# EDGAR Filing Document

**Accession Number:** 0001976685
**File Stem:** 0001976685-26-000008
**Filing Date:** 2026-6
**Character Count:** 183254
**Document Hash:** 8aa697216179caeb9de785371c502309
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001976685-26-000008.hdr.sgml**: 20260604

**ACCESSION NUMBER**: 0001976685-26-000008

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 17

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260604

**DATE AS OF CHANGE**: 20260604

**EFFECTIVENESS DATE**: 20260604

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Institutional Investment Strategy Fund
- **CENTRAL INDEX KEY:** 0001976685

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23874
- **FILM NUMBER:** 261063885

**BUSINESS ADDRESS:**
- **STREET 1:** 2261 MARKET STREET
- **STREET 2:** #5190
- **CITY:** SAN FRANCISCO
- **STATE:** CA
- **ZIP:** 94114
- **BUSINESS PHONE:** 800-535-7096

**MAIL ADDRESS:**
- **STREET 1:** 2261 MARKET STREET
- **STREET 2:** #5190
- **CITY:** SAN FRANCISCO
- **STATE:** CA
- **ZIP:** 94114

?xml version='1.0' encoding='ASCII'?

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

#### FORM N-CSR

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

#### INVESTMENT COMPANIES
Investment Company Act file number 811-23874

#### Institutional Investment Strategy Fund
(Exact name of registrant as specified in charter)

c/o Ivy Invest Corporation

2261 Market Street #5190

<u>San Francisco, CA 94114</u>

(Address of principal executive offices)

The Corporation Trust Company

Corporation Trust Center

1209 Orange Street

<u>Wilmington, DE 19801</u>

(Name and address of agent for service)

Registrant's telephone number, including area code: (800) 535-7096

Date of fiscal year end: March 31

Date of reporting period: April 1, 2025 - March 31, 2026

#### Item 1. Reports to Stockholders.
(a) 2

![](ivylogo.gif)

![](fund.gif)

Annual Report

March 31, 2026

#### **Table of Contents**

---

| | |
|:---|:---|
| [Letter To Shareholders (Unaudited)](#tocAnchor7) | [2](#tocAnchor7) |
| [Fund Performance (Unaudited)](#tocAnchor6) | [3](#tocAnchor6) |
| [Schedule of Investments](#tocAnchor10) | [4](#tocAnchor10) |
| [Statement of Assets and Liabilities](#tocAnchor1) | [13](#tocAnchor1) |
| [Statement of Operations](#tocAnchor2) | [14](#tocAnchor2) |
| [Statements of Changes in Net Assets](#tocAnchor3) | [15](#tocAnchor3) |
| [Financial Highlights](#tocAnchor9) | [16](#tocAnchor9) |
| [Notes to Financial Statements](#tocAnchor0) | [17](#tocAnchor0) |
| [Report of Independent Registered Public Accounting Firm](#tocAnchor4) | [24](#tocAnchor4) |
| [Other Information (Unaudited)](#tocAnchor5) | [25](#tocAnchor5) |

---

------

#### Letter To Shareholders (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp; Dear Shareholder,

&nbsp;&nbsp;&nbsp;&nbsp; Ivy Invest Corporation (formerly Buena Capital Advisors LLC) is pleased to provide the annual report for the Institutional Investment Strategy Fund.

&nbsp;&nbsp;&nbsp;&nbsp; For the fiscal year ended March 31, 2026, the Fund's Class I shares (XIVYX) delivered a net return of 12.6% with a volatility of 4.2%.<sup>1</sup> Since inception (March 5, 2024), the Fund has achieved an annualized net return of 10.8% with an annualized volatility of 4.8%. The Fund's net asset value increased from $10.82 to $12.04 during the year. The Fund also distributed $0.14 per share, representing income, in December 2025.

**Portfolio Update**

&nbsp;&nbsp;&nbsp;&nbsp; As of March 31, 2026, the portfolio reflected the Fund's multi-asset class strategy with a composition of 35.2% public equities, 23.2% private equity, 7.6% private credit, 6.2% real estate, 6.5% opportunistic credit, 7.9% hedge funds, 5.2% infrastructure, and 8.1% in cash and fixed income securities.

&nbsp;&nbsp;&nbsp;&nbsp; During the past year, we continued to expand the Fund's exposure to institutional alternative asset managers, adding two new hedge fund investments. These additions are aligned with our goal of bringing an institutional portfolio to individual investors and delivering access to private and alternative asset managers with deep domain expertise and strong long-term track records. A complete listing of the Fund's investments at March 31, 2026 can be found in the Schedule of Investments.

**Market Commentary & Outlook**

&nbsp;&nbsp;&nbsp;&nbsp; The Fund's most recent fiscal year, starting on April 1, 2025, began with a sharp global equity selloff driven by escalating tariff and trade tensions. As these tensions eased, global equity markets rallied and continued an upward trajectory for much of the remainder of the fiscal year. For the first time since 2017, global equities (as represented by the MSCI All Country World ex-U.S. Index) meaningfully outperformed U.S. equities (as represented by the S&P 500 Index). The Fund's public and private equity investments delivered strong performance during the fiscal year; however, given the portfolio's significant overweight to U.S. markets, the portfolio's equity investments underperformed the Fund's benchmark, the MSCI All Country World Index. Although the portfolio's private credit and fixed income and cash allocations contributed positively to performance, they did not keep up with equities on a relative basis.

&nbsp;&nbsp;&nbsp;&nbsp; In early 2026, geopolitical conflict in the Middle East reintroduced market volatility. The war in Iran, coupled with the ensuing closure of a critically important shipping strait, created new inflationary pressures. Fears of a prolonged war and its consequences weighed on markets through the end of the Fund's fiscal year. Against this backdrop, the Fund's private real assets strategies, including real estate and infrastructure, generated consistent income and positive performance. The Fund's short-biased hedge fund investment, which was added to the portfolio at the tail-end of the fiscal year, also contributed positively.

&nbsp;&nbsp;&nbsp;&nbsp; Looking forward, we see enthusiasm continuing to build in public equities around artificial intelligence. Public markets have been rewarding companies well-positioned to benefit from the ongoing and rapid technology shift, sending share prices for those companies to record highs and lifting equity indices broadly. Despite these positive tailwinds, the macro environment remains highly uncertain. Conflict in the Middle East is temporarily paused, but a full resolution remains elusive. Inflation is rising, and the outlook for rates now includes potential rate hikes. These mixed conditions present the possibility that markets could move meaningfully in either direction. This uncertainty underscores the importance of asset class diversification and manager selection. The Fund remains well-positioned with a multi-asset class portfolio and ample liquidity to navigate uncertainty and pursue compelling opportunities. We are committed to a long-term orientation and the pursuit of attractive risk-adjusted returns.

&nbsp;&nbsp;&nbsp;&nbsp; On behalf of the Ivy Invest team, we thank you for your interest and investment in the Fund. We will continue to evaluate investment opportunities across public and private markets, and we are excited and honored to be making investments on your behalf.

&nbsp;&nbsp;&nbsp;&nbsp; Sincerely,

&nbsp;&nbsp;&nbsp;&nbsp; Wendy Li

&nbsp;&nbsp;&nbsp;&nbsp; Chief Investment Officer

&nbsp;&nbsp;&nbsp;&nbsp; Ivy Invest Corporation

&nbsp;&nbsp;&nbsp;&nbsp; <sup>1</sup> Volatility refers to the annualized standard deviation of monthly returns. Higher volatility denotes a wider range of price movements and higher overall risk.

The views expressed in this letter are exclusively those of the Fund's investment adviser, Ivy Invest Corporation, as of May 28, 2026. Any such views are subject to change at any time based on market or other conditions, and the Fund disclaims any responsibility to update such views. These views are not intended to be a forecast of future events, a guarantee of future results or advice. These views are intended to assist in understanding the Fund's investment methodology. Because investment decisions for the Fund are based on numerous factors, these views may not be relied upon as an indication of trading intent on behalf of the Fund. The information contained herein has been prepared from sources believed to be reliable but is not guaranteed by the Fund as to its accuracy or completeness. The performance data quoted here represents past performance. Past performance is not indicative of future results. Current performance may be lower or higher than the performance data quoted above. Investment return and principal value will fluctuate, so that shares, when redeemed, may be worth more or less than their original cost. There is no assurance that the Fund's investment objective will be achieved. Please read the Fund's Prospectus carefully before investing. The Fund may not be suitable for all investors.

------

#### Fund Performance (Unaudited)
![](tenk.gif)

\*The fund commenced operations on March 5, 2024. The performance data above represents past performance that is not predictive of future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor's shares, when sold, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the effect of taxes. The Endowment-Style Index and MSCI ACWI Index are unmanaged indices and, unlike the Fund, have no management fees or operating expenses to reduce their reported returns. The Fund does not seek to achieve performance that is comparative to an index.

 **TOTAL RETURNS FOR THE PERIOD ENDED MARCH 31, 2026**

---

| | | |
|:---|:---|:---|
| | **One Year** | **Since Inception (annualized)**<br> **(03/05/24)** |
| Founder Class (Formerly Class I) NAV | 12.56% | 10.82% |
| Endowment-Style Index<sup>\*</sup> | 15.20% | 11.51% |
| MSCI ACWI Index<sup>\*</sup> | 20.01% | 14.51% |
|  |  | **Since Inception** <br> **(annualized)<br> (12/18/24)** |
| Investor Class NAV | 12.48% | 9.50% |
| Endowment-Style Index\* | 15.20% | 10.84% |
| MSCI ACWI Index\* | 20.01% | 13.14% |

---

Performance data quoted represents past performance, which is no guarantee of future results and current performance may be lower or higher than the figures shown. All NAV returns include the deduction of management fees, operating expenses and all other Fund expenses. The deduction of taxes that a shareholder would pay on Fund distributions or the sales of Fund shares is not reflected in the total returns.

The referenced indices are unmanaged and not available for direct investment. Index performance does not reflect transaction costs, fees or expenses.

\* The Endowment-Style Index is comprised of 70% MSCI ACWI Index and 30% Bloomberg U.S. Aggregate Bond Index. The MSCI ACWI Index captures large and mid cap representation across 23 Developed Markets (DM) and 24 Emerging Markets (EM) countries. The Bloomberg U.S. Aggregate Bond Index measures the investment grade, U.S. dollar-denominated, fix-rated taxable bond market.

------

#### Schedule of Investments

---

| | | |
|:---|:---|:---|
|  | **Shares**  | **Value**<sup>†</sup>  |
| **COMMON STOCKS - 35.2%**  | **COMMON STOCKS - 35.2%**  | **COMMON STOCKS - 35.2%**  |
| **Technology - 10.7%**  | **Technology - 10.7%**  | **Technology - 10.7%**  |
|  NVIDIA Corp.  | 2001  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $348974  |
|  Apple, Inc.  | 1237  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 313938  |
|  Microsoft Corp.  | 485  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 179532  |
|  Broadcom, Inc.  | 356  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 110186  |
|  Micron Technology, Inc.  | 94  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31757  |
|  Salesforce, Inc.  | 170  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31734  |
|  Advanced Micro Devices, Inc.<sup>\*</sup>  | 137  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27870  |
|  Adobe, Inc.<sup>\*</sup>  | 100  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24308  |
|  Lam Research Corp.  | 111  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23716  |
|  Palantir Technologies, Inc. — Class A<sup>\*</sup>  | 154  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22527  |
|  Accenture plc — Class A  | 110  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21812  |
|  Applied Materials, Inc.  | 62  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21191  |
|  International Business Machines Corp.  | 64  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15513  |
|  Intel Corp.<sup>\*</sup>  | 348  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15357  |
|  Texas Instruments, Inc.  | 76  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14755  |
|  KLA Corp.  | 10  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14724  |
|  Oracle Corp.  | 86  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12651  |
|  Analog Devices, Inc.  | 39  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12408  |
|  Western Digital Corp.  | 28  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7574  |
|  Sandisk Corp.<sup>\*</sup>  | 11  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6989  |
|  Synopsys, Inc.<sup>\*</sup>  | 15  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5947  |
|  Seagate Technology Holdings plc  | 15  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5876  |
|  Crowdstrike Holdings, Inc. — Class A<sup>\*</sup>  | 15  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5856  |
|  Cadence Design Systems, Inc.<sup>\*</sup>  | 20  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5557  |
|  MSCI, Inc. — Class A  | 9  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4851  |
|  NXP Semiconductor N.V.  | 24  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4725  |
|  Teradyne, Inc.  | 13  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3854  |
|  Lumentum Holdings, Inc.<sup>\*</sup>  | 5  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3514  |
|  QUALCOMM, Inc.  | 26  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3348  |
|  Dell Technologies, Inc. — Class C  | 20  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3283  |
|  Monolithic Power Systems, Inc.  | 3  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3280  |
|  ON Semiconductor Corp.<sup>\*</sup>  | 48  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2972  |
|  Microchip Technology, Inc.  | 44  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2843  |
|  Fortinet, Inc.<sup>\*</sup>  | 34  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2778  |
|  Fiserv, Inc.<sup>\*</sup>  | 45  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2511  |
|  Take-Two Interactive Software, Inc.<sup>\*</sup>  | 11  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2173  |
|  Electronic Arts, Inc.  | 10  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2039  |
|  Hewlett Packard Enterprise Co.  | 67  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1595  |
|  Gartner, Inc.<sup>\*</sup>  | 10  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1583  |
|  Autodesk, Inc.<sup>\*</sup>  | 6  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1436  |
|  NetApp, Inc.  | 13  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1331  |
|  Leidos Holdings, Inc.  | 7  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1089  |
|  Fair Isaac Corp.<sup>\*</sup>  | 1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1068  |
|  Akamai Technologies, Inc.<sup>\*</sup>  | 9  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1034  |
|  Super Micro Computer, Inc.<sup>\*</sup>  | 30  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 683  |
|  **Total Technology**  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1332742  |
| **Communications - 5.7%**  | **Communications - 5.7%**  | **Communications - 5.7%**  |
|  Amazon.com, Inc.<sup>\*</sup>  | 808  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 168282  |
|  Alphabet, Inc. — Class A  | 478  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 137454  |
|  Alphabet, Inc. — Class C  | 388  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 111302  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares**  | **Value**<sup>†</sup>  |
| **COMMON STOCKS - 35.2% (continued)**  | **COMMON STOCKS - 35.2% (continued)**  | **COMMON STOCKS - 35.2% (continued)**  |
| **Communications - 5.7% (continued)**  | **Communications - 5.7% (continued)**  | **Communications - 5.7% (continued)**  |
|  Meta Platforms, Inc. — Class A  | 182  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $104128  |
|  Cisco Systems, Inc.  | 315  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24441  |
|  Netflix, Inc.<sup>\*</sup>  | 240  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23076  |
|  Verizon Communications, Inc.  | 406  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20381  |
|  AT&T, Inc.  | 582  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16872  |
|  Walt Disney Co.  | 148  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14264  |
|  Palo Alto Networks, Inc.<sup>\*</sup>  | 85  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13627  |
|  Uber Technologies, Inc.<sup>\*</sup>  | 145  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10430  |
|  Arista Networks, Inc.<sup>\*</sup>  | 76  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9331  |
|  Booking Holdings, Inc.  | 2  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8420  |
| Corning, Inc.  | 61  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8294  |
|  Motorola Solutions, Inc.  | 16  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6944  |
|  T-Mobile US, Inc.  | 32  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6721  |
|  Warner Bros Discovery, Inc.<sup>\*</sup>  | 195  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5355  |
|  Comcast Corp. — Class A  | 145  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4163  |
|  Ciena Corp.<sup>\*</sup>  | 10  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3882  |
|  eBay, Inc.  | 40  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3641  |
|  Trade Desk, Inc. — Class A<sup>\*</sup>  | 100  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2269  |
|  Expedia Group, Inc.  | 7  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1616  |
|  F5, Inc.<sup>\*</sup>  | 5  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1447  |
|  Fox Corp. — Class A  | 22  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1285  |
|  VeriSign, Inc.  | 5  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1242  |
|  GoDaddy, Inc. — Class A<sup>\*</sup>  | 15  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1240  |
|  CDW Corp.  | 10  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1210  |
|  EchoStar Corp. — Class A<sup>\*</sup>  | 10  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1171  |
|  FactSet Research Systems, Inc.  | 5  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1085  |
|  Charter Communications, Inc. — Class A<sup>\*</sup>  | 5  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1079  |
|  Airbnb, Inc. — Class A<sup>\*</sup>  | 4  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 505  |
|  DoorDash, Inc. — Class A<sup>\*</sup>  | 1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150  |
|  **Total Communications**  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 715307  |
| **Financial - 4.8%**  | **Financial - 4.8%**  | **Financial - 4.8%**  |
|  Berkshire Hathaway, Inc. — Class B<sup>\*</sup>  | 143  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68526  |
|  JPMorgan Chase & Co.  | 212  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62362  |
|  Visa, Inc. — Class A  | 100  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30224  |
|  Mastercard, Inc. — Class A  | 51  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25483  |
|  Bank of America Corp.  | 511  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24911  |
|  Goldman Sachs Group, Inc.  | 29  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24534  |
|  Wells Fargo & Co.  | 290  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23087  |
|  Citigroup, Inc.  | 162  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18372  |
|  Morgan Stanley  | 102  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16786  |
|  Blackrock, Inc.  | 14  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13464  |
|  Charles Schwab Corp.  | 142  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13345  |
|  American Express Co.  | 41  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12402  |
|  CME Group, Inc. — Class A  | 40  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11814  |
|  Equinix, Inc. REIT  | 12  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11763  |
|  Chubb Ltd.  | 34  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11082  |
|  Welltower, Inc. REIT  | 52  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10281  |
|  Prologis, Inc. REIT  | 75  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9913  |
|  PNC Financial Services Group, Inc.  | 44  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9156  |
|  Interactive Brokers Group, Inc. — Class A  | 135  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9054  |
|  Capital One Financial Corp.  | 47  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8574  |
|  Public Storage REIT  | 29  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7856  |
|  Digital Realty Trust, Inc. REIT  | 43  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7749  |
|  Realty Income Corp. REIT  | 124  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7586  |
|  Intercontinental Exchange, Inc.  | 47  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7392  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares**  | **Value**<sup>†</sup>  |
| **COMMON STOCKS - 35.2% (continued)**  | **COMMON STOCKS - 35.2% (continued)**  | **COMMON STOCKS - 35.2% (continued)**  |
| **Financial - 4.8% (continued)**  | **Financial - 4.8% (continued)**  | **Financial - 4.8% (continued)**  |
|  Marsh & McLennan Companies, Inc.  | 40  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $6938  |
|  American International Group, Inc.  | 86  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6471  |
|  Bank of New York Mellon Corp.  | 53  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6287  |
|  Cboe Global Markets, Inc.  | 22  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6183  |
|  Simon Property Group, Inc. REIT  | 33  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6155  |
|  U.S. Bancorp  | 111  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5773  |
|  Progressive Corp.  | 27  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5352  |
|  Truist Financial Corp.  | 102  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4689  |
|  Travelers Companies, Inc.  | 16  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4667  |
|  Aflac, Inc.  | 42  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4608  |
|  Allstate Corp.  | 21  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4354  |
|  SBA Communications Corp. REIT  | 25  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4303  |
|  Ventas, Inc. REIT  | 49  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4007  |
|  Loews Corp.  | 35  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3736  |
|  Aon plc — Class A  | 11  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3551  |
|  MetLife, Inc.  | 49  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3465  |
|  Fifth Third Bancorp  | 74  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3438  |
|  CBRE Group, Inc. — Class A<sup>\*</sup>  | 25  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3386  |
|  Ameriprise Financial, Inc.  | 7  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3111  |
|  Willis Towers Watson plc  | 10  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2907  |
|  M&T Bank Corp.  | 14  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2894  |
|  Blackstone, Inc. — Class A  | 25  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2875  |
|  Hartford Insurance Group, Inc.  | 21  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2840  |
|  State Street Corp.  | 22  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2784  |
|  Coinbase Global, Inc. — Class A<sup>\*</sup>  | 15  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2619  |
|  Huntington Bancshares, Inc.  | 167  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2614  |
|  AvalonBay Communities, Inc. REIT  | 15  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2450  |
|  Nasdaq, Inc.  | 28  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2377  |
|  VICI Properties, Inc. REIT  | 86  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2350  |
|  Arch Capital Group Ltd.<sup>\*</sup>  | 23  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2208  |
|  Mid-America Apartment Communities, Inc. REIT  | 18  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2198  |
|  Raymond James Financial, Inc.  | 15  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2172  |
|  Extra Space Storage, Inc. REIT  | 16  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2098  |
|  Iron Mountain, Inc. REIT  | 20  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2043  |
|  Synchrony Financial  | 30  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2041  |
|  Citizens Financial Group, Inc.  | 34  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2039  |
|  Northern Trust Corp.  | 12  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1675  |
|  W R Berkley Corp.  | 24  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1591  |
|  Principal Financial Group, Inc.  | 17  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1532  |
|  Essex Property Trust, Inc. REIT  | 6  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1452  |
|  Everest Group Ltd.  | 4  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1307  |
|  Cincinnati Financial Corp.  | 8  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1259  |
|  Erie Indemnity Co. — Class A  | 5  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1256  |
|  Regions Financial Corp.  | 38  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 993  |
|  Camden Property Trust REIT  | 10  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 977  |
|  Host Hotels & Resorts, Inc. REIT  | 47  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 901  |
|  Invesco Ltd.  | 37  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 899  |
|  Prudential Financial, Inc.  | 9  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 879  |
|  Assurant, Inc.  | 3  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 653  |
|  KKR & Company, Inc. — Class A  | 7  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 647  |
|  KeyCorp  | 30  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 602  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares**  | **Value**<sup>†</sup>  |
| **COMMON STOCKS - 35.2% (continued)**  | **COMMON STOCKS - 35.2% (continued)**  | **COMMON STOCKS - 35.2% (continued)**  |
| **Financial - 4.8% (continued)**  | **Financial - 4.8% (continued)**  | **Financial - 4.8% (continued)**  |
|  Apollo Global Management, Inc.  | 5  | $557  |
|  Kimco Realty Corp. REIT  | 23  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 517  |
|  Invitation Homes, Inc. REIT  | 18  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 447  |
|  **Total Financial**  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 595843  |
| **Consumer, Non-cyclical - 4.8%**  | **Consumer, Non-cyclical - 4.8%**  | **Consumer, Non-cyclical - 4.8%**  |
|  Eli Lilly & Co.  | 66  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60705  |
|  Johnson & Johnson  | 194  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47421  |
|  Coca-Cola Co.  | 411  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31257  |
|  AbbVie, Inc.  | 143  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31101  |
|  Merck & Company, Inc.  | 175  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21051  |
|  Philip Morris International, Inc.  | 122  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20171  |
|  UnitedHealth Group, Inc.  | 60  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16235  |
|  Amgen, Inc.  | 46  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16185  |
|  Colgate-Palmolive Co.  | 177  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15086  |
|  Gilead Sciences, Inc.  | 97  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13519  |
|  Pfizer, Inc.  | 468  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13141  |
|  Bristol-Myers Squibb Co.  | 209  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12676  |
|  Medtronic plc  | 132  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11438  |
|  Abbott Laboratories  | 104  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10678  |
|  Intuitive Surgical, Inc.<sup>\*</sup>  | 22  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10142  |
|  Cencora, Inc. — Class A  | 32  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10053  |
|  Stryker Corp.  | 29  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9529  |
|  Mondelez International, Inc. — Class A  | 165  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9511  |
|  Danaher Corp.  | 50  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9480  |
|  HCA Healthcare, Inc.  | 20  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9465  |
|  Vertex Pharmaceuticals, Inc.<sup>\*</sup>  | 21  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9377  |
|  Altria Group, Inc.  | 142  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9370  |
|  Church & Dwight Company, Inc.  | 100  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9332  |
|  S&P Global, Inc.  | 21  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8932  |
|  CVS Health Corp.  | 124  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8906  |
|  McKesson Corp.  | 10  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8654  |
|  Thermo Fisher Scientific, Inc.  | 16  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7865  |
|  Regeneron Pharmaceuticals, Inc.  | 10  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7727  |
|  Quanta Services, Inc.  | 13  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7137  |
|  Cardinal Health, Inc.  | 33  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6973  |
|  Kimberly-Clark Corp.  | 67  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6463  |
|  Labcorp Holdings, Inc.  | 23  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6137  |
|  Cigna Group  | 23  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6135  |
|  Cintas Corp.  | 34  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5751  |
|  IDEXX Laboratories, Inc.<sup>\*</sup>  | 10  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5619  |
|  Boston Scientific Corp.<sup>\*</sup>  | 87  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5459  |
|  Hershey Co.  | 26  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5405  |
|  Moody's Corp.  | 11  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4799  |
|  Quest Diagnostics, Inc.  | 23  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4508  |
|  Hologic, Inc.<sup>\*</sup>  | 58  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4384  |
|  Corteva, Inc.  | 49  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4102  |
|  Monster Beverage Corp.<sup>\*</sup>  | 56  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4058  |
|  Bio-Techne Corp.  | 77  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4024  |
|  Kroger Co.  | 51  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3690  |
|  J M Smucker Co.  | 38  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3665  |
|  Zoetis, Inc.  | 30  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3546  |
|  Becton Dickinson & Co.  | 22  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3459  |
|  ResMed, Inc.  | 15  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3367  |
|  Clorox Co.  | 29  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3005  |
|  United Rentals, Inc.  | 4  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2914  |
| Sysco Corp.  | 38  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2710  |
|  Block, Inc. — Class A<sup>\*</sup>  | 45  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2708  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares**  | **Value**<sup>†</sup>  |
| **COMMON STOCKS - 35.2% (continued)**  | **COMMON STOCKS - 35.2% (continued)**  | **COMMON STOCKS - 35.2% (continued)**  |
| **Consumer, Non-cyclical - 4.8% (continued)**  | **Consumer, Non-cyclical - 4.8% (continued)**  | **Consumer, Non-cyclical - 4.8% (continued)**  |
|  Brown-Forman Corp. — Class B  | 100  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $2644  |
|  Archer-Daniels-Midland Co.  | 36  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2617  |
|  GE HealthCare Technologies, Inc.  | 35  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2491  |
|  Edwards Lifesciences Corp.<sup>\*</sup>  | 30  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2402  |
|  Biogen, Inc.<sup>\*</sup>  | 13  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2383  |
|  Keurig Dr Pepper, Inc.  | 73  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1922  |
|  Molson Coors Beverage Co. — Class B  | 41  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1765  |
|  Waters Corp.<sup>\*</sup>  | 5  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1489  |
|  Tyson Foods, Inc. — Class A  | 23  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1474  |
|  Corpay, Inc.<sup>\*</sup>  | 5  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1455  |
|  STERIS plc  | 6  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1327  |
|  Estee Lauder Companies, Inc. — Class A  | 18  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1292  |
|  Kenvue, Inc.  | 69  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1189  |
|  Bunge Global S.A.  | 8  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1018  |
|  Moderna, Inc.<sup>\*</sup>  | 20  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1016  |
|  Incyte Corp.<sup>\*</sup>  | 10  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 941  |
|  Universal Health Services, Inc. — Class B  | 5  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 895  |
| Rollins, Inc.  | 16  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 855  |
|  Avery Dennison Corp.  | 4  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 691  |
|  Insulet Corp.<sup>\*</sup>  | 3  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 630  |
|  McCormick & Company, Inc.  | 12  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 605  |
|  Henry Schein, Inc.<sup>\*</sup>  | 8  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 590  |
|  Agilent Technologies, Inc.  | 5  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 570  |
|  Viatris, Inc.  | 40  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 540  |
|  Charles River Laboratories International, Inc.<sup>\*</sup>  | 3  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 517  |
|  Solventum Corp.<sup>\*</sup>  | 7  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 457  |
|  Dexcom, Inc.<sup>\*</sup>  | 5  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 314  |
|  General Mills, Inc.  | 5  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 186  |
|  Conagra Brands, Inc.  | 11  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 173  |
|  Baxter International, Inc.  | 9  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 151  |
|  **Total Consumer, Non-cyclical**  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 593624  |
| **Industrial - 3.2%**  | **Industrial - 3.2%**  | **Industrial - 3.2%**  |
|  Caterpillar, Inc.  | 37  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26213  |
|  General Electric Co.  | 87  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24688  |
|  RTX Corp.  | 105  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20254  |
|  GE Vernova, Inc.  | 23  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20077  |
|  Amphenol Corp. — Class A  | 124  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15667  |
|  Boeing Co.<sup>\*</sup>  | 65  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12937  |
|  Honeywell International, Inc.  | 55  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12432  |
|  Eaton Corporation plc  | 33  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11803  |
|  Union Pacific Corp.  | 47  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11403  |
|  Lockheed Martin Corp.  | 18  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10879  |
|  Parker-Hannifin Corp.  | 12  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10743  |
|  Deere & Co.  | 19  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10703  |
|  Waste Management, Inc.  | 46  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10571  |
|  General Dynamics Corp.  | 29  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9953  |
|  AMETEK, Inc.  | 41  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8789  |
|  3M Co.  | 59  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8569  |
|  Johnson Controls International plc  | 64  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8381  |
|  Northrop Grumman Corp.  | 12  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8187  |
|  CRH plc  | 76  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7989  |
|  Vertiv Holdings Co. — Class A  | 30  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7517  |
| Trane Technologies plc  | 17  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7085  |
| Howmet Aerospace, Inc.  | 30  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6914  |
|  FedEx Corp.  | 18  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6411  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares**  | **Value**<sup>†</sup>  |
| **COMMON STOCKS - 35.2% (continued)**  | **COMMON STOCKS - 35.2% (continued)**  | **COMMON STOCKS - 35.2% (continued)**  |
| **Industrial - 3.2% (continued)**  | **Industrial - 3.2% (continued)**  | **Industrial - 3.2% (continued)**  |
|  Illinois Tool Works, Inc.  | 24  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $6247  |
|  United Parcel Service, Inc. — Class B  | 63  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6198  |
|  L3Harris Technologies, Inc.  | 17  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5868  |
|  Emerson Electric Co.  | 44  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5765  |
|  Norfolk Southern Corp.  | 20  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5740  |
|  CSX Corp.  | 136  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5583  |
|  TE Connectivity plc  | 23  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4807  |
|  TransDigm Group, Inc.  | 4  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4636  |
|  Carrier Global Corp.  | 74  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4167  |
|  Old Dominion Freight Line, Inc.  | 21  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4103  |
|  Keysight Technologies, Inc.<sup>\*</sup>  | 13  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3671  |
|  Westinghouse Air Brake Technologies Corp.  | 13  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3249  |
|  Garmin Ltd.  | 14  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3248  |
|  Vulcan Materials Co.  | 11  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2995  |
|  Jabil, Inc.  | 11  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2922  |
|  Dover Corp.  | 14  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2918  |
|  Lennox International, Inc.  | 6  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2785  |
|  Comfort Systems USA, Inc.  | 2  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2758  |
|  Rockwell Automation, Inc.  | 7  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2512  |
|  Teledyne Technologies, Inc.<sup>\*</sup>  | 4  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2420  |
|  Republic Services, Inc. — Class A  | 11  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2409  |
|  Coherent Corp.<sup>\*</sup>  | 10  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2382  |
|  Martin Marietta Materials, Inc.  | 4  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2355  |
|  Ingersoll Rand, Inc.  | 29  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2323  |
|  EMCOR Group, Inc.  | 3  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2215  |
|  Xylem, Inc.  | 17  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2032  |
|  Otis Worldwide Corp.  | 22  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1696  |
|  Huntington Ingalls Industries, Inc.  | 4  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1520  |
|  Ball Corp.  | 25  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1478  |
|  Hubbell, Inc.  | 3  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1472  |
|  Snap-on, Inc.  | 4  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1453  |
|  Textron, Inc.  | 15  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1313  |
|  Expeditors International of Washington, Inc.  | 9  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1289  |
|  Axon Enterprise, Inc.<sup>\*</sup>  | 3  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1274  |
|  Packaging Corporation of America  | 6  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1273  |
|  Mettler-Toledo International, Inc.<sup>\*</sup>  | 1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1261  |
|  Masco Corp.  | 20  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1207  |
|  CH Robinson Worldwide, Inc.  | 7  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1163  |
|  IDEX Corp.  | 6  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1137  |
|  Nordson Corp.  | 4  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1064  |
|  Veralto Corp.  | 12  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1061  |
|  J.B. Hunt Transport Services, Inc.  | 5  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1060  |
|  Generac Holdings, Inc.<sup>\*</sup>  | 5  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 976  |
|  Smurfit WestRock plc  | 23  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 917  |
|  Pentair plc  | 10  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 871  |
|  Fortive Corp.  | 14  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 774  |
|  Trimble, Inc.<sup>\*</sup>  | 11  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 718  |
|  Jacobs Solutions, Inc.  | 5  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 636  |
|  Amcor plc  | 15  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 596  |
| Allegion plc  | 4  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 581  |
|  **Total Industrial**  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 401263  |
| **Consumer, Cyclical - 3.0%**  | **Consumer, Cyclical - 3.0%**  | **Consumer, Cyclical - 3.0%**  |
|  Tesla, Inc.<sup>\*</sup>  | 233  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86618  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares**  | **Value**<sup>†</sup>  |
| **COMMON STOCKS - 35.2% (continued)**  | **COMMON STOCKS - 35.2% (continued)**  | **COMMON STOCKS - 35.2% (continued)**  |
| **Consumer, Cyclical - 3.0% (continued)**  | **Consumer, Cyclical - 3.0% (continued)**  | **Consumer, Cyclical - 3.0% (continued)**  |
|  Walmart, Inc.  | 367  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$45611  |
|  Costco Wholesale Corp.  | 41  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40854  |
|  Home Depot, Inc.  | 85  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27956  |
|  McDonald's Corp.  | 58  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18026  |
|  TJX Companies, Inc.  | 95  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15171  |
|  Lowe's Companies, Inc.  | 49  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11578  |
|  Hilton Worldwide Holdings, Inc.  | 31  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9427  |
|  Starbucks Corp.  | 79  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7078  |
|  Royal Caribbean Cruises Ltd.  | 25  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6880  |
|  AutoZone, Inc.<sup>\*</sup>  | 2  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6755  |
|  Marriott International, Inc. — Class A  | 19  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6214  |
|  Cummins, Inc.  | 11  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5918  |
|  General Motors Co.  | 79  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5885  |
|  Fastenal Co.  | 120  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5568  |
|  Ross Stores, Inc.  | 25  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5416  |
|  PACCAR, Inc.  | 41  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4736  |
|  DR Horton, Inc.  | 32  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4391  |
|  Delta Air Lines, Inc.  | 63  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4188  |
|  O'Reilly Automotive, Inc.<sup>\*</sup>  | 45  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4154  |
|  Tapestry, Inc.  | 28  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3951  |
|  Ulta Beauty, Inc.<sup>\*</sup>  | 7  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3659  |
|  Chipotle Mexican Grill, Inc. — Class A<sup>\*</sup>  | 105  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3361  |
|  WW Grainger, Inc.  | 3  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3272  |
|  Yum! Brands, Inc.  | 20  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3109  |
|  Ford Motor Co.  | 259  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2989  |
|  NIKE, Inc. — Class B  | 53  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2800  |
|  United Airlines Holdings, Inc.<sup>\*</sup>  | 30  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2762  |
|  Copart, Inc.<sup>\*</sup>  | 75  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2490  |
|  Live Nation Entertainment, Inc.<sup>\*</sup>  | 15  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2288  |
|  Carnival Corp.  | 74  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1915  |
|  Dollar General Corp.  | 16  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1900  |
|  Darden Restaurants, Inc.  | 9  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1764  |
|  Ralph Lauren Corp. — Class A  | 5  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1720  |
|  Williams-Sonoma, Inc.  | 9  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1641  |
|  Deckers Outdoor Corp.<sup>\*</sup>  | 15  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1501  |
|  PulteGroup, Inc.  | 12  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1412  |
|  Aptiv plc<sup>\*</sup>  | 20  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1389  |
|  Tractor Supply Co.  | 30  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1359  |
|  Las Vegas Sands Corp.  | 23  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1239  |
|  Dollar Tree, Inc.<sup>\*</sup>  | 11  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1204  |
|  TKO Group Holdings, Inc.  | 5  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1008  |
|  Hasbro, Inc.  | 10  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 936  |
|  MGM Resorts International<sup>\*</sup>  | 21  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 777  |
|  Lululemon Athletica, Inc.<sup>\*</sup>  | 5  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 765  |
|  Southwest Airlines Co.  | 19  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 714  |
|  Lennar Corp. — Class A  | 5  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 434  |
|  Domino's Pizza, Inc.  | 1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 359  |
|  **Total Consumer, Cyclical**  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 375142  |
| **Energy - 1.4%**  | **Energy - 1.4%**  | **Energy - 1.4%**  |
|  Exxon Mobil Corp.  | 372  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63114  |
|  Chevron Corp.  | 163  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33725  |
|  ConocoPhillips  | 143  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18876  |
|  Williams Companies, Inc.  | 97  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7060  |
|  Phillips 66  | 36  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6558  |
| Valero Energy Corp.  | 26  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6424  |
|  SLB Ltd.  | 119  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6115  |
|  Marathon Petroleum Corp.  | 25  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6104  |
|  Kinder Morgan, Inc.  | 158  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5298  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares**  | **Value**<sup>†</sup>  |
| **COMMON STOCKS - 35.2% (continued)**  | **COMMON STOCKS - 35.2% (continued)**  | **COMMON STOCKS - 35.2% (continued)**  |
| **Energy - 1.4% (continued)**  | **Energy - 1.4% (continued)**  | **Energy - 1.4% (continued)**  |
|  Baker Hughes Co.  | 81  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $4945  |
|  Targa Resources Corp.  | 19  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4764  |
|  ONEOK, Inc.  | 36  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3254  |
|  Equities Corp.  | 49  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3118  |
|  Devon Energy Corp.  | 40  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2013  |
|  Occidental Petroleum Corp.  | 23  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1495  |
|  Halliburton Co.  | 38  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1482  |
|  Texas Pacific Land Corp.  | 3  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1424  |
|  First Solar, Inc.<sup>\*</sup>  | 5  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 986  |
|  Coterra Energy, Inc. — Class A  | 27  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 949  |
|  Diamondback Energy, Inc.  | 4  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 791  |
|  **Total Energy**  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 178495  |
| **Utilities - 1.0%**  | **Utilities - 1.0%**  | **Utilities - 1.0%**  |
|  NextEra Energy, Inc.  | 176  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16347  |
|  Duke Energy Corp.  | 110  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14403  |
|  Southern Co.  | 91  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8783  |
|  American Electric Power Company, Inc.  | 62  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8127  |
|  Sempra  | 58  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5636  |
|  Constellation Energy Corp.  | 19  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5306  |
|  CMS Energy Corp.  | 59  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4577  |
|  Entergy Corp.  | 35  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3933  |
|  Dominion Energy, Inc.  | 63  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3895  |
| Exelon Corp.  | 75  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3677  |
|  WEC Energy Group, Inc.  | 30  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3473  |
|  Consolidated Edison, Inc.  | 30  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3395  |
|  Edison International  | 46  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3366  |
|  Xcel Energy, Inc.  | 42  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3336  |
|  Vistra Corp.  | 21  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3157  |
|  DTE Energy Co.  | 21  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3071  |
|  Public Service Enterprise Group, Inc.  | 37  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2995  |
|  Atmos Energy Corp.  | 15  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2771  |
|  NRG Energy, Inc.  | 16  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2338  |
|  Ameren Corp.  | 21  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2308  |
|  PG&E Corp.  | 120  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2108  |
|  Eversource Energy  | 29  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2009  |
|  American Water Works Company, Inc.  | 12  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1633  |
|  Alliant Energy Corp.  | 22  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1579  |
|  Evergy, Inc.  | 19  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1556  |
|  FirstEnergy Corp.  | 25  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1267  |
|  PPL Corp.  | 33  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1261  |
|  CenterPoint Energy, Inc.  | 28  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1209  |
|  NiSource, Inc.  | 16  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 747  |
|  **Total Utilities**  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 118263  |
| **Basic Materials - 0.6%**  | **Basic Materials - 0.6%**  | **Basic Materials - 0.6%**  |
|  Linde plc  | 40  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19830  |
|  Ecolab, Inc.  | 39  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10375  |
|  Newmont Corp.  | 91  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9851  |
|  Freeport-McMoRan, Inc.  | 133  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7817  |
| Sherwin-Williams Co.  | 18  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5770  |
|  Air Products and Chemicals, Inc.  | 19  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5519  |
| Nucor Corp.  | 20  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3382  |
|  Steel Dynamics, Inc.  | 11  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1980  |
|  Albemarle Corp.  | 11  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1975  |
|  CF Industries Holdings, Inc.  | 15  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1948  |
|  Qnity Electronics, Inc.  | 16  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1846  |
|  International Paper Co.  | 45  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1607  |
|  DuPont de Nemours, Inc.  | 32  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1466  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value<sup>†</sup>** |
| **COMMON STOCKS - 35.2% (continued)**  | **COMMON STOCKS - 35.2% (continued)**  | **COMMON STOCKS - 35.2% (continued)**  |
| **Basic Materials - 0.6% (continued)**  | **Basic Materials - 0.6% (continued)**  | **Basic Materials - 0.6% (continued)**  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International Flavors & Fragrances, Inc.  | 9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $653 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PPG Industries, Inc.  | 6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 641 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mosaic Co.  | 15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 382 |
|  **Total Basic Materials**  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75042 |
| **Total Common Stocks**  | **Total Common Stocks**  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $3,479,432)  |  | &nbsp;&nbsp;&nbsp;&nbsp; 4385721 |
| **CLOSED-END FUNDS\*\* - 38.5%**  | **CLOSED-END FUNDS\*\* - 38.5%**  | **CLOSED-END FUNDS\*\* - 38.5%**  |
| Hamilton LanePrivate Assets Fund – Class I\* | 74092 | 1447020 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carlyle Alpinvest Private Markets Fund — Class I <sup>\*</sup> | 89644 | 1445056 |
| Opportunistic Credit Interval Fund – Class I | 70223 | 814592 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hamilton Lane Private Infrastructure Fund — Class I  | 43208 | 648557 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variant Alternative Income Fund  | 16872 | 439503 |
| **Total Closed-End Funds**  | **Total Closed-End Funds**  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;(Cost $4,380,679)  |  | &nbsp;&nbsp;&nbsp;&nbsp; 4794728 |
| **BUSINESS DEVELOPMENT COMPANIES\*\* - 4.0%**  | **BUSINESS DEVELOPMENT COMPANIES\*\* - 4.0%**  | **BUSINESS DEVELOPMENT COMPANIES\*\* - 4.0%**  |
| Golub Capital Private Credit Fund | 20613 | 497589 |
| **Total Business Development Companies**  | **Total Business Development Companies**  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $518,164)  |  | 497589 |
| **PRIVATE REAL ESTATE INVESTMENT TRUSTS\*\* - 6.3%**  | **PRIVATE REAL ESTATE INVESTMENT TRUSTS\*\* - 6.3%**  | **PRIVATE REAL ESTATE INVESTMENT TRUSTS\*\* - 6.3%**  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Blue Owl Real Estate Net Lease Trust  | 73098 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 778082 |
| **Total Private Real Estate Investment Trusts**  | **Total Private Real Estate Investment Trusts**  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $712,849)  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 778082 |
| **HEDGE FUNDS - 7.9%** | **HEDGE FUNDS - 7.9%** | **HEDGE FUNDS - 7.9%** |
| **Portable Alpha – 4.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Muddy Waters Capital Domino <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Fund Ltd. – Class B\*<br>| 600 | 580084 |
| **Short-Biased Equity – 3.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Muddy Waters Capital Global <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Opportunities Fund, LP -&nbsp;&nbsp;&nbsp;&nbsp; <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Series A\* |  | 406031 |
| **Total Hedge Funds**  | **Total Hedge Funds**  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $1,000,000)  |  | 986115 |
| **MONEY MARKET FUND\*\* - 8.1%**  | **MONEY MARKET FUND\*\* - 8.1%**  | **MONEY MARKET FUND\*\* - 8.1%**  |
| Federated Hermes U.S. Treasury Cash Reserves Fund — Institutional Shares, 3.51% <sup>1</sup> | 1008226 | 1008226 |
| **Total Money Market Fund**  | **Total Money Market Fund**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;(Cost $1,008,226)  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1008226 |
| **Total Investments - 100.0%**  | **Total Investments - 100.0%**  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $11,099,350)  | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $11,099,350)  | $12450461 |
| **Other Assets & Liabilities, net - (0.0)%**  | **Other Assets & Liabilities, net - (0.0)%**  | (5233) |
| **Total Net Assets - 100.0%**  | **Total Net Assets - 100.0%**  | $12445228 |

---

---

| | |
|:---|:---|
| \*  | Non-income producing security.  |
| \*\*  | A copy of each underlying unaffiliated fund's financial statements is available at the SEC's website at www.sec.gov.  |
| †  | Please see Note 5 in the Notes to Financial Statements for further details regarding the valuation policy of the Fund.  |
| 1  | Rate indicated is the 7-day yield as of March 31, 2026.  |

---

plc — Public Limited Company <br> REIT — Real Estate Investment Trust

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Securities With Restrictions on Redemptions** | **Cost** | **Fair Value** | **Initial Acquisition<br>Date** | **Redemption Frequency<sup>1</sup>** | **Redemption Notice Period** | **First Available Redemption Date** |
| Muddy Waters Capital Domino Fund Ltd. – Class B | $600000 | $580084 | 3/1/26 | Monthly | 30 Days | 3/31/28 |
| Muddy Waters Capital Global Opportunities Fund, LP – Series A | 400000 | 406031 | 3/1/26 | Monthly | 30 Days | 3/31/28 |
| **Total:** | $1000000 | $986115 |  |  |  |  |

---

1 Redemption Frequency applies after the initial lock-up period.

See accompanying Notes to Financial Statements

------

#### Statement of Assets and Liabilities

---

| | |
|:---|:---|
| **As of March 31, 2026** | **As of March 31, 2026** |
| **ASSETS:** | **ASSETS:** |
| Investments, at value (cost $11,099,350) | $12450461 |
| Cash | 39 |
| Receivables: | Receivables: |
| &nbsp;&nbsp;Dividends | 2204 |
| &nbsp;&nbsp;Fund shares sold | 504 |
| **Total assets** | 12453208 |
| **LIABILITIES:** | **LIABILITIES:** |
| Payable for: | Payable for: |
| &nbsp;&nbsp;Investment advisory fees | 7965 |
| &nbsp;&nbsp;Servicing fees – Investor Class | 15 |
| **Total liabilities** | 7980 |
| **NET ASSETS** | $12445228 |
| **NET ASSETS CONSIST OF:** | **NET ASSETS CONSIST OF:** |
| Paid-in capital | $11204380 |
| Total distributable earnings (loss) | 1240848 |
| **NET ASSETS** | $12445228 |
| **Founder Class:** |  |
| Net assets | $12377428 |
| Shares of beneficial interest outstanding (unlimited amount authorized) | 1027906 |
| Net asset value per share | $12.04 |
| **Investor Class:** |  |
| Net assets | $67800 |
| Shares of beneficial interest outstanding (unlimited amount authorized) | 5642 |
| Net asset value per share | $12.02 |

---

See accompanying Notes to Financial Statements

------

#### Statement of Operations

---

| | |
|:---|:---|
| **Year Ended March 31, 2026** | **Year Ended March 31, 2026** |
| **INVESTMENT INCOME:** | **INVESTMENT INCOME:** |
| Dividends (net of foreign withholdings tax $29) | $204284 |
| Interest | 46028 |
| &nbsp;&nbsp;Total investment income | 250312 |
| **EXPENSES:** | **EXPENSES:** |
| Investment advisory fees | 76728 |
| Servicing fees – Investor Class | 114 |
| &nbsp;&nbsp;Total expenses | 76842 |
| Net investment income | 173470 |
| **NET REALIZED AND UNREALIZED GAIN (LOSS):** | **NET REALIZED AND UNREALIZED GAIN (LOSS):** |
| Net realized gain (loss) on: | Net realized gain (loss) on: |
| &nbsp;&nbsp;Investments | (178968) |
| &nbsp;&nbsp;Distributions received from unaffiliated investment companies | 39224 |
| Net realized loss | (139744) |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;Investments | 1037075 |
| Net realized and unrealized gain | 897331 |
| **Net increase in net assets resulting from operations** | $1070801 |

---

See accompanying Notes to Financial Statements

------

#### Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> March 31, 2026** | **Year Ended<br> March 31, 2025** |
| **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |
| Net investment income | $173470 | $120034 |
| Net realized loss on investments | (139744) | (28802) |
| Net change in unrealized appreciation (depreciation) on investments | 1037075 | 279536 |
| Net increase in net assets resulting from operations | 1070801 | 370768 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** | **DISTRIBUTIONS TO SHAREHOLDERS:** | **DISTRIBUTIONS TO SHAREHOLDERS:** |
| &nbsp;&nbsp;Founder Class | (132671) | (102691) |
| &nbsp;&nbsp;Investor Class | (721) | (16) |
| **Total distributions to shareholders** | (133392) | (102707) |
| **SHAREHOLDER TRANSACTIONS:** | **SHAREHOLDER TRANSACTIONS:** | **SHAREHOLDER TRANSACTIONS:** |
| Proceeds from sale of shares |  |  |
| &nbsp;&nbsp;Founder Class | 3579662 | 4367489 |
| &nbsp;&nbsp;Investor Class | 55194 | 21115 |
| Redemption fees collected |  |  |
| &nbsp;&nbsp;Founder Class | 966 |  |
| &nbsp;&nbsp;Investor Class | 20 |  |
| Distributions reinvested |  |  |
| &nbsp;&nbsp;Founder Class | 132671 | 102691 |
| &nbsp;&nbsp;Investor Class | 721 | 16 |
| Cost of shares redeemed |  |  |
| &nbsp;&nbsp;Founder Class | (125941) | (1103) |
| &nbsp;&nbsp;Investor Class | (3148) | (9538) |
| Net increase from shareholder transactions | 3640145 | 4480670 |
| Net increase in net assets | 4577554 | 4748731 |
| **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;Beginning of period | 7867674 | 3118943 |
| &nbsp;&nbsp;End of period | $12445228 | $7867674 |

---

See accompanying Notes to Financial Statements

------

#### Financial Highlights

---

| | | | |
|:---|:---|:---|:---|
| **Founder Class** | **Year Ended<br> March 31, 2026** | **Year Ended<br> March 31, 2025** | **Period Ended<br> March 31, 2024<sup>(a)</sup>** |
| **Per Share Data:** |  |  |  |
| Net asset value, beginning of period | $10.82 | $10.21 | $10.00 |
| Income from investment operations: |  |  |  |
| Net investment income<sup>(b)</sup> | 0.20 | 0.23 | — <sup>(c)</sup> |
| Net gain (loss) on investments (realized and unrealized) | 1.16 | 0.55 | 0.21 |
| Total from investment operations | 1.36 | 0.78 | 0.21 |
| Less distributions from: |  |  |  |
| Net investment income | (0.14) | (0.17) |  |
| Capital gains |  | (—)<sup>(c)</sup> |  |
| Total distributions to shareholders | (0.14) | (0.17) |  |
| Redemption fees collected | — <sup>(d)</sup> |  |  |
| Net asset value, end of period | $12.04 | $10.82 | $10.21 |
| **Total Return<sup>(e)</sup>** |  |  |  |
| Net asset value | 12.56% | 7.67% | 2.10% |
| **Ratios/Supplemental Data:** |  |  |  |
| Net assets, end of period (in thousands) | $12377 | $7856 | $3119 |
| Ratio to average net assets of: |  |  |  |
| Net investment income | 1.70% | 2.12% | 0.04% |
| Total expenses<sup>(f)</sup> | 0.75% | 0.75% | 0.75% |
| Portfolio turnover rate | 10% | 5% | 2% |

---

---

| | | |
|:---|:---|:---|
| **Investor Class** | **Year Ended<br> March 31, 2026** | **Period Ended<br> March 31, 2025<sup>(g)</sup>** |
| **Per Share Data:** |  |  |
| Net asset value, beginning of period | $10.80 | $10.99 |
| Income from investment operations: |  |  |
| Net investment income<sup>(b)</sup> | 0.18 | 0.03 |
| Net gain (loss) on investments (realized and unrealized) | 1.18 | (0.05) <sup>(h)</sup> |
| Total from investment operations | 1.36 | (0.02) |
| Less distributions from: |  |  |
| Net investment income | (0.14) | (0.17) |
| Capital gains |  | (—) <sup>(c)</sup> |
| Total distributions to shareholders | (0.14) | (0.17) |
| Redemption fees collected | — <sup>(d)</sup> |  |
| Net asset value, end of period | $12.02 | $10.80 |
| **Total Return<sup>(e)</sup>** |  |  |
| Net asset value | 12.48% | (0.16)% |
| **Ratios/Supplemental Data:** |  |  |
| Net assets, end of period (in thousands) | $68 | $12 |
| Ratio to average net assets of: |  |  |
| Net investment income | 1.56% | 1.00% |
| Total expenses<sup>(f)</sup> | 1.00% | 1.00% |
| Portfolio turnover rate | 10% | 5% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Since commencement of
 operations: March 5, 2024. Percentage amounts for the period, except total
 return and portfolio turnover rate, have been annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Based on average shares
 outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Less than $0.01 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Redemption fees collected are
 less than $0.01 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Total investment return is
 calculated assuming an initial investment made at the net asset value at the
 beginning of the period, reinvestment of all dividends and distribution at
 net asset value during the period, and redemption on the last day of the period.
 Transaction fees are not reflected in the calculation of total investment
 return.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Does not include expenses of the
 underlying funds in which the Fund invests.

&nbsp;&nbsp;&nbsp;&nbsp;(g) Since commencement of
 operations: December 18, 2024. Percentage amounts for the period, except
 total return and portfolio turnover rate, have been annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(h) The amount of net realized and
 unrealized gain (loss) on investment per share for the year ended March 31,
 2025 does not accord with the amount in the Statement of Operations due to
 the timing of purchases and sales of Fund shares in relation to fluctuating
 market values.

See accompanying Notes to Financial Statements

------

**Notes to Financial Statements** 

**Note 1 — Organization and Registration**

Institutional Investment Strategy Fund (the "Fund"), a Delaware statutory trust, is a non-diversified, closed-end management investment company, registered under the Investment Company Act of 1940, as amended (the "1940 Act"), that continuously offers its shares of beneficial interest and is operated as an "interval fund." The Fund was organized as a Delaware statutory trust on January 3, 2023, and commenced investment operations on March 5, 2024.

The Fund engages in a continuous offering of two classes of shares of beneficial interest of the Fund: Investor Class and Founder Class (previously referred to as Class I). The Fund's Investor Class commenced operations on December 18, 2024. All shares of the Fund have equal rights and privileges. Each share of the Fund is entitled to one vote on all matters as to which shares are entitled to vote. In addition, each share of the Fund is entitled to participate, equally with other shares (i) in dividends and distributions declared by the Fund and (ii) upon liquidation, in the distribution of its proportionate share of the assets remaining after satisfaction of outstanding liabilities. Shares of the Fund are fully paid, non-assessable and fully transferable when issued and have no pre-emptive, conversion or exchange rights. Fractional shares have proportionately the same rights, including voting rights, as are provided for a full share.

**Note 2 — Significant Accounting Policies**

The Fund's financial statements are prepared in accordance with generally accepted accounting principles in the United States of America ("U.S. GAAP").

The Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies in the Financial Accounting Standards Board ("FASB"), Accounting Standards Codification ("ASC") Topic 946, Financial Services - Investment Companies, including Accounting Standards Update ("ASU") 2013-08.

**(a) Valuation of Investments** 

Pursuant to Rule 2a-5 under the 1940 Act (the "Valuation Rule"), the Fund's Board of Trustees (the "Board") has designated the Adviser, as defined in Note 3, as the Fund's valuation designee to perform any fair value determinations for securities and other assets held by the Fund. The Adviser is subject to the oversight of the Board and certain reporting and other requirements intended to provide the Board the information needed to oversee the Adviser's fair value determinations. The Adviser is responsible for determining the fair value of investments for which market quotations are not readily available in accordance with policies and procedures that have been approved by the Board. Under these procedures, the Adviser convenes on a regular and ad hoc basis to review such investments and considers a number of factors, including valuation methodologies and significant unobservable inputs, when arriving at fair value. The Board has approved the Adviser's fair valuation procedures as a part of the Fund's compliance program and will review any changes made to the procedures. The Adviser provides fair valuation inputs. In determining fair valuations, inputs may include market-based analytics that may consider related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant investment information. Adviser inputs may include an income-based approach in which the anticipated future cash flows of the investment are discounted in determining fair value. Discounts may also be applied based on the nature or duration of any restrictions on the disposition of the investments. The Adviser performs regular reviews of valuation methodologies, key inputs and assumptions, disposition analysis and market activity.

Valuations of the Fund's securities and other assets are supplied primarily by pricing services appointed pursuant to the processes set forth in the Valuation Rule. At least annually, the Adviser directs (or assists) the Fund's Principal Financial Officer to assess the material risks associated with the determination of the fair value of the Fund's investments, including a review of any material conflicts of interest and an assessment by the Adviser's management of such material risks. The Adviser reviews and approves a final risk assessment annually.

Equity securities listed or traded on a recognized U.S. securities exchange or the National Association of Securities Dealers Automated Quotations ("NASDAQ") National Market System shall generally be valued on the basis of the last sale price on the primary U.S. exchange or market on which the security is listed or traded; provided, however, that securities listed on NASDAQ will be valued at the NASDAQ Official Closing Price, which may not necessarily represent the last sale price.

Money market funds, closed-end investment companies, and business development companies ("BDCs") are valued at the most recently published net asset value per share ("NAV") of the underlying fund.

Debt securities with a maturity of greater than 60 days at acquisition are valued at prices that reflect broker-dealer supplied valuations or are obtained from independent pricing services, which may consider the trade activity, treasury spreads, yields or price of bonds of comparable quality, coupon, maturity, and type, as well as prices quoted by dealers who make markets in such securities. Short-term debt securities with a maturity of 60 days or less at acquisition are valued at amortized cost, provided such amount approximates market value.

Securities representing an interest in another pooled investment vehicle (each, an "Underlying Private Fund") will initially be assessed at the value provided by that Underlying Private Fund or its manager (each, an "Underlying Manager"). To arrive at the fair value of investments in Underlying Private Funds, the Adviser receives monthly or quarterly capital account statements from the Underlying Private Funds. Upon receipt of these statements, the Adviser determines whether the account statements are based on the fair value of underlying investments. In making such determination, the Adviser reviews and evaluates the valuation policies and procedures of the entity providing the statement. If necessary, the Adviser adjusts the account statements for underlying investments not held at fair value or to bring the fair value estimate in phase with the Adviser reporting date.

If market quotations are not readily available, securities are valued at fair value as set forth below. Fair valuation involves subjective judgments, and it is possible that the fair value determined for a security may differ materially from the value that could be realized upon the sale of the security. There is no single standard for determining fair value of a security. In determining the fair value of a security for which there are no readily available market quotations, the Valuation Designee may consider several factors, including: (1) evaluation of all relevant factors, including but not limited to, pricing history, current market level, supply and demand of the respective security; (2) comparison to the values and current pricing of securities that have comparable characteristics; (3) knowledge of historical market information with respect to the security; (4) other factors relevant to the security. The Valuation Designee may also consider periodic financial statements (audited and unaudited) or other information provided by the issuer.

**(b) Use of Estimates**

The preparation of the financial statement in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures, including contingent assets and liabilities, in the financial statements during the period reported. Management believes the estimates are appropriate; however, actual results may differ from those estimates.

**(c) Cash Equivalents and Short-Term Debt Securities**

For temporary defensive purposes, the Fund may invest up to 100% of its assets in cash equivalents and short-term debt securities. Short-term debt investments having a remaining maturity of 60 days or less when purchased will be valued at cost, adjusted for amortization of premiums and accretion of discounts.

**(d) Mortgage-Backed Securities**

The Fund may invest in a variety of mortgage-related and other asset-backed securities issued by government agencies or other governmental entities or by private originators or issuers.

Mortgage-related securities include mortgage pass-through securities, collateralized mortgage obligations ("CMO"), commercial mortgage-backed securities ("CMBS"), mortgage dollar rolls, CMO residuals, adjustable rate mortgage-backed securities ("ARMBS"), stripped mortgage-backed securities ("SMBS") and other securities that directly or indirectly represent a participation in, or are secured by and payable from, mortgage loans on real property.

**(e) When-Issued and Forward Commitment Securities**

The Fund may purchase securities on a "when-issued" basis and may purchase or sell securities on a "forward commitment" basis in order to acquire the security or to hedge against anticipated changes in interest rates and prices. When such transactions are negotiated, the price, which is generally expressed in yield terms, is fixed at the time the commitment is made, but delivery and payment for the securities take place at a later date.

**(f) Business Development Companies**

The Fund may invest in different types of investment companies from time to time, including business development companies ("BDC"). A BDC is a less common type of an investment company that more closely resembles an operating company than a typical investment company. BDCs generally focus on investing in, and providing managerial assistance to, small, developing, financially troubled, private companies or other companies that may have value that can be realized over time and with managerial assistance.

**(g) Foreign Taxation**

Income received by the Fund from sources within foreign countries may be subject to withholding and other taxes imposed by such countries. Tax treaties and conventions between certain countries and the U.S. may reduce or eliminate such taxes. If more than 50% of the value of the Fund's total assets at the close of its taxable year consists of securities of foreign corporations, the Fund may be able to elect to "pass through" to the Fund's shareholders the amount of eligible foreign income and similar taxes paid by the Fund. It is not generally expected that the Fund will be eligible to make this election.

**(h) Security Transactions and Investment Income and Realized Gain and Loss**

Investment security transactions are recorded as of the trade date for financial reporting purposes. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled beyond a standard settlement period for the security after the trade date. Realized gains (losses) from securities sold are recorded on an identified cost basis. Dividend income is recorded on the ex-dividend date, except for certain dividend income from foreign securities where the ex-dividend date may have passed, which is recorded as soon as the Fund is informed of the ex-dividend date. Interest income, adjusted for the accretion of discounts and amortization of premiums, is recorded on an accrual basis from the settlement date, with the exception of securities with a forward starting effective date, where interest income is recorded on an accrual basis from the effective date. For convertible securities, premiums attributable to the conversion feature are not amortized. Estimated tax liabilities on certain foreign securities are recorded on an accrual basis and are reflected as components of interest income or net change in unrealized appreciation (depreciation) on investments on the Statement of Operations, as appropriate. Tax liabilities realized as a result of such security sales are reflected as a component of net realized gain (loss) on investments on the Statement of Operations. Paydown gains (losses) on mortgage-related and other asset-backed securities, if any, are recorded as components of interest income on the Statement of Operations. Income or short-term capital gain distributions received from registered investment companies, if any, are recorded as dividend income. Long-term capital gain distributions received from registered investment companies, if any, are recorded as realized gains.

Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivable when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is probable. A debt obligation may be granted, in certain situations, a contractual or non-contractual forbearance for interest payments that are expected to be paid after agreed upon pay dates.

**(i) Distributions to Shareholders**

The Fund intends to distribute all of its net investment income, any excess of net short-term capital gains over net long-term capital losses, and any excess of net long-term capital gains over net short-term capital losses in accordance with the timing requirements imposed by the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code") and therefore should not be required to pay any federal income or excise taxes. Distributions of net investment income will be made annually and distributions of net capital gain will be made after the end of each fiscal year, and no later than December 31 of each year. Both types of distributions will be in shares of the Fund unless a shareholder elects to receive cash.

**(j) Indemnification**

The Fund indemnifies its officers and Board for certain liabilities that may arise from the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts that contain a variety of representations and warranties which provide general indemnities. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. However, the Fund expects the risk of loss due to these warranties and indemnities to be remote.

**(k) Commitments and Contingencies**

In the normal course of business, the Fund enters into contracts that provide general indemnifications by the Fund to the counterparty to the contract. The Fund's maximum exposure under these arrangements is dependent on future claims that may be made against the Fund and, therefore, cannot be estimated; however, based on experience, the risk of loss from such claims is considered remote. The Fund has determined that none of these arrangements requires disclosure on the Fund's statement of assets and liabilities.

(l) Contributions Made in Advance

Contributions made in advance represent amounts paid to closed-end funds and BDCs for an investment in their respective companies with an effective date after March 31, 2026. There were no contributions made in advance as of March 31, 2026.

**Note 3 — Investment Advisory Fees**

Pursuant to an Investment Advisory Agreement between the Fund and Ivy Invest Corporation (formerly Buena Capital Advisers, LLC) (the "Adviser"), the Adviser, among other things, manages the investment and reinvestment of the Fund's assets; executes and delivers all documents relating to the investments of the Fund and the placing of orders for purchases and sales of portfolio investments; and reviews, supervises, and administers the Fund's investments consistent with the Fund's objectives and strategies. In consideration of the advisory services provided by the Adviser to the Fund, the Adviser is entitled to a base management fee. The base management fee (the "Advisory Fee") is calculated daily and payable monthly in arrears at the annual rate of 0.75% of the Fund's average daily net assets during such period. For the fiscal year ended March 31, 2026, the Adviser earned $76,728.

The Adviser agrees to pay all expenses incurred by the Fund except for the Advisory Fee, interest, taxes, brokerage commissions and other expenses incurred in placing or settlement of orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, and distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the 1940 Act.

The Adviser shall be responsible for all reasonable costs and expenses associated with any special meetings of the Fund or shareholders convened for the primary benefit of the Adviser (the legal fees associated with preparing a proxy statement and associated mailing and solicitations costs).

Pursuant to a Sub-Advisory Agreement between the Adviser and Rhumbline Advisers, LP (the "Sub-Adviser"), the Sub-Adviser under the supervision of the Fund's Board and the Adviser, provides a continuous investment program for a designated portion of the Fund's portfolio; provides investment research; makes and executes recommendations for the purchase and sale of securities; and provides certain facilities and personnel. As compensation for its services, the Adviser pays the Sub-Adviser a fee, in an annual amount equal to 0.04% of the Fund's average daily net assets during such period, with a minimum of $15,000 annually. The Sub-Adviser's fee is paid from the Advisory Fee and not by the Fund.

**Note 4 — Agreements**

**Fund Administrator, Fund Accountant and Transfer Agent and Expenses**

MUFG Investor Services (US), LLC ("MUIS") serves as Fund Administrator, Fund Accountant and Transfer Agent for the Fund pursuant to a Services Agreement with the Fund.

In its role as Fund Administrator and Fund Accountant, MUIS is responsible for maintaining the books and records of the Fund's securities. As Transfer Agent, MUIS is responsible for maintaining all shareholder records of the Fund. For providing these services, MUIS is entitled to receive a monthly fee and out of pocket expenses. The amounts owed to MUIS under the Services Agreement are paid from the Advisory Fee.

**Custody Fees and Expenses**

Fifth Third Bank ("FTB") serves as the custodian for the securities and cash of the Fund's portfolio pursuant to a custody agreement with the Fund. FTB holds the Fund's assets in safekeeping and maintains all necessary records and documents relating to its duties and receives customary fees, paid by the Adviser, for such services.

**Investor Class Shares**

Investor Class shares are sold at the prevailing NAV per shares and are not subject to any upfront sales charge. Investor Class shares are not subject to a distribution fee, but are subject to a 0.25% shareholder servicing fee and a 2.00% redemption fee on shares held less than 12 months. Investor Class shares require a minimum investment of $1,000. The Fund or the Adviser may waive the minimum investment at either's discretion.

The Fund has adopted a "Shareholder Services Plan" with respect to its Investor Class shares under which the Fund pays a fee for ongoing shareholder services for the Investor Class. Such services may include electronic processing of client orders, electronic fund transfers between clients and the Fund, account reconciliations with the Fund's transfer agent, facilitation of electronic delivery to clients of Fund documentation, monitoring client accounts for back-up withholding and any other special tax reporting obligations, maintenance of books and records with respect to the foregoing, and such other information and liaison services that may be reasonably requested.

**Note 5 — Fair Value Measurement** 

The Fund follows ASC Topic 820, Fair Value Measurements and Disclosures, ("ASC 820") for measuring the fair value of portfolio investments. Fair value is defined as the price that the Fund would receive upon selling an investment or pay to transfer a liability in an orderly transaction to a market participant in the principal or most advantageous market for the investment. This accounting guidance emphasizes that valuation techniques maximize the use of observable market inputs and minimize the use of unobservable inputs. The valuation hierarchical levels are based upon the transparency of the inputs to the valuation of the investment as of the measurement date. A financial instrument's categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement.

The three levels are defined as follows:

Level 1 — Valuations based on quoted prices in active markets for identical assets or liabilities at the measurement date that the Fund has the ability to access.

Level 2 — Valuations based on inputs other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable at the measurement date. This category includes quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in non-active markets including actionable bids from third parties for privately held assets or liabilities, and observable inputs other than quoted prices such as yield curves and forward currency rates that are entered directly into valuation models to determine the value of derivatives or other assets or liabilities.

Level 3 — Valuations based on inputs that are unobservable and where there is little, if any, market activity at the measurement date. The inputs for the determination of fair value may require significant management judgment or estimation and are based upon management's assessment of the assumptions that market participants would use in pricing the assets or liabilities. These investments include debt and equity investments in private companies or assets valued using the market or income approach and may involve pricing models whose inputs require significant judgment or estimation because of the absence of any meaningful current market data for identical or similar investments. The inputs in these valuations may include, but are not limited to, capitalization and discount rates, beta and EBITDA multiples. The information may also include pricing information or broker quotes, which include a disclaimer that the broker would not be held to such a price in an actual transaction. The non-binding nature of consensus pricing and/or quotes accompanied by disclaimer would result in classification as Level 3 information, assuming no additional corroborating evidence.

Routine fair valuations are intended to reflect fair valuations that are determined from the application of a consistent methodology in specific situations with observable inputs. Non-routine fair valuations include all other fair value situations. In a non-routine fair value situation, the Valuation Designee will e-mail the Administrator and other applicable Fund Officers the value to be used along with all relevant information that was used in determining such fair valuation.

A meaningful input in the Fund's Valuation Procedures will be the valuations provided by the private fund managers. Specifically, the value of the Fund's investments in private funds generally will be valued using the "practical expedient," in accordance with Accounting Standards Codification (ASC) Topic 820, based on the valuation provided to the Adviser by the private fund in accordance with the private fund's own valuation policies. Generally, private fund managers value investments of their private funds at their market price if market quotations are readily available. In the absence of observable market prices, private fund managers value investments using valuation methodologies applied on a consistent basis. For some investments little market activity may exist. The determination of fair value by private fund managers is then based on the best information available in the circumstances and may incorporate management's own assumptions and involves a significant degree of judgment, taking into consideration a combination of internal and external factors, including the appropriate risk adjustments for nonperformance and liquidity risks. Investments for which market prices are not observable include private investments in the equity of operating companies, real estate properties or certain debt positions.

The Valuation Designee uses the "practical expedient" (as defined in ASC 820) of an Underlying Private Fund's NAV to estimate the value of that investment. The Valuation Designee, on a daily basis, considers whether an adjustment to the Underlying Private Fund's most recent NAV is necessary in accordance with ASC 820.

If since the last determination of fair value, the market moved more than a threshold percentage established by the Valuation Designee (with such threshold reviewed by the Valuation Committee) as based on a relevant index or combination of indices selected by the Valuation Designee and approved by the Valuation Committee then the Valuation Designee will adjust the fair value based on the relevant index.

The Adviser will review the appropriateness and accuracy of the aforementioned valuation methodologies at least annually and make any necessary adjustments and amendments to this policy.

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The suitability of the techniques and sources employed to determine fair valuation are regularly monitored and subject to change.

The following table summarizes the inputs used to value the Fund's investments at March 31, 2026:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Investments in Securities (Assets)**  | &nbsp;&nbsp; **Level 1 Quoted Prices** | &nbsp;&nbsp; **Level 2 Significant Observable Inputs** | &nbsp;&nbsp; **Level 3 Significant Unobservable Inputs** | &nbsp;&nbsp; **Investments<br>Valued at NAV** | &nbsp;&nbsp; **Total** |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks  | $&nbsp;&nbsp;4385721 | $&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | $&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | $&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | $&nbsp;&nbsp;4385721 |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Closed-End Funds  | &nbsp;&nbsp;4794728 | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;4794728 |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Business Development Companies(a)  | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;497589 | &nbsp;&nbsp;497589 |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Private Real Estate Investment Trusts  | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;778082 | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;778082 |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hedge Funds(a)  | &nbsp;&nbsp; — | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;986115 | &nbsp;&nbsp;986115 |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Fund  | &nbsp;&nbsp;1008226 | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;1008226 |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets  | $&nbsp;&nbsp;10188675 | $&nbsp;&nbsp;778082 | $&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | $&nbsp;&nbsp;1483704 | $&nbsp;&nbsp;12450461 |

---

(a) In accordance with ASC 820-10, investments that are measured at fair value using the NAV per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Schedule of Investments and Statement of Assets and Liabilities.

**Note 6 — Federal Income Tax Information**

The Fund intends to comply with the provisions of Subchapter M of the Internal Revenue Code, applicable to regulated investment companies and will distribute substantially all taxable net investment income and capital gains sufficient to relieve the Fund from all, or substantially all, federal income, excise and state income taxes. Therefore, no provision for federal or state income tax or federal excise tax is required.

Tax positions taken or expected to be taken in the course of preparing the Fund's tax returns are evaluated to determine whether the tax positions are "more-likely-than-not" of being sustained by the applicable tax authority. Tax positions not deemed to meet the "more-likely-than-not" threshold would be recorded as a tax benefit or expense in the current year. Management has analyzed the Fund's tax positions taken, or to be taken, on U.S. federal income tax returns for all open tax years, and has concluded that no provision for income tax is required in the Fund's financial statements. The Fund's U.S. federal income tax returns are subject to examination by the Internal Revenue Service ("IRS") for a period of three years after they are filed.

The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statement of Operations. During the year ended March 31, 2026, the Fund did not incur any interest or penalties.

The tax character of distributions paid during the year ended March 31, 2026 was as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Ordinary Income**  | &nbsp;&nbsp; **Long-Term Capital Gain**  | &nbsp;&nbsp; **Total Distributions**  |
| &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133392  | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -  | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 133392  |

---

The tax character of distributions paid during the year ended March 31, 2025 was as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Ordinary Income**  | &nbsp;&nbsp; **Long-Term Capital Gain**  | &nbsp;&nbsp; **Total Distributions**  |
| &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102695  | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12  | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 102707  |

---

Note: For U.S. federal income tax purposes, short-term capital gain distributions are treated as ordinary income distributions.

The tax components of distributable earnings/(loss) as of March 31, 2026 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Undistributed Ordinary Income**  | &nbsp;&nbsp;**Undistributed<br>Long-Term <br>Capital Gain** | &nbsp;&nbsp; **Net Unrealized Appreciation (Depreciation)**  | &nbsp;&nbsp; **Accumulated Capital and** <br> **Other Losses**  | &nbsp;&nbsp; **Total**  |
| &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58272  | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -  | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1347409  | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (164833)  | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1240848  |

---

For U.S. federal income tax purposes, capital loss carryforwards represent realized losses of the Fund that may be carried forward and applied against future capital gains. The Fund is permitted to carry forward capital losses for an unlimited period and such capital loss carryforwards retain their character as either short-term or long-term capital losses. As of March 31, 2026, capital loss carryforwards for the Fund were as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Unlimited**  | &nbsp;&nbsp; **Unlimited**  | |
| &nbsp;&nbsp; **Short-Term**  | &nbsp;&nbsp; **Long-Term**  | <br>&nbsp;&nbsp; **Total Capital Loss Carryforward**  |
| &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (102249)  | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(62584)  | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (164833)  |

---

Net investment income and net realized gains (losses) may differ for financial statement and tax purposes because of temporary or permanent book/tax differences. These differences are primarily due to losses deferred due to wash sales. To the extent these differences are permanent and would require a reclassification between Paid in Capital and Total Distributable Earnings (Loss), such reclassifications are made in the period that the differences arise. These reclassifications have no effect on net assets or NAV per share.

There were no adjustments made on the Statement of Assets and Liabilities as of March 31, 2026 for permanent book/tax differences.

At March 31, 2026, the cost of investments for U.S. federal income tax purposes, the aggregate gross unrealized appreciation for all investments for which there was an excess of value over tax cost and the aggregate gross unrealized depreciation for all investments for which there was an excess of tax cost over value, were as follows:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; **Tax Cost**  | &nbsp;&nbsp; **Tax Unrealized Appreciation**  | &nbsp;&nbsp; **Tax Unrealized Depreciation**  | &nbsp;&nbsp; **Net Tax Unrealized Appreciation/ (Depreciation)**  |
| &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11103052  | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1471816  | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (124407)  | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1347409  |

---

**Note 7 — Securities Transactions**

For the year ended March 31, 2026, the cost of purchases and proceeds from sales of investment securities, excluding short-term investments, was as follows:

---

| | |
|:---|:---|
| **Purchases**  | **Sales**  |
| $5007611  | $863696  |

---

**Note 8 — Capital Shares of Beneficial Interest**

The Fund has an unlimited amount of shares of beneficial interest, no par value, authorized and 1,033,548 shares issued and outstanding. Transactions in shares of beneficial interest were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | <br> **Year Ended** <br> **March 31, 2026** | <br> **Year Ended** <br> **March 31, 2026** | <br> **Year Ended** <br> **March 31, 2025** | <br> **Year Ended** <br> **March 31, 2025** |
| | **Founder** | **Investor** | **Founder** | **Investor** |
| Beginning shares | 726186 | 1065 | 305359 |  |
| Shares issued  | 301250 | 4783 | 411538 | 1935 |
| Shares reinvested | 10911 | 59 | 9395 | 1 |
| Shares redeemed | (10441) | (265) | (106) | (871) |
| Ending shares | 1027906 | 5642 | 726186 | 1065 |

---

**Note 9 — Repurchase Offers**

In order to provide liquidity to shareholders, the Fund has adopted a fundamental policy that it will make quarterly repurchase offers for no less than 5% of the Fund's shares outstanding at NAV less any repurchase fee, unless suspended or postponed in accordance with regulatory requirements, and each repurchase pricing shall occur no later than the 14th day after the Repurchase Request Deadline (between 21 to 42 days following the date the repurchase offer is made (or the preceding business day if the New York Stock Exchange is closed on that day), as specified by the Fund) or the next business day if the 14th day is not a business day.

For the year ended March 31, 2026, the Fund completed four quarterly repurchase offers. The Fund offered to repurchase up to 5% of the number of its outstanding shares as of the Repurchase Pricing Dates. The results of the repurchase offers were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Founder Class**  | &nbsp;&nbsp;**Founder Class**  | &nbsp;&nbsp;**Founder Class**  | &nbsp;&nbsp;**Founder Class**  | &nbsp;&nbsp;**Founder Class**  |
|  | &nbsp;&nbsp; **Repurchase Offer #1**  | &nbsp;&nbsp; **Repurchase Offer #2**  | &nbsp;&nbsp; **Repurchase Offer #3**  | &nbsp;&nbsp; **Repurchase Offer #4**  |
| &nbsp;&nbsp; Commencement Date  | &nbsp;&nbsp; 6/27/2025  | &nbsp;&nbsp; 9/26/2025  | &nbsp;&nbsp; 11/24/2025  | &nbsp;&nbsp; 2/23/2026  |
| &nbsp;&nbsp; Repurchase Request Deadline  | &nbsp;&nbsp; 7/28/2025  | &nbsp;&nbsp; 10/27/2025  | &nbsp;&nbsp; 12/23/2025  | &nbsp;&nbsp; 3/23/2026  |
| &nbsp;&nbsp; Repurchase Pricing Date  | &nbsp;&nbsp; 7/28/2025  | &nbsp;&nbsp; 10/27/2025  | &nbsp;&nbsp; 12/23/2025  | &nbsp;&nbsp; 3/23/2026  |
| &nbsp;&nbsp; Net Asset Value As of Repurchase Offer Date  | &nbsp;&nbsp; $11.68  | &nbsp;&nbsp; $12.16  | &nbsp;&nbsp; $12.30  | &nbsp;&nbsp; $12.09  |
| &nbsp;&nbsp; Amount Repurchased  | &nbsp;&nbsp; $15562 | &nbsp;&nbsp; $34729 | &nbsp;&nbsp; $3320 | &nbsp;&nbsp; $72330  |
| &nbsp;&nbsp; Total Number of Shares Tendered  | &nbsp;&nbsp; 1332 | &nbsp;&nbsp; 2856&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp; 270  | &nbsp;&nbsp; 5983  |
| &nbsp;&nbsp; Percentage of Shares Tendered that were Repurchased  | &nbsp;&nbsp; 0.17%  | &nbsp;&nbsp; 0.32%  | &nbsp;&nbsp; 0.03%  | &nbsp;&nbsp; 0.58% |
| &nbsp;&nbsp; **<br> Investor Class**  | &nbsp;&nbsp; **<br> Investor Class**  | &nbsp;&nbsp; **<br> Investor Class**  | &nbsp;&nbsp; **<br> Investor Class**  | &nbsp;&nbsp; **<br> Investor Class**  |
|  | &nbsp;&nbsp; **Repurchase Offer #1**  | &nbsp;&nbsp; **Repurchase Offer #2**  | &nbsp;&nbsp; **Repurchase Offer #3**  | &nbsp;&nbsp; **Repurchase Offer #4**  |
| &nbsp;&nbsp; Commencement Date  | &nbsp;&nbsp; 6/27/2025  | &nbsp;&nbsp; 9/26/2025  | &nbsp;&nbsp; 11/24/2025  | &nbsp;&nbsp; 2/23/2026  |
| &nbsp;&nbsp; Repurchase Request Deadline  | &nbsp;&nbsp; 7/28/2025  | &nbsp;&nbsp; 10/27/2025  | &nbsp;&nbsp; 12/23/2025  | &nbsp;&nbsp; 3/23/2026  |
| &nbsp;&nbsp; Repurchase Pricing Date  | &nbsp;&nbsp; 7/28/2025  | &nbsp;&nbsp; 10/27/2025  | &nbsp;&nbsp; 12/23/2025  | &nbsp;&nbsp; 3/23/2026  |
| &nbsp;&nbsp; Net Asset Value As of Repurchase Offer Date  | &nbsp;&nbsp; $11.68  | &nbsp;&nbsp; $12.14  | &nbsp;&nbsp; $12.28  | &nbsp;&nbsp; $12.06  |
| &nbsp;&nbsp; Amount Repurchased  | &nbsp;&nbsp;$1039 | &nbsp;&nbsp; -  | &nbsp;&nbsp; -  | &nbsp;&nbsp; $2109 |
| &nbsp;&nbsp; Total Number of Shares Tendered  | &nbsp;&nbsp;90 | &nbsp;&nbsp; -  | &nbsp;&nbsp; -  | &nbsp;&nbsp; 175  |
| &nbsp;&nbsp; Percentage of Shares Tendered that were Repurchase  | &nbsp;&nbsp;2.80% | &nbsp;&nbsp; -  | &nbsp;&nbsp; -  | &nbsp;&nbsp; 3.05%  |

---

Quarterly repurchases by the Fund of its shares typically will be funded from borrowing proceeds, available cash or sales of portfolio securities. However, payment for repurchased shares may require the Fund to liquidate portfolio holdings earlier than the Adviser otherwise would liquidate such holdings, potentially resulting in losses, and may increase the Fund's portfolio turnover. The Adviser may take measures to attempt to avoid or minimize such potential losses and turnover, and instead of liquidating portfolio holdings, may borrow money to finance repurchases of shares. If the Fund borrows to finance repurchases, interest on any such borrowing will negatively affect shareholders who do not tender their shares in a repurchase offer by increasing the Fund's expenses and reducing any net investment income. To the extent the Fund finances repurchase proceeds by selling investments, the Fund may hold a larger proportion of its gross assets in less liquid securities. Also, the sale of securities to fund repurchases could reduce the market price of those securities, which in turn would reduce the Fund's NAV.

Repurchases of shares will tend to reduce the amount of outstanding shares and, depending upon the Fund's investment performance, its net assets. A reduction in the Fund's net assets may increase the Fund's expense ratio to the extent that additional shares are not sold. In addition, the repurchase of shares by the Fund may be a taxable event to shareholders.

**Note 10 –– Control and Ownership**

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a Fund creates a presumption of control of the Fund, under section 2(a)(9) of the Investment Company Act of 1940, as amended. As of March 31, 2026, no shareholder held more than 25% of the outstanding shares in the Fund.

**Note 11 — Operating Segments**

The Fund has adopted the FASB ASU 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures. The update is limited to disclosure requirements and does not impact the Fund's financial position or results of operations.

The Fund operates as a single operating segment, which is an investment portfolio. The Fund's Portfolio Manager serves as the Chief Operating Decision Maker (CODM), evaluating fund-wide results and performance under a unified investment strategy. The CODM uses these measures to assess fund performance and allocate resources effectively.

Internal reporting provided to the CODM aligns with the accounting policies and measurement principles used in the financial statements.

For information regarding segment assets, segment profit or loss, and significant expenses, refer to the Statement of Assets and Liabilities and the Statement of Operations, along with the related Notes to the financial statements. The Fund's portfolio holdings provide details of the Fund's investments that generate returns such as interest, dividends and realized and unrealized gains or losses. Performance metrics, including portfolio turnover and expense ratios, are disclosed in the Financial Highlights.

**Note 12 — Subsequent Events**

The Adviser has evaluated subsequent events through the date of issuance of the financial statements included herein. There have been no subsequent events that occurred during such period that would require disclosure or would be required to be recognized in the financial statements.

**Report of Independent Registered Public Accounting Firm**

&nbsp;&nbsp;&nbsp;&nbsp; To the Shareholders and Board of Trustees of Institutional Investment Strategy Fund

Opinion on the Financial Statements

&nbsp;&nbsp;&nbsp;&nbsp; We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Institutional Investment Strategy Fund (the "Fund"), as of March 31, 2026, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for the periods presented below, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of March 31, 2026, the results of its operations for the year then ended, the changes in net assets for each of the two years in the period then ended, and the financial highlights for the periods presented below, in conformity with accounting principles generally accepted in the United States of America.

---

| | |
|:---|:---|
| &nbsp;&nbsp; Share Class  | &nbsp;&nbsp; Financial Highlights  |
| &nbsp;&nbsp; Founder Class  | &nbsp;&nbsp; For the years ended March 31, 2026, and March 31, 2025, and for the period from March 5, 2024 (commencement of operations) <br> through March 31, 2024  |
| &nbsp;&nbsp; Investor Class  | &nbsp;&nbsp; For the year ended March 31, 2026, and for the period from December 18, 2024 (commencement of operations) through <br> March 31, 2025  |

---

Basis for Opinion

&nbsp;&nbsp;&nbsp;&nbsp; These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

&nbsp;&nbsp;&nbsp;&nbsp; We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

&nbsp;&nbsp;&nbsp;&nbsp; Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of March 31, 2026, by correspondence with the custodian and other appropriate parties. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

&nbsp;&nbsp;&nbsp;&nbsp; We have served as the Fund's auditor since 2023.

![](image1-2.gif)

&nbsp;&nbsp;&nbsp;&nbsp; COHEN & COMPANY, LTD.

&nbsp;&nbsp;&nbsp;&nbsp; Philadelphia, Pennsylvania

May 28, 2026

**Other Information (Unaudited)**

**Federal Income Tax Information**

This information is being provided as required by the Internal Revenue Code. Amounts shown may differ from those elsewhere in the report because of differences in tax and financial reporting practice.

In January 2027, shareholders will be advised on IRS Form 1099 DIV or substitute 1099 DIV as to the federal tax status of the distributions received by shareholders in the calendar year 2026.

The Fund's investment income (dividend income plus short-term capital gains, if any) qualifies as follows:

Of the taxable ordinary income distributions paid during the fiscal year ended March 31, 2026, the Fund had the corresponding percentages qualify for the reduced tax rate pursuant to the Jobs and Growth Tax Relief and Reconciliation Act of 2003 or for the dividends received deduction for corporations. See the qualified dividend income and dividend received deduction columns, respectively, in the table below.

Additionally, of the taxable ordinary income distributions paid during the fiscal year ended March 31, 2026, the Fund had the corresponding percentages qualify as interest related dividends and qualified short-term capital gains as permitted by IRC Section 871(k)(1) and IRC Section 871(k)(2), respectively. See the qualified interest income and qualified short-term capital gain columns, respectively, in the table below.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; **Qualified** <br> **Dividend** <br> **Income**  | &nbsp;&nbsp; **Dividend** <br> **Received Deduction** | &nbsp;&nbsp; **Qualified Interest** <br> **Income** | &nbsp;&nbsp; **Qualified** <br> **Short-Term** <br> **Capital Gain** |
| &nbsp;&nbsp; 26.00% | &nbsp;&nbsp; 26.05% | &nbsp;&nbsp; 15.96% | &nbsp;&nbsp; 0.00% |

---

**Sector Classification**

Information in the Schedule of Investments is categorized by sectors using sector-level classifications used by Bloomberg Industry Classification System, a widely recognized industry classification system provider. In the Fund's registration statement, the Fund has investment policies relating to concentration in specific industries. For purposes of these investment policies, the Fund generally classifies industries based on industry-level classifications used by widely recognized industry classification system providers such as Bloomberg Industry Classification System.

**Proxy Voting**

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities owned by the Fund and information regarding how the Fund voted proxies relating to the portfolio of securities for the most recent 12- month period ending June 30th are available to shareholders without charge, upon request by calling the Advisor toll free at (800) 535-7096 or on the SEC's web site at www.sec.gov.

**Portfolio Holdings**

The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to Form N-PORT. Form N-PORT are available on the SEC's website at http://www.sec.gov. The information on Form N-PORT is also available upon request by calling 1-800-535-7096.

#### Information on Trustees and Executive Officers

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Name and Year of Birth**<br>| &nbsp;&nbsp; **Position/Term of Office** | &nbsp;&nbsp; **Principal Occupation During the Past Five Years** | &nbsp;&nbsp; **Number of Portfolios in Fund Complex Overseen by Trustee** | &nbsp;&nbsp; **Other Directorships held by the Trustee During the Last 5 Years** |
| &nbsp;&nbsp; **INDEPENDENT TRUSTEES** | &nbsp;&nbsp; **INDEPENDENT TRUSTEES** | &nbsp;&nbsp; **INDEPENDENT TRUSTEES** | &nbsp;&nbsp; **INDEPENDENT TRUSTEES** | &nbsp;&nbsp; **INDEPENDENT TRUSTEES** |
| &nbsp;&nbsp; Brian O'Neil (1952) | &nbsp;&nbsp; Lead Independent Trustee and Audit Committee Chair | &nbsp;&nbsp; Retired; Chief Investment Officer, Robert Wood Johnson Foundation (philanthropic organization focused on health) (2003-2023) | &nbsp;&nbsp; 1 |  |
| &nbsp;&nbsp; Bharath Potti (1987)<br>| &nbsp;&nbsp; Independent Trustee | &nbsp;&nbsp; Corporate Development Manager, Fender Musical Instruments Corporation (2021-present) | &nbsp;&nbsp; 1 |  |
| &nbsp;&nbsp; Ross Weiner (1971)<br>| &nbsp;&nbsp; Independent Trustee | &nbsp;&nbsp;Founder and Chief Executive Officer, R&K Partners LLC (2026-present) (consulting company); Founder, Partner and General Counsel, AXOM Partners (advisory firm) (2023-2025); Chief Operating Officer and General Counsel, CODE Advisors (advisory firm) (2022-2023); Chief Administrator Officer and General Counsel, Explorer Acquisitions (SPAC platform) (2021-2022) | &nbsp;&nbsp; 1 |  |
| &nbsp;&nbsp; **INTERESTED TRUSTEE** | &nbsp;&nbsp; **INTERESTED TRUSTEE** | &nbsp;&nbsp; **INTERESTED TRUSTEE** | &nbsp;&nbsp; **INTERESTED TRUSTEE** | &nbsp;&nbsp; **INTERESTED TRUSTEE** |
| &nbsp;&nbsp; Wenwen McElhoe (Wendy Li) (1984) | &nbsp;&nbsp; Interested Trustee | &nbsp;&nbsp; President and Chief Investment Officer, Ivy Invest Corporation (2023-present); Managing Director, Mother Cabrini Health Foundation (2019-2023) | &nbsp;&nbsp; 1 |  |
| &nbsp;&nbsp; **OFFICERS** | &nbsp;&nbsp; **OFFICERS** | &nbsp;&nbsp; **OFFICERS** | &nbsp;&nbsp; **OFFICERS** | &nbsp;&nbsp; **OFFICERS** |
| &nbsp;&nbsp; Arash Ghodoosi (1986)<br>| &nbsp;&nbsp; President and Secretary | &nbsp;&nbsp; Chief Technology Officer, Ivy Invest Corporation (2023-present); Founder and Chief Executive Officer, Spulse (market tracking application) (2019-2023) | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A |
| &nbsp;&nbsp; Matthew Pauker (1981)<br>| &nbsp;&nbsp; Treasurer | &nbsp;&nbsp; Chief Executive Officer (2025-present); Chairman (2023-2025), Ivy Invest Corporation; Co-Founder, Picket Homes (2018-present); General Partner, Cleo Capital (2021-2022) | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A |
| &nbsp;&nbsp; Peter Guarino (1958) | &nbsp;&nbsp; Chief Compliance Officer | &nbsp;&nbsp; Founder and President, Compliance4, LLC (2008-present) | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A |

---

Additional information about the Fund's Trustees is available in the Fund's Statement of Additional Information, which can be obtained without charge by visiting https://ivyinvest.co.

**Consideration of the Investment Advisory Agreement and Sub-Advisory Agreement**

In connection with meetings held on November 21, 2025 and February 11, 2026, the Board, including a majority of the Trustees who are not "interested persons" as that term is defined in the 1940 Act, discussed the renewal of the investment advisory agreement between the Adviser and the Fund (the "Advisory Agreement") and the sub-advisory agreement between the Adviser and Sub-Adviser (the "Sub-Advisory Agreement") with respect to the Fund. In considering the renewal of the Advisory Agreement and Sub-Advisory Agreement, the Board received materials specifically relating to the Fund, the Adviser and the Advisory Agreement, and the Sub-Adviser and Sub-Advisory Agreement.

The Board relied upon the advice of independent legal counsel and its own business judgment in determining the material factors to be considered in evaluating the Advisory Agreement and Sub-Advisory Agreement and the weight to be given to each such factor. The Board's conclusions were based on an evaluation of all of the information provided and were not the result of any one factor. Moreover, each Trustee may have afforded different weight to the various factors in reaching conclusions with respect to the Advisory Agreement and Sub-Advisory Agreement.

In considering the renewal of the Advisory Agreement, the Board reviewed and analyzed various factors that they determined were relevant, including the factors enumerated below.

*Nature, Extent and Quality of Services*. The Board noted that the Adviser had rebranded itself as "Ivy Invest" in connection with a corporate restructuring, but that the key personnel of and services offered to the Fund by the Adviser had remained the same. The Board acknowledged that the Fund remained the Adviser's sole client. The Board observed that the personnel of the Adviser had collectively nearly 20 years' experience managing multi-asset class portfolios on behalf of institutional endowments and foundations. The Board recognized that the Adviser had active engagement with the Sub-Adviser, and that the Adviser's team met at least once a week, formally, to discuss portfolio holdings. The Board discussed that the Adviser engaged with market participants to identify the best risk-adjusted investment opportunities and continued to cultivate a wide and varied network of relationships across management firms and other institutional investors. The Board noted that the Adviser conducted rigorous due diligence of underlying investment managers. The Board observed that the Adviser provided all management services to the Fund and ensured compliance with all statutory and regulatory requirements, including all investment restrictions and limitations set forth in the Fund's prospectus, with the assistance of a daily compliance checklist and an outsourced chief compliance officer. The Board noted that the Adviser had robust policies for business continuity, disaster recovery and succession. The Board acknowledged that the Adviser reported no threatened or pending litigation since the most recent renewal of the Advisory Agreement. The Board concluded that the Adviser could be expected to continue providing quality service to the Fund and its shareholders.

*Performance.* The Board acknowledged that the Fund outperformed its peer group over the 1-year and since inception periods, and had performed on par with a blended benchmark reflecting the Fund's allocations over the 1-year period. The Board observed that the Fund had underperformed its public equity benchmarks, but considered the Adviser's explanation that the Fund maintained only 40%-45% in public equity exposure and was expected to underperform those benchmarks. The Board determined that the Fund's performance had been satisfactory.

*Fees and Expenses*. The Board observed that the Adviser had a unitary fee structure for the Fund and that the Fund's fees and expenses were well below those of its peer group. The Board concluded that the Adviser's fees and expense were not unreasonable.

*Profitability*. The Board discussed that the Adivser was currently operating at a loss. It reviewed the Adviser's explanation that it would operate at a net loss until the Fund grows to scale. The Board agreed that excessive profitability was not an issue at this time.

*Economies of Scale*. The Board noted that economies of scale were not to be expected at this time, but appreciated the Adivser's willingness to revisit economies of scale as the Fund's assets under management increased.

*Conclusion.* Having requested and received such information from the Adviser as the Board believed to be reasonably necessary to evaluate the terms of the Advisory Agreement, and as assisted by the advice of independent counsel, the Board determined that renewal of the Advisory Agreement was in the best interests of the Fund and its shareholders.

In considering the approval of the Sub-Advisory Agreement, the Board reviewed and analyzed various factors that they determined were relevant, including the factors enumerated below.

*Nature, Extent and Quality of Services*. The Board observed that the Sub-Adviser provided investment management and trading services for the public equity component of the Fund's investment strategy. The Board noted the credentials and professional experience of the Sub-Adviser staff servicing the Fund and noted that there had been no changes to such personnel reported by the Sub-Adviser. The Board acknowledged the Sub-Adviser's robust compliance policies and procedures, noting that it used daily control and exception reports and fully automated pre- and post-trade compliance checklist to ensure adherence to investment guidelines and limitations. The Board determined that the Sub-Adviser could be expected to continue providing quality service to the Fund and its shareholders.

*Performance*. The Board acknowledged that the sleeve of the Fund's portfolio managed by the Sub-Adviser was designed to track an index and noted that the Fund had outperformed the index over the 1-year and since inception periods and other accounts managed by the Sub-Adviser with comparable investment strategies. The Board determined that the Sub-Adviser could be expected to provide satisfactory returns to the Fund.

*Fees and Expenses.* The Board reviewed the sub-advisory fee paid to the Sub-Adviser from the advisory fee. The Board discussed that the sub-advisory fee was on par with other accounts sub-advised by RhumbLine. The Board concluded that the Sub-Adviser's sub-advisory fee was not unreasonable.

*Profitability.* The Board observed that the Sub-Adviser sub-advised the Fund at a loss. The Board acknowledged that excessive profitability was not an issue for Sub-Adviser at this time.

*Economies of Scale*. The Board acknowledged that economies of scale were primarily a consideration for the Adviser.

*Conclusion.* Having requested and received such information from the Sub-Adviser as the Board believed to be reasonably necessary to evaluate the terms of the Sub-Advisory Agreement, and as assisted by the advice of independent counsel, the Board determined that renewal of the Sub-Advisory Agreement was in the best interests of the Fund and its shareholders.

------

#### Item 2. Code of Ethics.
The registrant has adopted a code of ethics that applies to the registrant's principal executive officer and principal financial officer. The registrant has not made any substantive amendments to its code of ethics during the period covered by this report. The registrant has not granted any waivers from any provisions of the code of ethics during the period covered by this report.

*A copy of the registrant's Code of Ethics is filed herewith.* 

#### Item 3. Audit Committee Financial Expert
The registrant's board of trustees has determined that there is at least one audit committee financial expert serving on its audit committee. Brian O'Neil is the "audit committee financial expert" and is considered to be "independent" as each term is defined in Item 3 of Form N-CSR.

#### Item 4. Principal Accountant Fees and Services.
The following table details the aggregate fees billed or expected to be billed for each of the last two fiscal years for audit fees, audit-related fees, tax fees and all other fees by the principal accountant. "Audit fees" includes amounts related to an audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years. "Audit-related fees" covers the assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant's annual financial statements and are not covered under "audit fees," including review of the Fund's prospectus. "Tax fees" covers the professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning, including review of the Fund's tax returns, asset diversification and income testing, excise taxes, and fiscal year end income calculations. "All other fees" covers the aggregate fees for products and services provided by the principal accountant, other than the services reported in the foregoing three categories.

---

| | | |
|:---|:---|:---|
| **<u>Fee Category</u>** | **<u>Fiscal Year 2026 Fees</u>** | **<u>Fiscal Year 2025 Fees</u>** |
| Audit Fee | $25000 | $24500 |
| Audit-Related Fees | $0 | $0 |
| Tax Fees | $10000 | $8000 |
| All Other Fees | $0 | $0 |

---

The audit committee has adopted pre-approval policies and procedures that require the audit committee to pre-approve all audit and non-audit services of the registrant, including services provided to any entity affiliated with the registrant.

The percentage of fees billed by the principal accountant for each of the last two fiscal years, applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows:

---

| | | |
|:---|:---|:---|
|  | **<u>Fiscal Year 2025 Fees</u>** | **<u>Fiscal Year 2024 Fees</u>** |
| Audit-Related Fees | 0% | 0% |
| Tax Fees | 0% | 0% |
| All Other Fees | 0% | 0% |

---

All of the principal accountant's hours spent on auditing the registrant's financial statements were attributed to work performed by full-time permanent employees of the principal accountant.

The following table indicates the non-audit fees billed or expected to be billed by the principal accountant for services to the registrant and to the registrant's investment adviser and any entity controlling, controlled by, or under common control with the registrant's investment adviser that provides ongoing services to the registrant for the last two fiscal years of the registrant.

---

| | | |
|:---|:---|:---|
|  | **<u>Fiscal Year 2025 Fees</u>** | **<u>Fiscal Year 2024 Fees</u>** |
| Registrant | $0 | $0 |
| Registrant's Investment Adviser | $0 | $0 |

---

During the last two fiscal years, there have been no non-audit services rendered to the registrant's investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X for the audit committee of the board of trustees to consider whether they were compatible with maintaining the principal accountant's independence.

#### Item 5. Audit Committee of Listed Registrants.
Not applicable.

#### Item 6. Investments.
Schedule of Investments is included as part of the annual report to shareholders filed under Item 1 of this Form N-CSR.

#### Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.
Not applicable.

#### Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
Not applicable.

#### Item 9. Proxy Disclosures for Open-End Management Investment Companies.
Not applicable.

#### Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
Not applicable.

#### Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
Discussions of the approvals of the renewal of the investment advisory agreement with Ivy Invest Corporation (the "Adviser"), and the sub-advisory agreement between Ivy Invest Corporation and Rhumbline Advisers LP (the "Sub-Adviser") are included as part of the annual report to shareholders filed under Item 1 of this Form N-CSR.

#### Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
The registrant's board of trustees has adopted the Proxy Voting Policy of the Adviser, the registrant's investment adviser and the Proxy Voting Policy of the Sub-Adviser as the Registrant's Proxy Voting Procedures. Subject to the oversight of the registrant's board of trustees, the registrant has delegated responsibility to the Adviser and Sub-Adviser to vote any proxies the registrant may receive. The Adviser's general policy is to vote proxy proposals, amendments, consents or reslutions relating to the registrant in a manner that serves the best interests of the registrant with the goals of maximizing the value of the Fund's investments, promoting accountability of a company's management and board of directors to its shareholders, aligning the interests of management with those of shareholders, and increasing transparency of a company's business and operations.

These policies and procedures apply only to the Adviser.

#### Adviser's Proxy Voting Policy
The Adviser, as a matter of policy and as a fiduciary to the Fund, permits the Fund to delegate proxy voting authority to the Adviser, consistent with the best economic interests of the Fund. All Fund proxies received by the Adviser are voted in accordance with the Adviser's Proxy Voting Guidelines, as described below.

As part of its fiduciary duties to the registrant, the Adviser will vote proxies. With respect to each proxy proposal, the Adviser will consider the period of time that the particular security is expected to be held for an account, the size of the holding, the costs involved with the proxy proposal, the existing corporate governance structure, and the current management and operations for the particular company. Typically, the Adviser will vote proxies in accordance with management's recommendations. However, in situations where the Adviser believes that management is acting on its own behalf or acting in a manner that is adverse to the rights of the company's shareholders, the Adviser will not vote with management.

For each proxy, the Adviser also considers whether there are any specific facts and circumstances that may give rise to a material conflict of interest on the part of the Adviser in voting the proxy. If it is determined that a material conflict of interest may exist, the proxy will be referred to the Adviser's chief compliance officer for further guidance. All instances where the Adviser determines a material conflict of interest may exist are resolved in the best interests of the Fund. All instances where the Adviser determines a material conflict of interest may exist are resolved in the best interests of the registrant. The Adviser retains final authority and fiduciary responsibility for proxy voting.

#### Sub-Adviser's Proxy Voting Policy
The Sub-Adviser is generally authorized by the Adviser to vote proxies for the securities held by the Fund. The Sub-Adviser is required to vote proxies in accord with its own policies and procedures and the investment management agreement between the Adviser and Sub-Adviser.

To assist with proxy voting, the Sub-Adviser has engaged Institutional Shareholder Services Inc. (ISS), a registered investment adviser that specializes in the provision of proxy research, vote recommendations and related governance research services. The Sub-Adviser has delegated to ISS the authority to vote its proxies consistent with predetermined ISS voting policies. The Sub-Adviser's client portfolios will be voted according to the ISS U.S. Corporate Governance Policy unless otherwise directed by the Adviser or referred by ISS.

The Sub-Adviser may have a conflict of interest related to voting certain securities of publicly held companies to which it provides investment advisory services. By maintaining the above-described proxy voting process through ISS, the votes are made based on overall predetermined voting parameters rather than their application to any particular company thereby eliminating the effect of any potential conflict of interest. In the event that ISS does not provide a recommendation due to a conflict in voting, the chief compliance officer (CCO), or the CCO's designee, may consult the Sub-Adviser's chief investment officer, or if necessary, ask for a recommendation. Documentation of any voting decisions will be maintained by the CCO.

#### Item 13. Portfolio Managers of Closed-End Management Investment Companies.

---

| | | |
|:---|:---|:---|
| **<u>Name</u>** | **<u>Position(s) Held with Company</u>** | **<u>Principal Occupations Last 5 Years</u>** |
| Wenwen McElhoe (Wendy Li) | Chairwoman of the Board of Trustees | President and Chief Investment Officer, Ivy Invest Corporation (2023-present); Managing Director, Mother Cabrini Health Foundation (2019-2023) |

---

The Portfolio Manager is not responsible for the day-to-day management of the portfolio of any other account.

Wenwen McElhoe has ownership and financial interests in, and may receive compensation and/or variable profit distributions from, the Adviser based on the Adviser's financial performance, such as its overall revenues and profitability. Ms. McElhoe's compensation is not tied to the Fund's performance, except to the extent that the fee paid to the Adviser impacts the Adviser's financial performance.

As of March 31, 2026, the Portfolio Manager beneficially owned over $1,000,000 of shares of the Fund.

#### Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.

#### Item 15. Submission of Matters to a Vote of Security Holders.
Not applicable.

#### Item 16. Controls and Procedures.
(a) The registrant's President and Treasurer have reviewed the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the "Act")) as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934. Based on their review, such officers have concluded that the disclosure controls and procedures are effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported and made known to them by others within the registrant and by the registrant's service provider.

(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

#### Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
The registrant did not engage in securities lending activities during the fiscal period reported on this Form N-CSR.

#### Item 18. Recovery of Erroneously Awarded Compensation.
Not applicable.

#### Item 19. Exhibits.
[(a)(1) Code of ethics, or any amendment thereto, that is the subject of disclosure required by Item 2 is attached hereto.](iisf_ncsr2026ex99-eth.htm)

------

#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| (Registrant) | Institutional Investment Strategy Fund |
| By (Signature and Title) | /s/ Arash Ghodoosi |
|  | Arash Ghodoosi, President |
|  | (Principal Executive Officer) |
| Date | June __, 2026 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| (Registrant) | Institutional Investment Strategy Fund |
| By (Signature and Title) | /s/ Arash Ghodoosi |
|  | Arash Ghodoosi, President |
|  | (Principal Executive Officer) |
| Date | June __, 2026<br>|

---

---

| | |
|:---|:---|
| (Registrant) | Institutional Investment Strategy Fund |
| By (Signature and Title) | /s/ Matthew Pauker<br>|
|  | Matthew Pauker, Treasurer |
|  | (Principal Financial Officer) |
| Date | June __, 2026<br>|

---

## Exhibit 99.2

**INSTITUTIONAL INVESTMENT STRATEGY FUND**

**CODE OF ETHICS**

INSTITUTIONAL INVESTMENT STRATEGY FUND (the "Fund") has adopted this Code of Ethics (the "Code") in order to set forth guidelines and procedures that promote ethical practices and conduct by all of its Access Persons and to ensure that all Access Persons comply with the federal securities laws. To the extent that any such individuals are subject to compliance with the Code of Ethics of the Fund's adviser, (the "Adviser"), as applicable, whose Codes of Ethics complies with Rule 17j-1, compliance by such individuals with the provisions of the Code of the applicable Adviser shall constitute compliance with this Code. Although this Code contains a number of specific standards and policies, there are four key principles embodied throughout the Code.

**1.** **The interests of the Fund must always be paramount.** Access Persons have a legal, fiduciary duty to place the interests of the Fund ahead of their own. In any decision relating to their personal investments, Access Persons must scrupulously avoid serving their own interests ahead of those of Fund.

**2.** **Access Persons may not take advantage of their relationship with the Fund.** Access Persons should avoid any situation (unusual investment opportunities, perquisites and accepting gifts of more than token value from persons seeking to do business with the Fund) that might compromise, or call into question, the exercise of their fully independent judgment in the interests of the Fund.

**3.** **All Personal Securities Transactions should avoid any actual, potential, or apparent conflicts of interest.** Although all Personal Securities Transactions by Access Persons must be conducted in a manner consistent with this Code, the Code itself is based on the premise that Access Persons owe a fiduciary duty to the Fund, and should avoid any activity that creates an actual, potential, or apparent conflict of interest. This includes executing transactions through or for the benefit of a third party when the transaction is not in keeping with the general principles of this Code.

Access Persons must adhere to these general principles as well as comply with the specific provisions of this Code. Technical compliance with the Code and its procedures will not automatically prevent scrutiny of trades that show a pattern of abuse of an individual's fiduciary duty to the Fund.

**4.** **Access Persons must comply with all applicable laws.** In both work-related and personal activities, Access Persons must comply with all applicable laws, including the federal securities laws.

**Any violations of this Code should be reported promptly to the Chief Compliance Officer or his designee. Failure to do so will be deemed a violation of the Code.**

***<u>DEFINITIONS</u>*** 

**"Access Person"** shall have the same meaning as set forth in Rule 17j-1 under the Investment Company Act of 1940, as amended (the "1940 Act") and shall include:

1. all officers and trustees (or persons occupying a similar status or performing a similar function) of the Fund;

2. all officers and trustees (or persons occupying a similar status or performing a similar function) of the Adviser;

3. any employee of the Fund or the Adviser (or of any company controlling or controlled by or under common control with the Fund or the Adviser) who, in connection with his or her regular functions or duties, makes, participates in, or obtains information regarding the purchase or sale of Covered Securities by the Fund, or whose functions relate to the making of any recommendations with respect to the purchase or sale; and

4. any other natural person controlling, controlled by or under common control with the Fund or the Adviser who obtains information concerning recommendations made to the Fund with regard to the purchase or sale of Covered Securities by the Fund.

**"Adviser"** means Buena Capital Advisors, LLC

**"Beneficial Ownership"** means in general and subject to the specific provisions of Rule 16a-1(a)(2) under the Securities Exchange Act of 1934, as amended, having or sharing, directly or indirectly, through any contract arrangement, understanding, relationship, or otherwise, a direct or indirect "pecuniary interest" in the security.

**"Chief Compliance Officer"** means the Code of Ethics Compliance Officer of the Fund with respect to Trustees and officers of the Fund, or the Chief Compliance Officer of the Adviser with respect to Adviser's personnel.

**"Code"** means this Code of Ethics.

**"Covered Security"** means any Security, except (i) direct obligations of the U.S. Government, (ii) bankers' acceptances, bank certificates of deposit, commercial paper and high quality short-term debt instruments, including repurchase agreements, (iii) shares issued by an unaffiliated open-end mutual fund and (iv) shares issued by an unit investment trust that are invested exclusively in one or more open-end investment companies.

"**Decision Making Access Person"** means any Access Person who, in connection with his or her regular functions or duties, makes, participates in, or obtains information regarding recommendations on the purchase or sale of a security by the Fund, or whose functions relate to the making of any recommendations with respect to such purchases or sales. Decision Makers typically are Advisers personnel.

**"Fund"** means Institutional Investment Strategy Fund.

**"Immediate family"** means an individual's spouse, child, stepchild, grandchild, parent, stepparent, grandparent, siblings, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law and should include adoptive relationships. For purposes of determining whether an Access Person has an "indirect pecuniary interest" in securities, only ownership by "immediate family" members sharing the same household as the Access Person will be presumed to be an "indirect pecuniary interest" of the Access Person, absent special circumstances.

**"Independent Trustees"** means those Trustees of the Fund that would not be deemed an "interested person" of the Fund, as defined in Section 2(a)(19)(A) of the 1940 Act.

**"Indirect Pecuniary Interest"** includes, but is not limited to: (a) securities held by members of the person's Immediate Family sharing the same household (which ownership interest may be rebutted); (b) a general partner's proportionate interest in Fund securities held by a general or limited partnership; (c) a person's right to dividends that is separated or separable from the underlying securities (otherwise, a right to dividends alone will not constitute a pecuniary interest in securities); (d) a person's interest in securities held by a Trust; (e) a person's right to acquire securities through the exercise or conversion of any derivative security, whether or not presently exercisable; and (f) a performance-related fee, other than an asset based fee, received by any broker, dealer, bank, insurance company, investment company, investment manager, Trustee, or person or entity performing a similar function, with certain exceptions.

**"Initial Public Offering"** means an offering of securities registered under Securities Act of 1933, as amended (the "Securities Act"), the issuer of which, immediately before the registration, was not subject to the reporting requirements of Section 13 of Section 15(d) of the Securities Exchange Act.

**"Investment Personnel"** means (i) any employee of the Fund or the Fund's investment adviser or sub-adviser (or any company in a Control Relationship with the Fund or its investment adviser) who, in connection with his or her regular functions or duties, makes or participates in making recommendations regarding the purchase or sale of securities by the Fund and (ii) any natural person who controls the Fund or its investment adviser or sub-adviser and who obtains information concerning recommendations made to the Fund regarding the purchase or sale of securities by the Fund.

**"Limited Offering"** means an offering that is exempt from registration under the Securities Act pursuant to Section 4(2) or Section 4(6) or pursuant or Rule 504, Rule 505 or Rule 506 under the Securities Act.

**"Officer"** of an entity includes the entity's president, principal financial officer, principal accounting officer (or, if there is no such accounting officer, the controller), any vice-president of the issuer in charge of a principal business unit, division or function (such as sales, administration or finance), any other officer who performs a policy-making function, or any other person who performs similar policy-making functions for the Fund, including the Chief Compliance Officer.

**"Pecuniary Interest"** means the opportunity, directly or indirectly, to profit or share in any profit derived from a transaction in securities.

**"Personal Securities Transaction"** means any transaction in a Covered Security in which an Access Person has a direct or indirect Pecuniary Interest.

**"Purchase or Sale of a Security"** includes the writing of an option to purchase or sell a Security. A Security shall be deemed "being considered for Purchase or Sale" for the Fund when a recommendation to purchase or sell has been made and communicated by a Decision Making Access Person, and, with respect to the person making the recommendation, when such person seriously considers making such a recommendation. These recommendations are placed on the "Restricted List" until they are no longer being considered for Purchase or Sale, or until the Security has been purchased or sold.

**"Restricted List"** means the list of securities maintained by the Chief Compliance Officer or his designee in which trading by Access Persons is generally prohibited.

**"Security"** means any note, stock, treasury stock, bond, debenture, evidence of indebtedness, certificate of interest or participation in any profit-sharing agreement, collateral-Trust certificate, pre-organization certificate or subscription, transferable share, ETF share, investment contract, voting-Trust certificate, certificate of deposit for a security, fractional undivided interest in oil, gas, or other mineral rights, or, in general, an interest or instrument commonly known as "security", or any certificate or interest or participation in temporary or interim certificate for, receipt for, guarantee of, or warrant or right to subscribe to or purchase (including options) any of the foregoing.

***<u>PROHIBITED ACTIONS AND ACTIVITIES</u>***

A. No Access Person shall purchase or sell directly or indirectly, any Covered Security in which he or she has, or by reason of such transaction acquires, any direct or indirect beneficial ownership and which he or she knows or should have known at the time of such purchase or sale;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(1) is being considered for purchase or sale by the Fund, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(2) is being purchased or sold by the Fund.

B. Decision-Making Access Persons may not participate in any initial public offering of Covered Securities in any account over which they exercise Beneficial Ownership. All other Access Persons must obtain prior written authorization from the Chief Compliance Officer or his designee prior to such participation;

C. No Access Person may purchase a Covered Security in which by reason of such transaction they acquire Beneficial Ownership in a private placement of a Security, without prior written authorization of the acquisition by the Chief Compliance Officer or his designee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

D. Access Persons may not accept any fee, commission, gift, or services, other than de minimis gifts, from any single person or entity that does business with or on behalf of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(1) An Access Person of the Fund who is also an access person of the Fund's principal underwriter or its affiliates or an access person of the Fund's Adviser may submit reports required by this Section on forms prescribed by the Code of Ethics of such principal underwriter, or investment adviser provided that such forms contain substantially the same information as called for in the forms required by this Section and comply with the requirements of Rule 17j-1(d) (1).

E. Access Persons may not accept any fee, commission, gift, or services, other than *de minimis* gifts, from any single person or entity that does business with or on behalf of the Fund;

F. Decision-Making Access Persons may not serve on the board of directors of a publicly traded company without prior authorization from the Chief Compliance Officer or his designee based upon a determination that such service would be consistent with the interests of the Fund. If such service is authorized, procedures will then be put in place to isolate such Decision-Making Access Persons serving as directors of outside entities from those making investment decisions on behalf of the Fund.

Advanced notice should be given so that the Fund or Adviser may take such action concerning the conflict as deemed appropriate by the Chief Compliance Officer or his designee.

G. Decision-Making Access Person may not execute a Personal Securities Transaction involving a Covered Security without authorization of the Chief Compliance Officer or such persons who may be designated by the Chief Compliance Officer from time to time provided it is permitted under the Adviser's Code of Ethics. The Chief Compliance Officer or his designee may restrict purchases of Covered Securities pursuant to the Adviser's Code of Ethics.

H. It shall be a violation of this Code for any Access Person, in connection with the purchase or sale, directly or indirectly, of any Covered Security held or to be acquired by the Fund:

&nbsp;&nbsp;&nbsp;&nbsp;

(1) to employ any device, scheme or artifice to defraud the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;

(2) to make to the Fund any untrue statement of a material fact or to omit to state to the Fund a material fact necessary in order to make the statements made, in light of the circumstances under which they are made, not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;

(3) to engage in any act, practice or course of business that operates or would operate as a fraud or deceit upon the Fund; or

&nbsp;&nbsp;&nbsp;&nbsp;

(4) to engage in any manipulative practice with respect to the Fund.

***<u>EXEMPTED TRANSACTIONS</u>***

The provisions described above under the heading Prohibited Actions and Activities and the preclearance procedures under the heading Preclearance of Personal Securities Transactions do not apply to:

● Purchases or Sales of Securities effected in any account in which an Access Person has no Beneficial Ownership;

● Purchases or Sales of Securities which are non-volitional on the part the Access Person (for example, the receipt of stock dividends);

● Purchase of Securities made as part of automatic dividend reinvestment plans;

● Purchases of Securities made as part of an employee benefit plan involving the periodic purchase of company stock or mutual funds; and

● Purchases of Securities effected upon the exercise of rights issued by an issuer pro rata to all holders of a class of its Securities, to the extent such rights were acquired from such issuer, and sale of such rights so acquired.

***<u>PRECLEARANCE OF PERSONAL SECURITIES TRANSACTIONS</u>***

All Decision-Making Access Persons wishing to engage in a Personal Securities Transaction involving, as defined in the Securities Act of 1933, an Initial Public Offering (IPO) or a Limited Offering must obtain prior authorization of any such Personal Securities Transaction from the Chief Compliance Officer or such person or persons that the Chief Compliance Officer may from time to time designate to make such authorizations. Personal Securities Transactions by the Chief Compliance Officer shall require prior authorization from the President or Chief Executive Officer of the Fund (unless such person is also the Chief Compliance Officer), who shall perform the review and approval functions relating to reports and trading by the Chief Compliance Officer. The Trust shall adopt the appropriate forms and procedures for implementing this Code of Ethics.

Any authorization so provided is effective until the close of business on the fifth trading day after the authorization is granted. In the event that an order for the Personal Securities Transaction involving IPO or Limited Offering is not placed within that time period, a new authorization must be obtained. If the order for the transaction is placed but not executed within that time period, no new authorization is required unless the person placing the order originally amends the order in any manner. Authorization for "good until canceled" orders is effective unless the order conflicts with the Fund's order.

If a person wishing to effect a Personal Securities Transaction learns, while the order is pending, that the same Security is being considered for Purchase or Sale by a Fund, such person shall cancel the trade. Affiliated Persons and/or Officers are required to obtain pre-clearance for all personal securities transactions involving shares of the Fund from

the Fund's Chief Compliance Officer, and meet the Fund's requirements for section 16 reporting.

Investment Personnel of the Fund or Adviser must obtain approval from the Fund or Adviser before directly or indirectly acquiring beneficial ownership in any securities in an Initial Public Offering or a Limited Offering.

***<u>REPORTING AND MONITORING</u>***

The Chief Compliance Officer or such person or persons that the Chief Compliance Officer may from time to time designate shall monitor all personal trading activity of all Access Persons pursuant to the procedures established under this Code.

An Access Person need not make an Initial Holdings, Quarterly Transaction Report, or Annual Holdings Report under this Code of Ethics if all of the information required in such reports would duplicate information (1) contained in broker trade confirmations or account statements received by the Fund, or the Adviser, with respect to the Access Person in the time period required by this Code of Ethics, (2) contained in similar reports filed with the Adviser with respect to the Access Person in the time period required by this Code of Ethics, or (3) required to be recorded under Rule 204-2(a)(12) under the Investment Adviser Act of 1940, as amended.

**Disclosure of Personal Brokerage Accounts**

Within ten days of the commencement of employment or at the commencement of a relationship with the Fund, all Access Persons, except Independent Trustees, are required to submit to the Chief Compliance Officer or his designee a report stating the names and account numbers of all of their personal brokerage accounts, brokerage accounts of members of their Immediate Family, and any brokerage accounts which they control or in which they or an Immediate Family member has Beneficial Ownership. Such report must contain the date on which it is submitted and the information in the report must be current as of a date no more than 45 days prior to that date. In addition, if a new brokerage account is opened during the course of the year, the Chief Compliance Officer or his designee must be notified immediately.

The information required by the above paragraph must be provided to the Fund Chief Compliance Officer or his designee on an annual basis, and the report of such should be submitted with the annual holdings reports described below.

Each of these accounts is required to furnish duplicate confirmations and statements to the Adviser Chief Compliance Officer or his designee. These statements and confirms for the Fund Trust may be sent to the Adviser.

**Initial Holdings Report**

Within ten days of becoming an Access Person (and with information that is current as of a date no more than 45 days prior to the date that the report was submitted), each Access Person, except Independent Trustees must submit a holdings report that must contain, at

a minimum, the title and type of Security, and as applicable, the exchange ticker symbol or CUSIP number, number of shares, and principal amount of each Covered Security in which the Access Person has any direct or indirect Beneficial Ownership. This report must state the date on which it is submitted.

**Annual Holdings Reports**

All Access Persons, except Independent Trustees, must supply the information that is required in the initial holdings report on an annual basis, and such information must be current as of a date no more than 45 days prior to the date that the report was submitted. Such reports must state the date on which they are submitted.

**Quarterly Transaction Reports**

All Access Persons shall report to the Chief Compliance Officer or his designee the following information with respect to transactions in a Covered Security in which such person has, or by reason of such transaction acquires, any direct or indirect Beneficial Ownership in the Covered Security:

● The date of the transaction, the title, and as applicable the exchange ticker symbol or CUSIP number, interest rate and maturity date, number of shares, and the principal amount of each Covered Security;

● The nature of the transaction (i.e., purchase, sale or any other type of acquisition or disposition);

● The price of the Covered Security at which the transaction was effected; and

● The name of the broker, dealer, or bank with or through whom the transaction was effected.

● The date the Access Person Submits the Report.

Reports pursuant to this section of this Code shall be made no later than 30 days after the end of the calendar quarter in which the transaction to which the report relates was effected, and shall include a certification that the reporting person has reported all Personal Securities Transactions required to be disclosed or reported pursuant to the requirements of this Code. Confirmations and Brokerage Statements sent directly to each Adviser's address noted above is an acceptable form of a quarterly transaction report.

An Independent Trustee need only make a quarterly transaction report if he or she, at the time of the transaction, knew, or in the ordinary course of fulfilling his or her official duties as a Trustee, should have known that during the 15-day period immediately preceding or following the date of the transaction by the Independent Trustee, the Covered Security was purchased or sold by a Fund or was considered for purchase or sale by the Fund.

An Access Person of the Fund who is also an Access Person of the Adviser or Sub-Adviser may submit reports required by this Section on forms prescribed by the Code of

Ethics of such Adviser or Sub-Adviser, provided that such forms contain substantially the same information as called for in the forms required by this Section and comply with the requirements of Rule 17j-1(d)(1).

***<u>ENFORCEMENTS AND PENALTIES</u>***

The Chief Compliance Officer or his designee shall review the transaction information supplied by Access Persons. If a transaction appears to be a violation of this Code, the transaction will be reported to the Board of Trustees.

Upon being informed of a violation of this Code, the Board of Trustees may impose sanctions as it deems appropriate, including but not limited to, a letter of censure or suspension, termination of the employment of the violator, or a request for disgorgement of any profits received from a securities transaction effected in violation of this Code. The Fund shall impose sanctions in accordance with the principle that no Access Person may profit at the expense of its clients. Any losses are the responsibility of the violator. Any profits realized on personal securities transactions in violation of the Code must be disgorged in a manner directed by the Board of Trustees.

Annually, the Chief Compliance Officer at a regular meeting of the Board shall make a report on Personal Securities Transactions by Access Person. The report submitted to the board shall:

● Summarize existing procedures concerning Personal Securities investing and any changes in the procedures made during the prior year;

● Identify any violations of this Code and any significant remedial action taken during the prior year; and;

● Identify any recommended changes in existing restrictions or procedures based upon the experience under the Code, evolving industry practices or developments in applicable laws and regulations.

***<u>RECORDKEEPING</u>*** 

The Fund shall cause the records enumerated in this Section VII (a) through (e) below to be maintained in an easily accessible place and shall cause such records to be made available to the Commission or any representative of the Commission at any time and from time to time for reasonable periodic, special or other examinations.

Specifically, the Fund shall maintain:

● a copy of the Code of Ethics adopted by the Fund that is in effect, or at any time within the previous five (5) years was in effect in an easily accessible place;

● a record of any violation of the Code of Ethics, and of any action taken as a result of such violation, in an easily accessible place, for at least five (5) years after the end of the fiscal year in which the violation occurs;

● a copy of each report made by an Access Person as required by this Code of Ethics for at least five (5) years after the end of the fiscal year in which the report is made or the information is provided, the first two (2) years in an easily accessible place;

● a record of all persons, currently or within the past five years, who are or were required to make reports under Section V of this Code of Ethics, or who are or were responsible for reviewing these reports, in an easily accessible place; and

● a copy of each report required by Section V of this Code of Ethics, for at least five (5) years after the end of the fiscal year in which the report is made, the first two (2) years in an easily accessible place.

The Fund must maintain a record of any decision, and the reasons supporting the decision, to approve the acquisition by Investment Personnel of securities under Section IV, for at least five years after the end of the fiscal year in which the approval is granted.

***<u>ACKNOWLEDGEMENT</u>*** 

The Fund must provide all Access Persons with a copy of this Code. Upon receipt of this Code, all Access Persons must do the following:

All new Access Persons must read the Code, complete all relevant forms supplied by the Chief Compliance Officer or his designee (including a written acknowledgement of their receipt of the Code), and schedule a meeting with the Chief Compliance Officer or his designee to discuss the provisions herein within two calendar weeks of employment.

I certify that I have read and understand the Code of Ethics of and recognize that I am subject to it. [if an employee of the Adviser] I further certify I will fulfill my personal securities holdings and transactions reporting obligates through the procedures of the Adviser with respect to covered securities.

Printed Name:

Signature:

Date:

Existing Access Persons who did not receive this Code upon hire, for whatever reason, must read the Code, complete all relevant forms supplied by the Chief Compliance Officer or his designee (including a written acknowledgement of their receipt of the Code), and schedule a meeting with the Chief Compliance Officer or his designee to discuss the provisions herein at the earliest possible time, but no later than the end of the current quarter.

All Access Persons must certify on an annual basis that they have read and understood the Code.