# EDGAR Filing Document

**Accession Number:** 0001518042
**File Stem:** 0000910472-25-001575
**Filing Date:** 2025-9
**Character Count:** 128540
**Document Hash:** 7066dd29e6091e99cb2b473afb6168e0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000910472-25-001575.hdr.sgml**: 20250926

**ACCESSION NUMBER**: 0000910472-25-001575

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250731

**FILED AS OF DATE**: 20250926

**DATE AS OF CHANGE**: 20250926

**PERIOD START**: 20251031

**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:** 251348260

**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

### Invenomic Fund (Series ID: S000057713)

| Class ID   | Class Name                                      | Ticker Symbol   |
|:---|:---|:---|
| C000186112 | Invenomic Fund Institutional Class shares       | BIVIX           |
| C000186113 | Invenomic Fund Investor Class shares            | BIVRX           |
| C000211283 | Invenomic Fund Super Institutional Class shares | BIVSX           |

## Nport-Ex

i

---

| | | |
|:---|:---|:---|
| **INVENOMIC FUND** | **INVENOMIC FUND** | **INVENOMIC FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **July 31, 2025** | **July 31, 2025** | **July 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 111.3%** |  |
|  | **ADVERTISING & MARKETING - 0.7%** |  |
| 95036 | Omnicom Group, Inc. | &nbsp;&nbsp;&nbsp; $6847344 |
|  | **APPAREL & TEXTILE PRODUCTS - 2.3%** |  |
| 42778 | Oxford Industries, Inc. | &nbsp;&nbsp;&nbsp; 1633264 |
| 196563 | Puma S.E. | &nbsp;&nbsp;&nbsp; 4184651 |
| 185741 | PVH Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 13637105 |
| 205363 | Unifi, Inc.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 932348 |
|  |  | &nbsp;&nbsp; 20387368 |
|  | **ASSET MANAGEMENT - 0.7%** |  |
| 129749 | Federated Hermes, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 6431658 |
|  | **AUTOMOTIVE - 2.2%** |  |
| 783600 | American Axle & Manufacturing Holdings, Inc.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 3487020 |
| 432018 | Goodyear Tire & Rubber Company (The)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 4441145 |
| 46347 | Linamar Corporation | &nbsp;&nbsp;&nbsp; 2241086 |
| 136673 | Phinia, Inc. | &nbsp;&nbsp;&nbsp; 6929321 |
| 25450 | Visteon Corporation<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 2828768 |
|  |  | &nbsp;&nbsp; 19927340 |
|  | **BANKING - 2.9%** |  |
| 525883 | First Foundation, Inc.<sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp; 2561050 |
| 69852 | M&T Bank Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 13181073 |
| 94486 | Popular, Inc. | &nbsp;&nbsp;&nbsp; 10826206 |
|  |  | &nbsp;&nbsp; 26568329 |
|  | **BIOTECH & PHARMA - 4.4%** |  |
| 355122 | Avadel Pharmaceuticals PLC<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 3732332 |
| 34359 | Halozyme Therapeutics, Inc.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 2060509 |
| 192381 | Hikma Pharmaceuticals PLC<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 4989914 |
| 4463009 | Iovance Biotherapeutics, Inc.<sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp; 11469933 |
| 226837 | Lexaria Bioscience Corporation<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 204153 |
| 2061363 | Viatris, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 18016313 |
|  |  | &nbsp;&nbsp; 40473154 |
|  | **CHEMICALS - 3.8%** |  |
| 363591 | American Vanguard Corporation<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 1403461 |
| 33811 | Ashland, Inc. | &nbsp;&nbsp;&nbsp; 1743295 |

---

---

| | | |
|:---|:---|:---|
| **INVENOMIC FUND** | **INVENOMIC FUND** | **INVENOMIC FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **July 31, 2025** | **July 31, 2025** | **July 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 111.3% (Continued)** |  |
|  | **CHEMICALS - 3.8% (Continued)** |  |
| 101020 | Eastman Chemical Company | &nbsp;&nbsp;&nbsp; $7335062 |
| 476377 | Ecovyst, Inc.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 4101606 |
| 932159 | Mativ Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 6170893 |
| 138087 | Olin Corporation | &nbsp;&nbsp;&nbsp; 2615368 |
| 243207 | Orion S.A. | &nbsp;&nbsp;&nbsp; 2359108 |
| 48133 | Quaker Chemical Corporation | &nbsp;&nbsp;&nbsp; 5507378 |
| 1048074 | Tronox Holdings PLC, Class A | &nbsp;&nbsp;&nbsp; 3343356 |
|  |  | &nbsp;&nbsp; 34579527 |
|  | **COMMERCIAL SUPPORT SERVICES - 3.6%** |  |
| 118304 | ABM Industries, Inc. | &nbsp;&nbsp;&nbsp; 5457364 |
| 202281 | CoreCivic, Inc.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 4053711 |
| 212212 | Forrester Research, Inc.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 2066945 |
| 78147 | Heidrick & Struggles International, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 3479886 |
| 93506 | ISS A/S<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 2693531 |
| 850366 | Legalzoom.com, Inc.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 7644790 |
| 479387 | Prosegur Cia de Seguridad S.A.<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 1423163 |
| 523935 | Resources Connection, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 2651111 |
| 220995 | TrueBlue, Inc.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 1595584 |
| 234363 | Vestis Corporation | &nbsp;&nbsp;&nbsp; 1420240 |
|  |  | &nbsp;&nbsp; 32486325 |
|  | **CONSUMER SERVICES - 0.8%** |  |
| 632212 | Coursera, Inc.<sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp; 7991160 |
|  | **CONTAINERS & PACKAGING - 4.8%** |  |
| 71879 | Gerresheimer A.G.<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 3560300 |
| 436127 | Myers Industries, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 6389261 |
| 281533 | Sealed Air Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 8240471 |
| 575299 | Sonoco Products Company<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 25928726 |
|  |  | &nbsp;&nbsp; 44118758 |
|  | **E-COMMERCE DISCRETIONARY - 0.0%<sup>(d)</sup>** |  |
| 57829 | PetMed Express, Inc.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 180426 |

---

---

| | | |
|:---|:---|:---|
| **INVENOMIC FUND** | **INVENOMIC FUND** | **INVENOMIC FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **July 31, 2025** | **July 31, 2025** | **July 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 111.3% (Continued)** |  |
|  | **ELECTRIC UTILITIES - 0.6%** |  |
| 101376 | Black Hills Corporation | &nbsp;&nbsp;&nbsp; $5857505 |
|  | **ELECTRICAL EQUIPMENT - 3.3%** |  |
| 56587 | Generac Holdings, Inc.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 11016923 |
| 557257 | Sensata Technologies Holding PLC | &nbsp;&nbsp;&nbsp; 17141226 |
| 101017 | Signify N.V.<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 2433728 |
|  |  | &nbsp;&nbsp; 30591877 |
|  | **ENTERTAINMENT CONTENT - 2.1%** |  |
| 1467168 | Warner Bros Discovery, Inc.<sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp; 19322602 |
|  | **FOOD - 2.2%** |  |
| 549590 | Dole PLC | &nbsp;&nbsp;&nbsp; 7826162 |
| 215178 | Fresh Del Monte Produce, Inc. | &nbsp;&nbsp;&nbsp; 8088542 |
| 14079 | John B Sanfilippo & Son, Inc. | &nbsp;&nbsp;&nbsp; 891341 |
| 172605 | Nomad Foods Ltd. | &nbsp;&nbsp;&nbsp; 2906668 |
|  |  | &nbsp;&nbsp; 19712713 |
|  | **HEALTH CARE FACILITIES & SERVICES - 4.6%** |  |
| 607067 | Acadia Healthcare Company, Inc.<sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp; 13215848 |
| 56328 | IQVIA Holdings, Inc.<sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp; 10469121 |
| 126426 | Pediatrix Medical Group, Inc.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 1548719 |
| 1101089 | Teladoc Health, Inc.<sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp; 7938852 |
| 58757 | Universal Health Services, Inc., Class B | &nbsp;&nbsp;&nbsp; 9780103 |
|  |  | &nbsp;&nbsp; 42952643 |
|  | **HOME & OFFICE PRODUCTS - 0.9%** |  |
| 845853 | Leggett & Platt, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 8077896 |
| 513153 | Purple Innovation, Inc.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 416372 |
|  |  | &nbsp;&nbsp; 8494268 |
|  | **HOME CONSTRUCTION - 0.2%** |  |
| 15849 | Mohawk Industries, Inc.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 1814869 |
|  | **HOUSEHOLD PRODUCTS - 1.6%** |  |
| 260706 | Edgewell Personal Care Company | &nbsp;&nbsp;&nbsp; 6577612 |
| 348913 | Helen of Troy Ltd.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 7669108 |
|  |  | &nbsp;&nbsp; 14246720 |

---

---

| | | |
|:---|:---|:---|
| **INVENOMIC FUND** | **INVENOMIC FUND** | **INVENOMIC FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **July 31, 2025** | **July 31, 2025** | **July 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 111.3% (Continued)** |  |
|  | **INSTITUTIONAL FINANCIAL SERVICES - 1.0%** |  |
| 79143 | State Street Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; $8844230 |
|  | **INTERNET MEDIA & SERVICES - 5.5%** |  |
| 2639311 | Getty Images Holdings, Inc.<sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp; 4671580 |
| 1775222 | Lyft, Inc., Class A<sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp; 24959622 |
| 248594 | Maplebear, Inc.<sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp; 11925054 |
| 350337 | Shutterstock, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 6712457 |
| 138351 | Upwork, Inc.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 1654678 |
|  |  | &nbsp;&nbsp; 49923391 |
|  | **LEISURE FACILITIES & SERVICES - 5.2%** |  |
| 64659 | DraftKings, Inc.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 2912241 |
| 383098 | Jack in the Box, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 7547031 |
| 1118254 | Penn Entertainment, Inc.<sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp; 20195667 |
| 552791 | Six Flags Entertainment Corporation<sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp; 16561618 |
| 5653 | Vail Resorts, Inc. | &nbsp;&nbsp;&nbsp; 849420 |
|  |  | &nbsp;&nbsp; 48065977 |
|  | **LEISURE PRODUCTS - 0.4%** |  |
| 22293 | Johnson Outdoors, Inc., Class A | &nbsp;&nbsp;&nbsp; 740128 |
| 150846 | Spin Master Corporation<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 2482166 |
|  |  | &nbsp;&nbsp; 3222294 |
|  | **MACHINERY - 3.8%** |  |
| 51659 | Albany International Corporation, Class A | &nbsp;&nbsp;&nbsp; 2799401 |
| 504278 | Enovis Corporation<sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp; 13514651 |
| 505991 | GrafTech International Ltd.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 703327 |
| 60002 | Hurco Companies, Inc.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 1153238 |
| 24174 | Regal Rexnord Corporation | &nbsp;&nbsp;&nbsp; 3695721 |
| 156829 | Tennant Company<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 12944666 |
|  |  | &nbsp;&nbsp; 34811004 |
|  | **MEDICAL EQUIPMENT & DEVICES - 8.2%** |  |
| 32364 | Align Technology, Inc.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 4175280 |
| 56776 | CONMED Corporation | &nbsp;&nbsp;&nbsp; 2904092 |
| 1788326 | Dentsply Sirona, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 25590944 |
| 12316 | Haemonetics Corporation<sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp; 911877 |
| 434170 | Integra LifeSciences Holdings Corporation<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 5704994 |

---

---

| | | |
|:---|:---|:---|
| **INVENOMIC FUND** | **INVENOMIC FUND** | **INVENOMIC FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **July 31, 2025** | **July 31, 2025** | **July 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 111.3% (Continued)** |  |
|  | **MEDICAL EQUIPMENT & DEVICES - 8.2% (Continued)** |  |
| 535796 | Neogen Corporation<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; $2491451 |
| 508167 | Quanterix Corporation<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 3018512 |
| 283623 | Tactile Systems Technology, Inc.<sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp; 2830558 |
| 135837 | Teleflex, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 16232522 |
| 119008 | Zimmer Biomet Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 10907083 |
|  |  | &nbsp;&nbsp; 74767313 |
|  | **METALS & MINING - 6.6%** |  |
| 247136 | A-Mark Precious Metals, Inc. | &nbsp;&nbsp;&nbsp; 5259054 |
| 562124 | B2Gold Corporation | &nbsp;&nbsp;&nbsp; 1894358 |
| 124003 | Barrick Mining Corporation | &nbsp;&nbsp;&nbsp; 2618943 |
| 118176 | Century Aluminum Company<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 2502968 |
| 893036 | Eldorado Gold Corporation<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 18307237 |
| 1963488 | Equinox Gold Corporation<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 11977276 |
| 2282720 | New Gold, Inc.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 9564597 |
| 86095 | Newmont Corporation | &nbsp;&nbsp;&nbsp; 5346499 |
| 111822 | Torex Gold Resources, Inc.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 3149836 |
|  |  | &nbsp;&nbsp; 60620768 |
|  | **OIL & GAS PRODUCERS - 2.6%** |  |
| 93788 | Chord Energy Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 10347630 |
| 73273 | ConocoPhillips | &nbsp;&nbsp;&nbsp; 6985848 |
| 21531 | Marathon Petroleum Corporation | &nbsp;&nbsp;&nbsp; 3664361 |
| 76685 | Ovintiv, Inc. | &nbsp;&nbsp;&nbsp; 3157888 |
|  |  | &nbsp;&nbsp; 24155727 |
|  | **REAL ESTATE INVESTMENT TRUSTS - 0.9%** |  |
| 140357 | Allied Properties Real Estate Investment Trust | &nbsp;&nbsp;&nbsp; 1752437 |
| 30173 | Equity LifeStyle Properties, Inc. | &nbsp;&nbsp;&nbsp; 1807966 |
| 199928 | Rayonier, Inc. | &nbsp;&nbsp;&nbsp; 4660321 |
|  |  | &nbsp;&nbsp; 8220724 |
|  | **REAL ESTATE SERVICES - 0.1%** |  |
| 169759 | REX Holdings, Inc., Class A<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 1305447 |
|  | **RETAIL - CONSUMER STAPLES - 0.5%** |  |
| 316842 | Carrefour S.A.<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 4547504 |

---

---

| | | |
|:---|:---|:---|
| **INVENOMIC FUND** | **INVENOMIC FUND** | **INVENOMIC FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **July 31, 2025** | **July 31, 2025** | **July 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 111.3% (Continued)** |  |
|  | **RETAIL - DISCRETIONARY - 4.8%** |  |
| 45620 | BlueLinx Holdings, Inc.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; $3342577 |
| 586241 | Caleres, Inc. | &nbsp;&nbsp;&nbsp; 8049089 |
| 21838 | HUGO BOSS A.G.<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 1023329 |
| 79542 | J Jill, Inc. | &nbsp;&nbsp;&nbsp; 1247219 |
| 210608 | Kohl's Corporation | &nbsp;&nbsp;&nbsp; 2282991 |
| 840348 | Macy's, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 10613595 |
| 493306 | Monro, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 6953148 |
| 747342 | Sally Beauty Holdings, Inc.<sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp; 7279111 |
| 389731 | Sleep Number Corporation<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 2856728 |
|  |  | &nbsp;&nbsp; 43647787 |
|  | **SEMICONDUCTORS - 1.7%** |  |
| 22101 | AIXTRON S.E. | &nbsp;&nbsp;&nbsp; 375121 |
| 75108 | Penguin Solutions, Inc.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 1770296 |
| 816657 | Vishay Intertechnology, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 13385008 |
|  |  | &nbsp;&nbsp; 15530425 |
|  | **SOFTWARE - 15.1%** |  |
| 2534803 | 8x8, Inc.<sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp; 4917518 |
| 188540 | Akamai Technologies, Inc.<sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp; 14387487 |
| 285938 | BILL Holdings, Inc.<sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp; 12252443 |
| 4136904 | Clarivate PLC<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 15927080 |
| 180784 | Concentrix Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 9395344 |
| 99668 | Ibotta, Inc.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 3622932 |
| 419813 | Ingram Micro Holding Corporation | &nbsp;&nbsp;&nbsp; 8278712 |
| 347674 | Jamf Holding Corporation<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 2760532 |
| 309769 | Lightspeed Commerce, Inc.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 3853526 |
| 105232 | N-Able, Inc.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 850275 |
| 293128 | Rapid7, Inc.<sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp; 6190863 |
| 658418 | RingCentral, Inc., Class A<sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp; 16783075 |
| 443022 | Riskified Ltd.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 2259412 |
| 36672 | Salesforce, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 9473478 |
| 199399 | Sprout Social, Inc., Class A<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 3419693 |
| 811634 | Verint Systems, Inc.<sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp; 17271572 |
| 12520 | Wix.com Ltd.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 1703096 |

---

---

| | | |
|:---|:---|:---|
| **INVENOMIC FUND** | **INVENOMIC FUND** | **INVENOMIC FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **July 31, 2025** | **July 31, 2025** | **July 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 111.3% (Continued)** |  |
|  | **SOFTWARE - 15.1% (Continued)** |  |
| 167181 | Ziff Davis, Inc.<sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp; $5202673 |
|  |  | &nbsp;&nbsp; 138549711 |
|  | **SPECIALTY FINANCE - 0.3%** |  |
| 23737 | Flywire Corporation<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 258496 |
| 159950 | PRA Group, Inc.<sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp; 2431240 |
|  |  | &nbsp;&nbsp; 2689736 |
|  | **STEEL - 0.2%** |  |
| 88046 | Metallus, Inc.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 1391127 |
|  | **TECHNOLOGY HARDWARE - 3.5%** |  |
| 98121 | Crane NXT Company<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 5822500 |
| 10295 | Samsung Electronics Company Ltd.<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 12940815 |
| 1181300 | Stratasys Ltd.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 12793480 |
| 74375 | Xperi, Inc.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 447738 |
|  |  | &nbsp;&nbsp; 32004533 |
|  | **TECHNOLOGY SERVICES - 6.5%** |  |
| 117684 | EVERTEC, Inc. | &nbsp;&nbsp;&nbsp; 4254277 |
| 64376 | Fidelity National Information Services, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 5112098 |
| 272469 | Global Payments, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 21783896 |
| 1202875 | Integral Ad Science Holding Corporation<sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp; 9863575 |
| 128927 | LiveRamp Holdings, Inc.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 4231384 |
| 159401 | PayPal Holdings, Inc.<sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp; 10960412 |
| 149070 | Priority Technology Holdings, Inc.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 1021129 |
| 282127 | Softwareone Holding A.G.<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 2313257 |
|  |  | &nbsp;&nbsp; 59540028 |
|  | **TELECOMMUNICATIONS - 1.8%** |  |
| 87232 | ATN International, Inc. | &nbsp;&nbsp;&nbsp; 1496029 |
| 350847 | Verizon Communications, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 15002218 |
|  |  | &nbsp;&nbsp; 16498247 |
|  | **TRANSPORTATION & LOGISTICS - 0.9%** |  |
| 87388 | Bristow Group, Inc.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 3021003 |
| 635062 | Deutsche Lufthansa A.G.<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 5470322 |
|  |  | &nbsp;&nbsp; 8491325 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **INVENOMIC FUND** | **INVENOMIC FUND** | **INVENOMIC FUND** | **INVENOMIC FUND** | **INVENOMIC FUND** | **INVENOMIC FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **July 31, 2025** | **July 31, 2025** | **July 31, 2025** | **July 31, 2025** | **July 31, 2025** | **July 31, 2025** |
| **Shares** |  |  |  |  | **Fair Value** |
|  | **TOTAL COMMON STOCKS (Cost $1,004,788,859)** | **TOTAL COMMON STOCKS (Cost $1,004,788,859)** |  |  | &nbsp;&nbsp; $1019811884 |
|  |  | **Expiration Date** | **Exercise Price** |  |  |
|  | **WARRANT — 0.0%<sup>(d)</sup>** | **WARRANT — 0.0%<sup>(d)</sup>** |  |  |  |
|  | **BIOTECH & PHARMA - 0.0% <sup>(d)</sup>** | **BIOTECH & PHARMA - 0.0% <sup>(d)</sup>** |  |  |  |
| 320380 | Lexaria Bioscience Corporation Warrants | 05/12/2028 | $0.95 |  | &nbsp;&nbsp;&nbsp; 177555 |
|  | **TOTAL WARRANT (Cost $3,204)** |  |  |  |  |
|  | **SHORT-TERM INVESTMENTS — 5.1%** | **SHORT-TERM INVESTMENTS — 5.1%** |  |  |  |
|  | **MONEY MARKET FUNDS - 5.1%** | **MONEY MARKET FUNDS - 5.1%** |  |  |  |
| 46234096 | First American Government Obligations Fund, Class X, 4.19% (Cost $46,234,096)<sup>(f)</sup> |  |  |  | &nbsp;&nbsp;&nbsp; 46234096 |
| **Contracts<sup>(g)</sup>** |  |  |  |  |  |
|  | **EQUITY OPTIONS PURCHASED - 0.1%** | **Expiration Date** | **Exercise Price** | **Notional Value** |  |
|  | **CALL OPTIONS PURCHASED - 0.0%<sup>(d)</sup>** | **CALL OPTIONS PURCHASED - 0.0%<sup>(d)</sup>** |  |  |  |
| 3948 | Lyft, Inc. | 08/29/2025 | $17 | &nbsp;&nbsp;&nbsp; $5550888 | &nbsp;&nbsp;&nbsp; $142128 |
|  | **TOTAL CALL OPTIONS PURCHASED** (Cost - $230,600) | **TOTAL CALL OPTIONS PURCHASED** (Cost - $230,600) | **TOTAL CALL OPTIONS PURCHASED** (Cost - $230,600) |  |  |
|  | **PUT OPTIONS PURCHASED - 0.1%** | **PUT OPTIONS PURCHASED - 0.1%** |  |  |  |
| 1582 | SPDR S&P 500 ETF Trust | 08/22/2025 | $606 | &nbsp;&nbsp;&nbsp; $99995056 | &nbsp;&nbsp;&nbsp; $313236 |
| 593 | SPDR S&P 500 ETF Trust | 10/31/2025 | 575 | &nbsp;&nbsp;&nbsp; 37482344 | &nbsp;&nbsp;&nbsp; 332080 |
|  | **TOTAL PUT OPTIONS PURCHASED** (Cost - $1,393,209) | **TOTAL PUT OPTIONS PURCHASED** (Cost - $1,393,209) | **TOTAL PUT OPTIONS PURCHASED** (Cost - $1,393,209) |  | &nbsp;&nbsp; 645316 |
|  | **TOTAL EQUITY OPTIONS PURCHASED** (Cost - $1,623,809) | **TOTAL EQUITY OPTIONS PURCHASED** (Cost - $1,623,809) |  |  | 787444 |
|  | **TOTAL INVESTMENTS - 116.5% (Cost $1,052,649,968)** | **TOTAL INVESTMENTS - 116.5% (Cost $1,052,649,968)** |  |  | &nbsp;&nbsp;&nbsp; $1067010979 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (16.5)%** | **LIABILITIES IN EXCESS OF OTHER ASSETS - (16.5)%** |  |  | &nbsp;&nbsp; (152074787) |
|  | **NET ASSETS - 100.0%** |  |  |  | &nbsp;&nbsp; $914936192 |

---

---

| | | |
|:---|:---|:---|
| **INVENOMIC FUND** | **INVENOMIC FUND** | **INVENOMIC FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **July 31, 2025** | **July 31, 2025** | **July 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS SOLD SHORT — (88.7)%** |  |
|  | **AEROSPACE & DEFENSE - (7.4)%** |  |
| (38157) | AeroVironment, Inc. | &nbsp;&nbsp;&nbsp; $(10212339) |
| (1415267) | Archer Aviation, Inc., Class A | &nbsp;&nbsp;&nbsp; (14195128) |
| (20253) | Boeing Company (The) | &nbsp;&nbsp;&nbsp; (4492926) |
| (1072322) | Joby Aviation, Inc. | &nbsp;&nbsp;&nbsp; (17864884) |
| (141300) | Kratos Defense & Security Solutions, Inc. | &nbsp;&nbsp;&nbsp; (8294310) |
| (168661) | Loar Holdings, Inc. | &nbsp;&nbsp;&nbsp; (12465735) |
|  |  | &nbsp;&nbsp; (67525322) |
|  | **ASSET MANAGEMENT - (6.6)%** |  |
| (40476) | Ares Management Corporation, Class A | &nbsp;&nbsp;&nbsp; (7509512) |
| (109120) | Blackstone, Inc. | &nbsp;&nbsp;&nbsp; (18873394) |
| (555673) | Blue Owl Capital, Inc. | &nbsp;&nbsp;&nbsp; (10752273) |
| (69279) | Robinhood Markets, Inc., Class A | &nbsp;&nbsp;&nbsp; (7139201) |
| (180234) | StepStone Group, Inc., Class A | &nbsp;&nbsp;&nbsp; (10698690) |
| (85839) | TPG, Inc. | &nbsp;&nbsp;&nbsp; (4898832) |
|  |  | &nbsp;&nbsp; (59871902) |
|  | **AUTOMOTIVE - (3.5)%** |  |
| (2120417) | Aurora Innovation, Inc. | &nbsp;&nbsp;&nbsp; (12319623) |
| (1775) | Ferrari N.V. | &nbsp;&nbsp;&nbsp; (787017) |
| (316209) | QuantumScape Corporation | &nbsp;&nbsp;&nbsp; (2719397) |
| (51841) | Tesla, Inc. | &nbsp;&nbsp;&nbsp; (15981026) |
|  |  | &nbsp;&nbsp; (31807063) |
|  | **BANKING - (1.9)%** |  |
| (37879) | Coastal Financial Corporation | &nbsp;&nbsp;&nbsp; (3643960) |
| (66195) | Community Financial System, Inc. | &nbsp;&nbsp;&nbsp; (3488476) |
| (57218) | International Bancshares Corporation | &nbsp;&nbsp;&nbsp; (3901123) |
| (42270) | NBT Bancorp, Inc. | &nbsp;&nbsp;&nbsp; (1749133) |
| (54977) | ServisFirst Bancshares, Inc. | &nbsp;&nbsp;&nbsp; (4323941) |
|  |  | &nbsp;&nbsp; (17106633) |
|  | **BEVERAGES - (0.5)%** |  |
| (73446) | Monster Beverage Corporation | &nbsp;&nbsp;&nbsp; (4314953) |
|  | **BIOTECH & PHARMA - (0.7)%** |  |
| (56256) | TransMedics Group, Inc. | &nbsp;&nbsp;&nbsp; (6692776) |

---

---

| | | |
|:---|:---|:---|
| **INVENOMIC FUND** | **INVENOMIC FUND** | **INVENOMIC FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **July 31, 2025** | **July 31, 2025** | **July 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS SOLD SHORT — (88.7)% (Continued)** |  |
|  | **COMMERCIAL SUPPORT SERVICES - (3.3)%** |  |
| (94862) | Casella Waste Systems, Inc. | &nbsp;&nbsp;&nbsp; $(10314345) |
| (29106) | CorVel Corporation | &nbsp;&nbsp;&nbsp; (2578792) |
| (61028) | Innodata, Inc. | &nbsp;&nbsp;&nbsp; (3350437) |
| (54428) | PureCycle Technologies, Inc. | &nbsp;&nbsp;&nbsp; (729879) |
| (224414) | Rollins, Inc. | &nbsp;&nbsp;&nbsp; (12852190) |
|  |  | &nbsp;&nbsp; (29825643) |
|  | **CONSUMER SERVICES - (0.3)%** |  |
| (26981) | Bright Horizons Family Solutions, Inc. | &nbsp;&nbsp;&nbsp; (3051551) |
|  | **ELECTRIC UTILITIES - (1.2)%** |  |
| (145001) | Oklo, Inc. | &nbsp;&nbsp;&nbsp; (11105626) |
|  | **ELECTRICAL EQUIPMENT - (2.1)%** |  |
| (3085) | GE Vernova, LLC | &nbsp;&nbsp;&nbsp; (2036995) |
| (54028) | Novanta, Inc. | &nbsp;&nbsp;&nbsp; (6646525) |
| (217865) | NuScale Power Corporation | &nbsp;&nbsp;&nbsp; (10939002) |
|  |  | &nbsp;&nbsp; (19622522) |
|  | **ENGINEERING & CONSTRUCTION - (6.1)%** |  |
| (9075) | Comfort Systems USA, Inc. | &nbsp;&nbsp;&nbsp; (6382448) |
| (164889) | Construction Partners, Inc., Class A | &nbsp;&nbsp;&nbsp; (16629055) |
| (80197) | Exponent, Inc. | &nbsp;&nbsp;&nbsp; (5530385) |
| (33677) | IES Holdings, Inc. | &nbsp;&nbsp;&nbsp; (11890338) |
| (66626) | Installed Building Products, Inc. | &nbsp;&nbsp;&nbsp; (13477774) |
| (7289) | Sterling Infrastructure, Inc. | &nbsp;&nbsp;&nbsp; (1950464) |
|  |  | &nbsp;&nbsp; (55860464) |
|  | **ENTERTAINMENT CONTENT - (0.9)%** |  |
| (21992) | AppLovin Corporation, Class A | &nbsp;&nbsp;&nbsp; (8592274) |
|  | **FOOD - (0.3)%** |  |
| (17856) | BellRing Brands, Inc. | &nbsp;&nbsp;&nbsp; (974580) |
| (48176) | Tootsie Roll Industries, Inc. | &nbsp;&nbsp;&nbsp; (1827316) |
|  |  | &nbsp;&nbsp; (2801896) |

---

---

| | | |
|:---|:---|:---|
| **INVENOMIC FUND** | **INVENOMIC FUND** | **INVENOMIC FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **July 31, 2025** | **July 31, 2025** | **July 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS SOLD SHORT — (88.7)% (Continued)** |  |
|  | **HEALTH CARE FACILITIES & SERVICES - 0.0% <sup>(a)</sup>** |  |
| (1026) | Medpace Holdings, Inc. | &nbsp;&nbsp;&nbsp; $(438307) |
|  | **HOME & OFFICE PRODUCTS - (0.4)%** |  |
| (51598) | Somnigroup International, Inc. | &nbsp;&nbsp;&nbsp; (3734663) |
|  | **HOME CONSTRUCTION - (1.6)%** |  |
| (52043) | Armstrong World Industries, Inc. | &nbsp;&nbsp;&nbsp; (9792931) |
| (47975) | Patrick Industries, Inc. | &nbsp;&nbsp;&nbsp; (4665089) |
|  |  | &nbsp;&nbsp; (14458020) |
|  | **INSURANCE - (1.0)%** |  |
| (56948) | Baldwin Insurance Group, Inc. (The) | &nbsp;&nbsp;&nbsp; (2097964) |
| (77149) | Goosehead Insurance, Inc., Class A | &nbsp;&nbsp;&nbsp; (7013616) |
|  |  | &nbsp;&nbsp; (9111580) |
|  | **INTERNET MEDIA & SERVICES - (1.3)%** |  |
| (11424) | GoDaddy, Inc., Class A | &nbsp;&nbsp;&nbsp; (1845890) |
| (56387) | Groupon, Inc. | &nbsp;&nbsp;&nbsp; (1738975) |
| (5648) | Spotify Technology S.A. | &nbsp;&nbsp;&nbsp; (3538698) |
| (16494) | VeriSign, Inc. | &nbsp;&nbsp;&nbsp; (4434742) |
|  |  | &nbsp;&nbsp; (11558305) |
|  | **LEISURE FACILITIES & SERVICES - (4.7)%** |  |
| (5635) | Brinker International, Inc. | &nbsp;&nbsp;&nbsp; (888076) |
| (20322) | Planet Fitness, Inc., Class A | &nbsp;&nbsp;&nbsp; (2218959) |
| (162409) | Red Rock Resorts, Inc., Class A | &nbsp;&nbsp;&nbsp; (9963792) |
| (121552) | Shake Shack, Inc., Class A | &nbsp;&nbsp;&nbsp; (14627568) |
| (41148) | Wingstop, Inc. | &nbsp;&nbsp;&nbsp; (15526786) |
|  |  | &nbsp;&nbsp; (43225181) |
|  | **LEISURE PRODUCTS - (2.1)%** |  |
| (33684) | Acushnet Holdings Corporation | &nbsp;&nbsp;&nbsp; (2681920) |
| (440419) | Amer Sports, Inc. | &nbsp;&nbsp;&nbsp; (16533330) |
|  |  | &nbsp;&nbsp; (19215250) |
|  | **MACHINERY - (1.7)%** |  |
| (44428) | Kadant, Inc. | &nbsp;&nbsp;&nbsp; (14784305) |
| (16966) | Symbotic, Inc. | &nbsp;&nbsp;&nbsp; (915316) |
|  |  | &nbsp;&nbsp; (15699621) |

---

---

| | | |
|:---|:---|:---|
| **INVENOMIC FUND** | **INVENOMIC FUND** | **INVENOMIC FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **July 31, 2025** | **July 31, 2025** | **July 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS SOLD SHORT — (88.7)% (Continued)** |  |
|  | **MEDICAL EQUIPMENT & DEVICES - (3.4)%** |  |
| (1632) | IDEXX Laboratories, Inc. | &nbsp;&nbsp;&nbsp; $(871994) |
| (31916) | Intuitive Surgical, Inc. | &nbsp;&nbsp;&nbsp; (15354468) |
| (35311) | iRhythm Technologies, Inc. | &nbsp;&nbsp;&nbsp; (4949896) |
| (36925) | Penumbra, Inc. | &nbsp;&nbsp;&nbsp; (9315070) |
| (23209) | Sectra A.B. | &nbsp;&nbsp;&nbsp; (860765) |
|  |  | &nbsp;&nbsp; (31352193) |
|  | **OIL & GAS PRODUCERS - (0.4)%** |  |
| (172452) | Delek US Holdings, Inc. | &nbsp;&nbsp;&nbsp; (3857751) |
|  | **REAL ESTATE INVESTMENT TRUSTS - (1.8)%** |  |
| (83064) | Gaming and Leisure Properties, Inc. | &nbsp;&nbsp;&nbsp; (3786057) |
| (91909) | Iron Mountain, Inc. | &nbsp;&nbsp;&nbsp; (8948261) |
| (4585) | Texas Pacific Land Corporation | &nbsp;&nbsp;&nbsp; (4438876) |
|  |  | &nbsp;&nbsp; (17173194) |
|  | **RETAIL - CONSUMER STAPLES - (0.6)%** |  |
| (4573) | Costco Wholesale Corporation | &nbsp;&nbsp;&nbsp; (4296974) |
| (15372) | Hims & Hers Health, Inc. | &nbsp;&nbsp;&nbsp; (1017319) |
|  |  | &nbsp;&nbsp; (5314293) |
|  | **RETAIL - DISCRETIONARY - (5.7)%** |  |
| (5312) | Boot Barn Holdings, Inc. | &nbsp;&nbsp;&nbsp; (913133) |
| (76196) | Brunello Cucinelli SpA | &nbsp;&nbsp;&nbsp; (8571397) |
| (45819) | Carvana Company | &nbsp;&nbsp;&nbsp; (17877199) |
| (27759) | JB Hi-Fi Ltd. | &nbsp;&nbsp;&nbsp; (1992597) |
| (270602) | National Vision Holdings, Inc. | &nbsp;&nbsp;&nbsp; (6564805) |
| (25484) | Pandora A/S | &nbsp;&nbsp;&nbsp; (4229598) |
| (63278) | Williams-Sonoma, Inc. | &nbsp;&nbsp;&nbsp; (11836150) |
|  |  | &nbsp;&nbsp; (51984879) |
|  | **SEMICONDUCTORS - (6.6)%** |  |
| (167428) | Allegro MicroSystems, Inc. | &nbsp;&nbsp;&nbsp; (5258913) |
| (41775) | Analog Devices, Inc. | &nbsp;&nbsp;&nbsp; (9383918) |
| (95614) | ARM Holdings PLC - ADR | &nbsp;&nbsp;&nbsp; (13517429) |
| (15546) | Astera Labs, Inc. | &nbsp;&nbsp;&nbsp; (2125605) |
| (3447) | Broadcom, Inc. | &nbsp;&nbsp;&nbsp; (1012384) |
| (76648) | NVIDIA Corporation | &nbsp;&nbsp;&nbsp; (13633380) |

---

---

| | | |
|:---|:---|:---|
| **INVENOMIC FUND** | **INVENOMIC FUND** | **INVENOMIC FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **July 31, 2025** | **July 31, 2025** | **July 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS SOLD SHORT — (88.7)% (Continued)** |  |
|  | **SEMICONDUCTORS - (6.6)% (Continued)** |  |
| (85228) | Texas Instruments, Inc. | &nbsp;&nbsp;&nbsp; $(15431381) |
|  |  | &nbsp;&nbsp; (60363010) |
|  | **SOFTWARE - (12.9)%** |  |
| (9205) | Appfolio, Inc., Class A | &nbsp;&nbsp;&nbsp; (2461233) |
| (134290) | Bentley Systems, Inc., Class B | &nbsp;&nbsp;&nbsp; (7786134) |
| (39186) | Circle Internet Group, Inc. | &nbsp;&nbsp;&nbsp; (7191415) |
| (34271) | Crowdstrike Holdings, Inc., Class A | &nbsp;&nbsp;&nbsp; (15578568) |
| (163910) | IonQ, Inc. | &nbsp;&nbsp;&nbsp; (6535092) |
| (107818) | Lumine Group, Inc. | &nbsp;&nbsp;&nbsp; (4182461) |
| (8372) | Monday.com Ltd. | &nbsp;&nbsp;&nbsp; (2195892) |
| (115790) | Palantir Technologies, Inc., Class A | &nbsp;&nbsp;&nbsp; (18335346) |
| (78680) | Palo Alto Networks, Inc. | &nbsp;&nbsp;&nbsp; (13658848) |
| (89376) | Pro Medicus Ltd. | &nbsp;&nbsp;&nbsp; (18488041) |
| (254942) | Samsara, Inc., Class A | &nbsp;&nbsp;&nbsp; (9695444) |
| (53210) | Shopify, Inc., Class A | &nbsp;&nbsp;&nbsp; (6502794) |
| (30650) | Technology One Ltd. | &nbsp;&nbsp;&nbsp; (809140) |
| (37343) | WiseTech Global Ltd. | &nbsp;&nbsp;&nbsp; (2864859) |
| (8572) | Zscaler, Inc. | &nbsp;&nbsp;&nbsp; (2447820) |
|  |  | &nbsp;&nbsp; (118733087) |
|  | **SPECIALTY FINANCE - (2.5)%** |  |
| (26915) | American Express Company | &nbsp;&nbsp;&nbsp; (8055929) |
| (16239) | Credit Acceptance Corporation | &nbsp;&nbsp;&nbsp; (7961657) |
| (26207) | Dave, Inc. | &nbsp;&nbsp;&nbsp; (6179611) |
| (39830) | SoFi Technologies, Inc. | &nbsp;&nbsp;&nbsp; (899361) |
|  |  | &nbsp;&nbsp; (23096558) |
|  | **TECHNOLOGY HARDWARE - (2.3)%** |  |
| (13222) | Apple, Inc. | &nbsp;&nbsp;&nbsp; (2744491) |
| (11506) | Celestica, Inc. | &nbsp;&nbsp;&nbsp; (2299589) |
| (36634) | Credo Technology Group Holding Ltd. | &nbsp;&nbsp;&nbsp; (4086523) |
| (14738) | Fabrinet | &nbsp;&nbsp;&nbsp; (4771133) |
| (72237) | PAR Technology Corporation | &nbsp;&nbsp;&nbsp; (4390565) |
| (5972) | Ubiquiti, Inc. | &nbsp;&nbsp;&nbsp; (2600627) |
|  |  | &nbsp;&nbsp; (20892928) |

---

---

| | | |
|:---|:---|:---|
| **INVENOMIC FUND** | **INVENOMIC FUND** | **INVENOMIC FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **July 31, 2025** | **July 31, 2025** | **July 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS SOLD SHORT — (88.7)% (Continued)** |  |
|  | **TECHNOLOGY SERVICES - (2.2)%** |  |
| (21718) | Coinbase Global, Inc., Class A | &nbsp;&nbsp;&nbsp; $(8204192) |
| (1228) | Euronet Worldwide, Inc. | &nbsp;&nbsp;&nbsp; (119337) |
| (7625) | Fair Isaac Corporation | &nbsp;&nbsp;&nbsp; (10954990) |
|  |  | &nbsp;&nbsp; (19278519) |
|  | **TELECOMMUNICATIONS - (1.8)%** |  |
| (116194) | AST SpaceMobile, Inc. | &nbsp;&nbsp;&nbsp; (6178035) |
| (227466) | Cogent Communications Holdings, Inc. | &nbsp;&nbsp;&nbsp; (10370175) |
|  |  | &nbsp;&nbsp; (16548210) |
|  | **TRANSPORTATION & LOGISTICS - (0.9)%** |  |
| (54141) | Old Dominion Freight Line, Inc. | &nbsp;&nbsp;&nbsp; (8080544) |
|  | **TOTAL SECURITIES SOLD SHORT - (Proceeds - $774,162,172)** | &nbsp;&nbsp; $(812294718) |

---

---

| | |
|:---|:---|
| A.B. | - Aktiebolag |
| ADR | - American Depositary Receipt |
| A.G. | - Aktiengesellschaft |
| A/S | - Anonim Sirketi |
| ETF | - Exchange-Traded Fund |
| LLC | - Limited Liability Company |
| Ltd. | - Limited Company |
| N.V. | - Naamioze Vennootschap |
| PLC | - Public Limited Company |
| S.A. | - Société Anonyme |
| S.E. | - Societas Europeae |
| SpA | - Società per Azioni |
| SPDR | - Standard & Poor's Depositary Receipt |

---

<sup>(a)</sup> All or a portion of the security is segregated as collateral for short sales.

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

<sup>(c)</sup> The value of this security has been determined in good faith under policies of the Board of Trustees.

<sup>(d)</sup> Percentage rounds to less than 0.1%.

<sup>(e)</sup> Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of July 31, 2025, the total market value of 144A securities is 4,915,894 or 0.5% of net assets.

<sup>(f)</sup> Rate disclosed is the seven-day effective yield as of July 31, 2025.

<sup>(g)</sup> Each option contract allows the holder of the option to purchase or sell 100 shares of the underlying security.

<sup>(h)</sup> Percentage rounds to greater than (0.1%).

## 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:** Invenomic Fund

- **b. EDGAR series identifier (if any):** S000057713

- **c. LEI of Series:** 549300WBCPRL59QG8F92

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

- **a. Date of fiscal year-end:** 2025-10-31

- **b. Date as of which information is reported:** 2025-07-31

**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:** $1789503119.01

**Total Liabilities:** $874566927.22

**Net Assets:** $914936191.79

**Cash Not Reported:** $715584904.84

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000186113 | -0.72%               | -0.18%               | -0.55%               |
| Class ID C000186112 | -0.71%               | -0.18%               | -0.54%               |
| Class ID C000211283 | -0.70%               | -0.18%               | -0.53%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-14241313.02            | $5231524.69                                |
| Month 2  | $-45959152.66            | $41904383.56                               |
| Month 3  | $11242094.13             | $-15371848.08                              |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| QuantumScape Corporation                    | QUANTUMSCAPE COR          | CUSIP: 74767V109<br>LEI: N/A                  | Short            | EC               | CORP              | US        |   -316209 | NS      | $-2719397.40  | -0.30%            |  |  |  | No            |                  1 | On Loan: No      |
| Ecovyst Inc                                 | ECOVYST INC               | CUSIP: 27923Q109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    476377 | NS      | $4101605.97   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Integral Ad Science Holding Corp.           | INTEGRAL AD SCIE          | CUSIP: 45828L108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1202875 | NS      | $9863575.00   | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| ABM Industries Inc.                         | ABM INDUSTRIES            | CUSIP: 000957100<br>LEI: QF02R89VEIOROM77J447 | Long             | EC               | CORP              | US        |    118304 | NS      | $5457363.52   | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Xperi Inc.                                  | XPERI INC                 | CUSIP: 98423J101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     74375 | NS      | $447737.50    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Astera Labs Inc                             | ASTERA LABS INC           | CUSIP: 04626A103<br>LEI: N/A                  | Short            | EC               | CORP              | US        |    -15546 | NS      | $-2125604.58  | -0.23%            |  |  |  | No            |                  1 | On Loan: No      |
| Paypal Holdings Inc.                        | PAYPAL HOLDINGS           | CUSIP: 70450Y103<br>LEI: 5493005X2GO78EFZ3E94 | Long             | EC               | CORP              | US        |    159401 | NS      | $10960412.76  | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Brunello Cucinelli S.p.A.                   | BRUNELLO CUCINEL          | CUSIP: T2R05S109<br>LEI: 5493003CX2RZ0FOBH256 | Short            | EC               | CORP              | IT        |    -76196 | NS      | $-8571397.49  | -0.94%            |  |  |  | No            |                  1 | On Loan: No      |
| Kadant Inc                                  | KADANT INC                | CUSIP: 48282T104<br>LEI: 549300K06LNJYBMPYP15 | Short            | EC               | CORP              | US        |    -44428 | NS      | $-14784305.56 | -1.62%            |  |  |  | No            |                  1 | On Loan: No      |
| Riskified Limited                           | RISKIFIED LTD-A           | CUSIP: M8216R109<br>LEI: 894500GU19M0O0BYWM49 | Long             | EC               | CORP              | IL        |    443022 | NS      | $2259412.20   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| American Axle & Manufacturing Holdings Inc. | AMER AXLE & MFG           | CUSIP: 024061103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    783600 | NS      | $3487020.00   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Ingram Micro Holding Corporation            | INGRAM MICRO HOL          | CUSIP: 457152106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    419813 | NS      | $8278712.36   | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Vestis Corp.                                | VESTIS CORP               | CUSIP: 29430C102<br>LEI: 254900QDW0TA2TMFAP59 | Long             | EC               | CORP              | US        |    234363 | NS      | $1420239.78   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Ashland Inc.                                | ASHLAND INC               | CUSIP: 044186104<br>LEI: 529900E4L9R04SB8HB11 | Long             | EC               | CORP              | US        |     33811 | NS      | $1743295.16   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Texas Pacific Land Corporation              | TEXAS PACIFIC LA          | CUSIP: 88262P102<br>LEI: N/A                  | Short            | EC               | CORP              | US        |     -4585 | NS      | $-4438876.05  | -0.49%            |  |  |  | No            |                  1 | On Loan: No      |
| Six Flags Entertainment Corp.               | SIX FLAGS ENTERT          | CUSIP: 83001C108<br>LEI: 529900AS2CYWYFHRS781 | Long             | EC               | CORP              | US        |    552791 | NS      | $16561618.36  | 1.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Godaddy Inc                                 | GODADDY INC-A             | CUSIP: 380237107<br>LEI: 549300J8H1TB0I2CB447 | Short            | EC               | CORP              | US        |    -11424 | NS      | $-1845889.92  | -0.20%            |  |  |  | No            |                  1 | On Loan: No      |
| Penumbra Inc.                               | PENUMBRA INC              | CUSIP: 70975L107<br>LEI: 549300RGE06P3ECANU72 | Short            | EC               | CORP              | US        |    -36925 | NS      | $-9315069.75  | -1.02%            |  |  |  | No            |                  1 | On Loan: No      |
| Bristow Group Inc                           | BRISTOW GROUP IN          | CUSIP: 11040G103<br>LEI: 5493005Q24EN3UC1PV68 | Long             | EC               | CORP              | US        |     87388 | NS      | $3021003.16   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Ovintiv Inc                                 | OVINTIV INC               | CUSIP: 69047Q102<br>LEI: 2549003MEX7YMKLGI239 | Long             | EC               | CORP              | US        |     76685 | NS      | $3157888.30   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Bentley Systems Incorporated                | BENTLEY SYSTEM-B          | CUSIP: 08265T208<br>LEI: 549300WVEHPGE0Z56F71 | Short            | EC               | CORP              | US        |   -134290 | NS      | $-7786134.20  | -0.85%            |  |  |  | No            |                  1 | On Loan: No      |
| Verizon Communications Inc.                 | VERIZON COMMUNIC          | CUSIP: 92343V104<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | EC               | CORP              | US        |    350847 | NS      | $15002217.72  | 1.64%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                         | SPY US 10/31/25 P575      | CUSIP: N/A<br>LEI: N/A                        | Long             | DE               | CORP              | N/A       |       593 | NC      | $332080.00    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| 8X8 Inc.                                    | 8X8 INC                   | CUSIP: 282914100<br>LEI: 254900XWSOC5U1BRW939 | Long             | EC               | CORP              | US        |   2534803 | NS      | $4917517.82   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Armstrong World Industries, Inc.            | ARMSTRONG WORLD           | CUSIP: 04247X102<br>LEI: KXMRXXOJ88Q45Y45MG74 | Short            | EC               | CORP              | US        |    -52043 | NS      | $-9792931.31  | -1.07%            |  |  |  | No            |                  1 | On Loan: No      |
| Graftech Intl Ltd                           | GRAFTECH INTERNA          | CUSIP: 384313508<br>LEI: 549300GY32W00XP57351 | Long             | EC               | CORP              | US        |    505991 | NS      | $703327.49    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                         | LYFT US 08/29/25 C17      | CUSIP: N/A<br>LEI: N/A                        | Long             | DE               | CORP              | N/A       |      3948 | NC      | $142128.00    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Ubiquiti Inc                                | UBIQUITI INC              | CUSIP: 90353W103<br>LEI: N/A                  | Short            | EC               | CORP              | US        |     -5972 | NS      | $-2600626.84  | -0.28%            |  |  |  | No            |                  1 | On Loan: No      |
| PENN Entertainment Inc                      | PENN ENTERTAINME          | CUSIP: 707569109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1118254 | NS      | $20195667.24  | 2.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Zimmer Biomet Holdings Inc                  | ZIMMER BIOMET HO          | CUSIP: 98956P102<br>LEI: 2P2YLDVPES3BXQ1FRB91 | Long             | EC               | CORP              | US        |    119008 | NS      | $10907083.20  | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Bright Horizons Family Solutions Inc Del    | BRIGHT HORIZONS           | CUSIP: 109194100<br>LEI: 254900BHOU40CFNXWQ75 | Short            | EC               | CORP              | US        |    -26981 | NS      | $-3051551.10  | -0.33%            |  |  |  | No            |                  1 | On Loan: No      |
| IDEXX Laboratories Inc.                     | IDEXX LABS                | CUSIP: 45168D104<br>LEI: OGMTXK0LUU1HKV2P0J84 | Short            | EC               | CORP              | US        |     -1632 | NS      | $-871993.92   | -0.10%            |  |  |  | No            |                  1 | On Loan: No      |
| Caleres Inc                                 | CALERES INC               | CUSIP: 129500104<br>LEI: JFU6RQQJ8Z1CPOLBXQ18 | Long             | EC               | CORP              | US        |    586241 | NS      | $8049088.93   | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Lightspeed Commerce Inc                     | LIGHTSPEED COMME          | CUSIP: 53229C107<br>LEI: 254900T8MDWRTGMFZ257 | Long             | EC               | CORP              | CA        |    309769 | NS      | $3853526.36   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| A-Mark Precious Metals Inc.                 | A-MARK PRECIOUS METALS IN | CUSIP: 00181T107<br>LEI: XP6XYFDZQGKLUMOFGT37 | Long             | EC               | CORP              | US        |    247136 | NS      | $5259054.08   | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| New Gold, Inc.                              | NEW GOLD INC              | CUSIP: 644535106<br>LEI: 5493005G0GNCHP0H6L96 | Long             | EC               | CORP              | CA        |   2282720 | NS      | $9564596.80   | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Priority Technology Holdings Inc.           | PRIORITY TECHNOL          | CUSIP: 74275G107<br>LEI: 549300ZS6DXD7ROBKB40 | Long             | EC               | CORP              | US        |    149070 | NS      | $1021129.50   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| AST SpaceMobile Inc.                        | AST SPACEMOBILE           | CUSIP: 00217D100<br>LEI: N/A                  | Short            | EC               | CORP              | US        |   -116194 | NS      | $-6178034.98  | -0.68%            |  |  |  | No            |                  1 | On Loan: No      |
| Sterling Infrastructure Inc                 | STERLING INFRAST          | CUSIP: 859241101<br>LEI: 549300RZIK6K1215XU51 | Short            | EC               | CORP              | US        |     -7289 | NS      | $-1950463.51  | -0.21%            |  |  |  | No            |                  1 | On Loan: No      |
| Installed Building Products Inc             | INSTALLED BUILDI          | CUSIP: 45780R101<br>LEI: 549300I95Y9P9YM5FI86 | Short            | EC               | CORP              | US        |    -66626 | NS      | $-13477773.54 | -1.47%            |  |  |  | No            |                  1 | On Loan: No      |
| Amer Sports Inc.                            | AMER SPORTS INC           | CUSIP: G0260P102<br>LEI: 391200YCSWTRD1J21867 | Short            | EC               | CORP              | KY        |   -440419 | NS      | $-16533329.26 | -1.81%            |  |  |  | No            |                  1 | On Loan: No      |
| Equinox Gold Corp                           | EQUINOX GOLD COR          | CUSIP: 29446Y502<br>LEI: 5493005IN4V1SNP9PN75 | Long             | EC               | CORP              | CA        |   1963488 | NS      | $11977276.80  | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| PVH Corp.                                   | PVH CORP                  | CUSIP: 693656100<br>LEI: 123WALMHY1GZXG2YDL90 | Long             | EC               | CORP              | US        |    185741 | NS      | $13637104.22  | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Samsara Inc                                 | SAMSARA INC-CL A          | CUSIP: 79589L106<br>LEI: N/A                  | Short            | EC               | CORP              | US        |   -254942 | NS      | $-9695444.26  | -1.06%            |  |  |  | No            |                  1 | On Loan: No      |
| Hugo Boss AG                                | HUGO BOSS AG              | CUSIP: D34902102<br>LEI: 529900LFVU534EBRXD13 | Long             | EC               | CORP              | DE        |     21838 | NS      | $1023328.98   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Clarivate PLC                               | CLARIVATE PLC             | CUSIP: G21810109<br>LEI: 549300WDHIIODXFO0R55 | Long             | EC               | CORP              | JE        |   4136904 | NS      | $15927080.40  | 1.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Williams-Sonoma Inc.                        | WILLIAMS-SONOMA           | CUSIP: 969904101<br>LEI: 549300IARG6YWVTZ1I92 | Short            | EC               | CORP              | US        |    -63278 | NS      | $-11836149.90 | -1.29%            |  |  |  | No            |                  1 | On Loan: No      |
| TransMedics Group Inc.                      | TRANSMEDICS GROU          | CUSIP: 89377M109<br>LEI: 549300060GVOSMWARH50 | Short            | EC               | CORP              | US        |    -56256 | NS      | $-6692776.32  | -0.73%            |  |  |  | No            |                  1 | On Loan: No      |
| Circle Internet Group Inc.                  | CIRCLE INTERNET           | CUSIP: 172573107<br>LEI: 254900HFVVR6NPMQVN93 | Short            | EC               | CORP              | US        |    -39186 | NS      | $-7191414.72  | -0.79%            |  |  |  | No            |                  1 | On Loan: No      |
| Newmont Corporation                         | NEWMONT CORP              | CUSIP: 651639106<br>LEI: 549300VSP3RIX7FGDZ51 | Long             | EC               | CORP              | US        |     86095 | NS      | $5346499.50   | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Wingstop Inc                                | WINGSTOP INC              | CUSIP: 974155103<br>LEI: 549300SSH3F8HPIM3Q47 | Short            | EC               | CORP              | US        |    -41148 | NS      | $-15526786.32 | -1.70%            |  |  |  | No            |                  1 | On Loan: No      |
| Acadia Healthcare Company, Inc.             | ACADIA HEALTHCAR          | CUSIP: 00404A109<br>LEI: 5493005CW985Y9D0NC11 | Long             | EC               | CORP              | US        |    607067 | NS      | $13215848.59  | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Gerresheimer AG                             | Gerresheimer AG           | CUSIP: D2852S109<br>LEI: 5299006GD4UWSYZOKC28 | Long             | EC               | CORP              | DE        |     71879 | NS      | $3560300.32   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Haemonetics Corp                            | HAEMONETICS CORP          | CUSIP: 405024100<br>LEI: 549300ZEL6TXZS6F5F95 | Long             | EC               | CORP              | US        |     12316 | NS      | $911876.64    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Popular, Inc.                               | POPULAR INC               | CUSIP: 733174700<br>LEI: 5493008CARDZMVQ3LO89 | Long             | EC               | CORP              | PR        |     94486 | NS      | $10826205.88  | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Heidrick & Struggles International Inc      | HEIDRICK & STRUG          | CUSIP: 422819102<br>LEI: 5493006284N2J367VB57 | Long             | EC               | CORP              | US        |     78147 | NS      | $3479885.91   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| State Street Corp.                          | STATE ST CORP             | CUSIP: 857477103<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | EC               | CORP              | US        |     79143 | NS      | $8844230.25   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Fresh Del Monte Produce Inc.                | FRESH DEL MONTE           | CUSIP: G36738105<br>LEI: 529900I72V9F0FEZR228 | Long             | EC               | CORP              | KY        |    215178 | NS      | $8088541.02   | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Unifi, Inc.                                 | UNIFI INC                 | CUSIP: 904677200<br>LEI: 549300MW5LPO0M2LNO04 | Long             | EC               | CORP              | US        |    205363 | NS      | $932348.02    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Old Dominion Freight Line Inc.              | OLD DOMINION FRT          | CUSIP: 679580100<br>LEI: 5299009TWK32WE417T96 | Short            | EC               | CORP              | US        |    -54141 | NS      | $-8080544.25  | -0.88%            |  |  |  | No            |                  1 | On Loan: No      |
| Patrick Industries Inc.                     | PATRICK INDS INC          | CUSIP: 703343103<br>LEI: 549300FZ5ZTCCJ3Z5W14 | Short            | EC               | CORP              | US        |    -47975 | NS      | $-4665089.00  | -0.51%            |  |  |  | No            |                  1 | On Loan: No      |
| The Baldwin Insurance Group Inc             | BALDWIN INSURANC          | CUSIP: 05589G102<br>LEI: N/A                  | Short            | EC               | CORP              | US        |    -56948 | NS      | $-2097964.32  | -0.23%            |  |  |  | No            |                  1 | On Loan: No      |
| Omnicom Group Inc                           | OMNICOM GROUP             | CUSIP: 681919106<br>LEI: HKUPACFHSSASQK8HLS17 | Long             | EC               | CORP              | US        |     95036 | NS      | $6847343.80   | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Samsung Electronics Co Ltd.                 | SAMSUN-GDR REG S          | CUSIP: 796050888<br>LEI: 9884007ER46L6N7EI764 | Long             | EC               | CORP              | KR        |     10295 | NS      | $12940815.00  | 1.41%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Phinia Inc.                                 | PHINIA INC                | CUSIP: 71880K101<br>LEI: 254900HG6MORZE1FFM18 | Long             | EC               | CORP              | US        |    136673 | NS      | $6929321.10   | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Tesla Inc                                   | TESLA INC                 | CUSIP: 88160R101<br>LEI: 54930043XZGB27CTOV49 | Short            | EC               | CORP              | US        |    -51841 | NS      | $-15981025.07 | -1.75%            |  |  |  | No            |                  1 | On Loan: No      |
| Tronox Holdings PLC                         | TRONOX HOLDING            | CUSIP: G9087Q102<br>LEI: 549300NRVC84SGJSXV06 | Long             | EC               | CORP              | GB        |   1048074 | NS      | $3343356.06   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Gaming and Leisure Properties Inc           | GAMING AND LEISU          | CUSIP: 36467J108<br>LEI: 5493006GWRDBCZYWTM57 | Short            | EC               | CORP              | US        |    -83064 | NS      | $-3786057.12  | -0.41%            |  |  |  | No            |                  1 | On Loan: No      |
| Orion S.A.                                  | ORION SA                  | CUSIP: L72967109<br>LEI: N/A                  | Long             | EC               | CORP              | LU        |    243207 | NS      | $2359107.90   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Pediatrix Medical Group Inc                 | PEDIATRIX MEDICA          | CUSIP: 58502B106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    126426 | NS      | $1548718.50   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Carrefour S.A.                              | Carrefour SA              | CUSIP: F13923119<br>LEI: 549300B8P6MUJ1YWTS08 | Long             | EC               | CORP              | FR        |    316842 | NS      | $4547503.93   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| American Vanguard Corp.                     | AMER VANGUARD             | CUSIP: 030371108<br>LEI: 529900GWI78WZA5M9783 | Long             | EC               | CORP              | US        |    363591 | NS      | $1403461.26   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                         | SPY US 08/22/25 P606      | CUSIP: N/A<br>LEI: N/A                        | Long             | DE               | CORP              | N/A       |      1582 | NC      | $313236.00    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| National Vision Holdings Inc                | NATIONAL VISION           | CUSIP: 63845R107<br>LEI: 549300JHURCBLI5ROA42 | Short            | EC               | CORP              | US        |   -270602 | NS      | $-6564804.52  | -0.72%            |  |  |  | No            |                  1 | On Loan: No      |
| Deutsche Lufthansa AG                       | DEUTSCHE LUFT-RG          | CUSIP: D1908N106<br>LEI: 529900PH63HYJ86ASW55 | Long             | EC               | CORP              | DE        |    635062 | NS      | $5470321.68   | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| PRA Group Inc.                              | PRA GROUP INC             | CUSIP: 69354N106<br>LEI: 549300Q5HW3JSSB86K27 | Long             | EC               | CORP              | US        |    159950 | NS      | $2431240.00   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| AppFolio Inc.                               | APPFOLIO INC - A          | CUSIP: 03783C100<br>LEI: 529900OOUUGT6JFC0S15 | Short            | EC               | CORP              | US        |     -9205 | NS      | $-2461232.90  | -0.27%            |  |  |  | No            |                  1 | On Loan: No      |
| Puma SE                                     | PUMA SE                   | CUSIP: D62318148<br>LEI: 529900GRZ2BQY5ZM9N49 | Long             | EC               | CORP              | DE        |    196563 | NS      | $4184650.77   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Planet Fitness Inc.                         | PLANET FITNESS-A          | CUSIP: 72703H101<br>LEI: 549300LLE5HUPF6H8G33 | Short            | EC               | CORP              | US        |    -20322 | NS      | $-2218959.18  | -0.24%            |  |  |  | No            |                  1 | On Loan: No      |
| Avadel Pharmaceuticals PLC                  | AVADEL PHARMACEU          | CUSIP: G29687103<br>LEI: 549300E27PTSG2RHC762 | Long             | EC               | CORP              | IE        |    355122 | NS      | $3732332.22   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Monday.Com Limited                          | MONDAY.COM LTD            | CUSIP: M7S64H106<br>LEI: 984500MDAFVD86E3B328 | Short            | EC               | CORP              | IL        |     -8372 | NS      | $-2195891.88  | -0.24%            |  |  |  | No            |                  1 | On Loan: No      |
| Salesforce Inc.                             | SALESFORCE INC            | CUSIP: 79466L302<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | EC               | CORP              | US        |     36672 | NS      | $9473477.76   | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| M&T Bank Corporation                        | M&T BANK CORP             | CUSIP: 55261F104<br>LEI: 549300WYXDDBYRASEG81 | Long             | EC               | CORP              | US        |     69852 | NS      | $13181072.40  | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Metallus Inc.                               | METALLUS INC              | CUSIP: 887399103<br>LEI: 549300QZTZWHDE9HJL14 | Long             | EC               | CORP              | US        |     88046 | NS      | $1391126.80   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Crowdstrike Holdings Inc                    | CROWDSTRIKE HO-A          | CUSIP: 22788C105<br>LEI: 549300YBY08K9KM4HX32 | Short            | EC               | CORP              | US        |    -34271 | NS      | $-15578568.47 | -1.70%            |  |  |  | No            |                  1 | On Loan: No      |
| Spin Master Corporation                     | SPIN MASTER -SVC          | CUSIP: 848510103<br>LEI: 549300JH0ZG8BVEPRY76 | Long             | EC               | CORP              | CA        |    150846 | NS      | $2482165.70   | 0.27%             |  |  |  | Yes           |                  1 | On Loan: No      |
| JB Hi-Fi Ltd.                               | JB Hi-Fi Ltd              | CUSIP: Q5029L101<br>LEI: 529900TPC8H040Y3ZQ65 | Short            | EC               | CORP              | AU        |    -27759 | NS      | $-1992597.07  | -0.22%            |  |  |  | No            |                  1 | On Loan: No      |
| Trueblue Inc                                | TRUEBLUE INC              | CUSIP: 89785X101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    220995 | NS      | $1595583.90   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Rollins Inc                                 | ROLLINS INC               | CUSIP: 775711104<br>LEI: 549300F2A0BXT4SGWD84 | Short            | EC               | CORP              | US        |   -224414 | NS      | $-12852189.78 | -1.40%            |  |  |  | No            |                  1 | On Loan: No      |
| Sonoco Products Company                     | SONOCO PRODUCTS           | CUSIP: 835495102<br>LEI: GKOMIK4RDJGHEF0VNP11 | Long             | EC               | CORP              | US        |    575299 | NS      | $25928725.93  | 2.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Irhythm Technologies Inc                    | IRHYTHM TECHNOLO          | CUSIP: 450056106<br>LEI: 549300FJI72RJGDQS384 | Short            | EC               | CORP              | US        |    -35311 | NS      | $-4949895.98  | -0.54%            |  |  |  | No            |                  1 | On Loan: No      |
| Shopify Inc                                 | SHOPIFY INC - A           | CUSIP: 82509L107<br>LEI: 549300HGQ43STJLLP808 | Short            | EC               | CORP              | CA        |    -53210 | NS      | $-6502794.10  | -0.71%            |  |  |  | No            |                  1 | On Loan: No      |
| Signify NV                                  | SIGNIFY NV                | CUSIP: N8063K107<br>LEI: 549300072P3J1X8NZO35 | Long             | EC               | CORP              | NL        |    101017 | NS      | $2433727.68   | 0.27%             |  |  |  | Yes           |                  1 | On Loan: No      |
| PureCycle Technologies Inc.                 | PURECYCLE TECHNO          | CUSIP: 74623V103<br>LEI: N/A                  | Short            | EC               | CORP              | US        |    -54428 | NS      | $-729879.48   | -0.08%            |  |  |  | No            |                  1 | On Loan: No      |
| Prosegur Compania de Seguridad SA           | PROSEGUR                  | CUSIP: E83453188<br>LEI: 549300N94L4D5NDBFG97 | Long             | EC               | CORP              | ES        |    479387 | NS      | $1423163.05   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Delek US Holdings Inc.                      | DELEK US HOLDING          | CUSIP: 24665A103<br>LEI: 5493003O53JMENV1N385 | Short            | EC               | CORP              | US        |   -172452 | NS      | $-3857751.24  | -0.42%            |  |  |  | No            |                  1 | On Loan: No      |
| Teleflex Incorporated                       | TELEFLEX INC              | CUSIP: 879369106<br>LEI: UUL85LWXB4NGSWWXIQ25 | Long             | EC               | CORP              | US        |    135837 | NS      | $16232521.50  | 1.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Flywire Corporation                         | FLYWIRE CORP-VOT          | CUSIP: 302492103<br>LEI: 54930055DSV7NNY4VY66 | Long             | EC               | CORP              | US        |     23737 | NS      | $258495.93    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Barrick Mining Corp.                        | BARRICK MINING C          | CUSIP: 06849F108<br>LEI: 0O4KBQCJZX82UKGCBV73 | Long             | EC               | CORP              | CA        |    124003 | NS      | $2618943.36   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Corvel Corp                                 | CORVEL CORP               | CUSIP: 221006109<br>LEI: N/A                  | Short            | EC               | CORP              | US        |    -29106 | NS      | $-2578791.60  | -0.28%            |  |  |  | No            |                  1 | On Loan: No      |
| Torex Gold Resources Inc                    | TOREX GOLD RESOU          | CUSIP: 891054603<br>LEI: 549300QL07027186GQ85 | Long             | EC               | CORP              | CA        |    111822 | NS      | $3149835.93   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| ISS A/S                                     | ISS A/S                   | CUSIP: K5591Y107<br>LEI: 213800LEZA58SZNCBN19 | Long             | EC               | CORP              | DK        |     93506 | NS      | $2693531.41   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Sanfilippo(John B)                          | JOHN B SANFILIPP          | CUSIP: 800422107<br>LEI: 5299007IBEYVXKYDUX28 | Long             | EC               | CORP              | US        |     14079 | NS      | $891341.49    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Oxford Industries, Inc.                     | OXFORD INDS INC           | CUSIP: 691497309<br>LEI: IDZ20O0XD3GS4UOI2L88 | Long             | EC               | CORP              | US        |     42778 | NS      | $1633264.04   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Integra LifeSciences Holdings Corporation   | INTEGRA LIFESCIE          | CUSIP: 457985208<br>LEI: WB7IJCYY8YFTENS4O147 | Long             | EC               | CORP              | US        |    434170 | NS      | $5704993.80   | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Allegro MicroSystems Inc                    | ALLEGRO MICROSYS          | CUSIP: 01749D105<br>LEI: N/A                  | Short            | EC               | CORP              | US        |   -167428 | NS      | $-5258913.48  | -0.57%            |  |  |  | No            |                  1 | On Loan: No      |
| Verisign, Inc.                              | VERISIGN INC              | CUSIP: 92343E102<br>LEI: LMPL4N8ZOJRMF0KOF759 | Short            | EC               | CORP              | US        |    -16494 | NS      | $-4434741.78  | -0.48%            |  |  |  | No            |                  1 | On Loan: No      |
| B2Gold Corp.                                | B2GOLD CORP               | CUSIP: 11777Q209<br>LEI: 549300F7OK456M5NLM05 | Long             | EC               | CORP              | CA        |    562124 | NS      | $1894357.88   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Chord Energy Corp.                          | CHORD ENERGY COR          | CUSIP: 674215207<br>LEI: 529900FA4V2YNIKZ0M71 | Long             | EC               | CORP              | US        |     93788 | NS      | $10347630.04  | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Mohawk Industries, Inc.                     | MOHAWK INDS               | CUSIP: 608190104<br>LEI: 549300JI1115MG3Q6322 | Long             | EC               | CORP              | US        |     15849 | NS      | $1814868.99   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Groupon Inc                                 | GROUPON INC               | CUSIP: 399473206<br>LEI: 5299005W5W1R5POQJL03 | Short            | EC               | CORP              | US        |    -56387 | NS      | $-1738975.08  | -0.19%            |  |  |  | No            |                  1 | On Loan: No      |
| Kohl's Corp.                                | KOHLS CORP                | CUSIP: 500255104<br>LEI: 549300JF6LPRTRJ0FH50 | Long             | EC               | CORP              | US        |    210608 | NS      | $2282990.72   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple Inc.                                  | APPLE INC                 | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Short            | EC               | CORP              | US        |    -13222 | NS      | $-2744490.54  | -0.30%            |  |  |  | No            |                  1 | On Loan: No      |
| Community Financial System Inc              | COMMUNITY FINANC          | CUSIP: 203607106<br>LEI: 5299008N6YHE6GCP1E80 | Short            | EC               | CORP              | US        |    -66195 | NS      | $-3488476.50  | -0.38%            |  |  |  | No            |                  1 | On Loan: No      |
| Arm Holdings PLC                            | ARM HOLDINGS PLC          | CUSIP: 042068205<br>LEI: 2138001E66EELTE7Y904 | Short            | EC               | CORP              | GB        |    -95614 | NS      | $-13517429.25 | -1.48%            |  |  |  | No            |                  1 | On Loan: No      |
| Vail Resorts, Inc.                          | VAIL RESORTS              | CUSIP: 91879Q109<br>LEI: 529900PSZHRNU9HKH870 | Long             | EC               | CORP              | US        |      5653 | NS      | $849419.78    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Allied Properties REIT                      | Allied Properties Real Es | CUSIP: 019456102<br>LEI: 549300AMZMPKVHA0MY77 | Long             | EC               | RF                | CA        |    140357 | NS      | $1752436.56   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity National Information Services Inc  | FIDELITY NATIONA          | CUSIP: 31620M106<br>LEI: 6WQI0GK1PRFVBA061U48 | Long             | EC               | CORP              | US        |     64376 | NS      | $5112098.16   | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Exponent Inc                                | EXPONENT INC              | CUSIP: 30214U102<br>LEI: 529900NY3F5Q2NWPUZ42 | Short            | EC               | CORP              | US        |    -80197 | NS      | $-5530385.12  | -0.60%            |  |  |  | No            |                  1 | On Loan: No      |
| Aixtron SE                                  | AIXTRON SE                | CUSIP: D0257Y135<br>LEI: 5299004UJ4D51M25LD67 | Long             | EC               | CORP              | DE        |     22101 | NS      | $375121.45    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Ibotta Inc.                                 | IBOTTA INC-CL A           | CUSIP: 451051106<br>LEI: 54930026OZD4IQ7YR615 | Long             | EC               | CORP              | US        |     99668 | NS      | $3622931.80   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| TPG Inc                                     | TPG INC                   | CUSIP: 872657101<br>LEI: 549300NLO4R8MX77XJ02 | Short            | EC               | CORP              | US        |    -85839 | NS      | $-4898831.73  | -0.54%            |  |  |  | No            |                  1 | On Loan: No      |
| BILL Holdings Inc                           | BILL HOLDINGS IN          | CUSIP: 090043100<br>LEI: 549300IBF9VZZIGOZW63 | Long             | EC               | CORP              | US        |    285938 | NS      | $12252443.30  | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Sectra AB                                   | SECTRA AB-B               | CUSIP: W8T81N157<br>LEI: 549300R9ZBT8YSFFK266 | Short            | EC               | CORP              | SE        |    -23209 | NS      | $-860765.05   | -0.09%            |  |  |  | No            |                  1 | On Loan: No      |
| Sleep Number Corporation                    | SLEEP NUMBER COR          | CUSIP: 83125X103<br>LEI: 529900W0TZQLBT2DSS66 | Long             | EC               | CORP              | US        |    389731 | NS      | $2856728.23   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Lyft Inc                                    | LYFT INC-A                | CUSIP: 55087P104<br>LEI: 549300H7I5VN334XVZ52 | Long             | EC               | CORP              | US        |   1775222 | NS      | $24959621.32  | 2.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Eastman Chemical Company                    | EASTMAN CHEMICAL          | CUSIP: 277432100<br>LEI: FDPVHDGJ1IQZFK9KH630 | Long             | EC               | CORP              | US        |    101020 | NS      | $7335062.20   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Marathon Petroleum Corp.                    | MARATHON PETROLE          | CUSIP: 56585A102<br>LEI: 3BNYRYQHD39K4LCKQF12 | Long             | EC               | CORP              | US        |     21531 | NS      | $3664360.89   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Iron Mountain Inc.                          | IRON MOUNTAIN             | CUSIP: 46284V101<br>LEI: SQL3F6CKNNBM3SQGHX24 | Short            | EC               | CORP              | US        |    -91909 | NS      | $-8948260.24  | -0.98%            |  |  |  | No            |                  1 | On Loan: No      |
| NuScale Power Corp.                         | NUSCALE POWER CO          | CUSIP: 67079K100<br>LEI: N/A                  | Short            | EC               | CORP              | US        |   -217865 | NS      | $-10939001.65 | -1.20%            |  |  |  | No            |                  1 | On Loan: No      |
| Neogen Corp                                 | NEOGEN CORP               | CUSIP: 640491106<br>LEI: 549300HJT9FC36N4UW43 | Long             | EC               | CORP              | US        |    535796 | NS      | $2491451.40   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Upwork Inc                                  | UPWORK INC                | CUSIP: 91688F104<br>LEI: 5493004QJ6WWBXVE2S70 | Long             | EC               | CORP              | US        |    138351 | NS      | $1654677.96   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| AeroVironment, Inc.                         | AEROVIRONMENT IN          | CUSIP: 008073108<br>LEI: 529900PGHVI29YLZ6221 | Short            | EC               | CORP              | US        |    -38157 | NS      | $-10212339.48 | -1.12%            |  |  |  | No            |                  1 | On Loan: No      |
| Linamar Corp                                | Linamar Corp              | CUSIP: 53278L107<br>LEI: 549300LW6VIYFRMFBU20 | Long             | EC               | CORP              | CA        |     46347 | NS      | $2241086.17   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| ConocoPhillips                              | CONOCOPHILLIPS            | CUSIP: 20825C104<br>LEI: WPTL2Z3FIYTHSP5V2253 | Long             | EC               | CORP              | US        |     73273 | NS      | $6985847.82   | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Shutterstock Inc                            | SHUTTERSTOCK INC          | CUSIP: 825690100<br>LEI: 529900G2TDIS56V0LO22 | Long             | EC               | CORP              | US        |    350337 | NS      | $6712456.92   | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Acushnet Holdings Corp                      | ACUSHNET HOLDING          | CUSIP: 005098108<br>LEI: 529900W5FI106H543E43 | Short            | EC               | CORP              | US        |    -33684 | NS      | $-2681920.08  | -0.29%            |  |  |  | No            |                  1 | On Loan: No      |
| J Jill Inc                                  | J. JILL INC               | CUSIP: 46620W201<br>LEI: 529900I19PJIF8MIDL12 | Long             | EC               | CORP              | US        |     79542 | NS      | $1247218.56   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Ziff Davis Inc                              | ZIFF DAVIS INC            | CUSIP: 48123V102<br>LEI: 5493008OJYGLHD7MXA18 | Long             | EC               | CORP              | US        |    167181 | NS      | $5202672.72   | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Euronet Worldwide, Inc.                     | EURONET WORLDWID          | CUSIP: 298736109<br>LEI: YG3575C4DSHJPA5KET68 | Short            | EC               | CORP              | US        |     -1228 | NS      | $-119337.04   | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Ares Management Corporation                 | ARES MANAGEM- A           | CUSIP: 03990B101<br>LEI: 529900JUV61FH7B8VW38 | Short            | EC               | CORP              | US        |    -40476 | NS      | $-7509512.28  | -0.82%            |  |  |  | No            |                  1 | On Loan: No      |
| Tactile Systems Technology Inc.             | TACTILE SYSTEMS           | CUSIP: 87357P100<br>LEI: 54930069VDTITHOTKJ98 | Long             | EC               | CORP              | US        |    283623 | NS      | $2830557.54   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Spotify Technology S.A.                     | SPOTIFY TECHNOLO          | CUSIP: L8681T102<br>LEI: 549300B4X0JHWV0DTD60 | Short            | EC               | CORP              | LU        |     -5648 | NS      | $-3538697.92  | -0.39%            |  |  |  | No            |                  1 | On Loan: No      |
| ServisFirst Bancshares, Inc.                | SERVISFIRST BANC          | CUSIP: 81768T108<br>LEI: N/A                  | Short            | EC               | CORP              | US        |    -54977 | NS      | $-4323941.05  | -0.47%            |  |  |  | No            |                  1 | On Loan: No      |
| Cogent Communications Holdings, Inc.        | COGENT COMMUNICA          | CUSIP: 19239V302<br>LEI: N/A                  | Short            | EC               | CORP              | US        |   -227466 | NS      | $-10370174.94 | -1.13%            |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA Corp.                                | NVIDIA CORP               | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Short            | EC               | CORP              | US        |    -76648 | NS      | $-13633379.76 | -1.49%            |  |  |  | No            |                  1 | On Loan: No      |
| Albany International Corp.                  | ALBANY INTL CORP          | CUSIP: 012348108<br>LEI: L73WCPNCZIRSQGZTW097 | Long             | EC               | CORP              | US        |     51659 | NS      | $2799401.21   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Robinhood Markets Inc                       | ROBINHOOD MARK-A          | CUSIP: 770700102<br>LEI: 213800FS5AO3YWIE6F63 | Short            | EC               | CORP              | US        |    -69279 | NS      | $-7139200.95  | -0.78%            |  |  |  | No            |                  1 | On Loan: No      |
| IES Holdings Inc.                           | IES HOLDINGS INC          | CUSIP: 44951W106<br>LEI: 549300687T8E6LN6EN72 | Short            | EC               | CORP              | US        |    -33677 | NS      | $-11890338.39 | -1.30%            |  |  |  | No            |                  1 | On Loan: No      |
| SoftwareONE Holding AG                      | SOFTWAREONE HOLD          | CUSIP: H5682F102<br>LEI: 529900GBI88JKWXLGI05 | Long             | EC               | CORP              | CH        |    282127 | NS      | $2313256.62   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Maplebear Inc.                              | MAPLEBEAR INC             | CUSIP: 565394103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    248594 | NS      | $11925054.18  | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Analog Devices Inc.                         | ANALOG DEVICES            | CUSIP: 032654105<br>LEI: GYVOE5EZ4GDAVTU4CQ61 | Short            | EC               | CORP              | US        |    -41775 | NS      | $-9383918.25  | -1.03%            |  |  |  | No            |                  1 | On Loan: No      |
| International Bancshares Corp               | INTL BANCSHARES           | CUSIP: 459044103<br>LEI: 549300Y16R531AU8TX77 | Short            | EC               | CORP              | US        |    -57218 | NS      | $-3901123.24  | -0.43%            |  |  |  | No            |                  1 | On Loan: No      |
| Align Technology Inc.                       | ALIGN TECHNOLOGY          | CUSIP: 016255101<br>LEI: 549300N5YSE0U3LCP840 | Long             | EC               | CORP              | US        |     32364 | NS      | $4175279.64   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| TechnologyOne Ltd.                          | TECHNOLOGY ONE            | CUSIP: Q89275103<br>LEI: 875500YEWBJIM91P9N12 | Short            | EC               | CORP              | AU        |    -30650 | NS      | $-809139.52   | -0.09%            |  |  |  | No            |                  1 | On Loan: No      |
| Conmed Corporation                          | CONMED CORP               | CUSIP: 207410101<br>LEI: Z6C0YCECH9DCU5ZIQW84 | Long             | EC               | CORP              | US        |     56776 | NS      | $2904092.40   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Credit Acceptance Corporation of Michigan   | CREDIT ACCEPTANC          | CUSIP: 225310101<br>LEI: N/A                  | Short            | EC               | CORP              | US        |    -16239 | NS      | $-7961656.92  | -0.87%            |  |  |  | No            |                  1 | On Loan: No      |
| ATN International Inc.                      | ATN INTERNATIONA          | CUSIP: 00215F107<br>LEI: 54930013NP7VEU877V56 | Long             | EC               | CORP              | US        |     87232 | NS      | $1496028.80   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Monster Beverage Corp                       | MONSTER BEVERAGE          | CUSIP: 61174X109<br>LEI: 52990090AP0E7HCB6F33 | Short            | EC               | CORP              | US        |    -73446 | NS      | $-4314952.50  | -0.47%            |  |  |  | No            |                  1 | On Loan: No      |
| Shake Shack Inc                             | SHAKE SHACK IN-A          | CUSIP: 819047101<br>LEI: 529900J74GJAHYP80N79 | Short            | EC               | CORP              | US        |   -121552 | NS      | $-14627567.68 | -1.60%            |  |  |  | No            |                  1 | On Loan: No      |
| Lexaria Bioscience Corporation              | LEXARIA BIOSCIEN          | CUSIP: 52886N406<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    226837 | NS      | $204153.30    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Enovis Corporation                          | ENOVIS CORP               | CUSIP: 194014502<br>LEI: 635400OP2DYYYMOIYL17 | Long             | EC               | CORP              | US        |    504278 | NS      | $13514650.40  | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Generac Holdings Inc.                       | GENERAC HOLDINGS          | CUSIP: 368736104<br>LEI: 529900S2H2AHJHSFFI84 | Long             | EC               | CORP              | US        |     56587 | NS      | $11016923.03  | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| LEXARIA BIOSCIENCE CORP                     | LEXARIA BIOSCIEN WT       | CUSIP: N/A<br>LEI: N/A                        | Long             | DO               | CORP              | US        |    320380 | NS      | $177554.60    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Iovance Biotherapeutics Inc                 | IOVANCE BIOTHERA          | CUSIP: 462260100<br>LEI: 2549002L8WT2ACU5Q878 | Long             | EC               | CORP              | US        |   4463009 | NS      | $11469933.13  | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Edgewell Personal Care Co                   | EDGEWELL PERSONA          | CUSIP: 28035Q102<br>LEI: 549300CY8QZDL4Z3RU59 | Long             | EC               | CORP              | US        |    260706 | NS      | $6577612.38   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Red Rock Resorts Inc                        | RED ROCK RESOR-A          | CUSIP: 75700L108<br>LEI: N/A                  | Short            | EC               | CORP              | US        |   -162409 | NS      | $-9963792.15  | -1.09%            |  |  |  | No            |                  1 | On Loan: No      |
| Liveramp Holdings Inc                       | LIVERAMP HOLDING          | CUSIP: 53815P108<br>LEI: 254900GXS75LG1X7RF88 | Long             | EC               | CORP              | US        |    128927 | NS      | $4231384.14   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| PAR Technology Corp.                        | PAR TECHNOLOGY            | CUSIP: 698884103<br>LEI: 549300HYPTHBJQINVG57 | Short            | EC               | CORP              | US        |    -72237 | NS      | $-4390564.86  | -0.48%            |  |  |  | No            |                  1 | On Loan: No      |
| BlueLinx Holdings Inc.                      | BLUELINX HOLDING          | CUSIP: 09624H208<br>LEI: 549300YSX7GU28F5I540 | Long             | EC               | CORP              | US        |     45620 | NS      | $3342577.40   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| American Express Company                    | AMERICAN EXPRESS          | CUSIP: 025816109<br>LEI: R4PP93JZOLY261QX3811 | Short            | EC               | CORP              | US        |    -26915 | NS      | $-8055928.65  | -0.88%            |  |  |  | No            |                  1 | On Loan: No      |
| Warner Bros. Discovery Inc.                 | WARNER BROS DISC          | CUSIP: 934423104<br>LEI: 5493006ZCRFWKF6B1K26 | Long             | EC               | CORP              | US        |   1467168 | NS      | $19322602.56  | 2.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Coinbase Global Inc                         | COINBASE GLOBA-A          | CUSIP: 19260Q107<br>LEI: 5493004G3J2SC154DU06 | Short            | EC               | CORP              | US        |    -21718 | NS      | $-8204191.68  | -0.90%            |  |  |  | No            |                  1 | On Loan: No      |
| Crane NXT Co                                | CRANE NXT CO              | CUSIP: 224441105<br>LEI: 549300EXNPSXEWUD3N21 | Long             | EC               | CORP              | US        |     98121 | NS      | $5822500.14   | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Aurora Innovation Inc                       | AURORA INNOVATIO          | CUSIP: 051774107<br>LEI: N/A                  | Short            | EC               | CORP              | US        |  -2120417 | NS      | $-12319622.77 | -1.35%            |  |  |  | No            |                  1 | On Loan: No      |
| Ringcentral Inc                             | RINGCENTRAL IN-A          | CUSIP: 76680R206<br>LEI: 549300C8EH0H1614VE84 | Long             | EC               | CORP              | US        |    658418 | NS      | $16783074.82  | 1.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Macy's, Inc.                                | MACY'S INC                | CUSIP: 55616P104<br>LEI: 529900NZQ81TIOW3CW52 | Long             | EC               | CORP              | US        |    840348 | NS      | $10613595.24  | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| BellRing Intermediate Holdings Inc.         | BELLRING BRANDS           | CUSIP: 07831C103<br>LEI: 549300S3BOK5CMTS8054 | Short            | EC               | CORP              | US        |    -17856 | NS      | $-974580.48   | -0.11%            |  |  |  | No            |                  1 | On Loan: No      |
| Fabrinet                                    | FABRINET                  | CUSIP: G3323L100<br>LEI: 5493004TETZ6IYF7CV44 | Short            | EC               | CORP              | KY        |    -14738 | NS      | $-4771132.74  | -0.52%            |  |  |  | No            |                  1 | On Loan: No      |
| Century Aluminum Company                    | CENTURY ALUMINUM          | CUSIP: 156431108<br>LEI: 549300U5ODNGEYWKSW73 | Long             | EC               | CORP              | US        |    118176 | NS      | $2502967.68   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Costco Wholesale Corporation                | COSTCO WHOLESALE          | CUSIP: 22160K105<br>LEI: 29DX7H14B9S6O3FD6V18 | Short            | EC               | CORP              | US        |     -4573 | NS      | $-4296973.72  | -0.47%            |  |  |  | No            |                  1 | On Loan: No      |
| Hims & Hers Health Inc                      | HIMS & HERS HEAL          | CUSIP: 433000106<br>LEI: N/A                  | Short            | EC               | CORP              | US        |    -15372 | NS      | $-1017318.96  | -0.11%            |  |  |  | No            |                  1 | On Loan: No      |
| Broadcom Inc                                | BROADCOM INC              | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Short            | EC               | CORP              | US        |     -3447 | NS      | $-1012383.90  | -0.11%            |  |  |  | No            |                  1 | On Loan: No      |
| Innodata Inc                                | INNODATA INC              | CUSIP: 457642205<br>LEI: L9O7MPYIT56T6KBE0R95 | Short            | EC               | CORP              | US        |    -61028 | NS      | $-3350437.20  | -0.37%            |  |  |  | No            |                  1 | On Loan: No      |
| Novanta Inc                                 | NOVANTA INC               | CUSIP: 67000B104<br>LEI: 549300NBPHPTUPTS8070 | Short            | EC               | CORP              | CA        |    -54028 | NS      | $-6646524.56  | -0.73%            |  |  |  | No            |                  1 | On Loan: No      |
| Viatris Inc                                 | VIATRIS INC               | CUSIP: 92556V106<br>LEI: 254900ZZTSW7NL773X71 | Long             | EC               | CORP              | US        |   2061363 | NS      | $18016312.62  | 1.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Coursera Inc                                | COURSERA                  | CUSIP: 22266M104<br>LEI: 984500573CA1QB7DAC30 | Long             | EC               | CORP              | US        |    632212 | NS      | $7991159.68   | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Goodyear Tire & Rubber Co. The              | GOODYEAR TIRE             | CUSIP: 382550101<br>LEI: 5493002BI0S2ZQUY3437 | Long             | EC               | CORP              | US        |    432018 | NS      | $4441145.04   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Symbotic Inc                                | SYMBOTIC INC              | CUSIP: 87151X101<br>LEI: N/A                  | Short            | EC               | CORP              | US        |    -16966 | NS      | $-915315.70   | -0.10%            |  |  |  | No            |                  1 | On Loan: No      |
| Construction Partners Inc.                  | CONSTRUCTION P-A          | CUSIP: 21044C107<br>LEI: 549300MHLFL4E8JLZU44 | Short            | EC               | CORP              | US        |   -164889 | NS      | $-16629055.65 | -1.82%            |  |  |  | No            |                  1 | On Loan: No      |
| Forrester Research Inc.                     | FORRESTER RESEAR          | CUSIP: 346563109<br>LEI: 549300UUSFXYLJ80Z897 | Long             | EC               | CORP              | US        |    212212 | NS      | $2066944.88   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Lumine Group Inc                            | LUMINE GROUP INC          | CUSIP: 55027C106<br>LEI: 984500E3C44B9D44M738 | Short            | EC               | CORP              | CA        |   -107818 | NS      | $-4182460.67  | -0.46%            |  |  |  | No            |                  1 | On Loan: No      |
| Akamai Technologies, Inc.                   | AKAMAI TECHNOLOG          | CUSIP: 00971T101<br>LEI: OC1LZNN2LF5WTJ5RIL89 | Long             | EC               | CORP              | US        |    188540 | NS      | $14387487.40  | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Dave Inc                                    | DAVE INC                  | CUSIP: 23834J201<br>LEI: N/A                  | Short            | EC               | CORP              | US        |    -26207 | NS      | $-6179610.60  | -0.68%            |  |  |  | No            |                  1 | On Loan: No      |
| Sprout Social Inc.                          | SPROUT SOCIAL-A           | CUSIP: 85209W109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    199399 | NS      | $3419692.85   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Federated Hermes Inc                        | FEDERATED HERMES          | CUSIP: 314211103<br>LEI: R05X5UQ874RGFF7HHD84 | Long             | EC               | CORP              | US        |    129749 | NS      | $6431657.93   | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| The Boeing Company                          | BOEING CO/THE             | CUSIP: 097023105<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Short            | EC               | CORP              | US        |    -20253 | NS      | $-4492925.52  | -0.49%            |  |  |  | No            |                  1 | On Loan: No      |
| Celestica Inc.                              | CELESTICA INC             | CUSIP: 15101Q207<br>LEI: 549300J3CG5T6RZWLN53 | Short            | EC               | CORP              | CA        |    -11506 | NS      | $-2299589.16  | -0.25%            |  |  |  | No            |                  1 | On Loan: No      |
| Quanterix Corporation                       | QUANTERIX CORP            | CUSIP: 74766Q101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    508167 | NS      | $3018511.98   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Sealed Air Corp.                            | SEALED AIR CORP           | CUSIP: 81211K100<br>LEI: Q0M0CZB4YN6JZ65WXI09 | Long             | EC               | CORP              | US        |    281533 | NS      | $8240470.91   | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| PRO Medicus Ltd.                            | PRO MEDICUS LTD           | CUSIP: Q77301101<br>LEI: N/A                  | Short            | EC               | CORP              | AU        |    -89376 | NS      | $-18488041.03 | -2.02%            |  |  |  | No            |                  1 | On Loan: No      |
| Johnson Outdoors Inc.                       | JOHNSON OUTDOO-A          | CUSIP: 479167108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     22293 | NS      | $740127.60    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Rayonier Inc                                | RAYONIER INC              | CUSIP: 754907103<br>LEI: HGV8VDVNL0W6SF2U9C50 | Long             | EC               | CORP              | US        |    199928 | NS      | $4660321.68   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Helen Of Troy Corp                          | HELEN OF TROY             | CUSIP: G4388N106<br>LEI: N/A                  | Long             | EC               | CORP              | BM        |    348913 | NS      | $7669107.74   | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| N-Able Inc.                                 | N-ABLE INC                | CUSIP: 62878D100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    105232 | NS      | $850274.56    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Hurco Companies Inc.                        | HURCO COMPANIES           | CUSIP: 447324104<br>LEI: XSC5XDOTBYOBQPOG2O82 | Long             | EC               | CORP              | US        |     60002 | NS      | $1153238.44   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Dole PLC                                    | DOLE PLC                  | CUSIP: G27907107<br>LEI: 635400JUG5XJXOPPJJ47 | Long             | EC               | CORP              | IE        |    549590 | NS      | $7826161.60   | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Medpace Holdings Inc.                       | MEDPACE HOLDINGS          | CUSIP: 58506Q109<br>LEI: 549300H8TYEUVTW14A54 | Short            | EC               | CORP              | US        |     -1026 | NS      | $-438307.20   | -0.05%            |  |  |  | No            |                  1 | On Loan: No      |
| Wisetech Global Ltd.                        | WISETECH GLOBAL           | CUSIP: Q98056106<br>LEI: 254900VE3AF301Q85K83 | Short            | EC               | CORP              | AU        |    -37343 | NS      | $-2864859.16  | -0.31%            |  |  |  | No            |                  1 | On Loan: No      |
| LegalZoom.Com Inc.                          | LEGALZOOMCOM INC          | CUSIP: 52466B103<br>LEI: 5493000L8EBF74Y9JZ48 | Long             | EC               | CORP              | US        |    850366 | NS      | $7644790.34   | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Equity Lifestyle Properties Inc             | EQUITY LIFESTYLE          | CUSIP: 29472R108<br>LEI: 529900PEQG66LENB6798 | Long             | EC               | CORP              | US        |     30173 | NS      | $1807966.16   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Joby Aviation Inc.                          | JOBY AVIATION IN          | CUSIP: G65163100<br>LEI: N/A                  | Short            | EC               | CORP              | US        |  -1072322 | NS      | $-17864884.52 | -1.95%            |  |  |  | No            |                  1 | On Loan: No      |
| Regal Rexnord Corporation                   | REGAL REXNORD CO          | CUSIP: 758750103<br>LEI: QH78R09VCJGQKPBPYU33 | Long             | EC               | CORP              | US        |     24174 | NS      | $3695721.12   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Kratos Defense & Security Solutions, Inc.   | KRATOS DEFENSE &          | CUSIP: 50077B207<br>LEI: 5493000EKBN0UY1F3F88 | Short            | EC               | CORP              | US        |   -141300 | NS      | $-8294310.00  | -0.91%            |  |  |  | No            |                  1 | On Loan: No      |
| Texas Instruments Incorporated              | TEXAS INSTRUMENT          | CUSIP: 882508104<br>LEI: WDJNR2L6D8RWOEB8T652 | Short            | EC               | CORP              | US        |    -85228 | NS      | $-15431381.68 | -1.69%            |  |  |  | No            |                  1 | On Loan: No      |
| Carvana Co                                  | CARVANA CO                | CUSIP: 146869102<br>LEI: 5493003WEAK2PJ5WS063 | Short            | EC               | CORP              | US        |    -45819 | NS      | $-17877199.23 | -1.95%            |  |  |  | No            |                  1 | On Loan: No      |
| Purple Innovation, Inc.                     | PURPLE INNOVATIO          | CUSIP: 74640Y106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    513153 | NS      | $416372.34    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Verint Systems Inc                          | VERINT SYSTEMS            | CUSIP: 92343X100<br>LEI: 549300KEQJS5FRVUCO94 | Long             | EC               | CORP              | US        |    811634 | NS      | $17271571.52  | 1.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Palantir Technologies Inc                   | PALANTIR TECHN-A          | CUSIP: 69608A108<br>LEI: 549300UVN46B3BBDHO85 | Short            | EC               | CORP              | US        |   -115790 | NS      | $-18335346.50 | -2.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Hikma Pharmaceuticals PLC                   | HIKMA PHARMACEUT          | CUSIP: G4576K104<br>LEI: 549300BNS685UXH4JI75 | Long             | EC               | CORP              | GB        |    192381 | NS      | $4989913.95   | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Olin Corporation                            | OLIN CORP                 | CUSIP: 680665205<br>LEI: 549300GKK294V7W57P06 | Long             | EC               | CORP              | US        |    138087 | NS      | $2615367.78   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Ferrari N V                                 | FERRARI NV                | CUSIP: N3167Y103<br>LEI: 549300RIVY5EX8RCON76 | Short            | EC               | CORP              | NL        |     -1775 | NS      | $-787017.25   | -0.09%            |  |  |  | No            |                  1 | On Loan: No      |
| Halozyme Therapeutics Inc                   | HALOZYME THERAPE          | CUSIP: 40637H109<br>LEI: 529900242I3SV9AGM753 | Long             | EC               | CORP              | US        |     34359 | NS      | $2060509.23   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Somnigroup International Inc.               | SOMNIGROUP INTER          | CUSIP: 88023U101<br>LEI: 549300HFEKVR3US71V91 | Short            | EC               | CORP              | US        |    -51598 | NS      | $-3734663.24  | -0.41%            |  |  |  | No            |                  1 | On Loan: No      |
| Dentsply Sirona Inc                         | DENTSPLY SIRONA           | CUSIP: 24906P109<br>LEI: 9NHEHR1SOZCYXDO8HO28 | Long             | EC               | CORP              | US        |   1788326 | NS      | $25590945.06  | 2.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Visteon Corporation                         | VISTEON CORP              | CUSIP: 92839U206<br>LEI: 549300MOVLYHRW4GGW78 | Long             | EC               | CORP              | US        |     25450 | NS      | $2828767.50   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| DraftKings Inc.                             | DRAFTKINGS INC            | CUSIP: 26142V105<br>LEI: 2549006G33IUL6IVOD83 | Long             | EC               | CORP              | US        |     64659 | NS      | $2912241.36   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Quaker Houghton                             | QUAKER CHEMICAL           | CUSIP: 747316107<br>LEI: 549300PJQ1R3WCWCPS54 | Long             | EC               | CORP              | US        |     48133 | NS      | $5507377.86   | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Brinker International, Inc.                 | BRINKER INTL              | CUSIP: 109641100<br>LEI: 52990067JY6PBGJNTG76 | Short            | EC               | CORP              | US        |     -5635 | NS      | $-888076.00   | -0.10%            |  |  |  | No            |                  1 | On Loan: No      |
| Sensata Technologies Holding PLC            | SENSATA TECHNOLO          | CUSIP: G8060N102<br>LEI: 529900MS7KFYCY9MS037 | Long             | EC               | CORP              | GB        |    557257 | NS      | $17141225.32  | 1.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Universal Health Services, Inc.             | UNIVERSAL HLTH-B          | CUSIP: 913903100<br>LEI: 549300YGMGQDO0NMJD09 | Long             | EC               | CORP              | US        |     58757 | NS      | $9780102.65   | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Stratasys Ltd                               | STRATASYS LTD             | CUSIP: M85548101<br>LEI: 529900MU215GIP9SZ741 | Long             | EC               | CORP              | IL        |   1181300 | NS      | $12793479.00  | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Teladoc Health Inc                          | TELADOC HEALTH I          | CUSIP: 87918A105<br>LEI: 549300I2PVFBC9MFAC61 | Long             | EC               | CORP              | US        |   1101089 | NS      | $7938851.69   | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Leggett & Platt Inc.                        | LEGGETT & PLATT           | CUSIP: 524660107<br>LEI: DKOVQUCDW4ZLYCUD4T55 | Long             | EC               | CORP              | US        |    845853 | NS      | $8077896.15   | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| First Foundation Inc.                       | FIRST FOUNDATION          | CUSIP: 32026V104<br>LEI: 254900TQZQ6LBCK77E82 | Long             | EC               | CORP              | US        |    525883 | NS      | $2561050.21   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| RE/MAX Holdings Inc.                        | RE/MAX HOLDINGS           | CUSIP: 75524W108<br>LEI: 54930033W2KS56JHAN30 | Long             | EC               | CORP              | US        |    169759 | NS      | $1305446.71   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Black Hills Corporation                     | BLACK HILLS CORP          | CUSIP: 092113109<br>LEI: 3MGELCRSTNSAMJ962671 | Long             | EC               | CORP              | US        |    101376 | NS      | $5857505.28   | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Jack in the Box Inc.                        | JACK IN THE BOX           | CUSIP: 466367109<br>LEI: 5493002OJW26P0SUUP68 | Long             | EC               | CORP              | US        |    383098 | NS      | $7547030.60   | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Casella Waste Systems, Inc.                 | CASELLA WASTE             | CUSIP: 147448104<br>LEI: 8EU0XUFVJ48U37IIDH51 | Short            | EC               | CORP              | US        |    -94862 | NS      | $-10314345.26 | -1.13%            |  |  |  | No            |                  1 | On Loan: No      |
| Fair Isaac Corporation                      | FAIR ISAAC CORP           | CUSIP: 303250104<br>LEI: RI6HET5SJUEY30V1PS26 | Short            | EC               | CORP              | US        |     -7625 | NS      | $-10954990.00 | -1.20%            |  |  |  | No            |                  1 | On Loan: No      |
| Applovin Corp.                              | APPLOVIN CO-CL A          | CUSIP: 03831W108<br>LEI: 549300LLVXMUAOL3SQ07 | Short            | EC               | CORP              | US        |    -21992 | NS      | $-8592274.40  | -0.94%            |  |  |  | No            |                  1 | On Loan: No      |
| Palo Alto Networks Inc                      | PALO ALTO NETWOR          | CUSIP: 697435105<br>LEI: 549300QXR2YVZV231H43 | Short            | EC               | CORP              | US        |    -78680 | NS      | $-13658848.00 | -1.49%            |  |  |  | No            |                  1 | On Loan: No      |
| Jamf Holding Corp                           | JAMF HOLDING COR          | CUSIP: 47074L105<br>LEI: 254900IHLXZU4Z5ANA12 | Long             | EC               | CORP              | US        |    347674 | NS      | $2760531.56   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Eldorado Gold Corp                          | ELDORADO GOLD             | CUSIP: 284902509<br>LEI: 5493004PWQ01YDD1IH62 | Long             | EC               | CORP              | CA        |    893036 | NS      | $18307238.00  | 2.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Intuitive Surgical Inc.                     | INTUITIVE SURGIC          | CUSIP: 46120E602<br>LEI: 54930052SRG011710797 | Short            | EC               | CORP              | US        |    -31916 | NS      | $-15354468.44 | -1.68%            |  |  |  | No            |                  1 | On Loan: No      |
| Resources Connection Inc.                   | RESOURCES CONNEC          | CUSIP: 76122Q105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    523935 | NS      | $2651111.10   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Myers Industries Inc.                       | MYERS INDS INC            | CUSIP: 628464109<br>LEI: 549300I2H9XMVTCW4Q51 | Long             | EC               | CORP              | US        |    436127 | NS      | $6389260.55   | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Funds Inc.                   | FRST AM-GV OB-X           | CUSIP: 31846V336<br>LEI: 549300J5J5SJCZ9IA369 | Long             | STIV             | RF                | US        |  46234096 | PA      | $46234096.19  | 5.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Getty Images Holdings Inc                   | GETTY IMAGES HOL          | CUSIP: 374275105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   2639311 | NS      | $4671580.47   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| StepStone Group Inc                         | STEPSTONE GROU-A          | CUSIP: 85914M107<br>LEI: N/A                  | Short            | EC               | CORP              | US        |   -180234 | NS      | $-10698690.24 | -1.17%            |  |  |  | No            |                  1 | On Loan: No      |
| Credo Technology Group Holding Ltd          | CREDO TECHNOLOGY          | CUSIP: G25457105<br>LEI: N/A                  | Short            | EC               | CORP              | KY        |    -36634 | NS      | $-4086522.70  | -0.45%            |  |  |  | No            |                  1 | On Loan: No      |
| Tootsie Roll Industries Inc.                | TOOTSIE ROLL IND          | CUSIP: 890516107<br>LEI: 529900SBKOV9XX4M4Q35 | Short            | EC               | CORP              | US        |    -48176 | NS      | $-1827315.68  | -0.20%            |  |  |  | No            |                  1 | On Loan: No      |
| Coastal Financial Corp.                     | COASTAL FINANCIAL CORP/WA | CUSIP: 19046P209<br>LEI: 549300XG5L36T6IU0B47 | Short            | EC               | CORP              | US        |    -37879 | NS      | $-3643959.80  | -0.40%            |  |  |  | No            |                  1 | On Loan: No      |
| Nomad Foods Ltd.                            | NOMAD FOODS               | CUSIP: G6564A105<br>LEI: 5493000ZZ1837DS2SI43 | Long             | EC               | CORP              | VG        |    172605 | NS      | $2906668.20   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| PENGUIN SOLUTIONS INC                       | PENGUIN SOLUTION          | CUSIP: 706915105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     75108 | NS      | $1770295.56   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| PetMed Express Inc.                         | PETMED EXPRESS            | CUSIP: 716382106<br>LEI: 529900PGHW5ASJ1AZL48 | Long             | EC               | CORP              | US        |     57829 | NS      | $180426.48    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Goosehead Insurance Inc                     | GOOSEHEAD INSU-A          | CUSIP: 38267D109<br>LEI: 549300WH5MBIWHJ9XY95 | Short            | EC               | CORP              | US        |    -77149 | NS      | $-7013615.59  | -0.77%            |  |  |  | No            |                  1 | On Loan: No      |
| Concentrix Corp.                            | CONCENTRIX CORP           | CUSIP: 20602D101<br>LEI: 5493000EAJN1KMPVA737 | Long             | EC               | CORP              | US        |    180784 | NS      | $9395344.48   | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Corecivic Inc                               | CORECIVIC INC             | CUSIP: 21871N101<br>LEI: 529900JFA3K6PTLT8B15 | Long             | EC               | CORP              | US        |    202281 | NS      | $4053711.24   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Blackstone Inc                              | BLACKSTONE INC            | CUSIP: 09260D107<br>LEI: 5299004LW4QWGZUB8Y96 | Short            | EC               | CORP              | US        |   -109120 | NS      | $-18873395.20 | -2.06%            |  |  |  | No            |                  1 | On Loan: No      |
| Global Payments Inc                         | GLOBAL PAYMENTS           | CUSIP: 37940X102<br>LEI: 549300NOMHGVQBX6S778 | Long             | EC               | CORP              | US        |    272469 | NS      | $21783896.55  | 2.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Zscaler Inc                                 | ZSCALER INC               | CUSIP: 98980G102<br>LEI: 529900MZ0RTK1BWRNF46 | Short            | EC               | CORP              | US        |     -8572 | NS      | $-2447820.32  | -0.27%            |  |  |  | No            |                  1 | On Loan: No      |
| Sofi Technologies Inc                       | SOFI TECHNOLOGIE          | CUSIP: 83406F102<br>LEI: 549300SW81JCMVZDDY09 | Short            | EC               | CORP              | US        |    -39830 | NS      | $-899361.40   | -0.10%            |  |  |  | No            |                  1 | On Loan: No      |
| Blue Owl Capital Inc                        | BLUE OWL CAPITAL          | CUSIP: 09581B103<br>LEI: N/A                  | Short            | EC               | CORP              | US        |   -555673 | NS      | $-10752272.55 | -1.18%            |  |  |  | No            |                  1 | On Loan: No      |
| Tennant Co                                  | TENNANT CO                | CUSIP: 880345103<br>LEI: JYAIRLT8DVP6DP8UT336 | Long             | EC               | CORP              | US        |    156829 | NS      | $12944665.66  | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| NBT Bancorp Inc                             | NBT BANCORP INC           | CUSIP: 628778102<br>LEI: N/A                  | Short            | EC               | CORP              | US        |    -42270 | NS      | $-1749132.60  | -0.19%            |  |  |  | No            |                  1 | On Loan: No      |
| IQVIA Holdings Inc.                         | IQVIA HOLDINGS I          | CUSIP: 46266C105<br>LEI: 549300W3R20NM4KQPH86 | Long             | EC               | CORP              | US        |     56328 | NS      | $10469122.08  | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Pandora A/S                                 | PANDORA A/S               | CUSIP: K7681L102<br>LEI: 5299007OWYZ6I1E46843 | Short            | EC               | CORP              | DK        |    -25484 | NS      | $-4229597.99  | -0.46%            |  |  |  | No            |                  1 | On Loan: No      |
| Archer Aviation Inc                         | ARCHER AVIATIO-A          | CUSIP: 03945R102<br>LEI: N/A                  | Short            | EC               | CORP              | US        |  -1415267 | NS      | $-14195128.01 | -1.55%            |  |  |  | No            |                  1 | On Loan: No      |
| Vishay Intertechnology, Inc.                | VISHAY INTERTECH          | CUSIP: 928298108<br>LEI: 5493009O8F3QQJTCQR75 | Long             | EC               | CORP              | US        |    816657 | NS      | $13385008.23  | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Evertec Inc                                 | EVERTEC INC               | CUSIP: 30040P103<br>LEI: N/A                  | Long             | EC               | CORP              | PR        |    117684 | NS      | $4254276.60   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Rapid7 Inc.                                 | RAPID7 INC                | CUSIP: 753422104<br>LEI: 549300GNVG5D60KEYN14 | Long             | EC               | CORP              | US        |    293128 | NS      | $6190863.36   | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Ionq Inc                                    | IONQ INC                  | CUSIP: 46222L108<br>LEI: N/A                  | Short            | EC               | CORP              | US        |   -163910 | NS      | $-6535091.70  | -0.71%            |  |  |  | No            |                  1 | On Loan: No      |
| Comfort Systems USA Inc.                    | COMFORT SYSTEMS           | CUSIP: 199908104<br>LEI: 5299009DT1ZA5HTU6R38 | Short            | EC               | CORP              | US        |     -9075 | NS      | $-6382447.50  | -0.70%            |  |  |  | No            |                  1 | On Loan: No      |
| Mativ Holdings Inc                          | MATIV INC                 | CUSIP: 808541106<br>LEI: 549300Z1FU4IDULG1R21 | Long             | EC               | CORP              | US        |    932159 | NS      | $6170892.58   | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Wix.com Limited                             | WIX.COM LTD               | CUSIP: M98068105<br>LEI: 5493008P6N29Q1AG9464 | Long             | EC               | CORP              | IL        |     12520 | NS      | $1703095.60   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Monro Inc                                   | MONRO INC                 | CUSIP: 610236101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    493306 | NS      | $6953148.07   | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| GE Vernova Inc.                             | GE VERNOVA LLC            | CUSIP: 36828A101<br>LEI: 254900DP080RU6OK2553 | Short            | EC               | CORP              | US        |     -3085 | NS      | $-2036994.65  | -0.22%            |  |  |  | No            |                  1 | On Loan: No      |
| Sally Beauty Holdings Inc.                  | SALLY BEAUTY HOL          | CUSIP: 79546E104<br>LEI: 529900VXW6E8ONDIQ271 | Long             | EC               | CORP              | US        |    747342 | NS      | $7279111.08   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Oklo Inc.                                   | OKLO INC                  | CUSIP: 02156V109<br>LEI: N/A                  | Short            | EC               | CORP              | US        |   -145001 | NS      | $-11105626.59 | -1.21%            |  |  |  | No            |                  1 | On Loan: No      |
| Boot Barn Holdings Inc                      | BOOT BARN HOLDIN          | CUSIP: 099406100<br>LEI: 529900QE1BFMYA3N4E71 | Short            | EC               | CORP              | US        |     -5312 | NS      | $-913132.80   | -0.10%            |  |  |  | No            |                  1 | On Loan: No      |
| Loar Holdings Inc                           | LOAR HOLDINGS IN          | CUSIP: 53947R105<br>LEI: N/A                  | Short            | EC               | CORP              | US        |   -168661 | NS      | $-12465734.51 | -1.36%            |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-08-28

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

**Signature:** Erik Naviloff

**Name of Signer:** Erik Naviloff

**Title:** Treasurer