# EDGAR Filing Document

**Accession Number:** 0001272950
**File Stem:** 0001752724-25-202224
**Filing Date:** 2025-8
**Character Count:** 218115
**Document Hash:** 039ccb24f6b7576ddf5f51ecd01628f7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-202224.hdr.sgml**: 20250825

**ACCESSION NUMBER**: 0001752724-25-202224

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250825

**DATE AS OF CHANGE**: 20250825

**PERIOD START**: 20250930

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** RBC FUNDS TRUST
- **CENTRAL INDEX KEY:** 0001272950

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21475
- **FILM NUMBER:** 251250313

**BUSINESS ADDRESS:**
- **STREET 1:** 250 NICOLLET MALL
- **STREET 2:** SUITE 1550
- **CITY:** MINNEAPOLIS
- **STATE:** MN
- **ZIP:** 55401
- **BUSINESS PHONE:** 612-380-1198

**MAIL ADDRESS:**
- **STREET 1:** 250 NICOLLET MALL
- **STREET 2:** SUITE 1550
- **CITY:** MINNEAPOLIS
- **STATE:** MN
- **ZIP:** 55401

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** TAMARACK FUNDS TRUST
- **DATE OF NAME CHANGE:** 20031212

## Series and Classes Contracts Data

### RBC Microcap Value Fund (Series ID: S000001814)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000004750 | A Shares     | TMVAX           |
| C000004753 | I Shares     | RMVIX           |

## Nport-Ex

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC Microcap Value Fund

------

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| **Common Stocks — 96.2%** | **Common Stocks — 96.2%** |  |
| **Communication Services — 2.2%** | **Communication Services — 2.2%** |  |
| &nbsp;&nbsp;9310 | Cars.com, Inc.\* | &nbsp;&nbsp;&nbsp;$110323 |
| 67900 | Creative Realities, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228823 |
| &nbsp;&nbsp;&nbsp;&nbsp;500 | Daily Journal Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211125 |
| 72450 | DHI Group, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215176 |
| 48000 | Gray Media, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217440 |
| 16100 | National CineMedia, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78005 |
| 17400 | PubMatic, Inc., Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216456 |
| 16470 | Reservoir Media, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126325 |
| 21400 | Saga Communications, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;278200 |
| &nbsp;&nbsp;5450 | Scholastic Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114341 |
| &nbsp;&nbsp;5680 | Shutterstock, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107693 |
| 18800 | Spok Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;332384 |
| &nbsp;&nbsp;8300 | Travelzoo\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105659 |
|  |  | &nbsp;&nbsp;&nbsp;2341950 |
| **Consumer Discretionary — 13.4%** | **Consumer Discretionary — 13.4%** |  |
| 34000 | Alliance Entertainment Holding Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128180 |
| &nbsp;&nbsp;5000 | A-Mark Precious Metals, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110900 |
| 35500 | American Axle & Manufacturing Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144840 |
| 10030 | American Public Education, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305514 |
| 21300 | Anemostat Door Products\*,(a),(b),(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| 21300 | Anemostat, Inc.\*,(a),(b),(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| 42200 | Arko Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178506 |
| 32670 | Beazer Homes USA, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;730828 |
| &nbsp;&nbsp;&nbsp;&nbsp;660 | Biglari Holdings, Inc., Class B\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192859 |
| &nbsp;&nbsp;8280 | Caleres, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101182 |
| &nbsp;&nbsp;8090 | Canterbury Park Holding Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155571 |
| 41500 | Crown Crafts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119105 |
| 20700 | Denny's Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84870 |
| &nbsp;&nbsp;7670 | Dine Brands Global, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186611 |
| 24500 | El Pollo Loco Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;269745 |
| 15780 | Escalade, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220604 |
| 12400 | Ethan Allen Interiors, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;345340 |
| &nbsp;&nbsp;7000 | Flanigan's Enterprises, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243040 |
| 14620 | Flexsteel Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;526759 |
| 12440 | GigaCloud Technology, Inc., Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246063 |
| &nbsp;&nbsp;7790 | Hamilton Beach Brands Holding Co., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139363 |
| 19900 | Haverty Furniture Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;404965 |
| 10400 | hhgregg, Inc.\*,(a),(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| 62400 | Holley, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124800 |
| &nbsp;&nbsp;3620 | Hovnanian Enterprises, Inc., Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;378471 |
| &nbsp;&nbsp;7520 | J Jill, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110093 |
| &nbsp;&nbsp;8690 | JAKKS Pacific, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180578 |
| &nbsp;&nbsp;2540 | Johnson Outdoors, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76886 |
| 23500 | Kid Brands, Inc.\*,(a),(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |
| &nbsp;&nbsp;9720 | Lakeland Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132289 |

---

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC Microcap Value Fund (cont.)

------

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| &nbsp;&nbsp;11180 | Lands' End, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;$119738 |
| &nbsp;&nbsp;18500 | Latham Group, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118030 |
| &nbsp;&nbsp;95270 | Lazare Kaplan International, Inc.\*,(a),(b),(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;&nbsp;&nbsp;6800 | La-Z-Boy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252756 |
| &nbsp;&nbsp;12900 | Legacy Education, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144222 |
| &nbsp;&nbsp;17580 | Legacy Housing Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;398363 |
| &nbsp;&nbsp;15800 | Lincoln Educational Services Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;364190 |
| &nbsp;&nbsp;&nbsp;&nbsp;5600 | Lovesac Co. (The)\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101920 |
| &nbsp;&nbsp;17880 | MarineMax, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;449503 |
| &nbsp;&nbsp;&nbsp;&nbsp;9250 | McRae Industries, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;441687 |
| &nbsp;&nbsp;&nbsp;&nbsp;2285 | Mecklermedia Corp.\*,(a),(b),(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;14900 | Mestek, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;596000 |
| &nbsp;&nbsp;10100 | Monro, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150591 |
| &nbsp;&nbsp;20690 | Movado Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315522 |
| &nbsp;&nbsp;&nbsp;&nbsp;4320 | Nathan's Famous, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;477706 |
| &nbsp;&nbsp;13000 | Nobility Homes, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;364000 |
| &nbsp;&nbsp;10600 | ODP Corp. (The)\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192178 |
| &nbsp;&nbsp;41000 | Orleans Homebuilders, Inc.\*,(a),(b),(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;&nbsp;&nbsp;2600 | Oxford Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;987 | Patrick Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91070 |
| &nbsp;&nbsp;42000 | PetMed Express, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139440 |
| 119400 | Point.360\*,(a),(b),(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;&nbsp;&nbsp;2910 | RCI Hospitality Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110929 |
| &nbsp;&nbsp;&nbsp;&nbsp;7530 | Regis Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167844 |
| &nbsp;&nbsp;26330 | Rocky Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;584263 |
| &nbsp;&nbsp;&nbsp;&nbsp;5540 | Shoe Carnival, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103653 |
| &nbsp;&nbsp;12000 | Smith & Wesson Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104160 |
| &nbsp;&nbsp;&nbsp;&nbsp;1190 | Sonic Automotive, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95117 |
| &nbsp;&nbsp;15260 | Standard Motor Products, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;468787 |
| &nbsp;&nbsp;&nbsp;&nbsp;5820 | Strattec Security Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;362062 |
| &nbsp;&nbsp;14539 | Superior Group of Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149752 |
| &nbsp;&nbsp;34000 | Tandy Leather Factory, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105400 |
| &nbsp;&nbsp;28800 | Target Hospitality Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205056 |
| &nbsp;&nbsp;26600 | Tile Shop Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169176 |
| &nbsp;&nbsp;58800 | Torrid Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173460 |
| &nbsp;&nbsp;30000 | Universal Travel Group\*,(a),(b),(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;72000 | Vince Holding Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103680 |
| &nbsp;&nbsp;&nbsp;&nbsp;1397 | Walking Co. Holdings, Inc. (The)\*,(a),(b),(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;17640 | Weyco Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;584942 |
|  |  | &nbsp;&nbsp;&nbsp;14147812 |
| **Consumer Staples — 5.1%** | **Consumer Staples — 5.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2960 | Alico, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96733 |
| &nbsp;&nbsp;&nbsp;&nbsp;5350 | Andersons, Inc. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196613 |
| &nbsp;&nbsp;&nbsp;&nbsp;2665 | Central Garden & Pet Co.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93755 |
| &nbsp;&nbsp;52000 | Coffee Holding Co., Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36 | Hawaiian Macadamia Nut Orchards L.P.\*,(b),(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;11760 | Ingles Markets, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;745349 |
| &nbsp;&nbsp;&nbsp;&nbsp;3530 | MGP Ingredients, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105794 |

---

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC Microcap Value Fund (cont.)

------

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| 10460 | Natural Grocers by Vitamin Cottage, Inc. | &nbsp;&nbsp;&nbsp;$410555 |
| 24460 | Nature's Sunshine Products, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;361763 |
| 14660 | Oil-Dri Corp. of America | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;864793 |
| 49800 | Sadot Group, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65736 |
| &nbsp;&nbsp;6860 | Seneca Foods Corp., Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;695810 |
| 22160 | SpartanNash Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;587018 |
| &nbsp;&nbsp;6520 | USANA Health Sciences, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199056 |
| 18100 | Village Super Market, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;696850 |
|  |  | &nbsp;&nbsp;&nbsp;5344985 |
| **Energy — 5.4%** | **Energy — 5.4%** |  |
| 45500 | Aegean Marine Petroleum Network, Inc.\*,(a),(b),(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| 28800 | Amplify Energy Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92160 |
| 10400 | Dorian LPG Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253552 |
| 27120 | Epsilon Energy Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200146 |
| 44490 | FutureFuel Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172621 |
| &nbsp;&nbsp;2500 | Global Partners LP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131825 |
| 30000 | Gulf Island Fabrication, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199500 |
| &nbsp;&nbsp;2950 | Harvest Natural Resources, Inc.\*,(a),(b),(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| 29600 | Kolibri Global Energy, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202760 |
| 14670 | Mexco Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130123 |
| 30150 | MIND Technology, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254466 |
| &nbsp;&nbsp;5000 | NACCO Industries, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221550 |
| 17860 | National Energy Services Reunited Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107517 |
| &nbsp;&nbsp;8420 | Natural Gas Services Group, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217320 |
| &nbsp;&nbsp;8000 | NCS Multistage Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236240 |
| 46340 | North American Construction Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;740513 |
| 24100 | NPK International, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205091 |
| 36700 | OPAL Fuels, Inc., Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88814 |
| 25600 | PermRock Royalty Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107264 |
| &nbsp;&nbsp;2010 | PrimeEnergy Resources Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;294224 |
| 22580 | Ranger Energy Services, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;269605 |
| 11930 | REX American Resources Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;581110 |
| &nbsp;&nbsp;5790 | Riley Exploration Permian, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151872 |
| 87200 | Ring Energy, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69237 |
| 11750 | SandRidge Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127135 |
| 47900 | Smart Sand, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96279 |
| &nbsp;&nbsp;7900 | Solaris Energy Infrastructure, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223491 |
| 37000 | Stabilis Solutions, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175750 |
| 51200 | TETRA Technologies, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172032 |
|  |  | &nbsp;&nbsp;&nbsp;5722197 |
| **Financials — 32.2%** | **Financials — 32.2%** |  |
| &nbsp;&nbsp;4700 | ACNB Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201348 |
| &nbsp;&nbsp;5840 | ACRES Commercial Realty Corp., REIT\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104770 |
| &nbsp;&nbsp;8400 | Advanced Flower Capital, Inc., REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37632 |
| 39150 | Affirmative Insurance Holdings, Inc.\*,(a),(b),(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| 12700 | AG Mortgage Investment Trust, Inc., REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95885 |
| &nbsp;&nbsp;4000 | Alerus Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86560 |

---

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC Microcap Value Fund (cont.)

------

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;8030 | Amalgamated Financial Corp. | $250536 |
| &nbsp;&nbsp;&nbsp;&nbsp;5400 | Amerant Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;98442 |
| &nbsp;&nbsp;&nbsp;&nbsp;3900 | American Business Bank | &nbsp;&nbsp;&nbsp;166296 |
| &nbsp;&nbsp;&nbsp;&nbsp;7600 | Ames National Corp. | &nbsp;&nbsp;&nbsp;135356 |
| &nbsp;&nbsp;&nbsp;&nbsp;2800 | Arrow Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;73976 |
| &nbsp;&nbsp;&nbsp;&nbsp;4650 | Atlanticus Holdings Corp.\* | &nbsp;&nbsp;&nbsp;254587 |
| &nbsp;&nbsp;&nbsp;&nbsp;8110 | Banco Latinoamericano de Comercio Exterior SA, Class E | &nbsp;&nbsp;&nbsp;326833 |
| &nbsp;&nbsp;&nbsp;&nbsp;2070 | Bank First Corp. | &nbsp;&nbsp;&nbsp;243536 |
| &nbsp;&nbsp;&nbsp;&nbsp;5220 | Bank7 Corp. | &nbsp;&nbsp;&nbsp;218353 |
| &nbsp;&nbsp;14400 | BankFinancial Corp. | &nbsp;&nbsp;&nbsp;166608 |
| &nbsp;&nbsp;&nbsp;&nbsp;7000 | Bankwell Financial Group, Inc. | &nbsp;&nbsp;&nbsp;252210 |
| &nbsp;&nbsp;&nbsp;&nbsp;6800 | Bar Harbor Bankshares | &nbsp;&nbsp;&nbsp;203728 |
| &nbsp;&nbsp;&nbsp;&nbsp;5300 | BayCom Corp. | &nbsp;&nbsp;&nbsp;146863 |
| &nbsp;&nbsp;10500 | BCB Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;88410 |
| 100000 | Beverly Hills Bancorp, Inc.\*,(a),(b),(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;&nbsp;&nbsp;3500 | BNCCORP, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;98525 |
| &nbsp;&nbsp;15290 | Bridgewater Bancshares, Inc.\* | &nbsp;&nbsp;&nbsp;243264 |
| &nbsp;&nbsp;10174 | Brookline Bancorp, Inc. | &nbsp;&nbsp;&nbsp;107336 |
| &nbsp;&nbsp;&nbsp;&nbsp;3076 | Burke & Herbert Financial Services Corp. | &nbsp;&nbsp;&nbsp;183729 |
| &nbsp;&nbsp;&nbsp;&nbsp;5500 | Business First Bancshares, Inc. | &nbsp;&nbsp;&nbsp;135575 |
| &nbsp;&nbsp;&nbsp;&nbsp;1700 | C&F Financial Corp. | &nbsp;&nbsp;&nbsp;104941 |
| &nbsp;&nbsp;&nbsp;&nbsp;3887 | California First Leasing Corp. | &nbsp;&nbsp;&nbsp;&nbsp;73076 |
| &nbsp;&nbsp;&nbsp;&nbsp;2100 | Camden National Corp. | &nbsp;&nbsp;&nbsp;&nbsp;85218 |
| &nbsp;&nbsp;&nbsp;&nbsp;6200 | Capital Bancorp, Inc. | &nbsp;&nbsp;&nbsp;208196 |
| &nbsp;&nbsp;&nbsp;&nbsp;6320 | Capital City Bank Group, Inc. | &nbsp;&nbsp;&nbsp;248692 |
| &nbsp;&nbsp;38000 | Capitol Bancorp Ltd.\*,(a),(b),(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;&nbsp;&nbsp;5700 | Carter Bankshares, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;98838 |
| &nbsp;&nbsp;&nbsp;&nbsp;4100 | Central Pacific Financial Corp. | &nbsp;&nbsp;&nbsp;114923 |
| &nbsp;&nbsp;&nbsp;&nbsp;6500 | CF Bankshares, Inc. | &nbsp;&nbsp;&nbsp;155805 |
| &nbsp;&nbsp;&nbsp;&nbsp;1900 | Chemung Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;92093 |
| &nbsp;&nbsp;12500 | Chicago Atlantic Real Estate Finance, Inc., REIT | &nbsp;&nbsp;&nbsp;174500 |
| &nbsp;&nbsp;&nbsp;&nbsp;2800 | ChoiceOne Financial Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;80360 |
| &nbsp;&nbsp;&nbsp;&nbsp;8200 | Citizens & Northern Corp. | &nbsp;&nbsp;&nbsp;155308 |
| &nbsp;&nbsp;&nbsp;&nbsp;6300 | Citizens Community Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;86940 |
| &nbsp;&nbsp;&nbsp;&nbsp;2782 | Citizens Financial Services, Inc. | &nbsp;&nbsp;&nbsp;163332 |
| &nbsp;&nbsp;10980 | Civista Bancshares, Inc. | &nbsp;&nbsp;&nbsp;254736 |
| &nbsp;&nbsp;&nbsp;&nbsp;8890 | CNB Financial Corp. | &nbsp;&nbsp;&nbsp;203225 |
| &nbsp;&nbsp;&nbsp;&nbsp;2270 | Coastal Financial Corp.\* | &nbsp;&nbsp;&nbsp;219895 |
| &nbsp;&nbsp;&nbsp;&nbsp;6600 | Colony Bankcorp, Inc. | &nbsp;&nbsp;&nbsp;108702 |
| &nbsp;&nbsp;&nbsp;&nbsp;9808 | Community West Bancshares | &nbsp;&nbsp;&nbsp;191354 |
| &nbsp;&nbsp;&nbsp;&nbsp;5071 | ConnectOne Bancorp, Inc. | &nbsp;&nbsp;&nbsp;117444 |
| &nbsp;&nbsp;67371 | Consumer Portfolio Services, Inc.\* | &nbsp;&nbsp;&nbsp;662257 |
| &nbsp;&nbsp;10600 | Crescent Capital BDC, Inc. | &nbsp;&nbsp;&nbsp;149460 |
| &nbsp;&nbsp;&nbsp;&nbsp;8218 | Dime Community Bancshares, Inc. | &nbsp;&nbsp;&nbsp;221393 |
| &nbsp;&nbsp;&nbsp;&nbsp;5200 | Donegal Group, Inc., Class A | &nbsp;&nbsp;&nbsp;104130 |
| &nbsp;&nbsp;13700 | Ellington Credit Co., REIT | &nbsp;&nbsp;&nbsp;&nbsp;78775 |
| &nbsp;&nbsp;&nbsp;&nbsp;8000 | Embassy Bancorp, Inc. | &nbsp;&nbsp;&nbsp;129360 |
| &nbsp;&nbsp;&nbsp;&nbsp;3010 | Enova International, Inc.\* | &nbsp;&nbsp;&nbsp;335675 |
| &nbsp;&nbsp;&nbsp;&nbsp;6270 | Enterprise Bancorp, Inc. | &nbsp;&nbsp;&nbsp;248543 |

---

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC Microcap Value Fund (cont.)

------

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| &nbsp;&nbsp;1738 | Enterprise Financial Services Corp. | &nbsp;&nbsp;$95764 |
| &nbsp;&nbsp;4700 | Equity Bancshares, Inc., Class A | &nbsp;&nbsp;&nbsp;191760 |
| &nbsp;&nbsp;1990 | Esquire Financial Holdings, Inc. | &nbsp;&nbsp;&nbsp;188373 |
| &nbsp;&nbsp;6800 | ESSA Bancorp, Inc. | &nbsp;&nbsp;&nbsp;131920 |
| 12400 | EZCORP, Inc., Class A\* | &nbsp;&nbsp;&nbsp;172112 |
| &nbsp;&nbsp;3600 | Farmers & Merchants Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;91008 |
| 13950 | Farmers National Banc Corp. | &nbsp;&nbsp;&nbsp;192371 |
| &nbsp;&nbsp;2610 | Federal Agricultural Mortgage Corp., Class C | &nbsp;&nbsp;&nbsp;507071 |
| &nbsp;&nbsp;2800 | Fidelity D&D Bancorp, Inc. | &nbsp;&nbsp;&nbsp;128800 |
| &nbsp;&nbsp;4400 | Fidus Investment Corp. | &nbsp;&nbsp;&nbsp;&nbsp;88880 |
| &nbsp;&nbsp;5900 | Financial Institutions, Inc. | &nbsp;&nbsp;&nbsp;151512 |
| &nbsp;&nbsp;6700 | First Bancorp, Inc. (The) | &nbsp;&nbsp;&nbsp;170247 |
| 10400 | First Bank | &nbsp;&nbsp;&nbsp;160888 |
| &nbsp;&nbsp;6700 | First Business Financial Services, Inc. | &nbsp;&nbsp;&nbsp;339422 |
| &nbsp;&nbsp;5810 | First Community Bankshares, Inc. | &nbsp;&nbsp;&nbsp;227578 |
| &nbsp;&nbsp;6400 | First Community Corp. | &nbsp;&nbsp;&nbsp;156032 |
| &nbsp;&nbsp;5810 | First Financial Corp. | &nbsp;&nbsp;&nbsp;314844 |
| 10000 | First Financial Northwest, Inc.\*,(b),(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5600 |
| &nbsp;&nbsp;7040 | First Internet Bancorp | &nbsp;&nbsp;&nbsp;189376 |
| 38000 | First Place Financial Corp.\*,(a),(b),(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| 10100 | First Reliance Bancshares, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;96960 |
| &nbsp;&nbsp;5400 | First Savings Financial Group, Inc. | &nbsp;&nbsp;&nbsp;135216 |
| &nbsp;&nbsp;3800 | First United Corp. | &nbsp;&nbsp;&nbsp;117838 |
| &nbsp;&nbsp;6600 | First Western Financial, Inc.\* | &nbsp;&nbsp;&nbsp;148896 |
| &nbsp;&nbsp;3200 | Five Star Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;91328 |
| &nbsp;&nbsp;6500 | Flushing Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;77220 |
| &nbsp;&nbsp;6380 | FS Bancorp, Inc. | &nbsp;&nbsp;&nbsp;251244 |
| 13250 | FVCBankcorp, Inc.\* | &nbsp;&nbsp;&nbsp;156350 |
| &nbsp;&nbsp;9110 | GCM Grosvenor, Inc., Class A | &nbsp;&nbsp;&nbsp;105312 |
| &nbsp;&nbsp;5500 | Gladstone Capital Corp. | &nbsp;&nbsp;&nbsp;148335 |
| 10200 | Gladstone Investment Corp. | &nbsp;&nbsp;&nbsp;145554 |
| &nbsp;&nbsp;6620 | Guaranty Bancshares, Inc. | &nbsp;&nbsp;&nbsp;280953 |
| &nbsp;&nbsp;6500 | Guild Holdings Co., Class A | &nbsp;&nbsp;&nbsp;128505 |
| 11080 | Hanmi Financial Corp. | &nbsp;&nbsp;&nbsp;273454 |
| &nbsp;&nbsp;8800 | HarborOne Bancorp, Inc. | &nbsp;&nbsp;&nbsp;102784 |
| &nbsp;&nbsp;3500 | Hawthorn Bancshares, Inc. | &nbsp;&nbsp;&nbsp;101990 |
| 11510 | HBT Financial, Inc. | &nbsp;&nbsp;&nbsp;290167 |
| 13600 | Heritage Commerce Corp. | &nbsp;&nbsp;&nbsp;135048 |
| 12200 | Heritage Insurance Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;304268 |
| &nbsp;&nbsp;&nbsp;&nbsp;700 | Hingham Institution for Savings (The) | &nbsp;&nbsp;&nbsp;173845 |
| &nbsp;&nbsp;5000 | Home Bancorp, Inc. | &nbsp;&nbsp;&nbsp;258900 |
| &nbsp;&nbsp;7630 | HomeTrust Bancshares, Inc. | &nbsp;&nbsp;&nbsp;285438 |
| &nbsp;&nbsp;9000 | I3 Verticals, Inc., Class A\* | &nbsp;&nbsp;&nbsp;247320 |
| &nbsp;&nbsp;8110 | Independent Bank Corp. | &nbsp;&nbsp;&nbsp;262845 |
| 13690 | Invesco Mortgage Capital, Inc., REIT | &nbsp;&nbsp;&nbsp;107330 |
| &nbsp;&nbsp;8500 | Investar Holding Corp. | &nbsp;&nbsp;&nbsp;164220 |
| &nbsp;&nbsp;3073 | Investors Title Co. | &nbsp;&nbsp;&nbsp;649325 |
| 11290 | KKR Real Estate Finance Trust, Inc., REIT | &nbsp;&nbsp;&nbsp;&nbsp;99013 |

---

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC Microcap Value Fund (cont.)

------

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| &nbsp;&nbsp;6400 | LCNB Corp. | &nbsp;&nbsp;$92992 |
| &nbsp;&nbsp;5900 | MainStreet Bancshares, Inc. | &nbsp;&nbsp;&nbsp;111510 |
| 38700 | Manhattan Bridge Capital, Inc., REIT | &nbsp;&nbsp;&nbsp;211689 |
| &nbsp;&nbsp;5950 | MarketWise, Inc. | &nbsp;&nbsp;&nbsp;117751 |
| 16700 | Medallion Financial Corp. | &nbsp;&nbsp;&nbsp;159151 |
| &nbsp;&nbsp;4840 | Mercantile Bank Corp. | &nbsp;&nbsp;&nbsp;224624 |
| &nbsp;&nbsp;6160 | Merchants Bancorp | &nbsp;&nbsp;&nbsp;203711 |
| 13000 | Meridian Corp. | &nbsp;&nbsp;&nbsp;167570 |
| &nbsp;&nbsp;7510 | Metrocity Bankshares, Inc. | &nbsp;&nbsp;&nbsp;214636 |
| &nbsp;&nbsp;4820 | Metropolitan Bank Holding Corp.\* | &nbsp;&nbsp;&nbsp;337400 |
| &nbsp;&nbsp;5500 | Mid Penn Bancorp, Inc. | &nbsp;&nbsp;&nbsp;155100 |
| &nbsp;&nbsp;4100 | Middlefield Banc Corp. | &nbsp;&nbsp;&nbsp;123451 |
| &nbsp;&nbsp;6410 | Midland States Bancorp, Inc. | &nbsp;&nbsp;&nbsp;111021 |
| &nbsp;&nbsp;3900 | MidWestOne Financial Group, Inc. | &nbsp;&nbsp;&nbsp;112203 |
| &nbsp;&nbsp;7200 | MVB Financial Corp. | &nbsp;&nbsp;&nbsp;162216 |
| &nbsp;&nbsp;6200 | National Bankshares, Inc. | &nbsp;&nbsp;&nbsp;168640 |
| &nbsp;&nbsp;2104 | NBT Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;87421 |
| &nbsp;&nbsp;9590 | NerdWallet, Inc., Class A\* | &nbsp;&nbsp;&nbsp;105202 |
| 14000 | NewtekOne, Inc. | &nbsp;&nbsp;&nbsp;157920 |
| &nbsp;&nbsp;4940 | Northeast Bank | &nbsp;&nbsp;&nbsp;439611 |
| 13000 | Northeast Community Bancorp, Inc. | &nbsp;&nbsp;&nbsp;302185 |
| &nbsp;&nbsp;9700 | Northfield Bancorp, Inc. | &nbsp;&nbsp;&nbsp;111356 |
| &nbsp;&nbsp;5100 | Northrim BanCorp, Inc. | &nbsp;&nbsp;&nbsp;475626 |
| 27180 | Northwest Bancshares, Inc. | &nbsp;&nbsp;&nbsp;347360 |
| &nbsp;&nbsp;2900 | Oak Valley Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;78996 |
| &nbsp;&nbsp;7560 | OFG Bancorp | &nbsp;&nbsp;&nbsp;323568 |
| 18180 | Old Second Bancorp, Inc. | &nbsp;&nbsp;&nbsp;322513 |
| &nbsp;&nbsp;2600 | Onity Group, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;99242 |
| 13200 | OP Bancorp | &nbsp;&nbsp;&nbsp;171468 |
| &nbsp;&nbsp;8470 | Oppenheimer Holdings, Inc., Class A | &nbsp;&nbsp;&nbsp;557072 |
| &nbsp;&nbsp;5660 | Orange County Bancorp, Inc. | &nbsp;&nbsp;&nbsp;146254 |
| 12625 | Orrstown Financial Services, Inc. | &nbsp;&nbsp;&nbsp;401854 |
| &nbsp;&nbsp;8500 | Pacific Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;90865 |
| &nbsp;&nbsp;9900 | Palmer Square Capital BDC, Inc. | &nbsp;&nbsp;&nbsp;138204 |
| &nbsp;&nbsp;9300 | Parke Bancorp, Inc. | &nbsp;&nbsp;&nbsp;189441 |
| &nbsp;&nbsp;6600 | PCB Bancorp | &nbsp;&nbsp;&nbsp;138468 |
| &nbsp;&nbsp;5500 | Peapack-Gladstone Financial Corp. | &nbsp;&nbsp;&nbsp;155375 |
| 24100 | PennantPark Investment Corp.\* | &nbsp;&nbsp;&nbsp;164844 |
| &nbsp;&nbsp;3700 | Penns Woods Bancorp, Inc. | &nbsp;&nbsp;&nbsp;112332 |
| &nbsp;&nbsp;4100 | Peoples Bancorp of North Carolina, Inc. | &nbsp;&nbsp;&nbsp;118285 |
| 12398 | Peoples Bancorp, Inc. | &nbsp;&nbsp;&nbsp;378635 |
| &nbsp;&nbsp;3900 | Peoples Financial Services Corp. | &nbsp;&nbsp;&nbsp;192543 |
| &nbsp;&nbsp;7300 | Pinnacle Bank/Gilroy CA\* | &nbsp;&nbsp;&nbsp;146000 |
| &nbsp;&nbsp;2000 | Plumas Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;88920 |
| &nbsp;&nbsp;9900 | Ponce Financial Group, Inc.\* | &nbsp;&nbsp;&nbsp;137016 |
| &nbsp;&nbsp;7060 | PRA Group, Inc.\* | &nbsp;&nbsp;&nbsp;104135 |
| 13400 | Primis Financial Corp. | &nbsp;&nbsp;&nbsp;145390 |
| &nbsp;&nbsp;5500 | Princeton Bancorp, Inc. | &nbsp;&nbsp;&nbsp;167970 |
| &nbsp;&nbsp;5360 | Private Bancorp of America, Inc.\* | &nbsp;&nbsp;&nbsp;290619 |

---

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC Microcap Value Fund (cont.)

------

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| &nbsp;&nbsp;7600 | Provident Bancorp, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$94924 |
| &nbsp;&nbsp;8700 | Provident Financial Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134850 |
| &nbsp;&nbsp;5070 | Provident Financial Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88877 |
| 10610 | RBB Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182598 |
| &nbsp;&nbsp;3700 | Red River Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217190 |
| 13360 | Regional Management Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390246 |
| 19100 | Riverview Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105050 |
| &nbsp;&nbsp;3050 | S&T Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115351 |
| &nbsp;&nbsp;5420 | Safety Insurance Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;430294 |
| &nbsp;&nbsp;3400 | Saratoga Investment Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84320 |
| &nbsp;&nbsp;6300 | SB Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120330 |
| 11025 | Security National Financial Corp., Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108596 |
| 17700 | Seven Hills Realty Trust, REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213639 |
| 11000 | Shore Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172920 |
| &nbsp;&nbsp;8660 | Sierra Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;257115 |
| &nbsp;&nbsp;7010 | Silvercrest Asset Management Group, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111179 |
| 10600 | SmartFinancial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;358068 |
| &nbsp;&nbsp;6300 | South Atlantic Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100737 |
| &nbsp;&nbsp;9030 | South Plains Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325441 |
| &nbsp;&nbsp;5900 | Southern First Bancshares, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224377 |
| &nbsp;&nbsp;4410 | Southern Missouri Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241580 |
| &nbsp;&nbsp;3000 | Southern States Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109110 |
| &nbsp;&nbsp;9300 | Stellus Capital Investment Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129642 |
| &nbsp;&nbsp;3280 | Stewart Information Services Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213528 |
| 12200 | SWK Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179828 |
| &nbsp;&nbsp;4700 | Third Coast Bancshares, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153549 |
| &nbsp;&nbsp;6900 | Timberland Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215280 |
| &nbsp;&nbsp;5400 | Tiptree, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127332 |
| &nbsp;&nbsp;9300 | United Security Bancshares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80445 |
| 19000 | United Western Bancorp, Inc.\*,(a),(b),(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;5650 | Unity Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;266002 |
| &nbsp;&nbsp;4500 | Universal Insurance Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124785 |
| &nbsp;&nbsp;5400 | Velocity Financial, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100116 |
| 14800 | Waterstone Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204388 |
| &nbsp;&nbsp;5719 | WesBanco, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180892 |
| &nbsp;&nbsp;9660 | West BanCorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189626 |
| 26300 | Western New England Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242749 |
| &nbsp;&nbsp;6880 | Westwood Holdings Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107328 |
| &nbsp;&nbsp;&nbsp;&nbsp;756 | Wintrust Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93729 |
|  |  | &nbsp;&nbsp;&nbsp;33987111 |
| **Health Care — 2.6%** | **Health Care — 2.6%** |  |
| 31400 | Biote Corp., Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126228 |
| &nbsp;&nbsp;8300 | Castle Biosciences, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169486 |
| 57600 | DocGo, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90432 |
| 10600 | Embecta Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102714 |
| 17700 | FONAR Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264792 |
| &nbsp;&nbsp;2500 | Kewaunee Scientific Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146750 |

---

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC Microcap Value Fund (cont.)

------

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| 45300 | Oramed Pharmaceuticals, Inc.\* | &nbsp;&nbsp;&nbsp;$101925 |
| 51200 | Organogenesis Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187392 |
| &nbsp;&nbsp;5500 | Pacira BioSciences, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131450 |
| 40000 | Precision BioSciences, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168000 |
| 71800 | Puma Biotechnology, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246274 |
| &nbsp;&nbsp;3900 | Rigel Pharmaceuticals, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73047 |
| &nbsp;&nbsp;3300 | Semler Scientific, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127842 |
| 29100 | Sensus Healthcare, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137934 |
| 17030 | SIGA Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111036 |
| &nbsp;&nbsp;6100 | Simulations Plus, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106445 |
| 12290 | Tactile Systems Technology, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124620 |
| &nbsp;&nbsp;1890 | Utah Medical Products, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107579 |
| 29690 | Viemed Healthcare, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205158 |
|  |  | &nbsp;&nbsp;&nbsp;2729104 |
| **Industrials — 19.5%** | **Industrials — 19.5%** |  |
| 11020 | Acme United Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;456779 |
| 22300 | AirJoule Technologies Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103249 |
| &nbsp;&nbsp;6500 | Allient Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236015 |
| 17400 | Ameresco, Inc., Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264306 |
| &nbsp;&nbsp;9500 | Aris Water Solutions, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224675 |
| 14500 | BGSF, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92365 |
| &nbsp;&nbsp;5660 | BlueLinx Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;420991 |
| &nbsp;&nbsp;3720 | Bowman Consulting Group Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106950 |
| 45400 | Broadwind Energy, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82174 |
| 10678 | Cenveo, Inc.\*,(a),(b),(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;6500 | Civeo Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150085 |
| &nbsp;&nbsp;9500 | Columbus McKinnon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145065 |
| 84600 | Commercial Vehicle Group, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140436 |
| 27344 | CompX International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;726530 |
| 36920 | Concrete Pumping Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227058 |
| 36000 | Conduent, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95040 |
| &nbsp;&nbsp;8660 | Costamare Bulkers Holdings Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75082 |
| 43300 | Costamare, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;394463 |
| 23580 | Covenant Logistics Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;568514 |
| 15600 | CPI Aerostructures, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54600 |
| 22130 | DLH Holdings Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129239 |
| 26760 | Ducommun, Inc.\* | &nbsp;&nbsp;&nbsp;2211179 |
| &nbsp;&nbsp;2400 | DXP Enterprises, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210360 |
| 21655 | Eastern Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;494167 |
| 27960 | Ennis, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;507194 |
| 14690 | Espey Mfg. & Electronics Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;671480 |
| &nbsp;&nbsp;8700 | EVI Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189921 |
| 14000 | Genco Shipping & Trading Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182980 |
| 14500 | Gencor Industries, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203000 |
| 18900 | Great Lakes Dredge & Dock Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230391 |
| &nbsp;&nbsp;8810 | Greenbrier Cos., Inc. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;405701 |
| 34250 | Hudson Technologies, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;278110 |
| &nbsp;&nbsp;5200 | IBEX Holdings Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151320 |

---

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC Microcap Value Fund (cont.)

------

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| 10700 | Insteel Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;$398147 |
| 10600 | Interface, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221858 |
| 10700 | Kelly Services, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125297 |
| &nbsp;&nbsp;5580 | L B Foster Co., Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122035 |
| &nbsp;&nbsp;2140 | Limbach Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;299814 |
| 25350 | LSI Industries, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;431203 |
| 17140 | Luxfer Holdings Plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208765 |
| 14600 | Manitowoc Co., Inc. (The)\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175492 |
| &nbsp;&nbsp;8940 | Marten Transport Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116131 |
| 18000 | Mastech Digital, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129060 |
| 17320 | Mayville Engineering Co., Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276427 |
| 20889 | Miller Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;928725 |
| 14920 | Mistras Group, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119509 |
| &nbsp;&nbsp;5270 | National Presto Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;516249 |
| 25620 | NL Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163968 |
| 12010 | NWPX Infrastructure, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;492530 |
| 11600 | Park Aerospace Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171332 |
| &nbsp;&nbsp;5320 | Park-Ohio Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95015 |
| 10900 | Perma-Pipe International Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249283 |
| &nbsp;&nbsp;3320 | Preformed Line Products Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;530569 |
| 14500 | Quanex Building Products Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;274050 |
| 58570 | Radiant Logistics, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;356106 |
| 13200 | Resources Connection, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70884 |
| 44400 | Safe Bulkers, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160284 |
| 60300 | Shoals Technologies Group, Inc., Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256275 |
| 10540 | Sun Country Airlines Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123845 |
| &nbsp;&nbsp;6600 | Taylor Devices, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286440 |
| 14800 | Titan Machinery, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;293188 |
| 21860 | Twin Disc, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193024 |
| 32140 | Ultralife Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288617 |
| &nbsp;&nbsp;4270 | Universal Logistics Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108373 |
| 16980 | Virco Mfg. Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135500 |
| 23900 | VirTra, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168973 |
| &nbsp;&nbsp;1200 | VSE Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157176 |
| &nbsp;&nbsp;1600 | Willdan Group, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100016 |
| 10118 | Willis Lease Finance Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1444648 |
|  |  | &nbsp;&nbsp;&nbsp;20618227 |
| **Information Technology — 7.3%** | **Information Technology — 7.3%** |  |
| 34000 | Amtech Systems, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150960 |
| 17700 | AstroNova, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205143 |
| &nbsp;&nbsp;5950 | Aviat Networks, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143097 |
| 11560 | Bel Fuse, Inc., Class B | &nbsp;&nbsp;&nbsp;&nbsp;1129296 |
| &nbsp;&nbsp;3300 | BK Technologies Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155529 |
| 15800 | Coda Octopus Group, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129244 |
| 22000 | CompoSecure, Inc., Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;309980 |
| &nbsp;&nbsp;6860 | Consensus Cloud Solutions, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158192 |
| &nbsp;&nbsp;8600 | CoreCard Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249142 |

---

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC Microcap Value Fund (cont.)

------

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| &nbsp;&nbsp;7600 | CPI Card Group, Inc.\* | &nbsp;&nbsp;&nbsp;$180272 |
| 29800 | Crexendo, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180886 |
| &nbsp;&nbsp;4050 | CTS Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172570 |
| 44800 | Data Storage Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155456 |
| &nbsp;&nbsp;5750 | Digi International, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200445 |
| 32600 | Eastman Kodak Co.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184190 |
| &nbsp;&nbsp;3580 | ePlus, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;258118 |
| 32800 | Everspin Technologies, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206312 |
| &nbsp;&nbsp;3200 | Frequency Electronics, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72672 |
| 44840 | Immersion Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;353339 |
| 23300 | Information Services Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111840 |
| 17400 | Inseego Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143376 |
| 20500 | inTEST Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149240 |
| 25460 | Kimball Electronics, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;489596 |
| 11010 | Mitek Systems, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108999 |
| &nbsp;&nbsp;8600 | NETGEAR, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250002 |
| 12900 | Nortech Systems, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114423 |
| &nbsp;&nbsp;9020 | PC Connection, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;593336 |
| 23430 | Photronics, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;441187 |
| &nbsp;&nbsp;8330 | RADCOM Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113205 |
| 20020 | Vishay Precision Group, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;562562 |
|  |  | &nbsp;&nbsp;&nbsp;7672609 |
| **Materials — 2.9%** | **Materials — 2.9%** |  |
| &nbsp;&nbsp;4840 | AdvanSix, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114950 |
| 21800 | Aspen Aerogels, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129056 |
| 37000 | Blue Earth Refineries, Inc.\*,(a),(b),(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;3900 | Clearwater Paper Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106236 |
| 22080 | Core Molding Technologies, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;366307 |
| &nbsp;&nbsp;9500 | Flotek Industries, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140220 |
| 31600 | Fortitude Gold Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113128 |
| 22000 | Friedman Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;364320 |
| &nbsp;&nbsp;6880 | Koppers Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221192 |
| 14700 | LSB Industries, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114660 |
| 13100 | Mativ Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89342 |
| &nbsp;&nbsp;6700 | Metallus, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103247 |
| &nbsp;&nbsp;9800 | Myers Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142002 |
| 12430 | Olympic Steel, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;405094 |
| &nbsp;&nbsp;&nbsp;&nbsp;391 | Ramaco Resources, Inc., Class B\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3197 |
| 15800 | Ramaco Resources, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207612 |
| &nbsp;&nbsp;4700 | Ryerson Holding Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101379 |
| 17000 | SunCoke Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146030 |
| 12260 | Tredegar Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107888 |
| &nbsp;&nbsp;4500 | Valhi, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72720 |
|  |  | &nbsp;&nbsp;&nbsp;3048580 |
| **Real Estate — 4.3%** | **Real Estate — 4.3%** |  |
| &nbsp;&nbsp;8870 | Alpine Income Property Trust, Inc., REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130478 |
| 14390 | AMREP Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301183 |

---

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC Microcap Value Fund (cont.)

------

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| 14840 | Armada Hoffler Properties, Inc., REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$101951 |
| &nbsp;&nbsp;5000 | BRT Apartments Corp., REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78200 |
| 38400 | Comstock Holding Cos., Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;387456 |
| 11800 | CTO Realty Growth, Inc., REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203668 |
| 26500 | Farmland Partners, Inc., REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305015 |
| 53000 | Five Point Holdings LLC, Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;291500 |
| 10700 | FRP Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287723 |
| 11242 | Getty Realty Corp., REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310729 |
| 14960 | Global Medical REIT, Inc., REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103673 |
| 12120 | Newlake Capital Partners, Inc., REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175255 |
| 26652 | One Liberty Properties, Inc., REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;635917 |
| 16290 | Postal Realty Trust, Inc., REIT, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239952 |
| 12260 | RE/MAX Holdings, Inc., Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100287 |
| &nbsp;&nbsp;6390 | RMR Group, Inc. (The), Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104476 |
| &nbsp;&nbsp;8160 | SITE Centers Corp., REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92289 |
| &nbsp;&nbsp;5400 | Tejon Ranch Co.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91584 |
| 46390 | Whitestone, REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;578947 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4520283 |
| **Utilities — 1.3%** | **Utilities — 1.3%** |  |
| &nbsp;&nbsp;3350 | Artesian Resources Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112426 |
| 10900 | Genie Energy Ltd., Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;292992 |
| 22260 | Pure Cycle Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238627 |
| &nbsp;&nbsp;5160 | RGC Resources, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115481 |
| 11366 | Unitil Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;592737 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1352263 |
| **Total Common Stocks** | **Total Common Stocks** | &nbsp;&nbsp;&nbsp;**101485121** |
| (Cost $80,465,415) | (Cost $80,465,415) |  |
| **Exchange Traded Funds — 1.9%** | **Exchange Traded Funds — 1.9%** |  |
| 16220 | iShares Russell Microcap Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2070645 |
| **Total Exchange Traded Funds** | **Total Exchange Traded Funds** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2070645** |
| (Cost $1,839,028) | (Cost $1,839,028) |  |
| **Rights/Warrants — 0.00%** | **Rights/Warrants — 0.00%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;568 | Chord Energy Corp, \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;369 |
| &nbsp;&nbsp;8600 | LGL Group, Inc. (The), Warrants, Expire 11/16/25\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4988 |
| **Total Rights/Warrants** | **Total Rights/Warrants** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5357** |
| (Cost $25,047) | (Cost $25,047) |  |

---

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC Microcap Value Fund (cont.)

------

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Principal<br> Amount** |  | **Value** |
| **Corporate Bonds — 0.00%** | **Corporate Bonds — 0.00%** |  |
| **Financial — 0.00%** | **Financial — 0.00%** |  |
| $1947 | Trenwick America Corp., 0.00%, (a),(b),(c) | $0 |
| &nbsp;&nbsp;1055 | Trenwick America Corp., 0.00%, (a),(b),(c) | &nbsp;&nbsp;&nbsp;0 |
|  |  | &nbsp;&nbsp;&nbsp;0 |
| **Total Corporate Bonds** | **Total Corporate Bonds** | &nbsp;&nbsp;&nbsp;**0** |
| (Cost $0) | (Cost $0) |  |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  |  |
| **Investment Company — 1.9%** | **Investment Company — 1.9%** |  |
| 1972510 | RBC BlueBay U.S. Government Money Market Fund,<br> Institutional Class 1(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1972510 |
| **Total Investment Company** | **Total Investment Company** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1972510** |
| (Cost $1,972,510) | (Cost $1,972,510) |  |
| **Total Investments** | **Total Investments** | **$105533633** |
| (Cost $84,302,000) — 100.0% | (Cost $84,302,000) — 100.0% |  |
| **Liabilities in excess of other assets — (0.0)%** | **Liabilities in excess of other assets — (0.0)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(39063)** |
| **NET ASSETS — 100.0%** | **NET ASSETS — 100.0%** | **$105494570** |

---

------

\* Non-income producing security.

(a) Security delisted or issuer in bankruptcy.

(b) The Pricing Committee has fair valued this security under procedures established by the Fund's Board of Trustees.

(c) Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

(d) Affiliated investment.

Abbreviations used are defined below: <br> REIT - Real Estate Investment Trust

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** RBC Funds Trust

- **b. Investment Company Act file number:** 811-21475

- **c. CIK number of Registrant:** 0001272950

- **d. LEI of Registrant:** 549300456VUEP58RCU35

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

  - **Street Address 1:** 250 Nicollet Mall

  - **City:** Minneapolis

  - **State:** MN

  - **Foreign country:** US

  - **Zip / Postal Code:** 55401

  - **Telephone number:** 612-376-7000

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

- **a. Name of Series:** RBC Microcap Value Fund

- **b. EDGAR series identifier (if any):** S000001814

- **c. LEI of Series:** 549300KJX0MVNYUV4N32

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

- **a. Date of fiscal year-end:** 2025-09-30

- **b. Date as of which information is reported:** 2025-06-30

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $105666754.96

**Total Liabilities:** $148205.28

**Net Assets:** $105518549.68

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000004750 | -2.36%               | 5.20%                | 4.82%                |
| Class ID C000004753 | -2.32%               | 5.25%                | 4.83%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $867458.58               | $-3474297.09                               |
| Month 2  | $35033.00                | $4761136.03                                |
| Month 3  | $2987467.64              | $1742063.84                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| NCS Multistage Holdings Inc                 | NCS Multistage Holdings Inc                   | CUSIP: 628877201<br>LEI: 5493003WLG5T6MNJ7292 | Long             | EC               | CORP              | US        |      8000 | NS      | $236240.00    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Olympic Steel Inc                           | Olympic Steel Inc                             | CUSIP: 68162K106<br>LEI: 549300GQ061U6N6KWJ49 | Long             | EC               | CORP              | US        |     12430 | NS      | $405093.70    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Eastman Kodak Co                            | Eastman Kodak Co                              | CUSIP: 277461406<br>LEI: 549300P7J8F3SSMY3E81 | Long             | EC               | CORP              | US        |     32600 | NS      | $184190.00    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| National Energy Services Reuni              | National Energy Services Reunited Corp        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     17860 | NS      | $107517.20    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Travelzoo                                   | Travelzoo                                     | CUSIP: 89421Q205<br>LEI: 5493003SM75HBCOOU310 | Long             | EC               | CORP              | US        |      8300 | NS      | $105659.00    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Atlantic Real Estate F              | Chicago Atlantic Real Estate Finance Inc      | CUSIP: 167239102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     12500 | NS      | $174500.00    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Unity Bancorp Inc                           | Unity Bancorp Inc                             | CUSIP: 913290102<br>LEI: 549300Q90ZRNUR65PL93 | Long             | EC               | CORP              | US        |      5650 | NS      | $266002.00    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| TETRA Technologies Inc                      | TETRA Technologies Inc                        | CUSIP: 88162F105<br>LEI: 549300T5W131705EK832 | Long             | EC               | CORP              | US        |     51200 | NS      | $172032.00    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Standard Motor Products Inc                 | Standard Motor Products Inc                   | CUSIP: 853666105<br>LEI: THGK1EO5B5HK0JHQVZ90 | Long             | EC               | CORP              | US        |     15260 | NS      | $468787.20    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Legacy Housing Corp                         | Legacy Housing Corp                           | CUSIP: 52472M101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     17580 | NS      | $398362.80    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Primis Financial Corp                       | Primis Financial Corp                         | CUSIP: 74167B109<br>LEI: 549300JNX3M2EENG1F11 | Long             | EC               | CORP              | US        |     13400 | NS      | $145390.00    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| DLH Holdings Corp                           | DLH Holdings Corp                             | CUSIP: 23335Q100<br>LEI: 549300KRYPLQFKWVTE62 | Long             | EC               | CORP              | US        |     22130 | NS      | $129239.20    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Epsilon Energy Ltd                          | Epsilon Energy Ltd                            | CUSIP: 294375209<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     27120 | NS      | $200145.60    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Timberland Bancorp Inc/WA                   | Timberland Bancorp Inc/WA                     | CUSIP: 887098101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6900 | NS      | $215280.00    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Coda Octopus Group Inc                      | Coda Octopus Group Inc                        | CUSIP: 19188U206<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     15800 | NS      | $129244.00    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Guaranty Bancshares Inc/TX                  | Guaranty Bancshares Inc/TX                    | CUSIP: 400764106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6620 | NS      | $280952.80    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Kid Brands Inc                              | Kid Brands Inc                                | CUSIP: 49375T100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     23500 | NS      | $2.35         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Pinnacle Bank/Gilroy CA                     | Pinnacle Bank/Gilroy CA                       | CUSIP: 72346K107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      7300 | NS      | $146000.00    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| MarketWise Inc                              | MarketWise Inc                                | CUSIP: 57064P206<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5950 | NS      | $117750.50    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Cars.com Inc                                | Cars.com Inc                                  | CUSIP: 14575E105<br>LEI: 5493002G6J07LNGX4M98 | Long             | EC               | CORP              | US        |      9310 | NS      | $110323.50    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| LGL GROUP INC/THE                           | LGL GROUP INC                                 | CUSIP: 50186A132<br>LEI: 5493005MPYH70BZ7T366 | N/A              | DE               | CORP              | US        |      8600 | NC      | $4988.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Gray Media Inc                              | Gray Media Inc                                | CUSIP: 389375106<br>LEI: 529900TM5726KDN7UU35 | Long             | EC               | CORP              | US        |     48000 | NS      | $217440.00    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| KKR Real Estate Finance Trust               | KKR Real Estate Finance Trust Inc             | CUSIP: 48251K100<br>LEI: 549300K23AYZDZ2REL62 | Long             | EC               | CORP              | US        |     11290 | NS      | $99013.30     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Crown Crafts Inc                            | Crown Crafts Inc                              | CUSIP: 228309100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     41500 | NS      | $119105.00    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Gulf Island Fabrication Inc                 | Gulf Island Fabrication Inc                   | CUSIP: 402307102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     30000 | NS      | $199500.00    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson Outdoors Inc                        | Johnson Outdoors Inc                          | CUSIP: 479167108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2540 | NS      | $76885.80     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| RBC BlueBay US Government Money Market Fund | RBC BlueBay US Government Money Market Fund   | CUSIP: 74926P696<br>LEI: 549300RFDC5U7WLJKO50 | Long             | STIV             | RF                | US        |   1972510 | NS      | $1972509.83   | 1.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Greenbrier Cos Inc/The                      | Greenbrier Cos Inc/The                        | CUSIP: 393657101<br>LEI: 5493001GAGGFR30BP390 | Long             | EC               | CORP              | US        |      8810 | NS      | $405700.50    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| BNCCORP Inc                                 | BNCCORP Inc                                   | CUSIP: 055936108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3500 | NS      | $98525.00     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Merchants Bancorp/IN                        | Merchants Bancorp/IN                          | CUSIP: 58844R108<br>LEI: 54930008Y0GPVLF81889 | Long             | EC               | CORP              | US        |      6160 | NS      | $203711.20    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| RBB Bancorp                                 | RBB Bancorp                                   | CUSIP: 74930B105<br>LEI: 549300A23FBFZNGET525 | Long             | EC               | CORP              | US        |     10610 | NS      | $182598.10    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Precision BioSciences Inc                   | Precision BioSciences Inc                     | CUSIP: 74019P207<br>LEI: 549300I5QGRS3BLHZH41 | Long             | EC               | CORP              | US        |     40000 | NS      | $168000.00    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Bar Harbor Bankshares                       | Bar Harbor Bankshares                         | CUSIP: 066849100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6800 | NS      | $203728.00    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Immersion Corp                              | Immersion Corp                                | CUSIP: 452521107<br>LEI: 529900AKNC1UAMQ2YB35 | Long             | EC               | CORP              | US        |     44840 | NS      | $353339.20    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| NBT Bancorp Inc                             | NBT Bancorp Inc                               | CUSIP: 628778102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2104 | NS      | $87421.20     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Ryerson Holding Corp                        | Ryerson Holding Corp                          | CUSIP: 783754104<br>LEI: 549300JMA41B3ZHOVE45 | Long             | EC               | CORP              | US        |      4700 | NS      | $101379.00    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Saga Communications Inc                     | Saga Communications Inc                       | CUSIP: 786598300<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     21400 | NS      | $278200.00    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Investors Title Co                          | Investors Title Co                            | CUSIP: 461804106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3073 | NS      | $649324.90    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Old Second Bancorp Inc                      | Old Second Bancorp Inc                        | CUSIP: 680277100<br>LEI: 549300XVJC1MPUT81C04 | Long             | EC               | CORP              | US        |     18180 | NS      | $322513.20    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| RGC Resources Inc                           | RGC Resources Inc                             | CUSIP: 74955L103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5160 | NS      | $115480.80    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Hanmi Financial Corp                        | Hanmi Financial Corp                          | CUSIP: 410495204<br>LEI: 549300MSZ7RCG7EA6587 | Long             | EC               | CORP              | US        |     11080 | NS      | $273454.40    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Coastal Financial Corp/WA                   | Coastal Financial Corp/WA                     | CUSIP: 19046P209<br>LEI: 549300XG5L36T6IU0B47 | Long             | EC               | CORP              | US        |      2270 | NS      | $219894.90    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| NerdWallet Inc                              | NerdWallet Inc                                | CUSIP: 64082B102<br>LEI: 254900FJ2Y4SH71DJ379 | Long             | EC               | CORP              | US        |      9590 | NS      | $105202.30    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| PennantPark Investment Corp                 | PennantPark Investment Corp                   | CUSIP: 708062104<br>LEI: 529900OK432R4C6NQQ73 | Long             | EC               | CORP              | US        |     24100 | NS      | $164844.00    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Beverly Hills Bancorp Inc                   | Beverly Hills Bancorp Inc                     | CUSIP: 087866109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    100000 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Pure Cycle Corp                             | Pure Cycle Corp                               | CUSIP: 746228303<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     22260 | NS      | $238627.20    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| South Plains Financial Inc                  | South Plains Financial Inc                    | CUSIP: 83946P107<br>LEI: 549300SNEBP48642N493 | Long             | EC               | CORP              | US        |      9030 | NS      | $325441.20    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Great Lakes Dredge & Dock Corp              | Great Lakes Dredge & Dock Corp                | CUSIP: 390607109<br>LEI: 549300H65E3MZ1CX0P05 | Long             | EC               | CORP              | US        |     18900 | NS      | $230391.00    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Capital Bancorp Inc                         | Capital Bancorp Inc                           | CUSIP: 139737100<br>LEI: 549300LQKYGWQ7VP0C75 | Long             | EC               | CORP              | US        |      6200 | NS      | $208196.00    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| AdvanSix Inc                                | AdvanSix Inc                                  | CUSIP: 00773T101<br>LEI: 5493009TPRODMCAZLF67 | Long             | EC               | CORP              | US        |      4840 | NS      | $114950.00    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| ChoiceOne Financial Services I              | ChoiceOne Financial Services Inc              | CUSIP: 170386106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2800 | NS      | $80360.00     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Burke & Herbert Financial Serv              | Burke & Herbert Financial Services Corp       | CUSIP: 12135Y108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3076 | NS      | $183729.48    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity D&D Bancorp Inc                    | Fidelity D&D Bancorp Inc                      | CUSIP: 31609R100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2800 | NS      | $128800.00    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Metrocity Bankshares Inc                    | Metrocity Bankshares Inc                      | CUSIP: 59165J105<br>LEI: 549300TC6QB7YG0P6F52 | Long             | EC               | CORP              | US        |      7510 | NS      | $214635.80    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Haverty Furniture Cos Inc                   | Haverty Furniture Cos Inc                     | CUSIP: 419596101<br>LEI: 529900CVFMMIRXZVPD70 | Long             | EC               | CORP              | US        |     19900 | NS      | $404965.00    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Dine Brands Global Inc                      | Dine Brands Global Inc                        | CUSIP: 254423106<br>LEI: 529900HKM8OWSHLKJY75 | Long             | EC               | CORP              | US        |      7670 | NS      | $186611.10    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Amtech Systems Inc                          | Amtech Systems Inc                            | CUSIP: 032332504<br>LEI: 5299008VRUUPETM6HZ85 | Long             | EC               | CORP              | US        |     34000 | NS      | $150960.00    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Bowman Consulting Group Ltd                 | Bowman Consulting Group Ltd                   | CUSIP: 103002101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3720 | NS      | $106950.00    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| SandRidge Energy Inc                        | SandRidge Energy Inc                          | CUSIP: 80007P869<br>LEI: W1MKPVGS6I5155L7VV67 | Long             | EC               | CORP              | US        |     11750 | NS      | $127135.00    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Artesian Resources Corp                     | Artesian Resources Corp                       | CUSIP: 043113208<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3350 | NS      | $112426.00    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| LCNB Corp                                   | LCNB Corp                                     | CUSIP: 50181P100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6400 | NS      | $92992.00     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Ramaco Resources Inc                        | Ramaco Resources Inc                          | CUSIP: 75134P501<br>LEI: 5493001BYUI4TCQOPF70 | Long             | EC               | CORP              | US        |       391 | NS      | $3196.76      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Gencor Industries Inc                       | Gencor Industries Inc                         | CUSIP: 368678108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     14500 | NS      | $203000.00    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Saratoga Investment Corp                    | Saratoga Investment Corp                      | CUSIP: 80349A208<br>LEI: 54930023WJCWPAGSWE41 | Long             | EC               | CORP              | US        |      3400 | NS      | $84320.00     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Ennis Inc                                   | Ennis Inc                                     | CUSIP: 293389102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     27960 | NS      | $507194.40    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| American Business Bank                      | American Business Bank                        | CUSIP: 02475L105<br>LEI: 549300OQ7NQEKOCGWF54 | Long             | EC               | CORP              | US        |      3900 | NS      | $166296.00    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Smart Sand Inc                              | Smart Sand Inc                                | CUSIP: 83191H107<br>LEI: 549300JISW1T66DVOK23 | Long             | EC               | CORP              | US        |     47900 | NS      | $96279.00     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Brookline Bancorp Inc                       | Brookline Bancorp Inc                         | CUSIP: 11373M107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10174 | NS      | $107335.70    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| RE/MAX Holdings Inc                         | RE/MAX Holdings Inc                           | CUSIP: 75524W108<br>LEI: 54930033W2KS56JHAN30 | Long             | EC               | CORP              | US        |     12260 | NS      | $100286.80    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Whitestone REIT                             | Whitestone REIT                               | CUSIP: 966084204<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     46390 | NS      | $578947.20    | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Friedman Industries Inc                     | Friedman Industries Inc                       | CUSIP: 358435105<br>LEI: 549300VI5ADYNC8C3G47 | Long             | EC               | CORP              | US        |     22000 | NS      | $364320.00    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Vince Holding Corp                          | Vince Holding Corp                            | CUSIP: 92719W207<br>LEI: 5493002NOQOX2DHRRF35 | Long             | EC               | CORP              | US        |     72000 | NS      | $103680.00    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Insteel Industries Inc                      | Insteel Industries Inc                        | CUSIP: 45774W108<br>LEI: 52990026LKY4MOX3L174 | Long             | EC               | CORP              | US        |     10700 | NS      | $398147.00    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| RCI Hospitality Holdings Inc                | RCI Hospitality Holdings Inc                  | CUSIP: 74934Q108<br>LEI: 529900COXP1MLE1UKG69 | Long             | EC               | CORP              | US        |      2910 | NS      | $110929.20    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Simulations Plus Inc                        | Simulations Plus Inc                          | CUSIP: 829214105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6100 | NS      | $106445.00    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Bel Fuse Inc                                | Bel Fuse Inc                                  | CUSIP: 077347300<br>LEI: 2549009L4XYDBRRY6X39 | Long             | EC               | CORP              | US        |     11560 | NS      | $1129296.40   | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Oramed Pharmaceuticals Inc                  | Oramed Pharmaceuticals Inc                    | CUSIP: 68403P203<br>LEI: 5299006K52ZIIGQJ6R84 | Long             | EC               | CORP              | IL        |     45300 | NS      | $101925.00    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Tejon Ranch Co                              | Tejon Ranch Co                                | CUSIP: 879080109<br>LEI: 549300TMNDO77VJ6J111 | Long             | EC               | CORP              | US        |      5400 | NS      | $91584.00     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Caleres Inc                                 | Caleres Inc                                   | CUSIP: 129500104<br>LEI: JFU6RQQJ8Z1CPOLBXQ18 | Long             | EC               | CORP              | US        |      8280 | NS      | $101181.60    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Commercial Vehicle Group Inc                | Commercial Vehicle Group Inc                  | CUSIP: 202608105<br>LEI: 5493006OG8I91X0K7Q22 | Long             | EC               | CORP              | US        |     84600 | NS      | $140436.00    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Citizens & Northern Corp                    | Citizens & Northern Corp                      | CUSIP: 172922106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      8200 | NS      | $155308.00    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| NL Industries Inc                           | NL Industries Inc                             | CUSIP: 629156407<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     25620 | NS      | $163968.00    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| LSB Industries Inc                          | LSB Industries Inc                            | CUSIP: 502160104<br>LEI: 5493001H215A0HG0MI71 | Long             | EC               | CORP              | US        |     14700 | NS      | $114660.00    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| NPK International Inc                       | NPK International Inc                         | CUSIP: 651718504<br>LEI: 54930073OHWDQW4DJN26 | Long             | EC               | CORP              | US        |     24100 | NS      | $205091.00    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Scholastic Corp                             | Scholastic Corp                               | CUSIP: 807066105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5450 | NS      | $114341.00    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| DXP Enterprises Inc/TX                      | DXP Enterprises Inc/TX                        | CUSIP: 233377407<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2400 | NS      | $210360.00    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Peoples Financial Services Cor              | Peoples Financial Services Corp               | CUSIP: 711040105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3900 | NS      | $192543.00    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| National Bankshares Inc                     | National Bankshares Inc                       | CUSIP: 634865109<br>LEI: 549300Q745S62Q6QNW78 | Long             | EC               | CORP              | US        |      6200 | NS      | $168640.00    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| AMREP Corp                                  | AMREP Corp                                    | CUSIP: 032159105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     14390 | NS      | $301182.70    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Peoples Bancorp of North Carol              | Peoples Bancorp of North Carolina Inc         | CUSIP: 710577107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4100 | NS      | $118285.00    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Sensus Healthcare Inc                       | Sensus Healthcare Inc                         | CUSIP: 81728J109<br>LEI: 549300F3JF8NCDJJZW04 | Long             | EC               | CORP              | US        |     29100 | NS      | $137934.00    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Monro Inc                                   | Monro Inc                                     | CUSIP: 610236101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10100 | NS      | $150591.00    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Sierra Bancorp                              | Sierra Bancorp                                | CUSIP: 82620P102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      8660 | NS      | $257115.40    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| RADCOM Ltd                                  | RADCOM Ltd                                    | CUSIP: 000000000<br>LEI: 529900YOUOKNMG7QW685 | Long             | EC               | CORP              | IL        |      8330 | NS      | $113204.70    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Micro-Cap ETF                       | iShares Micro-Cap ETF                         | CUSIP: 464288869<br>LEI: 549300RWAE45TBJ0XD47 | Long             | EC               | RF                | US        |     16220 | NS      | $2070645.20   | 1.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Nortech Systems Inc                         | Nortech Systems Inc                           | CUSIP: 656553104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     12900 | NS      | $114423.00    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Donegal Group Inc                           | Donegal Group Inc                             | CUSIP: 257701201<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5200 | NS      | $104130.00    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| RMR Group Inc/The                           | RMR Group Inc/The                             | CUSIP: 74967R106<br>LEI: 549300JP4L34E48UJM16 | Long             | EC               | CORP              | US        |      6390 | NS      | $104476.50    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| PCB Bancorp                                 | PCB Bancorp                                   | CUSIP: 69320M109<br>LEI: 549300E5CI0LZ8Q25890 | Long             | EC               | CORP              | US        |      6600 | NS      | $138468.00    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Home Bancorp Inc                            | Home Bancorp Inc                              | CUSIP: 43689E107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5000 | NS      | $258900.00    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Tactile Systems Technology Inc              | Tactile Systems Technology Inc                | CUSIP: 87357P100<br>LEI: 54930069VDTITHOTKJ98 | Long             | EC               | CORP              | US        |     12290 | NS      | $124620.60    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| CoreCard Corp                               | CoreCard Corp                                 | CUSIP: 45816D100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      8600 | NS      | $249142.00    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank7 Corp                                  | Bank7 Corp                                    | CUSIP: 06652N107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5220 | NS      | $218352.60    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Ameresco Inc                                | Ameresco Inc                                  | CUSIP: 02361E108<br>LEI: 529900NZXZGBCBXYY327 | Long             | EC               | CORP              | US        |     17400 | NS      | $264306.00    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| First Community Corp/SC                     | First Community Corp/SC                       | CUSIP: 319835104<br>LEI: 549300TC167ECI9SMC70 | Long             | EC               | CORP              | US        |      6400 | NS      | $156032.00    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Penns Woods Bancorp Inc                     | Penns Woods Bancorp Inc                       | CUSIP: 708430103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3700 | NS      | $112332.00    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Koppers Holdings Inc                        | Koppers Holdings Inc                          | CUSIP: 50060P106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6880 | NS      | $221192.00    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| NACCO Industries Inc                        | NACCO Industries Inc                          | CUSIP: 629579103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5000 | NS      | $221550.00    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Dime Community Bancshares Inc               | Dime Community Bancshares Inc                 | CUSIP: 25432X102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      8218 | NS      | $221392.92    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Getty Realty Corp                           | Getty Realty Corp                             | CUSIP: 374297109<br>LEI: 2549000P1W5SFJWCNP90 | Long             | EC               | CORP              | US        |     11242 | NS      | $310728.88    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| VSE Corp                                    | VSE Corp                                      | CUSIP: 918284100<br>LEI: 549300QWJYQDH4U5XI15 | Long             | EC               | CORP              | US        |      1200 | NS      | $157176.00    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Northfield Bancorp Inc                      | Northfield Bancorp Inc                        | CUSIP: 66611T108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      9700 | NS      | $111356.00    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| First United Corp                           | First United Corp                             | CUSIP: 33741H107<br>LEI: 549300G54QPXQLB4KN58 | Long             | EC               | CORP              | US        |      3800 | NS      | $117838.00    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Wintrust Financial Corp                     | Wintrust Financial Corp                       | CUSIP: 97650W108<br>LEI: Q774KI4AW80FHFW33O61 | Long             | EC               | CORP              | US        |       756 | NS      | $93728.88     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| BankFinancial Corp                          | BankFinancial Corp                            | CUSIP: 06643P104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     14400 | NS      | $166608.00    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| MarineMax Inc                               | MarineMax Inc                                 | CUSIP: 567908108<br>LEI: 254900TIXTN8WY3FNN63 | Long             | EC               | CORP              | US        |     17880 | NS      | $449503.20    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Northrim BanCorp Inc                        | Northrim BanCorp Inc                          | CUSIP: 666762109<br>LEI: 5493006X7RLLTZ3SG075 | Long             | EC               | CORP              | US        |      5100 | NS      | $475626.00    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Business First Bancshares Inc               | Business First Bancshares Inc                 | CUSIP: 12326C105<br>LEI: 549300ILTC50KHDX4A08 | Long             | EC               | CORP              | US        |      5500 | NS      | $135575.00    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Nature's Sunshine Products Inc              | Nature's Sunshine Products Inc                | CUSIP: 639027101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     24460 | NS      | $361763.40    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| USANA Health Sciences Inc                   | USANA Health Sciences Inc                     | CUSIP: 90328M107<br>LEI: 549300YTURXE814MAH96 | Long             | EC               | CORP              | US        |      6520 | NS      | $199055.60    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Ponce Financial Group Inc                   | Ponce Financial Group Inc                     | CUSIP: 732344106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      9900 | NS      | $137016.00    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Seven Hills Realty Trust                    | Seven Hills Realty Trust                      | CUSIP: 81784E101<br>LEI: 549300ESBDZ3SA3OEX38 | Long             | EC               | CORP              | US        |     17700 | NS      | $213639.00    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| ANEMOSTAT INC. (RESTRICTED)                 | ANEMOSTAT INC. (RESTRICTED)                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     21300 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| CPI Aerostructures Inc                      | CPI Aerostructures Inc                        | CUSIP: 125919308<br>LEI: 549300C471OFZGCOHS09 | Long             | EC               | CORP              | US        |     15600 | NS      | $54600.00     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Aegean Marine Petroleum Networ              | Aegean Marine Petroleum Network Inc           | CUSIP: 000000000<br>LEI: 549300Y8J1BDYK6VXC67 | Long             | EC               | CORP              | GR        |     45500 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| National Presto Industries Inc              | National Presto Industries Inc                | CUSIP: 637215104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5270 | NS      | $516249.20    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Alerus Financial Corp                       | Alerus Financial Corp                         | CUSIP: 01446U103<br>LEI: 5493008BXLBPPELQ3G57 | Long             | EC               | CORP              | US        |      4000 | NS      | $86560.00     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Crescent Capital BDC Inc                    | Crescent Capital BDC Inc                      | CUSIP: 225655109<br>LEI: 549300VPIZMU6OEE0V68 | Long             | EC               | CORP              | US        |     10600 | NS      | $149460.00    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Rigel Pharmaceuticals Inc                   | Rigel Pharmaceuticals Inc                     | CUSIP: 766559702<br>LEI: 529900KPTNUS5J8K9K66 | Long             | EC               | CORP              | US        |      3900 | NS      | $73047.00     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Kelly Services Inc                          | Kelly Services Inc                            | CUSIP: 488152208<br>LEI: 25490035B2ZPL6RM1974 | Long             | EC               | CORP              | US        |     10700 | NS      | $125297.00    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Hawthorn Bancshares Inc                     | Hawthorn Bancshares Inc                       | CUSIP: 420476103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3500 | NS      | $101990.00    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| FutureFuel Corp                             | FutureFuel Corp                               | CUSIP: 36116M106<br>LEI: 529900WYQZSMWFXLA845 | Long             | EC               | CORP              | US        |     44490 | NS      | $172621.20    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Global Medical REIT Inc                     | Global Medical REIT Inc                       | CUSIP: 37954A204<br>LEI: 549300HFRIPQDYU3GU60 | Long             | EC               | CORP              | US        |     14960 | NS      | $103672.80    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Western New England Bancorp In              | Western New England Bancorp Inc               | CUSIP: 958892101<br>LEI: 549300Y8QE4EI2LP6B42 | Long             | EC               | CORP              | US        |     26300 | NS      | $242749.00    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| JAKKS Pacific Inc                           | JAKKS Pacific Inc                             | CUSIP: 47012E403<br>LEI: 549300UEF3348JRXQ295 | Long             | EC               | CORP              | US        |      8690 | NS      | $180578.20    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| First Bank/Hamilton NJ                      | First Bank/Hamilton NJ                        | CUSIP: 31931U102<br>LEI: 549300YS4CB1171BRJ08 | Long             | EC               | CORP              | US        |     10400 | NS      | $160888.00    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Amerant Bancorp Inc                         | Amerant Bancorp Inc                           | CUSIP: 023576101<br>LEI: 54930071V6LIG79MTL10 | Long             | EC               | CORP              | US        |      5400 | NS      | $98442.00     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Amplify Energy Corp                         | Amplify Energy Corp                           | CUSIP: 03212B103<br>LEI: J0TW5YQRAZXYN7VEU787 | Long             | EC               | CORP              | US        |     28800 | NS      | $92160.00     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Blue Earth Refineries Inc                   | Blue Earth Refineries Inc                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | HK        |     37000 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Ring Energy Inc                             | Ring Energy Inc                               | CUSIP: 76680V108<br>LEI: 549300HMY6TJ265I8S64 | Long             | EC               | CORP              | US        |     87200 | NS      | $69236.80     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Andersons Inc/The                           | Andersons Inc/The                             | CUSIP: 034164103<br>LEI: L38MWB8MVRFV7HVJPU11 | Long             | EC               | CORP              | US        |      5350 | NS      | $196612.50    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| FVCBankcorp Inc                             | FVCBankcorp Inc                               | CUSIP: 36120Q101<br>LEI: 549300MSW6NY44KG3397 | Long             | EC               | CORP              | US        |     13250 | NS      | $156350.00    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Interface Inc                               | Interface Inc                                 | CUSIP: 458665304<br>LEI: 549300VXZWQOIDFPU355 | Long             | EC               | CORP              | US        |     10600 | NS      | $221858.00    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Hingham Institution For Saving              | Hingham Institution For Savings The           | CUSIP: 433323102<br>LEI: 2549009GDCGUR2T6KU55 | Long             | EC               | CORP              | US        |       700 | NS      | $173845.00    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| CompX International Inc                     | CompX International Inc                       | CUSIP: 20563P101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     27344 | NS      | $726530.08    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadwind Inc                               | Broadwind Inc                                 | CUSIP: 11161T207<br>LEI: 529900ATI5MMWNW41F84 | Long             | EC               | CORP              | US        |     45400 | NS      | $82174.00     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Beazer Homes USA Inc                        | Beazer Homes USA Inc                          | CUSIP: 07556Q881<br>LEI: 549300DUPYT2T0F60I45 | Long             | EC               | CORP              | US        |     32670 | NS      | $730827.90    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| PubMatic Inc                                | PubMatic Inc                                  | CUSIP: 74467Q103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     17400 | NS      | $216456.00    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Pacira BioSciences Inc                      | Pacira BioSciences Inc                        | CUSIP: 695127100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5500 | NS      | $131450.00    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| S&T Bancorp Inc                             | S&T Bancorp Inc                               | CUSIP: 783859101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3050 | NS      | $115351.00    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Ultralife Corp                              | Ultralife Corp                                | CUSIP: 903899102<br>LEI: 529900NVAFLKA00F3U05 | Long             | EC               | CORP              | US        |     32140 | NS      | $288617.20    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| DocGo Inc                                   | DocGo Inc                                     | CUSIP: 256086109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     57600 | NS      | $90432.00     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Chemung Financial Corp                      | Chemung Financial Corp                        | CUSIP: 164024101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1900 | NS      | $92093.00     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Velocity Financial Inc                      | Velocity Financial Inc                        | CUSIP: 92262D101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5400 | NS      | $100116.00    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| First Savings Financial Group               | First Savings Financial Group Inc             | CUSIP: 33621E109<br>LEI: 549300BD6X6E6468JI14 | Long             | EC               | CORP              | US        |      5400 | NS      | $135216.00    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Guild Holdings Co                           | Guild Holdings Co                             | CUSIP: 40172N107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6500 | NS      | $128505.00    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Investar Holding Corp                       | Investar Holding Corp                         | CUSIP: 46134L105<br>LEI: 54930001EK2YM28LOJ08 | Long             | EC               | CORP              | US        |      8500 | NS      | $164220.00    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Tile Shop Holdings Inc                      | Tile Shop Holdings Inc                        | CUSIP: 88677Q109<br>LEI: 549300Q3SS4FSW01UE50 | Long             | EC               | CORP              | US        |     26600 | NS      | $169176.00    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Kimball Electronics Inc                     | Kimball Electronics Inc                       | CUSIP: 49428J109<br>LEI: 549300COBYN2GZCBIU87 | Long             | EC               | CORP              | US        |     25460 | NS      | $489595.80    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Security National Financial Co              | Security National Financial Corp              | CUSIP: 814785309<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     11025 | NS      | $108596.25    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Eastern Co/The                              | Eastern Co/The                                | CUSIP: 276317104<br>LEI: 5493005F8SU7UCM5D285 | Long             | EC               | CORP              | US        |     21655 | NS      | $494167.10    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Advanced Flower Capital Inc                 | Advanced Flower Capital Inc                   | CUSIP: 00109K105<br>LEI: 5493005G0MGS3E0E7218 | Long             | EC               | CORP              | US        |      8400 | NS      | $37632.00     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| OP Bancorp                                  | OP Bancorp                                    | CUSIP: 67109R109<br>LEI: 549300LTYZMS0Q13U522 | Long             | EC               | CORP              | US        |     13200 | NS      | $171468.00    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Resources Connection Inc                    | Resources Connection Inc                      | CUSIP: 76122Q105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     13200 | NS      | $70884.00     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Tandy Leather Factory Inc                   | Tandy Leather Factory Inc                     | CUSIP: 87538X105<br>LEI: 549300XB36MQTBM8UQ34 | Long             | EC               | CORP              | US        |     34000 | NS      | $105400.00    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Mercantile Bank Corp                        | Mercantile Bank Corp                          | CUSIP: 587376104<br>LEI: P16VZZCKTJ5IONL6XE37 | Long             | EC               | CORP              | US        |      4840 | NS      | $224624.40    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Oppenheimer Holdings Inc                    | Oppenheimer Holdings Inc                      | CUSIP: 683797104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      8470 | NS      | $557071.90    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Daily Journal Corp                          | Daily Journal Corp                            | CUSIP: 233912104<br>LEI: 2549004ASTNVLR8YWZ33 | Long             | EC               | CORP              | US        |       500 | NS      | $211125.00    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Sun Country Airlines Holdings               | Sun Country Airlines Holdings Inc             | CUSIP: 866683105<br>LEI: 549300MOHOJN9GH0NJ48 | Long             | EC               | CORP              | US        |     10540 | NS      | $123845.00    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Capitol Bancorp Ltd                         | Capitol Bancorp Ltd                           | CUSIP: 14056D105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     38000 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Frequency Electronics Inc                   | Frequency Electronics Inc                     | CUSIP: 358010106<br>LEI: 549300S56SO2JB5JBE31 | Long             | EC               | CORP              | US        |      3200 | NS      | $72672.00     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| CTO Realty Growth Inc                       | CTO Realty Growth Inc                         | CUSIP: 22948Q101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     11800 | NS      | $203668.00    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Mativ Holdings Inc                          | Mativ Holdings Inc                            | CUSIP: 808541106<br>LEI: 549300Z1FU4IDULG1R21 | Long             | EC               | CORP              | US        |     13100 | NS      | $89342.00     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| inTEST Corp                                 | inTEST Corp                                   | CUSIP: 461147100<br>LEI: 549300RJJBPHDOAVDU15 | Long             | EC               | CORP              | US        |     20500 | NS      | $149240.00    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Ducommun Inc                                | Ducommun Inc                                  | CUSIP: 264147109<br>LEI: 549300Z71HMWF90S2214 | Long             | EC               | CORP              | US        |     26760 | NS      | $2211178.80   | 2.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Comstock Holding Cos Inc                    | Comstock Holding Cos Inc                      | CUSIP: 205684202<br>LEI: 549300PHU1FSZ2GXMI11 | Long             | EC               | CORP              | US        |     38400 | NS      | $387456.00    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Consensus Cloud Solutions Inc               | Consensus Cloud Solutions Inc                 | CUSIP: 20848V105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6860 | NS      | $158191.60    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| ODP Corp/The                                | ODP Corp/The                                  | CUSIP: 88337F105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10600 | NS      | $192178.00    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Bridgewater Bancshares Inc                  | Bridgewater Bancshares Inc                    | CUSIP: 108621103<br>LEI: 5493001FLSBTVILKXZ71 | Long             | EC               | CORP              | US        |     15290 | NS      | $243263.90    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Nobility Homes Inc                          | Nobility Homes Inc                            | CUSIP: 654892108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     13000 | NS      | $364000.00    | 0.34%             |  |  |  | No            |                  2 | On Loan: No      |
| SpartanNash Co                              | SpartanNash Co                                | CUSIP: 847215100<br>LEI: 549300TV3QCCSQLF5X16 | Long             | EC               | CORP              | US        |     22160 | NS      | $587018.40    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Lakeland Industries Inc                     | Lakeland Industries Inc                       | CUSIP: 511795106<br>LEI: 549300HGP70IM9WKU164 | Long             | EC               | CORP              | US        |      9720 | NS      | $132289.20    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Oil-Dri Corp of America                     | Oil-Dri Corp of America                       | CUSIP: 677864100<br>LEI: 549300RSG5KPUH16WH66 | Long             | EC               | CORP              | US        |     14660 | NS      | $864793.40    | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Gladstone Capital Corp                      | Gladstone Capital Corp                        | CUSIP: 376535878<br>LEI: 549300AWMOT9JR1SIJ74 | Long             | EC               | CORP              | US        |      5500 | NS      | $148335.00    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Private Bancorp of America Inc              | Private Bancorp of America Inc                | CUSIP: 74274F100<br>LEI: 5493003DL7X57NMYQX96 | Long             | EC               | CORP              | US        |      5360 | NS      | $290619.20    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| BlueLinx Holdings Inc                       | BlueLinx Holdings Inc                         | CUSIP: 09624H208<br>LEI: 549300YSX7GU28F5I540 | Long             | EC               | CORP              | US        |      5660 | NS      | $420990.80    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Northeast Bank                              | Northeast Bank                                | CUSIP: 66405S100<br>LEI: 549300F0LV9TSW34E306 | Long             | EC               | CORP              | US        |      4940 | NS      | $439610.60    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Provident Bancorp Inc                       | Provident Bancorp Inc                         | CUSIP: 74383L105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      7600 | NS      | $94924.00     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Palmer Square Capital BDC Inc               | Palmer Square Capital BDC Inc                 | CUSIP: 69702V107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      9900 | NS      | $138204.00    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Newlake Capital Partners Inc/M              | Newlake Capital Partners Inc/MD               | CUSIP: 651495103<br>LEI: 549300SW6G33FGNP2338 | Long             | EC               | CORP              | US        |     12120 | NS      | $175255.20    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Inseego Corp                                | Inseego Corp                                  | CUSIP: 45782B302<br>LEI: 549300E27VG1NWGNA141 | Long             | EC               | CORP              | US        |     17400 | NS      | $143376.00    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Biglari Holdings Inc                        | Biglari Holdings Inc                          | CUSIP: 08986R309<br>LEI: 549300GLWWSODF8TM682 | Long             | EC               | CORP              | US        |       660 | NS      | $192858.60    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| NewtekOne Inc                               | NewtekOne Inc                                 | CUSIP: 652526203<br>LEI: 549300YLU78IA8GKJ688 | Long             | EC               | CORP              | US        |     14000 | NS      | $157920.00    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| EZCORP Inc                                  | EZCORP Inc                                    | CUSIP: 302301106<br>LEI: 5493003K6PG3ZQ7TUQ63 | Long             | EC               | CORP              | US        |     12400 | NS      | $172112.00    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Marten Transport Ltd                        | Marten Transport Ltd                          | CUSIP: 573075108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      8940 | NS      | $116130.60    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| El Pollo Loco Holdings Inc                  | El Pollo Loco Holdings Inc                    | CUSIP: 268603107<br>LEI: 549300EZCBNF4G707K90 | Long             | EC               | CORP              | US        |     24500 | NS      | $269745.00    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| West BanCorp Inc                            | West BanCorp Inc                              | CUSIP: 95123P106<br>LEI: 549300GKFOINCHIYU666 | Long             | EC               | CORP              | US        |      9660 | NS      | $189625.80    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| First Community Bankshares Inc              | First Community Bankshares Inc                | CUSIP: 31983A103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5810 | NS      | $227577.70    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Arko Corp                                   | Arko Corp                                     | CUSIP: 041242108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     42200 | NS      | $178506.00    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Independent Bank Corp/MI                    | Independent Bank Corp/MI                      | CUSIP: 453838609<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      8110 | NS      | $262845.10    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Waterstone Financial Inc                    | Waterstone Financial Inc                      | CUSIP: 94188P101<br>LEI: 5493002KM21XRC2DCQ02 | Long             | EC               | CORP              | US        |     14800 | NS      | $204388.00    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Universal Insurance Holdings I              | Universal Insurance Holdings Inc              | CUSIP: 91359V107<br>LEI: 529900GGAZ6WVUCWQM46 | Long             | EC               | CORP              | US        |      4500 | NS      | $124785.00    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| National CineMedia Inc                      | National CineMedia Inc                        | CUSIP: 635309206<br>LEI: 5493000MOLIVSOGKEB48 | Long             | EC               | CORP              | US        |     16100 | NS      | $78004.50     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Holley Inc                                  | Holley Inc                                    | CUSIP: 43538H103<br>LEI: 254900EEM9JI9G1A4D88 | Long             | EC               | CORP              | US        |     62400 | NS      | $124800.00    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| REX American Resources Corp                 | REX American Resources Corp                   | CUSIP: 761624105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     11930 | NS      | $581110.30    | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Stellus Capital Investment Cor              | Stellus Capital Investment Corp               | CUSIP: 858568108<br>LEI: 5493001DZV6QC1KUSC43 | Long             | EC               | CORP              | US        |      9300 | NS      | $129642.00    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| GCM Grosvenor Inc                           | GCM Grosvenor Inc                             | CUSIP: 36831E108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      9110 | NS      | $105311.60    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Ellington Credit Co                         | Ellington Credit Co                           | CUSIP: 288578107<br>LEI: 549300KA3MR2ZCRGA787 | Long             | EC               | CORP              | US        |     13700 | NS      | $78775.00     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Walking Co Holdings Inc/The                 | Walking Co Holdings Inc/The                   | CUSIP: 932036106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1397 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Enterprise Financial Services               | Enterprise Financial Services Corp            | CUSIP: 293712105<br>LEI: 5493001XTU5DLD632129 | Long             | EC               | CORP              | US        |      1738 | NS      | $95763.80     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Spok Holdings Inc                           | Spok Holdings Inc                             | CUSIP: 84863T106<br>LEI: 549300HXXANIVN2ICC89 | Long             | EC               | CORP              | US        |     18800 | NS      | $332384.00    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| AG Mortgage Investment Trust I              | AG Mortgage Investment Trust Inc              | CUSIP: 001228501<br>LEI: 549300SNP0PBR2XTFR48 | Long             | EC               | CORP              | US        |     12700 | NS      | $95885.00     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Heritage Commerce Corp                      | Heritage Commerce Corp                        | CUSIP: 426927109<br>LEI: 549300CLIS851ELSR406 | Long             | EC               | CORP              | US        |     13600 | NS      | $135048.00    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| MGP Ingredients Inc                         | MGP Ingredients Inc                           | CUSIP: 55303J106<br>LEI: 2549006OMHFVZ4MS8538 | Long             | EC               | CORP              | US        |      3530 | NS      | $105794.10    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Bladex                                      | Banco Latinoamericano de Comercio Exterior SA | CUSIP: 000000000<br>LEI: 549300CN3134K4LC0651 | Long             | EC               | CORP              | PA        |      8110 | NS      | $326833.00    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Viemed Healthcare Inc                       | Viemed Healthcare Inc                         | CUSIP: 92663R105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     29690 | NS      | $205157.90    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| First Financial Northwest Inc               | First Financial Northwest Inc                 | CUSIP: 32022K102<br>LEI: 549300F9IPXLCC3K7B36 | Long             | EC               | CORP              | US        |     10000 | NS      | $5600.00      | 0.01%             |  |  |  | No            |                  3 | On Loan: No      |
| Mitek Systems Inc                           | Mitek Systems Inc                             | CUSIP: 606710200<br>LEI: 549300ABZAQ3R25XG118 | Long             | EC               | CORP              | US        |     11010 | NS      | $108999.00    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Southern States Bancshares Inc              | Southern States Bancshares Inc                | CUSIP: 843878307<br>LEI: 54930074ZMW7KARTWQ27 | Long             | EC               | CORP              | US        |      3000 | NS      | $109110.00    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Armada Hoffler Properties Inc               | Armada Hoffler Properties Inc                 | CUSIP: 04208T108<br>LEI: 549300WQRSIV6XZT9313 | Long             | EC               | CORP              | US        |     14840 | NS      | $101950.80    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Genie Energy Ltd                            | Genie Energy Ltd                              | CUSIP: 372284208<br>LEI: 52990057E36X8869GX58 | Long             | EC               | CORP              | US        |     10900 | NS      | $292992.00    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Affirmative Insurance Holdings              | Affirmative Insurance Holdings Inc            | CUSIP: 008272106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     39150 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Organogenesis Holdings Inc                  | Organogenesis Holdings Inc                    | CUSIP: 68621F102<br>LEI: 549300RLC2O821TU6941 | Long             | EC               | CORP              | US        |     51200 | NS      | $187392.00    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Meridian Corp                               | Meridian Corp                                 | CUSIP: 58958P104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     13000 | NS      | $167570.00    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Arrow Financial Corp                        | Arrow Financial Corp                          | CUSIP: 042744102<br>LEI: 2549007Z8GI9ZZIQ1817 | Long             | EC               | CORP              | US        |      2800 | NS      | $73976.00     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| SB Financial Group Inc                      | SB Financial Group Inc                        | CUSIP: 78408D105<br>LEI: 54930028E6P8OT8CTV58 | Long             | EC               | CORP              | US        |      6300 | NS      | $120330.00    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Costamare Inc                               | Costamare Inc                                 | CUSIP: 000000000<br>LEI: 5299003L6NPTZ25LN818 | Long             | EC               | CORP              | MC        |     43300 | NS      | $394463.00    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| SunCoke Energy Inc                          | SunCoke Energy Inc                            | CUSIP: 86722A103<br>LEI: 1KF1J2NXQE2PI0QOB943 | Long             | EC               | CORP              | US        |     17000 | NS      | $146030.00    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Flanigan's Enterprises Inc                  | Flanigan's Enterprises Inc                    | CUSIP: 338517105<br>LEI: 3SQB3XBDRJL87DZJOO94 | Long             | EC               | CORP              | US        |      7000 | NS      | $243040.00    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| TRENWICK AMERICA CORP.                      | TRENWICK AMERICA CORP.                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1055 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Fortitude Gold Corp                         | Fortitude Gold Corp                           | CUSIP: 34962K100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     31600 | NS      | $113128.00    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Colony Bankcorp Inc                         | Colony Bankcorp Inc                           | CUSIP: 19623P101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6600 | NS      | $108702.00    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Crexendo Inc                                | Crexendo Inc                                  | CUSIP: 226552107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     29800 | NS      | $180886.00    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Peapack-Gladstone Financial Co              | Peapack-Gladstone Financial Corp              | CUSIP: 704699107<br>LEI: 549300G8DN2UK8K0ET30 | Long             | EC               | CORP              | US        |      5500 | NS      | $155375.00    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Farmland Partners Inc                       | Farmland Partners Inc                         | CUSIP: 31154R109<br>LEI: 549300LB188CHPZ4IL37 | Long             | EC               | CORP              | US        |     26500 | NS      | $305015.00    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Preformed Line Products Co                  | Preformed Line Products Co                    | CUSIP: 740444104<br>LEI: 549300EYH53XDJID2098 | Long             | EC               | CORP              | US        |      3320 | NS      | $530569.20    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| SWK Holdings Corp                           | SWK Holdings Corp                             | CUSIP: 78501P203<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     12200 | NS      | $179828.00    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Mecklermedia Corp                           | Mecklermedia Corp                             | CUSIP: 58400W103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2285 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| hhgregg Inc                                 | hhgregg Inc                                   | CUSIP: 42833L108<br>LEI: 549300DCWS5P23FUQ053 | Long             | EC               | CORP              | US        |     10400 | NS      | $1.04         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Equity Bancshares Inc                       | Equity Bancshares Inc                         | CUSIP: 29460X109<br>LEI: 549300BPQ2EJNU4WF694 | Long             | EC               | CORP              | US        |      4700 | NS      | $191760.00    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Manitowoc Co Inc/The                        | Manitowoc Co Inc/The                          | CUSIP: 563571405<br>LEI: 2RTSLGQ89VMY18RHX631 | Long             | EC               | CORP              | US        |     14600 | NS      | $175492.00    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| United Western Bancorp Inc                  | United Western Bancorp Inc                    | CUSIP: 913201109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     19000 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Vishay Precision Group Inc                  | Vishay Precision Group Inc                    | CUSIP: 92835K103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     20020 | NS      | $562562.00    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| AstroNova Inc                               | AstroNova Inc                                 | CUSIP: 04638F108<br>LEI: 549300D8PFP62QX00223 | Long             | EC               | CORP              | US        |     17700 | NS      | $205143.00    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Provident Financial Services I              | Provident Financial Services Inc              | CUSIP: 74386T105<br>LEI: 529900JOSO3SXEDVE477 | Long             | EC               | CORP              | US        |      5070 | NS      | $88877.10     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Solaris Energy Infrastructure               | Solaris Energy Infrastructure Inc             | CUSIP: 83418M103<br>LEI: 529900MTK3C8Y8TIIC10 | Long             | EC               | CORP              | US        |      7900 | NS      | $223491.00    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Rocky Brands Inc                            | Rocky Brands Inc                              | CUSIP: 774515100<br>LEI: 5299004HQ6GCTW838N96 | Long             | EC               | CORP              | US        |     26330 | NS      | $584262.70    | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| PRA Group Inc                               | PRA Group Inc                                 | CUSIP: 69354N106<br>LEI: 549300Q5HW3JSSB86K27 | Long             | EC               | CORP              | US        |      7060 | NS      | $104135.00    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Park Aerospace Corp                         | Park Aerospace Corp                           | CUSIP: 70014A104<br>LEI: 5299004AG0G7IB636095 | Long             | EC               | CORP              | US        |     11600 | NS      | $171332.00    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Mastech Digital Inc                         | Mastech Digital Inc                           | CUSIP: 57633B100<br>LEI: 549300GD5HFB0F451006 | Long             | EC               | CORP              | US        |     18000 | NS      | $129060.00    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Enova International Inc                     | Enova International Inc                       | CUSIP: 29357K103<br>LEI: 549300O8XOCQSB49UO63 | Long             | EC               | CORP              | US        |      3010 | NS      | $335675.20    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Safety Insurance Group Inc                  | Safety Insurance Group Inc                    | CUSIP: 78648T100<br>LEI: 254900LDCFLA3J746840 | Long             | EC               | CORP              | US        |      5420 | NS      | $430293.80    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Lovesac Co/The                              | Lovesac Co/The                                | CUSIP: 54738L109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5600 | NS      | $101920.00    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| PC Connection Inc                           | PC Connection Inc                             | CUSIP: 69318J100<br>LEI: 5299005WPRNIXDV2KM73 | Long             | EC               | CORP              | US        |      9020 | NS      | $593335.60    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| MIND Technology Inc                         | MIND Technology Inc                           | CUSIP: 602566309<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     30150 | NS      | $254466.00    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Flotek Industries Inc                       | Flotek Industries Inc                         | CUSIP: 343389409<br>LEI: 549300TF60OEK4FPPC44 | Long             | EC               | CORP              | US        |      9500 | NS      | $140220.00    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Consumer Portfolio Services In              | Consumer Portfolio Services Inc               | CUSIP: 210502100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     67371 | NS      | $662256.93    | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| BRT Apartments Corp                         | BRT Apartments Corp                           | CUSIP: 055645303<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5000 | NS      | $78200.00     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Shoe Carnival Inc                           | Shoe Carnival Inc                             | CUSIP: 824889109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5540 | NS      | $103653.40    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Civista Bancshares Inc                      | Civista Bancshares Inc                        | CUSIP: 178867107<br>LEI: 5493001LX61Z2UVYSC48 | Long             | EC               | CORP              | US        |     10980 | NS      | $254736.00    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Reservoir Media Inc                         | Reservoir Media Inc                           | CUSIP: 76119X105<br>LEI: 549300PHPDQ9M9QSNU18 | Long             | EC               | CORP              | US        |     16470 | NS      | $126324.90    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Global Partners LP/MA                       | Global Partners LP/MA                         | CUSIP: 37946R109<br>LEI: 549300PCHWTW9P4DU444 | Long             | EC               | CORP              | US        |      2500 | NS      | $131825.00    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Quanex Building Products Corp               | Quanex Building Products Corp                 | CUSIP: 747619104<br>LEI: 5493000TL30VL5WOAW87 | Long             | EC               | CORP              | US        |     14500 | NS      | $274050.00    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Midland States Bancorp Inc                  | Midland States Bancorp Inc                    | CUSIP: 597742105<br>LEI: 5493006RHXW9TTBWYC94 | Long             | EC               | CORP              | US        |      6410 | NS      | $111021.20    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Superior Group of Cos Inc                   | Superior Group of Cos Inc                     | CUSIP: 868358102<br>LEI: UOX145EEO0TB0ZWX2152 | Long             | EC               | CORP              | US        |     14539 | NS      | $149751.70    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| DHI Group Inc                               | DHI Group Inc                                 | CUSIP: 23331S100<br>LEI: 529900489RAC0CU0AO81 | Long             | EC               | CORP              | US        |     72450 | NS      | $215176.50    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Citizens Financial Services In              | Citizens Financial Services Inc               | CUSIP: 174615104<br>LEI: 5493005JSTWQNVUE0825 | Long             | EC               | CORP              | US        |      2782 | NS      | $163332.03    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| EVI Industries Inc                          | EVI Industries Inc                            | CUSIP: 26929N102<br>LEI: 549300RU296J63VW0297 | Long             | EC               | CORP              | US        |      8700 | NS      | $189921.00    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Third Coast Bancshares Inc                  | Third Coast Bancshares Inc                    | CUSIP: 88422P109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4700 | NS      | $153549.00    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Denny's Corp                                | Denny's Corp                                  | CUSIP: 24869P104<br>LEI: 54930037V56XOULXM917 | Long             | EC               | CORP              | US        |     20700 | NS      | $84870.00     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| NWPX Infrastructure Inc                     | NWPX Infrastructure Inc                       | CUSIP: 667746101<br>LEI: 54930056VW2CRCZ9RE54 | Long             | EC               | CORP              | US        |     12010 | NS      | $492530.10    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Parke Bancorp Inc                           | Parke Bancorp Inc                             | CUSIP: 700885106<br>LEI: 5493000JF1TWXVD0CR78 | Long             | EC               | CORP              | US        |      9300 | NS      | $189441.00    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Farmer Mac                                  | Federal Agricultural Mortgage Corp            | CUSIP: 313148306<br>LEI: 549300MS654K78GYF580 | Long             | EC               | CORP              | US        |      2610 | NS      | $507070.80    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| AirJoule Technologies Corp                  | AirJoule Technologies Corp                    | CUSIP: 612160101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     22300 | NS      | $103249.00    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Ingles Markets Inc                          | Ingles Markets Inc                            | CUSIP: 457030104<br>LEI: 549300XH5RYBMYP8TF26 | Long             | EC               | CORP              | US        |     11760 | NS      | $745348.80    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Tredegar Corp                               | Tredegar Corp                                 | CUSIP: 894650100<br>LEI: 54930003228ERHCH6K87 | Long             | EC               | CORP              | US        |     12260 | NS      | $107888.00    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Castle Biosciences Inc                      | Castle Biosciences Inc                        | CUSIP: 14843C105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      8300 | NS      | $169486.00    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Invesco Mortgage Capital Inc                | Invesco Mortgage Capital Inc                  | CUSIP: 46131B704<br>LEI: PV3BDP2HFZL2FNXQBL39 | Long             | EC               | CORP              | US        |     13690 | NS      | $107329.60    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Sadot Group Inc                             | Sadot Group Inc                               | CUSIP: 627333305<br>LEI: 549300XU5TO0OK1BC857 | Long             | EC               | CORP              | US        |     49800 | NS      | $65736.00     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| HBT Financial Inc                           | HBT Financial Inc                             | CUSIP: 404111106<br>LEI: 549300NTXD4Q6UK5BY66 | Long             | EC               | CORP              | US        |     11510 | NS      | $290167.10    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| MidWestOne Financial Group Inc              | MidWestOne Financial Group Inc                | CUSIP: 598511103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3900 | NS      | $112203.00    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Allient Inc                                 | Allient Inc                                   | CUSIP: 019330109<br>LEI: 549300I2LHAWYGNBPM97 | Long             | EC               | CORP              | US        |      6500 | NS      | $236015.00    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Medallion Financial Corp                    | Medallion Financial Corp                      | CUSIP: 583928106<br>LEI: 549300FJ4FMGJ2C34Y48 | Long             | EC               | CORP              | US        |     16700 | NS      | $159151.00    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| CNB Financial Corp/PA                       | CNB Financial Corp/PA                         | CUSIP: 126128107<br>LEI: 254900RUYUOKD91VNX69 | Long             | EC               | CORP              | US        |      8890 | NS      | $203225.40    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| OPAL FUELS INC                              | OPAL FUELS INC                                | CUSIP: 68347P103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     36700 | NS      | $88814.00     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Metallus Inc                                | Metallus Inc                                  | CUSIP: 887399103<br>LEI: 549300QZTZWHDE9HJL14 | Long             | EC               | CORP              | US        |      6700 | NS      | $103247.00    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank First Corp                             | Bank First Corp                               | CUSIP: 06211J100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2070 | NS      | $243535.50    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Conduent Inc                                | Conduent Inc                                  | CUSIP: 206787103<br>LEI: 549300SFJ2D2CYY6CQ11 | Long             | EC               | CORP              | US        |     36000 | NS      | $95040.00     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| OFG Bancorp                                 | OFG Bancorp                                   | CUSIP: 67103X102<br>LEI: 549300Q4QEXJ37LEXQ06 | Long             | EC               | CORP              | PR        |      7560 | NS      | $323568.00    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Luxfer Holdings PLC                         | Luxfer Holdings PLC                           | CUSIP: 000000000<br>LEI: 21380045UF5SJYZOXE41 | Long             | EC               | CORP              | US        |     17140 | NS      | $208765.20    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| J Jill Inc                                  | J Jill Inc                                    | CUSIP: 46620W201<br>LEI: 529900I19PJIF8MIDL12 | Long             | EC               | CORP              | US        |      7520 | NS      | $110092.80    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Metropolitan Bank Holding Corp              | Metropolitan Bank Holding Corp                | CUSIP: 591774104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4820 | NS      | $337400.00    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Alico Inc                                   | Alico Inc                                     | CUSIP: 016230104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2960 | NS      | $96732.80     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Shoals Technologies Group Inc               | Shoals Technologies Group Inc                 | CUSIP: 82489W107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     60300 | NS      | $256275.00    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Village Super Market Inc                    | Village Super Market Inc                      | CUSIP: 927107409<br>LEI: 25490069686XCNNEMQ07 | Long             | EC               | CORP              | US        |     18100 | NS      | $696850.00    | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Provident Financial Holdings I              | Provident Financial Holdings Inc              | CUSIP: 743868101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      8700 | NS      | $134850.00    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Flushing Financial Corp                     | Flushing Financial Corp                       | CUSIP: 343873105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6500 | NS      | $77220.00     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Aviat Networks Inc                          | Aviat Networks Inc                            | CUSIP: 05366Y201<br>LEI: 549300Z3X8Z4MK52CI65 | Long             | EC               | CORP              | US        |      5950 | NS      | $143097.50    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Camden National Corp                        | Camden National Corp                          | CUSIP: 133034108<br>LEI: 549300ZVEDL2L8UW4F28 | Long             | EC               | CORP              | US        |      2100 | NS      | $85218.00     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Hudson Technologies Inc                     | Hudson Technologies Inc                       | CUSIP: 444144109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     34250 | NS      | $278110.00    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| BayCom Corp                                 | BayCom Corp                                   | CUSIP: 07272M107<br>LEI: 549300UOLS54Q5ONIG33 | Long             | EC               | CORP              | US        |      5300 | NS      | $146863.00    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Universal Travel Group                      | Universal Travel Group                        | CUSIP: 91388Q202<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |     30000 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Five Star Bancorp                           | Five Star Bancorp                             | CUSIP: 33830T103<br>LEI: 5493008ZRBIHKWC0JA73 | Long             | EC               | CORP              | US        |      3200 | NS      | $91328.00     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Northwest Bancshares Inc                    | Northwest Bancshares Inc                      | CUSIP: 667340103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     27180 | NS      | $347360.40    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Latham Group Inc                            | Latham Group Inc                              | CUSIP: 51819L107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     18500 | NS      | $118030.00    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Cenveo Inc                                  | Cenveo Inc                                    | CUSIP: 15670S402<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10678 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Alpine Income Property Trust I              | Alpine Income Property Trust Inc              | CUSIP: 02083X103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      8870 | NS      | $130477.70    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| La-Z-Boy Inc                                | La-Z-Boy Inc                                  | CUSIP: 505336107<br>LEI: 549300WNO1WMN9ZG2519 | Long             | EC               | CORP              | US        |      6800 | NS      | $252756.00    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| North American Construction Gr              | North American Construction Group Ltd         | CUSIP: 656811106<br>LEI: 549300DQ6060LO4XGI15 | Long             | EC               | CORP              | CA        |     46340 | NS      | $740513.20    | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Riley Exploration Permian Inc               | Riley Exploration Permian Inc                 | CUSIP: 76665T102<br>LEI: 5493008CUBI02XP43Q95 | Long             | EC               | CORP              | US        |      5790 | NS      | $151871.70    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Central Pacific Financial Corp              | Central Pacific Financial Corp                | CUSIP: 154760409<br>LEI: 549300W3YEAOZ4KGG849 | Long             | EC               | CORP              | US        |      4100 | NS      | $114923.00    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Community West Bancshares                   | Community West Bancshares                     | CUSIP: 203937107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      9808 | NS      | $191354.08    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Seneca Foods Corp                           | Seneca Foods Corp                             | CUSIP: 817070501<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6860 | NS      | $695809.80    | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Farmers National Banc Corp                  | Farmers National Banc Corp                    | CUSIP: 309627107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     13950 | NS      | $192370.50    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| HarborOne Bancorp Inc                       | HarborOne Bancorp Inc                         | CUSIP: 41165Y100<br>LEI: 549300CNOEY2QUB7F917 | Long             | EC               | CORP              | US        |      8800 | NS      | $102784.00    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Tiptree Inc                                 | Tiptree Inc                                   | CUSIP: 88822Q103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5400 | NS      | $127332.00    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Manhattan Bridge Capital Inc                | Manhattan Bridge Capital Inc                  | CUSIP: 562803106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     38700 | NS      | $211689.00    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Canterbury Park Holding Corp                | Canterbury Park Holding Corp                  | CUSIP: 13811E101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      8090 | NS      | $155570.70    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Gladstone Investment Corp                   | Gladstone Investment Corp                     | CUSIP: 376546107<br>LEI: 549300HFFTVIBC98Z362 | Long             | EC               | CORP              | US        |     10200 | NS      | $145554.00    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Everspin Technologies Inc                   | Everspin Technologies Inc                     | CUSIP: 30041T104<br>LEI: 549300MNDRV7X6PEDF15 | Long             | EC               | CORP              | US        |     32800 | NS      | $206312.00    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Ranger Energy Services Inc                  | Ranger Energy Services Inc                    | CUSIP: 75282U104<br>LEI: 549300J7RIVGVAN0RE23 | Long             | EC               | CORP              | US        |     22580 | NS      | $269605.20    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Willis Lease Finance Corp                   | Willis Lease Finance Corp                     | CUSIP: 970646105<br>LEI: 54930023EP1OE5MKWF89 | Long             | EC               | CORP              | US        |     10118 | NS      | $1444648.04   | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| SmartFinancial Inc                          | SmartFinancial Inc                            | CUSIP: 83190L208<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10600 | NS      | $358068.00    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Virco Mfg. Corp                             | Virco Mfg. Corp                               | CUSIP: 927651109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     16980 | NS      | $135500.40    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| HomeTrust Bancshares Inc                    | HomeTrust Bancshares Inc                      | CUSIP: 437872104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      7630 | NS      | $285438.30    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Stewart Information Services C              | Stewart Information Services Corp             | CUSIP: 860372101<br>LEI: 529900TV1XI0PLKENU10 | Long             | EC               | CORP              | US        |      3280 | NS      | $213528.00    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Natural Grocers by Vitamin Cot              | Natural Grocers by Vitamin Cottage Inc        | CUSIP: 63888U108<br>LEI: 529900P4OTXDGBUS3O87 | Long             | EC               | CORP              | US        |     10460 | NS      | $410555.00    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Espey Mfg. & Electronics Corp               | Espey Mfg. & Electronics Corp                 | CUSIP: 296650104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     14690 | NS      | $671479.90    | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| BK Technologies Corp                        | BK Technologies Corp                          | CUSIP: 05587G203<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3300 | NS      | $155529.00    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Lazare Kaplan International In              | Lazare Kaplan International Inc               | CUSIP: 521078105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     95270 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Princeton Bancorp Inc                       | Princeton Bancorp Inc                         | CUSIP: 74179A107<br>LEI: 549300ZWKMVQ4WLNLQ57 | Long             | EC               | CORP              | US        |      5500 | NS      | $167970.00    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Ramaco Resources Inc                        | Ramaco Resources Inc                          | CUSIP: 75134P600<br>LEI: 5493001BYUI4TCQOPF70 | Long             | EC               | CORP              | US        |     15800 | NS      | $207612.00    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Regional Management Corp                    | Regional Management Corp                      | CUSIP: 75902K106<br>LEI: 549300S5O87W87JW4146 | Long             | EC               | CORP              | US        |     13360 | NS      | $390245.60    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Titan Machinery Inc                         | Titan Machinery Inc                           | CUSIP: 88830R101<br>LEI: 549300835ZM8G0BT5C94 | Long             | EC               | CORP              | US        |     14800 | NS      | $293188.00    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| American Axle & Manufacturing               | American Axle & Manufacturing Holdings Inc    | CUSIP: 024061103<br>LEI: 254900SMQY98VFKNCC32 | Long             | EC               | CORP              | US        |     35500 | NS      | $144840.00    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Southern First Bancshares Inc               | Southern First Bancshares Inc                 | CUSIP: 842873101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5900 | NS      | $224377.00    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Heritage Insurance Holdings In              | Heritage Insurance Holdings Inc               | CUSIP: 42727J102<br>LEI: 9845008CCYDD87F66B45 | Long             | EC               | CORP              | US        |     12200 | NS      | $304268.00    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| PetMed Express Inc                          | PetMed Express Inc                            | CUSIP: 716382106<br>LEI: 529900PGHW5ASJ1AZL48 | Long             | EC               | CORP              | US        |     42000 | NS      | $139440.00    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Financial Institutions Inc                  | Financial Institutions Inc                    | CUSIP: 317585404<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5900 | NS      | $151512.00    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Orange County Bancorp Inc                   | Orange County Bancorp Inc                     | CUSIP: 68417L107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5660 | NS      | $146254.40    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Mayville Engineering Co Inc                 | Mayville Engineering Co Inc                   | CUSIP: 578605107<br>LEI: 9845008D43E42A7FC362 | Long             | EC               | CORP              | US        |     17320 | NS      | $276427.20    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Oak Valley Bancorp                          | Oak Valley Bancorp                            | CUSIP: 671807105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2900 | NS      | $78996.00     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Creative Realities Inc                      | Creative Realities Inc                        | CUSIP: 22530J309<br>LEI: 5493009BPEB04TIQA243 | Long             | EC               | CORP              | US        |     67900 | NS      | $228823.00    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Harvest Natural Resources Inc               | Harvest Natural Resources Inc                 | CUSIP: 41754V202<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2950 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| ANEMOSTAT DOOR PRODUCTS (RESTRICTED)        | ANEMOSTAT DOOR PRODUCTS (RESTRICTED)          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     21300 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| First Internet Bancorp                      | First Internet Bancorp                        | CUSIP: 320557101<br>LEI: 549300T25MP2M92XU194 | Long             | EC               | CORP              | US        |      7040 | NS      | $189376.00    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| California First Leasing Corp               | California First Leasing Corp                 | CUSIP: 130222102<br>LEI: 894500AUBHBFB3137873 | Long             | EC               | CORP              | US        |      3887 | NS      | $73075.60     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| United Security Bancshares/Fre              | United Security Bancshares/Fresno CA          | CUSIP: 911460103<br>LEI: 549300J2H2JYVXXP3J32 | Long             | EC               | CORP              | US        |      9300 | NS      | $80445.00     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| American Public Education Inc               | American Public Education Inc                 | CUSIP: 02913V103<br>LEI: 254900GZNX6TJQGM4S17 | Long             | EC               | CORP              | US        |     10030 | NS      | $305513.80    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Shore Bancshares Inc                        | Shore Bancshares Inc                          | CUSIP: 825107105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     11000 | NS      | $172920.00    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| IBEX Holdings Ltd                           | IBEX Holdings Ltd                             | CUSIP: 000000000<br>LEI: 5493000GRFLPVYU2CX17 | Long             | EC               | CORP              | US        |      5200 | NS      | $151320.00    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Miller Industries Inc/TN                    | Miller Industries Inc/TN                      | CUSIP: 600551204<br>LEI: 549300F1O74SPUJ7UU94 | Long             | EC               | CORP              | US        |     20889 | NS      | $928724.94    | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Coffee Holding Co Inc                       | Coffee Holding Co Inc                         | CUSIP: 192176105<br>LEI: 549300FD5P29KIHQU051 | Long             | EC               | CORP              | US        |     52000 | NS      | $225160.00    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Photronics Inc                              | Photronics Inc                                | CUSIP: 719405102<br>LEI: 549300OK5JVNIBNY6F63 | Long             | EC               | CORP              | US        |     23430 | NS      | $441186.90    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Safe Bulkers Inc                            | Safe Bulkers Inc                              | CUSIP: 000000000<br>LEI: 549300V6ZM2HJJYQQO85 | Long             | EC               | CORP              | MC        |     44400 | NS      | $160284.00    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Sonic Automotive Inc                        | Sonic Automotive Inc                          | CUSIP: 83545G102<br>LEI: 549300NTLRGJ2JCBZU03 | Long             | EC               | CORP              | US        |      1190 | NS      | $95116.70     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| WesBanco Inc                                | WesBanco Inc                                  | CUSIP: 950810101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5719 | NS      | $180891.97    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Kewaunee Scientific Corp                    | Kewaunee Scientific Corp                      | CUSIP: 492854104<br>LEI: 549300Z8MHH8NUYXQ229 | Long             | EC               | CORP              | US        |      2500 | NS      | $146750.00    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| L B Foster Co                               | L B Foster Co                                 | CUSIP: 350060109<br>LEI: 549300AUUJGJ2T2L2179 | Long             | EC               | CORP              | US        |      5580 | NS      | $122034.60    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| First Reliance Bancshares Inc               | First Reliance Bancshares Inc                 | CUSIP: 33615Q100<br>LEI: 549300B331IVGQKPZN42 | Long             | EC               | CORP              | US        |     10100 | NS      | $96960.00     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Willdan Group Inc                           | Willdan Group Inc                             | CUSIP: 96924N100<br>LEI: 529900YQO0LF5VAEKN05 | Long             | EC               | CORP              | US        |      1600 | NS      | $100016.00    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Smith & Wesson Brands Inc                   | Smith & Wesson Brands Inc                     | CUSIP: 831754106<br>LEI: 5493004PFHUPOR1PWN79 | Long             | EC               | CORP              | US        |     12000 | NS      | $104160.00    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Myers Industries Inc                        | Myers Industries Inc                          | CUSIP: 628464109<br>LEI: 549300I2H9XMVTCW4Q51 | Long             | EC               | CORP              | US        |      9800 | NS      | $142002.00    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Ethan Allen Interiors Inc                   | Ethan Allen Interiors Inc                     | CUSIP: 297602104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     12400 | NS      | $345340.00    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| A-Mark Precious Metals Inc                  | A-Mark Precious Metals Inc                    | CUSIP: 00181T107<br>LEI: XP6XYFDZQGKLUMOFGT37 | Long             | EC               | CORP              | US        |      5000 | NS      | $110900.00    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| ePlus Inc                                   | ePlus Inc                                     | CUSIP: 294268107<br>LEI: 529900FFY8AAFJ21NE91 | Long             | EC               | CORP              | US        |      3580 | NS      | $258118.00    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Mistras Group Inc                           | Mistras Group Inc                             | CUSIP: 60649T107<br>LEI: 5493000CMNXVLND3FU73 | Long             | EC               | CORP              | US        |     14920 | NS      | $119509.20    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Red River Bancshares Inc                    | Red River Bancshares Inc                      | CUSIP: 75686R202<br>LEI: 549300SO63STZV7UHM15 | Long             | EC               | CORP              | US        |      3700 | NS      | $217190.00    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| C&F Financial Corp                          | C&F Financial Corp                            | CUSIP: 12466Q104<br>LEI: 549300VFPAZLNS1R0361 | Long             | EC               | CORP              | US        |      1700 | NS      | $104941.00    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Capital City Bank Group Inc                 | Capital City Bank Group Inc                   | CUSIP: 139674105<br>LEI: 254900NVLVUJQZKTQE82 | Long             | EC               | CORP              | US        |      6320 | NS      | $248692.00    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| South Atlantic Bancshares Inc               | South Atlantic Bancshares Inc                 | CUSIP: 83636T104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6300 | NS      | $100737.00    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Five Point Holdings LLC                     | Five Point Holdings LLC                       | CUSIP: 33833Q106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     53000 | NS      | $291500.00    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Biote Corp                                  | Biote Corp                                    | CUSIP: 090683103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     31400 | NS      | $126228.00    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Lands' End Inc                              | Lands' End Inc                                | CUSIP: 51509F105<br>LEI: 54930016WOL7P2P67Q43 | Long             | EC               | CORP              | US        |     11180 | NS      | $119737.80    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Onity Group Inc                             | Onity Group Inc                               | CUSIP: 675746606<br>LEI: 549300DDD1YQ8EIAT278 | Long             | EC               | CORP              | US        |      2600 | NS      | $99242.00     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| ACRES Commercial Realty Corp                | ACRES Commercial Realty Corp                  | CUSIP: 00489Q102<br>LEI: 549300RUJWPCMY4JFR46 | Long             | EC               | CORP              | US        |      5840 | NS      | $104769.60    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Carter Bankshares Inc                       | Carter Bankshares Inc                         | CUSIP: 146103106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5700 | NS      | $98838.00     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| CompoSecure Inc                             | CompoSecure Inc                               | CUSIP: 20459V105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     22000 | NS      | $309980.00    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Plumas Bancorp                              | Plumas Bancorp                                | CUSIP: 729273102<br>LEI: 549300O5TKTXYTYP4G59 | Long             | EC               | CORP              | US        |      2000 | NS      | $88920.00     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Stabilis Solutions Inc                      | Stabilis Solutions Inc                        | CUSIP: 85236P101<br>LEI: 549300DGSR537OJW7P62 | Long             | EC               | CORP              | US        |     37000 | NS      | $175750.00    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Lincoln Educational Services C              | Lincoln Educational Services Corp             | CUSIP: 533535100<br>LEI: 549300BJ55KUY6RG7L98 | Long             | EC               | CORP              | US        |     15800 | NS      | $364190.00    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| CHORD ENERGY CORP                           | CHORD ENERGY CORP                             | CUSIP: 674215132<br>LEI: 529900FA4V2YNIKZ0M71 | N/A              | DE               | CORP              | US        |       568 | NC      | $369.20       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Universal Logistics Holdings I              | Universal Logistics Holdings Inc              | CUSIP: 91388P105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4270 | NS      | $108372.60    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Hovnanian Enterprises Inc                   | Hovnanian Enterprises Inc                     | CUSIP: 442487401<br>LEI: 549300805N4EF0ROBT53 | Long             | EC               | CORP              | US        |      3620 | NS      | $378471.00    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Embassy Bancorp Inc                         | Embassy Bancorp Inc                           | CUSIP: 290791102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      8000 | NS      | $129360.00    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Peoples Bancorp Inc/OH                      | Peoples Bancorp Inc/OH                        | CUSIP: 709789101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     12398 | NS      | $378634.92    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| BGSF Inc                                    | BGSF Inc                                      | CUSIP: 05601C105<br>LEI: 549300AUC6I9ZG3KKQ91 | Long             | EC               | CORP              | US        |     14500 | NS      | $92365.00     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Central Garden & Pet Co                     | Central Garden & Pet Co                       | CUSIP: 153527106<br>LEI: 5493004DVZLD37DJ0H83 | Long             | EC               | CORP              | US        |      2665 | NS      | $93754.70     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| ACNB Corp                                   | ACNB Corp                                     | CUSIP: 000868109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4700 | NS      | $201348.00    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| First Business Financial Servi              | First Business Financial Services Inc         | CUSIP: 319390100<br>LEI: 549300BXKLW2T50TKU95 | Long             | EC               | CORP              | US        |      6700 | NS      | $339422.00    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Civeo Corp                                  | Civeo Corp                                    | CUSIP: 17878Y207<br>LEI: 254900H0BM0N0O4MSY43 | Long             | EC               | CORP              | US        |      6500 | NS      | $150085.00    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Perma-Pipe International Holdi              | Perma-Pipe International Holdings Inc         | CUSIP: 714167103<br>LEI: 549300QBMR25XXRKXK93 | Long             | EC               | CORP              | US        |     10900 | NS      | $249283.00    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Torrid Holdings Inc                         | Torrid Holdings Inc                           | CUSIP: 89142B107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     58800 | NS      | $173460.00    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| PermRock Royalty Trust                      | PermRock Royalty Trust                        | CUSIP: 714254109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     25600 | NS      | $107264.00    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Limbach Holdings Inc                        | Limbach Holdings Inc                          | CUSIP: 53263P105<br>LEI: 254900EW8KXT5ZTWQI30 | Long             | EC               | CORP              | US        |      2140 | NS      | $299814.00    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| First Western Financial Inc                 | First Western Financial Inc                   | CUSIP: 33751L105<br>LEI: 549300PPOGX4C7S66B47 | Long             | EC               | CORP              | US        |      6600 | NS      | $148896.00    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Natural Gas Services Group Inc              | Natural Gas Services Group Inc                | CUSIP: 63886Q109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      8420 | NS      | $217320.20    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Patrick Industries Inc                      | Patrick Industries Inc                        | CUSIP: 703343103<br>LEI: 549300FZ5ZTCCJ3Z5W14 | Long             | EC               | CORP              | US        |       987 | NS      | $91070.49     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Farmers & Merchants Bancorp In              | Farmers & Merchants Bancorp Inc/Archbold OH   | CUSIP: 30779N105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3600 | NS      | $91008.00     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Mid Penn Bancorp Inc                        | Mid Penn Bancorp Inc                          | CUSIP: 59540G107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5500 | NS      | $155100.00    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Northeast Community Bancorp In              | Northeast Community Bancorp Inc               | CUSIP: 664121100<br>LEI: 5493007BRYL8596Q9L26 | Long             | EC               | CORP              | US        |     13000 | NS      | $302185.00    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Aspen Aerogels Inc                          | Aspen Aerogels Inc                            | CUSIP: 04523Y105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     21800 | NS      | $129056.00    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| CPI Card Group Inc                          | CPI Card Group Inc                            | CUSIP: 12634H200<br>LEI: 54930087HHJ1VWIJK062 | Long             | EC               | CORP              | US        |      7600 | NS      | $180272.00    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Kolibri Global Energy Inc                   | Kolibri Global Energy Inc                     | CUSIP: 50043K406<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     29600 | NS      | $202760.00    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Semler Scientific Inc                       | Semler Scientific Inc                         | CUSIP: 81684M104<br>LEI: 549300ZHL16S29QTW485 | Long             | EC               | CORP              | US        |      3300 | NS      | $127842.00    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Twin Disc Inc                               | Twin Disc Inc                                 | CUSIP: 901476101<br>LEI: 549300FR8EHCY14BLP32 | Long             | EC               | CORP              | US        |     21860 | NS      | $193023.80    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Esquire Financial Holdings Inc              | Esquire Financial Holdings Inc                | CUSIP: 29667J101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1990 | NS      | $188373.40    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| BCB Bancorp Inc                             | BCB Bancorp Inc                               | CUSIP: 055298103<br>LEI: 54930024V6Z8FYSN4291 | Long             | EC               | CORP              | US        |     10500 | NS      | $88410.00     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Orleans Homebuilders Inc                    | Orleans Homebuilders Inc                      | CUSIP: 686588104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     41000 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| ESSA Bancorp Inc                            | ESSA Bancorp Inc                              | CUSIP: 29667D104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6800 | NS      | $131920.00    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Middlefield Banc Corp                       | Middlefield Banc Corp                         | CUSIP: 596304204<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4100 | NS      | $123451.00    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Amalgamated Financial Corp                  | Amalgamated Financial Corp                    | CUSIP: 022671101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      8030 | NS      | $250536.00    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Silvercrest Asset Management G              | Silvercrest Asset Management Group Inc        | CUSIP: 828359109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      7010 | NS      | $111178.60    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Unitil Corp                                 | Unitil Corp                                   | CUSIP: 913259107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     11366 | NS      | $592736.90    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Regis Corp                                  | Regis Corp                                    | CUSIP: 758932206<br>LEI: 5493000Q1S5TJIDIQH89 | Long             | EC               | CORP              | US        |      7530 | NS      | $167843.70    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Clearwater Paper Corp                       | Clearwater Paper Corp                         | CUSIP: 18538R103<br>LEI: 549300HCVV19GXN4P292 | Long             | EC               | CORP              | US        |      3900 | NS      | $106236.00    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Mexco Energy Corp                           | Mexco Energy Corp                             | CUSIP: 592770101<br>LEI: 5493008QUKSJK9IE4453 | Long             | EC               | CORP              | US        |     14670 | NS      | $130122.90    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Aris Water Solutions Inc                    | Aris Water Solutions Inc                      | CUSIP: 04041L106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      9500 | NS      | $224675.00    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Citizens Community Bancorp Inc              | Citizens Community Bancorp Inc/WI             | CUSIP: 174903104<br>LEI: 549300VKLJAF4WABEF16 | Long             | EC               | CORP              | US        |      6300 | NS      | $86940.00     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Legacy Education Inc                        | Legacy Education Inc                          | CUSIP: 52474R207<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     12900 | NS      | $144222.00    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| McRae Industries Inc                        | McRae Industries Inc                          | CUSIP: 582757209<br>LEI: 894500EGKVUXDC6YRA55 | Long             | EC               | CORP              | US        |      9250 | NS      | $441687.50    | 0.42%             |  |  |  | No            |                  2 | On Loan: No      |
| Embecta Corp                                | Embecta Corp                                  | CUSIP: 29082K105<br>LEI: 549300RPG8GXVDHNXZ62 | Long             | EC               | CORP              | US        |     10600 | NS      | $102714.00    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Costamare Bulkers Holdings Ltd              | Costamare Bulkers Holdings Ltd                | CUSIP: 000000000<br>LEI: 529900XOR3ESNE5WKB78 | Long             | EC               | CORP              | MC        |      8660 | NS      | $75082.20     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Puma Biotechnology Inc                      | Puma Biotechnology Inc                        | CUSIP: 74587V107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     71800 | NS      | $246274.00    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Weyco Group Inc                             | Weyco Group Inc                               | CUSIP: 962149100<br>LEI: 549300I10J38MHJELM87 | Long             | EC               | CORP              | US        |     17640 | NS      | $584942.40    | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Taylor Devices Inc                          | Taylor Devices Inc                            | CUSIP: 877163105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6600 | NS      | $286440.00    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| First Place Financial Corp/OH               | First Place Financial Corp/OH                 | CUSIP: 33610T109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     38000 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Westwood Holdings Group Inc                 | Westwood Holdings Group Inc                   | CUSIP: 961765104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6880 | NS      | $107328.00    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Valhi Inc                                   | Valhi Inc                                     | CUSIP: 918905209<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4500 | NS      | $72720.00     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Pacific Financial Corp                      | Pacific Financial Corp                        | CUSIP: 694275108<br>LEI: 549300FELV12JVKGIR35 | Long             | EC               | CORP              | US        |      8500 | NS      | $90865.00     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Genco Shipping & Trading Ltd                | Genco Shipping & Trading Ltd                  | CUSIP: 000000000<br>LEI: 5493003MBZ5GU8QHXZ58 | Long             | EC               | CORP              | US        |     14000 | NS      | $182980.00    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Data Storage Corp                           | Data Storage Corp                             | CUSIP: 23786R201<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     44800 | NS      | $155456.00    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| TRENWICK AMERICA CORP.                      | TRENWICK AMERICA CORP.                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1947 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Flexsteel Industries Inc                    | Flexsteel Industries Inc                      | CUSIP: 339382103<br>LEI: 894500J5Y3ZZOOJXXN24 | Long             | EC               | CORP              | US        |     14620 | NS      | $526758.60    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| VirTra Inc                                  | VirTra Inc                                    | CUSIP: 92827K301<br>LEI: 549300BGHL1PW2M7IZ13 | Long             | EC               | CORP              | US        |     23900 | NS      | $168973.00    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Point.360                                   | Point.360                                     | CUSIP: 730507100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    119400 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Enterprise Bancorp Inc/MA                   | Enterprise Bancorp Inc/MA                     | CUSIP: 293668109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6270 | NS      | $248542.80    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Core Molding Technologies Inc               | Core Molding Technologies Inc                 | CUSIP: 218683100<br>LEI: 549300ZY2MFRXCKVIJ28 | Long             | EC               | CORP              | US        |     22080 | NS      | $366307.20    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| SIGA Technologies Inc                       | SIGA Technologies Inc                         | CUSIP: 826917106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     17030 | NS      | $111035.60    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Concrete Pumping Holdings Inc               | Concrete Pumping Holdings Inc                 | CUSIP: 206704108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     36920 | NS      | $227058.00    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| LSI Industries Inc                          | LSI Industries Inc                            | CUSIP: 50216C108<br>LEI: 529900HY42OANH6BVT33 | Long             | EC               | CORP              | US        |     25350 | NS      | $431203.50    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| ConnectOne Bancorp Inc                      | ConnectOne Bancorp Inc                        | CUSIP: 20786W107<br>LEI: 549300E2M5ZYAZKUK134 | Long             | EC               | CORP              | US        |      5071 | NS      | $117444.36    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| NETGEAR Inc                                 | NETGEAR Inc                                   | CUSIP: 64111Q104<br>LEI: 54930067KX3UNRHDWA78 | Long             | EC               | CORP              | US        |      8600 | NS      | $250002.00    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| CF Bankshares Inc                           | CF Bankshares Inc                             | CUSIP: 12520L109<br>LEI: 5493005T7GGZJKF4UK64 | Long             | EC               | CORP              | US        |      6500 | NS      | $155805.00    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| CTS Corp                                    | CTS Corp                                      | CUSIP: 126501105<br>LEI: 549300YV1HQLBVHOI649 | Long             | EC               | CORP              | US        |      4050 | NS      | $172570.50    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| I3 Verticals Inc                            | I3 Verticals Inc                              | CUSIP: 46571Y107<br>LEI: 549300944CYWVP06CJ97 | Long             | EC               | CORP              | US        |      9000 | NS      | $247320.00    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Target Hospitality Corp                     | Target Hospitality Corp                       | CUSIP: 87615L107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     28800 | NS      | $205056.00    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Digi International Inc                      | Digi International Inc                        | CUSIP: 253798102<br>LEI: 529900KG656HGROI4N27 | Long             | EC               | CORP              | US        |      5750 | NS      | $200445.00    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Columbus McKinnon Corp/NY                   | Columbus McKinnon Corp/NY                     | CUSIP: 199333105<br>LEI: 549300W3HQB0HO1F3G69 | Long             | EC               | CORP              | US        |      9500 | NS      | $145065.00    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidus Investment Corp                       | Fidus Investment Corp                         | CUSIP: 316500107<br>LEI: 549300836CRWCROFBC02 | Long             | EC               | CORP              | US        |      4400 | NS      | $88880.00     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Mestek Inc                                  | Mestek Inc                                    | CUSIP: 590829305<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     14900 | NS      | $596000.00    | 0.56%             |  |  |  | No            |                  2 | On Loan: No      |
| MVB Financial Corp                          | MVB Financial Corp                            | CUSIP: 553810102<br>LEI: 549300KSUQ2FUU1X2O74 | Long             | EC               | CORP              | US        |      7200 | NS      | $162216.00    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Covenant Logistics Group Inc                | Covenant Logistics Group Inc                  | CUSIP: 22284P105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     23580 | NS      | $568513.80    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Postal Realty Trust Inc                     | Postal Realty Trust Inc                       | CUSIP: 73757R102<br>LEI: 5493007B7ZZSIJRGWC41 | Long             | EC               | CORP              | US        |     16290 | NS      | $239951.70    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| First Financial Corp                        | First Financial Corp                          | CUSIP: 320218100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5810 | NS      | $314843.90    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Ames National Corp                          | Ames National Corp                            | CUSIP: 031001100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      7600 | NS      | $135356.00    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Information Services Group Inc              | Information Services Group Inc                | CUSIP: 45675Y104<br>LEI: 549300ZUNI6DQ0G8Q273 | Long             | EC               | CORP              | US        |     23300 | NS      | $111840.00    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Riverview Bancorp Inc                       | Riverview Bancorp Inc                         | CUSIP: 769397100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     19100 | NS      | $105050.00    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Movado Group Inc                            | Movado Group Inc                              | CUSIP: 624580106<br>LEI: 549300WCGCGPWGHVXM59 | Long             | EC               | CORP              | US        |     20690 | NS      | $315522.50    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Radiant Logistics Inc                       | Radiant Logistics Inc                         | CUSIP: 75025X100<br>LEI: 549300HWCW2HBOG4GN20 | Long             | EC               | CORP              | US        |     58570 | NS      | $356105.60    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| First Bancorp Inc/The                       | First Bancorp Inc/The                         | CUSIP: 31866P102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6700 | NS      | $170247.00    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Acme United Corp                            | Acme United Corp                              | CUSIP: 004816104<br>LEI: 549300NVT8NN13WP8M83 | Long             | EC               | CORP              | US        |     11020 | NS      | $456779.00    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Dorian LPG Ltd                              | Dorian LPG Ltd                                | CUSIP: 000000000<br>LEI: 549300WP1W2WGMC7F395 | Long             | EC               | CORP              | US        |     10400 | NS      | $253552.00    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| GigaCloud Technology Inc                    | GigaCloud Technology Inc                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     12440 | NS      | $246063.20    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Escalade Inc                                | Escalade Inc                                  | CUSIP: 296056104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     15780 | NS      | $220604.40    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| MainStreet Bancshares Inc                   | MainStreet Bancshares Inc                     | CUSIP: 56064Y100<br>LEI: 549300FHZZP7SP56TS88 | Long             | EC               | CORP              | US        |      5900 | NS      | $111510.00    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| PrimeEnergy Resources Corp                  | PrimeEnergy Resources Corp                    | CUSIP: 74158E104<br>LEI: 9QMD37QNHRX1B7685Y44 | Long             | EC               | CORP              | US        |      2010 | NS      | $294223.80    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Shutterstock Inc                            | Shutterstock Inc                              | CUSIP: 825690100<br>LEI: 529900G2TDIS56V0LO22 | Long             | EC               | CORP              | US        |      5680 | NS      | $107692.80    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Hawaiian Macadamia Nut Orchard              | Hawaiian Macadamia Nut Orchards LP            | CUSIP: 41988L202<br>LEI: 549300IQXJV4NSN52I93 | Long             | EC               | CORP              | US        |        36 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Bankwell Financial Group Inc                | Bankwell Financial Group Inc                  | CUSIP: 06654A103<br>LEI: 5493004NUBQXPY84NX67 | Long             | EC               | CORP              | US        |      7000 | NS      | $252210.00    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Park-Ohio Holdings Corp                     | Park-Ohio Holdings Corp                       | CUSIP: 700666100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5320 | NS      | $95015.20     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| FS Bancorp Inc                              | FS Bancorp Inc                                | CUSIP: 30263Y104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6380 | NS      | $251244.40    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Hamilton Beach Brands Holding               | Hamilton Beach Brands Holding Co              | CUSIP: 40701T104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      7790 | NS      | $139363.10    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Strattec Security Corp                      | Strattec Security Corp                        | CUSIP: 863111100<br>LEI: 549300Z394OP8S8TSR40 | Long             | EC               | CORP              | US        |      5820 | NS      | $362062.20    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| FRP Holdings Inc                            | FRP Holdings Inc                              | CUSIP: 30292L107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10700 | NS      | $287723.00    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| SITE Centers Corp                           | SITE Centers Corp                             | CUSIP: 82981J851<br>LEI: W2AVA6SODOQ1LCYJQR54 | Long             | EC               | CORP              | US        |      8160 | NS      | $92289.60     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| One Liberty Properties Inc                  | One Liberty Properties Inc                    | CUSIP: 682406103<br>LEI: 549300QII1CQZGZBZR14 | Long             | EC               | CORP              | US        |     26652 | NS      | $635916.72    | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Utah Medical Products Inc                   | Utah Medical Products Inc                     | CUSIP: 917488108<br>LEI: 5493002R27BBGV8DID60 | Long             | EC               | CORP              | US        |      1890 | NS      | $107578.80    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Nathan's Famous Inc                         | Nathan's Famous Inc                           | CUSIP: 632347100<br>LEI: 54930034SKNSF1JIE673 | Long             | EC               | CORP              | US        |      4320 | NS      | $477705.60    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Orrstown Financial Services In              | Orrstown Financial Services Inc               | CUSIP: 687380105<br>LEI: 5493008IR3FINUFGVM95 | Long             | EC               | CORP              | US        |     12625 | NS      | $401853.75    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Atlanticus Holdings Corp                    | Atlanticus Holdings Corp                      | CUSIP: 04914Y102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4650 | NS      | $254587.50    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| FONAR Corp                                  | FONAR Corp                                    | CUSIP: 344437405<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     17700 | NS      | $264792.00    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Oxford Industries Inc                       | Oxford Industries Inc                         | CUSIP: 691497309<br>LEI: IDZ20O0XD3GS4UOI2L88 | Long             | EC               | CORP              | US        |      2600 | NS      | $104650.00    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Alliance Entertainment Holding              | Alliance Entertainment Holding Corp           | CUSIP: 01861F102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     34000 | NS      | $128180.00    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Southern Missouri Bancorp Inc               | Southern Missouri Bancorp Inc                 | CUSIP: 843380106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4410 | NS      | $241579.80    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-08-25

**Name of Applicant:** RBC Funds Trust

**Signature:** Kathy Hegna

**Name of Signer:** Kathy Hegna

**Title:** Treasurer and Chief Financial Officer - RBC Funds, and Director of Mutual Fund Services | RBC Global Asset Management (U.S.) Inc.