# EDGAR Filing Document

**Accession Number:** 0001272950
**File Stem:** 0001752724-23-049088
**Filing Date:** 2023-3
**Character Count:** 185202
**Document Hash:** 03af97a267dd0e8894f8dd3b71071606
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-049088.hdr.sgml**: 20230301

**ACCESSION NUMBER**: 0001752724-23-049088

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221230

**FILED AS OF DATE**: 20230301

**DATE AS OF CHANGE**: 20230301

**PERIOD START**: 20230930

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** RBC FUNDS TRUST
- **CENTRAL INDEX KEY:** 0001272950
- **IRS NUMBER:** 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:** 23690804

**BUSINESS ADDRESS:**
- **STREET 1:** 50 SOUTH SIXTH STREET
- **STREET 2:** SUITE 2350
- **CITY:** MINNEAPOLIS
- **STATE:** MN
- **ZIP:** 55402
- **BUSINESS PHONE:** 612-313-1341

**MAIL ADDRESS:**
- **STREET 1:** 50 SOUTH SIXTH STREET
- **STREET 2:** SUITE 2350
- **CITY:** MINNEAPOLIS
- **STATE:** MN
- **ZIP:** 55402

**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

------

**December 31, 2022 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  **Common Stocks — 99.01%** | **Common Stocks — 99.01%** |  |
|  **Communication Services — 1.67%** | **Communication Services — 1.67%** |  |
| 14300 | Cumulus Media, Inc., Class A\* | $88803 |
| 200 | Daily Journal Corp.\* | 50102 |
| 46050 | DHI Group, Inc.\* | 243604 |
| 33900 | Entravision Communications Corp., Class A | 162720 |
| 23643 | EW Scripps Co. (The), Class A\* | 311851 |
| 8700 | Harte-Hanks, Inc.\* | 101703 |
| 5800 | Marcus Corp. (The) | 83462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119400 | Point.360\*,(a),(b),(c) | 0 |
| 14900 | Reservoir Media, Inc.\* | 88953 |
| 15600 | Saga Communications, Inc., Class A | 368160 |
| 39150 | Salem Media Group, Inc.\* | 41108 |
| 12500 | Spok Holdings, Inc. | 102375 |
| 19200 | Townsquare Media, Inc., Class A\* | 139200 |
|  |  | 1782041 |
|  **Consumer Discretionary — 16.60%** | **Consumer Discretionary — 16.60%** |  |
| 10800 | 1-800-Flowers.com, Inc., Class A\* | 103248 |
| 7800 | Aaron's Co., Inc. (The) | 93210 |
| 6400 | American Outdoor Brands, Inc.\* | 64128 |
| 7100 | American Public Education, Inc.\* | 87259 |
| 6400 | America's Car-Mart, Inc.\* | 462464 |
| 21300 | Anemostat Door Products\*,(a),(b),(c) | 0 |
| 21300 | Anemostat, Inc.\*,(a),(b),(c) | 0 |
| 11000 | Bassett Furniture Industries, Inc. | 191180 |
| 33400 | Beazer Homes USA, Inc.\* | 426184 |
| 17800 | Big 5 Sporting Goods Corp. | 157174 |
| 3 | Biglari Holdings, Inc., Class B\* | 416 |
| 3420 | Bluegreen Vacations Holding Corp. | 85363 |
| 8630 | Build-A-Bear Workshop, Inc.\* | 205739 |
| 3200 | Canterbury Park Holding Corp. | 100032 |
| 6050 | Carriage Services, Inc. | 166617 |
| 10900 | Cato Corp. (The), Class A | 101697 |
| 14200 | Century Casinos, Inc.\* | 99826 |
| 12993 | Century Communities, Inc. | 649780 |
| 4200 | Chuy's Holdings, Inc.\* | 118860 |
| 4800 | Citi Trends, Inc.\* | 127104 |
| 11942 | Clarus Corp. | 93625 |
| 64330 | Container Store Group, Inc. (The)\* | 277262 |
| 28600 | Crown Crafts, Inc. | 152724 |
| 34500 | Delta Apparel, Inc.\* | 366045 |
| 9900 | Dream Finders Homes, Inc., Class A\* | 85734 |
| 19000 | Duluth Holdings, Inc., Class B\* | 117420 |
| 10000 | El Pollo Loco Holdings, Inc. | 99600 |
| 8000 | Escalade, Inc. | 81440 |
| 11100 | Ethan Allen Interiors, Inc. | 293262 |
| 4900 | Flanigan's Enterprises, Inc. | 126812 |

---

**1** 

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC Microcap Value Fund (cont.)

------

**December 31, 2022 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| 9600 | Flexsteel Industries, Inc. | $147840 |
| 8700 | Funko, Inc., Class A\* | 94917 |
| 2800 | Genesco, Inc.\* | 128856 |
| 18280 | Haverty Furniture Cos., Inc. | 546572 |
| 10400 | hhgregg, Inc.\* | 2 |
| 2000 | Hibbett, Inc. | 136440 |
| 20900 | Hooker Furnishings Corp. | 390830 |
| 2800 | Hovnanian Enterprises, Inc., Class A\* | 117824 |
| 20900 | Jerash Holdings US, Inc. | 81092 |
| 6740 | Johnson Outdoors, Inc., Class A | 445649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23500 | Kid Brands, Inc.\*,(b) | 0 |
| 37620 | Lakeland Industries, Inc.\* | 500346 |
| 14300 | Lands' End, Inc.\* | 108537 |
| 95270 | Lazare Kaplan International, Inc.\*,(a),(b),(c) | 0 |
| 7400 | La-Z-Boy, Inc. | 168868 |
| 10800 | Lazydays Holdings, Inc.\* | 128952 |
| 14100 | Legacy Housing Corp.\* | 267336 |
| 14800 | Lifetime Brands, Inc. | 112332 |
| 29900 | Lincoln Educational Services Corp.\* | 173121 |
| 5000 | Live Ventures, Inc.\* | 156500 |
| 14600 | LL Flooring Holdings, Inc.\* | 82052 |
| 12380 | M/I Homes, Inc.\* | 571709 |
| 18780 | MarineMax, Inc.\* | 586312 |
| 8100 | McRae Industries, Inc., Class A | 337770 |
| 2285 | Mecklermedia Corp.\*,(a),(b),(c) | 0 |
| 21000 | Mestek, Inc.\*,(b) | 548100 |
| 10100 | Modine Manufacturing Co.\* | 200586 |
| 9000 | Motorcar Parts of America, Inc.\* | 106740 |
| 14340 | Movado Group, Inc. | 462465 |
| 3700 | Nathan's Famous, Inc. | 248677 |
| 10100 | Nobility Homes, Inc. | 240380 |
| 2500 | OneWater Marine, Inc., Class A\* | 71500 |
| 41000 | Orleans Homebuilders, Inc.\*,(a),(b),(c) | 0 |
| 8425 | Patrick Industries, Inc. | 510555 |
| 1700 | RCI Hospitality Holdings, Inc. | 158423 |
| 23900 | Rocky Brands, Inc. | 564518 |
| 10160 | Sonic Automotive, Inc., Class A | 500583 |
| 9300 | Sportsman's Warehouse Holdings, Inc.\* | 87513 |
| 13000 | Standard Motor Products, Inc. | 452400 |
| 13430 | Strattec Security Corp.\* | 275987 |
| 25010 | Stride, Inc.\* | 782313 |
| 32089 | Superior Group of Cos., Inc. | 322815 |
| 36100 | Superior Industries International, Inc.\* | 152342 |
| 5740 | Taylor Morrison Home Corp.\* | 174209 |
| 32000 | Tilly's, Inc., Class A\* | 289600 |
| 9160 | TravelCenters of America, Inc.\* | 410185 |
| 23200 | Tupperware Brands Corp.\* | 96048 |
| 31800 | Unifi, Inc.\* | 273798 |
| 6100 | Universal Electronics, Inc.\* | 126941 |

---

**2** 

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC Microcap Value Fund (cont.)

------

**December 31, 2022 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Value** | **Value** |
| 12700 | Universal Technical Institute, Inc.\* | $| 85344 |
| 30000 | Universal Travel Group\*,(a),(b),(c) |  | 0 |
| 9400 | VOXX International Corp.\* |  | 78772 |
| 1397 | Walking Co. Holdings, Inc. (The)\*,(a),(b),(c) |  | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13500 | Weyco Group, Inc. |  | 285660 |
|  |  |  | 17724516 |
|  **Consumer Staples — 4.22%** | **Consumer Staples — 4.22%** | **Consumer Staples — 4.22%** | **Consumer Staples — 4.22%** |
| 4000 | Alico, Inc. |  | 95480 |
| 4350 | Andersons, Inc. (The) |  | 152207 |
| 13425 | Central Garden & Pet Co.\* |  | 502766 |
| 36 | Hawaiian Macadamia Nut Orchards L.P.\*,(b) |  | 82800 |
| 11260 | Ingles Markets, Inc., Class A |  | 1086140 |
| 20700 | Lifevantage Corp. |  | 77004 |
| 1300 | Molson Coors Beverage Co., Class A |  | 100100 |
| 10400 | Natural Alternatives International, Inc.\* |  | 87256 |
| 41860 | Natural Grocers by Vitamin Cottage, Inc. |  | 382600 |
| 13900 | Nature's Sunshine Products, Inc.\* |  | 115648 |
| 18430 | Oil-Dri Corp. of America |  | 618142 |
| 4400 | Seneca Foods Corp., Class A\* |  | 268180 |
| 21460 | SpartanNash Co. |  | 648950 |
| 12200 | Village Super Market, Inc., Class A |  | 284138 |
|  |  |  | 4501411 |
|  **Energy — 2.71%** | **Energy — 2.71%** | **Energy — 2.71%** | **Energy — 2.71%** |
| 6300 | Adams Resources & Energy, Inc. |  | 245196 |
| 45500 | Aegean Marine Petroleum Network, Inc.\*,(a),(b),(c) |  | 0 |
| 1 | Bristow Group, Inc.\* |  | 27 |
| 1830 | Civitas Resources, Inc. |  | 106012 |
| 4500 | CONSOL Energy, Inc. |  | 292500 |
| 8800 | Dorian LPG Ltd. |  | 166760 |
| 7700 | Global Partners LP |  | 267729 |
| 2950 | Harvest Natural Resources, Inc.\*,(a),(b),(c) |  | 0 |
| 51740 | North American Construction Group Ltd. |  | 691764 |
| 12100 | PermRock Royalty Trust |  | 93291 |
| 4900 | Ranger Oil Corp., Class A |  | 198107 |
| 12930 | REX American Resources Corp.\* |  | 411950 |
| 8050 | Sitio Royalties Corp., Class A |  | 232243 |
| 8400 | Solaris Oilfield Infrastructure, Inc., Class A |  | 83412 |
| 18880 | W&T Offshore, Inc.\* |  | 105350 |
|  |  |  | 2894341 |
|  **Financials — 38.57%** | **Financials — 38.57%** | **Financials — 38.57%** | **Financials — 38.57%** |
| 4700 | ACNB Corp. |  | 187107 |
| 6200 | AFC Gamma, Inc., REIT |  | 97526 |
| 39150 | Affirmative Insurance Holdings, Inc.\*,(a),(b),(c) |  | 0 |
| 9200 | Amalgamated Financial Corp. |  | 211968 |
| 8900 | Amerant Bancorp, Inc. |  | 238876 |
| 3900 | American Business Bank\* |  | 155220 |

---

**3** 

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC Microcap Value Fund (cont.)

------

**December 31, 2022 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| 7300 | American National Bankshares, Inc. | $269589 |
| 7600 | Ames National Corp. | 179436 |
| 5968 | Apollo Commercial Real Estate Finance, Inc., REIT | 64216 |
| 21926 | Arbor Realty Trust, Inc., REIT | 289204 |
| 46870 | Ares Commercial Real Estate Corp., REIT | 482292 |
| 2200 | Arlington Asset Investment Corp., REIT, Class A\* | 6446 |
| 101 | Ashford, Inc.\* | 1402 |
| 1900 | Associated Capital Group, Inc., Class A | 79781 |
| 3300 | Atlanticus Holdings Corp.\* | 86460 |
| 34550 | Banc of California, Inc. | 550381 |
| 13200 | Banco Latinoamericano de Comercio Exterior SA, Class E | 213840 |
| 12900 | Bancorp, Inc. (The)\* | 366102 |
| 2800 | Bank First Corp. | 259896 |
| 5142 | Bank of Marin Bancorp | 169069 |
| 5500 | Bank of Princeton (The) | 174460 |
| 6000 | Bank7 Corp. | 153600 |
| 14400 | BankFinancial Corp. | 151632 |
| 7000 | Bankwell Financial Group, Inc. | 206010 |
| 2628 | Banner Corp. | 166090 |
| 9500 | Bar Harbor Bankshares | 304380 |
| 5300 | BayCom Corp. | 100594 |
| 10500 | BCB Bancorp, Inc. | 188895 |
| 100000 | Beverly Hills Bancorp, Inc.\*,(a),(b),(c) | 0 |
| 7500 | Blucora, Inc.\* | 191475 |
| 8100 | Blue Ridge Bankshares, Inc. | 101169 |
| 3500 | BNCCORP, Inc. | 104125 |
| 8000 | Bogota Financial Corp.\* | 89440 |
| 19000 | Bridgewater Bancshares, Inc.\* | 337060 |
| 5500 | Business First Bancshares, Inc. | 121770 |
| 1700 | C&F Financial Corp. | 99059 |
| 3800 | California BanCorp\* | 90364 |
| 36100 | California First Leasing Corp.\* | 583015 |
| 1500 | Cambridge Bancorp | 124590 |
| 6200 | Capital Bancorp, Inc. | 145948 |
| 9400 | Capital City Bank Group, Inc. | 305500 |
| 38000 | Capitol Bancorp Ltd.\*,(a),(b),(c) | 0 |
| 10300 | Capstar Financial Holdings, Inc. | 181898 |
| 5700 | Central Valley Community Bancorp | 120726 |
| 6500 | CF Bankshares, Inc. | 137670 |
| 1900 | Chemung Financial Corp. | 87153 |
| 22597 | Cherry Hill Mortgage Investment Corp., REIT | 131063 |
| 5700 | Chicago Atlantic Real Estate Finance, Inc. | 85899 |
| 8200 | Citizens & Northern Corp. | 187452 |
| 6300 | Citizens Community Bancorp, Inc. | 75789 |
| 1300 | Citizens Financial Services, Inc. | 99528 |
| 12200 | Civista Bancshares, Inc. | 268522 |
| 10000 | CNB Financial Corp. | 237900 |
| 2800 | Coastal Financial Corp.\* | 133056 |
| 3800 | Codorus Valley Bancorp, Inc. | 90440 |

---

**4** 

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC Microcap Value Fund (cont.)

------

**December 31, 2022 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| 8300 | Cohen & Co., Inc. | $69222 |
| 6600 | Colony Bankcorp, Inc. | 83754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98543 | Consumer Portfolio Services, Inc.\* | 872106 |
| 2189 | Cowen, Inc., Class A | 84539 |
| 7300 | Crescent Capital BDC, Inc. | 93294 |
| 1400 | Croghan Bancshares, Inc. | 78400 |
| 11248 | Dime Community Bancshares, Inc. | 358024 |
| 8977 | Donegal Group, Inc., Class A | 127473 |
| 3100 | Donnelley Financial Solutions, Inc.\* | 119815 |
| 13346 | Dynex Capital, Inc., REIT | 169761 |
| 21100 | Ellington Residential Mortgage, REIT | 144746 |
| 8000 | Embassy Bancorp, Inc. | 148000 |
| 24440 | Enova International, Inc.\* | 937763 |
| 8300 | Enterprise Bancorp, Inc. | 292990 |
| 5878 | Enterprise Financial Services Corp. | 287787 |
| 4700 | Equity Bancshares, Inc., Class A | 153549 |
| 7200 | Esquire Financial Holdings, Inc. | 311472 |
| 6800 | ESSA Bancorp, Inc. | 141916 |
| 4400 | Evans Bancorp, Inc. | 164516 |
| 16500 | Farmers National Banc Corp. | 232980 |
| 6987 | FB Financial Corp. | 252510 |
| 9490 | Federal Agricultural Mortgage Corp., Class C | 1069618 |
| 2800 | Fidelity D&D Bancorp, Inc. | 131992 |
| 8000 | Financial Institutions, Inc. | 194880 |
| 2800 | Finward Bancorp | 101360 |
| 6700 | First Bancorp, Inc. (The) | 200598 |
| 10400 | First Bank | 143104 |
| 7700 | First Business Financial Services, Inc. | 281435 |
| 6700 | First Community Bankshares, Inc. | 227130 |
| 9800 | First Financial Corp. | 451584 |
| 10000 | First Financial Northwest, Inc. | 149800 |
| 9200 | First Internet Bancorp | 223376 |
| 4623 | First Merchants Corp. | 190051 |
| 9800 | First of Long Island Corp. (The) | 176400 |
| 38000 | First Place Financial Corp.\*,(a),(b),(c) | 0 |
| 10100 | First Reliance Bancshares, Inc.\* | 87567 |
| 5400 | First Savings Financial Group, Inc. | 108000 |
| 5300 | First Western Financial, Inc.\* | 149195 |
| 8600 | Flushing Financial Corp. | 166668 |
| 8400 | FS Bancorp, Inc. | 280896 |
| 10600 | FVCBankcorp, Inc.\* | 202142 |
| 10400 | GCM Grosvenor, Inc., Class A | 79144 |
| 15100 | Granite Point Mortgage Trust, Inc. | 80936 |
| 43528 | Great Ajax Corp., REIT | 315578 |
| 8550 | Guaranty Bancshares, Inc. | 296172 |
| 8700 | Guild Holdings Co., Class A\* | 87783 |
| 11700 | Hanmi Financial Corp. | 289575 |
| 12300 | HBT Financial, Inc. | 240711 |

---

**5** 

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC Microcap Value Fund (cont.)

------

**December 31, 2022 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| 2840 | HCI Group, Inc. | $112436 |
| 700 | Hingham Institution for Savings (The), FOR | 193172 |
| 5000 | Home Bancorp, Inc. | 200150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11340 | HomeTrust Bancshares, Inc. | 274088 |
| 3500 | HV Bancorp, Inc.\* | 99540 |
| 11600 | Independent Bank Corp. | 277472 |
| 8500 | Investar Holding Corp. | 183005 |
| 3704 | Investors Title Co. | 546525 |
| 4000 | Kansas City Life Insurance Co. | 105600 |
| 7874 | Lakeland Bancorp, Inc. | 138661 |
| 6400 | LCNB Corp. | 115200 |
| 3500 | Limestone Bancorp, Inc. | 85470 |
| 28000 | Macatawa Bank Corp. | 308840 |
| 3100 | MainStreet Bancshares, Inc. | 85219 |
| 24300 | Manhattan Bridge Capital, Inc., REIT | 130977 |
| 12800 | Medallion Financial Corp. | 91392 |
| 5000 | Mercantile Bank Corp. | 167400 |
| 10050 | Merchants Bancorp | 244416 |
| 6500 | Meridian Corp. | 196885 |
| 8000 | Metrocity Bankshares, Inc. | 173040 |
| 6600 | Metropolitan Bank Holding Corp.\* | 387222 |
| 5500 | Mid Penn Bancorp, Inc. | 164835 |
| 8700 | Midland States Bancorp, Inc. | 231594 |
| 6700 | MidWestOne Financial Group, Inc. | 212725 |
| 7200 | MVB Financial Corp. | 158544 |
| 6200 | National Bankshares, Inc. | 249860 |
| 2800 | National Western Life Group, Inc., Class A | 786800 |
| 7900 | Nexpoint Real Estate Finance, Inc., REIT | 125531 |
| 11567 | Nicholas Financial, Inc.\* | 72988 |
| 7100 | Northeast Bank | 298910 |
| 14600 | Northeast Community Bancorp, Inc. | 217832 |
| 5100 | Northrim BanCorp, Inc. | 278307 |
| 40510 | Northwest Bancshares, Inc. | 566330 |
| 2700 | Ocwen Financial Corp.\* | 82566 |
| 24100 | OFG Bancorp | 664196 |
| 20400 | Old Second Bancorp, Inc. | 327216 |
| 13200 | OP Bancorp | 147312 |
| 12600 | Oppenheimer Holdings, Inc., Class A | 533358 |
| 4000 | Orange County Bancorp, Inc. | 186320 |
| 10200 | Orrstown Financial Services, Inc. | 236232 |
| 8500 | Pacific Financial Corp. | 90950 |
| 9300 | Parke Bancorp, Inc. | 192882 |
| 16200 | Partners Bancorp | 143532 |
| 6600 | PCB Bancorp | 116754 |
| 13900 | PCSB Financial Corp. | 264656 |
| 5500 | Peapack-Gladstone Financial Corp. | 204710 |
| 2400 | PennyMac Financial Services, Inc. | 135984 |
| 18398 | Peoples Bancorp, Inc. | 519743 |
| 3900 | Peoples Financial Services Corp. | 202176 |

---

**6** 

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC Microcap Value Fund (cont.)

------

**December 31, 2022 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| 7300 | Pinnacle Bank/Gilroy CA\* | $97820 |
| 1330 | Piper Sandler Cos. | 173153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37864 | Premier Financial Corp. | 1021192 |
| 18400 | Primis Financial Corp. | 218040 |
| 5900 | Private Bancorp of America, Inc.\* | 191101 |
| 8100 | Professional Holding Corp., Class A\* | 224694 |
| 15500 | Provident Financial Holdings, Inc. | 213435 |
| 7220 | Provident Financial Services, Inc. | 154219 |
| 12400 | RBB Bancorp | 258540 |
| 16781 | Ready Capital Corp., REIT | 186940 |
| 3700 | Red River Bancshares, Inc. | 188922 |
| 19860 | Regional Management Corp. | 557669 |
| 19100 | Riverview Bancorp, Inc. | 146688 |
| 3050 | S&T Bancorp, Inc. | 104249 |
| 26200 | Sachem Capital Corp., REIT | 86460 |
| 6420 | Safety Insurance Group, Inc. | 540949 |
| 6300 | SB Financial Group, Inc. | 105588 |
| 9300 | Seven Hills Realty Trust, REIT | 84537 |
| 11000 | Shore Bancshares, Inc. | 191730 |
| 10300 | Sierra Bancorp | 218772 |
| 4600 | Silvercrest Asset Management Group, Inc., Class A | 86342 |
| 7245 | Simmons First National Corp., Class A | 156347 |
| 11500 | SmartFinancial, Inc. | 316250 |
| 6300 | South Atlantic Bancshares, Inc.\* | 85680 |
| 12400 | South Plains Financial, Inc. | 341372 |
| 5900 | Southern First Bancshares, Inc.\* | 269925 |
| 6900 | Southern Missouri Bancorp, Inc. | 316227 |
| 1936 | SouthState Corp. | 147833 |
| 9800 | Stewart Information Services Corp. | 418754 |
| 6100 | Summit Financial Group, Inc. | 151829 |
| 8700 | SWK Holdings Corp.\* | 153468 |
| 6200 | Territorial Bancorp, Inc. | 148862 |
| 4700 | Third Coast Bancshares, Inc.\* | 86621 |
| 6900 | Timberland Bancorp, Inc. | 235497 |
| 1947 | Trenwick America Corp.\*,(a),(b),(c) | 0 |
| 1098 | Trenwick America Corp.\*,(a),(b),(c) | 0 |
| 8400 | Trinity Capital, Inc. | 91812 |
| 3744 | United Bankshares, Inc. | 151595 |
| 3005 | United Community Banks, Inc. | 101569 |
| 19000 | United Western Bancorp, Inc.\*,(a),(b),(c) | 0 |
| 5900 | Unity Bancorp, Inc. | 161247 |
| 9900 | Waterstone Financial, Inc. | 170676 |
| 10100 | West BanCorp, Inc. | 258055 |
| 26300 | Western New England Bancorp, Inc. | 248798 |
| 5200 | Westwood Holdings Group, Inc. | 57895 |
|  |  | 41186300 |

---

**7** 

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC Microcap Value Fund (cont.)

------

**December 31, 2022 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  **Health Care — 1.10%** | **Health Care — 1.10%** | **Health Care — 1.10%** |
| 6650 | Artivion, Inc.\* | $80598 |
| 4600 | Computer Programs and Systems, Inc.\* | 125212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13000 | FONAR Corp.\* | 217750 |
| 6500 | Meridian Bioscience, Inc.\* | 215865 |
| 7200 | Phibro Animal Health Corp., Class A | 96552 |
| 8700 | ProPhase Labs, Inc. | 83781 |
| 13800 | Sensus Healthcare, Inc.\* | 102396 |
| 1300 | UFP Technologies, Inc.\* | 153257 |
| 13200 | Viemed Healthcare, Inc.\* | 99792 |
|  |  | 1175203 |
|  **Industrials — 18.23%** | **Industrials — 18.23%** | **Industrials — 18.23%** |
| 7300 | Acme United Corp. | 159870 |
| 5250 | Alamo Group, Inc. | 743400 |
| 2924 | Allied Motion Technologies, Inc. | 101784 |
| 69700 | ARC Document Solutions, Inc. | 204221 |
| 14900 | BGSF, Inc. | 228268 |
| 5000 | BlueLinx Holdings, Inc.\* | 355550 |
| 24090 | CBIZ, Inc.\* | 1128617 |
| 25774 | CECO Environmental Corp.\* | 301040 |
| 10678 | Cenveo, Inc.\*,(a),(b),(c) | 0 |
| 2400 | Chicago Rivet & Machine Co. | 68712 |
| 15800 | Commercial Vehicle Group, Inc.\* | 107598 |
| 27978 | CompX International, Inc. | 517033 |
| 38300 | Costamare, Inc. | 355424 |
| 9500 | Covenant Logistics Group, Inc. | 328415 |
| 900 | CRA International, Inc. | 110187 |
| 6700 | DLH Holdings Corp.\* | 79496 |
| 27760 | Ducommun, Inc.\* | 1386890 |
| 15900 | Eastern Co. (The) | 306552 |
| 2500 | Encore Wire Corp. | 343900 |
| 33660 | Ennis, Inc. | 745906 |
| 730 | EnPro Industries, Inc. | 79344 |
| 9690 | Espey Mfg. & Electronics Corp.\* | 137598 |
| 4700 | EVI Industries, Inc.\* | 112189 |
| 414 | Genco Shipping & Trading Ltd. | 6359 |
| 3180 | Gibraltar Industries, Inc.\* | 145898 |
| 11210 | Greenbrier Cos., Inc. (The) | 375871 |
| 24050 | Griffon Corp. | 860750 |
| 4400 | Hudson Global, Inc.\* | 99572 |
| 3400 | Hurco Cos., Inc. | 88842 |
| 7800 | Insteel Industries, Inc. | 214656 |
| 12300 | L B Foster Co., Class A\* | 119064 |
| 21200 | Limbach Holdings, Inc.\* | 220692 |
| 22500 | LS Starrett Co. (The), Class A\* | 165600 |
| 63850 | LSI Industries, Inc. | 781524 |
| 9300 | Manitowoc Co., Inc. (The)\* | 85188 |
| 33340 | Marten Transport Ltd. | 659465 |

---

**8** 

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC Microcap Value Fund (cont.)

------

**December 31, 2022 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Value** | **Value** |
| 6400 | Mastech Digital, Inc.\* | $| 70464 |
| 24979 | Miller Industries, Inc. |  | 665940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16000 | Mistras Group, Inc.\* |  | 78880 |
| 3800 | National Presto Industries, Inc. |  | 260148 |
| 9800 | Northwest Pipe Co.\* |  | 330260 |
| 4400 | PAM Transportation Services, Inc.\* |  | 113960 |
| 40500 | Park Aerospace Corp. |  | 543105 |
| 6700 | Park-Ohio Holdings Corp. |  | 81941 |
| 9100 | Powell Industries, Inc. |  | 320138 |
| 3000 | Preformed Line Products Co. |  | 249870 |
| 12900 | Quanex Building Products Corp. |  | 305472 |
| 28600 | Quest Resource Holding Corp.\* |  | 174746 |
| 34400 | Radiant Logistics, Inc.\* |  | 175096 |
| 7200 | RCM Technologies, Inc.\* |  | 88848 |
| 13600 | Resources Connection, Inc. |  | 249968 |
| 6940 | Rush Enterprises, Inc., Class A |  | 362823 |
| 22000 | Safe Bulkers, Inc. |  | 64020 |
| 3100 | Standex International Corp. |  | 317471 |
| 11700 | Sterling Infrastructure, Inc.\* |  | 383760 |
| 4200 | Tecnoglass, Inc. |  | 129234 |
| 21710 | Textainer Group Holdings Ltd. |  | 673227 |
| 10500 | Titan Machinery, Inc.\* |  | 417165 |
| 10730 | V2X, Inc.\* |  | 443042 |
| 3400 | VSE Corp. |  | 159392 |
| 18338 | Willis Lease Finance Corp.\* |  | 1082125 |
|  |  |  | 19466570 |
|  **Information Technology — 7.21%** | **Information Technology — 7.21%** | **Information Technology — 7.21%** | **Information Technology — 7.21%** |
| 8600 | Amtech Systems, Inc.\* |  | 65360 |
| 8800 | AstroNova, Inc.\* |  | 112816 |
| 6400 | Aviat Networks, Inc.\* |  | 199616 |
| 25400 | AXT, Inc.\* |  | 111252 |
| 14800 | Bel Fuse, Inc., Class B |  | 487216 |
| 16500 | BM Technologies, Inc.\* |  | 85965 |
| 1400 | Clearfield, Inc.\* |  | 131796 |
| 18100 | CompoSecure, Inc.\* |  | 88871 |
| 11200 | Computer Task Group, Inc.\* |  | 84672 |
| 6200 | CPI Card Group, Inc.\* |  | 223696 |
| 14550 | CTS Corp. |  | 573561 |
| 20450 | Digi International, Inc.\* |  | 747448 |
| 7580 | ePlus, Inc.\* |  | 335642 |
| 17500 | Franklin Wireless Corp.\* |  | 78050 |
| 30000 | Immersion Corp.\* |  | 210900 |
| 1300 | Insight Enterprises, Inc.\* |  | 130351 |
| 9200 | inTEST Corp.\* |  | 94760 |
| 1700 | JinkoSolar Holding Co. Ltd., ADR\* |  | 69496 |
| 22400 | Kimball Electronics, Inc.\* |  | 506016 |
| 13640 | Methode Electronics, Inc. |  | 605207 |

---

**9** 

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC Microcap Value Fund (cont.)

------

**December 31, 2022 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Value** | **Value** |
| 4800 | M-Tron Industries, Inc.\* | $| 42000 |
| 6300 | Nortech Systems, Inc.\* |  | 78750 |
| 31000 | Park City Group, Inc. |  | 153450 |
| 11920 | PC Connection, Inc. |  | 559048 |
| 31700 | PCTEL, Inc. |  | 136310 |
| 30330 | Photronics, Inc.\* |  | 510454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22800 | Priority Technology Holdings, Inc.\* |  | 119928 |
| 12500 | Richardson Electronics Ltd. |  | 266625 |
| 64900 | SigmaTron International, Inc.\* |  | 249216 |
| 16680 | Vishay Precision Group, Inc.\* |  | 644682 |
|  |  |  | 7703154 |
|  **Materials — 3.68%** | **Materials — 3.68%** | **Materials — 3.68%** | **Materials — 3.68%** |
| 34600 | American Vanguard Corp. |  | 751166 |
| 37000 | Blue Earth Refineries, Inc.\*,(a),(b),(c) |  | 0 |
| 8400 | Clearwater Paper Corp.\* |  | 317604 |
| 15500 | Core Molding Technologies, Inc.\* |  | 201345 |
| 30000 | Fortitude Gold Corp. |  | 165300 |
| 12300 | Friedman Industries, Inc. |  | 120417 |
| 58090 | FutureFuel Corp. |  | 472272 |
| 8800 | Hawkins, Inc. |  | 339680 |
| 3400 | Haynes International, Inc. |  | 155346 |
| 1500 | Innospec, Inc. |  | 154290 |
| 6840 | Materion Corp. |  | 598568 |
| 9400 | Olympic Steel, Inc. |  | 315652 |
| 5200 | Ryerson Holding Corp. |  | 157352 |
| 17700 | Tredegar Corp. |  | 180894 |
|  |  |  | 3929886 |
|  **Real Estate — 3.41%** | **Real Estate — 3.41%** | **Real Estate — 3.41%** | **Real Estate — 3.41%** |
| 13800 | Alpine Income Property Trust, Inc., REIT |  | 263304 |
| 9000 | AMREP Corp.\* |  | 103950 |
| 4800 | Community Healthcare Trust, Inc., REIT |  | 171840 |
| 13375 | CTO Realty Growth, Inc., REIT |  | 244495 |
| 20000 | Farmland Partners, Inc., REIT |  | 249200 |
| 3900 | FRP Holdings, Inc.\* |  | 210054 |
| 11242 | Getty Realty Corp., REIT |  | 380542 |
| 8800 | Global Medical REIT, Inc. |  | 83424 |
| 5200 | Newlake Capital Partners, Inc., REIT |  | 83304 |
| 23032 | One Liberty Properties, Inc., REIT |  | 511771 |
| 5700 | Postal Realty Trust, Inc., Class A |  | 82821 |
| 7700 | RE/MAX Holdings, Inc., Class A |  | 143528 |
| 4100 | RMR Group, Inc. (The), Class A |  | 115825 |
| 19000 | RPT Realty, REIT |  | 190760 |
| 12700 | Urstadt Biddle Properties, Inc., REIT, Class A |  | 240665 |
| 58810 | Whitestone, REIT |  | 566928 |
|  |  |  | 3642411 |

---

**10** 

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC Microcap Value Fund (cont.)

------

**December 31, 2022 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  **Utilities — 1.61%** | **Utilities — 1.61%** | **Utilities — 1.61%** |
| 1600 | Artesian Resources Corp., Class A | $93728 |
| 2985 | Chesapeake Utilities Corp. | 352767 |
| 1400 | Middlesex Water Co. | 110138 |
| 8800 | Pure Cycle Corp.\* | 92224 |
| 7500 | RGC Resources, Inc. | 165375 |
| 3900 | SJW Group | 316641 |
| 11466 | Unitil Corp. | 588894 |
|  |  | 1719767 |
|  **Total Common Stocks**<br> (Cost $84,022,468) | **Total Common Stocks**<br> (Cost $84,022,468) | **105725600** |
|  **Exchange Traded Funds — 0.40%** | **Exchange Traded Funds — 0.40%** |  |
| 4000 | iShares Russell Microcap Index Fund | 431320 |
|  **Total Exchange Traded Funds**<br> (Cost $446,675) | **Total Exchange Traded Funds**<br> (Cost $446,675) | **431320** |
|  **Rights/Warrants — 0.03%** | **Rights/Warrants — 0.03%** |  |
| 1136 | Chord Energy Corp, \* | 23163 |
| 568 | Chord Energy Corp, \* | 10332 |
| 8600 | LGL Group, Inc. (The), Warrants, Expire 11/16/25\* | 1720 |
|  **Total Rights/Warrants**<br> (Cost $95,622) | **Total Rights/Warrants**<br> (Cost $95,622) | **35215** |
|  **Investment Company — 0.80%** | **Investment Company — 0.80%** |  |
| 851152 | U.S. Government Money Market Fund, RBC Institutional Class 1(d) | 851152 |
|  **Total Investment Company**<br> (Cost $851,152) | **Total Investment Company**<br> (Cost $851,152) | **851152** |
|  **Total Investments**<br> (Cost $85,415,917) — 100.24% | **Total Investments**<br> (Cost $85,415,917) — 100.24% | $**107043287** |
|  **Liabilities in excess of other assets — (0.24)%** | **Liabilities in excess of other assets — (0.24)%** | **(254287)** |
|  **NET ASSETS — 100.00%** | **NET ASSETS — 100.00%** | $**106789000** |

---

**11** 

------

SCHEDULE OF PORTFOLIO INVESTMENTS

RBC Microcap Value Fund (cont.)

------

**December 31, 2022 (Unaudited)** 

------

\* 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:

ADR - American Depositary Receipt

FOR - Foreign Ownership Receipt

REIT - Real Estate Investment Trust

**12**

## 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:** 50 South Sixth Street

  - **City:** Minneapolis

  - **State:** MN

  - **Foreign country:** US

  - **Zip / Postal Code:** 55402

  - **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:** 2023-09-30

- **b. Date as of which information is reported:** 2022-12-30

**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:** $107245008.64

**Total Liabilities:** $173355.35

**Net Assets:** $107071653.29

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000004750 | 10.90%               | 4.62%                | -4.29%               |
| Class ID C000004753 | 10.89%               | 4.69%                | -4.30%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $224955.99               | $10572010.38                               |
| Month 2  | $1723421.28              | $3108823.71                                |
| Month 3  | $-182454.27              | $-4859501.14                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Weyco Group Inc                      | Weyco Group Inc                               | CUSIP: 962149100<br>LEI: 549300I10J38MHJELM87 | Long             | EC               | CORP              | US        |     13500 | NS      | $285660.00    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Live Ventures Inc                    | Live Ventures Inc                             | CUSIP: 538142308<br>LEI: 5493002HQW06QWT6U361 | Long             | EC               | CORP              | US        |      5000 | NS      | $156500.00    | 0.15%             |  |  |  | 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      |
| Unifi Inc                            | Unifi Inc                                     | CUSIP: 904677200<br>LEI: 549300MW5LPO0M2LNO04 | Long             | EC               | CORP              | US        |     31800 | NS      | $273798.00    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| CHORD ENERGY CORP                    | CHORD ENERGY CORP-CW25                        | CUSIP: 674215132<br>LEI: 529900FA4V2YNIKZ0M71 | N/A              | DE               | CORP              | US        |       568 | NC      | $10331.92     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Beazer Homes USA Inc                 | Beazer Homes USA Inc                          | CUSIP: 07556Q881<br>LEI: 549300DUPYT2T0F60I45 | Long             | EC               | CORP              | US        |     33400 | NS      | $426184.00    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| BGSF Inc                             | BGSF Inc                                      | CUSIP: 05601C105<br>LEI: 549300AUC6I9ZG3KKQ91 | Long             | EC               | CORP              | US        |     14900 | NS      | $228268.00    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Capstar Financial Holdings Inc       | Capstar Financial Holdings Inc                | CUSIP: 14070T102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10300 | NS      | $181898.00    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Computer Task Group Inc              | Computer Task Group Inc                       | CUSIP: 205477102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     11200 | NS      | $84672.00     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Banner Corp                          | Banner Corp                                   | CUSIP: 06652V208<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2628 | NS      | $166089.60    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Nortech Systems Inc                  | Nortech Systems Inc                           | CUSIP: 656553104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6300 | NS      | $78750.00     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Sitio Royalties Corp                 | Sitio Royalties Corp                          | CUSIP: 82983N108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      8050 | NS      | $232242.50    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| LGL GROUP INC/THE                    | LGL GROUP INC                                 | CUSIP: 50186A132<br>LEI: 5493005MPYH70BZ7T366 | N/A              | DE               | CORP              | US        |      8600 | NC      | $1720.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Investors Title Co                   | Investors Title Co                            | CUSIP: 461804106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3704 | NS      | $546525.20    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| ePlus Inc                            | ePlus Inc                                     | CUSIP: 294268107<br>LEI: 529900FFY8AAFJ21NE91 | Long             | EC               | CORP              | US        |      7580 | NS      | $335642.40    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Titan Machinery Inc                  | Titan Machinery Inc                           | CUSIP: 88830R101<br>LEI: 549300835ZM8G0BT5C94 | Long             | EC               | CORP              | US        |     10500 | NS      | $417165.00    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Limestone Bancorp Inc                | Limestone Bancorp Inc                         | CUSIP: 53262L105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3500 | NS      | $85470.00     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Cambridge Bancorp                    | Cambridge Bancorp                             | CUSIP: 132152109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1500 | NS      | $124590.00    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| V2X Inc                              | V2X Inc                                       | CUSIP: 92242T101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10730 | NS      | $443041.70    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Great Ajax Corp                      | Great Ajax Corp                               | CUSIP: 38983D300<br>LEI: 5493004ID2QQWNGDYC18 | Long             | EC               | CORP              | US        |     43528 | NS      | $315578.00    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Gibraltar Industries Inc             | Gibraltar Industries Inc                      | CUSIP: 374689107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3180 | NS      | $145898.40    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Ames National Corp                   | Ames National Corp                            | CUSIP: 031001100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      7600 | NS      | $179436.00    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| AXT Inc                              | AXT Inc                                       | CUSIP: 00246W103<br>LEI: 549300M2142IVLVIJN37 | Long             | EC               | CORP              | US        |     25400 | NS      | $111252.00    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| First Business Financial Servi       | First Business Financial Services Inc         | CUSIP: 319390100<br>LEI: 549300BXKLW2T50TKU95 | Long             | EC               | CORP              | US        |      7700 | NS      | $281435.00    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| National Western Life Group In       | National Western Life Group Inc               | CUSIP: 638517102<br>LEI: 549300HPXNVHFT1BJ192 | Long             | EC               | CORP              | US        |      2800 | NS      | $786800.00    | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Atlanticus Holdings Corp             | Atlanticus Holdings Corp                      | CUSIP: 04914Y102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3300 | NS      | $86460.00     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Dynex Capital Inc                    | Dynex Capital Inc                             | CUSIP: 26817Q886<br>LEI: 5CIJ4S9HAEBWILA19B65 | Long             | EC               | CORP              | US        |     13346 | NS      | $169761.12    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| South Plains Financial Inc           | South Plains Financial Inc                    | CUSIP: 83946P107<br>LEI: 549300SNEBP48642N493 | Long             | EC               | CORP              | US        |     12400 | NS      | $341372.00    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| CBIZ Inc                             | CBIZ Inc                                      | CUSIP: 124805102<br>LEI: 529900D5X8CFM8O1N813 | Long             | EC               | CORP              | US        |     24090 | NS      | $1128616.50   | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| CTS Corp                             | CTS Corp                                      | CUSIP: 126501105<br>LEI: 549300YV1HQLBVHOI649 | Long             | EC               | CORP              | US        |     14550 | NS      | $573561.00    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Bristow Group Inc                    | Bristow Group Inc                             | CUSIP: 11040G103<br>LEI: 5493005Q24EN3UC1PV68 | Long             | EC               | CORP              | US        |         1 | NS      | $27.13        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Saga Communications Inc              | Saga Communications Inc                       | CUSIP: 786598300<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     15600 | NS      | $368160.00    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| BNCCORP Inc                          | BNCCORP Inc                                   | CUSIP: 055936108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3500 | NS      | $104125.00    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Andersons Inc/The                    | Andersons Inc/The                             | CUSIP: 034164103<br>LEI: L38MWB8MVRFV7HVJPU11 | Long             | EC               | CORP              | US        |      4350 | NS      | $152206.50    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Shore Bancshares Inc                 | Shore Bancshares Inc                          | CUSIP: 825107105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     11000 | NS      | $191730.00    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Apollo Commercial Real Estate        | Apollo Commercial Real Estate Finance Inc     | CUSIP: 03762U105<br>LEI: 549300E0AN7M2AQHSY29 | Long             | EC               | CORP              | US        |      5968 | NS      | $64215.68     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Whitestone REIT                      | Whitestone REIT                               | CUSIP: 966084204<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     58810 | NS      | $566928.40    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Big 5 Sporting Goods Corp            | Big 5 Sporting Goods Corp                     | CUSIP: 08915P101<br>LEI: 529900BFAM7VKQMKUC49 | Long             | EC               | CORP              | US        |     17800 | NS      | $157174.00    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Manitowoc Co Inc/The                 | Manitowoc Co Inc/The                          | CUSIP: 563571405<br>LEI: 2RTSLGQ89VMY18RHX631 | Long             | EC               | CORP              | US        |      9300 | NS      | $85188.00     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Patrick Industries Inc               | Patrick Industries Inc                        | CUSIP: 703343103<br>LEI: 549300FZ5ZTCCJ3Z5W14 | Long             | EC               | CORP              | US        |      8425 | NS      | $510555.00    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Genesco Inc                          | Genesco Inc                                   | CUSIP: 371532102<br>LEI: 549300VY2Q511P1K5P56 | Long             | EC               | CORP              | US        |      2800 | NS      | $128856.00    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Limbach Holdings Inc                 | Limbach Holdings Inc                          | CUSIP: 53263P105<br>LEI: 254900EW8KXT5ZTWQI30 | Long             | EC               | CORP              | US        |     21200 | NS      | $220692.00    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Central Valley Community Banco       | Central Valley Community Bancorp              | CUSIP: 155685100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5700 | NS      | $120726.00    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| SB Financial Group Inc               | SB Financial Group Inc                        | CUSIP: 78408D105<br>LEI: 54930028E6P8OT8CTV58 | Long             | EC               | CORP              | US        |      6300 | NS      | $105588.00    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| National Bankshares Inc              | National Bankshares Inc                       | CUSIP: 634865109<br>LEI: 549300Q745S62Q6QNW78 | Long             | EC               | CORP              | US        |      6200 | NS      | $249860.00    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| REX American Resources Corp          | REX American Resources Corp                   | CUSIP: 761624105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     12930 | NS      | $411949.80    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Investar Holding Corp                | Investar Holding Corp                         | CUSIP: 46134L105<br>LEI: 54930001EK2YM28LOJ08 | Long             | EC               | CORP              | US        |      8500 | NS      | $183005.00    | 0.17%             |  |  |  | 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      | $86621.00     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Miller Industries Inc/TN             | Miller Industries Inc/TN                      | CUSIP: 600551204<br>LEI: 549300F1O74SPUJ7UU94 | Long             | EC               | CORP              | US        |     24979 | NS      | $665940.14    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Harte Hanks Inc                      | Harte Hanks Inc                               | CUSIP: 416196202<br>LEI: 549300J5W5N8Q3OYMS84 | Long             | EC               | CORP              | US        |      8700 | NS      | $101703.00    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| SpartanNash Co                       | SpartanNash Co                                | CUSIP: 847215100<br>LEI: 549300TV3QCCSQLF5X16 | Long             | EC               | CORP              | US        |     21460 | NS      | $648950.40    | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of Princeton/The                | Bank of Princeton/The                         | CUSIP: 064520109<br>LEI: 549300EMC7T53UNNNA58 | Long             | EC               | CORP              | US        |      5500 | NS      | $174460.00    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Park-Ohio Holdings Corp              | Park-Ohio Holdings Corp                       | CUSIP: 700666100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6700 | NS      | $81941.00     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Orange County Bancorp Inc            | Orange County Bancorp Inc                     | CUSIP: 68417L107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4000 | NS      | $186320.00    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Arlington Asset Investment Cor       | Arlington Asset Investment Corp               | CUSIP: 041356205<br>LEI: 549300LA9ZT7L8G7IT53 | Long             | EC               | CORP              | US        |      2200 | NS      | $6446.00      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Aviat Networks Inc                   | Aviat Networks Inc                            | CUSIP: 05366Y201<br>LEI: 549300Z3X8Z4MK52CI65 | Long             | EC               | CORP              | US        |      6400 | NS      | $199616.00    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Cato Corp/The                        | Cato Corp/The                                 | CUSIP: 149205106<br>LEI: 529900R4SJUY7GCUU865 | Long             | EC               | CORP              | US        |     10900 | NS      | $101697.00    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Trinity Capital Inc                  | Trinity Capital Inc                           | CUSIP: 896442308<br>LEI: 549300YGT4SBRQYDVU48 | Long             | EC               | CORP              | US        |      8400 | NS      | $91812.00     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Guild Holdings Co                    | Guild Holdings Co                             | CUSIP: 40172N107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      8700 | NS      | $87783.00     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| M/I Homes Inc                        | M/I Homes Inc                                 | CUSIP: 55305B101<br>LEI: 5299005M71FH9CCSFB69 | Long             | EC               | CORP              | US        |     12380 | NS      | $571708.40    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| American Outdoor Brands Inc          | American Outdoor Brands Inc                   | CUSIP: 02875D109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6400 | NS      | $64128.00     | 0.06%             |  |  |  | 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      | $202176.00    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Merchants Bancorp/IN                 | Merchants Bancorp/IN                          | CUSIP: 58844R108<br>LEI: 54930008Y0GPVLF81889 | Long             | EC               | CORP              | US        |     10050 | NS      | $244416.00    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Reservoir Media Inc                  | Reservoir Media Inc                           | CUSIP: 76119X105<br>LEI: 549300PHPDQ9M9QSNU18 | Long             | EC               | CORP              | US        |     14900 | NS      | $88953.00     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Sonic Automotive Inc                 | Sonic Automotive Inc                          | CUSIP: 83545G102<br>LEI: 549300NTLRGJ2JCBZU03 | Long             | EC               | CORP              | US        |     10160 | NS      | $500583.20    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Private Bancorp of America Inc       | Private Bancorp of America Inc                | CUSIP: 74274F100<br>LEI: 5493003DL7X57NMYQX96 | Long             | EC               | CORP              | US        |      5900 | NS      | $191101.00    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Sachem Capital Corp                  | Sachem Capital Corp                           | CUSIP: 78590A109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     26200 | NS      | $86460.00     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Oppenheimer Holdings Inc             | Oppenheimer Holdings Inc                      | CUSIP: 683797104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     12600 | NS      | $533358.00    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| First Financial Corp/IN              | First Financial Corp/IN                       | CUSIP: 320218100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      9800 | NS      | $451584.00    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Container Store Group Inc/The        | Container Store Group Inc/The                 | CUSIP: 210751103<br>LEI: 529900L7KB2N9KXCDI76 | Long             | EC               | CORP              | US        |     64330 | NS      | $277262.30    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| RCI Hospitality Holdings Inc         | RCI Hospitality Holdings Inc                  | CUSIP: 74934Q108<br>LEI: 529900COXP1MLE1UKG69 | Long             | EC               | CORP              | US        |      1700 | NS      | $158423.00    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Getty Realty Corp                    | Getty Realty Corp                             | CUSIP: 374297109<br>LEI: 2549000P1W5SFJWCNP90 | Long             | EC               | CORP              | US        |     11242 | NS      | $380541.70    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| FB Financial Corp                    | FB Financial Corp                             | CUSIP: 30257X104<br>LEI: 5493000B2LD2C2A6C435 | Long             | EC               | CORP              | US        |      6987 | NS      | $252510.18    | 0.24%             |  |  |  | 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      |
| DLH Holdings Corp                    | DLH Holdings Corp                             | CUSIP: 23335Q100<br>LEI: 549300KRYPLQFKWVTE62 | Long             | EC               | CORP              | US        |      6700 | NS      | $79495.50     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Professional Holding Corp            | Professional Holding Corp                     | CUSIP: 743139107<br>LEI: 549300MOIYR1NW3J2W56 | Long             | EC               | CORP              | US        |      8100 | NS      | $224694.00    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Phibro Animal Health Corp            | Phibro Animal Health Corp                     | CUSIP: 71742Q106<br>LEI: 549300U24SP4AF2JUX52 | Long             | EC               | CORP              | US        |      7200 | NS      | $96552.00     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Movado Group Inc                     | Movado Group Inc                              | CUSIP: 624580106<br>LEI: 549300WCGCGPWGHVXM59 | Long             | EC               | CORP              | US        |     14340 | NS      | $462465.00    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Clarus Corp                          | Clarus Corp                                   | CUSIP: 18270P109<br>LEI: 549300PKSLI6PT0ULL72 | Long             | EC               | CORP              | US        |     11942 | NS      | $93625.28     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Strattec Security Corp               | Strattec Security Corp                        | CUSIP: 863111100<br>LEI: 549300Z394OP8S8TSR40 | Long             | EC               | CORP              | US        |     13430 | NS      | $275986.50    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Mistras Group Inc                    | Mistras Group Inc                             | CUSIP: 60649T107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     16000 | NS      | $78880.00     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Artivion Inc                         | Artivion Inc                                  | CUSIP: 228903100<br>LEI: 549300YTKV8DMSMG6K81 | Long             | EC               | CORP              | US        |      6650 | NS      | $80598.00     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Nicholas Financial Inc               | Nicholas Financial Inc                        | CUSIP: 65373J209<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     11567 | NS      | $72987.77     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Artesian Resources Corp              | Artesian Resources Corp                       | CUSIP: 043113208<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1600 | NS      | $93728.00     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Banc of California Inc               | Banc of California Inc                        | CUSIP: 05990K106<br>LEI: 549300ZKWUJDP6LJ1X87 | Long             | EC               | CORP              | US        |     34550 | NS      | $550381.50    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Northrim BanCorp Inc                 | Northrim BanCorp Inc                          | CUSIP: 666762109<br>LEI: 5493006X7RLLTZ3SG075 | Long             | EC               | CORP              | US        |      5100 | NS      | $278307.00    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Lifetime Brands Inc                  | Lifetime Brands Inc                           | CUSIP: 53222Q103<br>LEI: 549300GS38DC0OHLYK32 | Long             | EC               | CORP              | US        |     14800 | NS      | $112332.00    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Quest Resource Holding Corp          | Quest Resource Holding Corp                   | CUSIP: 74836W203<br>LEI: 54930088J62L2GTB0F58 | Long             | EC               | CORP              | US        |     28600 | NS      | $174746.00    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Southern Missouri Bancorp Inc        | Southern Missouri Bancorp Inc                 | CUSIP: 843380106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6900 | NS      | $316227.00    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Tredegar Corp                        | Tredegar Corp                                 | CUSIP: 894650100<br>LEI: 54930003228ERHCH6K87 | Long             | EC               | CORP              | US        |     17700 | NS      | $180894.00    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| HCI Group Inc                        | HCI Group Inc                                 | CUSIP: 40416E103<br>LEI: 549300CZF7EZJH0MPH74 | Long             | EC               | CORP              | US        |      2840 | NS      | $112435.60    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| FVCBankcorp Inc                      | FVCBankcorp Inc                               | CUSIP: 36120Q101<br>LEI: 549300MSW6NY44KG3397 | Long             | EC               | CORP              | US        |     10600 | NS      | $202142.00    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Farmer Mac                           | Federal Agricultural Mortgage Corp            | CUSIP: 313148306<br>LEI: 549300MS654K78GYF580 | Long             | EC               | CORP              | US        |      9490 | NS      | $1069617.90   | 1.00%             |  |  |  | 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      | $85680.00     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| GCM Grosvenor Inc                    | GCM Grosvenor Inc                             | CUSIP: 36831E108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10400 | NS      | $79144.00     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Provident Financial Services I       | Provident Financial Services Inc              | CUSIP: 74386T105<br>LEI: 529900JOSO3SXEDVE477 | Long             | EC               | CORP              | US        |      7220 | NS      | $154219.20    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Dorian LPG Ltd                       | Dorian LPG Ltd                                | CUSIP: 000000000<br>LEI: 549300WP1W2WGMC7F395 | Long             | EC               | CORP              | US        |      8800 | NS      | $166760.00    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| El Pollo Loco Holdings Inc           | El Pollo Loco Holdings Inc                    | CUSIP: 268603107<br>LEI: 549300EZCBNF4G707K90 | Long             | EC               | CORP              | US        |     10000 | NS      | $99600.00     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Crescent Capital BDC Inc             | Crescent Capital BDC Inc                      | CUSIP: 225655109<br>LEI: 549300VPIZMU6OEE0V68 | Long             | EC               | CORP              | US        |      7300 | NS      | $93294.00     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Kid Brands Inc                       | Kid Brands Inc                                | CUSIP: 49375T100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     23500 | NS      | $0.02         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| LS Starrett Co/The                   | LS Starrett Co/The                            | CUSIP: 855668109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     22500 | NS      | $165600.00    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Nobility Homes Inc                   | Nobility Homes Inc                            | CUSIP: 654892108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10100 | NS      | $240380.00    | 0.22%             |  |  |  | No            |                  2 | On Loan: No      |
| Citizens Financial Services In       | Citizens Financial Services Inc               | CUSIP: 174615104<br>LEI: 5493005JSTWQNVUE0825 | Long             | EC               | CORP              | US        |      1300 | NS      | $99528.00     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Macatawa Bank Corp                   | Macatawa Bank Corp                            | CUSIP: 554225102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     28000 | NS      | $308840.00    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Preformed Line Products Co           | Preformed Line Products Co                    | CUSIP: 740444104<br>LEI: 549300EYH53XDJID2098 | Long             | EC               | CORP              | US        |      3000 | NS      | $249870.00    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Amtech Systems Inc                   | Amtech Systems Inc                            | CUSIP: 032332504<br>LEI: 5299008VRUUPETM6HZ85 | Long             | EC               | CORP              | US        |      8600 | NS      | $65360.00     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Village Super Market Inc             | Village Super Market Inc                      | CUSIP: 927107409<br>LEI: 25490069686XCNNEMQ07 | Long             | EC               | CORP              | US        |     12200 | NS      | $284138.00    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| First Financial Northwest Inc        | First Financial Northwest Inc                 | CUSIP: 32022K102<br>LEI: 549300F9IPXLCC3K7B36 | Long             | EC               | CORP              | US        |     10000 | NS      | $149800.00    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Pinnacle Bank/Gilroy CA              | Pinnacle Bank/Gilroy CA                       | CUSIP: 72346K107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      7300 | NS      | $97820.00     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Finward Bancorp                      | Finward Bancorp                               | CUSIP: 31812F109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2800 | NS      | $101360.00    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Standex International Corp           | Standex International Corp                    | CUSIP: 854231107<br>LEI: RCX52GR0JW2LRRMH9Z54 | Long             | EC               | CORP              | US        |      3100 | NS      | $317471.00    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| McRae Industries Inc                 | McRae Industries Inc                          | CUSIP: 582757209<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      8100 | NS      | $337770.00    | 0.32%             |  |  |  | No            |                  2 | On Loan: No      |
| Cumulus Media Inc                    | Cumulus Media Inc                             | CUSIP: 231082801<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     14300 | NS      | $88803.00     | 0.08%             |  |  |  | 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      |
| PCTEL Inc                            | PCTEL Inc                                     | CUSIP: 69325Q105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     31700 | NS      | $136310.00    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Northeast Community Bancorp In       | Northeast Community Bancorp Inc               | CUSIP: 664121100<br>LEI: 5493007BRYL8596Q9L26 | Long             | EC               | CORP              | US        |     14600 | NS      | $217832.00    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Cowen Inc                            | Cowen Inc                                     | CUSIP: 223622606<br>LEI: 5493008QI0EFC5WBED75 | Long             | EC               | CORP              | US        |      2189 | NS      | $84539.18     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Alico Inc                            | Alico Inc                                     | CUSIP: 016230104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4000 | NS      | $95480.00     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Mercantile Bank Corp                 | Mercantile Bank Corp                          | CUSIP: 587376104<br>LEI: P16VZZCKTJ5IONL6XE37 | Long             | EC               | CORP              | US        |      5000 | NS      | $167400.00    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Hurco Cos Inc                        | Hurco Cos Inc                                 | CUSIP: 447324104<br>LEI: XSC5XDOTBYOBQPOG2O82 | Long             | EC               | CORP              | US        |      3400 | NS      | $88842.00     | 0.08%             |  |  |  | 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        |     41860 | NS      | $382600.40    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Hovnanian Enterprises Inc            | Hovnanian Enterprises Inc                     | CUSIP: 442487401<br>LEI: 549300805N4EF0ROBT53 | Long             | EC               | CORP              | US        |      2800 | NS      | $117824.00    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Waterstone Financial Inc             | Waterstone Financial Inc                      | CUSIP: 94188P101<br>LEI: 5493002KM21XRC2DCQ02 | Long             | EC               | CORP              | US        |      9900 | NS      | $170676.00    | 0.16%             |  |  |  | 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      |
| C&F Financial Corp                   | C&F Financial Corp                            | CUSIP: 12466Q104<br>LEI: 549300VFPAZLNS1R0361 | Long             | EC               | CORP              | US        |      1700 | NS      | $99059.00     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| National Presto Industries Inc       | National Presto Industries Inc                | CUSIP: 637215104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3800 | NS      | $260148.00    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Griffon Corp                         | Griffon Corp                                  | CUSIP: 398433102<br>LEI: 5493000C2SGNC7ZN3242 | Long             | EC               | CORP              | US        |     24050 | NS      | $860749.50    | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Global Medical REIT Inc              | Global Medical REIT Inc                       | CUSIP: 37954A204<br>LEI: 549300HFRIPQDYU3GU60 | Long             | EC               | CORP              | US        |      8800 | NS      | $83424.00     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Coastal Financial Corp/WA            | Coastal Financial Corp/WA                     | CUSIP: 19046P209<br>LEI: 549300XG5L36T6IU0B47 | Long             | EC               | CORP              | US        |      2800 | NS      | $133056.00    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Unitil Corp                          | Unitil Corp                                   | CUSIP: 913259107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     11466 | NS      | $588893.76    | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| MainStreet Bancshares Inc            | MainStreet Bancshares Inc                     | CUSIP: 56064Y100<br>LEI: 549300FHZZP7SP56TS88 | Long             | EC               | CORP              | US        |      3100 | NS      | $85219.00     | 0.08%             |  |  |  | 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      |
| RPT Realty                           | RPT Realty                                    | CUSIP: 74971D101<br>LEI: 549300T03GDH1L37S188 | Long             | EC               | CORP              | US        |     19000 | NS      | $190760.00    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| United Bankshares Inc/WV             | United Bankshares Inc/WV                      | CUSIP: 909907107<br>LEI: 5299005O3BAMJ9Z92V62 | Long             | EC               | CORP              | US        |      3744 | NS      | $151594.56    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Ranger Oil Corp                      | Ranger Oil Corp                               | CUSIP: 70788V102<br>LEI: 5493003S4AVU6OSXB118 | Long             | EC               | CORP              | US        |      4900 | NS      | $198107.00    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Rush Enterprises Inc                 | Rush Enterprises Inc                          | CUSIP: 781846209<br>LEI: 529900V3XHTN7A6DFT17 | Long             | EC               | CORP              | US        |      6940 | NS      | $362823.20    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| First Internet Bancorp               | First Internet Bancorp                        | CUSIP: 320557101<br>LEI: 549300T25MP2M92XU194 | Long             | EC               | CORP              | US        |      9200 | NS      | $223376.00    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Farmers National Banc Corp           | Farmers National Banc Corp                    | CUSIP: 309627107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     16500 | NS      | $232980.00    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Postal Realty Trust Inc              | Postal Realty Trust Inc                       | CUSIP: 73757R102<br>LEI: 5493007B7ZZSIJRGWC41 | Long             | EC               | CORP              | US        |      5700 | NS      | $82821.00     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Olympic Steel Inc                    | Olympic Steel Inc                             | CUSIP: 68162K106<br>LEI: 549300GQ061U6N6KWJ49 | Long             | EC               | CORP              | US        |      9400 | NS      | $315652.00    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Ducommun Inc                         | Ducommun Inc                                  | CUSIP: 264147109<br>LEI: 549300Z71HMWF90S2214 | Long             | EC               | CORP              | US        |     27760 | NS      | $1386889.60   | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Eastern Co/The                       | Eastern Co/The                                | CUSIP: 276317104<br>LEI: 5493005F8SU7UCM5D285 | Long             | EC               | CORP              | US        |     15900 | NS      | $306552.00    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Farmland Partners Inc                | Farmland Partners Inc                         | CUSIP: 31154R109<br>LEI: 549300LB188CHPZ4IL37 | Long             | EC               | CORP              | US        |     20000 | NS      | $249200.00    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Insteel Industries Inc               | Insteel Industries Inc                        | CUSIP: 45774W108<br>LEI: 52990026LKY4MOX3L174 | Long             | EC               | CORP              | US        |      7800 | NS      | $214656.00    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Entravision Communications Cor       | Entravision Communications Corp               | CUSIP: 29382R107<br>LEI: 549300SKHY2ALCLKV539 | Long             | EC               | CORP              | US        |     33900 | NS      | $162720.00    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Embassy Bancorp Inc                  | Embassy Bancorp Inc                           | CUSIP: 290791102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      8000 | NS      | $148000.00    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Micro-Cap ETF                | iShares Micro-Cap ETF                         | CUSIP: 464288869<br>LEI: 549300RWAE45TBJ0XD47 | Long             | EC               | RF                | US        |      4000 | NS      | $431320.00    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| AstroNova Inc                        | AstroNova Inc                                 | CUSIP: 04638F108<br>LEI: 549300D8PFP62QX00223 | Long             | EC               | CORP              | US        |      8800 | NS      | $112816.00    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Richardson Electronics Ltd/Uni       | Richardson Electronics Ltd/United States      | CUSIP: 763165107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     12500 | NS      | $266625.00    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| CPI Card Group Inc                   | CPI Card Group Inc                            | CUSIP: 12634H200<br>LEI: 54930087HHJ1VWIJK062 | Long             | EC               | CORP              | US        |      6200 | NS      | $223696.00    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| US Government Money Market Fund      | US Government Money Market Fund               | CUSIP: 74926P696<br>LEI: 549300RFDC5U7WLJKO50 | Long             | STIV             | RF                | US        |    851152 | NS      | $851152.28    | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Hooker Furnishings Corp              | Hooker Furnishings Corp                       | CUSIP: 439038100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     20900 | NS      | $390830.00    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Mastech Digital Inc                  | Mastech Digital Inc                           | CUSIP: 57633B100<br>LEI: 549300GD5HFB0F451006 | Long             | EC               | CORP              | US        |      6400 | NS      | $70464.00     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Ryerson Holding Corp                 | Ryerson Holding Corp                          | CUSIP: 783754104<br>LEI: 549300JMA41B3ZHOVE45 | Long             | EC               | CORP              | US        |      5200 | NS      | $157352.00    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Escalade Inc                         | Escalade Inc                                  | CUSIP: 296056104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      8000 | NS      | $81440.00     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Rocky Brands Inc                     | Rocky Brands Inc                              | CUSIP: 774515100<br>LEI: 5299004HQ6GCTW838N96 | Long             | EC               | CORP              | US        |     23900 | NS      | $564518.00    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Northwest Bancshares Inc             | Northwest Bancshares Inc                      | CUSIP: 667340103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     40510 | NS      | $566329.80    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| RMR Group Inc/The                    | RMR Group Inc/The                             | CUSIP: 74967R106<br>LEI: 549300JP4L34E48UJM16 | Long             | EC               | CORP              | US        |      4100 | NS      | $115825.00    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Solaris Oilfield Infrastructur       | Solaris Oilfield Infrastructure Inc           | CUSIP: 83418M103<br>LEI: 529900MTK3C8Y8TIIC10 | Long             | EC               | CORP              | US        |      8400 | NS      | $83412.00     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Century Communities Inc              | Century Communities Inc                       | CUSIP: 156504300<br>LEI: 5299002QMB2O7ZL1CA26 | Long             | EC               | CORP              | US        |     12993 | NS      | $649779.93    | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Funko Inc                            | Funko Inc                                     | CUSIP: 361008105<br>LEI: 529900NG9F0KL5P6NK67 | Long             | EC               | CORP              | US        |      8700 | NS      | $94917.00     | 0.09%             |  |  |  | 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      | $200598.00    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Franklin Wireless Corp               | Franklin Wireless Corp                        | CUSIP: 355184102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     17500 | NS      | $78050.00     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Aaron's Co Inc/The                   | Aaron's Co Inc/The                            | CUSIP: 00258W108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      7800 | NS      | $93210.00     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Northwest Pipe Co                    | Northwest Pipe Co                             | CUSIP: 667746101<br>LEI: 54930056VW2CRCZ9RE54 | Long             | EC               | CORP              | US        |      9800 | NS      | $330260.00    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| L B Foster Co                        | L B Foster Co                                 | CUSIP: 350060109<br>LEI: 549300AUUJGJ2T2L2179 | Long             | EC               | CORP              | US        |     12300 | NS      | $119064.00    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Bogota Financial Corp                | Bogota Financial Corp                         | CUSIP: 097235105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      8000 | NS      | $89440.00     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| First Reliance Bancshares Inc        | First Reliance Bancshares Inc                 | CUSIP: 33615Q100<br>LEI: 549300B331IVGQKPZN42 | Long             | EC               | CORP              | US        |     10100 | NS      | $87567.00     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Clearfield Inc                       | Clearfield Inc                                | CUSIP: 18482P103<br>LEI: 529900M4S2OQ1ADPR537 | Long             | EC               | CORP              | US        |      1400 | NS      | $131796.00    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| TRENWICK AMERICA CORP.               | TRENWICK AMERICA CORP.                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1098 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Crown Crafts Inc                     | Crown Crafts Inc                              | CUSIP: 228309100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     28600 | NS      | $152724.00    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| SWK Holdings Corp                    | SWK Holdings Corp                             | CUSIP: 78501P203<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      8700 | NS      | $153468.00    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| California First Leasing Corp        | California First Leasing Corp                 | CUSIP: 130222102<br>LEI: 894500AUBHBFB3137873 | Long             | EC               | CORP              | US        |     36100 | NS      | $583015.00    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Sterling Infrastructure Inc          | Sterling Infrastructure Inc                   | CUSIP: 859241101<br>LEI: 549300RZIK6K1215XU51 | Long             | EC               | CORP              | US        |     11700 | NS      | $383760.00    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Colony Bankcorp Inc                  | Colony Bankcorp Inc                           | CUSIP: 19623P101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6600 | NS      | $83754.00     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Lincoln Educational Services C       | Lincoln Educational Services Corp             | CUSIP: 533535100<br>LEI: 549300BJ55KUY6RG7L98 | Long             | EC               | CORP              | US        |     29900 | NS      | $173121.00    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Tupperware Brands Corp               | Tupperware Brands Corp                        | CUSIP: 899896104<br>LEI: G8NWFN4YP7CR6FOP4886 | Long             | EC               | CORP              | US        |     23200 | NS      | $96048.00     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Medallion Financial Corp             | Medallion Financial Corp                      | CUSIP: 583928106<br>LEI: 549300FJ4FMGJ2C34Y48 | Long             | EC               | CORP              | US        |     12800 | NS      | $91392.00     | 0.09%             |  |  |  | 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      |
| Salem Media Group Inc                | Salem Media Group Inc                         | CUSIP: 794093104<br>LEI: 549300CTHBTS2MIXZL54 | Long             | EC               | CORP              | US        |     39150 | NS      | $41107.50     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Tecnoglass Inc                       | Tecnoglass Inc                                | CUSIP: 000000000<br>LEI: 529900YRWTPOC2E6IO67 | Long             | EC               | CORP              | CO        |      4200 | NS      | $129234.00    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| LL Flooring Holdings Inc             | LL Flooring Holdings Inc                      | CUSIP: 55003T107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     14600 | NS      | $82052.00     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| OFG Bancorp                          | OFG Bancorp                                   | CUSIP: 67103X102<br>LEI: 549300Q4QEXJ37LEXQ06 | Long             | EC               | CORP              | PR        |     24100 | NS      | $664196.00    | 0.62%             |  |  |  | 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      |
| Metrocity Bankshares Inc             | Metrocity Bankshares Inc                      | CUSIP: 59165J105<br>LEI: 549300TC6QB7YG0P6F52 | Long             | EC               | CORP              | US        |      8000 | NS      | $173040.00    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| W&T Offshore Inc                     | W&T Offshore Inc                              | CUSIP: 92922P106<br>LEI: 549300Q7EOY2YIO3YK85 | Long             | EC               | CORP              | US        |     18880 | NS      | $105350.40    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| BankFinancial Corp                   | BankFinancial Corp                            | CUSIP: 06643P104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     14400 | NS      | $151632.00    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Civitas Resources Inc                | Civitas Resources Inc                         | CUSIP: 17888H103<br>LEI: IIVIHPH28S64K95M2381 | Long             | EC               | CORP              | US        |      1830 | NS      | $106011.90    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Chesapeake Utilities Corp            | Chesapeake Utilities Corp                     | CUSIP: 165303108<br>LEI: 254900WW0FDCKAOCKE74 | Long             | EC               | CORP              | US        |      2985 | NS      | $352767.30    | 0.33%             |  |  |  | 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      |
| TravelCenters of America Inc         | TravelCenters of America Inc                  | CUSIP: 89421B109<br>LEI: 529900FQY3V2OO9M4Z65 | Long             | EC               | CORP              | US        |      9160 | NS      | $410184.80    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Lakeland Industries Inc              | Lakeland Industries Inc                       | CUSIP: 511795106<br>LEI: 549300HGP70IM9WKU164 | Long             | EC               | CORP              | US        |     37620 | NS      | $500346.00    | 0.47%             |  |  |  | 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      | $164835.00    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Core Molding Technologies Inc        | Core Molding Technologies Inc                 | CUSIP: 218683100<br>LEI: 549300ZY2MFRXCKVIJ28 | Long             | EC               | CORP              | US        |     15500 | NS      | $201345.00    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| First Western Financial Inc          | First Western Financial Inc                   | CUSIP: 33751L105<br>LEI: 549300PPOGX4C7S66B47 | Long             | EC               | CORP              | US        |      5300 | NS      | $149195.00    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| CECO Environmental Corp              | CECO Environmental Corp                       | CUSIP: 125141101<br>LEI: 5493002CZCTL4HGLIY91 | Long             | EC               | CORP              | US        |     25774 | NS      | $301040.32    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Legacy Housing Corp                  | Legacy Housing Corp                           | CUSIP: 52472M101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     14100 | NS      | $267336.00    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| One Liberty Properties Inc           | One Liberty Properties Inc                    | CUSIP: 682406103<br>LEI: 549300QII1CQZGZBZR14 | Long             | EC               | CORP              | US        |     23032 | NS      | $511771.04    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Park City Group Inc                  | Park City Group Inc                           | CUSIP: 700215304<br>LEI: 5299008X1VJFCKZ94E34 | Long             | EC               | CORP              | US        |     31000 | NS      | $153450.00    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Ashford Inc                          | Ashford Inc                                   | CUSIP: 044104107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       101 | NS      | $1401.87      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| CF Bankshares Inc                    | CF Bankshares Inc                             | CUSIP: 12520L109<br>LEI: 5493005T7GGZJKF4UK64 | Long             | EC               | CORP              | US        |      6500 | NS      | $137670.00    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Associated Capital Group Inc         | Associated Capital Group Inc                  | CUSIP: 045528106<br>LEI: 549300FBGXGSSUE01W24 | Long             | EC               | CORP              | US        |      1900 | NS      | $79781.00     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| MVB Financial Corp                   | MVB Financial Corp                            | CUSIP: 553810102<br>LEI: 549300KSUQ2FUU1X2O74 | Long             | EC               | CORP              | US        |      7200 | NS      | $158544.00    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Powell Industries Inc                | Powell Industries Inc                         | CUSIP: 739128106<br>LEI: 549300V08RO7MX2UBN26 | Long             | EC               | CORP              | US        |      9100 | NS      | $320138.00    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Adams Resources & Energy Inc         | Adams Resources & Energy Inc                  | CUSIP: 006351308<br>LEI: UP28TXL7K8XSRNNC7V02 | Long             | EC               | CORP              | US        |      6300 | NS      | $245196.00    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Global Partners LP/MA                | Global Partners LP/MA                         | CUSIP: 37946R109<br>LEI: 549300PCHWTW9P4DU444 | Long             | EC               | CORP              | US        |      7700 | NS      | $267729.00    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Alamo Group Inc                      | Alamo Group Inc                               | CUSIP: 011311107<br>LEI: 54930080C93RVZRSDV26 | Long             | EC               | CORP              | US        |      5250 | NS      | $743400.00    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Lazydays Holdings Inc                | Lazydays Holdings Inc                         | CUSIP: 52110H100<br>LEI: 5493006PPWVM3TDVJH23 | Long             | EC               | CORP              | US        |     10800 | NS      | $128952.00    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Kansas City Life Insurance Co        | Kansas City Life Insurance Co                 | CUSIP: 484836200<br>LEI: 25490088237U1ILMYZ21 | Long             | EC               | CORP              | US        |      4000 | NS      | $105600.00    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Bancorp Inc/The                      | Bancorp Inc/The                               | CUSIP: 05969A105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     12900 | NS      | $366102.00    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Enova International Inc              | Enova International Inc                       | CUSIP: 29357K103<br>LEI: 549300O8XOCQSB49UO63 | Long             | EC               | CORP              | US        |     24440 | NS      | $937762.80    | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| AFC Gamma Inc                        | AFC Gamma Inc                                 | CUSIP: 00109K105<br>LEI: 5493005G0MGS3E0E7218 | Long             | EC               | CORP              | US        |      6200 | NS      | $97526.00     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Bluegreen Vacations Holding Co       | Bluegreen Vacations Holding Corp              | CUSIP: 096308101<br>LEI: 549300HWTUPNFVNT5B06 | Long             | EC               | CORP              | US        |      3420 | NS      | $85363.20     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| SmartFinancial Inc                   | SmartFinancial Inc                            | CUSIP: 83190L208<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     11500 | NS      | $316250.00    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Sportsman's Warehouse Holdings       | Sportsman's Warehouse Holdings Inc            | CUSIP: 84920Y106<br>LEI: 549300JVV8YLQSRSF462 | Long             | EC               | CORP              | US        |      9300 | NS      | $87513.00     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| VOXX International Corp              | VOXX International Corp                       | CUSIP: 91829F104<br>LEI: EC1QKSEOVR96PYJPNS25 | Long             | EC               | CORP              | US        |      9400 | NS      | $78772.00     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Oil-Dri Corp of America              | Oil-Dri Corp of America                       | CUSIP: 677864100<br>LEI: 549300RSG5KPUH16WH66 | Long             | EC               | CORP              | US        |     18430 | NS      | $618142.20    | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Silvercrest Asset Management G       | Silvercrest Asset Management Group Inc        | CUSIP: 828359109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4600 | NS      | $86342.00     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Provident Financial Holdings I       | Provident Financial Holdings Inc              | CUSIP: 743868101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     15500 | NS      | $213435.00    | 0.20%             |  |  |  | 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      |
| Financial Institutions Inc           | Financial Institutions Inc                    | CUSIP: 317585404<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      8000 | NS      | $194880.00    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Manhattan Bridge Capital Inc         | Manhattan Bridge Capital Inc                  | CUSIP: 562803106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     24300 | NS      | $130977.00    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Ocwen Financial Corp                 | Ocwen Financial Corp                          | CUSIP: 675746606<br>LEI: 549300DDD1YQ8EIAT278 | Long             | EC               | CORP              | US        |      2700 | NS      | $82566.00     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Carriage Services Inc                | Carriage Services Inc                         | CUSIP: 143905107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6050 | NS      | $166617.00    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Old Second Bancorp Inc               | Old Second Bancorp Inc                        | CUSIP: 680277100<br>LEI: 549300XVJC1MPUT81C04 | Long             | EC               | CORP              | US        |     20400 | NS      | $327216.00    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Chemung Financial Corp               | Chemung Financial Corp                        | CUSIP: 164024101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1900 | NS      | $87153.00     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Costamare Inc                        | Costamare Inc                                 | CUSIP: 000000000<br>LEI: 5299003L6NPTZ25LN818 | Long             | EC               | CORP              | MC        |     38300 | NS      | $355424.00    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Esquire Financial Holdings Inc       | Esquire Financial Holdings Inc                | CUSIP: 29667J101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      7200 | NS      | $311472.00    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Citizens & Northern Corp             | Citizens & Northern Corp                      | CUSIP: 172922106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      8200 | NS      | $187452.00    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| CompoSecure Inc                      | CompoSecure Inc                               | CUSIP: 20459V105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     18100 | NS      | $88871.00     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| EnPro Industries Inc                 | EnPro Industries Inc                          | CUSIP: 29355X107<br>LEI: 549300Y5CFT2LKCFDN54 | Long             | EC               | CORP              | US        |       730 | NS      | $79343.70     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Vishay Precision Group Inc           | Vishay Precision Group Inc                    | CUSIP: 92835K103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     16680 | NS      | $644682.00    | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Blucora Inc                          | Blucora Inc                                   | CUSIP: 095229100<br>LEI: 5299001IO03J69IP6L77 | Long             | EC               | CORP              | US        |      7500 | NS      | $191475.00    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Motorcar Parts of America Inc        | Motorcar Parts of America Inc                 | CUSIP: 620071100<br>LEI: 549300AG4610OSV3H429 | Long             | EC               | CORP              | US        |      9000 | NS      | $106740.00    | 0.10%             |  |  |  | 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      |
| EW Scripps Co/The                    | EW Scripps Co/The                             | CUSIP: 811054402<br>LEI: 549300U1OW41QPKYW028 | Long             | EC               | CORP              | US        |     23643 | NS      | $311851.17    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| HV Bancorp Inc                       | HV Bancorp Inc                                | CUSIP: 40441H105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3500 | NS      | $99540.00     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Kimball Electronics Inc              | Kimball Electronics Inc                       | CUSIP: 49428J109<br>LEI: 549300COBYN2GZCBIU87 | Long             | EC               | CORP              | US        |     22400 | NS      | $506016.00    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Pacific Financial Corp               | Pacific Financial Corp                        | CUSIP: 694275108<br>LEI: 549300FELV12JVKGIR35 | Long             | EC               | CORP              | US        |      8500 | NS      | $90950.00     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| American Vanguard Corp               | American Vanguard Corp                        | CUSIP: 030371108<br>LEI: 529900GWI78WZA5M9783 | Long             | EC               | CORP              | US        |     34600 | NS      | $751166.00    | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Amerant Bancorp Inc                  | Amerant Bancorp Inc                           | CUSIP: 023576101<br>LEI: 5493007OCZP75TGDUY32 | Long             | EC               | CORP              | US        |      8900 | NS      | $238876.00    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| United Community Banks Inc/GA        | United Community Banks Inc/GA                 | CUSIP: 90984P303<br>LEI: 549300GVW0FV66X3U703 | Long             | EC               | CORP              | US        |      3005 | NS      | $101569.00    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Chuy's Holdings Inc                  | Chuy's Holdings Inc                           | CUSIP: 171604101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4200 | NS      | $118860.00    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Hanmi Financial Corp                 | Hanmi Financial Corp                          | CUSIP: 410495204<br>LEI: 549300MSZ7RCG7EA6587 | Long             | EC               | CORP              | US        |     11700 | NS      | $289575.00    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Cherry Hill Mortgage Investmen       | Cherry Hill Mortgage Investment Corp          | CUSIP: 164651101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     22597 | NS      | $131062.60    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Encore Wire Corp                     | Encore Wire Corp                              | CUSIP: 292562105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2500 | NS      | $343900.00    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Stewart Information Services C       | Stewart Information Services Corp             | CUSIP: 860372101<br>LEI: 529900TV1XI0PLKENU10 | Long             | EC               | CORP              | US        |      9800 | NS      | $418754.00    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| CompX International Inc              | CompX International Inc                       | CUSIP: 20563P101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     27978 | NS      | $517033.44    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Resources Connection Inc             | Resources Connection Inc                      | CUSIP: 76122Q105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     13600 | NS      | $249968.00    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Lands' End Inc                       | Lands' End Inc                                | CUSIP: 51509F105<br>LEI: 54930016WOL7P2P67Q43 | Long             | EC               | CORP              | US        |     14300 | NS      | $108537.00    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| PAM Transportation Services In       | PAM Transportation Services Inc               | CUSIP: 693149106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4400 | NS      | $113960.00    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Ares Commercial Real Estate Co       | Ares Commercial Real Estate Corp              | CUSIP: 04013V108<br>LEI: 549300ZNO5IWXS443S81 | Long             | EC               | CORP              | US        |     46870 | NS      | $482292.30    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Friedman Industries Inc              | Friedman Industries Inc                       | CUSIP: 358435105<br>LEI: 549300VI5ADYNC8C3G47 | Long             | EC               | CORP              | US        |     12300 | NS      | $120417.00    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Allied Motion Technologies Inc       | Allied Motion Technologies Inc                | CUSIP: 019330109<br>LEI: 549300I2LHAWYGNBPM97 | Long             | EC               | CORP              | US        |      2924 | NS      | $101784.44    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Midland States Bancorp Inc           | Midland States Bancorp Inc                    | CUSIP: 597742105<br>LEI: 5493006RHXW9TTBWYC94 | Long             | EC               | CORP              | US        |      8700 | NS      | $231594.00    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| MidWestOne Financial Group Inc       | MidWestOne Financial Group Inc                | CUSIP: 598511103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6700 | NS      | $212725.00    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| PC Connection Inc                    | PC Connection Inc                             | CUSIP: 69318J100<br>LEI: 5299005WPRNIXDV2KM73 | Long             | EC               | CORP              | US        |     11920 | NS      | $559048.00    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Partners Bancorp                     | Partners Bancorp                              | CUSIP: 70213Q108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     16200 | NS      | $143532.00    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Rivet & Machine Co           | Chicago Rivet & Machine Co                    | CUSIP: 168088102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2400 | NS      | $68712.00     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Digi International Inc               | Digi International Inc                        | CUSIP: 253798102<br>LEI: 529900KG656HGROI4N27 | Long             | EC               | CORP              | US        |     20450 | NS      | $747447.50    | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| ESSA Bancorp Inc                     | ESSA Bancorp Inc                              | CUSIP: 29667D104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6800 | NS      | $141916.00    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Century Casinos Inc                  | Century Casinos Inc                           | CUSIP: 156492100<br>LEI: 549300H2L4Y24HXY7M50 | Long             | EC               | CORP              | US        |     14200 | NS      | $99826.00     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Dime Community Bancshares Inc        | Dime Community Bancshares Inc                 | CUSIP: 25432X102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     11248 | NS      | $358023.84    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Enterprise Financial Services        | Enterprise Financial Services Corp            | CUSIP: 293712105<br>LEI: 5493001XTU5DLD632129 | Long             | EC               | CORP              | US        |      5878 | NS      | $287786.88    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Espey Mfg. & Electronics Corp        | Espey Mfg. & Electronics Corp                 | CUSIP: 296650104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      9690 | NS      | $137598.00    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Ellington Residential Mortgage       | Ellington Residential Mortgage REIT           | CUSIP: 288578107<br>LEI: 549300KA3MR2ZCRGA787 | Long             | EC               | CORP              | US        |     21100 | NS      | $144746.00    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Ingles Markets Inc                   | Ingles Markets Inc                            | CUSIP: 457030104<br>LEI: 549300XH5RYBMYP8TF26 | Long             | EC               | CORP              | US        |     11260 | NS      | $1086139.60   | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| La-Z-Boy Inc                         | La-Z-Boy Inc                                  | CUSIP: 505336107<br>LEI: 549300WNO1WMN9ZG2519 | Long             | EC               | CORP              | US        |      7400 | NS      | $168868.00    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Commercial Vehicle Group Inc         | Commercial Vehicle Group Inc                  | CUSIP: 202608105<br>LEI: 5493006OG8I91X0K7Q22 | Long             | EC               | CORP              | US        |     15800 | NS      | $107598.00    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| FRP Holdings Inc                     | FRP Holdings Inc                              | CUSIP: 30292L107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3900 | NS      | $210054.00    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Summit Financial Group Inc           | Summit Financial Group Inc                    | CUSIP: 86606G101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6100 | NS      | $151829.00    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| HBT Financial Inc                    | HBT Financial Inc                             | CUSIP: 404111106<br>LEI: 549300NTXD4Q6UK5BY66 | Long             | EC               | CORP              | US        |     12300 | NS      | $240711.00    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Home Bancorp Inc                     | Home Bancorp Inc                              | CUSIP: 43689E107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5000 | NS      | $200150.00    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Guaranty Bancshares Inc/TX           | Guaranty Bancshares Inc/TX                    | CUSIP: 400764106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      8550 | NS      | $296172.00    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Universal Electronics Inc            | Universal Electronics Inc                     | CUSIP: 913483103<br>LEI: 549300ZW9EULAR7T6F89 | Long             | EC               | CORP              | US        |      6100 | NS      | $126941.00    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Bladex                               | Banco Latinoamericano de Comercio Exterior SA | CUSIP: 000000000<br>LEI: 549300CN3134K4LC0651 | Long             | EC               | NUSS              | PA        |     13200 | NS      | $213840.00    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Bassett Furniture Industries I       | Bassett Furniture Industries Inc              | CUSIP: 070203104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     11000 | NS      | $191180.00    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Unity Bancorp Inc                    | Unity Bancorp Inc                             | CUSIP: 913290102<br>LEI: 549300Q90ZRNUR65PL93 | Long             | EC               | CORP              | US        |      5900 | NS      | $161247.00    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| CONSOL Energy Inc                    | CONSOL Energy Inc                             | CUSIP: 20854L108<br>LEI: 549300YJCTPJBTK7IJ81 | Long             | EC               | CORP              | US        |      4500 | NS      | $292500.00    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Primis Financial Corp                | Primis Financial Corp                         | CUSIP: 74167B109<br>LEI: 549300JNX3M2EENG1F11 | Long             | EC               | CORP              | US        |     18400 | NS      | $218040.00    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| HomeTrust Bancshares Inc             | HomeTrust Bancshares Inc                      | CUSIP: 437872104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     11340 | NS      | $274087.80    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Codorus Valley Bancorp Inc           | Codorus Valley Bancorp Inc                    | CUSIP: 192025104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3800 | NS      | $90440.00     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Build-A-Bear Workshop Inc            | Build-A-Bear Workshop Inc                     | CUSIP: 120076104<br>LEI: 529900S9MWZC1UBF3D13 | Long             | EC               | CORP              | US        |      8630 | NS      | $205739.20    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Metropolitan Bank Holding Corp       | Metropolitan Bank Holding Corp                | CUSIP: 591774104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6600 | NS      | $387222.00    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| SouthState Corp                      | SouthState Corp                               | CUSIP: 840441109<br>LEI: 549300JZUANXM0YQ4W53 | Long             | EC               | CORP              | US        |      1936 | NS      | $147832.96    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Bel Fuse Inc                         | Bel Fuse Inc                                  | CUSIP: 077347300<br>LEI: 2549009L4XYDBRRY6X39 | Long             | EC               | CORP              | US        |     14800 | NS      | $487216.00    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Park Aerospace Corp                  | Park Aerospace Corp                           | CUSIP: 70014A104<br>LEI: 5299004AG0G7IB636095 | Long             | EC               | CORP              | US        |     40500 | NS      | $543105.00    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| UFP Technologies Inc                 | UFP Technologies Inc                          | CUSIP: 902673102<br>LEI: 549300RJ8LY41HS70C91 | Long             | EC               | CORP              | US        |      1300 | NS      | $153257.00    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Business First Bancshares Inc        | Business First Bancshares Inc                 | CUSIP: 12326C105<br>LEI: 549300ILTC50KHDX4A08 | Long             | EC               | CORP              | US        |      5500 | NS      | $121770.00    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| RBB Bancorp                          | RBB Bancorp                                   | CUSIP: 74930B105<br>LEI: 549300A23FBFZNGET525 | Long             | EC               | CORP              | US        |     12400 | NS      | $258540.00    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Bankwell Financial Group Inc         | Bankwell Financial Group Inc                  | CUSIP: 06654A103<br>LEI: 5493004NUBQXPY84NX67 | Long             | EC               | CORP              | US        |      7000 | NS      | $206010.00    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Superior Group of Cos Inc            | Superior Group of Cos Inc                     | CUSIP: 868358102<br>LEI: UOX145EEO0TB0ZWX2152 | Long             | EC               | CORP              | US        |     32089 | NS      | $322815.34    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Acme United Corp                     | Acme United Corp                              | CUSIP: 004816104<br>LEI: 549300NVT8NN13WP8M83 | Long             | EC               | CORP              | US        |      7300 | NS      | $159870.00    | 0.15%             |  |  |  | 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      | $108000.00    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Orrstown Financial Services In       | Orrstown Financial Services Inc               | CUSIP: 687380105<br>LEI: 5493008IR3FINUFGVM95 | Long             | EC               | CORP              | US        |     10200 | NS      | $236232.00    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| RCM Technologies Inc                 | RCM Technologies Inc                          | CUSIP: 749360400<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      7200 | NS      | $88848.00     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Immersion Corp                       | Immersion Corp                                | CUSIP: 452521107<br>LEI: 529900AKNC1UAMQ2YB35 | Long             | EC               | CORP              | US        |     30000 | NS      | $210900.00    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| American Public Education Inc        | American Public Education Inc                 | CUSIP: 02913V103<br>LEI: 254900GZNX6TJQGM4S17 | Long             | EC               | CORP              | US        |      7100 | NS      | $87259.00     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| ACNB Corp                            | ACNB Corp                                     | CUSIP: 000868109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4700 | NS      | $187107.00    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Canterbury Park Holding Corp         | Canterbury Park Holding Corp                  | CUSIP: 13811E101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3200 | NS      | $100032.00    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Universal Technical Institute        | Universal Technical Institute Inc             | CUSIP: 913915104<br>LEI: 2549003YOJGAZ0PVFV48 | Long             | EC               | CORP              | US        |     12700 | NS      | $85344.00     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Community Healthcare Trust Inc       | Community Healthcare Trust Inc                | CUSIP: 20369C106<br>LEI: 549300FATSRCMKOV9536 | Long             | EC               | CORP              | US        |      4800 | NS      | $171840.00    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Viemed Healthcare Inc                | Viemed Healthcare Inc                         | CUSIP: 92663R105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     13200 | NS      | $99792.00     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Standard Motor Products Inc          | Standard Motor Products Inc                   | CUSIP: 853666105<br>LEI: THGK1EO5B5HK0JHQVZ90 | Long             | EC               | CORP              | US        |     13000 | NS      | $452400.00    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| American National Bankshares I       | American National Bankshares Inc              | CUSIP: 027745108<br>LEI: 5493001AQ734BV16EM88 | Long             | EC               | CORP              | US        |      7300 | NS      | $269589.00    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| ARC Document Solutions Inc           | ARC Document Solutions Inc                    | CUSIP: 00191G103<br>LEI: 529900E4UQREZKXE7O60 | Long             | EC               | CORP              | US        |     69700 | NS      | $204221.00    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Ethan Allen Interiors Inc            | Ethan Allen Interiors Inc                     | CUSIP: 297602104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     11100 | NS      | $293262.00    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Superior Industries Internatio       | Superior Industries International Inc         | CUSIP: 868168105<br>LEI: 54930065O5ZIQD1F8U04 | Long             | EC               | CORP              | US        |     36100 | NS      | $152342.00    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| North American Construction Gr       | North American Construction Group Ltd         | CUSIP: 656811106<br>LEI: 549300DQ6060LO4XGI15 | Long             | EC               | CORP              | CA        |     51740 | NS      | $691763.80    | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Cohen & Co Inc                       | Cohen & Co Inc                                | CUSIP: 19249M102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      8300 | NS      | $69222.00     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Westwood Holdings Group Inc          | Westwood Holdings Group Inc                   | CUSIP: 961765104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5200 | NS      | $57895.24     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| OP Bancorp                           | OP Bancorp                                    | CUSIP: 67109R109<br>LEI: 549300LTYZMS0Q13U522 | Long             | EC               | CORP              | US        |     13200 | NS      | $147312.00    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| FONAR Corp                           | FONAR Corp                                    | CUSIP: 344437405<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     13000 | NS      | $217750.00    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Quanex Building Products Corp        | Quanex Building Products Corp                 | CUSIP: 747619104<br>LEI: 5493000TL30VL5WOAW87 | Long             | EC               | CORP              | US        |     12900 | NS      | $305472.00    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Independent Bank Corp/MI             | Independent Bank Corp/MI                      | CUSIP: 453838609<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     11600 | NS      | $277472.00    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Flanigan's Enterprises Inc           | Flanigan's Enterprises Inc                    | CUSIP: 338517105<br>LEI: 3SQB3XBDRJL87DZJOO94 | Long             | EC               | CORP              | US        |      4900 | NS      | $126812.00    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| OneWater Marine Inc                  | OneWater Marine Inc                           | CUSIP: 68280L101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2500 | NS      | $71500.00     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Peoples Bancorp Inc/OH               | Peoples Bancorp Inc/OH                        | CUSIP: 709789101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     18398 | NS      | $519743.50    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Capital Bancorp Inc                  | Capital Bancorp Inc                           | CUSIP: 139737100<br>LEI: 549300LQKYGWQ7VP0C75 | Long             | EC               | CORP              | US        |      6200 | NS      | $145948.00    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Bar Harbor Bankshares                | Bar Harbor Bankshares                         | CUSIP: 066849100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      9500 | NS      | $304380.00    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| American Business Bank               | American Business Bank                        | CUSIP: 02475L105<br>LEI: 549300OQ7NQEKOCGWF54 | Long             | EC               | CORP              | US        |      3900 | NS      | $155220.00    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| BlueLinx Holdings Inc                | BlueLinx Holdings Inc                         | CUSIP: 09624H208<br>LEI: 549300YSX7GU28F5I540 | Long             | EC               | CORP              | US        |      5000 | NS      | $355550.00    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| PennyMac Financial Services In       | PennyMac Financial Services Inc               | CUSIP: 70932M107<br>LEI: 549300W1D516HBDEU871 | Long             | EC               | CORP              | US        |      2400 | NS      | $135984.00    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Marten Transport Ltd                 | Marten Transport Ltd                          | CUSIP: 573075108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     33340 | NS      | $659465.20    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Riverview Bancorp Inc                | Riverview Bancorp Inc                         | CUSIP: 769397100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     19100 | NS      | $146688.00    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| First Merchants Corp                 | First Merchants Corp                          | CUSIP: 320817109<br>LEI: TZTBT0OTGQ2FEK6XMX94 | Long             | EC               | CORP              | US        |      4623 | NS      | $190051.53    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Stride Inc                           | Stride Inc                                    | CUSIP: 86333M108<br>LEI: 254900BRWS3AFONWU277 | Long             | EC               | CORP              | US        |     25010 | NS      | $782312.80    | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Safe Bulkers Inc                     | Safe Bulkers Inc                              | CUSIP: 000000000<br>LEI: 549300V6ZM2HJJYQQO85 | Long             | EC               | CORP              | MC        |     22000 | NS      | $64020.00     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Marcus Corp/The                      | Marcus Corp/The                               | CUSIP: 566330106<br>LEI: 549300NL0OKPNEMP6B79 | Long             | EC               | CORP              | US        |      5800 | NS      | $83462.00     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| CNB Financial Corp/PA                | CNB Financial Corp/PA                         | CUSIP: 126128107<br>LEI: 254900RUYUOKD91VNX69 | Long             | EC               | CORP              | US        |     10000 | NS      | $237900.00    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Donegal Group Inc                    | Donegal Group Inc                             | CUSIP: 257701201<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      8977 | NS      | $127473.40    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| AMREP Corp                           | AMREP Corp                                    | CUSIP: 032159105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      9000 | NS      | $103950.00    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Lakeland Bancorp Inc                 | Lakeland Bancorp Inc                          | CUSIP: 511637100<br>LEI: 549300NF90LR9ETZDR73 | Long             | EC               | CORP              | US        |      7874 | NS      | $138661.14    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| America's Car-Mart Inc/TX            | America's Car-Mart Inc/TX                     | CUSIP: 03062T105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6400 | NS      | $462464.00    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| PCB Bancorp                          | PCB Bancorp                                   | CUSIP: 69320M109<br>LEI: 549300E5CI0LZ8Q25890 | Long             | EC               | CORP              | US        |      6600 | NS      | $116754.00    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Enterprise Bancorp Inc/MA            | Enterprise Bancorp Inc/MA                     | CUSIP: 293668109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      8300 | NS      | $292990.00    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| California BanCorp                   | California BanCorp                            | CUSIP: 13005U101<br>LEI: 549300557SO55H4J8018 | Long             | EC               | CORP              | US        |      3800 | NS      | $90364.00     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Seneca Foods Corp                    | Seneca Foods Corp                             | CUSIP: 817070501<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4400 | NS      | $268180.00    | 0.25%             |  |  |  | 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      | $104249.00    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| CRA International Inc                | CRA International Inc                         | CUSIP: 12618T105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       900 | NS      | $110187.00    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Equity Bancshares Inc                | Equity Bancshares Inc                         | CUSIP: 29460X109<br>LEI: 549300BPQ2EJNU4WF694 | Long             | EC               | CORP              | US        |      4700 | NS      | $153549.00    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Daily Journal Corp                   | Daily Journal Corp                            | CUSIP: 233912104<br>LEI: 2549004ASTNVLR8YWZ33 | Long             | EC               | CORP              | US        |       200 | NS      | $50102.00     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Amalgamated Financial Corp           | Amalgamated Financial Corp                    | CUSIP: 022671101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      9200 | NS      | $211968.00    | 0.20%             |  |  |  | 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      | $82800.00     | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Greenbrier Cos Inc/The               | Greenbrier Cos Inc/The                        | CUSIP: 393657101<br>LEI: 5493001GAGGFR30BP390 | Long             | EC               | CORP              | US        |     11210 | NS      | $375871.30    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Natural Alternatives Internati       | Natural Alternatives International Inc        | CUSIP: 638842302<br>LEI: 549300QOT5V1NZ8WZY48 | Long             | EC               | CORP              | US        |     10400 | NS      | $87256.00     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| BayCom Corp                          | BayCom Corp                                   | CUSIP: 07272M107<br>LEI: 549300UOLS54Q5ONIG33 | Long             | EC               | CORP              | US        |      5300 | NS      | $100594.00    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| M-Tron Industries Inc                | M-Tron Industries Inc                         | CUSIP: 55380K109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4800 | NS      | $42000.00     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Fortitude Gold Corp                  | Fortitude Gold Corp                           | CUSIP: 34962K100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     30000 | NS      | $165300.00    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Radiant Logistics Inc                | Radiant Logistics Inc                         | CUSIP: 75025X100<br>LEI: 549300HWCW2HBOG4GN20 | Long             | EC               | CORP              | US        |     34400 | NS      | $175096.00    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| LCNB Corp                            | LCNB Corp                                     | CUSIP: 50181P100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6400 | NS      | $115200.00    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| First of Long Island Corp/The        | First of Long Island Corp/The                 | CUSIP: 320734106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      9800 | NS      | $176400.00    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| RGC Resources Inc                    | RGC Resources Inc                             | CUSIP: 74955L103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      7500 | NS      | $165375.00    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Duluth Holdings Inc                  | Duluth Holdings Inc                           | CUSIP: 26443V101<br>LEI: 549300B6G8G3WGHFYU15 | Long             | EC               | CORP              | US        |     19000 | NS      | $117420.00    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Delta Apparel Inc                    | Delta Apparel Inc                             | CUSIP: 247368103<br>LEI: 549300YCES15WEDS8Z04 | Long             | EC               | CORP              | US        |     34500 | NS      | $366045.00    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Regional Management Corp             | Regional Management Corp                      | CUSIP: 75902K106<br>LEI: 549300S5O87W87JW4146 | Long             | EC               | CORP              | US        |     19860 | NS      | $557668.80    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Nexpoint Real Estate Finance I       | Nexpoint Real Estate Finance Inc              | CUSIP: 65342V101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      7900 | NS      | $125531.00    | 0.12%             |  |  |  | No            |                  1 | 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      |
| LSI Industries Inc                   | LSI Industries Inc                            | CUSIP: 50216C108<br>LEI: 529900HY42OANH6BVT33 | Long             | EC               | CORP              | US        |     63850 | NS      | $781524.00    | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Granite Point Mortgage Trust I       | Granite Point Mortgage Trust Inc              | CUSIP: 38741L107<br>LEI: 529900VX2HQZ76AYIE02 | Long             | EC               | CORP              | US        |     15100 | NS      | $80936.00     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| RE/MAX Holdings Inc                  | RE/MAX Holdings Inc                           | CUSIP: 75524W108<br>LEI: 54930033W2KS56JHAN30 | Long             | EC               | CORP              | US        |      7700 | NS      | $143528.00    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Middlesex Water Co                   | Middlesex Water Co                            | CUSIP: 596680108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1400 | NS      | $110138.00    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| SigmaTron International Inc          | SigmaTron International Inc                   | CUSIP: 82661L101<br>LEI: 52990038RIWCDHP8G117 | Long             | EC               | CORP              | US        |     64900 | NS      | $249216.00    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Citi Trends Inc                      | Citi Trends Inc                               | CUSIP: 17306X102<br>LEI: 529900D06Q0FPHV34S87 | Long             | EC               | CORP              | US        |      4800 | NS      | $127104.00    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| hhgregg Inc                          | hhgregg Inc                                   | CUSIP: 42833L108<br>LEI: 549300DCWS5P23FUQ053 | Long             | EC               | CORP              | US        |     10400 | NS      | $2.08         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Meridian Corp                        | Meridian Corp                                 | CUSIP: 58958P104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6500 | NS      | $196885.00    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Insight Enterprises Inc              | Insight Enterprises Inc                       | CUSIP: 45765U103<br>LEI: 529900S8991TYW6YP792 | Long             | EC               | CORP              | US        |      1300 | NS      | $130351.00    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| BCB Bancorp Inc                      | BCB Bancorp Inc                               | CUSIP: 055298103<br>LEI: 54930024V6Z8FYSN4291 | Long             | EC               | CORP              | US        |     10500 | NS      | $188895.00    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Meridian Bioscience Inc              | Meridian Bioscience Inc                       | CUSIP: 589584101<br>LEI: 549300ELSRZEFFFRX195 | Long             | EC               | CORP              | US        |      6500 | NS      | $215865.00    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Lifevantage Corp                     | Lifevantage Corp                              | CUSIP: 53222K205<br>LEI: 5493001Z5YYT109QZ980 | Long             | EC               | CORP              | US        |     20700 | NS      | $77004.00     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| 1-800-Flowers.com Inc                | 1-800-Flowers.com Inc                         | CUSIP: 68243Q106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10800 | NS      | $103248.00    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| SJW Group                            | SJW Group                                     | CUSIP: 784305104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3900 | NS      | $316641.00    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Croghan Bancshares Inc               | Croghan Bancshares Inc                        | CUSIP: 227072105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1400 | NS      | $78400.00     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Haynes International Inc             | Haynes International Inc                      | CUSIP: 420877201<br>LEI: 549300I9MS5UZLRFDO40 | Long             | EC               | CORP              | US        |      3400 | NS      | $155346.00    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| FutureFuel Corp                      | FutureFuel Corp                               | CUSIP: 36116M106<br>LEI: 529900WYQZSMWFXLA845 | Long             | EC               | CORP              | US        |     58090 | NS      | $472271.70    | 0.44%             |  |  |  | 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      | $75789.00     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Molson Coors Beverage Co             | Molson Coors Beverage Co                      | CUSIP: 60871R100<br>LEI: 54930073LBBH6ZCBE225 | Long             | EC               | CORP              | US        |      1300 | NS      | $100100.00    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Hudson Global Inc                    | Hudson Global Inc                             | CUSIP: 443787205<br>LEI: 54930073WVI9H7ILKL69 | Long             | EC               | CORP              | US        |      4400 | NS      | $99572.00     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| VSE Corp                             | VSE Corp                                      | CUSIP: 918284100<br>LEI: 549300QWJYQDH4U5XI15 | Long             | EC               | CORP              | US        |      3400 | NS      | $159392.00    | 0.15%             |  |  |  | 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      | $269925.00    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| DHI Group Inc                        | DHI Group Inc                                 | CUSIP: 23331S100<br>LEI: 529900489RAC0CU0AO81 | Long             | EC               | CORP              | US        |     46050 | NS      | $243604.50    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of Marin Bancorp                | Bank of Marin Bancorp                         | CUSIP: 063425102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5142 | NS      | $169068.96    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Blue Ridge Bankshares Inc            | Blue Ridge Bankshares Inc                     | CUSIP: 095825105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      8100 | NS      | $101169.00    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Pure Cycle Corp                      | Pure Cycle Corp                               | CUSIP: 746228303<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      8800 | NS      | $92224.00     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Civista Bancshares Inc               | Civista Bancshares Inc                        | CUSIP: 178867107<br>LEI: 5493001LX61Z2UVYSC48 | Long             | EC               | CORP              | US        |     12200 | NS      | $268522.00    | 0.25%             |  |  |  | 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      |
| CTO Realty Growth Inc                | CTO Realty Growth Inc                         | CUSIP: 22948Q101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     13375 | NS      | $244495.00    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Central Garden & Pet Co              | Central Garden & Pet Co                       | CUSIP: 153527106<br>LEI: 5493004DVZLD37DJ0H83 | Long             | EC               | CORP              | US        |     13425 | NS      | $502766.25    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| First Community Bankshares Inc       | First Community Bankshares Inc                | CUSIP: 31983A103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6700 | NS      | $227130.00    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| MarineMax Inc                        | MarineMax Inc                                 | CUSIP: 567908108<br>LEI: 254900TIXTN8WY3FNN63 | Long             | EC               | CORP              | US        |     18780 | NS      | $586311.60    | 0.55%             |  |  |  | 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        |      5700 | NS      | $85899.00     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Biglari Holdings Inc                 | Biglari Holdings Inc                          | CUSIP: 08986R309<br>LEI: 549300GLWWSODF8TM682 | Long             | EC               | CORP              | US        |         3 | NS      | $416.40       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Ready Capital Corp                   | Ready Capital Corp                            | CUSIP: 75574U101<br>LEI: 549300MYWGZUG7ZUYO87 | Long             | EC               | CORP              | US        |     16781 | NS      | $186940.34    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Modine Manufacturing Co              | Modine Manufacturing Co                       | CUSIP: 607828100<br>LEI: Z35SZFYJR8GZZRSIUU09 | Long             | EC               | CORP              | US        |     10100 | NS      | $200586.00    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Peapack-Gladstone Financial Co       | Peapack-Gladstone Financial Corp              | CUSIP: 704699107<br>LEI: 549300G8DN2UK8K0ET30 | Long             | EC               | CORP              | US        |      5500 | NS      | $204710.00    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Arbor Realty Trust Inc               | Arbor Realty Trust Inc                        | CUSIP: 038923108<br>LEI: 549300ASFUWYQO0RW077 | Long             | EC               | CORP              | US        |     21926 | NS      | $289203.94    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Photronics Inc                       | Photronics Inc                                | CUSIP: 719405102<br>LEI: 549300OK5JVNIBNY6F63 | Long             | EC               | CORP              | US        |     30330 | NS      | $510453.90    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Donnelley Financial Solutions        | Donnelley Financial Solutions Inc             | CUSIP: 25787G100<br>LEI: 549300O1NPY4J56QCU04 | Long             | EC               | CORP              | US        |      3100 | NS      | $119815.00    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Genco Shipping & Trading Ltd         | Genco Shipping & Trading Ltd                  | CUSIP: 000000000<br>LEI: 5493003MBZ5GU8QHXZ58 | Long             | EC               | CORP              | US        |       414 | NS      | $6359.04      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Territorial Bancorp Inc              | Territorial Bancorp Inc                       | CUSIP: 88145X108<br>LEI: 5493003VDUGN5KBPTN24 | Long             | EC               | CORP              | US        |      6200 | NS      | $148862.00    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Piper Sandler Cos                    | Piper Sandler Cos                             | CUSIP: 724078100<br>LEI: QUQDBTUSOAKFEVMRMF78 | Long             | EC               | CORP              | US        |      1330 | NS      | $173152.70    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Tilly's Inc                          | Tilly's Inc                                   | CUSIP: 886885102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     32000 | NS      | $289600.00    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Premier Financial Corp               | Premier Financial Corp                        | CUSIP: 74052F108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     37864 | NS      | $1021192.08   | 0.95%             |  |  |  | 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      |
| BM Technologies Inc                  | BM Technologies Inc                           | CUSIP: 05591L107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     16500 | NS      | $85965.00     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Covenant Logistics Group Inc         | Covenant Logistics Group Inc                  | CUSIP: 22284P105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      9500 | NS      | $328415.00    | 0.31%             |  |  |  | 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      | $131992.00    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Urstadt Biddle Properties Inc        | Urstadt Biddle Properties Inc                 | CUSIP: 917286205<br>LEI: 549300XXD0YL0AER3Z82 | Long             | EC               | CORP              | US        |     12700 | NS      | $240665.00    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Parke Bancorp Inc                    | Parke Bancorp Inc                             | CUSIP: 700885106<br>LEI: 5493000JF1TWXVD0CR78 | Long             | EC               | CORP              | US        |      9300 | NS      | $192882.00    | 0.18%             |  |  |  | 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      |
| Flushing Financial Corp              | Flushing Financial Corp                       | CUSIP: 343873105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      8600 | NS      | $166668.00    | 0.16%             |  |  |  | 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      | $235497.00    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| PermRock Royalty Trust               | PermRock Royalty Trust                        | CUSIP: 714254109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     12100 | NS      | $93291.00     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Mestek Inc                           | Mestek Inc                                    | CUSIP: 590829305<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     21000 | NS      | $548100.00    | 0.51%             |  |  |  | No            |                  2 | On Loan: No      |
| Nature's Sunshine Products Inc       | Nature's Sunshine Products Inc                | CUSIP: 639027101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     13900 | NS      | $115648.00    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| CHORD ENERGY CORP                    | CHORD ENERGY CORP-CW24                        | CUSIP: 674215124<br>LEI: 529900FA4V2YNIKZ0M71 | N/A              | DE               | CORP              | US        |      1136 | NC      | $23163.04     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Jerash Holdings US Inc               | Jerash Holdings US Inc                        | CUSIP: 47632P101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     20900 | NS      | $81092.00     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Simmons First National Corp          | Simmons First National Corp                   | CUSIP: 828730200<br>LEI: 549300IVR5AJKUVOGN05 | Long             | EC               | CORP              | US        |      7245 | NS      | $156347.10    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank7 Corp                           | Bank7 Corp                                    | CUSIP: 06652N107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6000 | NS      | $153600.00    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Clearwater Paper Corp                | Clearwater Paper Corp                         | CUSIP: 18538R103<br>LEI: 549300HCVV19GXN4P292 | Long             | EC               | CORP              | US        |      8400 | NS      | $317604.00    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Bridgewater Bancshares Inc           | Bridgewater Bancshares Inc                    | CUSIP: 108621103<br>LEI: 5493001FLSBTVILKXZ71 | Long             | EC               | CORP              | US        |     19000 | NS      | $337060.00    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Sensus Healthcare Inc                | Sensus Healthcare Inc                         | CUSIP: 81728J109<br>LEI: 549300F3JF8NCDJJZW04 | Long             | EC               | CORP              | US        |     13800 | NS      | $102396.00    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Ennis Inc                            | Ennis Inc                                     | CUSIP: 293389102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     33660 | NS      | $745905.60    | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| PCSB Financial Corp                  | PCSB Financial Corp                           | CUSIP: 69324R104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     13900 | NS      | $264656.00    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Sierra Bancorp                       | Sierra Bancorp                                | CUSIP: 82620P102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10300 | NS      | $218772.00    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| ProPhase Labs Inc                    | ProPhase Labs Inc                             | CUSIP: 74345W108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      8700 | NS      | $83781.00     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Innospec Inc                         | Innospec Inc                                  | CUSIP: 45768S105<br>LEI: 213800SQBACNY5IWJO68 | Long             | EC               | CORP              | US        |      1500 | NS      | $154290.00    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Seven Hills Realty Trust             | Seven Hills Realty Trust                      | CUSIP: 81784E101<br>LEI: 549300ESBDZ3SA3OEX38 | Long             | EC               | CORP              | US        |      9300 | NS      | $84537.00     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Capital City Bank Group Inc          | Capital City Bank Group Inc                   | CUSIP: 139674105<br>LEI: 254900NVLVUJQZKTQE82 | Long             | EC               | CORP              | US        |      9400 | NS      | $305500.00    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Methode Electronics Inc              | Methode Electronics Inc                       | CUSIP: 591520200<br>LEI: 529900VM413LGLUS3F07 | Long             | EC               | CORP              | US        |     13640 | NS      | $605206.80    | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Hawkins Inc                          | Hawkins Inc                                   | CUSIP: 420261109<br>LEI: 549300VL3IJ23OWX1Y34 | Long             | EC               | CORP              | US        |      8800 | NS      | $339680.00    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Northeast Bank                       | Northeast Bank                                | CUSIP: 66405S100<br>LEI: 549300F0LV9TSW34E306 | Long             | EC               | CORP              | US        |      7100 | NS      | $298910.00    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Newlake Capital Partners Inc/M       | Newlake Capital Partners Inc/MD               | CUSIP: 651495103<br>LEI: 549300SW6G33FGNP2338 | Long             | EC               | CORP              | US        |      5200 | NS      | $83304.00     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Dream Finders Homes Inc              | Dream Finders Homes Inc                       | CUSIP: 26154D100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      9900 | NS      | $85734.00     | 0.08%             |  |  |  | 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      |
| Western New England Bancorp In       | Western New England Bancorp Inc               | CUSIP: 958892101<br>LEI: 549300Y8QE4EI2LP6B42 | Long             | EC               | CORP              | US        |     26300 | NS      | $248798.00    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Consumer Portfolio Services In       | Consumer Portfolio Services Inc               | CUSIP: 210502100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     98543 | NS      | $872105.55    | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Taylor Morrison Home Corp            | Taylor Morrison Home Corp                     | CUSIP: 87724P106<br>LEI: 5299009UDLLGLKOOJE30 | Long             | EC               | CORP              | US        |      5740 | NS      | $174209.00    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| FS Bancorp Inc                       | FS Bancorp Inc                                | CUSIP: 30263Y104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      8400 | NS      | $280896.00    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Textainer Group Holdings Ltd         | Textainer Group Holdings Ltd                  | CUSIP: 000000000<br>LEI: 529900OHEYRATAFMIT89 | Long             | EC               | CORP              | US        |     21710 | NS      | $673227.10    | 0.63%             |  |  |  | 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      | $193172.00    | 0.18%             |  |  |  | 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      |
| inTEST Corp                          | inTEST Corp                                   | CUSIP: 461147100<br>LEI: 549300RJJBPHDOAVDU15 | Long             | EC               | CORP              | US        |      9200 | NS      | $94760.00     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Red River Bancshares Inc             | Red River Bancshares Inc                      | CUSIP: 75686R202<br>LEI: 549300SO63STZV7UHM15 | Long             | EC               | CORP              | US        |      3700 | NS      | $188922.00    | 0.18%             |  |  |  | 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      |
| Priority Technology Holdings I       | Priority Technology Holdings Inc              | CUSIP: 74275G107<br>LEI: 549300ZS6DXD7ROBKB40 | Long             | EC               | CORP              | US        |     22800 | NS      | $119928.00    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Computer Programs and Systems        | Computer Programs and Systems Inc             | CUSIP: 205306103<br>LEI: 5493005Q6CJC78TGL805 | Long             | EC               | CORP              | US        |      4600 | NS      | $125212.00    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Materion Corp                        | Materion Corp                                 | CUSIP: 576690101<br>LEI: 549300CJ5RI351SUYT02 | Long             | EC               | CORP              | US        |      6840 | NS      | $598568.40    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Evans Bancorp Inc                    | Evans Bancorp Inc                             | CUSIP: 29911Q208<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4400 | NS      | $164516.00    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Flexsteel Industries Inc             | Flexsteel Industries Inc                      | CUSIP: 339382103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      9600 | NS      | $147840.00    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Alpine Income Property Trust I       | Alpine Income Property Trust Inc              | CUSIP: 02083X103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     13800 | NS      | $263304.00    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank First Corp                      | Bank First Corp                               | CUSIP: 06211J100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2800 | NS      | $259896.00    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Townsquare Media Inc                 | Townsquare Media Inc                          | CUSIP: 892231101<br>LEI: 549300XBA8C68H0DR538 | Long             | EC               | CORP              | US        |     19200 | NS      | $139200.00    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Haverty Furniture Cos Inc            | Haverty Furniture Cos Inc                     | CUSIP: 419596101<br>LEI: 529900CVFMMIRXZVPD70 | Long             | EC               | CORP              | US        |     18280 | NS      | $546572.00    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Willis Lease Finance Corp            | Willis Lease Finance Corp                     | CUSIP: 970646105<br>LEI: 54930023EP1OE5MKWF89 | Long             | EC               | CORP              | US        |     18338 | NS      | $1082125.38   | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| JinkoSolar Holding Co Ltd            | JinkoSolar Holding Co Ltd                     | CUSIP: 47759T100<br>LEI: 529900Y93WNCS05FG852 | Long             | EC               | CORP              | CN        |      1700 | NS      | $69496.00     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Nathan's Famous Inc                  | Nathan's Famous Inc                           | CUSIP: 632347100<br>LEI: 54930034SKNSF1JIE673 | Long             | EC               | CORP              | US        |      3700 | NS      | $248677.00    | 0.23%             |  |  |  | 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      |
| EVI Industries Inc                   | EVI Industries Inc                            | CUSIP: 26929N102<br>LEI: 549300RU296J63VW0297 | Long             | EC               | CORP              | US        |      4700 | NS      | $112189.00    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| West BanCorp Inc                     | West BanCorp Inc                              | CUSIP: 95123P106<br>LEI: 549300GKFOINCHIYU666 | Long             | EC               | CORP              | US        |     10100 | NS      | $258055.00    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Spok Holdings Inc                    | Spok Holdings Inc                             | CUSIP: 84863T106<br>LEI: 549300HXXANIVN2ICC89 | Long             | EC               | CORP              | US        |     12500 | NS      | $102375.00    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Safety Insurance Group Inc           | Safety Insurance Group Inc                    | CUSIP: 78648T100<br>LEI: 254900LDCFLA3J746840 | Long             | EC               | CORP              | US        |      6420 | NS      | $540949.20    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Hibbett Inc                          | Hibbett Inc                                   | CUSIP: 428567101<br>LEI: 529900RD6P643J1CZM55 | Long             | EC               | CORP              | US        |      2000 | NS      | $136440.00    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| First Bank/Hamilton NJ               | First Bank/Hamilton NJ                        | CUSIP: 31931U102<br>LEI: 549300YS4CB1171BRJ08 | Long             | EC               | CORP              | US        |     10400 | NS      | $143104.00    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson Outdoors Inc                 | Johnson Outdoors Inc                          | CUSIP: 479167108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6740 | NS      | $445648.80    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2023-02-22

**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.