| Shares | Value | |
| Common Stocks — 93.0% | ||
| Consumer Discretionary — 10.9% | ||
| 33,360 | Beazer Homes USA, Inc.* | $916,066 |
| 21,030 | Genesco, Inc.* | 899,033 |
| 39,470 | G-III Apparel Group Ltd.* | 1,287,511 |
| 3,000 | Group 1 Automotive, Inc. | 1,264,440 |
| 28,140 | Legacy Housing Corp.* | 694,495 |
| 6,740 | Oxford Industries, Inc. | 530,977 |
| 11,735 | Patrick Industries, Inc. | 974,902 |
| 16,040 | Steven Madden Ltd. | 682,021 |
| 7,249,445 | ||
| Consumer Staples — 1.0% | ||
| 4,990 | John B Sanfilippo & Son, Inc. | 434,679 |
| 4,990 | MGP Ingredients, Inc. | 196,456 |
| 631,135 | ||
| Energy — 4.2% | ||
| 16,840 | Cactus, Inc., Class A | 982,782 |
| 23,300 | Magnolia Oil & Gas Corp., Class A | 544,754 |
| 10,230 | Matador Resources Co. | 575,540 |
| 50,750 | Select Water Solutions, Inc. | 671,930 |
| 2,775,006 | ||
| Financials — 21.3% | ||
| 6,520 | AMERISAFE, Inc. | 336,041 |
| 42,070 | Banc of California, Inc. | 650,402 |
| 37,148 | Compass Diversified Holdings | 857,376 |
| 39,492 | Eastern Bankshares, Inc. | 681,237 |
| 20,280 | Esquire Financial Holdings, Inc. | 1,612,260 |
| 14,970 | First Bancorp/Southern Pines, NC | 658,231 |
| 22,300 | German American Bancorp, Inc. | 896,906 |
| 24,156 | Mercantile Bank Corp. | 1,074,700 |
| 16,590 | Northrim BanCorp, Inc. | 1,293,025 |
| 12,250 | Preferred Bank/Los Angeles, CA | 1,058,155 |
| 16,670 | QCR Holdings, Inc. | 1,344,269 |
| 19,890 | Silvercrest Asset Management Group, Inc., Class A | 365,777 |
| 18,100 | Southern First Bancshares, Inc.* | 719,475 |
| 12,260 | Stewart Information Services Corp. | 827,427 |
| 23,970 | Stock Yards Bancorp, Inc. | 1,716,492 |
| 14,091,773 | ||
| Health Care — 13.4% | ||
| 111,850 | Alphatec Holdings, Inc.* | 1,026,783 |
| 16,380 | Amphastar Pharmaceuticals, Inc.* | 608,189 |
| 38,590 | Astrana Health, Inc.* | 1,216,743 |
| 21,260 | Lantheus Holdings, Inc.* | 1,901,920 |
| 85,270 | Maravai LifeSciences Holdings, Inc., Class A* | 464,722 |
| 189,070 | MiMedx Group, Inc.* | 1,818,853 |
| Shares | Value | |
| 19,540 | Surmodics, Inc.* | $773,784 |
| 4,310 | UFP Technologies, Inc.* | 1,053,838 |
| 8,864,832 | ||
| Industrials — 22.6% | ||
| 58,920 | ACCO Brands Corp. | 309,330 |
| 19,095 | Allient Inc. | 463,627 |
| 37,900 | Barrett Business Services, Inc. | 1,646,376 |
| 31,910 | Bowman Consulting Group Ltd.* | 796,154 |
| 83,360 | BrightView Holdings, Inc.* | 1,332,926 |
| 18,460 | Byrna Technologies, Inc.* | 531,833 |
| 11,608 | Casella Waste Systems, Inc., Class A* | 1,228,242 |
| 16,720 | CBIZ, Inc.* | 1,368,198 |
| 13,550 | Columbus McKinnon Corp. | 504,602 |
| 14,110 | Douglas Dynamics, Inc. | 333,419 |
| 33,816 | Ducommun, Inc.* | 2,152,727 |
| 21,830 | Enerpac Tool Group Corp. | 896,995 |
| 14,886 | Greenbrier Cos., Inc. (The) | 907,897 |
| 14,593 | Insteel Industries, Inc. | 394,157 |
| 3,860 | Standex International Corp. | 721,781 |
| 48,490 | Thermon Group Holdings, Inc.* | 1,395,057 |
| 14,983,321 | ||
| Information Technology — 12.1% | ||
| 39,210 | Cohu, Inc.* | 1,046,907 |
| 18,920 | Crane NXT Co. | 1,101,522 |
| 36,210 | Napco Security Technologies, Inc. | 1,287,628 |
| 9,303 | Novanta, Inc.* | 1,421,219 |
| 8,500 | Onto Innovation, Inc.* | 1,416,695 |
| 11,712 | PC Connection, Inc. | 811,290 |
| 35,516 | Sapiens International Corp. NV | 954,315 |
| 8,039,576 | ||
| Materials — 3.0% | ||
| 14,957 | Koppers Holdings, Inc. | 484,607 |
| 9,700 | Materion Corp. | 959,136 |
| 39,260 | Metallus, Inc.* | 554,744 |
| 1,998,487 | ||
| Real Estate — 3.5% | ||
| 93,450 | Chatham Lodging Trust, REIT | 836,377 |
| 19,780 | Community Healthcare Trust, Inc., REIT | 379,974 |
| 106,330 | Summit Hotel Properties, Inc., REIT | 728,361 |
| 20,610 | UMH Properties, Inc., REIT | 389,117 |
| 2,333,829 | ||
| Shares | Value | |
| Utilities — 1.0% | ||
| 12,410 | Unitil Corp. | $672,498 |
| Total Common Stocks | 61,639,902 | |
| (Cost $42,215,800) | ||
| Exchange Traded Funds — 5.9% | ||
| 3,650 | iShares Biotechnology ETF | 482,567 |
| 13,580 | iShares Russell Microcap Index Fund | 1,770,560 |
| 18,090 | SPDR S&P Biotech ETF | 1,629,185 |
| Total Exchange Traded Funds | 3,882,312 | |
| (Cost $3,364,991) | ||
| Investment Company — 1.3% | ||
| 877,266 | RBC BlueBay U.S. Government Money Market Fund, Institutional Class 1(a) | 877,266 |
| Total Investment Company | 877,266 | |
| (Cost $877,266) | ||
| Total Investments | $66,399,480 | |
| (Cost $46,458,057) — 100.2% | ||
| Liabilities in excess of other assets — (0.2)% | (148,561) | |
| NET ASSETS — 100.0% | $66,250,919 | |
| * | Non-income producing security. |
| (a) | Affiliated investment. |
| Abbreviations used are defined below: |
| REIT - Real Estate Investment Trust |
