# EDGAR Filing Document

**Accession Number:** 0001863523
**File Stem:** 0001863523-26-000001
**Filing Date:** 2026-2
**Character Count:** 43411
**Document Hash:** e6c5bb70331ff310f4bbfbbec64d7a4a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001863523-26-000001.hdr.sgml**: 20260211

**ACCESSION NUMBER**: 0001863523-26-000001

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260211

**DATE AS OF CHANGE**: 20260211

**EFFECTIVENESS DATE**: 20260211

**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:** 26622122

**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:** 12-31-2025

**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  02-11-2026<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:** 399

**Form 13F Information Table Value Total:** $3680986

      (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 |  | 4172 | 1118591 | SH |  | SOLE |  | 466779 | 0 | 651812 |
| ABM INDS INC | COMMON | 000957100 |  | 4366 | 103231 | SH |  | SOLE |  | 77844 | 0 | 25387 |
| AES CORP | COMMON | 00130H105 |  | 13268 | 925035 | SH |  | SOLE |  | 573710 | 0 | 351325 |
| GOLD.COM INC | COM USD0.001 | 00181T107 |  | 3270 | 96009 | SH |  | SOLE |  | 84964 | 0 | 11045 |
| AT INC | COMMON | 00206R102 |  | 1257 | 50585 | SH |  | SOLE |  | 32937 | 0 | 17648 |
| ABACUS GLOBAL MGMT | COM CL A | 00258Y104 |  | 8959 | 1048012 | SH |  | SOLE |  | 443927 | 0 | 604085 |
| ABBOTT LABS | COMMON | 002824100 |  | 1835 | 14646 | SH |  | SOLE |  | 8931 | 0 | 5715 |
| ABBVIE INC | COMMON | 00287Y109 |  | 24732 | 108226 | SH |  | SOLE |  | 67086 | 0 | 41140 |
| ABERCROMBIE  FITCH | CLASS A | 002896207 |  | 520 | 4121 | SH |  | SOLE |  | 2011 | 0 | 2110 |
| ADAPTHEALTH CORP | COMMON | 00653Q102 |  | 7783 | 781348 | SH |  | SOLE |  | 691378 | 0 | 89970 |
| ADVANCE AUTO PARTS | COMMON | 00751Y106 |  | 2381 | 60595 | SH |  | SOLE |  | 53623 | 0 | 6972 |
| ADV MICRO DEVICES | COMMON | 007903107 |  | 2824 | 13180 | SH |  | SOLE |  | 7160 | 0 | 6020 |
| AFFILIATED MANAGE GR | COMMON | 008252108 |  | 919 | 3187 | SH |  | SOLE |  | 207 | 0 | 2980 |
| AGILENT TECHN INC | COMMON | 00846U101 |  | 252 | 1847 | SH |  | SOLE |  | 1847 | 0 | 0 |
| ALAMO GROUP INC | COMMON | 011311107 |  | 4008 | 23883 | SH |  | SOLE |  | 20120 | 0 | 3763 |
| ALERUS FINL CORP | COMMON | 01446U103 |  | 4548 | 201940 | SH |  | SOLE |  | 84850 | 0 | 117090 |
| ALLEGIANT TRAVEL CO | COMMON | 01748X102 |  | 3922 | 45995 | SH |  | SOLE |  | 19195 | 0 | 26800 |
| ALPHABET INC | CLASS C | 02079K107 |  | 67191 | 214108 | SH |  | SOLE |  | 152378 | 0 | 61730 |
| ALPHABET INC | CLASS A | 02079K305 |  | 37864 | 120972 | SH |  | SOLE |  | 77132 | 0 | 43840 |
| ALTRIA GROUP INC | COMMON | 02209S103 |  | 32185 | 558162 | SH |  | SOLE |  | 347037 | 0 | 211125 |
| AMAZON COM INC | COMMON | 023135106 |  | 20971 | 90862 | SH |  | SOLE |  | 77212 | 0 | 13650 |
| AMERANT BANCORP INC | CLASS A COMMON STOCK | 023576101 |  | 4445 | 227875 | SH |  | SOLE |  | 95740 | 0 | 132135 |
| AMENTUM HOLDINGS INC | COMMON STOCK | 023939101 |  | 2457 | 84759 | SH |  | SOLE |  | 52654 | 0 | 32105 |
| AMERICAN EXPRESS CO | COMMON | 025816109 |  | 603 | 1630 | SH |  | SOLE |  | 1630 | 0 | 0 |
| AMERICAN PUBLIC EDU | COMMON | 02913V103 |  | 8243 | 218045 | SH |  | SOLE |  | 89745 | 0 | 128300 |
| CENCORA INC | COMMON | 03073E105 |  | 769 | 2276 | SH |  | SOLE |  | 2176 | 0 | 100 |
| AMERIPRISE FINANCIAL | COMMON | 03076C106 |  | 31671 | 64592 | SH |  | SOLE |  | 40152 | 0 | 24440 |
| AMERIS BANCORP | COMMON | 03076K108 |  | 7896 | 106319 | SH |  | SOLE |  | 94077 | 0 | 12242 |
| AMGEN INC | COMMON | 031162100 |  | 347 | 1054 | SH |  | SOLE |  | 1054 | 0 | 0 |
| AMPLIFY ENERGY CORP | COMMON STOCK | 03212B103 |  | 4193 | 918015 | SH |  | SOLE |  | 377460 | 0 | 540555 |
| APOGEE ENTERPRISES | COMMON | 037598109 |  | 1839 | 50528 | SH |  | SOLE |  | 44711 | 0 | 5817 |
| APPLE INC | COMMON | 037833100 |  | 38830 | 142832 | SH |  | SOLE |  | 125152 | 0 | 17680 |
| APPLE HOSPITALITY | COMMON | 03784Y200 |  | 6447 | 544005 | SH |  | SOLE |  | 481363 | 0 | 62642 |
| APPLOVIN CORPORATION | COM USD0.00003 CL A | 03831W108 |  | 2456 | 3647 | SH |  | SOLE |  | 3647 | 0 | 0 |
| ASTRAZENECA | SP ADR (1/2 ORD) | 046353108 |  | 1669 | 18136 | SH |  | SOLE |  | 18136 | 0 | 0 |
| ATKORE INC | COM | 047649108 |  | 2087 | 33012 | SH |  | SOLE |  | 29214 | 0 | 3798 |
| AVISTA CORPORATION | COMMON | 05379B107 |  | 4313 | 111917 | SH |  | SOLE |  | 99111 | 0 | 12806 |
| AVNET INC | COMMON | 053807103 |  | 6171 | 128367 | SH |  | SOLE |  | 113606 | 0 | 14761 |
| AXON ENTERPRISE INC | COMMON | 05464C101 |  | 1803 | 3170 | SH |  | SOLE |  | 3170 | 0 | 0 |
| BANDWIDTH INC | COM CL A | 05988J103 |  | 5342 | 345813 | SH |  | SOLE |  | 144830 | 0 | 200983 |
| BANK OF NEW YORK MEL | COMMON | 064058100 |  | 42651 | 367370 | SH |  | SOLE |  | 234060 | 0 | 133310 |
| BANNER CORPORATION | COMMON | 06652V208 |  | 501 | 7994 | SH |  | SOLE |  | 5834 | 0 | 2160 |
| BAR HBR BANKSHARES | COMMON | 066849100 |  | 2696 | 86860 | SH |  | SOLE |  | 36455 | 0 | 50405 |
| BARRETT BUSINESS SER | COMMON | 068463108 |  | 5185 | 143235 | SH |  | SOLE |  | 59850 | 0 | 83385 |
| BEAZER HOMES USA | COMMON | 07556Q881 |  | 1499 | 73910 | SH |  | SOLE |  | 30875 | 0 | 43035 |
| BELDEN INC | COMMON | 077454106 |  | 7228 | 62011 | SH |  | SOLE |  | 54879 | 0 | 7132 |
| BENCHMARK ELECTRS | COMMON | 08160H101 |  | 5833 | 136420 | SH |  | SOLE |  | 55580 | 0 | 80840 |
| BIOGEN INC | COMMON | 09062X103 |  | 964 | 5481 | SH |  | SOLE |  | 3241 | 0 | 2240 |
| BRIDGEWATER BANCSHAR | COMMON | 108621103 |  | 3181 | 181365 | SH |  | SOLE |  | 76140 | 0 | 105225 |
| BRIGHTSPRING HEALTH | COM USD0.01 | 10950A106 |  | 1289 | 34456 | SH |  | SOLE |  | 34456 | 0 | 0 |
| BRISTOL MYERS SQUIBB | COMMON | 110122108 |  | 266 | 4925 | SH |  | SOLE |  | 0 | 0 | 4925 |
| BROADCOM INC | COMMON | 11135F101 |  | 19022 | 54963 | SH |  | SOLE |  | 47623 | 0 | 7340 |
| BUILD A BEAR WORKSHP | COMMON | 120076104 |  | 6695 | 109274 | SH |  | SOLE |  | 46689 | 0 | 62585 |
| CF INDUSTRIES HLDGS | COMMON | 125269100 |  | 22938 | 296637 | SH |  | SOLE |  | 187852 | 0 | 108785 |
| THE CIGNA GROUP | COMMON USD0.01 | 125523100 |  | 21261 | 77248 | SH |  | SOLE |  | 48963 | 0 | 28285 |
| CRA INTERNATIONAL | COMMON | 12618T105 |  | 5113 | 25478 | SH |  | SOLE |  | 10668 | 0 | 14810 |
| COTERRA ENERGY INC | COMMON | 127097103 |  | 346 | 13138 | SH |  | SOLE |  | 1264 | 0 | 11874 |
| CAPITAL ONE FINL CO | COMMON | 14040H105 |  | 2183 | 9003 | SH |  | SOLE |  | 5923 | 0 | 3080 |
| CAPITOL FEDERAL FN | COMMON | 14057J101 |  | 5537 | 813205 | SH |  | SOLE |  | 339385 | 0 | 473820 |
| CARLYLE GROUP INC | COM | 14316J108 |  | 18252 | 308727 | SH |  | SOLE |  | 195342 | 0 | 113385 |
| CASS INFORMATION SYS | COMMON | 14808P109 |  | 3750 | 90340 | SH |  | SOLE |  | 37685 | 0 | 52655 |
| CATERPILLAR INC | COMMON | 149123101 |  | 41729 | 72852 | SH |  | SOLE |  | 45997 | 0 | 26855 |
| CATHAY GEN BANCORP | COMMON | 149150104 |  | 8705 | 179883 | SH |  | SOLE |  | 159302 | 0 | 20581 |
| CELESTICA INC | SUB VTG SHS | 15101Q207 |  | 2038 | 6893 | SH |  | SOLE |  | 6893 | 0 | 0 |
| CENTURY ALUM CO | COMMON | 156431108 |  | 8783 | 224180 | SH |  | SOLE |  | 198352 | 0 | 25828 |
| CHART INDS INC | COMMON | 16115Q308 |  | 298 | 1445 | SH |  | SOLE |  | 1445 | 0 | 0 |
| EXPAND ENERGY CORP | COMMON | 165167735 |  | 18715 | 169568 | SH |  | SOLE |  | 107413 | 0 | 62155 |
| CHEVRON CORP | COMMON | 166764100 |  | 39336 | 258093 | SH |  | SOLE |  | 163388 | 0 | 94705 |
| CISCO SYSTEMS INC | COMMON | 17275R102 |  | 51102 | 663396 | SH |  | SOLE |  | 418171 | 0 | 245225 |
| CITIGROUP INC | COMMON | 172967424 |  | 46119 | 395245 | SH |  | SOLE |  | 250420 | 0 | 144825 |
| CLEANSPARK INC | COMMON | 18452B209 |  | 3966 | 391785 | SH |  | SOLE |  | 158760 | 0 | 233025 |
| CLEAR SECURE INC. | CLASS A COMMON STOCK | 18467V109 |  | 3007 | 85676 | SH |  | SOLE |  | 70385 | 0 | 15291 |
| CLOUDFLARE INC | CL A COM | 18915M107 |  | 2090 | 10585 | SH |  | SOLE |  | 10585 | 0 | 0 |
| COEUR MINING INC | COMMON | 192108504 |  | 658 | 36929 | SH |  | SOLE |  | 23889 | 0 | 13040 |
| COHERENT CORP | COMMON | 19247G107 |  | 1265 | 6847 | SH |  | SOLE |  | 6847 | 0 | 0 |
| COHU INC | COMMON | 192576106 |  | 6924 | 297529 | SH |  | SOLE |  | 127729 | 0 | 169800 |
| CONCENTRA GRP HLDGS | COMMON STOCK | 20603L102 |  | 342 | 17403 | SH |  | SOLE |  | 12873 | 0 | 4530 |
| CORECIVIC INC | COMMON | 21871N101 |  | 4321 | 226051 | SH |  | SOLE |  | 200001 | 0 | 26050 |
| COREWEAVE INC | COM CL A | 21873S108 |  | 530 | 7374 | SH |  | SOLE |  | 7374 | 0 | 0 |
| COSTCO WHSL CORP | COMMON | 22160K105 |  | 3581 | 4156 | SH |  | SOLE |  | 4156 | 0 | 0 |
| COUSINS PPTYS INC | COMMON | 222795502 |  | 6493 | 251889 | SH |  | SOLE |  | 222899 | 0 | 28990 |
| COVENANT LOGISTICS | COMMON | 22284P105 |  | 6654 | 301907 | SH |  | SOLE |  | 130322 | 0 | 171585 |
| CROWDSTRIKE HOLDIN | COM USD0.0005 CL A | 22788C105 |  | 2132 | 4548 | SH |  | SOLE |  | 4548 | 0 | 0 |
| CROWN HOLDINGS INC | COMMON | 228368106 |  | 827 | 8037 | SH |  | SOLE |  | 519 | 0 | 7518 |
| CUMMINS INC | COMMON | 231021106 |  | 52590 | 103024 | SH |  | SOLE |  | 64494 | 0 | 38530 |
| DBX ETF TR | XT MSCI EAFE HDIV YL | 233051630 |  | 5762 | 185973 | SH |  | SOLE |  | 185973 | 0 | 0 |
| DAKTRONICS INC | COMMON | 234264109 |  | 5892 | 298051 | SH |  | SOLE |  | 263778 | 0 | 34273 |
| DATADOG INC | CLASS A COMMON | 23804L103 |  | 1041 | 7638 | SH |  | SOLE |  | 7638 | 0 | 0 |
| DEERE  CO | COMMON | 244199105 |  | 1082 | 2326 | SH |  | SOLE |  | 1376 | 0 | 950 |
| DELL TECHNOLOGIES IN | COMMON CLASS C | 24703L202 |  | 2382 | 18919 | SH |  | SOLE |  | 11266 | 0 | 7653 |
| DELTA AIR LINES | COMMON | 247361702 |  | 43661 | 629101 | SH |  | SOLE |  | 394213 | 0 | 234888 |
| DICKS SPORTING GOODS | COMMON | 253393102 |  | 1436 | 7254 | SH |  | SOLE |  | 3789 | 0 | 3465 |
| DIME COMMUNITY BANCS | COM USD0.01 | 25432X102 |  | 6845 | 227498 | SH |  | SOLE |  | 98468 | 0 | 129030 |
| WALT DISNEY CO | COM | 254687106 |  | 246 | 2159 | SH |  | SOLE |  | 2159 | 0 | 0 |
| DOCUSIGN INC | COMMON | 256163106 |  | 832 | 12161 | SH |  | SOLE |  | 825 | 0 | 11336 |
| DOLLAR GEN CORP | COMMON | 256677105 |  | 20271 | 152654 | SH |  | SOLE |  | 94794 | 0 | 57860 |
| DONEGAL GROUP INC | CLASS A | 257701201 |  | 3581 | 179160 | SH |  | SOLE |  | 74720 | 0 | 104440 |
| DOVER CORP | COMMON | 260003108 |  | 1431 | 7330 | SH |  | SOLE |  | 4575 | 0 | 2755 |
| DUCOMMUN INC | COMMON | 264147109 |  | 5231 | 54994 | SH |  | SOLE |  | 22698 | 0 | 32296 |
| DUKE ENERGY CORP | COMMON | 26441C204 |  | 25987 | 221722 | SH |  | SOLE |  | 140687 | 0 | 81035 |
| EOG RESOURCES INC | COMMON | 26875P101 |  | 30187 | 287433 | SH |  | SOLE |  | 180433 | 0 | 107000 |
| EBAY INC | COMMON | 278642103 |  | 7906 | 90750 | SH |  | SOLE |  | 57652 | 0 | 33098 |
| ECOLAB INC | COMMON | 278865100 |  | 3140 | 11974 | SH |  | SOLE |  | 11974 | 0 | 0 |
| EDISON INTL | COMMON | 281020107 |  | 15788 | 262999 | SH |  | SOLE |  | 166589 | 0 | 96410 |
| ELANCO ANIMAL HEALTH | COMMON | 28414H103 |  | 1034 | 45680 | SH |  | SOLE |  | 24830 | 0 | 20850 |
| EMCOR GROUP INC | COMMON | 29084Q100 |  | 738 | 1206 | SH |  | SOLE |  | 78 | 0 | 1128 |
| EMERSON ELEC CO | COMMON | 291011104 |  | 378 | 2850 | SH |  | SOLE |  | 0 | 0 | 2850 |
| ENERSYS | COMMON | 29275Y102 |  | 9956 | 67841 | SH |  | SOLE |  | 54571 | 0 | 13270 |
| ENOVA INTERNATIONAL | COMMON | 29357K103 |  | 6300 | 40077 | SH |  | SOLE |  | 33309 | 0 | 6768 |
| ENTERPRISE FINL SVCS | COMMON | 293712105 |  | 613 | 11341 | SH |  | SOLE |  | 8271 | 0 | 3070 |
| EPAM SYS INC | COMMON | 29414B104 |  | 624 | 3062 | SH |  | SOLE |  | 3062 | 0 | 0 |
| EPLUS INC | COMMON | 294268107 |  | 1075 | 12258 | SH |  | SOLE |  | 687 | 0 | 11571 |
| EQUITY BANCSHARES | COM USD0.01 | 29460X109 |  | 5676 | 127115 | SH |  | SOLE |  | 53140 | 0 | 73975 |
| EURONET WORLDWIDE | COMMON | 298736109 |  | 3862 | 50727 | SH |  | SOLE |  | 44885 | 0 | 5842 |
| EUROPACIFIC GROWTH F | SHS CL F-2 | 29875E100 |  | 889 | 14734 | SH |  | SOLE |  | 14734 | 0 | 0 |
| EVERQUOTE INC | COM CL A | 30041R108 |  | 4782 | 177090 | SH |  | SOLE |  | 74120 | 0 | 102970 |
| EXCHANGE PLACE ADVIS | N SQ RCIM TAX-ADV PR | 301471108 |  | 5092 | 198202 | SH |  | SOLE |  | 198202 | 0 | 0 |
| F ANNUITIES  LIFE | COMMON STOCK | 30190A104 |  | 4466 | 144764 | SH |  | SOLE |  | 128093 | 0 | 16671 |
| EXLSERVICE HOLDINGS | COM STK USD0.001 | 302081104 |  | 2109 | 49687 | SH |  | SOLE |  | 49687 | 0 | 0 |
| EXPEDIA GROUP INC | COMMON | 30212P303 |  | 4116 | 14529 | SH |  | SOLE |  | 8664 | 0 | 5865 |
| META PLATFORMS INC | COM USD0.000006 CL A | 30303M102 |  | 17787 | 26943 | SH |  | SOLE |  | 22583 | 0 | 4360 |
| FEDERAL AGRIC MTG | CLASS C | 313148306 |  | 5183 | 29535 | SH |  | SOLE |  | 12095 | 0 | 17440 |
| FIRST BANCORP ME | COMMON | 31866P102 |  | 1753 | 66345 | SH |  | SOLE |  | 27750 | 0 | 38595 |
| FIRST BANK WILLIAMS | COMMON | 31931U102 |  | 2206 | 134005 | SH |  | SOLE |  | 56000 | 0 | 78005 |
| FIRST FINL CORP | COMMON | 320218100 |  | 3245 | 53750 | SH |  | SOLE |  | 22485 | 0 | 31265 |
| FIRST INTERNET BANC | COMMON | 320557101 |  | 4005 | 191854 | SH |  | SOLE |  | 80073 | 0 | 111781 |
| FLUOR CORPORATION | COMMON | 343412102 |  | 746 | 18810 | SH |  | SOLE |  | 1269 | 0 | 17541 |
| FLUSHING FINL CORP | COMMON | 343873105 |  | 7014 | 462295 | SH |  | SOLE |  | 190105 | 0 | 272190 |
| FOX CORPORATION | CL A COM | 35137L105 |  | 22852 | 312740 | SH |  | SOLE |  | 193740 | 0 | 119000 |
| FREEPORT-MCMORAN INC | COMMON | 35671D857 |  | 426 | 8395 | SH |  | SOLE |  | 8395 | 0 | 0 |
| GAMING PPTYS | COMMON | 36467J108 |  | 1730 | 38695 | SH |  | SOLE |  | 24875 | 0 | 13820 |
| GE VERNOVA INC | COMMON STOCK | 36828A101 |  | 2563 | 3922 | SH |  | SOLE |  | 3922 | 0 | 0 |
| GENERAL DYNAMICS | COMMON | 369550108 |  | 20075 | 59632 | SH |  | SOLE |  | 37152 | 0 | 22480 |
| GENERAL MOTORS CO | COMMON | 37045V100 |  | 32430 | 398793 | SH |  | SOLE |  | 247878 | 0 | 150915 |
| GILEAD SCIENCES INC | COMMON | 375558103 |  | 1326 | 10805 | SH |  | SOLE |  | 5865 | 0 | 4940 |
| GOLDMAN SACHS GROUP | COMMON | 38141G104 |  | 37847 | 43052 | SH |  | SOLE |  | 26655 | 0 | 16397 |
| GOLDMAN SACHS TR | STRU INTLSC IN | 38144N593 |  | 779 | 48161 | SH |  | SOLE |  | 48161 | 0 | 0 |
| GOLDMAN SACHS TR | STRU EMKEQT IR | 38145C596 |  | 221 | 7287 | SH |  | SOLE |  | 7287 | 0 | 0 |
| GOODYEAR TIRE  RUBR | COMMON | 382550101 |  | 4145 | 473078 | SH |  | SOLE |  | 418651 | 0 | 54427 |
| GUARDIAN PHARMACY SR | CLASS A COMMON STOCK | 40145W101 |  | 3492 | 116095 | SH |  | SOLE |  | 48535 | 0 | 67560 |
| GULFPORT ENERGY CORP | COMMON SHARES | 402635502 |  | 7137 | 34313 | SH |  | SOLE |  | 30364 | 0 | 3949 |
| HANCOCK WHITNEY CORP | COMMON | 410120109 |  | 10596 | 166404 | SH |  | SOLE |  | 145380 | 0 | 21024 |
| HARRIS ASSOC INVT TR | OAKMK GLBSEL I | 413838822 |  | 416 | 15801 | SH |  | SOLE |  | 15801 | 0 | 0 |
| HARTFORD INSURANCE | COMMON | 416515104 |  | 53563 | 388721 | SH |  | SOLE |  | 246391 | 0 | 142330 |
| HAWAIIAN ELEC INDS | COMMON | 419870100 |  | 7569 | 615458 | SH |  | SOLE |  | 496322 | 0 | 119136 |
| HEALTHCARE SVCS GRP | COMMON | 421906108 |  | 13748 | 719093 | SH |  | SOLE |  | 444835 | 0 | 274258 |
| HEALTHPEAK PROPERTIE | COM USD1 | 42250P103 |  | 227 | 14125 | SH |  | SOLE |  | 0 | 0 | 14125 |
| HELIX ENRGY SOLNS | COMMON | 42330P107 |  | 2259 | 360315 | SH |  | SOLE |  | 150580 | 0 | 209735 |
| HOME DEPOT INC | COMMON | 437076102 |  | 368 | 1070 | SH |  | SOLE |  | 0 | 0 | 1070 |
| HOMETRUST BANCSHAR | COMMON | 437872104 |  | 4240 | 98800 | SH |  | SOLE |  | 41315 | 0 | 57485 |
| HONEYWELL INTL INC | COMMON | 438516106 |  | 295 | 1514 | SH |  | SOLE |  | 1514 | 0 | 0 |
| HORIZON BANCORP INC | COMMON | 440407104 |  | 5218 | 307875 | SH |  | SOLE |  | 128560 | 0 | 179315 |
| HUMANA INC | COMMON | 444859102 |  | 958 | 3741 | SH |  | SOLE |  | 2316 | 0 | 1425 |
| IDT CORPORATION | CLASS B | 448947507 |  | 5321 | 103950 | SH |  | SOLE |  | 43435 | 0 | 60515 |
| IMAX CORP | COMMON | 45245E109 |  | 2683 | 72580 | SH |  | SOLE |  | 30340 | 0 | 42240 |
| INDEPENDENT BANK | COMMON | 453838609 |  | 6433 | 197710 | SH |  | SOLE |  | 82040 | 0 | 115670 |
| INGREDION INCORPRTD | COMMON | 457187102 |  | 249 | 2256 | SH |  | SOLE |  | 216 | 0 | 2040 |
| INOGEN INC | COM USD0.001 | 45780L104 |  | 2799 | 416000 | SH |  | SOLE |  | 173785 | 0 | 242215 |
| INNOVATIVE INDL PPTY | COMMON STOCK | 45781V101 |  | 1739 | 36718 | SH |  | SOLE |  | 32493 | 0 | 4225 |
| INSPIRED ENTMT INC | COM USD0.0001 | 45782N108 |  | 6621 | 707428 | SH |  | SOLE |  | 289280 | 0 | 418148 |
| INTERFACE INC | COMMON | 458665304 |  | 4197 | 150253 | SH |  | SOLE |  | 132954 | 0 | 17299 |
| INTL BANCSHARES CORP | COMMON | 459044103 |  | 7975 | 120047 | SH |  | SOLE |  | 106243 | 0 | 13804 |
| INTL BUSINESS MCHN | COMMON | 459200101 |  | 36559 | 123436 | SH |  | SOLE |  | 78256 | 0 | 45180 |
| INTERNATIONAL GRW | CL F-1 SHS | 45956T402 |  | 455 | 10165 | SH |  | SOLE |  | 10165 | 0 | 0 |
| INVESCO QQQ TR | QQQ TRUST SERIES 1 | 46090E103 |  | 118305 | 192578 | SH |  | SOLE |  | 174875 | 0 | 17703 |
| INTUIT | COMMON | 461202103 |  | 2244 | 3389 | SH |  | SOLE |  | 3389 | 0 | 0 |
| INTUITIVE SURGIC INC | COMMON | 46120E602 |  | 2317 | 4094 | SH |  | SOLE |  | 4094 | 0 | 0 |
| INVESCO EXCHANGETRAD | S 500 EQUAL WEIGHT | 46137V357 |  | 852 | 4450 | SH |  | SOLE |  | 4450 | 0 | 0 |
| INVESCO EXCHANGETRAD | S 500 GARP ETF | 46137V431 |  | 1731 | 15200 | SH |  | SOLE |  | 15200 | 0 | 0 |
| ISHARES INC | MSCI BRAZIL CAPPED E | 464286400 |  | 4033 | 126960 | SH |  | SOLE |  | 126960 | 0 | 0 |
| ISHARES INC | MSCI CDA INDEX | 464286509 |  | 23376 | 433481 | SH |  | SOLE |  | 433481 | 0 | 0 |
| ISHARES INC | MSCI EUROZONE | 464286608 |  | 46190 | 720600 | SH |  | SOLE |  | 720600 | 0 | 0 |
| ISHARES | MSCI GERMANY ETF | 464286806 |  | 4406 | 103646 | SH |  | SOLE |  | 103646 | 0 | 0 |
| ISHARES | EMERG MKTS ETF | 464287234 |  | 399 | 7300 | SH |  | SOLE |  | 7300 | 0 | 0 |
| ISHARES | MSCI EAFE ETF | 464287465 |  | 1431 | 14900 | SH |  | SOLE |  | 14900 | 0 | 0 |
| ISHARES | RUS MD CP GR ETF | 464287481 |  | 931 | 6800 | SH |  | SOLE |  | 6800 | 0 | 0 |
| ISHARES | RUSSELL 2000 ETF | 464287655 |  | 57159 | 232200 | SH |  | SOLE |  | 232200 | 0 | 0 |
| ISHARES | 3-7 YR TR BD ETF | 464288661 |  | 22665 | 189900 | SH |  | SOLE |  | 189900 | 0 | 0 |
| ISHARES | EAFE VALUE ETF | 464288877 |  | 12929 | 181057 | SH |  | SOLE |  | 181057 | 0 | 0 |
| ISHARES MSCI | INDIA INDEX FUND | 46429B598 |  | 4427 | 81940 | SH |  | SOLE |  | 81940 | 0 | 0 |
| ISHARES TR | CORE MSCI EAFE | 46432F842 |  | 3818 | 42684 | SH |  | SOLE |  | 42684 | 0 | 0 |
| ISHARES INC | MSCI SINGPOR ETF | 46434G780 |  | 3934 | 142994 | SH |  | SOLE |  | 142994 | 0 | 0 |
| ISHARES TR | MSCI UK ETF | 46435G334 |  | 5789 | 131623 | SH |  | SOLE |  | 131623 | 0 | 0 |
| JPMORGAN CHASE  CO | COMMON | 46625H100 |  | 53966 | 167471 | SH |  | SOLE |  | 104611 | 0 | 62860 |
| JACKSON FINANCIAL | CLASS A COMMON STOCK | 46817M107 |  | 7425 | 69623 | SH |  | SOLE |  | 61607 | 0 | 8016 |
| JACOBS SOLUTIONS INC | COMMON | 46982L108 |  | 1522 | 11492 | SH |  | SOLE |  | 7007 | 0 | 4485 |
| JOHNSON  JOHNSON | COMMON | 478160104 |  | 52990 | 256040 | SH |  | SOLE |  | 159789 | 0 | 96251 |
| JOHNSON OUTDOORS INC | CLASS A | 479167108 |  | 5387 | 126885 | SH |  | SOLE |  | 52020 | 0 | 74865 |
| KLA CORPORATION | COMMON USD0.001 | 482480100 |  | 4304 | 3542 | SH |  | SOLE |  | 3542 | 0 | 0 |
| KELLY SERVICES INC | CLASS A | 488152208 |  | 3800 | 432025 | SH |  | SOLE |  | 174225 | 0 | 257800 |
| KEMPER CORPORATION | COMMON | 488401100 |  | 3768 | 92941 | SH |  | SOLE |  | 82240 | 0 | 10701 |
| KIMBALL ELECTRONICS | COMMON | 49428J109 |  | 5709 | 205260 | SH |  | SOLE |  | 85595 | 0 | 119665 |
| KNOWLES CORPORATION | COMMON STOCK | 49926D109 |  | 4954 | 231239 | SH |  | SOLE |  | 204636 | 0 | 26603 |
| KOPPERS HOLDINGS | COMMON | 50060P106 |  | 4806 | 177480 | SH |  | SOLE |  | 74640 | 0 | 102840 |
| KROGER CO | COMMON | 501044101 |  | 11797 | 188922 | SH |  | SOLE |  | 119832 | 0 | 69090 |
| LA Z BOY INC | COM | 505336107 |  | 5550 | 148943 | SH |  | SOLE |  | 64713 | 0 | 84230 |
| LEAR CORPORATION | COMMON | 521865204 |  | 4968 | 43347 | SH |  | SOLE |  | 38360 | 0 | 4987 |
| LILLY ELI  CO | COMMON | 532457108 |  | 14122 | 13139 | SH |  | SOLE |  | 13139 | 0 | 0 |
| LINCOLN NATL CORP | COMMON | 534187109 |  | 23549 | 528853 | SH |  | SOLE |  | 334988 | 0 | 193865 |
| LOWES CO | COMMON | 548661107 |  | 24916 | 103316 | SH |  | SOLE |  | 65441 | 0 | 37875 |
| MANITOWOC INC | COMMON | 563571405 |  | 2981 | 248730 | SH |  | SOLE |  | 103985 | 0 | 144745 |
| MARATHON PETROLEUM | COMMON | 56585A102 |  | 3148 | 19362 | SH |  | SOLE |  | 11782 | 0 | 7580 |
| MARRIOTT INTL INC | CLASS A | 571903202 |  | 2264 | 7300 | SH |  | SOLE |  | 3850 | 0 | 3450 |
| MASTERCARD INC | CLASS A | 57636Q104 |  | 4470 | 7826 | SH |  | SOLE |  | 7826 | 0 | 0 |
| MATTEL INC | COMMON | 577081102 |  | 740 | 37273 | SH |  | SOLE |  | 2467 | 0 | 34806 |
| PEDIATRIX MEDICAL GR | COMMON | 58502B106 |  | 7063 | 330152 | SH |  | SOLE |  | 292055 | 0 | 38097 |
| MERCK  CO INC | COMMON | 58933Y105 |  | 1240 | 11780 | SH |  | SOLE |  | 6875 | 0 | 4905 |
| PATHWARD FINANCIAL | COMMON | 59100U108 |  | 4142 | 58363 | SH |  | SOLE |  | 51639 | 0 | 6724 |
| MICROSOFT CORP | COMMON | 594918104 |  | 40112 | 82944 | SH |  | SOLE |  | 73289 | 0 | 9655 |
| MICRON TECHNOLOGY | COMMON | 595112103 |  | 19219 | 67341 | SH |  | SOLE |  | 42651 | 0 | 24690 |
| MINERALS TECHNOLOGS | COMMON | 603158106 |  | 11569 | 189719 | SH |  | SOLE |  | 120827 | 0 | 68892 |
| MISTRAS GROUP INC | COMMON | 60649T107 |  | 3408 | 269301 | SH |  | SOLE |  | 112554 | 0 | 156747 |
| MITEK SYS INC | COMMON | 606710200 |  | 6104 | 578585 | SH |  | SOLE |  | 241570 | 0 | 337015 |
| MOOG INC | CLASS A | 615394202 |  | 503 | 2065 | SH |  | SOLE |  | 1325 | 0 | 740 |
| MOSAIC CO | COMMON | 61945C103 |  | 659 | 27350 | SH |  | SOLE |  | 22245 | 0 | 5105 |
| MURPHY OIL CORP | COMMON | 626717102 |  | 7681 | 245776 | SH |  | SOLE |  | 217399 | 0 | 28377 |
| MYERS INDS INC | COMMON | 628464109 |  | 5311 | 283760 | SH |  | SOLE |  | 119205 | 0 | 164555 |
| NATL HEALTHCARE CP | COMMON | 635906100 |  | 2836 | 20685 | SH |  | SOLE |  | 8440 | 0 | 12245 |
| NATURAL GROCERS BY | COMMON | 63888U108 |  | 2522 | 100604 | SH |  | SOLE |  | 42047 | 0 | 58557 |
| NATURE SUNSHINE PROD | COMMON | 639027101 |  | 3167 | 146757 | SH |  | SOLE |  | 61316 | 0 | 85441 |
| NETFLIX INC | COMMON | 64110L106 |  | 4363 | 46525 | SH |  | SOLE |  | 46525 | 0 | 0 |
| NETSCOUT SYS INC | COMMON | 64115T104 |  | 6573 | 242827 | SH |  | SOLE |  | 214860 | 0 | 27967 |
| NEW GOLD INC | COMMON | 644535106 |  | 4918 | 564731 | SH |  | SOLE |  | 499693 | 0 | 65038 |
| NEWMARK GROUP INC | COM CL A | 65158N102 |  | 723 | 41672 | SH |  | SOLE |  | 2895 | 0 | 38777 |
| NEWMONT CORPORATION | COM | 651639106 |  | 10865 | 108931 | SH |  | SOLE |  | 68951 | 0 | 39980 |
| NEXTERA ENERGY INC | COMMON | 65339F101 |  | 331 | 4135 | SH |  | SOLE |  | 4135 | 0 | 0 |
| NEXPOINT RESIDNL TR | COMMON | 65341D102 |  | 3989 | 132538 | SH |  | SOLE |  | 117284 | 0 | 15254 |
| NORTH SQUARE INVESTM | NORTH MICRO FD I | 66263L593 |  | 15051 | 1174929 | SH |  | SOLE |  | 1174929 | 0 | 0 |
| NORTH SQUARE INVESTM | MCKEE BD FD CL Y | 66263L643 |  | 1971 | 222954 | SH |  | SOLE |  | 222954 | 0 | 0 |
| NORTH SQ INVSTMNTS T | ADVSY RSCH ACP I | 66263L775 |  | 21066 | 1593529 | SH |  | SOLE |  | 1593529 | 0 | 0 |
| NORTH SQ INVSTMNTS T | STRATEGIC INC I | 66263L791 |  | 1145 | 115671 | SH |  | SOLE |  | 115671 | 0 | 0 |
| NORTH SQ INVSTMNTS T | DYNAMIC SMCP I | 66263L825 |  | 43785 | 2702801 | SH |  | SOLE |  | 2702801 | 0 | 0 |
| NORTHEAST BANK | COMMON | 66405S100 |  | 7180 | 69087 | SH |  | SOLE |  | 29017 | 0 | 40070 |
| NORTHWEST NATURAL HL | COMMON STOCK | 66765N105 |  | 4255 | 91028 | SH |  | SOLE |  | 77890 | 0 | 13138 |
| NWPX INFRASTRUCTURE | COMMON | 667746101 |  | 8181 | 130920 | SH |  | SOLE |  | 53895 | 0 | 77025 |
| NORTHWESTERN ENERGY | COMMON | 668074305 |  | 683 | 10589 | SH |  | SOLE |  | 7799 | 0 | 2790 |
| GEN DIGITAL INC | COMMON | 668771108 |  | 686 | 25234 | SH |  | SOLE |  | 1653 | 0 | 23581 |
| NOVARTIS AG | ADR (1 ORD) | 66987V109 |  | 1772 | 12847 | SH |  | SOLE |  | 6977 | 0 | 5870 |
| DNOW INC | COMMON | 67011P100 |  | 9519 | 718348 | SH |  | SOLE |  | 590344 | 0 | 128004 |
| NUCOR CORP | COMMON | 670346105 |  | 27404 | 168001 | SH |  | SOLE |  | 106466 | 0 | 61535 |
| NVIDIA CORP | COMMON | 67066G104 |  | 40820 | 218871 | SH |  | SOLE |  | 201446 | 0 | 17425 |
| OREILLY AUTOMOTIVE I | COMMON | 67103H107 |  | 1859 | 20385 | SH |  | SOLE |  | 20385 | 0 | 0 |
| OFG BANCORP | COMMON | 67103X102 |  | 9127 | 222700 | SH |  | SOLE |  | 197220 | 0 | 25480 |
| OCEANEERING INTL INC | COMMON | 675232102 |  | 348 | 14398 | SH |  | SOLE |  | 10393 | 0 | 4005 |
| OCEANFIRST FINL CORP | COMMON | 675234108 |  | 5787 | 322414 | SH |  | SOLE |  | 140369 | 0 | 182045 |
| OLYMPIC STEEL INC | COMMON | 68162K106 |  | 7505 | 175415 | SH |  | SOLE |  | 73470 | 0 | 101945 |
| ONESPAN INC | COMMON | 68287N100 |  | 3843 | 299320 | SH |  | SOLE |  | 121355 | 0 | 177965 |
| ORACLE CORP | COMMON | 68389X105 |  | 4316 | 22154 | SH |  | SOLE |  | 22154 | 0 | 0 |
| OUTFRONT MEDIA INC | COMMON | 69007J304 |  | 1022 | 42430 | SH |  | SOLE |  | 2378 | 0 | 40052 |
| OWENS CORNING | COMMON | 690742101 |  | 407 | 3638 | SH |  | SOLE |  | 349 | 0 | 3289 |
| PALANTIR TECH INC | COM USD0.001 CLASS A | 69608A108 |  | 2993 | 16823 | SH |  | SOLE |  | 16823 | 0 | 0 |
| PAN AMERICAN SILVER | COMMON | 697900108 |  | 6705 | 129400 | SH |  | SOLE |  | 114511 | 0 | 14889 |
| PARK HOTELS RESORTS | WHEN ISSUED | 700517105 |  | 6435 | 615286 | SH |  | SOLE |  | 544441 | 0 | 70845 |
| PAYPAL HLDGS INC | COM | 70450Y103 |  | 2180 | 37305 | SH |  | SOLE |  | 22990 | 0 | 14315 |
| PEGASYSTEMS INC | COMMON | 705573103 |  | 4780 | 80028 | SH |  | SOLE |  | 70828 | 0 | 9200 |
| PENGUIN SOLUTIONS IN | COMMON STOCK | 706915105 |  | 8735 | 446669 | SH |  | SOLE |  | 282217 | 0 | 164452 |
| PEOPLES BANCORP | COMMON | 709789101 |  | 4837 | 161125 | SH |  | SOLE |  | 73051 | 0 | 88074 |
| PFIZER INC | COMMON | 717081103 |  | 21941 | 881206 | SH |  | SOLE |  | 558821 | 0 | 322385 |
| PHILIP MORRIS INTL | COMMON | 718172109 |  | 275 | 1724 | SH |  | SOLE |  | 1724 | 0 | 0 |
| PORTLAND GEN ELEC CO | COMMON | 736508847 |  | 923 | 19229 | SH |  | SOLE |  | 1184 | 0 | 18045 |
| POSTAL REALTY TRUST | CLASS A | 73757R102 |  | 7598 | 470745 | SH |  | SOLE |  | 192470 | 0 | 278275 |
| PRIMORIS SVCS CORP | COMMON | 74164F103 |  | 3774 | 30413 | SH |  | SOLE |  | 26914 | 0 | 3499 |
| PRIMIS FINANCIAL CRP | COMMON | 74167B109 |  | 5105 | 367065 | SH |  | SOLE |  | 153510 | 0 | 213555 |
| PRUDENTIAL WORLD FD | JNSON GL OPT Z | 743969685 |  | 2188 | 56791 | SH |  | SOLE |  | 56791 | 0 | 0 |
| PRUDENTIAL FINL | COMMON | 744320102 |  | 590 | 5230 | SH |  | SOLE |  | 0 | 0 | 5230 |
| PUBLIC SVC ENTERPR | COMMON | 744573106 |  | 1014 | 12634 | SH |  | SOLE |  | 8174 | 0 | 4460 |
| QUALCOMM INC | COMMON | 747525103 |  | 39909 | 233324 | SH |  | SOLE |  | 145649 | 0 | 87675 |
| QUANTA SVCS INC | COMMON | 74762E102 |  | 1677 | 3972 | SH |  | SOLE |  | 3972 | 0 | 0 |
| QUEST DIAGNOSTICS | COMMON | 74834L100 |  | 15394 | 88713 | SH |  | SOLE |  | 56328 | 0 | 32385 |
| REV GROUP INC | COM USD0.001 | 749527107 |  | 5433 | 89341 | SH |  | SOLE |  | 79061 | 0 | 10280 |
| RANGE RESOURCES CORP | COMMON | 75281A109 |  | 709 | 20121 | SH |  | SOLE |  | 1370 | 0 | 18751 |
| RANGER ENERGY SVCS | CLASS A | 75282U104 |  | 4207 | 300849 | SH |  | SOLE |  | 122019 | 0 | 178830 |
| RTX CORPORATION | COM USD1 | 75513E101 |  | 15864 | 86501 | SH |  | SOLE |  | 54921 | 0 | 31580 |
| REDDIT INC | COMMON CLASS A | 75734B100 |  | 1393 | 6051 | SH |  | SOLE |  | 6051 | 0 | 0 |
| REGAL REXNORD CORP | COMMON | 758750103 |  | 234 | 1663 | SH |  | SOLE |  | 161 | 0 | 1502 |
| UPBOUND GROUP INC | COMMON | 76009N100 |  | 4425 | 251985 | SH |  | SOLE |  | 207898 | 0 | 44087 |
| RESIDEO TECHNOLOGIES | COMMON STOCK | 76118Y104 |  | 4343 | 123646 | SH |  | SOLE |  | 109406 | 0 | 14240 |
| RINGCENTRAL INC | COM USD0.0001 CL'A' | 76680R206 |  | 4818 | 166827 | SH |  | SOLE |  | 147634 | 0 | 19193 |
| ROBINHOOD MARKETS IN | COM USD0.0001 CL A | 770700102 |  | 765 | 6755 | SH |  | SOLE |  | 6755 | 0 | 0 |
| ROBLOX CORP | COMMON CLASS A | 771049103 |  | 676 | 8354 | SH |  | SOLE |  | 8354 | 0 | 0 |
| ROWE T PRICE INTL FD | EMERG MKTS STK | 77956H864 |  | 692 | 15496 | SH |  | SOLE |  | 15496 | 0 | 0 |
| SHELL PLC | ADS (REP 2 ORD SHS) | 780259305 |  | 29697 | 404142 | SH |  | SOLE |  | 251662 | 0 | 152480 |
| SM ENERGY COMPANY | COMMON | 78454L100 |  | 4123 | 220504 | SH |  | SOLE |  | 195042 | 0 | 25462 |
| STATE ST SPDR S | UNITS SER 1 S | 78462F103 |  | 88268 | 129440 | SH |  | SOLE |  | 129440 | 0 | 0 |
| ETF S EMRG MKTS | STATE STR SPDR PORTF | 78463X509 |  | 2749 | 58716 | SH |  | SOLE |  | 57800 | 0 | 916 |
| S WRLD EX US | STATE STR SPDR PORTF | 78463X889 |  | 8306 | 187025 | SH |  | SOLE |  | 184100 | 0 | 2925 |
| SPDR SERIES TRUST | STATE STREET S 500 | 78464A854 |  | 14847 | 185083 | SH |  | SOLE |  | 182200 | 0 | 2883 |
| SPDR SER TR | STATE STR S 600 SM | 78468R853 |  | 1632 | 34842 | SH |  | SOLE |  | 34300 | 0 | 542 |
| SALESFORCE INC | COMMON | 79466L302 |  | 1972 | 7441 | SH |  | SOLE |  | 4346 | 0 | 3095 |
| SALLY BEAUTY HLDGS | COMMON | 79546E104 |  | 5706 | 400132 | SH |  | SOLE |  | 160232 | 0 | 239900 |
| SANOFI | SPONSORED ADR | 80105N105 |  | 20354 | 420004 | SH |  | SOLE |  | 266049 | 0 | 153955 |
| SCIENCE APLCTNS INTL | COMMON STOCK | 808625107 |  | 3497 | 34744 | SH |  | SOLE |  | 30738 | 0 | 4006 |
| SELECT MED HLDGS | COMMON | 81619Q105 |  | 4652 | 313250 | SH |  | SOLE |  | 270994 | 0 | 42256 |
| SERVICENOW INC | COMMON | 81762P102 |  | 1847 | 12070 | SH |  | SOLE |  | 12070 | 0 | 0 |
| SHOE CARNIVAL INC | COMMON | 824889109 |  | 2144 | 127060 | SH |  | SOLE |  | 52950 | 0 | 74110 |
| SHOPIFY INC | CL A SUB VTG SHS | 82509L107 |  | 1304 | 8103 | SH |  | SOLE |  | 8103 | 0 | 0 |
| SIERRA BANCORP | COMMON | 82620P102 |  | 5399 | 165180 | SH |  | SOLE |  | 69075 | 0 | 96105 |
| SIGA TECHNOLOGIES | COM USD0.0001 | 826917106 |  | 3835 | 627870 | SH |  | SOLE |  | 555417 | 0 | 72453 |
| SILICON MOTION TECH | ADR (4 ORD) | 82706C108 |  | 370 | 3984 | SH |  | SOLE |  | 1874 | 0 | 2110 |
| SIMON PPTY INC | COMMON | 828806109 |  | 27347 | 147723 | SH |  | SOLE |  | 92013 | 0 | 55710 |
| SMARTFINANCIAL INC | COM USD1 | 83190L208 |  | 6372 | 172230 | SH |  | SOLE |  | 72035 | 0 | 100195 |
| SNOWFLAKE INC | COMMON STOCK | 833445109 |  | 1493 | 6799 | SH |  | SOLE |  | 6799 | 0 | 0 |
| SPOK HLDGS INC | COMMON | 84863T106 |  | 3471 | 262945 | SH |  | SOLE |  | 109685 | 0 | 153260 |
| STANDARD MOTOR PRODS | COMMON | 853666105 |  | 7008 | 190184 | SH |  | SOLE |  | 81739 | 0 | 108445 |
| STONEX GROUP INC | COMMON | 861896108 |  | 6173 | 64891 | SH |  | SOLE |  | 57418 | 0 | 7473 |
| STRYKER CORP | COMMON | 863667101 |  | 2417 | 6870 | SH |  | SOLE |  | 6870 | 0 | 0 |
| SUN COUNTRY AIRLINES | COM USD0.01 | 866683105 |  | 8167 | 567512 | SH |  | SOLE |  | 239732 | 0 | 327780 |
| SYNCHRONY FINL | COMMON | 87165B103 |  | 43548 | 522006 | SH |  | SOLE |  | 321936 | 0 | 200070 |
| SYSCO CORP | COMMON | 871829107 |  | 1651 | 22405 | SH |  | SOLE |  | 12285 | 0 | 10120 |
| T-MOBILE US INC | COMMON | 872590104 |  | 21825 | 107493 | SH |  | SOLE |  | 67873 | 0 | 39620 |
| TAKE-TWO INTERACTIVE | COMMON | 874054109 |  | 1634 | 6374 | SH |  | SOLE |  | 6374 | 0 | 0 |
| TALOS ENERGY INC | COMMON STOCK | 87484T108 |  | 4380 | 397515 | SH |  | SOLE |  | 161645 | 0 | 235870 |
| TARGET CORPORATION | COMMON | 87612E106 |  | 1497 | 15316 | SH |  | SOLE |  | 6716 | 0 | 8600 |
| TASKUS INC | COM USD0.01 | 87652V109 |  | 1928 | 163481 | SH |  | SOLE |  | 137708 | 0 | 25773 |
| TEREX CORP | COMMON | 880779103 |  | 6808 | 127540 | SH |  | SOLE |  | 99682 | 0 | 27858 |
| TESLA INC | COM | 88160R101 |  | 7497 | 16676 | SH |  | SOLE |  | 16676 | 0 | 0 |
| TETRA TECHNOLOGIES | COMMON | 88162F105 |  | 5424 | 579100 | SH |  | SOLE |  | 236420 | 0 | 342680 |
| TIMKEN CO | COMMON | 887389104 |  | 4311 | 51218 | SH |  | SOLE |  | 45320 | 0 | 5898 |
| METALLUS INC | COMMON | 887399103 |  | 5577 | 325080 | SH |  | SOLE |  | 131600 | 0 | 193480 |
| TRANSDIGM GROUP | COMMON | 893641100 |  | 2568 | 1929 | SH |  | SOLE |  | 1929 | 0 | 0 |
| TYSON FOODS INC | CLASS A | 902494103 |  | 15065 | 257007 | SH |  | SOLE |  | 162912 | 0 | 94095 |
| UGI CORP | COMMON | 902681105 |  | 5592 | 149381 | SH |  | SOLE |  | 132291 | 0 | 17090 |
| US BANCORP DEL | COMMON | 902973304 |  | 60686 | 1137327 | SH |  | SOLE |  | 718617 | 0 | 418710 |
| UBER TECHNOLOGIES | COM USD0.00001 | 90353T100 |  | 2311 | 28240 | SH |  | SOLE |  | 28240 | 0 | 0 |
| UNITED FIRE GROUP | COMMON | 910340108 |  | 3542 | 97435 | SH |  | SOLE |  | 40940 | 0 | 56495 |
| UNITED RENTALS INC | COMMON | 911363109 |  | 26437 | 32667 | SH |  | SOLE |  | 21000 | 0 | 11667 |
| UNITIL CORP | COMMON | 913259107 |  | 6503 | 134245 | SH |  | SOLE |  | 54770 | 0 | 79475 |
| UNIVERSAL HEALTH SVC | CLASS B | 913903100 |  | 1320 | 6057 | SH |  | SOLE |  | 300 | 0 | 5757 |
| V F CORP | COMMON | 918204108 |  | 629 | 34785 | SH |  | SOLE |  | 2337 | 0 | 32448 |
| VAALCO ENERGY INC | COMMON | 91851C201 |  | 4050 | 1112437 | SH |  | SOLE |  | 484877 | 0 | 627560 |
| VALMONT INDS INC | COMMON | 920253101 |  | 5620 | 13971 | SH |  | SOLE |  | 12365 | 0 | 1606 |
| VANECK ETF TRUST | GOLD MINERS ETF | 92189F106 |  | 12634 | 147300 | SH |  | SOLE |  | 147300 | 0 | 0 |
| VANGUARD SPECIALIZED | DIV APPRECIATION | 921908844 |  | 4637 | 21100 | SH |  | SOLE |  | 21100 | 0 | 0 |
| VANGUARD STAR FUND | TOT INTL STK IDX FD | 921909768 |  | 17719 | 234889 | SH |  | SOLE |  | 234889 | 0 | 0 |
| VANGUARD TAX MANAGED | FTSE DEV MKT ETF | 921943858 |  | 19210 | 307525 | SH |  | SOLE |  | 307525 | 0 | 0 |
| VANGUARD INTL EQUITY | INDEX FD FTSE SMCAP | 922042718 |  | 337 | 2350 | SH |  | SOLE |  | 2350 | 0 | 0 |
| VANGUARD INTL EQUITY | ETF ALL-WORLD EX-US | 922042775 |  | 246 | 3350 | SH |  | SOLE |  | 3350 | 0 | 0 |
| VANGUARD SCOTTSDAL | FDS VNG RUS2000IDX | 92206C664 |  | 36000 | 361752 | SH |  | SOLE |  | 361752 | 0 | 0 |
| VANGUARD INDEX FDS | S 500 ETF SHS | 922908363 |  | 12335 | 19669 | SH |  | SOLE |  | 19669 | 0 | 0 |
| VANGUARD INDEX TR | SMALL CAP VALUE | 922908611 |  | 4772 | 22531 | SH |  | SOLE |  | 22531 | 0 | 0 |
| VANGUARD INDEX TR | GROWTH | 922908736 |  | 98303 | 201497 | SH |  | SOLE |  | 201497 | 0 | 0 |
| VANGUARD INDEX TR | VALUE | 922908744 |  | 70091 | 366983 | SH |  | SOLE |  | 366983 | 0 | 0 |
| VANGUARD INDEX TR | SMALL CAP | 922908751 |  | 11117 | 43102 | SH |  | SOLE |  | 43102 | 0 | 0 |
| VERIZON COMMUNICATIO | COMMON | 92343V104 |  | 30494 | 748783 | SH |  | SOLE |  | 469573 | 0 | 279210 |
| VERISK ANALYTICS INC | COM | 92345Y106 |  | 1863 | 8328 | SH |  | SOLE |  | 8328 | 0 | 0 |
| VERSABANK NEW | COM | 92512J106 |  | 4203 | 280591 | SH |  | SOLE |  | 117251 | 0 | 163340 |
| VERTIV HOLDINGS LLC | COM USD0.0001 CL A | 92537N108 |  | 982 | 6091 | SH |  | SOLE |  | 6091 | 0 | 0 |
| VIATRIS INC | COMMON USD0.01 | 92556V106 |  | 990 | 79524 | SH |  | SOLE |  | 5451 | 0 | 74073 |
| VICI PPTYS INC | COM | 925652109 |  | 16713 | 594417 | SH |  | SOLE |  | 376552 | 0 | 217865 |
| VIRTU FINANCIAL INC | COM CL A USD0.00001 | 928254101 |  | 862 | 25881 | SH |  | SOLE |  | 1759 | 0 | 24122 |
| VISA INC | CLASS A | 92826C839 |  | 5641 | 16080 | SH |  | SOLE |  | 16080 | 0 | 0 |
| VIRTUS OPPORTUNITIES | KAR INTLSMLMDCP CL I | 92828W825 |  | 578 | 28106 | SH |  | SOLE |  | 28106 | 0 | 0 |
| VISHAY INTERTECH | COMMON | 928298108 |  | 342 | 23609 | SH |  | SOLE |  | 14709 | 0 | 8900 |
| VISHAY PRECISION GR | COMMON | 92835K103 |  | 7111 | 184690 | SH |  | SOLE |  | 77490 | 0 | 107200 |
| VONTIER CORPORATION | COMMON STOCK | 928881101 |  | 890 | 23930 | SH |  | SOLE |  | 1555 | 0 | 22375 |
| WP CAREY INC | COM | 92936U109 |  | 17946 | 278779 | SH |  | SOLE |  | 176749 | 0 | 102030 |
| WALMART INC | COMMON | 931142103 |  | 2067 | 18559 | SH |  | SOLE |  | 18559 | 0 | 0 |
| WATERSTONE FINANCIAL | COMMON | 94188P101 |  | 3167 | 191295 | SH |  | SOLE |  | 80005 | 0 | 111290 |
| CLIMB GLOBAL SOLUTIO | COMMON | 946760105 |  | 3403 | 33115 | SH |  | SOLE |  | 13865 | 0 | 19250 |
| WELLS FARGO  CO | COMMON | 949746101 |  | 2002 | 21479 | SH |  | SOLE |  | 13859 | 0 | 7620 |
| WHITECAP RESOURCES | COMMON SHARES (CA) | 96467A200 |  | 10664 | 1272623 | SH |  | SOLE |  | 1127008 | 0 | 145615 |
| WHITESTONE REIT | COMMON REIT | 966084204 |  | 7934 | 571315 | SH |  | SOLE |  | 252555 | 0 | 318760 |
| WISDOMTREE INC | COMMON | 97717P104 |  | 6856 | 562493 | SH |  | SOLE |  | 246648 | 0 | 315845 |
| WISDOMTREE TR | ETF INTL HEDGE EQT | 97717X701 |  | 3781 | 71237 | SH |  | SOLE |  | 71237 | 0 | 0 |
| WORTHINGTON STEEL | COMMON | 982104101 |  | 7366 | 212688 | SH |  | SOLE |  | 184105 | 0 | 28583 |
| ZIMMER BIOMET HLDS | COMMON | 98956P102 |  | 672 | 7483 | SH |  | SOLE |  | 472 | 0 | 7011 |
| ZSCALER INC | COMMON | 98980G102 |  | 1002 | 4465 | SH |  | SOLE |  | 4465 | 0 | 0 |
| ZOOM COMMUNICATIONS | COM CL A | 98980L101 |  | 22508 | 260828 | SH |  | SOLE |  | 159498 | 0 | 101330 |
| EQUUS INVEST | PARTNERSHIP X LP | 99Y801GT6 |  | 277 | 276653 | SH |  | SOLE |  | 276653 | 0 | 0 |
| AMDOCS LTD | ORDINARY | G02602103 |  | 568 | 7055 | SH |  | SOLE |  | 0 | 0 | 7055 |
| COCA-COLA EUROPACI | COM EUR0.01 | G25839104 |  | 23417 | 258139 | SH |  | SOLE |  | 163539 | 0 | 94600 |
| APTIV PLC | ORDINARY SHARES | G3265R107 |  | 22544 | 296262 | SH |  | SOLE |  | 187672 | 0 | 108590 |
| FIDELIS INSURANCE HO | COM USD0.01 | G3398L118 |  | 7429 | 379567 | SH |  | SOLE |  | 335863 | 0 | 43704 |
| GATES INDL CORP PL | ORDINARY | G39108108 |  | 3865 | 180014 | SH |  | SOLE |  | 159288 | 0 | 20726 |
| JANUS HENDERSON PLC | ORDINARY SHARES | G4474Y214 |  | 357 | 7503 | SH |  | SOLE |  | 722 | 0 | 6781 |
| ICON PLC | ORDINARY | G4705A100 |  | 350 | 1921 | SH |  | SOLE |  | 182 | 0 | 1739 |
| JAZZ PHARMA PLC | COMMON | G50871105 |  | 793 | 4663 | SH |  | SOLE |  | 327 | 0 | 4336 |
| LIVANOVA PLC | COMMON | G5509L101 |  | 6082 | 98857 | SH |  | SOLE |  | 87452 | 0 | 11405 |
| MEDTRONIC PLC | ORDINARY SHS $0.0001 | G5960L103 |  | 29733 | 309523 | SH |  | SOLE |  | 194318 | 0 | 115205 |
| SUPER GROUP (SGHC) | CLASS A COMMON STOCK | G8588X103 |  | 2229 | 186742 | SH |  | SOLE |  | 157357 | 0 | 29385 |
| TECHNIPFMC PLC | ORDINARY SHS $1.00 | G87110105 |  | 798 | 17899 | SH |  | SOLE |  | 1269 | 0 | 16630 |
| TEEKAY TANKERS LTD | CLASS A COMMON STOCK | G8726X106 |  | 3812 | 71335 | SH |  | SOLE |  | 63096 | 0 | 8239 |
| AEBI SCHMIDT HLDG AG | COM | H00501108 |  | 6259 | 494852 | SH |  | SOLE |  | 210528 | 0 | 284324 |
| CHUBB LIMITED | COMMON | H1467J104 |  | 1838 | 5887 | SH |  | SOLE |  | 3647 | 0 | 2240 |
| ORION S.A. | COMMON | L72967109 |  | 1550 | 293543 | SH |  | SOLE |  | 259732 | 0 | 33811 |
| SPOTIFY TECHNOLOGY | SHS | L8681T102 |  | 1805 | 3105 | SH |  | SOLE |  | 3105 | 0 | 0 |
| CERAGON NETWORKS LTD | ORDINARY | M22013102 |  | 4795 | 2284048 | SH |  | SOLE |  | 956135 | 0 | 1327913 |
| CHECK POINT SOFTWARE | ORDINARY | M22465104 |  | 655 | 3530 | SH |  | SOLE |  | 221 | 0 | 3309 |
| CYBERARK SOFTWARE | SHARES | M2682V108 |  | 1438 | 3227 | SH |  | SOLE |  | 3227 | 0 | 0 |
| GILAT SATELLITE NTWK | ORDINARY | M51474118 |  | 6707 | 518310 | SH |  | SOLE |  | 216525 | 0 | 301785 |
| ITURAN LOCATN | ORDINARY | M6158M104 |  | 5405 | 125650 | SH |  | SOLE |  | 52525 | 0 | 73125 |
| TOWER SEMICONDUCTO | COMMON | M87915274 |  | 375 | 3199 | SH |  | SOLE |  | 308 | 0 | 2891 |
| NXP SEMICONDUCTR | COMMON | N6596X109 |  | 213 | 974 | SH |  | SOLE |  | 974 | 0 | 0 |
| COPA HOLDINGS | CLASS A | P31076105 |  | 5688 | 47148 | SH |  | SOLE |  | 41720 | 0 | 5428 |
| ARDMORE SHIPPING C | COM USD0.01 | Y0207T100 |  | 2540 | 240049 | SH |  | SOLE |  | 212327 | 0 | 27722 |
| DHT HOLDINGS INC | COMMON | Y2065G121 |  | 760 | 62259 | SH |  | SOLE |  | 4259 | 0 | 58000 |
| GENCO SHIPPING  TRA | SHS NEW | Y2685T131 |  | 6478 | 351530 | SH |  | SOLE |  | 143255 | 0 | 208275 |
| GLOBAL SHIP LEASE | COMMON SHS A | Y27183600 |  | 15629 | 446060 | SH |  | SOLE |  | 259507 | 0 | 186553 |
| INTERNATIONAL SEAWAY | COMMON STOCK | Y41053102 |  | 2628 | 54165 | SH |  | SOLE |  | 20067 | 0 | 34098 |

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