# EDGAR Filing Document

**Accession Number:** 0001576367
**File Stem:** 0001576367-25-000075
**Filing Date:** 2025-11
**Character Count:** 108709
**Document Hash:** 030e9a1de2ef232af305637b7c7db838
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001576367-25-000075.hdr.sgml**: 20251118

**ACCESSION NUMBER**: 0001576367-25-000075

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251118

**DATE AS OF CHANGE**: 20251118

**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:** 251493615

**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)

September

30,

2025

Shares

Security

Description

Value

Common

Stock

-

97.5%

Basic

Materials

-

1.1%

45,133

Dakota

Gold

Corp.

(a) $

205,355

2,572

Kaiser

Aluminum

Corp.

198,456

45,525

Northern

Technologies

International

Corp.

350,998

82,222

Taseko

Mines,

Ltd.

(a) 347,799

1,102,608

Consumer

Discretionary

-

9.7%

6,240

Acme

United

Corp.

256,963

6,420

Allegiant

Travel

Co.

(a) 390,144

6,974

American

Public

Education,

Inc.

(a) 275,264

36,112

Arhaus,

Inc.

(a) 383,871

6,044

Beazer

Homes

USA,

Inc.

(a) 148,380

4,250

BJ's

Restaurants,

Inc.

(a) 129,753

2,247

Civeo

Corp.

51,681

5,734

Climb

Global

Solutions,

Inc.

773,173

35,812

Crown

Crafts,

Inc.

104,213

142,301

Digital

Turbine,

Inc.

(a) 910,726

48,165

Duluth

Holdings,

Inc.,

Class B

(a) 188,325

54,800

El

Pollo

Loco

Holdings,

Inc.

(a) 531,560

11,075

First

Watch

Restaurant

Group,

Inc.

(a) 173,213

74,910

Fluent,

Inc.

(a) 166,300

182,887

FTAI

Infrastructure,

Inc.

797,387

8,734

Gentherm,

Inc.

(a) 297,480

30,730

Guess?,

Inc.

513,498

27,396

Interface,

Inc.

792,840

5,607

Jack

in

the

Box,

Inc.

110,850

2,825

Kura

Sushi

USA,

Inc.,

Class A

(a) 167,833

18,498

Lands'

End,

Inc.

(a) 260,822

6,638

Liquidity

Services,

Inc.

(a) 182,080

10,153

Malibu

Boats,

Inc.,

Class A

(a) 329,465

5,440

Matthews

International

Corp.,

Class A

132,083

29,495

Owlet,

Inc.

(a) 249,823

9,441

Pursuit

Attractions

and

Hospitality,

Inc.

(a) 341,575

76,274

Sportsman's

Warehouse

Holdings,

Inc.

(a) 211,279

4,138

Standard

Motor

Products,

Inc.

168,913

28,475

Topgolf

Callaway

Brands

Corp.

(a) 270,513

13,441

Universal

Technical

Institute,

Inc.

(a) 437,505

657

Victoria's

Secret

&

Co.

(a) 17,831

17,025

Zumiez,

Inc.

(a) 333,860

10,099,203

Consumer

Staples

-

1.7%

48,206

Cronos

Group,

Inc.

(a) 134,013

53,503

Mama's

Creations,

Inc.

(a) 562,316

7,505

Oil-Dri

Corp.

of

America

458,105

49,616

SunOpta,

Inc.

(a) 290,750

5,131

The

Chefs'

Warehouse,

Inc.

(a) 299,291

1,744,475

Energy

-

4.5%

9,134

American

Superconductor

Corp.

(a) 542,468

1,159

Centrus

Energy

Corp.,

Class A

(a) 359,371

12,590

Civitas

Resources,

Inc.

409,175

10,277

Flotek

Industries,

Inc.

(a) 150,044

58,025

Geospace

Technologies

Corp.

(a) 1,100,154

21,835

Innovex

International,

Inc.

(a) 404,821

94,365

NPK

International,

Inc.

(a) 1,067,268

29,547

Oil

States

International,

Inc.

(a) 179,055

12,090

Stabilis

Solutions,

Inc.

(a) 52,713

115,050

VAALCO

Energy,

Inc.

462,501

4,727,570

Shares

Security

Description

Value

Financials

-

14.1%

6,752

Alpine

Banks

of

Colorado,

Class B

$

213,701

98,847

American

Coastal

Insurance

Corp.

(a) 1,125,867

6,860

Banco

Latinoamericano

de

Comercio

Exterior

SA,

Class E

315,354

1,916

Bank

First

Corp.

232,430

11,720

Bank

of

Marin

Bancorp

284,562

11,946

Bankwell

Financial

Group,

Inc.

528,611

7,392

Business

First

Bancshares,

Inc.

174,525

33,909

Capitol

Federal

Financial,

Inc.

215,322

8,344

Central

Pacific

Financial

Corp.

253,157

8,609

CNB

Financial

Corp.

208,338

5,670

Community

Trust

Bancorp,

Inc.

317,237

9,818

ConnectOne

Bancorp,

Inc.

243,585

18,385

Customers

Bancorp,

Inc.

(a) 1,201,827

2,311

Dave,

Inc.

(a) 460,698

6,660

Enova

International,

Inc.

(a) 766,499

5,431

First

Financial

Corp.

306,526

8,873

First

Internet

Bancorp

199,021

37,223

First

Western

Financial,

Inc.

(a) 857,060

29,136

Heritage

Commerce

Corp.

289,320

7,804

Heritage

Financial

Corp./WA

188,779

15,619

Heritage

Insurance

Holdings,

Inc.

(a) 393,286

12,320

Horizon

Bancorp,

Inc.

197,243

21,583

International

General

Insurance

Holdings,

Ltd.

500,726

1,656

Investors

Title

Co.

443,526

5,407

LendingTree,

Inc.

(a) 349,995

62,800

Medallion

Financial

Corp.

634,280

5,120

Mercantile

Bank

Corp.

230,400

36,531

Metalla

Royalty

&

Streaming,

Ltd.

(a) 231,972

14,000

Northrim

BanCorp,

Inc.

303,240

15,973

OP

Bancorp

222,344

6,533

Porch

Group,

Inc.

(a) 109,624

13,014

PRA

Group,

Inc.

(a) 200,936

19,730

Regional

Management

Corp.

768,681

18,019

Silvercrest

Asset

Management

Group,

Inc.

283,799

34,599

SuRo

Capital

Corp.

311,391

7,355

Texas

Capital

Bancshares,

Inc.

(a) 621,718

4,699

Unity

Bancorp,

Inc.

229,640

7,908

Univest

Financial

Corp.

237,398

14,652,618

Health

Care

-

21.2%

91,847

908

Devices,

Inc.

(a) 804,580

124,192

Accuray,

Inc.

(a) 207,401

43,529

Aclaris

Therapeutics,

Inc.

(a) 82,705

18,936

Adaptive

Biotechnologies

Corp.

(a) 283,283

3,409

Addus

HomeCare

Corp.

(a) 402,228

7,241

ADMA

Biologics,

Inc.

(a) 106,153

22,749

Agenus,

Inc.

(a) 87,584

8,500

AnaptysBio,

Inc.

(a) 260,270

10,139

ARS

Pharmaceuticals,

Inc.

(a) 101,897

14,183

Astria

Therapeutics,

Inc.

(a) 103,252

35,227

Avanos

Medical,

Inc.

(a) 407,224

20,612

Azenta,

Inc.

(a) 591,977

10,500

Beta

Bionics,

Inc.

(a) 208,635

10,631

Bicara

Therapeutics,

Inc.

(a) 167,863

21,532

BioLife

Solutions,

Inc.

(a) 549,281

11,307

CareDx,

Inc.

(a) 164,404

3,300

Celcuity,

Inc.

(a) 163,020

12,908

Cogent

Biosciences,

Inc.

(a) 185,359

12,257

Cormedix,

Inc.

(a) 142,549

19,469

Corvus

Pharmaceuticals,

Inc.

(a) 143,487

44,461

CytomX

Therapeutics,

Inc.

(a) 141,831

ACUITAS

US

MICROCAP

FUND

SCHEDULE

OF

INVESTMENTS

(Unaudited)

September

30,

2025

Shares

Security

Description

Value

Health

Care

-

21.2%

(continued)

8,738

Edgewise

Therapeutics,

Inc.

(a) $

141,730

20,290

Electromed,

Inc.

(a) 498,119

36,323

Embecta

Corp.

512,518

15,550

Eton

Pharmaceuticals,

Inc.

(a) 337,901

10,000

EyePoint

Pharmaceuticals,

Inc.

(a) 142,400

19,375

Harmony

Biosciences

Holdings,

Inc.

(a) 533,975

138,433

Harvard

Bioscience,

Inc.

(a) 60,703

12,414

Healthcare

Services

Group,

Inc.

(a) 208,928

7,841

HealthStream,

Inc.

221,430

17,500

Immunome,

Inc.

(a) 204,925

35,353

InfuSystem

Holdings,

Inc.

(a) 366,257

27,555

Inmode,

Ltd.

(a) 410,570

8,563

Intellia

Therapeutics,

Inc.

(a) 147,883

19,479

iRadimed

Corp.

1,386,126

4,779

Kiniksa

Pharmaceuticals

International

PLC

(a) 185,569

65,248

KORU

Medical

Systems,

Inc.

(a) 249,900

4,226

LeMaitre

Vascular,

Inc.

369,817

36,056

MannKind

Corp.

(a) 193,621

95,451

MiMedx

Group,

Inc.

(a) 666,248

126,282

Niagen

Bioscience,

Inc.

(a) 1,178,211

13,021

OptimizeRx

Corp.

(a) 266,930

24,438

Organogenesis

Holdings,

Inc.

(a) 103,128

10,295

Orthofix

Medical,

Inc.

(a) 150,719

13,598

OrthoPediatrics

Corp.

(a) 251,971

21,520

Pacira

BioSciences,

Inc.

(a) 554,570

24,663

Pediatrix

Medical

Group,

Inc.

(a) 413,105

9,829

Phibro

Animal

Health

Corp.,

Class A

397,681

51,353

Photronics,

Inc.

(a) 1,178,551

24,170

Phreesia,

Inc.

(a) 568,478

48,685

Quipt

Home

Medical

Corp.

(a) 127,068

6,017

Rigel

Pharmaceuticals,

Inc.

(a) 170,462

13,254

Sensus

Healthcare,

Inc.

(a) 41,618

36,781

SI-BONE,

Inc.

(a) 541,416

6,227

Stoke

Therapeutics,

Inc.

(a) 146,334

8,060

Supernus

Pharmaceuticals,

Inc.

(a) 385,187

14,952

Syndax

Pharmaceuticals,

Inc.

(a) 230,037

65,711

Taysha

Gene

Therapies,

Inc.

(a) 214,875

24,230

The

Joint

Corp.

(a) 231,154

19,806

The

Pennant

Group,

Inc.

(a) 499,507

12,970

Theravance

Biopharma,

Inc.

(a) 189,362

17,837

Trevi

Therapeutics,

Inc.

(a) 163,209

9,821

Tyra

Biosciences,

Inc.

(a) 137,396

4,198

US

Physical

Therapy,

Inc.

356,620

5,250

Utah

Medical

Products,

Inc.

330,592

6,121

Xenon

Pharmaceuticals,

Inc.

(a) 245,758

63,531

Xeris

Biopharma

Holdings,

Inc.

(a) 517,142

20,378

Zymeworks,

Inc.

(a) 348,056

22,082,740

Industrials

-

24.4%

6,758

Aebi

Schmidt

Holding

AG

(a) 84,272

8,469

AerSale

Corp.

(a) 69,361

20,927

Allient,

Inc.

936,483

28,942

Amprius

Technologies,

Inc.

(a) 304,470

6,977

Applied

Digital

Corp.

(a) 160,052

32,149

Archer

Aviation,

Inc.,

Class A

(a) 307,988

25,366

Barrett

Business

Services,

Inc.

1,124,221

3,541

Bel

Fuse,

Inc.,

Class B

499,352

42,915

BGSF,

Inc.

(a) 304,697

5,917

BlueLinx

Holdings,

Inc.

(a) 432,414

8,819

CECO

Environmental

Corp.

(a) 451,533

14,763

Columbus

McKinnon

Corp.

211,701

65,128

Concrete

Pumping

Holdings,

Inc.

(a) 459,152

Shares

Security

Description

Value

Industrials

-

24.4%

(continued)

52,087

Core

Molding

Technologies,

Inc.

(a) $

1,070,388

3,832

CRA

International,

Inc.

799,087

58,358

Cryoport,

Inc.

(a) 553,234

189,600

DHI

Group,

Inc.

(a) 527,088

26,357

Ducommun,

Inc.

(a) 2,533,698

1,916

DXP

Enterprises,

Inc./TX

(a) 228,138

22,610

eHealth,

Inc.

(a) 97,449

17,778

Energy

Recovery,

Inc.

(a) 274,137

26,991

Enovix

Corp.

(a) 269,100

14,061

Franklin

Covey

Co.

(a) 272,924

16,393

Freightcar

America,

Inc.

(a) 160,324

19,907

Graham

Corp.

(a) 1,092,894

29,289

Great

Lakes

Dredge

&

Dock

Corp.

(a) 351,175

37,443

Information

Services

Group,

Inc.

215,297

11,502

Insteel

Industries,

Inc.

440,987

23,172

Janus

International

Group,

Inc.

(a) 228,708

21,676

Kornit

Digital,

Ltd.

(a) 292,626

20,554

Mayville

Engineering

Co.,

Inc.

(a) 282,823

12,582

Mesa

Laboratories,

Inc.

843,120

13,153

Montrose

Environmental

Group,

Inc.

(a) 361,181

29,460

Myers

Industries,

Inc.

499,052

7,635

Napco

Security

Technologies,

Inc.

327,923

6,085

Natural

Gas

Services

Group,

Inc.

170,319

16,655

Orion

Energy

Systems,

Inc.

(a) 145,565

34,240

Park

Aerospace

Corp.

696,442

4,425

Primoris

Services

Corp.

607,685

79,394

Proficient

Auto

Logistics,

Inc.

(a) 547,025

79,956

Ranpak

Holdings

Corp.

(a) 449,353

2,929

RCM

Technologies,

Inc.

(a) 77,765

143,450

Resources

Connection,

Inc.

724,423

48,358

Soldi

Power,

Inc.

(a) 167,802

7,937

Tectonic

Therapeutic,

Inc.

(a) 124,532

3,344

The

Gorman-Rupp

Co.

155,195

2,052

The

Monarch

Cement

Co.

479,819

40,221

Thermon

Group

Holdings,

Inc.

(a) 1,074,705

12,700

Titan

Machinery,

Inc.

(a) 212,598

5,864

Transcat,

Inc.

(a) 429,245

12,311

Ultra

Clean

Holdings,

Inc.

(a) 335,475

17,538

Ultralife

Corp.

(a) 119,609

39,668

Vishay

Precision

Group,

Inc.

(a) 1,271,359

48,476

Wabash

National

Corp.

478,458

25,334,423

Real

Estate

-

1.8%

71,680

Apartment

Investment

and

Management

Co.

REIT

(a) 568,422

49,359

Plymouth

Industrial

REIT,

Inc.

1,102,187

18,389

Whitestone

REIT

225,817

1,896,426

Technology

-

14.3%

29,217

A10

Networks,

Inc.

530,289

143,582

ADTRAN

Holdings,

Inc.

(a) 1,346,799

7,689

Aeva

Technologies,

Inc.

(a) 111,491

70,838

Amplitude,

Inc.,

Class A

(a) 759,383

11,600

Arlo

Technologies,

Inc.

(a) 196,620

45,412

Arteris,

Inc.

(a) 458,661

45,185

AstroNova,

Inc.

(a) 462,694

31,170

Asure

Software,

Inc.

(a) 255,594

17,149

Backblaze,

Inc.,

Class A

(a) 159,143

29,229

Blaze

Holdings,

Inc.

(a) 100,840

10,432

Cerence,

Inc.

(a) 129,983

16,840

CEVA,

Inc.

(a) 444,744

24,702

Cohu,

Inc.

(a) 502,192

15,932

Consensus

Cloud

Solutions,

Inc.

(a) 467,923

ACUITAS

US

MICROCAP

FUND

SCHEDULE

OF

INVESTMENTS

(Unaudited)

September

30,

2025

At

September

30,

2025

,

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

September

30,

2025. 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

-

14.3%

(continued)

9,529

Donnelley

Financial

Solutions,

Inc.

(a) $

490,077

36,527

Evolv

Technologies

Holdings,

Inc.

(a) 275,779

17,738

Hurco

Cos.,

Inc.

(a) 308,641

16,272

Ichor

Holdings,

Ltd.

(a) 285,085

24,502

Immersion

Corp.

179,845

173,315

indie

Semiconductor,

Inc.,

Class A

(a) 705,392

40,148

inTEST

Corp.

(a) 313,556

52,100

Key

Tronic

Corp.

(a) 185,997

46,253

Magnite,

Inc.

(a) 1,007,390

4,042

Materion

Corp.

488,314

16,253

Mitek

Systems,

Inc.

(a) 158,792

15,274

nLight,

Inc.

(a) 452,569

7,217

NVE

Corp.

471,054

28,826

OneSpan,

Inc.

458,045

9,368

Ouster,

Inc.

(a) 253,404

12,605

PDF

Solutions,

Inc.

(a) 325,461

9,673

Penguin

Solutions,

Inc.

(a) 254,207

67,010

Rackspace

Technology,

Inc.

(a) 94,484

52,108

Ribbon

Communications,

Inc.

(a) 198,010

19,260

Shutterstock,

Inc.

401,571

21,971

Solaris

Energy

Infrastructure,

Inc.,

Class A

878,181

100,625

Teads

Holding

Co.

(a) 166,031

15,761

Veeco

Instruments,

Inc.

(a) 479,607

13,878

Viant

Technology,

Inc.,

Class A

(a) 119,767

14,877,615

Telecommunications

-

1.6%

43,075

Aviat

Networks,

Inc.

(a) 987,710

81,074

Ondas

Holdings,

Inc.

(a) 625,891

1,613,601

Utilities

-

3.1%

20,116

Aris

Water

Solutions,

Inc.,

Class A

496,061

47,850

Enviri

Corp.

(a) 607,217

59,793

Perma-Fix

Environmental

Services,

Inc.

(a) 603,909

25,470

Pure

Cycle

Corp.

(a) 281,953

115,557

Select

Water

Solutions,

Inc.,

Class A

1,235,304

3,224,444

Total

Common

Stock

(Cost

$82,986,432)

101,355,723

Shares

Security

Description

Value

Money

Market

Fund

-

2.4%

2,515,494

First

American

Government

Obligations

Fund,

Class X,

4.04%

(b) (Cost

$2,515,494)

2,515,494

Investments,

at

value

-

99.9%

(Cost

$85,501,926)

$

103,871,217

Other

Assets

&

Liabilities,

Net

-

0.1%

116,333

Net

Assets

-

100.0%

$

103,987,550

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

September

30,

2025. Contracts

Description

Exp.

Date

Notional

Contract

Value

Value

Net

Unrealized

Appreciation

CME

E-mini

Russell

2000

Index

Future

12/12/25

$

1,093,558

$

1,104,975

$

11,417

Valuation

Inputs

Investments

in

Securities

Other

Financial

Instruments\*

Level

-

Quoted

Prices

$

103,871,217

$

11,417

Level

-

Other

Significant

Observable

Inputs

–

–

Level

-

Significant

Unobservable

Inputs

–

–

Total

$

103,871,217

$

11,417

## 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:** 2025-09-30

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $104124725.18

**Total Liabilities:** $136967.15

**Net Assets:** $103987758.03

**Cash Not Reported:** $238148.53

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000142990 | 0.44%                | 8.43%                | 2.35%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $1339695.62              | $-895113.72                                |
| Month 2  | $1263717.51              | $6568050.86                                |
| Month 3  | $882943.14               | $1514840.64                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| ADMA Biologics Inc                         | ADMA Biologics, Inc.                           | CUSIP: 000899104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      7241 | NS      | $106153.06    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| A10 Networks Inc                           | A10 Networks, Inc.                             | CUSIP: 002121101<br>LEI: 549300UQD4IWUML81Q35 | Long             | EC               | CORP              | US        |     29217 | NS      | $530288.55    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Accuray Inc                                | Accuray, Inc.                                  | CUSIP: 004397105<br>LEI: 549300G28LY4TZKZJG51 | Long             | EC               | CORP              | US        |    124192 | NS      | $207400.64    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Aclaris Therapeutics Inc                   | Aclaris Therapeutics, Inc.                     | CUSIP: 00461U105<br>LEI: 5493000B2LQ9QTW1DF52 | Long             | EC               | CORP              | US        |     43529 | NS      | $82705.10     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Acme United Corp                           | Acme United Corp.                              | CUSIP: 004816104<br>LEI: 549300NVT8NN13WP8M83 | Long             | EC               | CORP              | US        |      6240 | NS      | $256963.20    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| ADTRAN Holdings Inc                        | ADTRAN Holdings, Inc.                          | CUSIP: 00486H105<br>LEI: 549300VV36J86CRRWF77 | Long             | EC               | CORP              | US        |    143582 | NS      | $1346799.16   | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Adaptive Biotechnologies Corp              | Adaptive Biotechnologies Corp.                 | CUSIP: 00650F109<br>LEI: 549300ZTF7OT1FW66Q96 | Long             | EC               | CORP              | US        |     18936 | NS      | $283282.56    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Addus HomeCare Corp                        | Addus HomeCare Corp.                           | CUSIP: 006739106<br>LEI: 52990090ZT33AKPDBX62 | Long             | EC               | CORP              | US        |      3409 | NS      | $402227.91    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| AerSale Corp                               | AerSale Corp.                                  | CUSIP: 00810F106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      8469 | NS      | $69361.11     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Aeva Technologies Inc                      | Aeva Technologies, Inc.                        | CUSIP: 00835Q202<br>LEI: 529900EOW3TB2FR95A21 | Long             | EC               | CORP              | US        |      7689 | NS      | $111490.50    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Agenus Inc                                 | Agenus, Inc.                                   | CUSIP: 00847G804<br>LEI: 529900NDQQGU5H4UJK81 | Long             | EC               | CORP              | US        |     22749 | NS      | $87583.65     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Allegiant Travel Co                        | Allegiant Travel Co.                           | CUSIP: 01748X102<br>LEI: 549300JM9OZXOHWL2K18 | Long             | EC               | CORP              | US        |      6420 | NS      | $390143.40    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Allient Inc                                | Allient, Inc.                                  | CUSIP: 019330109<br>LEI: 549300I2LHAWYGNBPM97 | Long             | EC               | CORP              | US        |     20927 | NS      | $936483.25    | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Alpine Banks of Colorado                   | Alpine Banks of Colorado                       | CUSIP: 020810107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6752 | NS      | $213700.80    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| American Public Education Inc              | American Public Education, Inc.                | CUSIP: 02913V103<br>LEI: 254900GZNX6TJQGM4S17 | Long             | EC               | CORP              | US        |      6974 | NS      | $275263.78    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| American Superconductor Corp               | American Superconductor Corp.                  | CUSIP: 030111207<br>LEI: 549300S9YT8Z8LOK4452 | Long             | EC               | CORP              | US        |      9134 | NS      | $542468.26    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Amplitude Inc                              | Amplitude, Inc.                                | CUSIP: 03213A104<br>LEI: 984500EZ87C703978858 | Long             | EC               | CORP              | US        |     70838 | NS      | $759383.36    | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Amprius Technologies Inc                   | Amprius Technologies, Inc.                     | CUSIP: 03214Q108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     28942 | NS      | $304469.84    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| AnaptysBio Inc                             | AnaptysBio, Inc.                               | CUSIP: 032724106<br>LEI: 529900HH4WQT03IG1A12 | Long             | EC               | CORP              | US        |      8500 | NS      | $260270.00    | 0.25%             |  |  |  | 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      | $568422.40    | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Applied Digital Corp                       | Applied Digital Corp.                          | CUSIP: 038169207<br>LEI: 2549004NE2B6RYXINZ02 | Long             | EC               | CORP              | US        |      6977 | NS      | $160052.38    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Archer Aviation Inc                        | Archer Aviation, Inc.                          | CUSIP: 03945R102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     32149 | NS      | $307987.42    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Arhaus Inc                                 | Arhaus, Inc.                                   | CUSIP: 04035M102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     36112 | NS      | $383870.56    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Aris Water Solutions Inc                   | Aris Water Solutions, Inc.                     | CUSIP: 04041L106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     20116 | NS      | $496060.56    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Arlo Technologies Inc                      | Arlo Technologies, Inc.                        | CUSIP: 04206A101<br>LEI: 549300T4EUX2OQ75HV52 | Long             | EC               | CORP              | US        |     11600 | NS      | $196620.00    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Arteris Inc                                | Arteris, Inc.                                  | CUSIP: 04302A104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     45412 | NS      | $458661.20    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Astria Therapeutics Inc                    | Astria Therapeutics, Inc.                      | CUSIP: 04635X102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     14183 | NS      | $103252.24    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| AstroNova Inc                              | AstroNova, Inc.                                | CUSIP: 04638F108<br>LEI: 549300D8PFP62QX00223 | Long             | EC               | CORP              | US        |     45185 | NS      | $462694.40    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Asure Software Inc                         | Asure Software, Inc.                           | CUSIP: 04649U102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     31170 | NS      | $255594.00    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Avanos Medical Inc                         | Avanos Medical, Inc.                           | CUSIP: 05350V106<br>LEI: 549300YCXWOM7NEWMQ58 | Long             | EC               | CORP              | US        |     35227 | NS      | $407224.12    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Aviat Networks Inc                         | Aviat Networks, Inc.                           | CUSIP: 05366Y201<br>LEI: 549300Z3X8Z4MK52CI65 | Long             | EC               | CORP              | US        |     43075 | NS      | $987709.75    | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Bicara Therapeutics Inc                    | Bicara Therapeutics, Inc.                      | CUSIP: 055477103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10631 | NS      | $167863.49    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| BGSF Inc                                   | BGSF, Inc.                                     | CUSIP: 05601C105<br>LEI: 549300AUC6I9ZG3KKQ91 | Long             | EC               | CORP              | US        |     42915 | NS      | $304696.50    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Backblaze Inc                              | Backblaze, Inc.                                | CUSIP: 05637B105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     17149 | NS      | $159142.72    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank First Corp                            | Bank First Corp.                               | CUSIP: 06211J100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1916 | NS      | $232429.96    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of Marin Bancorp                      | Bank of Marin Bancorp                          | CUSIP: 063425102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     11720 | NS      | $284561.60    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Bankwell Financial Group Inc               | Bankwell Financial Group, Inc.                 | CUSIP: 06654A103<br>LEI: 5493004NUBQXPY84NX67 | Long             | EC               | CORP              | US        |     11946 | NS      | $528610.50    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Barrett Business Services Inc              | Barrett Business Services, Inc.                | CUSIP: 068463108<br>LEI: 529900HXB6TMG0SR9Y34 | Long             | EC               | CORP              | US        |     25366 | NS      | $1124221.12   | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Beazer Homes USA Inc                       | Beazer Homes USA, Inc.                         | CUSIP: 07556Q881<br>LEI: 549300DUPYT2T0F60I45 | Long             | EC               | CORP              | US        |      6044 | NS      | $148380.20    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Bel Fuse Inc                               | Bel Fuse, Inc.                                 | CUSIP: 077347300<br>LEI: 2549009L4XYDBRRY6X39 | Long             | EC               | CORP              | US        |      3541 | NS      | $499351.82    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| BioLife Solutions Inc                      | BioLife Solutions, Inc.                        | CUSIP: 09062W204<br>LEI: 549300G2IVCMC2TJDW72 | Long             | EC               | CORP              | US        |     19859 | NS      | $506603.09    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| BJ's Restaurants Inc                       | BJ's Restaurants, Inc.                         | CUSIP: 09180C106<br>LEI: 5299000EOW66I1OJNQ23 | Long             | EC               | CORP              | US        |      4250 | NS      | $129752.50    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Blaze Holdings Inc                         | Blaze Holdings, Inc.                           | CUSIP: 092915107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     29229 | NS      | $100840.05    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| BlueLinx Holdings Inc                      | BlueLinx Holdings, Inc.                        | CUSIP: 09624H208<br>LEI: 549300YSX7GU28F5I540 | Long             | EC               | CORP              | US        |      5917 | NS      | $432414.36    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Azenta Inc                                 | Azenta, Inc.                                   | CUSIP: 114340102<br>LEI: 35ZN6X1ANPH25YN32Y17 | Long             | EC               | CORP              | US        |     20612 | NS      | $591976.64    | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Business First Bancshares Inc              | Business First Bancshares, Inc.                | CUSIP: 12326C105<br>LEI: 549300ILTC50KHDX4A08 | Long             | EC               | CORP              | US        |      7392 | NS      | $174525.12    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| CECO Environmental Corp                    | CECO Environmental Corp.                       | CUSIP: 125141101<br>LEI: 5493002CZCTL4HGLIY91 | Long             | EC               | CORP              | US        |      8980 | NS      | $459776.00    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| CNB Financial Corp/PA                      | CNB Financial Corp.                            | CUSIP: 126128107<br>LEI: 254900RUYUOKD91VNX69 | Long             | EC               | CORP              | US        |      8609 | NS      | $208337.80    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| CRA International Inc                      | CRA International, Inc.                        | CUSIP: 12618T105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3832 | NS      | $799086.96    | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Topgolf Callaway Brands Corp               | Topgolf Callaway Brands Corp.                  | CUSIP: 131193104<br>LEI: 5493005UB0KFRKBPCU72 | Long             | EC               | CORP              | US        |     28475 | NS      | $270512.50    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Capitol Federal Financial Inc              | Capitol Federal Financial, Inc.                | CUSIP: 14057J101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     33909 | NS      | $215322.15    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| CareDx Inc                                 | CareDx, Inc.                                   | CUSIP: 14167L103<br>LEI: 549300NQOFKL9NON0U06 | Long             | EC               | CORP              | US        |     11307 | NS      | $164403.78    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Celucity Inc.                              | Celcuity, Inc.                                 | CUSIP: 15102K100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3300 | NS      | $163020.00    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Central Pacific Financial Corp             | Central Pacific Financial Corp.                | CUSIP: 154760409<br>LEI: 549300W3YEAOZ4KGG849 | Long             | EC               | CORP              | US        |      8344 | NS      | $253156.96    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Centrus Energy Corp                        | Centrus Energy Corp.                           | CUSIP: 15643U104<br>LEI: 549300G6VDK9G8276661 | Long             | EC               | CORP              | US        |      1159 | NS      | $359371.13    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Cerence, Inc.                              | Cerence, Inc.                                  | CUSIP: 156727109<br>LEI: 5493002WL2W5WMS89568 | Long             | EC               | CORP              | US        |     10432 | NS      | $129982.72    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| CEVA Inc                                   | CEVA, Inc.                                     | CUSIP: 157210105<br>LEI: 529900G9T7CVU2J2VU73 | Long             | EC               | CORP              | US        |     16840 | NS      | $444744.40    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Chefs' Warehouse Inc/The                   | The Chefs' Warehouse, Inc.                     | CUSIP: 163086101<br>LEI: 549300JYEDC8C547E980 | Long             | EC               | CORP              | US        |      5131 | NS      | $299291.23    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Niagen Bioscience Inc                      | Niagen Bioscience, Inc.                        | CUSIP: 171077407<br>LEI: 529900OPI7B8JPXCVS70 | Long             | EC               | CORP              | US        |    126282 | NS      | $1178211.06   | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Civeo Corp                                 | Civeo Corp.                                    | CUSIP: 17878Y207<br>LEI: 254900H0BM0N0O4MSY43 | Long             | EC               | CORP              | CA        |      2247 | NS      | $51681.00     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Civitas Resources Inc                      | Civitas Resources, Inc.                        | CUSIP: 17888H103<br>LEI: IIVIHPH28S64K95M2381 | Long             | EC               | CORP              | US        |     12590 | NS      | $409175.00    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Cogent Biosciences Inc                     | Cogent Biosciences, Inc.                       | CUSIP: 19240Q201<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     12908 | NS      | $185358.88    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Cohu Inc                                   | Cohu, Inc.                                     | CUSIP: 192576106<br>LEI: 529900FJPORJ3JJ2XS33 | Long             | EC               | CORP              | US        |     24702 | NS      | $502191.66    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Columbus McKinnon Corp/NY                  | Columbus McKinnon Corp.                        | CUSIP: 199333105<br>LEI: 549300W3HQB0HO1F3G69 | Long             | EC               | CORP              | US        |     14763 | NS      | $211701.42    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Community Trust Bancorp Inc                | Community Trust Bancorp, Inc.                  | CUSIP: 204149108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5670 | NS      | $317236.50    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Concrete Pumping Holdings Inc              | Concrete Pumping Holdings, Inc.                | CUSIP: 206704108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     65128 | NS      | $459152.40    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| ConnectOne Bancorp Inc                     | ConnectOne Bancorp, Inc.                       | CUSIP: 20786W107<br>LEI: 549300E2M5ZYAZKUK134 | Long             | EC               | CORP              | US        |      9818 | NS      | $243584.58    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Consensus Cloud Solutions Inc              | Consensus Cloud Solutions, Inc.                | CUSIP: 20848V105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     15932 | NS      | $467922.84    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Core Molding Technologies Inc              | Core Molding Technologies, Inc.                | CUSIP: 218683100<br>LEI: 549300ZY2MFRXCKVIJ28 | Long             | EC               | CORP              | US        |     52087 | NS      | $1070387.85   | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Cormedix Inc                               | Cormedix, Inc.                                 | CUSIP: 21900C308<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     12257 | NS      | $142548.91    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Corvus Pharmaceuticals Inc                 | Corvus Pharmaceuticals, Inc.                   | CUSIP: 221015100<br>LEI: 549300I3AVJ8F75NCX65 | Long             | EC               | CORP              | US        |     19469 | NS      | $143486.53    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Cronos Group Inc                           | Cronos Group, Inc.                             | CUSIP: 22717L101<br>LEI: 549300CWB04E8UOTWX71 | Long             | EC               | CORP              | CA        |     48206 | NS      | $134012.68    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Crown Crafts Inc                           | Crown Crafts, Inc.                             | CUSIP: 228309100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     35812 | NS      | $104212.92    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Cryoport, Inc.                             | Cryoport, Inc.                                 | CUSIP: 229050307<br>LEI: 9845004D8538BT8JF626 | Long             | EC               | CORP              | US        |     58358 | NS      | $553233.84    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Customers Bancorp Inc                      | Customers Bancorp, Inc.                        | CUSIP: 23204G100<br>LEI: 549300WLBCHYKZ53FN68 | Long             | EC               | CORP              | US        |     18385 | NS      | $1201827.45   | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| CytomX Therapeutics Inc                    | CytomX Therapeutics, Inc.                      | CUSIP: 23284F105<br>LEI: 5493004VW2FW0QLL3345 | Long             | EC               | CORP              | US        |     44461 | NS      | $141830.59    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| DHI Group Inc                              | DHI Group, Inc.                                | CUSIP: 23331S100<br>LEI: 529900489RAC0CU0AO81 | Long             | EC               | CORP              | US        |    189600 | NS      | $527088.00    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| DXP Enterprises Inc/TX                     | DXP Enterprises, Inc./TX                       | CUSIP: 233377407<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1916 | NS      | $228138.12    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Dave Inc                                   | Dave, Inc.                                     | CUSIP: 23834J201<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2011 | NS      | $400892.85    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Digital Turbine Inc                        | Digital Turbine, Inc.                          | CUSIP: 25400W102<br>LEI: 549300D0WZR1VI2QGB24 | Long             | EC               | CORP              | US        |    148790 | NS      | $952256.00    | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Donnelley Financial Solutions              | Donnelley Financial Solutions, Inc.            | CUSIP: 25787G100<br>LEI: 549300O1NPY4J56QCU04 | Long             | EC               | CORP              | US        |      9529 | NS      | $490076.47    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Ducommun Inc                               | Ducommun, Inc.                                 | CUSIP: 264147109<br>LEI: 549300Z71HMWF90S2214 | Long             | EC               | CORP              | US        |     26357 | NS      | $2533698.41   | 2.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Duluth Holdings Inc                        | Duluth Holdings, Inc.                          | CUSIP: 26443V101<br>LEI: 549300B6G8G3WGHFYU15 | Long             | EC               | CORP              | US        |     48165 | NS      | $188325.15    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| El Pollo Loco Holdings Inc                 | El Pollo Loco Holdings, Inc.                   | CUSIP: 268603107<br>LEI: 549300EZCBNF4G707K90 | Long             | EC               | CORP              | US        |     54800 | NS      | $531560.00    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Edgewise Therapeutics Inc                  | Edgewise Therapeutics, Inc.                    | CUSIP: 28036F105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      8738 | NS      | $141730.36    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| eHealth Inc                                | eHealth, Inc.                                  | CUSIP: 28238P109<br>LEI: 5299003O8Y5OKXUZQ421 | Long             | EC               | CORP              | US        |     22610 | NS      | $97449.10     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Electromed Inc                             | Electromed, Inc.                               | CUSIP: 285409108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     20290 | NS      | $498119.50    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Embecta Corp                               | Embecta Corp.                                  | CUSIP: 29082K105<br>LEI: 549300RPG8GXVDHNXZ62 | Long             | EC               | CORP              | US        |     36323 | NS      | $512517.53    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Energy Recovery Inc                        | Energy Recovery, Inc.                          | CUSIP: 29270J100<br>LEI: 549300ZEQL52Z525WJ22 | Long             | EC               | CORP              | US        |     17778 | NS      | $274136.76    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Enova International Inc                    | Enova International, Inc.                      | CUSIP: 29357K103<br>LEI: 549300O8XOCQSB49UO63 | Long             | EC               | CORP              | US        |      6660 | NS      | $766499.40    | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Enovix Corp                                | Enovix Corp.                                   | CUSIP: 293594107<br>LEI: 549300EC7NZGWORHYJ53 | Long             | EC               | CORP              | US        |     26991 | NS      | $269100.27    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Eton Pharmaceuticals Inc                   | Eton Pharmaceuticals, Inc.                     | CUSIP: 29772L108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     15550 | NS      | $337901.50    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Evolv Technologies Holdings In             | Evolv Technologies Holdings, Inc.              | CUSIP: 30049H102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     36527 | NS      | $275778.85    | 0.27%             |  |  |  | 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        |   2515494 | NS      | $2515494.44   | 2.42%             |  |  |  | No            |                  1 | On Loan: No      |
| First Financial Corp                       | First Financial Corp.                          | CUSIP: 320218100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5431 | NS      | $306525.64    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| First Internet Bancorp                     | First Internet Bancorp                         | CUSIP: 320557101<br>LEI: 549300T25MP2M92XU194 | Long             | EC               | CORP              | US        |      8873 | NS      | $199021.39    | 0.19%             |  |  |  | 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        |     11075 | NS      | $173213.00    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| First Western Financial Inc                | First Western Financial, Inc.                  | CUSIP: 33751L105<br>LEI: 549300PPOGX4C7S66B47 | Long             | EC               | CORP              | US        |     37223 | NS      | $857059.58    | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Flotek Industries Inc                      | Flotek Industries, Inc.                        | CUSIP: 343389409<br>LEI: 549300TF60OEK4FPPC44 | Long             | EC               | CORP              | US        |     10277 | NS      | $150044.20    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Fluent Inc                                 | Fluent, Inc.                                   | CUSIP: 34380C201<br>LEI: 549300P3G8O165ICY429 | Long             | EC               | CORP              | US        |     74910 | NS      | $166300.20    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Franklin Covey Co                          | Franklin Covey Co.                             | CUSIP: 353469109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     14061 | NS      | $272924.01    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Freightcar America Inc                     | Freightcar America, Inc.                       | CUSIP: 357023100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     16393 | NS      | $160323.54    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| FTAI Infrastructure Inc                    | FTAI Infrastructure, Inc.                      | CUSIP: 35953C106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    182887 | NS      | $797387.32    | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Gentherm Inc                               | Gentherm, Inc.                                 | CUSIP: 37253A103<br>LEI: HKM6YX1U5JS60TCUB219 | Long             | EC               | CORP              | US        |      8734 | NS      | $297480.04    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Geospace Technologies Corp                 | Geospace Technologies Corp.                    | CUSIP: 37364X109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     58025 | NS      | $1100154.00   | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Gorman-Rupp Co/The                         | The Gorman-Rupp Co.                            | CUSIP: 383082104<br>LEI: 254900WVLPOIWPGJPA07 | Long             | EC               | CORP              | US        |      3344 | NS      | $155195.04    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Graham Corp                                | Graham Corp.                                   | CUSIP: 384556106<br>LEI: 254900EI9P4LTY524J77 | Long             | EC               | CORP              | US        |     19907 | NS      | $1092894.30   | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Great Lakes Dredge & Dock Corp             | Great Lakes Dredge & Dock Corp.                | CUSIP: 390607109<br>LEI: 549300H65E3MZ1CX0P05 | Long             | EC               | CORP              | US        |     29289 | NS      | $351175.11    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Guess? Inc                                 | Guess?, Inc.                                   | CUSIP: 401617105<br>LEI: 549300QVH3ZK2DW0KP86 | Long             | EC               | CORP              | US        |     30730 | NS      | $513498.30    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Harmony Biosciences Holdings I             | Harmony Biosciences Holdings, Inc.             | CUSIP: 413197104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     19375 | NS      | $533975.00    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Enviri Corp                                | Enviri Corp.                                   | CUSIP: 415864107<br>LEI: KAO98FK89NPNNPQGUZ43 | Long             | EC               | CORP              | US        |     47850 | NS      | $607216.50    | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Harvard Bioscience Inc                     | Harvard Bioscience, Inc.                       | CUSIP: 416906105<br>LEI: 549300VLGB1D47GGC642 | Long             | EC               | CORP              | US        |    143387 | NS      | $62875.20     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Healthcare Services Group Inc              | Healthcare Services Group, Inc.                | CUSIP: 421906108<br>LEI: 529900GVZ1D2FBYMS719 | Long             | EC               | CORP              | US        |     12414 | NS      | $208927.62    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| HealthStream Inc                           | HealthStream, Inc.                             | CUSIP: 42222N103<br>LEI: 529900OJ88H8635JNH64 | Long             | EC               | CORP              | US        |      7841 | NS      | $221429.84    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Heritage Commerce Corp                     | Heritage Commerce Corp.                        | CUSIP: 426927109<br>LEI: 549300CLIS851ELSR406 | Long             | EC               | CORP              | US        |     29136 | NS      | $289320.48    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Heritage Financial Corp/WA                 | Heritage Financial Corp./WA                    | CUSIP: 42722X106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      7804 | NS      | $188778.76    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Heritage Insurance Holdings In             | Heritage Insurance Holdings, Inc.              | CUSIP: 42727J102<br>LEI: 9845008CCYDD87F66B45 | Long             | EC               | CORP              | US        |     15619 | NS      | $393286.42    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Horizon Bancorp Inc/IN                     | Horizon Bancorp, Inc.                          | CUSIP: 440407104<br>LEI: 549300U2OQ2EIT5MXG39 | Long             | EC               | CORP              | US        |     12320 | NS      | $197243.20    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Hurco Cos Inc                              | Hurco Cos., Inc.                               | CUSIP: 447324104<br>LEI: XSC5XDOTBYOBQPOG2O82 | Long             | EC               | CORP              | US        |     17738 | NS      | $308641.20    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Immersion Corp                             | Immersion Corp.                                | CUSIP: 452521107<br>LEI: 529900AKNC1UAMQ2YB35 | Long             | EC               | CORP              | US        |     24502 | NS      | $179844.68    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Immunome Inc                               | Immunome, Inc.                                 | CUSIP: 45257U108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     17500 | NS      | $204925.00    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| indie Semiconductor Inc                    | indie Semiconductor, Inc.                      | CUSIP: 45569U101<br>LEI: 254900L1MFXFYGB1PV53 | Long             | EC               | CORP              | US        |    173315 | NS      | $705392.05    | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Information Services Group Inc             | Information Services Group, Inc.               | CUSIP: 45675Y104<br>LEI: 549300ZUNI6DQ0G8Q273 | Long             | EC               | CORP              | US        |     37443 | NS      | $215297.25    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| InfuSystem Holdings Inc                    | InfuSystem Holdings, Inc.                      | CUSIP: 45685K102<br>LEI: 549300F58N8PHJ4QUI59 | Long             | EC               | CORP              | US        |     35353 | NS      | $366257.08    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Innovex International Inc                  | Innovex International, Inc.                    | CUSIP: 457651107<br>LEI: 5299007REICYIJNMW197 | Long             | EC               | CORP              | US        |     21835 | NS      | $404820.90    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Insteel Industries Inc                     | Insteel Industries, Inc.                       | CUSIP: 45774W108<br>LEI: 52990026LKY4MOX3L174 | Long             | EC               | CORP              | US        |     11502 | NS      | $440986.68    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Intellia Therapeutics Inc                  | Intellia Therapeutics, Inc.                    | CUSIP: 45826J105<br>LEI: 5493002T5BCPE5DZC723 | Long             | EC               | CORP              | US        |      8563 | NS      | $147883.01    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Interface Inc                              | Interface, Inc.                                | CUSIP: 458665304<br>LEI: 549300VXZWQOIDFPU355 | Long             | EC               | CORP              | US        |     27396 | NS      | $792840.24    | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| inTEST Corp                                | inTEST Corp.                                   | CUSIP: 461147100<br>LEI: 549300RJJBPHDOAVDU15 | Long             | EC               | CORP              | US        |     40148 | NS      | $313555.88    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Investors Title Co                         | Investors Title Co.                            | CUSIP: 461804106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1656 | NS      | $443526.48    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| iRadimed Corp                              | iRadimed Corp.                                 | CUSIP: 46266A109<br>LEI: 549300YVHWP0YJ1YW816 | Long             | EC               | CORP              | US        |     18879 | NS      | $1343429.64   | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Jack in the Box Inc                        | Jack in the Box, Inc.                          | CUSIP: 466367109<br>LEI: 5493002OJW26P0SUUP68 | Long             | EC               | CORP              | US        |      5607 | NS      | $110850.39    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Dakota Gold Corp                           | Dakota Gold Corp.                              | CUSIP: 46655E100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     45133 | NS      | $205355.15    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Janus International Group Inc              | Janus International Group, Inc.                | CUSIP: 47103N106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     23172 | NS      | $228707.64    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Joint Corp/The                             | The Joint Corp.                                | CUSIP: 47973J102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     24230 | NS      | $231154.20    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Kaiser Aluminum Corp                       | Kaiser Aluminum Corp.                          | CUSIP: 483007704<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2572 | NS      | $198455.52    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Key Tronic Corp                            | Key Tronic Corp.                               | CUSIP: 493144109<br>LEI: 40TF3VPKEM3IMMIU0O47 | Long             | EC               | CORP              | US        |     52100 | NS      | $185997.00    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Kura Sushi USA Inc                         | Kura Sushi USA, Inc.                           | CUSIP: 501270102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2825 | NS      | $167833.25    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Lands' End Inc                             | Lands' End, Inc.                               | CUSIP: 51509F105<br>LEI: 54930016WOL7P2P67Q43 | Long             | EC               | CORP              | US        |     18498 | NS      | $260821.80    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| LeMaitre Vascular Inc                      | LeMaitre Vascular, Inc.                        | CUSIP: 525558201<br>LEI: 549300FZUBUB7MHY8R17 | Long             | EC               | CORP              | US        |      4226 | NS      | $369817.26    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| LendingTree Inc                            | LendingTree, Inc.                              | CUSIP: 52603B107<br>LEI: 549300ISY5YHUJZTON08 | Long             | EC               | CORP              | US        |      5407 | NS      | $349995.11    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Liquidity Services Inc                     | Liquidity Services, Inc.                       | CUSIP: 53635B107<br>LEI: 5299002AZ4ULSAXN0G81 | Long             | EC               | CORP              | US        |      6638 | NS      | $182080.34    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Magnite Inc                                | Magnite, Inc.                                  | CUSIP: 55955D100<br>LEI: 54930018FR2YX1HHSB02 | Long             | EC               | CORP              | US        |     46253 | NS      | $1007390.34   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Malibu Boats Inc                           | Malibu Boats, Inc.                             | CUSIP: 56117J100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10153 | NS      | $329464.85    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Mama's Creations Inc                       | Mama's Creations, Inc.                         | CUSIP: 56146T103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     53503 | NS      | $562316.53    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| MannKind Corp                              | MannKind Corp.                                 | CUSIP: 56400P706<br>LEI: 213800GFBCNY1ZFST722 | Long             | EC               | CORP              | US        |     36056 | NS      | $193620.72    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Materion Corp                              | Materion Corp.                                 | CUSIP: 576690101<br>LEI: 549300CJ5RI351SUYT02 | Long             | EC               | CORP              | US        |      4082 | NS      | $493146.42    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Matthews International Corp                | Matthews International Corp.                   | CUSIP: 577128101<br>LEI: 549300ZVC5O0ATML6U61 | Long             | EC               | CORP              | US        |      5440 | NS      | $132083.20    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Mayville Engineering Co Inc                | Mayville Engineering Co., Inc.                 | CUSIP: 578605107<br>LEI: 9845008D43E42A7FC362 | Long             | EC               | CORP              | US        |     20554 | NS      | $282823.04    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Medallion Financial Corp                   | Medallion Financial Corp.                      | CUSIP: 583928106<br>LEI: 549300FJ4FMGJ2C34Y48 | Long             | EC               | CORP              | US        |     62800 | NS      | $634280.00    | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Pediatrix Medical Group Inc                | Pediatrix Medical Group, Inc.                  | CUSIP: 58502B106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     24663 | NS      | $413105.25    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Mercantile Bank Corp                       | Mercantile Bank Corp.                          | CUSIP: 587376104<br>LEI: P16VZZCKTJ5IONL6XE37 | Long             | EC               | CORP              | US        |      5120 | NS      | $230400.00    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Mesa Laboratories Inc                      | Mesa Laboratories, Inc.                        | CUSIP: 59064R109<br>LEI: 549300ZCG738WLX8ZW79 | Long             | EC               | CORP              | US        |     12582 | NS      | $843119.82    | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Metalla Royalty & Streaming Lt             | Metalla Royalty & Streaming, Ltd.              | CUSIP: 59124U605<br>LEI: 549300RPR0O774QEKV20 | Long             | EC               | CORP              | CA        |     36531 | NS      | $231971.85    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| MiMedx Group Inc                           | MiMedx Group, Inc.                             | CUSIP: 602496101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     95451 | NS      | $666247.98    | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Mitek Systems Inc                          | Mitek Systems, Inc.                            | CUSIP: 606710200<br>LEI: 549300ABZAQ3R25XG118 | Long             | EC               | CORP              | US        |     16253 | NS      | $158791.81    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Monarch Cement Co/The                      | The Monarch Cement Co.                         | CUSIP: 609031307<br>LEI: 549300ZMPJCNSENB3O72 | Long             | EC               | CORP              | US        |      2052 | NS      | $479819.16    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Montrose Environmental Group I             | Montrose Environmental Group, Inc.             | CUSIP: 615111101<br>LEI: 254900ASI8K3LUB8Q958 | Long             | EC               | CORP              | US        |     12024 | NS      | $330179.04    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Myers Industries Inc                       | Myers Industries, Inc.                         | CUSIP: 628464109<br>LEI: 549300I2H9XMVTCW4Q51 | Long             | EC               | CORP              | US        |     29460 | NS      | $499052.40    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| NVE Corp                                   | NVE Corp.                                      | CUSIP: 629445206<br>LEI: 5299003C1ATTWX8X0112 | Long             | EC               | CORP              | US        |      7217 | NS      | $471053.59    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Napco Security Technologies In             | Napco Security Technologies, Inc.              | CUSIP: 630402105<br>LEI: 529900KV21J4YY9YST76 | Long             | EC               | CORP              | US        |      7635 | NS      | $327923.25    | 0.32%             |  |  |  | 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        |      6085 | NS      | $170319.15    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| NPK International Inc                      | NPK International, Inc.                        | CUSIP: 651718504<br>LEI: 54930073OHWDQW4DJN26 | Long             | EC               | CORP              | US        |     94365 | NS      | $1067268.15   | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| 908 Devices Inc                            | 908 Devices, Inc.                              | CUSIP: 65443P102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     91847 | NS      | $804579.72    | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| nLight Inc                                 | nLight, Inc.                                   | CUSIP: 65487K100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     15274 | NS      | $452568.62    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Northern Technologies Internat             | Northern Technologies International Corp.      | CUSIP: 665809109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     45525 | NS      | $350997.75    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Northrim BanCorp Inc                       | Northrim BanCorp, Inc.                         | CUSIP: 666762109<br>LEI: 5493006X7RLLTZ3SG075 | Long             | EC               | CORP              | US        |     14000 | NS      | $303240.00    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| OP Bancorp                                 | OP Bancorp                                     | CUSIP: 67109R109<br>LEI: 549300LTYZMS0Q13U522 | Long             | EC               | CORP              | US        |     15973 | NS      | $222344.16    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Oil-Dri Corp of America                    | Oil-Dri Corp. of America                       | CUSIP: 677864100<br>LEI: 549300RSG5KPUH16WH66 | Long             | EC               | CORP              | US        |      7505 | NS      | $458105.20    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Oil States International Inc               | Oil States International, Inc.                 | CUSIP: 678026105<br>LEI: 5493004TF4KQJGMYL777 | Long             | EC               | CORP              | US        |     29547 | NS      | $179054.82    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Ondas Holdings Inc                         | Ondas Holdings, Inc.                           | CUSIP: 68236H204<br>LEI: 549300JWLHDUB82V8607 | Long             | EC               | CORP              | US        |     81074 | NS      | $625891.28    | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| OneSpan Inc                                | OneSpan, Inc.                                  | CUSIP: 68287N100<br>LEI: 984500E502E6DC354D26 | Long             | EC               | CORP              | US        |     28826 | NS      | $458045.14    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| OptimizeRx Corp                            | OptimizeRx Corp.                               | CUSIP: 68401U204<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     13021 | NS      | $266930.50    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Organogenesis Holdings Inc                 | Organogenesis Holdings, Inc.                   | CUSIP: 68621F102<br>LEI: 549300RLC2O821TU6941 | Long             | EC               | CORP              | US        |     24438 | NS      | $103128.36    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Orion Energy Systems Inc                   | Orion Energy Systems, Inc.                     | CUSIP: 686275207<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     16655 | NS      | $145564.70    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| OrthoPediatrics Corp                       | OrthoPediatrics Corp.                          | CUSIP: 68752L100<br>LEI: 5493000KUTPFGOPAT717 | Long             | EC               | CORP              | US        |     13598 | NS      | $251970.94    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Orthofix Medical Inc                       | Orthofix Medical, Inc.                         | CUSIP: 68752M108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10295 | NS      | $150718.80    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Ouster Inc                                 | Ouster, Inc.                                   | CUSIP: 68989M202<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      9368 | NS      | $253404.40    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Teads Holding Co                           | Teads Holding Co.                              | CUSIP: 69002R103<br>LEI: 549300TNEHRXPVGWVW07 | Long             | EC               | CORP              | US        |    100625 | NS      | $166031.25    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Owlet Inc                                  | Owlet, Inc.                                    | CUSIP: 69120X206<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     29495 | NS      | $249822.65    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| PDF Solutions Inc                          | PDF Solutions, Inc.                            | CUSIP: 693282105<br>LEI: 549300GMSP6MROFBI160 | Long             | EC               | CORP              | US        |     12605 | NS      | $325461.10    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| PRA Group Inc                              | PRA Group, Inc.                                | CUSIP: 69354N106<br>LEI: 549300Q5HW3JSSB86K27 | Long             | EC               | CORP              | US        |     13014 | NS      | $200936.16    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Pacira BioSciences Inc                     | Pacira BioSciences, Inc.                       | CUSIP: 695127100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     21520 | NS      | $554570.40    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Park Aerospace Corp                        | Park Aerospace Corp.                           | CUSIP: 70014A104<br>LEI: 5299004AG0G7IB636095 | Long             | EC               | CORP              | US        |     34240 | NS      | $696441.60    | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Penguin Solutions Inc                      | Penguin Solutions, Inc.                        | CUSIP: 706915105<br>LEI: 254900DVWIPOY3GJ8E23 | Long             | EC               | CORP              | US        |      9673 | NS      | $254206.44    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Pennant Group Inc/The                      | The Pennant Group, Inc.                        | CUSIP: 70805E109<br>LEI: 5493007H2OYR6BYLDA64 | Long             | EC               | CORP              | US        |     19806 | NS      | $499507.32    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Perma-Fix Environmental Servic             | Perma-Fix Environmental Services, Inc.         | CUSIP: 714157203<br>LEI: 54930015OVD1T5P12U15 | Long             | EC               | CORP              | US        |     59793 | NS      | $603909.30    | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Phibro Animal Health Corp                  | Phibro Animal Health Corp.                     | CUSIP: 71742Q106<br>LEI: 549300U24SP4AF2JUX52 | Long             | EC               | CORP              | US        |      9829 | NS      | $397681.34    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Photronics Inc                             | Photronics, Inc.                               | CUSIP: 719405102<br>LEI: 549300OK5JVNIBNY6F63 | Long             | EC               | CORP              | US        |     51353 | NS      | $1178551.35   | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Phreesia Inc                               | Phreesia, Inc.                                 | CUSIP: 71944F106<br>LEI: 5493000HHF8NU4QOCG53 | Long             | EC               | CORP              | US        |     24170 | NS      | $568478.40    | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Plymouth Industrial REIT Inc               | Plymouth Industrial REIT, Inc.                 | CUSIP: 729640102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     49359 | NS      | $1102186.47   | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Porch Group Inc                            | Porch Group, Inc.                              | CUSIP: 733245104<br>LEI: 549300NXEI7CVW8IXQ90 | Long             | EC               | CORP              | US        |      6533 | NS      | $109623.74    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Primoris Services Corp                     | Primoris Services Corp.                        | CUSIP: 74164F103<br>LEI: 549300UF3OLBJ8D5K349 | Long             | EC               | CORP              | US        |      4425 | NS      | $607685.25    | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Proficient Auto Logistics Inc              | Proficient Auto Logistics, Inc.                | CUSIP: 74317M104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     79394 | NS      | $547024.66    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| PROS Holdings Inc                          | PROS Holdings, Inc.                            | CUSIP: 74346Y103<br>LEI: 549300LPE1KNL5RWKQ48 | Long             | EC               | CORP              | US        |     20685 | NS      | $473893.35    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Pure Cycle Corp                            | Pure Cycle Corp.                               | CUSIP: 746228303<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     25470 | NS      | $281952.90    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Quipt Home Medical Corp                    | Quipt Home Medical Corp.                       | CUSIP: 74880P104<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |     48685 | NS      | $127067.85    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| RCM Technologies Inc                       | RCM Technologies, Inc.                         | CUSIP: 749360400<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2929 | NS      | $77764.95     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Rackspace Technology Inc                   | Rackspace Technology, Inc.                     | CUSIP: 750102105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     67010 | NS      | $94484.10     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Ranpak Holdings Corp                       | Ranpak Holdings Corp.                          | CUSIP: 75321W103<br>LEI: 5493000Z9EZR9DCYOO86 | Long             | EC               | CORP              | US        |     79956 | NS      | $449352.72    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Regional Management Corp                   | Regional Management Corp.                      | CUSIP: 75902K106<br>LEI: 549300S5O87W87JW4146 | Long             | EC               | CORP              | US        |     19730 | NS      | $768680.80    | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| KORU Medical Systems Inc                   | KORU Medical Systems, Inc.                     | CUSIP: 759910102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     65248 | NS      | $249899.84    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Resources Connection Inc                   | Resources Connection, Inc.                     | CUSIP: 76122Q105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    143450 | NS      | $724422.50    | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Ribbon Communications Inc                  | Ribbon Communications, Inc.                    | CUSIP: 762544104<br>LEI: 549300L1E8Z8RL7CUL52 | Long             | EC               | CORP              | US        |     52108 | NS      | $198010.40    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Rigel Pharmaceuticals Inc                  | Rigel Pharmaceuticals, Inc.                    | CUSIP: 766559702<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6017 | NS      | $170461.61    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Select Water Solutions Inc                 | Select Water Solutions, Inc.                   | CUSIP: 81617J301<br>LEI: 54930094OK8LA3QDW486 | Long             | EC               | CORP              | US        |    115557 | NS      | $1235304.33   | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Sensus Healthcare Inc                      | Sensus Healthcare, Inc.                        | CUSIP: 81728J109<br>LEI: 549300F3JF8NCDJJZW04 | Long             | EC               | CORP              | US        |     13254 | NS      | $41617.56     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Shutterstock Inc                           | Shutterstock, Inc.                             | CUSIP: 825690100<br>LEI: 529900G2TDIS56V0LO22 | Long             | EC               | CORP              | US        |     19260 | NS      | $401571.00    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| SI-BONE Inc                                | SI-BONE, Inc.                                  | CUSIP: 825704109<br>LEI: 549300J8JGYVJJHV9C31 | Long             | EC               | CORP              | US        |     32781 | NS      | $482536.32    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Silvercrest Asset Management G             | Silvercrest Asset Management Group, Inc.       | CUSIP: 828359109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     18019 | NS      | $283799.25    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| ARS Pharmaceuticals Inc                    | ARS Pharmaceuticals, Inc.                      | CUSIP: 82835W108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10139 | NS      | $101896.95    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Solaris Energy Infrastructure              | Solaris Energy Infrastructure, Inc.            | CUSIP: 83418M103<br>LEI: 529900MTK3C8Y8TIIC10 | Long             | EC               | CORP              | US        |     21971 | NS      | $878180.87    | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Soliid Power Inc                           | Soldi Power, Inc.                              | CUSIP: 83422N105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     48358 | NS      | $167802.26    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Sportsman's Warehouse Holdings             | Sportsman's Warehouse Holdings, Inc.           | CUSIP: 84920Y106<br>LEI: 549300JVV8YLQSRSF462 | Long             | EC               | CORP              | US        |     76274 | NS      | $211278.98    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Stabilis Solutions Inc                     | Stabilis Solutions, Inc.                       | CUSIP: 85236P101<br>LEI: 549300DGSR537OJW7P62 | Long             | EC               | CORP              | US        |     12090 | NS      | $52712.40     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Standard Motor Products Inc                | Standard Motor Products, Inc.                  | CUSIP: 853666105<br>LEI: THGK1EO5B5HK0JHQVZ90 | Long             | EC               | CORP              | US        |      4138 | NS      | $168913.16    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Stoke Therapeutics Inc                     | Stoke Therapeutics, Inc.                       | CUSIP: 86150R107<br>LEI: 549300RD25SS2DIJHJ67 | Long             | EC               | CORP              | US        |      6227 | NS      | $146334.50    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| SunOpta Inc                                | SunOpta, Inc.                                  | CUSIP: 8676EP108<br>LEI: 54930010CP0KEPPRPA40 | Long             | EC               | CORP              | CA        |     49616 | NS      | $290749.76    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Supernus Pharmaceuticals Inc               | Supernus Pharmaceuticals, Inc.                 | CUSIP: 868459108<br>LEI: 549300GRM36VBKISYJ58 | Long             | EC               | CORP              | US        |      8060 | NS      | $385187.40    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| SuRo Capital Corp                          | SuRo Capital Corp.                             | CUSIP: 86887Q109<br>LEI: 549300YR4IAV0VJFWN84 | Long             | EC               | CORP              | US        |     34599 | NS      | $311391.00    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Syndax Pharmaceuticals Inc                 | Syndax Pharmaceuticals, Inc.                   | CUSIP: 87164F105<br>LEI: 529900OF94TRHKZVBS87 | Long             | EC               | CORP              | US        |     14952 | NS      | $230036.52    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Taseko Mines Ltd                           | Taseko Mines, Ltd.                             | CUSIP: 876511106<br>LEI: 549300XKUO1JSLU7KX54 | Long             | EC               | CORP              | CA        |     82222 | NS      | $347799.06    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Taysha Gene Therapies Inc                  | Taysha Gene Therapies, Inc.                    | CUSIP: 877619106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     47600 | NS      | $155652.00    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Tectonic Therapeutic Inc                   | Tectonic Therapeutic, Inc.                     | CUSIP: 878972108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      7937 | NS      | $124531.53    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Texas Capital Bancshares Inc               | Texas Capital Bancshares, Inc.                 | CUSIP: 88224Q107<br>LEI: 549300466Q2SXRX0YM48 | Long             | EC               | CORP              | US        |      7355 | NS      | $621718.15    | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Thermon Group Holdings Inc                 | Thermon Group Holdings, Inc.                   | CUSIP: 88362T103<br>LEI: 529900ZNZBBLDE77MZ38 | Long             | EC               | CORP              | US        |     40221 | NS      | $1074705.12   | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Titan Machinery Inc                        | Titan Machinery, Inc.                          | CUSIP: 88830R101<br>LEI: 549300835ZM8G0BT5C94 | Long             | EC               | CORP              | US        |     12700 | NS      | $212598.00    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Transcat Inc                               | Transcat, Inc.                                 | CUSIP: 893529107<br>LEI: 54930081E40TSSHUOS40 | Long             | EC               | CORP              | US        |      4164 | NS      | $304804.80    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Trevi Therapeutics Inc                     | Trevi Therapeutics, Inc.                       | CUSIP: 89532M101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     17837 | NS      | $163208.55    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Tyra Biosciences Inc                       | Tyra Biosciences, Inc.                         | CUSIP: 90240B106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      9821 | NS      | $137395.79    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| US Physical Therapy Inc                    | US Physical Therapy, Inc.                      | CUSIP: 90337L108<br>LEI: 529900KL1UXQYFIOMY96 | Long             | EC               | CORP              | US        |      4198 | NS      | $356620.10    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Ultra Clean Holdings Inc                   | Ultra Clean Holdings, Inc.                     | CUSIP: 90385V107<br>LEI: 5493007L6LS7QX18PE75 | Long             | EC               | CORP              | US        |     12311 | NS      | $335474.75    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Ultralife Corp                             | Ultralife Corp.                                | CUSIP: 903899102<br>LEI: 529900NVAFLKA00F3U05 | Long             | EC               | CORP              | US        |     17538 | NS      | $119609.16    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| American Coastal Insurance Cor             | American Coastal Insurance Corp.               | CUSIP: 910710102<br>LEI: 5299002P9105LJQA8G51 | Long             | EC               | CORP              | US        |     98847 | NS      | $1125867.33   | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Unity Bancorp Inc                          | Unity Bancorp, Inc.                            | CUSIP: 913290102<br>LEI: 549300Q90ZRNUR65PL93 | Long             | EC               | CORP              | US        |      4699 | NS      | $229640.13    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Universal Technical Institute              | Universal Technical Institute, Inc.            | CUSIP: 913915104<br>LEI: 2549003YOJGAZ0PVFV48 | Long             | EC               | CORP              | US        |     13441 | NS      | $437504.55    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Univest Financial Corp                     | Univest Financial Corp.                        | CUSIP: 915271100<br>LEI: 4WII2HCR8UEWNU03U507 | Long             | EC               | CORP              | US        |      7908 | NS      | $237398.16    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Utah Medical Products Inc                  | Utah Medical Products, Inc.                    | CUSIP: 917488108<br>LEI: 5493002R27BBGV8DID60 | Long             | EC               | CORP              | US        |      5250 | NS      | $330592.50    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| VAALCO Energy Inc                          | VAALCO Energy, Inc.                            | CUSIP: 91851C201<br>LEI: 549300CFHFVIWB8M6T24 | Long             | EC               | CORP              | US        |    115050 | NS      | $462501.00    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Veeco Instruments Inc                      | Veeco Instruments, Inc.                        | CUSIP: 922417100<br>LEI: 5493004201F72ADDZW04 | Long             | EC               | CORP              | US        |     15761 | NS      | $479607.23    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Pursuit Attractions and Hospit             | Pursuit Attractions and Hospitality, Inc.      | CUSIP: 92552R406<br>LEI: 549300PXU4ZW7LPO5Y40 | Long             | EC               | CORP              | US        |      9441 | NS      | $341575.38    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Viant Technology Inc                       | Viant Technology, Inc.                         | CUSIP: 92557A101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     13878 | NS      | $119767.14    | 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      | $17830.98     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Vishay Precision Group Inc                 | Vishay Precision Group, Inc.                   | CUSIP: 92835K103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     39668 | NS      | $1271359.40   | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Wabash National Corp                       | Wabash National Corp.                          | CUSIP: 929566107<br>LEI: 5299004ZAWHQZI5XO485 | Long             | EC               | CORP              | US        |     48476 | NS      | $478458.12    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Climb Global Solutions Inc                 | Climb Global Solutions, Inc.                   | CUSIP: 946760105<br>LEI: 549300LKM16VX2FG7J68 | Long             | EC               | CORP              | US        |      5734 | NS      | $773172.56    | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Weave Communications Inc                   | Weave Communications, Inc.                     | CUSIP: 94724R108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     24400 | NS      | $162992.00    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Whitestone REIT                            | Whitestone REIT                                | CUSIP: 966084204<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     18389 | NS      | $225816.92    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Xenon Pharmaceuticals Inc                  | Xenon Pharmaceuticals, Inc.                    | CUSIP: 98420N105<br>LEI: 549300XV44Q9Z1MIPQ03 | Long             | EC               | CORP              | CA        |      6121 | NS      | $245758.15    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Xeris Biopharma Holdings Inc               | Xeris Biopharma Holdings, Inc.                 | CUSIP: 98422E103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     63531 | NS      | $517142.34    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Zumiez Inc                                 | Zumiez, Inc.                                   | CUSIP: 989817101<br>LEI: 549300J0PDF58P6HZD25 | Long             | EC               | CORP              | US        |     17025 | NS      | $333860.25    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Zymeworks Inc                              | Zymeworks, Inc.                                | CUSIP: 98985Y108<br>LEI: 894500AHOYAGYLYZJL67 | Long             | EC               | CORP              | US        |     20378 | NS      | $348056.24    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Ichor Holdings Ltd                         | Ichor Holdings, Ltd.                           | CUSIP: G4740B105<br>LEI: 529900PS8R2JVLJ2H892 | Long             | EC               | CORP              | KY        |     16272 | NS      | $285085.44    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| International General Insuranc             | International General Insurance Holdings, Ltd. | CUSIP: G4809J106<br>LEI: N/A                  | Long             | EC               | CORP              | BM        |     21583 | NS      | $500725.60    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Kiniksa Pharmaceuticals Intern             | Kiniksa Pharmaceuticals International PLC      | CUSIP: G52694109<br>LEI: N/A                  | Long             | EC               | CORP              | GB        |      4779 | NS      | $185568.57    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Theravance Biopharma Inc                   | Theravance Biopharma, Inc.                     | CUSIP: G8807B106<br>LEI: 5493007VTSXP4Z6MIW52 | Long             | EC               | CORP              | KY        |     12970 | NS      | $189362.00    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Aebi Schmidt Holding AG                    | Aebi Schmidt Holding AG                        | CUSIP: H00501108<br>LEI: N/A                  | Long             | EC               | CORP              | CH        |      5256 | NS      | $65542.32     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Inmode Ltd                                 | Inmode, Ltd.                                   | CUSIP: M5425M103<br>LEI: 984500DD95A35E9BD358 | Long             | EC               | CORP              | IL        |     27555 | NS      | $410569.50    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Kornit Digital Ltd                         | Kornit Digital, Ltd.                           | CUSIP: M6372Q113<br>LEI: 5299006DPCQWP3VTFK34 | Long             | EC               | CORP              | IL        |     21676 | NS      | $292626.00    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Bladex                                     | Banco Latinoamericano de Comercio Exterior SA  | CUSIP: P16994132<br>LEI: 549300CN3134K4LC0651 | Long             | EC               | CORP              | PA        |      6860 | NS      | $315354.20    | 0.30%             |  |  |  | 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        |         9 | NC      | $1104975.00   | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-11-13

**Name of Applicant:** Forum Funds II

**Signature:** /s/ Karen Shaw

**Name of Signer:** Karen Shaw

**Title:** Treasurer