# EDGAR Filing Document

**Accession Number:** 0001547576
**File Stem:** 0001752724-23-049034
**Filing Date:** 2023-3
**Character Count:** 67397
**Document Hash:** f71467d50b19be87e9c0c91ca3d27c64
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-049034.hdr.sgml**: 20230301

**ACCESSION NUMBER**: 0001752724-23-049034

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230301

**DATE AS OF CHANGE**: 20230301

**PERIOD START**: 20230331

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Krane Shares Trust
- **CENTRAL INDEX KEY:** 0001547576
- **IRS NUMBER:** 456861457
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22698
- **FILM NUMBER:** 23690736

**BUSINESS ADDRESS:**
- **STREET 1:** 280 PARK AVENUE
- **STREET 2:** 32ND FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10017
- **BUSINESS PHONE:** 646-479-5031

**MAIL ADDRESS:**
- **STREET 1:** 280 PARK AVENUE
- **STREET 2:** 32ND FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10017

## Series and Classes Contracts Data

### KFA Large Cap Quality Dividend Index ETF (Series ID: S000065596)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000212213 | KFA Large Cap Quality Dividend Index ETF | KLCD            |

## Nport-Ex

Schedule of Investments (Unaudited) December 31, 2022

**KFA Large Cap Quality Dividend Index ETF**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 99.8% ‡** |  |  |
| **Bermuda — 0.8%** |  |  |
| Financials — 0.8% |  |  |
| &nbsp;&nbsp;&nbsp;RenaissanceRe Holdings | 257 | $47347 |
| TOTAL BERMUDA |  | 47347 |
| **United Kingdom — 0.8%** |  |  |
| Materials — 0.8% |  |  |
| &nbsp;&nbsp;&nbsp;Linde | 144 | 46970 |
| TOTAL UNITED KINGDOM |  | 46970 |
| **United States — 98.2%** |  |  |
| Communication Services — 4.2% |  |  |
| &nbsp;&nbsp;&nbsp;Activision Blizzard | 641 | 49069 |
| &nbsp;&nbsp;&nbsp;Comcast, Cl A | 1351 | 47244 |
| &nbsp;&nbsp;&nbsp;Interpublic Group of Companies | 1436 | 47833 |
| &nbsp;&nbsp;&nbsp;Nexstar Media Group, Cl A | 265 | 46383 |
| &nbsp;&nbsp;&nbsp;Omnicom Group | 616 | 50247 |
|  |  | 240776 |
| Consumer Discretionary — 4.8% |  |  |
| &nbsp;&nbsp;&nbsp;Genuine Parts | 260 | 45113 |
| &nbsp;&nbsp;&nbsp;McDonald's | 178 | 46908 |
| &nbsp;&nbsp;&nbsp;Polaris | 416 | 42016 |
| &nbsp;&nbsp;&nbsp;Service International | 682 | 47153 |
| &nbsp;&nbsp;&nbsp;Starbucks | 462 | 45830 |
| &nbsp;&nbsp;&nbsp;Tractor Supply | 216 | 48594 |
|  |  | 275614 |
| Consumer Staples — 10.5% |  |  |
| &nbsp;&nbsp;&nbsp;Archer-Daniels-Midland | 529 | 49118 |
| &nbsp;&nbsp;&nbsp;Brown-Forman, Cl B | 652 | 42823 |
| &nbsp;&nbsp;&nbsp;Casey's General Stores | 208 | 46665 |
| &nbsp;&nbsp;&nbsp;Coca-Cola | 755 | 48025 |
| &nbsp;&nbsp;&nbsp;Costco Wholesale | 99 | 45193 |
| &nbsp;&nbsp;&nbsp;Flowers Foods | 1617 | 46473 |
| &nbsp;&nbsp;&nbsp;Hershey | 207 | 47935 |
| &nbsp;&nbsp;&nbsp;Hormel Foods | 1018 | 46370 |
| &nbsp;&nbsp;&nbsp;J M Smucker | 314 | 49756 |
| &nbsp;&nbsp;&nbsp;Kellogg | 657 | 46805 |
| &nbsp;&nbsp;&nbsp;PepsiCo | 262 | 47333 |
| &nbsp;&nbsp;&nbsp;Sysco | 568 | 43424 |
| &nbsp;&nbsp;&nbsp;Walmart | 317 | 44947 |
|  |  | 604867 |
| Financials — 17.6% |  |  |
| &nbsp;&nbsp;&nbsp;Aflac | 671 | 48272 |
| &nbsp;&nbsp;&nbsp;Allstate | 371 | 50308 |
| &nbsp;&nbsp;&nbsp;Ameriprise Financial | 147 | 45771 |

---

Schedule of Investments (Unaudited) December 31, 2022

**KFA Large Cap Quality Dividend Index ETF**

---

| | | |
|:---|:---|:---|
|  | **Shares**  | **Value**  |
| **COMMON STOCK — continued** |  |  |
| Financials — continued |  |  |
| &nbsp;&nbsp;&nbsp;Aon, Cl A | 159 | $47722 |
| &nbsp;&nbsp;&nbsp;Arthur J Gallagher | 241 | 45438 |
| &nbsp;&nbsp;&nbsp;Assured Guaranty | 730 | 45450 |
| &nbsp;&nbsp;&nbsp;Axis Capital Holdings | 844 | 45720 |
| &nbsp;&nbsp;&nbsp;BOK Financial | 461 | 47847 |
| &nbsp;&nbsp;&nbsp;Cboe Global Markets | 379 | 47553 |
| &nbsp;&nbsp;&nbsp;Chubb | 221 | 48753 |
| &nbsp;&nbsp;&nbsp;Commerce Bancshares | 686 | 46682 |
| &nbsp;&nbsp;&nbsp;Cullen/Frost Bankers | 343 | 45859 |
| &nbsp;&nbsp;&nbsp;Erie Indemnity, Cl A | 176 | 43775 |
| &nbsp;&nbsp;&nbsp;FactSet Research Systems | 104 | 41726 |
| &nbsp;&nbsp;&nbsp;Globe Life | 401 | 48341 |
| &nbsp;&nbsp;&nbsp;Hanover Insurance Group | 332 | 44863 |
| &nbsp;&nbsp;&nbsp;Marsh & McLennan | 280 | 46334 |
| &nbsp;&nbsp;&nbsp;Nasdaq | 704 | 43190 |
| &nbsp;&nbsp;&nbsp;Primerica | 330 | 46801 |
| &nbsp;&nbsp;&nbsp;Raymond James Financial | 407 | 43488 |
| &nbsp;&nbsp;&nbsp;Travelers | 256 | 47997 |
| &nbsp;&nbsp;&nbsp;W R Berkley | 640 | 46445 |
|  |  | 1018335 |
| Health Care — 8.9% |  |  |
| &nbsp;&nbsp;&nbsp;AbbVie | 297 | 47998 |
| &nbsp;&nbsp;&nbsp;AmerisourceBergen, Cl A | 279 | 46233 |
| &nbsp;&nbsp;&nbsp;Amgen | 170 | 44649 |
| &nbsp;&nbsp;&nbsp;Bristol-Myers Squibb | 599 | 43098 |
| &nbsp;&nbsp;&nbsp;Cardinal Health | 600 | 46122 |
| &nbsp;&nbsp;&nbsp;Chemed | 93 | 47470 |
| &nbsp;&nbsp;&nbsp;Elevance Health | 93 | 47706 |
| &nbsp;&nbsp;&nbsp;Humana | 89 | 45585 |
| &nbsp;&nbsp;&nbsp;Johnson & Johnson | 272 | 48049 |
| &nbsp;&nbsp;&nbsp;Merck | 441 | 48929 |
| &nbsp;&nbsp;&nbsp;UnitedHealth Group | 91 | 48246 |
|  |  | 514085 |
| Industrials — 20.2% |  |  |
| &nbsp;&nbsp;&nbsp;AGCO | 357 | 49512 |
| &nbsp;&nbsp;&nbsp;Booz Allen Hamilton Holding, Cl A | 447 | 46720 |
| &nbsp;&nbsp;&nbsp;Carlisle | 187 | 44067 |
| &nbsp;&nbsp;&nbsp;Cummins | 194 | 47005 |
| &nbsp;&nbsp;&nbsp;Donaldson | 798 | 46978 |
| &nbsp;&nbsp;&nbsp;Eaton | 297 | 46614 |
| &nbsp;&nbsp;&nbsp;Emerson Electric | 501 | 48126 |
| &nbsp;&nbsp;&nbsp;General Dynamics | 190 | 47141 |
| &nbsp;&nbsp;&nbsp;HEICO | 296 | 45477 |
| &nbsp;&nbsp;&nbsp;Honeywell International | 222 | 47575 |
| &nbsp;&nbsp;&nbsp;Hubbell, Cl B | 195 | 45763 |
| &nbsp;&nbsp;&nbsp;Huntington Ingalls Industries | 203 | 46828 |
| &nbsp;&nbsp;&nbsp;IDEX | 201 | 45894 |
| &nbsp;&nbsp;&nbsp;Illinois Tool Works | 213 | 46924 |

---

Schedule of Investments (Unaudited) December 31, 2022

**KFA Large Cap Quality Dividend Index ETF**

---

| | | |
|:---|:---|:---|
|  | **Shares**  | **Value**  |
| **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
| Industrials — continued |  |  |
| &nbsp;&nbsp;&nbsp;Lincoln Electric Holdings | 327 | $47248 |
| &nbsp;&nbsp;&nbsp;Lockheed Martin | 98 | 47676 |
| &nbsp;&nbsp;&nbsp;MDU Resources Group | 1535 | 46572 |
| &nbsp;&nbsp;&nbsp;Northrop Grumman | 89 | 48559 |
| &nbsp;&nbsp;&nbsp;PACCAR | 459 | 45427 |
| &nbsp;&nbsp;&nbsp;Republic Services, Cl A | 345 | 44502 |
| &nbsp;&nbsp;&nbsp;Snap-on | 198 | 45241 |
| &nbsp;&nbsp;&nbsp;Toro | 433 | 49016 |
| &nbsp;&nbsp;&nbsp;Waste Management | 286 | 44868 |
| &nbsp;&nbsp;&nbsp;WW Grainger | 81 | 45056 |
| &nbsp;&nbsp;&nbsp;Xylem | 428 | 47324 |
|  |  | 1166113 |
| Information Technology — 9.5% |  |  |
| &nbsp;&nbsp;&nbsp;Amdocs | 538 | 48904 |
| &nbsp;&nbsp;&nbsp;Amphenol, Cl A | 602 | 45836 |
| &nbsp;&nbsp;&nbsp;Analog Devices | 288 | 47241 |
| &nbsp;&nbsp;&nbsp;Automatic Data Processing | 180 | 42995 |
| &nbsp;&nbsp;&nbsp;Cisco Systems | 977 | 46544 |
| &nbsp;&nbsp;&nbsp;International Business Machines | 327 | 46071 |
| &nbsp;&nbsp;&nbsp;Jack Henry & Associates | 254 | 44592 |
| &nbsp;&nbsp;&nbsp;KLA | 125 | 47129 |
| &nbsp;&nbsp;&nbsp;Mastercard, Cl A | 135 | 46944 |
| &nbsp;&nbsp;&nbsp;Microchip Technology | 629 | 44187 |
| &nbsp;&nbsp;&nbsp;National Instruments | 1161 | 42841 |
| &nbsp;&nbsp;&nbsp;Visa, Cl A | 224 | 46538 |
|  |  | 549822 |
| Materials — 7.0% |  |  |
| &nbsp;&nbsp;&nbsp;Air Products and Chemicals | 153 | 47164 |
| &nbsp;&nbsp;&nbsp;Albemarle | 172 | 37300 |
| &nbsp;&nbsp;&nbsp;Nucor | 316 | 41652 |
| &nbsp;&nbsp;&nbsp;Reliance Steel & Aluminum | 228 | 46156 |
| &nbsp;&nbsp;&nbsp;Royal Gold | 427 | 48131 |
| &nbsp;&nbsp;&nbsp;RPM International | 464 | 45217 |
| &nbsp;&nbsp;&nbsp;Silgan Holdings | 893 | 46293 |
| &nbsp;&nbsp;&nbsp;Sonoco Products | 776 | 47111 |
| &nbsp;&nbsp;&nbsp;Steel Dynamics | 444 | 43379 |
|  |  | 402403 |
| Real Estate — 7.3% |  |  |
| &nbsp;&nbsp;&nbsp;American Tower † | 221 | 46821 |
| &nbsp;&nbsp;&nbsp;EastGroup Properties † | 309 | 45750 |
| &nbsp;&nbsp;&nbsp;Equity LifeStyle Properties † | 733 | 47352 |
| &nbsp;&nbsp;&nbsp;Extra Space Storage † | 305 | 44890 |
| &nbsp;&nbsp;&nbsp;Federal Realty Investment Trust † | 443 | 44761 |
| &nbsp;&nbsp;&nbsp;First Industrial Realty Trust † | 957 | 46185 |
| &nbsp;&nbsp;&nbsp;National Retail Properties † | 1049 | 48002 |
| &nbsp;&nbsp;&nbsp;Realty Income † | 770 | 48841 |

---

Schedule of Investments (Unaudited) December 31, 2022

**KFA Large Cap Quality Dividend Index ETF**

---

| | | |
|:---|:---|:---|
|  | **Shares**  | **Value**  |
| **COMMON STOCK — continued** |  |  |
| Real Estate — continued |  |  |
| &nbsp;&nbsp;&nbsp;WP Carey † | 591 | $46187 |
|  |  | 418789 |
| Utilities — 8.2% |  |  |
| &nbsp;&nbsp;&nbsp;AES | 1688 | 48547 |
| &nbsp;&nbsp;&nbsp;American Electric Power | 510 | 48425 |
| &nbsp;&nbsp;&nbsp;Atmos Energy | 416 | 46621 |
| &nbsp;&nbsp;&nbsp;Consolidated Edison | 497 | 47369 |
| &nbsp;&nbsp;&nbsp;Essential Utilities | 1003 | 47873 |
| &nbsp;&nbsp;&nbsp;IDACORP | 446 | 48101 |
| &nbsp;&nbsp;&nbsp;NextEra Energy | 570 | 47652 |
| &nbsp;&nbsp;&nbsp;Pinnacle West Capital | 621 | 47221 |
| &nbsp;&nbsp;&nbsp;Sempra Energy | 292 | 45126 |
| &nbsp;&nbsp;&nbsp;WEC Energy Group | 504 | 47255 |
|  |  | 474190 |
| TOTAL UNITED STATES |  | 5664994 |
| TOTAL COMMON STOCK |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $5,578,209) |  | 5759311 |
| TOTAL INVESTMENTS — 99.8% |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $5,578,209) |  | 5759311 |
| OTHER ASSETS LESS LIABILITIES – 0.2% |  | 11631 |
| NET ASSETS - 100% |  | $5770942 |

---

‡ Industries
 are utilized for compliance purposes, whereas sectors are utilized for reporting.

† Real
 Estate Investment Trust

*Cl — Class*

As of December 31, 2022, all of the Fund's investments were considered Level 1 of the fair value hierarchy, in accordance with the authoritative guidance under U.S. GAAP.

For information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semi-annual and annual financial statements.

KRS-QH-017-0800

Schedule of Investments (Unaudited) December 31, 2022

**KFA Small Cap Quality Dividend Index ETF**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 99.9% ‡** | **COMMON STOCK — 99.9% ‡** | **COMMON STOCK — 99.9% ‡** |
| **United States — 99.9%** |  |  |
| Communication Services — 3.8% |  |  |
| &nbsp;&nbsp;&nbsp;Cogent Communications Holdings | 2284 | $130371 |
| &nbsp;&nbsp;&nbsp;John Wiley & Sons, Cl A | 2800 | 112168 |
|  |  | 242539 |
| Consumer Staples — 9.7% |  |  |
| &nbsp;&nbsp;&nbsp;J & J Snack Foods | 803 | 120217 |
| &nbsp;&nbsp;&nbsp;Lancaster Colony | 647 | 127653 |
| &nbsp;&nbsp;&nbsp;SpartanNash | 3901 | 117966 |
| &nbsp;&nbsp;&nbsp;Tootsie Roll Industries | 2844 | 121080 |
| &nbsp;&nbsp;&nbsp;Universal | 2286 | 120724 |
|  |  | 607640 |
| Financials — 28.8% |  |  |
| &nbsp;&nbsp;&nbsp;AMERISAFE | 2432 | 126391 |
| &nbsp;&nbsp;&nbsp;Associated Banc-Corp | 5379 | 124201 |
| &nbsp;&nbsp;&nbsp;City Holding | 1292 | 120272 |
| &nbsp;&nbsp;&nbsp;Federal Agricultural Mortgage, Cl C | 1047 | 118007 |
| &nbsp;&nbsp;&nbsp;First Financial | 2746 | 126536 |
| &nbsp;&nbsp;&nbsp;First Interstate BancSystem, Cl A | 3048 | 117805 |
| &nbsp;&nbsp;&nbsp;Fulton Financial | 7069 | 118971 |
| &nbsp;&nbsp;&nbsp;Glacier Bancorp | 2234 | 110404 |
| &nbsp;&nbsp;&nbsp;Independent Bank | 1437 | 121326 |
| &nbsp;&nbsp;&nbsp;International Bancshares | 2505 | 114629 |
| &nbsp;&nbsp;&nbsp;Lakeland Bancorp | 7043 | 124027 |
| &nbsp;&nbsp;&nbsp;Northwest Bancshares | 8682 | 121374 |
| &nbsp;&nbsp;&nbsp;Tompkins Financial | 1591 | 123430 |
| &nbsp;&nbsp;&nbsp;United Bankshares | 3054 | 123657 |
| &nbsp;&nbsp;&nbsp;WesBanco | 3280 | 121295 |
|  |  | 1812325 |
| Health Care — 4.1% |  |  |
| &nbsp;&nbsp;&nbsp;Ensign Group | 1393 | 131792 |
| &nbsp;&nbsp;&nbsp;LeMaitre Vascular | 2774 | 127659 |
|  |  | 259451 |
| Industrials — 17.6% |  |  |
| &nbsp;&nbsp;&nbsp;Alamo Group | 862 | 122059 |
| &nbsp;&nbsp;&nbsp;Apogee Enterprises | 2721 | 120976 |
| &nbsp;&nbsp;&nbsp;Applied Industrial Technologies | 996 | 125526 |
| &nbsp;&nbsp;&nbsp;Griffon | 3646 | 130490 |
| &nbsp;&nbsp;&nbsp;Hillenbrand | 2468 | 105310 |
| &nbsp;&nbsp;&nbsp;Lindsay | 743 | 120997 |
| &nbsp;&nbsp;&nbsp;Matthews International, Cl A | 4138 | 125961 |
| &nbsp;&nbsp;&nbsp;McGrath RentCorp | 1321 | 130435 |
| &nbsp;&nbsp;&nbsp;Trinity Industries | 4158 | 122952 |
|  |  | 1104706 |

---

Schedule of Investments (Unaudited) December 31, 2022

**KFA Small Cap Quality Dividend Index ETF**

---

| | | |
|:---|:---|:---|
|  | **Shares**  | **Value**  |
| **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
| Information Technology — 3.9% |  |  |
| &nbsp;&nbsp;&nbsp;Badger Meter | 1139 | $124185 |
| &nbsp;&nbsp;&nbsp;Power Integrations | 1673 | 119988 |
|  |  | 244173 |
| Materials — 9.3% |  |  |
| &nbsp;&nbsp;&nbsp;Balchem | 934 | 114051 |
| &nbsp;&nbsp;&nbsp;HB Fuller | 1628 | 116597 |
| &nbsp;&nbsp;&nbsp;Quaker Chemical | 682 | 113826 |
| &nbsp;&nbsp;&nbsp;Stepan | 1156 | 123068 |
| &nbsp;&nbsp;&nbsp;Worthington Industries | 2309 | 114780 |
|  |  | 582322 |
| Real Estate — 6.0% |  |  |
| &nbsp;&nbsp;&nbsp;Agree Realty † | 1857 | 131717 |
| &nbsp;&nbsp;&nbsp;STAG Industrial † | 3978 | 128529 |
| &nbsp;&nbsp;&nbsp;Universal Health Realty Income Trust † | 2436 | 116270 |
|  |  | 376516 |
| Utilities — 16.7% |  |  |
| &nbsp;&nbsp;&nbsp;ALLETE | 1991 | 128439 |
| &nbsp;&nbsp;&nbsp;American States Water | 1333 | 123369 |
| &nbsp;&nbsp;&nbsp;California Water Service Group | 2036 | 123463 |
| &nbsp;&nbsp;&nbsp;New Jersey Resources | 2679 | 132932 |
| &nbsp;&nbsp;&nbsp;Northwest Natural Holding | 2798 | 133157 |
| &nbsp;&nbsp;&nbsp;SJW Group | 1763 | 143138 |
| &nbsp;&nbsp;&nbsp;South Jersey Industries | 3850 | 136791 |
| &nbsp;&nbsp;&nbsp;Spire | 1901 | 130903 |
|  |  | 1052192 |
| TOTAL UNITED STATES |  | 6281864 |
| TOTAL COMMON STOCK |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $6,112,035) |  | 6281864 |
| TOTAL INVESTMENTS — 99.9% |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $6,112,035) |  | 6281864 |
| OTHER ASSETS LESS LIABILITIES – 0.1% |  | 5739 |
| NET ASSETS - 100% |  | $6287603 |

---

‡ Industries
 are utilized for compliance purposes, whereas sectors are utilized for reporting.

† Real
 Estate Investment Trust

*Cl — Class*

As of December 31, 2022, all of the Fund's investments were considered Level 1 of the fair value hierarchy, in accordance with the authoritative guidance under U.S. GAAP.

For information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semi-annual and annual financial statements.

KRS-QH-016-0800

Schedule of Investments (Unaudited) December 31, 2022

**KFA Value Line<sup>®</sup> Dynamic Core Equity Index ETF**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 99.8% ‡** | **COMMON STOCK — 99.8% ‡** | **COMMON STOCK — 99.8% ‡** |
| **United States — 99.8%** |  |  |
| Communication Services — 4.1% |  |  |
| &nbsp;&nbsp;&nbsp;Comcast, Cl A | 17775 | $621592 |
| &nbsp;&nbsp;&nbsp;Verizon Communications | 16694 | 657743 |
|  |  | 1279335 |
| Consumer Discretionary — 2.9% |  |  |
| &nbsp;&nbsp;&nbsp;Home Depot | 1803 | 569496 |
| &nbsp;&nbsp;&nbsp;Starbucks | 3342 | 331526 |
|  |  | 901022 |
| Consumer Staples — 10.0% |  |  |
| &nbsp;&nbsp;&nbsp;Clorox | 3289 | 461545 |
| &nbsp;&nbsp;&nbsp;Coca-Cola | 11166 | 710269 |
| &nbsp;&nbsp;&nbsp;Conagra Brands | 12998 | 503023 |
| &nbsp;&nbsp;&nbsp;Kellogg | 6707 | 477807 |
| &nbsp;&nbsp;&nbsp;Kimberly-Clark | 3775 | 512456 |
| &nbsp;&nbsp;&nbsp;PepsiCo | 2439 | 440630 |
|  |  | 3105730 |
| Financials — 9.9% |  |  |
| &nbsp;&nbsp;&nbsp;Annaly Capital Management † | 5140 | 108351 |
| &nbsp;&nbsp;&nbsp;Bank of New York Mellon | 11290 | 513921 |
| &nbsp;&nbsp;&nbsp;BlackRock, Cl A | 811 | 574699 |
| &nbsp;&nbsp;&nbsp;CME Group, Cl A | 3037 | 510702 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase | 6355 | 852206 |
| &nbsp;&nbsp;&nbsp;US Bancorp | 11707 | 510542 |
|  |  | 3070421 |
| Health Care — 9.7% |  |  |
| &nbsp;&nbsp;&nbsp;Amgen | 2175 | 571242 |
| &nbsp;&nbsp;&nbsp;Bristol-Myers Squibb | 8279 | 595674 |
| &nbsp;&nbsp;&nbsp;Gilead Sciences | 6622 | 568499 |
| &nbsp;&nbsp;&nbsp;Merck | 4611 | 511590 |
| &nbsp;&nbsp;&nbsp;Pfizer | 14732 | 754868 |
|  |  | 3001873 |
| Industrials — 6.2% |  |  |
| &nbsp;&nbsp;&nbsp;3M | 4265 | 511459 |
| &nbsp;&nbsp;&nbsp;Illinois Tool Works | 491 | 108167 |
| &nbsp;&nbsp;&nbsp;Lockheed Martin | 644 | 313300 |
| &nbsp;&nbsp;&nbsp;United Parcel Service, Cl B | 3201 | 556462 |
| &nbsp;&nbsp;&nbsp;Watsco | 1808 | 450915 |
|  |  | 1940303 |
| Information Technology — 15.6% |  |  |
| &nbsp;&nbsp;&nbsp;Apple | 7653 | 994354 |
| &nbsp;&nbsp;&nbsp;Cisco Systems | 13805 | 657670 |
| &nbsp;&nbsp;&nbsp;Fidelity National Information Services | 4740 | 321609 |
| &nbsp;&nbsp;&nbsp;Intel | 20657 | 545965 |
| &nbsp;&nbsp;&nbsp;Microsoft | 7206 | 1728143 |

---

Schedule of Investments (Unaudited) December 31, 2022

**KFA Value Line<sup>®</sup> Dynamic Core Equity Index ETF**

---

| | | |
|:---|:---|:---|
|  | **Shares**  | **Value**  |
| **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
| Information Technology — continued |  |  |
| &nbsp;&nbsp;&nbsp;Texas Instruments | 3599 | $594627 |
|  |  | 4842368 |
| Materials — 4.0% |  |  |
| &nbsp;&nbsp;&nbsp;Air Products and Chemicals | 1002 | 308876 |
| &nbsp;&nbsp;&nbsp;Packaging Corp of America | 3564 | 455871 |
| &nbsp;&nbsp;&nbsp;Sonoco Products | 7667 | 465464 |
|  |  | 1230211 |
| Real Estate — 7.8% |  |  |
| &nbsp;&nbsp;&nbsp;Alexandria Real Estate Equities † | 3273 | 476778 |
| &nbsp;&nbsp;&nbsp;Camden Property Trust † | 4106 | 459379 |
| &nbsp;&nbsp;&nbsp;Mid-America Apartment Communities † | 3018 | 473796 |
| &nbsp;&nbsp;&nbsp;Public Storage † | 1772 | 496497 |
| &nbsp;&nbsp;&nbsp;Realty Income † | 8169 | 518159 |
|  |  | 2424609 |
| Utilities — 29.6% |  |  |
| &nbsp;&nbsp;&nbsp;ALLETE | 4456 | 287456 |
| &nbsp;&nbsp;&nbsp;American Electric Power | 5492 | 521465 |
| &nbsp;&nbsp;&nbsp;Atmos Energy | 2515 | 281856 |
| &nbsp;&nbsp;&nbsp;Black Hills | 3591 | 252591 |
| &nbsp;&nbsp;&nbsp;Consolidated Edison | 5238 | 499234 |
| &nbsp;&nbsp;&nbsp;DTE Energy | 4324 | 508200 |
| &nbsp;&nbsp;&nbsp;Duke Energy | 3076 | 316797 |
| &nbsp;&nbsp;&nbsp;Entergy | 4323 | 486337 |
| &nbsp;&nbsp;&nbsp;Evergy | 8388 | 527857 |
| &nbsp;&nbsp;&nbsp;Eversource Energy | 6018 | 504549 |
| &nbsp;&nbsp;&nbsp;Hawaiian Electric Industries | 11576 | 484456 |
| &nbsp;&nbsp;&nbsp;New Jersey Resources | 9814 | 486971 |
| &nbsp;&nbsp;&nbsp;OGE Energy | 12060 | 476973 |
| &nbsp;&nbsp;&nbsp;ONE Gas | 6550 | 495966 |
| &nbsp;&nbsp;&nbsp;Portland General Electric | 9799 | 480151 |
| &nbsp;&nbsp;&nbsp;Public Service Enterprise Group | 8328 | 510257 |
| &nbsp;&nbsp;&nbsp;Southern | 8097 | 578207 |
| &nbsp;&nbsp;&nbsp;Spire | 6954 | 478852 |
| &nbsp;&nbsp;&nbsp;WEC Energy Group | 5278 | 494865 |
| &nbsp;&nbsp;&nbsp;Xcel Energy | 7416 | 519936 |
|  |  | 9192976 |
| TOTAL UNITED STATES |  | 30988848 |
| TOTAL COMMON STOCK |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $31,279,738) |  | 30988848 |
| TOTAL INVESTMENTS — 99.8% |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $31,279,738) |  | 30988848 |
| OTHER ASSETS LESS LIABILITIES – 0.2% |  | 77133 |
| NET ASSETS - 100% |  | $31065981 |

---

Schedule of Investments (Unaudited) December 31, 2022

**KFA Value Line<sup>®</sup> Dynamic Core Equity Index ETF**

‡ Industries
 are utilized for compliance purposes, whereas sectors are utilized for reporting.

† Real
 Estate Investment Trust

*Cl — Class*

As of December 31, 2022, all of the Fund's investments were considered Level 1 of the fair value hierarchy, in accordance with the authoritative guidance under U.S. GAAP.

For information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semi-annual and annual financial statements.

KRS-QH-026-0400

Consolidated Schedule of Investments (Unaudited) December 31, 2022

**KFA Mount Lucas Managed Futures Index Strategy ETF<sup>†</sup>**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **U.S. TREASURY OBLIGATIONS — 50.3%** | **U.S. TREASURY OBLIGATIONS — 50.3%** | **U.S. TREASURY OBLIGATIONS — 50.3%** |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Bills |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.514%, 10/05/2023<sup>(A)</sup> | 40000000 | $38648528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.432%, 09/07/2023<sup>(A)</sup> | 20000000 | 19399310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.374%, 04/27/2023<sup>(A)</sup> | 35000000 | 34506819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.290%, 08/10/2023<sup>(A)</sup> | 40000000 | 38921100 |
| TOTAL U.S. TREASURY OBLIGATIONS |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $131,574,895) |  | 131475757 |
| TOTAL INVESTMENTS — 50.3% |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $131,574,895) |  | 131475757 |
| OTHER ASSETS LESS LIABILITIES – 49.7% |  | 129939101 |
| NET ASSETS - 100% |  | $261414858 |

---

A list of the open futures contracts held by the Fund at December 31, 2022, is as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Type of Contract** | **Number of<br> Contracts** | **Expiration Date** | **Notional Amount** | **Value** | **Unrealized Appreciation/ (Depreciation)** |
| Long Contracts |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Corn^ | 538 | Feb-2023 | $18037717 | $18251650 | $213933 |
| &nbsp;&nbsp;&nbsp;Japanese 10-Year Bond | 9 | Mar-2023 | 9710326 | 9975160 | (187311) |
| &nbsp;&nbsp;&nbsp;Live Cattle^ | 288 | Feb-2023 | 17915904 | 18190080 | 274176 |
| &nbsp;&nbsp;&nbsp;NY Harbor ULSD^ | 57 | Feb-2023 | 7276583 | 7611005 | 334422 |
| &nbsp;&nbsp;&nbsp;Soybean^ | 243 | Mar-2023 | 17051018 | 18516600 | 1465582 |
| &nbsp;&nbsp;&nbsp;Sugar No. 11^ | 817 | Feb-2023 | 16871431 | 18337402 | 1465971 |
| &nbsp;&nbsp;&nbsp;Swiss Franc | 259 | Mar-2023 | 35180338 | 35295225 | 114887 |
|  |  |  | 122043317 | 126177122 | 3681660 |
| Short Contracts |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;AUDUSD Currency | (628) | Mar-2023 | (43156561) | (42882980) | $273581 |
| &nbsp;&nbsp;&nbsp;British Pound | (566) | Mar-2023 | (43957972) | (42747150) | 1210822 |
| &nbsp;&nbsp;&nbsp;CAD Currency | (574) | Mar-2023 | (42081204) | (42430080) | (348876) |
| &nbsp;&nbsp;&nbsp;Canadian 10-Year Bond | (716) | Mar-2023 | (67602585) | (64804874) | 1936583 |
| &nbsp;&nbsp;&nbsp;Copper^ | (192) | Mar-2023 | (17460205) | (18290400) | (830195) |
| &nbsp;&nbsp;&nbsp;Euro FX | (295) | Mar-2023 | (39596672) | (39655375) | (58703) |
| &nbsp;&nbsp;&nbsp;Euro-Bund | (460) | Mar-2023 | (67954324) | (65455421) | 3858813 |
| &nbsp;&nbsp;&nbsp;Gasoline^ | (178) | Feb-2023 | (16443434) | (18527771) | (2084337) |
| &nbsp;&nbsp;&nbsp;Gold^ | (102) | Feb-2023 | (18064077) | (18627240) | (563163) |
| &nbsp;&nbsp;&nbsp;Japanese Yen | (466) | Mar-2023 | (43596239) | (44893275) | (1297036) |
| &nbsp;&nbsp;&nbsp;Long Gilt 10-Year Bond | (530) | Mar-2023 | (67488899) | (64010591) | 3460826 |
| &nbsp;&nbsp;&nbsp;Natural Gas^ | (263) | Feb-2023 | (12905152) | (10793520) | 2111632 |
| &nbsp;&nbsp;&nbsp;U.S. 10-Year Treasury Note | (592) | Mar-2023 | (67074418) | (66479750) | 594668 |
| &nbsp;&nbsp;&nbsp;Wheat^ | (451) | Mar-2023 | (17968535) | (17859600) | 108935 |
| &nbsp;&nbsp;&nbsp;WTI Crude Oil^ | (222) | Feb-2023 | (17144952) | (17859900) | (714948) |
|  |  |  | (582495229) | (575317927) | 7658602 |
|  |  |  | $(460451912) | $(449140805) | $11340262 |

---

*^* *Security is held by the KFA MLM Index Subsidiary, Ltd. as of December 31, 2022.*

(A) Interest
 rate represents the security's effective yield at the time of purchase.

*†* *Effective November 11, 2022, the name of the Fund changed from KFA Mount Lucas Index Strategy ETF to KFA Mount Lucas Managed Futures Index Strategy ETF.* 

 

Consolidated Schedule of Investments (Unaudited) December 31, 2022

**KFA Mount Lucas Managed Futures Index Strategy ETF<sup>†</sup>**

****

 

*AUD — Australian Dollar*

*CAD — Canadian Dollar*

*ULSD — Ultra-Low Sulfur Diesel*

*USD — U.S. Dollar*

The following summarizes the market value of the Fund's investments and other financial instruments used as of December 31, 2022, based on the inputs used to value them:<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Obligations | $— | $131475757 | $— | $131475757 |
| Total Investments in Securities | $— | $131475757 | $— | $131475757 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;Futures Contracts\* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized Appreciation | $17424831 | $— | $— | $17424831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized Depreciation | (6084569) |  |  | (6084569) |
| Total Other Financial Instruments | $11340262 | $— | $— | $11340262 |

---

*\** *Futures Contracts are valued at the unrealized appreciation/(depreciation) on the instrument.*

 

Amounts designated as "—" are $0 or have been rounded to $*0.*

For information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semi-annual and annual financial statements.

KRS-QH-025-0400

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** Krane Shares Trust

- **b. Investment Company Act file number:** 811-22698

- **c. CIK number of Registrant:** 0001547576

- **d. LEI of Registrant:** 2549008E1DI99JHCCA80

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

  - **Street Address 1:** 280 Park Ave

  - **City:** NEW YORK

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10017

  - **Telephone number:** 2129330393

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

- **a. Name of Series:** KFA Large Cap Quality Dividend Index ETF

- **b. EDGAR series identifier (if any):** S000065596

- **c. LEI of Series:** 549300KVY3JD2EPDSZ54

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

- **a. Date of fiscal year-end:** 2023-03-31

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $5773627.73

**Total Liabilities:** $2620.42

**Net Assets:** $5771007.31

**Cash Not Reported:** $1159.84

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000212213 | -4.16%               | 5.45%                | 10.02%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $225036.57               | $-558698.92                                |
| Month 2  | $0.00                    | $494299.59                                 |
| Month 3  | $65717.45                | $1125078.24                                |

### Schedule of Portfolio Investments

| Name                                        | Title                                     | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| SONOCO PRODUCTS COMPANY.                    | SONOCO PRODUCTS CO COMMON STOCK           | CUSIP: 835495102<br>LEI: GKOMIK4RDJGHEF0VNP11 | Long             | EC               |  | US        |       776 | NS      | $47110.96     | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| ALBEMARLE CORPORATION                       | ALBEMARLE CORP COMMON STOCK               | CUSIP: 012653101<br>LEI: HDBLS2Q6GV1LSKQPBS54 | Long             | EC               |  | US        |       172 | NS      | $37299.92     | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| MASTERCARD INCORPORATED.                    | MASTERCARD INC - A COMMON STOCK           | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               |  | US        |       135 | NS      | $46943.55     | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| CARDINAL HEALTH, INC.                       | CARDINAL HEALTH INC COMMON STOCK          | CUSIP: 14149Y108<br>LEI: CCU46N3GJMF4OK4N7U60 | Long             | EC               |  | US        |       600 | NS      | $46122.00     | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| NASDAQ, INC.                                | NASDAQ INC COMMON STOCK                   | CUSIP: 631103108<br>LEI: 549300L8X1Q78ERXFD06 | Long             | EC               |  | US        |       704 | NS      | $43190.40     | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| AIR PRODUCTS AND CHEMICALS, INC.            | AIR PRODUCTS & CHEMICALS INC COMMON STOCK | CUSIP: 009158106<br>LEI: 7QEON6Y1RL5XR3R1W237 | Long             | EC               |  | US        |       153 | NS      | $47163.78     | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| BRISTOL-MYERS SQUIBB COMPANY                | BRISTOL-MYERS SQUIBB CO COMMON STOCK      | CUSIP: 110122108<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | EC               |  | US        |       599 | NS      | $43098.05     | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| THE INTERPUBLIC GROUP OF COMPANIES, INC.    | INTERPUBLIC GROUP OF COS INC COMMON STOCK | CUSIP: 460690100<br>LEI: 5493008IUOJ5VWTRC333 | Long             | EC               |  | US        |      1436 | NS      | $47833.16     | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| EQUITY LIFESTYLE PROPERTIES, INC.           | EQUITY LIFESTYLE PROPERTIES REIT          | CUSIP: 29472R108<br>LEI: 529900PEQG66LENB6798 | Long             | EC               |  | US        |       733 | NS      | $47351.80     | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| CISCO SYSTEMS, INC.                         | CISCO SYSTEMS INC COMMON STOCK            | CUSIP: 17275R102<br>LEI: 549300LKFJ962MZ46593 | Long             | EC               |  | US        |       977 | NS      | $46544.28     | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| HORMEL FOODS CORPORATION                    | HORMEL FOODS CORP COMMON STOCK            | CUSIP: 440452100<br>LEI: MSD54751OJP1FS2ND863 | Long             | EC               |  | US        |      1018 | NS      | $46369.90     | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| REPUBLIC SERVICES, INC.                     | REPUBLIC SERVICES INC COMMON STOCK        | CUSIP: 760759100<br>LEI: NKNQHM6BLECKVOQP7O46 | Long             | EC               |  | US        |       345 | NS      | $44501.55     | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| THE TORO COMPANY                            | TORO CO COMMON STOCK                      | CUSIP: 891092108<br>LEI: YJKE4YIT6BWQHVEW0D14 | Long             | EC               |  | US        |       433 | NS      | $49015.60     | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| EMERSON ELECTRIC CO.                        | EMERSON ELECTRIC CO COMMON STOCK          | CUSIP: 291011104<br>LEI: FGLT0EWZSUIRRITFOA30 | Long             | EC               |  | US        |       501 | NS      | $48126.06     | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| IDACORP, INC.                               | IDACORP INC COMMON STOCK                  | CUSIP: 451107106<br>LEI: N134NUJDWN8UEFA8B673 | Long             | EC               |  | US        |       446 | NS      | $48101.10     | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| NEXSTAR MEDIA GROUP, INC.                   | Nexstar Media Group Inc COMMON STOCK      | CUSIP: 65336K103<br>LEI: 52990083ZRR5UT591988 | Long             | EC               |  | US        |       265 | NS      | $46382.95     | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| RELIANCE STEEL & ALUMINUM CO.               | RELIANCE STEEL & ALUMINUM COMMON STOCK    | CUSIP: 759509102<br>LEI: 549300E287ZOFT3C5Z56 | Long             | EC               |  | US        |       228 | NS      | $46156.32     | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| BOK FINANCIAL CORPORATION                   | BOK FINANCIAL CORPORATION COMMON STOCK    | CUSIP: 05561Q201<br>LEI: GRI2NT5QHYW751NMR949 | Long             | EC               |  | US        |       461 | NS      | $47847.19     | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| ARCHER-DANIELS-MIDLAND COMPANY              | ARCHER-DANIELS-MIDLAND CO COMMON STOCK    | CUSIP: 039483102<br>LEI: 549300LO13MQ9HYSTR83 | Long             | EC               |  | US        |       529 | NS      | $49117.65     | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| HUMANA INC.                                 | HUMANA INC COMMON STOCK                   | CUSIP: 444859102<br>LEI: 529900YLDW34GJAO4J06 | Long             | EC               |  | US        |        89 | NS      | $45584.91     | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| GLOBE LIFE INC.                             | GLOBE LIFE INC COMMON STOCK               | CUSIP: 37959E102<br>LEI: 5493001JFHKQOPP6XA71 | Long             | EC               |  | US        |       401 | NS      | $48340.55     | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Aon plc                                     | AON PLC-CLASS A COMMON STOCK              | CUSIP: G0403H108<br>LEI: 635400FALWQYX5E6QC64 | Long             | EC               |  | US        |       159 | NS      | $47722.26     | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| INTERNATIONAL BUSINESS MACHINES CORPORATION | INTL BUSINESS MACHINES CORP COMMON STOCK  | CUSIP: 459200101<br>LEI: VGRQXHF3J8VDLUA7XE92 | Long             | EC               |  | US        |       327 | NS      | $46071.03     | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| THE AES CORPORATION                         | AES CORP COMMON STOCK                     | CUSIP: 00130H105<br>LEI: 2NUNNB7D43COUIRE5295 | Long             | EC               |  | US        |      1688 | NS      | $48546.88     | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| THE HANOVER INSURANCE GROUP, INC.           | HANOVER INSURANCE GROUP INC/ COMMON STOCK | CUSIP: 410867105<br>LEI: JJYR6MFKFF6CF8DBZ078 | Long             | EC               |  | US        |       332 | NS      | $44863.16     | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| ARTHUR J. GALLAGHER & CO.                   | ARTHUR J GALLAGHER & CO COMMON STOCK      | CUSIP: 363576109<br>LEI: 54930049QLLMPART6V29 | Long             | EC               |  | US        |       241 | NS      | $45438.14     | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Pepsico, Inc.                               | PEPSICO INC COMMON STOCK                  | CUSIP: 713448108<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | EC               |  | US        |       262 | NS      | $47332.92     | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| SEMPRA ENERGY                               | SEMPRA ENERGY COMMON STOCK                | CUSIP: 816851109<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | EC               |  | US        |       292 | NS      | $45125.68     | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| CASEY'S GENERAL STORES, INC.                | CASEY'S GENERAL STORES INC COMMON STOCK   | CUSIP: 147528103<br>LEI: 549300CAFWSI86V66Q65 | Long             | EC               |  | US        |       208 | NS      | $46664.80     | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| PRIMERICA, INC.                             | PRIMERICA INC COMMON STOCK                | CUSIP: 74164M108<br>LEI: 254900621R686KJR7022 | Long             | EC               |  | US        |       330 | NS      | $46800.60     | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| ILLINOIS TOOL WORKS INC.                    | ILLINOIS TOOL WORKS COMMON STOCK          | CUSIP: 452308109<br>LEI: 76NA4I14SZCFAYMNSV04 | Long             | EC               |  | US        |       213 | NS      | $46923.90     | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| CARLISLE COMPANIES INCORPORATED             | CARLISLE COS INC COMMON STOCK             | CUSIP: 142339100<br>LEI: XR64VGX1ZPX6G7ZN7Z11 | Long             | EC               |  | US        |       187 | NS      | $44066.55     | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| MCDONALD'S CORPORATION                      | MCDONALD'S CORP COMMON STOCK              | CUSIP: 580135101<br>LEI: UE2136O97NLB5BYP9H04 | Long             | EC               |  | US        |       178 | NS      | $46908.34     | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| NEXTERA ENERGY, INC.                        | NEXTERA ENERGY INC COMMON STOCK           | CUSIP: 65339F101<br>LEI: N/A                  | Long             | EC               |  | US        |       570 | NS      | $47652.00     | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| HONEYWELL INTERNATIONAL INC.                | HONEYWELL INTERNATIONAL INC COMMON STOCK  | CUSIP: 438516106<br>LEI: ISRPG12PN4EIEOEMW547 | Long             | EC               |  | US        |       222 | NS      | $47574.60     | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| THE HERSHEY COMPANY                         | HERSHEY CO/THE COMMON STOCK               | CUSIP: 427866108<br>LEI: 21X2CX66SU2BR6QTAD08 | Long             | EC               |  | US        |       207 | NS      | $47934.99     | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| BROWN-FORMAN CORPORATION                    | BROWN-FORMAN CORP-CLASS B COMMON STOCK    | CUSIP: 115637209<br>LEI: 549300873K3LXF7ARU34 | Long             | EC               |  | US        |       652 | NS      | $42823.36     | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| AUTOMATIC DATA PROCESSING, INC.             | AUTOMATIC DATA PROCESSING COMMON STOCK    | CUSIP: 053015103<br>LEI: HGBOLILQXWER4SAL2I23 | Long             | EC               |  | US        |       180 | NS      | $42994.80     | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| AFLAC INCORPORATED                          | AFLAC INC COMMON STOCK                    | CUSIP: 001055102<br>LEI: 549300N0B7DOGLXWPP39 | Long             | EC               |  | US        |       671 | NS      | $48271.74     | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| GENUINE PARTS COMPANY                       | GENUINE PARTS CO COMMON STOCK             | CUSIP: 372460105<br>LEI: 549300D46DQVEU651W04 | Long             | EC               |  | US        |       260 | NS      | $45112.60     | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| HUBBELL INCORPORATED                        | HUBBELL INC COMMON STOCK                  | CUSIP: 443510607<br>LEI: 54930088VDQ6840Y6597 | Long             | EC               |  | US        |       195 | NS      | $45762.60     | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| LINCOLN ELECTRIC HOLDINGS, INC.             | LINCOLN ELECTRIC HOLDINGS COMMON STOCK    | CUSIP: 533900106<br>LEI: BIMGBY40SIN95O01BN93 | Long             | EC               |  | US        |       327 | NS      | $47248.23     | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Amdocs Limited                              | AMDOCS LTD COMMON STOCK                   | CUSIP: G02602103<br>LEI: 549300HQV672RJ7RQV66 | Long             | EC               |  | US        |       538 | NS      | $48904.20     | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| BOOZ ALLEN HAMILTON HOLDING CORPORATION     | BOOZ ALLEN HAMILTON HOLDINGS COMMON STOCK | CUSIP: 099502106<br>LEI: 529900JPV47PIUWMA015 | Long             | EC               |  | US        |       447 | NS      | $46720.44     | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERICAN TOWER CORPORATION                  | AMERICAN TOWER CORP REIT                  | CUSIP: 03027X100<br>LEI: 5493006ORUSIL88JOE18 | Long             | EC               |  | US        |       221 | NS      | $46821.06     | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| ATMOS ENERGY CORPORATION                    | ATMOS ENERGY CORP COMMON STOCK            | CUSIP: 049560105<br>LEI: QVLWEGTD2S8GJMO8D383 | Long             | EC               |  | US        |       416 | NS      | $46621.12     | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| VISA INC.                                   | VISA INC-CLASS A SHARES COMMON STOCK      | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               |  | US        |       224 | NS      | $46538.24     | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| SNAP-ON INCORPORATED                        | SNAP-ON INC COMMON STOCK                  | CUSIP: 833034101<br>LEI: HHWAT5TDOYZMM26KKQ73 | Long             | EC               |  | US        |       198 | NS      | $45241.02     | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| WALMART INC.                                | WALMART INC COMMON STOCK                  | CUSIP: 931142103<br>LEI: Y87794H0US1R65VBXU25 | Long             | EC               |  | US        |       317 | NS      | $44947.43     | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| STARBUCKS CORPORATION                       | STARBUCKS CORP COMMON STOCK               | CUSIP: 855244109<br>LEI: OQSJ1DU9TAOC51A47K68 | Long             | EC               |  | US        |       462 | NS      | $45830.40     | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| WASTE MANAGEMENT, INC.                      | WASTE MANAGEMENT INC COMMON STOCK         | CUSIP: 94106L109<br>LEI: 549300YX8JIID70NFS41 | Long             | EC               |  | US        |       286 | NS      | $44867.68     | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| GENERAL DYNAMICS CORPORATION                | GENERAL DYNAMICS CORP COMMON STOCK        | CUSIP: 369550108<br>LEI: 9C1X8XOOTYY2FNYTVH06 | Long             | EC               |  | US        |       190 | NS      | $47140.90     | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| WEC ENERGY GROUP, INC.                      | WEC ENERGY GROUP INC COMMON STOCK         | CUSIP: 92939U106<br>LEI: 549300IGLYTZUK3PVP70 | Long             | EC               |  | US        |       504 | NS      | $47255.04     | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| ANALOG DEVICES, INC.                        | ANALOG DEVICES INC COMMON STOCK           | CUSIP: 032654105<br>LEI: GYVOE5EZ4GDAVTU4CQ61 | Long             | EC               |  | US        |       288 | NS      | $47240.64     | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERISOURCEBERGEN CORPORATION               | AMERISOURCEBERGEN CORP COMMON STOCK       | CUSIP: 03073E105<br>LEI: AI8GXW8LG5WK7E9UD086 | Long             | EC               |  | US        |       279 | NS      | $46233.09     | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| NATIONAL RETAIL PROPERTIES, INC.            | NATIONAL RETAIL PROPERTIES REIT           | CUSIP: 637417106<br>LEI: 5493008JKH5SOTI0JS97 | Long             | EC               |  | US        |      1049 | NS      | $48002.24     | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| NATIONAL INSTRUMENTS CORPORATION            | NATIONAL INSTRUMENTS CORP COMMON STOCK    | CUSIP: 636518102<br>LEI: 549300TP4OOPCYWDUP86 | Long             | EC               |  | US        |      1161 | NS      | $42840.90     | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| JOHNSON & JOHNSON                           | JOHNSON & JOHNSON COMMON STOCK            | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               |  | US        |       272 | NS      | $48048.80     | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| EATON CORPORATION PUBLIC LIMITED COMPANY    | EATON CORP PLC COMMON STOCK               | CUSIP: G29183103<br>LEI: 549300VDIGTMXUNT7H71 | Long             | EC               |  | US        |       297 | NS      | $46614.15     | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| CUMMINS INC.                                | CUMMINS INC COMMON STOCK                  | CUSIP: 231021106<br>LEI: ZUNI8PYC725B6H8JU438 | Long             | EC               |  | US        |       194 | NS      | $47004.26     | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| JACK HENRY & ASSOCIATES, INC.               | JACK HENRY & ASSOCIATES INC COMMON STOCK  | CUSIP: 426281101<br>LEI: 529900X1QS8C54W0JB21 | Long             | EC               |  | US        |       254 | NS      | $44592.24     | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| POLARIS INC.                                | POLARIS INC COMMON STOCK                  | CUSIP: 731068102<br>LEI: 549300QJSN8UVWN1EI78 | Long             | EC               |  | US        |       416 | NS      | $42016.00     | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| The Travelers Companies, Inc.               | TRAVELERS COS INC/THE COMMON STOCK        | CUSIP: 89417E109<br>LEI: 549300Y650407RU8B149 | Long             | EC               |  | US        |       256 | NS      | $47997.44     | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Cboe Global Markets, Inc.                   | CBOE GLOBAL MARKETS INC COMMON STOCK      | CUSIP: 12503M108<br>LEI: 529900RLNSGA90UPEH54 | Long             | EC               |  | US        |       379 | NS      | $47553.13     | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| ABBVIE INC.                                 | ABBVIE INC COMMON STOCK                   | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               |  | US        |       297 | NS      | $47998.17     | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| MDU RESOURCES GROUP, INC.                   | MDU RESOURCES GROUP INC COMMON STOCK      | CUSIP: 552690109<br>LEI: N/A                  | Long             | EC               |  | US        |      1535 | NS      | $46571.90     | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| PACCAR INC                                  | PACCAR INC COMMON STOCK                   | CUSIP: 693718108<br>LEI: KDTEY8BWE486IKZ3CC07 | Long             | EC               |  | US        |       459 | NS      | $45427.23     | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| AGCO CORPORATION                            | AGCO CORP COMMON STOCK                    | CUSIP: 001084102<br>LEI: LYOM0B2GCF1JWXK5ZG04 | Long             | EC               |  | US        |       357 | NS      | $49512.33     | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| ERIE INDEMNITY COMPANY                      | ERIE INDEMNITY COMPANY-CL A COMMON STOCK  | CUSIP: 29530P102<br>LEI: 549300WA5KP94KRUFZ80 | Long             | EC               |  | US        |       176 | NS      | $43774.72     | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| THE COCA-COLA COMPANY                       | COCA-COLA CO/THE COMMON STOCK             | CUSIP: 191216100<br>LEI: UWJKFUJFZ02DKWI3RY53 | Long             | EC               |  | US        |       755 | NS      | $48025.55     | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| ASSURED GUARANTY LTD.                       | ASSURED GUARANTY LTD COMMON STOCK         | CUSIP: G0585R106<br>LEI: 549300BBOQUJEPH87M14 | Long             | EC               |  | US        |       730 | NS      | $45449.80     | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| HUNTINGTON INGALLS INDUSTRIES, INC.         | HUNTINGTON INGALLS INDUSTRIE COMMON STOCK | CUSIP: 446413106<br>LEI: 5TZLZ6WJTBVJ0QWBG121 | Long             | EC               |  | US        |       203 | NS      | $46828.04     | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| W.P. CAREY INC.                             | WP CAREY INC REIT                         | CUSIP: 92936U109<br>LEI: 54930042CRNE713E3Q67 | Long             | EC               |  | US        |       591 | NS      | $46186.65     | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| CHEMED CORPORATION                          | CHEMED CORP COMMON STOCK                  | CUSIP: 16359R103<br>LEI: 54930020031IDJT2IM79 | Long             | EC               |  | US        |        93 | NS      | $47469.99     | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| FACTSET RESEARCH SYSTEMS INC.               | FACTSET RESEARCH SYSTEMS INC COMMON STOCK | CUSIP: 303075105<br>LEI: 549300ZSJE7NBK6K9P30 | Long             | EC               |  | US        |       104 | NS      | $41725.84     | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| SILGAN HOLDINGS INC.                        | SILGAN HOLDINGS INC COMMON STOCK          | CUSIP: 827048109<br>LEI: KAF673KJXD92C8KSLU49 | Long             | EC               |  | US        |       893 | NS      | $46293.12     | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| AMGEN INC.                                  | AMGEN INC COMMON STOCK                    | CUSIP: 031162100<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | EC               |  | US        |       170 | NS      | $44648.80     | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| SYSCO CORPORATION                           | SYSCO CORP COMMON STOCK                   | CUSIP: 871829107<br>LEI: 5RGWIFLMGH3YS7KWI652 | Long             | EC               |  | US        |       568 | NS      | $43423.60     | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| NUCOR CORPORATION                           | NUCOR CORP COMMON STOCK                   | CUSIP: 670346105<br>LEI: 549300GGJCRSI2TIEJ46 | Long             | EC               |  | US        |       316 | NS      | $41651.96     | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| THE ALLSTATE CORPORATION                    | ALLSTATE CORP COMMON STOCK                | CUSIP: 020002101<br>LEI: OBT0W1ED8G0NWVOLOJ77 | Long             | EC               |  | US        |       371 | NS      | $50307.60     | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| AXIS CAPITAL HOLDINGS LIMITED               | AXIS CAPITAL HOLDINGS LTD COMMON STOCK    | CUSIP: G0692U109<br>LEI: N/A                  | Long             | EC               |  | US        |       844 | NS      | $45719.48     | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| COMCAST CORPORATION                         | COMCAST CORP-CLASS A COMMON STOCK         | CUSIP: 20030N101<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | EC               |  | US        |      1351 | NS      | $47244.47     | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| MARSH & MCLENNAN COMPANIES, INC.            | MARSH & MCLENNAN COS COMMON STOCK         | CUSIP: 571748102<br>LEI: 549300XMP3KDCKJXIU47 | Long             | EC               |  | US        |       280 | NS      | $46334.40     | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| LOCKHEED MARTIN CORPORATION                 | LOCKHEED MARTIN CORP COMMON STOCK         | CUSIP: 539830109<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | EC               |  | US        |        98 | NS      | $47676.02     | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| ROYAL GOLD, INC.                            | ROYAL GOLD INC COMMON STOCK               | CUSIP: 780287108<br>LEI: 5493001NGRU6SFL04184 | Long             | EC               |  | US        |       427 | NS      | $48131.44     | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| DONALDSON COMPANY, INC.                     | DONALDSON CO INC COMMON STOCK             | CUSIP: 257651109<br>LEI: OZE6KXY9QQPR8EJ8WL20 | Long             | EC               |  | US        |       798 | NS      | $46978.26     | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERIPRISE FINANCIAL, INC.                  | AMERIPRISE FINANCIAL INC COMMON STOCK     | CUSIP: 03076C106<br>LEI: 6ZLKQF7QB6JAEKQS5388 | Long             | EC               |  | US        |       147 | NS      | $45771.39     | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Chubb Limited                               | CHUBB LTD COMMON STOCK                    | CUSIP: H1467J104<br>LEI: E0JAN6VLUDI1HITHT809 | Long             | EC               |  | US        |       221 | NS      | $48752.60     | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| EXTRA SPACE STORAGE INC.                    | EXTRA SPACE STORAGE INC REIT              | CUSIP: 30225T102<br>LEI: N/A                  | Long             | EC               |  | US        |       305 | NS      | $44889.90     | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| EASTGROUP PROPERTIES, INC.                  | EASTGROUP PROPERTIES INC REIT             | CUSIP: 277276101<br>LEI: 31TIGQQZC4P6JMHKSW85 | Long             | EC               |  | US        |       309 | NS      | $45750.54     | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| IDEX CORPORATION                            | IDEX CORP COMMON STOCK                    | CUSIP: 45167R104<br>LEI: 549300U5Y5EL6PHYLF13 | Long             | EC               |  | US        |       201 | NS      | $45894.33     | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| W. R. BERKLEY CORPORATION                   | WR BERKLEY CORP COMMON STOCK              | CUSIP: 084423102<br>LEI: SQOAGCLKBDWNVYV1OV80 | Long             | EC               |  | US        |       640 | NS      | $46444.80     | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| REALTY INCOME CORPORATION                   | REALTY INCOME CORP REIT                   | CUSIP: 756109104<br>LEI: 549300CUWDAUZSH43859 | Long             | EC               |  | US        |       770 | NS      | $48841.10     | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERICAN ELECTRIC POWER COMPANY, INC.       | AMERICAN ELECTRIC POWER COMMON STOCK      | CUSIP: 025537101<br>LEI: 1B4S6S7G0TW5EE83BO58 | Long             | EC               |  | US        |       510 | NS      | $48424.50     | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| COSTCO WHOLESALE CORPORATION                | COSTCO WHOLESALE CORP COMMON STOCK        | CUSIP: 22160K105<br>LEI: 29DX7H14B9S6O3FD6V18 | Long             | EC               |  | US        |        99 | NS      | $45193.50     | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| TRACTOR SUPPLY COMPANY                      | TRACTOR SUPPLY COMPANY COMMON STOCK       | CUSIP: 892356106<br>LEI: 549300OJ9VZHZRO6I137 | Long             | EC               |  | US        |       216 | NS      | $48593.52     | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| MERCK & CO., INC.                           | MERCK & CO. INC. COMMON STOCK             | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               |  | US        |       441 | NS      | $48928.95     | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| ACTIVISION BLIZZARD, INC.                   | ACTIVISION BLIZZARD INC COMMON STOCK      | CUSIP: 00507V109<br>LEI: 549300TPQQDBP9GNOF40 | Long             | EC               |  | US        |       641 | NS      | $49068.55     | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| AMPHENOL CORPORATION                        | AMPHENOL CORP-CL A COMMON STOCK           | CUSIP: 032095101<br>LEI: 549300D3L3G0R4U4VT04 | Long             | EC               |  | US        |       602 | NS      | $45836.28     | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Essential Utilities, Inc.                   | ESSENTIAL UTILITIES INC COMMON STOCK      | CUSIP: 29670G102<br>LEI: 549300ILTEOF3E3QY357 | Long             | EC               |  | US        |      1003 | NS      | $47873.19     | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| PINNACLE WEST CAPITAL CORPORATION           | PINNACLE WEST CAPITAL COMMON STOCK        | CUSIP: 723484101<br>LEI: TWSEY0NEDUDCKS27AH81 | Long             | EC               |  | US        |       621 | NS      | $47220.84     | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| MICROCHIP TECHNOLOGY INCORPORATED           | MICROCHIP TECHNOLOGY INC COMMON STOCK     | CUSIP: 595017104<br>LEI: 5493007PTFULNYZJ1R12 | Long             | EC               |  | US        |       629 | NS      | $44187.25     | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| LINDE PUBLIC LIMITED COMPANY                | LINDE PLC COMMON STOCK                    | CUSIP: G5494J103<br>LEI: 8945002PAZHZLBGKGF02 | Long             | EC               |  | US        |       144 | NS      | $46969.92     | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| RPM INTERNATIONAL INC.                      | RPM INTERNATIONAL INC COMMON STOCK        | CUSIP: 749685103<br>LEI: 549300TJCKW4BRXPJ474 | Long             | EC               |  | US        |       464 | NS      | $45216.80     | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| XYLEM INC.                                  | XYLEM INC COMMON STOCK                    | CUSIP: 98419M100<br>LEI: 549300DF5MV96DRYLQ48 | Long             | EC               |  | US        |       428 | NS      | $47323.96     | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| KLA CORPORATION                             | KLA CORP COMMON STOCK                     | CUSIP: 482480100<br>LEI: 549300H0BF5JCG96TJ81 | Long             | EC               |  | US        |       125 | NS      | $47128.75     | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| KELLOGG COMPANY                             | KELLOGG CO COMMON STOCK                   | CUSIP: 487836108<br>LEI: LONOZNOJYIBXOHXWDB86 | Long             | EC               |  | US        |       657 | NS      | $46804.68     | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| RENAISSANCERE HOLDINGS LTD.                 | RENAISSANCERE HOLDINGS LTD COMMON STOCK   | CUSIP: G7496G103<br>LEI: EK6GB9U3U58PDI411C94 | Long             | EC               |  | US        |       257 | NS      | $47347.11     | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| SERVICE CORPORATION INTERNATIONAL           | SERVICE CORP INTERNATIONAL COMMON STOCK   | CUSIP: 817565104<br>LEI: 549300RKVM2ME20JHZ15 | Long             | EC               |  | US        |       682 | NS      | $47153.48     | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| FIRST INDUSTRIAL REALTY TRUST, INC.         | FIRST INDUSTRIAL REALTY TR REIT           | CUSIP: 32054K103<br>LEI: N/A                  | Long             | EC               |  | US        |       957 | NS      | $46184.82     | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| W.W. GRAINGER, INC.                         | WW GRAINGER INC COMMON STOCK              | CUSIP: 384802104<br>LEI: 549300TWZSP6O1IH2V34 | Long             | EC               |  | US        |        81 | NS      | $45056.25     | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| ELEVANCE HEALTH, INC.                       | ELEVANCE HEALTH INC COMMON STOCK          | CUSIP: 036752103<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | EC               |  | US        |        93 | NS      | $47706.21     | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| RAYMOND JAMES FINANCIAL, INC.               | RAYMOND JAMES FINANCIAL INC COMMON STOCK  | CUSIP: 754730109<br>LEI: RGUZHJ05YTITL6D76949 | Long             | EC               |  | US        |       407 | NS      | $43487.95     | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Northrop Grumman Corporation                | NORTHROP GRUMMAN CORP COMMON STOCK        | CUSIP: 666807102<br>LEI: RIMU48P07456QXSO0R61 | Long             | EC               |  | US        |        89 | NS      | $48559.29     | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| HEICO CORPORATION                           | HEICO CORP COMMON STOCK                   | CUSIP: 422806109<br>LEI: 529900O1DTDLCJ7L0I14 | Long             | EC               |  | US        |       296 | NS      | $45477.44     | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| CULLEN/FROST BANKERS, INC.                  | CULLEN/FROST BANKERS INC COMMON STOCK     | CUSIP: 229899109<br>LEI: 529900V2E9G9AY665O34 | Long             | EC               |  | US        |       343 | NS      | $45859.10     | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| CONSOLIDATED EDISON, INC.                   | CONSOLIDATED EDISON INC COMMON STOCK      | CUSIP: 209115104<br>LEI: 54930033SBW53OO8T749 | Long             | EC               |  | US        |       497 | NS      | $47369.07     | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| FEDERAL REALTY INVESTMENT TRUST             | FEDERAL REALTY INVS TRUST REIT            | CUSIP: 313745101<br>LEI: N/A                  | Long             | EC               |  | US        |       443 | NS      | $44760.72     | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITEDHEALTH GROUP INCORPORATED             | UNITEDHEALTH GROUP INC COMMON STOCK       | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               |  | US        |        91 | NS      | $48246.38     | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| THE J. M. SMUCKER COMPANY                   | JM SMUCKER CO/THE COMMON STOCK            | CUSIP: 832696405<br>LEI: 5493000WDH6A0LHDJD55 | Long             | EC               |  | US        |       314 | NS      | $49756.44     | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| STEEL DYNAMICS, INC.                        | STEEL DYNAMICS INC COMMON STOCK           | CUSIP: 858119100<br>LEI: 549300HGGKEL4FYTTQ83 | Long             | EC               |  | US        |       444 | NS      | $43378.80     | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| COMMERCE BANCSHARES, INC.                   | COMMERCE BANCSHARES INC COMMON STOCK      | CUSIP: 200525103<br>LEI: N/A                  | Long             | EC               |  | US        |       686 | NS      | $46682.41     | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| FLOWERS FOODS, INC.                         | FLOWERS FOODS INC COMMON STOCK            | CUSIP: 343498101<br>LEI: 7YNCQQNDK8FBM9BBTK25 | Long             | EC               |  | US        |      1617 | NS      | $46472.58     | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| OMNICOM GROUP INC.                          | OMNICOM GROUP COMMON STOCK                | CUSIP: 681919106<br>LEI: HKUPACFHSSASQK8HLS17 | Long             | EC               |  | US        |       616 | NS      | $50247.12     | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2022-12-31

**Name of Applicant:** Krane Funds Advisors, LLC

**Signature:** Jonathan Krane

**Name of Signer:** Jonathan Krane

**Title:** CEO