Kirr Marbach Partners Value Fund (KMVAX) NPORT-P Kirr, Marbach Partners Value Fund (Dec 2023 report)

Kirr Marbach Partners Value Fund
Schedule of Investments
December 31, 2023 (Unaudited)
COMMON STOCKS - 95.4%	Shares		Value
Basic Materials - 2.7%
Innospec, Inc.		16,507	$	2,034,323
Communications - 6.8%
Alphabet, Inc. - Class A(a)		19,570		2,733,734
Anterix, Inc.(a)		21,630		720,712
Liberty Media Corp.-Liberty SiriusXM(a)		30,880		888,726
Liberty Media Corp.-Liberty SiriusXM – Class A(a)		5,350		153,759
The Walt Disney Co.		7,170		647,379
				5,144,310
Consumer Cyclical - 14.1%
AutoZone, Inc.(a)		1,733		4,480,862
Dollar Tree, Inc.(a)		23,019		3,269,849
Liberty Media Corp.-Liberty Live - Class A(a)		1,337		48,867
Liberty Media Corp.-Liberty Live - Class C(a)		7,720		288,651
The Shyft Group, Inc.		50,380		615,644
Visteon Corp.(a)		15,043		1,878,871
				10,582,744
Consumer Non Cyclical - 14.0%
Alight, Inc. - Class A(a)		159,370		1,359,426
API Group Corp.(a)		36,980		1,279,508
Colliers International Group, Inc.		30,611		3,872,905
ICU Medical, Inc.(a)		4,675		466,285
Inmode Ltd.(a)		18,410		409,438
Stride, Inc.(a)		20,590		1,222,428
The Brink's Co.		21,471		1,888,374
				10,498,364
Energy - 7.0%
Coterra Energy, Inc.		43,825		1,118,414
Marathon Petroleum Corp.		17,723		2,629,384
Pioneer Natural Resources Co.		6,640		1,493,203
				5,241,001
Financial - 11.2%
Aon Plc - Class A		6,585		1,916,366
Brookfield Asset Management Ltd. – Class A		6,821		274,000
Brookfield Corp.		41,120		1,649,734
Markel Group, Inc.(a)		1,816		2,578,538
Voya Financial, Inc.		27,024		1,971,671
				8,390,309
Industrial – 22.2%
Canadian Pacific Kansas City Ltd.		36,270		2,867,506
EMCOR Group, Inc.		20,028		4,314,632
GXO Logistics, Inc.(a)		20,654		1,263,199
MasTec, Inc.(a)		35,164		2,662,618
Republic Services, Inc.		19,485		3,213,271
RXO, Inc.(a)		39,844		926,772
Veralto Corp.		17,840		1,467,518
				16,715,516
Technology - 14.2%
Broadcom, Inc.		4,208		4,697,180
Constellation Software, Inc.		1,465		3,632,256
Lumine Group, Inc.(a)		4,395		99,174
SS&C Technologies Holdings, Inc.		33,582		2,052,196
Topicus.com, Inc.(a)		2,725		183,524
				10,664,330
Utilities - 3.2%
Vistra Corp.		62,769		2,417,862
TOTAL COMMON STOCKS (Cost $30,837,855)				71,688,759
WARRANT - 0.0%(b)
Technology - 0.0%(b)
Constellation Software, Inc., Exercise Price $40.00, 03/31/2040(a)(c)		1,465		–
TOTAL WARRANT (Cost $0)				–
MONEY MARKET FUND - 4.8%
First American Government Obligations Fund - Class X, 5.28%(d)		3,615,951		3,615,951
(Cost $3,615,951)
Total Investments - 100.2% (Cost $34,453,806)			$	75,304,710
Other Assets and Liabilities, Net - (0.2)%				(120,739	)
TOTAL NET ASSETS - 100.0%			$	75,183,971
Percentages are stated as a percent of net assets.

(a)	Non-income producing security.
(b)	Represents less than 0.05% of net assets.
(c)	Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $0 or 0.0% of net assets as of December 31, 2023.
(d)	The rate shown represents the 7-day effective yield as of December 31, 2023.

Summary of Fair Value Exposure

The Fund has adopted authoritative fair value accounting standards which establish an authoritative definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation

techniques used to develop the measurements of fair value, a discussion in changes in valuation techniques and related inputs during the period and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three

broad levels listed below:

Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the company has the ability to access.

Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability either directly or indirectly. These inputs may include quoted prices for the identical instruments on an inactive market,

prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates, and similar data.

Level 3 - Unobservable inputs for the asset or liability to the extent that relevant observable inputs are not available, representing the company's own assumptions about the assumptions that a market participant would use in valuing the

asset or liability, and that would be based on the best information available.

The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

As of December 31, 2023, the Fund's investments in securities were classified as follows:

	Level 1		Level 2		Level 3			Total
Common Stocks	$	71,688,759	$	–	$	–		$	71,688,759
Money Market Fund		3,615,951		–		–			3,615,951
Warrant		–		–		–	(a)		–
Total Investments	$	75,304,710	$	–	$	–		$	75,304,710
Refer to the Schedule of Investments for industry classifications.
(a) These securities represent $0 as of December 31, 2023.