# EDGAR Filing Document

**Accession Number:** 0001576367
**File Stem:** 0001576367-26-000098
**Filing Date:** 2026-5
**Character Count:** 111248
**Document Hash:** d4d4bf137fd05583aafb743dd5dbc2bc
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001576367-26-000098.hdr.sgml**: 20260528

**ACCESSION NUMBER**: 0001576367-26-000098

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260528

**DATE AS OF CHANGE**: 20260528

**PERIOD START**: 20260630

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FORUM FUNDS II
- **CENTRAL INDEX KEY:** 0001576367

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22842
- **FILM NUMBER:** 261029647

**BUSINESS ADDRESS:**
- **STREET 1:** THREE CANAL PLAZA, SUITE 600
- **CITY:** PORTLAND
- **STATE:** ME
- **ZIP:** 04101
- **BUSINESS PHONE:** 207-347-2000

**MAIL ADDRESS:**
- **STREET 1:** THREE CANAL PLAZA, SUITE 600
- **CITY:** PORTLAND
- **STATE:** ME
- **ZIP:** 04101

## Series and Classes Contracts Data

### Acuitas US Microcap Fund (Series ID: S000045890)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000142990 | Institutional Shares | AFMCX           |

## Nport-Ex

ACUITAS

US

MICROCAP

FUND

SCHEDULE

OF

INVESTMENTS

(Unaudited)

March

31,

2026

Shares

Security

Description

Value

Common

Stock

-

98.0%

Basic

Materials

-

2.0%

15,905

Ampco-Pittsburgh

Corp.

(a) $

106,881

33,614

Dakota

Gold

Corp.

(a) 169,751

7,695

Energy

Fuels,

Inc./Canada

(a) 140,434

5,995

Hycroft

Mining

Holding

Corp.,

Class A

(a) 211,024

3,704

Intrepid

Potash,

Inc.

(a) 158,420

38,267

Northern

Technologies

International

Corp.

315,320

4,179

Perpetua

Resources

Corp.

(a) 117,513

47,408

Taseko

Mines,

Ltd.

(a) 305,782

3,625

The

Eastern

Co.

73,370

41,241

U.S.

Antimony

Corp.

(a) 360,034

1,958,529

Consumer

Discretionary

-

9.7%

7,148

Acme

United

Corp.

321,017

3,423

Allegiant

Travel

Co.

(a) 277,400

88,545

Arhaus,

Inc.

(a) 600,335

3,628

BJ's

Restaurants,

Inc.

(a) 127,343

11,250

Build-A-Bear

Workshop,

Inc.,

Class A

421,312

34,759

Climb

Global

Solutions,

Inc.

688,923

4,812

Cracker

Barrel

Old

Country

Store,

Inc.

135,265

33,144

Crown

Crafts,

Inc.

85,346

35,737

Digital

Turbine,

Inc.

(a) 102,923

43,350

Duluth

Holdings,

Inc.,

Class B

(a) 136,986

56,460

El

Pollo

Loco

Holdings,

Inc.

(a) 782,536

29,900

First

Watch

Restaurant

Group,

Inc.

(a) 313,352

67,000

Fluent,

Inc.

(a) 211,720

177,231

FTAI

Infrastructure,

Inc.

875,521

5,871

Gentherm,

Inc.

(a) 163,096

2,893

Gold.com,

Inc.

115,951

19,672

Interface,

Inc.

490,226

11,199

Kura

Sushi

USA,

Inc.,

Class A

(a) 781,578

13,838

Lands'

End,

Inc.

(a) 155,539

8,099

Liquidity

Services,

Inc.

(a) 247,586

15,936

Malibu

Boats,

Inc.,

Class A

(a) 413,061

26,473

Owlet,

Inc.

(a) 136,071

7,349

Pursuit

Attractions

and

Hospitality,

Inc.

(a) 269,194

11,461

Savers

Value

Village,

Inc.

(a) 85,270

31,283

Shoe

Carnival,

Inc.

487,702

3,084

Standard

Motor

Products,

Inc.

107,138

59,857

Sweetgreen,

Inc.

(a) 310,658

9,485

Universal

Technical

Institute,

Inc.

(a) 342,409

657

Victoria's

Secret

&

Co.

(a) 30,459

13,860

Zumiez,

Inc.

(a) 307,138

9,523,055

Consumer

Staples

-

1.8%

35,876

Cronos

Group,

Inc.

(a) 90,049

48,165

Mama's

Creations,

Inc.

(a) 738,851

25,560

MGP

Ingredients,

Inc.

470,049

7,036

Oil-Dri

Corp.

of

America

457,973

1,756,922

Energy

-

4.5%

6,745

American

Superconductor

Corp.

(a) 228,318

3,016

Centrus

Energy

Corp.,

Class A

(a) 523,547

48,510

Geospace

Technologies

Corp.

(a) 591,822

20,564

Innovex

International,

Inc.

(a) 501,556

28,725

Matrix

Service

Co.

(a) 329,763

65,225

NPK

International,

Inc.

(a) 945,110

22,051

Oil

States

International,

Inc.

(a) 256,674

9,904

SM

Energy

Co.

308,807

12,090

Stabilis

Solutions,

Inc.

(a) 53,921

98,770

VAALCO

Energy,

Inc.

626,202

4,365,720

Shares

Security

Description

Value

Financials

-

13.3%

66,755

American

Coastal

Insurance

Corp.

(a) $

750,994

1,427

Bank

First

Corp.

192,731

14,428

Bank

of

Marin

Bancorp

369,790

9,296

Bankwell

Financial

Group,

Inc.

451,042

5,509

Business

First

Bancshares,

Inc.

148,963

25,273

Capitol

Federal

Financial,

Inc.

180,196

6,208

Central

Pacific

Financial

Corp.

198,408

4,229

Community

Trust

Bancorp,

Inc.

256,785

7,323

ConnectOne

Bancorp,

Inc.

196,037

13,740

Customers

Bancorp,

Inc.

(a) 953,693

2,898

Dave,

Inc.

(a) 504,513

5,770

Enova

International,

Inc.

(a) 783,739

4,050

First

Financial

Corp.

255,960

37,094

First

Western

Financial,

Inc.

(a) 911,770

4,517

Five

Star

Bancorp

170,381

5,684

Hanmi

Financial

Corp.

149,830

5,818

Heritage

Financial

Corp./WA

151,268

11,432

Heritage

Insurance

Holdings,

Inc.

(a) 300,090

23,280

International

General

Insurance

Holdings,

Ltd.

563,958

1,360

Investors

Title

Co.

295,582

4,042

LendingTree,

Inc.

(a) 173,321

54,135

Medallion

Financial

Corp.

463,396

3,816

Mercantile

Bank

Corp.

192,708

27,198

Metalla

Royalty

&

Streaming,

Ltd.

(a) 180,323

9,230

MVB

Financial

Corp.

229,181

29,730

NB

Bancorp,

Inc.

626,411

17,014

Northpointe

Bancshares,

Inc.

293,662

10,398

Northrim

BanCorp,

Inc.

237,906

11,908

OP

Bancorp

158,376

53,776

Oportun

Financial

Corp.

(a) 247,907

19,000

Porch

Group,

Inc.

(a) 136,230

16,980

Regional

Management

Corp.

547,605

20,070

Silvercrest

Asset

Management

Group,

Inc.

269,741

3,639

SmartFinancial,

Inc.

142,212

21,549

SuRo

Capital

Corp.

230,790

6,095

Texas

Capital

Bancshares,

Inc.

(a) 578,294

3,500

Unity

Bancorp,

Inc.

181,405

5,891

Univest

Financial

Corp.

201,826

1,926

Washington

Trust

Bancorp,

Inc.

64,444

12,941,468

Health

Care

-

20.8%

129,866

908

Devices,

Inc.

(a) 794,780

32,418

Aclaris

Therapeutics,

Inc.

(a) 121,567

14,133

Adaptive

Biotechnologies

Corp.

(a) 196,166

5,758

Addus

HomeCare

Corp.

(a) 539,237

29,070

Agenus,

Inc.

(a) 97,094

12,322

Amphastar

Pharmaceuticals,

Inc.

(a) 241,388

3,200

AnaptysBio,

Inc.

(a) 177,472

7,551

ARS

Pharmaceuticals,

Inc.

(a) 60,635

53,592

Avanos

Medical,

Inc.

(a) 750,824

18,178

Azenta,

Inc.

(a) 384,101

34,100

Beta

Bionics,

Inc.

(a) 341,682

26,344

BioLife

Solutions,

Inc.

(a) 502,644

15,365

Bioventus,

Inc.

(a) 140,282

8,406

CareDx,

Inc.

(a) 145,928

2,200

Celcuity,

Inc.

(a) 251,108

9,615

Cogent

Biosciences,

Inc.

(a) 370,081

12,030

Cormedix,

Inc.

(a) 81,684

12,117

Corvus

Pharmaceuticals,

Inc.

(a) 177,272

33,161

CytomX

Therapeutics,

Inc.

(a) 155,857

13,164

Design

Therapeutics,

Inc.

(a) 140,065

1,129

Dianthus

Therapeutics,

Inc.

(a) 94,746

ACUITAS

US

MICROCAP

FUND

SCHEDULE

OF

INVESTMENTS

(Unaudited)

March

31,

2026

Shares

Security

Description

Value

Health

Care

-

20.8%

(continued)

4,800

Edgewise

Therapeutics,

Inc.

(a) $

151,200

17,246

Electromed,

Inc.

(a) 403,729

9,817

Erasca,

Inc.

(a) 158,839

19,636

Eton

Pharmaceuticals,

Inc.

(a) 484,616

16,590

Harmony

Biosciences

Holdings,

Inc.

(a) 464,686

8,783

Harvard

Bioscience,

Inc.

(a) 42,771

9,234

Healthcare

Services

Group,

Inc.

(a) 171,291

8,929

HealthStream,

Inc.

184,920

21,305

Immunome,

Inc.

(a) 465,940

34,278

InfuSystem

Holdings,

Inc.

(a) 316,386

16,714

Inmode,

Ltd.

(a) 228,648

12,658

iRadimed

Corp.

1,218,459

39,387

Ironwood

Pharmaceuticals,

Inc.

(a) 138,248

4,900

Kiniksa

Pharmaceuticals

International

PLC

(a) 235,935

56,926

KORU

Medical

Systems,

Inc.

(a) 245,920

3,980

LeMaitre

Vascular,

Inc.

434,497

4,418

Liquidia

Corp.

(a) 166,735

80,919

MiMedx

Group,

Inc.

(a) 319,630

2,990

Mineralys

Therapeutics,

Inc.

(a) 80,999

127,017

Niagen

Bioscience,

Inc.

(a) 560,145

9,696

OptimizeRx

Corp.

(a) 60,891

28,075

OrthoPediatrics

Corp.

(a) 445,550

31,569

Pacira

BioSciences,

Inc.

(a) 713,459

16,420

Pediatrix

Medical

Group,

Inc.

(a) 351,224

6,570

Phibro

Animal

Health

Corp.,

Class A

363,387

2,757

Photronics,

Inc.

(a) 111,410

45,541

Phreesia,

Inc.

(a) 381,634

624

Praxis

Precision

Medicines,

Inc.

(a) 201,047

4,483

Rigel

Pharmaceuticals,

Inc.

(a) 121,220

11,242

Sensus

Healthcare,

Inc.

(a) 44,743

43,520

SI-BONE,

Inc.

(a) 549,658

14,015

Stoke

Therapeutics,

Inc.

(a) 456,328

7,591

Supernus

Pharmaceuticals,

Inc.

(a) 392,379

7,400

Syndax

Pharmaceuticals,

Inc.

(a) 172,864

6,345

Tactile

Systems

Technology,

Inc.

(a) 165,795

41,800

Taysha

Gene

Therapies,

Inc.

(a) 186,846

22,820

The

Joint

Corp.

(a) 201,957

16,545

The

Pennant

Group,

Inc.

(a) 504,292

9,661

Theravance

Biopharma,

Inc.

(a) 156,798

13,180

Trevi

Therapeutics,

Inc.

(a) 157,237

6,078

Tyra

Biosciences,

Inc.

(a) 232,787

5,965

US

Physical

Therapy,

Inc.

447,136

6,762

Utah

Medical

Products,

Inc.

419,176

7,094

Xenon

Pharmaceuticals,

Inc.

(a) 412,516

58,028

Xeris

Biopharma

Holdings,

Inc.

(a) 336,562

17,838

Zymeworks,

Inc.

(a) 446,664

20,271,767

Industrials

-

25.0%

10,164

Aebi

Schmidt

Holding

AG

98,692

14,385

Allient,

Inc.

850,010

9,663

Amprius

Technologies,

Inc.

(a) 162,918

7,142

Applied

Digital

Corp.

(a) 169,551

4,451

Astronics

Corp.

(a) 297,015

2,039

Atlanticus

Holdings

Corp.

(a) 106,986

7,491

Babcock

&

Wilcox

Enterprises,

Inc.

(a) 110,043

24,431

Barrett

Business

Services,

Inc.

712,897

33,225

BGSF,

Inc.

(a) 214,966

5,199

BlueLinx

Holdings,

Inc.

(a) 281,682

6,049

Cipher

Digital,

Inc.

(a) 77,851

1,800

Coda

Octopus

Group,

Inc.

(a) 20,340

60,985

Concrete

Pumping

Holdings,

Inc.

(a) 435,433

53,627

Core

Molding

Technologies,

Inc.

(a) 1,201,245

Shares

Security

Description

Value

Industrials

-

25.0%

(continued)

3,609

CRA

International,

Inc.

$

584,225

110,198

Cryoport,

Inc.

(a) 912,439

168,795

DHI

Group,

Inc.

(a) 474,314

19,493

Ducommun,

Inc.

(a) 2,378,146

43,100

Electrovaya,

Inc.

(a) 337,042

35,100

Enovix

Corp.

(a) 181,818

18,421

Fortrea

Holdings,

Inc.

(a) 173,526

17,724

Franklin

Covey

Co.

(a) 279,862

27,197

Freightcar

America,

Inc.

(a) 216,760

13,635

Graham

Corp.

(a) 1,076,074

27,818

Information

Services

Group,

Inc.

106,821

13,375

Insteel

Industries,

Inc.

449,534

20,153

LSI

Industries,

Inc.

374,846

26,271

Mayville

Engineering

Co.,

Inc.

(a) 471,564

13,009

Mesa

Laboratories,

Inc.

1,150,256

14,629

Montrose

Environmental

Group,

Inc.

(a) 320,229

25,120

Myers

Industries,

Inc.

532,042

7,191

Napco

Security

Technologies,

Inc.

283,253

4,115

Natural

Gas

Services

Group,

Inc.

155,300

13,600

Orion

Energy

Systems,

Inc.

(a) 118,864

34,442

Park

Aerospace

Corp.

943,022

4,613

Perma-Pipe

International

Holdings,

Inc.

(a) 137,514

2,908

Power

Solutions

International,

Inc.

(a) 177,039

88,990

Proficient

Auto

Logistics,

Inc.

(a) 603,352

72,726

Ranpak

Holdings

Corp.

(a) 259,632

4,741

RCM

Technologies,

Inc.

(a) 90,743

124,510

Resources

Connection,

Inc.

464,422

1,642

Seanergy

Maritime

Holdings

Corp.

21,198

26,049

Soldi

Power,

Inc.

(a) 78,147

1,756

Taylor

Devices,

Inc.

(a) 100,092

21,595

Tecogen,

Inc.

(a) 55,283

3,998

Tectonic

Therapeutic,

Inc.

(a) 123,578

2,490

The

Gorman-Rupp

Co.

154,704

1,406

The

Monarch

Cement

Co.

358,530

30,767

Thermon

Group

Holdings,

Inc.

(a) 1,550,657

11,602

Titan

Machinery,

Inc.

(a) 193,985

9,780

Transcat,

Inc.

(a) 718,341

2,392

Tutor

Perini

Corp.

184,638

4,286

Twin

Disc,

Inc.

64,590

16,289

Ultra

Clean

Holdings,

Inc.

(a) 1,012,850

17,378

Ultralife

Corp.

(a) 113,305

23,881

Vishay

Precision

Group,

Inc.

(a) 1,036,913

40,575

Wabash

National

Corp.

349,756

9,631

Werner

Enterprises,

Inc.

283,248

24,392,083

Real

Estate

-

0.5%

71,680

Apartment

Investment

and

Management

Co.

REIT

(a) 291,737

13,698

Whitestone

REIT

221,223

512,960

Technology

-

14.7%

27,517

A10

Networks,

Inc.

636,193

104,045

ADTRAN

Holdings,

Inc.

(a) 1,308,886

3,412

Aehr

Test

Systems

(a) 126,517

86,214

Amplitude,

Inc.,

Class A

(a) 587,979

12,900

Arlo

Technologies,

Inc.

(a) 183,567

32,801

Arteris,

Inc.

(a) 539,248

42,311

AstroNova,

Inc.

(a) 388,838

30,186

Asure

Software,

Inc.

(a) 259,600

3,507

AXT,

Inc.

(a) 199,829

9,389

Cerence,

Inc.

(a) 59,245

27,000

CEVA,

Inc.

(a) 504,360

26,951

Cohu,

Inc.

(a) 825,240

ACUITAS

US

MICROCAP

FUND

SCHEDULE

OF

INVESTMENTS

(Unaudited)

March

31,

2026

At

March

31,

2026

,

the

Fund

held

the

following

exchange

traded

futures

contract:

The

following

is

a

summary

of

the

inputs

used

to

value

the

Fund's investments

as

of

March

31,

2026. The

Fund

has

a

three-tier

fair

value

hierarchy.

The

basis

of

the

tiers

is

dependent

upon

the

various

"inputs"

used

to

determine

the

value

of

the

Fund's

investments.

These

inputs

are

summarized

in

the

three

broad

levels

listed

below:

Level

–

quoted

prices

in

active

markets

for

identical

assets

Level

–

Prices

determined

using

significant

other

observable

inputs

(including

quoted

prices

for

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.).

Short-term

securities

with

maturities

of

sixty

days

or

less

are

valued

at

amortized

cost,

which

approximates

market

value,

and

are

categorized

as

Level

in

the

hierarchy.

Municipal

securities,

long-term

U.S.

government

obligations

and

corporate

debt

securities

are

valued

in

accordance

with

the

evaluated

price

supplied

by

the

pricing

service

and

generally

categorized

as

Level

in

the

hierarchy.

Other

securities

that

are

categorized

as

Level

in

the

hierarchy

include,

but

are

not

limited

to,

warrants

that

do

not

trade

on

an

exchange,

securities

valued

at

the

mean

between

the

last

reported

bid

and

ask

quotation

and

international

equity

securities

valued

by

an

independent

third

party

with

adjustments

for

changes

in

value

between

the

time

of

the

securities

respective

local

market

closes

and

the

close

of

the

U.S.

market.

Level

–

significant

unobservable

inputs

(including

the

Fund's

own

assumptions

in

determining

the

fair

value

of

investments)

The

inputs

or

methodology

used

for

valuing

securities

are

not

necessarily

an

indication

of

the

risk

associated

with

investing

in

those

securities.

\* Other

Financial

Instruments

are

derivatives

not

reflected

in

the

Schedule

of

Investments,

such

as

futures,

which

are

valued

at

the

unrealized

appreciation/

(depreciation)

at

period

end.

The

Level

value

displayed

in

this

table

is

Common

Stock

and

a

Money

Market

Fund.

Refer

to

this

Schedule

of

Investments

for

a

further

breakout

of

each

security

by

industry.

THE

PORTFOLIO

OF

INVESTMENTS

SHOULD

BE

READ

IN

CONJUNCTION

WITH

THE

FINANCIAL

STATEMENTS

AND

NOTES

TO

FINANCIAL

STATEMENTS

WHICH

ARE

INCLUDED

IN

THE

FUND'S

AUDITED

ANNUAL

REPORT

OR

SEMI-ANNUAL

REPORT.

THESE

REPORTS

INCLUDE

ADDITIONAL

INFORMATION

ABOUT

THE

FUND'S

SECURITY

VALUATION

POLICIES

AND

ABOUT

CERTAIN

SECURITY

TYPES

INVESTED

BY

THE

FUND.

Shares

Security

Description

Value

Technology

-

14.7%

(continued)

15,981

Consensus

Cloud

Solutions,

Inc.

(a) $

379,389

9,667

Donnelley

Financial

Solutions,

Inc.

(a) 455,702

27,205

Evolv

Technologies

Holdings,

Inc.

(a) 164,590

30,610

Forrester

Research,

Inc.

(a) 173,253

15,945

Hurco

Cos.,

Inc.

(a) 234,551

5,238

Ichor

Holdings,

Ltd.

(a) 244,143

152,124

indie

Semiconductor,

Inc.,

Class A

(a) 489,839

52,080

inTEST

Corp.

(a) 710,892

44,020

Key

Tronic

Corp.

(a) 120,175

166,575

Kopin

Corp.

(a) 374,794

73,469

Magnite,

Inc.

(a) 872,812

3,794

Materion

Corp.

548,802

18,844

Mitek

Systems,

Inc.

(a) 254,394

8,473

nLight,

Inc.

(a) 483,130

6,797

NVE

Corp.

445,204

25,105

OneSpan,

Inc.

264,356

6,978

Ouster,

Inc.

(a) 128,186

11,871

PDF

Solutions,

Inc.

(a) 388,300

7,207

Penguin

Solutions,

Inc.

(a) 126,843

34,878

Rezolve

AI

PLC

(a) 89,288

36,985

Simulations

Plus,

Inc.

437,163

10,661

Solaris

Energy

Infrastructure,

Inc.,

Class A

602,453

12,433

Veeco

Instruments,

Inc.

(a) 420,981

10,311

Viant

Technology,

Inc.,

Class A

(a) 115,483

55,860

Weave

Communications,

Inc.

(a) 258,073

14,402,298

Telecommunications

-

2.0%

1,925

Applied

Optoelectronics,

Inc.

(a) 162,836

36,875

Aviat

Networks,

Inc.

(a) 833,744

24,881

Cogent

Communications

Holdings,

Inc.

468,758

4,972

Digi

International,

Inc.

(a) 239,650

23,982

Ondas,

Inc.

(a) 216,797

1,921,785

Utilities

-

3.7%

46,323

Enviri

Corp.

(a) 908,857

50,900

Perma-Fix

Environmental

Services,

Inc.

(a) 544,121

23,839

Pure

Cycle

Corp.

(a) 239,821

127,300

Select

Water

Solutions,

Inc.,

Class A

1,947,690

3,640,489

Total

Common

Stock

(Cost

$78,571,044)

95,687,076

Shares

Security

Description

Value

Money

Market

Fund

-

1.7%

1,647,890

First

American

Government

Obligations

Fund,

Class X,

3.58%

(b) (Cost

$1,647,890)

1,647,890

Investments,

at

value

-

99.7%

(Cost

$80,218,934)

$

97,334,966

Other

Assets

&

Liabilities,

Net

-

0.3%

299,748

Net

Assets

-

100.0%

$

97,634,714

PLC

Public

Limited

Company

REIT

Real

Estate

Investment

Trust

(a) Non-income

producing

security.

(b) Dividend

yield

changes

daily

to

reflect

current

market

conditions.

Rate

was

the

quoted

yield

as

of

March

31,

2026. Contracts

Description

Exp.

Date

Notional

Contract

Value

Value

Net

Unrealized

Appreciation

CME

E-mini

Russell

2000

Index

Future

6/18/26

$

882,499

$

879,270

$

(3,229)

Valuation

Inputs

Investments

in

Securities

Other

Financial

Instruments\*

Level

-

Quoted

Prices

$

97,334,966

$

(3,229)

Level

-

Other

Significant

Observable

Inputs

–

–

Level

-

Significant

Unobservable

Inputs

–

–

Total

$

97,334,966

$

(3,229)

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** FORUM FUNDS II

- **b. Investment Company Act file number:** 811-22842

- **c. CIK number of Registrant:** 0001576367

- **d. LEI of Registrant:** 254900TLXB82MZSZFI87

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

  - **Street Address 1:** 190 Middle Street, Suite 101

  - **City:** PORTLAND

  - **State:** ME

  - **Foreign country:** US

  - **Zip / Postal Code:** 04101

  - **Telephone number:** 207-347-2000

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

- **a. Name of Series:** ACUITAS US MICROCAP FUND

- **b. EDGAR series identifier (if any):** S000045890

- **c. LEI of Series:** 254900JG5HV58OHLQ996

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

- **a. Date of fiscal year-end:** 2026-06-30

- **b. Date as of which information is reported:** 2026-03-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $97785990.64

**Total Liabilities:** $141615.77

**Net Assets:** $97644374.87

**Cash Not Reported:** $247167.89

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000142990 | 5.12%                | 0.50%                | -4.10%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $1722300.74              | $3516123.49                                |
| Month 2  | $974337.83               | $-536517.22                                |
| Month 3  | $908202.25               | $-5074008.05                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Gold.com Inc                               | Gold.com, Inc.                                 | CUSIP: 00181T107<br>LEI: XP6XYFDZQGKLUMOFGT37 | Long             | EC               | CORP              | US        |      2893 | NS      | $115951.44    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| A10 Networks Inc                           | A10 Networks, Inc.                             | CUSIP: 002121101<br>LEI: 549300UQD4IWUML81Q35 | Long             | EC               | CORP              | US        |     27517 | NS      | $636193.04    | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| AXT Inc                                    | AXT, Inc.                                      | CUSIP: 00246W103<br>LEI: 549300M2142IVLVIJN37 | Long             | EC               | CORP              | US        |      3507 | NS      | $199828.86    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Aclaris Therapeutics Inc                   | Aclaris Therapeutics, Inc.                     | CUSIP: 00461U105<br>LEI: 5493000B2LQ9QTW1DF52 | Long             | EC               | CORP              | US        |     32418 | NS      | $121567.50    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Acme United Corp                           | Acme United Corp.                              | CUSIP: 004816104<br>LEI: 549300NVT8NN13WP8M83 | Long             | EC               | CORP              | US        |      7148 | NS      | $321016.68    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| ADTRAN Holdings Inc                        | ADTRAN Holdings, Inc.                          | CUSIP: 00486H105<br>LEI: 549300VV36J86CRRWF77 | Long             | EC               | CORP              | US        |    104218 | NS      | $1311062.44   | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Adaptive Biotechnologies Corp              | Adaptive Biotechnologies Corp.                 | CUSIP: 00650F109<br>LEI: 549300ZTF7OT1FW66Q96 | Long             | EC               | CORP              | US        |     14133 | NS      | $196166.04    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Addus HomeCare Corp                        | Addus HomeCare Corp.                           | CUSIP: 006739106<br>LEI: 52990090ZT33AKPDBX62 | Long             | EC               | CORP              | US        |      5758 | NS      | $539236.70    | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Aehr Test Systems                          | Aehr Test Systems                              | CUSIP: 00760J108<br>LEI: 529900A4GWWZFRU2RE97 | Long             | EC               | CORP              | US        |      3412 | NS      | $126516.96    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Agenus Inc                                 | Agenus, Inc.                                   | CUSIP: 00847G804<br>LEI: 529900NDQQGU5H4UJK81 | Long             | EC               | CORP              | US        |     29070 | NS      | $97093.80     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Allegiant Travel Co                        | Allegiant Travel Co.                           | CUSIP: 01748X102<br>LEI: 549300JM9OZXOHWL2K18 | Long             | EC               | CORP              | US        |      3423 | NS      | $277399.92    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Allient Inc                                | Allient, Inc.                                  | CUSIP: 019330109<br>LEI: 549300I2LHAWYGNBPM97 | Long             | EC               | CORP              | US        |     14385 | NS      | $850009.65    | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| American Superconductor Corp               | American Superconductor Corp.                  | CUSIP: 030111207<br>LEI: 549300S9YT8Z8LOK4452 | Long             | EC               | CORP              | US        |      6803 | NS      | $230281.55    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Ampco-Pittsburgh Corp                      | Ampco-Pittsburgh Corp.                         | CUSIP: 032037103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     15905 | NS      | $106881.60    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Amphastar Pharmaceuticals Inc              | Amphastar Pharmaceuticals, Inc.                | CUSIP: 03209R103<br>LEI: 54930055TH0ZLSAQMJ38 | Long             | EC               | CORP              | US        |     12322 | NS      | $241387.98    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Amplitude Inc                              | Amplitude, Inc.                                | CUSIP: 03213A104<br>LEI: 984500EZ87C703978858 | Long             | EC               | CORP              | US        |     86214 | NS      | $587979.48    | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Amprius Technologies Inc                   | Amprius Technologies, Inc.                     | CUSIP: 03214Q108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     11743 | NS      | $197986.98    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| AnaptysBio Inc                             | AnaptysBio, Inc.                               | CUSIP: 032724106<br>LEI: 529900HH4WQT03IG1A12 | Long             | EC               | CORP              | US        |      3200 | NS      | $177472.00    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Apartment Investment and Manag             | Apartment Investment and Management Co.        | CUSIP: 03748R747<br>LEI: 549300O8FT5GJ4RU1D57 | Long             | EC               | CORP              | US        |     71680 | NS      | $291737.60    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Applied Digital Corp                       | Applied Digital Corp.                          | CUSIP: 038169207<br>LEI: 2549004NE2B6RYXINZ02 | Long             | EC               | CORP              | US        |      7142 | NS      | $169551.08    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Applied Optoelectronics Inc                | Applied Optoelectronics, Inc.                  | CUSIP: 03823U102<br>LEI: 529900I8U6Q5SYDNLT48 | Long             | EC               | CORP              | US        |      1925 | NS      | $162835.75    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Arhaus Inc                                 | Arhaus, Inc.                                   | CUSIP: 04035M102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     88545 | NS      | $600335.10    | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Arlo Technologies Inc                      | Arlo Technologies, Inc.                        | CUSIP: 04206A101<br>LEI: 549300T4EUX2OQ75HV52 | Long             | EC               | CORP              | US        |     12900 | NS      | $183567.00    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Arteris Inc                                | Arteris, Inc.                                  | CUSIP: 04302A104<br>LEI: 5299009413BJXLY5SM79 | Long             | EC               | CORP              | US        |     33266 | NS      | $546893.04    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| AstroNova Inc                              | AstroNova, Inc.                                | CUSIP: 04638F108<br>LEI: 549300D8PFP62QX00223 | Long             | EC               | CORP              | US        |     42311 | NS      | $388838.09    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Astronics Corp                             | Astronics Corp.                                | CUSIP: 046433108<br>LEI: 549300NNXCF8H4MSMK17 | Long             | EC               | CORP              | US        |      4451 | NS      | $297015.23    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Asure Software Inc                         | Asure Software, Inc.                           | CUSIP: 04649U102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     30186 | NS      | $259599.60    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Atlanticus Holdings Corp                   | Atlanticus Holdings Corp.                      | CUSIP: 04914Y102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2039 | NS      | $106986.33    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Avanos Medical Inc                         | Avanos Medical, Inc.                           | CUSIP: 05350V106<br>LEI: 549300YCXWOM7NEWMQ58 | Long             | EC               | CORP              | US        |     53592 | NS      | $750823.92    | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Aviat Networks Inc                         | Aviat Networks, Inc.                           | CUSIP: 05366Y201<br>LEI: 549300Z3X8Z4MK52CI65 | Long             | EC               | CORP              | US        |     36875 | NS      | $833743.75    | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| BGSF Inc                                   | BGSF, Inc.                                     | CUSIP: 05601C105<br>LEI: 549300AUC6I9ZG3KKQ91 | Long             | EC               | CORP              | US        |     33225 | NS      | $214965.75    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Babcock & Wilcox Enterprises I             | Babcock & Wilcox Enterprises, Inc.             | CUSIP: 05614L209<br>LEI: 5493006H661OZN2C0T54 | Long             | EC               | CORP              | US        |      7491 | NS      | $110042.79    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank First Corp                            | Bank First Corp.                               | CUSIP: 06211J100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1427 | NS      | $192730.62    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of Marin Bancorp                      | Bank of Marin Bancorp                          | CUSIP: 063425102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     14428 | NS      | $369789.64    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Bankwell Financial Group Inc               | Bankwell Financial Group, Inc.                 | CUSIP: 06654A103<br>LEI: 5493004NUBQXPY84NX67 | Long             | EC               | CORP              | US        |      9296 | NS      | $451041.92    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Barrett Business Services Inc              | Barrett Business Services, Inc.                | CUSIP: 068463108<br>LEI: 529900HXB6TMG0SR9Y34 | Long             | EC               | CORP              | US        |     24431 | NS      | $712896.58    | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Beta Bionics Inc                           | Beta Bionics, Inc.                             | CUSIP: 08659B102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     34100 | NS      | $341682.00    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| BioLife Solutions Inc                      | BioLife Solutions, Inc.                        | CUSIP: 09062W204<br>LEI: 549300G2IVCMC2TJDW72 | Long             | EC               | CORP              | US        |     26344 | NS      | $502643.52    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Bioventus Inc                              | Bioventus, Inc.                                | CUSIP: 09075A108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     15365 | NS      | $140282.45    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| BJ's Restaurants Inc                       | BJ's Restaurants, Inc.                         | CUSIP: 09180C106<br>LEI: 5299000EOW66I1OJNQ23 | Long             | EC               | CORP              | US        |      3628 | NS      | $127342.80    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| BlueLinx Holdings Inc                      | BlueLinx Holdings, Inc.                        | CUSIP: 09624H208<br>LEI: 549300YSX7GU28F5I540 | Long             | EC               | CORP              | US        |      5199 | NS      | $281681.82    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Azenta Inc                                 | Azenta, Inc.                                   | CUSIP: 114340102<br>LEI: 35ZN6X1ANPH25YN32Y17 | Long             | EC               | CORP              | US        |     18178 | NS      | $384101.14    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Build-A-Bear Workshop Inc                  | Build-A-Bear Workshop, Inc.                    | CUSIP: 120076104<br>LEI: 529900S9MWZC1UBF3D13 | Long             | EC               | CORP              | US        |     11250 | NS      | $421312.50    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Business First Bancshares Inc              | Business First Bancshares, Inc.                | CUSIP: 12326C105<br>LEI: 549300ILTC50KHDX4A08 | Long             | EC               | CORP              | US        |      5509 | NS      | $148963.36    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| CRA International Inc                      | CRA International, Inc.                        | CUSIP: 12618T105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3609 | NS      | $584224.92    | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Capitol Federal Financial Inc              | Capitol Federal Financial, Inc.                | CUSIP: 14057J101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     25273 | NS      | $180196.49    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| CareDx Inc                                 | CareDx, Inc.                                   | CUSIP: 14167L103<br>LEI: 549300NQOFKL9NON0U06 | Long             | EC               | CORP              | US        |      8406 | NS      | $145928.16    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Celucity Inc.                              | Celcuity, Inc.                                 | CUSIP: 15102K100<br>LEI: 25490070W7UU7W2SEY87 | Long             | EC               | CORP              | US        |      2200 | NS      | $251108.00    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Central Pacific Financial Corp             | Central Pacific Financial Corp.                | CUSIP: 154760409<br>LEI: 549300W3YEAOZ4KGG849 | Long             | EC               | CORP              | US        |      6208 | NS      | $198407.68    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Centrus Energy Corp                        | Centrus Energy Corp.                           | CUSIP: 15643U104<br>LEI: 549300G6VDK9G8276661 | Long             | EC               | CORP              | US        |      3016 | NS      | $523547.44    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Cerence, Inc.                              | Cerence, Inc.                                  | CUSIP: 156727109<br>LEI: 5493002WL2W5WMS89568 | Long             | EC               | CORP              | US        |      9389 | NS      | $59244.59     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| CEVA Inc                                   | CEVA, Inc.                                     | CUSIP: 157210105<br>LEI: 529900G9T7CVU2J2VU73 | Long             | EC               | CORP              | US        |     27000 | NS      | $504360.00    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Niagen Bioscience Inc                      | Niagen Bioscience, Inc.                        | CUSIP: 171077407<br>LEI: 529900OPI7B8JPXCVS70 | Long             | EC               | CORP              | US        |    127017 | NS      | $560144.97    | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Cipher Digital Inc                         | Cipher Digital, Inc.                           | CUSIP: 17253J106<br>LEI: 254900QABG5HCQZ28A17 | Long             | EC               | CORP              | US        |      6049 | NS      | $77850.63     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Coda Octopus Group Inc                     | Coda Octopus Group, Inc.                       | CUSIP: 19188U206<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1800 | NS      | $20340.00     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Cogent Communications Holdings             | Cogent Communications Holdings, Inc.           | CUSIP: 19239V302<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     24234 | NS      | $456568.56    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Cogent Biosciences Inc                     | Cogent Biosciences, Inc.                       | CUSIP: 19240Q201<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      9615 | NS      | $370081.35    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Cohu Inc                                   | Cohu, Inc.                                     | CUSIP: 192576106<br>LEI: 529900FJPORJ3JJ2XS33 | Long             | EC               | CORP              | US        |     26951 | NS      | $825239.62    | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Community Trust Bancorp Inc                | Community Trust Bancorp, Inc.                  | CUSIP: 204149108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4229 | NS      | $256784.88    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Concrete Pumping Holdings Inc              | Concrete Pumping Holdings, Inc.                | CUSIP: 206704108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     60985 | NS      | $435432.90    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| ConnectOne Bancorp Inc                     | ConnectOne Bancorp, Inc.                       | CUSIP: 20786W107<br>LEI: 549300E2M5ZYAZKUK134 | Long             | EC               | CORP              | US        |      7323 | NS      | $196036.71    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Consensus Cloud Solutions Inc              | Consensus Cloud Solutions, Inc.                | CUSIP: 20848V105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     15981 | NS      | $379388.94    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Core Molding Technologies Inc              | Core Molding Technologies, Inc.                | CUSIP: 218683100<br>LEI: 549300ZY2MFRXCKVIJ28 | Long             | EC               | CORP              | US        |     53627 | NS      | $1201244.80   | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Cormedix Inc                               | Cormedix, Inc.                                 | CUSIP: 21900C308<br>LEI: 5299006YIA3L0MBW8358 | Long             | EC               | CORP              | US        |     12030 | NS      | $81683.70     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Corvus Pharmaceuticals Inc                 | Corvus Pharmaceuticals, Inc.                   | CUSIP: 221015100<br>LEI: 549300I3AVJ8F75NCX65 | Long             | EC               | CORP              | US        |     12117 | NS      | $177271.71    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Cracker Barrel Old Country Sto             | Cracker Barrel Old Country Store, Inc.         | CUSIP: 22410J106<br>LEI: 8P4PHQIUWPIECBFBW745 | Long             | EC               | CORP              | US        |      4812 | NS      | $135265.32    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Cronos Group Inc                           | Cronos Group, Inc.                             | CUSIP: 22717L101<br>LEI: 549300CWB04E8UOTWX71 | Long             | EC               | CORP              | CA        |     35876 | NS      | $90048.76     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Crown Crafts Inc                           | Crown Crafts, Inc.                             | CUSIP: 228309100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     33144 | NS      | $85345.80     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Cryoport, Inc.                             | Cryoport, Inc.                                 | CUSIP: 229050307<br>LEI: 9845004D8538BT8JF626 | Long             | EC               | CORP              | US        |    110198 | NS      | $912439.44    | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Customers Bancorp Inc                      | Customers Bancorp, Inc.                        | CUSIP: 23204G100<br>LEI: 549300WLBCHYKZ53FN68 | Long             | EC               | CORP              | US        |     13740 | NS      | $953693.40    | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| CytomX Therapeutics Inc                    | CytomX Therapeutics, Inc.                      | CUSIP: 23284F105<br>LEI: 5493004VW2FW0QLL3345 | Long             | EC               | CORP              | US        |     33161 | NS      | $155856.70    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| DHI Group Inc                              | DHI Group, Inc.                                | CUSIP: 23331S100<br>LEI: 529900489RAC0CU0AO81 | Long             | EC               | CORP              | US        |    168795 | NS      | $474313.95    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Dave Inc                                   | Dave, Inc.                                     | CUSIP: 23834J201<br>LEI: 25490061SUVXCW51RZ82 | Long             | EC               | CORP              | US        |      2763 | NS      | $481010.67    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Design Therapeutics Inc                    | Design Therapeutics, Inc.                      | CUSIP: 25056L103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     13164 | NS      | $140064.96    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Dianthus Therapeutics Inc                  | Dianthus Therapeutics, Inc.                    | CUSIP: 252828108<br>LEI: 549300Z3N6ODPCOFC890 | Long             | EC               | CORP              | US        |      1129 | NS      | $94745.68     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Digi International Inc                     | Digi International, Inc.                       | CUSIP: 253798102<br>LEI: 529900KG656HGROI4N27 | Long             | EC               | CORP              | US        |      4972 | NS      | $239650.40    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Digital Turbine Inc                        | Digital Turbine, Inc.                          | CUSIP: 25400W102<br>LEI: 549300D0WZR1VI2QGB24 | Long             | EC               | CORP              | US        |     35737 | NS      | $102922.56    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Donnelley Financial Solutions              | Donnelley Financial Solutions, Inc.            | CUSIP: 25787G100<br>LEI: 549300O1NPY4J56QCU04 | Long             | EC               | CORP              | US        |      9667 | NS      | $455702.38    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Ducommun Inc                               | Ducommun, Inc.                                 | CUSIP: 264147109<br>LEI: 549300Z71HMWF90S2214 | Long             | EC               | CORP              | US        |     19493 | NS      | $2378146.00   | 2.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Duluth Holdings Inc                        | Duluth Holdings, Inc.                          | CUSIP: 26443V101<br>LEI: 549300B6G8G3WGHFYU15 | Long             | EC               | CORP              | US        |     43350 | NS      | $136986.00    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| El Pollo Loco Holdings Inc                 | El Pollo Loco Holdings, Inc.                   | CUSIP: 268603107<br>LEI: 549300EZCBNF4G707K90 | Long             | EC               | CORP              | US        |     56460 | NS      | $782535.60    | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Eastern Co/The                             | The Eastern Co.                                | CUSIP: 276317104<br>LEI: 5493005F8SU7UCM5D285 | Long             | EC               | CORP              | US        |      3625 | NS      | $73370.00     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Edgewise Therapeutics Inc                  | Edgewise Therapeutics, Inc.                    | CUSIP: 28036F105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4800 | NS      | $151200.00    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Electromed Inc                             | Electromed, Inc.                               | CUSIP: 285409108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     17246 | NS      | $403728.86    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Electrovaya Inc                            | Electrovaya, Inc.                              | CUSIP: 28617B606<br>LEI: 529900I7K6S0AGKS2R30 | Long             | EC               | CORP              | CA        |     43100 | NS      | $337042.00    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Energy Fuels Inc/Canada                    | Energy Fuels, Inc./Canada                      | CUSIP: 292671708<br>LEI: 529900P0GCATXMGK8I62 | Long             | EC               | CORP              | CA        |      7695 | NS      | $140433.75    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Enova International Inc                    | Enova International, Inc.                      | CUSIP: 29357K103<br>LEI: 549300O8XOCQSB49UO63 | Long             | EC               | CORP              | US        |      5770 | NS      | $783739.10    | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Enovix Corp                                | Enovix Corp.                                   | CUSIP: 293594107<br>LEI: 549300EC7NZGWORHYJ53 | Long             | EC               | CORP              | US        |     35100 | NS      | $181818.00    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Erasca Inc                                 | Erasca, Inc.                                   | CUSIP: 29479A108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      9817 | NS      | $158839.06    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Eton Pharmaceuticals Inc                   | Eton Pharmaceuticals, Inc.                     | CUSIP: 29772L108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     19636 | NS      | $484616.48    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Evolv Technologies Holdings In             | Evolv Technologies Holdings, Inc.              | CUSIP: 30049H102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     27205 | NS      | $164590.25    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| EyePoint Inc                               | EyePoint, Inc.                                 | CUSIP: 30233G209<br>LEI: 549300QE1RU34T50MR69 | Long             | EC               | CORP              | US        |      3000 | NS      | $38670.00     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Government Obligations Fund | First American Government Obligations Fund     | CUSIP: 31846V336<br>LEI: N/A                  | Long             | STIV             | RF                | US        |   1647890 | NS      | $1647890.11   | 1.69%             |  |  |  | No            |                  1 | On Loan: No      |
| First Financial Corp                       | First Financial Corp.                          | CUSIP: 320218100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4050 | NS      | $255960.00    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| First Watch Restaurant Group I             | First Watch Restaurant Group, Inc.             | CUSIP: 33748L101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     26700 | NS      | $279816.00    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| First Western Financial Inc                | First Western Financial, Inc.                  | CUSIP: 33751L105<br>LEI: 549300PPOGX4C7S66B47 | Long             | EC               | CORP              | US        |     37094 | NS      | $911770.52    | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Five Star Bancorp                          | Five Star Bancorp                              | CUSIP: 33830T103<br>LEI: 5493008ZRBIHKWC0JA73 | Long             | EC               | CORP              | US        |      4517 | NS      | $170381.24    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Fluent Inc                                 | Fluent, Inc.                                   | CUSIP: 34380C201<br>LEI: 549300P3G8O165ICY429 | Long             | EC               | CORP              | US        |     67000 | NS      | $211720.00    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Forrester Research Inc                     | Forrester Research, Inc.                       | CUSIP: 346563109<br>LEI: 549300UUSFXYLJ80Z897 | Long             | EC               | CORP              | US        |     30610 | NS      | $173252.60    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Fortrea Holdings Inc                       | Fortrea Holdings, Inc.                         | CUSIP: 34965K107<br>LEI: 5493000FIVFABOVCDU97 | Long             | EC               | CORP              | US        |     18421 | NS      | $173525.82    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Franklin Covey Co                          | Franklin Covey Co.                             | CUSIP: 353469109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     17724 | NS      | $279861.96    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Freightcar America Inc                     | Freightcar America, Inc.                       | CUSIP: 357023100<br>LEI: 254900UEML23YM2EQB31 | Long             | EC               | CORP              | US        |     27197 | NS      | $216760.09    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| FTAI Infrastructure Inc                    | FTAI Infrastructure, Inc.                      | CUSIP: 35953C106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    177231 | NS      | $875521.14    | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Gentherm Inc                               | Gentherm, Inc.                                 | CUSIP: 37253A103<br>LEI: HKM6YX1U5JS60TCUB219 | Long             | EC               | CORP              | US        |      5871 | NS      | $163096.38    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Geospace Technologies Corp                 | Geospace Technologies Corp.                    | CUSIP: 37364X109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     48510 | NS      | $591822.00    | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Gorman-Rupp Co/The                         | The Gorman-Rupp Co.                            | CUSIP: 383082104<br>LEI: 254900WVLPOIWPGJPA07 | Long             | EC               | CORP              | US        |      2490 | NS      | $154703.70    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Graham Corp                                | Graham Corp.                                   | CUSIP: 384556106<br>LEI: 254900EI9P4LTY524J77 | Long             | EC               | CORP              | US        |     13635 | NS      | $1076074.20   | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Hanmi Financial Corp                       | Hanmi Financial Corp.                          | CUSIP: 410495204<br>LEI: 549300MSZ7RCG7EA6587 | Long             | EC               | CORP              | US        |      5684 | NS      | $149830.24    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Harmony Biosciences Holdings I             | Harmony Biosciences Holdings, Inc.             | CUSIP: 413197104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     16590 | NS      | $464685.90    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Enviri Corp                                | Enviri Corp.                                   | CUSIP: 415864107<br>LEI: KAO98FK89NPNNPQGUZ43 | Long             | EC               | CORP              | US        |     46323 | NS      | $908857.26    | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Harvard Bioscience Inc                     | Harvard Bioscience, Inc.                       | CUSIP: 416906204<br>LEI: 549300VLGB1D47GGC642 | Long             | EC               | CORP              | US        |      8782 | NS      | $42770.78     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Healthcare Services Group Inc              | Healthcare Services Group, Inc.                | CUSIP: 421906108<br>LEI: 529900GVZ1D2FBYMS719 | Long             | EC               | CORP              | US        |      9234 | NS      | $171290.70    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| HealthStream Inc                           | HealthStream, Inc.                             | CUSIP: 42222N103<br>LEI: 529900OJ88H8635JNH64 | Long             | EC               | CORP              | US        |      8929 | NS      | $184919.59    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Heritage Financial Corp/WA                 | Heritage Financial Corp./WA                    | CUSIP: 42722X106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5818 | NS      | $151268.00    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Heritage Insurance Holdings In             | Heritage Insurance Holdings, Inc.              | CUSIP: 42727J102<br>LEI: 9845008CCYDD87F66B45 | Long             | EC               | CORP              | US        |     11432 | NS      | $300090.00    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Hurco Cos Inc                              | Hurco Cos., Inc.                               | CUSIP: 447324104<br>LEI: XSC5XDOTBYOBQPOG2O82 | Long             | EC               | CORP              | US        |     15945 | NS      | $234550.95    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Hycroft Mining Holding Corp                | Hycroft Mining Holding Corp.                   | CUSIP: 44862P208<br>LEI: 254900T7FYMGS29WIF55 | Long             | EC               | CORP              | US        |      5995 | NS      | $211024.00    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Immunome Inc                               | Immunome, Inc.                                 | CUSIP: 45257U108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     21305 | NS      | $465940.35    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| indie Semiconductor Inc                    | indie Semiconductor, Inc.                      | CUSIP: 45569U101<br>LEI: 254900L1MFXFYGB1PV53 | Long             | EC               | CORP              | US        |    152124 | NS      | $489839.28    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Information Services Group Inc             | Information Services Group, Inc.               | CUSIP: 45675Y104<br>LEI: 549300ZUNI6DQ0G8Q273 | Long             | EC               | CORP              | US        |     27818 | NS      | $106821.12    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| InfuSystem Holdings Inc                    | InfuSystem Holdings, Inc.                      | CUSIP: 45685K102<br>LEI: 549300F58N8PHJ4QUI59 | Long             | EC               | CORP              | US        |     34278 | NS      | $316385.94    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Innovex International Inc                  | Innovex International, Inc.                    | CUSIP: 457651107<br>LEI: 5299007REICYIJNMW197 | Long             | EC               | CORP              | US        |     20564 | NS      | $501555.96    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Insteel Industries Inc                     | Insteel Industries, Inc.                       | CUSIP: 45774W108<br>LEI: 52990026LKY4MOX3L174 | Long             | EC               | CORP              | US        |     13375 | NS      | $449533.75    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Interface Inc                              | Interface, Inc.                                | CUSIP: 458665304<br>LEI: 549300VXZWQOIDFPU355 | Long             | EC               | CORP              | US        |     19672 | NS      | $490226.24    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| inTEST Corp                                | inTEST Corp.                                   | CUSIP: 461147100<br>LEI: 549300RJJBPHDOAVDU15 | Long             | EC               | CORP              | US        |     52080 | NS      | $710892.00    | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Intrepid Potash Inc                        | Intrepid Potash, Inc.                          | CUSIP: 46121Y201<br>LEI: 549300OZ696E2PRRTO45 | Long             | EC               | CORP              | US        |      3704 | NS      | $158420.08    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Investors Title Co                         | Investors Title Co.                            | CUSIP: 461804106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1360 | NS      | $295582.40    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| iRadimed Corp                              | iRadimed Corp.                                 | CUSIP: 46266A109<br>LEI: 549300YVHWP0YJ1YW816 | Long             | EC               | CORP              | US        |     12558 | NS      | $1208833.08   | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Ironwood Pharmaceuticals Inc               | Ironwood Pharmaceuticals, Inc.                 | CUSIP: 46333X108<br>LEI: 549300PC8MR6QHH6P296 | Long             | EC               | CORP              | US        |     39387 | NS      | $138248.37    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Dakota Gold Corp                           | Dakota Gold Corp.                              | CUSIP: 46655E100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     33614 | NS      | $169750.70    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Joint Corp/The                             | The Joint Corp.                                | CUSIP: 47973J102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     22820 | NS      | $201957.00    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Key Tronic Corp                            | Key Tronic Corp.                               | CUSIP: 493144109<br>LEI: 40TF3VPKEM3IMMIU0O47 | Long             | EC               | CORP              | US        |     44020 | NS      | $120174.60    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Kopin Corp                                 | Kopin Corp.                                    | CUSIP: 500600101<br>LEI: 52990031GUBB61RXCD89 | Long             | EC               | CORP              | US        |    166575 | NS      | $374793.75    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Kura Sushi USA Inc                         | Kura Sushi USA, Inc.                           | CUSIP: 501270102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     11199 | NS      | $781578.21    | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| LSI Industries Inc                         | LSI Industries, Inc.                           | CUSIP: 50216C108<br>LEI: 529900HY42OANH6BVT33 | Long             | EC               | CORP              | US        |     20153 | NS      | $374845.80    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Lands' End Inc                             | Lands' End, Inc.                               | CUSIP: 51509F105<br>LEI: 54930016WOL7P2P67Q43 | Long             | EC               | CORP              | US        |     13838 | NS      | $155539.12    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| LeMaitre Vascular Inc                      | LeMaitre Vascular, Inc.                        | CUSIP: 525558201<br>LEI: 549300FZUBUB7MHY8R17 | Long             | EC               | CORP              | US        |      3980 | NS      | $434496.60    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| LendingTree Inc                            | LendingTree, Inc.                              | CUSIP: 52603B107<br>LEI: 549300ISY5YHUJZTON08 | Long             | EC               | CORP              | US        |      4042 | NS      | $173320.96    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Liquidity Services Inc                     | Liquidity Services, Inc.                       | CUSIP: 53635B107<br>LEI: 5299002AZ4ULSAXN0G81 | Long             | EC               | CORP              | US        |      8099 | NS      | $247586.43    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Liquidia Corp                              | Liquidia Corp.                                 | CUSIP: 53635D202<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4418 | NS      | $166735.32    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| MGP Ingredients Inc                        | MGP Ingredients, Inc.                          | CUSIP: 55303J106<br>LEI: 2549006OMHFVZ4MS8538 | Long             | EC               | CORP              | US        |     25560 | NS      | $470048.40    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| MVB Financial Corp                         | MVB Financial Corp.                            | CUSIP: 553810102<br>LEI: 549300KSUQ2FUU1X2O74 | Long             | EC               | CORP              | US        |      9230 | NS      | $229180.90    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Magnite Inc                                | Magnite, Inc.                                  | CUSIP: 55955D100<br>LEI: 54930018FR2YX1HHSB02 | Long             | EC               | CORP              | US        |     73469 | NS      | $872811.72    | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Malibu Boats Inc                           | Malibu Boats, Inc.                             | CUSIP: 56117J100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     15936 | NS      | $413061.12    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Mama's Creations Inc                       | Mama's Creations, Inc.                         | CUSIP: 56146T103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     48165 | NS      | $738851.10    | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Materion Corp                              | Materion Corp.                                 | CUSIP: 576690101<br>LEI: 549300CJ5RI351SUYT02 | Long             | EC               | CORP              | US        |      3994 | NS      | $577732.10    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Matrix Service Co                          | Matrix Service Co.                             | CUSIP: 576853105<br>LEI: 529900VYBKSX6HD2YW58 | Long             | EC               | CORP              | US        |     28725 | NS      | $329763.00    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Mayville Engineering Co Inc                | Mayville Engineering Co., Inc.                 | CUSIP: 578605107<br>LEI: 9845008D43E42A7FC362 | Long             | EC               | CORP              | US        |     26271 | NS      | $471564.45    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Medallion Financial Corp                   | Medallion Financial Corp.                      | CUSIP: 583928106<br>LEI: 549300FJ4FMGJ2C34Y48 | Long             | EC               | CORP              | US        |     54135 | NS      | $463395.60    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Pediatrix Medical Group Inc                | Pediatrix Medical Group, Inc.                  | CUSIP: 58502B106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     16420 | NS      | $351223.80    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Mercantile Bank Corp                       | Mercantile Bank Corp.                          | CUSIP: 587376104<br>LEI: P16VZZCKTJ5IONL6XE37 | Long             | EC               | CORP              | US        |      3816 | NS      | $192708.00    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Mesa Laboratories Inc                      | Mesa Laboratories, Inc.                        | CUSIP: 59064R109<br>LEI: 549300ZCG738WLX8ZW79 | Long             | EC               | CORP              | US        |     13009 | NS      | $1150255.78   | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Metalla Royalty & Streaming Lt             | Metalla Royalty & Streaming, Ltd.              | CUSIP: 59124U605<br>LEI: 549300RPR0O774QEKV20 | Long             | EC               | CORP              | CA        |     27198 | NS      | $180322.74    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| MiMedx Group Inc                           | MiMedx Group, Inc.                             | CUSIP: 602496101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     80919 | NS      | $319630.05    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Mineralys Therapeutics Inc                 | Mineralys Therapeutics, Inc.                   | CUSIP: 603170101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2990 | NS      | $80999.10     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Mitek Systems Inc                          | Mitek Systems, Inc.                            | CUSIP: 606710200<br>LEI: 549300ABZAQ3R25XG118 | Long             | EC               | CORP              | US        |     18844 | NS      | $254394.00    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Monarch Cement Co/The                      | The Monarch Cement Co.                         | CUSIP: 609031307<br>LEI: 549300ZMPJCNSENB3O72 | Long             | EC               | CORP              | US        |      1406 | NS      | $358530.00    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Montrose Environmental Group I             | Montrose Environmental Group, Inc.             | CUSIP: 615111101<br>LEI: 254900ASI8K3LUB8Q958 | Long             | EC               | CORP              | US        |     14629 | NS      | $320228.81    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Myers Industries Inc                       | Myers Industries, Inc.                         | CUSIP: 628464109<br>LEI: 549300I2H9XMVTCW4Q51 | Long             | EC               | CORP              | US        |     25120 | NS      | $532041.60    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| NVE Corp                                   | NVE Corp.                                      | CUSIP: 629445206<br>LEI: 5299003C1ATTWX8X0112 | Long             | EC               | CORP              | US        |      6797 | NS      | $445203.50    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Napco Security Technologies In             | Napco Security Technologies, Inc.              | CUSIP: 630402105<br>LEI: 529900KV21J4YY9YST76 | Long             | EC               | CORP              | US        |      7191 | NS      | $283253.49    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Natural Gas Services Group Inc             | Natural Gas Services Group, Inc.               | CUSIP: 63886Q109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4115 | NS      | $155300.10    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| NB Bancorp Inc                             | NB Bancorp, Inc.                               | CUSIP: 63945M107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     29730 | NS      | $626411.10    | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| NPK International Inc                      | NPK International, Inc.                        | CUSIP: 651718504<br>LEI: 54930073OHWDQW4DJN26 | Long             | EC               | CORP              | US        |     65225 | NS      | $945110.25    | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| 908 Devices Inc                            | 908 Devices, Inc.                              | CUSIP: 65443P102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    129866 | NS      | $794779.92    | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| nLight Inc                                 | nLight, Inc.                                   | CUSIP: 65487K100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      8473 | NS      | $483130.46    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Northern Technologies Internat             | Northern Technologies International Corp.      | CUSIP: 665809109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     38267 | NS      | $315320.08    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Northpointe Bancshares Inc                 | Northpointe Bancshares, Inc.                   | CUSIP: 66661N886<br>LEI: 549300EYMKMD4WKEKP72 | Long             | EC               | CORP              | US        |     17014 | NS      | $293661.64    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Northrim BanCorp Inc                       | Northrim BanCorp, Inc.                         | CUSIP: 666762109<br>LEI: 5493006X7RLLTZ3SG075 | Long             | EC               | CORP              | US        |     10398 | NS      | $237906.24    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| OP Bancorp                                 | OP Bancorp                                     | CUSIP: 67109R109<br>LEI: 549300LTYZMS0Q13U522 | Long             | EC               | CORP              | US        |     11908 | NS      | $158376.40    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Oil-Dri Corp of America                    | Oil-Dri Corp. of America                       | CUSIP: 677864100<br>LEI: 549300RSG5KPUH16WH66 | Long             | EC               | CORP              | US        |      7036 | NS      | $457973.24    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Oil States International Inc               | Oil States International, Inc.                 | CUSIP: 678026105<br>LEI: 5493004TF4KQJGMYL777 | Long             | EC               | CORP              | US        |     22051 | NS      | $256673.64    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Ondas Inc                                  | Ondas, Inc.                                    | CUSIP: 68236H204<br>LEI: 549300JWLHDUB82V8607 | Long             | EC               | CORP              | US        |     23982 | NS      | $216797.28    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| OneSpan Inc                                | OneSpan, Inc.                                  | CUSIP: 68287N100<br>LEI: 984500E502E6DC354D26 | Long             | EC               | CORP              | US        |     25105 | NS      | $264355.65    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Oportun Financial Corp                     | Oportun Financial Corp.                        | CUSIP: 68376D104<br>LEI: 549300351Y4J4FKIOR78 | Long             | EC               | CORP              | US        |     53776 | NS      | $247907.36    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| OptimizeRx Corp                            | OptimizeRx Corp.                               | CUSIP: 68401U204<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      9696 | NS      | $60890.88     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Orion Energy Systems Inc                   | Orion Energy Systems, Inc.                     | CUSIP: 686275207<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     13600 | NS      | $118864.00    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| OrthoPediatrics Corp                       | OrthoPediatrics Corp.                          | CUSIP: 68752L100<br>LEI: 5493000KUTPFGOPAT717 | Long             | EC               | CORP              | US        |     28075 | NS      | $445550.25    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Ouster Inc                                 | Ouster, Inc.                                   | CUSIP: 68989M202<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6978 | NS      | $128185.86    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Owlet Inc                                  | Owlet, Inc.                                    | CUSIP: 69120X206<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     26473 | NS      | $136071.22    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| PDF Solutions Inc                          | PDF Solutions, Inc.                            | CUSIP: 693282105<br>LEI: 549300GMSP6MROFBI160 | Long             | EC               | CORP              | US        |     11871 | NS      | $388300.41    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Pacira BioSciences Inc                     | Pacira BioSciences, Inc.                       | CUSIP: 695127100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     31569 | NS      | $713459.40    | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Park Aerospace Corp                        | Park Aerospace Corp.                           | CUSIP: 70014A104<br>LEI: 5299004AG0G7IB636095 | Long             | EC               | CORP              | US        |     34442 | NS      | $943021.96    | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Penguin Solutions Inc                      | Penguin Solutions, Inc.                        | CUSIP: 706915105<br>LEI: 254900DVWIPOY3GJ8E23 | Long             | EC               | CORP              | US        |      7207 | NS      | $126843.20    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Pennant Group Inc/The                      | The Pennant Group, Inc.                        | CUSIP: 70805E109<br>LEI: 5493007H2OYR6BYLDA64 | Long             | EC               | CORP              | US        |     16545 | NS      | $504291.60    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Perma-Fix Environmental Servic             | Perma-Fix Environmental Services, Inc.         | CUSIP: 714157203<br>LEI: 54930015OVD1T5P12U15 | Long             | EC               | CORP              | US        |     50900 | NS      | $544121.00    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Perma-Pipe International Holdi             | Perma-Pipe International Holdings, Inc.        | CUSIP: 714167103<br>LEI: 549300QBMR25XXRKXK93 | Long             | EC               | CORP              | US        |      4613 | NS      | $137513.53    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Perpetua Resources Corp                    | Perpetua Resources Corp.                       | CUSIP: 714266103<br>LEI: 529900BQBMS383SEPY05 | Long             | EC               | CORP              | CA        |      4179 | NS      | $117513.48    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Phibro Animal Health Corp                  | Phibro Animal Health Corp.                     | CUSIP: 71742Q106<br>LEI: 549300U24SP4AF2JUX52 | Long             | EC               | CORP              | US        |      6570 | NS      | $363386.70    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Photronics Inc                             | Photronics, Inc.                               | CUSIP: 719405102<br>LEI: 549300OK5JVNIBNY6F63 | Long             | EC               | CORP              | US        |      2757 | NS      | $111410.37    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Phreesia Inc                               | Phreesia, Inc.                                 | CUSIP: 71944F106<br>LEI: 5493000HHF8NU4QOCG53 | Long             | EC               | CORP              | US        |     45541 | NS      | $381633.58    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Porch Group Inc                            | Porch Group, Inc.                              | CUSIP: 733245104<br>LEI: 549300NXEI7CVW8IXQ90 | Long             | EC               | CORP              | US        |     19000 | NS      | $136230.00    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Power Solutions International              | Power Solutions International, Inc.            | CUSIP: 73933G202<br>LEI: 549300JWGWDXC70SNH31 | Long             | EC               | CORP              | US        |      2908 | NS      | $177039.04    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Praxis Precision Medicines Inc             | Praxis Precision Medicines, Inc.               | CUSIP: 74006W207<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       624 | NS      | $201046.56    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Proficient Auto Logistics Inc              | Proficient Auto Logistics, Inc.                | CUSIP: 74317M104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     88990 | NS      | $603352.20    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Pure Cycle Corp                            | Pure Cycle Corp.                               | CUSIP: 746228303<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     23839 | NS      | $239820.34    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| RCM Technologies Inc                       | RCM Technologies, Inc.                         | CUSIP: 749360400<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4741 | NS      | $90742.74     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Ranpak Holdings Corp                       | Ranpak Holdings Corp.                          | CUSIP: 75321W103<br>LEI: 5493000Z9EZR9DCYOO86 | Long             | EC               | CORP              | US        |     72726 | NS      | $259631.82    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Regional Management Corp                   | Regional Management Corp.                      | CUSIP: 75902K106<br>LEI: 549300S5O87W87JW4146 | Long             | EC               | CORP              | US        |     16980 | NS      | $547605.00    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| KORU Medical Systems Inc                   | KORU Medical Systems, Inc.                     | CUSIP: 759910102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     56926 | NS      | $245920.32    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Resources Connection Inc                   | Resources Connection, Inc.                     | CUSIP: 76122Q105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    124510 | NS      | $464422.30    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Rigel Pharmaceuticals Inc                  | Rigel Pharmaceuticals, Inc.                    | CUSIP: 766559702<br>LEI: 529900KPTNUS5J8K9K66 | Long             | EC               | CORP              | US        |      4483 | NS      | $121220.32    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| SM Energy Co                               | SM Energy Co.                                  | CUSIP: 78454L100<br>LEI: 84BUTVXV5ODI6BXNMH43 | Long             | EC               | CORP              | US        |      9904 | NS      | $308806.72    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Savers Value Village Inc                   | Savers Value Village, Inc.                     | CUSIP: 80517M109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     11461 | NS      | $85269.84     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Select Water Solutions Inc                 | Select Water Solutions, Inc.                   | CUSIP: 81617J301<br>LEI: 54930094OK8LA3QDW486 | Long             | EC               | CORP              | US        |    127300 | NS      | $1947690.00   | 1.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Sensus Healthcare Inc                      | Sensus Healthcare, Inc.                        | CUSIP: 81728J109<br>LEI: 549300F3JF8NCDJJZW04 | Long             | EC               | CORP              | US        |     11242 | NS      | $44743.16     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Shoe Carnival Inc                          | Shoe Carnival, Inc.                            | CUSIP: 824889109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     31283 | NS      | $487701.97    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| SI-BONE Inc                                | SI-BONE, Inc.                                  | CUSIP: 825704109<br>LEI: 549300J8JGYVJJHV9C31 | Long             | EC               | CORP              | US        |     46124 | NS      | $582546.12    | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Silvercrest Asset Management G             | Silvercrest Asset Management Group, Inc.       | CUSIP: 828359109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     20070 | NS      | $269740.80    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| ARS Pharmaceuticals Inc                    | ARS Pharmaceuticals, Inc.                      | CUSIP: 82835W108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      7551 | NS      | $60634.53     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Simulations Plus Inc                       | Simulations Plus, Inc.                         | CUSIP: 829214105<br>LEI: 529900KYRDJAQ8TJCG93 | Long             | EC               | CORP              | US        |     36985 | NS      | $437162.70    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| SmartFinancial Inc                         | SmartFinancial, Inc.                           | CUSIP: 83190L208<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3639 | NS      | $142212.12    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Solaris Energy Infrastructure              | Solaris Energy Infrastructure, Inc.            | CUSIP: 83418M103<br>LEI: 529900MTK3C8Y8TIIC10 | Long             | EC               | CORP              | US        |     10661 | NS      | $602453.11    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Soliid Power Inc                           | Soldi Power, Inc.                              | CUSIP: 83422N105<br>LEI: 5299001ZPFRA2QBIQK79 | Long             | EC               | CORP              | US        |     26049 | NS      | $78147.00     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Stabilis Solutions Inc                     | Stabilis Solutions, Inc.                       | CUSIP: 85236P101<br>LEI: 549300DGSR537OJW7P62 | Long             | EC               | CORP              | US        |     12090 | NS      | $53921.40     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Standard Motor Products Inc                | Standard Motor Products, Inc.                  | CUSIP: 853666105<br>LEI: THGK1EO5B5HK0JHQVZ90 | Long             | EC               | CORP              | US        |      3084 | NS      | $107138.16    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Stoke Therapeutics Inc                     | Stoke Therapeutics, Inc.                       | CUSIP: 86150R107<br>LEI: 549300RD25SS2DIJHJ67 | Long             | EC               | CORP              | US        |     14015 | NS      | $456328.40    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Supernus Pharmaceuticals Inc               | Supernus Pharmaceuticals, Inc.                 | CUSIP: 868459108<br>LEI: 549300GRM36VBKISYJ58 | Long             | EC               | CORP              | US        |      7591 | NS      | $392378.79    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| SuRo Capital Corp                          | SuRo Capital Corp.                             | CUSIP: 86887Q109<br>LEI: 549300YR4IAV0VJFWN84 | Long             | EC               | CORP              | US        |     21549 | NS      | $230789.79    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Sweetgreen Inc                             | Sweetgreen, Inc.                               | CUSIP: 87043Q108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     56057 | NS      | $290935.83    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Syndax Pharmaceuticals Inc                 | Syndax Pharmaceuticals, Inc.                   | CUSIP: 87164F105<br>LEI: 529900OF94TRHKZVBS87 | Long             | EC               | CORP              | US        |      7400 | NS      | $172864.00    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Tactile Systems Technology Inc             | Tactile Systems Technology, Inc.               | CUSIP: 87357P100<br>LEI: 54930069VDTITHOTKJ98 | Long             | EC               | CORP              | US        |      6345 | NS      | $165794.85    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Taseko Mines Ltd                           | Taseko Mines, Ltd.                             | CUSIP: 876511106<br>LEI: 549300XKUO1JSLU7KX54 | Long             | EC               | CORP              | CA        |     47408 | NS      | $305781.60    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Taylor Devices Inc                         | Taylor Devices, Inc.                           | CUSIP: 877163105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1756 | NS      | $100092.00    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Taysha Gene Therapies Inc                  | Taysha Gene Therapies, Inc.                    | CUSIP: 877619106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     41800 | NS      | $186846.00    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Tecogen Inc                                | Tecogen, Inc.                                  | CUSIP: 87876P201<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     21595 | NS      | $55283.20     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Tectonic Therapeutic Inc                   | Tectonic Therapeutic, Inc.                     | CUSIP: 878972108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3998 | NS      | $123578.18    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Texas Capital Bancshares Inc               | Texas Capital Bancshares, Inc.                 | CUSIP: 88224Q107<br>LEI: 549300466Q2SXRX0YM48 | Long             | EC               | CORP              | US        |      6095 | NS      | $578293.60    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Thermon Group Holdings Inc                 | Thermon Group Holdings, Inc.                   | CUSIP: 88362T103<br>LEI: 529900ZNZBBLDE77MZ38 | Long             | EC               | CORP              | US        |     30767 | NS      | $1550656.80   | 1.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Titan Machinery Inc                        | Titan Machinery, Inc.                          | CUSIP: 88830R101<br>LEI: 549300835ZM8G0BT5C94 | Long             | EC               | CORP              | US        |     11602 | NS      | $193985.44    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Transcat Inc                               | Transcat, Inc.                                 | CUSIP: 893529107<br>LEI: 54930081E40TSSHUOS40 | Long             | EC               | CORP              | US        |      9780 | NS      | $718341.00    | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Trevi Therapeutics Inc                     | Trevi Therapeutics, Inc.                       | CUSIP: 89532M101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     13180 | NS      | $157237.40    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Tutor Perini Corp                          | Tutor Perini Corp.                             | CUSIP: 901109108<br>LEI: 549300FHXYVPW8LJ6D98 | Long             | EC               | CORP              | US        |      2392 | NS      | $184638.48    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Twin Disc Inc                              | Twin Disc, Inc.                                | CUSIP: 901476101<br>LEI: 549300FR8EHCY14BLP32 | Long             | EC               | CORP              | US        |      4286 | NS      | $64590.02     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Tyra Biosciences Inc                       | Tyra Biosciences, Inc.                         | CUSIP: 90240B106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6078 | NS      | $232787.40    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| US Physical Therapy Inc                    | US Physical Therapy, Inc.                      | CUSIP: 90337L108<br>LEI: 529900KL1UXQYFIOMY96 | Long             | EC               | CORP              | US        |      5965 | NS      | $447136.40    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Ultra Clean Holdings Inc                   | Ultra Clean Holdings, Inc.                     | CUSIP: 90385V107<br>LEI: 5493007L6LS7QX18PE75 | Long             | EC               | CORP              | US        |     16289 | NS      | $1012850.02   | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Ultralife Corp                             | Ultralife Corp.                                | CUSIP: 903899102<br>LEI: 529900NVAFLKA00F3U05 | Long             | EC               | CORP              | US        |     17378 | NS      | $113304.56    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| American Coastal Insurance Cor             | American Coastal Insurance Corp.               | CUSIP: 910710102<br>LEI: 5299002P9105LJQA8G51 | Long             | EC               | CORP              | US        |     66755 | NS      | $750993.75    | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Antimony Corp                | U.S. Antimony Corp.                            | CUSIP: 911549103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     41241 | NS      | $360033.93    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Unity Bancorp Inc                          | Unity Bancorp, Inc.                            | CUSIP: 913290102<br>LEI: 549300Q90ZRNUR65PL93 | Long             | EC               | CORP              | US        |      3500 | NS      | $181405.00    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Universal Technical Institute              | Universal Technical Institute, Inc.            | CUSIP: 913915104<br>LEI: 2549003YOJGAZ0PVFV48 | Long             | EC               | CORP              | US        |      9485 | NS      | $342408.50    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Univest Financial Corp                     | Univest Financial Corp.                        | CUSIP: 915271100<br>LEI: 4WII2HCR8UEWNU03U507 | Long             | EC               | CORP              | US        |      5891 | NS      | $201825.66    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Utah Medical Products Inc                  | Utah Medical Products, Inc.                    | CUSIP: 917488108<br>LEI: 5493002R27BBGV8DID60 | Long             | EC               | CORP              | US        |      6762 | NS      | $419176.38    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| VAALCO Energy Inc                          | VAALCO Energy, Inc.                            | CUSIP: 91851C201<br>LEI: 549300CFHFVIWB8M6T24 | Long             | EC               | CORP              | US        |     98770 | NS      | $626201.80    | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Veeco Instruments Inc                      | Veeco Instruments, Inc.                        | CUSIP: 922417100<br>LEI: 5493004201F72ADDZW04 | Long             | EC               | CORP              | US        |     12433 | NS      | $420981.38    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Pursuit Attractions and Hospit             | Pursuit Attractions and Hospitality, Inc.      | CUSIP: 92552R406<br>LEI: 549300PXU4ZW7LPO5Y40 | Long             | EC               | CORP              | US        |      7349 | NS      | $269193.87    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Viant Technology Inc                       | Viant Technology, Inc.                         | CUSIP: 92557A101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10311 | NS      | $115483.20    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Victoria's Secret & Co                     | Victoria's Secret & Co.                        | CUSIP: 926400102<br>LEI: 5493006T3O70U3UWVF17 | Long             | EC               | CORP              | US        |       657 | NS      | $30458.52     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Vishay Precision Group Inc                 | Vishay Precision Group, Inc.                   | CUSIP: 92835K103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     23881 | NS      | $1036913.02   | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Wabash National Corp                       | Wabash National Corp.                          | CUSIP: 929566107<br>LEI: 5299004ZAWHQZI5XO485 | Long             | EC               | CORP              | US        |     40575 | NS      | $349756.50    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Climb Global Solutions Inc                 | Climb Global Solutions, Inc.                   | CUSIP: 946760105<br>LEI: 549300LKM16VX2FG7J68 | Long             | EC               | CORP              | US        |     34759 | NS      | $688923.38    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Weave Communications Inc                   | Weave Communications, Inc.                     | CUSIP: 94724R108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     55860 | NS      | $258073.20    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Werner Enterprises Inc                     | Werner Enterprises, Inc.                       | CUSIP: 950755108<br>LEI: 549300P6XRGOCHHJST37 | Long             | EC               | CORP              | US        |      9631 | NS      | $283247.71    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Whitestone REIT                            | Whitestone REIT                                | CUSIP: 966084204<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     13698 | NS      | $221222.70    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Xenon Pharmaceuticals Inc                  | Xenon Pharmaceuticals, Inc.                    | CUSIP: 98420N105<br>LEI: 549300XV44Q9Z1MIPQ03 | Long             | EC               | CORP              | CA        |      6862 | NS      | $399025.30    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Xeris Biopharma Holdings Inc               | Xeris Biopharma Holdings, Inc.                 | CUSIP: 98422E103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     58028 | NS      | $336562.40    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Zumiez Inc                                 | Zumiez, Inc.                                   | CUSIP: 989817101<br>LEI: 549300J0PDF58P6HZD25 | Long             | EC               | CORP              | US        |     13860 | NS      | $307137.60    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Zymeworks Inc                              | Zymeworks, Inc.                                | CUSIP: 98985Y108<br>LEI: 894500AHOYAGYLYZJL67 | Long             | EC               | CORP              | US        |     17838 | NS      | $446663.52    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Ichor Holdings Ltd                         | Ichor Holdings, Ltd.                           | CUSIP: G4740B105<br>LEI: 529900PS8R2JVLJ2H892 | Long             | EC               | CORP              | KY        |      5238 | NS      | $244143.18    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| International General Insuranc             | International General Insurance Holdings, Ltd. | CUSIP: G4809J106<br>LEI: N/A                  | Long             | EC               | CORP              | BM        |     23280 | NS      | $563958.00    | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Kiniksa Pharmaceuticals Intern             | Kiniksa Pharmaceuticals International PLC      | CUSIP: G52694109<br>LEI: N/A                  | Long             | EC               | CORP              | GB        |      6100 | NS      | $293715.00    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Rezolve AI PLC                             | Rezolve AI PLC                                 | CUSIP: G75398100<br>LEI: 2138007EPO6C1AEMWX44 | Long             | EC               | CORP              | GB        |     34878 | NS      | $89287.68     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Theravance Biopharma Inc                   | Theravance Biopharma, Inc.                     | CUSIP: G8807B106<br>LEI: 5493007VTSXP4Z6MIW52 | Long             | EC               | CORP              | KY        |      9661 | NS      | $156798.03    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Aebi Schmidt Holding AG                    | Aebi Schmidt Holding AG                        | CUSIP: H00501108<br>LEI: 506700TN58RT735OV464 | Long             | EC               | CORP              | CH        |     10164 | NS      | $98692.44     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Inmode Ltd                                 | Inmode, Ltd.                                   | CUSIP: M5425M103<br>LEI: 984500DD95A35E9BD358 | Long             | EC               | CORP              | IL        |     16714 | NS      | $228647.52    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                        | CME E-mini Russell 2000 Index Future           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |        11 | NC      | $1381710.00   | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| WaVe Life Sciences Ltd                     | WaVe Life Sciences, Ltd.                       | CUSIP: Y95308105<br>LEI: 54930070006GPKFYZ813 | Long             | EC               | CORP              | SG        |      5086 | NS      | $36873.50     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-04-29

**Name of Applicant:** Forum Funds II

**Signature:** /s/ Karen Shaw

**Name of Signer:** Karen Shaw

**Title:** Treasurer