# EDGAR Filing Document

**Accession Number:** 0001420040
**File Stem:** 0001752724-25-160486
**Filing Date:** 2025-6
**Character Count:** 67204
**Document Hash:** dbc91440713b6e839939924353f4e579
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-160486.hdr.sgml**: 20250627

**ACCESSION NUMBER**: 0001752724-25-160486

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250627

**DATE AS OF CHANGE**: 20250626

**PERIOD START**: 20251031

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Dunham Funds
- **CENTRAL INDEX KEY:** 0001420040

**ORGANIZATION NAME:**
- **EIN:** 000000000

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22153
- **FILM NUMBER:** 251081776

**BUSINESS ADDRESS:**
- **STREET 1:** 6256 GREENWICH DRIVE
- **STREET 2:** SUITE 550
- **CITY:** SAN DIEGO
- **STATE:** CA
- **ZIP:** 92122
- **BUSINESS PHONE:** 858-964-0500

**MAIL ADDRESS:**
- **STREET 1:** 6256 GREENWICH DRIVE
- **STREET 2:** SUITE 550
- **CITY:** SAN DIEGO
- **STATE:** CA
- **ZIP:** 92122

## Series and Classes Contracts Data

### Dunham Small Cap Value Fund (Series ID: S000020974)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000059517 | Dunham Small Cap Value Fund Class A | DASVX           |
| C000059518 | Dunham Small Cap Value Fund Class C | DCSVX           |
| C000059519 | Dunham Small Cap Value Fund Class N | DNSVX           |

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** Dunham Funds

- **b. Investment Company Act file number:** 811-22153

- **c. CIK number of Registrant:** 0001420040

- **d. LEI of Registrant:** 549300FI2C3SP4YCHL80

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

  - **Street Address 1:** 6256 Greenwich Dr

  - **City:** SAN DIEGO

  - **State:** CA

  - **Foreign country:** US

  - **Zip / Postal Code:** 92122

  - **Telephone number:** 858-964-0500

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

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

- **b. EDGAR series identifier (if any):** S000020974

- **c. LEI of Series:** 549300FUKK5THH5JHD83

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

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

- **b. Date as of which information is reported:** 2025-04-30

**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:** $98856520.65

**Total Liabilities:** $170437.32

**Net Assets:** $98686083.33

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000059517 | -4.99%               | -6.04%               | -4.46%               |
| Class ID C000059518 | -5.07%               | -5.98%               | -4.53%               |
| Class ID C000059519 | -5.00%               | -5.95%               | -4.49%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $11601.85                | $-5382829.24                               |
| Month 2  | $-1617192.68             | $-4440037.59                               |
| Month 3  | $-3555859.40             | $-15586.46                                 |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ADT Inc                                   | ADT INC                              | CUSIP: 00090Q103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     59544 | NS      | $477542.88    | 0.48%             |  |  |  | No            | 1                  | On Loan: No      |
| ABM Industries Inc.                       | ABM INDUSTRIES                       | CUSIP: 000957100<br>LEI: QF02R89VEIOROM77J447 | Long             | EC               | CORP              | US        |     14982 | NS      | $730222.68    | 0.74%             |  |  |  | No            | 1                  | On Loan: No      |
| AMN Healthcare Services Inc               | AMN HEALTHCARE                       | CUSIP: 001744101<br>LEI: 529900W3ARRTCNFH2I39 | Long             | EC               | CORP              | US        |     11050 | NS      | $225751.50    | 0.23%             |  |  |  | No            | 1                  | On Loan: —       |
| Advance Auto Parts Inc.                   | ADVANCE AUTO PAR                     | CUSIP: 00751Y106<br>LEI: 529900UCNQ5H9FSL0Y70 | Long             | EC               | CORP              | US        |      7106 | NS      | $232508.32    | 0.24%             |  |  |  | No            | 1                  | On Loan: —       |
| AerSale Corporation                       | AERSALE CORP                         | CUSIP: 00810F106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     52182 | NS      | $363708.54    | 0.37%             |  |  |  | No            | 1                  | On Loan: No      |
| Air Lease Corporation                     | AIR LEASE C                          | CUSIP: 00912X302<br>LEI: 5493004NW4M4P8TMMK63 | Long             | EC               | CORP              | US        |     17163 | NS      | $802541.88    | 0.81%             |  |  |  | No            | 1                  | On Loan: No      |
| Alcoa Corporation                         | ALCOA CORP                           | CUSIP: 013872106<br>LEI: 549300T12EZ1F6PWWU29 | Long             | EC               | CORP              | US        |     14865 | NS      | $364638.45    | 0.37%             |  |  |  | No            | 1                  | On Loan: No      |
| Algoma Steel Group Inc                    | ALGOMA STEEL GRO                     | CUSIP: 015658107<br>LEI: 549300Q5EU337A1XCX27 | Long             | EC               | CORP              | CA        |     74368 | NS      | $380392.32    | 0.39%             |  |  |  | No            | 1                  | On Loan: No      |
| Allient Inc                               | ALLIENT INC                          | CUSIP: 019330109<br>LEI: 549300I2LHAWYGNBPM97 | Long             | EC               | CORP              | US        |     11981 | NS      | $255794.35    | 0.26%             |  |  |  | No            | 1                  | On Loan: No      |
| Alpine Income Property Trust Inc          | ALPINE INCOME                        | CUSIP: 02083X103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     35452 | NS      | $547733.40    | 0.56%             |  |  |  | No            | 1                  | On Loan: No      |
| Arcosa Inc                                | ARCOSA INC                           | CUSIP: 039653100<br>LEI: 549300WFHLTCZV7D6V29 | Long             | EC               | CORP              | US        |      5130 | NS      | $410759.10    | 0.42%             |  |  |  | No            | 1                  | On Loan: No      |
| Ashland Inc.                              | ASHLAND INC                          | CUSIP: 044186104<br>LEI: 529900E4L9R04SB8HB11 | Long             | EC               | CORP              | US        |      9517 | NS      | $517629.63    | 0.52%             |  |  |  | No            | 1                  | On Loan: No      |
| BKV Corporation                           | BKV CORPORATION                      | CUSIP: 05603J108<br>LEI: 549300S3T4Z01TRFU656 | Long             | EC               | CORP              | US        |     30261 | NS      | $548631.93    | 0.56%             |  |  |  | No            | 1                  | On Loan: No      |
| Bath & Body Works Inc                     | BATH & BODY WORK                     | CUSIP: 070830104<br>LEI: GR3KVMWVCR54YWQNXU90 | Long             | EC               | CORP              | US        |     16531 | NS      | $504360.81    | 0.51%             |  |  |  | No            | 1                  | On Loan: —       |
| BGC Group Inc                             | BGC GROUP INC-A                      | CUSIP: 088929104<br>LEI: 2549001IGRCG4F0RLD36 | Long             | EC               | CORP              | US        |    123723 | NS      | $1120930.38   | 1.14%             |  |  |  | No            | 1                  | On Loan: No      |
| Black Hills Corporation                   | BLACK HILLS CORP                     | CUSIP: 092113109<br>LEI: 3MGELCRSTNSAMJ962671 | Long             | EC               | CORP              | US        |      9617 | NS      | $585675.30    | 0.59%             |  |  |  | No            | 1                  | On Loan: No      |
| BlackBerry Ltd.                           | BLACKBERRY LTD                       | CUSIP: 09228F103<br>LEI: 549300HJD8NEGT71RF07 | Long             | EC               | CORP              | CA        |     45647 | NS      | $155199.80    | 0.16%             |  |  |  | No            | 1                  | On Loan: No      |
| Blade Air Mobility Inc.                   | BLADE AIR MOBILI                     | CUSIP: 092667104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    191388 | NS      | $507178.20    | 0.51%             |  |  |  | No            | 1                  | On Loan: No      |
| Bowhead Specialty Holdings Inc            | BOWHEAD SPECIALT                     | CUSIP: 10240L102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      9846 | NS      | $395710.74    | 0.40%             |  |  |  | No            | 1                  | On Loan: No      |
| Bowman Consulting Group Ltd               | BOWMAN CONSULTIN                     | CUSIP: 103002101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     25114 | NS      | $555521.68    | 0.56%             |  |  |  | No            | 1                  | On Loan: No      |
| BrightView Holdings Inc.                  | BRIGHTVIEW HOLDI                     | CUSIP: 10948C107<br>LEI: 549300F8QN8YHVI7L866 | Long             | EC               | CORP              | US        |     52995 | NS      | $727091.40    | 0.74%             |  |  |  | No            | 1                  | On Loan: No      |
| Brilliant Earth Group Inc                 | BRILLIANT EARTH                      | CUSIP: 109504100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    170382 | NS      | $264092.10    | 0.27%             |  |  |  | No            | 1                  | On Loan: No      |
| Brixmor Property Group Inc                | BRIXMOR PROPERTY                     | CUSIP: 11120U105<br>LEI: 5299007UXW6Y0W2EGZ95 | Long             | EC               | CORP              | US        |     41400 | NS      | $1031274.00   | 1.05%             |  |  |  | No            | 1                  | On Loan: No      |
| Broadstone Net Lease Inc                  | BROADSTONE NET                       | CUSIP: 11135E203<br>LEI: 549300U8D7PT70B49V21 | Long             | EC               | CORP              | US        |     22559 | NS      | $365004.62    | 0.37%             |  |  |  | No            | 1                  | On Loan: No      |
| CECO Environmental Corp.                  | CECO ENVIRONMNTL                     | CUSIP: 125141101<br>LEI: 5493002CZCTL4HGLIY91 | Long             | EC               | CORP              | US        |     28821 | NS      | $685651.59    | 0.69%             |  |  |  | No            | 1                  | On Loan: —       |
| CNO Financial Group, Inc.                 | CNO FINANCIAL GR                     | CUSIP: 12621E103<br>LEI: 11XPYHB76MPM4Y4P2897 | Long             | EC               | CORP              | US        |     14613 | NS      | $554417.22    | 0.56%             |  |  |  | No            | 1                  | On Loan: No      |
| Capital City Bank Group Inc.              | CAP CITY BANK                        | CUSIP: 139674105<br>LEI: 254900NVLVUJQZKTQE82 | Long             | EC               | CORP              | US        |     24337 | NS      | $889273.98    | 0.90%             |  |  |  | No            | 1                  | On Loan: No      |
| Capital Bancorp Inc.                      | CAPITAL BANCORP                      | CUSIP: 139737100<br>LEI: 549300LQKYGWQ7VP0C75 | Long             | EC               | CORP              | US        |     27911 | NS      | $881708.49    | 0.89%             |  |  |  | No            | 1                  | On Loan: No      |
| Caredx Inc                                | CAREDX INC                           | CUSIP: 14167L103<br>LEI: 549300NQOFKL9NON0U06 | Long             | EC               | CORP              | US        |     23507 | NS      | $396798.16    | 0.40%             |  |  |  | No            | 1                  | On Loan: No      |
| Cargurus Inc                              | CARGURUS INC                         | CUSIP: 141788109<br>LEI: 54930027BKQN6B7X7G78 | Long             | EC               | CORP              | US        |     22876 | NS      | $639612.96    | 0.65%             |  |  |  | No            | 1                  | On Loan: No      |
| Cars.com Inc                              | CARS.COM INC                         | CUSIP: 14575E105<br>LEI: 5493002G6J07LNGX4M98 | Long             | EC               | CORP              | US        |     42231 | NS      | $491568.84    | 0.50%             |  |  |  | No            | 1                  | On Loan: No      |
| Centerspace                               | CENTERSPACE                          | CUSIP: 15202L107<br>LEI: 5493002LG2SH9EEHT720 | Long             | EC               | CORP              | US        |      5789 | NS      | $349424.04    | 0.35%             |  |  |  | No            | 1                  | On Loan: No      |
| Central Pacific Financial Corp.           | CENTRAL PACIFIC                      | CUSIP: 154760409<br>LEI: 549300W3YEAOZ4KGG849 | Long             | EC               | CORP              | US        |     14340 | NS      | $368394.60    | 0.37%             |  |  |  | No            | 1                  | On Loan: No      |
| Century Aluminum Company                  | CENTURY ALUMINUM                     | CUSIP: 156431108<br>LEI: 549300U5ODNGEYWKSW73 | Long             | EC               | CORP              | US        |     25651 | NS      | $420932.91    | 0.43%             |  |  |  | No            | 1                  | On Loan: No      |
| Century Communities Inc                   | CENTURY COMMUNIT                     | CUSIP: 156504300<br>LEI: 5299002QMB2O7ZL1CA26 | Long             | EC               | CORP              | US        |      4508 | NS      | $245866.32    | 0.25%             |  |  |  | No            | 1                  | On Loan: No      |
| Clarus Corp.                              | CLARUS CORP                          | CUSIP: 18270P109<br>LEI: 549300PKSLI6PT0ULL72 | Long             | EC               | CORP              | US        |    134975 | NS      | $444067.75    | 0.45%             |  |  |  | No            | 1                  | On Loan: No      |
| Coherent Corp                             | COHERENT CORP                        | CUSIP: 19247G107<br>LEI: 549300O5C25A0MMHHU33 | Long             | EC               | CORP              | US        |      6449 | NS      | $414799.68    | 0.42%             |  |  |  | No            | 1                  | On Loan: No      |
| Enovis Corporation                        | ENOVIS CORP                          | CUSIP: 194014502<br>LEI: 635400OP2DYYYMOIYL17 | Long             | EC               | CORP              | US        |     32733 | NS      | $1132234.47   | 1.15%             |  |  |  | No            | 1                  | On Loan: —       |
| Commercial Metals Company                 | COMMERCIAL METAL                     | CUSIP: 201723103<br>LEI: 549300OQS2LO07ZJ7N73 | Long             | EC               | CORP              | US        |      8291 | NS      | $369281.14    | 0.37%             |  |  |  | No            | 1                  | On Loan: —       |
| Consensus Cloud Solutions Inc             | CONSENSUS CLOUD                      | CUSIP: 20848V105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     12897 | NS      | $256134.42    | 0.26%             |  |  |  | No            | 1                  | On Loan: No      |
| Covenant Logistics Group Inc.             | COVENANT LOGISTI                     | CUSIP: 22284P105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     32793 | NS      | $652580.70    | 0.66%             |  |  |  | No            | 1                  | On Loan: —       |
| Crane NXT Co                              | CRANE NXT CO                         | CUSIP: 224441105<br>LEI: 549300EXNPSXEWUD3N21 | Long             | EC               | CORP              | US        |     12587 | NS      | $590582.04    | 0.60%             |  |  |  | No            | 1                  | On Loan: —       |
| CTO Realty Growth Inc New                 | CTO REALTY GROWT                     | CUSIP: 22948Q101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     35501 | NS      | $648594.28    | 0.66%             |  |  |  | No            | 1                  | On Loan: No      |
| Custom Truck One Source Inc               | CUSTOM TRUCK ONE                     | CUSIP: 23204X103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    145456 | NS      | $586187.68    | 0.59%             |  |  |  | No            | 1                  | On Loan: No      |
| Dave & Buster's Entertainment Inc         | DAVE & BUSTER'S                      | CUSIP: 238337109<br>LEI: 529900WTVU85QZLYHR86 | Long             | EC               | CORP              | US        |     19063 | NS      | $365818.97    | 0.37%             |  |  |  | No            | 1                  | On Loan: No      |
| Denny's Corp.                             | DENNY'S CORP                         | CUSIP: 24869P104<br>LEI: 54930037V56XOULXM917 | Long             | EC               | CORP              | US        |    110337 | NS      | $407143.53    | 0.41%             |  |  |  | No            | 1                  | On Loan: No      |
| Dime Community Bancshares Inc.            | DIME COMMUNITY B                     | CUSIP: 25432X102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     18401 | NS      | $472721.69    | 0.48%             |  |  |  | No            | 1                  | On Loan: No      |
| Diodes Incorporated                       | DIODES INC                           | CUSIP: 254543101<br>LEI: 549300XP2X1ARVH3BX23 | Long             | EC               | CORP              | US        |      6742 | NS      | $258892.80    | 0.26%             |  |  |  | No            | 1                  | On Loan: No      |
| Driven Brands Holdings Inc                | DRIVEN BRANDS HO                     | CUSIP: 26210V102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     37602 | NS      | $621185.04    | 0.63%             |  |  |  | No            | 1                  | On Loan: No      |
| 8X8 Inc.                                  | 8X8 INC                              | CUSIP: 282914100<br>LEI: 254900XWSOC5U1BRW939 | Long             | EC               | CORP              | US        |    209341 | NS      | $370533.57    | 0.38%             |  |  |  | No            | 1                  | On Loan: No      |
| Enterprise Financial Services Corp.       | ENTERPRISE FINAN                     | CUSIP: 293712105<br>LEI: 5493001XTU5DLD632129 | Long             | EC               | CORP              | US        |     18305 | NS      | $952226.10    | 0.96%             |  |  |  | No            | 1                  | On Loan: No      |
| Ero Copper Corp                           | ERO COPPER CORP                      | CUSIP: 296006109<br>LEI: 549300KL8A21SEIO8I47 | Long             | EC               | CORP              | CA        |     44440 | NS      | $554166.80    | 0.56%             |  |  |  | No            | 1                  | On Loan: —       |
| Esquire Financial Holdings Inc            | ESQUIRE FINANCIA                     | CUSIP: 29667J101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5979 | NS      | $495778.68    | 0.50%             |  |  |  | No            | 1                  | On Loan: —       |
| EZCORP Inc.                               | EZCORP INC-A                         | CUSIP: 302301106<br>LEI: 5493003K6PG3ZQ7TUQ63 | Long             | EC               | CORP              | US        |     35944 | NS      | $588403.28    | 0.60%             |  |  |  | No            | 1                  | On Loan: —       |
| Federal Agricultural Mortgage Corporation | FED AGRI MTG-C                       | CUSIP: 313148306<br>LEI: 549300MS654K78GYF580 | Long             | EC               | USGA              | US        |      2328 | NS      | $408168.24    | 0.41%             |  |  |  | No            | 1                  | On Loan: No      |
| Fidelity Colchester Street Trust          | FID-MM GOVT-I                        | CUSIP: 316175108<br>LEI: 549300SHPEJB1OPRCV46 | Long             | STIV             | RF                | US        |   4150102 | PA      | $4150101.64   | 4.21%             |  |  |  | No            | 1                  | On Loan: No      |
| First Advantage Corp New                  | FIRST ADVANTAGE                      | CUSIP: 31846B108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10033 | NS      | $141465.30    | 0.14%             |  |  |  | No            | 1                  | On Loan: —       |
| First Bancorp Puerto Rico                 | FIRST BANCORP PR                     | CUSIP: 318672706<br>LEI: N/A                  | Long             | EC               | CORP              | PR        |     24671 | NS      | $484538.44    | 0.49%             |  |  |  | No            | 1                  | On Loan: No      |
| First Commonwealth Financial Corp  PA     | FIRST COMMON FIN                     | CUSIP: 319829107<br>LEI: 549300ZHLQ42NXDETL24 | Long             | EC               | CORP              | US        |     41896 | NS      | $641846.72    | 0.65%             |  |  |  | No            | 1                  | On Loan: No      |
| Firstcash Holdings Inc                    | FIRSTCASH HOLDIN                     | CUSIP: 33768G107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1948 | NS      | $260954.08    | 0.26%             |  |  |  | No            | 1                  | On Loan: No      |
| Fluor Corporation                         | FLUOR CORP                           | CUSIP: 343412102<br>LEI: CQ7WZ4NOFWT7FAE6Q943 | Long             | EC               | CORP              | US        |     10539 | NS      | $367705.71    | 0.37%             |  |  |  | No            | 1                  | On Loan: No      |
| GXO Logistics Inc.                        | GXO LOGISTIC                         | CUSIP: 36262G101<br>LEI: 5493007CNWMXN78JRN66 | Long             | EC               | CORP              | US        |     19693 | NS      | $713674.32    | 0.72%             |  |  |  | No            | 1                  | On Loan: —       |
| Gentherm Inc                              | GENTHERM INC                         | CUSIP: 37253A103<br>LEI: HKM6YX1U5JS60TCUB219 | Long             | EC               | CORP              | US        |     10620 | NS      | $276226.20    | 0.28%             |  |  |  | No            | 1                  | On Loan: No      |
| Getty Realty Corp                         | GETTY REALTY                         | CUSIP: 374297109<br>LEI: 2549000P1W5SFJWCNP90 | Long             | EC               | CORP              | US        |     33448 | NS      | $936209.52    | 0.95%             |  |  |  | No            | 1                  | On Loan: —       |
| Gildan Activewear Inc.                    | GILDAN ACTIVEWEA                     | CUSIP: 375916103<br>LEI: 549300SB3IBI34M00Z45 | Long             | EC               | CORP              | CA        |     16971 | NS      | $782702.52    | 0.79%             |  |  |  | No            | 1                  | On Loan: No      |
| Grocery Outlet Holding Corp.              | GROCERY OUTLET                       | CUSIP: 39874R101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     44272 | NS      | $743326.88    | 0.75%             |  |  |  | No            | 1                  | On Loan: No      |
| Hallador Energy Co                        | HALLADOR ENERGY CO                   | CUSIP: 40609P105<br>LEI: 254900GKEQRHOI2SSC19 | Long             | EC               | CORP              | US        |     27507 | NS      | $386885.96    | 0.39%             |  |  |  | No            | 1                  | On Loan: No      |
| The Hanover Insurance Group, Inc.         | HANOVER INSURANC                     | CUSIP: 410867105<br>LEI: JJYR6MFKFF6CF8DBZ078 | Long             | EC               | CORP              | US        |      5916 | NS      | $982647.60    | 1.00%             |  |  |  | No            | 1                  | On Loan: No      |
| Hillman Solutions Corp                    | HILLMAN SOLUTION                     | CUSIP: 431636109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     49894 | NS      | $348759.06    | 0.35%             |  |  |  | No            | 1                  | On Loan: No      |
| Holley Inc                                | HOLLEY INC                           | CUSIP: 43538H103<br>LEI: 254900EEM9JI9G1A4D88 | Long             | EC               | CORP              | US        |    167868 | NS      | $360916.20    | 0.37%             |  |  |  | No            | 1                  | On Loan: No      |
| Horizon Bancorp Inc.                      | HORIZON BANCORP                      | CUSIP: 440407104<br>LEI: 549300U2OQ2EIT5MXG39 | Long             | EC               | CORP              | US        |     40311 | NS      | $591765.48    | 0.60%             |  |  |  | No            | 1                  | On Loan: No      |
| Hudson Technologes Inc                    | HUDSON TECH                          | CUSIP: 444144109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     30028 | NS      | $200887.32    | 0.20%             |  |  |  | No            | 1                  | On Loan: No      |
| Huntsman Corporation                      | HUNTSMAN CORP                        | CUSIP: 447011107<br>LEI: 5299000V56320A7RIQ67 | Long             | EC               | CORP              | US        |     33129 | NS      | $440946.99    | 0.45%             |  |  |  | No            | 1                  | On Loan: No      |
| Independent Bank Corp Michigan            | INDEP BANK/MICH                      | CUSIP: 453838609<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     16692 | NS      | $508438.32    | 0.52%             |  |  |  | No            | 1                  | On Loan: No      |
| Infinity Natural Resources Inc.           | INFINITY NATUR-A                     | CUSIP: 456941103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     35228 | NS      | $540749.80    | 0.55%             |  |  |  | No            | 1                  | On Loan: No      |
| Innoviva Inc                              | INNOVIVA INC                         | CUSIP: 45781M101<br>LEI: 549300ACOX4QTBES6535 | Long             | EC               | CORP              | US        |     29005 | NS      | $542103.45    | 0.55%             |  |  |  | No            | 1                  | On Loan: No      |
| Joint Corp. (The)                         | JOINT CORP/THE                       | CUSIP: 47973J102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     24817 | NS      | $248418.17    | 0.25%             |  |  |  | No            | 1                  | On Loan: No      |
| KBR Inc                                   | KBR INC                              | CUSIP: 48242W106<br>LEI: 254900OFQDXZRKRCV808 | Long             | EC               | CORP              | US        |     10767 | NS      | $568605.27    | 0.58%             |  |  |  | No            | 1                  | On Loan: No      |
| Kaltura Inc                               | KALTURA INC                          | CUSIP: 483467106<br>LEI: 254900WYME0NSA8DVA41 | Long             | EC               | CORP              | US        |    238567 | NS      | $512919.05    | 0.52%             |  |  |  | No            | 1                  | On Loan: No      |
| Kemper Corporation                        | KEMPER CORP                          | CUSIP: 488401100<br>LEI: 549300FNI1JKTRY2PV09 | Long             | EC               | CORP              | US        |     19530 | NS      | $1154613.60   | 1.17%             |  |  |  | No            | 1                  | On Loan: No      |
| Knight-Swift Transportation Holdings Inc. | KNIGHT-SWIFT TRA                     | CUSIP: 499049104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     16628 | NS      | $651318.76    | 0.66%             |  |  |  | No            | 1                  | On Loan: No      |
| Koppers Holdings Inc                      | KOPPERS HOLDINGS                     | CUSIP: 50060P106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     18166 | NS      | $455239.96    | 0.46%             |  |  |  | No            | 1                  | On Loan: No      |
| KRONOS Worldwide Inc.                     | KRONOS WORLDWIDE                     | CUSIP: 50105F105<br>LEI: 549300OBZ34C65APL277 | Long             | EC               | CORP              | US        |     58040 | NS      | $447488.40    | 0.45%             |  |  |  | No            | 1                  | On Loan: No      |
| Landsea Homes Corp.                       | LANDSEA HOMES CO                     | CUSIP: 51509P103<br>LEI: 549300RP8AZAKHNILS36 | Long             | EC               | CORP              | US        |     87177 | NS      | $531779.70    | 0.54%             |  |  |  | No            | 1                  | On Loan: No      |
| Legacy Housing Corp.                      | LEGACY HOUSING C                     | CUSIP: 52472M101<br>LEI: V6WE5M18QYITU8L1QF76 | Long             | EC               | CORP              | US        |     15350 | NS      | $373388.75    | 0.38%             |  |  |  | No            | 1                  | On Loan: No      |
| Legacy Education Inc                      | LEGACY EDUCATION                     | CUSIP: 52474R207<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     53726 | NS      | $357277.90    | 0.36%             |  |  |  | No            | 1                  | On Loan: No      |
| Leonardo DRS Inc                          | LEONARDO DRS INC                     | CUSIP: 52661A108<br>LEI: 549300HMMEWVG3PPQU18 | Long             | EC               | CORP              | US        |     15814 | NS      | $584485.44    | 0.59%             |  |  |  | No            | 1                  | On Loan: No      |
| Liberty Energy Inc                        | LIBERTY ENERGY I                     | CUSIP: 53115L104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     26393 | NS      | $303519.50    | 0.31%             |  |  |  | No            | 1                  | On Loan: No      |
| MYR Grp Inc                               | MYR GROUP INC/DE                     | CUSIP: 55405W104<br>LEI: 529900G1IMMZHOQ17I54 | Long             | EC               | CORP              | US        |      3913 | NS      | $478638.16    | 0.49%             |  |  |  | No            | 1                  | On Loan: No      |
| The Manitowoc Company, Inc.               | MANITOWOC CO                         | CUSIP: 563571405<br>LEI: 2RTSLGQ89VMY18RHX631 | Long             | EC               | CORP              | US        |     31594 | NS      | $248960.72    | 0.25%             |  |  |  | No            | 1                  | On Loan: No      |
| Thyssenkrupp AG                           | thyssenkrupp AG                      | CUSIP: D8398Q119<br>LEI: 549300UDG16DOYUPR330 | Long             | EC               | CORP              | DE        |     27022 | NS      | $306984.63    | 0.31%             |  |  |  | No            | 1                  | On Loan: No      |
| Mastec, Inc.                              | MASTEC INC                           | CUSIP: 576323109<br>LEI: 549300TMDIT8WREDOF45 | Long             | EC               | CORP              | US        |      2984 | NS      | $379922.88    | 0.38%             |  |  |  | No            | 1                  | On Loan: No      |
| Matrix Service Co.                        | MATRIX SERVICE                       | CUSIP: 576853105<br>LEI: 529900VYBKSX6HD2YW58 | Long             | EC               | CORP              | US        |     58983 | NS      | $684202.80    | 0.69%             |  |  |  | No            | 1                  | On Loan: No      |
| Matthews International Corp               | MATTHEWS INTL-A                      | CUSIP: 577128101<br>LEI: 549300ZVC5O0ATML6U61 | Long             | EC               | CORP              | US        |     23627 | NS      | $483172.15    | 0.49%             |  |  |  | No            | 1                  | On Loan: —       |
| Maximus Inc                               | MAXIMUS INC                          | CUSIP: 577933104<br>LEI: 549300DQCDS8HJ7QF202 | Long             | EC               | CORP              | US        |      3841 | NS      | $257193.36    | 0.26%             |  |  |  | No            | 1                  | On Loan: No      |
| Mesa Laboratories Inc.                    | MESA LABS                            | CUSIP: 59064R109<br>LEI: 549300ZCG738WLX8ZW79 | Long             | EC               | CORP              | US        |      5107 | NS      | $588581.75    | 0.60%             |  |  |  | No            | 1                  | On Loan: —       |
| The Mosaic Company                        | MOSAIC CO/THE                        | CUSIP: 61945C103<br>LEI: 2YD5STGSJNMUB7H76907 | Long             | EC               | CORP              | US        |      4381 | NS      | $133182.40    | 0.13%             |  |  |  | No            | 1                  | On Loan: No      |
| Motorcar Parts of America Inc.            | MOTORCAR PARTS                       | CUSIP: 620071100<br>LEI: 549300AG4610OSV3H429 | Long             | EC               | CORP              | US        |      9091 | NS      | $81000.81     | 0.08%             |  |  |  | No            | 1                  | On Loan: No      |
| NCR Voyix Corporation                     | NCR VOYIX CORP                       | CUSIP: 62886E108<br>LEI: 549300YKTY8JX1DV2R67 | Long             | EC               | CORP              | US        |     53427 | NS      | $457869.39    | 0.46%             |  |  |  | No            | 1                  | On Loan: No      |
| NV5 Global Inc.                           | NV5 GLOBAL INC                       | CUSIP: 62945V109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      9805 | NS      | $181882.75    | 0.18%             |  |  |  | No            | 1                  | On Loan: —       |
| National Bank Holdings Corp               | NATIONAL-CL A                        | CUSIP: 633707104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     18118 | NS      | $655146.88    | 0.66%             |  |  |  | No            | 1                  | On Loan: No      |
| National Vision Holdings Inc              | NATIONAL VISION                      | CUSIP: 63845R107<br>LEI: 549300JHURCBLI5ROA42 | Long             | EC               | CORP              | US        |     55081 | NS      | $680250.35    | 0.69%             |  |  |  | No            | 1                  | On Loan: No      |
| Natural Gas Services Group Inc.           | NATURAL GAS SERV                     | CUSIP: 63886Q109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     20253 | NS      | $363946.41    | 0.37%             |  |  |  | No            | 1                  | On Loan: No      |
| NETSTREIT Corp.                           | NETSTREIT CORP                       | CUSIP: 64119V303<br>LEI: 254900CJL0EDMEQ25Q84 | Long             | EC               | CORP              | US        |     42103 | NS      | $685015.81    | 0.69%             |  |  |  | No            | 1                  | On Loan: —       |
| Newmark Group Inc                         | NEWMARK GROUP-A                      | CUSIP: 65158N102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     40979 | NS      | $450359.21    | 0.46%             |  |  |  | No            | 1                  | On Loan: No      |
| NPK International Inc.                    | NPK INTERNATIONA                     | CUSIP: 651718504<br>LEI: 54930073OHWDQW4DJN26 | Long             | EC               | CORP              | US        |     77101 | NS      | $445643.78    | 0.45%             |  |  |  | No            | 1                  | On Loan: No      |
| Northeast Bank                            | NORTHEAST BANK                       | CUSIP: 66405S100<br>LEI: 549300F0LV9TSW34E306 | Long             | EC               | CORP              | US        |     12528 | NS      | $1037568.96   | 1.05%             |  |  |  | No            | 1                  | On Loan: No      |
| Northpointe Bancshares Inc.               | NORTHPOINTE BANC                     | CUSIP: 66661N886<br>LEI: 549300EYMKMD4WKEKP72 | Long             | EC               | CORP              | US        |     34444 | NS      | $473605.00    | 0.48%             |  |  |  | No            | 1                  | On Loan: No      |
| Northwest Pipe Co.                        | NORTHWEST PIPE                       | CUSIP: 667746101<br>LEI: 54930056VW2CRCZ9RE54 | Long             | EC               | CORP              | US        |     15090 | NS      | $639212.40    | 0.65%             |  |  |  | No            | 1                  | On Loan: No      |
| NorthWestern Energy Group Inc             | NORTHWESTERN ENE                     | CUSIP: 668074305<br>LEI: 254900N1WG46G1VMDM34 | Long             | EC               | CORP              | US        |     11788 | NS      | $686415.24    | 0.70%             |  |  |  | No            | 1                  | On Loan: No      |
| OFG Bancorp                               | OFG BANCORP                          | CUSIP: 67103X102<br>LEI: 549300Q4QEXJ37LEXQ06 | Long             | EC               | CORP              | PR        |     13275 | NS      | $522371.25    | 0.53%             |  |  |  | No            | 1                  | On Loan: No      |
| OceanFirst Financial Corp.                | OCEANFIRST FINL                      | CUSIP: 675234108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     28940 | NS      | $479246.40    | 0.49%             |  |  |  | No            | 1                  | On Loan: No      |
| Ooma Inc                                  | OOMA INC                             | CUSIP: 683416101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     38182 | NS      | $466965.86    | 0.47%             |  |  |  | No            | 1                  | On Loan: No      |
| Orion Group Holdings Inc                  | ORION GROUP HOLDINGS INC             | CUSIP: 68628V308<br>LEI: 549300KBVXPV9Q3CT222 | Long             | EC               | CORP              | US        |    122692 | NS      | $784001.88    | 0.79%             |  |  |  | No            | 1                  | On Loan: No      |
| Orthofix Medical Inc                      | ORTHOFIX MEDICAL                     | CUSIP: 68752M108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     43587 | NS      | $606295.17    | 0.61%             |  |  |  | No            | 1                  | On Loan: No      |
| Patterson-UTI Energy Inc.                 | PATTERSON-UTI                        | CUSIP: 703481101<br>LEI: 254900XGFBKIXD6G0697 | Long             | EC               | CORP              | US        |     40321 | NS      | $227410.44    | 0.23%             |  |  |  | No            | 1                  | On Loan: No      |
| Perella Weinberg Partners                 | PERELLA WEINBERG                     | CUSIP: 71367G102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     24294 | NS      | $417127.98    | 0.42%             |  |  |  | No            | 1                  | On Loan: No      |
| Phreesia Inc                              | PHREESIA INC                         | CUSIP: 71944F106<br>LEI: 5493000HHF8NU4QOCG53 | Long             | EC               | CORP              | US        |     20058 | NS      | $500647.68    | 0.51%             |  |  |  | No            | 1                  | On Loan: No      |
| Plymouth Industrial REIT Inc.             | PLYMOUTH INDUSTR                     | CUSIP: 729640102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     31670 | NS      | $470932.90    | 0.48%             |  |  |  | No            | 1                  | On Loan: No      |
| Popular, Inc.                             | POPULAR INC                          | CUSIP: 733174700<br>LEI: 5493008CARDZMVQ3LO89 | Long             | EC               | CORP              | PR        |      5715 | NS      | $545325.30    | 0.55%             |  |  |  | No            | 1                  | On Loan: No      |
| Portland General Electric Company         | PORTLAND GENERAL                     | CUSIP: 736508847<br>LEI: GJOUP9M7C39GLSK9R870 | Long             | EC               | CORP              | US        |     21656 | NS      | $912150.72    | 0.92%             |  |  |  | No            | 1                  | On Loan: No      |
| Primerica, Inc.                           | PRIMERICA INC                        | CUSIP: 74164M108<br>LEI: 254900621R686KJR7022 | Long             | EC               | CORP              | US        |       463 | NS      | $121338.41    | 0.12%             |  |  |  | No            | 1                  | On Loan: No      |
| Priority Technology Holdings Inc.         | PRIORITY TECHNOL                     | CUSIP: 74275G107<br>LEI: 549300ZS6DXD7ROBKB40 | Long             | EC               | CORP              | US        |     35701 | NS      | $259189.26    | 0.26%             |  |  |  | No            | 1                  | On Loan: No      |
| Proficient Auto Logistics Inc             | PROFICIENT AUTO                      | CUSIP: 74317M104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    128656 | NS      | $1069131.36   | 1.08%             |  |  |  | No            | 1                  | On Loan: —       |
| Prosperity Bancshares Inc                 | PROSPERITY BNCSH                     | CUSIP: 743606105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     11877 | NS      | $806448.30    | 0.82%             |  |  |  | No            | 1                  | On Loan: No      |
| Quipt Home Medical Corp                   | QUIPT HOME MEDIC                     | CUSIP: 74880P104<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |    241509 | NS      | $519244.35    | 0.53%             |  |  |  | No            | 1                  | On Loan: —       |
| RGC Resources Inc                         | RGC RESOURCES                        | CUSIP: 74955L103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     18217 | NS      | $382010.49    | 0.39%             |  |  |  | No            | 1                  | On Loan: No      |
| Radiant Logistics Inc.                    | RADIANT LOGISTIC                     | CUSIP: 75025X100<br>LEI: 549300HWCW2HBOG4GN20 | Long             | EC               | CORP              | US        |     82941 | NS      | $485204.85    | 0.49%             |  |  |  | No            | 1                  | On Loan: No      |
| Ranger Energy Services Inc                | RANGER ENERGY SE                     | CUSIP: 75282U104<br>LEI: 549300J7RIVGVAN0RE23 | Long             | EC               | CORP              | US        |     16192 | NS      | $179569.28    | 0.18%             |  |  |  | No            | 1                  | On Loan: No      |
| Ranpak Holdings Corp.                     | RANPAK HOLDINGS CORP                 | CUSIP: 75321W103<br>LEI: 5493000Z9EZR9DCYOO86 | Long             | EC               | CORP              | US        |     76376 | NS      | $313905.36    | 0.32%             |  |  |  | No            | 1                  | On Loan: No      |
| Rayonier Advanced Materials Inc           | RAYONIER ADV                         | CUSIP: 75508B104<br>LEI: 54930053QJ7OUGZG4F72 | Long             | EC               | CORP              | US        |     67217 | NS      | $286344.42    | 0.29%             |  |  |  | No            | 1                  | On Loan: No      |
| Reservoir Media Inc.                      | RESERVOIR MEDIA                      | CUSIP: 76119X105<br>LEI: 549300PHPDQ9M9QSNU18 | Long             | EC               | CORP              | US        |    105000 | NS      | $787500.00    | 0.80%             |  |  |  | No            | 1                  | On Loan: No      |
| SLM Corp.                                 | SLM CORP                             | CUSIP: 78442P106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      9092 | NS      | $262849.72    | 0.27%             |  |  |  | No            | 1                  | On Loan: —       |
| SM Energy Co.                             | SM ENERGY CO                         | CUSIP: 78454L100<br>LEI: 84BUTVXV5ODI6BXNMH43 | Long             | EC               | CORP              | US        |     15575 | NS      | $354954.25    | 0.36%             |  |  |  | No            | 1                  | On Loan: —       |
| Select Water Solutions Inc                | SELECT WATER SOL                     | CUSIP: 81617J301<br>LEI: 54930094OK8LA3QDW486 | Long             | EC               | CORP              | US        |     31365 | NS      | $267229.80    | 0.27%             |  |  |  | No            | 1                  | On Loan: No      |
| Silicon Motion Technology Corp.           | SILICON MOTI-ADR                     | CUSIP: 82706C108<br>LEI: 5299005RBVBZQJTYFC89 | Long             | EC               | CORP              | KY        |     20238 | NS      | $1001781.00   | 1.02%             |  |  |  | No            | 1                  | On Loan: No      |
| Solaris Energy Infrastructure Inc         | SOLARIS ENERGY I                     | CUSIP: 83418M103<br>LEI: 529900MTK3C8Y8TIIC10 | Long             | EC               | CORP              | US        |     15552 | NS      | $328769.28    | 0.33%             |  |  |  | No            | 1                  | On Loan: No      |
| Spire Inc                                 | SPIRE INC                            | CUSIP: 84857L101<br>LEI: 549300NXSY15DRY2R511 | Long             | EC               | CORP              | US        |     10365 | NS      | $793337.10    | 0.80%             |  |  |  | No            | 1                  | On Loan: No      |
| Stewart Information Services Corporation  | STEWART INFO SVC                     | CUSIP: 860372101<br>LEI: 529900TV1XI0PLKENU10 | Long             | EC               | CORP              | US        |      4110 | NS      | $269122.80    | 0.27%             |  |  |  | No            | 1                  | On Loan: No      |
| Stoneridge Inc.                           | STONERIDGE INC                       | CUSIP: 86183P102<br>LEI: PNBCIH9LE7WI83VJIF08 | Long             | EC               | CORP              | US        |     97789 | NS      | $377465.54    | 0.38%             |  |  |  | No            | 1                  | On Loan: No      |
| Sun Country Airlines Holdings Inc.        | SUN COUNTRY HOLD                     | CUSIP: 866683105<br>LEI: 549300MOHOJN9GH0NJ48 | Long             | EC               | CORP              | US        |     56331 | NS      | $552043.80    | 0.56%             |  |  |  | No            | 1                  | On Loan: No      |
| Talen Energy Corporation                  | TALEN ENERGY COR                     | CUSIP: 87422Q109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       983 | NS      | $211423.64    | 0.21%             |  |  |  | No            | 1                  | On Loan: —       |
| Taseko Mines Limited                      | TASEKO MINES                         | CUSIP: 876511106<br>LEI: 549300XKUO1JSLU7KX54 | Long             | EC               | CORP              | CA        |    264192 | NS      | $602357.76    | 0.61%             |  |  |  | No            | 1                  | On Loan: No      |
| Teleflex Incorporated                     | TELEFLEX INC                         | CUSIP: 879369106<br>LEI: UUL85LWXB4NGSWWXIQ25 | Long             | EC               | CORP              | US        |      7853 | NS      | $1076253.65   | 1.09%             |  |  |  | No            | 1                  | On Loan: —       |
| Tenet Healthcare Corporation              | TENET HEALTHCARE                     | CUSIP: 88033G407<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | EC               | CORP              | US        |      2323 | NS      | $332072.85    | 0.34%             |  |  |  | No            | 1                  | On Loan: No      |
| Teradata Corp                             | TERADATA CORP                        | CUSIP: 88076W103<br>LEI: 549300JU9SOUHV4U4R71 | Long             | EC               | CORP              | US        |     19974 | NS      | $429441.00    | 0.44%             |  |  |  | No            | 1                  | On Loan: No      |
| TETRA Technologies Inc.                   | TETRA TECHNOLOGI                     | CUSIP: 88162F105<br>LEI: 549300T5W131705EK832 | Long             | EC               | CORP              | US        |    219045 | NS      | $624278.25    | 0.63%             |  |  |  | No            | 1                  | On Loan: No      |
| Thermon Group Holdings Inc                | THERMON GROUP HO                     | CUSIP: 88362T103<br>LEI: 529900ZNZBBLDE77MZ38 | Long             | EC               | CORP              | US        |      9612 | NS      | $252122.76    | 0.26%             |  |  |  | No            | 1                  | On Loan: No      |
| Tidewater Inc New                         | TIDEWATER INC                        | CUSIP: 88642R109<br>LEI: 2549000JA5GRUPLMUH98 | Long             | EC               | CORP              | US        |      3599 | NS      | $130247.81    | 0.13%             |  |  |  | No            | 1                  | On Loan: —       |
| The Timken Company                        | TIMKEN CO                            | CUSIP: 887389104<br>LEI: B0I35MLPFXZSE70ASS73 | Long             | EC               | CORP              | US        |      3937 | NS      | $252952.25    | 0.26%             |  |  |  | No            | 1                  | On Loan: —       |
| Metallus Inc.                             | METALLUS INC                         | CUSIP: 887399103<br>LEI: 549300QZTZWHDE9HJL14 | Long             | EC               | CORP              | US        |     44185 | NS      | $558940.25    | 0.57%             |  |  |  | No            | 1                  | On Loan: No      |
| Tiptree Inc.                              | TIPTREE INC                          | CUSIP: 88822Q103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     15860 | NS      | $353836.60    | 0.36%             |  |  |  | No            | 1                  | On Loan: No      |
| Titan Machinery Inc.                      | TITAN MACHINERY                      | CUSIP: 88830R101<br>LEI: 549300835ZM8G0BT5C94 | Long             | EC               | CORP              | US        |     20147 | NS      | $334238.73    | 0.34%             |  |  |  | No            | 1                  | On Loan: No      |
| TrueCar Inc.                              | TRUECAR INC                          | CUSIP: 89785L107<br>LEI: 549300KK16488YXWVE52 | Long             | EC               | CORP              | US        |    173659 | NS      | $258751.91    | 0.26%             |  |  |  | No            | 1                  | On Loan: No      |
| Trueblue Inc                              | TRUEBLUE INC                         | CUSIP: 89785X101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     44890 | NS      | $194822.60    | 0.20%             |  |  |  | No            | 1                  | On Loan: No      |
| Tutor Perini Corporation                  | TUTOR PERINI COR                     | CUSIP: 901109108<br>LEI: 549300FHXYVPW8LJ6D98 | Long             | EC               | CORP              | US        |     36784 | NS      | $789384.64    | 0.80%             |  |  |  | No            | 1                  | On Loan: No      |
| UFP Industries Inc                        | UFP INDUSTRIES I                     | CUSIP: 90278Q108<br>LEI: 5493007KB485C9OV5572 | Long             | EC               | CORP              | US        |      2818 | NS      | $278559.30    | 0.28%             |  |  |  | No            | 1                  | On Loan: No      |
| UMH Properties Inc                        | UMH PROPERTIES I                     | CUSIP: 903002103<br>LEI: 529900OM5K3PJ11F0Q09 | Long             | EC               | CORP              | US        |     44236 | NS      | $781650.12    | 0.79%             |  |  |  | No            | 1                  | On Loan: —       |
| Under Armour, Inc.                        | UNDER ARMO-C                         | CUSIP: 904311206<br>LEI: 549300D4549QKWETZ406 | Long             | EC               | CORP              | US        |     42302 | NS      | $230122.88    | 0.23%             |  |  |  | No            | 1                  | On Loan: No      |
| Unitil Corp                               | UNITIL CORP                          | CUSIP: 913259107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10933 | NS      | $641329.78    | 0.65%             |  |  |  | No            | 1                  | On Loan: No      |
| V2X Inc                                   | V2X INC                              | CUSIP: 92242T101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5660 | NS      | $281641.60    | 0.29%             |  |  |  | No            | 1                  | On Loan: No      |
| Verint Systems Inc                        | VERINT SYSTEMS                       | CUSIP: 92343X100<br>LEI: 549300KEQJS5FRVUCO94 | Long             | EC               | CORP              | US        |     30819 | NS      | $543647.16    | 0.55%             |  |  |  | No            | 1                  | On Loan: No      |
| Viemed Healthcare Inc.                    | VIEMED HEALTHCARE INC                | CUSIP: 92663R105<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |     48286 | NS      | $341382.02    | 0.35%             |  |  |  | No            | 1                  | On Loan: No      |
| Vimeo Inc                                 | VIMEO INC                            | CUSIP: 92719V100<br>LEI: 25490061AWYWC90UIJ68 | Long             | EC               | CORP              | US        |    169773 | NS      | $855655.92    | 0.87%             |  |  |  | No            | 1                  | On Loan: —       |
| Viper Energy Inc.                         | VIPER ENERGY INC                     | CUSIP: 927959106<br>LEI: 5299009LINL232255G03 | Long             | EC               | CORP              | US        |      2881 | NS      | $116190.73    | 0.12%             |  |  |  | No            | 1                  | On Loan: No      |
| Vivid Seats Inc                           | VIVID SEATS IN-A                     | CUSIP: 92854T100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    172154 | NS      | $483752.74    | 0.49%             |  |  |  | No            | 1                  | On Loan: No      |
| Wabash National Corporation               | WABASH NATIONAL                      | CUSIP: 929566107<br>LEI: 5299004ZAWHQZI5XO485 | Long             | EC               | CORP              | US        |     32012 | NS      | $221202.92    | 0.22%             |  |  |  | No            | 1                  | On Loan: No      |
| Warrior Met Coal Inc                      | WARRIOR MET COAL                     | CUSIP: 93627C101<br>LEI: 549300152B1S9YKBYV79 | Long             | EC               | CORP              | US        |     10992 | NS      | $525637.44    | 0.53%             |  |  |  | No            | 1                  | On Loan: No      |
| Wayfair Inc                               | WAYFAIR INC- A                       | CUSIP: 94419L101<br>LEI: 54930027N9ZAVYFDHK53 | Long             | EC               | CORP              | US        |      4010 | NS      | $120941.60    | 0.12%             |  |  |  | No            | 1                  | On Loan: —       |
| Webster Financial Corp.                   | WEBSTER FINL                         | CUSIP: 947890109<br>LEI: KMRURHT0VWKYS6Z5KU67 | Long             | EC               | CORP              | US        |     20735 | NS      | $980765.50    | 0.99%             |  |  |  | No            | 1                  | On Loan: No      |
| Wesbanco Inc                              | WESBANCO INC                         | CUSIP: 950810101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     32768 | NS      | $975831.04    | 0.99%             |  |  |  | No            | 1                  | On Loan: No      |
| Whirlpool Corp.                           | WHIRLPOOL CORP                       | CUSIP: 963320106<br>LEI: WHENKOULSSK7WUM60H03 | Long             | EC               | CORP              | US        |      4190 | NS      | $319613.20    | 0.32%             |  |  |  | No            | 1                  | On Loan: —       |
| Wyndham Hotels & Resorts Inc              | WYNDHAM HOTELS &                     | CUSIP: 98311A105<br>LEI: 549300FE3MQ4RVXXC673 | Long             | EC               | CORP              | US        |      2741 | NS      | $233807.30    | 0.24%             |  |  |  | No            | 1                  | On Loan: —       |
| Zimvie Inc                                | ZIMVIE INC                           | CUSIP: 98888T107<br>LEI: 549300GFKURT1J6XR665 | Long             | EC               | CORP              | US        |     33829 | NS      | $306490.74    | 0.31%             |  |  |  | No            | 1                  | On Loan: No      |
| N/A                                       | MOUNT VERNON LIQUID ASSETS PORTFOLIO | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | US        |         0 | NS      | $0.00         | 0.00%             |  |  |  | No            | N/A                | On Loan: No      |
| Capstone Copper Corp                      | CAPSTONE COPPER                      | CUSIP: 14071L108<br>LEI: 549300III6KGKKC42W63 | Long             | EC               | CORP              | CA        |    127984 | NS      | $616508.46    | 0.62%             |  |  |  | No            | 1                  | On Loan: No      |
| Constellium SE                            | CONSTELLIUM SE                       | CUSIP: F21107101<br>LEI: 724500KRJEMC79KAAU28 | Long             | EC               | CORP              | FR        |     55479 | NS      | $560892.69    | 0.57%             |  |  |  | No            | 1                  | On Loan: No      |
| AXIS Capital Holdings Limited             | AXIS CAPITAL                         | CUSIP: G0692U109<br>LEI: 635400VD2NQBYAHMEM55 | Long             | EC               | CORP              | BM        |      5641 | NS      | $543341.12    | 0.55%             |  |  |  | No            | 1                  | On Loan: No      |
| Cushman & Wakefield PLC                   | CUSHMAN & WAKEFI                     | CUSIP: G2717B108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     14121 | NS      | $132313.77    | 0.13%             |  |  |  | No            | 1                  | On Loan: No      |
| Ferroglobe PLC                            | FERROGLOBE PLC                       | CUSIP: G33856108<br>LEI: 2138005GCFJACFTZUD90 | Long             | EC               | CORP              | GB        |    130017 | NS      | $453759.33    | 0.46%             |  |  |  | No            | 1                  | On Loan: No      |
| Alpha & Omega Semiconductor Ltd.          | ALPHA & OMEGA SE                     | CUSIP: G6331P104<br>LEI: 5493001FE7J03YOV2V35 | Long             | EC               | CORP              | BM        |     26720 | NS      | $503137.60    | 0.51%             |  |  |  | No            | 1                  | On Loan: No      |
| National Energy Services Reunited Corp.   | NATIONAL ENERGY                      | CUSIP: G6375R107<br>LEI: N/A                  | Long             | EC               | CORP              | VG        |     40207 | NS      | $250489.61    | 0.25%             |  |  |  | No            | 1                  | On Loan: No      |
| Nomad Foods Ltd.                          | NOMAD FOODS                          | CUSIP: G6564A105<br>LEI: 5493000ZZ1837DS2SI43 | Long             | EC               | CORP              | VG        |     27557 | NS      | $550864.43    | 0.56%             |  |  |  | No            | 1                  | On Loan: No      |
| Teekay Tankers Ltd.                       | TEEKAY TANK-CL A                     | CUSIP: G8726X106<br>LEI: N/A                  | Long             | EC               | CORP              | BM        |     16232 | NS      | $690996.24    | 0.70%             |  |  |  | No            | 1                  | On Loan: No      |
| Vtex                                      | VTEX -CLASS A                        | CUSIP: G9470A102<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |     47829 | NS      | $257798.31    | 0.26%             |  |  |  | No            | 1                  | On Loan: No      |
| Lithium Argentina AG                      | LITHIUM ARGENTIN                     | CUSIP: H5012F103<br>LEI: N/A                  | Long             | EC               | CORP              | CH        |    106372 | NS      | $218062.60    | 0.22%             |  |  |  | No            | 1                  | On Loan: No      |
| Ituran                                    | ITURAN LOCATION                      | CUSIP: M6158M104<br>LEI: N/A                  | Long             | EC               | CORP              | IL        |     12748 | NS      | $458163.12    | 0.46%             |  |  |  | No            | 1                  | On Loan: No      |
| Radcom Ltd.                               | RADCOM LTD                           | CUSIP: M81865111<br>LEI: 529900YOUOKNMG7QW685 | Long             | EC               | CORP              | IL        |     23822 | NS      | $287055.10    | 0.29%             |  |  |  | No            | 1                  | On Loan: No      |
| Tower Semiconductor Limited               | TOWER SEMICONDCT                     | CUSIP: M87915274<br>LEI: 54930086ZSNXZOUX0C54 | Long             | EC               | CORP              | IL        |     20406 | NS      | $730126.68    | 0.74%             |  |  |  | No            | 1                  | On Loan: No      |
| Expro Group Holdings NV                   | EXPRO GROUP HOLD                     | CUSIP: N3144W105<br>LEI: 724500LJYA8QIT73H017 | Long             | EC               | CORP              | NL        |     26403 | NS      | $218352.81    | 0.22%             |  |  |  | No            | 1                  | On Loan: No      |
| Ardmore Shipping Corp.                    | ARDMORE SHIPPING                     | CUSIP: Y0207T100<br>LEI: 549300J8HD7K6BHD8O28 | Long             | EC               | CORP              | MH        |     77699 | NS      | $741248.46    | 0.75%             |  |  |  | No            | 1                  | On Loan: No      |
| DHT Holdings Inc.                         | DHT HOLDINGS INC                     | CUSIP: Y2065G121<br>LEI: 549300SMD6IVZYT74K40 | Long             | EC               | CORP              | MH        |     52790 | NS      | $564325.10    | 0.57%             |  |  |  | No            | 1                  | On Loan: No      |
| Scorpio Tankers Inc                       | SCORPIO TANKERS                      | CUSIP: Y7542C130<br>LEI: 549300NVJUH16NXG8K87 | Long             | EC               | CORP              | MH        |     19207 | NS      | $723911.83    | 0.73%             |  |  |  | No            | 1                  | On Loan: No      |
| Star Bulk Carriers Corp.                  | STAR BULK CARRIE                     | CUSIP: Y8162K204<br>LEI: 549300SO3FMK7H6DDY54 | Long             | EC               | CORP              | MH        |     36417 | NS      | $536786.58    | 0.54%             |  |  |  | No            | 1                  | On Loan: —       |

### Signature

**Date Signed:** 2025-05-28

**Name of Applicant:** Dunham Funds

**Signature:** James Colantino

**Name of Signer:** James Colantino

**Title:** Assistant Treasurer