Foundry Partners 13F-HR Quarterly holdings report by institutional manager

The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE

OMB APPROVAL

OMB Number:		3235-0006
Expires:	Oct 31, 2018
Estimated average burden
hours per response:		23.8

COLUMN 1	COLUMN 2	COLUMN 3	COLUMN 4	COLUMN 5			COLUMN 6	COLUMN 7	COLUMN 8
			VALUE	SHRS OR	SH/	PUT/	INVESTMENT	OTHER	VOTING AUTHORITY
NAME OF ISSUER	TITLE OF CLASS	CUSIP	(x$1000)	PRN AMT	PRN	CALL	DISCRETION	MANAGER	SOLE	SHARED	NONE
ALEXANDER & BALDWIN INC	COM	014491104	532,241	28,146	SH		SOLE		7,306	0	20,840
ALPINE INCOME	COM	02083X103	3,484,736	207,055	SH		SOLE		74,445	0	132,610
APPLE HOSPITALITY REIT	COM	03784Y200	4,469,776	288,001	SH		SOLE		288,001	0	0
CHATHAM LODGING TRUST	COM	16208T102	1,826,361	174,105	SH		SOLE		63,730	0	110,375
COMMUNITY HEALTHCARE TRUST	COM	20369C106	5,348,907	146,145	SH		SOLE		51,880	0	94,265
CORECIVIC INC	COM	21871N101	4,931,862	536,072	SH		SOLE		536,072	0	0
CTO REALTY GROWTH	COM	22948Q101	4,846,159	280,774	SH		SOLE		99,948	0	180,826
DIAMONDROCK HOSPITALITY	COM	252784301	214,632	26,400	SH		SOLE		0	0	26,400
EMPIRE STATE REALTY TRUST INC	COM	292104106	4,200,451	647,219	SH		SOLE		647,219	0	0
ESSENTIAL PROPERTIES REALTY	COM	29670E107	448,170	18,035	SH		SOLE		5,550	0	12,485
LTC PROPERTIES INC	COM	502175102	259,084	7,375	SH		SOLE		0	0	7,375
MID-AMER APARTMENT	COM	59522J103	11,374,067	75,305	SH		SOLE		52,895	0	22,410
NEWMARK GROUP INC	COM	65158N102	3,867,577	546,268	SH		SOLE		546,268	0	0
OUTFRONT MEDIA INC	COM	69007J106	197,113	12,145	SH		SOLE		0	0	12,145
PHILLIPS EDISON	COM	71844V201	244,813	7,505	SH		SOLE		0	0	7,505
POSTAL REALTY TRUST	COM	73757R102	1,462,338	96,080	SH		SOLE		34,400	0	61,680
SIMON PROPERTY GROUP INC	COM	828806109	20,204,651	180,447	SH		SOLE		123,987	0	56,460
SUMMIT HOTEL PROPERTIES INC	COM	866082100	2,554,307	364,901	SH		SOLE		364,901	0	0
W P CAREY INC	COM	92936U109	11,014,010	142,208	SH		SOLE		99,933	0	42,275
ABBVIE INC	COM	00287Y109	513,968	3,225	SH		SOLE		0	0	3,225
ACCO BRANDS CORP	COM	00081T108	3,347,844	629,294	SH		SOLE		225,479	0	403,815
ACCURAY INC	COM	004397105	5,160,158	1,737,427	SH		SOLE		626,352	0	1,111,075
ADTRAN HOLDINGS	COM	00486H105	4,136,462	260,811	SH		SOLE		92,337	0	168,474
ADVANSIX INC	COM	00773T101	3,410,469	89,116	SH		SOLE		89,116	0	0
AES CORP	COM	00130H105	24,038,029	998,257	SH		SOLE		689,882	0	308,375
AGCO CORP	COM	001084102	309,338	2,288	SH		SOLE		669	0	1,619
AGILENT TECHNOLOGIES INC	COM	00846U101	459,012	3,318	SH		SOLE		971	0	2,347
ALAMOS GOLD INC	COM	011532108	6,823,985	557,971	SH		SOLE		532,346	0	25,625
ALBEMARLE CORP	COM	012653101	339,075	1,534	SH		SOLE		447	0	1,087
ALLISON TRANS HOLDINGS	COM	01973R101	7,260,613	160,491	SH		SOLE		160,491	0	0
ALLSTATE CORP	COM	020002101	9,688,229	87,431	SH		SOLE		61,431	0	26,000
ALPHABET INC A	COM	02079K305	549,769	5,300	SH		SOLE		0	0	5,300
ALTA EQUIPMENT GROUP	COM	02128L106	3,698,930	233,371	SH		SOLE		82,152	0	151,219
ALTRIA GROUP	COM	02209S103	24,956,055	559,302	SH		SOLE		383,177	0	176,125
AMAZON.COM	COM	023135106	237,567	2,300	SH		SOLE		0	0	2,300
AMERANT BANCORP	COM	023576101	3,005,600	138,125	SH		SOLE		49,600	0	88,525
AMERICAN PUBLIC EDUCATION	COM	02913V103	429,362	79,218	SH		SOLE		26,607	0	52,611
AMERIPRISE FINANCIAL	COM	03076C106	26,181,536	85,421	SH		SOLE		58,666	0	26,755
AMERISAFE INC	COM	03071H100	3,733,416	76,270	SH		SOLE		27,310	0	48,960
AMPHENOL CORP-CL A	COM	032095101	1,136,317	13,905	SH		SOLE		1,567	0	12,338
ANTERO RESOURCES	COM	03674X106	321,436	13,921	SH		SOLE		997	0	12,924
APPLE INC	COM	037833100	566,431	3,435	SH		SOLE		0	0	3,435
APPLIED INDUSTRIAL TECH	COM	03820C105	422,837	2,975	SH		SOLE		0	0	2,975
ARISTA NETWORKS INC	COM	040413106	448,690	2,673	SH		SOLE		782	0	1,891
ARTESIAN RESOURCES CORP	COM	043113208	3,066,667	55,395	SH		SOLE		17,594	0	37,801
ASPEN TECHNOLOGY INC	COM	29109X106	202,779	886	SH		SOLE		259	0	627
ASSOCIATED BANC CORP	COM	045487105	391,281	21,762	SH		SOLE		6,847	0	14,915
AT & T INC COM	COM	00206R102	22,587,642	1,173,384	SH		SOLE		824,434	0	348,950
AVANOS MEDICAL	COM	05350V106	3,854,899	129,620	SH		SOLE		120,200	0	9,420
AXOS FINANCIAL INC	COM	05465C100	459,986	12,459	SH		SOLE		2,674	0	9,785
AXT INC	COM	00246W103	1,134,280	284,995	SH		SOLE		102,115	0	182,880
BABCOCK & WILCOX	COM	05614L209	1,544,912	254,936	SH		SOLE		91,791	0	163,145
BANC OF CALIFORNIA	COM	05990K106	3,778,660	301,569	SH		SOLE		107,064	0	194,505
BANK OF NEW YORK MELLON	COM	064058100	14,749,506	324,593	SH		SOLE		228,093	0	96,500
BANNER CORP	COM	06652V208	492,483	9,058	SH		SOLE		2,493	0	6,565
BAR HARBOR BANKSHARES	COM	066849100	2,618,418	98,995	SH		SOLE		35,330	0	63,665
BARRETT BUSINESS SVCS INC	COM	068463108	5,228,874	58,990	SH		SOLE		21,135	0	37,855
BEAZER HOMES USA	COM	07556Q881	1,202,910	75,750	SH		SOLE		26,935	0	48,815
BENCHMARK ELECTRONICS	COM	08160H101	2,813,187	118,750	SH		SOLE		42,325	0	76,425
BERRY CORP	COM	08579X101	2,834,635	361,100	SH		SOLE		361,100	0	0
BIO-TECHNE CORP	COM	09073M104	344,687	4,646	SH		SOLE		1,112	0	3,534
BIOGEN INC	COM	09062X103	18,003,277	64,753	SH		SOLE		45,533	0	19,220
BIOMARIN PHARMACEUTICAL	COM	09061G101	310,001	3,188	SH		SOLE		933	0	2,255
BLUELINX HLDGS INC COM	COM	09624H208	2,818,165	41,468	SH		SOLE		41,468	0	0
BORGWARNER INC	COM	099724106	12,466,721	253,853	SH		SOLE		178,378	0	75,475
BRIDGEWATER BANCSHARES	COM	108621103	744,220	68,655	SH		SOLE		24,490	0	44,165
BROWN & BROWN INC COM	COM	115236101	249,260	4,341	SH		SOLE		1,270	0	3,071
BUILD A BEAR WORKSHOP COM	COM	120076104	3,107,304	133,705	SH		SOLE		133,705	0	0
CADENCE DESIGN SYS INC	COM	127387108	563,671	2,683	SH		SOLE		785	0	1,898
CAESARS ENTERTAINMENT	COM	12769G100	231,359	4,740	SH		SOLE		1,386	0	3,354
CARPENTER TECHNOLOGY	COM	144285103	490,749	10,964	SH		SOLE		2,664	0	8,300
CASS INFORMATION SYS COM	COM	14808P109	4,282,276	98,875	SH		SOLE		35,465	0	63,410
CATERPILLAR INC	COM	149123101	17,792,768	77,752	SH		SOLE		53,247	0	24,505
CECO ENVIRONMENTAL	COM	125141101	2,131,097	152,330	SH		SOLE		54,535	0	97,795
CELESTICA INC SUB VTG SHS	COM	15101Q108	3,413,714	264,629	SH		SOLE		264,629	0	0
CENTURY CASINOS INC	COM	156492100	3,470,352	473,445	SH		SOLE		170,855	0	302,590
CF INDUSTRIES HOLDINGS INC	COM	125269100	5,784,485	79,797	SH		SOLE		56,047	0	23,750
CHIPOTLE MEXICAN GRILL	COM	169656105	302,367	177	SH		SOLE		52	0	125
CHORD ENERGY	COM	674215207	5,197,310	38,613	SH		SOLE		38,613	0	0
CIRCOR INTL	COM	17273K109	3,797,262	122,020	SH		SOLE		43,755	0	78,265
CISCO SYSTEMS	COM	17275R102	14,782,115	282,776	SH		SOLE		191,951	0	90,825
CITIGROUP INC	COM	172967424	20,580,115	438,902	SH		SOLE		308,427	0	130,475
CITIZENS FINANCIAL GROUP	COM	174610105	8,780,240	289,109	SH		SOLE		203,084	0	86,025
CIVITAS RESOURCES	COM	17888H103	327,690	4,795	SH		SOLE		1,640	0	3,155
COCA-COLA EUROPACIFIC	COM	G25839104	13,859,871	234,159	SH		SOLE		164,509	0	69,650
COHU INC	COM	192576106	5,809,405	151,326	SH		SOLE		144,871	0	6,455
COLLEGIUM PHARMACEUTICAL	COM	19459J104	3,274,155	136,480	SH		SOLE		136,480	0	0
COLUMBIA BANKING SYSTEM INC	COM	197236102	2,799,594	130,700	SH		SOLE		130,700	0	0
COLUMBUS MCKINNON	COM	199333105	5,549,846	149,350	SH		SOLE		50,685	0	98,665
COMCAST CORP-CLASS A	COM	20030N101	18,706,765	493,452	SH		SOLE		346,752	0	146,700
COMPUTER PROG & SYSTEMS	COM	205306103	5,778,287	191,334	SH		SOLE		67,669	0	123,665
COMPUTER TASK GROUP	COM	205477102	1,307,704	180,373	SH		SOLE		64,511	0	115,862
COMSTOCK RESOURCES INC	COM	205768302	3,956,650	366,696	SH		SOLE		366,696	0	0
CONOCOPHILLIPS	COM	20825C104	12,520,500	126,202	SH		SOLE		88,677	0	37,525
CONSTELLATION ENERGY	COM	21037T109	9,325,721	118,799	SH		SOLE		83,468	0	35,331
COVENANT LOGISTICS	COM	22284P105	2,847,166	80,383	SH		SOLE		80,383	0	0
CRA INTERNATIONAL	COM	12618T105	5,261,077	48,795	SH		SOLE		17,505	0	31,290
CRAWFORD & COMPANY CLASS A	COM	224633206	1,374,844	164,455	SH		SOLE		58,741	0	105,714
CROSS COUNTRY HEALTH	COM	227483104	2,767,122	123,975	SH		SOLE		44,445	0	79,530
CVR PARTNERS LP	COM	126633205	4,706,928	52,786	SH		SOLE		52,786	0	0
CVS HEALTH	COM	126650100	18,443,370	248,195	SH		SOLE		170,855	0	77,340
DARDEN RESTAURANTS INC	COM	237194105	19,001,514	122,464	SH		SOLE		86,039	0	36,425
DELTA AIRLINES	COM	247361702	14,653,130	419,620	SH		SOLE		294,845	0	124,775
DELUXE CORP COM	COM	248019101	2,506,992	156,687	SH		SOLE		156,687	0	0
DEXCOM INC	COM	252131107	521,067	4,485	SH		SOLE		1,312	0	3,173
DIME COMMUNITY BANCSHARES	COM	25432X102	3,285,312	144,600	SH		SOLE		48,951	0	95,649
DOMINO'S PIZZA INC	COM	25754A201	220,353	668	SH		SOLE		195	0	473
DONEGAL GROUP INC - CL A	COM	257701201	3,910,992	255,955	SH		SOLE		91,705	0	164,250
DR HORTON INC	COM	23331A109	235,531	2,411	SH		SOLE		703	0	1,708
DRIL-QUIP INC	COM	262037104	3,615,944	126,035	SH		SOLE		43,210	0	82,825
DUCOMMUN INC	COM	264147109	6,227,639	113,830	SH		SOLE		39,910	0	73,920
EARTHSTONE ENERGY	COM	27032D304	139,142	10,695	SH		SOLE		0	0	10,695
EDGEWELL PERSONAL CARE	COM	28035Q102	335,076	7,899	SH		SOLE		1,669	0	6,230
EDWARDS LIFESCIENCES CORP	COM	28176E108	364,012	4,400	SH		SOLE		0	0	4,400
ELEVANCE HEALTH, INC	COM	036752103	21,059,758	45,801	SH		SOLE		32,171	0	13,630
EMERSON ELECTRIC CO	COM	291011104	13,224,279	151,759	SH		SOLE		102,234	0	49,525
ENACT HOLDINGS INC	COM	29249E109	2,608,966	114,128	SH		SOLE		114,128	0	0
ENERPLUS CORPORATION	COM	292766102	5,224,749	362,578	SH		SOLE		362,578	0	0
ENERSYS	COM	29275Y102	454,817	5,235	SH		SOLE		0	0	5,235
ENHABIT INC	COM	29332G102	3,618,826	260,160	SH		SOLE		93,200	0	166,960
ENOVA HOLDINGS INC	COM	29357K103	4,753,788	106,995	SH		SOLE		106,995	0	0
ENTRAVISION COMM A	COM	29382R107	3,272,445	540,900	SH		SOLE		192,780	0	348,120
EOG RESOURCES	COM	26875P101	481,446	4,200	SH		SOLE		0	0	4,200
EPAM SYSTEMS INC	COM	29414B104	286,741	959	SH		SOLE		280	0	679
ETHAN ALLEN INTERIORS INC	COM	297602104	4,774,827	173,883	SH		SOLE		173,883	0	0
EVEREST RE GROUP LTD COM	COM	G3223R108	218,750	611	SH		SOLE		178	0	433
EVOLUTION PETROLEUM	COM	30049A107	2,616,120	414,599	SH		SOLE		148,812	0	265,787
EXELON CORP COM	COM	30161N101	26,838,378	640,687	SH		SOLE		450,187	0	190,500
FAIR ISAAC CORP	COM	303250104	887,497	1,263	SH		SOLE		211	0	1,052
FEDERAL AGRIC MTG C	COM	313148306	6,022,186	45,215	SH		SOLE		15,600	0	29,615
FIRST BANCORP INC ME	COM	31866P102	1,763,238	68,105	SH		SOLE		24,230	0	43,875
FIRST BANK	COM	31931U102	897,233	88,835	SH		SOLE		31,710	0	57,125
FIRST FINANCIAL	COM	320218100	2,068,896	55,200	SH		SOLE		19,730	0	35,470
FIRST INTERNET BANC	COM	320557101	1,074,258	64,520	SH		SOLE		23,245	0	41,275
FIVE BELOW	COM	33829M101	362,095	1,758	SH		SOLE		514	0	1,244
FORTINET INC	COM	34959E109	401,817	6,046	SH		SOLE		1,771	0	4,275
FRESH DEL MONTE PRODUCE	COM	G36738105	3,303,248	109,706	SH		SOLE		109,706	0	0
GENERAC HOLDINGS INC	COM	368736104	292,059	2,704	SH		SOLE		788	0	1,916
GENWORTH FINANCIAL INC-CL A	COM	37247D106	2,982,256	594,075	SH		SOLE		594,075	0	0
GILEAD SCIENCES	COM	375558103	25,734,058	310,161	SH		SOLE		217,961	0	92,200
GLOBAL SHIP LEASE INC CL A	COM	Y27183600	5,295,905	282,599	SH		SOLE		97,104	0	185,495
GOLDMAN SACHS	COM	38141G104	14,075,216	43,029	SH		SOLE		29,204	0	13,825
GREENHILL & CO INC	COM	395259104	1,073,004	120,970	SH		SOLE		40,640	0	80,330
GROUP 1 AUTOMOTIVE INC	COM	398905109	3,266,335	14,426	SH		SOLE		14,426	0	0
GUESS INC	COM	401617105	3,909,339	200,891	SH		SOLE		200,891	0	0
HANCOCK WHITNEY CORP	COM	410120109	5,125,193	140,802	SH		SOLE		136,422	0	4,380
HANMI FINANCIAL CORP	COM	410495204	844,285	45,465	SH		SOLE		16,275	0	29,190
HARTFORD FINANCIAL SERVICES	COM	416515104	16,260,350	233,324	SH		SOLE		163,899	0	69,425
HAWKINS INC	COM	420261109	3,159,121	72,159	SH		SOLE		26,235	0	45,924
HAYNES INTERNATIONAL	COM	420877201	4,770,071	95,230	SH		SOLE		34,180	0	61,050
HELIX ENERGY SOLUTIONS	COM	42330P107	4,731,075	611,250	SH		SOLE		218,603	0	392,647
HERSHEY COMPANY	COM	427866108	356,937	1,403	SH		SOLE		410	0	993
HESS CORP	COM	42809H107	229,742	1,736	SH		SOLE		506	0	1,230
HILLENBRAND INC	COM	431571108	5,015,461	105,522	SH		SOLE		105,522	0	0
HOME DEPOT INC	COM	437076102	450,058	1,525	SH		SOLE		0	0	1,525
HOMETRUST BANCSHARES	COM	437872104	3,055,062	124,240	SH		SOLE		44,350	0	79,890
HOPE BANCORP	COM	43940T109	2,655,711	270,439	SH		SOLE		270,439	0	0
HORACE MANN EDUCATORS	COM	440327104	512,780	15,316	SH		SOLE		3,921	0	11,395
HORIZON BANCORP INC	COM	440407104	856,254	77,419	SH		SOLE		27,734	0	49,685
HOWMET AEROSPACE	COM	443201108	361,035	8,521	SH		SOLE		2,493	0	6,028
HUBSPOT INC	COM	443573100	217,376	507	SH		SOLE		146	0	361
HUDBAY MINERALS INC	COM	443628102	4,466,521	850,766	SH		SOLE		850,766	0	0
HUDSON TECHNOLOGIES COM	COM	444144109	3,185,586	364,901	SH		SOLE		364,901	0	0
HUNTINGTON BANCSHARES INC	COM	446150104	12,924,654	1,153,987	SH		SOLE		810,837	0	343,150
HUNTINGTON INGALLS	COM	446413106	15,927,291	76,936	SH		SOLE		54,051	0	22,885
IDEXX LABORATORIES INC	COM	45168D104	572,592	1,145	SH		SOLE		335	0	810
IDT CORP CL B	COM	448947507	4,308,564	126,425	SH		SOLE		43,060	0	83,365
IMAX CORP	COM	45245E109	6,358,515	331,518	SH		SOLE		115,643	0	215,875
INDEPENDENT BANK MI	COM	453838609	3,925,304	220,895	SH		SOLE		79,460	0	141,435
INGLES MARKETS INC - CL A	COM	457030104	5,046,409	56,893	SH		SOLE		56,893	0	0
INSPIRED ENTERTAINMENT	COM	45782N108	3,683,008	287,960	SH		SOLE		103,155	0	184,805
INTEGER HOLDINGS CORP	COM	45826H109	531,417	6,857	SH		SOLE		1,897	0	4,960
INTERNATIONAL MONEY EXPRESS IN	COM	46005L101	5,298,306	205,520	SH		SOLE		205,520	0	0
INTERNATIONAL SEAWAYS INC	COM	Y41053102	221,696	5,319	SH		SOLE		1,534	0	3,785
INTERPUBLIC GROUP OF COS INC	COM	460690100	10,561,041	283,594	SH		SOLE		199,244	0	84,350
INTL BUSINESS MACHINES CORP	COM	459200101	17,148,932	130,818	SH		SOLE		91,918	0	38,900
INTREPID POTASH INC	COM	46121Y201	2,960,266	107,256	SH		SOLE		37,088	0	70,168
IRONWOOOD PHARMA CL A	COM	46333X108	4,790,966	455,415	SH		SOLE		455,415	0	0
JABIL INC	COM	466313103	12,714,347	144,219	SH		SOLE		101,344	0	42,875
JAMES RIVER GROUP HOLDINGS	COM	G5005R107	5,588,303	270,620	SH		SOLE		93,955	0	176,665
JOHNSON & JOHNSON	COM	478160104	23,453,050	151,310	SH		SOLE		103,935	0	47,375
JPMORGAN CHASE	COM	46625H100	39,567,719	303,643	SH		SOLE		209,908	0	93,735
JUNIPER NETWORKS INC	COM	48203R104	16,097,442	467,677	SH		SOLE		328,652	0	139,025
KB HOME	COM	48666K109	2,847,316	70,864	SH		SOLE		70,864	0	0
KELLY SERVICES INC -A	COM	488152208	1,889,103	113,870	SH		SOLE		41,105	0	72,765
KEMPER CORP	COM	488401100	389,999	7,135	SH		SOLE		1,550	0	5,585
KEYSIGHT TECHNOLOGIES	COM	49338L103	399,663	2,475	SH		SOLE		723	0	1,752
KIMBALL ELECTRONICS	COM	49428J109	3,005,149	124,695	SH		SOLE		44,320	0	80,375
KLA CORP	COM	482480100	243,893	611	SH		SOLE		178	0	433
KONTOOR BRANDS	COM	50050N103	4,143,055	85,618	SH		SOLE		85,618	0	0
KROGER CO	COM	501044101	24,272,810	491,651	SH		SOLE		339,441	0	152,210
LAKELAND BANCORP	COM	511637100	3,619,174	231,405	SH		SOLE		83,120	0	148,285
LAM RESEARCH CORP	COM	512807108	8,956,377	16,895	SH		SOLE		11,350	0	5,545
LANDSEA HOMES CORP	COM	51509P103	1,972,524	325,499	SH		SOLE		109,467	0	216,032
LAZARD LTD-CL A	COM	G54050102	5,440,668	164,321	SH		SOLE		164,321	0	0
LENNOX INTL INC	COM	526107107	292,741	1,165	SH		SOLE		341	0	824
LKQ CORP	COM	501889208	20,485,025	360,906	SH		SOLE		253,556	0	107,350
LULULEMON ATHLETICA INC	COM	550021109	785,922	2,158	SH		SOLE		346	0	1,812
LUTHER BURBANK CORP	COM	550550107	2,614,442	275,785	SH		SOLE		98,990	0	176,795
MERCER INTL INC	COM	588056101	3,196,806	327,039	SH		SOLE		327,039	0	0
MERCK & CO	COM	58933Y105	19,831,734	186,406	SH		SOLE		130,991	0	55,415
META PLATFORMS INC	COM	30303M102	24,392,387	115,091	SH		SOLE		79,801	0	35,290
MGE ENERGY INC COM	COM	55277P104	339,806	4,375	SH		SOLE		0	0	4,375
MGIC INVT CORP WIS	COM	552848103	6,697,479	499,067	SH		SOLE		499,067	0	0
MICROSOFT CORP	COM	594918104	439,657	1,525	SH		SOLE		0	0	1,525
MINERALS TECHNOLOGIES INC	COM	603158106	4,000,831	66,217	SH		SOLE		62,337	0	3,880
MISTRAS GROUP	COM	60649T107	1,823,888	269,010	SH		SOLE		96,150	0	172,860
MOLSON COORS BEVERAGE - CL B	COM	60871R209	9,956,565	192,658	SH		SOLE		135,383	0	57,275
MONOLITHIC POWER SYSTEMS	COM	609839105	424,458	848	SH		SOLE		216	0	632
MOOG INC CL A	COM	615394202	5,666,381	56,242	SH		SOLE		51,867	0	4,375
MOSAIC CO/THE	COM	61945C103	9,274,550	202,148	SH		SOLE		135,344	0	66,804
MOVADO GROUP INC COM	COM	624580106	2,227,834	77,436	SH		SOLE		77,436	0	0
MSCI INC	COM	55354G100	451,110	806	SH		SOLE		236	0	570
MURPHY OIL CORP	COM	626717102	2,425,555	65,591	SH		SOLE		65,591	0	0
MYERS INDS INC	COM	628464109	2,864,505	133,668	SH		SOLE		47,407	0	86,261
NATIONAL FUEL GAS CO	COM	636180101	7,782,082	134,778	SH		SOLE		134,778	0	0
NATURAL GROCERS	COM	63888U108	3,233,858	275,222	SH		SOLE		98,620	0	176,602
NORTHEAST BANCORP	COM	66405S100	2,617,772	77,771	SH		SOLE		28,217	0	49,554
NORTHWEST PIPE	COM	667746101	5,206,666	166,720	SH		SOLE		59,675	0	107,045
NORTHWESTERN CORP	COM	668074305	228,258	3,945	SH		SOLE		0	0	3,945
NORTWEST NATURAL HOLDING	COM	66765N105	657,850	13,832	SH		SOLE		3,507	0	10,325
NOW INC	COM	67011P100	1,997,378	179,137	SH		SOLE		64,187	0	114,950
NVE CORP	COM	629445206	2,022,466	24,370	SH		SOLE		8,725	0	15,645
NVIDIA CORP	COM	67066G104	659,704	2,375	SH		SOLE		0	0	2,375
O'REILLY AUTOMOTIVE INC	COM	67103H107	394,776	465	SH		SOLE		136	0	329
OCEANFIRST FINL CORP	COM	675234108	326,579	17,672	SH		SOLE		5,152	0	12,520
OIL-DRI CORP OF AMERICA	COM	677864100	3,912,588	94,030	SH		SOLE		33,720	0	60,310
OIL STATES INTL	COM	678026105	7,450,127	894,373	SH		SOLE		651,963	0	242,410
OLD DOMINION FREIGHT	COM	679580100	385,149	1,130	SH		SOLE		330	0	800
OLD NATIONAL BANCORP	COM	680033107	335,352	23,256	SH		SOLE		6,666	0	16,590
ON SEMICONDUCTOR CORP	COM	682189105	444,940	5,405	SH		SOLE		1,581	0	3,824
ONE GAS INC	COM	68235P108	381,096	4,810	SH		SOLE		0	0	4,810
ORACLE CORPORATION	COM	68389X105	12,441,895	133,899	SH		SOLE		91,399	0	42,500
OSI SYSTEMS INC	COM	671044105	5,753,553	56,209	SH		SOLE		56,209	0	0
PACKAGING CORP OF AMERICA	COM	695156109	10,881,079	78,377	SH		SOLE		55,087	0	23,290
PAN AMERICAN SILVER CORP	COM	697900108	4,262,986	234,230	SH		SOLE		234,230	0	0
PATHWARD FINANCIAL	COM	59100U108	3,575,940	86,188	SH		SOLE		86,188	0	0
PATTERSON COS INC	COM	703395103	475,167	17,750	SH		SOLE		4,270	0	13,480
PC-TEL INC	COM	69325Q105	850,484	201,060	SH		SOLE		72,410	0	128,650
PEOPLES BANCORP INC	COM	709789101	3,065,409	119,045	SH		SOLE		42,545	0	76,500
PHILLIPS 66	COM	718546104	16,579,787	163,541	SH		SOLE		114,916	0	48,625
PHOTRONICS	COM	719405102	5,041,812	304,090	SH		SOLE		304,090	0	0
PREMIER FINANCIAL CORP	COM	74052F108	3,997,366	192,830	SH		SOLE		65,865	0	126,965
PRESTIGE CONSUMER HEALTH	COM	74112D101	535,612	8,552	SH		SOLE		1,842	0	6,710
PRIMIS FINANCIAL CORP	COM	74167B109	3,497,712	363,210	SH		SOLE		130,345	0	232,865
PRIMO WATER CORP	COM	74167P108	5,157,815	336,014	SH		SOLE		336,014	0	0
PROGRESS SOFTWARE CORP COM	COM	743312100	4,159,667	72,405	SH		SOLE		72,405	0	0
PRUDENTIAL FINANCIAL	COM	744320102	17,205,618	207,948	SH		SOLE		142,543	0	65,405
RAMACO RESOURCES INC	COM	75134P303	2,169,947	246,305	SH		SOLE		83,850	0	162,455
REPLIGEN CORP	COM	759916109	270,049	1,604	SH		SOLE		469	0	1,135
ROCKWELL AUTOMATION	COM	773903109	437,240	1,490	SH		SOLE		436	0	1,054
RUMBLEON INC	COM	781386305	1,557,505	257,014	SH		SOLE		87,285	0	169,729
SANDY SPRING BANCORP COM	COM	800363103	2,499,796	96,220	SH		SOLE		96,220	0	0
SANFILLIPPO JOHN B SON COM	COM	800422107	2,917,680	30,104	SH		SOLE		30,104	0	0
SANMINA SCI CORP	COM	801056102	5,624,620	92,222	SH		SOLE		92,222	0	0
SAPIENS INTERNATIONAL CORP	COM	G7T16G103	1,754,607	80,783	SH		SOLE		80,783	0	0
SCHLUMBERGER LTD	COM	806857108	13,494,595	274,839	SH		SOLE		193,089	0	81,750
SCIENCE APPLICATIONS INTL	COM	808625107	6,846,492	63,712	SH		SOLE		63,712	0	0
SEAGEN INC	COM	81181C104	450,293	2,224	SH		SOLE		650	0	1,574
SELECT MEDICAL HOLDINGS	COM	81619Q105	4,756,141	183,990	SH		SOLE		171,190	0	12,800
SENECA FOODS CORP	COM	817070501	4,312,536	82,505	SH		SOLE		29,530	0	52,975
SHOE CARNIVAL	COM	824889109	7,909,075	308,346	SH		SOLE		183,121	0	125,225
SHYFT GROUP INC	COM	825698103	4,294,631	188,775	SH		SOLE		67,650	0	121,125
SIERRA BANCORP	COM	82620P102	2,420,013	140,535	SH		SOLE		50,435	0	90,100
SILICOM LTD	COM	M84116108	1,759,686	46,950	SH		SOLE		16,990	0	29,960
SILVERBOW RESOURCES	COM	82836G102	1,733,172	75,850	SH		SOLE		27,140	0	48,710
SILVERCREST METALS	COM	828363101	4,186,932	586,405	SH		SOLE		202,680	0	383,725
SMART GLOBAL HOLDINGS	COM	G8232Y101	4,482,521	260,007	SH		SOLE		219,282	0	40,725
SMARTFINANCIAL INC	COM	83190L208	3,226,642	139,440	SH		SOLE		49,770	0	89,670
SNAP-ON INC	COM	833034101	14,405,785	58,349	SH		SOLE		41,014	0	17,335
SPARTANNASH	COM	847215100	4,751,110	191,577	SH		SOLE		65,285	0	126,292
SPOK HOLDINGS	COM	84863T106	5,429,477	535,980	SH		SOLE		189,365	0	346,615
STANDARD MOTOR PRODUCTS	COM	853666105	5,702,595	154,500	SH		SOLE		54,490	0	100,010
STARBUCKS CORP	COM	855244109	343,629	3,300	SH		SOLE		0	0	3,300
STERLING INFRASTRUCTURE INC	COM	859241101	5,900,946	155,780	SH		SOLE		54,870	0	100,910
STEWART INFORMATN SVCS COM	COM	860372101	4,349,286	107,789	SH		SOLE		107,789	0	0
SYNOPSYS INC	COM	871607107	349,170	904	SH		SOLE		264	0	640
TECHNIPFMC PLC	COM	G87110105	172,263	12,620	SH		SOLE		0	0	12,620
TETRA TECHNOLOGIES INC	COM	88162F105	1,483,950	559,981	SH		SOLE		200,916	0	359,065
TITAN INTERNATIONAL INC	COM	88830M102	2,812,801	268,397	SH		SOLE		268,397	0	0
TITAN MACHINERY INC	COM	88830R101	3,171,093	104,141	SH		SOLE		104,141	0	0
TUTOR PERINI CORP	COM	901109108	3,544,603	574,490	SH		SOLE		192,315	0	382,175
UFP INDUSTRIES INC	COM	90278Q108	5,295,881	66,640	SH		SOLE		66,015	0	625
UFP TECHNOLOGIES INC COM	COM	902673102	3,731,602	28,740	SH		SOLE		10,260	0	18,480
ULTA BEAUTY INC	COM	90384S303	353,594	648	SH		SOLE		187	0	461
UNITED FIRE GROUP	COM	910340108	3,701,840	139,429	SH		SOLE		49,958	0	89,471
UNITED HEALTH GROUP	COM	91324P102	489,131	1,035	SH		SOLE		0	0	1,035
UNITED NATURAL FOODS INC	COM	911163103	3,555,195	134,922	SH		SOLE		129,222	0	5,700
UNITED RENTALS INC	COM	911363109	16,980,874	42,907	SH		SOLE		29,182	0	13,725
UNITIL CORP	COM	913259107	6,396,180	112,135	SH		SOLE		37,110	0	75,025
UNIVERSAL ELECTRONICS	COM	913483103	396,880	39,140	SH		SOLE		14,200	0	24,940
UNIVERSAL HEALTH SERVICES B	COM	913903100	8,503,880	66,907	SH		SOLE		47,007	0	19,900
UNIVERSAL STAINLESS	COM	913837100	1,256,780	134,415	SH		SOLE		48,395	0	86,020
VAALCO ENERGY INC	COM	91851C201	7,591,315	1,675,787	SH		SOLE		1,309,497	0	366,290
VALMONT INDUSTRIES	COM	920253101	280,009	877	SH		SOLE		257	0	620
VERISK ANALYTICS A	COM	92345Y106	309,086	1,611	SH		SOLE		471	0	1,140
VERIZON COMM INC	COM	92343V104	18,191,848	467,777	SH		SOLE		328,717	0	139,060
VICTORY CAPITAL HOLDING	COM	92645B103	4,626,943	158,078	SH		SOLE		158,078	0	0
VISHAY INTERTECHNOLOGY INC	COM	928298108	7,361,453	325,440	SH		SOLE		314,290	0	11,150
VISHAY PRECISION GROUP	COM	92835K103	2,023,690	48,460	SH		SOLE		17,300	0	31,160
WARRIOR MET COAL INC	COM	93627C101	6,022,202	164,048	SH		SOLE		164,048	0	0
WASHINGTON TRUST BANCORP	COM	940610108	3,192,706	92,115	SH		SOLE		33,070	0	59,045
WATERSTONE FINANCIAL INC	COM	94188P101	2,556,667	168,980	SH		SOLE		60,345	0	108,635
WESCO INTERNATIONAL INC	COM	95082P105	568,089	3,676	SH		SOLE		646	0	3,030
WILLSCOT MOBILE MINI HOLDINGS	COM	971378104	296,000	6,314	SH		SOLE		1,840	0	4,474
WORLD FUEL SERVICES CORP	COM	981475106	5,046,508	197,515	SH		SOLE		197,515	0	0
XYLEM INC	COM	98419M100	359,959	3,438	SH		SOLE		1,005	0	2,433
ZOETIS INC	COM	98978V103	428,583	2,575	SH		SOLE		0	0	2,575
ZSCALER INC	COM	98980G102	239,969	2,054	SH		SOLE		233	0	1,821
SANOFI ADR	COM	80105N105	21,505,423	395,175	SH		SOLE		277,675	0	117,500
SHELL PLC	COM	780259305	21,155,674	367,669	SH		SOLE		254,519	0	113,150