 |  | 679 | 8720 | SH |  | SOLE |  | 0 | 0 | 8720 |
| DONEGAL GROUP INC | CLASS A | 257701201 |  | 3699 | 184745 | SH |  | SOLE |  | 80580 | 0 | 104165 |
| DOVER CORP | COMMON | 260003108 |  | 8993 | 49097 | SH |  | SOLE |  | 45462 | 0 | 3635 |
| DUCOMMUN INC | COMMON | 264147109 |  | 7031 | 85090 | SH |  | SOLE |  | 36309 | 0 | 48781 |
| DUKE ENERGY CORP | COMMON | 26441C204 |  | 38658 | 327625 | SH |  | SOLE |  | 139875 | 0 | 187750 |
| EOG RESOURCES INC | COMMON | 26875P101 |  | 29974 | 250588 | SH |  | SOLE |  | 141088 | 0 | 109500 |
| ETF SER SOLUTIONS | AAM LW DUR PFD | 26922A198 |  | 490 | 25000 | SH |  | SOLE |  | 25000 | 0 | 0 |
| EBAY INC | COMMON | 278642103 |  | 21288 | 285924 | SH |  | SOLE |  | 122755 | 0 | 163169 |
| ECOLAB INC | COMMON | 278865100 |  | 258 | 962 | SH |  | SOLE |  | 962 | 0 | 0 |
| EMCOR GROUP INC | COMMON | 29084Q100 |  | 869 | 1625 | SH |  | SOLE |  | 0 | 0 | 1625 |
| EMERSON ELEC CO | COMMON | 291011104 |  | 10723 | 80418 | SH |  | SOLE |  | 33288 | 0 | 47130 |
| ENERSYS | COMMON | 29275Y102 |  | 4748 | 55351 | SH |  | SOLE |  | 45958 | 0 | 9393 |
| ENOVA INTERNATIONAL | COMMON | 29357K103 |  | 5974 | 53578 | SH |  | SOLE |  | 47406 | 0 | 6172 |
| ENTERPRISE FINL SVCS | COMMON | 293712105 |  | 469 | 8505 | SH |  | SOLE |  | 5100 | 0 | 3405 |
| EPLUS INC | COMMON | 294268107 |  | 553 | 7663 | SH |  | SOLE |  | 0 | 0 | 7663 |
| EQUITY BANCSHARES | COM USD0.01 | 29460X109 |  | 4713 | 115560 | SH |  | SOLE |  | 50120 | 0 | 65440 |
| ESSENTIAL PPTYS RLTY | REIT COM | 29670E107 |  | 606 | 19016 | SH |  | SOLE |  | 14906 | 0 | 4110 |
| EURONET WORLDWIDE | COMMON | 298736109 |  | 4292 | 42336 | SH |  | SOLE |  | 39902 | 0 | 2434 |
| EUROPACIFIC GROWTH F | SHS CL F-2 | 29875E100 |  | 891 | 14734 | SH |  | SOLE |  | 14734 | 0 | 0 |
| EXCHANGE PLACE ADVIS | N SQ RCIM TAX-ADV PR | 301471108 |  | 5062 | 200000 | SH |  | SOLE |  | 200000 | 0 | 0 |
| F ANNUITIES  LIFE | COMMON STOCK | 30190A104 |  | 3863 | 120813 | SH |  | SOLE |  | 113874 | 0 | 6939 |
| EXPEDIA GROUP INC | COMMON | 30212P303 |  | 16179 | 95899 | SH |  | SOLE |  | 87634 | 0 | 8265 |
| META PLATFORMS INC | COM USD0.000006 CL A | 30303M102 |  | 25302 | 34279 | SH |  | SOLE |  | 29859 | 0 | 4420 |
| FEDERAL AGRIC MTG | CLASS C | 313148306 |  | 5916 | 30455 | SH |  | SOLE |  | 13045 | 0 | 17410 |
| FIRST BANCORP ME | COMMON | 31866P102 |  | 1738 | 68425 | SH |  | SOLE |  | 29910 | 0 | 38515 |
| FIRST BANK WILLIAMS | COMMON | 31931U102 |  | 2139 | 138190 | SH |  | SOLE |  | 60385 | 0 | 77805 |
| FIRST FINL CORP | COMMON | 320218100 |  | 3000 | 55425 | SH |  | SOLE |  | 24235 | 0 | 31190 |
| FIRST INTERNET BANC | COMMON | 320557101 |  | 3923 | 145781 | SH |  | SOLE |  | 63625 | 0 | 82156 |
| FLUOR CORPORATION | COMMON | 343412102 |  | 801 | 15637 | SH |  | SOLE |  | 0 | 0 | 15637 |
| FLUSHING FINL CORP | COMMON | 343873105 |  | 4080 | 343450 | SH |  | SOLE |  | 149320 | 0 | 194130 |
| FOX CORPORATION | CL A COM | 35137L105 |  | 25787 | 460135 | SH |  | SOLE |  | 194995 | 0 | 265140 |
| FREEPORT-MCMORAN INC | COMMON | 35671D857 |  | 4581 | 105675 | SH |  | SOLE |  | 100205 | 0 | 5470 |
| G III APPAREL GROUP | COM | 36237H101 |  | 3938 | 175815 | SH |  | SOLE |  | 156378 | 0 | 19437 |
| GAMING PPTYS | COMMON | 36467J108 |  | 11040 | 236580 | SH |  | SOLE |  | 219465 | 0 | 17115 |
| GILEAD SCIENCES INC | COMMON | 375558103 |  | 6372 | 57475 | SH |  | SOLE |  | 52315 | 0 | 5160 |
| GLOBAL X FDS | US PFD ETF | 37954Y657 |  | 492 | 26100 | SH |  | SOLE |  | 26100 | 0 | 0 |
| GOLDMAN SACHS GROUP | COMMON | 38141G104 |  | 53289 | 75292 | SH |  | SOLE |  | 48080 | 0 | 27212 |
| GOLDMAN SACHS TR | STRU INTLSC IN | 38144N593 |  | 744 | 48161 | SH |  | SOLE |  | 48161 | 0 | 0 |
| GOODYEAR TIRE  RUBR | COMMON | 382550101 |  | 7839 | 755689 | SH |  | SOLE |  | 470141 | 0 | 285548 |
| GREIF INC | CLASS A | 397624107 |  | 315 | 4857 | SH |  | SOLE |  | 3477 | 0 | 1380 |
| GUARDIAN PHARMACY SR | CLASS A COMMON STOCK | 40145W101 |  | 2052 | 96305 | SH |  | SOLE |  | 42050 | 0 | 54255 |
| HANCOCK WHITNEY CORP | COMMON | 410120109 |  | 8301 | 144593 | SH |  | SOLE |  | 133695 | 0 | 10898 |
| HARRIS ASSOC INVT TR | OAKMK GLBSEL I | 413838822 |  | 397 | 15801 | SH |  | SOLE |  | 15801 | 0 | 0 |
| HARTFORD INSURANCE | COMMON | 416515104 |  | 35381 | 278868 | SH |  | SOLE |  | 119753 | 0 | 159115 |
| HAWAIIAN ELEC INDS | COMMON | 419870100 |  | 5440 | 511807 | SH |  | SOLE |  | 452574 | 0 | 59233 |
| HEALTHCARE SVCS GRP | COMMON | 421906108 |  | 8864 | 589809 | SH |  | SOLE |  | 388311 | 0 | 201498 |
| HEALTHPEAK PROPERTIE | COM USD1 | 42250P103 |  | 10238 | 584567 | SH |  | SOLE |  | 245217 | 0 | 339350 |
| HELIX ENRGY SOLNS | COMMON | 42330P107 |  | 2698 | 432175 | SH |  | SOLE |  | 182925 | 0 | 249250 |
| HOME DEPOT INC | COMMON | 437076102 |  | 392 | 1070 | SH |  | SOLE |  | 0 | 0 | 1070 |
| HOMETRUST BANCSHAR | COMMON | 437872104 |  | 3811 | 101870 | SH |  | SOLE |  | 44530 | 0 | 57340 |
| HONEYWELL INTL INC | COMMON | 438516106 |  | 13229 | 56807 | SH |  | SOLE |  | 54402 | 0 | 2405 |
| HOOKER FURNISHINGS | COMMON | 439038100 |  | 1169 | 110760 | SH |  | SOLE |  | 48165 | 0 | 62595 |
| HORIZON BANCORP INC | COMMON | 440407104 |  | 3479 | 226045 | SH |  | SOLE |  | 98765 | 0 | 127280 |
| HUMANA INC | COMMON | 444859102 |  | 5835 | 23871 | SH |  | SOLE |  | 21891 | 0 | 1980 |
| IDT CORPORATION | CLASS B | 448947507 |  | 5608 | 82075 | SH |  | SOLE |  | 35810 | 0 | 46265 |
| IMAX CORP | COMMON | 45245E109 |  | 5907 | 211155 | SH |  | SOLE |  | 90060 | 0 | 121095 |
| INDEPENDENT BANK | COMMON | 453838609 |  | 6611 | 203980 | SH |  | SOLE |  | 88475 | 0 | 115505 |
| INGREDION INCORPRTD | COMMON | 457187102 |  | 734 | 5411 | SH |  | SOLE |  | 0 | 0 | 5411 |
| INSPIRED ENTMT INC | COM USD0.0001 | 45782N108 |  | 5476 | 670558 | SH |  | SOLE |  | 285720 | 0 | 384838 |
| INTERFACE INC | COMMON | 458665304 |  | 2623 | 125399 | SH |  | SOLE |  | 118193 | 0 | 7206 |
| INTL BANCSHARES CORP | COMMON | 459044103 |  | 9198 | 138180 | SH |  | SOLE |  | 130239 | 0 | 7941 |
| INTL BUSINESS MCHN | COMMON | 459200101 |  | 30168 | 102348 | SH |  | SOLE |  | 43083 | 0 | 59265 |
| INTERNATIONAL GRW | CL F-1 SHS | 45956T402 |  | 436 | 10165 | SH |  | SOLE |  | 10165 | 0 | 0 |
| INVESCO QQQ TR | QQQ TRUST SERIES 1 | 46090E103 |  | 110502 | 200316 | SH |  | SOLE |  | 178975 | 0 | 21341 |
| INTUIT | COMMON | 461202103 |  | 230 | 290 | SH |  | SOLE |  | 290 | 0 | 0 |
| INVESCO EXCHANGETRAD | S 500 EQUAL WEIGHT | 46137V357 |  | 809 | 4450 | SH |  | SOLE |  | 4450 | 0 | 0 |
| INVESCO EXCHANGETRAD | S 500 GARP ETF | 46137V431 |  | 1917 | 17800 | SH |  | SOLE |  | 17800 | 0 | 0 |
| INVESCO ETF FD TR II | PFD ETF | 46138E511 |  | 687 | 61700 | SH |  | SOLE |  | 61700 | 0 | 0 |
| ISHARES INC | MSCI BRAZIL CAPPED E | 464286400 |  | 2706 | 93688 | SH |  | SOLE |  | 93688 | 0 | 0 |
| ISHARES INC | MSCI CDA INDEX | 464286509 |  | 18999 | 411135 | SH |  | SOLE |  | 411135 | 0 | 0 |
| ISHARES INC | MSCI EUROZONE | 464286608 |  | 42840 | 720600 | SH |  | SOLE |  | 720600 | 0 | 0 |
| ISHARES | MSCI GERMANY ETF | 464286806 |  | 3000 | 70886 | SH |  | SOLE |  | 70886 | 0 | 0 |
| ISHARES | MSCI EAFE ETF | 464287465 |  | 1332 | 14900 | SH |  | SOLE |  | 14900 | 0 | 0 |
| ISHARES | RUSSELL 2000 ETF | 464287655 |  | 863 | 4000 | SH |  | SOLE |  | 4000 | 0 | 0 |
| ISHARES | 3-7 YR TR BD ETF | 464288661 |  | 27343 | 229600 | SH |  | SOLE |  | 229600 | 0 | 0 |
| ISHARES | EAFE VALUE ETF | 464288877 |  | 8033 | 126485 | SH |  | SOLE |  | 126485 | 0 | 0 |
| ISHARES MSCI | INDIA INDEX FUND | 46429B598 |  | 30323 | 544586 | SH |  | SOLE |  | 544586 | 0 | 0 |
| ISHARES TR | CORE MSCI EAFE | 46432F842 |  | 3563 | 42684 | SH |  | SOLE |  | 42684 | 0 | 0 |
| ISHARES INC | MSCI SINGPOR ETF | 46434G780 |  | 2617 | 100794 | SH |  | SOLE |  | 100794 | 0 | 0 |
| ISHARES TR | MSCI UK ETF | 46435G334 |  | 3585 | 90287 | SH |  | SOLE |  | 90287 | 0 | 0 |
| JPMORGAN CHASE  CO | COMMON | 46625H100 |  | 63112 | 217688 | SH |  | SOLE |  | 137598 | 0 | 80090 |
| JACKSON FINANCIAL | CLASS A COMMON STOCK | 46817M107 |  | 5160 | 58107 | SH |  | SOLE |  | 54770 | 0 | 3337 |
| JACOBS SOLUTIONS INC | COMMON | 46982L108 |  | 8549 | 65042 | SH |  | SOLE |  | 59277 | 0 | 5765 |
| JOHNSON  JOHNSON | COMMON | 478160104 |  | 19372 | 126825 | SH |  | SOLE |  | 53286 | 0 | 73539 |
| JOHNSON OUTDOORS INC | CLASS A | 479167108 |  | 2020 | 66690 | SH |  | SOLE |  | 29085 | 0 | 37605 |
| KLA CORPORATION | COMMON USD0.001 | 482480100 |  | 270 | 302 | SH |  | SOLE |  | 302 | 0 | 0 |
| KELLY SERVICES INC | CLASS A | 488152208 |  | 4807 | 410335 | SH |  | SOLE |  | 174800 | 0 | 235535 |
| KEMPER CORPORATION | COMMON | 488401100 |  | 5480 | 84921 | SH |  | SOLE |  | 77398 | 0 | 7523 |
| KIMBALL ELECTRONICS | COMMON | 49428J109 |  | 4068 | 211470 | SH |  | SOLE |  | 92165 | 0 | 119305 |
| KNOWLES CORPORATION | COMMON STOCK | 49926D109 |  | 5977 | 339238 | SH |  | SOLE |  | 319741 | 0 | 19497 |
| KOPPERS HOLDINGS | COMMON | 50060P106 |  | 4725 | 146990 | SH |  | SOLE |  | 63275 | 0 | 83715 |
| KROGER CO | COMMON | 501044101 |  | 24342 | 339313 | SH |  | SOLE |  | 143383 | 0 | 195930 |
| LANTHEUS HLDGS INC | COMMON | 516544103 |  | 370 | 4512 | SH |  | SOLE |  | 0 | 0 | 4512 |
| LEAR CORPORATION | COMMON | 521865204 |  | 3228 | 33993 | SH |  | SOLE |  | 32032 | 0 | 1961 |
| LILLY ELI  CO | COMMON | 532457108 |  | 839 | 1077 | SH |  | SOLE |  | 1077 | 0 | 0 |
| MRC GLOBAL INC | COMMON | 55345K103 |  | 3940 | 287425 | SH |  | SOLE |  | 270905 | 0 | 16520 |
| MANITOWOC INC | COMMON | 563571405 |  | 1015 | 84405 | SH |  | SOLE |  | 36870 | 0 | 47535 |
| MANPOWERGROUP | COMMON | 56418H100 |  | 2155 | 53368 | SH |  | SOLE |  | 50301 | 0 | 3067 |
| MARATHON PETROLEUM | COMMON | 56585A102 |  | 21011 | 126495 | SH |  | SOLE |  | 116825 | 0 | 9670 |
| MARRIOTT INTL INC | CLASS A | 571903202 |  | 9551 | 34968 | SH |  | SOLE |  | 31568 | 0 | 3400 |
| MASTERCARD INC | CLASS A | 57636Q104 |  | 372 | 661 | SH |  | SOLE |  | 661 | 0 | 0 |
| MASTERBRAND INC | COMMON STOCK | 57638P104 |  | 2793 | 255471 | SH |  | SOLE |  | 240788 | 0 | 14683 |
| MATTEL INC | COMMON | 577081102 |  | 545 | 27670 | SH |  | SOLE |  | 0 | 0 | 27670 |
| PEDIATRIX MEDICAL GR | COMMON | 58502B106 |  | 2910 | 202798 | SH |  | SOLE |  | 191150 | 0 | 11648 |
| MERCK  CO INC | COMMON | 58933Y105 |  | 5828 | 73615 | SH |  | SOLE |  | 67155 | 0 | 6460 |
| PATHWARD FINANCIAL | COMMON | 59100U108 |  | 8461 | 106955 | SH |  | SOLE |  | 100812 | 0 | 6143 |
| MICROSOFT CORP | COMMON | 594918104 |  | 43321 | 87091 | SH |  | SOLE |  | 77571 | 0 | 9520 |
| MINERALS TECHNOLOGS | COMMON | 603158106 |  | 4884 | 88694 | SH |  | SOLE |  | 73940 | 0 | 14754 |
| MISTRAS GROUP INC | COMMON | 60649T107 |  | 2917 | 363973 | SH |  | SOLE |  | 159351 | 0 | 204622 |
| MITEK SYS INC | COMMON | 606710200 |  | 5201 | 525210 | SH |  | SOLE |  | 229135 | 0 | 296075 |
| MOLSON COORS BEVERAG | CLASS B | 60871R209 |  | 279 | 5792 | SH |  | SOLE |  | 0 | 0 | 5792 |
| MOOG INC | CLASS A | 615394202 |  | 391 | 2149 | SH |  | SOLE |  | 1329 | 0 | 820 |
| MOSAIC CO | COMMON | 61945C103 |  | 21656 | 593602 | SH |  | SOLE |  | 252187 | 0 | 341415 |
| MURPHY OIL CORP | COMMON | 626717102 |  | 4154 | 184654 | SH |  | SOLE |  | 174042 | 0 | 10612 |
| NVE CORP | COMMON | 629445206 |  | 2509 | 34060 | SH |  | SOLE |  | 14930 | 0 | 19130 |
| NATL HEALTHCARE CP | COMMON | 635906100 |  | 2285 | 21330 | SH |  | SOLE |  | 9105 | 0 | 12225 |
| NATURAL GROCERS BY | COMMON | 63888U108 |  | 2900 | 73895 | SH |  | SOLE |  | 32245 | 0 | 41650 |
| NATURE SUNSHINE PROD | COMMON | 639027101 |  | 1977 | 133743 | SH |  | SOLE |  | 58424 | 0 | 75319 |
| NETAPP INC COM | COMMON | 64110D104 |  | 6740 | 63280 | SH |  | SOLE |  | 27305 | 0 | 35975 |
| NETFLIX INC | COMMON | 64110L106 |  | 526 | 393 | SH |  | SOLE |  | 393 | 0 | 0 |
| NEW GOLD INC | COMMON | 644535106 |  | 6321 | 1277058 | SH |  | SOLE |  | 1203525 | 0 | 73533 |
| NEWMARK GROUP INC | COM CL A | 65158N102 |  | 267 | 21954 | SH |  | SOLE |  | 0 | 0 | 21954 |
| NEWMONT CORPORATION | COM | 651639106 |  | 11897 | 204209 | SH |  | SOLE |  | 87444 | 0 | 116765 |
| NEXTERA ENERGY INC | COMMON | 65339F101 |  | 3563 | 51343 | SH |  | SOLE |  | 48693 | 0 | 2650 |
| NEXPOINT RESIDNL TR | COMMON | 65341D102 |  | 4937 | 148196 | SH |  | SOLE |  | 139624 | 0 | 8572 |
| NORTH SQUARE INVESTM | NORTH MICRO FD I | 66263L593 |  | 13143 | 1063362 | SH |  | SOLE |  | 1063362 | 0 | 0 |
| NORTH SQ INVSTMNTS T | ADVSY RSCH ACP I | 66263L775 |  | 21522 | 1676190 | SH |  | SOLE |  | 1676190 | 0 | 0 |
| NORTH SQ INVSTMNTS T | DYNAMIC SMCP I | 66263L825 |  | 43868 | 3023309 | SH |  | SOLE |  | 3023309 | 0 | 0 |
| NORTHEAST BANK | COMMON | 66405S100 |  | 6344 | 71297 | SH |  | SOLE |  | 31347 | 0 | 39950 |
| NORTHWEST NATURAL HL | COMMON STOCK | 66765N105 |  | 3142 | 79097 | SH |  | SOLE |  | 71629 | 0 | 7468 |
| NWPX INFRASTRUCTURE | COMMON | 667746101 |  | 6075 | 148195 | SH |  | SOLE |  | 63745 | 0 | 84450 |
| NORTHWESTERN ENERGY | COMMON | 668074305 |  | 546 | 10634 | SH |  | SOLE |  | 7809 | 0 | 2825 |
| GEN DIGITAL INC | COMMON | 668771108 |  | 370 | 12585 | SH |  | SOLE |  | 0 | 0 | 12585 |
| DNOW INC | COMMON | 67011P100 |  | 4771 | 321721 | SH |  | SOLE |  | 264301 | 0 | 57420 |
| NUCOR CORP | COMMON | 670346105 |  | 10928 | 84355 | SH |  | SOLE |  | 36195 | 0 | 48160 |
| NVIDIA CORP | COMMON | 67066G104 |  | 19827 | 125510 | SH |  | SOLE |  | 108560 | 0 | 16950 |
| OREILLY AUTOMOTIVE I | COM | 67103H107 |  | 325 | 3600 | SH |  | SOLE |  | 3600 | 0 | 0 |
| OFG BANCORP | COMMON | 67103X102 |  | 8235 | 192425 | SH |  | SOLE |  | 181366 | 0 | 11059 |
| OCEANEERING INTL INC | COMMON | 675232102 |  | 291 | 14027 | SH |  | SOLE |  | 10407 | 0 | 3620 |
| OCEANFIRST FINL CORP | COMMON | 675234108 |  | 5182 | 294184 | SH |  | SOLE |  | 131799 | 0 | 162385 |
| OIL DRI CORP AMER | COMMON | 677864100 |  | 3156 | 53505 | SH |  | SOLE |  | 23320 | 0 | 30185 |
| OLD NATL BANCP IND | COMMON | 680033107 |  | 577 | 27110 | SH |  | SOLE |  | 19360 | 0 | 7750 |
| OLYMPIC STEEL INC | COMMON | 68162K106 |  | 5964 | 182945 | SH |  | SOLE |  | 80225 | 0 | 102720 |
| ONESPAN INC | COMMON | 68287N100 |  | 3651 | 218735 | SH |  | SOLE |  | 92500 | 0 | 126235 |
| ORACLE CORP | COMMON | 68389X105 |  | 33648 | 153883 | SH |  | SOLE |  | 113583 | 0 | 40300 |
| ORGANON  CO | COM USD0.01 | 68622V106 |  | 2342 | 241903 | SH |  | SOLE |  | 227972 | 0 | 13931 |
| OUTFRONT MEDIA INC | COMMON | 69007J304 |  | 728 | 44553 | SH |  | SOLE |  | 0 | 0 | 44553 |
| OWENS CORNING | COMMON | 690742101 |  | 366 | 2658 | SH |  | SOLE |  | 0 | 0 | 2658 |
| PVH CORP | COMMON | 693656100 |  | 1893 | 27554 | SH |  | SOLE |  | 11854 | 0 | 15700 |
| PAN AMERICAN SILVER | COMMON | 697900108 |  | 5709 | 201081 | SH |  | SOLE |  | 189525 | 0 | 11556 |
| PARK HOTELS RESORTS | WHEN ISSUED | 700517105 |  | 5254 | 513484 | SH |  | SOLE |  | 483974 | 0 | 29510 |
| PAYPAL HLDGS INC | COM | 70450Y103 |  | 18788 | 252861 | SH |  | SOLE |  | 233871 | 0 | 18990 |
| PEGASYSTEMS INC | COMMON | 705573103 |  | 3686 | 68088 | SH |  | SOLE |  | 64178 | 0 | 3910 |
| PEOPLES BANCORP | COMMON | 709789101 |  | 4887 | 159996 | SH |  | SOLE |  | 72107 | 0 | 87889 |
| PFIZER INC | COMMON | 717081103 |  | 20735 | 855380 | SH |  | SOLE |  | 367435 | 0 | 487945 |
| PHILIP MORRIS INTL | COMMON | 718172109 |  | 4500 | 24714 | SH |  | SOLE |  | 23594 | 0 | 1120 |
| PORTLAND GEN ELEC CO | COMMON | 736508847 |  | 6063 | 149145 | SH |  | SOLE |  | 125964 | 0 | 23181 |
| POSTAL REALTY TRUST | CLASS A | 73757R102 |  | 3567 | 242145 | SH |  | SOLE |  | 105310 | 0 | 136835 |
| PRIMORIS SVCS CORP | COMMON | 74164F103 |  | 3101 | 39775 | SH |  | SOLE |  | 37488 | 0 | 2287 |
| PRIMIS FINANCIAL CRP | COMMON | 74167B109 |  | 4108 | 378420 | SH |  | SOLE |  | 165405 | 0 | 213015 |
| PRUDENTIAL WORLD FD | JNSON GL OPT Z | 743969685 |  | 2701 | 56791 | SH |  | SOLE |  | 56791 | 0 | 0 |
| PRUDENTIAL FINL | COMMON | 744320102 |  | 562 | 5230 | SH |  | SOLE |  | 0 | 0 | 5230 |
| PUBLIC SVC ENTERPR | COMMON | 744573106 |  | 7459 | 88609 | SH |  | SOLE |  | 81679 | 0 | 6930 |
| QUALCOMM INC | COMMON | 747525103 |  | 21909 | 137579 | SH |  | SOLE |  | 57974 | 0 | 79605 |
| QUEST DIAGNOSTICS | COMMON | 74834L100 |  | 18276 | 101747 | SH |  | SOLE |  | 43712 | 0 | 58035 |
| REV GROUP INC | COM USD0.001 | 749527107 |  | 5619 | 118063 | SH |  | SOLE |  | 111278 | 0 | 6785 |
| RANGER ENERGY SVCS | CLASS A | 75282U104 |  | 3691 | 309281 | SH |  | SOLE |  | 131506 | 0 | 177775 |
| RTX CORPORATION | COM USD1 | 75513E101 |  | 20455 | 140098 | SH |  | SOLE |  | 60408 | 0 | 79690 |
| UPBOUND GROUP INC | COMMON | 76009N100 |  | 4022 | 160189 | SH |  | SOLE |  | 150951 | 0 | 9238 |
| RESIDEO TECHNOLOGIES | COMMON STOCK | 76118Y104 |  | 3819 | 173109 | SH |  | SOLE |  | 163160 | 0 | 9949 |
| RINGCENTRAL INC | COM USD0.0001 CL'A' | 76680R206 |  | 5854 | 206457 | SH |  | SOLE |  | 194592 | 0 | 11865 |
| ROWE T PRICE INTL FD | EMERG MKTS STK | 77956H864 |  | 583 | 15496 | SH |  | SOLE |  | 15496 | 0 | 0 |
| SHELL PLC | ADS (REP 2 ORD SHS) | 780259305 |  | 23522 | 334111 | SH |  | SOLE |  | 140431 | 0 | 193680 |
| SM ENERGY COMPANY | COMMON | 78454L100 |  | 4134 | 167250 | SH |  | SOLE |  | 157638 | 0 | 9612 |
| SPDR S 500 ETF TR | UNITS SER 1 S | 78462F103 |  | 105425 | 170629 | SH |  | SOLE |  | 151540 | 0 | 19089 |
| ETF S EMRG MKTS | PRTFLIO EMER MARKETS | 78463X509 |  | 1316 | 30771 | SH |  | SOLE |  | 30300 | 0 | 471 |
| S WRLD EX US | DVLP WORLD EX-US ETF | 78463X889 |  | 3911 | 96578 | SH |  | SOLE |  | 95100 | 0 | 1478 |
| SPDR SERIES TRUST | SPDR PRT S 500 ETF | 78464A854 |  | 13895 | 191133 | SH |  | SOLE |  | 189610 | 0 | 1523 |
| SPDR SER TR | SPDR S 600 SMLCAP | 78468R853 |  | 783 | 18382 | SH |  | SOLE |  | 18100 | 0 | 282 |
| SALESFORCE INC | COMMON | 79466L302 |  | 12969 | 47550 | SH |  | SOLE |  | 43885 | 0 | 3665 |
| SALLY BEAUTY HLDGS | COMMON | 79546E104 |  | 4347 | 469150 | SH |  | SOLE |  | 194840 | 0 | 274310 |
| SCHWAB STRATEGIC TR | INTL SCEQT ETF | 808524888 |  | 16678 | 391600 | SH |  | SOLE |  | 391600 | 0 | 0 |
| SCIENCE APLCTNS INTL | COMMON STOCK | 808625107 |  | 3328 | 29555 | SH |  | SOLE |  | 27854 | 0 | 1701 |
| SELECT SECTOR SPDR | AMEX FINANCIAL INDEX | 81369Y605 |  | 36078 | 688900 | SH |  | SOLE |  | 688900 | 0 | 0 |
| SELECT MED HLDGS | COMMON | 81619Q105 |  | 3439 | 226415 | SH |  | SOLE |  | 205771 | 0 | 20644 |
| SEMPRA | COMMON | 816851109 |  | 11343 | 149705 | SH |  | SOLE |  | 64080 | 0 | 85625 |
| SERVICENOW INC | COMMON | 81762P102 |  | 219 | 213 | SH |  | SOLE |  | 213 | 0 | 0 |
| SHOE CARNIVAL INC | COMMON | 824889109 |  | 922 | 49310 | SH |  | SOLE |  | 21530 | 0 | 27780 |
| THE SHYFT GROUP INC | COMMON | 825698103 |  | 2111 | 168260 | SH |  | SOLE |  | 73400 | 0 | 94860 |
| SIERRA BANCORP | COMMON | 82620P102 |  | 5057 | 170270 | SH |  | SOLE |  | 74440 | 0 | 95830 |
| SIGA TECHNOLOGIES | COM USD0.0001 | 826917106 |  | 2335 | 358257 | SH |  | SOLE |  | 337667 | 0 | 20590 |
| SIMON PPTY INC | COMMON | 828806109 |  | 25438 | 158245 | SH |  | SOLE |  | 66905 | 0 | 91340 |
| SMARTFINANCIAL INC | COM USD1 | 83190L208 |  | 5996 | 177590 | SH |  | SOLE |  | 77645 | 0 | 99945 |
| SPARTANNASH CO | COMMON | 847215100 |  | 1107 | 41815 | SH |  | SOLE |  | 18265 | 0 | 23550 |
| SPOK HLDGS INC | COMMON | 84863T106 |  | 6175 | 349185 | SH |  | SOLE |  | 150425 | 0 | 198760 |
| STANDARD MOTOR PRODS | COMMON | 853666105 |  | 6024 | 196061 | SH |  | SOLE |  | 87531 | 0 | 108530 |
| STARBUCKS CORP | COMMON | 855244109 |  | 6446 | 70335 | SH |  | SOLE |  | 63495 | 0 | 6840 |
| STATE STREET CORP | DEP SHS 1/4000TH INT | 857477855 |  | 436 | 20100 | SH |  | SOLE |  | 20100 | 0 | 0 |
| STONEX GROUP INC | COMMON | 861896108 |  | 8666 | 95074 | SH |  | SOLE |  | 89610 | 0 | 5464 |
| STRYKER CORP | COMMON | 863667101 |  | 232 | 580 | SH |  | SOLE |  | 580 | 0 | 0 |
| SUN COUNTRY AIRLINES | COM USD0.01 | 866683105 |  | 4593 | 390917 | SH |  | SOLE |  | 174242 | 0 | 216675 |
| SYNCHRONY FINL | COMMON | 87165B103 |  | 31391 | 470324 | SH |  | SOLE |  | 194664 | 0 | 275660 |
| SYSCO CORP | COMMON | 871829107 |  | 9809 | 129460 | SH |  | SOLE |  | 117680 | 0 | 11780 |
| T-MOBILE US INC | COMMON | 872590104 |  | 18114 | 76022 | SH |  | SOLE |  | 70332 | 0 | 5690 |
| TARGET CORPORATION | COMMON | 87612E106 |  | 7192 | 72896 | SH |  | SOLE |  | 63296 | 0 | 9600 |
| TEREX CORP | COMMON | 880779103 |  | 3838 | 82212 | SH |  | SOLE |  | 66128 | 0 | 16084 |
| TESLA INC | COM | 88160R101 |  | 494 | 1553 | SH |  | SOLE |  | 1553 | 0 | 0 |
| TETRA TECHNOLOGIES | COMMON | 88162F105 |  | 3228 | 960305 | SH |  | SOLE |  | 409760 | 0 | 550545 |
| TIMKEN CO | COMMON | 887389104 |  | 3104 | 42753 | SH |  | SOLE |  | 40295 | 0 | 2458 |
| TRANSDIGM GROUP | COMMON | 893641100 |  | 244 | 161 | SH |  | SOLE |  | 161 | 0 | 0 |
| TURNING POINT BRANDS | COMMON STOCK | 90041L105 |  | 2658 | 35085 | SH |  | SOLE |  | 15000 | 0 | 20085 |
| TUTOR PERINI CORP | COMMON | 901109108 |  | 4740 | 101353 | SH |  | SOLE |  | 44638 | 0 | 56715 |
| TYSON FOODS INC | CLASS A | 902494103 |  | 11681 | 208786 | SH |  | SOLE |  | 89591 | 0 | 119195 |
| UGI CORP | COMMON | 902681105 |  | 4700 | 129075 | SH |  | SOLE |  | 121657 | 0 | 7418 |
| US BANCORP DEL | COMMON | 902973304 |  | 31146 | 688295 | SH |  | SOLE |  | 293915 | 0 | 394380 |
| UNITED FIRE GROUP | COMMON | 910340108 |  | 4154 | 144745 | SH |  | SOLE |  | 63255 | 0 | 81490 |
| UNITED RENTALS INC | COMMON | 911363109 |  | 25185 | 33427 | SH |  | SOLE |  | 14210 | 0 | 19217 |
| UNITIL CORP | COMMON | 913259107 |  | 6644 | 127430 | SH |  | SOLE |  | 54500 | 0 | 72930 |
| UNITI GROUP INC | COM | 91325V108 |  | 462 | 107089 | SH |  | SOLE |  | 0 | 0 | 107089 |
| UNIVERSAL HEALTH SVC | CLASS B | 913903100 |  | 925 | 5106 | SH |  | SOLE |  | 0 | 0 | 5106 |
| VAALCO ENERGY INC | COMMON | 91851C201 |  | 6608 | 1830994 | SH |  | SOLE |  | 1164858 | 0 | 666136 |
| VALMONT INDS INC | COMMON | 920253101 |  | 4478 | 13716 | SH |  | SOLE |  | 12928 | 0 | 788 |
| VANECK ETF TRUST | GOLD MINERS ETF | 92189F106 |  | 20756 | 398700 | SH |  | SOLE |  | 398700 | 0 | 0 |
| VANGUARD SPECIALIZED | DIV APPRECIATION | 921908844 |  | 4319 | 21100 | SH |  | SOLE |  | 21100 | 0 | 0 |
| VANGUARD STAR FUND | TOT INTL STK IDX FD | 921909768 |  | 10028 | 145145 | SH |  | SOLE |  | 145145 | 0 | 0 |
| VANGUARD TAX MANAGED | FTSE DEV MKT ETF | 921943858 |  | 13084 | 229506 | SH |  | SOLE |  | 229506 | 0 | 0 |
| VANGUARD INTL EQUITY | INDEX FD GLB EX US | 922042676 |  | 16494 | 357400 | SH |  | SOLE |  | 357400 | 0 | 0 |
| VANGUARD INTL EQUITY | INDEX FD FTSE SMCAP | 922042718 |  | 17007 | 126550 | SH |  | SOLE |  | 126550 | 0 | 0 |
| VANGUARD INTL EQUITY | ETF ALL-WORLD EX-US | 922042775 |  | 225 | 3350 | SH |  | SOLE |  | 3350 | 0 | 0 |
| VANGUARD SCOTTSDAL | FDS VNG RUS2000IDX | 92206C664 |  | 28184 | 323157 | SH |  | SOLE |  | 323157 | 0 | 0 |
| VANGUARD INDEX FDS | S 500 ETF SHS | 922908363 |  | 11113 | 19564 | SH |  | SOLE |  | 19564 | 0 | 0 |
| VANGUARD INDEX TR | SMALL CAP VALUE | 922908611 |  | 3984 | 20419 | SH |  | SOLE |  | 20419 | 0 | 0 |
| VANGUARD INDEX TR | GROWTH | 922908736 |  | 88288 | 201387 | SH |  | SOLE |  | 201387 | 0 | 0 |
| VANGUARD INDEX TR | VALUE | 922908744 |  | 64861 | 366983 | SH |  | SOLE |  | 366983 | 0 | 0 |
| VANGUARD INDEX TR | SMALL CAP | 922908751 |  | 9350 | 39461 | SH |  | SOLE |  | 39461 | 0 | 0 |
| VERIZON COMMUNICATIO | COMMON | 92343V104 |  | 38320 | 885566 | SH |  | SOLE |  | 373811 | 0 | 511755 |
| VERINT SYS INC | COMMON | 92343X100 |  | 4791 | 243648 | SH |  | SOLE |  | 229646 | 0 | 14002 |
| VERITEX HLDGS INC | COMMON | 923451108 |  | 3815 | 146175 | SH |  | SOLE |  | 63650 | 0 | 82525 |
| VERISK ANALYTICS INC | COM | 92345Y106 |  | 218 | 701 | SH |  | SOLE |  | 701 | 0 | 0 |
| VIATRIS INC | COMMON USD0.01 | 92556V106 |  | 521 | 58244 | SH |  | SOLE |  | 0 | 0 | 58244 |
| VIRTU FINANCIAL INC | COM CL A USD0.00001 | 928254101 |  | 829 | 18516 | SH |  | SOLE |  | 0 | 0 | 18516 |
| VISA INC | CLASS A | 92826C839 |  | 480 | 1350 | SH |  | SOLE |  | 1350 | 0 | 0 |
| VIRTUS OPPORTUNITIES | KAR INTLSMLMDCP CL I | 92828W825 |  | 643 | 28106 | SH |  | SOLE |  | 28106 | 0 | 0 |
| VISHAY INTERTECH | COMMON | 928298108 |  | 312 | 19664 | SH |  | SOLE |  | 11984 | 0 | 7680 |
| VISHAY PRECISION GR | COMMON | 92835K103 |  | 5565 | 198090 | SH |  | SOLE |  | 86450 | 0 | 111640 |
| VONTIER CORPORATION | COMMON STOCK | 928881101 |  | 639 | 17293 | SH |  | SOLE |  | 0 | 0 | 17293 |
| WP CAREY INC | COM | 92936U109 |  | 14504 | 232513 | SH |  | SOLE |  | 99933 | 0 | 132580 |
| WALMART INC | COMMON | 931142103 |  | 19128 | 195630 | SH |  | SOLE |  | 191940 | 0 | 3690 |
| WARNER BROS DISCVERY | SERIES A COM | 934423104 |  | 166 | 14510 | SH |  | SOLE |  | 0 | 0 | 14510 |
| WATERSTONE FINANCIAL | COMMON | 94188P101 |  | 2725 | 197250 | SH |  | SOLE |  | 86245 | 0 | 111005 |
| CLIMB GLOBAL SOLUTIO | COMMON | 946760105 |  | 3655 | 34195 | SH |  | SOLE |  | 14985 | 0 | 19210 |
| WELLS FARGO  CO | COMMON | 949746101 |  | 10934 | 136477 | SH |  | SOLE |  | 126677 | 0 | 9800 |
| WELLS FARGO  CO | 7.5% PFD CLA SER L | 949746804 |  | 2055 | 1750 | SH |  | SOLE |  | 1750 | 0 | 0 |
| WHITECAP RESOURCES | COMMON SHARES (CA) | 96467A200 |  | 7388 | 1099584 | SH |  | SOLE |  | 1036389 | 0 | 63195 |
| WHITESTONE REIT | COMMON REIT | 966084204 |  | 7255 | 581167 | SH |  | SOLE |  | 263142 | 0 | 318025 |
| WISDOMTREE INC | COMMON | 97717P104 |  | 6028 | 523895 | SH |  | SOLE |  | 238320 | 0 | 285575 |
| WISDOMTREE TR | ETF INTL HEDGE EQT | 97717X701 |  | 2386 | 49556 | SH |  | SOLE |  | 49556 | 0 | 0 |
| WORTHINGTON STEEL | COMMON | 982104101 |  | 5416 | 181617 | SH |  | SOLE |  | 167092 | 0 | 14525 |
| ZIMVIE INC | COM USD0.01 | 98888T107 |  | 3619 | 387080 | SH |  | SOLE |  | 169238 | 0 | 217842 |
| ZIMMER BIOMET HLDS | COMMON | 98956P102 |  | 326 | 3574 | SH |  | SOLE |  | 0 | 0 | 3574 |
| COCA-COLA EUROPACI | COM EUR0.01 | G25839104 |  | 13846 | 149311 | SH |  | SOLE |  | 63956 | 0 | 85355 |
| FIDELIS INSURANCE HO | COM USD0.01 | G3398L118 |  | 5253 | 316777 | SH |  | SOLE |  | 298572 | 0 | 18205 |
| GATES INDL CORP PL | ORDINARY | G39108108 |  | 3460 | 150243 | SH |  | SOLE |  | 141609 | 0 | 8634 |
| JANUS HENDERSON PLC | ORDINARY SHARES | G4474Y214 |  | 725 | 18664 | SH |  | SOLE |  | 0 | 0 | 18664 |
| ICON PLC | ORDINARY | G4705A100 |  | 204 | 1404 | SH |  | SOLE |  | 0 | 0 | 1404 |
| ICHOR HOLDINGS | SHARES | G4740B105 |  | 2866 | 146056 | SH |  | SOLE |  | 65966 | 0 | 80090 |
| JAZZ PHARMA PLC | COMMON | G50871105 |  | 541 | 5099 | SH |  | SOLE |  | 0 | 0 | 5099 |
| LIVANOVA PLC | COMMON | G5509L101 |  | 3497 | 77725 | SH |  | SOLE |  | 73258 | 0 | 4467 |
| MEDTRONIC PLC | ORDINARY SHS $0.0001 | G5960L103 |  | 21978 | 252093 | SH |  | SOLE |  | 106968 | 0 | 145125 |
| PAYSAFE LIMITED | COMMON NPV CL A | G6964L206 |  | 3476 | 275503 | SH |  | SOLE |  | 259669 | 0 | 15834 |
| SENSATA TECH HLD PLC | COM EUR0.01 | G8060N102 |  | 1487 | 49382 | SH |  | SOLE |  | 46752 | 0 | 2630 |
| PENGUIN SOLUTIONS | SHS | G8232Y101 |  | 11913 | 601512 | SH |  | SOLE |  | 450485 | 0 | 151027 |
| TECHNIPFMC PLC | ORDINARY SHS $1.00 | G87110105 |  | 486 | 14125 | SH |  | SOLE |  | 0 | 0 | 14125 |
| TEEKAY TANKERS LTD | CLASS A COMMON STOCK | G8726X106 |  | 1985 | 47560 | SH |  | SOLE |  | 44826 | 0 | 2734 |
| CHUBB LIMITED | COMMON | H1467J104 |  | 11380 | 39282 | SH |  | SOLE |  | 36217 | 0 | 3065 |
| ORION S.A. | COMMON | L72967109 |  | 2743 | 261460 | SH |  | SOLE |  | 246433 | 0 | 15027 |
| CHECK POINT SOFTWARE | ORDINARY | M22465104 |  | 604 | 2732 | SH |  | SOLE |  | 0 | 0 | 2732 |
| ELTEK LIMITED | SHS | M40184208 |  | 1030 | 96209 | SH |  | SOLE |  | 42496 | 0 | 53713 |
| GILAT SATELLITE NTWK | ORDINARY | M51474118 |  | 6214 | 876735 | SH |  | SOLE |  | 382920 | 0 | 493815 |
| ITURAN LOCATN | ORDINARY | M6158M104 |  | 3731 | 96345 | SH |  | SOLE |  | 42330 | 0 | 54015 |
| TOWER SEMICONDUCTO | COMMON | M87915274 |  | 544 | 12553 | SH |  | SOLE |  | 0 | 0 | 12553 |
| COPA HOLDINGS | CLASS A | P31076105 |  | 4326 | 39354 | SH |  | SOLE |  | 37092 | 0 | 2262 |
| ARDMORE SHIPPING C | COM USD0.01 | Y0207T100 |  | 1527 | 159276 | SH |  | SOLE |  | 150121 | 0 | 9155 |
| DHT HOLDINGS INC | COMMON | Y2065G121 |  | 498 | 46135 | SH |  | SOLE |  | 0 | 0 | 46135 |
| GENCO SHIPPING  TRA | SHS NEW | Y2685T131 |  | 3876 | 296470 | SH |  | SOLE |  | 126245 | 0 | 170225 |
| GLOBAL SHIP LEASE | COMMON SHS A | Y27183600 |  | 11057 | 420303 | SH |  | SOLE |  | 251277 | 0 | 169026 |
| INTERNATIONAL SEAWAY | COMMON STOCK | Y41053102 |  | 3882 | 106404 | SH |  | SOLE |  | 42980 | 0 | 63424 |

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