MORGAN DEMPSEY CAPITAL MANAGEMENT LLC

Citigroup fell 9.29% in share count. Cisco fell 9.47%. Exxon Mobil fell 9.38%. AT&T fell 9.45%. Cummins fell 9.44%. Entergy fell 9.37%. IBM fell 9.91%. Wells Fargo fell 9.07%. WEC Energy fell 9.32%. General Dynamics fell 9.23%. Ten holdings spanning financials, tech, energy, telecom, industrials, and utilities — companies with nothing in common except sitting in Morgan Dempsey Capital Management's book — all landed within a single percentage point of each other. That kind of uniformity across unrelated names points to a proportional, across-the-board rebalancing rather than ten separate stock decisions, and it lines up almost exactly with the portfolio's overall size: total AUM fell 8.7%, from $225.2 million to $205.6 million, nearly matching the per-position trim rate. A handful of moves broke the pattern: CME Group grew 32.5% (a real $1.5 million add), and PepsiCo entered as a genuinely new, full-sized $3.0 million position even as the rest of the book contracted.