Cambria Investment Management 13FHR Quarterly holdings report by institutional manager | SEC 13 Nov 23

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
ABRDN GOLD ETF TRUST	PHYSCL GOLD SHS	00326A104	464,673	26,268	SH		SOLE		0	0	26,268
ACADEMY SPORTS & OUTDOORS IN	COM	00402L107	307,775	6,511	SH		DFND	1	0	0	6,511
ADTALEM GLOBAL ED INC	COM	00737L103	8,356,821	195,025	SH		SOLE		195,025	0	0
ADTALEM GLOBAL ED INC	COM	00737L103	428,500	10,000	SH		DFND	1	0	0	10,000
ADVANCE AUTO PARTS INC	COM	00751Y106	2,557,679	45,730	SH		SOLE		45,730	0	0
AFC GAMMA INC	COM	00109K105	289,685	24,675	SH		SOLE		24,675	0	0
AFFILIATED MANAGERS GROUP IN	COM	008252108	7,115,130	54,589	SH		SOLE		54,589	0	0
AFLAC INC	COM	001055102	10,075,126	131,272	SH		SOLE		131,272	0	0
AGREE RLTY CORP	COM	008492100	251,894	4,560	SH		DFND	1	0	0	4,560
ALLSTATE CORP	COM	020002101	6,773,060	60,794	SH		SOLE		60,794	0	0
ALLY FINL INC	COM	02005N100	5,332,452	199,867	SH		SOLE		199,867	0	0
ALPHA METALLURGICAL RESOUR I	COM	020764106	14,532,413	55,952	SH		SOLE		55,952	0	0
ALPHA METALLURGICAL RESOUR I	COM	020764106	986,974	3,800	SH		DFND	1	0	0	3,800
ALTRIA GROUP INC	COM	02209S103	662,288	15,750	SH		SOLE		15,750	0	0
AMERICAN EQTY INVT LIFE HLD	COM	025676206	523,526	9,760	SH		DFND	1	0	0	9,760
AMERICAN FINL GROUP INC OHIO	COM	025932104	6,488,474	58,104	SH		SOLE		58,104	0	0
AMERIPRISE FINL INC	COM	03076C106	10,730,754	32,549	SH		SOLE		32,549	0	0
AMN HEALTHCARE SVCS INC	COM	001744101	5,751,268	67,519	SH		SOLE		67,519	0	0
APA CORPORATION	COM	03743Q108	7,506,956	182,651	SH		SOLE		182,651	0	0
APPLE HOSPITALITY REIT INC	COM NEW	03784Y200	298,747	19,475	SH		DFND	1	0	0	19,475
ARCBEST CORP	COM	03937C105	465,049	4,575	SH		DFND	1	0	0	4,575
ARCTURUS THERAPEUTICS HLDGS	COM	03969T109	373,030	14,600	SH		DFND	1	0	0	14,600
ARMADA HOFFLER PPTYS INC	COM	04208T108	274,719	26,828	SH		DFND	1	0	0	26,828
ARROW ELECTRS INC	COM	042735100	7,917,047	63,215	SH		SOLE		63,215	0	0
ARROW ELECTRS INC	COM	042735100	330,634	2,640	SH		DFND	1	0	0	2,640
ASBURY AUTOMOTIVE GROUP INC	COM	043436104	469,113	2,039	SH		DFND	1	0	0	2,039
ASSURED GUARANTY LTD	COM	G0585R106	9,784,208	161,669	SH		SOLE		161,669	0	0
ATKORE INC	COM	047649108	446,078	2,990	SH		DFND	1	0	0	2,990
ATKORE INC	COM	047649108	9,992,895	66,981	SH		SOLE		66,981	0	0
AURORA CANNABIS INC	COM	05156X884	226,024	386,365	SH		SOLE		386,365	0	0
AUTONATION INC	COM	05329W102	13,154,692	86,887	SH		SOLE		86,887	0	0
AUTONATION INC	COM	05329W102	557,152	3,680	SH		DFND	1	0	0	3,680
AVALONBAY CMNTYS INC	COM	053484101	212,099	1,235	SH		DFND	1	0	0	1,235
AVNET INC	COM	053807103	645,746	13,400	SH		DFND	1	0	0	13,400
BANCORP INC DEL	COM	05969A105	483,345	14,010	SH		DFND	1	0	0	14,010
BIG 5 SPORTING GOODS CORP	COM	08915P101	3,315,043	472,902	SH		SOLE		472,902	0	0
BIG LOTS INC	COM	089302103	339,273	66,394	SH		SOLE		66,394	0	0
BOISE CASCADE CO DEL	COM	09739D100	857,293	8,320	SH		DFND	1	0	0	8,320
BRIXMOR PPTY GROUP INC	COM	11120U105	311,904	15,200	SH		DFND	1	0	0	15,200
BROADSTONE NET LEASE INC	COM	11135E203	201,330	14,079	SH		DFND	1	0	0	14,079
BUILDERS FIRSTSOURCE INC	COM	12008R107	7,333,830	58,911	SH		SOLE		58,911	0	0
BUILDERS FIRSTSOURCE INC	COM	12008R107	618,715	4,970	SH		DFND	1	0	0	4,970
CAL MAINE FOODS INC	COM NEW	128030202	317,635	6,560	SH		DFND	1	0	0	6,560
CAL MAINE FOODS INC	COM NEW	128030202	6,713,046	138,642	SH		SOLE		138,642	0	0
CALIFORNIA RES CORP	COM STOCK	13057Q305	9,401,615	167,856	SH		SOLE		167,856	0	0
CAMBRIA ETF TR	GLB MOMENT ETF	132061508	11,421,947	423,820	SH		SOLE		0	0	423,820
CAMBRIA ETF TR	VALUE MOMENTUM	132061888	9,791,780	367,540	SH		DFND	1	0	0	367,540
CAMBRIA ETF TR	GBL REAL EST ETF	132061813	4,127,629	180,010	SH		DFND	1	0	0	180,010
CAMBRIA ETF TR	CAMBRIA FGN SHR	132061300	27,957,610	1,165,872	SH		DFND	1	0	0	1,165,872
CAMBRIA ETF TR	EMRG SHAREHLDR	132061706	5,638,198	196,590	SH		SOLE		161,764	0	34,826
CAMBRIA ETF TR	CAMBRIA FGN SHR	132061300	3,186,076	132,864	SH		SOLE		92,907	0	39,957
CAMBRIA ETF TR	SHSHLD YIELD ETF	132061201	16,380,219	264,795	SH		DFND	1	0	0	264,795
CAMBRIA ETF TR	GBL REAL EST ETF	132061813	4,045,627	176,434	SH		SOLE		138,750	0	37,684
CAMBRIA ETF TR	GLOBAL VALUE ETF	132061409	28,109,590	1,463,279	SH		DFND	1	0	0	1,463,279
CAMBRIA ETF TR	GLOBAL VALUE ETF	132061409	4,975,425	259,002	SH		SOLE		143,486	0	115,516
CAMBRIA ETF TR	SHSHLD YIELD ETF	132061201	5,868,901	94,874	SH		SOLE		65,305	0	29,569
CAMBRIA ETF TR	VALUE MOMENTUM	132061888	4,817,344	180,827	SH		SOLE		81,215	0	99,612
CAMBRIA ETF TR	EMRG SHAREHLDR	132061706	28,993,817	1,010,942	SH		DFND	1	0	0	1,010,942
CANOPY GROWTH CORP	COM	138035100	48,220	61,600	SH		SOLE		61,600	0	0
CARDINAL HEALTH INC	COM	14149Y108	507,126	5,875	SH		DFND	1	0	0	5,875
CARETRUST REIT INC	COM	14174T107	313,937	15,314	SH		DFND	1	0	0	15,314
CATHAY GEN BANCORP	COM	149150104	6,881,924	197,984	SH		SOLE		197,984	0	0
CENTURY CMNTYS INC	COM	156504300	466,659	6,988	SH		DFND	1	0	0	6,988
CF INDS HLDGS INC	COM	125269100	6,111,976	71,285	SH		SOLE		71,285	0	0
CHATHAM LODGING TR	COM	16208T102	238,379	24,909	SH		DFND	1	0	0	24,909
CHEVRON CORP NEW	COM	166764100	1,029,425	6,105	SH		DFND	1	0	0	6,105
CHEVRON CORP NEW	COM	166764100	9,332,948	55,349	SH		SOLE		55,349	0	0
CHORD ENERGY CORPORATION	COM NEW	674215207	636,935	3,930	SH		DFND	1	0	0	3,930
CIVITAS RESOURCES INC	COM NEW	17888H103	569,325	7,040	SH		DFND	1	0	0	7,040
CIVITAS RESOURCES INC	COM NEW	17888H103	9,444,969	116,792	SH		SOLE		116,792	0	0
CNX RES CORP	COM	12653C108	10,641,683	471,288	SH		SOLE		471,288	0	0
COMMERCIAL METALS CO	COM	201723103	495,483	10,028	SH		DFND	1	0	0	10,028
COMMUNITY HEALTHCARE TR INC	COM	20369C106	218,948	7,372	SH		DFND	1	0	0	7,372
CONOCOPHILLIPS	COM	20825C104	8,797,753	73,437	SH		SOLE		73,437	0	0
CONSOL ENERGY INC NEW	COM	20854L108	797,316	7,600	SH		DFND	1	0	0	7,600
CONSOL ENERGY INC NEW	COM	20854L108	14,758,319	140,676	SH		SOLE		140,676	0	0
CONSTELLATION BRANDS INC	CL A	21036P108	1,055,586	4,200	SH		SOLE		4,200	0	0
COPT DEFENSE PROPERTIES	SHS BEN INT	22002T108	271,662	11,400	SH		DFND	1	0	0	11,400
COTERRA ENERGY INC	COM	127097103	8,477,064	313,385	SH		SOLE		313,385	0	0
CRANE COMPANY	COMMON STOCK	224408104	1,241,184	13,971	SH		SOLE		13,971	0	0
CRANE NXT CO	COM	224441105	362,316	6,520	SH		DFND	1	0	0	6,520
CRONOS GROUP INC	COM	22717L101	464,660	232,330	SH		SOLE		232,330	0	0
CROSS CTRY HEALTHCARE INC	COM	227483104	451,872	18,228	SH		DFND	1	0	0	18,228
CVR ENERGY INC	COM	12662P108	13,300,864	390,857	SH		SOLE		390,857	0	0
D R HORTON INC	COM	23331A109	465,130	4,328	SH		DFND	1	0	0	4,328
DEVON ENERGY CORP NEW	COM	25179M103	6,428,481	134,769	SH		SOLE		134,769	0	0
DILLARDS INC	CL A	254067101	13,348,184	40,350	SH		SOLE		40,350	0	0
DISCOVER FINL SVCS	COM	254709108	5,849,171	67,519	SH		SOLE		67,519	0	0
DOW INC	COM	260557103	7,697,650	149,295	SH		SOLE		149,295	0	0
DUPONT DE NEMOURS INC	COM	26614N102	8,387,049	112,442	SH		SOLE		112,442	0	0
DXC TECHNOLOGY CO	COM	23355L106	4,717,953	226,498	SH		SOLE		226,498	0	0
EA SERIES TRUST	VAL MOMTM TRND	02072L508	517,675	23,030	SH		DFND	1	0	0	23,030
EA SERIES TRUST	US QUAN MOMENTUM	02072L409	1,954,364	45,325	SH		SOLE		45,325	0	0
EA SERIES TRUST	VAL MOMTM TRND	02072L508	480,721	21,386	SH		SOLE		21,386	0	0
EA SERIES TRUST	INTL QUAN MOMNTM	02072L300	943,576	38,480	SH		SOLE		38,480	0	0
EHEALTH INC	COM	28238P109	380,027	51,355	SH		DFND	1	0	0	51,355
EMCOR GROUP INC	COM	29084Q100	546,383	2,597	SH		DFND	1	0	0	2,597
EMPIRE ST RLTY TR INC	CL A	292104106	368,304	45,809	SH		DFND	1	0	0	45,809
ENCORE WIRE CORP	COM	292562105	7,675,180	42,065	SH		SOLE		42,065	0	0
ENCORE WIRE CORP	COM	292562105	598,469	3,280	SH		DFND	1	0	0	3,280
ENOVA INTL INC	COM	29357K103	487,640	9,586	SH		DFND	1	0	0	9,586
EOG RES INC	COM	26875P101	8,729,201	68,864	SH		SOLE		68,864	0	0
EPR PPTYS	COM SH BEN INT	26884U109	265,191	6,384	SH		DFND	1	0	0	6,384
EQUITY COMWLTH	COM SH BEN INT	294628102	224,426	12,217	SH		DFND	1	0	0	12,217
EQUITY RESIDENTIAL	SH BEN INT	29476L107	295,605	5,035	SH		DFND	1	0	0	5,035
ESSENTIAL PPTYS RLTY TR INC	COM	29670E107	200,553	9,272	SH		DFND	1	0	0	9,272
ETHAN ALLEN INTERIORS INC	COM	297602104	8,557,858	286,216	SH		SOLE		286,216	0	0
EXXON MOBIL CORP	COM	30231G102	10,658,980	90,653	SH		SOLE		90,653	0	0
EXXON MOBIL CORP	COM	30231G102	545,571	4,640	SH		DFND	1	0	0	4,640
FEDERATED HERMES INC	CL B	314211103	7,999,484	236,182	SH		SOLE		236,182	0	0
FIRST CTZNS BANCSHARES INC N	CL A	31946M103	386,428	280	SH		DFND	1	0	0	280
FIRST TR EXCHANGE-TRADED FD	MNGD FUTRS STRGY	33739G103	3,531,620	72,098	SH		DFND	1	0	0	72,098
FLUENCE ENERGY INC	COM CL A	34379V103	355,885	15,480	SH		DFND	1	0	0	15,480
FOOT LOCKER INC	COM	344849104	3,425,688	197,446	SH		SOLE		197,446	0	0
FOUR CORNERS PPTY TR INC	COM	35086T109	280,792	12,654	SH		DFND	1	0	0	12,654
FOX CORP	CL A COM	35137L105	7,133,880	228,650	SH		SOLE		228,650	0	0
FRANKLIN STR PPTYS CORP	COM	35471R106	123,025	66,500	SH		DFND	1	0	0	66,500
GAMING & LEISURE PPTYS INC	COM	36467J108	236,268	5,187	SH		DFND	1	0	0	5,187
GENWORTH FINL INC	COM CL A	37247D106	538,622	91,915	SH		DFND	1	0	0	91,915
GETTY RLTY CORP NEW	COM	374297109	214,963	7,752	SH		DFND	1	0	0	7,752
GLOBAL NET LEASE INC	COM NEW	379378201	474,532	49,379	SH		DFND	1	0	0	49,379
GMS INC	COM	36251C103	337,762	5,280	SH		DFND	1	0	0	5,280
GRANITESHARES GOLD TR	SHS BEN INT	38748G101	1,560,363	85,359	SH		SOLE		85,359	0	0
GRANITESHARES GOLD TR	SHS BEN INT	38748G101	12,267,672	671,098	SH		DFND	1	0	0	671,098
GREEN BRICK PARTNERS INC	COM	392709101	525,683	12,664	SH		DFND	1	0	0	12,664
GREIF INC	CL A	397624107	8,015,463	119,974	SH		SOLE		119,974	0	0
GROUP 1 AUTOMOTIVE INC	COM	398905109	612,659	2,280	SH		DFND	1	0	0	2,280
GROWGENERATION CORP	COM	39986L109	221,774	75,950	SH		SOLE		75,950	0	0
GULFPORT ENERGY CORP	COMMON SHARES	402635502	441,415	3,720	SH		DFND	1	0	0	3,720
HAVERTY FURNITURE COS INC	COM	419596101	6,387,002	221,925	SH		SOLE		221,925	0	0
HELIX ENERGY SOLUTIONS GRP I	COM	42330P107	730,708	65,417	SH		DFND	1	0	0	65,417
HF SINCLAIR CORP	COM	403949100	6,371,435	111,917	SH		SOLE		111,917	0	0
HILLTOP HOLDINGS INC	COM	432748101	1,382,777	48,758	SH		SOLE		48,758	0	0
HP INC	COM	40434L105	6,678,248	259,854	SH		SOLE		259,854	0	0
HUDSON PAC PPTYS INC	COM	444097109	281,887	42,389	SH		DFND	1	0	0	42,389
HUNTSMAN CORP	COM	447011107	6,182,911	253,398	SH		SOLE		253,398	0	0
HYDROFARM HLDGS GROUP INC	COM	44888K209	169,049	138,565	SH		SOLE		138,565	0	0
INNOVATIVE INDL PPTYS INC	COM	45781V101	439,585	5,810	SH		SOLE		5,810	0	0
INNOVATIVE INDL PPTYS INC	COM	45781V101	245,819	3,249	SH		DFND	1	0	0	3,249
INSIGHT ENTERPRISES INC	COM	45765U103	366,660	2,520	SH		DFND	1	0	0	2,520
INSTEEL INDS INC	COM	45774W108	447,948	13,800	SH		DFND	1	0	0	13,800
INTERCURE LTD	COM NEW	M549GJ111	91,632	57,995	SH		SOLE		57,995	0	0
INTERDIGITAL INC	COM	45867G101	317,750	3,960	SH		DFND	1	0	0	3,960
INTERNATIONAL PAPER CO	COM	460146103	6,154,222	173,505	SH		SOLE		173,505	0	0
INVENTRUST PPTYS CORP	COM NEW	46124J201	306,268	12,863	SH		DFND	1	0	0	12,863
INVESCO ACTVELY MNGD ETC FD	OPTIMUM YIELD	46090F100	4,215,900	282,000	SH		DFND	1	0	0	282,000
INVESCO ACTVELY MNGD ETC FD	OPTIMUM YIELD	46090F100	3,859,834	258,183	SH		SOLE		228,956	0	29,227
INVESCO EXCH TRADED FD TR II	FTSE RAFI DEV	46138E743	279,362	6,418	SH		SOLE		0	0	6,418
ISHARES TR	7-10 YR TRSY BD	464287440	770,522	8,435	SH		SOLE		8,435	0	0
ISHARES TR	NATIONAL MUN ETF	464288414	1,416,703	13,816	SH		SOLE		0	0	13,816
ISHARES TR	TIPS BD ETF	464287176	750,040	7,254	SH		SOLE		7,254	0	0
ISHARES TR	GLOBAL ENERG ETF	464287341	11,981,863	290,399	SH		DFND	1	0	0	290,399
ISHARES TR	GLOBAL TECH ETF	464287291	12,767,775	220,743	SH		DFND	1	0	0	220,743
ISHARES TR	GLOB INDSTRL ETF	464288729	12,395,389	109,684	SH		DFND	1	0	0	109,684
ISHARES TR	GLB CNS DISC ETF	464288745	11,221,659	76,567	SH		DFND	1	0	0	76,567
JABIL INC	COM	466313103	446,653	3,520	SH		DFND	1	0	0	3,520
JAZZ PHARMACEUTICALS PLC	SHS USD	G50871105	770,168	5,950	SH		SOLE		5,950	0	0
JEFFERIES FINL GROUP INC	COM	47233W109	8,848,709	241,570	SH		SOLE		241,570	0	0
KB HOME	COM	48666K109	323,960	7,000	SH		DFND	1	0	0	7,000
KB HOME	COM	48666K109	6,399,969	138,288	SH		SOLE		138,288	0	0
KRANESHARES TR	KFA MOUNT LUCAS	500767652	1,233,817	37,882	SH		DFND	1	0	0	37,882
KULICKE & SOFFA INDS INC	COM	501242101	7,027,521	144,510	SH		SOLE		144,510	0	0
LENNAR CORP	CL A	526057104	453,634	4,042	SH		DFND	1	0	0	4,042
LINCOLN NATL CORP IND	COM	534187109	2,789,476	112,980	SH		SOLE		112,980	0	0
LITMAN GREGORY FDS TR	IMGP DBI MANAGED	53700T827	3,653,827	126,430	SH		DFND	1	0	0	126,430
LITMAN GREGORY FDS TR	IMGP DBI MANAGED	53700T827	167,482	5,795	SH		SOLE		0	0	5,795
LKQ CORP	COM	501889208	7,205,141	145,529	SH		SOLE		145,529	0	0
LOEWS CORP	COM	540424108	590,936	9,334	SH		DFND	1	0	0	9,334
LOEWS CORP	COM	540424108	8,395,982	132,617	SH		SOLE		132,617	0	0
LOUISIANA PAC CORP	COM	546347105	10,600,620	191,797	SH		SOLE		191,797	0	0
LTC PPTYS INC	COM	502175102	237,473	7,391	SH		DFND	1	0	0	7,391
LXP INDUSTRIAL TRUST	COM	529043101	192,605	21,641	SH		DFND	1	0	0	21,641
LYONDELLBASELL INDUSTRIES N	SHS - A -	N53745100	7,260,176	76,665	SH		SOLE		76,665	0	0
M D C HLDGS INC	COM	552676108	331,489	8,040	SH		DFND	1	0	0	8,040
M/I HOMES INC	COM	55305B101	583,826	6,947	SH		DFND	1	0	0	6,947
MANPOWERGROUP INC WIS	COM	56418H100	6,488,893	88,501	SH		SOLE		88,501	0	0
MARATHON OIL CORP	COM	565849106	7,980,087	298,321	SH		SOLE		298,321	0	0
MARATHON PETE CORP	COM	56585A102	11,236,087	74,244	SH		SOLE		74,244	0	0
MARATHON PETE CORP	COM	56585A102	605,360	4,000	SH		DFND	1	0	0	4,000
MASTERCRAFT BOAT HLDGS INC	COM	57637H103	291,215	13,106	SH		DFND	1	0	0	13,106
MATSON INC	COM	57686G105	9,307,615	104,910	SH		SOLE		104,910	0	0
MCKESSON CORP	COM	58155Q103	8,682,215	19,966	SH		SOLE		19,966	0	0
MCKESSON CORP	COM	58155Q103	539,214	1,240	SH		DFND	1	0	0	1,240
MERITAGE HOMES CORP	COM	59001A102	460,921	3,766	SH		DFND	1	0	0	3,766
METLIFE INC	COM	59156R108	7,073,726	112,442	SH		SOLE		112,442	0	0
MGIC INVT CORP WIS	COM	552848103	396,554	23,760	SH		DFND	1	0	0	23,760
MOSAIC CO NEW	COM	61945C103	8,609,184	241,831	SH		SOLE		241,831	0	0
MR COOPER GROUP INC	COM	62482R107	563,451	10,520	SH		DFND	1	0	0	10,520
MR COOPER GROUP INC	COM	62482R107	8,457,285	157,903	SH		SOLE		157,903	0	0
MUELLER INDS INC	COM	624756102	565,203	7,520	SH		DFND	1	0	0	7,520
MYMD PHARMACEUTICALS INC	COM	62856X102	101,569	171,570	SH		SOLE		171,570	0	0
MYR GROUP INC DEL	COM	55405W104	355,766	2,640	SH		DFND	1	0	0	2,640
NATIONAL HEALTH INVS INC	COM	63633D104	260,549	5,073	SH		DFND	1	0	0	5,073
NEXPOINT DIVERSIFIED REL ET	COM NEW	65340G205	216,130	24,814	SH		DFND	1	0	0	24,814
NNN REIT INC	COM	637417106	268,584	7,600	SH		DFND	1	0	0	7,600
NUCOR CORP	COM	670346105	11,712,804	74,914	SH		SOLE		74,914	0	0
NUCOR CORP	COM	670346105	606,638	3,880	SH		DFND	1	0	0	3,880
OCCIDENTAL PETE CORP	COM	674599105	8,586,738	132,348	SH		SOLE		132,348	0	0
O-I GLASS INC	COM	67098H104	294,448	17,600	SH		DFND	1	0	0	17,600
OLD REP INTL CORP	COM	680223104	474,144	17,600	SH		DFND	1	0	0	17,600
OLIN CORP	COM PAR $1	680665205	7,018,092	140,418	SH		SOLE		140,418	0	0
OLYMPIC STEEL INC	COM	68162K106	469,859	8,359	SH		DFND	1	0	0	8,359
OMEGA HEALTHCARE INVS INC	COM	681936100	330,771	9,975	SH		DFND	1	0	0	9,975
ORION OFFICE REIT INC	COM	68629Y103	183,230	35,169	SH		DFND	1	0	0	35,169
OSCAR HEALTH INC	CL A	687793109	239,510	43,000	SH		DFND	1	0	0	43,000
OWENS CORNING NEW	COM	690742101	392,861	2,880	SH		DFND	1	0	0	2,880
OWENS CORNING NEW	COM	690742101	11,126,691	81,568	SH		SOLE		81,568	0	0
OXFORD INDS INC	COM	691497309	7,318,089	76,127	SH		SOLE		76,127	0	0
PATHWARD FINANCIAL INC	COM	59100U108	437,071	9,483	SH		DFND	1	0	0	9,483
PATRICK INDS INC	COM	703343103	455,990	6,075	SH		DFND	1	0	0	6,075
PBF ENERGY INC	CL A	69318G106	699,262	13,063	SH		DFND	1	0	0	13,063
PENNYMAC FINL SVCS INC NEW	COM	70932M107	7,416,976	111,366	SH		SOLE		111,366	0	0
PENSKE AUTOMOTIVE GRP INC	COM	70959W103	13,239,004	79,247	SH		SOLE		79,247	0	0
PENSKE AUTOMOTIVE GRP INC	COM	70959W103	694,970	4,160	SH		DFND	1	0	0	4,160
PERDOCEO ED CORP	COM	71363P106	578,083	33,806	SH		DFND	1	0	0	33,806
PERMIAN RESOURCES CORP	CLASS A COM	71424F105	732,300	52,457	SH		DFND	1	0	0	52,457
PHILIP MORRIS INTL INC	COM	718172109	680,463	7,350	SH		SOLE		7,350	0	0
PHOTRONICS INC	COM	719405102	443,003	21,920	SH		DFND	1	0	0	21,920
PHYSICIANS RLTY TR	COM	71943U104	216,787	18,126	SH		DFND	1	0	0	18,126
PIONEER NAT RES CO	COM	723787107	7,533,372	32,818	SH		SOLE		32,818	0	0
PLAINS GP HLDGS L P	LTD PARTNR INT A	72651A207	534,539	33,160	SH		DFND	1	0	0	33,160
PLAINS GP HLDGS L P	LTD PARTNR INT A	72651A207	10,871,054	674,383	SH		SOLE		674,383	0	0
PRIMERICA INC	COM	74164M108	364,739	1,880	SH		DFND	1	0	0	1,880
PRINCIPAL FINANCIAL GROUP IN	COM	74251V102	8,549,592	118,629	SH		SOLE		118,629	0	0
PROG HOLDINGS INC	COM NPV	74319R101	382,579	11,520	SH		DFND	1	0	0	11,520
PROG HOLDINGS INC	COM NPV	74319R101	6,593,314	198,534	SH		SOLE		198,534	0	0
PULTE GROUP INC	COM	745867101	550,858	7,439	SH		DFND	1	0	0	7,439
PULTE GROUP INC	COM	745867101	12,569,173	169,739	SH		SOLE		169,739	0	0
PVH CORPORATION	COM	693656100	336,644	4,400	SH		DFND	1	0	0	4,400
QUEST DIAGNOSTICS INC	COM	74834L100	5,966,022	48,958	SH		SOLE		48,958	0	0
RADIAN GROUP INC	COM	750236101	363,593	14,480	SH		DFND	1	0	0	14,480
RANGE RES CORP	COM	75281A109	8,587,516	264,965	SH		SOLE		264,965	0	0
REGENCY CTRS CORP	COM	758849103	537,456	9,042	SH		DFND	1	0	0	9,042
RELIANCE STEEL & ALUMINUM CO	COM	759509102	12,485,557	47,613	SH		SOLE		47,613	0	0
RELIANCE STEEL & ALUMINUM CO	COM	759509102	513,971	1,960	SH		DFND	1	0	0	1,960
REMITLY GLOBAL INC	COM	75960P104	502,382	19,920	SH		DFND	1	0	0	19,920
RETAIL OPPORTUNITY INVTS COR	COM	76131N101	235,220	19,000	SH		DFND	1	0	0	19,000
REXFORD INDL RLTY INC	COM	76169C100	281,295	5,700	SH		DFND	1	0	0	5,700
RPT REALTY	SH BEN INT	74971D101	280,896	26,600	SH		DFND	1	0	0	26,600
RYDER SYS INC	COM	783549108	9,355,023	87,471	SH		SOLE		87,471	0	0
RYERSON HLDG CORP	COM	783754104	10,540,558	362,343	SH		SOLE		362,343	0	0
RYERSON HLDG CORP	COM	783754104	436,350	15,000	SH		DFND	1	0	0	15,000
SABRA HEALTH CARE REIT INC	COM	78573L106	335,842	24,092	SH		DFND	1	0	0	24,092
SANMINA CORPORATION	COM	801056102	8,235,144	151,716	SH		SOLE		151,716	0	0
SANMINA CORPORATION	COM	801056102	441,785	8,139	SH		DFND	1	0	0	8,139
SAUL CTRS INC	COM	804395101	268,052	7,600	SH		DFND	1	0	0	7,600
SCHOLASTIC CORP	COM	807066105	453,103	11,880	SH		DFND	1	0	0	11,880
SCHWAB STRATEGIC TR	US TIPS ETF	808524870	2,303,970	45,778	SH		DFND	1	0	0	45,778
SCHWAB STRATEGIC TR	US TIPS ETF	808524870	2,280,787	45,259	SH		SOLE		26,899	0	18,360
SCIPLAY CORPORATION	CL A	809087109	572,233	25,131	SH		DFND	1	0	0	25,131
SCOTTS MIRACLE-GRO CO	CL A	810186106	542,640	10,500	SH		SOLE		10,500	0	0
SIMPLIFY EXCHANGE TRADED FUN	MANAGED FUTURES	82889N699	1,240,466	45,026	SH		DFND	1	0	0	45,026
SITE CTRS CORP	COM	82981J109	281,124	22,800	SH		DFND	1	0	0	22,800
SKYWEST INC	COM	830879102	387,526	9,240	SH		DFND	1	0	0	9,240
SLM CORP	COM	78442P106	5,825,410	427,710	SH		SOLE		427,710	0	0
SM ENERGY CO	COM	78454L100	6,486,225	163,587	SH		SOLE		163,587	0	0
SNDL INC	COM	83307B101	467,096	245,840	SH		SOLE		245,840	0	0
SPDR SER TR	FTSE INT GVT ETF	78464A490	2,179,640	56,306	SH		DFND	1	0	0	56,306
SPDR SER TR	FTSE INT GVT ETF	78464A490	1,233,204	31,857	SH		SOLE		31,857	0	0
SPIRIT RLTY CAP INC NEW	COM NEW	84860W300	251,643	7,505	SH		DFND	1	0	0	7,505
STAG INDL INC	COM	85254J102	219,000	6,346	SH		DFND	1	0	0	6,346
STEEL DYNAMICS INC	COM	858119100	8,768,023	81,776	SH		SOLE		81,776	0	0
STEEL DYNAMICS INC	COM	858119100	459,009	4,281	SH		DFND	1	0	0	4,281
STERLING INFRASTRUCTURE INC	COM	859241101	505,542	6,880	SH		DFND	1	0	0	6,880
SYLVAMO CORP	COMMON STOCK	871332102	6,968,855	160,795	SH		SOLE		160,795	0	0
SYNCHRONY FINANCIAL	COM	87165B103	5,090,241	166,511	SH		SOLE		166,511	0	0
TANGER FACTORY OUTLET CTRS I	COM	875465106	370,572	16,397	SH		DFND	1	0	0	16,397
TAPESTRY INC	COM	876030107	5,924,053	206,054	SH		SOLE		206,054	0	0
TAYLOR MORRISON HOME CORP	COM	87724P106	486,308	11,413	SH		DFND	1	0	0	11,413
TEREX CORP NEW	COM	880779103	364,158	6,320	SH		DFND	1	0	0	6,320
THE CIGNA GROUP	COM	125523100	8,772,623	30,666	SH		SOLE		30,666	0	0
THE ODP CORP	COM	88337F105	7,585,168	164,359	SH		SOLE		164,359	0	0
THE ODP CORP	COM	88337F105	460,715	9,983	SH		DFND	1	0	0	9,983
TILRAY BRANDS INC	COM	88688T100	516,204	215,985	SH		SOLE		215,985	0	0
TIMKENSTEEL CORPORATION	COM	887399103	752,381	34,640	SH		DFND	1	0	0	34,640
TOLL BROTHERS INC	COM	889478103	13,385,799	180,987	SH		SOLE		180,987	0	0
TOLL BROTHERS INC	COM	889478103	529,997	7,166	SH		DFND	1	0	0	7,166
TRAVELERS COMPANIES INC	COM	89417E109	542,189	3,320	SH		DFND	1	0	0	3,320
TRI POINTE HOMES INC	COM	87265H109	310,696	11,360	SH		DFND	1	0	0	11,360
TURNING PT BRANDS INC	COM	90041L105	468,727	20,300	SH		SOLE		20,300	0	0
UNITED STATES STL CORP NEW	COM	912909108	9,496,795	292,389	SH		SOLE		292,389	0	0
UNITED STS COMMODITY INDEX F	COMM IDX FND	911717106	11,832,365	199,994	SH		DFND	1	0	0	199,994
UNIVERSAL CORP VA	COM	913456109	421,349	8,925	SH		SOLE		8,925	0	0
UNIVERSAL HEALTH RLTY INCOME	SH BEN INT	91359E105	271,164	6,707	SH		DFND	1	0	0	6,707
UNIVERSAL HLTH SVCS INC	CL B	913903100	7,542,166	59,987	SH		SOLE		59,987	0	0
UNUM GROUP	COM	91529Y106	724,077	14,720	SH		DFND	1	0	0	14,720
UPBOUND GROUP INC	COM	76009N100	343,498	11,800	SH		DFND	1	0	0	11,800
URBAN OUTFITTERS INC	COM	917047102	375,281	11,480	SH		DFND	1	0	0	11,480
URBAN-GRO INC	COM NEW	91704K202	51,313	37,730	SH		SOLE		37,730	0	0
VALERO ENERGY CORP	COM	91913Y100	10,957,301	77,322	SH		SOLE		77,322	0	0
VANECK ETF TRUST	EMERGING MRKT HI	92189F353	1,943,372	109,668	SH		SOLE		109,668	0	0
VANECK ETF TRUST	JP MRGAN EM LOC	92189H300	7,100,273	299,202	SH		DFND	1	0	0	299,202
VANECK ETF TRUST	INTERNATIONAL HI	92189F445	993,116	50,986	SH		SOLE		50,986	0	0
VANECK ETF TRUST	GOLD MINERS ETF	92189F106	412,207	15,318	SH		SOLE		15,318	0	0
VANECK ETF TRUST	JP MRGAN EM LOC	92189H300	4,662,926	196,251	SH		SOLE		154,876	0	41,375
VANGUARD BD INDEX FDS	TOTAL BND MRKT	921937835	6,712,550	96,462	SH		DFND	1	0	0	96,462
VANGUARD BD INDEX FDS	TOTAL BND MRKT	921937835	4,694,660	67,406	SH		SOLE		46,250	0	21,156
VANGUARD CHARLOTTE FDS	TOTAL INT BD ETF	92203J407	3,216,374	67,356	SH		SOLE		66,243	0	1,113
VANGUARD INDEX FDS	TOTAL STK MKT	922908769	128,919	607	SH		SOLE		0	0	607
VANGUARD INDEX FDS	TOTAL STK MKT	922908769	11,660,884	54,898	SH		DFND	1	0	0	54,898
VANGUARD MUN BD FDS	TAX EXEMPT BD	922907746	290,574	6,041	SH		SOLE		0	0	6,041
VANGUARD SCOTTSDALE FDS	INTER TERM TREAS	92206C706	8,392,394	147,204	SH		DFND	1	0	0	147,204
VANGUARD SCOTTSDALE FDS	INTER TERM TREAS	92206C706	1,968,111	34,521	SH		SOLE		34,521	0	0
VANGUARD SCOTTSDALE FDS	LONG TERM TREAS	92206C847	1,598,972	28,897	SH		SOLE		28,897	0	0
VANGUARD SCOTTSDALE FDS	SHRT TRM CORP BD	92206C409	1,034,182	13,801	SH		SOLE		13,801	0	0
VANGUARD SCOTTSDALE FDS	INT-TERM CORP	92206C870	1,470,783	19,425	SH		SOLE		19,425	0	0
VERADIGM INC	COM	01988P108	897,528	68,305	SH		SOLE		68,305	0	0
VERITIV CORP	COM	923454102	8,653,929	51,237	SH		SOLE		51,237	0	0
VIATRIS INC	COM	92556V106	6,511,071	660,352	SH		SOLE		660,352	0	0
VICI PPTYS INC	COM	925652109	270,921	9,310	SH		DFND	1	0	0	9,310
VILLAGE FARMS INTL INC	COM	92707Y108	97,917	122,780	SH		SOLE		122,780	0	0
VISHAY INTERTECHNOLOGY INC	COM	928298108	316,416	12,800	SH		DFND	1	0	0	12,800
VOYA FINANCIAL INC	COM	929089100	1,469,409	22,113	SH		SOLE		22,113	0	0
VOYA FINANCIAL INC	COM	929089100	441,228	6,640	SH		DFND	1	0	0	6,640
WABASH NATL CORP	COM	929566107	293,146	13,880	SH		DFND	1	0	0	13,880
WARRIOR MET COAL INC	COM	93627C101	10,346,612	202,557	SH		SOLE		202,557	0	0
WARRIOR MET COAL INC	COM	93627C101	617,046	12,080	SH		DFND	1	0	0	12,080
WESTERN UN CO	COM	959802109	4,928,134	373,910	SH		SOLE		373,910	0	0
WESTLAKE CORPORATION	COM	960413102	495,314	3,973	SH		DFND	1	0	0	3,973
WHIRLPOOL CORP	COM	963320106	6,329,893	47,344	SH		SOLE		47,344	0	0
WISDOMTREE TR	EM LCL DEBT FD	97717X867	134,756	5,132	SH		SOLE		0	0	5,132
WISDOMTREE TR	FUTRE STRAT FD	97717W125	3,072,259	87,255	SH		SOLE		0	0	87,255
WISDOMTREE TR	WISDOMTREE US VA	97717W547	244,251	3,954	SH		SOLE		0	0	3,954
WISDOMTREE TR	FUTRE STRAT FD	97717W125	11,738,410	333,380	SH		DFND	1	0	0	333,380
WISDOMTREE TR	EM LCL DEBT FD	97717X867	11,265,147	428,985	SH		DFND	1	0	0	428,985
WM TECHNOLOGY INC	COM	92971A109	87,965	66,640	SH		SOLE		66,640	0	0
XEROX HOLDINGS CORP	COM NEW	98421M106	5,094,276	324,683	SH		SOLE		324,683	0	0

Cambria Investment Management 13F-HRQuarterly holdings report by institutional manager