# EDGAR Filing Document

**Accession Number:** 0001145022
**File Stem:** 0000894189-25-014434
**Filing Date:** 2025-11
**Character Count:** 163201
**Document Hash:** 8d171e90cffd1edf2a91df60ed8e33ac
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-25-014434.hdr.sgml**: 20251124

**ACCESSION NUMBER**: 0000894189-25-014434

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251124

**DATE AS OF CHANGE**: 20251124

**PERIOD START**: 20260630

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** HOTCHKIS & WILEY FUNDS /DE/
- **CENTRAL INDEX KEY:** 0001145022

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-10487
- **FILM NUMBER:** 251514167

**BUSINESS ADDRESS:**
- **STREET 1:** 601 SOUTH FIGUEROA STREET
- **STREET 2:** 39TH FLOOR
- **CITY:** LOS ANGELES
- **STATE:** CA
- **ZIP:** 90017-5704
- **BUSINESS PHONE:** 2134301000

**MAIL ADDRESS:**
- **STREET 1:** 601 SOUTH FIGUEROA STREET
- **STREET 2:** 39TH FLOOR
- **CITY:** LOS ANGELES
- **STATE:** CA
- **ZIP:** 90017-5704

## Series and Classes Contracts Data

### Hotchkis & Wiley Small Cap Diversified Value Fund (Series ID: S000045868)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000142947 | Class I      | HWVIX           |
| C000142948 | Class A      | HWVAX           |
| C000205773 | Class Z      | HWVZX           |

## Nport-Ex

---

| | | | |
|:---|:---|:---|:---|
| **Hotchkis & Wiley Small Cap Diversified Value Fund** | **Hotchkis & Wiley Small Cap Diversified Value Fund** | **Hotchkis & Wiley Small Cap Diversified Value Fund** | **Hotchkis & Wiley Small Cap Diversified Value Fund** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** |
| **COMMON STOCKS - 94.8%** | **COMMON STOCKS - 94.8%** | **Shares** | **Value**  |
| **Aerospace & Defense - 0.1%** | **Aerospace & Defense - 0.1%** | **Aerospace & Defense - 0.1%** | |
| National Presto Industries, Inc. | National Presto Industries, Inc. | 8014 | $898770 |
| **Automobile Components - 2.0%** | **Automobile Components - 2.0%** | **Automobile Components - 2.0%** |  |
| Adient PLC <sup>(a)</sup> | Adient PLC <sup>(a)</sup> | 152905 | 3681952 |
| Gentex Corp. | Gentex Corp. | 115400 | 3265820 |
| Goodyear Tire & Rubber Co. <sup>(a)</sup> | Goodyear Tire & Rubber Co. <sup>(a)</sup> | 191800 | 1434664 |
| Lear Corp. | Lear Corp. | 31600 | 3179276 |
| Phinia, Inc. | Phinia, Inc. | 24600 | 1414008 |
| Visteon Corp. | Visteon Corp. | 27300 | 3272178 |
|  |  |  | 16247898 |
| **Automobiles - 1.1%** | **Automobiles - 1.1%** | **Automobiles - 1.1%** |  |
| Harley-Davidson, Inc. | Harley-Davidson, Inc. | 116900 | 3261510 |
| Thor Industries, Inc. | Thor Industries, Inc. | 30100 | 3121069 |
| Winnebago Industries, Inc. | Winnebago Industries, Inc. | 74700 | 2497968 |
|  |  |  | 8880547 |
| **Banks - 22.1%** | **Banks - 22.1%** | **Banks - 22.1%** |  |
| 1st Source Corp. | 1st Source Corp. | 38866 | 2392591 |
| Amerant Bancorp, Inc. | Amerant Bancorp, Inc. | 118900 | 2291203 |
| Arrow Financial Corp. | Arrow Financial Corp. | 30200 | 854660 |
| Associated Banc-Corp. | Associated Banc-Corp. | 59600 | 1532316 |
| Banc of California, Inc. | Banc of California, Inc. | 218918 | 3623093 |
| Bank of Marin Bancorp | Bank of Marin Bancorp | 69000 | 1675320 |
| Bank7 Corp. | Bank7 Corp. | 17500 | 809725 |
| BankUnited, Inc. | BankUnited, Inc. | 85880 | 3277181 |
| BayCom Corp. | BayCom Corp. | 36300 | 1043625 |
| Beacon Financial Corp. | Beacon Financial Corp. | 249617 | 5918419 |
| Bridgewater Bancshares, Inc. <sup>(a)</sup> | Bridgewater Bancshares, Inc. <sup>(a)</sup> | 74590 | 1312784 |
| Burke & Herbert Financial Services Corp. | Burke & Herbert Financial Services Corp. | 26200 | 1616278 |
| Camden National Corp. | Camden National Corp. | 36816 | 1420729 |
| Capital Bancorp, Inc. | Capital Bancorp, Inc. | 26700 | 851730 |
| Capitol Federal Financial, Inc. | Capitol Federal Financial, Inc. | 524700 | 3331845 |
| Carter Bankshares, Inc. <sup>(a)</sup> | Carter Bankshares, Inc. <sup>(a)</sup> | 53100 | 1030671 |
| Cathay General Bancorp | Cathay General Bancorp | 48232 | 2315618 |
| Central Pacific Financial Corp. | Central Pacific Financial Corp. | 79480 | 2411423 |
| Civista Bancshares, Inc. | Civista Bancshares, Inc. | 39000 | 792090 |
| CNB Financial Corp./PA | CNB Financial Corp./PA | 31600 | 764720 |
| Colony Bankcorp, Inc. | Colony Bankcorp, Inc. | 44100 | 750141 |
| Columbia Banking System, Inc. | Columbia Banking System, Inc. | 194934 | 5017601 |
| Community Trust Bancorp, Inc. | Community Trust Bancorp, Inc. | 27610 | 1544779 |
| ConnectOne Bancorp, Inc. | ConnectOne Bancorp, Inc. | 136034 | 3375004 |
| Dime Community Bancshares, Inc. | Dime Community Bancshares, Inc. | 107600 | 3209708 |
| Eagle Bancorp, Inc. | Eagle Bancorp, Inc. | 156330 | 3160993 |
| Enterprise Financial Services Corp. | Enterprise Financial Services Corp. | 41500 | 2406170 |
| Farmers National Banc Corp. | Farmers National Banc Corp. | 56371 | 812306 |
| Financial Institutions, Inc. | Financial Institutions, Inc. | 90761 | 2468699 |
| First Busey Corp. | First Busey Corp. | 133151 | 3082446 |
| First Financial Corp. | First Financial Corp. | 32763 | 1849144 |
| First Foundation, Inc. <sup>(a)</sup> | First Foundation, Inc. <sup>(a)</sup> | 435397 | 2425161 |
| First Hawaiian, Inc. | First Hawaiian, Inc. | 128540 | 3191648 |
| First Internet Bancorp | First Internet Bancorp | 34289 | 769102 |
| First Interstate BancSystem, Inc. - Class A | First Interstate BancSystem, Inc. - Class A | 84400 | 2689828 |
| First Merchants Corp. | First Merchants Corp. | 79702 | 3004765 |
| First Mid Bancshares, Inc. | First Mid Bancshares, Inc. | 38600 | 1462168 |
| First Western Financial, Inc. <sup>(a)</sup> | First Western Financial, Inc. <sup>(a)</sup> | 30900 | 711473 |
| Firstsun Capital Bancorp <sup>(a)</sup> | Firstsun Capital Bancorp <sup>(a)</sup> | 41100 | 1594269 |
| Five Star Bancorp | Five Star Bancorp | 21600 | 695520 |
| Flagstar Financial, Inc. | Flagstar Financial, Inc. | 294600 | 3402630 |
| Flushing Financial Corp. | Flushing Financial Corp. | 120718 | 1667116 |
| FNB Corp./PA | FNB Corp./PA | 49000 | 789390 |
| Great Southern Bancorp, Inc. | Great Southern Bancorp, Inc. | 27110 | 1660488 |
| Hanmi Financial Corp. | Hanmi Financial Corp. | 99600 | 2459124 |
| Heritage Commerce Corp. | Heritage Commerce Corp. | 231600 | 2299788 |
| Heritage Financial Corp./WA | Heritage Financial Corp./WA | 68600 | 1659434 |
| Hilltop Holdings, Inc. | Hilltop Holdings, Inc. | 106900 | 3572598 |
| Hingham Institution For Savings The | Hingham Institution For Savings The | 9000 | 2374020 |
| Home Bancorp, Inc. | Home Bancorp, Inc. | 30900 | 1678642 |
| Hope Bancorp, Inc. | Hope Bancorp, Inc. | 303333 | 3266896 |
| Horizon Bancorp, Inc./IN | Horizon Bancorp, Inc./IN | 156700 | 2508767 |
| Independent Bank Corp. | Independent Bank Corp. | 35900 | 2483203 |
| Kearny Financial Corp./MD | Kearny Financial Corp./MD | 254000 | 1668780 |
| Live Oak Bancshares, Inc. | Live Oak Bancshares, Inc. | 96400 | 3395208 |
| Mechanics Bancorp - Class A <sup>(a)</sup> | Mechanics Bancorp - Class A <sup>(a)</sup> | 52600 | 700106 |
| Mercantile Bank Corp. | Mercantile Bank Corp. | 50600 | 2277000 |
| Mid Penn Bancorp, Inc. | Mid Penn Bancorp, Inc. | 28800 | 824832 |
| Midland States Bancorp, Inc. | Midland States Bancorp, Inc. | 81500 | 1396910 |
| NB Bancorp, Inc. | NB Bancorp, Inc. | 174600 | 3081690 |
| Northeast Bank | Northeast Bank | 32300 | 3235168 |
| Northfield Bancorp, Inc. | Northfield Bancorp, Inc. | 148907 | 1757103 |
| OceanFirst Financial Corp. | OceanFirst Financial Corp. | 183910 | 3231299 |
| Origin Bancorp, Inc. | Origin Bancorp, Inc. | 64300 | 2219636 |
| Peapack-Gladstone Financial Corp. | Peapack-Gladstone Financial Corp. | 58500 | 1614600 |
| Preferred Bank/Los Angeles CA | Preferred Bank/Los Angeles CA | 34840 | 3149188 |
| Provident Financial Services, Inc. | Provident Financial Services, Inc. | 162472 | 3132460 |
| QCR Holdings, Inc. | QCR Holdings, Inc. | 31600 | 2390224 |
| RBB Bancorp | RBB Bancorp | 53432 | 1002384 |
| Shore Bancshares, Inc. | Shore Bancshares, Inc. | 92012 | 1509917 |
| Sierra Bancorp | Sierra Bancorp | 37800 | 1092798 |
| Simmons First National Corp. - Class A | Simmons First National Corp. - Class A | 158400 | 3036528 |
| Southern Missouri Bancorp, Inc. | Southern Missouri Bancorp, Inc. | 13300 | 699048 |
| Tompkins Financial Corp. | Tompkins Financial Corp. | 28420 | 1881688 |
| Towne Bank/Portsmouth VA | Towne Bank/Portsmouth VA | 42700 | 1476139 |
| TriCo Bancshares | TriCo Bancshares | 71800 | 3188638 |
| TrustCo Bank Corp. NY | TrustCo Bank Corp. NY | 74192 | 2693170 |
| United Community Banks, Inc./GA | United Community Banks, Inc./GA | 48800 | 1529880 |
| Univest Financial Corp. | Univest Financial Corp. | 77470 | 2325649 |
| Valley National Bancorp | Valley National Bancorp | 246700 | 2615020 |
| Veritex Holdings, Inc. | Veritex Holdings, Inc. | 98600 | 3306058 |
| WaFd, Inc. | WaFd, Inc. | 74234 | 2248548 |
| Washington Trust Bancorp, Inc. | Washington Trust Bancorp, Inc. | 93930 | 2714577 |
|  |  |  | 178703288 |
| **Biotechnology - 0.3%** | **Biotechnology - 0.3%** | **Biotechnology - 0.3%** |  |
| Halozyme Therapeutics, Inc. <sup>(a)</sup> | Halozyme Therapeutics, Inc. <sup>(a)</sup> | 33100 | 2427554 |
| **Building Products - 2.2%** | **Building Products - 2.2%** | **Building Products - 2.2%** |  |
| American Woodmark Corp. <sup>(a)</sup> | American Woodmark Corp. <sup>(a)</sup> | 38300 | 2556908 |
| Apogee Enterprises, Inc. | Apogee Enterprises, Inc. | 57900 | 2522703 |
| Armstrong World Industries, Inc. | Armstrong World Industries, Inc. | 7060 | 1383831 |
| AZZ, Inc. | AZZ, Inc. | 4950 | 540193 |
| Fortune Brands Innovations, Inc. | Fortune Brands Innovations, Inc. | 58100 | 3101959 |
| Janus International Group, Inc. <sup>(a)</sup> | Janus International Group, Inc. <sup>(a)</sup> | 338400 | 3340008 |
| Resideo Technologies, Inc. <sup>(a)</sup> | Resideo Technologies, Inc. <sup>(a)</sup> | 56010 | 2418512 |
| UFP Industries, Inc. | UFP Industries, Inc. | 23800 | 2225062 |
|  |  |  | 18089176 |
| **Capital Markets - 1.3%** | **Capital Markets - 1.3%** | **Capital Markets - 1.3%** |  |
| Diamond Hill Investment Group, Inc. | Diamond Hill Investment Group, Inc. | 16500 | 2310165 |
| Federated Hermes, Inc. | Federated Hermes, Inc. | 57220 | 2971435 |
| Invesco Ltd. | Invesco Ltd. | 91000 | 2087540 |
| Virtus Investment Partners, Inc. | Virtus Investment Partners, Inc. | 16500 | 3135495 |
|  |  |  | 10504635 |
| **Chemicals - 2.6%** | **Chemicals - 2.6%** | **Chemicals - 2.6%** |  |
| AdvanSix, Inc. | AdvanSix, Inc. | 40100 | 777138 |
| American Vanguard Corp. <sup>(a)</sup> | American Vanguard Corp. <sup>(a)</sup> | 147300 | 845502 |
| Axalta Coating Systems Ltd. <sup>(a)</sup> | Axalta Coating Systems Ltd. <sup>(a)</sup> | 100700 | 2882034 |
| Cabot Corp. | Cabot Corp. | 10000 | 760500 |
| Ecovyst, Inc. <sup>(a)</sup> | Ecovyst, Inc. <sup>(a)</sup> | 351300 | 3077388 |
| HB Fuller Company | HB Fuller Company | 53400 | 3165552 |
| Huntsman Corp. | Huntsman Corp. | 224400 | 2015112 |
| Ingevity Corp. <sup>(a)</sup> | Ingevity Corp. <sup>(a)</sup> | 29000 | 1600510 |
| Innospec, Inc. | Innospec, Inc. | 26400 | 2037024 |
| Olin Corp. | Olin Corp. | 152000 | 3798480 |
|  |  |  | 20959240 |
| **Commercial Services & Supplies - 1.5%** | **Commercial Services & Supplies - 1.5%** | **Commercial Services & Supplies - 1.5%** |  |
| ABM Industries, Inc. | ABM Industries, Inc. | 48500 | 2236820 |
| Brink's Co. | Brink's Co. | 28800 | 3365568 |
| Ennis, Inc. | Ennis, Inc. | 41500 | 758620 |
| Healthcare Services Group, Inc. <sup>(a)</sup> | Healthcare Services Group, Inc. <sup>(a)</sup> | 189600 | 3190968 |
| MillerKnoll, Inc. | MillerKnoll, Inc. | 73600 | 1305664 |
| UniFirst Corp./MA | UniFirst Corp./MA | 9100 | 1521429 |
|  |  |  | 12379069 |
| **Communications Equipment - 0.2%** | **Communications Equipment - 0.2%** | **Communications Equipment - 0.2%** |  |
| Aviat Networks, Inc. <sup>(a)</sup> | Aviat Networks, Inc. <sup>(a)</sup> | 72800 | 1669304 |
| **Construction & Engineering - 0.6%** | **Construction & Engineering - 0.6%** | **Construction & Engineering - 0.6%** |  |
| Fluor Corp. <sup>(a)</sup> | Fluor Corp. <sup>(a)</sup> | 77100 | 3243597 |
| Tutor Perini Corp. <sup>(a)</sup> | Tutor Perini Corp. <sup>(a)</sup> | 23770 | 1559074 |
|  |  |  | 4802671 |
| **Consumer Finance - 1.1%** | **Consumer Finance - 1.1%** | **Consumer Finance - 1.1%** |  |
| Bread Financial Holdings, Inc. | Bread Financial Holdings, Inc. | 45660 | 2546458 |
| Navient Corp. | Navient Corp. | 242260 | 3185719 |
| SLM Corp. | SLM Corp. | 113400 | 3138912 |
|  |  |  | 8871089 |
| **Containers & Packaging - 0.8%** | **Containers & Packaging - 0.8%** | **Containers & Packaging - 0.8%** |  |
| Myers Industries, Inc. | Myers Industries, Inc. | 176800 | 2994992 |
| Sonoco Products Co. | Sonoco Products Co. | 32800 | 1413352 |
| TriMas Corp. | TriMas Corp. | 63000 | 2434320 |
|  |  |  | 6842664 |
| **Diversified Consumer Services - 0.3%** | **Diversified Consumer Services - 0.3%** | **Diversified Consumer Services - 0.3%** |  |
| Laureate Education, Inc. <sup>(a)</sup> | Laureate Education, Inc. <sup>(a)</sup> | 63400 | 1999636 |
| **Electric Utilities - 0.7%** | **Electric Utilities - 0.7%** | **Electric Utilities - 0.7%** |  |
| Otter Tail Corp. | Otter Tail Corp. | 22850 | 1873015 |
| Portland General Electric Co. | Portland General Electric Co. | 80600 | 3546400 |
|  |  |  | 5419415 |
| **Electrical Equipment - 1.2%** | **Electrical Equipment - 1.2%** | **Electrical Equipment - 1.2%** |  |
| Atkore, Inc. | Atkore, Inc. | 42000 | 2635080 |
| NEXTracker, Inc. - Class A <sup>(a)</sup> | NEXTracker, Inc. - Class A <sup>(a)</sup> | 11400 | 843486 |
| Sensata Technologies Holding PLC | Sensata Technologies Holding PLC | 103800 | 3171090 |
| Thermon Group Holdings, Inc. <sup>(a)</sup> | Thermon Group Holdings, Inc. <sup>(a)</sup> | 126023 | 3367335 |
|  |  |  | 10016991 |
| **Electronic Equipment, Instruments & Components - 3.7%** | **Electronic Equipment, Instruments & Components - 3.7%** | **Electronic Equipment, Instruments & Components - 3.7%** |  |
| Arrow Electronics, Inc. <sup>(a)</sup> | Arrow Electronics, Inc. <sup>(a)</sup> | 19200 | 2323200 |
| Avnet, Inc. | Avnet, Inc. | 59870 | 3130003 |
| Crane NXT Co. | Crane NXT Co. | 52600 | 3527882 |
| ePlus, Inc. | ePlus, Inc. | 32100 | 2279421 |
| Ingram Micro Holding Corp. | Ingram Micro Holding Corp. | 75300 | 1618197 |
| Kimball Electronics, Inc. <sup>(a)</sup> | Kimball Electronics, Inc. <sup>(a)</sup> | 77720 | 2320719 |
| Methode Electronics, Inc. | Methode Electronics, Inc. | 378300 | 2856165 |
| PC Connection, Inc. | PC Connection, Inc. | 13100 | 812069 |
| Plexus Corp. <sup>(a)</sup> | Plexus Corp. <sup>(a)</sup> | 11123 | 1609387 |
| Sanmina Corp. <sup>(a)</sup> | Sanmina Corp. <sup>(a)</sup> | 20545 | 2364935 |
| ScanSource, Inc. <sup>(a)</sup> | ScanSource, Inc. <sup>(a)</sup> | 53700 | 2362263 |
| Vishay Intertechnology, Inc. | Vishay Intertechnology, Inc. | 163226 | 2497358 |
| Vontier Corp. | Vontier Corp. | 60300 | 2530791 |
|  |  |  | 30232390 |
| **Energy - 0.2%** | **Energy - 0.2%** | **Energy - 0.2%** |  |
| Helix Energy Solutions Group, Inc. <sup>(a)</sup> | Helix Energy Solutions Group, Inc. <sup>(a)</sup> | 263700 | 1729872 |
| **Energy Equipment & Services - 4.0%** | **Energy Equipment & Services - 4.0%** | **Energy Equipment & Services - 4.0%** |  |
| Cactus, Inc. - Class A | Cactus, Inc. - Class A | 40100 | 1582747 |
| Core Laboratories, Inc. | Core Laboratories, Inc. | 139300 | 1721748 |
| Expro Group Holdings NV <sup>(a)</sup> | Expro Group Holdings NV <sup>(a)</sup> | 273903 | 3253968 |
| Innovex International, Inc. <sup>(a)</sup> | Innovex International, Inc. <sup>(a)</sup> | 141300 | 2619702 |
| Liberty Energy, Inc. | Liberty Energy, Inc. | 169750 | 2094715 |
| National Energy Services Reunited Corp. <sup>(a)</sup> | National Energy Services Reunited Corp. <sup>(a)</sup> | 163450 | 1676997 |
| Noble Corp. PLC | Noble Corp. PLC | 53300 | 1507324 |
| NOV, Inc. | NOV, Inc. | 255000 | 3378750 |
| Oil States International, Inc. <sup>(a)</sup> | Oil States International, Inc. <sup>(a)</sup> | 459900 | 2786994 |
| ProFrac Holding Corp. - Class A <sup>(a)</sup> | ProFrac Holding Corp. - Class A <sup>(a)</sup> | 350600 | 1297220 |
| ProPetro Holding Corp. <sup>(a)</sup> | ProPetro Holding Corp. <sup>(a)</sup> | 343900 | 1802036 |
| RPC, Inc. | RPC, Inc. | 395800 | 1884008 |
| Select Water Solutions, Inc. | Select Water Solutions, Inc. | 196500 | 2100585 |
| Tidewater, Inc. <sup>(a)</sup> | Tidewater, Inc. <sup>(a)</sup> | 15800 | 842614 |
| Valaris Ltd. <sup>(a)</sup> | Valaris Ltd. <sup>(a)</sup> | 32600 | 1589902 |
| Weatherford International PLC | Weatherford International PLC | 28700 | 1963941 |
|  |  |  | 32103251 |
| **Financial Services - 3.5%** | **Financial Services - 3.5%** | **Financial Services - 3.5%** |  |
| Cass Information Systems, Inc. | Cass Information Systems, Inc. | 16700 | 656811 |
| Enact Holdings, Inc. | Enact Holdings, Inc. | 95100 | 3646134 |
| Essent Group Ltd. | Essent Group Ltd. | 50970 | 3239653 |
| Euronet Worldwide, Inc. <sup>(a)</sup> | Euronet Worldwide, Inc. <sup>(a)</sup> | 32300 | 2836263 |
| International Money Express, Inc. <sup>(a)</sup> | International Money Express, Inc. <sup>(a)</sup> | 109000 | 1522730 |
| Merchants Bancorp/IN | Merchants Bancorp/IN | 94900 | 3017820 |
| MGIC Investment Corp. | MGIC Investment Corp. | 55430 | 1572549 |
| NMI Holdings, Inc. - Class A <sup>(a)</sup> | NMI Holdings, Inc. - Class A <sup>(a)</sup> | 79070 | 3031544 |
| Radian Group, Inc. | Radian Group, Inc. | 91500 | 3314130 |
| Voya Financial, Inc. | Voya Financial, Inc. | 31500 | 2356200 |
| WEX, Inc. <sup>(a)</sup> | WEX, Inc. <sup>(a)</sup> | 18700 | 2945811 |
|  |  |  | 28139645 |
| **Financials - 0.3%** | **Financials - 0.3%** | **Financials - 0.3%** |  |
| Janus Henderson Group PLC | Janus Henderson Group PLC | 38000 | 1691380 |
| Synovus Financial Corp. | Synovus Financial Corp. | 13900 | 682212 |
|  |  |  | 2373592 |
| **Food Products - 0.3%** | **Food Products - 0.3%** | **Food Products - 0.3%** |  |
| John B Sanfilippo & Son, Inc. | John B Sanfilippo & Son, Inc. | 37100 | 2384788 |
| **Gas Utilities - 1.8%** | **Gas Utilities - 1.8%** | **Gas Utilities - 1.8%** |  |
| MDU Resources Group, Inc. | MDU Resources Group, Inc. | 168100 | 2993861 |
| New Jersey Resources Corp. | New Jersey Resources Corp. | 67300 | 3240495 |
| Northwest Natural Holding Co. | Northwest Natural Holding Co. | 74000 | 3324820 |
| ONE Gas, Inc. | ONE Gas, Inc. | 20900 | 1691646 |
| Spire, Inc. | Spire, Inc. | 43973 | 3584679 |
|  |  |  | 14835501 |
| **Ground Transportation - 0.5%** | **Ground Transportation - 0.5%** | **Ground Transportation - 0.5%** |  |
| Heartland Express, Inc. | Heartland Express, Inc. | 289000 | 2421820 |
| Marten Transport Ltd. | Marten Transport Ltd. | 56000 | 596960 |
| Schneider National, Inc. - Class B | Schneider National, Inc. - Class B | 59300 | 1254788 |
|  |  |  | 4273568 |
| **Health Care Equipment & Supplies - 1.5%** | **Health Care Equipment & Supplies - 1.5%** | **Health Care Equipment & Supplies - 1.5%** |  |
| Envista Holdings Corp. <sup>(a)</sup> | Envista Holdings Corp. <sup>(a)</sup> | 78600 | 1601082 |
| Inmode Ltd. <sup>(a)</sup> | Inmode Ltd. <sup>(a)</sup> | 225400 | 3358460 |
| Lantheus Holdings, Inc. <sup>(a)</sup> | Lantheus Holdings, Inc. <sup>(a)</sup> | 53500 | 2744015 |
| LivaNova PLC <sup>(a)</sup> | LivaNova PLC <sup>(a)</sup> | 59900 | 3137562 |
| Utah Medical Products, Inc. | Utah Medical Products, Inc. | 25900 | 1630923 |
|  |  |  | 12472042 |
| **Health Care Providers & Services - 1.6%** | **Health Care Providers & Services - 1.6%** | **Health Care Providers & Services - 1.6%** |  |
| Acadia Healthcare Co., Inc. <sup>(a)</sup> | Acadia Healthcare Co., Inc. <sup>(a)</sup> | 147700 | 3657052 |
| Ardent Health, Inc. <sup>(a)</sup> | Ardent Health, Inc. <sup>(a)</sup> | 124000 | 1643000 |
| Astrana Health, Inc. <sup>(a)</sup> | Astrana Health, Inc. <sup>(a)</sup> | 105600 | 2993760 |
| Concentra Group Holdings Parent, Inc. | Concentra Group Holdings Parent, Inc. | 103131 | 2158532 |
| National Research Corp. | National Research Corp. | 70200 | 897156 |
| Select Medical Holdings Corp. | Select Medical Holdings Corp. | 111100 | 1426524 |
|  |  |  | 12776024 |
| **Hotels, Restaurants & Leisure - 3.3%** | **Hotels, Restaurants & Leisure - 3.3%** | **Hotels, Restaurants & Leisure - 3.3%** |  |
| Accel Entertainment, Inc. <sup>(a)</sup> | Accel Entertainment, Inc. <sup>(a)</sup> | 209600 | 2320272 |
| Bloomin' Brands, Inc. | Bloomin' Brands, Inc. | 227305 | 1629777 |
| Boyd Gaming Corp. | Boyd Gaming Corp. | 18800 | 1625260 |
| Brightstar Lottery PLC | Brightstar Lottery PLC | 200300 | 3455175 |
| Dave & Buster's Entertainment, Inc. <sup>(a)</sup> | Dave & Buster's Entertainment, Inc. <sup>(a)</sup> | 49500 | 898920 |
| Denny's Corp. <sup>(a)</sup> | Denny's Corp. <sup>(a)</sup> | 344900 | 1803827 |
| El Pollo Loco Holdings, Inc. <sup>(a)</sup> | El Pollo Loco Holdings, Inc. <sup>(a)</sup> | 153900 | 1492830 |
| Hilton Grand Vacations, Inc. <sup>(a)</sup> | Hilton Grand Vacations, Inc. <sup>(a)</sup> | 67600 | 2826356 |
| Marriott Vacations Worldwide Corp. | Marriott Vacations Worldwide Corp. | 43200 | 2875392 |
| Monarch Casino & Resort, Inc. | Monarch Casino & Resort, Inc. | 8500 | 899640 |
| Travel + Leisure Co. | Travel + Leisure Co. | 61000 | 3628890 |
| United Parks & Resorts, Inc. <sup>(a)</sup> | United Parks & Resorts, Inc. <sup>(a)</sup> | 61700 | 3189890 |
|  |  |  | 26646229 |
| **Household Durables - 1.2%** | **Household Durables - 1.2%** | **Household Durables - 1.2%** |  |
| Century Communities, Inc. | Century Communities, Inc. | 8496 | 538392 |
| Green Brick Partners, Inc. <sup>(a)</sup> | Green Brick Partners, Inc. <sup>(a)</sup> | 10900 | 805074 |
| Helen of Troy Ltd. <sup>(a)</sup> | Helen of Troy Ltd. <sup>(a)</sup> | 99700 | 2512440 |
| KB Home | KB Home | 8730 | 555577 |
| Legacy Housing Corp. <sup>(a)</sup> | Legacy Housing Corp. <sup>(a)</sup> | 37300 | 1026123 |
| Leggett & Platt, Inc. | Leggett & Platt, Inc. | 189300 | 1680984 |
| M/I Homes, Inc. <sup>(a)</sup> | M/I Homes, Inc. <sup>(a)</sup> | 4300 | 621092 |
| Tri Pointe Homes, Inc. <sup>(a)</sup> | Tri Pointe Homes, Inc. <sup>(a)</sup> | 62867 | 2135592 |
|  |  |  | 9875274 |
| **Household Products - 0.8%** | **Household Products - 0.8%** | **Household Products - 0.8%** |  |
| Central Garden & Pet Co. <sup>(a)</sup> | Central Garden & Pet Co. <sup>(a)</sup> | 40500 | 1322325 |
| Energizer Holdings, Inc. | Energizer Holdings, Inc. | 56400 | 1403796 |
| Reynolds Consumer Products, Inc. | Reynolds Consumer Products, Inc. | 141000 | 3450270 |
|  |  |  | 6176391 |
| **Insurance - 3.8%** | **Insurance - 3.8%** | **Insurance - 3.8%** |  |
| Aspen Insurance Holdings Ltd. - Class A <sup>(a)</sup> | Aspen Insurance Holdings Ltd. - Class A <sup>(a)</sup> | 75200 | 2760592 |
| Assured Guaranty Ltd. | Assured Guaranty Ltd. | 20530 | 1737865 |
| CNO Financial Group, Inc. | CNO Financial Group, Inc. | 81186 | 3210906 |
| Employers Holdings, Inc. | Employers Holdings, Inc. | 37705 | 1601708 |
| F&G Annuities & Life, Inc. | F&G Annuities & Life, Inc. | 80300 | 2510981 |
| Hanover Insurance Group, Inc. | Hanover Insurance Group, Inc. | 13600 | 2470168 |
| Horace Mann Educators Corp. | Horace Mann Educators Corp. | 36414 | 1644820 |
| Kemper Corp. | Kemper Corp. | 59300 | 3056915 |
| Lincoln National Corp. | Lincoln National Corp. | 66600 | 2685978 |
| Selective Insurance Group, Inc. | Selective Insurance Group, Inc. | 29100 | 2359137 |
| Stewart Information Services Corp. | Stewart Information Services Corp. | 33590 | 2462819 |
| United Fire Group, Inc. | United Fire Group, Inc. | 31300 | 952146 |
| White Mountains Insurance Group Ltd. | White Mountains Insurance Group Ltd. | 1800 | 3008736 |
|  |  |  | 30462771 |
| **IT Services - 0.4%** | **IT Services - 0.4%** | **IT Services - 0.4%** |  |
| ASGN, Inc. <sup>(a)</sup> | ASGN, Inc. <sup>(a)</sup> | 68300 | 3234005 |
| **Leisure Products - 1.3%** | **Leisure Products - 1.3%** | **Leisure Products - 1.3%** |  |
| Brunswick Corp./DE | Brunswick Corp./DE | 50800 | 3212592 |
| JAKKS Pacific, Inc. | JAKKS Pacific, Inc. | 90400 | 1693192 |
| Mattel, Inc. <sup>(a)</sup> | Mattel, Inc. <sup>(a)</sup> | 89000 | 1497870 |
| Polaris, Inc. | Polaris, Inc. | 49700 | 2889061 |
| YETI Holdings, Inc. <sup>(a)</sup> | YETI Holdings, Inc. <sup>(a)</sup> | 47300 | 1569414 |
|  |  |  | 10862129 |
| **Machinery - 4.2%** | **Machinery - 4.2%** | **Machinery - 4.2%** |  |
| Albany International Corp. - Class A | Albany International Corp. - Class A | 25400 | 1353820 |
| Atmus Filtration Technologies, Inc. | Atmus Filtration Technologies, Inc. | 80790 | 3642821 |
| Blue Bird Corp. <sup>(a)</sup> | Blue Bird Corp. <sup>(a)</sup> | 43400 | 2497670 |
| Columbus McKinnon Corp./NY | Columbus McKinnon Corp./NY | 195300 | 2800602 |
| Douglas Dynamics, Inc. | Douglas Dynamics, Inc. | 50800 | 1588008 |
| Flowserve Corp. | Flowserve Corp. | 58300 | 3098062 |
| Gates Industrial Corp. PLC <sup>(a)</sup> | Gates Industrial Corp. PLC <sup>(a)</sup> | 56200 | 1394884 |
| Greenbrier Cos., Inc. | Greenbrier Cos., Inc. | 48689 | 2247971 |
| Hillenbrand, Inc. | Hillenbrand, Inc. | 128720 | 3480589 |
| Kennametal, Inc. | Kennametal, Inc. | 32200 | 673946 |
| L B Foster Co. - Class A <sup>(a)</sup> | L B Foster Co. - Class A <sup>(a)</sup> | 43500 | 1172325 |
| Miller Industries, Inc./TN | Miller Industries, Inc./TN | 39130 | 1581635 |
| REV Group, Inc. | REV Group, Inc. | 15680 | 888586 |
| Tennant Co. | Tennant Co. | 30000 | 2431800 |
| Timken Co. | Timken Co. | 41900 | 3150042 |
| Wabash National Corp. | Wabash National Corp. | 156982 | 1549412 |
|  |  |  | 33552173 |
| **Marine Transportation - 0.2%** | **Marine Transportation - 0.2%** | **Marine Transportation - 0.2%** |  |
| Matson, Inc. | Matson, Inc. | 15400 | 1518286 |
| **Media - 1.0%** | **Media - 1.0%** | **Media - 1.0%** |  |
| Emerald Holding, Inc. | Emerald Holding, Inc. | 153370 | 780653 |
| National CineMedia, Inc. | National CineMedia, Inc. | 553100 | 2494481 |
| Stagwell, Inc. <sup>(a)</sup> | Stagwell, Inc. <sup>(a)</sup> | 487300 | 2743499 |
| TEGNA, Inc. | TEGNA, Inc. | 90767 | 1845293 |
|  |  |  | 7863926 |
| **Metals & Mining - 0.6%** | **Metals & Mining - 0.6%** | **Metals & Mining - 0.6%** |  |
| Constellium SE <sup>(a)</sup> | Constellium SE <sup>(a)</sup> | 123500 | 1837680 |
| Kaiser Aluminum Corp. | Kaiser Aluminum Corp. | 41800 | 3225288 |
|  |  |  | 5062968 |
| **Multi-Utilities - 1.5%** | **Multi-Utilities - 1.5%** | **Multi-Utilities - 1.5%** |  |
| Avista Corp. | Avista Corp. | 86361 | 3265309 |
| Black Hills Corp. | Black Hills Corp. | 58300 | 3590697 |
| Northwestern Energy Group, Inc. | Northwestern Energy Group, Inc. | 58500 | 3428685 |
| Unitil Corp. | Unitil Corp. | 33800 | 1617668 |
|  |  |  | 11902359 |
| **Oil, Gas & Consumable Fuels - 7.4%** | **Oil, Gas & Consumable Fuels - 7.4%** | **Oil, Gas & Consumable Fuels - 7.4%** |  |
| Baytex Energy Corp. | Baytex Energy Corp. | 1766142 | 4132772 |
| California Resources Corp. | California Resources Corp. | 35690 | 1897994 |
| Crescent Energy Co. - Class A | Crescent Energy Co. - Class A | 369845 | 3299017 |
| CVR Energy, Inc.<sup>(a)</sup> | CVR Energy, Inc.<sup>(a)</sup> | 117900 | 4300992 |
| Delek US Holdings, Inc. | Delek US Holdings, Inc. | 103800 | 3349626 |
| Excelerate Energy, Inc. - Class A | Excelerate Energy, Inc. - Class A | 97300 | 2450987 |
| International Seaways, Inc. | International Seaways, Inc. | 18900 | 870912 |
| Kosmos Energy Ltd. <sup>(a)</sup> | Kosmos Energy Ltd. <sup>(a)</sup> | 1818413 | 3018566 |
| Murphy Oil Corp. | Murphy Oil Corp. | 139900 | 3974559 |
| NextDecade Corp. <sup>(a)</sup> | NextDecade Corp. <sup>(a)</sup> | 306850 | 2083512 |
| Northern Oil & Gas, Inc. | Northern Oil & Gas, Inc. | 119700 | 2968560 |
| Par Pacific Holdings, Inc. <sup>(a)</sup> | Par Pacific Holdings, Inc. <sup>(a)</sup> | 105000 | 3719100 |
| PBF Energy, Inc. - Class A | PBF Energy, Inc. - Class A | 145500 | 4389735 |
| REX American Resources Corp. <sup>(a)</sup> | REX American Resources Corp. <sup>(a)</sup> | 110800 | 3392696 |
| SM Energy Company | SM Energy Company | 122100 | 3048837 |
| Talos Energy, Inc. <sup>(a)</sup> | Talos Energy, Inc. <sup>(a)</sup> | 360900 | 3461031 |
| VAALCO Energy, Inc. | VAALCO Energy, Inc. | 864400 | 3474888 |
| Vital Energy, Inc. <sup>(a)</sup> | Vital Energy, Inc. <sup>(a)</sup> | 176300 | 2977707 |
| World Kinect Corp. | World Kinect Corp. | 122524 | 3179498 |
|  |  |  | 59990989 |
| **Paper & Forest Products - 0.2%** | **Paper & Forest Products - 0.2%** | **Paper & Forest Products - 0.2%** |  |
| Sylvamo Corp. | Sylvamo Corp. | 34400 | 1521168 |
| **Passenger Airlines - 0.1%** | **Passenger Airlines - 0.1%** | **Passenger Airlines - 0.1%** |  |
| Sun Country Airlines Holdings, Inc. <sup>(a)</sup> | Sun Country Airlines Holdings, Inc. <sup>(a)</sup> | 71600 | 845596 |
| **Personal Care Products - 0.2%** | **Personal Care Products - 0.2%** | **Personal Care Products - 0.2%** |  |
| Edgewell Personal Care Co. | Edgewell Personal Care Co. | 66400 | 1351904 |
| **Pharmaceuticals - 1.2%** | **Pharmaceuticals - 1.2%** | **Pharmaceuticals - 1.2%** |  |
| Amphastar Pharmaceuticals, Inc. <sup>(a)</sup> | Amphastar Pharmaceuticals, Inc. <sup>(a)</sup> | 80000 | 2132000 |
| ANI Pharmaceuticals, Inc. <sup>(a)</sup> | ANI Pharmaceuticals, Inc. <sup>(a)</sup> | 20800 | 1905280 |
| Jazz Pharmaceuticals PLC <sup>(a)</sup> | Jazz Pharmaceuticals PLC <sup>(a)</sup> | 28300 | 3729940 |
| SIGA Technologies, Inc. | SIGA Technologies, Inc. | 218800 | 2002020 |
|  |  |  | 9769240 |
| **Professional Services - 3.2%** | **Professional Services - 3.2%** | **Professional Services - 3.2%** |  |
| Amentum Holdings, Inc. <sup>(a)</sup> | Amentum Holdings, Inc. <sup>(a)</sup> | 62900 | 1506455 |
| Forrester Research, Inc. <sup>(a)</sup> | Forrester Research, Inc. <sup>(a)</sup> | 98000 | 1038800 |
| Franklin Covey Co. <sup>(a)</sup> | Franklin Covey Co. <sup>(a)</sup> | 48100 | 933621 |
| Heidrick & Struggles International, Inc. | Heidrick & Struggles International, Inc. | 63210 | 3145962 |
| Insperity, Inc. | Insperity, Inc. | 32300 | 1589160 |
| Kforce, Inc. | Kforce, Inc. | 100800 | 3021984 |
| Korn Ferry | Korn Ferry | 20696 | 1448306 |
| ManpowerGroup, Inc. | ManpowerGroup, Inc. | 53100 | 2012490 |
| Maximus, Inc. | Maximus, Inc. | 32000 | 2923840 |
| Resources Connection, Inc. | Resources Connection, Inc. | 197285 | 996289 |
| Robert Half, Inc. | Robert Half, Inc. | 88000 | 2990240 |
| Science Applications International Corp. | Science Applications International Corp. | 19400 | 1927778 |
| TrueBlue, Inc. <sup>(a)</sup> | TrueBlue, Inc. <sup>(a)</sup> | 324300 | 1987959 |
|  |  |  | 25522884 |
| **Real Estate Management & Development - 1.0%** | **Real Estate Management & Development - 1.0%** | **Real Estate Management & Development - 1.0%** |  |
| Cushman & Wakefield PLC <sup>(a)</sup> | Cushman & Wakefield PLC <sup>(a)</sup> | 193800 | 3085296 |
| Douglas Elliman, Inc. <sup>(a)</sup> | Douglas Elliman, Inc. <sup>(a)</sup> | 706600 | 2020876 |
| Marcus & Millichap, Inc. | Marcus & Millichap, Inc. | 51400 | 1508590 |
| RMR Group, Inc. - Class A | RMR Group, Inc. - Class A | 98400 | 1547832 |
|  |  |  | 8162594 |
| **Semiconductors & Semiconductor Equipment - 0.7%** | **Semiconductors & Semiconductor Equipment - 0.7%** | **Semiconductors & Semiconductor Equipment - 0.7%** |  |
| Diodes, Inc. <sup>(a)</sup> | Diodes, Inc. <sup>(a)</sup> | 37249 | 1982019 |
| Photronics, Inc. <sup>(a)</sup> | Photronics, Inc. <sup>(a)</sup> | 157680 | 3618756 |
|  |  |  | 5600775 |
| **Software - 1.2%** | **Software - 1.2%** | **Software - 1.2%** |  |
| ACI Worldwide, Inc. <sup>(a)</sup> | ACI Worldwide, Inc. <sup>(a)</sup> | 50200 | 2649054 |
| Adeia, Inc. | Adeia, Inc. | 211700 | 3556560 |
| Workiva, Inc. <sup>(a)</sup> | Workiva, Inc. <sup>(a)</sup> | 40900 | 3520672 |
|  |  |  | 9726286 |
| **Specialty Retail - 2.2%** | **Specialty Retail - 2.2%** | **Specialty Retail - 2.2%** |  |
| Academy Sports & Outdoors, Inc. | Academy Sports & Outdoors, Inc. | 15900 | 795318 |
| Asbury Automotive Group, Inc. <sup>(a)</sup> | Asbury Automotive Group, Inc. <sup>(a)</sup> | 9854 | 2408810 |
| Bath & Body Works, Inc. | Bath & Body Works, Inc. | 53800 | 1385888 |
| Group 1 Automotive, Inc. | Group 1 Automotive, Inc. | 5288 | 2313553 |
| Haverty Furniture Cos., Inc. | Haverty Furniture Cos., Inc. | 122500 | 2686425 |
| MarineMax, Inc. <sup>(a)</sup> | MarineMax, Inc. <sup>(a)</sup> | 65300 | 1654049 |
| OneWater Marine, Inc. - Class A <sup>(a)</sup> | OneWater Marine, Inc. - Class A <sup>(a)</sup> | 94600 | 1498464 |
| PetMed Express, Inc. <sup>(a)</sup> | PetMed Express, Inc. <sup>(a)</sup> | 231300 | 580563 |
| Signet Jewelers Ltd. | Signet Jewelers Ltd. | 18600 | 1784112 |
| Sonic Automotive, Inc. - Class A | Sonic Automotive, Inc. - Class A | 30350 | 2309332 |
|  |  |  | 17416514 |
| **Textiles, Apparel & Luxury Goods - 1.5%** | **Textiles, Apparel & Luxury Goods - 1.5%** | **Textiles, Apparel & Luxury Goods - 1.5%** |  |
| Carter's, Inc. | Carter's, Inc. | 62500 | 1763750 |
| Columbia Sportswear Co. | Columbia Sportswear Co. | 29500 | 1542850 |
| G-III Apparel Group Ltd. <sup>(a)</sup> | G-III Apparel Group Ltd. <sup>(a)</sup> | 73390 | 1952908 |
| Oxford Industries, Inc. | Oxford Industries, Inc. | 51200 | 2075648 |
| PVH Corp. | PVH Corp. | 21600 | 1809432 |
| Steven Madden Ltd. | Steven Madden Ltd. | 91300 | 3056724 |
|  |  |  | 12201312 |
| **Trading Companies & Distributors - 1.6%** | **Trading Companies & Distributors - 1.6%** | **Trading Companies & Distributors - 1.6%** |  |
| Global Industrial Co. | Global Industrial Co. | 55757 | 2044609 |
| Herc Holdings, Inc. | Herc Holdings, Inc. | 11100 | 1294926 |
| McGrath RentCorp | McGrath RentCorp | 8900 | 1043970 |
| MSC Industrial Direct Co., Inc. - Class A | MSC Industrial Direct Co., Inc. - Class A | 34600 | 3188044 |
| Rush Enterprises, Inc. - Class A | Rush Enterprises, Inc. - Class A | 52780 | 2822147 |
| Titan Machinery, Inc. <sup>(a)</sup> | Titan Machinery, Inc. <sup>(a)</sup> | 131800 | 2206332 |
|  |  |  | 12600028 |
| **Water Utilities - 0.5%** | **Water Utilities - 0.5%** | **Water Utilities - 0.5%** |  |
| Artesian Resources Corp. - Class A | Artesian Resources Corp. - Class A | 22700 | 739906 |
| H2O America | H2O America | 63200 | 3077840 |
|  |  |  | 3817746 |
| **TOTAL COMMON STOCKS** (Cost $751,941,139) | **TOTAL COMMON STOCKS** (Cost $751,941,139) | **TOTAL COMMON STOCKS** (Cost $751,941,139) | 765716167 |
| **REAL ESTATE INVESTMENT TRUSTS - COMMON - 3.5%** | **REAL ESTATE INVESTMENT TRUSTS - COMMON - 3.5%** | **Shares** | **Value**  |
| **Diversified REITs - 0.3%** | **Diversified REITs - 0.3%** | **Diversified REITs - 0.3%** |  |
| American Assets Trust, Inc. | American Assets Trust, Inc. | 119800 | 2434336 |
| **Health Care REITs - 0.3%** | **Health Care REITs - 0.3%** | **Health Care REITs - 0.3%** |  |
| Global Medical REIT, Inc. | Global Medical REIT, Inc. | 64100 | 2160811 |
| **Hotel & Resort REITs - 1.0%** | **Hotel & Resort REITs - 1.0%** | **Hotel & Resort REITs - 1.0%** |  |
| DiamondRock Hospitality Co. | DiamondRock Hospitality Co. | 194000 | 1544240 |
| Park Hotels & Resorts, Inc. | Park Hotels & Resorts, Inc. | 291900 | 3234252 |
| Pebblebrook Hotel Trust | Pebblebrook Hotel Trust | 303100 | 3452309 |
|  |  |  | 8230801 |
| **Mortgage REITs - 0.9%** | **Mortgage REITs - 0.9%** | **Mortgage REITs - 0.9%** |  |
| Apollo Commercial Real Estate Finance, Inc. | Apollo Commercial Real Estate Finance, Inc. | 153500 | 1554955 |
| Ares Commercial Real Estate Corp. | Ares Commercial Real Estate Corp. | 322100 | 1452671 |
| BrightSpire Capital, Inc. | BrightSpire Capital, Inc. | 300400 | 1631172 |
| Claros Mortgage Trust, Inc. | Claros Mortgage Trust, Inc. | 430400 | 1428928 |
| Granite Point Mortgage Trust, Inc. | Granite Point Mortgage Trust, Inc. | 404300 | 1212900 |
|  |  |  | 7280626 |
| **Office REITs - 0.8%** | **Office REITs - 0.8%** | **Office REITs - 0.8%** |  |
| Brandywine Realty Trust | Brandywine Realty Trust | 374700 | 1562499 |
| Douglas Emmett, Inc. | Douglas Emmett, Inc. | 213900 | 3330423 |
| Empire State Realty Trust, Inc. - Class A | Empire State Realty Trust, Inc. - Class A | 216700 | 1659922 |
|  |  |  | 6552844 |
| **Real Estate Management & Development - 0.2%** | **Real Estate Management & Development - 0.2%** | **Real Estate Management & Development - 0.2%** |  |
| Seritage Growth Properties - Class A <sup>(a)</sup> | Seritage Growth Properties - Class A <sup>(a)</sup> | 393348 | 1671729 |
| **TOTAL REAL ESTATE INVESTMENT TRUSTS - COMMON** (Cost $36,032,331) | **TOTAL REAL ESTATE INVESTMENT TRUSTS - COMMON** (Cost $36,032,331) | **TOTAL REAL ESTATE INVESTMENT TRUSTS - COMMON** (Cost $36,032,331) | 28331147 |
| **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** |
| **MONEY MARKET FUNDS - 1.6%** | **MONEY MARKET FUNDS - 1.6%** | **Shares** | **Value**  |
| First American Government Obligations Fund - Class X, 4.05%<sup>(b)</sup> | First American Government Obligations Fund - Class X, 4.05%<sup>(b)</sup> | 12578168 | 12578168 |
| **TOTAL MONEY MARKET FUNDS** (Cost $12,578,168) | **TOTAL MONEY MARKET FUNDS** (Cost $12,578,168) | **TOTAL MONEY MARKET FUNDS** (Cost $12,578,168) | 12578168 |
| **TIME DEPOSITS - 0.0%<sup>(c)</sup>** | **TIME DEPOSITS - 0.0%<sup>(c)</sup>** | **Par** | **Value**  |
| Australia and New Zealand Banking Group Ltd., 3.44%, 10/01/2025 <sup>(d)</sup> | Australia and New Zealand Banking Group Ltd., 3.44%, 10/01/2025 <sup>(d)</sup> | 216488 | 216488 |
| **TOTAL TIME DEPOSITS** (Cost $216,488) | **TOTAL TIME DEPOSITS** (Cost $216,488) | **TOTAL TIME DEPOSITS** (Cost $216,488) | 216488 |
| **TOTAL INVESTMENTS - 99.9% (**Cost $800,768,126**)** | **TOTAL INVESTMENTS - 99.9% (**Cost $800,768,126**)** | **TOTAL INVESTMENTS - 99.9% (**Cost $800,768,126**)** | 806841970 |
| Other Assets in Excess of Liabilities - 0.1% | Other Assets in Excess of Liabilities - 0.1% | Other Assets in Excess of Liabilities - 0.1% | 840317 |
| **TOTAL NET ASSETS - 100.0%** | 0.0% | 0.0% | $807682287 |
| two | two | two | –% |
| Par amount is in USD unless otherwise indicated. | Par amount is in USD unless otherwise indicated. | Par amount is in USD unless otherwise indicated. |  |
| Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. | –% |
| The Global Industry Classification Standard (GICS<sup>®</sup>) was developed by MSCI, an independent provider of global indices and benchmark-related products and services, and Standard & Poor's (S&P), an independent international financial data and investment services company. The GICS methodology has been widely accepted as an industry analysis framework for investment research, portfolio management and asset allocation. The GICS structure consists of 11 sectors, 25 industry groups, 74 industries and 163 sub-industries. Each stock that is classified will have a coding at all four of these levels. | The Global Industry Classification Standard (GICS<sup>®</sup>) was developed by MSCI, an independent provider of global indices and benchmark-related products and services, and Standard & Poor's (S&P), an independent international financial data and investment services company. The GICS methodology has been widely accepted as an industry analysis framework for investment research, portfolio management and asset allocation. The GICS structure consists of 11 sectors, 25 industry groups, 74 industries and 163 sub-industries. Each stock that is classified will have a coding at all four of these levels. | The Global Industry Classification Standard (GICS<sup>®</sup>) was developed by MSCI, an independent provider of global indices and benchmark-related products and services, and Standard & Poor's (S&P), an independent international financial data and investment services company. The GICS methodology has been widely accepted as an industry analysis framework for investment research, portfolio management and asset allocation. The GICS structure consists of 11 sectors, 25 industry groups, 74 industries and 163 sub-industries. Each stock that is classified will have a coding at all four of these levels. | The Global Industry Classification Standard (GICS<sup>®</sup>) was developed by MSCI, an independent provider of global indices and benchmark-related products and services, and Standard & Poor's (S&P), an independent international financial data and investment services company. The GICS methodology has been widely accepted as an industry analysis framework for investment research, portfolio management and asset allocation. The GICS structure consists of 11 sectors, 25 industry groups, 74 industries and 163 sub-industries. Each stock that is classified will have a coding at all four of these levels. |

---

PLC - Public Limited Company <br> REIT - Real Estate Investment Trust

(a) Non-income producing security.

(b) The rate shown represents the 7-day annualized yield as of September 30, 2025.

(c) Represents less than 0.05% of net assets.

(d) Invested through a cash management account administered by Brown Brothers Harriman & Co.

------

#### Summary of Fair Value Disclosure as of September 30, 2025 (Unaudited)
Hotchkis & Wiley Small Cap Diversified Value Fund (the "Fund") has adopted fair value accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or valuation methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.

Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund's own assumptions about the assumptions a market participant would use in valuing the asset or liability, and based on the best information available.

The following is a summary of the fair valuation hierarchy of the Fund's securities as of September 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| <u>Investments:</u> |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | $765716167 | $– | $– | $765716167 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Real Estate Investment Trusts - Common | 28331147 | – | – | 28331147 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 12578168 | – | – | 12578168 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Time Deposits | – | 216488 | – | 216488 |
| Total Investments | $806625482 | $216488 | $– | $806841970 |
| Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. |

---

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** HOTCHKIS & WILEY FUNDS/DE/

- **b. Investment Company Act file number:** 811-10487

- **c. CIK number of Registrant:** 0001145022

- **d. LEI of Registrant:** 549300DFU8YF1PWZ5A57

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

  - **Street Address 1:** 601 South Figueroa Street

  - **City:** Los Angeles

  - **State:** CA

  - **Foreign country:** US

  - **Zip / Postal Code:** 90017-5704

  - **Telephone number:** 213-430-1000

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

- **a. Name of Series:** Hotchkis and Wiley Small Cap Diversified Value Fund

- **b. EDGAR series identifier (if any):** S000045868

- **c. LEI of Series:** 54930003839YVROMGP37

**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:** $808008259.94

**Total Liabilities:** $662308.12

**Net Assets:** $807345951.82

**Cash Not Reported:** $225049.17

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000142947 | 0.95%                | 8.61%                | -2.04%               |
| Class ID C000142948 | 0.87%                | 8.71%                | -2.14%               |
| Class ID C000205773 | 0.95%                | 8.70%                | -2.04%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-2925120.40             | $7696370.66                                |
| Month 2  | $6186621.95              | $58200005.32                               |
| Month 3  | $4162721.99              | $-22449133.71                              |

**Designated Index Information**

- **Index Name:** N/A

- **Index Identifier:** N/A

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| ASGN Inc                        | ASGN Inc                                     | CUSIP: 00191U102<br>LEI: LZBNYYCBUKY537072438 | Long             | EC               | CORP              | US        |     68300 | NS      | $3234005.00   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Acadia Healthcare Co Inc        | Acadia Healthcare Co Inc                     | CUSIP: 00404A109<br>LEI: 5493005CW985Y9D0NC11 | Long             | EC               | CORP              | US        |    147700 | NS      | $3657052.00   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Accel Entertainment Inc         | Accel Entertainment Inc                      | CUSIP: 00436Q106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    209600 | NS      | $2320272.00   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Asbury Automotive Group Inc     | Asbury Automotive Group Inc                  | CUSIP: 043436104<br>LEI: 549300JH4DTA7U42GL91 | Long             | EC               | CORP              | US        |      9854 | NS      | $2408810.30   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Atmus Filtration Technologies   | Atmus Filtration Technologies Inc            | CUSIP: 04956D107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     80790 | NS      | $3642821.10   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank7 Corp                      | Bank7 Corp                                   | CUSIP: 06652N107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     17500 | NS      | $809725.00    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Brandywine Realty Trust         | Brandywine Realty Trust                      | CUSIP: 105368203<br>LEI: 5UZ46ZCYUFYYAC0DS831 | Long             | EC               | CORP              | US        |    374700 | NS      | $1562499.00   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Community Trust Bancorp Inc     | Community Trust Bancorp Inc                  | CUSIP: 204149108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     27610 | NS      | $1544779.50   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Eagle Bancorp Inc               | Eagle Bancorp Inc                            | CUSIP: 268948106<br>LEI: 549300B47NZODRMG3D47 | Long             | EC               | CORP              | US        |    156330 | NS      | $3160992.60   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Edgewell Personal Care Co       | Edgewell Personal Care Co                    | CUSIP: 28035Q102<br>LEI: 549300CY8QZDL4Z3RU59 | Long             | EC               | CORP              | US        |     66400 | NS      | $1351904.00   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| First Internet Bancorp          | First Internet Bancorp                       | CUSIP: 320557101<br>LEI: 549300T25MP2M92XU194 | Long             | EC               | CORP              | US        |     34289 | NS      | $769102.27    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| First Interstate BancSystem In  | First Interstate BancSystem Inc              | CUSIP: 32055Y201<br>LEI: 549300WRWYTYX0RCNJ43 | Long             | EC               | CORP              | US        |     84400 | NS      | $2689828.00   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| First Merchants Corp            | First Merchants Corp                         | CUSIP: 320817109<br>LEI: TZTBT0OTGQ2FEK6XMX94 | Long             | EC               | CORP              | US        |     79702 | NS      | $3004765.40   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| First Mid Bancshares Inc        | First Mid Bancshares Inc                     | CUSIP: 320866106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     38600 | NS      | $1462168.00   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Flowserve Corp                  | Flowserve Corp                               | CUSIP: 34354P105<br>LEI: 6Y0GK87T6V7NJKZJVM41 | Long             | EC               | CORP              | US        |     58300 | NS      | $3098062.00   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Forrester Research Inc          | Forrester Research Inc                       | CUSIP: 346563109<br>LEI: 549300UUSFXYLJ80Z897 | Long             | EC               | CORP              | US        |     98000 | NS      | $1038800.00   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| HB Fuller Co                    | HB Fuller Co                                 | CUSIP: 359694106<br>LEI: JSMX3Z5FOYM8V0Q52357 | Long             | EC               | CORP              | US        |     53400 | NS      | $3165552.00   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Group 1 Automotive Inc          | Group 1 Automotive Inc                       | CUSIP: 398905109<br>LEI: 549300US8QAZJLWYAF63 | Long             | EC               | CORP              | US        |      5288 | NS      | $2313552.88   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Healthcare Services Group Inc   | Healthcare Services Group Inc                | CUSIP: 421906108<br>LEI: 529900GVZ1D2FBYMS719 | Long             | EC               | CORP              | US        |    189600 | NS      | $3190968.00   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| MarineMax Inc                   | MarineMax Inc                                | CUSIP: 567908108<br>LEI: 254900TIXTN8WY3FNN63 | Long             | EC               | CORP              | US        |     65300 | NS      | $1654049.00   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Northwest Natural Holding Co    | Northwest Natural Holding Co                 | CUSIP: 66765N105<br>LEI: 254900PSJL6ZEC8FR782 | Long             | EC               | CORP              | US        |     74000 | NS      | $3324820.00   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Par Pacific Holdings Inc        | Par Pacific Holdings Inc                     | CUSIP: 69888T207<br>LEI: 549300BTNS7MHSHRLR55 | Long             | EC               | CORP              | US        |    105000 | NS      | $3719100.00   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Pebblebrook Hotel Trust         | Pebblebrook Hotel Trust                      | CUSIP: 70509V100<br>LEI: 5493004Q1NNH6JXCSI52 | Long             | EC               | CORP              | US        |    303100 | NS      | $3452309.00   | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Plexus Corp                     | Plexus Corp                                  | CUSIP: 729132100<br>LEI: 549300W7HCBI5YT25I79 | Long             | EC               | CORP              | US        |     11123 | NS      | $1609386.87   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| SM Energy Co                    | SM Energy Co                                 | CUSIP: 78454L100<br>LEI: 84BUTVXV5ODI6BXNMH43 | Long             | EC               | CORP              | US        |    122100 | NS      | $3048837.00   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| John B Sanfilippo & Son Inc     | John B Sanfilippo & Son Inc                  | CUSIP: 800422107<br>LEI: 5299007IBEYVXKYDUX28 | Long             | EC               | CORP              | US        |     37100 | NS      | $2384788.00   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| ScanSource Inc                  | ScanSource Inc                               | CUSIP: 806037107<br>LEI: 7FHBAN017QDY4K2KP156 | Long             | EC               | CORP              | US        |     53700 | NS      | $2362263.00   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Southern Missouri Bancorp Inc   | Southern Missouri Bancorp Inc                | CUSIP: 843380106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     13300 | NS      | $699048.00    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Synovus Financial Corp          | Synovus Financial Corp                       | CUSIP: 87161C501<br>LEI: 549300EIUS8UN5JTLE54 | Long             | EC               | CORP              | US        |     13900 | NS      | $682212.00    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Titan Machinery Inc             | Titan Machinery Inc                          | CUSIP: 88830R101<br>LEI: 549300835ZM8G0BT5C94 | Long             | EC               | CORP              | US        |    131800 | NS      | $2206332.00   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| UFP Industries Inc              | UFP Industries Inc                           | CUSIP: 90278Q108<br>LEI: 5493007KB485C9OV5572 | Long             | EC               | CORP              | US        |     23800 | NS      | $2225062.00   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| United Fire Group Inc           | United Fire Group Inc                        | CUSIP: 910340108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     31300 | NS      | $952146.00    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Vontier Corp                    | Vontier Corp                                 | CUSIP: 928881101<br>LEI: 549300VVSQLG4P5K4639 | Long             | EC               | CORP              | US        |     60300 | NS      | $2530791.00   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Winnebago Industries Inc        | Winnebago Industries Inc                     | CUSIP: 974637100<br>LEI: 549300B7OYKYJLTE3G11 | Long             | EC               | CORP              | US        |     74700 | NS      | $2497968.00   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Avnet Inc                       | Avnet Inc                                    | CUSIP: 053807103<br>LEI: XJI53DCPL7QABOWK4Z75 | Long             | EC               | CORP              | US        |     59870 | NS      | $3130003.60   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Bath & Body Works Inc           | Bath & Body Works Inc                        | CUSIP: 070830104<br>LEI: GR3KVMWVCR54YWQNXU90 | Long             | EC               | CORP              | US        |     53800 | NS      | $1385888.00   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| BrightSpire Capital Inc         | BrightSpire Capital Inc                      | CUSIP: 10949T109<br>LEI: 549300BOIFLLMVU37752 | Long             | EC               | CORP              | US        |    300400 | NS      | $1631172.00   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Brunswick Corp/DE               | Brunswick Corp/DE                            | CUSIP: 117043109<br>LEI: YM4O38W15AX4YLLQKU27 | Long             | EC               | CORP              | US        |     50800 | NS      | $3212592.00   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Cabot Corp                      | Cabot Corp                                   | CUSIP: 127055101<br>LEI: K05C0SER542GQ6VLRO68 | Long             | EC               | CORP              | US        |     10000 | NS      | $760500.00    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Cactus Inc                      | Cactus Inc                                   | CUSIP: 127203107<br>LEI: 549300J3T8C9F8QFKV08 | Long             | EC               | CORP              | US        |     40100 | NS      | $1582747.00   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Central Garden & Pet Co         | Central Garden & Pet Co                      | CUSIP: 153527106<br>LEI: 5493004DVZLD37DJ0H83 | Long             | EC               | CORP              | US        |     40500 | NS      | $1322325.00   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Civista Bancshares Inc          | Civista Bancshares Inc                       | CUSIP: 178867107<br>LEI: 5493001LX61Z2UVYSC48 | Long             | EC               | CORP              | US        |     39000 | NS      | $792090.00    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| ConnectOne Bancorp Inc          | ConnectOne Bancorp Inc                       | CUSIP: 20786W107<br>LEI: 549300E2M5ZYAZKUK134 | Long             | EC               | CORP              | US        |    136034 | NS      | $3375003.54   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Dave & Buster's Entertainment   | Dave & Buster's Entertainment Inc            | CUSIP: 238337109<br>LEI: 529900WTVU85QZLYHR86 | Long             | EC               | CORP              | US        |     49500 | NS      | $898920.00    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Denny's Corp                    | Denny's Corp                                 | CUSIP: 24869P104<br>LEI: 54930037V56XOULXM917 | Long             | EC               | CORP              | US        |    344900 | NS      | $1803827.00   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Envista Holdings Corp           | Envista Holdings Corp                        | CUSIP: 29415F104<br>LEI: 549300BX623VURJZ5269 | Long             | EC               | CORP              | US        |     78600 | NS      | $1601082.00   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Granite Point Mortgage Trust I  | Granite Point Mortgage Trust Inc             | CUSIP: 38741L107<br>LEI: 529900VX2HQZ76AYIE02 | Long             | EC               | CORP              | US        |    404300 | NS      | $1212900.00   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| NMI Holdings Inc                | NMI Holdings Inc                             | CUSIP: 629209305<br>LEI: 529900KNNGFXJX1C3Z08 | Long             | EC               | CORP              | US        |     79070 | NS      | $3031543.80   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| National Research Corp          | National Research Corp                       | CUSIP: 637372202<br>LEI: 549300FQIORB6GZCYT15 | Long             | EC               | CORP              | US        |     70200 | NS      | $897156.00    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Navient Corp                    | Navient Corp                                 | CUSIP: 63938C108<br>LEI: 54930067J0ZNOEBRW338 | Long             | EC               | CORP              | US        |    242260 | NS      | $3185719.00   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Peapack-Gladstone Financial Co  | Peapack-Gladstone Financial Corp             | CUSIP: 704699107<br>LEI: 549300G8DN2UK8K0ET30 | Long             | EC               | CORP              | US        |     58500 | NS      | $1614600.00   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Polaris Inc                     | Polaris Inc                                  | CUSIP: 731068102<br>LEI: 549300QJSN8UVWN1EI78 | Long             | EC               | CORP              | US        |     49700 | NS      | $2889061.00   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Portland General Electric Co    | Portland General Electric Co                 | CUSIP: 736508847<br>LEI: GJOUP9M7C39GLSK9R870 | Long             | EC               | CORP              | US        |     80600 | NS      | $3546400.00   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| ProPetro Holding Corp           | ProPetro Holding Corp                        | CUSIP: 74347M108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    343900 | NS      | $1802036.00   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| RBB Bancorp                     | RBB Bancorp                                  | CUSIP: 74930B105<br>LEI: 549300A23FBFZNGET525 | Long             | EC               | CORP              | US        |     53432 | NS      | $1002384.32   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Resideo Technologies Inc        | Resideo Technologies Inc                     | CUSIP: 76118Y104<br>LEI: 5493006TKFPYISY2DS54 | Long             | EC               | CORP              | US        |     56010 | NS      | $2418511.80   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Rush Enterprises Inc            | Rush Enterprises Inc                         | CUSIP: 781846209<br>LEI: 529900V3XHTN7A6DFT17 | Long             | EC               | CORP              | US        |     52780 | NS      | $2822146.60   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Simmons First National Corp     | Simmons First National Corp                  | CUSIP: 828730200<br>LEI: 549300IVR5AJKUVOGN05 | Long             | EC               | CORP              | US        |    158400 | NS      | $3036528.00   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| TEGNA Inc                       | TEGNA Inc                                    | CUSIP: 87901J105<br>LEI: 549300YC5EDBGX85AO10 | Long             | EC               | CORP              | US        |     90767 | NS      | $1845293.11   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Tidewater Inc                   | Tidewater Inc                                | CUSIP: 88642R109<br>LEI: 2549000JA5GRUPLMUH98 | Long             | EC               | CORP              | US        |     15800 | NS      | $842614.00    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Brightstar Lottery PLC          | Brightstar Lottery PLC                       | CUSIP: N/A<br>LEI: 549300UQ6KHRCZDRGZ76       | Long             | EC               | CORP              | US        |    200300 | NS      | $3455175.00   | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Helix Energy Solutions Group I  | Helix Energy Solutions Group Inc             | CUSIP: 42330P107<br>LEI: 416AP2JOUTCWEGSOZW41 | Long             | EC               | CORP              | US        |    263700 | NS      | $1729872.00   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Hillenbrand Inc                 | Hillenbrand Inc                              | CUSIP: 431571108<br>LEI: U246OE781574J2BUD366 | Long             | EC               | CORP              | US        |    128720 | NS      | $3480588.80   | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Ingevity Corp                   | Ingevity Corp                                | CUSIP: 45688C107<br>LEI: 5493009UTFC4B5IMGF87 | Long             | EC               | CORP              | US        |     29000 | NS      | $1600510.00   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Laureate Education Inc          | Laureate Education Inc                       | CUSIP: 518613203<br>LEI: 5JL7TMOH5TY3IUYSUP91 | Long             | EC               | CORP              | US        |     63400 | NS      | $1999636.00   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Marcus & Millichap Inc          | Marcus & Millichap Inc                       | CUSIP: 566324109<br>LEI: 549300B2HE8ULXNB1N48 | Long             | EC               | CORP              | US        |     51400 | NS      | $1508590.00   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Marriott Vacations Worldwide C  | Marriott Vacations Worldwide Corp            | CUSIP: 57164Y107<br>LEI: 549300WA6BT5H4F7IO94 | Long             | EC               | CORP              | US        |     43200 | NS      | $2875392.00   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| NEXTracker Inc                  | NEXTracker Inc                               | CUSIP: 65290E101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     11400 | NS      | $843486.00    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Northeast Bank                  | Northeast Bank                               | CUSIP: 66405S100<br>LEI: 549300F0LV9TSW34E306 | Long             | EC               | CORP              | US        |     32300 | NS      | $3235168.00   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| TrueBlue Inc                    | TrueBlue Inc                                 | CUSIP: 89785X101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    324300 | NS      | $1987959.00   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Virtus Investment Partners Inc  | Virtus Investment Partners Inc               | CUSIP: 92828Q109<br>LEI: 549300HWF93HB8BDM648 | Long             | EC               | CORP              | US        |     16500 | NS      | $3135495.00   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Invesco Ltd                     | Invesco Ltd                                  | CUSIP: N/A<br>LEI: ECPGFXU8A2SHKVVGJI15       | Long             | EC               | CORP              | US        |     91000 | NS      | $2087540.00   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| LivaNova PLC                    | LivaNova PLC                                 | CUSIP: N/A<br>LEI: 2138001K2FX6SHK2B339       | Long             | EC               | CORP              | GB        |     59900 | NS      | $3137562.00   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Valaris Ltd                     | Valaris Ltd                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |     32600 | NS      | $1589902.00   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Amerant Bancorp Inc             | Amerant Bancorp Inc                          | CUSIP: 023576101<br>LEI: 54930071V6LIG79MTL10 | Long             | EC               | CORP              | US        |    118900 | NS      | $2291203.00   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Ares Commercial Real Estate Co  | Ares Commercial Real Estate Corp             | CUSIP: 04013V108<br>LEI: 549300ZNO5IWXS443S81 | Long             | EC               | CORP              | US        |    322100 | NS      | $1452671.00   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| L B Foster Co                   | L B Foster Co                                | CUSIP: 350060109<br>LEI: 549300AUUJGJ2T2L2179 | Long             | EC               | CORP              | US        |     43500 | NS      | $1172325.00   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Hanmi Financial Corp            | Hanmi Financial Corp                         | CUSIP: 410495204<br>LEI: 549300MSZ7RCG7EA6587 | Long             | EC               | CORP              | US        |     99600 | NS      | $2459124.00   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Herc Holdings Inc               | Herc Holdings Inc                            | CUSIP: 42704L104<br>LEI: 549300TP80QLITMSBP82 | Long             | EC               | CORP              | US        |     11100 | NS      | $1294926.00   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Home Bancorp Inc                | Home Bancorp Inc                             | CUSIP: 43689E107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     30900 | NS      | $1678642.50   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Huntsman Corp                   | Huntsman Corp                                | CUSIP: 447011107<br>LEI: 5299000V56320A7RIQ67 | Long             | EC               | CORP              | US        |    224400 | NS      | $2015112.00   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Kforce Inc                      | Kforce Inc                                   | CUSIP: 493732101<br>LEI: 5493003RDQQDVXY2SK46 | Long             | EC               | CORP              | US        |    100800 | NS      | $3021984.00   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Lincoln National Corp           | Lincoln National Corp                        | CUSIP: 534187109<br>LEI: EFQMQROEDSNBRIP7LE47 | Long             | EC               | CORP              | US        |     66600 | NS      | $2685978.00   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Live Oak Bancshares Inc         | Live Oak Bancshares Inc                      | CUSIP: 53803X105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     96400 | NS      | $3395208.00   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| ManpowerGroup Inc               | ManpowerGroup Inc                            | CUSIP: 56418H100<br>LEI: ERO1WSFOSR0JJ6CRQ987 | Long             | EC               | CORP              | US        |     53100 | NS      | $2012490.00   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| McGrath RentCorp                | McGrath RentCorp                             | CUSIP: 580589109<br>LEI: 254900EUH6IPWFQ83445 | Long             | EC               | CORP              | US        |      8900 | NS      | $1043970.00   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Merchants Bancorp/IN            | Merchants Bancorp/IN                         | CUSIP: 58844R108<br>LEI: 54930008Y0GPVLF81889 | Long             | EC               | CORP              | US        |     94900 | NS      | $3017820.00   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Methode Electronics Inc         | Methode Electronics Inc                      | CUSIP: 591520200<br>LEI: 529900VM413LGLUS3F07 | Long             | EC               | CORP              | US        |    378300 | NS      | $2856165.00   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| New Jersey Resources Corp       | New Jersey Resources Corp                    | CUSIP: 646025106<br>LEI: 549300QKBSQBIX4DQ583 | Long             | EC               | CORP              | US        |     67300 | NS      | $3240495.00   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| NextDecade Corp                 | NextDecade Corp                              | CUSIP: 65342K105<br>LEI: 549300XB4GCLNGHFTT48 | Long             | EC               | CORP              | US        |    306850 | NS      | $2083511.50   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Northfield Bancorp Inc          | Northfield Bancorp Inc                       | CUSIP: 66611T108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    148907 | NS      | $1757102.60   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Science Applications Internati  | Science Applications International Corp      | CUSIP: 808625107<br>LEI: 549300LZPNZIXQGZPZ48 | Long             | EC               | CORP              | US        |     19400 | NS      | $1927778.00   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Select Water Solutions Inc      | Select Water Solutions Inc                   | CUSIP: 81617J301<br>LEI: 54930094OK8LA3QDW486 | Long             | EC               | CORP              | US        |    196500 | NS      | $2100585.00   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Select Medical Holdings Corp    | Select Medical Holdings Corp                 | CUSIP: 81619Q105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    111100 | NS      | $1426524.00   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Selective Insurance Group Inc   | Selective Insurance Group Inc                | CUSIP: 816300107<br>LEI: 549300R3WGJWLE40R258 | Long             | EC               | CORP              | US        |     29100 | NS      | $2359137.00   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Sierra Bancorp                  | Sierra Bancorp                               | CUSIP: 82620P102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     37800 | NS      | $1092798.00   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Sonic Automotive Inc            | Sonic Automotive Inc                         | CUSIP: 83545G102<br>LEI: 549300NTLRGJ2JCBZU03 | Long             | EC               | CORP              | US        |     30350 | NS      | $2309331.50   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Sylvamo Corp                    | Sylvamo Corp                                 | CUSIP: 871332102<br>LEI: 5493001AOYU1ZOWOC971 | Long             | EC               | CORP              | US        |     34400 | NS      | $1521168.00   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Tennant Co                      | Tennant Co                                   | CUSIP: 880345103<br>LEI: JYAIRLT8DVP6DP8UT336 | Long             | EC               | CORP              | US        |     30000 | NS      | $2431800.00   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Tompkins Financial Corp         | Tompkins Financial Corp                      | CUSIP: 890110109<br>LEI: 254900QDQ6V0QJ0Z2348 | Long             | EC               | CORP              | US        |     28420 | NS      | $1881688.20   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| UniFirst Corp/MA                | UniFirst Corp/MA                             | CUSIP: 904708104<br>LEI: 5493003XBTNWBC8UK019 | Long             | EC               | CORP              | US        |      9100 | NS      | $1521429.00   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| National Energy Services Reuni  | National Energy Services Reunited Corp       | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |    163450 | NS      | $1676997.00   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Sensata Technologies Holding P  | Sensata Technologies Holding PLC             | CUSIP: N/A<br>LEI: 529900MS7KFYCY9MS037       | Long             | EC               | CORP              | US        |    103800 | NS      | $3171090.00   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Signet Jewelers Ltd             | Signet Jewelers Ltd                          | CUSIP: N/A<br>LEI: 549300N3XPGE91WV7M22       | Long             | EC               | CORP              | US        |     18600 | NS      | $1784112.00   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| AZZ Inc                         | AZZ Inc                                      | CUSIP: 002474104<br>LEI: 549300HD1X2NFLWPYC83 | Long             | EC               | CORP              | US        |      4950 | NS      | $540193.50    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| ACI Worldwide Inc               | ACI Worldwide Inc                            | CUSIP: 004498101<br>LEI: 5493003BPVMZUJ6F5C02 | Long             | EC               | CORP              | US        |     50200 | NS      | $2649054.00   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Adeia Inc                       | Adeia Inc                                    | CUSIP: 00676P107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    211700 | NS      | $3556560.00   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Amphastar Pharmaceuticals Inc   | Amphastar Pharmaceuticals Inc                | CUSIP: 03209R103<br>LEI: 54930055TH0ZLSAQMJ38 | Long             | EC               | CORP              | US        |     80000 | NS      | $2132000.00   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Associated Banc-Corp            | Associated Banc-Corp                         | CUSIP: 045487105<br>LEI: 549300N3CIN473IW5094 | Long             | EC               | CORP              | US        |     59600 | NS      | $1532316.00   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Aviat Networks Inc              | Aviat Networks Inc                           | CUSIP: 05366Y201<br>LEI: 549300Z3X8Z4MK52CI65 | Long             | EC               | CORP              | US        |     72800 | NS      | $1669304.00   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Banc of California Inc          | Banc of California Inc                       | CUSIP: 05990K106<br>LEI: 549300ZKWUJDP6LJ1X87 | Long             | EC               | CORP              | US        |    218918 | NS      | $3623092.90   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of Marin Bancorp           | Bank of Marin Bancorp                        | CUSIP: 063425102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     69000 | NS      | $1675320.00   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| BayCom Corp                     | BayCom Corp                                  | CUSIP: 07272M107<br>LEI: 549300UOLS54Q5ONIG33 | Long             | EC               | CORP              | US        |     36300 | NS      | $1043625.00   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Capital Bancorp Inc             | Capital Bancorp Inc                          | CUSIP: 139737100<br>LEI: 549300LQKYGWQ7VP0C75 | Long             | EC               | CORP              | US        |     26700 | NS      | $851730.00    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Columbia Sportswear Co          | Columbia Sportswear Co                       | CUSIP: 198516106<br>LEI: 549300OTMCIEUXAH5Z60 | Long             | EC               | CORP              | US        |     29500 | NS      | $1542850.00   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| ABM Industries Inc              | ABM Industries Inc                           | CUSIP: 000957100<br>LEI: QF02R89VEIOROM77J447 | Long             | EC               | CORP              | US        |     48500 | NS      | $2236820.00   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| American Woodmark Corp          | American Woodmark Corp                       | CUSIP: 030506109<br>LEI: 5299007PFSDWMA74RB56 | Long             | EC               | CORP              | US        |     38300 | NS      | $2556908.00   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Armstrong World Industries Inc  | Armstrong World Industries Inc               | CUSIP: 04247X102<br>LEI: KXMRXXOJ88Q45Y45MG74 | Long             | EC               | CORP              | US        |      7060 | NS      | $1383830.60   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Arrow Electronics Inc           | Arrow Electronics Inc                        | CUSIP: 042735100<br>LEI: 549300YNNLBXT8N8R512 | Long             | EC               | CORP              | US        |     19200 | NS      | $2323200.00   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Arrow Financial Corp            | Arrow Financial Corp                         | CUSIP: 042744102<br>LEI: 2549007Z8GI9ZZIQ1817 | Long             | EC               | CORP              | US        |     30200 | NS      | $854660.00    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Atkore Inc                      | Atkore Inc                                   | CUSIP: 047649108<br>LEI: 52990002TI38AM4RPV48 | Long             | EC               | CORP              | US        |     42000 | NS      | $2635080.00   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| BankUnited Inc                  | BankUnited Inc                               | CUSIP: 06652K103<br>LEI: 96OVUWEW5D4YX6PFXD91 | Long             | EC               | CORP              | US        |     85880 | NS      | $3277180.80   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Columbus McKinnon Corp/NY       | Columbus McKinnon Corp/NY                    | CUSIP: 199333105<br>LEI: 549300W3HQB0HO1F3G69 | Long             | EC               | CORP              | US        |    195300 | NS      | $2800602.00   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Douglas Dynamics Inc            | Douglas Dynamics Inc                         | CUSIP: 25960R105<br>LEI: 529900CDFLKNQ0QT6580 | Long             | EC               | CORP              | US        |     50800 | NS      | $1588008.00   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Employers Holdings Inc          | Employers Holdings Inc                       | CUSIP: 292218104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     37705 | NS      | $1601708.40   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Enact Holdings Inc              | Enact Holdings Inc                           | CUSIP: 29249E109<br>LEI: 9845003CA5664B741N19 | Long             | EC               | CORP              | US        |     95100 | NS      | $3646134.00   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| First Western Financial Inc     | First Western Financial Inc                  | CUSIP: 33751L105<br>LEI: 549300PPOGX4C7S66B47 | Long             | EC               | CORP              | US        |     30900 | NS      | $711472.50    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Fluor Corp                      | Fluor Corp                                   | CUSIP: 343412102<br>LEI: CQ7WZ4NOFWT7FAE6Q943 | Long             | EC               | CORP              | US        |     77100 | NS      | $3243597.00   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Global Industrial Co            | Global Industrial Co                         | CUSIP: 37892E102<br>LEI: 5493000GO8Z3HEWCGE46 | Long             | EC               | CORP              | US        |     55757 | NS      | $2044609.19   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Hanover Insurance Group Inc/Th  | Hanover Insurance Group Inc/The              | CUSIP: 410867105<br>LEI: JJYR6MFKFF6CF8DBZ078 | Long             | EC               | CORP              | US        |     13600 | NS      | $2470168.00   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Harley-Davidson Inc             | Harley-Davidson Inc                          | CUSIP: 412822108<br>LEI: ZDNAWZWXIKMWI51R2A08 | Long             | EC               | CORP              | US        |    116900 | NS      | $3261510.00   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Heritage Commerce Corp          | Heritage Commerce Corp                       | CUSIP: 426927109<br>LEI: 549300CLIS851ELSR406 | Long             | EC               | CORP              | US        |    231600 | NS      | $2299788.00   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Hilltop Holdings Inc            | Hilltop Holdings Inc                         | CUSIP: 432748101<br>LEI: 54930010TA543US0PM65 | Long             | EC               | CORP              | US        |    106900 | NS      | $3572598.00   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Horace Mann Educators Corp      | Horace Mann Educators Corp                   | CUSIP: 440327104<br>LEI: 254900G5YAV3A2YK8T32 | Long             | EC               | CORP              | US        |     36414 | NS      | $1644820.38   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Innospec Inc                    | Innospec Inc                                 | CUSIP: 45768S105<br>LEI: 213800SQBACNY5IWJO68 | Long             | EC               | CORP              | US        |     26400 | NS      | $2037024.00   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Kemper Corp                     | Kemper Corp                                  | CUSIP: 488401100<br>LEI: 549300FNI1JKTRY2PV09 | Long             | EC               | CORP              | US        |     59300 | NS      | $3056915.00   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Marten Transport Ltd            | Marten Transport Ltd                         | CUSIP: 573075108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     56000 | NS      | $596960.00    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| National Presto Industries Inc  | National Presto Industries Inc               | CUSIP: 637215104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      8014 | NS      | $898770.10    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Northern Oil & Gas Inc          | Northern Oil & Gas Inc                       | CUSIP: 665531307<br>LEI: OKFF0PIZDDMNH4UCYE51 | Long             | EC               | CORP              | US        |    119700 | NS      | $2968560.00   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Origin Bancorp Inc              | Origin Bancorp Inc                           | CUSIP: 68621T102<br>LEI: 54930055DO2Z4KO3NB45 | Long             | EC               | CORP              | US        |     64300 | NS      | $2219636.00   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| PVH Corp                        | PVH Corp                                     | CUSIP: 693656100<br>LEI: 123WALMHY1GZXG2YDL90 | Long             | EC               | CORP              | US        |     21600 | NS      | $1809432.00   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| ProFrac Holding Corp            | ProFrac Holding Corp                         | CUSIP: 74319N100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    350600 | NS      | $1297220.00   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| QCR Holdings Inc                | QCR Holdings Inc                             | CUSIP: 74727A104<br>LEI: 549300MWKWM7KWJVQO33 | Long             | EC               | CORP              | US        |     31600 | NS      | $2390224.00   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| REV Group Inc                   | REV Group Inc                                | CUSIP: 749527107<br>LEI: 549300SRD0SIG5ZZ3X20 | Long             | EC               | CORP              | US        |     15680 | NS      | $888585.60    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| REX American Resources Corp     | REX American Resources Corp                  | CUSIP: 761624105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    110800 | NS      | $3392696.00   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Reynolds Consumer Products Inc  | Reynolds Consumer Products Inc               | CUSIP: 76171L106<br>LEI: 894500ZQLNYY77S80A06 | Long             | EC               | CORP              | US        |    141000 | NS      | $3450270.00   | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| SLM Corp                        | SLM Corp                                     | CUSIP: 78442P106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    113400 | NS      | $3138912.00   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Seritage Growth Properties      | Seritage Growth Properties                   | CUSIP: 81752R100<br>LEI: 5493003CJFC2MM82WB25 | Long             | EC               | CORP              | US        |    393348 | NS      | $1671729.00   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Stagwell Inc                    | Stagwell Inc                                 | CUSIP: 85256A109<br>LEI: 549300KIYTU6J3NYJ009 | Long             | EC               | CORP              | US        |    487300 | NS      | $2743499.00   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Sun Country Airlines Holdings   | Sun Country Airlines Holdings Inc            | CUSIP: 866683105<br>LEI: 549300MOHOJN9GH0NJ48 | Long             | EC               | CORP              | US        |     71600 | NS      | $845596.00    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Tri Pointe Homes Inc            | Tri Pointe Homes Inc                         | CUSIP: 87265H109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     62867 | NS      | $2135591.99   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Towne Bank/Portsmouth VA        | Towne Bank/Portsmouth VA                     | CUSIP: 89214P109<br>LEI: 54930039UO39UJGI7078 | Long             | EC               | CORP              | US        |     42700 | NS      | $1476139.00   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| United Community Banks Inc/GA   | United Community Banks Inc/GA                | CUSIP: 90984P303<br>LEI: 549300GVW0FV66X3U703 | Long             | EC               | CORP              | US        |     48800 | NS      | $1529880.00   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Veritex Holdings Inc            | Veritex Holdings Inc                         | CUSIP: 923451108<br>LEI: 549300F3SMOML02SC814 | Long             | EC               | CORP              | US        |     98600 | NS      | $3306058.00   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| WaFd Inc                        | WaFd Inc                                     | CUSIP: 938824109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     74234 | NS      | $2248547.86   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Washington Trust Bancorp Inc    | Washington Trust Bancorp Inc                 | CUSIP: 940610108<br>LEI: J66MZFCNJPP3PERHZW54 | Long             | EC               | CORP              | US        |     93930 | NS      | $2714577.00   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Workiva Inc                     | Workiva Inc                                  | CUSIP: 98139A105<br>LEI: 529900RTOQ8GRWHY1O58 | Long             | EC               | CORP              | US        |     40900 | NS      | $3520672.00   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Adient PLC                      | Adient PLC                                   | CUSIP: N/A<br>LEI: 5493002QLDY8O75RTR78       | Long             | EC               | CORP              | US        |    152905 | NS      | $3681952.40   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Assured Guaranty Ltd            | Assured Guaranty Ltd                         | CUSIP: N/A<br>LEI: 549300BBOQUJEPH87M14       | Long             | EC               | CORP              | BM        |     20530 | NS      | $1737864.50   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Janus Henderson Group PLC       | Janus Henderson Group PLC                    | CUSIP: N/A<br>LEI: 2138009WPYMWJN3RVF44       | Long             | EC               | CORP              | GB        |     38000 | NS      | $1691380.00   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Inmode Ltd                      | Inmode Ltd                                   | CUSIP: N/A<br>LEI: 984500DD95A35E9BD358       | Long             | EC               | CORP              | IL        |    225400 | NS      | $3358460.00   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| International Seaways Inc       | International Seaways Inc                    | CUSIP: N/A<br>LEI: 549300YUFDGFRNGBWF46       | Long             | EC               | CORP              | US        |     18900 | NS      | $870912.00    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| American Vanguard Corp          | American Vanguard Corp                       | CUSIP: 030371108<br>LEI: 529900GWI78WZA5M9783 | Long             | EC               | CORP              | US        |    147300 | NS      | $845502.00    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Artesian Resources Corp         | Artesian Resources Corp                      | CUSIP: 043113208<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     22700 | NS      | $739906.50    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| California Resources Corp       | California Resources Corp                    | CUSIP: 13057Q305<br>LEI: 5493003Q8F0T4F4YMR48 | Long             | EC               | CORP              | US        |     35690 | NS      | $1897994.20   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Carter Bankshares Inc           | Carter Bankshares Inc                        | CUSIP: 146103106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     53100 | NS      | $1030671.00   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Claros Mortgage Trust Inc       | Claros Mortgage Trust Inc                    | CUSIP: 18270D106<br>LEI: 549300Z9LU2CZ3K30C16 | Long             | EC               | CORP              | US        |    430400 | NS      | $1428928.00   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Crane NXT Co                    | Crane NXT Co                                 | CUSIP: 224441105<br>LEI: 549300EXNPSXEWUD3N21 | Long             | EC               | CORP              | US        |     52600 | NS      | $3527882.00   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Lear Corp                       | Lear Corp                                    | CUSIP: 521865204<br>LEI: 549300UPNBTXA1SYTQ33 | Long             | EC               | CORP              | US        |     31600 | NS      | $3179276.00   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Liberty Energy Inc              | Liberty Energy Inc                           | CUSIP: 53115L104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    169750 | NS      | $2094715.00   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Mattel Inc                      | Mattel Inc                                   | CUSIP: 577081102<br>LEI: 549300VELLG24KHTJ564 | Long             | EC               | CORP              | US        |     89000 | NS      | $1497870.00   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Maximus Inc                     | Maximus Inc                                  | CUSIP: 577933104<br>LEI: 549300DQCDS8HJ7QF202 | Long             | EC               | CORP              | US        |     32000 | NS      | $2923840.00   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Robert Half Inc                 | Robert Half Inc                              | CUSIP: 770323103<br>LEI: 529900VPCUY9H3HLIC08 | Long             | EC               | CORP              | US        |     88000 | NS      | $2990240.00   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Axalta Coating Systems Ltd      | Axalta Coating Systems Ltd                   | CUSIP: N/A<br>LEI: 529900AGLPA40GV6H619       | Long             | EC               | CORP              | US        |    100700 | NS      | $2882034.00   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Delek US Holdings Inc           | Delek US Holdings Inc                        | CUSIP: 24665A103<br>LEI: 5493003O53JMENV1N385 | Long             | EC               | CORP              | US        |    103800 | NS      | $3349626.00   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Diodes Inc                      | Diodes Inc                                   | CUSIP: 254543101<br>LEI: 549300XP2X1ARVH3BX23 | Long             | EC               | CORP              | US        |     37249 | NS      | $1982019.29   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Euronet Worldwide Inc           | Euronet Worldwide Inc                        | CUSIP: 298736109<br>LEI: YG3575C4DSHJPA5KET68 | Long             | EC               | CORP              | US        |     32300 | NS      | $2836263.00   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Farmers National Banc Corp      | Farmers National Banc Corp                   | CUSIP: 309627107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     56371 | NS      | $812306.11    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| First Foundation Inc            | First Foundation Inc                         | CUSIP: 32026V104<br>LEI: 254900TQZQ6LBCK77E82 | Long             | EC               | CORP              | US        |    435397 | NS      | $2425161.29   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| First Hawaiian Inc              | First Hawaiian Inc                           | CUSIP: 32051X108<br>LEI: 5493002DJSH46F5OLV06 | Long             | EC               | CORP              | US        |    128540 | NS      | $3191648.20   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Firstsun Capital Bancorp        | Firstsun Capital Bancorp                     | CUSIP: 33767U107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     41100 | NS      | $1594269.00   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Mechanics Bancorp               | Mechanics Bancorp                            | CUSIP: 43785V102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     52600 | NS      | $700106.00    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| MGIC Investment Corp            | MGIC Investment Corp                         | CUSIP: 552848103<br>LEI: 254900S8483WM4M98R28 | Long             | EC               | CORP              | US        |     55430 | NS      | $1572549.10   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| M/I Homes Inc                   | M/I Homes Inc                                | CUSIP: 55305B101<br>LEI: 5299005M71FH9CCSFB69 | Long             | EC               | CORP              | US        |      4300 | NS      | $621092.00    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Miller Industries Inc/TN        | Miller Industries Inc/TN                     | CUSIP: 600551204<br>LEI: 549300F1O74SPUJ7UU94 | Long             | EC               | CORP              | US        |     39130 | NS      | $1581634.60   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Northwestern Energy Group Inc   | Northwestern Energy Group Inc                | CUSIP: 668074305<br>LEI: 254900N1WG46G1VMDM34 | Long             | EC               | CORP              | US        |     58500 | NS      | $3428685.00   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| OceanFirst Financial Corp       | OceanFirst Financial Corp                    | CUSIP: 675234108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    183910 | NS      | $3231298.70   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Oil States International Inc    | Oil States International Inc                 | CUSIP: 678026105<br>LEI: 5493004TF4KQJGMYL777 | Long             | EC               | CORP              | US        |    459900 | NS      | $2786994.00   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Otter Tail Corp                 | Otter Tail Corp                              | CUSIP: 689648103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     22850 | NS      | $1873014.50   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Oxford Industries Inc           | Oxford Industries Inc                        | CUSIP: 691497309<br>LEI: IDZ20O0XD3GS4UOI2L88 | Long             | EC               | CORP              | US        |     51200 | NS      | $2075648.00   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| PBF Energy Inc                  | PBF Energy Inc                               | CUSIP: 69318G106<br>LEI: 2549003PBEDCSZMZIY02 | Long             | EC               | CORP              | US        |    145500 | NS      | $4389735.00   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| PetMed Express Inc              | PetMed Express Inc                           | CUSIP: 716382106<br>LEI: 529900PGHW5ASJ1AZL48 | Long             | EC               | CORP              | US        |    231300 | NS      | $580563.00    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Phinia Inc                      | Phinia Inc                                   | CUSIP: 71880K101<br>LEI: 254900HG6MORZE1FFM18 | Long             | EC               | CORP              | US        |     24600 | NS      | $1414008.00   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Photronics Inc                  | Photronics Inc                               | CUSIP: 719405102<br>LEI: 549300OK5JVNIBNY6F63 | Long             | EC               | CORP              | US        |    157680 | NS      | $3618756.00   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| RMR Group Inc/The               | RMR Group Inc/The                            | CUSIP: 74967R106<br>LEI: 549300JP4L34E48UJM16 | Long             | EC               | CORP              | US        |     98400 | NS      | $1547832.00   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Radian Group Inc                | Radian Group Inc                             | CUSIP: 750236101<br>LEI: 54930005OUP720S5U385 | Long             | EC               | CORP              | US        |     91500 | NS      | $3314130.00   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Sanmina Corp                    | Sanmina Corp                                 | CUSIP: 801056102<br>LEI: X5K24XLM8QYRXF00EB42 | Long             | EC               | CORP              | US        |     20545 | NS      | $2364934.95   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Noble Corp PLC                  | Noble Corp PLC                               | CUSIP: N/A<br>LEI: 549300I3HBUNXO0OG954       | Long             | EC               | CORP              | US        |     53300 | NS      | $1507324.00   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Heidrick & Struggles Internati  | Heidrick & Struggles International Inc       | CUSIP: 422819102<br>LEI: 5493006284N2J367VB57 | Long             | EC               | CORP              | US        |     63210 | NS      | $3145961.70   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Heritage Financial Corp/WA      | Heritage Financial Corp/WA                   | CUSIP: 42722X106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     68600 | NS      | $1659434.00   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Hingham Institution For Saving  | Hingham Institution For Savings The          | CUSIP: 433323102<br>LEI: 2549009GDCGUR2T6KU55 | Long             | EC               | CORP              | US        |      9000 | NS      | $2374020.00   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Hope Bancorp Inc                | Hope Bancorp Inc                             | CUSIP: 43940T109<br>LEI: 549300UTF4QGMBHIZ219 | Long             | EC               | CORP              | US        |    303333 | NS      | $3266896.41   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Independent Bank Corp           | Independent Bank Corp                        | CUSIP: 453836108<br>LEI: 549300C5K3W8THR3GE10 | Long             | EC               | CORP              | US        |     35900 | NS      | $2483203.00   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Innovex International Inc       | Innovex International Inc                    | CUSIP: 457651107<br>LEI: 5299007REICYIJNMW197 | Long             | EC               | CORP              | US        |    141300 | NS      | $2619702.00   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Insperity Inc                   | Insperity Inc                                | CUSIP: 45778Q107<br>LEI: 5299000Q0KW7HY5DB751 | Long             | EC               | CORP              | US        |     32300 | NS      | $1589160.00   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| VAALCO Energy Inc               | VAALCO Energy Inc                            | CUSIP: 91851C201<br>LEI: 549300CFHFVIWB8M6T24 | Long             | EC               | CORP              | US        |    864400 | NS      | $3474888.00   | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Valley National Bancorp         | Valley National Bancorp                      | CUSIP: 919794107<br>LEI: 549300ET52S1UBIB9762 | Long             | EC               | CORP              | US        |    246700 | NS      | $2615020.00   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| WEX Inc                         | WEX Inc                                      | CUSIP: 96208T104<br>LEI: T9M5IGROL1TL1G5OV478 | Long             | EC               | CORP              | US        |     18700 | NS      | $2945811.00   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| World Kinect Corp               | World Kinect Corp                            | CUSIP: 981475106<br>LEI: D3W7PCXCBRQLL17DZ313 | Long             | EC               | CORP              | US        |    122524 | NS      | $3179497.80   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Helen of Troy Ltd               | Helen of Troy Ltd                            | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |     99700 | NS      | $2512440.00   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Dime Community Bancshares Inc   | Dime Community Bancshares Inc                | CUSIP: 25432X102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    107600 | NS      | $3209708.00   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Douglas Emmett Inc              | Douglas Emmett Inc                           | CUSIP: 25960P109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    213900 | NS      | $3330423.00   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Ennis Inc                       | Ennis Inc                                    | CUSIP: 293389102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     41500 | NS      | $758620.00    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| First Busey Corp                | First Busey Corp                             | CUSIP: 319383204<br>LEI: 549300X4ZNLYSX7GUY60 | Long             | EC               | CORP              | US        |    133151 | NS      | $3082445.65   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Flushing Financial Corp         | Flushing Financial Corp                      | CUSIP: 343873105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    120718 | NS      | $1667115.58   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| JAKKS Pacific Inc               | JAKKS Pacific Inc                            | CUSIP: 47012E403<br>LEI: 549300UEF3348JRXQ295 | Long             | EC               | CORP              | US        |     90400 | NS      | $1693192.00   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Kaiser Aluminum Corp            | Kaiser Aluminum Corp                         | CUSIP: 483007704<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     41800 | NS      | $3225288.00   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Kosmos Energy Ltd               | Kosmos Energy Ltd                            | CUSIP: 500688106<br>LEI: 213800YDFJ3OT9B5P157 | Long             | EC               | CORP              | US        |   1818413 | NS      | $3018565.58   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Lantheus Holdings Inc           | Lantheus Holdings Inc                        | CUSIP: 516544103<br>LEI: 5299005HUB5IOJGO7S39 | Long             | EC               | CORP              | US        |     53500 | NS      | $2744015.00   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Vital Energy Inc                | Vital Energy Inc                             | CUSIP: 516806205<br>LEI: 549300X0PTWU2QSLSL14 | Long             | EC               | CORP              | US        |    176300 | NS      | $2977707.00   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Mercantile Bank Corp            | Mercantile Bank Corp                         | CUSIP: 587376104<br>LEI: P16VZZCKTJ5IONL6XE37 | Long             | EC               | CORP              | US        |     50600 | NS      | $2277000.00   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| MillerKnoll Inc                 | MillerKnoll Inc                              | CUSIP: 600544100<br>LEI: U98HXD3PNK7HYU2MU887 | Long             | EC               | CORP              | US        |     73600 | NS      | $1305664.00   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Monarch Casino & Resort Inc     | Monarch Casino & Resort Inc                  | CUSIP: 609027107<br>LEI: 549300AK5FF7KY11V997 | Long             | EC               | CORP              | US        |      8500 | NS      | $899640.00    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Murphy Oil Corp                 | Murphy Oil Corp                              | CUSIP: 626717102<br>LEI: QBKYQD0ODE7DC7PDIN91 | Long             | EC               | CORP              | US        |    139900 | NS      | $3974559.00   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Myers Industries Inc            | Myers Industries Inc                         | CUSIP: 628464109<br>LEI: 549300I2H9XMVTCW4Q51 | Long             | EC               | CORP              | US        |    176800 | NS      | $2994992.00   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| NOV Inc                         | NOV Inc                                      | CUSIP: 62955J103<br>LEI: 549300EHF3IW1AR6U008 | Long             | EC               | CORP              | US        |    255000 | NS      | $3378750.00   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| OneWater Marine Inc             | OneWater Marine Inc                          | CUSIP: 68280L101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     94600 | NS      | $1498464.00   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| PC Connection Inc               | PC Connection Inc                            | CUSIP: 69318J100<br>LEI: 5299005WPRNIXDV2KM73 | Long             | EC               | CORP              | US        |     13100 | NS      | $812069.00    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Unitil Corp                     | Unitil Corp                                  | CUSIP: 913259107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     33800 | NS      | $1617668.00   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Utah Medical Products Inc       | Utah Medical Products Inc                    | CUSIP: 917488108<br>LEI: 5493002R27BBGV8DID60 | Long             | EC               | CORP              | US        |     25900 | NS      | $1630923.00   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Constellium SE                  | Constellium SE                               | CUSIP: N/A<br>LEI: 724500KRJEMC79KAAU28       | Long             | EC               | CORP              | FR        |    123500 | NS      | $1837680.00   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Gates Industrial Corp PLC       | Gates Industrial Corp PLC                    | CUSIP: N/A<br>LEI: 549300S6K4FWUSB9KM27       | Long             | EC               | CORP              | US        |     56200 | NS      | $1394884.00   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Weatherford International PLC   | Weatherford International PLC                | CUSIP: N/A<br>LEI: 529900LPBDSCQDJKHQ39       | Long             | EC               | CORP              | US        |     28700 | NS      | $1963941.00   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Jazz Pharmaceuticals PLC        | Jazz Pharmaceuticals PLC                     | CUSIP: N/A<br>LEI: 635400GAUMJCLEZRRV50       | Long             | EC               | CORP              | IE        |     28300 | NS      | $3729940.00   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| ANI Pharmaceuticals Inc         | ANI Pharmaceuticals Inc                      | CUSIP: 00182C103<br>LEI: 5493000T6CXTND40YH31 | Long             | EC               | CORP              | US        |     20800 | NS      | $1905280.00   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Apollo Commercial Real Estate   | Apollo Commercial Real Estate Finance Inc    | CUSIP: 03762U105<br>LEI: 549300E0AN7M2AQHSY29 | Long             | EC               | CORP              | US        |    153500 | NS      | $1554955.00   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Avista Corp                     | Avista Corp                                  | CUSIP: 05379B107<br>LEI: Q0IK63NITJD6RJ47SW96 | Long             | EC               | CORP              | US        |     86361 | NS      | $3265309.41   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Boyd Gaming Corp                | Boyd Gaming Corp                             | CUSIP: 103304101<br>LEI: 254900787YGRYS2A1Z35 | Long             | EC               | CORP              | US        |     18800 | NS      | $1625260.00   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Concentra Group Holdings Paren  | Concentra Group Holdings Parent Inc          | CUSIP: 20603L102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    103131 | NS      | $2158531.83   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Diamond Hill Investment Group   | Diamond Hill Investment Group Inc            | CUSIP: 25264R207<br>LEI: 549300AQ6779A0B7VZ57 | Long             | EC               | CORP              | US        |     16500 | NS      | $2310165.00   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Douglas Elliman Inc             | Douglas Elliman Inc                          | CUSIP: 25961D105<br>LEI: 549300BXICHPOXA1NO93 | Long             | EC               | CORP              | US        |    706600 | NS      | $2020876.00   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Emerald Holding Inc             | Emerald Holding Inc                          | CUSIP: 29103W104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    153370 | NS      | $780653.30    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Enterprise Financial Services   | Enterprise Financial Services Corp           | CUSIP: 293712105<br>LEI: 5493001XTU5DLD632129 | Long             | EC               | CORP              | US        |     41500 | NS      | $2406170.00   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Excelerate Energy Inc           | Excelerate Energy Inc                        | CUSIP: 30069T101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     97300 | NS      | $2450987.00   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| F&G Annuities & Life Inc        | F&G Annuities & Life Inc                     | CUSIP: 30190A104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     80300 | NS      | $2510981.00   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Financial Institutions Inc      | Financial Institutions Inc                   | CUSIP: 317585404<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     90761 | NS      | $2468699.20   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Fortune Brands Innovations Inc  | Fortune Brands Innovations Inc               | CUSIP: 34964C106<br>LEI: 54930032LHW54PQUJD44 | Long             | EC               | CORP              | US        |     58100 | NS      | $3101959.00   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Goodyear Tire & Rubber Co/The   | Goodyear Tire & Rubber Co/The                | CUSIP: 382550101<br>LEI: 5493002BI0S2ZQUY3437 | Long             | EC               | CORP              | US        |    191800 | NS      | $1434664.00   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Vishay Intertechnology Inc      | Vishay Intertechnology Inc                   | CUSIP: 928298108<br>LEI: 5493009O8F3QQJTCQR75 | Long             | EC               | CORP              | US        |    163226 | NS      | $2497357.80   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Visteon Corp                    | Visteon Corp                                 | CUSIP: 92839U206<br>LEI: 549300MOVLYHRW4GGW78 | Long             | EC               | CORP              | US        |     27300 | NS      | $3272178.00   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Voya Financial Inc              | Voya Financial Inc                           | CUSIP: 929089100<br>LEI: 549300T065Z4KJ686G75 | Long             | EC               | CORP              | US        |     31500 | NS      | $2356200.00   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Wabash National Corp            | Wabash National Corp                         | CUSIP: 929566107<br>LEI: 5299004ZAWHQZI5XO485 | Long             | EC               | CORP              | US        |    156982 | NS      | $1549412.34   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| YETI Holdings Inc               | YETI Holdings Inc                            | CUSIP: 98585X104<br>LEI: 549300DSQICIGNT5GO63 | Long             | EC               | CORP              | US        |     47300 | NS      | $1569414.00   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Academy Sports & Outdoors Inc   | Academy Sports & Outdoors Inc                | CUSIP: 00402L107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     15900 | NS      | $795318.00    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| AdvanSix Inc                    | AdvanSix Inc                                 | CUSIP: 00773T101<br>LEI: 5493009TPRODMCAZLF67 | Long             | EC               | CORP              | US        |     40100 | NS      | $777138.00    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Albany International Corp       | Albany International Corp                    | CUSIP: 012348108<br>LEI: L73WCPNCZIRSQGZTW097 | Long             | EC               | CORP              | US        |     25400 | NS      | $1353820.00   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Bread Financial Holdings Inc    | Bread Financial Holdings Inc                 | CUSIP: 018581108<br>LEI: 549300G8S4PO686J7H97 | Long             | EC               | CORP              | US        |     45660 | NS      | $2546458.20   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Amentum Holdings Inc            | Amentum Holdings Inc                         | CUSIP: 023939101<br>LEI: 2549009FJIBLW40CU216 | Long             | EC               | CORP              | US        |     62900 | NS      | $1506455.00   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| American Assets Trust Inc       | American Assets Trust Inc                    | CUSIP: 024013104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    119800 | NS      | $2434336.00   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Apogee Enterprises Inc          | Apogee Enterprises Inc                       | CUSIP: 037598109<br>LEI: 549300579S7QW8V4IJ60 | Long             | EC               | CORP              | US        |     57900 | NS      | $2522703.00   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Astrana Health Inc              | Astrana Health Inc                           | CUSIP: 03763A207<br>LEI: 5493008O4R82Q4STJ936 | Long             | EC               | CORP              | US        |    105600 | NS      | $2993760.00   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Ardent Health Inc               | Ardent Health Inc                            | CUSIP: 03980N107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    124000 | NS      | $1643000.00   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Beacon Financial Corp           | Beacon Financial Corp                        | CUSIP: 084680107<br>LEI: 549300AS2OC6UMMBNO37 | Long             | EC               | CORP              | US        |    249617 | NS      | $5918419.07   | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Black Hills Corp                | Black Hills Corp                             | CUSIP: 092113109<br>LEI: 3MGELCRSTNSAMJ962671 | Long             | EC               | CORP              | US        |     58300 | NS      | $3590697.00   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Blue Bird Corp                  | Blue Bird Corp                               | CUSIP: 095306106<br>LEI: 5493004ZXJUUWQ65ER59 | Long             | EC               | CORP              | US        |     43400 | NS      | $2497670.00   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| CNB Financial Corp/PA           | CNB Financial Corp/PA                        | CUSIP: 126128107<br>LEI: 254900RUYUOKD91VNX69 | Long             | EC               | CORP              | US        |     31600 | NS      | $764720.00    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Camden National Corp            | Camden National Corp                         | CUSIP: 133034108<br>LEI: 549300ZVEDL2L8UW4F28 | Long             | EC               | CORP              | US        |     36816 | NS      | $1420729.44   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Capitol Federal Financial Inc   | Capitol Federal Financial Inc                | CUSIP: 14057J101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    524700 | NS      | $3331845.00   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Carter's Inc                    | Carter's Inc                                 | CUSIP: 146229109<br>LEI: 5299003WAQK4R3L3ZU36 | Long             | EC               | CORP              | US        |     62500 | NS      | $1763750.00   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| CNO Financial Group Inc         | CNO Financial Group Inc                      | CUSIP: 12621E103<br>LEI: 11XPYHB76MPM4Y4P2897 | Long             | EC               | CORP              | US        |     81186 | NS      | $3210906.30   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Cathay General Bancorp          | Cathay General Bancorp                       | CUSIP: 149150104<br>LEI: 549300K1SLJ8C97H5L68 | Long             | EC               | CORP              | US        |     48232 | NS      | $2315618.32   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Century Communities Inc         | Century Communities Inc                      | CUSIP: 156504300<br>LEI: 5299002QMB2O7ZL1CA26 | Long             | EC               | CORP              | US        |      8496 | NS      | $538391.52    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Colony Bankcorp Inc             | Colony Bankcorp Inc                          | CUSIP: 19623P101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     44100 | NS      | $750141.00    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Columbia Banking System Inc     | Columbia Banking System Inc                  | CUSIP: 197236102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    194934 | NS      | $5017601.16   | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Ecovyst Inc                     | Ecovyst Inc                                  | CUSIP: 27923Q109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    351300 | NS      | $3077388.00   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| ePlus Inc                       | ePlus Inc                                    | CUSIP: 294268107<br>LEI: 529900FFY8AAFJ21NE91 | Long             | EC               | CORP              | US        |     32100 | NS      | $2279421.00   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Federated Hermes Inc            | Federated Hermes Inc                         | CUSIP: 314211103<br>LEI: R05X5UQ874RGFF7HHD84 | Long             | EC               | CORP              | US        |     57220 | NS      | $2971434.60   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| First Financial Corp            | First Financial Corp                         | CUSIP: 320218100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     32763 | NS      | $1849143.72   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Franklin Covey Co               | Franklin Covey Co                            | CUSIP: 353469109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     48100 | NS      | $933621.00    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Gentex Corp                     | Gentex Corp                                  | CUSIP: 371901109<br>LEI: 549300S3UD8XV1MN0287 | Long             | EC               | CORP              | US        |    115400 | NS      | $3265820.00   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Halozyme Therapeutics Inc       | Halozyme Therapeutics Inc                    | CUSIP: 40637H109<br>LEI: 529900242I3SV9AGM753 | Long             | EC               | CORP              | US        |     33100 | NS      | $2427554.00   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Flagstar Financial Inc          | Flagstar Financial Inc                       | CUSIP: 649445400<br>LEI: 529900HVXOTLY61GL030 | Long             | EC               | CORP              | US        |    294600 | NS      | $3402630.00   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| H2O America                     | H2O America                                  | CUSIP: 784305104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     63200 | NS      | $3077840.00   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Cushman & Wakefield PLC         | Cushman & Wakefield PLC                      | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |    193800 | NS      | $3085296.00   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Cass Information Systems Inc    | Cass Information Systems Inc                 | CUSIP: 14808P109<br>LEI: 549300G7XPIPR7SJ2F38 | Long             | EC               | CORP              | US        |     16700 | NS      | $656811.00    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Central Pacific Financial Corp  | Central Pacific Financial Corp               | CUSIP: 154760409<br>LEI: 549300W3YEAOZ4KGG849 | Long             | EC               | CORP              | US        |     79480 | NS      | $2411423.20   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Core Laboratories Inc           | Core Laboratories Inc                        | CUSIP: 21867A105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    139300 | NS      | $1721748.00   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| 1st Source Corp                 | 1st Source Corp                              | CUSIP: 336901103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     38866 | NS      | $2392590.96   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Bridgewater Bancshares Inc      | Bridgewater Bancshares Inc                   | CUSIP: 108621103<br>LEI: 5493001FLSBTVILKXZ71 | Long             | EC               | CORP              | US        |     74590 | NS      | $1312784.00   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Burke & Herbert Financial Serv  | Burke & Herbert Financial Services Corp      | CUSIP: 12135Y108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     26200 | NS      | $1616278.00   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Five Star Bancorp               | Five Star Bancorp                            | CUSIP: 33830T103<br>LEI: 5493008ZRBIHKWC0JA73 | Long             | EC               | CORP              | US        |     21600 | NS      | $695520.00    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Greenbrier Cos Inc/The          | Greenbrier Cos Inc/The                       | CUSIP: 393657101<br>LEI: 5493001GAGGFR30BP390 | Long             | EC               | CORP              | US        |     48689 | NS      | $2247971.13   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| International Money Express In  | International Money Express Inc              | CUSIP: 46005L101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    109000 | NS      | $1522730.00   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| KB Home                         | KB Home                                      | CUSIP: 48666K109<br>LEI: 549300LGUCWQURMWLG09 | Long             | EC               | CORP              | US        |      8730 | NS      | $555577.20    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Kimball Electronics Inc         | Kimball Electronics Inc                      | CUSIP: 49428J109<br>LEI: 549300COBYN2GZCBIU87 | Long             | EC               | CORP              | US        |     77720 | NS      | $2320719.20   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Leggett & Platt Inc             | Leggett & Platt Inc                          | CUSIP: 524660107<br>LEI: DKOVQUCDW4ZLYCUD4T55 | Long             | EC               | CORP              | US        |    189300 | NS      | $1680984.00   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Steven Madden Ltd               | Steven Madden Ltd                            | CUSIP: 556269108<br>LEI: 549300Z9GZ7GYJWSGF43 | Long             | EC               | CORP              | US        |     91300 | NS      | $3056724.00   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Shore Bancshares Inc            | Shore Bancshares Inc                         | CUSIP: 825107105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     92012 | NS      | $1509916.92   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Spire Inc                       | Spire Inc                                    | CUSIP: 84857L101<br>LEI: 549300NXSY15DRY2R511 | Long             | EC               | CORP              | US        |     43973 | NS      | $3584678.96   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Stewart Information Services C  | Stewart Information Services Corp            | CUSIP: 860372101<br>LEI: 529900TV1XI0PLKENU10 | Long             | EC               | CORP              | US        |     33590 | NS      | $2462818.80   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Thermon Group Holdings Inc      | Thermon Group Holdings Inc                   | CUSIP: 88362T103<br>LEI: 529900ZNZBBLDE77MZ38 | Long             | EC               | CORP              | US        |    126023 | NS      | $3367334.56   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Thor Industries Inc             | Thor Industries Inc                          | CUSIP: 885160101<br>LEI: 254900XZO1228PDSG060 | Long             | EC               | CORP              | US        |     30100 | NS      | $3121069.00   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| TriCo Bancshares                | TriCo Bancshares                             | CUSIP: 896095106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     71800 | NS      | $3188638.00   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Univest Financial Corp          | Univest Financial Corp                       | CUSIP: 915271100<br>LEI: 4WII2HCR8UEWNU03U507 | Long             | EC               | CORP              | US        |     77470 | NS      | $2325649.40   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Aspen Insurance Holdings Ltd    | Aspen Insurance Holdings Ltd                 | CUSIP: N/A<br>LEI: 549300YX6HECG9XQCQ75       | Long             | EC               | CORP              | BM        |     75200 | NS      | $2760592.00   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| CVR Energy Inc                  | CVR Energy Inc                               | CUSIP: 12662P108<br>LEI: 529900SOYZIXZBTXB558 | Long             | EC               | CORP              | US        |    117900 | NS      | $4300992.00   | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| DiamondRock Hospitality Co      | DiamondRock Hospitality Co                   | CUSIP: 252784301<br>LEI: 529900KKD4BPVBUAQ734 | Long             | EC               | CORP              | US        |    194000 | NS      | $1544240.00   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| El Pollo Loco Holdings Inc      | El Pollo Loco Holdings Inc                   | CUSIP: 268603107<br>LEI: 549300EZCBNF4G707K90 | Long             | EC               | CORP              | US        |    153900 | NS      | $1492830.00   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Empire State Realty Trust Inc   | Empire State Realty Trust Inc                | CUSIP: 292104106<br>LEI: 549300VOKY1DUEQSB456 | Long             | EC               | CORP              | US        |    216700 | NS      | $1659922.00   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Energizer Holdings Inc          | Energizer Holdings Inc                       | CUSIP: 29272W109<br>LEI: 5493000D6NN0V57UME20 | Long             | EC               | CORP              | US        |     56400 | NS      | $1403796.00   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| FNB Corp/PA                     | FNB Corp/PA                                  | CUSIP: 302520101<br>LEI: PCYSKIGYNYFDTBLVZU83 | Long             | EC               | CORP              | US        |     49000 | NS      | $789390.00    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| G-III Apparel Group Ltd         | G-III Apparel Group Ltd                      | CUSIP: 36237H101<br>LEI: 529900O5KABM3R3SFM87 | Long             | EC               | CORP              | US        |     73390 | NS      | $1952907.90   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Global Medical REIT Inc         | Global Medical REIT Inc                      | CUSIP: 37954A303<br>LEI: 549300HFRIPQDYU3GU60 | Long             | EC               | CORP              | US        |     64100 | NS      | $2160811.00   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Haverty Furniture Cos Inc       | Haverty Furniture Cos Inc                    | CUSIP: 419596101<br>LEI: 529900CVFMMIRXZVPD70 | Long             | EC               | CORP              | US        |    122500 | NS      | $2686425.00   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Heartland Express Inc           | Heartland Express Inc                        | CUSIP: 422347104<br>LEI: 5299005V45FZIQGLOG39 | Long             | EC               | CORP              | US        |    289000 | NS      | $2421820.00   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Crescent Energy Co              | Crescent Energy Co                           | CUSIP: 44952J104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    369845 | NS      | $3299017.40   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Essent Group Ltd                | Essent Group Ltd                             | CUSIP: N/A<br>LEI: 254900QUO860OUT6ZF83       | Long             | EC               | CORP              | US        |     50970 | NS      | $3239653.20   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| White Mountains Insurance Grou  | White Mountains Insurance Group Ltd          | CUSIP: N/A<br>LEI: 549300N3FL068JERBG02       | Long             | EC               | CORP              | US        |      1800 | NS      | $3008736.00   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Expro Group Holdings NV         | Expro Group Holdings NV                      | CUSIP: N/A<br>LEI: 724500LJYA8QIT73H017       | Long             | EC               | CORP              | US        |    273903 | NS      | $3253967.64   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Great Southern Bancorp Inc      | Great Southern Bancorp Inc                   | CUSIP: 390905107<br>LEI: 5493000ZL7DLNMN1AB26 | Long             | EC               | CORP              | US        |     27110 | NS      | $1660487.50   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Green Brick Partners Inc        | Green Brick Partners Inc                     | CUSIP: 392709101<br>LEI: 549300R7SCIV7FQI6T56 | Long             | EC               | CORP              | US        |     10900 | NS      | $805074.00    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Hilton Grand Vacations Inc      | Hilton Grand Vacations Inc                   | CUSIP: 43283X105<br>LEI: 549300O9K6MFD8D07574 | Long             | EC               | CORP              | US        |     67600 | NS      | $2826356.00   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Horizon Bancorp Inc/IN          | Horizon Bancorp Inc/IN                       | CUSIP: 440407104<br>LEI: 549300U2OQ2EIT5MXG39 | Long             | EC               | CORP              | US        |    156700 | NS      | $2508767.00   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Janus International Group Inc   | Janus International Group Inc                | CUSIP: 47103N106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    338400 | NS      | $3340008.00   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Kennametal Inc                  | Kennametal Inc                               | CUSIP: 489170100<br>LEI: 549300GZDSG25XUV0Y08 | Long             | EC               | CORP              | US        |     32200 | NS      | $673946.00    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Korn Ferry                      | Korn Ferry                                   | CUSIP: 500643200<br>LEI: 549300FOD20OM0GT5G40 | Long             | EC               | CORP              | US        |     20696 | NS      | $1448306.08   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| MSC Industrial Direct Co Inc    | MSC Industrial Direct Co Inc                 | CUSIP: 553530106<br>LEI: 0XVKH0LN6YGOWO2EGO17 | Long             | EC               | CORP              | US        |     34600 | NS      | $3188044.00   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Mid Penn Bancorp Inc            | Mid Penn Bancorp Inc                         | CUSIP: 59540G107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     28800 | NS      | $824832.00    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Midland States Bancorp Inc      | Midland States Bancorp Inc                   | CUSIP: 597742105<br>LEI: 5493006RHXW9TTBWYC94 | Long             | EC               | CORP              | US        |     81500 | NS      | $1396910.00   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| National CineMedia Inc          | National CineMedia Inc                       | CUSIP: 635309206<br>LEI: 5493000MOLIVSOGKEB48 | Long             | EC               | CORP              | US        |    553100 | NS      | $2494481.00   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Olin Corp                       | Olin Corp                                    | CUSIP: 680665205<br>LEI: 549300GKK294V7W57P06 | Long             | EC               | CORP              | US        |    152000 | NS      | $3798480.00   | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Preferred Bank/Los Angeles CA   | Preferred Bank/Los Angeles CA                | CUSIP: 740367404<br>LEI: 5493007K6HGI9G0ECX16 | Long             | EC               | CORP              | US        |     34840 | NS      | $3149187.60   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Provident Financial Services I  | Provident Financial Services Inc             | CUSIP: 74386T105<br>LEI: 529900JOSO3SXEDVE477 | Long             | EC               | CORP              | US        |    162472 | NS      | $3132460.16   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Resources Connection Inc        | Resources Connection Inc                     | CUSIP: 76122Q105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    197285 | NS      | $996289.25    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Brink's Co/The                  | Brink's Co/The                               | CUSIP: 109696104<br>LEI: XFP140TFNOQMIVFTVQ13 | Long             | EC               | CORP              | US        |     28800 | NS      | $3365568.00   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Baytex Energy Corp              | Baytex Energy Corp                           | CUSIP: 07317Q105<br>LEI: 549300R5LTV2H7I1I079 | Long             | EC               | CORP              | CA        |   1766142 | NS      | $4132772.28   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Bloomin' Brands Inc             | Bloomin' Brands Inc                          | CUSIP: 094235108<br>LEI: E1UJ2GO305B5FXGV7N04 | Long             | EC               | CORP              | US        |    227305 | NS      | $1629776.85   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Ingram Micro Holding Corp       | Ingram Micro Holding Corp                    | CUSIP: 457152106<br>LEI: 9845008639BC538AB065 | Long             | EC               | CORP              | US        |     75300 | NS      | $1618197.00   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Kearny Financial Corp/MD        | Kearny Financial Corp/MD                     | CUSIP: 48716P108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    254000 | NS      | $1668780.00   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Legacy Housing Corp             | Legacy Housing Corp                          | CUSIP: 52472M101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     37300 | NS      | $1026123.00   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| MDU Resources Group Inc         | MDU Resources Group Inc                      | CUSIP: 552690109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    168100 | NS      | $2993861.00   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Matson Inc                      | Matson Inc                                   | CUSIP: 57686G105<br>LEI: 549300OI5H3Y0I9I4I12 | Long             | EC               | CORP              | US        |     15400 | NS      | $1518286.00   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| NB Bancorp Inc                  | NB Bancorp Inc                               | CUSIP: 63945M107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    174600 | NS      | $3081690.00   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| ONE Gas Inc                     | ONE Gas Inc                                  | CUSIP: 68235P108<br>LEI: 549300HXDWI0LATTX840 | Long             | EC               | CORP              | US        |     20900 | NS      | $1691646.00   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Park Hotels & Resorts Inc       | Park Hotels & Resorts Inc                    | CUSIP: 700517105<br>LEI: 5493005UZ5TQN0H6HS73 | Long             | EC               | CORP              | US        |    291900 | NS      | $3234252.00   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| RPC Inc                         | RPC Inc                                      | CUSIP: 749660106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    395800 | NS      | $1884008.00   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Schneider National Inc          | Schneider National Inc                       | CUSIP: 80689H102<br>LEI: 529900V6GZ6G6E3BLV72 | Long             | EC               | CORP              | US        |     59300 | NS      | $1254788.00   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| United Parks & Resorts Inc      | United Parks & Resorts Inc                   | CUSIP: 81282V100<br>LEI: 529900G0H4NV3IIK3269 | Long             | EC               | CORP              | US        |     61700 | NS      | $3189890.00   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| SIGA Technologies Inc           | SIGA Technologies Inc                        | CUSIP: 826917106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    218800 | NS      | $2002020.00   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Sonoco Products Co              | Sonoco Products Co                           | CUSIP: 835495102<br>LEI: GKOMIK4RDJGHEF0VNP11 | Long             | EC               | CORP              | US        |     32800 | NS      | $1413352.00   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Talos Energy Inc                | Talos Energy Inc                             | CUSIP: 87484T108<br>LEI: 549300OKFHZ84SFJFT95 | Long             | EC               | CORP              | US        |    360900 | NS      | $3461031.00   | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Timken Co/The                   | Timken Co/The                                | CUSIP: 887389104<br>LEI: B0I35MLPFXZSE70ASS73 | Long             | EC               | CORP              | US        |     41900 | NS      | $3150042.00   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Travel + Leisure Co             | Travel + Leisure Co                          | CUSIP: 894164102<br>LEI: T4VNTWMFQ7JQB65L7T35 | Long             | EC               | CORP              | US        |     61000 | NS      | $3628890.00   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| TriMas Corp                     | TriMas Corp                                  | CUSIP: 896215209<br>LEI: 75G1WUQ8QK4P5MZOYD78 | Long             | EC               | CORP              | US        |     63000 | NS      | $2434320.00   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| TrustCo Bank Corp NY            | TrustCo Bank Corp NY                         | CUSIP: 898349204<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     74192 | NS      | $2693169.60   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Tutor Perini Corp               | Tutor Perini Corp                            | CUSIP: 901109108<br>LEI: 549300FHXYVPW8LJ6D98 | Long             | EC               | CORP              | US        |     23770 | NS      | $1559074.30   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Brown Brothers Harriman and Co. | Australia and New Zealand Banking Group Ltd. | CUSIP: N/A<br>LEI: 5493006KMX1VFTPYPW14       | Long             | STIV             | CORP              | US        |  12681866 | PA      | $12681865.56  | 1.57%             | 2025-09-30      | Fixed         | 3.44%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-11-21

**Name of Applicant:** HOTCHKIS & WILEY FUNDS/DE/

**Signature:** /s/ James Menvielle

**Name of Signer:** James Menvielle

**Title:** Treasurer / Principal Financial Officer