# EDGAR Filing Document

**Accession Number:** 0001137429
**File Stem:** 0001137429-23-000001
**Filing Date:** 2023-2
**Character Count:** 23338
**Document Hash:** 3dd2697cb8d313cc4acb85ebb9468e82
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001137429-23-000001.hdr.sgml**: 20230210

**ACCESSION NUMBER**: 0001137429-23-000001

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230210

**DATE AS OF CHANGE**: 20230210

**EFFECTIVENESS DATE**: 20230210

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** WHITE PINE CAPITAL LLC
- **CENTRAL INDEX KEY:** 0001137429
- **IRS NUMBER:** 411933144
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-06425
- **FILM NUMBER:** 23611385

**BUSINESS ADDRESS:**
- **STREET 1:** 8421 WAYZATA BLVD
- **STREET 2:** SUITE 302
- **CITY:** GOLDEN VALLEY
- **STATE:** MN
- **ZIP:** 554261390
- **BUSINESS PHONE:** 6123769765

**MAIL ADDRESS:**
- **STREET 1:** 8421 WAYZATA BLVD
- **STREET 2:** SUITE 302
- **CITY:** GOLDEN VALLEY
- **STATE:** MN
- **ZIP:** 554261390

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 12-31-2022

**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:** WHITE PINE CAPITAL LLC<br>**Address:** 8421 WAYZATA BLVD<br>SUITE 302<br>GOLDEN VALLEY, MN 554261390

**Form 13F File Number:** 028-06425

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:** Mike Wallace<br>**Title:** Principal<br>**Phone:** 612-376-2981

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

/s/ Mike Wallace  GOLDEN VALLEY, MN  02-10-2023<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:** 3

**Form 13F Information Table Entry Total:** 200

**Form 13F Information Table Value Total:** $256241615

      (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.]

| No.   | Name             | Form 13F File Number   |
|:---|:---|:---|
|  | Timothy Madey    |  |
|  | Charles Bellows  |  |
|  | Dennis Senneseth |  |

### 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 |
| ISHARES 1-3 YEAR TREAS BOND ET | COM | 464287457 |  | 1003018 | 12357 | SH |  | SOLE |  | 0 | 0 | 12357 |
| ISHARES TIPS BOND ETF | COM | 464287176 |  | 2431957 | 22848 | SH |  | SOLE |  | 250 | 0 | 22598 |
| ISHARES FLOATING RATE BOND ETF | COM | 46429B655 |  | 5449279 | 108271 | SH |  | SOLE |  | 1600 | 0 | 106671 |
| ISHARES IBOXX INV GRADE CORP B | COM | 464287242 |  | 1077126 | 10217 | SH |  | SOLE |  | 0 | 0 | 10217 |
| ISHARES SHORT TERM CORPORATE B | COM | 464288646 |  | 7642838 | 153409 | SH |  | SOLE |  | 400 | 0 | 153009 |
| ISHARES TRUST INTERMEDIATE COR | COM | 464288638 |  | 911380 | 18408 | SH |  | SOLE |  | 0 | 0 | 18408 |
| BLACKROCK ISHARES SHORT MATURI | COM | 46431W507 |  | 2251885 | 45705 | SH |  | SOLE |  | 0 | 0 | 45705 |
| EATON VANCE SENIOR FLOATING-RA | COM | 27828Q105 |  | 5090290 | 465292 | SH |  | SOLE |  | 5875 | 0 | 459417 |
| VANECK FALLEN ANGEL HIGH YLD | COM | 92189F437 |  | 790794 | 29267 | SH |  | SOLE |  | 850 | 0 | 28417 |
| INNOVATOR ETFS TR II S HIGH | PFD | 45783Y822 |  | 1835895 | 101768 | SH |  | SOLE |  | 1565 | 0 | 100203 |
| INVESCO PREFERRED PORTFOLIO | PFD | 46138E511 |  | 138498 | 12388 | SH |  | SOLE |  | 0 | 0 | 12388 |
| ISHARES TR PFD AND INCOME SEC | PFD | 464288687 |  | 1240141 | 40620 | SH |  | SOLE |  | 0 | 0 | 40620 |
| 3M CO | COM | 88579Y101 |  | 11965857 | 99782 | SH |  | SOLE |  | 59 | 0 | 99723 |
| ABBOTT LABS COM | COM | 002824100 |  | 2630075 | 23956 | SH |  | SOLE |  | 950 | 0 | 23006 |
| ABBVIE INC | COM | 00287Y109 |  | 810959 | 5018 | SH |  | SOLE |  | 0 | 0 | 5018 |
| ABERCROMBIE  FITCH CO CL A | COM | 002896207 |  | 511466 | 22325 | SH |  | SOLE |  | 0 | 0 | 22325 |
| ADTRAN HOLDINGS INC COM | COM | 00486H105 |  | 857764 | 45650 | SH |  | SOLE |  | 550 | 0 | 45100 |
| AEROVIRONMENT INC | COM | 008073108 |  | 271971 | 3175 | SH |  | SOLE |  | 0 | 0 | 3175 |
| AIR PRODUCTS  CHEMICAL | COM | 009158106 |  | 362206 | 1175 | SH |  | SOLE |  | 0 | 0 | 1175 |
| ALLIANT ENERGY CORP | COM | 018802108 |  | 732177 | 13262 | SH |  | SOLE |  | 0 | 0 | 13262 |
| ALLIED MOTION TECHNOLOGIES | COM | 019330109 |  | 1447852 | 41593 | SH |  | SOLE |  | 460 | 0 | 41133 |
| ALLSTATE CORP COM | COM | 020002101 |  | 1710255 | 12613 | SH |  | SOLE |  | 110 | 0 | 12503 |
| ALPHABET INC CL A | COM | 02079K305 |  | 2529995 | 28675 | SH |  | SOLE |  | 0 | 0 | 28675 |
| ALPHABET INC CL C | COM | 02079K107 |  | 1475136 | 16625 | SH |  | SOLE |  | 560 | 0 | 16065 |
| AMAZON.COM INC | COM | 023135106 |  | 1927296 | 22944 | SH |  | SOLE |  | 440 | 0 | 22504 |
| AMBARELLA INC | COM | G037AX101 |  | 630622 | 7669 | SH |  | SOLE |  | 0 | 0 | 7669 |
| APA CORPORATION | COM | 03743Q108 |  | 352527 | 7552 | SH |  | SOLE |  | 300 | 0 | 7252 |
| APPLE INC | COM | 037833100 |  | 7366641 | 56697 | SH |  | SOLE |  | 400 | 0 | 56297 |
| AQUA METALS INC | COM | 03837J101 |  | 95786 | 76629 | SH |  | SOLE |  | 0 | 0 | 76629 |
| ASTRONICS CORP | COM | 046433108 |  | 1309532 | 127139 | SH |  | SOLE |  | 2000 | 0 | 125139 |
| AT INC | COM | 00206R102 |  | 2006267 | 108977 | SH |  | SOLE |  | 1500 | 0 | 107477 |
| ATLANTIC UNION BANKSHARES CO | COM | 04911A107 |  | 2022975 | 57569 | SH |  | SOLE |  | 700 | 0 | 56869 |
| AVIAT NETWORKS INC COM | COM | 05366Y201 |  | 1849286 | 59291 | SH |  | SOLE |  | 0 | 0 | 59291 |
| AXCELIS TECHNOLOGIES INC | COM | 054540208 |  | 563456 | 7100 | SH |  | SOLE |  | 0 | 0 | 7100 |
| AXOGEN INC | COM | 05463X106 |  | 946314 | 94821 | SH |  | SOLE |  | 0 | 0 | 94821 |
| AXT INC | COM | 00246W103 |  | 1319755 | 301314 | SH |  | SOLE |  | 0 | 0 | 301314 |
| BANK MARIN BANCORP | COM | 063425102 |  | 222104 | 6755 | SH |  | SOLE |  | 0 | 0 | 6755 |
| BANK OF AMERICA CORP COM | COM | 060505104 |  | 1440058 | 43480 | SH |  | SOLE |  | 180 | 0 | 43300 |
| BAXTER INTERNATIONAL INC | COM | 071813109 |  | 222229 | 4360 | SH |  | SOLE |  | 0 | 0 | 4360 |
| BERKSHIRE HATHAWAY INC CL B | COM | 084670702 |  | 451612 | 1462 | SH |  | SOLE |  | 0 | 0 | 1462 |
| BEST BUY INC COM | COM | 086516101 |  | 271190 | 3381 | SH |  | SOLE |  | 0 | 0 | 3381 |
| BOEING CO COM | COM | 097023105 |  | 1582972 | 8310 | SH |  | SOLE |  | 230 | 0 | 8080 |
| BRISTOL MYERS SQUIBB COM | COM | 110122108 |  | 2194907 | 30506 | SH |  | SOLE |  | 325 | 0 | 30181 |
| C H ROBINSON WORLDWIDE COM | COM | 12541W209 |  | 316523 | 3457 | SH |  | SOLE |  | 0 | 0 | 3457 |
| CECO ENVIRONMENTAL CORP | COM | 125141101 |  | 3025716 | 259051 | SH |  | SOLE |  | 2500 | 0 | 256551 |
| CHEVRON CORPORATION | COM | 166764100 |  | 4066347 | 22655 | SH |  | SOLE |  | 310 | 0 | 22345 |
| CIGNA CORP | COM | 125523100 |  | 248836 | 751 | SH |  | SOLE |  | 0 | 0 | 751 |
| CISCO SYS INC COM | COM | 17275R102 |  | 2569368 | 53933 | SH |  | SOLE |  | 350 | 0 | 53583 |
| CITIGROUP INC COM | COM | 172967424 |  | 743513 | 16439 | SH |  | SOLE |  | 125 | 0 | 16314 |
| CLEAN ENERGY FUELS CORP | COM | 184499101 |  | 2050334 | 394295 | SH |  | SOLE |  | 0 | 0 | 394295 |
| COCA COLA CO COM | COM | 191216100 |  | 220727 | 3470 | SH |  | SOLE |  | 0 | 0 | 3470 |
| CODEXIS INC | COM | 192005106 |  | 1023988 | 219740 | SH |  | SOLE |  | 1500 | 0 | 218240 |
| COLGATE-PALMOLIVE CO | COM | 194162103 |  | 263947 | 3350 | SH |  | SOLE |  | 0 | 0 | 3350 |
| CONOCOPHILLIPS | COM | 20825C104 |  | 429520 | 3640 | SH |  | SOLE |  | 300 | 0 | 3340 |
| COSTCO WHOLESALE CORP | COM | 22160K105 |  | 425915 | 933 | SH |  | SOLE |  | 0 | 0 | 933 |
| CSX CORP COM | COM | 126408103 |  | 221259 | 7142 | SH |  | SOLE |  | 0 | 0 | 7142 |
| CVS HEALTH CORPORATION | COM | 126650100 |  | 1146983 | 12308 | SH |  | SOLE |  | 0 | 0 | 12308 |
| DARLING INGREDIENTS INC | COM | 237266101 |  | 501033 | 8005 | SH |  | SOLE |  | 0 | 0 | 8005 |
| DERMTECH INC | COM | 24984K105 |  | 376433 | 212674 | SH |  | SOLE |  | 0 | 0 | 212674 |
| DIGITAL TURBINE INC | COM | 25400W102 |  | 434843 | 28533 | SH |  | SOLE |  | 0 | 0 | 28533 |
| DISNEY WALT CO COM | COM | 254687106 |  | 789783 | 9091 | SH |  | SOLE |  | 130 | 0 | 8961 |
| DLH HOLDINGS CORP | COM | 23335Q100 |  | 527103 | 44425 | SH |  | SOLE |  | 0 | 0 | 44425 |
| DONALDSON INC COM | COM | 257651109 |  | 1568356 | 26641 | SH |  | SOLE |  | 200 | 0 | 26441 |
| EBAY INC | COM | 278642103 |  | 404872 | 9763 | SH |  | SOLE |  | 0 | 0 | 9763 |
| ECOLAB INC | COM | 278865100 |  | 1622048 | 11144 | SH |  | SOLE |  | 25 | 0 | 11119 |
| ELECTROMED INC | COM | 285409108 |  | 868299 | 82774 | SH |  | SOLE |  | 1600 | 0 | 81174 |
| EMERSON ELEC CO COM | COM | 291011104 |  | 2311252 | 24061 | SH |  | SOLE |  | 225 | 0 | 23836 |
| ENBRIDGE INC | COM | 29250N105 |  | 213056 | 5449 | SH |  | SOLE |  | 0 | 0 | 5449 |
| ENERGY SELECT SECTOR SPDR ETF | COM | 81369Y506 |  | 1512794 | 17295 | SH |  | SOLE |  | 10 | 0 | 17285 |
| ENOVIX CORP | COM | 293594107 |  | 588910 | 47340 | SH |  | SOLE |  | 0 | 0 | 47340 |
| EOG RES INC COM | COM | 26875P101 |  | 510568 | 3942 | SH |  | SOLE |  | 0 | 0 | 3942 |
| EQUINIX INC COM NEW | COM | 29444U700 |  | 2295926 | 3505 | SH |  | SOLE |  | 20 | 0 | 3485 |
| EXXON MOBIL CORP COM | COM | 30231G102 |  | 2518757 | 22836 | SH |  | SOLE |  | 0 | 0 | 22836 |
| FARO TECHNOLOGIES INC | COM | 311642102 |  | 537262 | 18268 | SH |  | SOLE |  | 0 | 0 | 18268 |
| FREEPORT-MCMORAN INC | COM | 35671D857 |  | 362900 | 9550 | SH |  | SOLE |  | 0 | 0 | 9550 |
| FULL HOUSE RESORTS INC | COM | 359678109 |  | 1939167 | 257868 | SH |  | SOLE |  | 0 | 0 | 257868 |
| GENERAL DYNAMICS CO | COM | 369550108 |  | 474634 | 1913 | SH |  | SOLE |  | 0 | 0 | 1913 |
| GENERAL ELEC CO COM | COM | 369604301 |  | 1846061 | 22032 | SH |  | SOLE |  | 320 | 0 | 21712 |
| GENERAL MILLS INC | COM | 370334104 |  | 2242149 | 26740 | SH |  | SOLE |  | 230 | 0 | 26510 |
| GENIUS SPORTS LTD | COM | G3934V109 |  | 1049148 | 293879 | SH |  | SOLE |  | 0 | 0 | 293879 |
| GREAT LAKES DREDGE  DOCK CO | COM | 390607109 |  | 386577 | 64971 | SH |  | SOLE |  | 0 | 0 | 64971 |
| HARMONIC INC | COM | 413160102 |  | 1834000 | 140000 | SH |  | SOLE |  | 1000 | 0 | 139000 |
| HOME DEPOT INC COM | COM | 437076102 |  | 414092 | 1311 | SH |  | SOLE |  | 0 | 0 | 1311 |
| HONEYWELL INTL INC COM | COM | 438516106 |  | 2327406 | 10861 | SH |  | SOLE |  | 45 | 0 | 10816 |
| HORMEL FOODS CORP COM | COM | 440452100 |  | 2106780 | 46252 | SH |  | SOLE |  | 380 | 0 | 45872 |
| HUNTINGTON BANCSHARES INC | COM | 446150104 |  | 324060 | 22983 | SH |  | SOLE |  | 3040 | 0 | 19943 |
| HYRECAR INC | COM | 44916T107 |  | 25345 | 59775 | SH |  | SOLE |  | 0 | 0 | 59775 |
| ICAD INC | COM | 44934S206 |  | 129430 | 70727 | SH |  | SOLE |  | 0 | 0 | 70727 |
| ILLINOIS TOOL WKS INC COM | COM | 452308109 |  | 1691684 | 7679 | SH |  | SOLE |  | 140 | 0 | 7539 |
| INDEPENDENT BANK CORP | COM | 453836108 |  | 505905 | 5992 | SH |  | SOLE |  | 0 | 0 | 5992 |
| INFUSYSTEM HOLDINGS INC | COM | 45685K102 |  | 1382394 | 159262 | SH |  | SOLE |  | 1250 | 0 | 158012 |
| INNODATA INC | COM | 457642205 |  | 512998 | 173018 | SH |  | SOLE |  | 1050 | 0 | 171968 |
| INTEL CORP COM | COM | 458140100 |  | 1180946 | 44682 | SH |  | SOLE |  | 150 | 0 | 44532 |
| INTERNATIONAL BUS MACH COM | COM | 459200101 |  | 2280305 | 16185 | SH |  | SOLE |  | 245 | 0 | 15940 |
| INTL FLAVORS  FRAGRANCES | COM | 459506101 |  | 574838 | 5483 | SH |  | SOLE |  | 40 | 0 | 5443 |
| JOHNSON  JOHNSON COM | COM | 478160104 |  | 5980530 | 33855 | SH |  | SOLE |  | 200 | 0 | 33655 |
| JPMORGAN CHASE  CO | COM | 46625H100 |  | 2510888 | 18724 | SH |  | SOLE |  | 885 | 0 | 17839 |
| KEARNY FINANCIAL CORP | COM | 48716P108 |  | 1453125 | 143165 | SH |  | SOLE |  | 3145 | 0 | 140020 |
| KEYCORP NEW COM | COM | 493267108 |  | 890772 | 51135 | SH |  | SOLE |  | 0 | 0 | 51135 |
| KIMBERLY CLARK CORP COM | COM | 494368103 |  | 410915 | 3027 | SH |  | SOLE |  | 0 | 0 | 3027 |
| KINDER MORGAN INC | COM | 49456B101 |  | 198880 | 11000 | SH |  | SOLE |  | 0 | 0 | 11000 |
| KRAFT/HEINZ CO | COM | 500754106 |  | 1736566 | 42657 | SH |  | SOLE |  | 400 | 0 | 42257 |
| KVH INDS INC | COM | 482738101 |  | 180107 | 17623 | SH |  | SOLE |  | 0 | 0 | 17623 |
| LIMONEIRA CO | COM | 532746104 |  | 1172099 | 95995 | SH |  | SOLE |  | 500 | 0 | 95495 |
| MARATHON PETROLEUM CORP | COM | 56585A102 |  | 200191 | 1720 | SH |  | SOLE |  | 0 | 0 | 1720 |
| MCDONALDS CORP COM | COM | 580135101 |  | 1178770 | 4473 | SH |  | SOLE |  | 0 | 0 | 4473 |
| MEDICAL PROPERTIES TRUST INC | COM | 58463J304 |  | 336651 | 30220 | SH |  | SOLE |  | 320 | 0 | 29900 |
| MEDTRONIC PLC | COM | G5960L103 |  | 557097 | 7168 | SH |  | SOLE |  | 43 | 0 | 7125 |
| MERCK  CO INC (NEW) | COM | 58933Y105 |  | 4600626 | 41466 | SH |  | SOLE |  | 380 | 0 | 41086 |
| MICROSOFT CORP COM | COM | 594918104 |  | 7985188 | 33297 | SH |  | SOLE |  | 280 | 0 | 33017 |
| MIND TECHNOLOGY | COM | 602566101 |  | 95618 | 207910 | SH |  | SOLE |  | 4000 | 0 | 203910 |
| MITEK SYSTEMS INC | COM | 606710200 |  | 816731 | 84286 | SH |  | SOLE |  | 0 | 0 | 84286 |
| MORGAN STANLEY | COM | 617446448 |  | 1379875 | 16230 | SH |  | SOLE |  | 0 | 0 | 16230 |
| NAPCO SECURITY TECHNOLOGIES IN | COM | 630402105 |  | 2044539 | 74401 | SH |  | SOLE |  | 570 | 0 | 73831 |
| NATURAL GAS SERVICES GROUP | COM | 63886Q109 |  | 1021980 | 89178 | SH |  | SOLE |  | 0 | 0 | 89178 |
| NEXTERA ENERGY INC | COM | 65339F101 |  | 1355407 | 16213 | SH |  | SOLE |  | 210 | 0 | 16003 |
| NIKE INC CL B | COM | 654106103 |  | 267836 | 2289 | SH |  | SOLE |  | 0 | 0 | 2289 |
| NORDSTROM INC | COM | 655664100 |  | 275736 | 17084 | SH |  | SOLE |  | 550 | 0 | 16534 |
| O2MICRO INTERNATIONAL LTD | COM | 67107W100 |  | 840919 | 188125 | SH |  | SOLE |  | 858 | 0 | 187267 |
| ORACLE CORPORATION | COM | 68389X105 |  | 1105942 | 13530 | SH |  | SOLE |  | 160 | 0 | 13370 |
| ORBITAL INFRASTRUCTURE GROUP I | COM | 68559A109 |  | 20374 | 103420 | SH |  | SOLE |  | 0 | 0 | 103420 |
| OREILLY AUTOMOTIVE INC NEW | COM | 67103H107 |  | 291190 | 345 | SH |  | SOLE |  | 0 | 0 | 345 |
| OSHKOSH CORPORATION | COM | 688239201 |  | 381510 | 4326 | SH |  | SOLE |  | 0 | 0 | 4326 |
| PAYPAL HOLDINGS INC | COM | 70450Y103 |  | 1177694 | 16536 | SH |  | SOLE |  | 140 | 0 | 16396 |
| PEBBLEBROOK HOTEL TRUST | COM | 70509V100 |  | 207947 | 15530 | SH |  | SOLE |  | 0 | 0 | 15530 |
| PEPSICO INC COM | COM | 713448108 |  | 3393729 | 18785 | SH |  | SOLE |  | 60 | 0 | 18725 |
| PERFORMANT FINANCIAL CORP | COM | 71377E105 |  | 765815 | 212137 | SH |  | SOLE |  | 3000 | 0 | 209137 |
| PFIZER INC COM | COM | 717081103 |  | 388143 | 7575 | SH |  | SOLE |  | 50 | 0 | 7525 |
| PNC FINANCIAL SERVICES GROUP I | COM | 693475105 |  | 844979 | 5350 | SH |  | SOLE |  | 150 | 0 | 5200 |
| POSTAL REALTY TRUST INC - A | COM | 73757R102 |  | 558926 | 38467 | SH |  | SOLE |  | 0 | 0 | 38467 |
| PPG INDS INC COM | COM | 693506107 |  | 202441 | 1610 | SH |  | SOLE |  | 0 | 0 | 1610 |
| PRIMO WATER CORP CANADA | COM | 74167P108 |  | 463714 | 29840 | SH |  | SOLE |  | 200 | 0 | 29640 |
| PROCTER  GAMBLE CO | COM | 742718109 |  | 1581226 | 10433 | SH |  | SOLE |  | 0 | 0 | 10433 |
| PUBLIC STORAGE INC | COM | 74460D109 |  | 295320 | 1054 | SH |  | SOLE |  | 35 | 0 | 1019 |
| RADNET INC | COM | 750491102 |  | 1467987 | 77960 | SH |  | SOLE |  | 0 | 0 | 77960 |
| RAYMOND JAMES FINANCIAL | COM | 754730109 |  | 1724132 | 16136 | SH |  | SOLE |  | 0 | 0 | 16136 |
| RAYTHEON TECHNOLOGY CORP COM | COM | 75513E101 |  | 825223 | 8177 | SH |  | SOLE |  | 0 | 0 | 8177 |
| RIBBON COMMUNICATIONS INC | COM | 762544104 |  | 167687 | 60103 | SH |  | SOLE |  | 0 | 0 | 60103 |
| ROPER INDUSTRIES INC | COM | 776696106 |  | 759614 | 1758 | SH |  | SOLE |  | 35 | 0 | 1723 |
| SKYWORKS SOLUTIONS INC | COM | 83088M102 |  | 1299332 | 14258 | SH |  | SOLE |  | 0 | 0 | 14258 |
| STANDEX INTERNATIONAL CORP | COM | 854231107 |  | 1635180 | 15967 | SH |  | SOLE |  | 0 | 0 | 15967 |
| STRYKER CORP | COM | 863667101 |  | 305613 | 1250 | SH |  | SOLE |  | 0 | 0 | 1250 |
| SUPERNUS PHARMACEUTICALS INC | COM | 868459108 |  | 200644 | 5625 | SH |  | SOLE |  | 0 | 0 | 5625 |
| SURMODICS INC | COM | 868873100 |  | 1002548 | 29383 | SH |  | SOLE |  | 0 | 0 | 29383 |
| SVB FINANCIAL GROUP | COM | 78486Q101 |  | 736793 | 3202 | SH |  | SOLE |  | 0 | 0 | 3202 |
| TARGET CORP | COM | 87612E106 |  | 3476657 | 23327 | SH |  | SOLE |  | 255 | 0 | 23072 |
| TELUS CORPORATION | COM | 87971M103 |  | 818686 | 42397 | SH |  | SOLE |  | 200 | 0 | 42197 |
| TENNANT CO | COM | 880345103 |  | 396203 | 6435 | SH |  | SOLE |  | 70 | 0 | 6365 |
| TERRITORIAL BANCORP INC | COM | 88145X108 |  | 1230849 | 51264 | SH |  | SOLE |  | 0 | 0 | 51264 |
| TESLA INC | COM | 88160R101 |  | 232317 | 1886 | SH |  | SOLE |  | 75 | 0 | 1811 |
| THE JOINT CORP | COM | 47973J102 |  | 254310 | 18191 | SH |  | SOLE |  | 140 | 0 | 18051 |
| TIMKEN COMPANY | COM | 887389104 |  | 251232 | 3555 | SH |  | SOLE |  | 0 | 0 | 3555 |
| TRANSCAT INC | COM | 893529107 |  | 687581 | 9702 | SH |  | SOLE |  | 0 | 0 | 9702 |
| TRAVELERS COMPANIES INC | COM | 89417E109 |  | 2138418 | 11406 | SH |  | SOLE |  | 0 | 0 | 11406 |
| TTEC HLDGS INC | COM | 89854H102 |  | 557274 | 12628 | SH |  | SOLE |  | 110 | 0 | 12518 |
| UMPQUA HOLDINGS INC | COM | 904214103 |  | 211523 | 11850 | SH |  | SOLE |  | 0 | 0 | 11850 |
| UNITEDHEALTH GROUP INC | COM | 91324P102 |  | 717334 | 1353 | SH |  | SOLE |  | 40 | 0 | 1313 |
| US BANCORP | COM | 902973304 |  | 628224 | 14406 | SH |  | SOLE |  | 0 | 0 | 14406 |
| UTILITIES SELECT SECTOR SPDR E | COM | 81369Y886 |  | 603833 | 8565 | SH |  | SOLE |  | 0 | 0 | 8565 |
| VERIZON COMMUNICATIONS | COM | 92343V104 |  | 1655569 | 42020 | SH |  | SOLE |  | 100 | 0 | 41920 |
| VISA INC CLASS A | COM | 92826C839 |  | 3593001 | 17294 | SH |  | SOLE |  | 40 | 0 | 17254 |
| WABTEC CORP | COM | 929740108 |  | 323334 | 3240 | SH |  | SOLE |  | 100 | 0 | 3140 |
| WALMART INC | COM | 931142103 |  | 1655256 | 11674 | SH |  | SOLE |  | 90 | 0 | 11584 |
| WARNER BROS DISCOVERY INC | COM | 934423104 |  | 377949 | 39868 | SH |  | SOLE |  | 1660 | 0 | 38208 |
| WELLS FARGO  COMPANY | COM | 949746101 |  | 2075648 | 50270 | SH |  | SOLE |  | 725 | 0 | 49545 |
| WESTERN NEW ENGLAND BANCORP IN | COM | 958892101 |  | 1094011 | 115646 | SH |  | SOLE |  | 0 | 0 | 115646 |
| WINMARK CORP | COM | 974250102 |  | 458454 | 1944 | SH |  | SOLE |  | 0 | 0 | 1944 |
| WYNN RESORTS LTD | COM | 983134107 |  | 423483 | 5135 | SH |  | SOLE |  | 0 | 0 | 5135 |
| XCEL ENERGY INC | COM | 98389B100 |  | 1820757 | 25970 | SH |  | SOLE |  | 220 | 0 | 25750 |
| YUM! BRANDS INC | COM | 988498101 |  | 224140 | 1750 | SH |  | SOLE |  | 0 | 0 | 1750 |
| ZIMMER BIOMET HOLDINGS INC | COM | 98956P102 |  | 296438 | 2325 | SH |  | SOLE |  | 0 | 0 | 2325 |
| INVESCO QQQ TRUST UNIT SER 1 | COM | 46090E103 |  | 466656 | 1753 | SH |  | SOLE |  | 115 | 0 | 1638 |
| ISHARES CORE HIGH DIVIDEND ETF | COM | 46429B663 |  | 1020301 | 9788 | SH |  | SOLE |  | 60 | 0 | 9728 |
| ISHARES CORE S 500 INDEX FUN | COM | 464287200 |  | 4191488 | 10909 | SH |  | SOLE |  | 125 | 0 | 10784 |
| ISHARES CORE S MID CAP | COM | 464287507 |  | 244309 | 1010 | SH |  | SOLE |  | 0 | 0 | 1010 |
| ISHARES CORE S SMALLCAP ETF | COM | 464287804 |  | 533770 | 5640 | SH |  | SOLE |  | 0 | 0 | 5640 |
| ISHARES CORE S US VALUE ETF | COM | 464287663 |  | 1048361 | 14843 | SH |  | SOLE |  | 0 | 0 | 14843 |
| ISHARES RUSSELL 2000 ETF | COM | 464287655 |  | 582537 | 3341 | SH |  | SOLE |  | 0 | 0 | 3341 |
| ISHARES RUSSELL MID-CAP GROWTH | COM | 464287481 |  | 277719 | 3322 | SH |  | SOLE |  | 0 | 0 | 3322 |
| ISHARES RUSSELL MIDCAP ETF | COM | 464287499 |  | 1123515 | 16657 | SH |  | SOLE |  | 0 | 0 | 16657 |
| ISHARES S 500 GROWTH ETF | COM | 464287309 |  | 855504 | 14624 | SH |  | SOLE |  | 855 | 0 | 13769 |
| ISHARES S 500 VALUE ETF | COM | 464287408 |  | 1181366 | 8143 | SH |  | SOLE |  | 350 | 0 | 7793 |
| SPDR PORTFOLIO MID CAP ETF | COM | 78464A847 |  | 340000 | 8000 | SH |  | SOLE |  | 0 | 0 | 8000 |
| SPDR PORTFOLIO S 500 VALUE E | COM | 78464A508 |  | 328076 | 8436 | SH |  | SOLE |  | 0 | 0 | 8436 |
| SPDR S 500 ETF HIGH DIVIDEND | COM | 78468R788 |  | 3000503 | 75809 | SH |  | SOLE |  | 515 | 0 | 75294 |
| SPDR S 500 ETF TRUST | COM | 78462F103 |  | 4175952 | 10920 | SH |  | SOLE |  | 70 | 0 | 10850 |
| SPDR S 600 SMALL CAP | COM | 78464A813 |  | 423948 | 5157 | SH |  | SOLE |  | 0 | 0 | 5157 |
| SPDR S DIVIDEND ETF | COM | 78464A763 |  | 1916810 | 15321 | SH |  | SOLE |  | 0 | 0 | 15321 |
| SPDR S MIDCAP 400 ETF TRUST | COM | 78467Y107 |  | 1132766 | 2558 | SH |  | SOLE |  | 0 | 0 | 2558 |
| VANGUARD DIV APPRECIATION INDE | COM | 921908844 |  | 359429 | 2367 | SH |  | SOLE |  | 0 | 0 | 2367 |
| VANGUARD S 500 ETF | COM | 922908363 |  | 368907 | 1050 | SH |  | SOLE |  | 0 | 0 | 1050 |
| ISHARES CURRENCY HEDGED MSCI E | COM | 46434V803 |  | 264330 | 9790 | SH |  | SOLE |  | 0 | 0 | 9790 |
| ISHARES MSCI EAFE ETF | COM | 464287465 |  | 2226443 | 33919 | SH |  | SOLE |  | 0 | 0 | 33919 |
| ISHARES MSCI EMERGING MKTS IND | COM | 464287234 |  | 229106 | 6045 | SH |  | SOLE |  | 0 | 0 | 6045 |
| SPDR S EMERGING MKT SM CAP E | COM | 78463X756 |  | 338665 | 6920 | SH |  | SOLE |  | 0 | 0 | 6920 |
| VANGUARD FTSE EMERGING MARKETS | COM | 922042858 |  | 564041 | 14470 | SH |  | SOLE |  | 0 | 0 | 14470 |
| WISDOMTREE EMRG MKT EX-ST OW | COM | 97717X578 |  | 219016 | 8209 | SH |  | SOLE |  | 0 | 0 | 8209 |
| SPDR GOLD TRUST FUND | GOLD | 78463V107 |  | 2432865 | 14341 | SH |  | SOLE |  | 0 | 0 | 14341 |
| SPROTT PHYSICAL GOLD TRUST | GOLD | 85207H104 |  | 636700 | 45156 | SH |  | SOLE |  | 0 | 0 | 45156 |
| VANECK MERK GOLD SHARES | GOLD | 921078101 |  | 391869 | 22152 | SH |  | SOLE |  | 0 | 0 | 22152 |

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