# EDGAR Filing Document

**Accession Number:** 0001576367
**File Stem:** 0001752724-23-021300
**Filing Date:** 2023-2
**Character Count:** 78236
**Document Hash:** a6211ccf2046841b4cebc57249295b81
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-021300.hdr.sgml**: 20230210

**ACCESSION NUMBER**: 0001752724-23-021300

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230210

**DATE AS OF CHANGE**: 20230210

**PERIOD START**: 20230630

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FORUM FUNDS II
- **CENTRAL INDEX KEY:** 0001576367
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22842
- **FILM NUMBER:** 23608865

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

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

## Series and Classes Contracts Data

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

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

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

  - **Street Address 1:** THREE CANAL PLAZA, SUITE 600

  - **City:** PORTLAND

  - **State:** ME

  - **Foreign country:** US

  - **Zip / Postal Code:** 04101

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

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

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

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

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

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

- **a. Date of fiscal year-end:** 2023-06-30

- **b. Date as of which information is reported:** 2022-12-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $46653772.14

**Total Liabilities:** $76122.20

**Net Assets:** $46577649.94

**Cash Not Reported:** $223950.35

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000142990 | 9.65%                | 1.12%                | -4.38%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-232879.12              | $4788638.41                                |
| Month 2  | $-849701.04              | $1401285.84                                |
| Month 3  | $-531099.53              | $-1638002.89                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Heska Corp                           | Heska Corp.                                   | CUSIP: 42805E306<br>LEI: 529900O1OR2EB7L0HY27 | Long             | EC               | CORP              | US        |      2780 | NS      | $172804.80    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| BJ's Restaurants Inc                 | BJ's Restaurants, Inc.                        | CUSIP: 09180C106<br>LEI: 5299000EOW66I1OJNQ23 | Long             | EC               | CORP              | US        |      2800 | NS      | $73864.00     | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Green Brick Partners Inc             | Green Brick Partners, Inc.                    | CUSIP: 392709101<br>LEI: 549300R7SCIV7FQI6T56 | Long             | EC               | CORP              | US        |     11730 | NS      | $284217.90    | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Texas Capital Bancshares Inc         | Texas Capital Bancshares, Inc.                | CUSIP: 88224Q107<br>LEI: 549300466Q2SXRX0YM48 | Long             | EC               | CORP              | US        |      5235 | NS      | $315722.85    | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Provention Bio Inc                   | Provention Bio, Inc.                          | CUSIP: 74374N102<br>LEI: 5493003LM26XAVJKLD34 | Long             | EC               | CORP              | US        |      5700 | NS      | $60249.00     | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Heidrick & Struggles Internati       | Heidrick & Struggles International, Inc.      | CUSIP: 422819102<br>LEI: 5493006284N2J367VB57 | Long             | EC               | CORP              | US        |      2200 | NS      | $61534.00     | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| NMI Holdings Inc                     | NMI Holdings, Inc.                            | CUSIP: 629209305<br>LEI: 529900KNNGFXJX1C3Z08 | Long             | EC               | CORP              | US        |     12200 | NS      | $254980.00    | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Mid Penn Bancorp Inc                 | Mid Penn Bancorp, Inc.                        | CUSIP: 59540G107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4500 | NS      | $134865.00    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Orion Energy Systems, Inc.           | Orion Energy Systems, Inc.                    | CUSIP: 686275108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    106186 | NS      | $193258.52    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Cross Country Healthcare Inc         | Cross Country Healthcare, Inc.                | CUSIP: 227483104<br>LEI: 54930037L0NBIPZ5S663 | Long             | EC               | CORP              | US        |      3200 | NS      | $85024.00     | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Fluent Inc                           | Fluent, Inc.                                  | CUSIP: 34380C102<br>LEI: 549300P3G8O165ICY429 | Long             | EC               | CORP              | US        |    258675 | NS      | $281955.75    | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Lovesac Co/The                       | The Lovesac Co.                               | CUSIP: 54738L109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10360 | NS      | $228023.60    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Edgio Inc                            | Edgio, Inc.                                   | CUSIP: 53261M104<br>LEI: 529900BNCMDQGEKW5M59 | Long             | EC               | CORP              | US        |    120000 | NS      | $135600.00    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Information Services Group Inc       | Information Services Group, Inc.              | CUSIP: 45675Y104<br>LEI: 549300ZUNI6DQ0G8Q273 | Long             | EC               | CORP              | US        |     19100 | NS      | $87860.00     | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Lindblad Expeditions Holdings        | Lindblad Expeditions Holdings, Inc.           | CUSIP: 535219109<br>LEI: 549300GSPW24GZE6R597 | Long             | EC               | CORP              | US        |      8100 | NS      | $62370.00     | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| MaxCyte Inc                          | MaxCyte, Inc.                                 | CUSIP: 57777K106<br>LEI: 54930053YHXULRFCU991 | Long             | EC               | CORP              | US        |     18184 | NS      | $99284.64     | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Winmark Corp                         | Winmark Corp.                                 | CUSIP: 974250102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2512 | NS      | $592404.96    | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Guess? Inc                           | Guess?, Inc.                                  | CUSIP: 401617105<br>LEI: 549300QVH3ZK2DW0KP86 | Long             | EC               | CORP              | US        |     13245 | NS      | $274039.05    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| iCAD Inc                             | iCAD, Inc.                                    | CUSIP: 44934S206<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     33960 | NS      | $62146.80     | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Shoe Carnival Inc                    | Shoe Carnival, Inc.                           | CUSIP: 824889109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4600 | NS      | $109986.00    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Avanos Medical Inc                   | Avanos Medical, Inc.                          | CUSIP: 05350V106<br>LEI: 549300YCXWOM7NEWMQ58 | Long             | EC               | CORP              | US        |      2700 | NS      | $73062.00     | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Heritage Commerce Corp               | Heritage Commerce Corp.                       | CUSIP: 426927109<br>LEI: 549300CLIS851ELSR406 | Long             | EC               | CORP              | US        |     10000 | NS      | $130000.00    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| IES Holdings Inc                     | IES Holdings, Inc.                            | CUSIP: 44951W106<br>LEI: 549300687T8E6LN6EN72 | Long             | EC               | CORP              | US        |     16754 | NS      | $595939.78    | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Orion Engineered Carbons SA          | Orion Engineered Carbons SA                   | CUSIP: L72967109<br>LEI: N/A                  | Long             | EC               | CORP              | LU        |     14306 | NS      | $254789.86    | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| American Well Corp                   | American Well Corp.                           | CUSIP: 03044L105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     36485 | NS      | $103252.55    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Aldeyra Therapeutics Inc             | Aldeyra Therapeutics, Inc.                    | CUSIP: 01438T106<br>LEI: 529900HGKY864E4Y9014 | Long             | EC               | CORP              | US        |     16200 | NS      | $112752.00    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Tactile Systems Technology Inc       | Tactile Systems Technology, Inc.              | CUSIP: 87357P100<br>LEI: 54930069VDTITHOTKJ98 | Long             | EC               | CORP              | US        |     14800 | NS      | $169904.00    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Chefs' Warehouse Inc/The             | The Chefs' Warehouse, Inc.                    | CUSIP: 163086101<br>LEI: 549300JYEDC8C547E980 | Long             | EC               | CORP              | US        |      4100 | NS      | $136448.00    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| UFP Technologies Inc                 | UFP Technologies, Inc.                        | CUSIP: 902673102<br>LEI: 549300RJ8LY41HS70C91 | Long             | EC               | CORP              | US        |      7026 | NS      | $828295.14    | 1.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Ranpak Holdings Corp                 | Ranpak Holdings Corp.                         | CUSIP: 75321W103<br>LEI: 5493000Z9EZR9DCYOO86 | Long             | EC               | CORP              | US        |     22932 | NS      | $132317.64    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| James River Group Holdings Ltd       | James River Group Holdings, Ltd.              | CUSIP: G5005R107<br>LEI: N/A                  | Long             | EC               | CORP              | BM        |      9307 | NS      | $194609.37    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Necessity Retail REIT Inc/The        | The Necessity Retail REIT, Inc.               | CUSIP: 02607T109<br>LEI: 549300GN4H0K3IUS8983 | Long             | EC               | CORP              | US        |     20600 | NS      | $122158.00    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Napco Security Technologies In       | Napco Security Technologies, Inc.             | CUSIP: 630402105<br>LEI: 529900KV21J4YY9YST76 | Long             | EC               | CORP              | US        |      4400 | NS      | $120912.00    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| First Western Financial Inc          | First Western Financial, Inc.                 | CUSIP: 33751L105<br>LEI: 549300PPOGX4C7S66B47 | Long             | EC               | CORP              | US        |      8430 | NS      | $237304.50    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Akoya Biosciences Inc                | Akoya Biosciences, Inc.                       | CUSIP: 00974H104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     13805 | NS      | $132113.85    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Geron Corp                           | Geron Corp.                                   | CUSIP: 374163103<br>LEI: 549300T282D7Z2YESL90 | Long             | EC               | CORP              | US        |     28100 | NS      | $68002.00     | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Rocket Pharmaceuticals Inc           | Rocket Pharmaceuticals, Inc.                  | CUSIP: 77313F106<br>LEI: 549300R7VV82YUIN4Y93 | Long             | EC               | CORP              | US        |      4200 | NS      | $82194.00     | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Denny's Corp                         | Denny's Corp.                                 | CUSIP: 24869P104<br>LEI: 54930037V56XOULXM917 | Long             | EC               | CORP              | US        |      8300 | NS      | $76443.00     | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Central Valley Community Banco       | Central Valley Community Bancorp              | CUSIP: 155685100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6100 | NS      | $129198.00    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| ADTRAN Holdings Inc                  | ADTRAN Holdings, Inc.                         | CUSIP: 00486H105<br>LEI: 549300VV36J86CRRWF77 | Long             | EC               | CORP              | US        |      8300 | NS      | $155957.00    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Customers Bancorp Inc                | Customers Bancorp, Inc.                       | CUSIP: 23204G100<br>LEI: 549300WLBCHYKZ53FN68 | Long             | EC               | CORP              | US        |     11600 | NS      | $328744.00    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Dynavax Technologies Corp            | Dynavax Technologies Corp.                    | CUSIP: 268158201<br>LEI: 549300T5URIXWDILX594 | Long             | EC               | CORP              | US        |      9100 | NS      | $96824.00     | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Kezar Life Sciences Inc              | Kezar Life Sciences, Inc.                     | CUSIP: 49372L100<br>LEI: 549300EV1V8GXBV18004 | Long             | EC               | CORP              | US        |     17605 | NS      | $123939.20    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Hurco Cos Inc                        | Hurco Cos., Inc.                              | CUSIP: 447324104<br>LEI: XSC5XDOTBYOBQPOG2O82 | Long             | EC               | CORP              | US        |     10972 | NS      | $286698.36    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| I3 Verticals Inc                     | I3 Verticals, Inc.                            | CUSIP: 46571Y107<br>LEI: 549300944CYWVP06CJ97 | Long             | EC               | CORP              | US        |      9834 | NS      | $239359.56    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Insteel Industries Inc               | Insteel Industries, Inc.                      | CUSIP: 45774W108<br>LEI: 52990026LKY4MOX3L174 | Long             | EC               | CORP              | US        |      3700 | NS      | $101824.00    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| QCR Holdings Inc                     | QCR Holdings, Inc.                            | CUSIP: 74727A104<br>LEI: 549300MWKWM7KWJVQO33 | Long             | EC               | CORP              | US        |      7515 | NS      | $373044.60    | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Agenus Inc                           | Agenus, Inc.                                  | CUSIP: 00847G705<br>LEI: 529900NDQQGU5H4UJK81 | Long             | EC               | CORP              | US        |     38600 | NS      | $92640.00     | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| eHealth Inc                          | eHealth, Inc.                                 | CUSIP: 28238P109<br>LEI: 5299003O8Y5OKXUZQ421 | Long             | EC               | CORP              | US        |     11900 | NS      | $57596.00     | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| TrueCar Inc                          | TrueCar, Inc.                                 | CUSIP: 89785L107<br>LEI: 549300KK16488YXWVE52 | Long             | EC               | CORP              | US        |     25000 | NS      | $62750.00     | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Nurix Therapeutics Inc               | Nurix Therapeutics, Inc.                      | CUSIP: 67080M103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      7600 | NS      | $83448.00     | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Prothena Corp PLC                    | Prothena Corp. PLC                            | CUSIP: G72800108<br>LEI: 5299009ZXQ8NIIJ8OL30 | Long             | EC               | CORP              | IE        |      3588 | NS      | $216177.00    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Avid Bioservices Inc                 | Avid Bioservices, Inc.                        | CUSIP: 05368M106<br>LEI: 549300GRUS3ZMGP8MX22 | Long             | EC               | CORP              | US        |     42320 | NS      | $582746.40    | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Zymeworks Inc                        | Zymeworks, Inc.                               | CUSIP: 98985Y108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     12255 | NS      | $96324.30     | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| ChromaDex Corp                       | ChromaDex Corp.                               | CUSIP: 171077407<br>LEI: 529900OPI7B8JPXCVS70 | Long             | EC               | CORP              | US        |    140245 | NS      | $235611.60    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| scPharmaceuticals Inc                | scPharmaceuticals, Inc.                       | CUSIP: 810648105<br>LEI: 549300F55SN4ZR2OA180 | Long             | EC               | CORP              | US        |     17000 | NS      | $121890.00    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Cantaloupe Inc                       | Cantaloupe, Inc.                              | CUSIP: 138103106<br>LEI: 529900O54DBQQVWO9Q85 | Long             | EC               | CORP              | US        |     13500 | NS      | $58725.00     | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Enova International Inc              | Enova International, Inc.                     | CUSIP: 29357K103<br>LEI: 549300O8XOCQSB49UO63 | Long             | EC               | CORP              | US        |     10500 | NS      | $402885.00    | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Select Energy Services Inc           | Select Energy Services, Inc.                  | CUSIP: 81617J301<br>LEI: 54930094OK8LA3QDW486 | Long             | EC               | CORP              | US        |     16571 | NS      | $153116.04    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| NOW Inc                              | NOW, Inc.                                     | CUSIP: 67011P100<br>LEI: 549300AVH5SOCFVVDW91 | Long             | EC               | CORP              | US        |     10400 | NS      | $132080.00    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Stabilis Solutions Inc               | Stabilis Solutions, Inc.                      | CUSIP: 85236P101<br>LEI: 549300DGSR537OJW7P62 | Long             | EC               | CORP              | US        |      9180 | NS      | $47552.40     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| ViewRay Inc                          | ViewRay, Inc.                                 | CUSIP: 92672L107<br>LEI: 5493006XTUBSKFU3W106 | Long             | EC               | CORP              | US        |     24100 | NS      | $107968.00    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| 908 Devices Inc                      | 908 Devices, Inc.                             | CUSIP: 65443P102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     15691 | NS      | $119565.42    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Benchmark Electronics Inc            | Benchmark Electronics, Inc.                   | CUSIP: 08160H101<br>LEI: 549300W18RHYZOZKOP53 | Long             | EC               | CORP              | US        |      4600 | NS      | $122774.00    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Agilysys Inc                         | Agilysys, Inc.                                | CUSIP: 00847J105<br>LEI: 5299001XWB5V3B5IPN93 | Long             | EC               | CORP              | US        |     10740 | NS      | $849963.60    | 1.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Hibbett Inc                          | Hibbett, Inc.                                 | CUSIP: 428567101<br>LEI: 529900RD6P643J1CZM55 | Long             | EC               | CORP              | US        |      1700 | NS      | $115974.00    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| SIGA Technologies Inc                | SIGA Technologies, Inc.                       | CUSIP: 826917106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     62750 | NS      | $461840.00    | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Allied Motion Technologies Inc       | Allied Motion Technologies, Inc.              | CUSIP: 019330109<br>LEI: 549300I2LHAWYGNBPM97 | Long             | EC               | CORP              | US        |      9503 | NS      | $330799.43    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| DHI Group Inc                        | DHI Group, Inc.                               | CUSIP: 23331S100<br>LEI: 529900489RAC0CU0AO81 | Long             | EC               | CORP              | US        |     71770 | NS      | $379663.30    | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Celldex Therapeutics Inc             | Celldex Therapeutics, Inc.                    | CUSIP: 15117B202<br>LEI: 529900F018DMYWH38923 | Long             | EC               | CORP              | US        |      3100 | NS      | $138167.00    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| AerSale Corp                         | AerSale Corp.                                 | CUSIP: 00810F106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     37737 | NS      | $612094.14    | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Charles & Colvard Ltd                | Charles & Colvard, Ltd.                       | CUSIP: 159765106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     56975 | NS      | $46434.63     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Butterfly Network Inc                | Butterfly Network, Inc.                       | CUSIP: 124155102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     15700 | NS      | $38622.00     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Caribou Biosciences Inc              | Caribou Biosciences, Inc.                     | CUSIP: 142038108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10265 | NS      | $64464.20     | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Motorcar Parts of America Inc        | Motorcar Parts of America, Inc.               | CUSIP: 620071100<br>LEI: 549300AG4610OSV3H429 | Long             | EC               | CORP              | US        |     22805 | NS      | $270467.30    | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Village Super Market Inc             | Village Super Market, Inc.                    | CUSIP: 927107409<br>LEI: 25490069686XCNNEMQ07 | Long             | EC               | CORP              | US        |     19978 | NS      | $465287.62    | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| iTeos Therapeutics Inc               | iTeos Therapeutics, Inc.                      | CUSIP: 46565G104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2900 | NS      | $56637.00     | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Nature's Sunshine Products Inc       | Nature's Sunshine Products, Inc.              | CUSIP: 639027101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5860 | NS      | $48755.20     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| KORU Medical Systems Inc             | KORU Medical Systems, Inc.                    | CUSIP: 759910102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     25824 | NS      | $92191.68     | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Stoke Therapeutics Inc               | Stoke Therapeutics, Inc.                      | CUSIP: 86150R107<br>LEI: 549300RD25SS2DIJHJ67 | Long             | EC               | CORP              | US        |      9544 | NS      | $88091.12     | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Ryerson Holding Corp                 | Ryerson Holding Corp.                         | CUSIP: 783754104<br>LEI: 549300JMA41B3ZHOVE45 | Long             | EC               | CORP              | US        |      2700 | NS      | $81702.00     | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Conduent Inc                         | Conduent, Inc.                                | CUSIP: 206787103<br>LEI: 549300SFJ2D2CYY6CQ11 | Long             | EC               | CORP              | US        |     23300 | NS      | $94365.00     | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| CECO Environmental Corp              | CECO Environmental Corp.                      | CUSIP: 125141101<br>LEI: 5493002CZCTL4HGLIY91 | Long             | EC               | CORP              | US        |     35830 | NS      | $418494.40    | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| CRA International Inc                | CRA International, Inc.                       | CUSIP: 12618T105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       900 | NS      | $110187.00    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Metropolitan Bank Holding Corp       | Metropolitan Bank Holding Corp.               | CUSIP: 591774104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2400 | NS      | $140808.00    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Ichor Holdings Ltd                   | Ichor Holdings, Ltd.                          | CUSIP: G4740B105<br>LEI: 529900PS8R2JVLJ2H892 | Long             | EC               | CORP              | KY        |     11979 | NS      | $321276.78    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Medallion Financial Corp             | Medallion Financial Corp.                     | CUSIP: 583928106<br>LEI: 549300FJ4FMGJ2C34Y48 | Long             | EC               | CORP              | US        |     44925 | NS      | $320764.50    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Alta Equipment Group Inc             | Alta Equipment Group, Inc.                    | CUSIP: 02128L106<br>LEI: 549300DGOB28CLGS1X27 | Long             | EC               | CORP              | US        |     18020 | NS      | $237683.80    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| ShotSpotter Inc                      | ShotSpotter, Inc.                             | CUSIP: 82536T107<br>LEI: 549300MQV8SOWVNVZ667 | Long             | EC               | CORP              | US        |     10746 | NS      | $363537.18    | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Assertio Holdings Inc                | Assertio Holdings, Inc.                       | CUSIP: 04546C205<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     39900 | NS      | $171570.00    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| BM Technologies Inc                  | BM Technologies, Inc.                         | CUSIP: 05591L107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     27300 | NS      | $142233.00    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Computer Task Group Inc              | Computer Task Group, Inc.                     | CUSIP: 205477102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     37463 | NS      | $283220.28    | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Research Solutions Inc/CA            | Research Solutions, Inc./CA                   | CUSIP: 761025105<br>LEI: 549300TYWPCKGK141Q94 | Long             | EC               | CORP              | US        |     13820 | NS      | $26672.60     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Chinook Therapeutics Inc             | Chinook Therapeutics, Inc.                    | CUSIP: 16961L106<br>LEI: 549300X0O3003W5QYQ48 | Long             | EC               | CORP              | US        |      4800 | NS      | $125760.00    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Radware Ltd                          | Radware, Ltd.                                 | CUSIP: M81873107<br>LEI: N/A                  | Long             | EC               | CORP              | IL        |     14073 | NS      | $277941.75    | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Magnite Inc                          | Magnite, Inc.                                 | CUSIP: 55955D100<br>LEI: 54930018FR2YX1HHSB02 | Long             | EC               | CORP              | US        |     33913 | NS      | $359138.67    | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Ducommun Inc                         | Ducommun, Inc.                                | CUSIP: 264147109<br>LEI: 549300Z71HMWF90S2214 | Long             | EC               | CORP              | US        |     10410 | NS      | $520083.60    | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| eGain Corp                           | eGain Corp.                                   | CUSIP: 28225C806<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     31226 | NS      | $281970.78    | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Regional Management Corp             | Regional Management Corp.                     | CUSIP: 75902K106<br>LEI: 549300S5O87W87JW4146 | Long             | EC               | CORP              | US        |      6235 | NS      | $175078.80    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| InfuSystem Holdings Inc              | InfuSystem Holdings, Inc.                     | CUSIP: 45685K102<br>LEI: 549300F58N8PHJ4QUI59 | Long             | EC               | CORP              | US        |     49002 | NS      | $425337.36    | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| iRadimed Corp                        | iRadimed Corp.                                | CUSIP: 46266A109<br>LEI: 549300YVHWP0YJ1YW816 | Long             | EC               | CORP              | US        |      2100 | NS      | $59409.00     | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Silk Road Medical Inc                | Silk Road Medical, Inc.                       | CUSIP: 82710M100<br>LEI: 549300VL8KC0ZPDQHE14 | Long             | EC               | CORP              | US        |      3720 | NS      | $196602.00    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Cerence, Inc.                        | Cerence, Inc.                                 | CUSIP: 156727109<br>LEI: 5493002WL2W5WMS89568 | Long             | EC               | CORP              | US        |      9367 | NS      | $173570.51    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| ImmunoGen Inc                        | ImmunoGen, Inc.                               | CUSIP: 45253H101<br>LEI: 54930084U0R1OP766Y02 | Long             | EC               | CORP              | US        |     38910 | NS      | $192993.60    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Health Catalyst Inc                  | Health Catalyst, Inc.                         | CUSIP: 42225T107<br>LEI: 549300223PL6GWKVJG92 | Long             | EC               | CORP              | US        |     28274 | NS      | $300552.62    | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| ONE Group Hospitality Inc/The        | The ONE Group Hospitality, Inc.               | CUSIP: 88338K103<br>LEI: 549300QFZD4IE5DEBE98 | Long             | EC               | CORP              | US        |     18978 | NS      | $119561.40    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                  | First American Government Obligations Fund    | CUSIP: 31846V336<br>LEI: N/A                  | Long             | STIV             | RF                | US        |    732047 | NS      | $732046.86    | 1.57%             |  |  |  | No            |                  2 | On Loan: No      |
| CME E-mini Russell 2000 Index Future | CME E-mini Russell 2000 Index Future          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |         6 | NC      | $531270.00    | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Argan Inc                            | Argan, Inc.                                   | CUSIP: 04010E109<br>LEI: 529900E4KZWBV9KGBS83 | Long             | EC               | CORP              | US        |      9350 | NS      | $344828.00    | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Braemar Hotels & Resorts Inc         | Braemar Hotels & Resorts, Inc.                | CUSIP: 10482B101<br>LEI: 549300JDUUEBN868C776 | Long             | EC               | CORP              | US        |     25900 | NS      | $106449.00    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Inogen Inc                           | Inogen, Inc.                                  | CUSIP: 45780L104<br>LEI: 549300J8WJIVTOJ8IH97 | Long             | EC               | CORP              | US        |     16491 | NS      | $325037.61    | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Solaris Oilfield Infrastructur       | Solaris Oilfield Infrastructure, Inc.         | CUSIP: 83418M103<br>LEI: 529900MTK3C8Y8TIIC10 | Long             | EC               | CORP              | US        |     14119 | NS      | $140201.67    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Zumiez Inc                           | Zumiez, Inc.                                  | CUSIP: 989817101<br>LEI: 549300J0PDF58P6HZD25 | Long             | EC               | CORP              | US        |      9360 | NS      | $203486.40    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| TransMedics Group Inc                | TransMedics Group, Inc.                       | CUSIP: 89377M109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3000 | NS      | $185160.00    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Plymouth Industrial REIT Inc         | Plymouth Industrial REIT, Inc.                | CUSIP: 729640102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     14030 | NS      | $269095.40    | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| AdvanSix Inc                         | AdvanSix, Inc.                                | CUSIP: 00773T101<br>LEI: 5493009TPRODMCAZLF67 | Long             | EC               | CORP              | US        |     12306 | NS      | $467874.12    | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| NETGEAR Inc                          | NETGEAR, Inc.                                 | CUSIP: 64111Q104<br>LEI: 54930067KX3UNRHDWA78 | Long             | EC               | CORP              | US        |      4700 | NS      | $85117.00     | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| V2X Inc                              | V2X, Inc.                                     | CUSIP: 92242T101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2900 | NS      | $119741.00    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Chico's FAS Inc                      | Chico's FAS, Inc.                             | CUSIP: 168615102<br>LEI: 5299003ESGN5T1MFXY13 | Long             | EC               | CORP              | US        |     17700 | NS      | $87084.00     | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| First of Long Island Corp/The        | The First of Long Island Corp.                | CUSIP: 320734106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4900 | NS      | $88200.00     | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Alpine Income Property Trust I       | Alpine Income Property Trust, Inc.            | CUSIP: 02083X103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6500 | NS      | $124020.00    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| CEVA Inc                             | CEVA, Inc.                                    | CUSIP: 157210105<br>LEI: 529900G9T7CVU2J2VU73 | Long             | EC               | CORP              | US        |     11380 | NS      | $291100.40    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Photronics Inc                       | Photronics, Inc.                              | CUSIP: 719405102<br>LEI: 549300OK5JVNIBNY6F63 | Long             | EC               | CORP              | US        |     35028 | NS      | $589521.24    | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Entravision Communications Cor       | Entravision Communications Corp.              | CUSIP: 29382R107<br>LEI: 549300SKHY2ALCLKV539 | Long             | EC               | CORP              | US        |     19400 | NS      | $93120.00     | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Stoneridge Inc                       | Stoneridge, Inc.                              | CUSIP: 86183P102<br>LEI: PNBCIH9LE7WI83VJIF08 | Long             | EC               | CORP              | US        |     15142 | NS      | $326461.52    | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Kiniksa Pharmaceuticals Ltd          | Kiniksa Pharmaceuticals, Ltd.                 | CUSIP: G5269C101<br>LEI: N/A                  | Long             | EC               | CORP              | BM        |      8875 | NS      | $132947.50    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Clearfield Inc                       | Clearfield, Inc.                              | CUSIP: 18482P103<br>LEI: 529900M4S2OQ1ADPR537 | Long             | EC               | CORP              | US        |      1100 | NS      | $103554.00    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Children's Place Inc/The             | The Children's Place, Inc.                    | CUSIP: 168905107<br>LEI: 549300BGVK2OO5O7TC19 | Long             | EC               | CORP              | US        |      8791 | NS      | $320168.22    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Outbrain Inc                         | Outbrain, Inc.                                | CUSIP: 69002R103<br>LEI: 549300TNEHRXPVGWVW07 | Long             | EC               | CORP              | US        |     39136 | NS      | $141672.32    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| BioLife Solutions Inc                | BioLife Solutions, Inc.                       | CUSIP: 09062W204<br>LEI: 549300G2IVCMC2TJDW72 | Long             | EC               | CORP              | US        |     26802 | NS      | $487796.40    | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Interface Inc                        | Interface, Inc.                               | CUSIP: 458665304<br>LEI: 549300VXZWQOIDFPU355 | Long             | EC               | CORP              | US        |     46422 | NS      | $458185.14    | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Key Tronic Corp                      | Key Tronic Corp.                              | CUSIP: 493144109<br>LEI: 40TF3VPKEM3IMMIU0O47 | Long             | EC               | CORP              | US        |     36295 | NS      | $157157.35    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Sterling Infrastructure Inc          | Sterling Infrastructure, Inc.                 | CUSIP: 859241101<br>LEI: 549300RZIK6K1215XU51 | Long             | EC               | CORP              | US        |      5000 | NS      | $164000.00    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Harvard Bioscience Inc               | Harvard Bioscience, Inc.                      | CUSIP: 416906105<br>LEI: 549300VLGB1D47GGC642 | Long             | EC               | CORP              | US        |    158531 | NS      | $439130.87    | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Eagle Pharmaceuticals Inc/DE         | Eagle Pharmaceuticals, Inc.                   | CUSIP: 269796108<br>LEI: 549300TN20OLYTJVP152 | Long             | EC               | CORP              | US        |      2200 | NS      | $64306.00     | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Catalyst Pharmaceuticals Inc         | Catalyst Pharmaceuticals, Inc.                | CUSIP: 14888U101<br>LEI: 5299004O0R5XXLA5H544 | Long             | EC               | CORP              | US        |     10900 | NS      | $202740.00    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Stagwell Inc                         | Stagwell, Inc.                                | CUSIP: 85256A109<br>LEI: 549300KIYTU6J3NYJ009 | Long             | EC               | CORP              | US        |     20758 | NS      | $128907.18    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Distribution Solutions Group I       | Distribution Solutions, Inc.                  | CUSIP: 520776105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1500 | NS      | $55290.00     | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Duluth Holdings Inc                  | Duluth Holdings, Inc.                         | CUSIP: 26443V101<br>LEI: 549300B6G8G3WGHFYU15 | Long             | EC               | CORP              | US        |     24205 | NS      | $149586.90    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Concert Pharmaceuticals Inc          | Concert Pharmaceuticals, Inc.                 | CUSIP: 206022105<br>LEI: 529900PYI5BSGQNATP82 | Long             | EC               | CORP              | US        |     15800 | NS      | $92272.00     | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Chase Corp                           | Chase Corp.                                   | CUSIP: 16150R104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      7332 | NS      | $632458.32    | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Pliant Therapeutics Inc              | Pliant Therapeutics, Inc.                     | CUSIP: 729139105<br>LEI: 5493002Q5LITR7VHZH02 | Long             | EC               | CORP              | US        |      6335 | NS      | $122455.55    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Veritex Holdings Inc                 | Veritex Holdings, Inc.                        | CUSIP: 923451108<br>LEI: 549300F3SMOML02SC814 | Long             | EC               | CORP              | US        |      4180 | NS      | $117374.40    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Barrett Business Services Inc        | Barrett Business Services, Inc.               | CUSIP: 068463108<br>LEI: 529900HXB6TMG0SR9Y34 | Long             | EC               | CORP              | US        |      3655 | NS      | $340938.40    | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Bandwidth Inc                        | Bandwidth, Inc.                               | CUSIP: 05988J103<br>LEI: 549300QC70JB7MUGXM66 | Long             | EC               | CORP              | US        |      3900 | NS      | $89505.00     | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Northern Technologies Internat       | Northern Technologies International Corp.     | CUSIP: 665809109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     11816 | NS      | $157270.96    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| SandRidge Energy Inc                 | SandRidge Energy, Inc.                        | CUSIP: 80007P869<br>LEI: W1MKPVGS6I5155L7VV67 | Long             | EC               | CORP              | US        |      5600 | NS      | $95368.00     | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Semler Scientific Inc                | Semler Scientific, Inc.                       | CUSIP: 81684M104<br>LEI: 549300ZHL16S29QTW485 | Long             | EC               | CORP              | US        |     17750 | NS      | $585750.00    | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| indie Semiconductor Inc              | indie Semiconductor, Inc.                     | CUSIP: 45569U101<br>LEI: 254900L1MFXFYGB1PV53 | Long             | EC               | CORP              | US        |      6600 | NS      | $38478.00     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Harmonic Inc                         | Harmonic, Inc.                                | CUSIP: 413160102<br>LEI: 549300LRGRD8XC9BTL66 | Long             | EC               | CORP              | US        |     21500 | NS      | $281650.00    | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Celestica Inc                        | Celestica, Inc.                               | CUSIP: 15101Q108<br>LEI: 549300J3CG5T6RZWLN53 | Long             | EC               | CORP              | CA        |      9800 | NS      | $110446.00    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Amtech Systems Inc                   | Amtech Systems, Inc.                          | CUSIP: 032332504<br>LEI: 5299008VRUUPETM6HZ85 | Long             | EC               | CORP              | US        |     10500 | NS      | $79800.00     | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| CIRCOR International Inc             | CIRCOR International, Inc.                    | CUSIP: 17273K109<br>LEI: 5493007701O01N3FQM69 | Long             | EC               | CORP              | US        |     14854 | NS      | $355901.84    | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Concrete Pumping Holdings Inc        | Concrete Pumping Holdings, Inc.               | CUSIP: 206704108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     90520 | NS      | $529542.00    | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| AngioDynamics Inc                    | AngioDynamics, Inc.                           | CUSIP: 03475V101<br>LEI: 549300W3VKC5ZKMO8C28 | Long             | EC               | CORP              | US        |      6200 | NS      | $85374.00     | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Primoris Services Corp               | Primoris Services Corp.                       | CUSIP: 74164F103<br>LEI: 549300UF3OLBJ8D5K349 | Long             | EC               | CORP              | US        |     13100 | NS      | $287414.00    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Peapack-Gladstone Financial Co       | Peapack-Gladstone Financial Corp.             | CUSIP: 704699107<br>LEI: 549300G8DN2UK8K0ET30 | Long             | EC               | CORP              | US        |      2700 | NS      | $100494.00    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| B Riley Financial Inc                | B Riley Financial, Inc.                       | CUSIP: 05580M108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      7150 | NS      | $244530.00    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Purple Innovation Inc                | Purple Innovation, Inc.                       | CUSIP: 74640Y106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     14800 | NS      | $70892.00     | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| VAALCO Energy Inc                    | VAALCO Energy, Inc.                           | CUSIP: 91851C201<br>LEI: 549300CFHFVIWB8M6T24 | Long             | EC               | CORP              | US        |     83495 | NS      | $380737.20    | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Veeco Instruments Inc                | Veeco Instruments, Inc.                       | CUSIP: 922417100<br>LEI: 5493004201F72ADDZW04 | Long             | EC               | CORP              | US        |     13850 | NS      | $257333.00    | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Wabash National Corp                 | Wabash National Corp.                         | CUSIP: 929566107<br>LEI: 5299004ZAWHQZI5XO485 | Long             | EC               | CORP              | US        |     22653 | NS      | $511957.80    | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Preferred Bank/Los Angeles CA        | Preferred Bank/Los Angeles CA                 | CUSIP: 740367404<br>LEI: 5493007K6HGI9G0ECX16 | Long             | EC               | CORP              | US        |      1700 | NS      | $126854.00    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Digi International Inc               | Digi International, Inc.                      | CUSIP: 253798102<br>LEI: 529900KG656HGROI4N27 | Long             | EC               | CORP              | US        |      2400 | NS      | $87720.00     | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Rhythm Pharmaceuticals. Inc.         | Rhythm Pharmaceuticals, Inc.                  | CUSIP: 76243J105<br>LEI: 529900JPNWXQ8DPLA551 | Long             | EC               | CORP              | US        |      2500 | NS      | $72800.00     | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| International Money Express In       | International Money Express, Inc.             | CUSIP: 46005L101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2900 | NS      | $70673.00     | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| OrthoPediatrics Corp                 | OrthoPediatrics Corp.                         | CUSIP: 68752L100<br>LEI: 5493000KUTPFGOPAT717 | Long             | EC               | CORP              | US        |      9385 | NS      | $372866.05    | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Airgain Inc                          | Airgain, Inc.                                 | CUSIP: 00938A104<br>LEI: 549300LL8ZO53X8A5U98 | Long             | EC               | CORP              | US        |     24814 | NS      | $161539.14    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Civitas Resources Inc                | Civitas Resources, Inc.                       | CUSIP: 17888H103<br>LEI: IIVIHPH28S64K95M2381 | Long             | EC               | CORP              | US        |      8875 | NS      | $514128.75    | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| LifeMD Inc                           | LifeMD, Inc.                                  | CUSIP: 53216B104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     67803 | NS      | $131537.82    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Cryoport, Inc.                       | Cryoport, Inc.                                | CUSIP: 229050307<br>LEI: 9845004D8538BT8JF626 | Long             | EC               | CORP              | US        |      9360 | NS      | $162396.00    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Luxfer Holdings PLC                  | Luxfer Holdings PLC                           | CUSIP: G5698W116<br>LEI: 21380045UF5SJYZOXE41 | Long             | EC               | CORP              | GB        |     34220 | NS      | $469498.40    | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Heritage-Crystal Clean Inc           | Heritage-Crystal Clean, Inc.                  | CUSIP: 42726M106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3900 | NS      | $126672.00    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| MiX Telematics Ltd                   | MiX Telematics, Ltd.                          | CUSIP: 60688N102<br>LEI: 529900S6HHR7CK7BU646 | Long             | EC               | CORP              | ZA        |     24944 | NS      | $175356.32    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Triumph Group Inc                    | Triumph Group, Inc.                           | CUSIP: 896818101<br>LEI: 5493007L6S47Q14SL582 | Long             | EC               | CORP              | US        |      5300 | NS      | $55756.00     | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanda Pharmaceuticals Inc            | Vanda Pharmaceuticals, Inc.                   | CUSIP: 921659108<br>LEI: 529900AY8VOOQBKJ0O70 | Long             | EC               | CORP              | US        |      6500 | NS      | $48035.00     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| First Internet Bancorp               | First Internet Bancorp                        | CUSIP: 320557101<br>LEI: 549300T25MP2M92XU194 | Long             | EC               | CORP              | US        |      2900 | NS      | $70412.00     | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Nordic American Tankers Ltd          | Nordic American Tankers, Ltd.                 | CUSIP: G65773106<br>LEI: 213800W4T8AMPKIPIU94 | Long             | EC               | CORP              | BM        |     29200 | NS      | $89352.00     | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Vishay Precision Group Inc           | Vishay Precision Group, Inc.                  | CUSIP: 92835K103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      8320 | NS      | $321568.00    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| BRT Apartments Corp                  | BRT Apartments Corp.                          | CUSIP: 055645303<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5400 | NS      | $106056.00    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Hudson Technologies Inc              | Hudson Technologies, Inc.                     | CUSIP: 444144109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     12300 | NS      | $124476.00    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Radiant Logistics Inc                | Radiant Logistics, Inc.                       | CUSIP: 75025X100<br>LEI: 549300HWCW2HBOG4GN20 | Long             | EC               | CORP              | US        |     69545 | NS      | $353984.05    | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Altimmune Inc                        | Altimmune, Inc.                               | CUSIP: 02155H200<br>LEI: 549300EOYCQ8SW3NVE64 | Long             | EC               | CORP              | US        |      5600 | NS      | $92120.00     | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Cymabay Therapeutics Inc             | Cymabay Therapeutics, Inc.                    | CUSIP: 23257D103<br>LEI: 549300YT9GNL852E7F84 | Long             | EC               | CORP              | US        |     20200 | NS      | $126654.00    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| TESSCO Technologies Inc              | TESSCO Technologies, Inc.                     | CUSIP: 872386107<br>LEI: 254900BNVQFBKCIOE491 | Long             | EC               | CORP              | US        |     25510 | NS      | $122958.20    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Nabors Industries Ltd                | Nabors Industries, Ltd.                       | CUSIP: G6359F137<br>LEI: 5493008TXYN3II3PU369 | Long             | EC               | CORP              | BM        |       900 | NS      | $139383.00    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Newpark Resources Inc                | Newpark Resources, Inc.                       | CUSIP: 651718504<br>LEI: 54930073OHWDQW4DJN26 | Long             | EC               | CORP              | US        |     52105 | NS      | $216235.75    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| AXT Inc                              | AXT, Inc.                                     | CUSIP: 00246W103<br>LEI: 549300M2142IVLVIJN37 | Long             | EC               | CORP              | US        |     49220 | NS      | $215583.60    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Hanmi Financial Corp                 | Hanmi Financial Corp.                         | CUSIP: 410495204<br>LEI: 549300MSZ7RCG7EA6587 | Long             | EC               | CORP              | US        |      5800 | NS      | $143550.00    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Columbus McKinnon Corp/NY            | Columbus McKinnon Corp.                       | CUSIP: 199333105<br>LEI: 549300W3HQB0HO1F3G69 | Long             | EC               | CORP              | US        |     18513 | NS      | $601117.11    | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Cronos Group Inc                     | Cronos Group, Inc.                            | CUSIP: 22717L101<br>LEI: 549300CWB04E8UOTWX71 | Long             | EC               | CORP              | CA        |     26700 | NS      | $67818.00     | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| OP Bancorp                           | OP Bancorp                                    | CUSIP: 67109R109<br>LEI: 549300LTYZMS0Q13U522 | Long             | EC               | CORP              | US        |     10700 | NS      | $119412.00    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Franklin Covey Co                    | Franklin Covey Co.                            | CUSIP: 353469109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2400 | NS      | $112248.00    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| ePlus Inc                            | ePlus, Inc.                                   | CUSIP: 294268107<br>LEI: 529900FFY8AAFJ21NE91 | Long             | EC               | CORP              | US        |     12700 | NS      | $562356.00    | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| BlueLinx Holdings Inc                | BlueLinx Holdings, Inc.                       | CUSIP: 09624H208<br>LEI: 549300YSX7GU28F5I540 | Long             | EC               | CORP              | US        |      1700 | NS      | $120887.00    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Beauty Health Co/The                 | The Beauty Health Co.                         | CUSIP: 88331L108<br>LEI: 5493001Z2JZQT4C63C50 | Long             | EC               | CORP              | US        |     21040 | NS      | $191464.00    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Northrim BanCorp Inc                 | Northrim BanCorp, Inc.                        | CUSIP: 666762109<br>LEI: 5493006X7RLLTZ3SG075 | Long             | EC               | CORP              | US        |     11580 | NS      | $631920.60    | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Titan International Inc              | Titan International, Inc.                     | CUSIP: 88830M102<br>LEI: 254900CXRGBE7C4B5A06 | Long             | EC               | CORP              | US        |      8300 | NS      | $127156.00    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Titan Machinery Inc                  | Titan Machinery, Inc.                         | CUSIP: 88830R101<br>LEI: 549300835ZM8G0BT5C94 | Long             | EC               | CORP              | US        |      5000 | NS      | $198650.00    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Oil States International Inc         | Oil States International, Inc.                | CUSIP: 678026105<br>LEI: 5493004TF4KQJGMYL777 | Long             | EC               | CORP              | US        |     13900 | NS      | $103694.00    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| EverQuote Inc                        | EverQuote, Inc.                               | CUSIP: 30041R108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     25279 | NS      | $372612.46    | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Lexicon Pharmaceuticals Inc          | Lexicon Pharmaceuticals, Inc.                 | CUSIP: 528872302<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     28100 | NS      | $53671.00     | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| MannKind Corp                        | MannKind Corp.                                | CUSIP: 56400P706<br>LEI: 213800GFBCNY1ZFST722 | Long             | EC               | CORP              | US        |     24100 | NS      | $127007.00    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| United Insurance Holdings Corp       | United Insurance Holdings Corp.               | CUSIP: 910710102<br>LEI: 5299002P9105LJQA8G51 | Long             | EC               | CORP              | US        |     94825 | NS      | $100514.50    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| IDT Corp                             | IDT Corp.                                     | CUSIP: 448947507<br>LEI: 549300JNTN7ZMJDFCL56 | Long             | EC               | CORP              | US        |      3500 | NS      | $98595.00     | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| GEO Group Inc/The                    | The GEO Group, Inc.                           | CUSIP: 36162J106<br>LEI: 54930024XOXET7NQVZ63 | Long             | EC               | CORP              | US        |      7100 | NS      | $77745.00     | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| VSE Corp                             | VSE Corp.                                     | CUSIP: 918284100<br>LEI: 549300QWJYQDH4U5XI15 | Long             | EC               | CORP              | US        |      1700 | NS      | $79696.00     | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Bluebird Bio Inc                     | Bluebird Bio, Inc.                            | CUSIP: 09609G100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     18060 | NS      | $124975.20    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Ranger Oil Corp                      | Ranger Oil Corp.                              | CUSIP: 70788V102<br>LEI: 5493003S4AVU6OSXB118 | Long             | EC               | CORP              | US        |      2900 | NS      | $117247.00    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Castle Biosciences Inc               | Castle Biosciences, Inc.                      | CUSIP: 14843C105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     13051 | NS      | $307220.54    | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Xenon Pharmaceuticals Inc            | Xenon Pharmaceuticals, Inc.                   | CUSIP: 98420N105<br>LEI: 549300XV44Q9Z1MIPQ03 | Long             | EC               | CORP              | CA        |      7272 | NS      | $286734.96    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Teekay Tankers Ltd                   | Teekay Tankers, Ltd.                          | CUSIP: Y8565N300<br>LEI: 549300DE8ZAIYS2T6Q22 | Long             | EC               | CORP              | MH        |      1600 | NS      | $49296.00     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Grid Dynamics Holdings Inc           | Grid Dynamics Holdings, Inc.                  | CUSIP: 39813G109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     18015 | NS      | $202128.30    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicken Soup For The Soul Ente       | Chicken Soup For The Soul Entertainment, Inc. | CUSIP: 16842Q100<br>LEI: 549300THRJ0EJ1DIID72 | Long             | EC               | CORP              | US        |     18745 | NS      | $95974.40     | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Hippo Holdings Inc                   | Hippo Holdings, Inc.                          | CUSIP: 433539202<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4628 | NS      | $62940.80     | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| CTS Corp                             | CTS Corp.                                     | CUSIP: 126501105<br>LEI: 549300YV1HQLBVHOI649 | Long             | EC               | CORP              | US        |      3800 | NS      | $149796.00    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| SI-BONE Inc                          | SI-BONE, Inc.                                 | CUSIP: 825704109<br>LEI: 549300J8JGYVJJHV9C31 | Long             | EC               | CORP              | US        |     24241 | NS      | $329677.60    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Geospace Technologies Corp           | Geospace Technologies Corp.                   | CUSIP: 37364X109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     43610 | NS      | $184034.20    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| CytoSorbents Corp                    | CytoSorbents Corp.                            | CUSIP: 23283X206<br>LEI: 549300VI8WO8GK5QK793 | Long             | EC               | CORP              | US        |     16105 | NS      | $24962.75     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Berry Corp                           | Berry Corp.                                   | CUSIP: 08579X101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     51380 | NS      | $411040.00    | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Tilly's Inc                          | Tilly's, Inc.                                 | CUSIP: 886885102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     32943 | NS      | $298134.15    | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Red Violet Inc                       | Red Violet, Inc.                              | CUSIP: 75704L104<br>LEI: 549300T4EGADG881UU63 | Long             | EC               | CORP              | US        |      9295 | NS      | $213970.90    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Horizon Bancorp Inc/IN               | Horizon Bancorp, Inc.                         | CUSIP: 440407104<br>LEI: 549300U2OQ2EIT5MXG39 | Long             | EC               | CORP              | US        |      4650 | NS      | $70122.00     | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| PROS Holdings Inc                    | PROS Holdings, Inc.                           | CUSIP: 74346Y103<br>LEI: 549300LPE1KNL5RWKQ48 | Long             | EC               | CORP              | US        |      1970 | NS      | $47792.20     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Myers Industries Inc                 | Myers Industries, Inc.                        | CUSIP: 628464109<br>LEI: 549300I2H9XMVTCW4Q51 | Long             | EC               | CORP              | US        |      6000 | NS      | $133380.00    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| MGP Ingredients Inc                  | MGP Ingredients, Inc.                         | CUSIP: 55303J106<br>LEI: 2549006OMHFVZ4MS8538 | Long             | EC               | CORP              | US        |       276 | NS      | $29360.88     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2023-02-10

**Name of Applicant:** Forum Funds II

**Signature:** /s/ Karen Shaw

**Name of Signer:** Karen Shaw

**Title:** Treasurer