SCHEDULE OF INVESTMENTS

CORPORATE OBLIGATIONS — 45.0%

	Face Amount		Value
COMMUNICATION SERVICES — 1.7%
Charter Communications Operating
6.150%, 11/10/26	$	1,040,000	$	1,055,025
NTT Finance
4.620%, 07/16/28(A)		1,160,000		1,162,449
Paramount Global
3.700%, 06/01/28		950,000		920,382
TELUS
3.700%, 09/15/27		765,000		751,706
				3,889,562
CONSUMER DISCRETIONARY — 0.4%
Toll Brothers Finance
4.350%, 02/15/28		985,000		979,543

CONSUMER STAPLES — 2.2%
Alimentation Couche-Tard
3.550%, 07/26/27(A)		1,000,000		982,968
Bacardi
2.750%, 07/15/26(A)		770,000		754,961
Conagra Brands
1.375%, 11/01/27		1,088,000		1,010,839
Mars
4.600%, 03/01/28(A)		970,000		975,336
The Campbell's
4.150%, 03/15/28		1,000,000		993,224
				4,717,328
ENERGY — 5.4%
BP Capital Markets America
5.017%, 11/17/27		987,000		1,001,756
Canadian Natural Resources
3.850%, 06/01/27		975,000		962,810
Enbridge
4.600%, 06/20/28		1,010,000		1,014,169
Energy Transfer
4.400%, 03/15/27		990,000		986,756
EOG Resources
4.400%, 07/15/28		1,010,000		1,012,871
Helmerich & Payne
4.650%, 12/01/27		950,000		936,435
Hess Midstream Operations
5.125%, 06/15/28(A)		1,100,000		1,094,333
MPLX
4.250%, 12/01/27		980,000		973,053
Occidental Petroleum
3.200%, 08/15/26		1,085,000		1,064,387
Schlumberger Holdings
5.000%, 05/29/27(A)		980,000		990,152
Suncor Energy
7.000%, 11/15/28		855,000		913,115
Western Midstream Operating
4.500%, 03/01/28		985,000		977,638
				11,927,475

CORPORATE OBLIGATIONS — continued

	Face Amount		Value
FINANCIALS — 13.0%
Ally Financial
2.200%, 11/02/28	$	1,175,000	$	1,084,535
American Express
4.351%, SOFRRATE + 0.810%, 07/20/29(B)		1,065,000		1,062,901
Antares Holdings
7.950%, 08/11/28(A)		1,030,000		1,085,748
Ares Capital
2.875%, 06/15/28		1,125,000		1,063,086
Arthur J Gallagher
4.600%, 12/15/27		900,000		903,086
Bank of America MTN
4.183%, 11/25/27		975,000		969,644
Blackstone Private Credit Fund
3.250%, 03/15/27		1,039,000		1,011,056
Blue Owl Capital
2.875%, 06/11/28		1,180,000		1,100,598
Brown & Brown
4.700%, 06/23/28		385,000		386,171
Canadian Imperial Bank of Commerce
4.857%, SOFRRATE + 1.030%, 03/30/29(B)		945,000		952,583
Capital One Financial
4.927%, SOFRRATE + 2.057%, 05/10/28(B)		935,000		940,209
Citigroup
4.125%, 07/25/28		905,000		897,200
Eaton Vance
3.500%, 04/06/27		1,010,000		995,406
FS KKR Capital
3.125%, 10/12/28		500,000		461,004
Goldman Sachs BDC
6.375%, 03/11/27		910,000		927,652
Golub Capital BDC
7.050%, 12/05/28		435,000		456,147
2.500%, 08/24/26		540,000		525,908
Hercules Capital
2.625%, 09/16/26		1,090,000		1,057,748
HPS Corporate Lending Fund
5.450%, 01/14/28		890,000		891,896
HSBC USA
4.650%, 06/03/28		1,015,000		1,019,987
JPMorgan Chase
4.505%, SOFRRATE + 0.860%, 10/22/28(B)		940,000		941,106
Main Street Capital
6.500%, 06/04/27		925,000		943,665
Morgan Stanley MTN
3.950%, 04/23/27		975,000		966,864
New Mountain Finance
6.200%, 10/15/27		925,000		936,338
Oaktree Specialty Lending
2.700%, 01/15/27		1,010,000		971,604

CORPORATE OBLIGATIONS — continued

	Face Amount		Value
FINANCIALS — continued
PNC Bank
4.429%, SOFRRATE + 0.727%, 07/21/28(B)	$	1,065,000	$	1,064,809
Royal Bank of Canada
4.498%, SOFRRATE + 0.890%, 08/06/29(B)		1,095,000		1,095,717
Santander Holdings USA
5.473%, SOFRRATE + 1.610%, 03/20/29(B)		950,000		965,420
Sixth Street Specialty Lending
6.950%, 08/14/28		1,040,000		1,089,646
Synchrony Financial
3.700%, 08/04/26		1,070,000		1,059,075
Wells Fargo
4.900%, SOFRRATE + 0.780%, 01/24/28(B)		905,000		909,719
				28,736,528
HEALTH CARE — 0.5%
Icon Investments Six DAC
5.809%, 05/08/27		1,001,000		1,017,562

INDUSTRIALS — 3.9%
Delta Air Lines
4.950%, 07/10/28		1,000,000		1,004,436
Howmet Aerospace
6.750%, 01/15/28		925,000		970,632
Ingersoll Rand
5.197%, 06/15/27		985,000		997,268
nVent Finance Sarl
4.550%, 04/15/28		1,055,000		1,048,793
Owens Corning
5.500%, 06/15/27		985,000		1,001,830
Siemens Funding BV
4.350%, 05/26/28(A)		1,510,000		1,514,727
United Airlines
4.375%, 04/15/26(A)		1,065,000		1,058,672
Westinghouse Air Brake Technologies
4.700%, 09/15/28		1,000,000		1,005,240
				8,601,598
INFORMATION TECHNOLOGY — 4.5%
Amphenol
4.375%, 06/12/28		1,010,000		1,012,359
Broadcom
3.459%, 09/15/26		900,000		891,127
Dell International
4.750%, 04/01/28		945,000		952,549
Hewlett Packard Enterprise
4.400%, 09/25/27		954,000		953,672
Kyndryl Holdings
2.050%, 10/15/26		1,093,000		1,059,229
Microchip Technology
4.900%, 03/15/28		900,000		907,467

CORPORATE OBLIGATIONS — continued
	Face Amount		Value
INFORMATION TECHNOLOGY — continued
Oracle
2.300%, 03/25/28	$	1,065,000	$	1,008,452
Renesas Electronics
2.170%, 11/25/26(A)		1,000,000		967,291
Teledyne Technologies
2.250%, 04/01/28		1,015,000		961,907
Vontier
1.800%, 04/01/26		1,035,000		1,013,925
				9,727,978
MATERIALS — 4.3%
Amcor Flexibles North America
3.100%, 09/15/26		1,085,000		1,065,078
Amrize Finance US
4.700%, 04/07/28(A)		960,000		964,657
Berry Global
5.500%, 04/15/28		910,000		931,022
FMC
3.200%, 10/01/26		1,027,000		1,010,820
Glencore Funding
5.338%, 04/04/27(A)		950,000		960,729
Nutrien
5.200%, 06/21/27		935,000		945,917
Rio Tinto Finance USA
4.500%, 03/14/28		965,000		969,436
RPM International
3.750%, 03/15/27		962,000		941,899
Sonoco Products
2.250%, 02/01/27		965,000		931,395
WRKCo
3.900%, 06/01/28		840,000		827,014
				9,547,967
REAL ESTATE — 5.4%
Agree
2.000%, 06/15/28		1,080,000		1,009,621
American Tower
5.250%, 07/15/28		970,000		991,899
Crown Castle
4.800%, 09/01/28		1,095,000		1,100,265
Extra Space Storage
5.700%, 04/01/28		915,000		940,436
Highwoods Realty
4.125%, 03/15/28		1,030,000		1,007,770
Invitation Homes Operating Partnership
2.300%, 11/15/28		1,085,000		1,014,197
Kite Realty Group
4.000%, 10/01/26		985,000		975,891
Public Storage Operating
5.062%, SOFRINDX + 0.700%, 04/16/27(B)		975,000		976,830
Store Capital
4.500%, 03/15/28		1,900,000		1,874,725
Tanger Properties
3.875%, 07/15/27		1,010,000		994,099

CORPORATE OBLIGATIONS — continued
	Face Amount		Value
REAL ESTATE — continued
Vornado Realty
2.150%, 06/01/26	$	1,075,000	$	1,045,288
				11,931,021
UTILITIES — 3.7%
Alliant Energy Finance
5.400%, 06/06/27(A)		955,000		963,114
Dominion Energy
4.600%, 05/15/28		980,000		983,860
Evergy Kansas Central
4.700%, 03/13/28		945,000		951,330
Eversource Energy
5.450%, 03/01/28		975,000		996,756
Georgia Power
5.004%, 02/23/27		960,000		969,765
National Fuel Gas
5.500%, 10/01/26		1,000,000		1,006,930
NextEra Energy Capital Holdings
1.875%, 01/15/27		1,010,000		973,418
Public Service of New Hampshire
4.400%, 07/01/28		1,010,000		1,012,345
Toledo Edison
2.650%, 05/01/28(A)		386,000		362,043
				8,219,561
Total Corporate Obligations
(Cost $98,773,396)				99,296,123
U.S. TREASURY OBLIGATIONS — 23.4%

U.S. Treasury Notes
4.625%, 11/15/26		8,614,000		8,669,520
4.375%, 11/30/28		14,400,000		14,610,375
3.875%, 03/31/27		8,900,000		8,882,269
3.875%, 12/31/27		12,105,000		12,096,962
3.875%, 06/15/28		7,265,000		7,263,865

Total U.S. Treasury Obligations
(Cost $51,463,567)				51,522,991
ASSET-BACKED SECURITIES — 22.2%

Automotive — 4.8%
Avis Budget Rental Car Funding AESOP, Ser 2023-5A, Cl B
6.120%, 04/20/28 (A)		350,000		355,050
BOF VII AL Funding Trust I, Ser 2023-CAR3, Cl A2
6.291%, 07/26/32 (A)		465,083		471,729
Carmax Auto Owner Trust, Ser 2025-1, Cl B
5.110%, 09/16/30		490,000		497,509
Drive Auto Receivables Trust, Ser 2025-1, Cl B
4.790%, 09/15/32		1,030,000		1,030,914
Enterprise Fleet Financing, Ser 2025-3, Cl A3
4.460%, 09/20/29 (A)		1,050,000		1,054,848

ASSET-BACKED SECURITIES — continued
	Face Amount		Value
Automotive — continued
Exeter Select Automobile Receivables Trust, Ser 2025-1, Cl A3
4.690%, 04/15/30	$	440,000	$	440,365
Flagship Credit Auto Trust, Ser 2021-3, Cl C
1.460%, 09/15/27 (A)		506,654		503,032
Ford Credit Auto Owner Trust, Ser 2023-B, Cl B
5.560%, 03/15/29		1,050,000		1,064,972
Ford Credit Auto Owner Trust, Ser 2025-A, Cl B
4.890%, 02/15/31		750,000		754,563
GM Financial Consumer Automobile Receivables Trust, Ser 2025-1, Cl B
5.000%, 08/16/30		490,000		496,932
Hertz Vehicle Financing, Ser 2022-5A, Cl B
4.280%, 09/25/28 (A)		375,000		366,951
OCCU Auto Receivables Trust, Ser 2025-1A, Cl A4
4.790%, 01/15/31 (A)		550,000		549,897
Santander Drive Auto Receivables Trust, Ser 2024-4, Cl B
4.930%, 09/17/29		915,000		919,165
Santander Drive Auto Receivables Trust, Ser 2025-1, Cl B
4.880%, 03/17/31		490,000		492,484
Santander Drive Auto Receivables Trust, Ser 2025-2, Cl B
4.870%, 05/15/31		535,000		537,962
Santander Drive Auto Receivables Trust, Ser 2025-3, Cl B
4.490%, 09/15/31		1,050,000		1,046,882
				10,583,255
Other ABS — 17.4%
ABPCI Direct Lending Fund CLO VI, Ser 2025-6A, Cl BRR
6.014%, TSFR3M + 1.700%, 01/27/37 (A)(B)		550,000		546,354
Affirm Asset Securitization Trust, Ser 2023-B, Cl 1A
6.820%, 09/15/28 (A)		950,000		951,805
Affirm Asset Securitization Trust, Ser 2024-B, Cl A
4.620%, 09/15/29 (A)		1,050,000		1,049,280
Affirm Asset Securitization Trust, Ser 2024-X1, Cl A
6.270%, 05/15/29 (A)		19,946		19,951
Affirm Asset Securitization Trust, Ser 2024-X2, Cl B
5.330%, 12/17/29 (A)		560,000		560,258
Affirm Asset Securitization Trust, Ser 2025-X1, Cl B
5.190%, 04/15/30 (A)		500,000		499,802

ASSET-BACKED SECURITIES — continued
	Face Amount		Value
Other ABS — continued
Affirm Master Trust, Ser 2025-1A, Cl B
5.130%, 02/15/33 (A)	$	940,000	$	941,466
Antares CLO, Ser 2018-3, Cl A1R
5.916%, TSFR3M + 1.590%, 07/20/36 (A)(B)		950,000		950,226
APL Finance DAC, Ser 2023-1A, Cl A
7.000%, 07/21/31 (A)		258,284		260,665
Audax Senior Debt CLO XII, Ser 2025-12A, Cl B
5.917%, TSFR3M + 1.750%, 04/22/37 (A)(B)		750,000		744,865
Avant Loans Funding Trust, Ser 2025-REV1, Cl A
5.120%, 05/15/34 (A)		550,000		549,161
Barings Private Credit CLO, Ser 2023-1, Cl A1BR
6.218%, TSFR3M + 1.900%, 10/15/36 (A)(B)		995,000		990,422
Blackbird Capital Aircraft Lease Securitization, Ser 2016-1A, Cl A
4.213%, 12/16/41 (A)(C)		87,789		87,748
Blue Owl Asset Leasing Trust, Ser 2024-1A, Cl B
5.410%, 03/15/30 (A)		540,000		544,335
California Street CLO IX, Ser 2021-9A, Cl AR3
5.679%, TSFR3M + 1.362%, 07/16/32 (A)(B)		497,617		498,169
Cerberus Loan Funding XLVII, Ser 2024-3A, Cl A
6.068%, TSFR3M + 1.750%, 07/15/36 (A)(B)		785,000		786,697
College Loan Trust I, Ser 2006-1, Cl A7B
5.375%, SOFR90A + 1.012%, 04/25/46 (A)(B)		700,000		695,263
Cologix Data Centers US Issuer, Ser 2021-1A, Cl A2
3.300%, 12/26/51 (A)		500,000		483,129
Crossroads Asset Trust, Ser 2025- A, Cl A2
4.910%, 02/20/32 (A)		525,000		525,273
Goldentree Loan Management US CLO XII, Ser 2024-12A, Cl AJR
5.856%, TSFR3M + 1.530%, 07/20/37 (A)(B)		1,175,000		1,172,663
Golub Capital Partners CLO, Ser 2022-30A, Cl AR2
5.946%, TSFR3M + 1.620%, 04/20/34 (A)(B)		450,000		450,419
Gracie Point International Funding, Ser 2023-1A, Cl A
6.298%, SOFR90A + 1.950%, 09/01/26 (A)(B)		735,125		735,725

ASSET-BACKED SECURITIES — continued
	Face Amount		Value
Other ABS — continued
Granite Edvance, Ser 2020-1, Cl A1A
1.550%, 09/25/60	$	950,238	$	860,865
Guggenheim MM CLO, Ser 2021- 3A, Cl A
6.137%, TSFR3M + 1.812%, 01/21/34 (A)(B)		365,000		365,128
HalseyPoint CLO III, Ser 2024- 3A, Cl A1R
5.790%, TSFR3M + 1.480%, 07/30/37 (A)(B)		950,000		951,112
Hlend CLO, Ser 2025-3A, Cl B
5.972%, TSFR3M + 1.700%, 01/20/37 (A)(B)		750,000		748,612
HPEFS Equipment Trust, Ser 2025-1A, Cl B
4.510%, 09/20/32 (A)		1,055,000		1,052,988
Kestrel Aircraft Funding, Ser 2018-1A, Cl A
4.250%, 12/15/38 (A)		93,451		92,285
MCF CLO VIII, Ser 2024-1A, Cl AR
6.279%, TSFR3M + 1.950%, 04/18/36 (A)(B)		950,000		950,852
Mission Lane Credit Card Master Trust, Ser 2025-B, Cl A
5.060%, 09/15/31 (A)		530,000		528,935
Monroe Capital Mml CLO XI, Ser 2021-1A, Cl A1
6.134%, TSFR3M + 1.812%, 05/20/33 (A)(B)		962,000		961,828
Nelnet Student Loan Trust, Ser 2014-2A, Cl A3
5.315%, SOFR30A + 0.964%, 07/27/37 (A)(B)		670,697		669,375
Oak Street Investment Grade Net Lease Fund Series, Ser 2021-2A, Cl A3
2.850%, 11/20/51 (A)		1,604,633		1,502,035
OCP CLO, Ser 2024-24A, Cl A2R
5.876%, TSFR3M + 1.550%, 10/20/37 (A)(B)		950,000		950,301
OWN Equipment Fund I, Ser 2024-2M, Cl A
5.700%, 12/20/32 (A)		402,543		405,964
Pagaya AI Debt Grantor Trust, Ser 2024-11, Cl B
5.637%, 07/15/32 (A)		496,735		497,721
Pagaya AI Debt Grantor Trust, Ser 2024-5, Cl A
6.278%, 10/15/31 (A)		274,105		276,324
Pagaya AI Debt Grantor Trust, Ser 2025-1, Cl B
5.628%, 07/15/32 (A)		334,971		335,961

ASSET-BACKED SECURITIES — continued
	Face Amount		Value
Other ABS — continued
Pagaya AI Debt Grantor Trust, Ser 2025-2, Cl B
5.329%, 10/15/32 (A)	$	789,917	$	788,990
Pagaya AI Debt Grantor Trust, Ser 2025-3, Cl B
6.058%, 12/15/32 (A)		400,000		403,912
Pagaya AI Debt Trust, Ser 2024-2, Cl A
6.319%, 08/15/31 (A)		287,187		289,041
Palmer Square BDC CLO I, Ser 2024-1A, Cl A
5.918%, TSFR3M + 1.600%, 07/15/37 (A)(B)		950,000		952,860
PennantPark CLO XII, Ser 2025- 12A, Cl B
6.041%, TSFR3M + 1.850%, 04/20/37 (A)(B)		625,000		622,705
Rocket Trust, Ser 2025-1A, Cl B
4.990%, 07/25/34 (A)		1,050,000		1,049,453
Silver Point Scf CLO IV, Ser 2024- 1A, Cl A1AR
6.038%, TSFR3M + 1.720%, 10/15/36 (A)(B)		950,000		952,125
SLM Student Loan Trust, Ser 2006- 10, Cl A6
4.752%, SOFR90A + 0.412%, 03/25/44 (B)		853,833		817,545
Spirit Airlines Pass Through Trust, Ser 2015-1A
4.100%, 04/01/28		890,811		810,578
TCW CLO, Ser 2025-2A, Cl A1R2
5.596%, TSFR3M + 1.270%, 01/20/38 (A)(B)		1,270,000		1,271,612
Thunderbolt II Aircraft Lease, Ser 2018-A, Cl A
5.960%, 09/15/38 (A)(C)		156,710		155,958
Trinitas CLO XIV, Ser 2024-14A, Cl A2R
5.859%, TSFR3M + 1.540%, 01/25/34 (A)(B)		985,000		983,786
Twin Brook CLO, Ser 2024-1A, Cl A
6.226%, TSFR3M + 1.900%, 07/20/36 (A)(B)		750,000		751,804
Venture 38 CLO, Ser 2025-38A, Cl ARR
5.310%, TSFR3M + 1.000%, 07/30/32 (A)(B)		969,296		967,735
Volofin Finance Designated Activity, Ser 2024-1A, Cl A
5.935%, 06/15/37 (A)		346,354		349,209
Voya CLO, Ser 2018-4, Cl A2RR
5.918%, TSFR3M + 1.600%, 10/15/37 (A)(B)		950,000		950,296

ASSET-BACKED SECURITIES — continued
	Face Amount		Value
Other ABS — continued
Whitehorse Principal Lending CLO, Ser 2024-1A, Cl A1R
6.098%, TSFR3M + 1.780%, 10/15/36 (A)(B)	$	1,000,000	$	1,001,861
Willis Engine Structured Trust IV, Ser 2018-A, Cl A
4.750%, 09/15/43 (A)(C)		138,136		136,992
				38,450,424
Total Asset-Backed Securities
(Cost $48,812,502)				49,033,679
MORTGAGE-BACKED SECURITIES — 4.8%

Non-Agency Mortgage-Backed Obligations — 4.8%
BX Commercial Mortgage Trust, Ser 2021-VOLT, Cl C
5.556%, TSFR1M + 1.214%, 09/15/36 (A)(B)		1,065,711		1,061,381
BX Commercial Mortgage Trust, Ser 2025-BCAT, Cl A
5.730%, TSFR1M + 1.380%, 08/15/42 (A)(B)		550,000		550,000
BX Trust, Ser 2025-LUNR, Cl B
6.192%, TSFR1M + 1.850%, 06/15/40 (A)(B)		520,000		521,619
Chase Home Lending Mortgage Trust, Ser 2024-2, Cl A4A
6.000%, 02/25/55 (A)(B)		540,195		543,100
Chase Home Lending Mortgage Trust, Ser 2024-5, Cl A6
6.000%, 04/25/55 (A)(B)		587,445		590,938
Citigroup Mortgage Loan Trust, Ser 2024-1, Cl A7A
6.000%, 07/25/54 (A)(B)		398,054		400,578
COLT Mortgage Loan Trust, Ser 2021-2R, Cl A2
1.106%, 07/27/54 (A)		88,079		80,389
Fidelis Mortgage Trust, Ser 2025- RTL1, Cl A2
6.220%, 02/27/40 (A)(B)		950,000		951,755
Fidelis Mortgage Trust, Ser 2025- RTL2, Cl A2
6.060%, 07/25/40 (A)(B)		850,000		849,017
FREMF Mortgage Trust, Ser 2020- K737, Cl C
3.328%, 01/25/53 (A)(B)		525,000		511,935
GS Mortgage-Backed Securities Trust, Ser 2022-PJ2, Cl A7
2.500%, 06/25/52 (A)(B)		727,392		684,504
GS Mortgage-Backed Securities Trust, Ser 2022-PJ3, Cl A7
2.500%, 08/25/52 (A)(B)		695,642		651,748
JP Morgan Mortgage Trust, Ser 2022-4, Cl A12
3.000%, 10/25/52 (A)(B)		734,546		701,852

MORTGAGE-BACKED SECURITIES — continued
	Face Amount		Value
Non-Agency Mortgage-Backed Obligations — continued
JP Morgan Mortgage Trust, Ser 2023-2, Cl A4A
5.000%, 07/25/53 (A)(B)	$	425,856	$	421,202
Rate Mortgage Trust, Ser 2024-J4, Cl A7
6.000%, 12/25/54 (A)(B)		844,766		850,124
Sequoia Mortgage Trust, Ser 2013- 4, Cl B3
3.434%, 04/25/43 (B)		49,832		47,876
Sequoia Mortgage Trust, Ser 2024- 5, Cl A11
6.000%, 06/25/54 (A)(B)		327,831		327,655
SWCH Commercial Mortgage Trust, Ser 2025-DATA, Cl C
6.434%, TSFR1M + 2.092%, 02/15/42 (A)(B)		625,000		621,484
Verus Securitization Trust, Ser 2021-1, Cl A2
1.052%, 01/25/66 (A)(B)		123,093		109,869
				10,477,026
Total Mortgage-Backed Securities
(Cost $10,561,641)				10,477,026
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED OBLIGATIONS — 3.1%

FHLMC
6.000%, 01/01/37		734		751
6.000%, 11/01/37		927		966
5.500%, 07/01/34		580		591
4.000%, 03/01/39		2,338		2,235
FHLMC, Ser 2020-5036, Cl AB
2.000%, 05/25/41		2,389,669		2,270,229
FHLMC, Ser 2020-5019, Cl DA
2.000%, 05/25/41		2,241,934		2,134,592
FNMA
6.000%, 05/01/36		205		215
6.000%, 08/01/36		232		246
5.500%, 07/01/38		1,280		1,303
GNMA
6.000%, 03/15/32		345		360
6.000%, 09/15/33		3,232		3,293
6.000%, 09/15/37		1,369		1,436
5.500%, 06/15/38		643		657
5.000%, 06/15/33		719		731
GNMA, Ser 2022-212, Cl HP
5.000%, 06/20/43		2,484,559		2,479,921

Total U.S. Government Agency Mortgage-Backed Obligations
(Cost $6,783,459)				6,897,526
Total Investments in Securities— 98.5%
(Cost $216,394,565)			$	217,227,345

Percentages are based on Net Assets of $220,580,784.

(A)	Securities sold within the terms of a private placement memorandum, exempt from registration under section 144A of the Securities Act of 1933, as amended, and maybe sold only to dealers in the program or other "accredited investors". The total value of these securities at July 31, 2025 was $63,529,273 and represented 28.8% of Net Assets.
(B)	Variable or floating rate security. The rate shown is the effective interest rate as of period end. The rates on certain securities are not based on published reference rates and spreads and are either determined by the issuer or agent based on current market conditions; by using a formula based on the rates of underlying loans; or by adjusting periodically based on prevailing interest rates.
(C)	Step coupon security. Coupon rate will either increase (step-up bond) or decrease (step-down bond) at regular intervals until maturity. Interest rate shown reflects the rate currently in effect.

For information on the Fund’s policy regarding valuation of investments, fair value hierarchy levels and other significant accounting policies, please refer to the Fund’s most recent financial statements.

See "Glossary" for abbreviations.

KOC-QH-002-2100

SCHEDULE OF INVESTMENTS
CORPORATE OBLIGATIONS — 26.4%
	Face Amount		Value
COMMUNICATION SERVICES — 0.8%
Discovery Communications
4.125%, 05/15/29	$	635,000	$	591,490
NBN MTN
2.625%, 05/05/31(A)		600,000		539,874
NTT Finance
5.502%, 07/16/35(A)		1,175,000		1,193,210
				2,324,574

CONSUMER DISCRETIONARY — 0.5%
L'Oreal
5.000%, 05/20/35(A)		1,190,000		1,200,303
Mars
2.375%, 07/16/40(A)		540,000		374,618
				1,574,921

CONSUMER STAPLES — 0.9%
Bunge Finance
2.750%, 05/14/31		1,150,000		1,037,410
JBS USA Holding Lux Sarl
7.250%, 11/15/53		1,000,000		1,108,644
Mondelez International
1.500%, 02/04/31		535,000		455,782
				2,601,836

ENERGY — 2.6%
APA
7.750%, 12/15/29(A)		950,000		1,023,090
Boardwalk Pipelines
4.800%, 05/03/29		480,000		483,532
Eastern Gas Transmission & Storage
3.000%, 11/15/29		560,000		527,964
Energy Transfer
5.600%, 09/01/34		1,100,000		1,112,408
Expand Energy
4.750%, 02/01/32		1,130,000		1,097,566
Helmerich & Payne
5.500%, 12/01/34		1,200,000		1,106,942
Hess
5.800%, 04/01/47		1,187,000		1,204,239
ONEOK
5.650%, 09/01/34		1,280,000		1,296,201
				7,851,942

FINANCIALS — 11.0%
Ally Financial
6.184%, SOFRRATE + 2.290%, 07/26/35(B)		1,440,000		1,473,546
American Express
5.442%, SOFRINDX + 1.320%, 01/30/36(B)		1,293,000		1,318,488
Ares Finance II
3.250%, 06/15/30(A)		645,000		599,822
Arthur J Gallagher
5.150%, 02/15/35		1,090,000		1,083,624

CORPORATE OBLIGATIONS — continued
	Face Amount		Value
FINANCIALS — continued
Bain Capital Specialty Finance
5.950%, 03/15/30	$	1,160,000	$	1,153,153
Bank of America
5.511%, SOFRRATE + 1.310%, 01/24/36(B)		1,150,000		1,178,431
Bank of Montreal
3.803%, USSW5 + 1.432%, 12/15/32(B)		825,000		801,593
Bank of Nova Scotia
7.350%, H15T5Y + 2.903%, 04/27/85(B)		930,000		949,346
Brown & Brown
6.250%, 06/23/55		1,155,000		1,183,434
Capital One Financial
6.183%, SOFRRATE + 2.036%, 01/30/36(B)		1,940,000		1,991,618
Carlyle Finance Subsidiary
3.500%, 09/19/29(A)		650,000		623,302
CI Financial
3.200%, 12/17/30		910,000		807,749
Citigroup
6.020%, SOFRRATE + 1.830%, 01/24/36(B)		1,150,000		1,178,557
Franklin BSP Capital
7.200%, 06/15/29		1,080,000		1,120,265
Golub Capital BDC
6.000%, 07/15/29		1,280,000		1,299,676
Hercules Capital
6.000%, 06/16/30		1,150,000		1,150,051
HPS Corporate Lending Fund
5.950%, 04/14/32		1,200,000		1,190,561
JPMorgan Chase
4.946%, SOFRRATE + 1.340%, 10/22/35(B)		1,082,000		1,070,025
M&T Bank
5.400%, H15T5Y + 1.430%, 07/30/35(B)		778,000		779,183
Morgan Stanley
5.587%, SOFRRATE + 1.418%, 01/18/36(B)		1,150,000		1,180,308
National Australia Bank
3.347%, H15T5Y + 1.700%, 01/12/37(A)(B)		750,000		662,799
Neuberger Berman Group
4.500%, 03/15/27(A)		970,000		962,782
Oaktree Specialty Lending
6.340%, 02/27/30		1,315,000		1,311,669
PennantPark Floating Rate Capital
4.250%, 04/01/26		650,000		640,727
PNC Financial Services Group
5.373%, SOFRRATE + 1.417%, 07/21/36(B)		1,450,000		1,465,026
Raymond James Financial
3.750%, 04/01/51		610,000		443,135

CORPORATE OBLIGATIONS — continued
	Face Amount		Value
FINANCIALS — continued
Santander Holdings USA
6.342%, SOFRRATE + 2.138%, 05/31/35(B)	$	1,365,000	$	1,435,093
Sixth Street Specialty Lending
5.625%, 08/15/30		1,320,000		1,323,372
Synchrony Financial
6.000%, SOFRRATE + 2.070%, 07/29/36(B)		845,000		847,544
UBS Group
3.179%, H15T1Y + 1.100%, 02/11/43(A)(B)		555,000		408,255
Wells Fargo
5.244%, SOFRRATE + 1.110%, 01/24/31(B)		1,150,000		1,177,387
				32,810,521

INDUSTRIALS — 2.6%
Ashtead Capital
1.500%, 08/12/26(A)		650,000		629,023
Canadian Pacific Railway
3.100%, 12/02/51		880,000		574,735
Daimler Truck Finance North America
2.500%, 12/14/31(A)		940,000		816,759
Flowserve
2.800%, 01/15/32		1,407,000		1,229,203
Howmet Aerospace
3.000%, 01/15/29		495,000		471,974
Masco
6.500%, 08/15/32		317,000		336,890
Northern Group Housing
5.605%, 08/15/33(A)		412,084		418,925
Oshkosh
3.100%, 03/01/30		1,550,000		1,443,492
Siemens Funding BV
5.800%, 05/28/55(A)		1,730,000		1,790,078
				7,711,079

INFORMATION TECHNOLOGY — 0.8%
Constellation Software
5.461%, 02/16/34(A)		1,040,000		1,053,610
Microsoft
2.921%, 03/17/52		270,000		178,134
NXP BV
5.550%, 12/01/28		245,000		252,314
Oracle
2.875%, 03/25/31		600,000		543,888
Roper Technologies
2.950%, 09/15/29		420,000		395,148
				2,423,094

MATERIALS — 2.6%
Amrize Finance US
5.400%, 04/07/35(A)		1,765,000		1,780,296
Anglo American Capital
4.500%, 03/15/28(A)		525,000		523,079

CORPORATE OBLIGATIONS — continued
	Face Amount		Value
MATERIALS — continued
Berry Global
1.650%, 01/15/27	$	625,000	$	599,068
Martin Marietta Materials
2.400%, 07/15/31		865,000		759,959
NewMarket
2.700%, 03/18/31		1,592,000		1,420,481
Rio Tinto Finance USA
5.750%, 03/14/55		1,340,000		1,340,429
Sealed Air
1.573%, 10/15/26(A)		835,000		801,933
Silgan Holdings
1.400%, 04/01/26(A)		420,000		410,680
				7,635,925

REAL ESTATE — 2.5%
Camp Pendleton & Quantico Housing
6.165%, 10/01/50(A)		400,000		385,302
Extra Space Storage
2.350%, 03/15/32		730,000		622,146
Highwoods Realty
2.600%, 02/01/31		1,390,000		1,200,002
Invitation Homes Operating Partnership
4.875%, 02/01/35		1,135,000		1,094,110
Kite Realty Group
5.500%, 03/01/34		1,280,000		1,304,539
NNN REIT
2.500%, 04/15/30		700,000		637,377
Store Capital
4.500%, 03/15/28		380,000		374,945
2.700%, 12/01/31		700,000		595,899
Tanger Properties
2.750%, 09/01/31		1,370,000		1,197,715
				7,412,035

UTILITIES — 2.1%
DPL
4.350%, 04/15/29		1,415,000		1,379,920
Duquesne Light Holdings
2.532%, 10/01/30(A)		540,000		474,798
Entergy Arkansas
5.750%, 06/01/54		1,080,000		1,075,606
Jersey Central Power & Light
2.750%, 03/01/32(A)		670,000		587,456
Monongahela Power
3.550%, 05/15/27(A)		550,000		540,434
NextEra Energy Capital Holdings
1.900%, 06/15/28		1,230,000		1,149,663
Southern
6.375%, H15T5Y + 2.069%, 03/15/55(B)		1,190,000		1,231,308
				6,439,185

Total Corporate Obligations
(Cost $80,318,120)				78,785,112

U.S. TREASURY OBLIGATIONS — 23.5%
	Face Amount		Value
U.S. Treasury Bonds
4.000%, 11/15/52	$	7,000,000	$	6,033,398
3.750%, 08/15/41		2,250,000		1,995,820
3.000%, 05/15/45		9,000,000		6,812,227
3.000%, 08/15/52		250,000		177,725
2.875%, 05/15/52		5,467,000		3,791,023
2.250%, 08/15/46		2,575,000		1,667,212
1.875%, 11/15/51		5,750,000		3,149,922
1.250%, 05/15/50		1,850,000		876,943
U.S. Treasury Notes
4.125%, 03/31/32		5,100,000		5,102,191
4.125%, 11/15/32		3,350,000		3,342,541
4.000%, 03/31/30		2,400,000		2,405,531
3.875%, 12/31/27		16,000,000		15,989,375
3.875%, 09/30/29		8,500,000		8,484,395
2.750%, 05/31/29		9,000,000		8,630,859
2.625%, 05/31/27		850,000		829,879
1.375%, 11/15/31		1,000,000		850,352

Total U.S. Treasury Obligations
(Cost $74,592,675)				70,139,393
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED OBLIGATIONS — 22.2%

FHLMC
6.000%, 01/01/53		1,236,528		1,256,868
6.000%, 05/01/53		694,676		705,656
6.000%, 09/01/53		1,170,496		1,197,052
6.000%, 07/01/54		1,897,998		1,927,872
5.500%, 11/01/52		748,971		747,192
5.500%, 01/01/53		1,403,122		1,399,291
5.500%, 04/01/53		2,256,657		2,248,642
5.500%, 12/01/54		1,790,112		1,781,124
5.000%, 12/01/52		709,793		694,619
5.000%, 04/01/53		776,288		758,691
4.500%, 12/01/48		114,332		110,098
4.500%, 09/01/52		669,506		635,481
4.000%, 02/01/47		199,826		188,018
4.000%, 11/01/47		186,712		176,082
4.000%, 11/01/48		66,818		62,738
4.000%, 04/01/52		1,061,800		982,681
3.500%, 11/01/44		180,771		167,181
3.500%, 04/01/46		114,860		105,447
3.500%, 07/01/47		244,193		223,510
3.500%, 12/01/48		155,228		141,193
3.500%, 04/01/52		869,447		783,494
3.000%, 02/01/45		198,540		176,718
3.000%, 08/01/45		98,676		87,214
3.000%, 02/01/48		118,529		103,520
3.000%, 04/01/50		420,903		364,587
2.500%, 02/01/30		75,662		73,083
2.500%, 01/01/52		1,656,963		1,363,516
2.500%, 04/01/52		1,614,560		1,329,879
2.000%, 08/01/50		919,898		723,643
2.000%, 10/01/50		271,548		214,156
2.000%, 05/01/51		2,271,283		1,777,834
FHLMC, Ser 2024-5438, Cl GL
1.500%, 12/25/50		3,500,000		2,167,308

U.S. GOVERNMENT AGENCY MORTGAGE-BACKED OBLIGATIONS — continued
	Face Amount		Value
FHLMC Multifamily Structured Pass Through Certificates, Ser 162, Cl A2
5.150%, 12/25/33(B)	$	1,000,000	$	1,034,816
FHLMC Structured Pass-Through Certificates, Ser 2003-54, Cl 4A
4.252%, 02/25/43(B)		44,829		42,628
FNMA
6.500%, 06/01/53		605,911		627,303
6.000%, 12/01/52		543,876		552,439
6.000%, 04/01/53		651,762		666,815
6.000%, 05/01/53		667,108		678,018
6.000%, 06/01/53		783,776		797,071
5.500%, 03/01/53		2,910,176		2,900,613
5.500%, 04/01/53		678,707		679,707
5.500%, 05/01/53		683,249		681,262
5.000%, 12/01/37		519,143		521,210
5.000%, 09/01/52		636,257		622,009
5.000%, 11/01/52		692,928		676,806
5.000%, 01/01/53		641,491		630,131
5.000%, 04/01/53		1,222,573		1,197,759
4.500%, 12/01/37		564,661		558,399
4.500%, 02/01/41		264,228		260,871
4.500%, 03/01/48		170,753		164,924
4.500%, 10/01/52		728,007		690,977
4.500%, 01/01/53		1,127,843		1,071,918
4.000%, 03/01/35		63,377		62,368
4.000%, 01/01/42		214,155		205,067
4.000%, 05/01/49		173,500		162,597
4.000%, 10/01/52		872,158		806,223
3.500%, 02/01/47		213,981		197,371
3.500%, 12/01/47		106,152		96,707
3.500%, 08/01/48		106,028		96,002
3.500%, 03/01/49		210,504		194,356
3.500%, 06/01/49		432,761		392,832
3.500%, 07/01/50		648,242		585,888
3.000%, 10/01/48		179,131		158,157
3.000%, 02/01/50		1,539,305		1,323,601
3.000%, 05/01/51		1,149,007		1,001,145
3.000%, 03/01/52		1,187,314		1,018,968
2.500%, 12/01/49		291,401		241,096
2.500%, 09/01/50		605,524		501,729
2.500%, 10/01/50		2,140,546		1,764,883
2.500%, 06/01/51		940,710		783,025
2.500%, 09/01/52		1,971,078		1,617,283
2.000%, 02/01/51		556,722		438,276
2.000%, 04/01/51		1,520,834		1,191,174
2.000%, 01/01/52		1,913,812		1,512,196
2.000%, 02/01/52		1,640,788		1,286,305
2.000%, 03/01/52		3,078,151		2,416,681
FNMA, Ser 2024-56, Cl DL
1.500%, 09/25/51		3,150,000		1,932,624
GNMA
6.000%, 08/20/52		581,456		594,022
5.500%, 12/20/52		836,800		841,531
4.000%, 07/20/48		76,090		71,049
4.000%, 05/20/52		646,320		600,180

U.S. GOVERNMENT AGENCY MORTGAGE-BACKED OBLIGATIONS — continued
	Face Amount		Value
3.500%, 06/20/48	$	450,468	$	411,229
3.000%, 06/20/51		872,207		762,499
2.500%, 09/20/51		1,967,134		1,655,162
2.000%, 11/20/51		2,080,868		1,680,188

Total U.S. Government Agency Mortgage-Backed Obligations
(Cost $68,804,336)				66,332,478
ASSET-BACKED SECURITIES — 12.9%

Automotive — 2.3%
Carmax Auto Owner Trust, Ser 2025-1, Cl B
5.110%, 09/16/30		665,000		675,190
Exeter Select Automobile Receivables Trust, Ser 2025-1, Cl A3
4.690%, 04/15/30		530,000		530,440
GM Financial Consumer Automobile Receivables Trust, Ser 2025-1, Cl B
5.000%, 08/16/30		665,000		674,407
Hertz Vehicle Financing, Ser 2022-5A, Cl B
4.280%, 09/25/28 (A)		650,000		636,049
OCCU Auto Receivables Trust, Ser 2025-1A, Cl A4
4.790%, 01/15/31 (A)		755,000		754,859
Santander Drive Auto Receivables Trust, Ser 2025-1, Cl B
4.880%, 03/17/31		665,000		668,371
Santander Drive Auto Receivables Trust, Ser 2025-2, Cl B
4.870%, 05/15/31		660,000		663,654
SFS Auto Receivables Securitization Trust, Ser 2025- 1A, Cl B
5.110%, 02/20/31 (A)		665,000		676,121
SFS Auto Receivables Securitization Trust, Ser 2025- 2A, Cl B
4.850%, 07/21/31 (A)		710,000		716,305
Toyota Auto Loan Extended Note Trust, Ser 2025-1A, Cl A
4.650%, 05/25/38 (A)		700,000		705,777
				6,701,173

Other ABS — 10.6%
ABPCI Direct Lending Fund CLO VI, Ser 2025-6A, Cl BRR
6.014%, TSFR3M + 1.700%, 01/27/37 (A)(B)		770,000		764,895
Affirm Asset Securitization Trust, Ser 2024-X2, Cl B
5.330%, 12/17/29 (A)		600,000		600,276

ASSET-BACKED SECURITIES — continued
	Face Amount		Value
Other ABS — continued
Antares CLO, Ser 2018-3, Cl A1R
5.916%, TSFR3M + 1.590%, 07/20/36 (A)(B)	$	1,170,000	$	1,170,278
Audax Senior Debt CLO XII, Ser 2025-12A, Cl B
5.917%, TSFR3M + 1.750%, 04/22/37 (A)(B)		1,000,000		993,153
Avant Loans Funding Trust, Ser 2025-REV1, Cl A
5.120%, 05/15/34 (A)		775,000		773,817
Barings Private Credit CLO, Ser 2023-1, Cl A1BR
6.218%, TSFR3M + 1.900%, 10/15/36 (A)(B)		1,170,000		1,164,617
Blue Owl Asset Leasing Trust, Ser 2024-1A, Cl B
5.410%, 03/15/30 (A)		710,000		715,700
Business Jet Securities, Ser 2024- 1A, Cl A
6.197%, 05/15/39 (A)		357,269		363,780
College Loan Trust I, Ser 2006-1, Cl A7B
5.375%, SOFR90A + 1.012%, 04/25/46 (A)(B)		890,000		883,978
Cologix Data Centers US Issuer, Ser 2021-1A, Cl A2
3.300%, 12/26/51 (A)		580,000		560,429
Dryden LXXXVII CLO, Ser 2021- 87A, Cl A1
5.684%, TSFR3M + 1.362%, 05/20/34 (A)(B)		1,100,000		1,099,725
Goldentree Loan Management US CLO XII, Ser 2024-12A, Cl AJR
5.856%, TSFR3M + 1.530%, 07/20/37 (A)(B)		1,425,000		1,422,165
Golub Capital Partners CLO, Ser 2022-30A, Cl AR2
5.946%, TSFR3M + 1.620%, 04/20/34 (A)(B)		500,000		500,466
Granite Edvance, Ser 2020-1, Cl A1A
1.550%, 09/25/60		1,187,797		1,076,081
HalseyPoint CLO III, Ser 2024- 3A, Cl A1R
5.790%, TSFR3M + 1.480%, 07/30/37 (A)(B)		1,170,000		1,171,370
Kestrel Aircraft Funding, Ser 2018-1A, Cl A
4.250%, 12/15/38 (A)		125,532		123,965
MCF CLO VIII, Ser 2024-1A, Cl AR
6.279%, TSFR3M + 1.950%, 04/18/36 (A)(B)		1,000,000		1,000,897
Mission Lane Credit Card Master Trust, Ser 2025-B, Cl A
5.060%, 09/15/31 (A)		725,000		723,544

ASSET-BACKED SECURITIES — continued
	Face Amount		Value
Other ABS — continued
Monroe Capital Mml CLO XI, Ser 2021-1A, Cl A1
6.134%, TSFR3M + 1.812%, 05/20/33 (A)(B)	$	1,025,000	$	1,024,817
Oak Street Investment Grade Net Lease Fund Series, Ser 2021-2A, Cl A3
2.850%, 11/20/51 (A)		1,744,167		1,632,647
OCP CLO, Ser 2024-24A, Cl A2R
5.876%, TSFR3M + 1.550%, 10/20/37 (A)(B)		1,170,000		1,170,371
OWN Equipment Fund I, Ser 2024-2M, Cl A
5.700%, 12/20/32 (A)		536,724		541,285
Pagaya AI Debt Grantor Trust, Ser 2024-11, Cl B
5.637%, 07/15/32 (A)		610,275		611,486
Pagaya AI Debt Grantor Trust, Ser 2025-1, Cl B
5.628%, 07/15/32 (A)		449,962		451,291
Pagaya AI Debt Grantor Trust, Ser 2025-2, Cl B
5.329%, 10/15/32 (A)		999,895		998,721
Pagaya AI Debt Grantor Trust, Ser 2025-3, Cl B
6.058%, 12/15/32 (A)		600,000		605,869
Palmer Square BDC CLO I, Ser 2024-1A, Cl A
5.918%, TSFR3M + 1.600%, 07/15/37 (A)(B)		1,000,000		1,003,011
PennantPark CLO XII, Ser 2025- 12A, Cl B
6.041%, TSFR3M + 1.850%, 04/20/37 (A)(B)		875,000		871,787
PHEAA Student Loan Trust, Ser 2016-2A, Cl B
5.965%, SOFR30A + 1.614%, 11/25/65 (A)(B)		1,050,000		1,030,042
SLM Student Loan Trust, Ser 2006- 10, Cl A6
4.752%, SOFR90A + 0.412%, 03/25/44 (B)		1,026,817		983,177
Spirit Airlines Pass Through Trust, Ser 2015-1A
4.100%, 04/01/28		964,923		878,014
Store Master Funding I-VII, XIV, XIX, XX, XXIV and XXII, Ser 2024-1A, Cl A2
5.700%, 05/20/54 (A)		993,750		1,013,418
Thunderbolt II Aircraft Lease, Ser 2018-A, Cl A
5.960%, 09/15/38 (A)(C)		209,992		208,984
Trinity Rail Leasing, Ser 2018-1A, Cl A2
4.620%, 06/17/48 (A)		600,000		588,663

ASSET-BACKED SECURITIES — continued
	Face Amount		Value
Other ABS — continued
Twin Brook CLO, Ser 2024-1A, Cl A
6.226%, TSFR3M + 1.900%, 07/20/36 (A)(B)	$	800,000	$	801,925
Volofin Finance Designated Activity, Ser 2024-1A, Cl A
5.935%, 06/15/37 (A)		423,321		426,810
Voya CLO, Ser 2018-4, Cl A2RR
5.918%, TSFR3M + 1.600%, 10/15/37 (A)(B)		1,170,000		1,170,365
Willis Engine Structured Trust VIII, Ser 2025-A, Cl A
5.582%, 06/15/50 (A)		598,603		601,208
				31,723,027

Total Asset-Backed Securities
(Cost $38,178,728)				38,424,200
MORTGAGE-BACKED SECURITIES — 10.0%

Non-Agency Mortgage-Backed Obligations — 10.0%
BANK, Ser 2025-BNK50, Cl A5
5.652%, 05/15/68 (B)		700,000		728,747
BWAY Trust, Ser 2025-1535, Cl A
6.309%, 05/05/42 (A)(B)		600,000		611,266
BX Commercial Mortgage Trust, Ser 2021-VOLT, Cl C
5.556%, TSFR1M + 1.214%, 09/15/36 (A)(B)		1,157,750		1,153,046
BX Commercial Mortgage Trust, Ser 2025-BCAT, Cl A
5.730%, TSFR1M + 1.380%, 08/15/42 (A)(B)		755,000		755,000
Chase Home Lending Mortgage Trust, Ser 2024-4, Cl A4
6.000%, 03/25/55 (A)(B)		902,283		910,567
Chase Home Lending Mortgage Trust, Ser 2025-1, Cl A4
6.000%, 11/25/55 (A)(B)		881,920		888,774
Citigroup Mortgage Loan Trust, Ser 2024-1, Cl A3A
6.000%, 07/25/54 (A)(B)		709,293		714,335
COLT Mortgage Loan Trust, Ser 2022-4, Cl A1
4.301%, 03/25/67 (A)(B)		699,350		691,733
CSMC Trust, Ser 2013-IVR3, Cl A2
3.000%, 05/25/43 (A)(B)		120,867		109,026
CSMC Trust, Ser 2015-2, Cl A18
3.500%, 02/25/45 (A)(B)		104,902		95,910
Fidelis Mortgage Trust, Ser 2025- RTL1, Cl A2
6.220%, 02/27/40 (A)(B)		1,300,000		1,302,401
Fidelis Mortgage Trust, Ser 2025- RTL2, Cl A2
6.060%, 07/25/40 (A)(B)		1,200,000		1,198,612

MORTGAGE-BACKED SECURITIES — continued
	Face Amount		Value
Non-Agency Mortgage-Backed Obligations — continued
First Republic Mortgage Trust, Ser 2020-1, Cl A5
2.878%, 04/25/50 (A)(B)	$	348,372	$	340,920
FREMF Mortgage Trust, Ser 2019- K101, Cl B
3.527%, 10/25/52 (A)(B)		700,000		662,608
GMAC Commercial Mortgage Asset, Ser 2010-FTLS, Cl A
6.363%, 02/10/47 (A)(D)		220,416		227,932
GS Mortgage Securities Trust, Ser 2020-GSA2, Cl A3
1.560%, 12/12/53		341,918		311,322
GS Mortgage Securities Trust, Ser 2024-RVR, Cl A
5.198%, 08/10/41 (A)(B)		1,150,000		1,154,900
GS Mortgage-Backed Securities Trust, Ser 2021-PJ1, Cl A8
2.500%, 05/28/52 (A)(B)		1,050,833		922,716
GS Mortgage-Backed Securities Trust, Ser 2022-MM1, Cl A8
2.500%, 07/25/52 (A)(B)		1,396,545		1,233,377
GS Mortgage-Backed Securities Trust, Ser 2022-PJ3, Cl A4
2.500%, 08/25/52 (A)(B)		1,211,709		975,379
JP Morgan Mortgage Trust, Ser 2022-2, Cl A4A
2.500%, 08/25/52 (A)(B)		966,517		852,513
JP Morgan Mortgage Trust, Ser 2022-3, Cl A4A
2.500%, 08/25/52 (A)(B)		1,416,234		1,244,525
JP Morgan Mortgage Trust, Ser 2022-4, Cl A4
3.000%, 10/25/52 (A)(B)		1,486,291		1,333,949
Provident Funding Mortgage Trust, Ser 2025-1, Cl A3
5.500%, 02/25/55 (A)(B)		948,832		947,624
Provident Funding Mortgage Trust, Ser 2025-2, Cl A2
5.500%, 06/25/55 (A)(B)		1,374,185		1,360,802
Rate Mortgage Trust, Ser 2022-J1, Cl A9
2.500%, 01/25/52 (A)(B)		1,078,125		945,410
Rate Mortgage Trust, Ser 2024-J4, Cl A1
6.000%, 12/25/54 (A)(B)		1,133,575		1,138,711
Rate Mortgage Trust, Ser 2025-J1, Cl A4
6.000%, 03/25/55 (A)(B)		915,270		920,754
Rocket Mortgage Trust, Ser 2021- 5, Cl A1
2.500%, 11/25/51 (A)(B)		1,103,323		888,767
Rocket Mortgage Trust, Ser 2022- 1, Cl A1
2.500%, 01/25/52 (A)(B)		1,198,224		969,796

MORTGAGE-BACKED SECURITIES — continued
	Face Amount		Value
Non-Agency Mortgage-Backed Obligations — continued
Rocket Mortgage Trust, Ser 2022- 3, Cl A5
3.000%, 05/25/52 (A)(B)	$	1,474,650	$	1,320,697
Seasoned Credit Risk Transfer Trust, Ser 2018-4, Cl MV
3.500%, 03/25/58		587,156		548,309
Sequoia Mortgage Trust, Ser 2015- 1, Cl A1
3.500%, 01/25/45 (A)(B)		20,469		18,941
Sequoia Mortgage Trust, Ser 2015- 2, Cl A1
3.500%, 05/25/45 (A)(B)		39,774		36,387
Sequoia Mortgage Trust, Ser 2015- 4, Cl A1
3.000%, 11/25/30 (A)(B)		26,860		26,123
Sequoia Mortgage Trust, Ser 2024- 7, Cl A2
6.000%, 08/25/54 (A)(B)		838,272		842,660
SWCH Commercial Mortgage Trust, Ser 2025-DATA, Cl C
6.434%, TSFR1M + 2.092%, 02/15/42 (A)(B)		875,000		870,078
Wells Fargo Commercial Mortgage Trust, Ser 2025-5C5, Cl A3
5.590%, 07/15/58		735,000		760,446
				30,015,063

Total Mortgage-Backed Securities
(Cost $30,901,471)				30,015,063
MUNICIPAL BONDS — 3.6%

Colorado Housing and Finance Authority, Ser 2023-M1, RB
5.619%, 11/01/38		845,000		848,841
Colorado Housing and Finance Authority, Ser L1
4.926%, 11/01/32		500,000		501,434
Denver City & County, Housing Authority, Ser 2021-B, RB
3.104%, 02/01/39		300,000		235,400
District of Columbia, University Refunding, Ser 2025-B, RB
5.751%, 04/01/35		1,375,000		1,422,479
Grand Parkway Transportation, Ser 2020-B, RB
3.216%, 10/01/49		640,000		445,736
Hawaii State, Department of Business Economic Development & Tourism, Ser 2014-A-2, RB
3.242%, 01/01/31		71,569		69,897
Idaho State, Housing & Finance Association, Ser 2023-D-1, RB
5.713%, 07/01/38		830,000		831,868
Indiana State, Housing & Community Development Authority, Ser 2024-B-3, RB
5.932%, 07/01/44		1,000,000		1,003,471

MUNICIPAL BONDS — continued
	Face Amount		Value
Maryland Department of Housing & Community Development, Ser 2024-B, RB
5.991%, 09/01/44	$	750,000	$	752,749
Massachusetts State, Housing Finance Agency, Ser 2020-B, RB
3.350%, 12/01/40		145,000		114,686
Michigan State, Housing Development Authority, Ser 2023-C, RB
5.816%, 12/01/38		895,000		895,410
Minnesota State, Housing Finance Agency, Ser 2024-V, RB
5.925%, 07/01/49		750,000		744,883
Minnesota State, Housing Finance Agency, Ser 2023-P, RB
5.726%, 07/01/33		380,000		391,864
New York City, Housing Development, Ser 2021-D, RB
3.083%, 11/01/46		900,000		616,347
New York State, Mortgage Agency, Ser 241, RB
2.930%, 10/01/46		700,000		462,031
Rhode Island State, Housing and Mortgage Finance, Ser 2020-1-T, RB
2.993%, 10/01/38		540,000		411,043
Virginia State, Housing Development Authority, Ser 2020-C, RB
2.829%, 04/01/41		500,000		374,728
Washington State, Housing Finance Commission, Ser 2023- 2T, RB
5.738%, 12/01/38		550,000		550,971

Total Municipal Bonds
(Cost $11,664,824)				10,673,838
Total Investments in Securities— 98.6%
(Cost $304,460,154)			$	294,370,084

Percentages are based on Net Assets of $298,682,604.

(A)	Securities sold within the terms of a private placement memorandum, exempt from registration under section 144A of the Securities Act of 1933, as amended, and maybe sold only to dealers in the program or other "accredited investors". The total value of these securities at July 31, 2025 was $77,741,533 and represented 26.0% of Net Assets.
(B)	Variable or floating rate security. The rate shown is the effective interest rate as of period end. The rates on certain securities are not based on published reference rates and spreads and are either determined by the issuer or agent based on current market conditions; by using a formula based on the rates of underlying loans; or by adjusting periodically based on prevailing interest rates.
(C)	Step coupon security. Coupon rate will either increase (step-up bond) or decrease (step-down bond) at regular intervals until maturity. Interest rate shown reflects the rate currently in effect.
(D)	Level 3 security in accordance with fair value hierarchy.

See "Glossary" for abbreviations.

KOC-QH-001-2100

SCHEDULE OF INVESTMENTS

COMMON STOCK — 72.1%

	Shares		Value
COMMUNICATION SERVICES — 6.1%
Electronic Arts		3,610	$	550,489
Fox (A)		59,311		3,307,181
Live Nation Entertainment *(A)		13,081		1,932,064
Meta Platforms, Cl A (A)		3,446		2,665,274
Omnicom Group (A)		21,357		1,538,772
				9,993,780
CONSUMER DISCRETIONARY — 9.0%
Airbnb, Cl A *		10,419		1,379,580
Best Buy (A)		17,138		1,114,998
Dick's Sporting Goods		5,899		1,247,698
eBay (A)		35,773		3,282,173
Expedia Group (A)		13,437		2,421,616
Lululemon Athletica *		3,420		685,812
Ralph Lauren, Cl A		5,692		1,700,485
Tapestry (A)		21,108		2,280,297
Williams-Sonoma		2,575		481,654
				14,594,313
CONSUMER STAPLES — 3.0%
Coca-Cola Consolidated		15,364		1,716,927
Dollar Tree *		11,494		1,305,144
General Mills		7,078		346,680
Kimberly-Clark		6,200		772,644
Maplebear *		16,666		799,468
				4,940,863
ENERGY — 3.4%
Cheniere Energy		3,461		816,381
Coterra Energy		11,907		290,412
EOG Resources		6,603		792,492
Halliburton		26,786		600,006
Marathon Petroleum		7,284		1,239,664
Schlumberger		33,785		1,141,933
TechnipFMC PLC		15,505		563,917
				5,444,805
FINANCIALS — 16.0%
American Express (A)		1,894		566,893
Ameriprise Financial (A)		6,058		3,139,195
Bank of America		15,351		725,642
Berkshire Hathaway, Cl B *(A)		11,935		5,631,888
Corebridge Financial		67,092		2,385,792
Corpay *		9,663		3,121,632
Equitable Holdings		21,062		1,081,534
Fidelity National Financial		12,203		688,615
JPMorgan Chase (A)		8,011		2,373,179
PayPal Holdings *		24,003		1,650,446
Synchrony Financial (A)		37,248		2,595,068
Unum Group		5,536		397,540
Wells Fargo		20,288		1,635,821
				25,993,245
HEALTH CARE — 10.1%
Cardinal Health (A)		19,775		3,069,475
DaVita *		20,245		2,841,791
Exelixis *		48,221		1,746,565
Gilead Sciences		28,959		3,251,806
Hologic *		15,989		1,068,385

COMMON STOCK — continued

	Shares		Value
HEALTH CARE— continued
Royalty Pharma PLC, Cl A		59,865	$	2,203,032
United Therapeutics *(A)		8,211		2,255,562
				16,436,616
INDUSTRIALS — 1.2%
Carlisle		2,028		719,352
Owens Corning (A)		8,978		1,251,802
				1,971,154
INFORMATION TECHNOLOGY — 20.1%
Akamai Technologies *(A)		24,265		1,851,662
AppLovin, Cl A *(A)		3,757		1,467,860
Check Point Software Technologies *(A)		6,182		1,151,088
Cisco Systems (A)		47,627		3,242,446
Dell Technologies, Cl C		16,269		2,158,734
DocuSign, Cl A *(A)		7,402		559,887
Flex *		63,878		3,185,596
Gen Digital		28,572		842,588
International Business Machines (A)		7,357		1,862,425
Jabil		14,750		3,291,758
Logitech International (A)		31,703		2,944,575
NetApp (A)		30,588		3,185,128
NXP Semiconductors		3,370		720,405
QUALCOMM (A)		15,873		2,329,521
Skyworks Solutions		14,388		986,154
Wix.com *		1,551		210,982
Zoom Video Communications, Cl A *(A)		37,032		2,742,220
				32,733,029
MATERIALS — 2.2%
Anglogold Ashanti		9,627		445,249
CF Industries Holdings (A)		33,662		3,124,843
				3,570,092
UTILITIES — 1.0%
NRG Energy		5,395		902,044
Talen Energy *		2,009		758,538
				1,660,582
Total Common Stock
(Cost $97,774,188)				117,338,479
PURCHASED OPTIONS — 0.0%
Total Purchased Options
(Cost $1,580,310)				51,524
Total Investments in Securities— 72.1%
(Cost $99,354,498)			$	117,390,003

SECURITIES SOLD SHORT

COMMON STOCK — (18.4)%

	Shares			Value
COMMUNICATION SERVICES — (0.2)%
GCI Liberty *		(800	)		(26,600	)
Liberty Broadband, Cl C *		(4,000	)		(245,280	)
					(271,880	)

COMMON STOCK — continued

	Shares			Value
CONSUMER DISCRETIONARY — (2.2)%
Amer Sports *		(61,982	)	$	(2,326,804	)
Cava Group *		(3,782	)		(332,854	)
MakeMyTrip *		(9,333	)		(873,476	)
					(3,533,134	)
HEALTH CARE — (1.6)%
Cooper *		(24,788	)		(1,752,263	)
McKesson		(1,196	)		(829,474	)
					(2,581,737	)
INDUSTRIALS — (0.6)%
Equifax		(1,202	)		(288,757	)
Rocket Lab *		(16,760	)		(769,619	)
					(1,058,376	)
INFORMATION TECHNOLOGY — (11.7)%
Advanced Micro Devices *		(9,817	)		(1,730,835	)
Coherent *		(7,574	)		(814,962	)
Crowdstrike Holdings, Cl A *		(3,962	)		(1,801,006	)
Datadog, Cl A *		(4,461	)		(624,451	)
Entegris		(4,439	)		(348,284	)
Fair Isaac *		(396	)		(568,941	)
First Solar *		(8,517	)		(1,488,175	)
Marvell Technology		(19,588	)		(1,574,288	)
Microchip Technology		(18,567	)		(1,254,944	)
MicroStrategy, Cl A *		(5,064	)		(2,035,019	)
MongoDB, Cl A *		(8,405	)		(1,999,465	)
Palantir Technologies, Cl A *		(9,402	)		(1,488,807	)
Samsara, Cl A *		(45,274	)		(1,721,770	)

COMMON STOCK — continued

	Shares			Value
INFORMATION TECHNOLOGY— continued
Snowflake, Cl A *		(1,971	)	$	(440,519	)
Super Micro Computer *		(19,849	)		(1,170,496	)
					(19,061,962	)
MATERIALS — (0.7)%
International Paper		(24,582	)		(1,148,963	)

REAL ESTATE — (0.6)%
Invitation Homes		(14,686	)		(450,126	)
Lineage		(13,130	)		(566,559	)
					(1,016,685	)
UTILITIES — (0.8)%
Constellation Energy		(3,716	)		(1,292,573	)

Total Common Stock
(Proceeds $28,792,353)					(29,965,310	)

EXCHANGE-TRADED FUNDS — (28.4)%

	Shares			Value
EQUITY FUND — (20.5)%
ARK Innovation ETF		(115,320	)		(8,687,055	)
iShares Russell 1000 Value ETF		(66,635	)		(13,021,812	)
SPDR S&P 500 ETF Trust		(18,421	)		(11,643,546	)
					(33,352,413	)
DOMESTIC STOCK — (7.9)%
Vanguard Small-Capital Value ETF		(64,979	)		(12,883,386	)

Total Exchange-Traded Funds
(Proceeds $45,710,372)					(46,235,799	)

Total Securities Sold Short— (46.8)%
(Proceeds $74,502,725)				$	(76,201,109	)

A list of the open option contracts held by the Fund at July 31, 2025, is as follows:

Percentages are based on Net Assets of $162,729,798.

Non-income producing security.

(A)

This security or a partial position of this security has been committed as collateral for securities sold short.

See “Glossary” for abbreviations.

KOC-QH-007-1200

SCHEDULE OF INVESTMENTS
COMMON STOCK — 97.7%
	Shares		Value
COMMUNICATION SERVICES — 7.6%
AT&T		269,211	$	7,379,074
Comcast, Cl A		82,633		2,745,894
Meta Platforms, Cl A		1,603		1,239,824
Verizon Communications		105,091		4,493,691
Walt Disney		43,969		5,237,148
				21,095,631
CONSUMER DISCRETIONARY — 3.7%
General Motors		86,355		4,606,176
Lennar, Cl A		22,330		2,504,979
TJX		25,140		3,130,684
				10,241,839
CONSUMER STAPLES — 9.1%
Casey's General Stores		6,747		3,509,317
Coca-Cola		35,937		2,439,763
Colgate-Palmolive		42,130		3,532,600
Dollar General		39,747		4,169,460
Monster Beverage *		64,662		3,798,893
Procter & Gamble		32,176		4,841,523
Walmart		31,568		3,093,033
				25,384,589
ENERGY — 11.6%
Baker Hughes, Cl A		85,737		3,862,452
Cheniere Energy		14,053		3,314,822
Chevron		20,476		3,104,981
ConocoPhillips		39,639		3,779,182
Exxon Mobil		93,440		10,431,642
Kinder Morgan		150,777		4,230,802
Valero Energy		25,223		3,463,370
				32,187,251
FINANCIALS — 24.5%
Allstate		20,731		4,213,576
American Express		7,673		2,296,606
American International Group		54,683		4,245,041
Ameriprise Financial		5,016		2,599,241
Axis Capital Holdings		35,256		3,308,423
Bank of America		159,815		7,554,455
Berkshire Hathaway, Cl B *		11,042		5,210,499
Citigroup		78,083		7,316,377
Goldman Sachs Group		8,345		6,038,358
Hartford Financial Services Group		13,875		1,725,911
JPMorgan Chase		44,170		13,084,921
Popular		18,608		2,132,105
Prudential Financial		22,443		2,324,646
Visa, Cl A		3,834		1,324,532
Wells Fargo		59,645		4,809,176
				68,183,867
HEALTH CARE — 7.8%
Boston Scientific *		33,039		3,466,452
Cencora, Cl A		15,607		4,464,851
Gilead Sciences		40,820		4,583,678
Quest Diagnostics		22,600		3,783,466
STERIS PLC		6,938		1,571,387
Stryker		9,453		3,712,477
				21,582,311

COMMON STOCK — continued
	Shares		Value
INDUSTRIALS — 9.2%
3M		28,342	$	4,229,194
AECOM		39,301		4,430,795
CSX		89,130		3,167,680
Cummins		12,768		4,693,772
Emerson Electric		23,453		3,412,646
United Rentals		2,098		1,852,408
Waste Management		16,539		3,790,077
				25,576,572
INFORMATION TECHNOLOGY — 9.1%
Cisco Systems		96,348		6,559,372
Hewlett Packard Enterprise		66,270		1,371,126
Intel		116,717		2,310,996
International Business Machines		19,265		4,876,935
Micron Technology		24,335		2,655,922
Microsoft		3,962		2,113,727
Motorola Solutions		2,466		1,082,525
Texas Instruments		24,273		4,394,869
				25,365,472
MATERIALS — 2.5%
Linde PLC		6,595		3,035,415
Pan American Silver		70,906		1,915,880
Steel Dynamics		16,324		2,082,289
				7,033,584
REAL ESTATE — 4.5%
American Tower ‡		12,224		2,547,359
Essex Property Trust ‡		9,449		2,458,441
Omega Healthcare Investors ‡		82,314		3,202,015
Realty Income ‡		33,069		1,856,163
Welltower ‡		14,563		2,403,914
				12,467,892
UTILITIES — 8.1%
Entergy		61,278		5,541,370
FirstEnergy		103,718		4,429,796
Fortis		74,586		3,652,476
National Fuel Gas		51,658		4,483,398
NRG Energy		26,997		4,513,898
				22,620,938
Total Common Stock
(Cost $218,773,159)				271,739,946
Total Investments in Securities— 97.7%
(Cost $218,773,159)			$	271,739,946

Percentages are based on Net Assets of $278,030,751.

*	Non-income producing security.

‡	Real Estate Investment Trust.

See “Glossary” for abbreviations.

KOC-QH-004-2100

SCHEDULE OF INVESTMENTS
COMMON STOCK — 97.4%#
	Shares		Value
COMMUNICATION SERVICES — 12.0%
Alphabet, Cl A		42,750	$	8,203,725
Alphabet, Cl C		36,415		7,022,997
Meta Platforms, Cl A		14,653		11,333,216
Netflix *		2,793		3,238,204
Spotify Technology *		1,934		1,211,729
				31,009,871
CONSUMER DISCRETIONARY — 4.9%
AutoZone *		430		1,620,403
Darden Restaurants		8,522		1,718,632
Tesla *		19,263		5,938,205
TJX		16,327		2,033,201
Viking Holdings *		22,629		1,328,775
				12,639,216
CONSUMER STAPLES — 5.4%
BJ's Wholesale Club Holdings *		19,764		2,093,007
Coca-Cola		45,257		3,072,498
Costco Wholesale		1,361		1,278,850
Primo Brands		35,582		982,419
Procter & Gamble		17,187		2,586,128
Walmart		40,889		4,006,304
				14,019,206
ENERGY — 0.3%
Cheniere Energy		3,724		878,417
FINANCIALS — 12.0%
American Express		9,238		2,765,026
Bank of New York Mellon		22,056		2,237,581
Berkshire Hathaway, Cl B *		10,026		4,731,069
Goldman Sachs Group		3,724		2,694,649
JPMorgan Chase		13,606		4,030,641
Mastercard, Cl A		5,514		3,123,516
Progressive		11,529		2,790,479
SoFi Technologies *		67,681		1,528,237
Toast, Cl A *		29,288		1,430,426
Visa, Cl A		16,470		5,689,891
				31,021,515
HEALTH CARE — 3.7%
Boston Scientific *		23,273		2,441,803
Gilead Sciences		12,246		1,375,103
Insulet *		4,512		1,301,261
Intuitive Surgical *		4,225		2,032,605
Stryker		6,517		2,559,422
				9,710,194
INDUSTRIALS — 9.1%
API Group *		20,817		750,869
ATI *		14,823		1,140,482
Builders FirstSource *		8,021		1,019,710
Caterpillar		7,734		3,387,647
Cummins		5,013		1,842,879
Deere		1,169		612,988
EMCOR Group		2,315		1,452,639
GE Vernova		1,824		1,204,369
General Electric		11,673		3,164,317
Mueller Industries		15,346		1,310,088

COMMON STOCK — continued
	Shares		Value
INDUSTRIALS— continued
Uber Technologies *		31,866	$	2,796,241
United Rentals		2,936		2,592,312
Waste Management		9,739		2,231,789
				23,506,330
INFORMATION TECHNOLOGY — 46.5%
Accenture PLC, Cl A		3,228		862,199
Advanced Micro Devices *		11,315		1,994,948
Apple		100,739		20,910,394
AppLovin, Cl A *		1,536		600,115
Arista Networks *		19,406		2,391,207
Broadcom		34,718		10,196,677
Cloudflare, Cl A *		5,420		1,125,626
CyberArk Software *		3,438		1,414,634
Intuit		3,438		2,699,277
KLA		2,936		2,580,832
Microsoft		53,973		28,794,596
NVIDIA		165,576		29,451,003
ON Semiconductor *		12,658		713,405
Oracle		13,678		3,471,066
Palantir Technologies, Cl A *		13,893		2,199,956
Palo Alto Networks *		9,882		1,715,515
Salesforce		11,673		3,015,486
ServiceNow *		2,507		2,364,402
Snowflake, Cl A *		4,962		1,109,007
Texas Instruments		6,302		1,141,040
Twilio, Cl A *		11,100		1,431,900
				120,183,285
MATERIALS — 0.8%
Amrize LTD *		12,518		639,920
Ecolab		5,944		1,555,902
				2,195,822
REAL ESTATE — 1.8%
Simon Property Group ‡		9,954		1,630,366
Welltower ‡		18,261		3,014,343
				4,644,709
UTILITIES — 0.9%
Vistra		10,670		2,225,122

Total Common Stock
(Cost $149,056,622)				252,033,687
Total Investments in Securities— 97.4%
(Cost $149,056,622)			$	252,033,687

Percentages are based on Net Assets of $258,676,606.

More narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting purposes.

Non-income producing security.

‡

Real Estate Investment Trust.

See “Glossary” for abbreviations.

KOC-QH-003-2100

SCHEDULE OF INVESTMENTS
COMMON STOCK — 97.7%
	Shares		Value
COMMUNICATION SERVICES — 1.5%
IMAX *		89,370	$	2,304,852
CONSUMER DISCRETIONARY — 11.5%
Boot Barn Holdings *		14,183		2,438,058
Cheesecake Factory		33,052		2,112,353
Garrett Motion		203,528		2,654,005
Phinia		45,029		2,282,970
Shake Shack, Cl A *		19,278		2,319,915
Six Flags Entertainment		55,908		1,675,004
TRI Pointe Group *		57,560		1,772,848
Warby Parker, Cl A *		89,370		2,140,411
				17,395,564
CONSUMER STAPLES — 2.7%
Dole PLC		115,397		1,643,253
Primo Brands		27,045		746,713
United Natural Foods *		62,242		1,720,369
				4,110,335
ENERGY — 4.3%
Civitas Resources		30,903		938,215
Excelerate Energy, Cl A		65,272		1,674,880
International Seaways		43,928		1,752,727
Liberty Energy, Cl A		122,833		1,515,759
PBF Energy, Cl A		27,015		610,539
				6,492,120
FINANCIALS — 21.4%
Axis Capital Holdings		16,111		1,511,856
Bowhead Specialty Holdings *		44,892		1,458,990
Bread Financial Holdings		30,846		1,890,860
Enterprise Financial Services		37,042		2,044,348
Essent Group		31,947		1,788,713
Fidelis Insurance Holdings		68,164		1,029,958
FirstCash Holdings		13,712		1,827,672
Hamilton Insurance Group, Cl B *		84,000		1,805,160
Hancock Whitney		27,816		1,661,171
Metropolitan Bank Holding		26,253		1,851,887
OceanFirst Financial		60,067		1,007,924
OFG Bancorp		48,196		2,054,114
Old Second Bancorp		122,007		2,070,459
Piper Sandler		6,609		2,083,950
Popular		10,130		1,160,695
Priority Technology Holdings *		194,150		1,329,927
QCR Holdings		22,000		1,562,000
UMB Financial		18,726		2,059,673
Valley National Bancorp		119,666		1,109,304
WaFd		35,610		1,036,429
				32,345,090
HEALTH CARE — 13.2%
ARS Pharmaceuticals *		62,380		1,102,878
Axsome Therapeutics *		18,177		1,842,784
Bioventus, Cl A *		267,837		1,746,297
Denali Therapeutics *		35,815		495,321
Integer Holdings *		16,679		1,809,838
Kiniksa Pharmaceuticals International, Cl A *		30,019		908,375

COMMON STOCK — continued
	Shares		Value
HEALTH CARE— continued
Kymera Therapeutics *		17,030	$	745,063
Madrigal Pharmaceuticals *		4,297		1,299,885
Merit Medical Systems *		24,236		2,056,667
Merus *		12,279		813,361
Mirum Pharmaceuticals *		17,907		925,434
Newamsterdam Pharma *		29,644		646,536
RadNet *		39,796		2,178,035
Twist Bioscience *		20,875		700,774
Vericel *		31,722		1,108,367
Viking Therapeutics *		17,498		569,910
Viridian Therapeutics *		53,705		940,912
				19,890,437
INDUSTRIALS — 18.6%
BrightView Holdings *		135,777		2,165,643
Brink's		24,373		2,128,738
Copa Holdings, Cl A		17,075		1,889,519
CSW Industrials		5,218		1,353,967
Granite Construction		23,823		2,250,559
IES Holdings *		7,265		2,565,054
Limbach Holdings *		15,423		2,112,951
LSI Industries		115,259		2,109,240
Maximus		24,787		1,830,768
SkyWest *		20,655		2,395,154
SPX Technologies *		12,586		2,295,560
Standex International		12,393		2,041,623
Verra Mobility, Cl A *		43,081		1,088,226
Willis Lease Finance		12,944		1,832,611
				28,059,613
INFORMATION TECHNOLOGY — 10.8%
ACI Worldwide *		31,620		1,345,747
Belden		21,068		2,605,058
Benchmark Electronics		45,167		1,738,930
Couchbase *		47,484		1,151,962
DigitalOcean Holdings *		56,321		1,569,103
FormFactor *		40,318		1,145,434
Intapp *		21,320		853,866
LiveRamp Holdings *		55,908		1,834,901
SoundHound AI, Cl A *		91,970		950,050
Viavi Solutions *		148,446		1,491,882
Workiva, Cl A *		25,275		1,613,303
				16,300,236
MATERIALS — 2.5%
MP Materials *		20,627		1,268,560
O-I Glass *		154,165		2,005,687
Tronox Holdings PLC, Cl A		133,372		425,457
				3,699,704
REAL ESTATE — 7.4%
American Healthcare REIT ‡		59,488		2,298,616
CareTrust ‡		51,364		1,633,375
COPT Defense Properties ‡		72,295		1,972,208
Cushman & Wakefield PLC *		160,977		1,962,310
Independence Realty Trust ‡		77,770		1,304,203
Tanger ‡		68,715		2,062,824
				11,233,536

COMMON STOCK — continued
	Shares		Value
UTILITIES — 3.8%
National Fuel Gas		24,765	$	2,149,354
Southwest Gas Holdings		20,773		1,623,202
Spire		27,265		2,030,425
				5,802,981
Total Common Stock
(Cost $129,082,895)				147,634,468
RIGHT — 0.0%

	Number Of Rights
Blueprint Medicines*‡‡		4,287		1,972

Total Rights
(Cost $–)				1,972
Total Investments in Securities— 97.7%
(Cost $129,082,895)			$	147,636,440

Percentages are based on Net Assets of $151,063,265.

*	Non-income producing security.
‡	Real Estate Investment Trust.
‡‡	Expiration Date or Rate unavailable.

See “Glossary” for abbreviations.

KOC-QH-005-2100

SCHEDULE OF INVESTMENTS

COMMON STOCK — 97.2%#

	Shares		Value
COMMUNICATION SERVICES — 10.4%
Advantage Solutions *		410	$	562
Alphabet, Cl A		26,046		4,998,227
Alphabet, Cl C		21,033		4,056,424
Altice USA, Cl A *		1,124		2,922
AMC Entertainment Holdings, Cl A *		1,929		5,594
AMC Networks, Cl A *		142		851
Angi, Cl A *		205		3,321
Anterix *		56		1,244
AST SpaceMobile, Cl A *		790		42,004
AT&T		32,277		884,713
Atlanta Braves Holdings, Cl A *		43		2,025
Atlanta Braves Holdings, Cl C *		166		7,397
ATN International		46		789
Bandwidth, Cl A *		119		1,655
Boston Omaha, Cl A *		102		1,372
Bumble, Cl A *		230		1,789
Cable One		21		2,688
Cardlytics *		214		437
Cargurus, Cl A *		359		11,782
Cars.com *		274		3,526
Charter Communications, Cl A *		407		109,630
Cinemark Holdings		493		13,247
Clear Channel Outdoor Holdings, Cl A *		1,214		1,287
Cogent Communications Holdings		199		9,072
Comcast, Cl A		16,589		551,252
DHI Group *		180		479
DoubleVerify Holdings *		606		9,284
EchoStar, Cl A *		597		19,456
Electronic Arts		1,166		177,803
Entravision Communications, Cl A		251		555
Eventbrite, Cl A *		320		781
EverQuote, Cl A *		117		2,877
EW Scripps, Cl A *		306		915
Fox		892		49,738
Fox		535		27,360
Frontier Communications Parent *		1,103		40,524
fuboTV *		1,508		6,002
Gannett *		625		2,381
GCI Liberty *		103		3,425
GCI Liberty *		14		463
Getty Images Holdings *		554		981
Globalstar *		216		5,085
Gogo *		287		4,552
Gray Television		386		1,741
IAC *		305		11,986
Ibotta, Cl A *		75		2,726
IDT, Cl B		91		5,361
iHeartMedia *		486		909
IMAX *		197		5,081
Integral Ad Science Holding *		439		3,600
Interpublic Group of Companies		1,647		40,516
Iridium Communications		422		10,322

COMMON STOCK — continued
	Shares		Value
COMMUNICATION SERVICES— continued
John Wiley & Sons, Cl A		180	$	6,948
Liberty Broadband, Cl A *		74		4,524
Liberty Broadband, Cl C *		518		31,764
Liberty Media -Liberty Formula One, Cl A *		105		9,463
Liberty Media -Liberty Formula One, Cl C *		943		94,630
Liberty Media -Liberty Live, Cl A *		89		7,280
Liberty Media -Liberty Live, Cl C *		209		17,604
Live Nation Entertainment *		713		105,310
Lumen Technologies *		4,218		18,770
Madison Square Garden Entertainment, Cl A *		170		6,424
Madison Square Garden Sports *		78		15,764
Magnite *		615		14,151
Marcus		104		1,702
Match Group		1,094		37,491
MediaAlpha, Cl A *		128		1,283
Meta Platforms, Cl A		9,775		7,560,376
Netflix *		1,900		2,202,860
New York Times, Cl A		686		35,597
News		500		16,710
News		1,693		49,639
Nexstar Media Group, Cl A		128		23,950
Nextdoor Holdings *		938		1,642
NII Holdings *(A)		46		—
Omnicom Group		865		62,323
Outbrain *		150		379
Paramount Global, Cl A		40		764
Paramount Global, Cl B		2,377		29,879
Pinterest, Cl A *		2,517		97,156
Playstudios *		396		455
PubMatic, Cl A *		179		2,150
QuinStreet *		237		3,889
Reddit, Cl A *		511		82,061
ROBLOX, Cl A *		2,629		362,250
Roku, Cl A *		577		54,330
Rumble *		394		3,325
Scholastic		79		1,949
Shenandoah Telecommunications		235		3,450
Shutterstock		107		2,050
Sinclair		170		2,458
Sirius XM Holdings		851		17,973
Skillz, Cl A *		18		125
Snap, Cl A *		4,870		45,924
Sphere Entertainment *		118		5,080
Spok Holdings		78		1,431
Spotify Technology *		579		362,767
Stagwell, Cl A *		477		2,733
System1 *		18		109
Take-Two Interactive Software *		765		170,388
TEGNA		713		11,907
Telephone and Data Systems		380		14,835
Thryv Holdings *		179		2,356

COMMON STOCK — continued

	Shares		Value
COMMUNICATION SERVICES— continued
TKO Group Holdings, Cl A		300	$	50,403
T-Mobile US		2,031		484,211
Toro Combineco *		130		941
Trade Desk, Cl A *		1,979		172,094
TripAdvisor *		554		9,689
TrueCar *		336		615
Trump Media & Technology Group *		501		8,813
United States Cellular *		61		4,449
Urban One *		71		46
Urban One, Cl A *		23		36
Verizon Communications		17,304		739,919
Vimeo *		672		2,547
Vivid Seats, Cl A *		331		513
Walt Disney		8,114		966,459
Warner Bros Discovery *		10,090		132,885
Warner Music Group, Cl A		629		18,405
WideOpenWest *		222		748
Yelp, Cl A *		279		9,606
Ziff Davis *		189		5,882
ZipRecruiter, Cl A *		296		1,243
ZoomInfo Technologies, Cl A *		1,357		14,696
				25,381,291
CONSUMER DISCRETIONARY — 7.5%
1-800-Flowers.com, Cl A *		111		656
Abercrombie & Fitch, Cl A *		209		20,068
Academy Sports & Outdoors		295		14,983
Acushnet Holdings		124		9,873
Adient PLC *		367		7,868
ADT		1,595		13,318
Adtalem Global Education *		158		18,055
Advance Auto Parts		265		14,064
Airbnb, Cl A *		1,705		225,759
Allbirds, Cl A *		22		222
A-Mark Precious Metals		72		1,532
American Axle & Manufacturing Holdings *		489		2,176
American Eagle Outfitters		704		7,603
America's Car-Mart *		32		1,441
AMMO *		387		457
Aptiv PLC *		1,016		69,738
Aramark		1,180		50,221
Arhaus, Cl A *		228		1,997
Arko		257		1,072
Asbury Automotive Group *		87		19,324
AutoNation *		154		29,667
AutoZone *		75		282,628
BARK *		569		490
Barnes & Noble Education *		93		821
Bath & Body Works		950		27,512
Beazer Homes USA *		131		3,078
Best Buy		872		56,732
Beyond *		245		2,193
Biglari Holdings, Cl B *		3		925
BJ's Restaurants *		96		3,401

COMMON STOCK — continued

	Shares		Value
CONSUMER DISCRETIONARY— continued
Bloomin' Brands		329	$	2,997
Booking Holdings		145		798,089
Boot Barn Holdings *		136		23,378
BorgWarner		977		35,954
Bowlero		72		713
Bright Horizons Family Solutions *		256		28,954
Brinker International *		195		30,732
Brunswick		292		17,021
Buckle		140		6,912
Build-A-Bear Workshop, Cl A		55		2,789
Burlington Stores *		281		76,702
Caleres		147		2,018
Camping World Holdings, Cl A		268		3,709
Capri Holdings *		516		9,386
CarMax *		681		38,551
Carnival *		4,668		138,966
CarParts.com *		243		203
Carriage Services, Cl A		58		2,605
Carter's		157		3,806
Carvana, Cl A *		564		220,056
Cato, Cl A		65		183
Cava Group *		444		39,076
Cavco Industries *		36		14,532
Century Communities		121		6,811
Champion Homes *		250		15,225
Cheesecake Factory		202		12,910
Chegg *		449		588
Chewy, Cl A *		761		27,929
Children's Place *		32		154
Chipotle Mexican Grill, Cl A *		6,013		257,837
Choice Hotels International		116		14,814
Clarus		131		472
Columbia Sportswear		116		6,562
Cooper-Standard Holdings *		75		1,808
Coursera *		499		6,307
Cracker Barrel Old Country Store		98		6,076
Cricut, Cl A		197		965
Crocs *		241		24,035
Dana		584		9,297
Darden Restaurants		523		105,473
Dave & Buster's Entertainment *		121		3,538
Deckers Outdoor *		675		71,665
Denny's *		221		822
Designer Brands, Cl A		146		412
Destination XL Group *		199		259
Dick's Sporting Goods		243		51,397
Dillard's, Cl A		12		5,603
Dine Brands Global		68		1,537
Domino's Pizza		142		65,776
DoorDash, Cl A *		1,698		424,925
Dorman Products *		117		14,113
DR Horton		1,228		175,408
Dream Finders Homes, Cl A *		126		3,190
Duluth Holdings, Cl B *		51		107
Duolingo, Cl A *		171		59,260
Dutch Bros, Cl A *		517		30,643

COMMON STOCK — continued
	Shares		Value
CONSUMER DISCRETIONARY— continued
eBay		2,085	$	191,299
El Pollo Loco Holdings *		107		1,102
Escalade		39		479
Ethan Allen Interiors		106		3,156
Etsy *		443		25,814
European Wax Center, Cl A *		111		519
EVgo, Cl A *		549		1,850
Expedia Group		542		97,679
Figs, Cl A *		654		4,251
First Watch Restaurant Group *		179		3,095
Five Below *		241		32,901
Floor & Decor Holdings, Cl A *		480		36,787
Foot Locker *		418		10,467
Ford Motor		17,490		193,614
Fox Factory Holding *		169		5,133
Frontdoor *		333		19,481
Funko, Cl A *		146		561
GameStop, Cl A *		1,964		44,092
Gap		1,126		21,912
Garmin		729		159,476
Garrett Motion		526		6,859
General Motors		4,334		231,176
Genesco *		45		1,083
Gentex		1,013		26,763
Gentherm *		135		4,325
Genuine Parts		620		79,906
G-III Apparel Group *		169		3,988
Global Business Travel Group I *		507		3,260
Goodyear Tire & Rubber *		1,136		11,678
GoPro, Cl A *		575		742
Graham Holdings, Cl B		13		12,404
Grand Canyon Education *		125		21,079
Green Brick Partners *		140		8,672
Group 1 Automotive		57		23,493
Groupon, Cl A *		108		3,331
GrowGeneration *		244		240
Guess?		160		2,080
H&R Block		593		32,224
Hanesbrands *		1,473		6,025
Harley-Davidson		500		12,165
Hasbro		589		44,269
Haverty Furniture		60		1,238
Helen of Troy *		101		2,220
Hilton Grand Vacations *		299		13,401
Hilton Worldwide Holdings		1,046		280,412
Holley *		282		587
Home Depot		4,459		1,638,727
Hooker Furnishings		47		444
Hovnanian Enterprises, Cl A *		20		2,389
Hyatt Hotels, Cl A		180		25,375
Installed Building Products		103		20,836
iRobot *		131		552
J Jill		31		486
Jack in the Box		82		1,615
JAKKS Pacific		37		655
Johnson Outdoors, Cl A		17		564

COMMON STOCK — continued
	Shares		Value
CONSUMER DISCRETIONARY— continued
KB Home		280	$	15,473
KinderCare Learning *		139		1,336
Kohl's		482		5,225
Kontoor Brands		243		13,525
Krispy Kreme		370		1,339
Kura Sushi USA, Cl A *		28		2,457
Lands' End *		53		622
Latham Group *		179		1,214
Laureate Education, Cl A *		577		13,040
La-Z-Boy		182		6,547
LCI Industries		109		10,355
Lear		239		22,535
Legacy Housing *		38		850
Leggett & Platt		587		5,606
Lennar, Cl A		1,016		113,975
Lennar, Cl B		36		3,858
Leslie's *		505		187
Levi Strauss, Cl A		423		8,329
LGI Homes *		91		4,848
Life Time Group Holdings *		471		13,527
Lincoln Educational Services *		120		2,744
Lindblad Expeditions Holdings *		165		1,972
Lionsgate Studios *		881		5,216
Lithia Motors, Cl A		115		33,120
LKQ		1,151		33,920
Lovesac *		60		1,081
Lowe's		2,509		560,937
Lucid Group *		5,508		13,550
Lululemon Athletica *		492		98,661
Luminar Technologies, Cl A *		152		451
M/I Homes *		116		13,942
Macy's		1,195		15,093
Malibu Boats, Cl A *		85		2,831
Marine Products		42		361
MarineMax *		84		1,905
Marriott International, Cl A		996		262,775
Marriott Vacations Worldwide		141		10,500
MasterCraft Boat Holdings *		72		1,392
Mattel *		1,435		24,409
Matthews International, Cl A		133		3,124
McDonald's		3,209		962,925
Meritage Homes		314		21,145
Mister Car Wash *		439		2,535
Modine Manufacturing *		230		30,949
Mohawk Industries *		233		26,681
Monro		127		1,790
Movado Group		67		1,039
Murphy USA		81		29,361
Nathan's Famous		12		1,140
National Vision Holdings *		346		8,394
Nerdy *		221		334
NIKE, Cl B		5,228		390,479
Noodles, Cl A *		163		151
Norwegian Cruise Line Holdings *		1,966		50,251
NVR *		13		98,143
ODP *		126		2,248

COMMON STOCK — continued
	Shares		Value
CONSUMER DISCRETIONARY— continued
Ollie's Bargain Outlet Holdings *		274	$	37,437
On Holding, Cl A *		1,056		51,290
OneSpaWorld Holdings		442		9,777
OneWater Marine, Cl A *		47		721
O'Reilly Automotive *		3,824		375,976
Oxford Industries		71		2,711
Papa John's International		138		5,853
Patrick Industries		144		14,003
Peloton Interactive, Cl A *		1,648		11,767
Penske Automotive Group		83		13,895
Perdoceo Education		268		7,713
Petco Health & Wellness, Cl A *		329		990
PetMed Express *		84		262
Phinia		172		8,720
Planet Fitness, Cl A *		374		40,837
Polaris		234		12,381
Pool		161		49,611
Portillo's, Cl A *		264		2,629
Potbelly *		112		1,347
PulteGroup		894		100,950
Purple Innovation, Cl A *		250		203
PVH		233		17,107
QuantumScape, Cl A *		1,725		14,835
Qurate Retail *		33		126
Ralph Lauren, Cl A		173		51,684
Revolve Group, Cl A *		180		3,735
RH *		68		13,982
Rivian Automotive, Cl A *		3,908		50,296
Rocky Brands		31		811
Ross Stores		1,445		197,300
Royal Caribbean Cruises		1,070		340,121
Sabre *		1,676		5,078
Sally Beauty Holdings *		453		4,412
Savers Value Village *		102		1,062
Service International		634		48,381
Shake Shack, Cl A *		172		20,698
SharkNinja *		317		36,804
Shoe Carnival		76		1,555
Signet Jewelers		184		14,554
Six Flags Entertainment		407		12,194
Skechers USA, Cl A *		585		37,001
Sleep Number *		92		674
Smith Douglas Homes, Cl A *		37		697
Solid Power *		612		1,952
Sonic Automotive, Cl A		61		4,413
Sonos *		520		5,621
Sportsman's Warehouse Holdings *		161		543
Standard Motor Products		97		2,945
Starbucks		4,985		444,463
Stellantis		8,110		72,098
Steven Madden		306		7,346
Stitch Fix, Cl A *		448		2,119
Stoneridge *		121		932
Strategic Education		100		7,414
Stride *		190		24,364
Sweetgreen, Cl A *		435		5,603

COMMON STOCK — continued
	Shares		Value
CONSUMER DISCRETIONARY— continued
Tapestry		922	$	99,604
Target Hospitality *		128		972
Taylor Morrison Home, Cl A *		438		25,965
Tempur Sealy International		906		65,576
Tesla *		12,509		3,856,149
Texas Roadhouse, Cl A		297		54,984
Thor Industries		227		20,655
ThredUp, Cl A *		400		3,304
Tile Shop Holdings *		70		442
Tilly's, Cl A *		64		115
TJX		4,998		622,401
Toll Brothers		443		52,433
TopBuild *		130		48,156
Topgolf Callaway Brands *		537		4,967
Torrid Holdings *		86		214
Tractor Supply		2,379		135,484
Traeger *		257		416
Travel + Leisure		284		16,827
TRI Pointe Group *		394		12,135
Udemy *		420		3,196
Ulta Beauty *		202		104,032
Under Armour, Cl A *		846		5,617
Under Armour, Cl C *		571		3,597
United Parks & Resorts *		120		5,680
Universal Technical Institute *		213		6,863
Upbound Group, Cl A		219		4,519
Urban Outfitters *		299		22,509
Vail Resorts		166		24,943
Valvoline *		564		19,881
Vera Bradley *		85		164
VF		1,723		20,194
Viad *		93		2,812
Victoria's Secret *		343		6,448
Viking Holdings *		718		42,161
Visteon *		120		13,338
Warby Parker, Cl A *		425		10,179
Wayfair, Cl A *		434		28,488
Wendy's		731		7,200
Weyco Group		26		756
Whirlpool		248		20,594
Williams-Sonoma		545		101,942
Wingstop		124		46,790
Winmark		14		5,284
Winnebago Industries		121		3,596
Wolverine World Wide		351		7,926
Wyndham Hotels & Resorts		340		29,240
XPEL *		97		3,171
Xponential Fitness, Cl A *		120		1,255
YETI Holdings *		368		13,520
Yum! Brands		1,248		179,899
Zumiez *		70		960
				18,099,998
CONSUMER STAPLES — 4.8%
Albertsons, Cl A		1,491		28,657
Alico		25		807

COMMON STOCK — continued
	Shares		Value
CONSUMER STAPLES— continued
Andersons		145	$	5,208
Archer-Daniels-Midland		2,135		115,674
B&G Foods		341		1,398
Beauty Health *		334		514
BellRing Brands *		568		31,001
Beyond Meat *		321		976
BJ's Wholesale Club Holdings *		585		61,951
Boston Beer, Cl A *		36		7,455
BRC, Cl A *		137		233
Brown-Forman, Cl A		190		5,442
Brown-Forman, Cl B		1,303		37,592
Bunge Global		593		47,298
Calavo Growers		74		1,946
Cal-Maine Foods		176		19,561
Campbell Soup		882		28,154
Casey's General Stores		165		85,821
Celsius Holdings *		789		35,773
Central Garden & Pet *		26		1,015
Central Garden & Pet, Cl A *		229		8,134
Chefs' Warehouse *		165		11,312
Clorox		550		69,058
Coca-Cola		15,795		1,072,323
Coca-Cola Consolidated		232		25,926
Colgate-Palmolive		3,625		303,956
Conagra Brands		2,129		38,876
Constellation Brands, Cl A		663		110,748
Costco Wholesale		1,987		1,867,065
Coty, Cl A *		1,646		7,983
Darling Ingredients *		700		22,666
Dole PLC		316		4,500
Dollar General		983		103,117
Dollar Tree *		909		103,217
Edgewell Personal Care		213		5,374
elf Beauty *		245		29,692
Energizer Holdings		320		7,206
Estee Lauder, Cl A		939		87,646
Flowers Foods		870		13,789
Fresh Del Monte Produce		176		6,616
Freshpet *		215		14,689
General Mills		2,445		119,756
Grocery Outlet Holding *		420		5,531
Hain Celestial Group *		401		630
Herbalife *		442		4,066
Hershey		652		121,357
HF Foods Group *		174		472
Hormel Foods		1,304		36,629
Ingles Markets, Cl A		65		4,090
Ingredion		286		37,620
Inter Parfums		81		9,769
J&J Snack Foods		71		8,015
JM Smucker		456		48,947
John B Sanfilippo & Son		40		2,532
Kellanova		1,237		98,750
Kenvue		8,601		184,405
Keurig Dr Pepper		5,446		177,812
Kimberly-Clark		1,486		185,185

COMMON STOCK — continued
	Shares		Value
CONSUMER STAPLES— continued
Kraft Heinz		3,763	$	103,332
Kroger		2,711		190,041
Lamb Weston Holdings		628		35,840
Lancaster Colony		90		15,998
Limoneira		71		1,042
Maplebear *		887		42,549
McCormick		1,132		79,953
Medifast *		47		647
MGP Ingredients		65		1,838
Mission Produce *		199		2,456
Molson Coors Beverage, Cl B		761		37,076
Mondelez International, Cl A		5,794		374,814
Monster Beverage *		3,111		182,771
National Beverage *		106		4,857
Natural Grocers by Vitamin Cottage		55		2,084
Nature's Sunshine Products *		51		714
Nu Skin Enterprises, Cl A		213		1,785
Oil-Dri Corp of America		44		2,482
Olaplex Holdings *		389		541
PepsiCo		6,139		846,691
Performance Food Group *		689		69,176
Pilgrim's Pride		186		8,815
Post Holdings *		224		23,701
PriceSmart		114		12,255
Procter & Gamble		10,510		1,581,440
Reynolds Consumer Products		244		5,488
Seaboard		1		3,167
Seneca Foods, Cl A *		21		2,199
Seneca Foods, Cl B *		3		320
Simply Good Foods *		413		12,580
SpartanNash		149		3,954
Spectrum Brands Holdings		113		6,047
Sprouts Farmers Market *		438		66,375
Sysco		2,171		172,812
Target		2,034		204,417
Tootsie Roll Industries		80		3,034
TreeHouse Foods *		199		3,825
Tyson Foods, Cl A		1,263		66,055
United Natural Foods *		257		7,103
US Foods Holding *		1,026		85,497
USANA Health Sciences *		49		1,440
Utz Brands		308		4,013
Village Super Market, Cl A		40		1,376
Vita Coco *		179		6,312
Vital Farms *		148		5,506
Waldencast PLC, Cl A *		203		361
Walmart		19,284		1,889,446
WD-40		60		12,864
Weis Markets		73		5,286
Westrock Coffee *		241		1,603
WK Kellogg		273		6,293
Zevia PBC, Cl A *		155		480
				11,676,686

COMMON STOCK — continued
	Shares		Value
ENERGY — 3.5%
Aemetis *		218	$	593
Amplify Energy *		173		657
Antero Midstream		1,487		27,286
Antero Resources *		1,299		45,374
APA		1,615		31,153
Archrock		765		17,870
Ardmore Shipping		173		1,882
Aris Water Solutions, Cl A		128		2,723
Atlas Energy Solutions, Cl A		335		4,355
Baker Hughes, Cl A		4,434		199,752
Berry		280		846
Bristow Group *		111		3,837
Cactus, Cl A		304		12,862
California Resources		364		17,538
Centrus Energy, Cl A *		70		15,078
Cheniere Energy		958		225,973
Chesapeake Energy		1,038		108,762
Chevron		8,637		1,309,669
Chord Energy		261		28,796
Civitas Resources		408		12,387
Clean Energy Fuels *		751		1,525
CNX Resources *		612		18,550
Comstock Resources *		351		6,272
ConocoPhillips		5,749		548,110
Core Laboratories		208		2,276
Coterra Energy		3,334		81,316
Crescent Energy, Cl A		983		9,083
CVR Energy		136		3,642
Delek US Holdings		269		6,018
Devon Energy		2,871		95,375
DHT Holdings		556		6,166
Diamondback Energy		854		126,956
DMC Global *		86		696
Dorian LPG		178		5,125
DT Midstream		455		46,742
Empire Petroleum *		51		231
EOG Resources		2,466		295,969
EQT		2,643		142,061
Evolution Petroleum		132		638
Excelerate Energy, Cl A		99		2,540
Expro Group Holdings *		461		4,970
Exxon Mobil		19,356		2,160,904
Forum Energy Technologies *		52		1,025
FutureFuel		117		474
Gevo *		1,024		1,331
Golar LNG		432		17,781
Granite Ridge Resources		322		1,671
Green Plains *		285		2,357
Gulfport Energy *		67		11,667
Halliburton		3,518		78,803
Helix Energy Solutions Group *		635		3,766
Helmerich & Payne		392		6,354
Hess Midstream, Cl A		515		22,418
HF Sinclair		713		31,329
HighPeak Energy		105		1,047
Innovex International *		206		3,383

COMMON STOCK — continued
	Shares		Value
ENERGY— continued
International Seaways		207	$	8,259
Kinder Morgan		8,689		243,813
Kinetik Holdings, Cl A		195		8,459
Kodiak Gas Services		236		7,630
Liberty Energy, Cl A		708		8,737
Magnolia Oil & Gas, Cl A		823		19,604
Mammoth Energy Services *		63		164
Marathon Petroleum		1,394		237,245
Matador Resources		516		25,738
Murphy Oil		618		15,332
Nabors Industries *		68		2,365
NACCO Industries, Cl A		15		569
National Energy Services Reunited *		243		1,621
Natural Gas Services Group *		53		1,277
Navigator Holdings		129		2,034
New Fortress Energy, Cl A		802		2,185
NextDecade *		812		9,224
Nine Energy Service *		146		111
Noble PLC		565		15,148
Nordic American Tankers		910		2,539
Northern Oil & Gas		438		12,334
NOV		1,667		20,971
Occidental Petroleum		3,005		132,040
Oil States International *		259		1,292
ONEOK		2,798		229,744
Ovintiv		1,143		47,069
Par Pacific Holdings *		231		7,249
Patterson-UTI Energy		1,685		9,958
PBF Energy, Cl A		369		8,339
Peabody Energy		514		8,301
Permian Resources, Cl A		2,884		40,837
Phillips 66		1,821		225,039
PrimeEnergy Resources *		1		169
ProFrac Holding, Cl A *		69		484
ProPetro Holding *		381		2,042
Range Resources		1,044		38,336
Ranger Energy Services, Cl A		70		937
REX American Resources *		64		3,346
Riley Exploration Permian		58		1,522
Ring Energy *		795		607
RPC		447		2,079
Sable Offshore *		290		8,894
SandRidge Energy		141		1,465
Schlumberger		6,682		225,845
Scorpio Tankers		196		8,861
SEACOR Marine Holdings *		98		490
Seadrill *		265		7,727
Select Water Solutions, Cl A		434		4,179
Sitio Royalties, Cl A		336		6,105
SM Energy		504		13,905
Solaris Energy Infrastructure,
Cl A		161		5,260
Summit Midstream *		48		1,223
Talos Energy *		578		4,942
Targa Resources		960		159,754

COMMON STOCK — continued

	Shares		Value
ENERGY— continued
Teekay		232	$	1,670
TETRA Technologies *		544		2,230
Texas Pacific Land		85		82,291
Tidewater *		206		10,302
Transocean *		3,491		10,194
Uranium Energy *		1,888		16,369
VAALCO Energy		446		1,659
Valaris *		261		12,692
Valero Energy		1,390		190,861
Viper Energy, Cl A		588		22,144
Vital Energy *		135		2,523
Vitesse Energy		128		3,063
W&T Offshore		440		779
Weatherford International		319		18,040
Williams		5,454		326,967
World Kinect		245		6,681
				8,377,828
FINANCIALS — 15.1%
1st Source		69		4,128
Acacia Research *		149		527
ACNB		45		1,894
Affiliated Managers Group		123		25,814
Affirm Holdings, Cl A *		1,134		77,747
AGNC Investment ‡		4,078		38,456
Alerus Financial		100		2,114
Allstate		1,168		237,396
Ally Financial		1,225		46,366
AlTi Global *		140		573
Amalgamated Financial		77		2,232
Ambac Financial Group *		223		1,873
Amerant Bancorp, Cl A		170		3,281
American Coastal Insurance		106		1,103
American Express		2,255		674,944
American Financial Group		323		40,343
American International Group		2,606		202,304
Ameriprise Financial		429		222,304
Ameris Bancorp		292		19,958
AMERISAFE		83		3,717
Angel Oak Mortgage REIT ‡		77		713
Annaly Capital Management ‡		2,664		54,159
Aon PLC, Cl A		936		332,945
Apollo Commercial Real Estate Finance ‡		620		5,964
Apollo Global Management		1,783		259,106
Arbor Realty Trust ‡		814		9,084
Arch Capital Group		1,594		137,180
Ares Commercial Real Estate ‡		229		1,024
Ares Management, Cl A		926		171,801
ARMOUR Residential REIT ‡		365		5,953
Arrow Financial		64		1,715
Arthur J Gallagher		1,136		326,316
Artisan Partners Asset Management, Cl A		309		13,982
Associated Banc-Corp		725		17,936
Assurant		226		42,330

COMMON STOCK — continued

	Shares		Value
FINANCIALS— continued
Assured Guaranty		211	$	17,846
Atlantic Union Bankshares		631		19,996
Atlanticus Holdings *		22		1,092
AvidXchange Holdings *		759		7,484
Axis Capital Holdings		335		31,436
Axos Financial *		245		21,156
B. Riley Financial *		79		424
Bakkt Holdings, Cl A *		21		208
Baldwin Insurance Group, Cl A *		310		11,420
Banc of California		619		8,988
BancFirst		83		10,335
Banco Latinoamericano de Comercio Exterior		129		5,155
Bancorp *		202		12,758
Bank First		43		5,109
Bank of America		30,960		1,463,479
Bank of Hawaii		175		10,829
Bank of Marin Bancorp		65		1,472
Bank of New York Mellon		3,193		323,930
Bank OZK		480		23,664
Bank7		18		797
BankUnited		334		12,181
Bankwell Financial Group		25		997
Banner		151		9,373
Bar Harbor Bankshares		63		1,830
BayCom		46		1,242
BCB Bancorp		68		568
Berkshire Hathaway, Cl B *		5,898		2,783,148
Berkshire Hills Bancorp		206		5,076
BGC Group, Cl A		1,576		14,610
BlackRock Funding		637		704,528
Blackstone, Cl A		3,238		560,044
Blackstone Mortgage Trust, Cl A ‡		719		13,287
Block, Cl A *		2,478		191,450
Blue Foundry Bancorp *		84		718
Blue Owl Capital, Cl A		2,762		53,445
BOK Financial		99		10,051
Bowhead Specialty Holdings *		68		2,210
Bread Financial Holdings		203		12,444
Bridgewater Bancshares *		93		1,447
Brighthouse Financial *		256		12,250
Brightsphere Investment Group		123		5,140
BrightSpire Capital, Cl A ‡		572		2,963
Brookline Bancorp		390		4,025
Brown & Brown		1,076		98,314
Burke & Herbert Financial Services		58		3,363
Business First Bancshares		125		2,969
Byline Bancorp		122		3,209
Cadence Bank		811		28,263
California BanCorp *		108		1,619
Camden National		73		2,753
Cannae Holdings		245		5,238
Cantaloupe *		279		3,089
Capital Bancorp		54		1,700
Capital City Bank Group		58		2,296

COMMON STOCK — continued

	Shares		Value
FINANCIALS— continued
Capital One Financial		2,799	$	601,765
Capitol Federal Financial		512		3,082
Carlyle Group		1,158		70,244
Carter Bankshares *		99		1,721
Cass Information Systems		58		2,321
Cathay General Bancorp		299		13,521
Cboe Global Markets		468		112,807
Central Pacific Financial		118		3,146
Charles Schwab		7,648		747,439
Chemung Financial		19		961
Chimera Investment ‡		351		4,693
Chubb		1,669		444,021
Cincinnati Financial		689		101,634
Citigroup		8,357		783,051
Citizens & Northern		65		1,236
Citizens Financial Group		1,837		87,662
Citizens Financial Services		20		1,085
City Holding		63		7,692
Civista Bancshares		65		1,266
Claros Mortgage Trust ‡		528		1,505
CME Group, Cl A		1,613		448,866
CNB Financial		123		2,814
Coastal Financial *		56		5,387
Cohen & Steers		123		9,048
Coinbase Global, Cl A *		919		347,161
Columbia Banking System		933		22,205
Columbia Financial *		119		1,712
Comerica		583		39,393
Commerce Bancshares		582		35,618
Community Financial System		234		12,332
Community Trust Bancorp		69		3,725
Community West Bancshares		75		1,444
Compass Diversified Holdings		298		1,904
ConnectOne Bancorp		211		4,849
Consumer Portfolio Services *		40		316
Corebridge Financial		1,062		37,765
Corpay *		304		98,207
Crawford, Cl A		76		727
Crawford, Cl B		28		258
Credit Acceptance *		21		10,296
Cullen		268		34,146
Customers Bancorp *		129		8,224
CVB Financial		586		10,952
Diamond Hill Investment Group		12		1,627
DigitalBridge Group		779		8,366
Dime Community Bancshares		186		5,154
Donegal Group, Cl A		73		1,252
Donegal Group, Cl B		4		62
Donnelley Financial Solutions *		121		6,408
Dynex Capital ‡		451		5,610
Eagle Bancorp		131		2,108
East West Bancorp		612		61,353
Eastern Bankshares		878		13,565
Ellington Financial ‡		405		5,139
Employers Holdings		107		4,417
Enact Holdings		128		4,449

COMMON STOCK — continued

	Shares		Value
FINANCIALS— continued
Encore Capital Group *		101	$	3,725
Enova International *		107		11,188
Enterprise Financial Services		159		8,775
Equitable Holdings		1,370		70,350
Equity Bancshares, Cl A		72		2,706
Erie Indemnity, Cl A		113		40,255
Esquire Financial Holdings		32		3,068
Essent Group		448		25,084
Euronet Worldwide *		182		17,687
Evercore, Cl A		164		49,387
Everest Group		212		71,190
EVERTEC		283		10,230
EZCORP, Cl A *		222		3,179
F&G Annuities & Life		95		3,031
FactSet Research Systems		170		68,493
Farmers & Merchants Bancorp		56		1,345
Farmers National Banc		158		2,139
FB Financial		185		9,011
Federal Agricultural Mortgage, Cl C		40		6,891
Federated Hermes, Cl B		341		16,903
Fidelis Insurance Holdings		267		4,034
Fidelity D&D Bancorp		20		809
Fidelity National Financial		1,173		66,192
Fidelity National Information Services		2,338		185,661
Fifth Third Bancorp		2,975		123,671
Finance of America, Cl A *		26		560
Financial Institutions		86		2,192
First American Financial		443		26,602
First Bancorp		44		1,109
First Bancorp		181		9,066
First BanCorp		715		14,893
First Bank		138		2,056
First Busey		388		8,663
First Business Financial Services		33		1,571
First Citizens BancShares, Cl A		43		85,775
First Commonwealth Financial		443		7,314
First Community Bankshares		76		2,774
First Financial		48		2,570
First Financial Bancorp		406		9,841
First Financial Bankshares		541		18,729
First Foundation *		316		1,539
First Hawaiian		562		13,629
First Horizon		2,266		49,421
First Interstate BancSystem, Cl A		379		10,911
First Merchants		256		9,759
First Mid Bancshares		91		3,455
FirstCash Holdings		172		22,926
Fiserv *		2,474		343,738
Five Star Bancorp		63		1,896
Flushing Financial		144		1,727
Flywire *		500		5,445
FNB		1,590		24,359
Forge Global Holdings *		39		858
Franklin BSP Realty Trust ‡		363		3,666

COMMON STOCK — continued

	Shares		Value
FINANCIALS— continued
Franklin Resources		1,407	$	33,768
FS Bancorp		29		1,134
Fulton Financial		809		14,522
FVCBankcorp		70		897
GCM Grosvenor		196		2,311
Genworth Financial, Cl A *		1,825		14,345
German American Bancorp		156		5,994
Glacier Bancorp		506		22,178
Global Payments		1,095		87,545
Globe Life		364		51,131
GoHealth, Cl A *		17		104
Goldman Sachs Group		1,389		1,005,066
Goosehead Insurance, Cl A		105		9,546
Granite Point Mortgage Trust ‡		203		518
Great Southern Bancorp		41		2,335
Green Dot, Cl A *		235		2,378
Greene County Bancorp		31		734
Greenlight Capital Re, Cl A *		108		1,404
Guaranty Bancshares		39		1,701
Hagerty, Cl A *		143		1,453
Hamilton Insurance Group, Cl B *		201		4,319
Hamilton Lane, Cl A		175		26,653
Hancock Whitney		377		22,514
Hanmi Financial		133		3,034
Hanover Insurance Group		145		24,886
HarborOne Bancorp		169		1,999
Hartford Financial Services Group		1,270		157,975
HBT Financial		57		1,418
HCI Group		40		5,602
Heritage Commerce		264		2,442
Heritage Financial		149		3,358
Hilltop Holdings		200		5,920
Hingham Institution For Savings The		7		1,714
Hippo Holdings *		75		1,938
Home Bancorp		31		1,621
Home BancShares		824		23,204
HomeStreet *		80		1,046
HomeTrust Bancshares		65		2,526
Hope Bancorp		546		5,455
Horace Mann Educators		181		7,698
Horizon Bancorp		190		2,943
Houlihan Lokey, Cl A		242		46,140
Huntington Bancshares		6,439		105,793
Independent Bank		215		13,689
Independent Bank/MI		92		2,811
Interactive Brokers Group, Cl A		1,888		123,777
Intercontinental Exchange		2,575		475,937
International Bancshares		253		17,250
International Money Express *		120		1,079
Invesco		1,977		41,537
Invesco Mortgage Capital ‡		292		2,205
Investors Title		6		1,267
Jack Henry & Associates		325		55,190
Jackson Financial, Cl A		315		27,581
James River Group Holdings		159		906

COMMON STOCK — continued

	Shares		Value
FINANCIALS— continued
Janus Henderson Group PLC		557	$	24,118
Jefferies Financial Group		665		38,344
John Marshall Bancorp		55		1,013
JPMorgan Chase		12,333		3,653,528
Kearny Financial		253		1,500
Kemper		275		16,937
KeyCorp		4,902		87,844
Kinsale Capital Group		99		43,628
KKR Real Estate Finance Trust ‡		252		2,278
Ladder Capital, Cl A ‡		511		5,580
Lakeland Financial		113		7,161
Lazard, Cl A		496		25,782
LCNB		57		841
Lemonade *		290		10,927
LendingClub *		496		7,733
LendingTree *		49		2,287
Lincoln National		757		28,849
Live Oak Bancshares		155		4,900
Loews		777		70,350
LPL Financial Holdings		353		139,693
M&T Bank		727		137,185
Markel Group *		55		110,456
MarketAxess Holdings		161		33,086
MarketWise		7		131
Marqeta, Cl A *		1,868		10,648
Marsh & McLennan		2,207		439,634
Mastercard, Cl A		3,637		2,060,251
MBIA *		197		1,050
Mercantile Bank		70		3,198
Merchants Bancorp		92		2,696
Mercury General		119		8,241
Metrocity Bankshares		83		2,291
Metropolitan Bank Holding		47		3,315
MFA Financial ‡		456		4,145
MGIC Investment		1,070		27,713
Mid Penn Bancorp		230		6,314
Middlefield Banc		35		975
Midland States Bancorp		91		1,543
MidWestOne Financial Group		68		1,873
Moelis, Cl A		328		23,006
Moody's		681		351,212
Morgan Stanley		5,471		779,399
Mr Cooper Group *		280		43,602
MSCI, Cl A		337		189,178
MVB Financial		51		1,160
Nasdaq		2,092		201,292
National Bank Holdings, Cl A		167		6,189
Navient		308		3,986
NB Bancorp *		160		2,757
NBT Bancorp		227		9,393
NCR Atleos *		326		9,976
Nelnet, Cl A		61		7,611
NerdWallet, Cl A *		179		1,896
New York Community Bancorp		1,500		16,935
New York Mortgage Trust ‡		376		2,380
NewtekOne		114		1,304

COMMON STOCK — continued

	Shares		Value
FINANCIALS— continued
Nexpoint Real Estate Finance ‡		34	$	469
NI Holdings *		30		382
Nicolet Bankshares		56		7,224
NMI Holdings, Cl A *		343		12,801
Northeast Bank		29		2,876
Northeast Community Bancorp		54		1,116
Northern Trust		832		108,160
Northfield Bancorp		166		1,768
Northrim BanCorp		24		2,005
Northwest Bancshares		561		6,564
Norwood Financial		36		873
OceanFirst Financial		252		4,229
OFG Bancorp		201		8,567
Old National Bancorp		1,411		29,786
Old Republic International		1,018		36,821
Old Second Bancorp		192		3,258
OneMain Holdings, Cl A		532		30,744
Onity Group *		26		981
Open Lending, Cl A *		454		994
OppFi		101		1,075
Orange County Bancorp		37		925
Orchid Island Capital, Cl A ‡		477		3,320
Origin Bancorp		132		4,825
Orrstown Financial Services		82		2,695
Oscar Health, Cl A *		915		12,856
P10, Cl A		233		2,866
Pacific Premier Bancorp		425		9,210
Palomar Holdings *		117		15,501
Park National		66		10,683
Parke Bancorp		48		991
Pathward Financial		106		8,016
Paymentus Holdings, Cl A *		137		3,820
Payoneer Global *		1,320		8,672
PayPal Holdings *		4,349		299,037
Paysafe *		145		1,762
PCB Bancorp		52		1,063
Peapack-Gladstone Financial		70		1,784
PennyMac Financial Services		125		11,643
PennyMac Mortgage Investment Trust ‡		384		4,527
Peoples Bancorp		154		4,411
Peoples Financial Services		44		2,143
Perella Weinberg Partners, Cl A		256		5,105
Pinnacle Financial Partners		340		29,883
Pioneer Bancorp *		50		614
Piper Sandler		77		24,280
PJT Partners		96		17,148
PNC Financial Services Group		1,764		335,636
Ponce Financial Group *		90		1,265
Popular		303		34,718
PRA Group *		168		2,554
Preferred Bank		56		5,086
Primerica		148		39,313
Primis Financial		107		1,197
Primo Brands		940		25,953
Principal Financial Group		1,001		77,908

COMMON STOCK — continued

	Shares		Value
FINANCIALS— continued
Priority Technology Holdings *		107	$	733
ProAssurance *		282		6,700
PROG Holdings		175		5,572
Progressive		2,624		635,113
Prosperity Bancshares		409		27,248
Provident Financial Services		565		10,294
Prudential Financial		1,587		164,381
QCR Holdings		73		5,183
Radian Group		626		20,414
Raymond James Financial		825		137,882
RBB Bancorp		71		1,286
Ready Capital ‡		747		3,145
Red River Bancshares		19		1,143
Redwood Trust ‡		589		3,216
Regional Management		36		1,197
Regions Financial		4,042		102,384
Reinsurance Group of America, Cl A		295		56,773
Remitly Global *		684		11,286
RenaissanceRe Holdings		214		52,160
Renasant		417		15,279
Repay Holdings, Cl A *		336		1,653
Republic Bancorp, Cl A		40		2,754
Rithm Capital ‡		2,371		28,523
RLI		398		26,264
Robinhood Markets, Cl A *		3,395		349,855
Rocket, Cl A		1,039		15,342
Root, Cl A *		41		4,962
Ryan Specialty Holdings, Cl A		475		29,065
S&P Global		1,375		757,762
S&T Bancorp		170		6,229
Safety Insurance Group		64		4,502
Seacoast Banking Corp of Florida		375		10,571
SEI Investments		512		45,117
Selective Insurance Group		268		20,896
Selectquote *		607		1,068
ServisFirst Bancshares		225		17,696
Sezzle *		74		11,458
Shift4 Payments, Cl A *		296		30,488
Shore Bancshares		136		2,109
Sierra Bancorp		55		1,613
Silvercrest Asset Management Group, Cl A		36		589
Simmons First National, Cl A		555		10,639
SiriusPoint *		454		8,903
Skyward Specialty Insurance Group *		158		7,992
SLM		880		27,984
SmartFinancial		63		2,158
SoFi Technologies *		4,640		104,771
South Plains Financial		53		1,967
Southern First Bancshares *		34		1,413
Southern Missouri Bancorp		42		2,272
Southside Bancshares		128		3,768
SouthState		450		42,414
Starwood Property Trust ‡		1,427		27,769

COMMON STOCK — continued

	Shares		Value
FINANCIALS— continued
State Street		1,206	$	134,770
Stellar Bancorp		194		5,729
StepStone Group, Cl A		293		17,392
Stewart Information Services		124		8,051
Stifel Financial		437		49,870
Stock Yards Bancorp		129		9,644
StoneX Group *		186		18,087
Synchrony Financial		1,695		118,091
Synovus Financial		601		28,391
T Rowe Price Group		973		98,711
Texas Capital Bancshares *		202		16,962
TFS Financial		234		3,068
Third Coast Bancshares *		50		1,882
Timberland Bancorp		32		1,001
Tiptree		104		2,161
Toast, Cl A *		2,122		103,638
Tompkins Financial		57		3,687
Towne Bank		300		10,509
TPG, Cl A		426		24,312
TPG RE Finance Trust ‡		282		2,453
Tradeweb Markets, Cl A		519		71,907
Travelers		1,003		261,021
TriCo Bancshares		125		5,140
Triumph Financial *		99		5,615
Truist Financial		5,797		253,387
Trupanion *		148		7,017
TrustCo Bank NY		82		2,752
Trustmark		248		9,238
Two Harbors Investment ‡		460		4,485
UMB Financial		292		32,062
United Bankshares		629		22,342
United Community Banks		531		16,195
United Fire Group		79		2,097
Unity Bancorp		32		1,572
Universal Insurance Holdings		114		2,695
Univest Financial		125		3,605
Unum Group		745		53,498
Upstart Holdings *		369		30,162
US Bancorp		6,908		310,584
USCB Financial Holdings		54		899
UWM Holdings		803		3,228
Valley National Bancorp		2,147		19,903
Velocity Financial *		48		797
Veritex Holdings		235		7,454
Victory Capital Holdings, Cl A		227		15,643
Virtu Financial, Cl A		358		15,802
Virtus Investment Partners		29		5,606
Visa, Cl A		7,695		2,658,392
Voya Financial		426		29,820
WaFd		360		10,478
Walker & Dunlop		144		10,801
Washington Trust Bancorp		85		2,290
Waterstone Financial		70		932
Webster Financial		749		43,180
Wells Fargo		14,578		1,175,424
WesBanco		420		12,643

COMMON STOCK — continued

	Shares		Value
FINANCIALS— continued
West Bancorporation		65	$	1,169
Westamerica Bancorporation		114		5,461
Western Alliance Bancorp		470		36,453
Western Union		1,476		11,882
WEX *		152		25,791
White Mountains Insurance Group		11		19,666
Willis Towers Watson PLC		442		139,588
Wintrust Financial		295		37,754
WisdomTree		597		7,922
World Acceptance *		14		2,202
WR Berkley		1,356		93,306
WSFS Financial		257		14,094
Zions Bancorp		651		34,907
				36,763,592
HEALTH CARE — 3.7%
89bio *		646		6,137
Absci *		477		1,350
Acadia Healthcare *		401		8,730
ACADIA Pharmaceuticals *		555		13,226
Accuray *		412		540
Aclaris Therapeutics *		469		718
Acrivon Therapeutics *		72		92
Actinium Pharmaceuticals *		137		223
Acumen Pharmaceuticals *		167		234
AdaptHealth, Cl A *		468		4,198
Adaptive Biotechnologies *		658		6,738
ADC Therapeutics *		376		1,042
Addus HomeCare *		80		8,542
ADMA Biologics *		1,035		19,354
Agenus *		109		602
Agilon Health *		1,352		2,420
Agios Pharmaceuticals *		256		9,528
AirSculpt Technologies *		50		330
Akebia Therapeutics *		1,088		4,009
Akero Therapeutics *		342		16,707
Alector *		353		526
Align Technology *		317		40,896
Alignment Healthcare *		522		7,193
Alkermes PLC *		730		19,338
Alnylam Pharmaceuticals *		581		227,891
Alphatec Holdings *		482		5,100
Altimmune *		339		1,251
Alvotech *		494		4,476
Amedisys *		144		14,198
American Well, Cl A *		58		426
AMN Healthcare Services *		170		3,118
Amylyx Pharmaceuticals *		340		2,730
AnaptysBio *		100		2,455
Anavex Life Sciences *		386		4,362
AngioDynamics *		174		1,542
Anika Therapeutics *		62		512
Annexon *		455		1,092
Apellis Pharmaceuticals *		483		10,790
Apogee Therapeutics *		175		6,695

COMMON STOCK — continued

	Shares		Value
HEALTH CARE— continued
Applied Therapeutics *		544	$	245
Aquestive Therapeutics *		366		1,405
Arbutus Biopharma *		666		2,184
Arcellx *		241		17,205
Arcturus Therapeutics Holdings *		106		1,294
Arcus Biosciences *		296		2,702
Arcutis Biotherapeutics *		478		6,969
Ardelyx *		1,024		4,342
ArriVent Biopharma *		122		2,380
Arrowhead Pharmaceuticals *		536		8,469
ARS Pharmaceuticals *		252		4,455
Artivion *		179		5,533
Arvinas *		284		2,113
Astrana Health *		195		4,653
Astria Therapeutics *		207		1,432
Atea Pharmaceuticals *		323		1,176
AtriCure *		214		7,511
Aura Biosciences *		164		1,130
Avadel Pharmaceuticals *		412		4,330
Avanos Medical *		199		2,223
Avantor *		2,933		39,419
Aveanna Healthcare Holdings *		223		885
Avidity Biosciences *		508		18,649
Avita Medical *		117		620
Axogen *		188		2,461
Axsome Therapeutics *		182		18,451
Baxter International		2,292		49,874
Beam Therapeutics *		423		8,337
BioCryst Pharmaceuticals *		921		7,497
Biohaven *		380		5,738
BioMarin Pharmaceutical *		848		49,057
Biomea Fusion *		114		189
Biote, Cl A *		112		456
Bioventus, Cl A *		155		1,011
Black Diamond Therapeutics *		187		497
Boston Scientific *		6,626		695,200
BrightSpring Health Services *		355		7,331
Bruker		462		17,755
Butterfly Network *		735		1,257
C4 Therapeutics *		299		613
Cabaletta Bio *		220		334
Cardinal Health		1,080		167,638
CareDx *		232		2,850
Cargo Therapeutics *		164		733
Caribou Biosciences *		388		788
Cartesian Therapeutics *		42		538
Cassava Sciences *		193		405
Castle Biosciences *		116		1,757
Catalyst Pharmaceuticals *		503		10,729
Celcuity *		149		5,836
Celldex Therapeutics *		297		6,528
Cencora, Cl A		820		234,586
Century Therapeutics *		224		123
Certara *		544		5,353
Cerus *		804		1,029
CG oncology *		277		7,393

COMMON STOCK — continued

	Shares		Value
HEALTH CARE— continued
Chemed		65	$	26,799
ChromaDex *		298		2,786
Cibus, Cl A *		97		144
ClearPoint Neuro *		117		1,217
Clover Health Investments, Cl A *		1,713		4,951
Codexis *		361		967
Cogent Biosciences *		483		5,516
Coherus Biosciences *		457		430
Collegium Pharmaceutical *		138		4,121
Compass Therapeutics *		403		1,197
Concentra Group Holdings Parent		555		11,083
CONMED		138		7,059
Corbus Pharmaceuticals Holdings *		53		491
CorMedix *		275		3,209
CorVel *		129		11,429
Corvus Pharmaceuticals *		261		1,088
Crinetics Pharmaceuticals *		411		11,750
Cross Country Healthcare *		139		1,870
CryoPort *		217		1,591
CVRx *		98		780
Cytek Biosciences *		490		1,764
Cytokinetics *		531		19,987
DaVita *		170		23,863
Day One Biopharmaceuticals *		338		2,268
Definitive Healthcare, Cl A *		146		569
Denali Therapeutics *		509		7,039
DENTSPLY SIRONA		884		12,650
Design Therapeutics *		114		441
Dexcom *		1,749		141,267
Dianthus Therapeutics *		120		2,480
Disc Medicine, Cl A *		104		6,215
DocGo *		370		503
Doximity, Cl A *		527		30,961
Dyne Therapeutics *		426		4,196
Edgewise Therapeutics *		357		5,091
Editas Medicine, Cl A *		369		926
Edwards Lifesciences *		2,614		207,316
Elanco Animal Health *		2,199		30,082
Eliem Therapeutics *		122		171
Embecta		255		2,591
Enanta Pharmaceuticals *		94		713
Encompass Health		445		48,999
Enhabit *		219		1,472
Enliven Therapeutics *		152		2,859
Enovis *		252		6,754
Entrada Therapeutics *		138		811
Envista Holdings *		752		14,205
Erasca *		1,016		1,438
Esperion Therapeutics *		882		1,252
Eton Pharmaceuticals *		105		1,487
Evolent Health, Cl A *		502		5,045
Evolus *		247		2,203
Exact Sciences *		826		38,781
Exelixis *		1,187		42,993
EyePoint Pharmaceuticals *		299		2,936

COMMON STOCK — continued
	Shares		Value
HEALTH CARE— continued
Fate Therapeutics *		446	$	491
FibroGen *		17		117
Foghorn Therapeutics *		145		761
Fortrea Holdings *		405		2,325
Fulcrum Therapeutics *		238		1,602
Fulgent Genetics *		83		1,426
GeneDx Holdings, Cl A *		84		8,564
Genelux *		138		468
Geron *		2,682		3,084
Gilead Sciences		5,584		627,027
Glaukos *		247		21,264
Globus Medical, Cl A *		503		26,473
GoodRx Holdings, Cl A *		393		1,882
Gossamer Bio *		996		2,032
GRAIL *		130		4,447
Guardant Health *		531		21,760
Haemonetics *		223		16,511
Harmony Biosciences Holdings *		190		6,684
Harrow *		140		4,446
Health Catalyst *		298		1,088
HealthEquity *		378		36,666
HealthStream		107		2,799
Henry Schein *		541		36,599
Heron Therapeutics *		646		1,118
HilleVax *		127		268
Hims & Hers Health *		794		52,547
Hologic *		999		66,753
Humacyte *		589		1,414
ICON PLC *		360		60,908
ICU Medical *		104		13,355
Ideaya Biosciences *		372		9,058
IDEXX Laboratories *		360		192,352
IGM Biosciences *		66		84
Immunome *		324		3,408
Immunovant *		307		4,937
Incyte *		718		53,771
InfuSystem Holdings *		82		459
Inhibrx Biosciences *		53		1,162
Inmode *		269		3,675
Innoviva *		265		4,815
Inogen *		107		675
Inovio Pharmaceuticals *		164		233
Insmed *		818		87,755
Inspire Medical Systems *		132		16,439
Insulet *		314		90,558
Integer Holdings *		153		16,602
Integra LifeSciences Holdings *		297		3,903
Intellia Therapeutics *		456		5,308
Intuitive Surgical *		1,601		770,225
Invivyd *		358		248
Ionis Pharmaceuticals *		691		29,699
Iovance Biotherapeutics *		1,384		3,557
IQVIA Holdings *		765		142,183
iRadimed		36		2,100
iRhythm Technologies *		140		19,625
Ironwood Pharmaceuticals, Cl A *		644		492

COMMON STOCK — continued
	Shares		Value
HEALTH CARE— continued
Janux Therapeutics *		178	$	4,275
Jazz Pharmaceuticals PLC *		267		30,606
Joint *		49		541
KalVista Pharmaceuticals *		198		2,699
Karyopharm Therapeutics *		37		140
Keros Therapeutics *		154		2,205
Kiniksa Pharmaceuticals International, Cl A *		169		5,114
Kodiak Sciences *		148		973
Korro Bio *		35		524
Krystal Biotech *		115		17,695
Kura Oncology *		358		2,166
Kymera Therapeutics *		241		10,544
Kyverna Therapeutics *		134		478
Labcorp Holdings		374		97,270
Lantheus Holdings *		300		21,357
Larimar Therapeutics *		186		644
LeMaitre Vascular		92		7,474
Lexeo Therapeutics *		77		364
Lexicon Pharmaceuticals *		827		885
Lifecore Biomedical *		119		833
LifeStance Health Group *		456		1,815
Ligand Pharmaceuticals *		84		11,053
Liquidia *		286		5,345
LivaNova PLC *		208		8,776
MacroGenics *		263		410
Madrigal Pharmaceuticals *		76		22,991
MannKind *		1,332		5,035
Masimo *		224		34,449
McKesson		552		382,834
Medpace Holdings *		103		44,002
Medtronic PLC		5,752		519,060
Merit Medical Systems *		259		21,979
Mersana Therapeutics *		20		139
Merus *		305		20,203
MiMedx Group *		505		3,631
Mind Medicine MindMed *		314		2,854
Mineralys Therapeutics *		170		2,405
Mirati Therapeutics *		201		—
Mirum Pharmaceuticals *		187		9,664
ModivCare *		42		121
Monte Rosa Therapeutics *		241		1,193
MoonLake Immunotherapeutics, Cl A *		166		8,373
Multiplan *		42		1,675
Myriad Genetics *		396		1,521
National Research		75		937
Nautilus Biotechnology, Cl A *		221		168
Neogen *		972		4,520
NeoGenomics *		570		2,759
Neumora Therapeutics *		369		723
Neurocrine Biosciences *		438		56,165
NeuroPace *		120		1,021
Newamsterdam Pharma *		337		7,350
Nkarta *		206		447
Novavax *		689		4,582

COMMON STOCK — continued
	Shares		Value
HEALTH CARE— continued
Novocure *		488	$	5,646
Nurix Therapeutics *		339		3,817
Nuvalent, Cl A *		207		16,218
Nuvation Bio *		1,194		2,818
Ocular Therapeutix *		676		7,828
Olema Pharmaceuticals *		280		1,439
Omeros *		244		944
OmniAb *		446		852
Omnicell *		203		6,295
OPKO Health *		1,006		1,288
OptimizeRx *		69		871
Option Care Health *		725		21,279
OraSure Technologies *		333		1,059
Orchestra BioMed Holdings *		107		327
Organogenesis Holdings, Cl A *		292		1,349
ORIC Pharmaceuticals *		272		2,712
Orthofix Medical *		163		1,800
OrthoPediatrics *		75		1,554
Outlook Therapeutics *		89		174
Outset Medical *		76		1,223
Ovid therapeutics *		256		128
Owens & Minor *		333		2,308
P3 Health Partners *		6		46
Pacific Biosciences of California *		1,311		1,809
Pacira BioSciences *		200		4,218
PACS Group *		176		1,947
PDL BioPharma *(A)		64		—
PDS Biotechnology *		199		213
Penumbra *		168		42,381
PepGen *		67		92
Personalis *		233		1,277
Perspective Therapeutics *		262		1,006
Pharvaris *		199		3,956
Phathom Pharmaceuticals *		241		2,058
Phibro Animal Health, Cl A		91		2,411
Phreesia *		248		6,686
Pliant Therapeutics *		266		388
PMV Pharmaceuticals *		225		319
Praxis Precision Medicines *		85		4,609
Precigen *		660		1,129
Prelude Therapeutics *		79		62
Premier, Cl A		402		8,635
Prestige Consumer Healthcare *		218		16,121
Prime Medicine *		263		984
Privia Health Group *		463		9,038
PROCEPT BioRobotics *		233		11,303
Progyny *		351		8,252
ProKidney, Cl A *		126		349
Protagonist Therapeutics *		273		14,704
Prothena PLC *		196		1,347
PTC Therapeutics *		348		18,134
Pulmonx *		168		309
Pulse Biosciences *		78		1,172
Puma Biotechnology *		186		578
Quanterix *		160		950
Quantum-Si *		601		889

COMMON STOCK — continued
	Shares		Value
HEALTH CARE— continued
Quest Diagnostics		499	$	83,538
RadNet *		301		16,474
Rapport Therapeutics *		102		1,465
RAPT Therapeutics *		74		795
Recursion Pharmaceuticals, Cl A *		1,653		9,835
Renovaro *		458		117
Replimune Group, Cl Rights *		248		1,743
ResMed		653		177,577
REVOLUTION Medicines *		771		28,735
Rhythm Pharmaceuticals *		274		23,353
Rigel Pharmaceuticals *		78		1,643
Roivant Sciences, Cl A *		1,944		22,084
Royalty Pharma PLC, Cl A		1,681		61,861
RxSight *		161		1,253
Sage Therapeutics *		248		2,108
Sagimet Biosciences, Cl A *		109		947
Sanara Medtech *		16		387
Savara *		715		1,852
Scholar Rock Holding *		360		13,338
Schrodinger *		281		5,713
scPharmaceuticals *		157		798
Seer, Cl A *		191		405
Select Medical Holdings		492		7,277
Semler Scientific *		33		1,183
Senseonics Holdings *		2,580		1,251
Sera Prognostics, Cl A *		121		336
Seres Therapeutics *		29		419
SI-BONE *		181		3,082
SIGA Technologies		184		1,216
Sight Sciences *		152		506
Simulations Plus		74		963
Soleno Therapeutics *		199		17,208
Solventum *		622		44,386
Sotera Health *		687		7,894
Spyre Therapeutics *		228		3,869
STAAR Surgical *		159		2,848
STERIS PLC		440		99,656
Stoke Therapeutics *		233		2,994
Stryker		1,557		611,481
Summit Therapeutics *		337		8,887
Supernus Pharmaceuticals *		239		8,389
Surmodics *		61		2,190
Sutro Biopharma *		363		292
Syndax Pharmaceuticals *		380		3,770
Tactile Systems Technology *		103		1,028
Tandem Diabetes Care *		296		4,612
Tango Therapeutics *		318		1,921
Tarsus Pharmaceuticals *		174		6,755
Tela Bio *		161		274
Teladoc Health *		779		5,617
Teleflex		200		23,900
Tempus AI, Cl A *		429		24,277
Terns Pharmaceuticals *		344		2,005
TG Therapeutics *		643		22,826
Theravance Biopharma *		167		1,864
Third Harmonic Bio *		112		603

COMMON STOCK — continued

	Shares		Value
HEALTH CARE— continued
Tourmaline Bio *		102	$	2,257
TransMedics Group *		147		17,489
Travere Therapeutics *		392		6,056
Treace Medical Concepts *		204		1,095
Trevi Therapeutics *		369		2,732
TruBridge *		64		1,332
Tyra Biosciences *		132		1,443
UFP Technologies *		33		7,471
United Therapeutics *		199		54,665
UroGen Pharma *		169		3,221
US Physical Therapy		67		4,901
Vanda Pharmaceuticals *		247		1,052
Varex Imaging *		182		1,325
Vaxcyte *		549		18,639
Veeva Systems, Cl A *		663		188,425
Ventyx Biosciences *		280		784
Vera Therapeutics, Cl A *		222		4,615
Veracyte *		344		8,087
Verastem *		228		1,407
Vericel *		223		7,792
Verrica Pharmaceuticals *		23		127
Viemed Healthcare *		131		798
Vigil Neuroscience *		138		1,111
Viking Therapeutics *		473		15,406
Vir Biotechnology *		486		2,464
Viridian Therapeutics *		338		5,922
Vor BioPharma *		191		395
WaVe Life Sciences *		495		4,009
Waystar Holding *		353		13,054
West Pharmaceutical Services		321		76,802
X4 Pharmaceuticals *		26		43
Xencor *		315		2,621
Xeris Biopharma Holdings *		647		3,293
XOMA Royalty *		40		995
Y-mAbs Therapeutics *		155		693
Zentalis Pharmaceuticals *		220		304
Zevra Therapeutics *		229		2,544
Zimmer Biomet Holdings		887		81,294
Zimvie *		122		2,292
Zoetis, Cl A		1,827		266,358
Zymeworks *		232		2,914
Zynex *		76		169
				9,016,471
INDUSTRIALS — 9.2%
374Water *		341		84
3M		2,413		360,068
AAON		303		25,259
AAR *		154		11,505
ABM Industries		274		12,640
ACCO Brands		388		1,455
Acuity Brands		138		42,966
ACV Auctions, Cl A *		736		10,459
Ads-Tec Energy PLC *		37		475
Advanced Drainage Systems		343		39,359
AEBI Schmidt Holding *		145		1,494

COMMON STOCK — continued

	Shares		Value
INDUSTRIALS— continued
AerCap Holdings		813	$	87,194
AeroVironment *		125		33,455
AerSale *		141		852
AGCO		277		32,678
Air Lease, Cl A		450		24,930
Alamo Group		46		10,239
Alaska Air Group *		135		7,150
Albany International, Cl A		136		7,370
Alight, Cl A		1,914		10,259
Allegiant Travel, Cl A *		21		1,084
Allegion PLC		385		63,879
Allient		66		2,660
Allison Transmission Holdings		380		34,227
Alta Equipment Group		119		923
Ameresco, Cl A *		138		2,335
American Airlines Group *		739		8,491
American Superconductor *		167		9,494
American Woodmark *		65		3,420
AMETEK		1,031		190,580
AO Smith		518		36,669
API Group *		1,647		59,407
Apogee Enterprises		94		3,947
Applied Industrial Technologies		170		46,155
ArcBest		102		7,459
Archer Aviation, Cl A *		1,979		19,849
Arcosa		215		18,464
Argan		58		14,209
Armstrong World Industries		192		36,129
Array Technologies *		682		4,433
Astec Industries		100		3,966
Astronics *		134		4,840
Asure Software *		108		1,048
ATI *		625		48,087
Atkore		152		11,707
Atmus Filtration Technologies		367		14,280
Automatic Data Processing		1,818		562,671
Avis Budget Group *		74		12,598
Axon Enterprise *		330		249,312
AZZ		131		14,344
Babcock & Wilcox Enterprises *		414		402
Barrett Business Services		111		5,103
BlackSky Technology, Cl A *		118		2,270
Blade Air Mobility *		269		1,073
Blink Charging *		428		417
Bloom Energy, Cl A *		899		33,614
Blue Bird *		141		6,315
BlueLinx Holdings *		35		2,564
Boise Cascade		168		14,080
Booz Allen Hamilton Holding, Cl A		558		59,890
Bowman Consulting Group, Cl A *		69		2,393
Brady, Cl A		191		13,479
BrightView Holdings *		266		4,243
Brink's		188		16,420
Broadridge Financial Solutions		522		129,200
Builders FirstSource *		499		63,438

COMMON STOCK — continued
	Shares		Value
INDUSTRIALS— continued
Byrna Technologies *		73	$	1,621
Cadre Holdings		109		3,605
Carlisle		192		68,104
Carrier Global		3,606		247,444
Casella Waste Systems, Cl A *		276		30,009
Caterpillar		2,141		937,801
CBIZ *		230		14,058
CECO Environmental *		134		6,023
Centuri Holdings *		75		1,635
CH Robinson Worldwide		517		59,620
ChargePoint Holdings *		93		859
Chart Industries *		201		39,965
China Yuchai International		53		1,208
Cimpress PLC *		77		4,259
Cintas		1,541		342,950
Civeo		55		1,374
Clarivate PLC *		1,781		6,857
Clean Harbors *		222		52,350
CNH Industrial		3,572		46,293
Columbus McKinnon		124		1,817
Comfort Systems USA		156		109,715
Commercial Vehicle Group *		142		240
CompX International		7		163
Concentrix		239		12,421
Concrete Pumping Holdings		105		717
Conduent *		672		1,788
Construction Partners, Cl A *		208		20,977
Copa Holdings, Cl A		34		3,762
Copart *		3,964		179,688
Core & Main, Cl A *		852		54,221
CoreCivic *		475		9,519
Costamare		181		1,826
Covenant Logistics Group, Cl A		71		1,715
CRA International		28		4,946
Crane		218		42,678
CSG Systems International		123		7,683
CSW Industrials		74		19,202
CSX		8,406		298,749
Cummins		615		226,086
Curtiss-Wright		168		82,357
Custom Truck One Source *		267		1,653
Dayforce *		692		39,908
Deere		1,127		590,965
Delta Air Lines		731		38,897
Deluxe		196		3,155
Distribution Solutions Group *		42		1,259
DNOW *		478		7,438
Donaldson		532		38,288
Douglas Dynamics		100		2,860
Dover		611		110,677
Driven Brands Holdings *		262		4,428
Dun & Bradstreet Holdings		1,453		13,222
DXP Enterprises *		57		6,456
Dycom Industries *		124		33,332
Eaton PLC		1,754		674,799
EMCOR Group		200		125,498

COMMON STOCK — continued
	Shares		Value
INDUSTRIALS— continued
Emerson Electric		2,521	$	366,831
Energy Recovery *		237		3,188
Energy Vault Holdings *		436		501
Enerpac Tool Group, Cl A		239		9,204
EnerSys		174		16,072
Ennis		112		1,994
Enovix *		716		9,594
Enpro		93		19,754
Enviri *		327		2,943
Eos Energy Enterprises *		990		5,643
Equifax		555		133,328
Esab		255		34,213
ESCO Technologies		114		22,082
ESS Tech *		35		66
Eve Holding *		199		1,294
Everus Construction Group *		228		16,931
EVI Industries		27		602
ExlService Holdings *		701		30,444
Expeditors International of Washington		614		71,371
Exponent		225		15,516
Fastenal		5,141		237,154
Federal Signal		267		33,794
FedEx		985		220,138
Ferguson Enterprises		883		197,200
First Advantage *		351		6,069
FiscalNote Holdings *		413		234
Fiverr International *		132		2,915
Flowserve		583		32,671
Fluence Energy, Cl A *		284		2,306
Forrester Research *		51		497
Fortive		1,518		72,758
Fortune Brands Innovations		541		29,506
Forward Air *		120		3,647
Franklin Covey *		49		966
Franklin Electric		177		16,629
Frontier Group Holdings *		256		1,121
FTAI Aviation		454		62,475
FTAI Infrastructure		468		2,934
FTI Consulting *		151		25,119
FuelCell Energy *		93		461
Gates Industrial PLC *		1,087		26,958
GATX		158		24,125
GE Vernova		1,224		808,195
Genco Shipping & Trading		197		3,138
Gencor Industries *		45		656
Generac Holdings *		261		50,814
General Electric		4,609		1,249,408
Genpact		775		34,139
GEO Group *		601		15,578
Gibraltar Industries *		131		8,650
Global Industrial		60		2,044
GMS *		171		18,748
Gorman-Rupp		97		3,993
Grab Holdings, Cl A *		14,741		72,083
Graco		742		62,313

COMMON STOCK — continued

	Shares		Value
INDUSTRIALS— continued
GrafTech International *		898	$	1,248
Graham *		46		2,629
Granite Construction		194		18,327
Great Lakes Dredge & Dock *		291		3,224
Greenbrier		136		6,188
Griffon		197		16,010
GXO Logistics *		515		25,601
Hayward Holdings *		934		14,365
Healthcare Services Group *		324		4,215
Heartland Express		198		1,548
HEICO		189		61,765
HEICO, Cl A		335		86,460
Heidrick & Struggles International		89		3,963
Helios Technologies		148		5,430
Herc Holdings		144		16,821
Hertz Global Holdings *		528		3,384
Hexcel		357		21,388
Hillenbrand		312		6,462
Hillman Solutions *		871		6,872
HireQuest		24		246
HNI		198		10,185
Howmet Aerospace		1,793		322,328
Hub Group, Cl A		261		9,140
Hubbell, Cl B		240		104,995
Hudson Technologies *		170		1,596
Huron Consulting Group *		76		10,038
Hyliion Holdings *		527		791
Hyster-Yale		44		1,848
IBEX Holdings *		44		1,301
ICF International		82		6,879
IDEX		338		55,266
IES Holdings *		38		13,417
Illinois Tool Works		1,251		320,218
Ingersoll Rand		1,807		152,926
Innodata *		135		7,412
Insperity		155		9,235
Insteel Industries		82		2,960
Interface, Cl A		255		5,258
ITT		360		61,186
Janus International Group *		597		5,116
JB Hunt Transport Services		348		50,129
JELD-WEN Holding *		373		1,679
JetBlue Airways *		398		1,767
Joby Aviation *		2,156		35,919
John Bean Technologies		229		31,556
Johnson Controls International PLC		2,953		310,065
Kadant		52		17,304
Karat Packaging		31		844
Kelly Services, Cl A		134		1,642
Kennametal		343		8,493
Kforce		80		2,788
Kirby *		254		24,209
Knight-Swift Transportation Holdings, Cl A		704		29,920

COMMON STOCK — continued

	Shares		Value
INDUSTRIALS— continued
Korn Ferry		228	$	16,158
L B Foster, Cl A *		39		917
Landstar System		154		20,539
LanzaTech Global *		628		271
Legalzoom.com *		755		6,787
Lennox International		142		86,478
Leonardo DRS		339		14,102
Limbach Holdings *		47		6,439
Lincoln Electric Holdings		250		60,875
Lindsay		48		6,552
Liquidity Services *		105		2,507
Loar Holdings *		158		11,678
LSI Industries		124		2,269
Lyft, Cl A *		1,684		23,677
Manitowoc *		153		1,951
ManpowerGroup		206		8,498
Marten Transport		258		3,137
Masco		943		64,247
MasTec *		277		52,411
Masterbrand *		558		6,155
Matrix Service *		117		1,788
Matson		144		15,376
Maximus		251		18,539
Mayville Engineering *		63		1,057
McGrath RentCorp		109		13,602
Mercury Systems *		232		12,201
Microvast Holdings *		802		2,542
Middleby *		226		32,815
Miller Industries		50		2,038
MillerKnoll		300		5,694
Mistras Group *		91		723
Montrose Environmental Group *		145		3,290
MRC Global *		375		5,505
MSA Safety		167		29,704
MSC Industrial Direct, Cl A		195		16,891
Mueller Industries		484		41,319
Mueller Water Products, Cl A		693		17,159
MYR Group *		70		13,545
National Presto Industries		24		2,315
Net Power *		73		210
Net Power *		76		219
Newpark Resources *		350		3,157
NEXTracker, Cl A *		625		36,413
NL Industries		37		228
NN *		200		390
Nordson		227		48,626
Norfolk Southern		1,005		279,390
Northwest Pipe *		43		1,797
NuScale Power *		546		27,415
NV5 Global *		256		5,747
nVent Electric PLC		732		57,403
Old Dominion Freight Line		858		128,057
Omega Flex		16		510
OPENLANE *		472		11,630
Orion Group Holdings *		161		1,193
Oshkosh		288		36,441

COMMON STOCK — continued
	Shares		Value
INDUSTRIALS— continued
Otis Worldwide		1,769	$	151,586
Owens Corning		380		52,983
PACCAR		2,311		228,234
PAM Transportation Services *		24		272
Pangaea Logistics Solutions		130		633
Park Aerospace		81		1,460
Parker-Hannifin		575		420,843
Park-Ohio Holdings		43		705
Parsons *		234		17,363
Paychex		1,446		208,701
Paycom Software		229		53,023
Paylocity Holding *		199		36,791
Pentair PLC		733		74,913
Pitney Bowes		725		8,236
Planet Labs PBC *		967		6,044
Plug Power *		4,277		6,416
Powell Industries		42		9,958
Preformed Line Products		11		1,698
Primoris Services		228		21,471
Proto Labs *		105		4,528
Quad		125		666
Quanex Building Products		210		4,091
Quanta Services		658		267,234
QXO *		1,441		28,906
Radiant Logistics *		161		952
Ralliant *		506		23,134
RBC Bearings *		139		53,840
Redwire *		173		2,472
Regal Rexnord		294		44,947
Republic Services, Cl A		908		209,430
Resideo Technologies *		647		17,663
Resources Connection		136		688
REV Group		222		11,000
Robert Half		443		16,351
Rocket Lab *		1,933		88,763
Rockwell Automation		506		177,965
Rollins		1,318		75,482
Rush Enterprises, Cl A		277		14,997
Rush Enterprises, Cl B		36		1,955
RXO *		721		11,139
Ryder System		172		30,566
Safe Bulkers		255		1,002
Saia *		119		35,967
Schneider National, Cl B		169		4,132
Sensata Technologies Holding PLC		649		19,963
SES AI *		865		1,124
Shoals Technologies Group, Cl A *		739		3,983
Simpson Manufacturing		188		33,733
SiteOne Landscape Supply *		199		27,428
Skillsoft *		19		271
SkyWest *		45		5,218
SKYX Platforms *		277		277
Snap-on		230		73,874
Southwest Airlines		640		19,795

COMMON STOCK — continued
	Shares		Value
INDUSTRIALS— continued
Spirit AeroSystems Holdings, Cl A *		521	$	20,527
SPX Technologies *		204		37,208
SS&C Technologies Holdings		960		82,061
Standardaero *		401		11,449
Standex International		52		8,566
Stanley Black & Decker		692		46,814
Steelcase, Cl A		391		4,039
Stem *		40		525
Sterling Infrastructure *		132		35,322
Stratasys *		208		2,253
Sun Country Airlines Holdings *		60		695
Sunrun *		987		10,127
Symbotic, Cl A *		234		12,624
Tecnoglass		107		8,349
Tennant		83		6,851
Terex		285		14,495
Tetra Tech		1,197		43,978
Thermon Group Holdings *		147		4,157
Timken		288		21,914
Titan International *		216		1,827
Titan Machinery *		92		1,777
Toro		444		32,967
TPI Composites *		148		116
Trane Technologies PLC		999		437,642
Transcat *		41		3,134
TransDigm Group		248		398,898
TransUnion		870		82,815
Trex *		477		30,642
TriNet Group		131		8,883
Trinity Industries		361		8,411
TrueBlue *		126		910
TTEC Holdings *		117		583
Tutor Perini *		197		9,486
Uber Technologies *		9,366		821,866
UFP Industries		265		25,970
U-Haul Holding *		40		2,314
U-Haul Holding, Cl B		448		23,296
UL Solutions, Cl A		275		20,108
UniFirst		66		11,288
Union Pacific		2,644		586,889
United Airlines Holdings *		367		32,410
United Parcel Service, Cl B		3,292		283,639
United Rentals		290		256,053
Universal Logistics Holdings		30		718
Upwork *		554		6,626
V2X *		76		3,601
Valmont Industries		88		32,028
Veralto		1,069		112,063
Verisk Analytics, Cl A		626		174,472
Verra Mobility, Cl A *		682		17,227
Vertiv Holdings, Cl A		1,672		243,443
Vestis		509		3,085
Vicor *		104		4,622
Virgin Galactic Holdings *		169		642
VSE		86		13,462

COMMON STOCK — continued

	Shares		Value
INDUSTRIALS— continued
Wabash National		182	$	1,813
Waste Management		1,802		412,946
Watsco		156		70,337
Watts Water Technologies, Cl A		122		32,003
Werner Enterprises		264		7,318
WESCO International		214		44,289
Westinghouse Air Brake Technologies		760		145,958
Willdan Group *		61		5,203
Willis Lease Finance		14		1,982
WillScot Holdings, Cl A		800		23,480
Woodward		264		67,869
Worthington Enterprises		138		8,552
WW Grainger		203		211,027
Xometry, Cl A *		196		6,339
XPO *		504		60,626
Xylem		1,089		157,491
Zurn Elkay Water Solutions		732		32,391
				22,457,096
INFORMATION TECHNOLOGY — 35.4%
8x8 *		565		1,096
A10 Networks		323		5,950
Accenture PLC, Cl A		2,808		750,017
ACI Worldwide *		465		19,790
ACM Research, Cl A *		225		6,831
Adeia		475		6,151
Adobe *		1,903		680,684
ADTRAN Holdings *		352		3,270
Advanced Energy Industries		168		23,339
Advanced Micro Devices *		7,237		1,275,876
Aehr Test Systems *		124		2,096
Aeva Technologies *		75		1,398
Agilysys *		113		12,891
Akamai Technologies *		642		48,991
Alarm.com Holdings *		211		11,527
Alkami Technology *		292		6,509
Alpha & Omega Semiconductor *		106		2,700
Ambarella *		179		11,830
Amdocs		504		43,021
Amkor Technology		535		12,070
Amphenol, Cl A		5,398		574,941
Amplitude, Cl A *		349		4,268
Analog Devices		2,217		498,005
Appfolio, Cl A *		94		25,134
Appian, Cl A *		182		5,025
Apple		65,883		13,675,334
Applied Digital *		802		10,538
Applied Materials		3,626		652,898
Applied Optoelectronics *		208		4,757
AppLovin, Cl A *		1,115		435,630
Arista Networks *		4,418		544,386
Arlo Technologies *		440		7,128
Arrow Electronics *		231		26,796
Asana, Cl A *		385		5,652
ASGN *		189		9,476

COMMON STOCK — continued

	Shares		Value
INFORMATION TECHNOLOGY— continued
Astera Labs *		578	$	79,030
Atlassian, Cl A *		730		139,999
Atomera *		130		650
Aurora Innovation, Cl A *		4,781		27,778
Autodesk *		954		289,167
AvePoint *		669		12,765
Aviat Networks *		51		1,102
Avnet		385		20,382
Axcelis Technologies *		141		9,544
Badger Meter		132		24,916
Bel Fuse, Cl A		7		802
Bel Fuse, Cl B		46		5,982
Belden		176		21,762
Benchmark Electronics		156		6,006
Bentley Systems, Cl B		652		37,803
BigBear.ai Holdings *		1,244		7,899
BigCommerce Holdings *		288		1,377
BILL Holdings *		414		17,740
Bitdeer Technologies Group, Cl A *		424		5,465
Blackbaud *		214		14,428
BlackLine *		257		13,821
Blend Labs, Cl A *		1,003		3,320
Box, Cl A *		619		19,870
Braze, Cl A *		332		9,253
Broadcom		20,665		6,069,310
C3.ai, Cl A *		529		12,463
Cadence Design Systems *		1,226		446,963
Calix *		262		14,853
CCC Intelligent Solutions Holdings *		2,401		23,218
CDW		589		102,710
Cerence *		175		1,505
CEVA *		103		2,201
Ciena *		618		57,375
Cipher Mining *		1,190		6,497
Cirrus Logic *		237		23,868
Cisco Systems		16,275		1,108,002
Cleanspark *		1,220		13,871
Clear Secure, Cl A		411		12,088
Clearfield *		53		2,322
Clearwater Analytics Holdings, Cl A *		1,065		21,577
Climb Global Solutions		18		2,124
Cloudflare, Cl A *		1,331		276,422
Cognex		758		30,904
Cognizant Technology Solutions, Cl A		2,204		158,159
Coherent *		680		73,168
Cohu *		199		3,554
CommScope Holding *		914		7,495
CommVault Systems *		193		36,660
CompoSecure, Cl A *		171		2,430
Comtech Telecommunications *		123		267
Confluent, Cl A *		1,129		20,012
Consensus Cloud Solutions *		85		1,715

COMMON STOCK — continued
	Shares		Value
INFORMATION TECHNOLOGY— continued
CoreCard *		24	$	695
Corsair Gaming *		205		1,857
Couchbase *		159		3,857
CPI Card Group *		27		524
Crane NXT		218		12,936
Credo Technology Group Holding *		652		72,731
Crowdstrike Holdings, Cl A *		1,074		488,208
CS Disco *		99		393
CTS		132		5,173
CyberArk Software *		222		91,346
Daily Journal *		6		2,397
Daktronics *		197		3,195
Datadog, Cl A *		1,361		190,513
Dell Technologies, Cl C		1,394		184,970
Diebold Nixdorf *		113		6,361
Digi International *		160		5,218
Digimarc *		84		1,003
Digital Turbine *		453		2,469
DigitalOcean Holdings *		281		7,829
Diodes *		201		9,923
DocuSign, Cl A *		899		68,000
Dolby Laboratories, Cl A		270		20,342
Domo, Cl B *		141		2,321
Dropbox, Cl A *		870		23,638
DXC Technology *		795		10,820
Dynatrace *		1,298		68,288
E2open Parent Holdings *		1,118		3,689
Eastman Kodak *		310		2,077
eGain *		81		501
Elastic *		406		33,982
Enphase Energy *		569		18,413
Entegris		675		52,960
EPAM Systems *		248		39,112
ePlus *		117		7,579
Evolv Technologies Holdings *		601		3,940
Expensify, Cl A *		254		516
Extreme Networks *		578		10,207
F5 *		257		80,549
Fair Isaac *		106		152,292
Fastly, Cl A *		590		4,006
First Solar *		455		79,502
Five9 *		333		8,601
Flex *		1,703		84,929
FormFactor *		343		9,745
Fortinet *		2,847		284,415
Freshworks, Cl A *		1,022		13,276
Gartner *		336		113,786
Gen Digital		2,429		71,631
Gitlab, Cl A *		591		25,892
GLOBALFOUNDRIES *		460		17,199
Globant *		193		16,262
GoDaddy, Cl A *		635		102,603
Grid Dynamics Holdings *		288		2,733
Guidewire Software *		374		84,606
Hackett Group		111		2,596

COMMON STOCK — continued
	Shares		Value
INFORMATION TECHNOLOGY— continued
Harmonic *		512	$	4,357
Hewlett Packard Enterprise		5,854		121,119
HP		4,223		104,730
HubSpot *		227		117,961
I3 Verticals, Cl A *		100		2,798
Ichor Holdings *		149		2,949
Identiv *		91		330
Immersion		128		892
Impinj *		115		17,777
Informatica, Cl A *		470		11,609
Information Services Group		174		750
Insight Enterprises *		141		16,720
Intapp *		244		9,772
Intel		17,802		352,480
InterDigital		114		29,435
International Business Machines		4,132		1,046,016
inTEST *		52		363
Intuit		1,223		960,214
IonQ *		905		36,082
IPG Photonics *		109		8,163
Itron *		202		25,157
Jabil		459		102,435
Jamf Holding *		348		2,763
Kaltura *		377		675
Keysight Technologies *		770		126,211
Kimball Electronics *		105		1,970
KLA		595		523,023
Klaviyo, Cl A *		391		12,160
Knowles *		380		7,718
Kulicke & Soffa Industries		231		7,568
Kyndryl Holdings *		1,029		38,865
Lam Research		5,720		542,485
Lattice Semiconductor *		607		30,247
Life360 *		338		25,887
Lightwave Logic *		554		1,291
Littelfuse		109		28,049
LivePerson *		326		305
LiveRamp Holdings *		285		9,354
Lumentum Holdings *		298		32,804
MACOM Technology Solutions Holdings *		283		38,811
Manhattan Associates *		269		59,089
MARA Holdings *		1,489		23,943
Marvell Technology		3,868		310,871
MaxLinear, Cl A *		353		5,584
Meridianlink *		134		2,141
Methode Electronics		153		1,004
Microchip Technology		2,363		159,715
Micron Technology		4,989		544,500
Microsoft		33,189		17,706,332
MicroStrategy, Cl A *		1,117		448,878
MicroVision *		1,054		1,170
Mirion Technologies, Cl A *		881		19,690
Mitek Systems *		190		1,714
MKS Instruments		301		28,649
Monday.com *		179		46,950

COMMON STOCK — continued
	Shares		Value
INFORMATION TECHNOLOGY— continued
MongoDB, Cl A *		351	$	83,499
Monolithic Power Systems		207		147,227
Motorola Solutions		746		327,479
N-Able *		325		2,626
Napco Security Technologies		155		4,732
Navitas Semiconductor, Cl A *		595		4,361
nCino *		465		12,985
NCR Voyix *		609		8,295
NetApp		910		94,758
NETGEAR *		121		2,813
NetScout Systems *		311		6,662
NextNav *		338		4,999
nLight *		214		4,496
Novanta *		160		19,683
Nutanix, Cl A *		1,142		85,844
NVE		21		1,330
NVIDIA		104,615		18,607,870
NXP Semiconductors		1,083		231,513
Okta, Cl A *		737		72,079
Olo, Cl A *		487		5,104
ON Semiconductor *		1,884		106,182
ON24 *		160		794
OneSpan		160		2,360
Onestream, Cl A *		305		7,274
Onto Innovation *		217		20,561
Ooma *		109		1,240
Oracle		6,945		1,762,433
OSI Systems *		71		15,692
Pagaya Technologies, Cl A *		216		6,491
PagerDuty *		380		6,126
Palantir Technologies, Cl A *		9,734		1,541,379
Palo Alto Networks *		2,924		507,606
PAR Technology *		178		10,819
PC Connection		51		3,141
PDF Solutions *		156		3,468
Pegasystems		408		23,954
Photronics *		273		5,558
Plexus *		119		15,173
Power Integrations		250		12,130
Procore Technologies *		505		36,173
Progress Software		190		9,135
PROS Holdings *		194		3,044
PTC *		534		114,709
Pure Storage, Cl A *		1,384		82,376
Q2 Holdings *		266		21,599
Qorvo *		416		34,778
QUALCOMM		4,888		717,363
Qualys *		161		21,424
Rackspace Technology *		348		421
Rambus *		476		35,191
Rapid7 *		281		5,935
Red Violet		48		2,128
Ribbon Communications *		409		1,538
Richardson Electronics		54		544
Rimini Street *		239		1,147
RingCentral, Cl A *		351		8,947

COMMON STOCK — continued
	Shares		Value
INFORMATION TECHNOLOGY— continued
Riot Platforms *		1,449	$	19,431
Riskified, Cl A *		336		1,714
Rogers *		82		5,378
Roper Technologies		481		264,742
Rubrik, Cl A *		343		32,568
Salesforce		4,170		1,077,236
Samsara, Cl A *		1,208		45,940
Sanmina *		231		26,805
ScanSource *		96		3,729
Seagate Technology Holdings PLC		947		148,688
SEMrush Holdings, Cl A *		231		2,070
Semtech *		379		19,367
SentinelOne, Cl A *		1,387		25,438
ServiceNow *		928		875,215
Silicon Laboratories *		142		18,711
SiTime *		84		17,039
SkyWater Technology *		47		421
Skyworks Solutions		686		47,018
SMART Global Holdings *		229		5,398
SmartRent, Cl A *		729		736
Snowflake, Cl A *		1,315		293,902
SolarEdge Technologies *		260		6,672
SoundHound AI, Cl A *		1,613		16,662
SoundThinking *		41		468
Sprinklr, Cl A *		500		4,505
Sprout Social, Cl A *		224		3,842
SPS Commerce *		168		18,289
Super Micro Computer *		1,987		117,173
Synaptics *		172		10,784
Synopsys *		824		521,979
TD SYNNEX		290		41,873
TE Connectivity PLC		1,329		273,442
Teledyne Technologies *		207		114,061
Tenable Holdings *		530		16,594
Teradata *		422		8,832
Teradyne		723		77,672
Terawulf *		1,435		7,405
Texas Instruments		4,068		736,552
Trimble *		1,065		89,343
TTM Technologies *		443		20,932
Tucows, Cl A *		30		517
Turtle Beach *		58		843
Twilio, Cl A *		623		80,367
Tyler Technologies *		193		112,820
UiPath, Cl A *		1,845		21,679
Ultra Clean Holdings *		197		4,436
Unisys *		297		1,227
Unity Software *		1,377		45,937
Universal Display		198		28,591
Varonis Systems, Cl B *		480		26,798
Veeco Instruments *		254		5,278
Verint Systems *		274		5,831
VeriSign		358		96,255
Vertex, Cl A *		290		9,619
Viant Technology, Cl A *		66		957
ViaSat *		536		8,806

COMMON STOCK — continued
	Shares		Value
INFORMATION TECHNOLOGY— continued
Viavi Solutions *		980	$	9,849
Vishay Intertechnology		546		8,949
Vishay Precision Group *		53		1,406
Vontier		661		27,412
Vuzix *		287		577
Weave Communications *		276		2,015
Western Digital		1,547		121,733
Wolfspeed *		686		1,029
Workday, Cl A *		958		219,746
Workiva, Cl A *		222		14,170
Xerox Holdings		513		2,078
Xperi *		194		1,168
Yext *		453		3,678
Zebra Technologies, Cl A *		226		76,619
Zeta Global Holdings, Cl A *		819		12,817
Zoom Video Communications, Cl A *		1,076		79,678
Zscaler *		435		124,219
				86,136,648

MATERIALS — 2.4%
AdvanSix		115		2,314
Air Products and Chemicals		976		280,971
Albemarle		526		35,689
Alcoa		1,148		34,406
Alpha Metallurgical Resources *		46		5,431
Alto Ingredients *		326		329
Amcor PLC		10,126		94,678
American Vanguard *		116		448
AptarGroup		294		46,199
Ardagh Metal Packaging		643		2,546
Ashland		209		10,776
Aspen Aerogels *		362		2,773
Avery Dennison		348		58,384
Avient		402		12,691
Axalta Coating Systems *		976		27,640
Balchem		145		22,108
Ball		1,260		72,148
Cabot		240		17,323
Carpenter Technology		217		54,118
Celanese, Cl A		500		26,115
Century Aluminum *		231		4,893
CF Industries Holdings		741		68,787
Chemours		664		7,955
Clearwater Paper *		70		1,579
Cleveland-Cliffs *		2,171		22,839
Coeur Mining *		2,648		23,011
Commercial Metals		502		26,034
Compass Minerals International *		184		3,667
Constellium, Cl A *		630		8,637
Corteva		3,050		219,997
CRH PLC		3,028		289,023
Crown Holdings		520		51,667
Dakota Gold *		392		1,411
Dow		3,158		73,550
DuPont de Nemours		1,665		119,714

COMMON STOCK — continued
	Shares		Value
MATERIALS— continued
Eagle Materials		148	$	33,195
Eastman Chemical		514		37,322
Ecolab		1,140		298,406
Ecovyst *		467		4,021
Element Solutions		1,014		23,930
Ferroglobe PLC		530		2,242
FMC		545		21,277
Freeport-McMoRan		6,408		257,858
Glatfelter *		158		1,967
Graphic Packaging Holding		1,335		29,851
Greif, Cl A		112		7,104
Greif, Cl B		12		788
Hawkins		86		14,042
HB Fuller		241		13,544
Hecla Mining		2,652		15,222
Huntsman		736		7,139
Ingevity *		162		6,770
Innospec		111		8,869
International Flavors & Fragrances		1,147		81,471
International Paper		2,360		110,306
Intrepid Potash *		53		1,764
Ivanhoe Electric *		383		3,661
Kaiser Aluminum		70		5,412
Knife River *		252		20,785
Koppers Holdings		86		2,826
Kronos Worldwide		97		519
Linde PLC		2,117		974,370
Louisiana-Pacific		282		25,496
LSB Industries *		228		1,762
LyondellBasell Industries, Cl A		1,145		66,330
Martin Marietta Materials		270		155,218
Materion		91		9,582
Mativ Holdings		237		1,569
Metallus *		181		2,860
Minerals Technologies		141		8,199
Mosaic		1,412		50,846
MP Materials *		599		36,839
Myers Industries		164		2,403
NewMarket		36		24,732
Newmont		4,987		309,693
Nucor		1,030		147,362
O-I Glass *		678		8,821
Olin		514		9,735
Olympic Steel		44		1,368
Origin Materials *		617		449
Packaging Corp of America		397		76,919
Perimeter Solutions *		635		10,243
Piedmont Lithium *		91		664
PPG Industries		1,016		107,188
PureCycle Technologies *		720		9,655
Quaker Chemical		62		7,094
Ramaco Resources, Cl A		128		2,605
Ramaco Resources, Cl B		28		375
Ranpak Holdings, Cl A *		205		748
Rayonier Advanced Materials *		280		1,075

COMMON STOCK — continued
	Shares		Value
MATERIALS— continued
Reliance		236	$	68,471
Royal Gold		294		44,517
RPM International		569		66,806
Ryerson Holding		119		2,451
Scotts Miracle-Gro, Cl A		188		11,780
Sealed Air		654		19,143
Sensient Technologies		187		20,998
Sherwin-Williams		1,036		342,792
Silgan Holdings		393		18,286
Smurfit WestRock PLC		2,332		103,494
Sonoco Products		438		19,741
Steel Dynamics		629		80,235
Stepan		95		4,823
SunCoke Energy		374		2,764
Sylvamo		152		7,003
Tredegar *		118		1,028
TriMas		165		5,895
Trinseo PLC		147		393
Tronox Holdings PLC, Cl A		526		1,678
United States Lime & Minerals		48		4,780
Vulcan Materials		587		161,231
Warrior Met Coal		231		11,869
Westlake		160		12,688
Worthington Steel		166		5,066
				5,812,274

REAL ESTATE — 2.5%
Acadia Realty Trust ‡		534		9,997
Agree Realty ‡		485		34,775
Alexander & Baldwin ‡		320		5,754
Alexander's ‡		9		2,261
Alpine Income Property Trust ‡		58		815
American Assets Trust ‡		207		3,939
American Healthcare REIT ‡		705		27,241
American Homes 4 Rent, Cl A ‡		1,427		49,503
American Tower ‡		2,095		436,577
Americold Realty Trust ‡		1,276		20,518
Anywhere Real Estate *		423		1,954
Apartment Investment and Management, Cl A ‡		592		4,979
Apple Hospitality ‡		952		11,186
Armada Hoffler Properties ‡		354		2,418
AvalonBay Communities ‡		637		118,660
Braemar Hotels & Resorts ‡		293		645
Brandywine Realty Trust ‡		750		3,000
Brixmor Property Group ‡		1,363		35,615
Broadstone Net Lease, Cl A ‡		824		13,382
BRT Apartments ‡		48		698
BXP ‡		706		46,194
Camden Property Trust ‡		482		52,634
CareTrust ‡		837		26,617
CBRE Group, Cl A *		1,309		203,864
Centerspace ‡		75		4,082
Chatham Lodging Trust ‡		214		1,459
City Office REIT ‡		173		1,201
Clipper Realty ‡		53		184

COMMON STOCK — continued
	Shares		Value
REAL ESTATE— continued
Compass, Cl A *		2,233	$	17,730
COPT Defense Properties ‡		505		13,776
CoStar Group *		1,869		177,879
Cousins Properties ‡		748		20,271
Crown Castle ‡		1,960		205,976
CTO Realty Growth ‡		141		2,328
CubeSmart ‡		1,020		39,688
Curbline Properties ‡		429		9,481
Cushman & Wakefield PLC *		1,023		12,470
DiamondRock Hospitality ‡		917		7,079
Digital Realty Trust ‡		1,510		266,424
Douglas Elliman *		320		880
Douglas Emmett ‡		729		11,052
Easterly Government Properties, Cl A ‡		182		4,008
EastGroup Properties ‡		234		38,198
Elme Communities ‡		390		5,881
Empire State Realty Trust, Cl A ‡		612		4,431
EPR Properties ‡		334		18,383
Equinix ‡		438		343,904
Equity LifeStyle Properties ‡		776		46,498
Equity Residential ‡		1,653		104,470
Essential Properties Realty Trust ‡		881		26,862
Essex Property Trust ‡		286		74,411
eXp World Holdings		349		3,762
Extra Space Storage ‡		942		126,567
Farmland Partners ‡		183		1,916
Federal Realty Investment Trust ‡		382		35,205
First Industrial Realty Trust ‡		592		28,842
Forestar Group *		86		2,133
Four Corners Property Trust ‡		442		11,156
FRP Holdings *		50		1,320
Getty Realty ‡		236		6,558
Gladstone Commercial ‡		203		2,669
Gladstone Land ‡		151		1,389
Global Net Lease ‡		886		6,193
Healthcare Realty Trust, Cl A ‡		1,559		23,946
Highwoods Properties ‡		475		13,780
Host Hotels & Resorts ‡		3,090		48,575
Howard Hughes Holdings *		138		9,485
Hudson Pacific Properties ‡		710		1,740
Independence Realty Trust ‡		1,028		17,240
InvenTrust Properties ‡		346		9,539
Invitation Homes ‡		2,569		78,740
Iron Mountain ‡		1,314		127,931
JBG SMITH Properties ‡		327		6,926
Jones Lang LaSalle *		209		56,505
Kennedy-Wilson Holdings		478		3,499
Kilroy Realty ‡		525		19,352
Kimco Realty ‡		2,982		63,308
Kite Realty Group Trust ‡		979		21,518
Lamar Advertising, Cl A ‡		392		47,922
Lineage ‡		316		13,635
LTC Properties ‡		201		6,842
LXP Industrial Trust, Cl B ‡		1,288		9,995
Macerich ‡		1,126		18,815

COMMON STOCK — continued
	Shares		Value
REAL ESTATE— continued
Marcus & Millichap		110	$	3,428
Maui Land & Pineapple *		31		527
Mid-America Apartment Communities ‡		521		74,206
National Health Investors ‡		200		13,972
National Storage Affiliates Trust ‡		316		9,309
NET Lease Office Properties *‡		66		2,191
NETSTREIT ‡		365		6,654
Newmark Group, Cl A		587		8,905
NexPoint Diversified Real Estate Trust ‡		147		645
NexPoint Residential Trust ‡		94		2,931
NNN REIT ‡		837		34,535
Office Properties Income Trust ‡		308		74
Omega Healthcare Investors ‡		1,286		50,025
One Liberty Properties ‡		68		1,522
Opendoor Technologies *		2,787		5,128
Orion Office REIT ‡		248		650
Outfront Media ‡		654		11,462
Paramount Group ‡		860		5,263
Park Hotels & Resorts ‡		835		8,901
Peakstone Realty Trust ‡		160		2,176
Pebblebrook Hotel Trust ‡		520		5,216
Phillips Edison ‡		560		18,922
Piedmont Office Realty Trust, Cl A ‡		548		4,143
Plymouth Industrial ‡		182		2,643
Postal Realty Trust, Cl A ‡		83		1,138
PotlatchDeltic ‡		345		14,107
Prologis ‡		4,147		442,817
Public Storage ‡		707		192,262
Rayonier ‡		693		16,154
RE/MAX Holdings, Cl A *		75		577
Realty Income ‡		3,980		223,397
Regency Centers ‡		809		57,763
Rexford Industrial Realty ‡		1,057		38,612
RLJ Lodging Trust ‡		658		4,869
RMR Group, Cl A		68		1,092
Ryman Hospitality Properties ‡		256		24,335
Sabra Health Care ‡		1,049		18,913
Safehold ‡		249		3,484
Saul Centers ‡		58		1,869
SBA Communications, Cl A ‡		480		107,866
Seaport Entertainment Group *		33		761
Seritage Growth Properties *		154		491
Service Properties Trust ‡		698		1,836
Sila Realty Trust ‡		245		5,988
Simon Property Group ‡		1,400		229,306
SITE Centers ‡		221		2,380
SL Green Realty ‡		318		18,206
Spirit MTA ‡(A)		11		—
St. Joe		182		9,191
STAG Industrial ‡		837		28,734
Star Holdings *		58		417
Stratus Properties *		32		510
Summit Hotel Properties ‡		478		2,495

COMMON STOCK — continued
	Shares		Value
REAL ESTATE— continued
Sun Communities ‡		563	$	69,829
Sunstone Hotel Investors ‡		892		7,805
Tanger ‡		493		14,800
Tejon Ranch *		98		1,760
Terreno Realty ‡		454		25,192
Transcontinental Realty Investors *		5		205
UDR ‡		1,479		58,110
UMH Properties ‡		327		5,324
Uniti Group ‡		1,071		5,698
Urban Edge Properties ‡		563		11,102
Veris Residential ‡		362		5,097
Vornado Realty Trust ‡		794		30,506
Welltower ‡		2,933		484,150
Weyerhaeuser ‡		3,245		81,287
Whitestone, Cl B ‡		221		2,694
WP Carey ‡		967		62,043
Xenia Hotels & Resorts ‡		451		5,732
Zillow Group, Cl A *		159		12,203
Zillow Group, Cl C *		731		58,151
				6,063,921

UTILITIES — 2.7%
AES		3,146		41,370
ALLETE		259		17,076
Alliant Energy		1,149		74,696
Ameren		1,206		121,963
American Electric Power		2,377		268,934
American States Water		171		12,584
American Water Works		871		122,149
Artesian Resources, Cl A		40		1,306
Atmos Energy		710		110,703
Avista		357		13,316
Black Hills		322		18,605
Cadiz *		243		773
California Water Service Group		265		12,050
CenterPoint Energy		2,916		113,199
Chesapeake Utilities		101		12,108
Clearway Energy, Cl A		135		4,155
Clearway Energy, Cl C		365		11,910
CMS Energy		1,325		97,785
Consolidated Edison		1,613		166,946
Consolidated Water		67		1,949
Constellation Energy		1,412		491,150
Dominion Energy		3,820		223,279
DTE Energy		815		112,804
Duke Energy		3,477		422,942
Edison International		1,724		89,855
Entergy		1,998		180,679
Essential Utilities		1,234		45,411
Evergy		1,006		71,225
Eversource Energy		1,634		108,007
Exelon		4,527		203,443
FirstEnergy		2,457		104,938
Genie Energy, Cl B		92		1,869
Global Water Resources		59		563

COMMON STOCK — continued
	Shares		Value
UTILITIES— continued
Hallador Energy *		136	$	2,399
Hawaiian Electric Industries *		773		8,287
IDACORP, Cl Rights		241		30,205
MDU Resources Group		903		15,577
MGE Energy		164		13,930
Middlesex Water		79		4,076
Montauk Renewables *		284		616
National Fuel Gas		400		34,716
New Jersey Resources		447		20,522
NextEra Energy		9,232		656,026
NextEra Energy Partners		420		4,003
NiSource		2,108		89,485
Northwest Natural Holding		177		7,066
Northwestern Energy Group		272		14,606
NRG Energy		897		149,978
OGE Energy		898		40,787
Oklo, Cl A *		515		39,444
ONE Gas		266		19,338
Ormat Technologies		261		23,336
Otter Tail		183		14,124
PG&E		9,844		138,013
Pinnacle West Capital		533		48,300
Portland General Electric		489		20,108
PPL		3,195		114,030
Public Service Enterprise Group		2,226		199,873
Pure Cycle *		87		853
Sempra		2,963		242,018
SJW Group		139		6,712
Southern		4,905		463,424
Southwest Gas Holdings		285		22,270
Spire		250		18,618
Talen Energy *		206		77,779
TXNM Energy		411		23,341
UGI		958		34,660
Unitil		71		3,662
Vistra		1,516		316,147
WEC Energy Group		1,430		155,984
Xcel Energy		2,584		189,769
York Water		64		1,937
				6,545,761

Total Common Stock
(Cost $173,055,317)				236,331,566

RIGHTS — 0.0%
	Number Of Rights		Value
AbioMed‡‡		101	$	—
Alibero Pharma‡‡		36		—
Blueprint Medicines‡‡		286		132
Cincor Pharma‡‡		31		—
Concert Pharmaceuticals‡‡		89		—
Flexion Therapeutics‡‡(A)		42		—
Icosavax‡‡		105		—
Inhibrx‡‡		132		—
Novartis‡‡		104		—
Poseida Therapeutics‡‡		286		143
Prevail Therapeutics‡‡(A)		16		—
Verve Therapeutics‡‡		321		202
Zimmer Biomet Holdings‡‡		206		18

Total Rights
(Cost $–)				495
WARRANT — 0.0%
	Number Of Warrants
Enovix, Strike Price $8.75,*
Expires 10/1/2026		102	$	477

Total Warrants
(Cost $–)				477
Total Investments in Securities— 97.2%
(Cost $173,055,317)			$	236,332,538

Percentages are based on Net Assets of $243,150,768.

#	More narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting purposes.
*	Non-income producing security.
‡	Real Estate Investment Trust.
‡‡	Expiration Date or Rate unavailable.
(A)	Level 3 security in accordance with fair value hierarchy.

A list of the open OTC swap agreements held by the Fund at July 31, 2025, is as follows:

Amounts designated as “—” are $0 or have been rounded to $0.

See “Glossary for abbreviations”.

KOC-QH-008-1200

SCHEDULE OF INVESTMENTS

COMMON STOCK — 97.7%#

	Shares		Value
REAL ESTATE — 97.7%
American Healthcare REIT ‡		68,381	$	2,642,242
American Homes 4 Rent, Cl A ‡		51,330		1,780,638
American Tower ‡		60,362		12,578,837
AvalonBay Communities ‡		16,380		3,051,266
Brixmor Property Group ‡		62,308		1,628,108
BXP ‡		24,616		1,610,625
Camden Property Trust ‡		18,291		1,997,377
CBRE Group, Cl A *		13,236		2,061,375
Cousins Properties ‡		45,164		1,223,944
Crown Castle ‡		39,473		4,148,218
CubeSmart ‡		33,429		1,300,722
Digital Realty Trust ‡		38,973		6,876,396
EastGroup Properties ‡		10,031		1,637,460
EPR Properties ‡		26,925		1,481,952
Equinix ‡		12,316		9,670,154
Equity LifeStyle Properties ‡		7,971		477,622
Equity Residential ‡		42,383		2,678,606
Essential Properties Realty Trust ‡		45,993		1,402,327
Essex Property Trust ‡		7,488		1,948,228
Extra Space Storage ‡		20,692		2,780,177
Highwoods Properties ‡		14,432		418,672
Host Hotels & Resorts ‡		21,673		340,699
Invitation Homes ‡		109,358		3,351,823
Iron Mountain ‡		30,836		3,002,193
Kimco Realty ‡		36,411		773,005
Mid-America Apartment Communities ‡		13,403		1,908,989
NNN REIT ‡		21,369		881,685
Omega Healthcare Investors ‡		52,229		2,031,708
Prologis ‡		111,024		11,855,143
Public Storage ‡		15,362		4,177,542
Realty Income ‡		116,751		6,553,234
Regency Centers ‡		39,224		2,800,594
Ryman Hospitality Properties ‡		14,515		1,379,796
SBA Communications, Cl A ‡		12,094		2,717,764
Simon Property Group ‡		35,934		5,885,630
Sun Communities ‡		18,238		2,262,059
Tanger ‡		51,886		1,557,618
Terreno Realty ‡		25,074		1,391,356
UDR ‡		38,623		1,517,498
Ventas ‡		25,089		1,685,479
Vornado Realty Trust ‡		21,200		814,504
Welltower ‡		88,582		14,622,231
Weyerhaeuser ‡		110,837		2,776,467
WP Carey ‡		30,551		1,960,152
				139,642,115
Total Common Stock
(Cost $139,419,399)				139,642,115
Total Investments in Securities— 97.7%
(Cost $139,419,399)			$	139,642,115

More narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting purposes.

Non-income producing security.

‡

Real Estate Investment Trust.

See “Glossary” for abbreviations.

KOC-QH-009-1200

SCHEDULE OF INVESTMENTS

COMMON STOCK — 96.6%#

	Shares		Value
AUSTRALIA — 3.3%
FINANCIALS — 1.1%
QBE Insurance Group		166,000	$	2,462,476

MATERIALS — 1.1%
BHP Group		97,436		2,460,764

REAL ESTATE — 1.1%
Goodman Group ‡		119,700		2,676,304

Total Australia				7,599,544

AUSTRIA — 0.6%
INDUSTRIALS — 0.6%
ANDRITZ		18,900		1,315,270

BRAZIL — 2.1%
CONSUMER DISCRETIONARY — 0.8%
MercadoLibre *		780		1,851,634

FINANCIALS — 1.3%
Itau Unibanco Holding		458,490		2,864,155

Total Brazil				4,715,789

CANADA — 10.0%
CONSUMER DISCRETIONARY — 1.3%
Dollarama		22,420		3,064,304

ENERGY — 1.4%
Canadian Natural Resources		104,420		3,305,327

FINANCIALS — 3.6%
Manulife Financial		114,660		3,547,542
Royal Bank of Canada		36,300		4,657,749
				8,205,291

INFORMATION TECHNOLOGY — 2.5%
Constellation Software		900		3,104,974
Shopify, Cl A *		19,700		2,408,047
				5,513,021

MATERIALS — 1.2%
Agnico Eagle Mines		21,500		2,669,035

Total Canada				22,756,978

CHINA — 11.0%
COMMUNICATION SERVICES — 2.6%
Tencent Holdings		85,300		5,972,044

CONSUMER DISCRETIONARY — 2.6%
Alibaba Group Holding		265,000		3,984,216
ANTA Sports Products		183,000		2,100,490
				6,084,706

COMMON STOCK — continued

	Shares		Value
CHINA — continued
FINANCIALS — 2.9%
Bank of China, Cl H		4,323,000	$	2,495,294
People's Insurance Group of China, Cl H		2,850,000		2,189,564
Shanghai Pudong Development Bank, Cl A		1,000,000		1,778,419
				6,463,277

INDUSTRIALS — 1.5%
NARI Technology, Cl A		463,928		1,410,318
Weichai Power, Cl H		944,000		2,001,154
				3,411,472

INFORMATION TECHNOLOGY — 1.4%
Xiaomi, Cl B *		481,600		3,240,182

Total China				25,171,681

FINLAND — 1.0%
INDUSTRIALS — 1.0%
Wartsila Abp		80,500		2,224,091

FRANCE — 7.1%
CONSUMER STAPLES — 1.4%
Danone		40,400		3,306,214

FINANCIALS — 1.7%
BNP Paribas		42,250		3,852,285

INDUSTRIALS — 1.4%
Vinci		23,240		3,228,245

MATERIALS — 1.2%
Air Liquide		13,600		2,675,619

UTILITIES — 1.4%
Engie		142,810		3,210,119

Total France				16,272,482

GERMANY — 6.2%
COMMUNICATION SERVICES — 1.4%
Deutsche Telekom		87,000		3,120,337

CONSUMER DISCRETIONARY — 1.8%
adidas		9,400		1,796,615
Continental		27,000		2,306,090
				4,102,705
INDUSTRIALS — 1.2%
Siemens		11,050		2,814,474

INFORMATION TECHNOLOGY — 1.8%
SAP		14,840		4,243,587

Total Germany				14,281,103

COMMON STOCK — continued

	Shares		Value
HONG KONG — 1.9%
COMMUNICATION SERVICES — 0.8%
China Tower, Cl H		1,340,000	$	1,875,083

CONSUMER STAPLES — 1.1%
WH Group		2,485,000		2,487,829

Total Hong Kong				4,362,912

INDIA — 4.8%
COMMUNICATION SERVICES — 1.2%
Bharti Airtel		125,600		2,734,205

FINANCIALS — 1.6%
ICICI Bank		212,440		3,577,343

HEALTH CARE — 1.1%
Divi's Laboratories		34,660		2,595,498

UTILITIES — 0.9%
Power Grid Corp of India		590,266		1,951,282

Total India				10,858,328

ITALY — 0.8%
ENERGY — 0.8%
Tenaris		100,000		1,746,519

JAPAN — 10.2%
CONSUMER DISCRETIONARY — 1.3%
Honda Motor		195,000		2,018,816
ZOZO		100,500		994,887
				3,013,703

FINANCIALS — 2.9%
Mitsubishi UFJ Financial Group		274,400		3,781,992
Tokio Marine Holdings		67,300		2,702,292
				6,484,284

HEALTH CARE — 1.1%
Hoya		19,160		2,417,279

INDUSTRIALS — 2.8%
ITOCHU		61,000		3,199,609
Komatsu		102,200		3,292,670
				6,492,279

MATERIALS — 1.2%
Nitto Denko		138,000		2,855,760

REAL ESTATE — 0.9%
Mitsui Fudosan		219,300		1,960,169

Total Japan				23,223,474

COMMON STOCK — continued

	Shares		Value
LUXEMBOURG — 1.0%
MATERIALS — 1.0%
ArcelorMittal		75,450	$	2,352,245

MEXICO — 1.5%
CONSUMER STAPLES — 0.4%
La Comer *		495,037		1,063,580

FINANCIALS — 1.1%
Grupo Financiero Banorte		278,000		2,475,843

Total Mexico				3,539,423

NETHERLANDS — 1.1%
CONSUMER STAPLES — 1.1%
Koninklijke Ahold Delhaize		65,500		2,587,019

NORWAY — 1.0%
COMMUNICATION SERVICES — 1.0%
Telenor		154,000		2,362,499

SINGAPORE — 1.2%
FINANCIALS — 1.2%
United Overseas Bank		101,640		2,823,837

SOUTH KOREA — 3.8%
CONSUMER DISCRETIONARY — 0.8%
Kia		23,470		1,717,319

FINANCIALS — 1.2%
KB Financial Group		34,581		2,747,399

INFORMATION TECHNOLOGY — 1.8%
Samsung Electronics		82,520		4,205,547

Total South Korea				8,670,265

SPAIN — 5.9%
CONSUMER DISCRETIONARY — 2.0%
Amadeus IT Group		30,040		2,412,029
Industria de Diseno Textil		45,440		2,170,537
				4,582,566

FINANCIALS — 2.6%
CaixaBank		383,800		3,610,913
Mapfre		587,700		2,393,458
				6,004,371

INDUSTRIALS — 1.3%
Aena SME		111,000		2,989,025

Total Spain				13,575,962

COMMON STOCK — continued

	Shares		Value
SWITZERLAND — 1.9%
FINANCIALS — 1.9%
UBS Group		113,760	$	4,227,779

TAIWAN — 6.8%
FINANCIALS — 1.4%
CTBC Financial Holding		2,355,000		3,235,999

INFORMATION TECHNOLOGY — 5.4%
ASML Holding		4,750		3,292,102
Taiwan Semiconductor
Manufacturing		233,160		8,976,494
				12,268,596

Total Taiwan				15,504,595

UNITED KINGDOM — 5.8%
CONSUMER STAPLES — 1.6%
Unilever PLC		62,130		3,604,826

FINANCIALS — 3.9%
3i Group PLC		61,460		3,358,320
Investec PLC		234,500		1,725,023
Lloyds Banking Group PLC		3,705,000		3,799,298
				8,882,641

REAL ESTATE — 0.3%
British Land ‡		165,000		758,332

Total United Kingdom				13,245,799

UNITED STATES — 7.6%
CONSUMER STAPLES — 0.8%
Nestle PLC		20,700		1,808,706

ENERGY — 2.1%
Shell PLC		135,400		4,865,364

FINANCIALS — 1.2%
Swiss Re		15,500		2,774,522

INDUSTRIALS — 1.6%
Schneider Electric		14,000		3,623,110

MATERIALS — 1.9%
CRH PLC		24,620		2,333,279
Linde PLC		4,193		1,929,870
				4,263,149

Total United States				17,334,851

Total Common Stock
(Cost $169,860,148)				220,752,445
Total Investments in Securities— 96.6%
(Cost $169,860,148)			$	220,752,445

Percentages are based on Net Assets of $228,633,855.

More narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting purposes.

Non-income producing security.

‡

Real Estate Investment Trust.

See “Glossary” for abbreviations.

KOC-QH-006-2100

Glossary: (abbreviations which may be used in the preceding Schedules of Investments)

THE ADVISORS’ INNER CIRCLE FUND III	KNIGHTS OF COLUMBUS
	CORE BOND FUND
	JULY 31, 2025
	(Unaudited)

THE ADVISORS’ INNER CIRCLE FUND III	KNIGHTS OF COLUMBUS
	CORE BOND FUND
	JULY 31, 2025
	(Unaudited)

THE ADVISORS’ INNER CIRCLE FUND III	KNIGHTS OF COLUMBUS
	CORE BOND FUND
	JULY 31, 2025
	(Unaudited)

THE ADVISORS’ INNER CIRCLE FUND III	KNIGHTS OF COLUMBUS
	CORE BOND FUND
	JULY 31, 2025
	(Unaudited)

THE ADVISORS’ INNER CIRCLE FUND III	KNIGHTS OF COLUMBUS
	CORE BOND FUND
	JULY 31, 2025
	(Unaudited)

Description	Number of Contracts		Notional Amount		Exercise Price		Expiration Date	Value
PURCHASED OPTIONS — 0.0%
Put Options
iShares Russell 2000 ETF		514	$	11,276,646	$	160.00	09/30/25	$	10,794
SPDR S&P 500 ETF Trust		138		8,722,704		550.00	09/30/25		28,980
SPDR S&P 500 ETF Trust		216		13,652,928		450.00	09/30/25		11,448
SPDR S&P 500 ETF Trust		302		19,088,816		505.00	07/31/25		302
			$	52,741,094				$	51,524
TOTAL PURCHASED OPTIONS
(Cost $1,580,310)			$	52,741,094				$	51,524

THE ADVISORS’ INNER CIRCLE FUND III	KNIGHTS OF COLUMBUS
	U.S. ALL CAP INDEX FUND
	JULY 31, 2025
	(Unaudited)

Shares	Description	Notional Amount ($)	Unrealized Appreciation ($)	Percentage of Basket (%)
127	3M Co	11,616	141		0.2
148	Accenture PLC	24,193	294		0.4
101	Adobe Inc	22,015	267		0.3
382	Advanced Micro Devices Inc	41,222	500		0.6
43	Aercap Holdings Nv	2,811	34		0.0
51	Air Products And Chemicals Inc	9,065	110		0.1
90	Airbnb Inc	7,283	88		0.1
62	Allstate Corp/The	7,659	93		0.1
31	Alnylam Pharmaceuticals Inc	7,355	89		0.1
1,374	Alphabet Inc, Class A	161,170	1,956		2.5
1,108	Alphabet Inc, Class C	130,681	1,586		2.0
534	Amcor Plc	3,054	37		0.1
64	Ameren Corp	3,934	48		0.1
125	American Electric Power Co Inc	8,674	105		0.1
119	American Express Co	21,769	264		0.3
137	American International Group Inc	6,526	79		0.1
111	American Tower Corp	14,081	171		0.2
46	American Water Works Co Inc	3,942	48		0.1
23	Ameriprise Financial Inc	7,167	87		0.1
54	Ametek Inc	6,147	75		0.1
285	Amphenol Corp	18,545	225		0.3
117	Analog Devices Inc	16,061	195		0.3
49	Aon PLC	10,745	130		0.2
94	Apollo Global Management Inc	8,359	101		0.1
3,483	Apple Inc	442,015	5,366		6.8
192	Applied Materials Inc	21,099	256		0.3
59	Applovin Corp	14,079	171		0.2
84	Arch Capital Group Ltd	4,424	54		0.1
113	Archer-Daniels-Midland Co	3,731	45		0.1
49	Ares Management Corp	5,540	67		0.1
233	Arista Networks Inc	17,547	213		0.3
60	Arthur J Gallagher & Co	10,525	128		0.2
1,702	AT&T Inc	28,526	346		0.4
38	Atlassian Corp	4,513	55		0.1
37	Atmos Energy Corp	3,571	43		0.1
50	Autodesk Inc	9,323	113		0.1
96	Automatic Data Processing Inc	18,152	220		0.3
4	Autozone Inc	9,101	110		0.1
34	Avalonbay Communities Inc	3,825	46		0.1
17	Axon Enterprise Inc	8,048	98		0.1
234	Baker Hughes Co	6,443	78		0.1
1,634	Bank Of America Corp	47,224	573		0.7
168	Bank Of New York Mellon Corp/The	10,447	127		0.2
311	Berkshire Hathaway Inc	89,755	1,090		1.4
34	Blackrock Inc	22,716	276		0.4
171	Blackstone Inc	18,064	219		0.3
131	Block Inc	6,170	75		0.1
8	Booking Holdings Inc	25,814	313		0.4
350	Boston Scientific Corp	22,426	272		0.3
1,092	Broadcom Inc	196,020	2,380		3.0
28	Broadridge Financial Solutions Inc	4,166	51		0.1
57	Brown & Brown Inc	3,173	39		0.1
65	Cadence Design Systems Inc	14,422	175		0.2
148	Capital One Financial Corp	19,401	236		0.3
57	Cardinal Health Inc	5,391	65		0.1
246	Carnival Corp	4,482	54		0.1
190	Carrier Global Corp	7,980	97		0.1
30	Carvana Co	7,103	86		0.1
9	Casey's General Stores Inc	2,780	34		0.0
113	Caterpillar Inc	30,247	367		0.5
25	Cboe Global Markets Inc	3,639	44		0.1

Fund Abbreviations	Currency Abbreviation
BDC — Business Development Company	USD — United States Dollar
Cl — Class
CLO — Collateralized Loan Obligation
ETF — Exchange Traded Fund
FHLMC — Federal Home Loan Mortgage Corporation
FNMA — Federal National Mortgage Association
FREMF — Freddie Mac Multi-Family
GNMA — Government National Mortgage Association
H15T1Y — 1 Year U.S. Treasury Yield Curve Constant Maturity
H15T5Y — 5 Year U.S. Treasury Yield Curve Constant Maturity
MSCI — Morgan Stanley Capital International
MTN — Medium Term Note
PLC — Public Limited Company
RB — Revenue Bond
REIT — Real Estate Investment Trust
S&P — Standard & Poor's
Ser — Series
SOFR30A — Secured Overnight Financing Rate 30-day Average
SOFR90A — Secured Overnight Financing Rate 90-day Average
SOFRINDX — Secured Overnight Financing Rate Index
TSFR1M — 1 Month Term Secured Overnight Financing Rate
TSFR3M — 3 Month Term Secured Overnight Financing Rate
USSW5 — United States 5 Year Interest Swap Rate