# EDGAR Filing Document

**Accession Number:** 0001518042
**File Stem:** 0000910472-25-004272
**Filing Date:** 2025-11
**Character Count:** 224426
**Document Hash:** e29c9b350ab150503e3f6e58ce126d42
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000910472-25-004272.hdr.sgml**: 20251126

**ACCESSION NUMBER**: 0000910472-25-004272

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251126

**DATE AS OF CHANGE**: 20251126

**PERIOD START**: 20251231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** NORTHERN LIGHTS FUND TRUST II
- **CENTRAL INDEX KEY:** 0001518042

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22549
- **FILM NUMBER:** 251527146

**BUSINESS ADDRESS:**
- **STREET 1:** 225 PICTORIA DRIVE
- **STREET 2:** SUITE 450
- **CITY:** CINCINNATI
- **STATE:** OH
- **ZIP:** 45246
- **BUSINESS PHONE:** 631-470-2600

**MAIL ADDRESS:**
- **STREET 1:** 4221 NORTH 203RD STREET, SUITE 100
- **CITY:** ELKHORN
- **STATE:** NE
- **ZIP:** 68022

## Series and Classes Contracts Data

### Acclivity Small Cap Value Fund (Series ID: S000063456)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000205616 | Acclivity Small Cap Value Class N Shares | AXVNX           |
| C000205617 | Acclivity Small Cap Value Class I Shares | AXVIX           |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **ACCLIVITY SMALL CAP VALUE FUND** | **ACCLIVITY SMALL CAP VALUE FUND** | **ACCLIVITY SMALL CAP VALUE FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
| **Shares** |  | **Value** |
|  | **COMMON STOCKS — 99.4%** |  |
|  | **AEROSPACE & DEFENSE - 0.2%** |  |
| 94 | Huntington Ingalls Industries, Inc. | &nbsp;&nbsp;&nbsp; $27064 |
| 343 | Mercury Systems, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 26548 |
|  |  | &nbsp;&nbsp; 53612 |
|  | **APPAREL & TEXTILE PRODUCTS - 0.4%** |  |
| 1066 | Movado Group, Inc. | &nbsp;&nbsp;&nbsp; 20222 |
| 920 | PVH Corporation | &nbsp;&nbsp;&nbsp; 77068 |
| 149 | Tandy Leather Factory, Inc. | &nbsp;&nbsp;&nbsp; 451 |
| 5211 | Under Armour, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 26003 |
| 784 | Weyco Group, Inc. | &nbsp;&nbsp;&nbsp; 23591 |
|  |  | &nbsp;&nbsp; 147335 |
|  | **ASSET MANAGEMENT - 1.3%** |  |
| 204 | Affiliated Managers Group, Inc. | &nbsp;&nbsp;&nbsp; 48640 |
| 3116 | Cannae Holdings, Inc. | &nbsp;&nbsp;&nbsp; 57054 |
| 4275 | Compass Diversified Holdings | &nbsp;&nbsp;&nbsp; 28300 |
| 1097 | Hannon Armstrong Sustainable Infrastructure Capital, Inc.<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 33678 |
| 39 | Hennessy Advisors, Inc. | &nbsp;&nbsp;&nbsp; 411 |
| 2186 | Janus Henderson Group PLC | &nbsp;&nbsp;&nbsp; 97299 |
| 2600 | Medallion Financial Corporation | &nbsp;&nbsp;&nbsp; 26260 |
| 1540 | ODP Corporation (The)<sup>(a),(c)</sup> | &nbsp;&nbsp;&nbsp; 42889 |
| 1107 | Oppenheimer Holdings, Inc., Class A | &nbsp;&nbsp;&nbsp; 81818 |
| 136 | Virtus Investment Partners, Inc. | &nbsp;&nbsp;&nbsp; 25844 |
|  |  | &nbsp;&nbsp; 442193 |
|  | **AUTOMOTIVE - 3.0%** |  |
| 4549 | American Axle & Manufacturing Holdings, Inc.<sup>(a),(c)</sup> | &nbsp;&nbsp;&nbsp; 27339 |
| 1713 | Autoliv, Inc.<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 211556 |
| 6706 | BorgWarner, Inc. | &nbsp;&nbsp;&nbsp; 294796 |
| 1416 | Dana, Inc. | &nbsp;&nbsp;&nbsp; 28377 |
| 1213 | Gentex Corporation<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 34328 |
| 783 | Gentherm, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 26669 |
| 6492 | Goodyear Tire & Rubber Company (The)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 48560 |
| 1266 | Harley-Davidson, Inc. | &nbsp;&nbsp;&nbsp; 35321 |
| 8123 | Holley, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 25506 |
| 1226 | Lear Corporation | &nbsp;&nbsp;&nbsp; 123348 |
| 9635 | Microvast Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 37095 |

---

---

| | | |
|:---|:---|:---|
| **ACCLIVITY SMALL CAP VALUE FUND** | **ACCLIVITY SMALL CAP VALUE FUND** | **ACCLIVITY SMALL CAP VALUE FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
| **Shares** |  | **Value** |
|  | **COMMON STOCKS — 99.4% (Continued)** |  |
|  | **AUTOMOTIVE - 3.0% (Continued)** |  |
| 712 | Miller Industries, Inc. | &nbsp;&nbsp;&nbsp; $28779 |
| 876 | Standard Motor Products, Inc. | &nbsp;&nbsp;&nbsp; 35758 |
| 256 | Visteon Corporation | &nbsp;&nbsp;&nbsp; 30684 |
|  |  | &nbsp;&nbsp; 988116 |
|  | **BANKING - 12.6%** |  |
| 386 | 1st Source Corporation | &nbsp;&nbsp;&nbsp; 23762 |
| 2429 | Ameris Bancorp | &nbsp;&nbsp;&nbsp; 178070 |
| 351 | Axos Financial, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 29712 |
| 2103 | Bank OZK | &nbsp;&nbsp;&nbsp; 107211 |
| 845 | BankFinancial Corporation | &nbsp;&nbsp;&nbsp; 10165 |
| 551 | Banner Corporation | &nbsp;&nbsp;&nbsp; 36090 |
| 512 | BayCom Corporation | &nbsp;&nbsp;&nbsp; 14720 |
| 1268 | Berkshire Hills Bancorp, Inc. | &nbsp;&nbsp;&nbsp; 30064 |
| 1452 | Byline Bancorp, Inc. | &nbsp;&nbsp;&nbsp; 40264 |
| 443 | C&F Financial Corporation | &nbsp;&nbsp;&nbsp; 29770 |
| 2059 | Cadence Bank | &nbsp;&nbsp;&nbsp; 77295 |
| 621 | Capital Bancorp, Inc. | &nbsp;&nbsp;&nbsp; 19810 |
| 688 | Cathay General Bancorp | &nbsp;&nbsp;&nbsp; 33031 |
| 649 | CNB Financial Corporation | &nbsp;&nbsp;&nbsp; 15706 |
| 378 | Colony Bankcorp, Inc. | &nbsp;&nbsp;&nbsp; 6430 |
| 1912 | Columbia Banking System, Inc. | &nbsp;&nbsp;&nbsp; 49215 |
| 2022 | Comerica, Inc. | &nbsp;&nbsp;&nbsp; 138547 |
| 453 | Community Trust Bancorp, Inc. | &nbsp;&nbsp;&nbsp; 25345 |
| 602 | Customers Bancorp, Inc.<sup>(a),(c)</sup> | &nbsp;&nbsp;&nbsp; 39353 |
| 1788 | CVB Financial Corporation | &nbsp;&nbsp;&nbsp; 33811 |
| 166 | Eagle Bancorp Montana, Inc. | &nbsp;&nbsp;&nbsp; 2867 |
| 1162 | Enterprise Financial Services Corporation | &nbsp;&nbsp;&nbsp; 67373 |
| 568 | FB Financial Corporation | &nbsp;&nbsp;&nbsp; 31660 |
| 1287 | Financial Institutions, Inc. | &nbsp;&nbsp;&nbsp; 35006 |
| 862 | First Bancorp | &nbsp;&nbsp;&nbsp; 45591 |
| 3809 | First Commonwealth Financial Corporation | &nbsp;&nbsp;&nbsp; 64943 |
| 3409 | First Financial Bancorp | &nbsp;&nbsp;&nbsp; 86077 |
| 563 | First Financial Corporation | &nbsp;&nbsp;&nbsp; 31776 |
| 2117 | First Hawaiian, Inc. | &nbsp;&nbsp;&nbsp; 52565 |

---

---

| | | |
|:---|:---|:---|
| **ACCLIVITY SMALL CAP VALUE FUND** | **ACCLIVITY SMALL CAP VALUE FUND** | **ACCLIVITY SMALL CAP VALUE FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
| **Shares** |  | **Value** |
|  | **COMMON STOCKS — 99.4% (Continued)** |  |
|  | **BANKING - 12.6% (Continued)** |  |
| 858 | First Horizon Corporation | &nbsp;&nbsp;&nbsp; $19399 |
| 2066 | First Interstate BancSystem, Inc., Class A | &nbsp;&nbsp;&nbsp; 65843 |
| 2371 | First Merchants Corporation | &nbsp;&nbsp;&nbsp; 89387 |
| 691 | First Mid Bancshares, Inc. | &nbsp;&nbsp;&nbsp; 26175 |
| 4563 | FNB Corporation | &nbsp;&nbsp;&nbsp; 73510 |
| 196 | FS Bancorp, Inc. | &nbsp;&nbsp;&nbsp; 7824 |
| 965 | Glacier Bancorp, Inc. | &nbsp;&nbsp;&nbsp; 46967 |
| 2296 | Hancock Whitney Corporation | &nbsp;&nbsp;&nbsp; 143753 |
| 1078 | Hanmi Financial Corporation | &nbsp;&nbsp;&nbsp; 26616 |
| 2595 | Heritage Commerce Corporation | &nbsp;&nbsp;&nbsp; 25768 |
| 1426 | Heritage Financial Corporation | &nbsp;&nbsp;&nbsp; 34495 |
| 613 | Hilltop Holdings, Inc. | &nbsp;&nbsp;&nbsp; 20486 |
| 290 | Home Bancorp, Inc. | &nbsp;&nbsp;&nbsp; 15754 |
| 2189 | Home BancShares, Inc. | &nbsp;&nbsp;&nbsp; 61949 |
| 739 | HomeTrust Bancshares, Inc. | &nbsp;&nbsp;&nbsp; 30255 |
| 1618 | Independent Bank Corporation (MA) | &nbsp;&nbsp;&nbsp; 111917 |
| 739 | Independent Bank Corporation (MI) | &nbsp;&nbsp;&nbsp; 22890 |
| 1390 | International Bancshares Corporation<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 95562 |
| 828 | Midland States Bancorp, Inc. | &nbsp;&nbsp;&nbsp; 14192 |
| 1053 | National Bank Holdings Corporation, Class A | &nbsp;&nbsp;&nbsp; 40688 |
| 527 | NBT Bancorp, Inc. | &nbsp;&nbsp;&nbsp; 22007 |
| 5135 | Northwest Bancshares, Inc. | &nbsp;&nbsp;&nbsp; 63623 |
| 1487 | OceanFirst Financial Corporation | &nbsp;&nbsp;&nbsp; 26127 |
| 2223 | Old National Bancorp | &nbsp;&nbsp;&nbsp; 48795 |
| 3280 | Old Second Bancorp, Inc. | &nbsp;&nbsp;&nbsp; 56695 |
| 1935 | Peoples Bancorp, Inc. | &nbsp;&nbsp;&nbsp; 58031 |
| 2086 | Prosperity Bancshares, Inc. | &nbsp;&nbsp;&nbsp; 138406 |
| 2774 | Renasant Corporation | &nbsp;&nbsp;&nbsp; 102333 |
| 243 | Republic Bancorp, Inc., Class A | &nbsp;&nbsp;&nbsp; 17557 |
| 3100 | Republic First Bancorp, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; - |
| 1536 | S&T Bancorp, Inc. <sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 57738 |
| 2299 | Seacoast Banking Corporation of Florida | &nbsp;&nbsp;&nbsp; 69959 |
| 240 | Sierra Bancorp | &nbsp;&nbsp;&nbsp; 6938 |
| 2035 | Stellar Bancorp, Inc. | &nbsp;&nbsp;&nbsp; 61742 |

---

---

| | | |
|:---|:---|:---|
| **ACCLIVITY SMALL CAP VALUE FUND** | **ACCLIVITY SMALL CAP VALUE FUND** | **ACCLIVITY SMALL CAP VALUE FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
| **Shares** |  | **Value** |
|  | **COMMON STOCKS — 99.4% (Continued)** |  |
|  | **BANKING - 12.6% (Continued)** |  |
| 1540 | Synovus Financial Corporation | &nbsp;&nbsp;&nbsp; $75583 |
| 1177 | Towne Bank | &nbsp;&nbsp;&nbsp; 40689 |
| 787 | TriCompany Bancshares | &nbsp;&nbsp;&nbsp; 34951 |
| 783 | TrustCompany Bank Corporation | &nbsp;&nbsp;&nbsp; 28423 |
| 2033 | Trustmark Corporation | &nbsp;&nbsp;&nbsp; 80507 |
| 172 | United Bancshares, Inc. | &nbsp;&nbsp;&nbsp; 6361 |
| 3952 | United Bankshares, Inc. | &nbsp;&nbsp;&nbsp; 147054 |
| 3336 | United Community Banks, Inc. | &nbsp;&nbsp;&nbsp; 104584 |
| 420 | United Security Bancshares | &nbsp;&nbsp;&nbsp; 3919 |
| 507 | Unity Bancorp, Inc. | &nbsp;&nbsp;&nbsp; 24777 |
| 577 | Univest Financial Corporation | &nbsp;&nbsp;&nbsp; 17321 |
| 1062 | Webster Financial Corporation | &nbsp;&nbsp;&nbsp; 63125 |
| 1252 | WesBanco, Inc. | &nbsp;&nbsp;&nbsp; 39976 |
| 639 | Westamerica BanCorporation | &nbsp;&nbsp;&nbsp; 31944 |
| 1565 | Western Alliance Bancorp | &nbsp;&nbsp;&nbsp; 135717 |
| 2406 | WSFS Financial Corporation | &nbsp;&nbsp;&nbsp; 129756 |
| 1988 | Zions Bancorp NA | &nbsp;&nbsp;&nbsp; 112481 |
|  |  | &nbsp;&nbsp; 4136778 |
|  | **BEVERAGES - 0.7%** |  |
| 355 | Coffee Holding Company, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1622 |
| 466 | MGP Ingredients, Inc. | &nbsp;&nbsp;&nbsp; 11273 |
| 4933 | Molson Coors Beverage Company, Class B | &nbsp;&nbsp;&nbsp; 223218 |
|  |  | &nbsp;&nbsp; 236113 |
|  | **BIOTECH & PHARMA - 2.8%** |  |
| 4559 | Alkermes PLC<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 136770 |
| 1326 | Amphastar Pharmaceuticals, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 35338 |
| 266 | ANI Pharmaceuticals, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 24366 |
| 8 | Certara, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 98 |
| 9882 | Elanco Animal Health, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 199024 |
| 8107 | Exelixis, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 334819 |
| 1009 | Harmony Biosciences Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 27808 |
| 225 | Innoviva, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 4106 |
| 110 | Ligand Pharmaceuticals, Inc., Class B<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 19485 |
| 2030 | Pacira BioSciences, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 52313 |

---

---

| | | |
|:---|:---|:---|
| **ACCLIVITY SMALL CAP VALUE FUND** | **ACCLIVITY SMALL CAP VALUE FUND** | **ACCLIVITY SMALL CAP VALUE FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
| **Shares** |  | **Value** |
|  | **COMMON STOCKS — 99.4% (Continued)** |  |
|  | **BIOTECH & PHARMA - 2.8% (Continued)** |  |
| 408 | Prestige Consumer Healthcare, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; $25459 |
| 652 | Supernus Pharmaceuticals, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 31159 |
| 3286 | Vanda Pharmaceuticals, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 16397 |
|  |  | &nbsp;&nbsp; 907142 |
|  | **CABLE & SATELLITE - 1.0%** |  |
| 268 | Cable One, Inc.<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 47450 |
| 10917 | Sirius XM Holdings, Inc.<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 254093 |
| 4483 | WideOpenWest, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 23132 |
|  |  | &nbsp;&nbsp; 324675 |
|  | **CHEMICALS - 2.7%** |  |
| 1362 | AdvanSix, Inc. | &nbsp;&nbsp;&nbsp; 26396 |
| 848 | Albemarle Corporation<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 68756 |
| 905 | Ashland, Inc. | &nbsp;&nbsp;&nbsp; 43358 |
| 727 | Avient Corporation | &nbsp;&nbsp;&nbsp; 23955 |
| 492 | Celanese Corporation | &nbsp;&nbsp;&nbsp; 20703 |
| 1104 | Eastman Chemical Company | &nbsp;&nbsp;&nbsp; 69607 |
| 3877 | Ecovyst, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 33962 |
| 1939 | FMC Corporation | &nbsp;&nbsp;&nbsp; 65209 |
| 1998 | Huntsman Corporation | &nbsp;&nbsp;&nbsp; 17942 |
| 750 | Intrepid Potash, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 22935 |
| 1203 | Koppers Holdings, Inc. | &nbsp;&nbsp;&nbsp; 33684 |
| 1208 | Minerals Technologies, Inc. | &nbsp;&nbsp;&nbsp; 75041 |
| 7087 | Mosaic Company (The) | &nbsp;&nbsp;&nbsp; 245777 |
| 228 | Olin Corporation | &nbsp;&nbsp;&nbsp; 5698 |
| 313 | Quaker Chemical Corporation | &nbsp;&nbsp;&nbsp; 41238 |
| 3654 | Rayonier Advanced Materials, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 26382 |
| 292 | Rogers Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 23494 |
| 684 | Stepan Company | &nbsp;&nbsp;&nbsp; 32627 |
|  |  | &nbsp;&nbsp; 876764 |
|  | **COMMERCIAL SUPPORT SERVICES - 2.4%** |  |
| 698 | ABM Industries, Inc. | &nbsp;&nbsp;&nbsp; 32192 |
| 31906 | ADT, Inc. | &nbsp;&nbsp;&nbsp; 277901 |
| 17342 | Alight, Inc., Class A | &nbsp;&nbsp;&nbsp; 56535 |
| 954 | AMN Healthcare Services, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 18469 |

---

---

| | | |
|:---|:---|:---|
| **ACCLIVITY SMALL CAP VALUE FUND** | **ACCLIVITY SMALL CAP VALUE FUND** | **ACCLIVITY SMALL CAP VALUE FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
| **Shares** |  | **Value** |
|  | **COMMON STOCKS — 99.4% (Continued)** |  |
|  | **COMMERCIAL SUPPORT SERVICES - 2.4% (Continued)** |  |
| 435 | ASGN, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; $20597 |
| 2869 | BrightView Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 38445 |
| 962 | CoreCivic, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 19577 |
| 1411 | Deluxe Corporation | &nbsp;&nbsp;&nbsp; 27317 |
| 2372 | GEO Group, Inc. (The)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 48602 |
| 592 | Heidrick & Struggles International, Inc. | &nbsp;&nbsp;&nbsp; 29464 |
| 1773 | Kelly Services, Inc., Class A | &nbsp;&nbsp;&nbsp; 23262 |
| 535 | Korn Ferry | &nbsp;&nbsp;&nbsp; 37439 |
| 1408 | ManpowerGroup, Inc. | &nbsp;&nbsp;&nbsp; 53363 |
| 520 | UniFirst Corporation | &nbsp;&nbsp;&nbsp; 86939 |
| 509 | V2X, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 29568 |
|  |  | &nbsp;&nbsp; 799670 |
|  | **CONSTRUCTION MATERIALS - 0.1%** |  |
| 2871 | Concrete Pumping Holdings, Inc. | &nbsp;&nbsp;&nbsp; 20240 |
|  | **CONSUMER SERVICES - 1.1%** |  |
| 1934 | American Public Education, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 76335 |
| 472 | Carriage Services, Inc. | &nbsp;&nbsp;&nbsp; 21023 |
| 132 | Graham Holdings Company, Class B<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 155405 |
| 869 | Laureate Education, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 27408 |
| 713 | Matthews International Corporation, Class A | &nbsp;&nbsp;&nbsp; 17312 |
| 1197 | Perdoceo Education Corporation | &nbsp;&nbsp;&nbsp; 45079 |
| 333 | Strategic Education, Inc. | &nbsp;&nbsp;&nbsp; 28641 |
|  |  | &nbsp;&nbsp; 371203 |
|  | **CONTAINERS & PACKAGING - 0.6%** |  |
| 436 | Greif, Inc., Class A | &nbsp;&nbsp;&nbsp; 26055 |
| 2818 | O-I Glass, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 36549 |
| 2316 | Silgan Holdings, Inc.<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 99611 |
| 1029 | TriMas Corporation | &nbsp;&nbsp;&nbsp; 39761 |
|  |  | &nbsp;&nbsp; 201976 |
|  | **E-COMMERCE DISCRETIONARY - 0.1%** |  |
| 5336 | 1-800-Flowers.com, Inc., Class A<sup>(a),(c)</sup> | &nbsp;&nbsp;&nbsp; 24546 |

---

---

| | | |
|:---|:---|:---|
| **ACCLIVITY SMALL CAP VALUE FUND** | **ACCLIVITY SMALL CAP VALUE FUND** | **ACCLIVITY SMALL CAP VALUE FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
| **Shares** |  | **Value** |
|  | **COMMON STOCKS — 99.4% (Continued)** |  |
|  | **ELECTRICAL EQUIPMENT - 0.6%** |  |
| 695 | Atkore, Inc. | &nbsp;&nbsp;&nbsp; $43604 |
| 257 | Belden, Inc. | &nbsp;&nbsp;&nbsp; 30910 |
| 1353 | Hayward Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 20457 |
| 676 | Kimball Electronics, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 20185 |
| 153 | Littelfuse, Inc. | &nbsp;&nbsp;&nbsp; 39629 |
| 195 | Preformed Line Products Company | &nbsp;&nbsp;&nbsp; 38249 |
|  |  | &nbsp;&nbsp; 193034 |
|  | **ENGINEERING & CONSTRUCTION - 0.3%** |  |
| 2184 | Great Lakes Dredge & Dock Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 26186 |
| 1648 | Mistras Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 16216 |
| 739 | Tutor Perini Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 48471 |
|  |  | &nbsp;&nbsp; 90873 |
|  | **ENTERTAINMENT CONTENT - 1.4%** |  |
| 3066 | AMC Networks, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 25264 |
| 21644 | Paramount Skydance Corporation<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 409504 |
| 602 | Sphere Entertainment Company<sup>(a),(c)</sup> | &nbsp;&nbsp;&nbsp; 37396 |
|  |  | &nbsp;&nbsp; 472164 |
|  | **FOOD - 1.2%** |  |
| 2266 | Darling Ingredients, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 69951 |
| 210 | Ingredion, Inc. | &nbsp;&nbsp;&nbsp; 25643 |
| 7208 | Krispy Kreme, Inc. | &nbsp;&nbsp;&nbsp; 27895 |
| 556 | Post Holdings, Inc.<sup>(a),(c)</sup> | &nbsp;&nbsp;&nbsp; 59759 |
| 30 | Seaboard Corporation | &nbsp;&nbsp;&nbsp; 109410 |
| 312 | Seneca Foods Corporation, Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 33677 |
| 578 | Simply Good Foods Company (The)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 14346 |
| 2313 | TreeHouse Foods, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 46746 |
| 799 | USANA Health Sciences, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 22013 |
|  |  | &nbsp;&nbsp; 409440 |
|  | **FORESTRY, PAPER & WOOD PRODUCTS - 0.1%** |  |
| 477 | Boise Cascade Company | &nbsp;&nbsp;&nbsp; 36882 |
|  | **HEALTH CARE FACILITIES & SERVICES - 2.2%** |  |
| 3160 | Acadia Healthcare Company, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 78241 |
| 4239 | AdaptHealth Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 37939 |

---

---

| | | |
|:---|:---|:---|
| **ACCLIVITY SMALL CAP VALUE FUND** | **ACCLIVITY SMALL CAP VALUE FUND** | **ACCLIVITY SMALL CAP VALUE FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
| **Shares** |  | **Value** |
|  | **COMMON STOCKS — 99.4% (Continued)** |  |
|  | **HEALTH CARE FACILITIES & SERVICES - 2.2% (Continued)** |  |
| 138 | Addus HomeCare Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; $16283 |
| 198 | Charles River Laboratories International, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 30979 |
| 363 | Chemed Corporation | &nbsp;&nbsp;&nbsp; 162530 |
| 426 | Henry Schein, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 28274 |
| 570 | National HealthCare Corporation | &nbsp;&nbsp;&nbsp; 69261 |
| 2729 | Option Care Health, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 75757 |
| 3147 | Owens & Minor, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 15105 |
| 4302 | Pediatrix Medical Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 72058 |
| 1540 | Premier, Inc., Class A<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 42812 |
| 8573 | Teladoc Health, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 66269 |
| 308 | US Physical Therapy, Inc. | &nbsp;&nbsp;&nbsp; 26165 |
|  |  | &nbsp;&nbsp; 721673 |
|  | **HOME & OFFICE PRODUCTS - 0.5%** |  |
| 7992 | ACCO Brands Corporation | &nbsp;&nbsp;&nbsp; 31888 |
| 1282 | MillerKnoll, Inc. | &nbsp;&nbsp;&nbsp; 22743 |
| 5408 | Steelcase, Inc., Class A | &nbsp;&nbsp;&nbsp; 93018 |
| 317 | Whirlpool Corporation<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 24916 |
|  |  | &nbsp;&nbsp; 172565 |
|  | **HOME CONSTRUCTION - 3.1%** |  |
| 352 | American Woodmark Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 23500 |
| 1120 | Beazer Homes USA, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 27496 |
| 1152 | Century Communities, Inc. | &nbsp;&nbsp;&nbsp; 73002 |
| 1715 | Forestar Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 45602 |
| 621 | Green Brick Partners, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 45867 |
| 256 | Hovnanian Enterprises, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 32893 |
| 857 | Interface, Inc. | &nbsp;&nbsp;&nbsp; 24802 |
| 1434 | KB Home | &nbsp;&nbsp;&nbsp; 91260 |
| 426 | LGI Homes, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 22028 |
| 663 | M/I Homes, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 95764 |
| 1705 | Meritage Homes Corporation | &nbsp;&nbsp;&nbsp; 123493 |
| 906 | Mohawk Industries, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 116802 |
| 3131 | Taylor Morrison Home Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 206677 |
| 2697 | Tri Pointe Homes, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 91617 |
|  |  | &nbsp;&nbsp; 1020803 |

---

---

| | | |
|:---|:---|:---|
| **ACCLIVITY SMALL CAP VALUE FUND** | **ACCLIVITY SMALL CAP VALUE FUND** | **ACCLIVITY SMALL CAP VALUE FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
| **Shares** |  | **Value** |
|  | **COMMON STOCKS — 99.4% (Continued)** |  |
|  | **HOUSEHOLD PRODUCTS - 0.5%** |  |
| 2504 | Central Garden & Pet Company, Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; $73943 |
| 1843 | Edgewell Personal Care Company | &nbsp;&nbsp;&nbsp; 37524 |
| 770 | Spectrum Brands Holdings, Inc. | &nbsp;&nbsp;&nbsp; 40448 |
|  |  | &nbsp;&nbsp; 151915 |
|  | **INDUSTRIAL INTERMEDIATE PRODUCTS - 0.8%** |  |
| 189 | Eastern Company (The) | &nbsp;&nbsp;&nbsp; 4434 |
| 151 | Enpro, Inc. | &nbsp;&nbsp;&nbsp; 34126 |
| 415 | Gibraltar Industries, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 26062 |
| 4478 | Hillman Solutions Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 41108 |
| 466 | Insteel Industries, Inc. | &nbsp;&nbsp;&nbsp; 17867 |
| 388 | Mueller Industries, Inc. | &nbsp;&nbsp;&nbsp; 39231 |
| 788 | Park-Ohio Holdings Corporation | &nbsp;&nbsp;&nbsp; 16737 |
| 1276 | Proto Labs, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 63838 |
| 485 | Timken Company (The) | &nbsp;&nbsp;&nbsp; 36462 |
|  |  | &nbsp;&nbsp; 279865 |
|  | **INDUSTRIAL SUPPORT SERVICES - 1.7%** |  |
| 1497 | MSC Industrial Direct Company, Inc., Class A | &nbsp;&nbsp;&nbsp; 137933 |
| 6694 | Resideo Technologies, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 289047 |
| 2189 | Titan Machinery, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 36644 |
| 438 | WESCO International, Inc. | &nbsp;&nbsp;&nbsp; 92637 |
|  |  | &nbsp;&nbsp; 556261 |
|  | **INSTITUTIONAL FINANCIAL SERVICES - 0.1%** |  |
| 610 | Virtu Financial, Inc., Class A | &nbsp;&nbsp;&nbsp; 21655 |
|  | **INSURANCE - 10.1%** |  |
| 1385 | Assured Guaranty Ltd. | &nbsp;&nbsp;&nbsp; 117240 |
| 2799 | Axis Capital Holdings Ltd. | &nbsp;&nbsp;&nbsp; 268144 |
| 4480 | Brighthouse Financial, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 237798 |
| 1169 | CNO Financial Group, Inc. | &nbsp;&nbsp;&nbsp; 46234 |
| 2063 | Donegal Group, Inc., Class A | &nbsp;&nbsp;&nbsp; 40002 |
| 1882 | Employers Holdings, Inc. | &nbsp;&nbsp;&nbsp; 79947 |
| 34038 | Genworth Financial, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 302938 |
| 1716 | Global Indemnity Group, LLC, Class A | &nbsp;&nbsp;&nbsp; 49850 |
| 1535 | Heritage Insurance Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 38651 |

---

---

| | | |
|:---|:---|:---|
| **ACCLIVITY SMALL CAP VALUE FUND** | **ACCLIVITY SMALL CAP VALUE FUND** | **ACCLIVITY SMALL CAP VALUE FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
| **Shares** |  | **Value** |
|  | **COMMON STOCKS — 99.4% (Continued)** |  |
|  | **INSURANCE - 10.1% (Continued)** |  |
| 2186 | Horace Mann Educators Corporation | &nbsp;&nbsp;&nbsp; $98742 |
| 3767 | Jackson Financial, Inc., Class A | &nbsp;&nbsp;&nbsp; 381333 |
| 1848 | Kemper Corporation | &nbsp;&nbsp;&nbsp; 95264 |
| 8630 | Lincoln National Corporation | &nbsp;&nbsp;&nbsp; 348048 |
| 1825 | NMI Holdings, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 69971 |
| 6840 | Old Republic International Corporation | &nbsp;&nbsp;&nbsp; 290495 |
| 5160 | ProAssurance Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 123788 |
| 8010 | Radian Group, Inc. | &nbsp;&nbsp;&nbsp; 290122 |
| 391 | Safety Insurance Group, Inc. | &nbsp;&nbsp;&nbsp; 27640 |
| 2849 | Security National Financial Corporation, Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 24701 |
| 6972 | Selectquote, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 13665 |
| 6419 | SiriusPoint Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 116120 |
| 246 | Unico American Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; – |
| 2961 | United Fire Group, Inc. | &nbsp;&nbsp;&nbsp; 90074 |
| 2432 | Voya Financial, Inc. | &nbsp;&nbsp;&nbsp; 181914 |
|  |  | &nbsp;&nbsp; 3332681 |
|  | **INTERNET MEDIA & SERVICES - 1.3%** |  |
| 3127 | Angi, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 50845 |
| 6374 | GoodRx Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 26962 |
| 2679 | IAC, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 91273 |
| 11695 | Lyft, Inc., Class A<sup>(a),(c)</sup> | &nbsp;&nbsp;&nbsp; 257407 |
|  |  | &nbsp;&nbsp; 426487 |
|  | **LEISURE FACILITIES & SERVICES - 2.4%** |  |
| 10 | Ark Restaurants Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 71 |
| 128 | Biglari Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 41427 |
| 645 | Boyd Gaming Corporation | &nbsp;&nbsp;&nbsp; 55760 |
| 5401 | Caesars Entertainment, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 145962 |
| 1566 | Cheesecake Factory, Inc. (The)<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 85566 |
| 1994 | El Pollo Loco Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 19342 |
| 1106 | Golden Entertainment, Inc. | &nbsp;&nbsp;&nbsp; 26080 |
| 714 | Hilton Grand Vacations, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 29852 |
| 2641 | Marcus Corporation (The) | &nbsp;&nbsp;&nbsp; 40962 |
| 1390 | Marriott Vacations Worldwide Corporation | &nbsp;&nbsp;&nbsp; 92518 |
| 5425 | MGM Resorts International<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 188031 |

---

---

| | | |
|:---|:---|:---|
| **ACCLIVITY SMALL CAP VALUE FUND** | **ACCLIVITY SMALL CAP VALUE FUND** | **ACCLIVITY SMALL CAP VALUE FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
| **Shares** |  | **Value** |
|  | **COMMON STOCKS — 99.4% (Continued)** |  |
|  | **LEISURE FACILITIES & SERVICES - 2.4% (Continued)** |  |
| 2918 | Penn Entertainment, Inc.<sup>(a),(c)</sup> | &nbsp;&nbsp;&nbsp; $56201 |
| 1929 | Portillo's, Inc.<sup>(a),(c)</sup> | &nbsp;&nbsp;&nbsp; 12442 |
| 419 | RCI Hospitality Holdings, Inc. | &nbsp;&nbsp;&nbsp; 12784 |
|  |  | &nbsp;&nbsp; 806998 |
|  | **LEISURE PRODUCTS - 1.0%** |  |
| 512 | Brunswick Corporation<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 32379 |
| 481 | Escalade, Inc. | &nbsp;&nbsp;&nbsp; 6046 |
| 514 | Fox Factory Holding Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 12485 |
| 470 | LCI Industries<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 43780 |
| 1071 | Thor Industries, Inc.<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 111052 |
| 10583 | Topgolf Callaway Brands Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 100539 |
| 824 | Winnebago Industries, Inc. | &nbsp;&nbsp;&nbsp; 27555 |
|  |  | &nbsp;&nbsp; 333836 |
|  | **MACHINERY - 2.4%** |  |
| 211 | AGCO Corporation | &nbsp;&nbsp;&nbsp; 22592 |
| 80 | Alamo Group, Inc. | &nbsp;&nbsp;&nbsp; 15272 |
| 327 | Albany International Corporation, Class A | &nbsp;&nbsp;&nbsp; 17429 |
| 1619 | Enovis Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 49121 |
| 4300 | Gates Industrial Corporation PLC<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 106726 |
| 713 | Helios Technologies, Inc. | &nbsp;&nbsp;&nbsp; 37169 |
| 3028 | Hillenbrand, Inc. | &nbsp;&nbsp;&nbsp; 81877 |
| 3688 | Kennametal, Inc. | &nbsp;&nbsp;&nbsp; 77190 |
| 2227 | Manitowoc Company, Inc. (The)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 22292 |
| 160 | Middleby Corporation (The)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 21269 |
| 760 | Mueller Water Products, Inc., Class A | &nbsp;&nbsp;&nbsp; 19395 |
| 670 | Oshkosh Corporation | &nbsp;&nbsp;&nbsp; 86899 |
| 4763 | Ranpak Holdings Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 26768 |
| 1119 | Regal Rexnord Corporation<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 160509 |
| 504 | Stanley Black & Decker, Inc. | &nbsp;&nbsp;&nbsp; 37462 |
|  |  | &nbsp;&nbsp; 781970 |
|  | **MEDICAL EQUIPMENT & DEVICES - 1.9%** |  |
| 2410 | AngioDynamics, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 26920 |
| 1437 | Avanos Medical, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 16612 |
| 299 | Bio-Rad Laboratories, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 83837 |

---

---

| | | |
|:---|:---|:---|
| **ACCLIVITY SMALL CAP VALUE FUND** | **ACCLIVITY SMALL CAP VALUE FUND** | **ACCLIVITY SMALL CAP VALUE FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
| **Shares** |  | **Value** |
|  | **COMMON STOCKS — 99.4% (Continued)** |  |
|  | **MEDICAL EQUIPMENT & DEVICES - 1.9% (Continued)** |  |
| 1025 | Castle Biosciences, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; $23339 |
| 317 | CONMED Corporation | &nbsp;&nbsp;&nbsp; 14908 |
| 4964 | Dentsply Sirona, Inc. | &nbsp;&nbsp;&nbsp; 62993 |
| 3519 | Envista Holdings Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 71682 |
| 811 | FONAR Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 12214 |
| 152 | ICU Medical, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 18234 |
| 2932 | Integra LifeSciences Holdings Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 42016 |
| 3887 | Neogen Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 22195 |
| 2846 | QuidelOrtho Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 83815 |
| 873 | Teleflex, Inc. | &nbsp;&nbsp;&nbsp; 106820 |
| 83 | Utah Medical Products, Inc. | &nbsp;&nbsp;&nbsp; 5226 |
| 2518 | Varex Imaging Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 31223 |
|  |  | &nbsp;&nbsp; 622034 |
|  | **METALS & MINING - 1.4%** |  |
| 6123 | Alcoa Corporation<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 201385 |
| 1141 | Hallador Energy Company<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 22329 |
| 3836 | Hecla Mining Company | &nbsp;&nbsp;&nbsp; 46416 |
| 342 | Kaiser Aluminum Corporation | &nbsp;&nbsp;&nbsp; 26389 |
| 3849 | Peabody Energy Corporation<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 102076 |
| 1176 | Ramaco Resources, Inc., Class A | &nbsp;&nbsp;&nbsp; 39031 |
| 54 | Ramaco Resources, Inc., Class B | &nbsp;&nbsp;&nbsp; 904 |
| 3406 | SunCoke Energy, Inc. | &nbsp;&nbsp;&nbsp; 27793 |
|  |  | &nbsp;&nbsp; 466323 |
|  | **OIL & GAS PRODUCERS - 6.4%** |  |
| 9993 | Antero Midstream Corporation | &nbsp;&nbsp;&nbsp; 194264 |
| 9129 | APA Corporation<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 221652 |
| 7401 | Berry Corporation | &nbsp;&nbsp;&nbsp; 27976 |
| 2821 | California Resources Corporation | &nbsp;&nbsp;&nbsp; 150021 |
| 1272 | Chord Energy Corporation | &nbsp;&nbsp;&nbsp; 126399 |
| 3548 | Civitas Resources, Inc. | &nbsp;&nbsp;&nbsp; 115310 |
| 1746 | CNX Resources Corporation<sup>(a),(c)</sup> | &nbsp;&nbsp;&nbsp; 56081 |
| 10225 | Crescent Energy Company, Class A | &nbsp;&nbsp;&nbsp; 91207 |
| 119 | Gulfport Energy Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 21537 |
| 2914 | HF Sinclair Corporation | &nbsp;&nbsp;&nbsp; 152519 |

---

---

| | | |
|:---|:---|:---|
| **ACCLIVITY SMALL CAP VALUE FUND** | **ACCLIVITY SMALL CAP VALUE FUND** | **ACCLIVITY SMALL CAP VALUE FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
| **Shares** |  | **Value** |
|  | **COMMON STOCKS — 99.4% (Continued)** |  |
|  | **OIL & GAS PRODUCERS - 6.4% (Continued)** |  |
| 2395 | HighPeak Energy, Inc.<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; $16933 |
| 1701 | Magnolia Oil & Gas Corporation, Class A | &nbsp;&nbsp;&nbsp; 40603 |
| 3042 | Matador Resources Company | &nbsp;&nbsp;&nbsp; 136677 |
| 4171 | Murphy Oil Corporation | &nbsp;&nbsp;&nbsp; 118498 |
| 3709 | Northern Oil & Gas, Inc.<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 91983 |
| 2678 | Ovintiv, Inc. | &nbsp;&nbsp;&nbsp; 108138 |
| 3270 | Par Pacific Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 115823 |
| 2804 | Permian Resources Corporation | &nbsp;&nbsp;&nbsp; 35891 |
| 1183 | Riley Exploration Permian, Inc. | &nbsp;&nbsp;&nbsp; 32071 |
| 1886 | SandRidge Energy, Inc. | &nbsp;&nbsp;&nbsp; 21274 |
| 3940 | SM Energy Company<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 98382 |
| 9273 | VAALCO Energy, Inc. | &nbsp;&nbsp;&nbsp; 37277 |
| 4003 | World Kinect Corporation<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 103878 |
|  |  | &nbsp;&nbsp; 2114394 |
|  | **OIL & GAS SERVICES & EQUIPMENT - 1.2%** |  |
| 1398 | DMC Global, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 11813 |
| 1514 | DNOW, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 23088 |
| 4300 | Helix Energy Solutions Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 28208 |
| 2498 | Helmerich & Payne, Inc. | &nbsp;&nbsp;&nbsp; 55181 |
| 2134 | Liberty Energy, Inc., Class A | &nbsp;&nbsp;&nbsp; 26334 |
| 1533 | MRC Global, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 22106 |
| 7934 | NOV, Inc.<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 105125 |
| 7278 | Patterson-UTI Energy, Inc. | &nbsp;&nbsp;&nbsp; 37700 |
| 8404 | ProPetro Holding Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 44037 |
| 1989 | Ranger Energy Services, Inc. | &nbsp;&nbsp;&nbsp; 27926 |
| 3549 | RPC, Inc. | &nbsp;&nbsp;&nbsp; 16893 |
|  |  | &nbsp;&nbsp; 398411 |
|  | **PUBLISHING & BROADCASTING - 1.1%** |  |
| 11313 | Gray Media, Inc. | &nbsp;&nbsp;&nbsp; 65389 |
| 491 | Nexstar Media Group, Inc. | &nbsp;&nbsp;&nbsp; 97091 |
| 9664 | TEGNA, Inc. | &nbsp;&nbsp;&nbsp; 196469 |
|  |  | &nbsp;&nbsp; 358949 |
|  | **REAL ESTATE OWNERS & DEVELOPERS - 0.3%** |  |
| 3755 | Five Point Holdings, LLC<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 23018 |

---

---

| | | |
|:---|:---|:---|
| **ACCLIVITY SMALL CAP VALUE FUND** | **ACCLIVITY SMALL CAP VALUE FUND** | **ACCLIVITY SMALL CAP VALUE FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
| **Shares** |  | **Value** |
|  | **COMMON STOCKS — 99.4% (Continued)** |  |
|  | **REAL ESTATE OWNERS & DEVELOPERS - 0.3% (Continued)** |  |
| 607 | Howard Hughes Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; $49877 |
| 1167 | Legacy Housing Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 32104 |
|  |  | &nbsp;&nbsp; 104999 |
|  | **REAL ESTATE SERVICES - 0.8%** |  |
| 7308 | Anywhere Real Estate, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 77392 |
| 9737 | Compass, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 78188 |
| 5495 | Newmark Group, Inc., Class A | &nbsp;&nbsp;&nbsp; 102482 |
|  |  | &nbsp;&nbsp; 258062 |
|  | **RENEWABLE ENERGY - 0.1%** |  |
| 369 | EnerSys | &nbsp;&nbsp;&nbsp; 41682 |
|  | **RETAIL - CONSUMER STAPLES - 1.4%** |  |
| 1332 | Five Below, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 206060 |
| 1554 | Ingles Markets, Inc., Class A | &nbsp;&nbsp;&nbsp; 108096 |
| 856 | Natural Grocers by Vitamin Cottage, Inc. | &nbsp;&nbsp;&nbsp; 34240 |
| 1480 | Village Super Market, Inc., Class A | &nbsp;&nbsp;&nbsp; 55293 |
| 772 | Weis Markets, Inc. | &nbsp;&nbsp;&nbsp; 55484 |
|  |  | &nbsp;&nbsp; 459173 |
|  | **RETAIL - DISCRETIONARY - 4.8%** |  |
| 1632 | Academy Sports & Outdoors, Inc.<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 81633 |
| 569 | Advance Auto Parts, Inc.<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 34937 |
| 2746 | American Eagle Outfitters, Inc. | &nbsp;&nbsp;&nbsp; 46984 |
| 518 | Asbury Automotive Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 126625 |
| 513 | AutoNation, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 112229 |
| 387 | BlueLinx Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 28282 |
| 1897 | Driven Brands Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 30561 |
| 715 | Ethan Allen Interiors, Inc. | &nbsp;&nbsp;&nbsp; 21064 |
| 3560 | Gap, Inc. (The) | &nbsp;&nbsp;&nbsp; 76148 |
| 376 | Group 1 Automotive, Inc. | &nbsp;&nbsp;&nbsp; 164504 |
| 1956 | Guess?, Inc. | &nbsp;&nbsp;&nbsp; 32685 |
| 7064 | Kohl's Corporation<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 108574 |
| 530 | La-Z-Boy, Inc. | &nbsp;&nbsp;&nbsp; 18190 |
| 696 | Lithia Motors, Inc., Class A | &nbsp;&nbsp;&nbsp; 219936 |
| 5637 | Macy's, Inc. | &nbsp;&nbsp;&nbsp; 101071 |

---

---

| | | |
|:---|:---|:---|
| **ACCLIVITY SMALL CAP VALUE FUND** | **ACCLIVITY SMALL CAP VALUE FUND** | **ACCLIVITY SMALL CAP VALUE FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
| **Shares** |  | **Value** |
|  | **COMMON STOCKS — 99.4% (Continued)** |  |
|  | **RETAIL - DISCRETIONARY - 4.8% (Continued)** |  |
| 1526 | MarineMax, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; $38653 |
| 6362 | Mister Car Wash, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 33909 |
| 1747 | Monro, Inc. | &nbsp;&nbsp;&nbsp; 31394 |
| 450 | Rush Enterprises, Inc., Class A | &nbsp;&nbsp;&nbsp; 24061 |
| 3987 | Sally Beauty Holdings, Inc.<sup>(a),(c)</sup> | &nbsp;&nbsp;&nbsp; 64908 |
| 1068 | Shoe Carnival, Inc. | &nbsp;&nbsp;&nbsp; 22204 |
| 479 | Sonic Automotive, Inc., Class A | &nbsp;&nbsp;&nbsp; 36447 |
| 1496 | Urban Outfitters, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 106859 |
| 874 | Victoria's Secret & Company<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 23720 |
|  |  | &nbsp;&nbsp; 1585578 |
|  | **SEMICONDUCTORS - 2.1%** |  |
| 4075 | Amkor Technology, Inc. | &nbsp;&nbsp;&nbsp; 115730 |
| 854 | Azenta, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 24527 |
| 288 | Cirrus Logic, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 36083 |
| 499 | CTS Corporation | &nbsp;&nbsp;&nbsp; 19930 |
| 1178 | Diodes, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 62681 |
| 721 | FormFactor, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 26259 |
| 982 | IPG Photonics Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 77765 |
| 477 | Kulicke & Soffa Industries, Inc. | &nbsp;&nbsp;&nbsp; 19385 |
| 366 | MKS, Inc. | &nbsp;&nbsp;&nbsp; 45300 |
| 2964 | Photronics, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 68024 |
| 460 | Qorvo, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 41897 |
| 24 | Richardson Electronics Ltd. | &nbsp;&nbsp;&nbsp; 235 |
| 318 | Skyworks Solutions, Inc. | &nbsp;&nbsp;&nbsp; 24480 |
| 607 | Synaptics, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 41482 |
| 819 | Ultra Clean Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 22318 |
| 1145 | Veeco Instruments, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 34842 |
| 1652 | Vishay Intertechnology, Inc. | &nbsp;&nbsp;&nbsp; 25276 |
|  |  | &nbsp;&nbsp; 686214 |
|  | **SOFTWARE - 1.6%** |  |
| 2389 | Adeia, Inc. | &nbsp;&nbsp;&nbsp; 40135 |
| 1799 | Bandwidth, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 29989 |
| 5530 | Bumble, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 33678 |
| 1335 | Clear Secure, Inc., Class A | &nbsp;&nbsp;&nbsp; 44562 |

---

---

| | | |
|:---|:---|:---|
| **ACCLIVITY SMALL CAP VALUE FUND** | **ACCLIVITY SMALL CAP VALUE FUND** | **ACCLIVITY SMALL CAP VALUE FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
| **Shares** |  | **Value** |
|  | **COMMON STOCKS — 99.4% (Continued)** |  |
|  | **SOFTWARE - 1.6% (Continued)** |  |
| 2036 | Concentrix Corporation<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; $93962 |
| 622 | Digi International, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 22678 |
| 2791 | Mitek Systems, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 27268 |
| 93 | Nutex Health, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 9609 |
| 1000 | Omnicell, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 30450 |
| 585 | Unity Software, Inc.<sup>(a),(c)</sup> | &nbsp;&nbsp;&nbsp; 23424 |
| 3974 | Veradigm, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 19075 |
| 2041 | Verint Systems, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 41330 |
| 2502 | Ziff Davis, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 95326 |
|  |  | &nbsp;&nbsp; 511486 |
|  | **SPECIALTY FINANCE - 4.7%** |  |
| 3426 | Air Lease Corporation | &nbsp;&nbsp;&nbsp; 218065 |
| 2356 | Bread Financial Holdings, Inc. | &nbsp;&nbsp;&nbsp; 131394 |
| 871 | Encore Capital Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 36355 |
| 3501 | Essent Group Ltd. | &nbsp;&nbsp;&nbsp; 222524 |
| 6464 | EZCORP, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 123075 |
| 3090 | First American Financial Corporation | &nbsp;&nbsp;&nbsp; 198502 |
| 3984 | LendingClub Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 60517 |
| 10215 | MGIC Investment Corporation | &nbsp;&nbsp;&nbsp; 289799 |
| 610 | PennyMac Financial Services, Inc. | &nbsp;&nbsp;&nbsp; 75567 |
| 3086 | PRA Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 47648 |
| 1368 | Regi9onal Management Corporation | &nbsp;&nbsp;&nbsp; 53297 |
| 781 | Stewart Information Services Corporation | &nbsp;&nbsp;&nbsp; 57263 |
| 200 | Willis Lease Finance Corporation | &nbsp;&nbsp;&nbsp; 27418 |
|  |  | &nbsp;&nbsp; 1541424 |
|  | **STEEL - 0.3%** |  |
| 951 | Commercial Metals Company | &nbsp;&nbsp;&nbsp; 54473 |
| 1260 | Olympic Steel, Inc. | &nbsp;&nbsp;&nbsp; 38367 |
|  |  | &nbsp;&nbsp; 92840 |
|  | **TECHNOLOGY HARDWARE - 2.2%** |  |
| 1040 | Arrow Electronics, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 125840 |
| 1713 | Avnet, Inc. | &nbsp;&nbsp;&nbsp; 89556 |
| 1497 | Benchmark Electronics, Inc. | &nbsp;&nbsp;&nbsp; 57709 |
| 434 | Dolby Laboratories, Inc., Class A | &nbsp;&nbsp;&nbsp; 31408 |

---

---

| | | |
|:---|:---|:---|
| **ACCLIVITY SMALL CAP VALUE FUND** | **ACCLIVITY SMALL CAP VALUE FUND** | **ACCLIVITY SMALL CAP VALUE FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
| **Shares** |  | **Value** |
|  | **COMMON STOCKS — 99.4% (Continued)** |  |
|  | **TECHNOLOGY HARDWARE - 2.2% (Continued)** |  |
| 939 | Knowles Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; $21888 |
| 1217 | NETGEAR, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 39419 |
| 3170 | NetScout Systems, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 81881 |
| 223 | Plexus Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 32266 |
| 8952 | Ribbon Communications, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 34017 |
| 271 | Sanmina Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 31195 |
| 172 | TD SYNNEX Corporation | &nbsp;&nbsp;&nbsp; 28165 |
| 523 | TTM Technologies, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 30125 |
| 2666 | ViaSat, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 78114 |
| 215 | Vishay Precision Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 6891 |
| 5597 | Xerox Holdings Corporation<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 21045 |
|  |  | &nbsp;&nbsp; 709519 |
|  | **TECHNOLOGY SERVICES - 2.4%** |  |
| 2910 | Amdocs Ltd. | &nbsp;&nbsp;&nbsp; 238766 |
| 57 | CACI International, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 28431 |
| 630 | CSG Systems International, Inc. | &nbsp;&nbsp;&nbsp; 40559 |
| 9505 | DXC Technology Company<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 129553 |
| 273 | ICF International, Inc. | &nbsp;&nbsp;&nbsp; 25334 |
| 162 | Insight Enterprises, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 18372 |
| 2503 | Integral Ad Science Holding Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 25456 |
| 7370 | Kyndryl Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 221321 |
| 470 | MAXIMUS, Inc. | &nbsp;&nbsp;&nbsp; 42944 |
| 4841 | Repay Holdings Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 25318 |
|  |  | &nbsp;&nbsp; 796054 |
|  | **TELECOMMUNICATIONS - 2.9%** |  |
| 966 | Array Digital Infrastructure Inc. | &nbsp;&nbsp;&nbsp; 48310 |
| 1327 | ATN International, Inc. | &nbsp;&nbsp;&nbsp; 19865 |
| 4921 | EchoStar Corporation, Class A<sup>(a),(c)</sup> | &nbsp;&nbsp;&nbsp; 375767 |
| 7723 | Frontier Communications Parent, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 288454 |
| 5511 | Telephone and Data Systems, Inc. | &nbsp;&nbsp;&nbsp; 216252 |
|  |  | &nbsp;&nbsp; 948648 |
|  | **TOBACCO & CANNABIS - 0.2%** |  |
| 971 | Universal Corporation | &nbsp;&nbsp;&nbsp; 54250 |

---

---

| | | |
|:---|:---|:---|
| **ACCLIVITY SMALL CAP VALUE FUND** | **ACCLIVITY SMALL CAP VALUE FUND** | **ACCLIVITY SMALL CAP VALUE FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
| **Shares** |  | **Value** |
|  | **COMMON STOCKS — 99.4% (Continued)** |  |
|  | **TRANSPORTATION & LOGISTICS - 2.6%** |  |
| 882 | Alaska Air Group, Inc.<sup>(a),(c)</sup> | &nbsp;&nbsp;&nbsp; $43906 |
| 942 | Allegiant Travel Company<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 57245 |
| 597 | ArcBest Corporation | &nbsp;&nbsp;&nbsp; 41712 |
| 2138 | Bristow Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 77139 |
| 1272 | Copa Holdings S.A., Class A | &nbsp;&nbsp;&nbsp; 151139 |
| 1034 | Covenant Logistics Group, Inc., Class A | &nbsp;&nbsp;&nbsp; 22397 |
| 1875 | Hub Group, Inc., Class A | &nbsp;&nbsp;&nbsp; 64575 |
| 7404 | JetBlue Airways Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 36428 |
| 769 | Knight-Swift Transportation Holdings, Inc. | &nbsp;&nbsp;&nbsp; 30383 |
| 1336 | Marten Transport Ltd. | &nbsp;&nbsp;&nbsp; 14242 |
| 712 | Matson, Inc. | &nbsp;&nbsp;&nbsp; 70196 |
| 299 | Ryder System, Inc.<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 56403 |
| 1564 | Schneider National, Inc., Class B | &nbsp;&nbsp;&nbsp; 33094 |
| 521 | SkyWest, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 52423 |
| 3203 | Sun Country Airlines Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 37828 |
| 846 | Universal Logistics Holdings, Inc. | &nbsp;&nbsp;&nbsp; 19830 |
| 1380 | Werner Enterprises, Inc. | &nbsp;&nbsp;&nbsp; 36322 |
|  |  | &nbsp;&nbsp; 845262 |
|  | **TRANSPORTATION EQUIPMENT - 0.2%** |  |
| 1611 | Greenbrier Companies, Inc. (The) | &nbsp;&nbsp;&nbsp; 74380 |
|  | **WHOLESALE - CONSUMER STAPLES - 0.9%** |  |
| 1060 | Andersons, Inc. (The) | &nbsp;&nbsp;&nbsp; 42198 |
| 1715 | Grocery Outlet Holding Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 27526 |
| 6024 | United Natural Foods, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 226623 |
|  |  | &nbsp;&nbsp; 296347 |
|  | **WHOLESALE - DISCRETIONARY - 1.2%** |  |
| 104 | Acme United Corporation | &nbsp;&nbsp;&nbsp; 4283 |
| 470 | ePlus, Inc.<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 33375 |
| 2423 | G-III Apparel Group Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 64476 |
| 3506 | LKQ Corporation | &nbsp;&nbsp;&nbsp; 107073 |
| 2828 | OPENLANE, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 81390 |
| 491 | PC Connection, Inc. | &nbsp;&nbsp;&nbsp; 30437 |
| 1272 | ScanSource, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 55955 |

---

---

| | | |
|:---|:---|:---|
| **ACCLIVITY SMALL CAP VALUE FUND** | **ACCLIVITY SMALL CAP VALUE FUND** | **ACCLIVITY SMALL CAP VALUE FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
| **Shares** |  | **Value** |
|  | **COMMON STOCKS — 99.4% (Continued)** |  |
|  | **WHOLESALE - DISCRETIONARY - 1.2% (Continued)** |  |
| 3059 | ThredUp, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; $28907 |
|  |  | &nbsp;&nbsp; 405896 |
|  | **TOTAL COMMON STOCKS (Cost $29,636,116)** | &nbsp;&nbsp; 32711390 |
|  | **RIGHTS — 0.0%**<sup>(e)</sup> |  |
|  | **FORESTRY, PAPER & WOOD PRODUCTS - 0.0%**<sup>(e)</sup> |  |
| 3718 | Resolute Forest Products, Inc. - CVR<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 8031 |
|  | **RENEWABLE ENERGY - 0.0%**<sup>(e)</sup> |  |
| 2 | Pineapple Energy, Inc. <sup>(f)</sup> | &nbsp;&nbsp;&nbsp; - |
|  | **TOTAL RIGHTS (Cost $5,280)** | &nbsp;&nbsp; 8031 |
|  | **SHORT-TERM INVESTMENTS — 13.4%** |  |
|  | **COLLATERAL FOR SECURITIES LOANED - 13.1%** |  |
| 4304592 | Mount Vernon Liquid Assets Portfolio, 4.22%<sup>(b)(d)</sup> | 4304592 |
|  | **MONEY MARKET FUNDS - 0.3%** |  |
| 86077 | First American Treasury Obligations Fund, Class X, 4.02%<sup>(b)</sup> | 86077 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $4,390,669)** | 4390669 |
|  | **TOTAL INVESTMENTS – 112.8% (Cost $34,032,065)** | &nbsp;&nbsp;&nbsp; $37110090 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - (12.8)%** | &nbsp;&nbsp; (4215160) |
|  | **NET ASSETS - 100.0%** | &nbsp;&nbsp; $32894930 |

---

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Rate disclosed is the seven day effective yield as of September 30, 2025.

<sup>(c)</sup> All or a portion of the security is on loan. The total fair value of the securities on loan as of September 30, 2025 was $4,162,500.

<sup>(d)</sup> This security was purchased with cash collateral held from securities on loan. The total value of such securities as of September 30, 2025 is $4,304,592.

<sup>(e)</sup> Amount represents less than 0.05%.

<sup>(f)</sup> Fair value was determined using significant unobservable inputs.

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** NORTHERN LIGHTS FUND TRUST II

- **b. Investment Company Act file number:** 811-22549

- **c. CIK number of Registrant:** 0001518042

- **d. LEI of Registrant:** 549300TH7YXW5G2QY588

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 225 PICTORIA DRIVE

  - **City:** CINCINNATI

  - **State:** OH

  - **Foreign country:** US

  - **Zip / Postal Code:** 45246

  - **Telephone number:** 631-470-2600

**Item A.2. Information about the Series.**

- **a. Name of Series:** Acclivity Small Cap Value Fund

- **b. EDGAR series identifier (if any):** S000063456

- **c. LEI of Series:** 549300EEQLNTNSQDT124

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-12-31

- **b. Date as of which information is reported:** 2025-09-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $33197345.20

**Total Liabilities:** $302414.74

**Net Assets:** $32894930.46

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000205616 | 0.45%                | 8.58%                | 0.00%                |
| Class ID C000205617 | 0.52%                | 8.62%                | 0.00%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $146768.39               | $896.38                                    |
| Month 2  | $-246697.40              | $2751438.68                                |
| Month 3  | $19855.84                | $-67178.10                                 |

### Schedule of Portfolio Investments

| Name                                           | Title                                | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   | Fair Value Level   | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Gentex Corp                                    | GENTEX CORP                          | CUSIP: 371901109<br>LEI: 549300S3UD8XV1MN0287 | Long             | EC               | CORP              | US        |      1213 | NS      | $34327.90     | 0.10%             |  |  |  | No            | 1                  | On Loan: —       |
| Bio-Rad Laboratories, Inc.                     | BIO-RAD LABS-A                       | CUSIP: 090572207<br>LEI: 549300ZC1GPV35XYDK53 | Long             | EC               | CORP              | US        |       299 | NS      | $83836.61     | 0.25%             |  |  |  | No            | 1                  | On Loan: No      |
| Oppenheimer Holdings Inc.                      | OPPENHEIMER HO-A                     | CUSIP: 683797104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1107 | NS      | $81818.37     | 0.25%             |  |  |  | No            | 1                  | On Loan: No      |
| American Woodmark Corporation                  | AMER WOODMARK CO                     | CUSIP: 030506109<br>LEI: 5299007PFSDWMA74RB56 | Long             | EC               | CORP              | US        |       352 | NS      | $23499.52     | 0.07%             |  |  |  | No            | 1                  | On Loan: No      |
| Unity Bancorp Inc                              | UNITY BANCORP                        | CUSIP: 913290102<br>LEI: 549300Q90ZRNUR65PL93 | Long             | EC               | CORP              | US        |       507 | NS      | $24777.09     | 0.08%             |  |  |  | No            | 1                  | On Loan: No      |
| Jackson Financial Inc                          | JACKSON FI-A                         | CUSIP: 46817M107<br>LEI: 213800WXW2KG1N4CO374 | Long             | EC               | CORP              | US        |      3767 | NS      | $381333.41    | 1.16%             |  |  |  | No            | 1                  | On Loan: No      |
| Old Republic International Corporation         | OLD REPUB INTL                       | CUSIP: 680223104<br>LEI: 549300IV6O2YY2A1KH37 | Long             | EC               | CORP              | US        |      6840 | NS      | $290494.80    | 0.88%             |  |  |  | No            | 1                  | On Loan: No      |
| Lear Corporation                               | LEAR CORP                            | CUSIP: 521865204<br>LEI: 549300UPNBTXA1SYTQ33 | Long             | EC               | CORP              | US        |      1226 | NS      | $123347.86    | 0.37%             |  |  |  | No            | 1                  | On Loan: No      |
| Rogers Corp                                    | ROGERS CORP                          | CUSIP: 775133101<br>LEI: PW0CN80KNFR7RUOOKJ84 | Long             | EC               | CORP              | US        |       292 | NS      | $23494.32     | 0.07%             |  |  |  | No            | 1                  | On Loan: No      |
| Autoliv Inc.                                   | AUTOLIV INC                          | CUSIP: 052800109<br>LEI: A23RUXWKASG834LTMK28 | Long             | EC               | CORP              | US        |      1713 | NS      | $211555.50    | 0.64%             |  |  |  | No            | 1                  | On Loan: —       |
| ICU Medical Inc                                | ICU MEDICAL                          | CUSIP: 44930G107<br>LEI: 5493003NRW7LS2QZRH60 | Long             | EC               | CORP              | US        |       152 | NS      | $18233.92     | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| Stewart Information Services Corporation       | STEWART INFO SVC                     | CUSIP: 860372101<br>LEI: 529900TV1XI0PLKENU10 | Long             | EC               | CORP              | US        |       781 | NS      | $57262.92     | 0.17%             |  |  |  | No            | 1                  | On Loan: No      |
| Veeco Instruments Inc.                         | VEECO INSTRUMENT                     | CUSIP: 922417100<br>LEI: 5493004201F72ADDZW04 | Long             | EC               | CORP              | US        |      1145 | NS      | $34842.35     | 0.11%             |  |  |  | No            | 1                  | On Loan: No      |
| G III Apparel Group Ltd                        | G III APPAREL                        | CUSIP: 36237H101<br>LEI: 529900O5KABM3R3SFM87 | Long             | EC               | CORP              | US        |      2423 | NS      | $64476.03     | 0.20%             |  |  |  | No            | 1                  | On Loan: No      |
| Seacoast Banking Corporation Of Florida        | SEACOAST BANK/FL                     | CUSIP: 811707801<br>LEI: 549300V6IC06XYQYPG88 | Long             | EC               | CORP              | US        |      2299 | NS      | $69958.57     | 0.21%             |  |  |  | No            | 1                  | On Loan: No      |
| Shoe Carnival Inc                              | SHOE CARNIVAL                        | CUSIP: 824889109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1068 | NS      | $22203.72     | 0.07%             |  |  |  | No            | 1                  | On Loan: No      |
| Bristow Group Inc                              | BRISTOW GROUP IN                     | CUSIP: 11040G103<br>LEI: 5493005Q24EN3UC1PV68 | Long             | EC               | CORP              | US        |      2138 | NS      | $77139.04     | 0.23%             |  |  |  | No            | 1                  | On Loan: No      |
| Sally Beauty Holdings Inc.                     | SALLY BEAUTY HOL                     | CUSIP: 79546E104<br>LEI: 529900VXW6E8ONDIQ271 | Long             | EC               | CORP              | US        |      3987 | NS      | $64908.36     | 0.20%             |  |  |  | No            | 1                  | On Loan: —       |
| Sanmina Corp                                   | SANMINA CORP                         | CUSIP: 801056102<br>LEI: X5K24XLM8QYRXF00EB42 | Long             | EC               | CORP              | US        |       271 | NS      | $31194.81     | 0.09%             |  |  |  | No            | 1                  | On Loan: No      |
| Great Lakes Dredge & Dock Corporation          | GREAT LAKES DRED                     | CUSIP: 390607109<br>LEI: 549300H65E3MZ1CX0P05 | Long             | EC               | CORP              | US        |      2184 | NS      | $26186.16     | 0.08%             |  |  |  | No            | 1                  | On Loan: No      |
| The Mosaic Company                             | MOSAIC CO/THE                        | CUSIP: 61945C103<br>LEI: 2YD5STGSJNMUB7H76907 | Long             | EC               | CORP              | US        |      7087 | NS      | $245777.16    | 0.75%             |  |  |  | No            | 1                  | On Loan: No      |
| TD Synnex Corp                                 | TD SYNNEX CORP                       | CUSIP: 87162W100<br>LEI: 5493004HI6PFLF46NS53 | Long             | EC               | CORP              | US        |       172 | NS      | $28165.00     | 0.09%             |  |  |  | No            | 1                  | On Loan: No      |
| Graham Holdings Co                             | GRAHAM HOLDING-B                     | CUSIP: 384637104<br>LEI: 529900BOSCEEEMAFQJ29 | Long             | EC               | CORP              | US        |       132 | NS      | $155404.92    | 0.47%             |  |  |  | No            | 1                  | On Loan: —       |
| Independent Bank Corp Michigan                 | INDEP BANK/MICH                      | CUSIP: 453838609<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       739 | NS      | $22890.53     | 0.07%             |  |  |  | No            | 1                  | On Loan: No      |
| Heidrick & Struggles International Inc         | HEIDRICK & STRUG                     | CUSIP: 422819102<br>LEI: 5493006284N2J367VB57 | Long             | EC               | CORP              | US        |       592 | NS      | $29463.84     | 0.09%             |  |  |  | No            | 1                  | On Loan: No      |
| Spectrum Brands Holdings Inc                   | SPECTRUM BRANDS                      | CUSIP: 84790A105<br>LEI: 549300JM0MJETDD30O20 | Long             | EC               | CORP              | US        |       770 | NS      | $40448.10     | 0.12%             |  |  |  | No            | 1                  | On Loan: No      |
| Renasant Corp.                                 | RENASANT CORP                        | CUSIP: 75970E107<br>LEI: 549300OVE6OZHW2UUH81 | Long             | EC               | CORP              | US        |      2774 | NS      | $102332.86    | 0.31%             |  |  |  | No            | 1                  | On Loan: No      |
| APA Corp.                                      | APA CORP                             | CUSIP: 03743Q108<br>LEI: 549300VCIWLRHYVSHC79 | Long             | EC               | CORP              | US        |      9129 | NS      | $221652.12    | 0.67%             |  |  |  | No            | 1                  | On Loan: —       |
| Winnebago Industries Inc.                      | WINNEBAGO INDS                       | CUSIP: 974637100<br>LEI: 549300B7OYKYJLTE3G11 | Long             | EC               | CORP              | US        |       824 | NS      | $27554.56     | 0.08%             |  |  |  | No            | 1                  | On Loan: No      |
| Helmerich & Payne Inc                          | HELMERICH & PAYN                     | CUSIP: 423452101<br>LEI: 254900NAOGHJ88RZ4C73 | Long             | EC               | CORP              | US        |      2498 | NS      | $55180.82     | 0.17%             |  |  |  | No            | 1                  | On Loan: No      |
| Rayonier Advanced Materials Inc                | RAYONIER ADV                         | CUSIP: 75508B104<br>LEI: 54930053QJ7OUGZG4F72 | Long             | EC               | CORP              | US        |      3654 | NS      | $26381.88     | 0.08%             |  |  |  | No            | 1                  | On Loan: No      |
| Korn Ferry                                     | KORN FERRY                           | CUSIP: 500643200<br>LEI: 549300FOD20OM0GT5G40 | Long             | EC               | CORP              | US        |       535 | NS      | $37439.30     | 0.11%             |  |  |  | No            | 1                  | On Loan: No      |
| Littelfuse Inc.                                | LITTELFUSE INC                       | CUSIP: 537008104<br>LEI: 549300MY7HLQFYTPCX75 | Long             | EC               | CORP              | US        |       153 | NS      | $39628.53     | 0.12%             |  |  |  | No            | 1                  | On Loan: No      |
| Cadence Bank                                   | CADENCE BANK                         | CUSIP: 12740C103<br>LEI: Q7C315HKI8VX0SSKBS64 | Long             | EC               | CORP              | US        |      2059 | NS      | $77294.86     | 0.23%             |  |  |  | No            | 1                  | On Loan: No      |
| AMC Networks Inc                               | AMC NETWORKS-A                       | CUSIP: 00164V103<br>LEI: 549300VGG9K75226LR46 | Long             | EC               | CORP              | US        |      3066 | NS      | $25263.84     | 0.08%             |  |  |  | No            | 1                  | On Loan: No      |
| Medallion Financial Corp.                      | MEDALLION FINL                       | CUSIP: 583928106<br>LEI: 549300FJ4FMGJ2C34Y48 | Long             | EC               | CORP              | US        |      2600 | NS      | $26260.00     | 0.08%             |  |  |  | No            | 1                  | On Loan: No      |
| Patterson-UTI Energy Inc.                      | PATTERSON-UTI                        | CUSIP: 703481101<br>LEI: 254900XGFBKIXD6G0697 | Long             | EC               | CORP              | US        |      7278 | NS      | $37700.04     | 0.11%             |  |  |  | No            | 1                  | On Loan: No      |
| Baycom Corp                                    | BAYCOM CORP                          | CUSIP: 07272M107<br>LEI: 549300UOLS54Q5ONIG33 | Long             | EC               | CORP              | US        |       512 | NS      | $14720.00     | 0.04%             |  |  |  | No            | 1                  | On Loan: No      |
| Group 1 Automotive, Inc.                       | GROUP 1 AUTOMOTI                     | CUSIP: 398905109<br>LEI: 549300US8QAZJLWYAF63 | Long             | EC               | CORP              | US        |       376 | NS      | $164503.76    | 0.50%             |  |  |  | No            | 1                  | On Loan: No      |
| CNX Resources Corporation                      | CNX RESOURCES CO                     | CUSIP: 12653C108<br>LEI: 549300JK3KH8PWM3B226 | Long             | EC               | CORP              | US        |      1746 | NS      | $56081.52     | 0.17%             |  |  |  | No            | 1                  | On Loan: —       |
| Air Lease Corporation                          | AIR LEASE C                          | CUSIP: 00912X302<br>LEI: 5493004NW4M4P8TMMK63 | Long             | EC               | CORP              | US        |      3426 | NS      | $218064.90    | 0.66%             |  |  |  | No            | 1                  | On Loan: No      |
| Prosperity Bancshares Inc                      | PROSPERITY BNCSH                     | CUSIP: 743606105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2086 | NS      | $138406.10    | 0.42%             |  |  |  | No            | 1                  | On Loan: No      |
| LCI Industries                                 | LCI INDUSTRIES                       | CUSIP: 50189K103<br>LEI: 549300E1B98YNJ1WIQ04 | Long             | EC               | CORP              | US        |       470 | NS      | $43780.50     | 0.13%             |  |  |  | No            | 1                  | On Loan: —       |
| Hillenbrand, Inc.                              | HILLENBRAND INC                      | CUSIP: 431571108<br>LEI: U246OE781574J2BUD366 | Long             | EC               | CORP              | US        |      3028 | NS      | $81877.12     | 0.25%             |  |  |  | No            | 1                  | On Loan: No      |
| SiriusXM Holdings Inc                          | SIRIUS XM HOLDIN                     | CUSIP: 829933100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10917 | NS      | $254093.18    | 0.77%             |  |  |  | No            | 1                  | On Loan: —       |
| Advansix Inc                                   | ADVANSIX INC                         | CUSIP: 00773T101<br>LEI: 5493009TPRODMCAZLF67 | Long             | EC               | CORP              | US        |      1362 | NS      | $26395.56     | 0.08%             |  |  |  | No            | 1                  | On Loan: No      |
| EZCORP Inc.                                    | EZCORP INC-A                         | CUSIP: 302301106<br>LEI: 5493003K6PG3ZQ7TUQ63 | Long             | EC               | CORP              | US        |      6464 | NS      | $123074.56    | 0.37%             |  |  |  | No            | 1                  | On Loan: No      |
| Silgan Holdings Inc.                           | SILGAN HOLDINGS                      | CUSIP: 827048109<br>LEI: KAF673KJXD92C8KSLU49 | Long             | EC               | CORP              | US        |      2316 | NS      | $99611.16     | 0.30%             |  |  |  | No            | 1                  | On Loan: —       |
| Newmark Group Inc                              | NEWMARK GROUP-A                      | CUSIP: 65158N102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5495 | NS      | $102481.75    | 0.31%             |  |  |  | No            | 1                  | On Loan: No      |
| Century Communities Inc                        | CENTURY COMMUNIT                     | CUSIP: 156504300<br>LEI: 5299002QMB2O7ZL1CA26 | Long             | EC               | CORP              | US        |      1152 | NS      | $73002.24     | 0.22%             |  |  |  | No            | 1                  | On Loan: No      |
| Oshkosh Corporation                            | OSHKOSH CORP                         | CUSIP: 688239201<br>LEI: 549300FEKNPCFSA2B506 | Long             | EC               | CORP              | US        |       670 | NS      | $86899.00     | 0.26%             |  |  |  | No            | 1                  | On Loan: No      |
| Hometrust Bancshares Inc.                      | HOMETRUST BANCSH                     | CUSIP: 437872104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       739 | NS      | $30254.66     | 0.09%             |  |  |  | No            | 1                  | On Loan: No      |
| Northern Oil And Gas, Inc.                     | NORTHERN OIL AND                     | CUSIP: 665531307<br>LEI: OKFF0PIZDDMNH4UCYE51 | Long             | EC               | CORP              | US        |      3709 | NS      | $91983.20     | 0.28%             |  |  |  | No            | 1                  | On Loan: —       |
| Kohl's Corp.                                   | KOHLS CORP                           | CUSIP: 500255104<br>LEI: 549300JF6LPRTRJ0FH50 | Long             | EC               | CORP              | US        |      7064 | NS      | $108573.68    | 0.33%             |  |  |  | No            | 1                  | On Loan: —       |
| Ryder System, Inc.                             | RYDER SYSTEM INC                     | CUSIP: 783549108<br>LEI: ZXJ6Y2OSPZXIVGRILD15 | Long             | EC               | CORP              | US        |       299 | NS      | $56403.36     | 0.17%             |  |  |  | No            | 1                  | On Loan: —       |
| Belden Inc.                                    | BELDEN INC                           | CUSIP: 077454106<br>LEI: 68BKYO1JC791TTJHUE82 | Long             | EC               | CORP              | US        |       257 | NS      | $30909.39     | 0.09%             |  |  |  | No            | 1                  | On Loan: No      |
| Weis Markets Inc                               | WEIS MARKETS INC                     | CUSIP: 948849104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       772 | NS      | $55483.64     | 0.17%             |  |  |  | No            | 1                  | On Loan: No      |
| Qorvo Inc                                      | QORVO INC                            | CUSIP: 74736K101<br>LEI: 254900YAUJV2EUEVBR11 | Long             | EC               | CORP              | US        |       460 | NS      | $41896.80     | 0.13%             |  |  |  | No            | 1                  | On Loan: No      |
| Assured Guaranty Ltd.                          | ASSURED GUARANTY                     | CUSIP: G0585R106<br>LEI: 549300BBOQUJEPH87M14 | Long             | EC               | CORP              | BM        |      1385 | NS      | $117240.25    | 0.36%             |  |  |  | No            | 1                  | On Loan: No      |
| Kennametal Inc                                 | KENNAMETAL INC                       | CUSIP: 489170100<br>LEI: 549300GZDSG25XUV0Y08 | Long             | EC               | CORP              | US        |      3688 | NS      | $77189.84     | 0.23%             |  |  |  | No            | 1                  | On Loan: No      |
| Agco Corporation                               | AGCO CORP                            | CUSIP: 001084102<br>LEI: LYOM0B2GCF1JWXK5ZG04 | Long             | EC               | CORP              | US        |       211 | NS      | $22591.77     | 0.07%             |  |  |  | No            | 1                  | On Loan: No      |
| Macy's, Inc.                                   | MACY'S INC                           | CUSIP: 55616P104<br>LEI: 529900NZQ81TIOW3CW52 | Long             | EC               | CORP              | US        |      5637 | NS      | $101071.41    | 0.31%             |  |  |  | No            | 1                  | On Loan: No      |
| Ramaco Resources Inc.                          | RAMACO RESOURC-A                     | CUSIP: 75134P600<br>LEI: 5493001BYUI4TCQOPF70 | Long             | EC               | CORP              | US        |      1176 | NS      | $39031.44     | 0.12%             |  |  |  | No            | 1                  | On Loan: No      |
| Corecivic Inc                                  | CORECIVIC INC                        | CUSIP: 21871N101<br>LEI: 529900JFA3K6PTLT8B15 | Long             | EC               | CORP              | US        |       962 | NS      | $19576.70     | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| Asgn Incorporated                              | ASGN INC                             | CUSIP: 00191U102<br>LEI: LZBNYYCBUKY537072438 | Long             | EC               | CORP              | US        |       435 | NS      | $20597.25     | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| ATN International Inc.                         | ATN INTERNATIONA                     | CUSIP: 00215F107<br>LEI: 54930013NP7VEU877V56 | Long             | EC               | CORP              | US        |      1327 | NS      | $19865.19     | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| The Manitowoc Company, Inc.                    | MANITOWOC CO                         | CUSIP: 563571405<br>LEI: 2RTSLGQ89VMY18RHX631 | Long             | EC               | CORP              | US        |      2227 | NS      | $22292.27     | 0.07%             |  |  |  | No            | 1                  | On Loan: No      |
| Conmed Corporation                             | CONMED CORP                          | CUSIP: 207410101<br>LEI: Z6C0YCECH9DCU5ZIQW84 | Long             | EC               | CORP              | US        |       317 | NS      | $14908.51     | 0.05%             |  |  |  | No            | 1                  | On Loan: No      |
| SM Energy Co.                                  | SM ENERGY CO                         | CUSIP: 78454L100<br>LEI: 84BUTVXV5ODI6BXNMH43 | Long             | EC               | CORP              | US        |      3940 | NS      | $98381.80     | 0.30%             |  |  |  | No            | 1                  | On Loan: —       |
| ScanSource Inc.                                | SCANSOURCE INC                       | CUSIP: 806037107<br>LEI: 7FHBAN017QDY4K2KP156 | Long             | EC               | CORP              | US        |      1272 | NS      | $55955.28     | 0.17%             |  |  |  | No            | 1                  | On Loan: No      |
| Enpro Inc                                      | ENPRO INC                            | CUSIP: 29355X107<br>LEI: 549300Y5CFT2LKCFDN54 | Long             | EC               | CORP              | US        |       151 | NS      | $34126.00     | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Zions Bancorporation Natl Assn Global Bank     | ZIONS BANCORP NA                     | CUSIP: 989701107<br>LEI: 8WH0EE09O9V05QJZ3V89 | Long             | EC               | CORP              | US        |      1988 | NS      | $112481.04    | 0.34%             |  |  |  | No            | 1                  | On Loan: No      |
| Virtus Investment Partners Inc.                | VIRTUS INVEST                        | CUSIP: 92828Q109<br>LEI: 549300HWF93HB8BDM648 | Long             | EC               | CORP              | US        |       136 | NS      | $25844.08     | 0.08%             |  |  |  | No            | 1                  | On Loan: No      |
| V2X Inc                                        | V2X INC                              | CUSIP: 92242T101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       509 | NS      | $29567.81     | 0.09%             |  |  |  | No            | 1                  | On Loan: No      |
| Lending Club Corporation                       | LENDINGCLUB CORP                     | CUSIP: 52603A208<br>LEI: 549300YC50YO7Y1OJR92 | Long             | EC               | CORP              | US        |      3984 | NS      | $60516.96     | 0.18%             |  |  |  | No            | 1                  | On Loan: No      |
| Voya Financial Inc                             | VOYA FINANCIAL I                     | CUSIP: 929089100<br>LEI: 549300T065Z4KJ686G75 | Long             | EC               | CORP              | US        |      2432 | NS      | $181913.60    | 0.55%             |  |  |  | No            | 1                  | On Loan: No      |
| LGI Homes Inc                                  | LGI HOMES INC                        | CUSIP: 50187T106<br>LEI: 549300W02B4WNV8CV109 | Long             | EC               | CORP              | US        |       426 | NS      | $22028.46     | 0.07%             |  |  |  | No            | 1                  | On Loan: No      |
| BlueLinx Holdings Inc.                         | BLUELINX HOLDING                     | CUSIP: 09624H208<br>LEI: 549300YSX7GU28F5I540 | Long             | EC               | CORP              | US        |       387 | NS      | $28281.96     | 0.09%             |  |  |  | No            | 1                  | On Loan: No      |
| Sun Country Airlines Holdings Inc.             | SUN COUNTRY HOLD                     | CUSIP: 866683105<br>LEI: 549300MOHOJN9GH0NJ48 | Long             | EC               | CORP              | US        |      3203 | NS      | $37827.43     | 0.11%             |  |  |  | No            | 1                  | On Loan: No      |
| Proassurance Corp                              | PROASSURANCE COR                     | CUSIP: 74267C106<br>LEI: 54930015E5J57R675E89 | Long             | EC               | CORP              | US        |      5160 | NS      | $123788.40    | 0.38%             |  |  |  | No            | 1                  | On Loan: No      |
| Horace Mann Educators Corporation              | HORACE MANN EDUC                     | CUSIP: 440327104<br>LEI: 254900G5YAV3A2YK8T32 | Long             | EC               | CORP              | US        |      2186 | NS      | $98741.62     | 0.30%             |  |  |  | No            | 1                  | On Loan: No      |
| Edgewell Personal Care Co                      | EDGEWELL PERSONA                     | CUSIP: 28035Q102<br>LEI: 549300CY8QZDL4Z3RU59 | Long             | EC               | CORP              | US        |      1843 | NS      | $37523.48     | 0.11%             |  |  |  | No            | 1                  | On Loan: No      |
| Dentsply Sirona Inc                            | DENTSPLY SIRONA                      | CUSIP: 24906P109<br>LEI: 9NHEHR1SOZCYXDO8HO28 | Long             | EC               | CORP              | US        |      4964 | NS      | $62993.16     | 0.19%             |  |  |  | No            | 1                  | On Loan: No      |
| International Bancshares Corp                  | INTL BANCSHARES                      | CUSIP: 459044103<br>LEI: 549300Y16R531AU8TX77 | Long             | EC               | CORP              | US        |      1390 | NS      | $95562.50     | 0.29%             |  |  |  | No            | 1                  | On Loan: —       |
| Trustmark Corp                                 | TRUSTMARK CORP                       | CUSIP: 898402102<br>LEI: 5493000HPQ4D2RZ79739 | Long             | EC               | CORP              | US        |      2033 | NS      | $80506.80     | 0.24%             |  |  |  | No            | 1                  | On Loan: No      |
| Simply Good Foods Company                      | SIMPLY GOOD FOOD                     | CUSIP: 82900L102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       578 | NS      | $14345.96     | 0.04%             |  |  |  | No            | 1                  | On Loan: No      |
| Harmony Biosciences Holdings Inc               | HARMONY BIOSCIE                      | CUSIP: 413197104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1009 | NS      | $27808.04     | 0.08%             |  |  |  | No            | 1                  | On Loan: No      |
| Unity Software Inc                             | UNITY SOFTWARE I                     | CUSIP: 91332U101<br>LEI: 549300D1ESJMGNQNG432 | Long             | EC               | CORP              | US        |       585 | NS      | $23423.40     | 0.07%             |  |  |  | No            | 1                  | On Loan: —       |
| AutoNation, Inc.                               | AUTONATION INC                       | CUSIP: 05329W102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       513 | NS      | $112229.01    | 0.34%             |  |  |  | No            | 1                  | On Loan: No      |
| Ramaco Resources Inc.                          | RAMACO RES-B                         | CUSIP: 75134P501<br>LEI: 5493001BYUI4TCQOPF70 | Long             | EC               | CORP              | US        |        54 | NS      | $903.75       | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| Wideopenwest Inc.                              | WIDEOPENWEST INC                     | CUSIP: 96758W101<br>LEI: 549300RM6J2BWWOFU889 | Long             | EC               | CORP              | US        |      4483 | NS      | $23132.28     | 0.07%             |  |  |  | No            | 1                  | On Loan: No      |
| Ethan Allen Interiors Inc.                     | ETHAN ALLEN                          | CUSIP: 297602104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       715 | NS      | $21063.90     | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| Employers Holdings Inc.                        | EMPLOYERS HOLDIN                     | CUSIP: 292218104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1882 | NS      | $79947.36     | 0.24%             |  |  |  | No            | 1                  | On Loan: No      |
| Regal Rexnord Corporation                      | REGAL REXNORD CO                     | CUSIP: 758750103<br>LEI: QH78R09VCJGQKPBPYU33 | Long             | EC               | CORP              | US        |      1119 | NS      | $160509.36    | 0.49%             |  |  |  | No            | 1                  | On Loan: —       |
| Brighthouse Financial Inc.                     | BRIGHTHOUSE FINA                     | CUSIP: 10922N103<br>LEI: 5493003T8SZSHOGGAW52 | Long             | EC               | CORP              | US        |      4480 | NS      | $237798.40    | 0.72%             |  |  |  | No            | 1                  | On Loan: No      |
| Gibraltar Industries, Inc.                     | GIBRALTAR INDUST                     | CUSIP: 374689107<br>LEI: 549300AE5O3GN0YBLM57 | Long             | EC               | CORP              | US        |       415 | NS      | $26062.00     | 0.08%             |  |  |  | No            | 1                  | On Loan: No      |
| Charles River Laboratories International, Inc. | CHARLES RIVER LA                     | CUSIP: 159864107<br>LEI: 549300BSQ0R4UZ5KX287 | Long             | EC               | CORP              | US        |       198 | NS      | $30979.08     | 0.09%             |  |  |  | No            | 1                  | On Loan: No      |
| Ingredion Incorporated                         | INGREDION INC                        | CUSIP: 457187102<br>LEI: PKSTQ48QDN0XSVS7YK88 | Long             | EC               | CORP              | US        |       210 | NS      | $25643.10     | 0.08%             |  |  |  | No            | 1                  | On Loan: No      |
| Cathay General Bancorp                         | CATHAY GENERAL B                     | CUSIP: 149150104<br>LEI: 549300K1SLJ8C97H5L68 | Long             | EC               | CORP              | US        |       688 | NS      | $33030.88     | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| N/A                                            | MOUNT VERNON LIQUID ASSETS PORTFOLIO | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | US        |         0 | NS      | $0.00         | 0.00%             |  |  |  | No            | N/A                | On Loan: No      |
| O-I Glass Inc                                  | O-I GLASS INC                        | CUSIP: 67098H104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2818 | NS      | $36549.46     | 0.11%             |  |  |  | No            | 1                  | On Loan: No      |
| Alcoa Corporation                              | ALCOA CORP                           | CUSIP: 013872106<br>LEI: 549300T12EZ1F6PWWU29 | Long             | EC               | CORP              | US        |      6123 | NS      | $201385.47    | 0.61%             |  |  |  | No            | 1                  | On Loan: —       |
| Repay Holdings Corporation                     | REPAY HOLDINGS C                     | CUSIP: 76029L100<br>LEI: 2549006EJ42T73ZKUI98 | Long             | EC               | CORP              | US        |      4841 | NS      | $25318.43     | 0.08%             |  |  |  | No            | 1                  | On Loan: No      |
| Byline Bancorp Inc                             | BYLINE BANCORP I                     | CUSIP: 124411109<br>LEI: 549300W7ODP4YL2H4823 | Long             | EC               | CORP              | US        |      1452 | NS      | $40263.96     | 0.12%             |  |  |  | No            | 1                  | On Loan: No      |
| National Healthcare Corporation                | NATL HEALTHCARE                      | CUSIP: 635906100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       570 | NS      | $69260.70     | 0.21%             |  |  |  | No            | 1                  | On Loan: No      |
| Omnicell Inc                                   | OMNICELL INC                         | CUSIP: 68213N109<br>LEI: 5493008RH0GTKHHPZI77 | Long             | EC               | CORP              | US        |      1000 | NS      | $30450.00     | 0.09%             |  |  |  | No            | 1                  | On Loan: No      |
| Quaker Houghton                                | QUAKER CHEMICAL                      | CUSIP: 747316107<br>LEI: 549300PJQ1R3WCWCPS54 | Long             | EC               | CORP              | US        |       313 | NS      | $41237.75     | 0.13%             |  |  |  | No            | 1                  | On Loan: No      |
| Seneca Foods                                   | SENECA FOODS-A                       | CUSIP: 817070501<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       312 | NS      | $33677.28     | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Krispy Kreme Inc                               | KRISPY KREME INC                     | CUSIP: 50101L106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      7208 | NS      | $27894.96     | 0.08%             |  |  |  | No            | 1                  | On Loan: No      |
| Commercial Metals Company                      | COMMERCIAL METAL                     | CUSIP: 201723103<br>LEI: 549300OQS2LO07ZJ7N73 | Long             | EC               | CORP              | US        |       951 | NS      | $54473.28     | 0.17%             |  |  |  | No            | 1                  | On Loan: No      |
| Innoviva Inc                                   | INNOVIVA INC                         | CUSIP: 45781M101<br>LEI: 549300ACOX4QTBES6535 | Long             | EC               | CORP              | US        |       225 | NS      | $4106.25      | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| The Timken Company                             | TIMKEN CO                            | CUSIP: 887389104<br>LEI: B0I35MLPFXZSE70ASS73 | Long             | EC               | CORP              | US        |       485 | NS      | $36462.30     | 0.11%             |  |  |  | No            | 1                  | On Loan: No      |
| OceanFirst Financial Corp.                     | OCEANFIRST FINL                      | CUSIP: 675234108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1487 | NS      | $26126.59     | 0.08%             |  |  |  | No            | 1                  | On Loan: No      |
| Hallador Energy Co                             | HALLADOR ENERGY CO                   | CUSIP: 40609P105<br>LEI: 254900GKEQRHOI2SSC19 | Long             | EC               | CORP              | US        |      1141 | NS      | $22329.37     | 0.07%             |  |  |  | No            | 1                  | On Loan: No      |
| PINEAPPLE ENERGY, INC.                         | COMMUNICATIO-CVR                     | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | US        |         2 | NS      | $0.24         | 0.00%             |  |  |  | No            | 2                  | On Loan: No      |
| Fonar Corporation                              | FONAR CORP                           | CUSIP: 344437405<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       811 | NS      | $12213.66     | 0.04%             |  |  |  | No            | 1                  | On Loan: No      |
| Dana Inc.                                      | DANA INC                             | CUSIP: 235825205<br>LEI: KVWHW7YLZPFJM8QYNJ51 | Long             | EC               | CORP              | US        |      1416 | NS      | $28376.64     | 0.09%             |  |  |  | No            | 1                  | On Loan: No      |
| Albany International Corp.                     | ALBANY INTL CORP                     | CUSIP: 012348108<br>LEI: L73WCPNCZIRSQGZTW097 | Long             | EC               | CORP              | US        |       327 | NS      | $17429.10     | 0.05%             |  |  |  | No            | 1                  | On Loan: No      |
| Microvast Holdings Inc.                        | MICROVAST HOLDIN                     | CUSIP: 59516C106<br>LEI: 549300J4UX9OMHSTKS35 | Long             | EC               | CORP              | US        |      9635 | NS      | $37094.75     | 0.11%             |  |  |  | No            | 1                  | On Loan: No      |
| Urban Outfitters Inc.                          | URBAN OUTFITTER                      | CUSIP: 917047102<br>LEI: 549300N3DUFR5U6NRN38 | Long             | EC               | CORP              | US        |      1496 | NS      | $106859.28    | 0.32%             |  |  |  | No            | 1                  | On Loan: No      |
| Olympic Steel Inc.                             | OLYMPIC STEEL                        | CUSIP: 68162K106<br>LEI: 549300GQ061U6N6KWJ49 | Long             | EC               | CORP              | US        |      1260 | NS      | $38367.00     | 0.12%             |  |  |  | No            | 1                  | On Loan: No      |
| Peabody Energy Corp.                           | PEABODY ENERGY                       | CUSIP: 704551100<br>LEI: EJCO258LNNVSKAR2JX59 | Long             | EC               | CORP              | US        |      3849 | NS      | $102075.48    | 0.31%             |  |  |  | No            | 1                  | On Loan: —       |
| Lyft Inc                                       | LYFT INC-A                           | CUSIP: 55087P104<br>LEI: 549300H7I5VN334XVZ52 | Long             | EC               | CORP              | US        |     11695 | NS      | $257406.95    | 0.78%             |  |  |  | No            | 1                  | On Loan: —       |
| Community Trust Bancorp Inc                    | COMMUNI TRUST BA                     | CUSIP: 204149108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       453 | NS      | $25345.35     | 0.08%             |  |  |  | No            | 1                  | On Loan: No      |
| United Bancshares Inc                          | UNITED BANCSHARE                     | CUSIP: 909458101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       172 | NS      | $6360.56      | 0.02%             |  |  |  | No            | 1                  | On Loan: No      |
| DNOW Inc.                                      | DNOW INC                             | CUSIP: 67011P100<br>LEI: 549300AVH5SOCFVVDW91 | Long             | EC               | CORP              | US        |      1514 | NS      | $23088.50     | 0.07%             |  |  |  | No            | 1                  | On Loan: No      |
| Mitek Systems Inc.                             | MITEK SYSTEMS                        | CUSIP: 606710200<br>LEI: 549300ABZAQ3R25XG118 | Long             | EC               | CORP              | US        |      2791 | NS      | $27268.07     | 0.08%             |  |  |  | No            | 1                  | On Loan: No      |
| Ultra Clean Holdings Inc                       | ULTRA CLEAN HOLD                     | CUSIP: 90385V107<br>LEI: 5493007L6LS7QX18PE75 | Long             | EC               | CORP              | US        |       819 | NS      | $22317.75     | 0.07%             |  |  |  | No            | 1                  | On Loan: No      |
| Sphere Entertainment Co.                       | SPHERE ENTERTAIN                     | CUSIP: 55826T102<br>LEI: 254900ZW4JWKYRZZ9A91 | Long             | EC               | CORP              | US        |       602 | NS      | $37396.24     | 0.11%             |  |  |  | No            | 1                  | On Loan: —       |
| SiriusPoint Ltd                                | SIRIUSPOINT LTD                      | CUSIP: G8192H106<br>LEI: 549300OGXFI85N3YZZ51 | Long             | EC               | CORP              | BM        |      6419 | NS      | $116119.71    | 0.35%             |  |  |  | No            | 1                  | On Loan: No      |
| Minerals Technologies Inc.                     | MINERALS TECH                        | CUSIP: 603158106<br>LEI: 549300D3I1QU67GP6403 | Long             | EC               | CORP              | US        |      1208 | NS      | $75040.96     | 0.23%             |  |  |  | No            | 1                  | On Loan: No      |
| Enterprise Financial Services Corp.            | ENTERPRISE FINAN                     | CUSIP: 293712105<br>LEI: 5493001XTU5DLD632129 | Long             | EC               | CORP              | US        |      1162 | NS      | $67372.76     | 0.20%             |  |  |  | No            | 1                  | On Loan: No      |
| Park Ohio Holdings Corp.                       | PARK OHIO HLDGS                      | CUSIP: 700666100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       788 | NS      | $16737.12     | 0.05%             |  |  |  | No            | 1                  | On Loan: No      |
| Option Care Health Inc                         | OPTION CARE HEAL                     | CUSIP: 68404L201<br>LEI: 549300DI3Q5ACSYJRI17 | Long             | EC               | CORP              | US        |      2729 | NS      | $75757.04     | 0.23%             |  |  |  | No            | 1                  | On Loan: No      |
| Lincoln National Corp.                         | LINCOLN NATL CRP                     | CUSIP: 534187109<br>LEI: EFQMQROEDSNBRIP7LE47 | Long             | EC               | CORP              | US        |      8630 | NS      | $348047.90    | 1.06%             |  |  |  | No            | 1                  | On Loan: No      |
| CTS Corporation                                | CTS CORP                             | CUSIP: 126501105<br>LEI: 549300YV1HQLBVHOI649 | Long             | EC               | CORP              | US        |       499 | NS      | $19930.06     | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| The ODP Corporation                            | ODP CORP/THE                         | CUSIP: 88337F105<br>LEI: 549300OI428NU7XTM839 | Long             | EC               | CORP              | US        |      1540 | NS      | $42889.00     | 0.13%             |  |  |  | No            | 1                  | On Loan: —       |
| ACCO Brands Corporation                        | ACCO BRANDS CORP                     | CUSIP: 00081T108<br>LEI: JCT8P4Y190IH4I1NX328 | Long             | EC               | CORP              | US        |      7992 | NS      | $31888.08     | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Premier Inc                                    | PREMIER INC-CL A                     | CUSIP: 74051N102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1540 | NS      | $42812.00     | 0.13%             |  |  |  | No            | 1                  | On Loan: —       |
| The Andersons Inc                              | ANDERSONS INC                        | CUSIP: 034164103<br>LEI: L38MWB8MVRFV7HVJPU11 | Long             | EC               | CORP              | US        |      1060 | NS      | $42198.60     | 0.13%             |  |  |  | No            | 1                  | On Loan: No      |
| ADT Inc                                        | ADT INC                              | CUSIP: 00090Q103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     31906 | NS      | $277901.26    | 0.84%             |  |  |  | No            | 1                  | On Loan: No      |
| United Security Bs                             | UNITED SECURI/CA                     | CUSIP: 911460103<br>LEI: 549300J2H2JYVXXP3J32 | Long             | EC               | CORP              | US        |       420 | NS      | $3918.60      | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| Advance Auto Parts Inc.                        | ADVANCE AUTO PAR                     | CUSIP: 00751Y106<br>LEI: 529900UCNQ5H9FSL0Y70 | Long             | EC               | CORP              | US        |       569 | NS      | $34936.60     | 0.11%             |  |  |  | No            | 1                  | On Loan: —       |
| C&F Finl Corp                                  | C & F FINANCIAL                      | CUSIP: 12466Q104<br>LEI: 549300VFPAZLNS1R0361 | Long             | EC               | CORP              | US        |       443 | NS      | $29769.60     | 0.09%             |  |  |  | No            | 1                  | On Loan: No      |
| Kemper Corporation                             | KEMPER CORP                          | CUSIP: 488401100<br>LEI: 549300FNI1JKTRY2PV09 | Long             | EC               | CORP              | US        |      1848 | NS      | $95264.40     | 0.29%             |  |  |  | No            | 1                  | On Loan: No      |
| Asbury Automotive Group, Inc.                  | ASBURY AUTO GRP                      | CUSIP: 043436104<br>LEI: 549300JH4DTA7U42GL91 | Long             | EC               | CORP              | US        |       518 | NS      | $126625.10    | 0.38%             |  |  |  | No            | 1                  | On Loan: No      |
| Matson Inc                                     | MATSON INC                           | CUSIP: 57686G105<br>LEI: 549300OI5H3Y0I9I4I12 | Long             | EC               | CORP              | US        |       712 | NS      | $70196.08     | 0.21%             |  |  |  | No            | 1                  | On Loan: No      |
| Skywest Inc                                    | SKYWEST INC                          | CUSIP: 830879102<br>LEI: 529900UYS2KGS6Z42P09 | Long             | EC               | CORP              | US        |       521 | NS      | $52423.02     | 0.16%             |  |  |  | No            | 1                  | On Loan: No      |
| El Pollo Loco Holdings Inc                     | EL POLLO LOCO HO                     | CUSIP: 268603107<br>LEI: 549300EZCBNF4G707K90 | Long             | EC               | CORP              | US        |      1994 | NS      | $19341.80     | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| RESOLUTE FOREST PRODUCTS, INC. - CVR           | RESOLUTE FOREST -CVR                 | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | US        |      3718 | NS      | $8030.88      | 0.02%             |  |  |  | No            | 2                  | On Loan: No      |
| Strategic Education Inc                        | STRATEGIC EDUCAT                     | CUSIP: 86272C103<br>LEI: 2549002UYIM8Q5EC8H36 | Long             | EC               | CORP              | US        |       333 | NS      | $28641.33     | 0.09%             |  |  |  | No            | 1                  | On Loan: No      |
| Unico American Corporation                     | UNICO AMER CORP                      | CUSIP: 904607108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       246 | NS      | $0.00         | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| Netgear Inc                                    | NETGEAR INC                          | CUSIP: 64111Q104<br>LEI: 54930067KX3UNRHDWA78 | Long             | EC               | CORP              | US        |      1217 | NS      | $39418.63     | 0.12%             |  |  |  | No            | 1                  | On Loan: No      |
| Westamerica Bancorp                            | WESTAMERICA BANC                     | CUSIP: 957090103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       639 | NS      | $31943.61     | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| First Financial Corp.                          | FIRST FINANCIAL                      | CUSIP: 320218100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       563 | NS      | $31775.72     | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| TriCo Bancshares                               | TRICO BANCSHARES                     | CUSIP: 896095106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       787 | NS      | $34950.67     | 0.11%             |  |  |  | No            | 1                  | On Loan: No      |
| Matador Resources Company                      | MATADOR RESOURCE                     | CUSIP: 576485205<br>LEI: 549300CI3Q2UUK5R4G79 | Long             | EC               | CORP              | US        |      3042 | NS      | $136677.06    | 0.42%             |  |  |  | No            | 1                  | On Loan: No      |
| Stellar Bancorp Inc                            | STELLAR BANCORP                      | CUSIP: 858927106<br>LEI: 54930070P8Z0WHFBB536 | Long             | EC               | CORP              | US        |      2035 | NS      | $61741.90     | 0.19%             |  |  |  | No            | 1                  | On Loan: No      |
| Anywhere Real Estate Inc.                      | ANYWHERE REAL ES                     | CUSIP: 75605Y106<br>LEI: 5493004HBTOTE9DI9P12 | Long             | EC               | CORP              | US        |      7308 | NS      | $77391.72     | 0.24%             |  |  |  | No            | 1                  | On Loan: No      |
| RPC Inc                                        | RPC INC                              | CUSIP: 749660106<br>LEI: 549300ZDXAFBC3SB4918 | Long             | EC               | CORP              | US        |      3549 | NS      | $16893.24     | 0.05%             |  |  |  | No            | 1                  | On Loan: No      |
| Greif, Inc.                                    | GREIF INC-CL A                       | CUSIP: 397624107<br>LEI: 54930070FVGKR0Z1FI24 | Long             | EC               | CORP              | US        |       436 | NS      | $26055.36     | 0.08%             |  |  |  | No            | 1                  | On Loan: No      |
| Forestar Group Inc.                            | FORESTAR GROUP                       | CUSIP: 346232101<br>LEI: 549300BC2UB0GHV60V70 | Long             | EC               | CORP              | US        |      1715 | NS      | $45601.85     | 0.14%             |  |  |  | No            | 1                  | On Loan: No      |
| Whirlpool Corp.                                | WHIRLPOOL CORP                       | CUSIP: 963320106<br>LEI: WHENKOULSSK7WUM60H03 | Long             | EC               | CORP              | US        |       317 | NS      | $24916.20     | 0.08%             |  |  |  | No            | 1                  | On Loan: —       |
| Banner Corp                                    | BANNER CORPORATI                     | CUSIP: 06652V208<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       551 | NS      | $36090.50     | 0.11%             |  |  |  | No            | 1                  | On Loan: No      |
| Hancock Whitney Corporation                    | HANCOCK WHITNEY                      | CUSIP: 410120109<br>LEI: 549300GRNBWY8HIICT41 | Long             | EC               | CORP              | US        |      2296 | NS      | $143752.56    | 0.44%             |  |  |  | No            | 1                  | On Loan: No      |
| Nutex Health Inc                               | NUTEX HEALTH INC                     | CUSIP: 67079U306<br>LEI: N/A                  | Long             | EC               | CORP              | US        |        93 | NS      | $9608.76      | 0.03%             |  |  |  | No            | 1                  | On Loan: No      |
| Natural Grocers By Vitamin Cottage Inc.        | NATURAL GROCERS BY VITAMI            | CUSIP: 63888U108<br>LEI: 529900P4OTXDGBUS3O87 | Long             | EC               | CORP              | US        |       856 | NS      | $34240.00     | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Beazer Homes USA Inc.                          | BEAZER HOMES USA                     | CUSIP: 07556Q881<br>LEI: 549300DUPYT2T0F60I45 | Long             | EC               | CORP              | US        |      1120 | NS      | $27496.00     | 0.08%             |  |  |  | No            | 1                  | On Loan: No      |
| SelectQuote Inc                                | SELECTQUOTE INC                      | CUSIP: 816307300<br>LEI: 549300BV28BWDIN9SP24 | Long             | EC               | CORP              | US        |      6972 | NS      | $13665.12     | 0.04%             |  |  |  | No            | 1                  | On Loan: No      |
| Sonic Automotive, Inc.                         | SONIC AUTOMOTI-A                     | CUSIP: 83545G102<br>LEI: 549300NTLRGJ2JCBZU03 | Long             | EC               | CORP              | US        |       479 | NS      | $36447.11     | 0.11%             |  |  |  | No            | 1                  | On Loan: No      |
| Array Digital Infrastructure Inc.              | ARRAY DIGITAL IN                     | CUSIP: 911684108<br>LEI: 549300B164AZXESI6E03 | Long             | EC               | CORP              | US        |       966 | NS      | $48309.66     | 0.15%             |  |  |  | No            | 1                  | On Loan: No      |
| Comerica Incorporated                          | COMERICA INC                         | CUSIP: 200340107<br>LEI: I9Q57JVPWHHZ3ZGBW498 | Long             | EC               | CORP              | US        |      2022 | NS      | $138547.44    | 0.42%             |  |  |  | No            | 1                  | On Loan: No      |
| Knight-Swift Transportation Holdings Inc.      | KNIGHT-SWIFT TRA                     | CUSIP: 499049104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       769 | NS      | $30383.19     | 0.09%             |  |  |  | No            | 1                  | On Loan: No      |
| Coffee Hldg Co Inc                             | COFFEE HOLDING C                     | CUSIP: 192176105<br>LEI: 549300FD5P29KIHQU051 | Long             | EC               | CORP              | US        |       355 | NS      | $1622.35      | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| Ashland Inc.                                   | ASHLAND INC                          | CUSIP: 044186104<br>LEI: 529900E4L9R04SB8HB11 | Long             | EC               | CORP              | US        |       905 | NS      | $43358.55     | 0.13%             |  |  |  | No            | 1                  | On Loan: No      |
| Angi Inc                                       | ANGI INC                             | CUSIP: 00183L201<br>LEI: 5493003ENY577E6SZL06 | Long             | EC               | CORP              | US        |      3127 | NS      | $50845.02     | 0.15%             |  |  |  | No            | 1                  | On Loan: No      |
| Hovnanian Enterprises, Inc.                    | HOVNANIAN ENT-A                      | CUSIP: 442487401<br>LEI: 549300805N4EF0ROBT53 | Long             | EC               | CORP              | US        |       256 | NS      | $32893.44     | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Ranger Energy Services Inc                     | RANGER ENERGY SE                     | CUSIP: 75282U104<br>LEI: 549300J7RIVGVAN0RE23 | Long             | EC               | CORP              | US        |      1989 | NS      | $27925.56     | 0.08%             |  |  |  | No            | 1                  | On Loan: No      |
| US Physical Therapy Inc                        | US PHYSICAL THER                     | CUSIP: 90337L108<br>LEI: 529900KL1UXQYFIOMY96 | Long             | EC               | CORP              | US        |       308 | NS      | $26164.60     | 0.08%             |  |  |  | No            | 1                  | On Loan: No      |
| Hilltop Holdings Inc                           | HILLTOP HOLDINGS                     | CUSIP: 432748101<br>LEI: 54930010TA543US0PM65 | Long             | EC               | CORP              | US        |       613 | NS      | $20486.46     | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| Compass Diversified                            | COMPASS DIVERSIF                     | CUSIP: 20451Q104<br>LEI: 5299001SM1LBYANJRR58 | Long             | EC               | CORP              | US        |      4275 | NS      | $28300.50     | 0.09%             |  |  |  | No            | 1                  | On Loan: No      |
| Diodes Incorporated                            | DIODES INC                           | CUSIP: 254543101<br>LEI: 549300XP2X1ARVH3BX23 | Long             | EC               | CORP              | US        |      1178 | NS      | $62681.38     | 0.19%             |  |  |  | No            | 1                  | On Loan: No      |
| Portillos Inc.                                 | PORTILLO'S-CL A                      | CUSIP: 73642K106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1929 | NS      | $12442.05     | 0.04%             |  |  |  | No            | 1                  | On Loan: —       |
| Marcus Corp                                    | MARCUS CORP                          | CUSIP: 566330106<br>LEI: 549300NL0OKPNEMP6B79 | Long             | EC               | CORP              | US        |      2641 | NS      | $40961.91     | 0.12%             |  |  |  | No            | 1                  | On Loan: No      |
| Copa Holdings SA                               | COPA HOLDIN-CL A                     | CUSIP: P31076105<br>LEI: 529900BB9UQJV6QQHA59 | Long             | EC               | CORP              | PA        |      1272 | NS      | $151139.04    | 0.46%             |  |  |  | No            | 1                  | On Loan: No      |
| First Bancorp                                  | FIRST BANCORP/NC                     | CUSIP: 318910106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       862 | NS      | $45591.18     | 0.14%             |  |  |  | No            | 1                  | On Loan: No      |
| Five Below Inc                                 | FIVE BELOW                           | CUSIP: 33829M101<br>LEI: 529900AAXP5Z6BGI7418 | Long             | EC               | CORP              | US        |      1332 | NS      | $206060.40    | 0.63%             |  |  |  | No            | 1                  | On Loan: No      |
| MGM Resorts International                      | MGM RESORTS INTE                     | CUSIP: 552953101<br>LEI: 54930066VBP7DZEGGJ87 | Long             | EC               | CORP              | US        |      5425 | NS      | $188030.50    | 0.57%             |  |  |  | No            | 1                  | On Loan: No      |
| Amdocs Limited                                 | AMDOCS LTD                           | CUSIP: G02602103<br>LEI: 549300HQV672RJ7RQV66 | Long             | EC               | CORP              | GG        |      2910 | NS      | $238765.50    | 0.73%             |  |  |  | No            | 1                  | On Loan: No      |
| Republic First Bancorp Inc.                    | REPUBLIC FIRST                       | CUSIP: 760416107<br>LEI: 254900GIRCF2RJWU8438 | Long             | EC               | CORP              | US        |      3100 | NS      | $0.31         | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| Heritage Commerce Corp.                        | HERITAGE COMMERC                     | CUSIP: 426927109<br>LEI: 549300CLIS851ELSR406 | Long             | EC               | CORP              | US        |      2595 | NS      | $25768.35     | 0.08%             |  |  |  | No            | 1                  | On Loan: No      |
| Riley Exploration Permian Inc.                 | RILEY EXPLORATIO                     | CUSIP: 76665T102<br>LEI: 5493008CUBI02XP43Q95 | Long             | EC               | CORP              | US        |      1183 | NS      | $32071.13     | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Carriage Services, Inc.                        | CARRIAGE SERVICE                     | CUSIP: 143905107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       472 | NS      | $21022.88     | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| Huntington Ingalls Industries, Inc.            | HUNTINGTON INGAL                     | CUSIP: 446413106<br>LEI: 5TZLZ6WJTBVJ0QWBG121 | Long             | EC               | CORP              | US        |        94 | NS      | $27063.54     | 0.08%             |  |  |  | No            | 1                  | On Loan: No      |
| Kelly Services Inc                             | KELLY SERVICES-A                     | CUSIP: 488152208<br>LEI: 25490035B2ZPL6RM1974 | Long             | EC               | CORP              | US        |      1773 | NS      | $23261.76     | 0.07%             |  |  |  | No            | 1                  | On Loan: No      |
| Financial Institutions Inc.                    | FINANCIAL INST                       | CUSIP: 317585404<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1287 | NS      | $35006.40     | 0.11%             |  |  |  | No            | 1                  | On Loan: No      |
| Academy Sports and Outdoors Inc                | ACADEMY SPORTS &                     | CUSIP: 00402L107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1632 | NS      | $81632.64     | 0.25%             |  |  |  | No            | 1                  | On Loan: —       |
| TTM Technologies Inc                           | TTM TECHNOLOGIES                     | CUSIP: 87305R109<br>LEI: 549300SC4BDOIS008048 | Long             | EC               | CORP              | US        |       523 | NS      | $30124.80     | 0.09%             |  |  |  | No            | 1                  | On Loan: No      |
| USANA Health Sciences Inc.                     | USANA HEALTH SCI                     | CUSIP: 90328M107<br>LEI: 549300YTURXE814MAH96 | Long             | EC               | CORP              | US        |       799 | NS      | $22012.45     | 0.07%             |  |  |  | No            | 1                  | On Loan: No      |
| Ecovyst Inc                                    | ECOVYST INC                          | CUSIP: 27923Q109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3877 | NS      | $33962.52     | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Janus Henderson Group PLC                      | JANUS HENDERSON                      | CUSIP: G4474Y214<br>LEI: 2138009WPYMWJN3RVF44 | Long             | EC               | CORP              | JE        |      2186 | NS      | $97298.86     | 0.30%             |  |  |  | No            | 1                  | On Loan: No      |
| Customers Bancorp, Inc.                        | CUSTOMERS BANCOR                     | CUSIP: 23204G100<br>LEI: 549300WLBCHYKZ53FN68 | Long             | EC               | CORP              | US        |       602 | NS      | $39352.74     | 0.12%             |  |  |  | No            | 1                  | On Loan: —       |
| Mistras Group Inc                              | MISTRAS GROUP IN                     | CUSIP: 60649T107<br>LEI: 5493000CMNXVLND3FU73 | Long             | EC               | CORP              | US        |      1648 | NS      | $16216.32     | 0.05%             |  |  |  | No            | 1                  | On Loan: No      |
| Ovintiv Inc                                    | OVINTIV INC                          | CUSIP: 69047Q102<br>LEI: 2549003MEX7YMKLGI239 | Long             | EC               | CORP              | US        |      2678 | NS      | $108137.64    | 0.33%             |  |  |  | No            | 1                  | On Loan: No      |
| Knowles Corporation                            | KNOWLES CORP                         | CUSIP: 49926D109<br>LEI: 5493003EO323TDZQU148 | Long             | EC               | CORP              | US        |       939 | NS      | $21888.09     | 0.07%             |  |  |  | No            | 1                  | On Loan: No      |
| Skyworks Solutions, Inc.                       | SKYWORKS SOLUTIO                     | CUSIP: 83088M102<br>LEI: 549300WZ3ORQ2BVKBD96 | Long             | EC               | CORP              | US        |       318 | NS      | $24479.64     | 0.07%             |  |  |  | No            | 1                  | On Loan: No      |
| United Bankshares Inc                          | UNITED BANKSHS                       | CUSIP: 909907107<br>LEI: 5299005O3BAMJ9Z92V62 | Long             | EC               | CORP              | US        |      3952 | NS      | $147053.92    | 0.45%             |  |  |  | No            | 1                  | On Loan: No      |
| World Kinect Corporation                       | WORLD KINECT COR                     | CUSIP: 981475106<br>LEI: D3W7PCXCBRQLL17DZ313 | Long             | EC               | CORP              | US        |      4003 | NS      | $103877.85    | 0.32%             |  |  |  | No            | 1                  | On Loan: —       |
| Owens & Minor Inc                              | OWENS & MINOR                        | CUSIP: 690732102<br>LEI: 549300LMT5KQQXCEZ733 | Long             | EC               | CORP              | US        |      3147 | NS      | $15105.60     | 0.05%             |  |  |  | No            | 1                  | On Loan: No      |
| Ziff Davis Inc                                 | ZIFF DAVIS INC                       | CUSIP: 48123V102<br>LEI: 5493008OJYGLHD7MXA18 | Long             | EC               | CORP              | US        |      2502 | NS      | $95326.20     | 0.29%             |  |  |  | No            | 1                  | On Loan: No      |
| Amkor Technology, Inc.                         | AMKOR TECH INC                       | CUSIP: 031652100<br>LEI: 529900VHLRTKPWZJBM84 | Long             | EC               | CORP              | US        |      4075 | NS      | $115730.00    | 0.35%             |  |  |  | No            | 1                  | On Loan: No      |
| Richardson Electronics, Ltd.                   | RICHARDSON ELEC                      | CUSIP: 763165107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |        24 | NS      | $234.96       | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| DXC Technology Company                         | DXC TECHNOLOGY C                     | CUSIP: 23355L106<br>LEI: 549300DOVZ3EDJB7O259 | Long             | EC               | CORP              | US        |      9505 | NS      | $129553.15    | 0.39%             |  |  |  | No            | 1                  | On Loan: No      |
| Hennessy Advisors Inc.                         | HENNESSY ADVISOR                     | CUSIP: 425885100<br>LEI: 549300OM5HCSFZO7FR31 | Long             | EC               | CORP              | US        |        39 | NS      | $410.67       | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| Varex Imaging Corporation                      | VAREX IMAGIN                         | CUSIP: 92214X106<br>LEI: 549300CWYWPVCT8E9W67 | Long             | EC               | CORP              | US        |      2518 | NS      | $31223.20     | 0.09%             |  |  |  | No            | 1                  | On Loan: No      |
| Old Second Bancorp Inc.                        | OLD SECOND BNCRP                     | CUSIP: 680277100<br>LEI: 549300XVJC1MPUT81C04 | Long             | EC               | CORP              | US        |      3280 | NS      | $56694.80     | 0.17%             |  |  |  | No            | 1                  | On Loan: No      |
| Gates Industrial Corp PLC                      | GATES INDUSTRIAL CORP PLC            | CUSIP: G39108108<br>LEI: 549300S6K4FWUSB9KM27 | Long             | EC               | CORP              | GB        |      4300 | NS      | $106726.00    | 0.32%             |  |  |  | No            | 1                  | On Loan: No      |
| Tutor Perini Corporation                       | TUTOR PERINI COR                     | CUSIP: 901109108<br>LEI: 549300FHXYVPW8LJ6D98 | Long             | EC               | CORP              | US        |       739 | NS      | $48471.01     | 0.15%             |  |  |  | No            | 1                  | On Loan: No      |
| Alkermes PLC                                   | ALKERMES PLC                         | CUSIP: G01767105<br>LEI: N/A                  | Long             | EC               | CORP              | IE        |      4559 | NS      | $136770.00    | 0.42%             |  |  |  | No            | 1                  | On Loan: No      |
| Tri Pointe Homes Inc                           | TRI POINTE HOMES                     | CUSIP: 87265H109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2697 | NS      | $91617.09     | 0.28%             |  |  |  | No            | 1                  | On Loan: No      |
| Frontier Communications Parent Inc             | FRONTIER COMMUNI                     | CUSIP: 35909D109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      7723 | NS      | $288454.05    | 0.88%             |  |  |  | No            | 1                  | On Loan: No      |
| AMN Healthcare Services Inc                    | AMN HEALTHCARE                       | CUSIP: 001744101<br>LEI: 529900W3ARRTCNFH2I39 | Long             | EC               | CORP              | US        |       954 | NS      | $18469.44     | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| FMC Corp.                                      | FMC CORP                             | CUSIP: 302491303<br>LEI: CKDHZ2X64EEBQCSP7013 | Long             | EC               | CORP              | US        |      1939 | NS      | $65208.57     | 0.20%             |  |  |  | No            | 1                  | On Loan: No      |
| JetBlue Airways Corporation                    | JETBLUE AIRWAYS                      | CUSIP: 477143101<br>LEI: 54930070J9H97ZO93T57 | Long             | EC               | CORP              | US        |      7404 | NS      | $36427.68     | 0.11%             |  |  |  | No            | 1                  | On Loan: No      |
| Avanos Medical Inc                             | AVANOS MEDICAL I                     | CUSIP: 05350V106<br>LEI: 549300YCXWOM7NEWMQ58 | Long             | EC               | CORP              | US        |      1437 | NS      | $16611.72     | 0.05%             |  |  |  | No            | 1                  | On Loan: No      |
| Atkore Inc                                     | ATKORE INC                           | CUSIP: 047649108<br>LEI: 52990002TI38AM4RPV48 | Long             | EC               | CORP              | US        |       695 | NS      | $43604.30     | 0.13%             |  |  |  | No            | 1                  | On Loan: No      |
| Radian Group Inc.                              | RADIAN GROUP INC                     | CUSIP: 750236101<br>LEI: 54930005OUP720S5U385 | Long             | EC               | CORP              | US        |      8010 | NS      | $290122.20    | 0.88%             |  |  |  | No            | 1                  | On Loan: No      |
| Vanda Pharmace Inc                             | VANDA PHARMACEUT                     | CUSIP: 921659108<br>LEI: 529900AY8VOOQBKJ0O70 | Long             | EC               | CORP              | US        |      3286 | NS      | $16397.14     | 0.05%             |  |  |  | No            | 1                  | On Loan: No      |
| Kyndryl Holdings Inc                           | KYNDRYL HOLDINGS                     | CUSIP: 50155Q100<br>LEI: 549300LQ4LWX2R8ZV130 | Long             | EC               | CORP              | US        |      7370 | NS      | $221321.10    | 0.67%             |  |  |  | No            | 1                  | On Loan: No      |
| Donegal Group Inc.                             | DONEGAL GRP-CL A                     | CUSIP: 257701201<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2063 | NS      | $40001.57     | 0.12%             |  |  |  | No            | 1                  | On Loan: No      |
| Goodyear Tire & Rubber Co. The                 | GOODYEAR TIRE                        | CUSIP: 382550101<br>LEI: 5493002BI0S2ZQUY3437 | Long             | EC               | CORP              | US        |      6492 | NS      | $48560.16     | 0.15%             |  |  |  | No            | 1                  | On Loan: No      |
| Green Brick Partners Inc.                      | GREEN BRICK PART                     | CUSIP: 392709101<br>LEI: 549300R7SCIV7FQI6T56 | Long             | EC               | CORP              | US        |       621 | NS      | $45867.06     | 0.14%             |  |  |  | No            | 1                  | On Loan: No      |
| Boyd Gaming Corporation                        | BOYD GAMING CORP                     | CUSIP: 103304101<br>LEI: 254900787YGRYS2A1Z35 | Long             | EC               | CORP              | US        |       645 | NS      | $55760.25     | 0.17%             |  |  |  | No            | 1                  | On Loan: No      |
| Permian Resources Corp                         | PERMIAN RESOURCE                     | CUSIP: 71424F105<br>LEI: 529900NXUJPOKU7OJ511 | Long             | EC               | CORP              | US        |      2804 | NS      | $35891.20     | 0.11%             |  |  |  | No            | 1                  | On Loan: No      |
| Home BancShares Inc.                           | HOME BANCSHARES                      | CUSIP: 436893200<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2189 | NS      | $61948.70     | 0.19%             |  |  |  | No            | 1                  | On Loan: No      |
| Hayward Holdings Inc                           | HAYWARD HOLDINGS                     | CUSIP: 421298100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1353 | NS      | $20457.36     | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| Concentrix Corp.                               | CONCENTRIX CORP                      | CUSIP: 20602D101<br>LEI: 5493000EAJN1KMPVA737 | Long             | EC               | CORP              | US        |      2036 | NS      | $93961.40     | 0.29%             |  |  |  | No            | 1                  | On Loan: —       |
| Exelixis, Inc.                                 | EXELIXIS INC                         | CUSIP: 30161Q104<br>LEI: 254900PJQB59O2O95R37 | Long             | EC               | CORP              | US        |      8107 | NS      | $334819.10    | 1.02%             |  |  |  | No            | 1                  | On Loan: No      |
| Hanmi Financial Corp.                          | HANMI FINL CORP                      | CUSIP: 410495204<br>LEI: 549300MSZ7RCG7EA6587 | Long             | EC               | CORP              | US        |      1078 | NS      | $26615.82     | 0.08%             |  |  |  | No            | 1                  | On Loan: No      |
| Independent Bank Corp.                         | INDEP BANK/MA                        | CUSIP: 453836108<br>LEI: 549300C5K3W8THR3GE10 | Long             | EC               | CORP              | US        |      1618 | NS      | $111917.06    | 0.34%             |  |  |  | No            | 1                  | On Loan: No      |
| Northwest Bancshares Inc                       | NORTHWEST BANCSH                     | CUSIP: 667340103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5135 | NS      | $63622.65     | 0.19%             |  |  |  | No            | 1                  | On Loan: No      |
| BrightView Holdings Inc.                       | BRIGHTVIEW HOLDI                     | CUSIP: 10948C107<br>LEI: 549300F8QN8YHVI7L866 | Long             | EC               | CORP              | US        |      2869 | NS      | $38444.60     | 0.12%             |  |  |  | No            | 1                  | On Loan: No      |
| NMI Holdings Inc                               | NMI HOLDINGS INC                     | CUSIP: 629209305<br>LEI: 529900KNNGFXJX1C3Z08 | Long             | EC               | CORP              | US        |      1825 | NS      | $69970.50     | 0.21%             |  |  |  | No            | 1                  | On Loan: No      |
| Resideo Technologies Inc                       | RESIDEO TECHN                        | CUSIP: 76118Y104<br>LEI: 5493006TKFPYISY2DS54 | Long             | EC               | CORP              | US        |      6694 | NS      | $289046.92    | 0.88%             |  |  |  | No            | 1                  | On Loan: No      |
| Par Pacific Holdings, Inc.                     | PAR PACIFIC HOLD                     | CUSIP: 69888T207<br>LEI: 549300BTNS7MHSHRLR55 | Long             | EC               | CORP              | US        |      3270 | NS      | $115823.40    | 0.35%             |  |  |  | No            | 1                  | On Loan: No      |
| Plexus Corp                                    | PLEXUS CORP                          | CUSIP: 729132100<br>LEI: 549300W7HCBI5YT25I79 | Long             | EC               | CORP              | US        |       223 | NS      | $32265.87     | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Capital Bancorp Inc.                           | CAPITAL BANCORP                      | CUSIP: 139737100<br>LEI: 549300LQKYGWQ7VP0C75 | Long             | EC               | CORP              | US        |       621 | NS      | $19809.90     | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| Eastman Chemical Company                       | EASTMAN CHEMICAL                     | CUSIP: 277432100<br>LEI: FDPVHDGJ1IQZFK9KH630 | Long             | EC               | CORP              | US        |      1104 | NS      | $69607.20     | 0.21%             |  |  |  | No            | 1                  | On Loan: No      |
| IPG Photonics Corp                             | IPG PHOTONICS                        | CUSIP: 44980X109<br>LEI: 5493002KZ51CADQ94G15 | Long             | EC               | CORP              | US        |       982 | NS      | $77764.58     | 0.24%             |  |  |  | No            | 1                  | On Loan: No      |
| NETSCOUT Systems Inc.                          | NETSCOUT SYSTEMS                     | CUSIP: 64115T104<br>LEI: 5493005HZXZ3SPNVCV76 | Long             | EC               | CORP              | US        |      3170 | NS      | $81881.10     | 0.25%             |  |  |  | No            | 1                  | On Loan: No      |
| Acadia Healthcare Company, Inc.                | ACADIA HEALTHCAR                     | CUSIP: 00404A109<br>LEI: 5493005CW985Y9D0NC11 | Long             | EC               | CORP              | US        |      3160 | NS      | $78241.60     | 0.24%             |  |  |  | No            | 1                  | On Loan: No      |
| Molson Coors Beverage Company                  | MOLSON COORS-B                       | CUSIP: 60871R209<br>LEI: 54930073LBBH6ZCBE225 | Long             | EC               | CORP              | US        |      4933 | NS      | $223218.25    | 0.68%             |  |  |  | No            | 1                  | On Loan: No      |
| MGP Ingredients Inc.                           | MGP INGREDIENTS                      | CUSIP: 55303J106<br>LEI: 2549006OMHFVZ4MS8538 | Long             | EC               | CORP              | US        |       466 | NS      | $11272.54     | 0.03%             |  |  |  | No            | 1                  | On Loan: No      |
| Arcbest Corporation                            | ARCBEST CORP                         | CUSIP: 03937C105<br>LEI: 5493006S3KBNE8ZS3J23 | Long             | EC               | CORP              | US        |       597 | NS      | $41712.39     | 0.13%             |  |  |  | No            | 1                  | On Loan: No      |
| Acme United Corp                               | ACME UNITED CORP                     | CUSIP: 004816104<br>LEI: 549300NVT8NN13WP8M83 | Long             | EC               | CORP              | US        |       104 | NS      | $4282.72      | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| Safety Insurance Group Inc.                    | SAFETY INSURANCE                     | CUSIP: 78648T100<br>LEI: 254900LDCFLA3J746840 | Long             | EC               | CORP              | US        |       391 | NS      | $27639.79     | 0.08%             |  |  |  | No            | 1                  | On Loan: No      |
| CNO Financial Group, Inc.                      | CNO FINANCIAL GR                     | CUSIP: 12621E103<br>LEI: 11XPYHB76MPM4Y4P2897 | Long             | EC               | CORP              | US        |      1169 | NS      | $46233.95     | 0.14%             |  |  |  | No            | 1                  | On Loan: No      |
| Ameris Bancorp                                 | AMERIS BANCORP                       | CUSIP: 03076K108<br>LEI: PBJHNT51T5V6G5UQFV42 | Long             | EC               | CORP              | US        |      2429 | NS      | $178069.99    | 0.54%             |  |  |  | No            | 1                  | On Loan: No      |
| Gentherm Inc                                   | GENTHERM INC                         | CUSIP: 37253A103<br>LEI: HKM6YX1U5JS60TCUB219 | Long             | EC               | CORP              | US        |       783 | NS      | $26668.98     | 0.08%             |  |  |  | No            | 1                  | On Loan: No      |
| Verint Systems Inc                             | VERINT SYSTEMS                       | CUSIP: 92343X100<br>LEI: 549300KEQJS5FRVUCO94 | Long             | EC               | CORP              | US        |      2041 | NS      | $41330.25     | 0.13%             |  |  |  | No            | 1                  | On Loan: No      |
| American Axle & Manufacturing Holdings Inc.    | AMER AXLE & MFG                      | CUSIP: 024061103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4549 | NS      | $27339.49     | 0.08%             |  |  |  | No            | 1                  | On Loan: —       |
| Benchmark Electronics, Inc.                    | BENCHMARK ELECTR                     | CUSIP: 08160H101<br>LEI: 549300W18RHYZOZKOP53 | Long             | EC               | CORP              | US        |      1497 | NS      | $57709.35     | 0.18%             |  |  |  | No            | 1                  | On Loan: No      |
| NBT Bancorp Inc                                | NBT BANCORP INC                      | CUSIP: 628778102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       527 | NS      | $22007.52     | 0.07%             |  |  |  | No            | 1                  | On Loan: No      |
| Eplus Inc                                      | EPLUS INC                            | CUSIP: 294268107<br>LEI: 529900FFY8AAFJ21NE91 | Long             | EC               | CORP              | US        |       470 | NS      | $33374.70     | 0.10%             |  |  |  | No            | 1                  | On Loan: —       |
| CACI International Inc.                        | CACI INTL-A                          | CUSIP: 127190304<br>LEI: SYRPI2D1O9WRTS2WX210 | Long             | EC               | CORP              | US        |        57 | NS      | $28430.46     | 0.09%             |  |  |  | No            | 1                  | On Loan: No      |
| DMC Global Inc.                                | DMC GLOBAL INC                       | CUSIP: 23291C103<br>LEI: 549300CBDXD1Z5MRNG02 | Long             | EC               | CORP              | US        |      1398 | NS      | $11813.10     | 0.04%             |  |  |  | No            | 1                  | On Loan: No      |
| Synovus Financial Corp.                        | SYNOVUS FINL                         | CUSIP: 87161C501<br>LEI: 549300EIUS8UN5JTLE54 | Long             | EC               | CORP              | US        |      1540 | NS      | $75583.20     | 0.23%             |  |  |  | No            | 1                  | On Loan: No      |
| 1-800-Flowers.Com Inc                          | 1-800-FLOWERS-A                      | CUSIP: 68243Q106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5336 | NS      | $24545.60     | 0.07%             |  |  |  | No            | 1                  | On Loan: —       |
| Laureate Education, Inc.                       | LAUREATE EDUCATI                     | CUSIP: 518613203<br>LEI: 5JL7TMOH5TY3IUYSUP91 | Long             | EC               | CORP              | US        |       869 | NS      | $27408.26     | 0.08%             |  |  |  | No            | 1                  | On Loan: No      |
| Seaboard Corp Del                              | SEABOARD CORP                        | CUSIP: 811543107<br>LEI: 87Q3KOXT29OW9W9YPT70 | Long             | EC               | CORP              | US        |        30 | NS      | $109410.00    | 0.33%             |  |  |  | No            | 1                  | On Loan: No      |
| Insteel Industries Inc.                        | INSTEEL INDS                         | CUSIP: 45774W108<br>LEI: 52990026LKY4MOX3L174 | Long             | EC               | CORP              | US        |       466 | NS      | $17866.44     | 0.05%             |  |  |  | No            | 1                  | On Loan: No      |
| 1st Source Corporation                         | 1ST SOURCE CORP                      | CUSIP: 336901103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       386 | NS      | $23762.16     | 0.07%             |  |  |  | No            | 1                  | On Loan: No      |
| KB Home                                        | KB HOME                              | CUSIP: 48666K109<br>LEI: 549300LGUCWQURMWLG09 | Long             | EC               | CORP              | US        |      1434 | NS      | $91259.76     | 0.28%             |  |  |  | No            | 1                  | On Loan: No      |
| Bank OZK                                       | BANK OZK                             | CUSIP: 06417N103<br>LEI: 549300VYK2WBD7SST478 | Long             | EC               | CORP              | US        |      2103 | NS      | $107210.94    | 0.33%             |  |  |  | No            | 1                  | On Loan: No      |
| BorgWarner Inc.                                | BORGWARNER INC                       | CUSIP: 099724106<br>LEI: 549300DSFX2IE88NSX47 | Long             | EC               | CORP              | US        |      6706 | NS      | $294795.76    | 0.90%             |  |  |  | No            | 1                  | On Loan: No      |
| Post Holdings Inc.                             | POST HOLDINGS IN                     | CUSIP: 737446104<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | EC               | CORP              | US        |       556 | NS      | $59758.88     | 0.18%             |  |  |  | No            | 1                  | On Loan: —       |
| Bandwidth Inc                                  | BANDWIDTH INC-A                      | CUSIP: 05988J103<br>LEI: 549300QC70JB7MUGXM66 | Long             | EC               | CORP              | US        |      1799 | NS      | $29989.33     | 0.09%             |  |  |  | No            | 1                  | On Loan: No      |
| First Interstate Bancsystem Inc.               | FIRST INTER/MT-A                     | CUSIP: 32055Y201<br>LEI: 549300WRWYTYX0RCNJ43 | Long             | EC               | CORP              | US        |      2066 | NS      | $65843.42     | 0.20%             |  |  |  | No            | 1                  | On Loan: No      |
| IAC Inc                                        | IAC INC                              | CUSIP: 44891N208<br>LEI: 549300TO56L57RP6P031 | Long             | EC               | CORP              | US        |      2679 | NS      | $91273.53     | 0.28%             |  |  |  | No            | 1                  | On Loan: No      |
| Concrete Pumping Holdings Inc.                 | CONCRETE PUMPING                     | CUSIP: 206704108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2871 | NS      | $20240.55     | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| EnerSys                                        | ENERSYS                              | CUSIP: 29275Y102<br>LEI: 7ZS3DE5PN30BYUJFWP05 | Long             | EC               | CORP              | US        |       369 | NS      | $41682.24     | 0.13%             |  |  |  | No            | 1                  | On Loan: No      |
| Security Nat Finl                              | SECURITY NATL-A                      | CUSIP: 814785309<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2849 | NS      | $24700.83     | 0.08%             |  |  |  | No            | 1                  | On Loan: No      |
| CSG Systems International Inc.                 | CSG SYSTEMS INTL                     | CUSIP: 126349109<br>LEI: 549300D7FJZUOHHXUA81 | Long             | EC               | CORP              | US        |       630 | NS      | $40559.40     | 0.12%             |  |  |  | No            | 1                  | On Loan: No      |
| Deluxe Corporation                             | DELUXE CORP                          | CUSIP: 248019101<br>LEI: KWGNKB8TX9LE5TV29231 | Long             | EC               | CORP              | US        |      1411 | NS      | $27316.96     | 0.08%             |  |  |  | No            | 1                  | On Loan: No      |
| Mister Car Wash Inc                            | MISTER CAR WASH                      | CUSIP: 60646V105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6362 | NS      | $33909.46     | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Essent Group Ltd.                              | ESSENT GROUP LTD                     | CUSIP: G3198U102<br>LEI: 254900QUO860OUT6ZF83 | Long             | EC               | CORP              | BM        |      3501 | NS      | $222523.56    | 0.68%             |  |  |  | No            | 1                  | On Loan: No      |
| Golden Entertainment Inc                       | GOLDEN ENTERTAIN                     | CUSIP: 381013101<br>LEI: 549300P8YYCKQVJ0Y638 | Long             | EC               | CORP              | US        |      1106 | NS      | $26079.48     | 0.08%             |  |  |  | No            | 1                  | On Loan: No      |
| Wesbanco Inc                                   | WESBANCO INC                         | CUSIP: 950810101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1252 | NS      | $39976.36     | 0.12%             |  |  |  | No            | 1                  | On Loan: No      |
| Ribbon Communications Inc.                     | RIBBON COMMUNICA                     | CUSIP: 762544104<br>LEI: 549300L1E8Z8RL7CUL52 | Long             | EC               | CORP              | US        |      8952 | NS      | $34017.60     | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Cable One Inc                                  | CABLE ONE INC                        | CUSIP: 12685J105<br>LEI: 549300648QS85T0XSH18 | Long             | EC               | CORP              | US        |       268 | NS      | $47449.40     | 0.14%             |  |  |  | No            | 1                  | On Loan: —       |
| Universal Logistics Holdings Inc.              | UNIVERSAL LOGIST                     | CUSIP: 91388P105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       846 | NS      | $19830.24     | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| Kaiser Aluminium Corporation                   | KAISER ALUMINUM                      | CUSIP: 483007704<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       342 | NS      | $26388.72     | 0.08%             |  |  |  | No            | 1                  | On Loan: No      |
| Thor Industries Inc.                           | THOR INDUSTRIES                      | CUSIP: 885160101<br>LEI: 254900XZO1228PDSG060 | Long             | EC               | CORP              | US        |      1071 | NS      | $111051.99    | 0.34%             |  |  |  | No            | 1                  | On Loan: —       |
| First Horizon Corporation                      | FIRST HORIZON CO                     | CUSIP: 320517105<br>LEI: TF3RXI1ZB1TQ30H9JV10 | Long             | EC               | CORP              | US        |       858 | NS      | $19399.38     | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| Wesco International, Inc.                      | WESCO INTL                           | CUSIP: 95082P105<br>LEI: 529900TXOGREY3WNJ434 | Long             | EC               | CORP              | US        |       438 | NS      | $92637.00     | 0.28%             |  |  |  | No            | 1                  | On Loan: No      |
| OPENLANE Inc                                   | OPENLANE INC                         | CUSIP: 48238T109<br>LEI: 5493004HKD20LBSG7D03 | Long             | EC               | CORP              | US        |      2828 | NS      | $81389.84     | 0.25%             |  |  |  | No            | 1                  | On Loan: No      |
| Chord Energy Corp.                             | CHORD ENERGY COR                     | CUSIP: 674215207<br>LEI: 529900FA4V2YNIKZ0M71 | Long             | EC               | CORP              | US        |      1272 | NS      | $126398.64    | 0.38%             |  |  |  | No            | 1                  | On Loan: No      |
| PVH Corp.                                      | PVH CORP                             | CUSIP: 693656100<br>LEI: 123WALMHY1GZXG2YDL90 | Long             | EC               | CORP              | US        |       920 | NS      | $77068.40     | 0.23%             |  |  |  | No            | 1                  | On Loan: No      |
| Bread Financial Holdings Inc                   | BREAD FINANCIAL                      | CUSIP: 018581108<br>LEI: 549300G8S4PO686J7H97 | Long             | EC               | CORP              | US        |      2356 | NS      | $131394.12    | 0.40%             |  |  |  | No            | 1                  | On Loan: No      |
| Antero Midstream Corporation                   | ANTERO MIDSTREAM                     | CUSIP: 03676B102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      9993 | NS      | $194263.92    | 0.59%             |  |  |  | No            | 1                  | On Loan: No      |
| Fox Factory Holding Corporation                | FOX FACTORY HOLD                     | CUSIP: 35138V102<br>LEI: 529900GE1HSV0617R721 | Long             | EC               | CORP              | US        |       514 | NS      | $12485.06     | 0.04%             |  |  |  | No            | 1                  | On Loan: No      |
| The Greenbrier Companies, Inc.                 | GREENBRIER COS                       | CUSIP: 393657101<br>LEI: 5493001GAGGFR30BP390 | Long             | EC               | CORP              | US        |      1611 | NS      | $74379.87     | 0.23%             |  |  |  | No            | 1                  | On Loan: No      |
| MGIC Investment Corp.                          | MGIC INVT CORP                       | CUSIP: 552848103<br>LEI: 254900S8483WM4M98R28 | Long             | EC               | CORP              | US        |     10215 | NS      | $289799.55    | 0.88%             |  |  |  | No            | 1                  | On Loan: No      |
| Eastern Co                                     | EASTERN CO                           | CUSIP: 276317104<br>LEI: 5493005F8SU7UCM5D285 | Long             | EC               | CORP              | US        |       189 | NS      | $4433.94      | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| Photronics Inc.                                | PHOTRONICS INC                       | CUSIP: 719405102<br>LEI: 549300OK5JVNIBNY6F63 | Long             | EC               | CORP              | US        |      2964 | NS      | $68023.80     | 0.21%             |  |  |  | No            | 1                  | On Loan: No      |
| Neogen Corp                                    | NEOGEN CORP                          | CUSIP: 640491106<br>LEI: 549300HJT9FC36N4UW43 | Long             | EC               | CORP              | US        |      3887 | NS      | $22194.77     | 0.07%             |  |  |  | No            | 1                  | On Loan: No      |
| First Hawaiian Inc.                            | FIRST HAWAIIA                        | CUSIP: 32051X108<br>LEI: 5493002DJSH46F5OLV06 | Long             | EC               | CORP              | US        |      2117 | NS      | $52565.11     | 0.16%             |  |  |  | No            | 1                  | On Loan: No      |
| Trimas Corporation                             | TRIMAS CORP                          | CUSIP: 896215209<br>LEI: 75G1WUQ8QK4P5MZOYD78 | Long             | EC               | CORP              | US        |      1029 | NS      | $39760.56     | 0.12%             |  |  |  | No            | 1                  | On Loan: No      |
| Perdoceo Education Corp.                       | PERDOCEO EDUCATI                     | CUSIP: 71363P106<br>LEI: 529900X5PCA184O9LY90 | Long             | EC               | CORP              | US        |      1197 | NS      | $45079.02     | 0.14%             |  |  |  | No            | 1                  | On Loan: No      |
| Veradigm Inc                                   | VERADIGM INC                         | CUSIP: 01988P108<br>LEI: Y68YJHVB1GU4TAU3C223 | Long             | EC               | CORP              | US        |      3974 | NS      | $19075.20     | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| Hilton Grand Vacations Inc                     | HILTON GRAND VAC                     | CUSIP: 43283X105<br>LEI: 549300O9K6MFD8D07574 | Long             | EC               | CORP              | US        |       714 | NS      | $29852.34     | 0.09%             |  |  |  | No            | 1                  | On Loan: No      |
| Caesars Entertainment Inc.                     | CAESARS ENTERTAI                     | CUSIP: 12769G100<br>LEI: 549300FA4CTCW903Y781 | Long             | EC               | CORP              | US        |      5401 | NS      | $145962.03    | 0.44%             |  |  |  | No            | 1                  | On Loan: No      |
| MillerKnoll Inc.                               | MILLERKNOLL INC                      | CUSIP: 600544100<br>LEI: U98HXD3PNK7HYU2MU887 | Long             | EC               | CORP              | US        |      1282 | NS      | $22742.68     | 0.07%             |  |  |  | No            | 1                  | On Loan: No      |
| Kimball Electronics Inc.                       | KIMBALL ELECTRON                     | CUSIP: 49428J109<br>LEI: 549300COBYN2GZCBIU87 | Long             | EC               | CORP              | US        |       676 | NS      | $20185.36     | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| PRA Group Inc.                                 | PRA GROUP INC                        | CUSIP: 69354N106<br>LEI: 549300Q5HW3JSSB86K27 | Long             | EC               | CORP              | US        |      3086 | NS      | $47647.84     | 0.14%             |  |  |  | No            | 1                  | On Loan: No      |
| Topgolf Callaway Brands Corp                   | TOPGOLF CALLAWAY                     | CUSIP: 131193104<br>LEI: 5493005UB0KFRKBPCU72 | Long             | EC               | CORP              | US        |     10583 | NS      | $100538.50    | 0.31%             |  |  |  | No            | 1                  | On Loan: No      |
| Huntsman Corporation                           | HUNTSMAN CORP                        | CUSIP: 447011107<br>LEI: 5299000V56320A7RIQ67 | Long             | EC               | CORP              | US        |      1998 | NS      | $17942.04     | 0.05%             |  |  |  | No            | 1                  | On Loan: No      |
| First American Funds Inc.                      | FIRST AM-TR OB-X                     | CUSIP: 31846V328<br>LEI: 549300J5J5SJCZ9IA369 | Long             | STIV             | RF                | US        |     86077 | PA      | $86077.14     | 0.26%             |  |  |  | No            | 1                  | On Loan: No      |
| Driven Brands Holdings Inc                     | DRIVEN BRANDS HO                     | CUSIP: 26210V102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1897 | NS      | $30560.67     | 0.09%             |  |  |  | No            | 1                  | On Loan: No      |
| First Financial Bancorp.                       | FIRST FIN BANCRP                     | CUSIP: 320209109<br>LEI: 549300D3F5B3EZMY7P77 | Long             | EC               | CORP              | US        |      3409 | NS      | $86077.25     | 0.26%             |  |  |  | No            | 1                  | On Loan: No      |
| F N B Corp (Pennsylvania)                      | FNB CORP                             | CUSIP: 302520101<br>LEI: PCYSKIGYNYFDTBLVZU83 | Long             | EC               | CORP              | US        |      4563 | NS      | $73509.93     | 0.22%             |  |  |  | No            | 1                  | On Loan: No      |
| Addus Homecare Corp                            | ADDUS HOMECARE                       | CUSIP: 006739106<br>LEI: 52990090ZT33AKPDBX62 | Long             | EC               | CORP              | US        |       138 | NS      | $16282.62     | 0.05%             |  |  |  | No            | 1                  | On Loan: No      |
| Universal Corporation                          | UNIVERSAL CORP                       | CUSIP: 913456109<br>LEI: 549300BZXZ66F6DTIF20 | Long             | EC               | CORP              | US        |       971 | NS      | $54249.77     | 0.16%             |  |  |  | No            | 1                  | On Loan: No      |
| Magnolia Oil & Gas Corporation                 | MAGNOLIA OIL-A                       | CUSIP: 559663109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1701 | NS      | $40602.87     | 0.12%             |  |  |  | No            | 1                  | On Loan: No      |
| MKS Inc.                                       | MKS INC                              | CUSIP: 55306N104<br>LEI: 549300KEQATBHAGVF505 | Long             | EC               | CORP              | US        |       366 | NS      | $45299.82     | 0.14%             |  |  |  | No            | 1                  | On Loan: No      |
| Liberty Energy Inc                             | LIBERTY ENERGY I                     | CUSIP: 53115L104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2134 | NS      | $26333.56     | 0.08%             |  |  |  | No            | 1                  | On Loan: No      |
| Envista Holdings Corporation                   | ENVISTA HOLDINGS                     | CUSIP: 29415F104<br>LEI: 549300BX623VURJZ5269 | Long             | EC               | CORP              | US        |      3519 | NS      | $71682.03     | 0.22%             |  |  |  | No            | 1                  | On Loan: No      |
| National Bank Holdings Corp                    | NATIONAL-CL A                        | CUSIP: 633707104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1053 | NS      | $40687.92     | 0.12%             |  |  |  | No            | 1                  | On Loan: No      |
| Matthews International Corp                    | MATTHEWS INTL-A                      | CUSIP: 577128101<br>LEI: 549300ZVC5O0ATML6U61 | Long             | EC               | CORP              | US        |       713 | NS      | $17311.64     | 0.05%             |  |  |  | No            | 1                  | On Loan: No      |
| Middleby Corp.                                 | MIDDLEBY CORP                        | CUSIP: 596278101<br>LEI: JDFO86U9VQRBKW5KYA35 | Long             | EC               | CORP              | US        |       160 | NS      | $21268.80     | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| Henry Schein, Inc.                             | HENRY SCHEIN INC                     | CUSIP: 806407102<br>LEI: VGO3WGL8H45T73F4RR92 | Long             | EC               | CORP              | US        |       426 | NS      | $28273.62     | 0.09%             |  |  |  | No            | 1                  | On Loan: No      |
| ANI Pharmaceuticals Inc.                       | ANI PHARMACEUTIC                     | CUSIP: 00182C103<br>LEI: 5493000T6CXTND40YH31 | Long             | EC               | CORP              | US        |       266 | NS      | $24365.60     | 0.07%             |  |  |  | No            | 1                  | On Loan: No      |
| ICF International Inc                          | ICF INTERNATIONA                     | CUSIP: 44925C103<br>LEI: 5493003KYFDDC5B3WY64 | Long             | EC               | CORP              | US        |       273 | NS      | $25334.40     | 0.08%             |  |  |  | No            | 1                  | On Loan: No      |
| Midland States Bancorp Inc.                    | MIDLAND STATES B                     | CUSIP: 597742105<br>LEI: 5493006RHXW9TTBWYC94 | Long             | EC               | CORP              | US        |       828 | NS      | $14191.92     | 0.04%             |  |  |  | No            | 1                  | On Loan: No      |
| RCI Hospitality Holdings Inc.                  | RCI HOSPITALITY                      | CUSIP: 74934Q108<br>LEI: 529900COXP1MLE1UKG69 | Long             | EC               | CORP              | US        |       419 | NS      | $12783.69     | 0.04%             |  |  |  | No            | 1                  | On Loan: No      |
| Vaalco Energy Inc                              | VAALCO ENERGY                        | CUSIP: 91851C201<br>LEI: 549300CFHFVIWB8M6T24 | Long             | EC               | CORP              | US        |      9273 | NS      | $37277.46     | 0.11%             |  |  |  | No            | 1                  | On Loan: No      |
| Univest Financial Corp.                        | UNIVEST FINANCIA                     | CUSIP: 915271100<br>LEI: 4WII2HCR8UEWNU03U507 | Long             | EC               | CORP              | US        |       577 | NS      | $17321.54     | 0.05%             |  |  |  | No            | 1                  | On Loan: No      |
| Telephone and Data Systems Inc.                | TELEPHONE & DATA                     | CUSIP: 879433829<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5511 | NS      | $216251.64    | 0.66%             |  |  |  | No            | 1                  | On Loan: No      |
| Virtu Financial Inc                            | VIRTU FINANCIA-A                     | CUSIP: 928254101<br>LEI: 5493001OPW2K42CH3884 | Long             | EC               | CORP              | US        |       610 | NS      | $21655.00     | 0.07%             |  |  |  | No            | 1                  | On Loan: No      |
| Heritage Financial Corp.                       | HERITAGE FINL                        | CUSIP: 42722X106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1426 | NS      | $34494.94     | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Columbia Banking System Inc.                   | COLUMBIA BANKING                     | CUSIP: 197236102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1912 | NS      | $49214.88     | 0.15%             |  |  |  | No            | 1                  | On Loan: No      |
| ABM Industries Inc.                            | ABM INDUSTRIES                       | CUSIP: 000957100<br>LEI: QF02R89VEIOROM77J447 | Long             | EC               | CORP              | US        |       698 | NS      | $32191.76     | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Paramount Skydance Corp.                       | PARAMOUNT SKYDAN                     | CUSIP: 69932A204<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     21644 | NS      | $409504.48    | 1.24%             |  |  |  | No            | 1                  | On Loan: —       |
| First Merchants Corporation                    | FIRST MERCHANTS                      | CUSIP: 320817109<br>LEI: TZTBT0OTGQ2FEK6XMX94 | Long             | EC               | CORP              | US        |      2371 | NS      | $89386.70     | 0.27%             |  |  |  | No            | 1                  | On Loan: No      |
| CVB Financial                                  | CVB FINANCIAL                        | CUSIP: 126600105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1788 | NS      | $33811.08     | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Formfactor Inc                                 | FORMFACTOR INC                       | CUSIP: 346375108<br>LEI: 549300YCEEO6SZD1ZR61 | Long             | EC               | CORP              | US        |       721 | NS      | $26258.82     | 0.08%             |  |  |  | No            | 1                  | On Loan: No      |
| Affiliated Managers Group, Inc.                | AFFIL MANAGERS                       | CUSIP: 008252108<br>LEI: 2JE75BUE3T1BLCYYGK54 | Long             | EC               | CORP              | US        |       204 | NS      | $48639.72     | 0.15%             |  |  |  | No            | 1                  | On Loan: No      |
| GoodRx Holdings Inc                            | GOODRX HOLDIN-A                      | CUSIP: 38246G108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6374 | NS      | $26962.02     | 0.08%             |  |  |  | No            | 1                  | On Loan: No      |
| Taylor Morrison Home Corp                      | TAYLOR MORRISON                      | CUSIP: 87724P106<br>LEI: 5299009UDLLGLKOOJE30 | Long             | EC               | CORP              | US        |      3131 | NS      | $206677.31    | 0.63%             |  |  |  | No            | 1                  | On Loan: No      |
| Boise Cascade Co                               | BOISE CASCADE CO                     | CUSIP: 09739D100<br>LEI: 549300Z8B8LSRHC7XA55 | Long             | EC               | CORP              | US        |       477 | NS      | $36881.64     | 0.11%             |  |  |  | No            | 1                  | On Loan: No      |
| ManpowerGroup Inc.                             | MANPOWERGROUP IN                     | CUSIP: 56418H100<br>LEI: ERO1WSFOSR0JJ6CRQ987 | Long             | EC               | CORP              | US        |      1408 | NS      | $53363.20     | 0.16%             |  |  |  | No            | 1                  | On Loan: No      |
| Supernus Pharmaceuticals, Inc                  | SUPERNUS PHARMAC                     | CUSIP: 868459108<br>LEI: 549300GRM36VBKISYJ58 | Long             | EC               | CORP              | US        |       652 | NS      | $31159.08     | 0.09%             |  |  |  | No            | 1                  | On Loan: No      |
| Cheesecake Factory Inc                         | CHEESECAKE FACTO                     | CUSIP: 163072101<br>LEI: 529900872XMLK10SY247 | Long             | EC               | CORP              | US        |      1566 | NS      | $85566.24     | 0.26%             |  |  |  | No            | 1                  | On Loan: —       |
| Western Alliance Bancorp                       | WESTERN ALLIANCE                     | CUSIP: 957638109<br>LEI: 5493003VJXZ5JXT9S762 | Long             | EC               | CORP              | US        |      1565 | NS      | $135716.80    | 0.41%             |  |  |  | No            | 1                  | On Loan: No      |
| Castle Biosciences Inc                         | CASTLE BIOSCIENC                     | CUSIP: 14843C105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1025 | NS      | $23339.25     | 0.07%             |  |  |  | No            | 1                  | On Loan: No      |
| Rush Enterprises Inc.                          | RUSH ENTER-CL A                      | CUSIP: 781846209<br>LEI: 529900V3XHTN7A6DFT17 | Long             | EC               | CORP              | US        |       450 | NS      | $24061.50     | 0.07%             |  |  |  | No            | 1                  | On Loan: No      |
| AdaptHealth Corporation                        | ADAPTHEALTH CORP                     | CUSIP: 00653Q102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4239 | NS      | $37939.05     | 0.12%             |  |  |  | No            | 1                  | On Loan: No      |
| Darling Ingredients, Inc                       | DARLING INGREDIE                     | CUSIP: 237266101<br>LEI: L1N0SPPKS7EXZYUMZ898 | Long             | EC               | CORP              | US        |      2266 | NS      | $69951.42     | 0.21%             |  |  |  | No            | 1                  | On Loan: No      |
| Mueller Water Products, Inc.                   | MUELLER WATER-A                      | CUSIP: 624758108<br>LEI: 549300F7ZU4P1F8V8L60 | Long             | EC               | CORP              | US        |       760 | NS      | $19395.20     | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| Schneider National Inc                         | SCHNEIDER NATL-B                     | CUSIP: 80689H102<br>LEI: 529900V6GZ6G6E3BLV72 | Long             | EC               | CORP              | US        |      1564 | NS      | $33094.24     | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Proto Labs Inc                                 | PROTO LABS INC                       | CUSIP: 743713109<br>LEI: 529900QHG5MGWT2WQQ09 | Long             | EC               | CORP              | US        |      1276 | NS      | $63838.28     | 0.19%             |  |  |  | No            | 1                  | On Loan: No      |
| NOV Inc.                                       | NOV INC                              | CUSIP: 62955J103<br>LEI: 549300EHF3IW1AR6U008 | Long             | EC               | CORP              | US        |      7934 | NS      | $105125.50    | 0.32%             |  |  |  | No            | 1                  | On Loan: —       |
| Interface, Inc.                                | INTERFACE INC                        | CUSIP: 458665304<br>LEI: 549300VXZWQOIDFPU355 | Long             | EC               | CORP              | US        |       857 | NS      | $24801.58     | 0.08%             |  |  |  | No            | 1                  | On Loan: No      |
| Integral Ad Science Holding Corp.              | INTEGRAL AD SCIE                     | CUSIP: 45828L108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2503 | NS      | $25455.51     | 0.08%             |  |  |  | No            | 1                  | On Loan: No      |
| Mueller Industries Inc.                        | MUELLER INDS                         | CUSIP: 624756102<br>LEI: 5493005IZFE4VJLLYG84 | Long             | EC               | CORP              | US        |       388 | NS      | $39230.68     | 0.12%             |  |  |  | No            | 1                  | On Loan: No      |
| Biglari Holdings Inc.                          | BIGLARI HOLDIN-B                     | CUSIP: 08986R309<br>LEI: 549300J4OQ973AEQEG06 | Long             | EC               | CORP              | US        |       128 | NS      | $41427.20     | 0.13%             |  |  |  | No            | 1                  | On Loan: No      |
| Synaptics Incorporated                         | SYNAPTICS INC                        | CUSIP: 87157D109<br>LEI: 549300AJ3LI4FWNRQX29 | Long             | EC               | CORP              | US        |       607 | NS      | $41482.38     | 0.13%             |  |  |  | No            | 1                  | On Loan: No      |
| Allegiant Travel Company                       | ALLEGIANT TRAVEL                     | CUSIP: 01748X102<br>LEI: 549300JM9OZXOHWL2K18 | Long             | EC               | CORP              | US        |       942 | NS      | $57245.34     | 0.17%             |  |  |  | No            | 1                  | On Loan: No      |
| Cannae Holdings Inc.                           | CANNAE HOLDINGS                      | CUSIP: 13765N107<br>LEI: 549300OGRF1ICI7D2V77 | Long             | EC               | CORP              | US        |      3116 | NS      | $57053.96     | 0.17%             |  |  |  | No            | 1                  | On Loan: No      |
| ViaSat, Inc.                                   | VIASAT INC                           | CUSIP: 92552V100<br>LEI: UFC8NYMNFSYIHNSM2I38 | Long             | EC               | CORP              | US        |      2666 | NS      | $78113.80     | 0.24%             |  |  |  | No            | 1                  | On Loan: No      |
| Preformed Line Products Co.                    | PREFORMED LINE                       | CUSIP: 740444104<br>LEI: 549300EYH53XDJID2098 | Long             | EC               | CORP              | US        |       195 | NS      | $38249.25     | 0.12%             |  |  |  | No            | 1                  | On Loan: No      |
| Berry Corp. (Bry)                              | BERRY CORP                           | CUSIP: 08579X101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      7401 | NS      | $27975.78     | 0.09%             |  |  |  | No            | 1                  | On Loan: No      |
| Cirrus Logic, Inc.                             | CIRRUS LOGIC INC                     | CUSIP: 172755100<br>LEI: 549300NKSJEM5ZZSSV18 | Long             | EC               | CORP              | US        |       288 | NS      | $36083.52     | 0.11%             |  |  |  | No            | 1                  | On Loan: No      |
| HF Sinclair Corp.                              | HF SINCLAIR CORP                     | CUSIP: 403949100<br>LEI: 2549009G116AM01XHN24 | Long             | EC               | CORP              | US        |      2914 | NS      | $152518.76    | 0.46%             |  |  |  | No            | 1                  | On Loan: No      |
| Encore Capital Group Inc.                      | ENCORE CAPITAL G                     | CUSIP: 292554102<br>LEI: 5493000UVC6H49CIH830 | Long             | EC               | CORP              | US        |       871 | NS      | $36355.54     | 0.11%             |  |  |  | No            | 1                  | On Loan: No      |
| Prestige Consumer Healthcare Inc               | PRESTIGE CONSUME                     | CUSIP: 74112D101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       408 | NS      | $25459.20     | 0.08%             |  |  |  | No            | 1                  | On Loan: No      |
| Hecla Mining Company                           | HECLA MINING CO                      | CUSIP: 422704106<br>LEI: 5493009Y6HOBZD1QD537 | Long             | EC               | CORP              | US        |      3836 | NS      | $46415.60     | 0.14%             |  |  |  | No            | 1                  | On Loan: No      |
| EchoStar Corp.                                 | ECHOSTAR CORP-A                      | CUSIP: 278768106<br>LEI: 549300EE20907QZ9GT38 | Long             | EC               | CORP              | US        |      4921 | NS      | $375767.56    | 1.14%             |  |  |  | No            | 1                  | On Loan: —       |
| Peoples Bancorp Inc. (Ohio)                    | PEOPLES BANC INC                     | CUSIP: 709789101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1935 | NS      | $58030.65     | 0.18%             |  |  |  | No            | 1                  | On Loan: No      |
| TowneBank (Portsmouth Virginia)                | TOWNE BANK                           | CUSIP: 89214P109<br>LEI: 54930039UO39UJGI7078 | Long             | EC               | CORP              | US        |      1177 | NS      | $40688.89     | 0.12%             |  |  |  | No            | 1                  | On Loan: No      |
| United Community Banks Inc.(South Carolina)    | UNITED COMMUNITY                     | CUSIP: 90984P303<br>LEI: 549300GVW0FV66X3U703 | Long             | EC               | CORP              | US        |      3336 | NS      | $104583.60    | 0.32%             |  |  |  | No            | 1                  | On Loan: No      |
| Intrepid Potash Inc.                           | INTREPID POTASH                      | CUSIP: 46121Y201<br>LEI: 549300OZ696E2PRRTO45 | Long             | EC               | CORP              | US        |       750 | NS      | $22935.00     | 0.07%             |  |  |  | No            | 1                  | On Loan: No      |
| Adeia Inc.                                     | ADEIA INC                            | CUSIP: 00676P107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2389 | NS      | $40135.20     | 0.12%             |  |  |  | No            | 1                  | On Loan: No      |
| Heritage Insurance Holdings Inc                | HERITAGE INSURAN                     | CUSIP: 42727J102<br>LEI: 9845008CCYDD87F66B45 | Long             | EC               | CORP              | US        |      1535 | NS      | $38651.30     | 0.12%             |  |  |  | No            | 1                  | On Loan: No      |
| Genworth Financial Inc.                        | GENWORTH FINANCI                     | CUSIP: 37247D106<br>LEI: 549300EMCG286BDNKJ33 | Long             | EC               | CORP              | US        |     34038 | NS      | $302938.20    | 0.92%             |  |  |  | No            | 1                  | On Loan: No      |
| Covenant Logistics Group Inc.                  | COVENANT LOGISTI                     | CUSIP: 22284P105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1034 | NS      | $22396.44     | 0.07%             |  |  |  | No            | 1                  | On Loan: No      |
| Eagle Bancorp Montana Inc                      | EAGLE BANCORP MO                     | CUSIP: 26942G100<br>LEI: 549300P2SVRIY3YU1412 | Long             | EC               | CORP              | US        |       166 | NS      | $2866.82      | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| Alaska Air Group Inc.                          | ALASKA AIR GROUP                     | CUSIP: 011659109<br>LEI: 529900G48RT4KWLC6C27 | Long             | EC               | CORP              | US        |       882 | NS      | $43905.96     | 0.13%             |  |  |  | No            | 1                  | On Loan: —       |
| Werner Enterprises Inc.                        | WERNER ENT                           | CUSIP: 950755108<br>LEI: 549300P6XRGOCHHJST37 | Long             | EC               | CORP              | US        |      1380 | NS      | $36321.60     | 0.11%             |  |  |  | No            | 1                  | On Loan: No      |
| Escalade Inc.                                  | ESCALADE INC                         | CUSIP: 296056104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       481 | NS      | $6046.17      | 0.02%             |  |  |  | No            | 1                  | On Loan: No      |
| Bankfinancial Corp                             | BANKFINANCIAL                        | CUSIP: 06643P104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       845 | NS      | $10165.35     | 0.03%             |  |  |  | No            | 1                  | On Loan: No      |
| Albemarle Corp                                 | ALBEMARLE CORP                       | CUSIP: 012653101<br>LEI: HDBLS2Q6GV1LSKQPBS54 | Long             | EC               | CORP              | US        |       848 | NS      | $68755.84     | 0.21%             |  |  |  | No            | 1                  | On Loan: —       |
| Glacier Bancorp Inc.                           | GLACIER BANCORP                      | CUSIP: 37637Q105<br>LEI: 549300SMJAUKZB5D7V74 | Long             | EC               | CORP              | US        |       965 | NS      | $46966.55     | 0.14%             |  |  |  | No            | 1                  | On Loan: No      |
| Ranpak Holdings Corp.                          | RANPAK HOLDINGS CORP                 | CUSIP: 75321W103<br>LEI: 5493000Z9EZR9DCYOO86 | Long             | EC               | CORP              | US        |      4763 | NS      | $26768.06     | 0.08%             |  |  |  | No            | 1                  | On Loan: No      |
| Compass Inc.                                   | COMPASS INC - A                      | CUSIP: 20464U100<br>LEI: 254900DMGQSTC3I2IM78 | Long             | EC               | CORP              | US        |      9737 | NS      | $78188.11     | 0.24%             |  |  |  | No            | 1                  | On Loan: No      |
| Holley Inc                                     | HOLLEY INC                           | CUSIP: 43538H103<br>LEI: 254900EEM9JI9G1A4D88 | Long             | EC               | CORP              | US        |      8123 | NS      | $25506.22     | 0.08%             |  |  |  | No            | 1                  | On Loan: No      |
| HighPeak Energy Inc                            | HIGHPEAK ENERGY                      | CUSIP: 43114Q105<br>LEI: 549300J4RNCV140DUY76 | Long             | EC               | CORP              | US        |      2395 | NS      | $16932.65     | 0.05%             |  |  |  | No            | 1                  | On Loan: —       |
| First Mid Bancshares Inc.                      | FIRST MID BANCSH                     | CUSIP: 320866106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       691 | NS      | $26175.08     | 0.08%             |  |  |  | No            | 1                  | On Loan: No      |
| Visteon Corporation                            | VISTEON CORP                         | CUSIP: 92839U206<br>LEI: 549300MOVLYHRW4GGW78 | Long             | EC               | CORP              | US        |       256 | NS      | $30684.16     | 0.09%             |  |  |  | No            | 1                  | On Loan: No      |
| ThredUP Inc.                                   | THREDUP- CLASS A                     | CUSIP: 88556E102<br>LEI: 549300JKGKTKX3L3XK25 | Long             | EC               | CORP              | US        |      3059 | NS      | $28907.55     | 0.09%             |  |  |  | No            | 1                  | On Loan: No      |
| Five Point Holdings Llc                        | FIVE POINT HOL-A                     | CUSIP: 33833Q106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3755 | NS      | $23018.15     | 0.07%             |  |  |  | No            | 1                  | On Loan: No      |
| FS Bancorp Inc.                                | FS BANCORP INC                       | CUSIP: 30263Y104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       196 | NS      | $7824.32      | 0.02%             |  |  |  | No            | 1                  | On Loan: No      |
| S&T Bancorp Inc                                | S & T BANCORP                        | CUSIP: 783859101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1536 | NS      | $57738.24     | 0.18%             |  |  |  | No            | 1                  | On Loan: —       |
| QuidelOrtho Corp                               | QUIDELORTHO CORP                     | CUSIP: 219798105<br>LEI: 549300YU8CMO9HF53113 | Long             | EC               | CORP              | US        |      2846 | NS      | $83814.70     | 0.25%             |  |  |  | No            | 1                  | On Loan: No      |
| Murphy Oil Corporation                         | MURPHY OIL CORP                      | CUSIP: 626717102<br>LEI: QBKYQD0ODE7DC7PDIN91 | Long             | EC               | CORP              | US        |      4171 | NS      | $118498.11    | 0.36%             |  |  |  | No            | 1                  | On Loan: No      |
| Webster Financial Corp.                        | WEBSTER FINL                         | CUSIP: 947890109<br>LEI: KMRURHT0VWKYS6Z5KU67 | Long             | EC               | CORP              | US        |      1062 | NS      | $63125.28     | 0.19%             |  |  |  | No            | 1                  | On Loan: No      |
| Celanese Corporation                           | CELANESE CORP                        | CUSIP: 150870103<br>LEI: 549300FHJQTDPPN41627 | Long             | EC               | CORP              | US        |       492 | NS      | $20703.36     | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| Trustco Bank Corp NY                           | TRUSTCO BANK NY                      | CUSIP: 898349204<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       783 | NS      | $28422.90     | 0.09%             |  |  |  | No            | 1                  | On Loan: No      |
| Chemed Corporation                             | CHEMED CORP                          | CUSIP: 16359R103<br>LEI: 54930020031IDJT2IM79 | Long             | EC               | CORP              | US        |       363 | NS      | $162529.62    | 0.49%             |  |  |  | No            | 1                  | On Loan: No      |
| PC Connection Inc.                             | PC CONNECTION                        | CUSIP: 69318J100<br>LEI: 5299005WPRNIXDV2KM73 | Long             | EC               | CORP              | US        |       491 | NS      | $30437.09     | 0.09%             |  |  |  | No            | 1                  | On Loan: No      |
| Elanco Animal Health Inc                       | ELANCO ANIMAL HE                     | CUSIP: 28414H103<br>LEI: 549300SHPNDCE059M934 | Long             | EC               | CORP              | US        |      9882 | NS      | $199023.48    | 0.61%             |  |  |  | No            | 1                  | On Loan: No      |
| Utah Medical Products Inc.                     | UTAH MEDICAL PRO                     | CUSIP: 917488108<br>LEI: 5493002R27BBGV8DID60 | Long             | EC               | CORP              | US        |        83 | NS      | $5226.51      | 0.02%             |  |  |  | No            | 1                  | On Loan: No      |
| Avient Corporation                             | AVIENT CORP                          | CUSIP: 05368V106<br>LEI: SM8L9RZYIB34LNTWO040 | Long             | EC               | CORP              | US        |       727 | NS      | $23954.65     | 0.07%             |  |  |  | No            | 1                  | On Loan: No      |
| Meritage Homes Corp                            | MERITAGE HOMES C                     | CUSIP: 59001A102<br>LEI: 52990044W9UMFJO2FB97 | Long             | EC               | CORP              | US        |      1705 | NS      | $123493.15    | 0.38%             |  |  |  | No            | 1                  | On Loan: No      |
| Weyco Group Inc.                               | WEYCO GROUP                          | CUSIP: 962149100<br>LEI: 549300I10J38MHJELM87 | Long             | EC               | CORP              | US        |       784 | NS      | $23590.56     | 0.07%             |  |  |  | No            | 1                  | On Loan: No      |
| Stanley Black & Decker, Inc.                   | STANLEY BLACK &                      | CUSIP: 854502101<br>LEI: 549300DJ09SMTO561131 | Long             | EC               | CORP              | US        |       504 | NS      | $37462.32     | 0.11%             |  |  |  | No            | 1                  | On Loan: No      |
| Amphastar Pharmaceuticals Inc                  | AMPHASTAR PHARMA                     | CUSIP: 03209R103<br>LEI: 54930055TH0ZLSAQMJ38 | Long             | EC               | CORP              | US        |      1326 | NS      | $35337.90     | 0.11%             |  |  |  | No            | 1                  | On Loan: No      |
| WSFS Financial Corporation                     | WSFS FINANCIAL                       | CUSIP: 929328102<br>LEI: 549300SU7VQHD6QRG886 | Long             | EC               | CORP              | US        |      2406 | NS      | $129755.58    | 0.39%             |  |  |  | No            | 1                  | On Loan: No      |
| Crescent Energy Co.                            | CRESCENT ENERG-A                     | CUSIP: 44952J104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10225 | NS      | $91207.00     | 0.28%             |  |  |  | No            | 1                  | On Loan: No      |
| HA Sustainable Infrastructure Capital Inc      | HA SUSTAINABLE I                     | CUSIP: 41068X100<br>LEI: 254900ZZRL7MWL1X8E92 | Long             | EC               | CORP              | US        |      1097 | NS      | $33677.90     | 0.10%             |  |  |  | No            | 1                  | On Loan: —       |
| Avnet, Inc.                                    | AVNET INC                            | CUSIP: 053807103<br>LEI: XJI53DCPL7QABOWK4Z75 | Long             | EC               | CORP              | US        |      1713 | NS      | $89555.64     | 0.27%             |  |  |  | No            | 1                  | On Loan: No      |
| Ingles Markets, Incorporated                   | INGLES MARKETS-A                     | CUSIP: 457030104<br>LEI: 549300XH5RYBMYP8TF26 | Long             | EC               | CORP              | US        |      1554 | NS      | $108096.24    | 0.33%             |  |  |  | No            | 1                  | On Loan: No      |
| Teleflex Incorporated                          | TELEFLEX INC                         | CUSIP: 879369106<br>LEI: UUL85LWXB4NGSWWXIQ25 | Long             | EC               | CORP              | US        |       873 | NS      | $106820.28    | 0.32%             |  |  |  | No            | 1                  | On Loan: No      |
| Hillman Solutions Corp                         | HILLMAN SOLUTION                     | CUSIP: 431636109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4478 | NS      | $41108.04     | 0.12%             |  |  |  | No            | 1                  | On Loan: No      |
| Global Indemnity Group LLC                     | GLOBAL INDEMNI-A                     | CUSIP: 37959R103<br>LEI: 549300KNR55WEKSPTK65 | Long             | EC               | CORP              | US        |      1716 | NS      | $49849.63     | 0.15%             |  |  |  | No            | 1                  | On Loan: No      |
| Mohawk Industries, Inc.                        | MOHAWK INDS                          | CUSIP: 608190104<br>LEI: 549300JI1115MG3Q6322 | Long             | EC               | CORP              | US        |       906 | NS      | $116801.52    | 0.36%             |  |  |  | No            | 1                  | On Loan: No      |
| Civitas Resources Inc                          | CIVITAS RESOURCE                     | CUSIP: 17888H103<br>LEI: IIVIHPH28S64K95M2381 | Long             | EC               | CORP              | US        |      3548 | NS      | $115310.00    | 0.35%             |  |  |  | No            | 1                  | On Loan: No      |
| Alight Inc                                     | ALIGHT INC-CL A                      | CUSIP: 01626W101<br>LEI: 549300600ESCO1HTVN74 | Long             | EC               | CORP              | US        |     17342 | NS      | $56534.92     | 0.17%             |  |  |  | No            | 1                  | On Loan: No      |
| Olin Corporation                               | OLIN CORP                            | CUSIP: 680665205<br>LEI: 549300GKK294V7W57P06 | Long             | EC               | CORP              | US        |       228 | NS      | $5697.72      | 0.02%             |  |  |  | No            | 1                  | On Loan: No      |
| M/I Homes Inc.                                 | M/I HOMES INC                        | CUSIP: 55305B101<br>LEI: 5299005M71FH9CCSFB69 | Long             | EC               | CORP              | US        |       663 | NS      | $95763.72     | 0.29%             |  |  |  | No            | 1                  | On Loan: No      |
| La-Z-Boy Inc                                   | LA-Z-BOY INC                         | CUSIP: 505336107<br>LEI: 549300WNO1WMN9ZG2519 | Long             | EC               | CORP              | US        |       530 | NS      | $18189.60     | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| Xerox Holdings Corporation                     | XEROX HOLDINGS C                     | CUSIP: 98421M106<br>LEI: 5493000Y33XDVO2CXC18 | Long             | EC               | CORP              | US        |      5597 | NS      | $21044.72     | 0.06%             |  |  |  | No            | 1                  | On Loan: —       |
| Victorias Secret and Co                        | VICTORIA'S SECRE                     | CUSIP: 926400102<br>LEI: 5493006T3O70U3UWVF17 | Long             | EC               | CORP              | US        |       874 | NS      | $23720.36     | 0.07%             |  |  |  | No            | 1                  | On Loan: No      |
| United Fire Group Inc                          | UNITED FIRE GROU                     | CUSIP: 910340108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2961 | NS      | $90073.62     | 0.27%             |  |  |  | No            | 1                  | On Loan: No      |
| Maximus Inc                                    | MAXIMUS INC                          | CUSIP: 577933104<br>LEI: 549300DQCDS8HJ7QF202 | Long             | EC               | CORP              | US        |       470 | NS      | $42943.90     | 0.13%             |  |  |  | No            | 1                  | On Loan: No      |
| Willis Lease Finance Corp.                     | WILLIS LEASE                         | CUSIP: 970646105<br>LEI: 54930023EP1OE5MKWF89 | Long             | EC               | CORP              | US        |       200 | NS      | $27418.00     | 0.08%             |  |  |  | No            | 1                  | On Loan: No      |
| California Resources Corporation               | CALIFORNIA RESOU                     | CUSIP: 13057Q305<br>LEI: 5493003Q8F0T4F4YMR48 | Long             | EC               | CORP              | US        |      2821 | NS      | $150020.78    | 0.46%             |  |  |  | No            | 1                  | On Loan: No      |
| Clear Secure Inc                               | CLEAR SECURE I-A                     | CUSIP: 18467V109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1335 | NS      | $44562.30     | 0.14%             |  |  |  | No            | 1                  | On Loan: No      |
| GEO Group Inc                                  | GEO GROUP INC/TH                     | CUSIP: 36162J106<br>LEI: 54930024XOXET7NQVZ63 | Long             | EC               | CORP              | US        |      2372 | NS      | $48602.28     | 0.15%             |  |  |  | No            | 1                  | On Loan: No      |
| First American Financial Corporation           | FIRST AMERICAN F                     | CUSIP: 31847R102<br>LEI: 549300B6VEZK3N0A1P55 | Long             | EC               | CORP              | US        |      3090 | NS      | $198501.60    | 0.60%             |  |  |  | No            | 1                  | On Loan: No      |
| Regional Management Corp.                      | REGIONAL MANAGEM                     | CUSIP: 75902K106<br>LEI: 549300S5O87W87JW4146 | Long             | EC               | CORP              | US        |      1368 | NS      | $53297.28     | 0.16%             |  |  |  | No            | 1                  | On Loan: No      |
| Beacon Financial Corp.                         | BEACON FINANCIAL                     | CUSIP: 084680107<br>LEI: 549300AS2OC6UMMBNO37 | Long             | EC               | CORP              | US        |      1268 | NS      | $30064.28     | 0.09%             |  |  |  | No            | 1                  | On Loan: No      |
| Pacira Biosciences Inc                         | PACIRA BIOSCIENC                     | CUSIP: 695127100<br>LEI: 549300P56LERYBDHCF69 | Long             | EC               | CORP              | US        |      2030 | NS      | $52313.10     | 0.16%             |  |  |  | No            | 1                  | On Loan: No      |
| FB Financial Corp.                             | FB FINANCIAL COR                     | CUSIP: 30257X104<br>LEI: 5493000B2LD2C2A6C435 | Long             | EC               | CORP              | US        |       568 | NS      | $31660.32     | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Harley-Davidson, Inc.                          | HARLEY-DAVIDSON                      | CUSIP: 412822108<br>LEI: ZDNAWZWXIKMWI51R2A08 | Long             | EC               | CORP              | US        |      1266 | NS      | $35321.40     | 0.11%             |  |  |  | No            | 1                  | On Loan: No      |
| American Public Education Inc.                 | AMERICAN PUBLIC                      | CUSIP: 02913V103<br>LEI: 254900GZNX6TJQGM4S17 | Long             | EC               | CORP              | US        |      1934 | NS      | $76334.98     | 0.23%             |  |  |  | No            | 1                  | On Loan: No      |
| Helios Technologies Inc                        | HELIOS TECHNOLOGIES INC              | CUSIP: 42328H109<br>LEI: 5493000BCJSMIDRNTI78 | Long             | EC               | CORP              | US        |       713 | NS      | $37168.69     | 0.11%             |  |  |  | No            | 1                  | On Loan: No      |
| Gulfport Energy Operating Corp.                | GULFPORT ENERGY                      | CUSIP: 402635502<br>LEI: 549300FJX18IDUFPHD40 | Long             | EC               | CORP              | US        |       119 | NS      | $21536.62     | 0.07%             |  |  |  | No            | 1                  | On Loan: No      |
| Axos Financial Inc                             | AXOS FINANCIAL I                     | CUSIP: 05465C100<br>LEI: 529900D8M56422GK9O25 | Long             | EC               | CORP              | US        |       351 | NS      | $29712.15     | 0.09%             |  |  |  | No            | 1                  | On Loan: No      |
| Insight Enterprises Inc.                       | INSIGHT ENTERPRI                     | CUSIP: 45765U103<br>LEI: 529900S8991TYW6YP792 | Long             | EC               | CORP              | US        |       162 | NS      | $18372.42     | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| Ligand Pharmaceuticals Incorporated            | LIGAND PHARM                         | CUSIP: 53220K504<br>LEI: 5493008K7TB0IKP37H79 | Long             | EC               | CORP              | US        |       110 | NS      | $19485.40     | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| Unifirst Corp                                  | UNIFIRST CORP/MA                     | CUSIP: 904708104<br>LEI: 5493003XBTNWBC8UK019 | Long             | EC               | CORP              | US        |       520 | NS      | $86938.80     | 0.26%             |  |  |  | No            | 1                  | On Loan: No      |
| Howard Hughes Holdings Inc.                    | HOWARD HUGHES HO                     | CUSIP: 44267T102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       607 | NS      | $49877.19     | 0.15%             |  |  |  | No            | 1                  | On Loan: No      |
| Vishay Intertechnology, Inc.                   | VISHAY INTERTECH                     | CUSIP: 928298108<br>LEI: 5493009O8F3QQJTCQR75 | Long             | EC               | CORP              | US        |      1652 | NS      | $25275.60     | 0.08%             |  |  |  | No            | 1                  | On Loan: No      |
| ProPetro Holding Corp.                         | PROPETRO HOLDING                     | CUSIP: 74347M108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      8404 | NS      | $44036.96     | 0.13%             |  |  |  | No            | 1                  | On Loan: No      |
| Tegna Inc                                      | TEGNA INC                            | CUSIP: 87901J105<br>LEI: 549300YC5EDBGX85AO10 | Long             | EC               | CORP              | US        |      9664 | NS      | $196469.12    | 0.60%             |  |  |  | No            | 1                  | On Loan: No      |
| Sierra Bancorp                                 | SIERRA BANCORP                       | CUSIP: 82620P102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       240 | NS      | $6938.40      | 0.02%             |  |  |  | No            | 1                  | On Loan: No      |
| PENN Entertainment Inc                         | PENN ENTERTAINME                     | CUSIP: 707569109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2918 | NS      | $56200.68     | 0.17%             |  |  |  | No            | 1                  | On Loan: —       |
| Integra LifeSciences Holdings Corporation      | INTEGRA LIFESCIE                     | CUSIP: 457985208<br>LEI: WB7IJCYY8YFTENS4O147 | Long             | EC               | CORP              | US        |      2932 | NS      | $42015.56     | 0.13%             |  |  |  | No            | 1                  | On Loan: No      |
| Koppers Holdings Inc                           | KOPPERS HOLDINGS                     | CUSIP: 50060P106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1203 | NS      | $33684.00     | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Republic Bancorp Inc. (Kentucky)               | REPUBLIC BNCRP-A                     | CUSIP: 760281204<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       243 | NS      | $17556.75     | 0.05%             |  |  |  | No            | 1                  | On Loan: No      |
| Dolby Laboratories Inc.                        | DOLBY LABORATO-A                     | CUSIP: 25659T107<br>LEI: 549300X04FB2QPCJ5J24 | Long             | EC               | CORP              | US        |       434 | NS      | $31408.58     | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Enovis Corporation                             | ENOVIS CORP                          | CUSIP: 194014502<br>LEI: 635400OP2DYYYMOIYL17 | Long             | EC               | CORP              | US        |      1619 | NS      | $49120.46     | 0.15%             |  |  |  | No            | 1                  | On Loan: No      |
| LKQ Corporation                                | LKQ CORP                             | CUSIP: 501889208<br>LEI: DS830JTTZQN6GK0I2E41 | Long             | EC               | CORP              | US        |      3506 | NS      | $107073.24    | 0.33%             |  |  |  | No            | 1                  | On Loan: No      |
| Home Bancorp Inc.                              | HOME BANCORP INC                     | CUSIP: 43689E107<br>LEI: 5493008ATL42O3U2YM84 | Long             | EC               | CORP              | US        |       290 | NS      | $15754.25     | 0.05%             |  |  |  | No            | 1                  | On Loan: No      |
| The Gap Inc.                                   | GAP INC/THE                          | CUSIP: 364760108<br>LEI: T2ZG1WRWZ4BUCMQL9224 | Long             | EC               | CORP              | US        |      3560 | NS      | $76148.40     | 0.23%             |  |  |  | No            | 1                  | On Loan: No      |
| Kulicke and Soffa Industries, Inc.             | KULICKE & SOFFA                      | CUSIP: 501242101<br>LEI: 529900H6BEIRBF429744 | Long             | EC               | CORP              | US        |       477 | NS      | $19385.28     | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| Legacy Housing Corp.                           | LEGACY HOUSING C                     | CUSIP: 52472M101<br>LEI: V6WE5M18QYITU8L1QF76 | Long             | EC               | CORP              | US        |      1167 | NS      | $32104.17     | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Movado Group Inc                               | MOVADO GROUP                         | CUSIP: 624580106<br>LEI: 549300WCGCGPWGHVXM59 | Long             | EC               | CORP              | US        |      1066 | NS      | $20222.02     | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| Guess Inc                                      | GUESS? INC                           | CUSIP: 401617105<br>LEI: 549300QVH3ZK2DW0KP86 | Long             | EC               | CORP              | US        |      1956 | NS      | $32684.76     | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| AXIS Capital Holdings Limited                  | AXIS CAPITAL                         | CUSIP: G0692U109<br>LEI: 635400VD2NQBYAHMEM55 | Long             | EC               | CORP              | BM        |      2799 | NS      | $268144.20    | 0.82%             |  |  |  | No            | 1                  | On Loan: No      |
| First Commonwealth Financial Corp  PA          | FIRST COMMON FIN                     | CUSIP: 319829107<br>LEI: 549300ZHLQ42NXDETL24 | Long             | EC               | CORP              | US        |      3809 | NS      | $64943.45     | 0.20%             |  |  |  | No            | 1                  | On Loan: No      |
| TreeHouse Foods, Inc.                          | TREEHOUSE FOODS                      | CUSIP: 89469A104<br>LEI: 5493007M7EVHE470Q576 | Long             | EC               | CORP              | US        |      2313 | NS      | $46745.73     | 0.14%             |  |  |  | No            | 1                  | On Loan: No      |
| Marten Transport Ltd.                          | MARTEN TRANSPORT                     | CUSIP: 573075108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1336 | NS      | $14241.76     | 0.04%             |  |  |  | No            | 1                  | On Loan: No      |
| Central Garden & Pet Company                   | CENTRAL GARDEN-A                     | CUSIP: 153527205<br>LEI: 5493004DVZLD37DJ0H83 | Long             | EC               | CORP              | US        |      2504 | NS      | $73943.12     | 0.22%             |  |  |  | No            | 1                  | On Loan: No      |
| Pennymac Financial Services Inc                | PENNYMAC FINANCI                     | CUSIP: 70932M107<br>LEI: 549300W1D516HBDEU871 | Long             | EC               | CORP              | US        |       610 | NS      | $75566.80     | 0.23%             |  |  |  | No            | 1                  | On Loan: No      |
| SunCoke Energy, Inc.                           | SUNCOKE ENERGY I                     | CUSIP: 86722A103<br>LEI: 1KF1J2NXQE2PI0QOB943 | Long             | EC               | CORP              | US        |      3406 | NS      | $27792.96     | 0.08%             |  |  |  | No            | 1                  | On Loan: No      |
| Certara Inc                                    | CERTARA INC                          | CUSIP: 15687V109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         8 | NS      | $97.76        | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| Monro Inc                                      | MONRO INC                            | CUSIP: 610236101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1747 | NS      | $31393.59     | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Miller Industries Inc. (Tennessee)             | MILLER INDS/TENN                     | CUSIP: 600551204<br>LEI: 549300F1O74SPUJ7UU94 | Long             | EC               | CORP              | US        |       712 | NS      | $28779.04     | 0.09%             |  |  |  | No            | 1                  | On Loan: No      |
| Bumble Inc                                     | BUMBLE INC-A                         | CUSIP: 12047B105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5530 | NS      | $33677.70     | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Steelcase Inc                                  | STEELCASE INC-A                      | CUSIP: 858155203<br>LEI: GIE4CCPBJDI8SMV1OX95 | Long             | EC               | CORP              | US        |      5408 | NS      | $93017.60     | 0.28%             |  |  |  | No            | 1                  | On Loan: No      |
| Grocery Outlet Holding Corp.                   | GROCERY OUTLET                       | CUSIP: 39874R101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1715 | NS      | $27525.75     | 0.08%             |  |  |  | No            | 1                  | On Loan: No      |
| Azenta Inc                                     | AZENTA INC                           | CUSIP: 114340102<br>LEI: 35ZN6X1ANPH25YN32Y17 | Long             | EC               | CORP              | US        |       854 | NS      | $24526.88     | 0.07%             |  |  |  | No            | 1                  | On Loan: No      |
| Arrow Electronics, Inc.                        | ARROW ELECTRONIC                     | CUSIP: 042735100<br>LEI: 549300YNNLBXT8N8R512 | Long             | EC               | CORP              | US        |      1040 | NS      | $125840.00    | 0.38%             |  |  |  | No            | 1                  | On Loan: No      |
| Mercury Systems Inc                            | MERCURY SYSTEMS                      | CUSIP: 589378108<br>LEI: 549300P3B84SGK7HH679 | Long             | EC               | CORP              | US        |       343 | NS      | $26548.20     | 0.08%             |  |  |  | No            | 1                  | On Loan: No      |
| Pediatrix Medical Group Inc                    | PEDIATRIX MEDICA                     | CUSIP: 58502B106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4302 | NS      | $72058.50     | 0.22%             |  |  |  | No            | 1                  | On Loan: No      |
| Titan Machinery Inc.                           | TITAN MACHINERY                      | CUSIP: 88830R101<br>LEI: 549300835ZM8G0BT5C94 | Long             | EC               | CORP              | US        |      2189 | NS      | $36643.86     | 0.11%             |  |  |  | No            | 1                  | On Loan: No      |
| Digi International Inc.                        | DIGI INTL INC                        | CUSIP: 253798102<br>LEI: 529900KG656HGROI4N27 | Long             | EC               | CORP              | US        |       622 | NS      | $22678.12     | 0.07%             |  |  |  | No            | 1                  | On Loan: No      |
| American Eagle Outfitters Inc.                 | AMER EAGLE OUTF                      | CUSIP: 02553E106<br>LEI: 5299001Z9HXK01DHW793 | Long             | EC               | CORP              | US        |      2746 | NS      | $46984.06     | 0.14%             |  |  |  | No            | 1                  | On Loan: No      |
| HUB Group Inc                                  | HUB GROUP-A                          | CUSIP: 443320106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1875 | NS      | $64575.00     | 0.20%             |  |  |  | No            | 1                  | On Loan: No      |
| Teladoc Health Inc                             | TELADOC HEALTH I                     | CUSIP: 87918A105<br>LEI: 549300I2PVFBC9MFAC61 | Long             | EC               | CORP              | US        |      8573 | NS      | $66269.29     | 0.20%             |  |  |  | No            | 1                  | On Loan: No      |
| Nexstar Media Group Inc                        | NEXSTAR MEDIA                        | CUSIP: 65336K103<br>LEI: 52990083ZRR5UT591988 | Long             | EC               | CORP              | US        |       491 | NS      | $97090.34     | 0.30%             |  |  |  | No            | 1                  | On Loan: No      |
| Old National Bancorp                           | OLD NATL BANCORP                     | CUSIP: 680033107<br>LEI: 549300MMK90CL5KMVX16 | Long             | EC               | CORP              | US        |      2223 | NS      | $48794.85     | 0.15%             |  |  |  | No            | 1                  | On Loan: No      |
| Standard Motor Products, Inc.                  | STANDARD MOTOR                       | CUSIP: 853666105<br>LEI: THGK1EO5B5HK0JHQVZ90 | Long             | EC               | CORP              | US        |       876 | NS      | $35758.32     | 0.11%             |  |  |  | No            | 1                  | On Loan: No      |
| Brunswick Corporation                          | BRUNSWICK CORP                       | CUSIP: 117043109<br>LEI: YM4O38W15AX4YLLQKU27 | Long             | EC               | CORP              | US        |       512 | NS      | $32378.88     | 0.10%             |  |  |  | No            | 1                  | On Loan: —       |
| Alamo Group Inc                                | ALAMO GROUP                          | CUSIP: 011311107<br>LEI: 54930080C93RVZRSDV26 | Long             | EC               | CORP              | US        |        80 | NS      | $15272.00     | 0.05%             |  |  |  | No            | 1                  | On Loan: No      |
| Colony Bankcorp Inc.                           | COLONY BANKCORP                      | CUSIP: 19623P101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       378 | NS      | $6429.78      | 0.02%             |  |  |  | No            | 1                  | On Loan: No      |
| Gray Media Inc.                                | GRAY MEDIA INC                       | CUSIP: 389375106<br>LEI: 529900TM5726KDN7UU35 | Long             | EC               | CORP              | US        |     11313 | NS      | $65389.14     | 0.20%             |  |  |  | No            | 1                  | On Loan: No      |
| Lithia Motors Incorporated                     | LITHIA MOTORS                        | CUSIP: 536797103<br>LEI: SE8N1EZEHPZQBCBVKD53 | Long             | EC               | CORP              | US        |       696 | NS      | $219936.00    | 0.67%             |  |  |  | No            | 1                  | On Loan: No      |
| Sandridge Energy, Inc.                         | SANDRIDGE ENERGY                     | CUSIP: 80007P869<br>LEI: W1MKPVGS6I5155L7VV67 | Long             | EC               | CORP              | US        |      1886 | NS      | $21274.08     | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| United Natural Foods, Inc.                     | UNITED NATURAL                       | CUSIP: 911163103<br>LEI: 549300GKGW6WPZ282D40 | Long             | EC               | CORP              | US        |      6024 | NS      | $226622.88    | 0.69%             |  |  |  | No            | 1                  | On Loan: No      |
| Stepan Co                                      | STEPAN CO                            | CUSIP: 858586100<br>LEI: IZU1EW9GB3WC7CYCSR17 | Long             | EC               | CORP              | US        |       684 | NS      | $32626.80     | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Under Armour, Inc.                             | UNDER ARMOUR-A                       | CUSIP: 904311107<br>LEI: 549300D4549QKWETZ406 | Long             | EC               | CORP              | US        |      5211 | NS      | $26002.89     | 0.08%             |  |  |  | No            | 1                  | On Loan: No      |
| Angiodynamics Inc                              | ANGIODYNAMICS IN                     | CUSIP: 03475V101<br>LEI: 549300W3VKC5ZKMO8C28 | Long             | EC               | CORP              | US        |      2410 | NS      | $26919.70     | 0.08%             |  |  |  | No            | 1                  | On Loan: No      |
| MSC Industrial Direct Co Inc.                  | MSC INDL DIRECT                      | CUSIP: 553530106<br>LEI: 0XVKH0LN6YGOWO2EGO17 | Long             | EC               | CORP              | US        |      1497 | NS      | $137933.58    | 0.42%             |  |  |  | No            | 1                  | On Loan: No      |
| ARK Restaurants Cp                             | ARK RESTAURANTS                      | CUSIP: 040712101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |        10 | NS      | $71.00        | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| MRC Global Inc                                 | MRC GLOBAL INC                       | CUSIP: 55345K103<br>LEI: 529900TSBPOLCLI2L582 | Long             | EC               | CORP              | US        |      1533 | NS      | $22105.86     | 0.07%             |  |  |  | No            | 1                  | On Loan: No      |
| Helix Energy Solutions Group, Inc.             | HELIX ENERGY SOL                     | CUSIP: 42330P107<br>LEI: 416AP2JOUTCWEGSOZW41 | Long             | EC               | CORP              | US        |      4300 | NS      | $28208.00     | 0.09%             |  |  |  | No            | 1                  | On Loan: No      |
| CNB Financial Corp (Pennsylvania)              | CNB FINL CORP/PA                     | CUSIP: 126128107<br>LEI: 254900RUYUOKD91VNX69 | Long             | EC               | CORP              | US        |       649 | NS      | $15705.80     | 0.05%             |  |  |  | No            | 1                  | On Loan: No      |
| Marinemax Inc                                  | MARINEMAX INC                        | CUSIP: 567908108<br>LEI: 254900TIXTN8WY3FNN63 | Long             | EC               | CORP              | US        |      1526 | NS      | $38653.58     | 0.12%             |  |  |  | No            | 1                  | On Loan: No      |
| Marriott Vacations Worldwide Corp              | MARRIOTT VACATIO                     | CUSIP: 57164Y107<br>LEI: 549300WA6BT5H4F7IO94 | Long             | EC               | CORP              | US        |      1390 | NS      | $92518.40     | 0.28%             |  |  |  | No            | 1                  | On Loan: No      |
| Village Super Market Inc.                      | VILLAGE SUPER -A                     | CUSIP: 927107409<br>LEI: 25490069686XCNNEMQ07 | Long             | EC               | CORP              | US        |      1480 | NS      | $55292.80     | 0.17%             |  |  |  | No            | 1                  | On Loan: No      |
| Vishay Precision Group Inc.                    | VISHAY PRECI                         | CUSIP: 92835K103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       215 | NS      | $6890.75      | 0.02%             |  |  |  | No            | 1                  | On Loan: No      |
| Tandy Leather Factory Inc                      | TANDY LEATHER FA                     | CUSIP: 87538X105<br>LEI: 549300XB36MQTBM8UQ34 | Long             | EC               | CORP              | US        |       149 | NS      | $451.47       | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |

### Signature

**Date Signed:** 2025-10-28

**Name of Applicant:** NORTHERN LIGHTS FUND TRUST II

**Signature:** Erik Naviloff

**Name of Signer:** Erik Naviloff

**Title:** Treasurer