# EDGAR Filing Document

**Accession Number:** 0001545440
**File Stem:** 0001752724-23-009055
**Filing Date:** 2023-1
**Character Count:** 72309
**Document Hash:** c8ee214830ddf21284602758c1933723
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-009055.hdr.sgml**: 20230123

**ACCESSION NUMBER**: 0001752724-23-009055

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20221130

**FILED AS OF DATE**: 20230123

**DATE AS OF CHANGE**: 20230123

**PERIOD START**: 20221130

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Ultimus Managers Trust
- **CENTRAL INDEX KEY:** 0001545440
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22680
- **FILM NUMBER:** 23544168

**BUSINESS ADDRESS:**
- **STREET 1:** 225 PICTORIA DRIVE
- **STREET 2:** SUITE 450
- **CITY:** CINCINNATI
- **STATE:** OH
- **ZIP:** 45246
- **BUSINESS PHONE:** 513-587-3400

**MAIL ADDRESS:**
- **STREET 1:** 225 PICTORIA DRIVE
- **STREET 2:** SUITE 450
- **CITY:** CINCINNATI
- **STATE:** OH
- **ZIP:** 45246

## Series and Classes Contracts Data

### US VALUE ETF (Series ID: S000072496)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000228796 | US VALUE ETF | USVT            |

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** Ultimus Managers Trust

- **b. Investment Company Act file number:** 811-22680

- **c. CIK number of Registrant:** 0001545440

- **d. LEI of Registrant:** 549300FU214TAR7BFY91

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

  - **Street Address 1:** 225 Pictoria Drive

  - **City:** Cincinnati

  - **State:** OH

  - **Foreign country:** US

  - **Zip / Postal Code:** 45246

  - **Telephone number:** 513-587-3400

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

- **a. Name of Series:** US VALUE ETF

- **b. EDGAR series identifier (if any):** S000072496

- **c. LEI of Series:** 549300A308J15LPGDK29

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

- **a. Date of fiscal year-end:** 2022-11-30

- **b. Date as of which information is reported:** 2022-11-30

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $15979411.77

**Total Liabilities:** $22016.42

**Net Assets:** $15957395.35

**Cash Not Reported:** $81175.00

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000228796 | -10.96%              | 13.92%               | 6.32%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $-1655708.66                               |
| Month 2  | $-135420.47              | $1956754.50                                |
| Month 3  | $4035.08                 | $902026.95                                 |

### Schedule of Portfolio Investments

| Name                                                | Title                                         | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| QUALCOMM Inc.                                       | QUALCOMM, Inc.                                | CUSIP: 747525103<br>LEI: H1J8DDZKZP6H7RWC0H53 | Long             | EC               | CORP              | US        |       629 | NS      | $79562.21     | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Diamondback Energy Inc                              | Diamondback Energy, Inc.                      | CUSIP: 25278X109<br>LEI: 549300R22LSX6OHWEN64 | Long             | EC               | CORP              | US        |       489 | NS      | $72381.78     | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Huntington Bancshares Incorporated                  | Huntington Bancshares, Inc.                   | CUSIP: 446150104<br>LEI: 549300XTVCVV9I7B5T19 | Long             | EC               | CORP              | US        |      5116 | NS      | $79195.68     | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Hertz Global Holdings Inc.                          | Hertz Global Holdings, Inc.                   | CUSIP: 42806J700<br>LEI: 549300NBK3K85MH1EX16 | Long             | EC               | CORP              | US        |      4212 | NS      | $72446.40     | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Lennar Corporation                                  | Lennar Corporation                            | CUSIP: 526057104<br>LEI: 529900G61XVRLX5TJX09 | Long             | EC               | CORP              | US        |       933 | NS      | $81945.39     | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Comstock Resources, Inc.                            | Comstock Resources, Inc.                      | CUSIP: 205768302<br>LEI: I03QQGEA4SS774AURI46 | Long             | EC               | CORP              | US        |      3747 | NS      | $68757.45     | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Universal Health Services, Inc.                     | Universal Health Services, Inc.               | CUSIP: 913903100<br>LEI: 549300YGMGQDO0NMJD09 | Long             | EC               | CORP              | US        |       755 | NS      | $98791.75     | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| EQT Corporation                                     | EQT Corporation                               | CUSIP: 26884L109<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | EC               | CORP              | US        |      1602 | NS      | $67940.82     | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Qorvo Inc                                           | Qorvo, Inc.                                   | CUSIP: 74736K101<br>LEI: 254900YAUJV2EUEVBR11 | Long             | EC               | CORP              | US        |       867 | NS      | $86049.75     | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Owl Rock Capital Corporation                        | Owl Rock Capital Corporation                  | CUSIP: 69121K104<br>LEI: 2549000BD79OOCPF2L94 | Long             | EC               | RF                | US        |      6564 | NS      | $84741.24     | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| MGIC Investment Corp.                               | MGIC Investment Corporation                   | CUSIP: 552848103<br>LEI: 254900S8483WM4M98R28 | Long             | EC               | CORP              | US        |      5572 | NS      | $76503.56     | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Agco Corporation                                    | AGCO Corporation                              | CUSIP: 001084102<br>LEI: LYOM0B2GCF1JWXK5ZG04 | Long             | EC               | CORP              | US        |       636 | NS      | $84409.92     | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Annaly Capital Management, Inc.                     | Annaly Capital Management, Inc.               | CUSIP: 035710839<br>LEI: 2DTL0G3FPRYUT58TI025 | Long             | EC               | CORP              | US        |      4179 | NS      | $90558.93     | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Credit Acceptance Corporation of Michigan           | Credit Acceptance Corporation                 | CUSIP: 225310101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       158 | NS      | $74885.68     | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Lithia Motors Incorporated                          | Lithia Motors, Inc.                           | CUSIP: 536797103<br>LEI: SE8N1EZEHPZQBCBVKD53 | Long             | EC               | CORP              | US        |       323 | NS      | $77297.13     | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Light & Wonder Inc                                  | Light & Wonder, Inc.                          | CUSIP: 80874P109<br>LEI: 529900JXALYBOHXKFM62 | Long             | EC               | CORP              | US        |      1498 | NS      | $97025.46     | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Reinsurance Group of America, Incorporated          | Reinsurance Group of America, Inc.            | CUSIP: 759351604<br>LEI: LORM1GNEU1DKEW527V90 | Long             | EC               | CORP              | US        |       520 | NS      | $75088.00     | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| UFP Industries Inc                                  | UFP Industries, Inc.                          | CUSIP: 90278Q108<br>LEI: 5493007KB485C9OV5572 | Long             | EC               | CORP              | US        |       975 | NS      | $79813.50     | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| United Airlines Holdings Inc                        | United Airlines Holdings, Inc.                | CUSIP: 910047109<br>LEI: 98450079DA0B78DD6764 | Long             | EC               | CORP              | US        |      2005 | NS      | $88560.85     | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Mohawk Industries, Inc.                             | Mohawk Industries, Inc.                       | CUSIP: 608190104<br>LEI: 549300JI1115MG3Q6322 | Long             | EC               | CORP              | US        |       735 | NS      | $74477.55     | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Pulte Group Inc                                     | PulteGroup, Inc.                              | CUSIP: 745867101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1829 | NS      | $81902.62     | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Charter Communications, Inc.                        | Charter Communications, Inc.                  | CUSIP: 16119P108<br>LEI: 0J0XRGZE3PBRFEZ7MV65 | Long             | EC               | CORP              | US        |       218 | NS      | $85301.22     | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Exxon Mobil Corporation                             | Exxon Mobil Corporation                       | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        |       697 | NS      | $77603.98     | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Financial Corporation                | First American Financial Corporation          | CUSIP: 31847R102<br>LEI: 549300B6VEZK3N0A1P55 | Long             | EC               | CORP              | US        |      1512 | NS      | $82630.80     | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| KeyCorp                                             | KeyCorporation                                | CUSIP: 493267108<br>LEI: RKPI3RZGV1V1FJTH5T61 | Long             | EC               | CORP              | US        |      4252 | NS      | $79980.12     | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Blackstone Mortgage Trust, Inc                      | Blackstone Mortgage Trust, Inc.               | CUSIP: 09257W100<br>LEI: 549300OLDJ20R2Y2UW20 | Long             | EC               | CORP              | US        |      3093 | NS      | $78160.11     | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Citigroup Inc.                                      | Citigroup, Inc.                               | CUSIP: 172967424<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EC               | CORP              | US        |      1653 | NS      | $80021.73     | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| The Mosaic Company                                  | Mosaic Company (The)                          | CUSIP: 61945C103<br>LEI: 2YD5STGSJNMUB7H76907 | Long             | EC               | CORP              | US        |      1366 | NS      | $70075.80     | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Viatris Inc                                         | Viatris, Inc.                                 | CUSIP: 92556V106<br>LEI: 254900ZZTSW7NL773X71 | Long             | EC               | CORP              | US        |      7361 | NS      | $81191.83     | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Phillips 66                                         | Phillips 66                                   | CUSIP: 718546104<br>LEI: 5493005JBO5YSIGK1814 | Long             | EC               | CORP              | US        |       733 | NS      | $79486.52     | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Westlake Corporation                                | Westlake Corporation                          | CUSIP: 960413102<br>LEI: GOXNEVUM0LL78B1OS344 | Long             | EC               | CORP              | US        |       785 | NS      | $84505.25     | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase & Co.                                | JPMorgan Chase & Company                      | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |       649 | NS      | $89678.82     | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| PDC Energy, Inc.                                    | PDC Energy, Inc.                              | CUSIP: 69327R101<br>LEI: 5493008W8H2T511J5Y59 | Long             | EC               | CORP              | US        |      1007 | NS      | $74840.24     | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Capital One Financial Corporation                   | Capital One Financial Corporation             | CUSIP: 14040H105<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | EC               | CORP              | US        |       727 | NS      | $75055.48     | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Discover Financial Services                         | Discover Financial Services                   | CUSIP: 254709108<br>LEI: Z1YLO2USPORE63VVUL20 | Long             | EC               | CORP              | US        |       755 | NS      | $81811.80     | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Synchrony Financial                                 | Synchrony Financial                           | CUSIP: 87165B103<br>LEI: 549300RS7EWPM9MA6C78 | Long             | EC               | CORP              | US        |      2194 | NS      | $82450.52     | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Coterra Energy Inc                                  | Coterra Energy, Inc.                          | CUSIP: 127097103<br>LEI: FCNMH6O7VWU7LHXMK351 | Long             | EC               | CORP              | US        |      2332 | NS      | $65086.12     | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| CNH Industrial N.V.                                 | CNH Industrial N.V.                           | CUSIP: N20944109<br>LEI: 549300WGC2HZ5J67V817 | Long             | EC               | CORP              | GB        |      5812 | NS      | $93224.48     | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Invesco Ltd                                         | Invesco Ltd.                                  | CUSIP: G491BT108<br>LEI: ECPGFXU8A2SHKVVGJI15 | Long             | EC               | CORP              | US        |      4895 | NS      | $93543.45     | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Newell Brands Inc.                                  | Newell Brands, Inc.                           | CUSIP: 651229106<br>LEI: 549300LWGYFM1TVO1Z12 | Long             | EC               | CORP              | US        |      4851 | NS      | $62917.47     | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Chord Energy Corp.                                  | Chord Energy Corporation                      | CUSIP: 674215207<br>LEI: 529900FA4V2YNIKZ0M71 | Long             | EC               | CORP              | US        |       474 | NS      | $72299.22     | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Everest Re Group Ltd.                               | Everest Re Group Ltd.                         | CUSIP: G3223R108<br>LEI: 549300N24XF2VV0B3570 | Long             | EC               | CORP              | BM        |       260 | NS      | $87864.40     | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Synaptics Incorporated                              | Synaptics, Inc.                               | CUSIP: 87157D109<br>LEI: 549300AJ3LI4FWNRQX29 | Long             | EC               | CORP              | US        |       775 | NS      | $82126.75     | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Corebridge Financial Inc.                           | Corebridge Financial, Inc.                    | CUSIP: 21871X109<br>LEI: 549300XY1661QCIA7J65 | Long             | EC               | CORP              | US        |      3496 | NS      | $77751.04     | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| MPLX LP                                             | MPLX, L.P.                                    | CUSIP: 55336V100<br>LEI: 5493000CZJ19CK4P3G36 | Long             | EC               | CORP              | US        |      2242 | NS      | $76205.58     | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Steel Dynamics, Inc.                                | Steel Dynamics, Inc.                          | CUSIP: 858119100<br>LEI: 549300HGGKEL4FYTTQ83 | Long             | EC               | CORP              | US        |       876 | NS      | $91042.68     | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| BorgWarner Inc.                                     | BorgWarner, Inc.                              | CUSIP: 099724106<br>LEI: 549300DSFX2IE88NSX47 | Long             | EC               | CORP              | US        |      2122 | NS      | $90206.22     | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| XPO Logistics, Inc.                                 | XPO Logistics, Inc.                           | CUSIP: 983793100<br>LEI: 54930096DB9LCLPN7H13 | Long             | EC               | CORP              | US        |      2156 | NS      | $83264.72     | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Wells Fargo & Company                               | Wells Fargo & Company                         | CUSIP: 949746101<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EC               | CORP              | US        |      1675 | NS      | $80316.25     | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Affiliated Managers Group, Inc.                     | Affiliated Managers Group, Inc.               | CUSIP: 008252108<br>LEI: 2JE75BUE3T1BLCYYGK54 | Long             | EC               | CORP              | US        |       609 | NS      | $97695.78     | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Southwestern Energy Company                         | Southwestern Energy Company                   | CUSIP: 845467109<br>LEI: EFWMP121W54QV9MGOP87 | Long             | EC               | CORP              | US        |     10224 | NS      | $70750.08     | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| The Hartford Financial Services Group, Inc.         | Hartford Financial Services Group, Inc. (The) | CUSIP: 416515104<br>LEI: IU7C3FTM7Y3BQM112U94 | Long             | EC               | CORP              | US        |      1068 | NS      | $81563.16     | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| TD Synnex Corp                                      | TD SYNNEX Corporation                         | CUSIP: 87162W100<br>LEI: 5493004HI6PFLF46NS53 | Long             | EC               | CORP              | US        |       833 | NS      | $85215.90     | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| National Fuel Gas Company                           | National Fuel Gas Company                     | CUSIP: 636180101<br>LEI: 8JB38FFW1Y3C1HM8E841 | Long             | EC               | CORP              | US        |      1107 | NS      | $73316.61     | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Matador Resources Company                           | Matador Resources Company                     | CUSIP: 576485205<br>LEI: 549300CI3Q2UUK5R4G79 | Long             | EC               | CORP              | US        |      1119 | NS      | $74256.84     | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Hancock Whitney Corporation                         | Hancock Whitney Corporation                   | CUSIP: 410120109<br>LEI: 549300GRNBWY8HIICT41 | Long             | EC               | CORP              | US        |      1439 | NS      | $78914.76     | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Arrow Electronics, Inc.                             | Arrow Electronics, Inc.                       | CUSIP: 042735100<br>LEI: 549300YNNLBXT8N8R512 | Long             | EC               | CORP              | US        |       742 | NS      | $80685.08     | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| eBay Inc.                                           | eBay, Inc.                                    | CUSIP: 278642103<br>LEI: OML71K8X303XQONU6T67 | Long             | EC               | CORP              | US        |      1871 | NS      | $85018.24     | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Apollo Global Management Inc                        | Apollo Global Management, Inc.                | CUSIP: 03769M106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1463 | NS      | $101517.57    | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Williams-Sonoma Incorporation                       | Williams-Sonoma, Inc.                         | CUSIP: 969904101<br>LEI: 549300IARG6YWVTZ1I92 | Long             | EC               | CORP              | US        |       581 | NS      | $67918.90     | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Jazz Pharmaceuticals PLC                            | Jazz Pharmaceuticals plc                      | CUSIP: G50871105<br>LEI: 635400GAUMJCLEZRRV50 | Long             | EC               | CORP              | IE        |       527 | NS      | $82691.57     | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| HF Sinclair Corp.                                   | HF Sinclair Corporation                       | CUSIP: 403949100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1224 | NS      | $76304.16     | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Ryder System, Inc.                                  | Ryder System, Inc.                            | CUSIP: 783549108<br>LEI: ZXJ6Y2OSPZXIVGRILD15 | Long             | EC               | CORP              | US        |       902 | NS      | $84327.98     | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Group, Inc.                           | Goldman Sachs Group, Inc. (The)               | CUSIP: 38141G104<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | EC               | CORP              | US        |       231 | NS      | $89200.65     | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Ally Financial Inc.                                 | Ally Financial, Inc.                          | CUSIP: 02005N100<br>LEI: 549300JBN1OSM8YNAI90 | Long             | EC               | CORP              | US        |      2357 | NS      | $63662.57     | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| International Paper Company                         | International Paper Company                   | CUSIP: 460146103<br>LEI: 824LMFJDH41EY779Q875 | Long             | EC               | CORP              | US        |      2167 | NS      | $80439.04     | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Marathon Oil Corporation                            | Marathon Oil Corporation                      | CUSIP: 565849106<br>LEI: 1FRVQX2CRLGC1XLP5727 | Long             | EC               | CORP              | US        |      2507 | NS      | $76789.41     | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| DCP Midstream LP                                    | DCP Midstream, L.P.                           | CUSIP: 23311P100<br>LEI: 52990024YYS3MLGW0E91 | Long             | EC               | CORP              | US        |      1858 | NS      | $73093.72     | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Walgreens Boots Alliance, Inc.                      | Walgreens Boots Alliance, Inc.                | CUSIP: 931427108<br>LEI: 549300RPTUOIXG4LIH86 | Long             | EC               | CORP              | US        |      2111 | NS      | $87606.50     | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Devon Energy Corporation                            | Devon Energy Corporation                      | CUSIP: 25179M103<br>LEI: 54930042348RKR3ZPN35 | Long             | EC               | CORP              | US        |       983 | NS      | $67355.16     | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERCO                                              | AMERCO                                        | CUSIP: 023586100<br>LEI: 5493003WIDMLDHYC6Y24 | Long             | EC               | CORP              | US        |      1438 | NS      | $91025.40     | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Marathon Petroleum Company                          | Marathon Petroleum Corporation                | CUSIP: 56585A102<br>LEI: 3BNYRYQHD39K4LCKQF12 | Long             | EC               | CORP              | US        |       651 | NS      | $79298.31     | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| PBF Energy Inc                                      | PBF Energy, Inc.                              | CUSIP: 69318G106<br>LEI: 2549003PBEDCSZMZIY02 | Long             | EC               | CORP              | US        |      1671 | NS      | $66455.67     | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Steel Corporation                     | United States Steel Corporation               | CUSIP: 912909108<br>LEI: JNLUVFYJT1OZSIQ24U47 | Long             | EC               | CORP              | US        |      3576 | NS      | $94013.04     | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Organon & Co                                        | Organon & Company                             | CUSIP: 68622V106<br>LEI: 549300AMCKY57OK2CO56 | Long             | EC               | CORP              | US        |      2956 | NS      | $76915.12     | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Comerica Incorporated                               | Comerica, Inc.                                | CUSIP: 200340107<br>LEI: I9Q57JVPWHHZ3ZGBW498 | Long             | EC               | CORP              | US        |       981 | NS      | $70376.94     | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Old National Bancorp                                | Old National Bancorp                          | CUSIP: 680033107<br>LEI: 549300MMK90CL5KMVX16 | Long             | EC               | CORP              | US        |      3876 | NS      | $74070.36     | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Valero Energy Corporation                           | Valero Energy Corporation                     | CUSIP: 91913Y100<br>LEI: 549300XTO5VR8SKV1V74 | Long             | EC               | CORP              | US        |       588 | NS      | $78568.56     | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| D.R. Horton, Inc.                                   | DR Horton, Inc.                               | CUSIP: 23331A109<br>LEI: 529900ZIUEYVSB8QDD25 | Long             | EC               | CORP              | US        |      1006 | NS      | $86516.00     | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| U.S. Bancorp.                                       | US Bancorp                                    | CUSIP: 902973304<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | EC               | CORP              | US        |      1717 | NS      | $77934.63     | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Bunge Limited                                       | Bunge Ltd.                                    | CUSIP: G16962105<br>LEI: 5493007M0RIN8HY3MM77 | Long             | EC               | CORP              | US        |       786 | NS      | $82404.24     | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Toll Brothers, Inc.                                 | Toll Brothers, Inc.                           | CUSIP: 889478103<br>LEI: 529900JB6IS9MSZGVR44 | Long             | EC               | CORP              | US        |      1657 | NS      | $79386.87     | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Fortune Brands Home & Security Inc                  | Fortune Brands Home & Security, Inc.          | CUSIP: 34964C106<br>LEI: 54930032LHW54PQUJD44 | Long             | EC               | CORP              | US        |      1240 | NS      | $81021.60     | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| LyondellBasell Industries NV                        | LyondellBasell Industries N.V.                | CUSIP: N53745100<br>LEI: BN6WCCZ8OVP3ITUUVN49 | Long             | EC               | CORP              | US        |       888 | NS      | $75488.88     | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Tegna Inc                                           | TEGNA, Inc.                                   | CUSIP: 87901J105<br>LEI: 549300YC5EDBGX85AO10 | Long             | EC               | CORP              | US        |      3429 | NS      | $67688.46     | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Synovus Financial Corp.                             | Synovus Financial Corporation                 | CUSIP: 87161C501<br>LEI: 549300EIUS8UN5JTLE54 | Long             | EC               | CORP              | US        |      1736 | NS      | $73137.68     | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of America Corporation                         | Bank of America Corporation                   | CUSIP: 060505104<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EC               | CORP              | US        |      2240 | NS      | $84784.00     | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Franklin Resources                                  | Franklin Resources, Inc.                      | CUSIP: 354613101<br>LEI: RIFQSET379FOGTEFKS80 | Long             | EC               | CORP              | US        |      3199 | NS      | $85765.19     | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Renaissancere Holdings Ltd.                         | RenaissanceRe Holdings Ltd.                   | CUSIP: G7496G103<br>LEI: EK6GB9U3U58PDI411C94 | Long             | EC               | CORP              | BM        |       514 | NS      | $97099.74     | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Credicorp Ltd.                                      | Credicorp Ltd.                                | CUSIP: G2519Y108<br>LEI: 529900UYAEYQCQ2BKB17 | Long             | EC               | CORP              | PE        |       544 | NS      | $83531.20     | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| CF Industries Holdings, Inc.                        | CF Industries Holdings, Inc.                  | CUSIP: 125269100<br>LEI: 529900CG8YAQFZ2JMV97 | Long             | EC               | CORP              | US        |       663 | NS      | $71729.97     | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Truist Financial Corporation                        | Truist Financial Corporation                  | CUSIP: 89832Q109<br>LEI: 549300DRQQI75D2JP341 | Long             | EC               | CORP              | US        |      1612 | NS      | $75457.72     | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| New York Community Bancorp Inc.                     | New York Community Bancorp, Inc.              | CUSIP: 649445103<br>LEI: 529900HVXOTLY61GL030 | Long             | EC               | CORP              | US        |      8252 | NS      | $77156.20     | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| APA Corp.                                           | APA Corporation                               | CUSIP: 03743Q108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1697 | NS      | $79504.45     | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Voya Financial Inc                                  | Voya Financial, Inc.                          | CUSIP: 929089100<br>LEI: 549300T065Z4KJ686G75 | Long             | EC               | CORP              | US        |      1093 | NS      | $72116.14     | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| AXIS Capital Holdings Limited                       | Axis Capital Holdings Ltd.                    | CUSIP: G0692U109<br>LEI: N/A                  | Long             | EC               | CORP              | BM        |      1394 | NS      | $80238.64     | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Amkor Technology, Inc.                              | Amkor Technology, Inc.                        | CUSIP: 031652100<br>LEI: 529900VHLRTKPWZJBM84 | Long             | EC               | CORP              | US        |      3985 | NS      | $111659.70    | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Prudential Financial, Inc.                          | Prudential Financial, Inc.                    | CUSIP: 744320102<br>LEI: 5PRBRS5FEH7NREC8OR45 | Long             | EC               | CORP              | US        |       747 | NS      | $80698.41     | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Altria Group, Inc.                                  | Altria Group, Inc.                            | CUSIP: 02209S103<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | EC               | CORP              | US        |      1548 | NS      | $72105.84     | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Owens Corning                                       | Owens Corning                                 | CUSIP: 690742101<br>LEI: JO5M6676RDJIZ2U8X907 | Long             | EC               | CORP              | US        |       830 | NS      | $73737.20     | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| General Motors Company                              | General Motors Company                        | CUSIP: 37045V100<br>LEI: 54930070NSV60J38I987 | Long             | EC               | CORP              | US        |      2168 | NS      | $87934.08     | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Celanese Corporation                                | Celanese Corporation                          | CUSIP: 150870103<br>LEI: 549300FHJQTDPPN41627 | Long             | EC               | CORP              | US        |       762 | NS      | $81762.60     | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| HP Inc                                              | HP, Inc.                                      | CUSIP: 40434L105<br>LEI: WHKXQACZ14C5XRO8LW03 | Long             | EC               | CORP              | US        |      2730 | NS      | $82009.20     | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Jefferies Financial Group Inc                       | Jefferies Financial Group, Inc.               | CUSIP: 47233W109<br>LEI: 549300HOF34RGOJ5YL07 | Long             | EC               | CORP              | US        |      2252 | NS      | $85553.48     | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Zions Bancorporation Natl Assn Global Bank          | Zions Bancorp NA                              | CUSIP: 989701107<br>LEI: 8WH0EE09O9V05QJZ3V89 | Long             | EC               | CORP              | US        |      1405 | NS      | $72807.10     | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Carlyle Group Inc                                   | Carlyle Group, Inc. (The)                     | CUSIP: 14316J108<br>LEI: 529900NGGVF94UK6PG95 | Long             | EC               | CORP              | US        |      2669 | NS      | $83192.73     | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| United Rentals, Inc.                                | United Rentals, Inc.                          | CUSIP: 911363109<br>LEI: 5323X5O7RN0NKFCDRY08 | Long             | EC               | CORP              | US        |       251 | NS      | $88610.53     | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| DXC Technology Company                              | DXC Technology Company                        | CUSIP: 23355L106<br>LEI: 549300DOVZ3EDJB7O259 | Long             | EC               | CORP              | US        |      2586 | NS      | $76726.62     | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Skyworks Solutions, Inc.                            | Skyworks Solutions, Inc.                      | CUSIP: 83088M102<br>LEI: 549300WZ3ORQ2BVKBD96 | Long             | EC               | CORP              | US        |       847 | NS      | $80990.14     | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| State Street Corporation                            | State Street Corporation                      | CUSIP: 857477103<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | EC               | CORP              | US        |      1119 | NS      | $89150.73     | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| DISH Network Corporation                            | DISH Network Corporation                      | CUSIP: 25470M109<br>LEI: 529900U350CWHH15G169 | Long             | EC               | CORP              | US        |      5284 | NS      | $84808.20     | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Brunswick Corporation                               | Brunswick Corporation                         | CUSIP: 117043109<br>LEI: YM4O38W15AX4YLLQKU27 | Long             | EC               | CORP              | US        |      1012 | NS      | $75090.40     | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank OZK Little Rock Arkansas                       | Bank OZK                                      | CUSIP: 06417N103<br>LEI: 549300VYK2WBD7SST478 | Long             | EC               | CORP              | US        |      1664 | NS      | $76793.60     | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Delta Air Lines Inc                                 | Delta Air Lines, Inc.                         | CUSIP: 247361702<br>LEI: Q2CCMS6R0AS67HJMBN42 | Long             | EC               | CORP              | US        |      2337 | NS      | $82659.69     | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Unum Group                                          | Unum Group                                    | CUSIP: 91529Y106<br>LEI: 549300E32YFDO6TZ8R31 | Long             | EC               | CORP              | US        |      1663 | NS      | $70145.34     | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| AerCap Holdings N.V.                                | AerCap Holdings N.V.                          | CUSIP: N00985106<br>LEI: 549300SZYINBBLJQU475 | Long             | EC               | CORP              | IE        |      1446 | NS      | $88784.40     | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Dell Technologies Inc                               | Dell Technologies, Inc.                       | CUSIP: 24703L202<br>LEI: 549300TJB5YBRUPOG437 | Long             | EC               | CORP              | US        |      2030 | NS      | $90923.70     | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Capri Holdings Ltd                                  | Capri Holdings Ltd.                           | CUSIP: G1890L107<br>LEI: 549300LPG8W0H1OX3A26 | Long             | EC               | CORP              | GB        |      1693 | NS      | $97093.55     | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Starwood Property Trust, Inc.                       | Starwood Property Trust, Inc.                 | CUSIP: 85571B105<br>LEI: BUGSFQZERKRBFWIG5267 | Long             | EC               | CORP              | US        |      3682 | NS      | $78831.62     | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Murphy Oil Corporation                              | Murphy Oil Corporation                        | CUSIP: 626717102<br>LEI: QBKYQD0ODE7DC7PDIN91 | Long             | EC               | CORP              | US        |      1588 | NS      | $74953.60     | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Berry Global Group Inc                              | Berry Global Group, Inc.                      | CUSIP: 08579W103<br>LEI: 549300G6KKUMMXM8NH73 | Long             | EC               | CORP              | US        |      1506 | NS      | $88251.60     | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Penske Automotive Group, Inc.                       | Penske Automotive Group, Inc.                 | CUSIP: 70959W103<br>LEI: 549300W7UTQ0M4C7LB15 | Long             | EC               | CORP              | US        |       690 | NS      | $87250.50     | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Western Alliance Bancorporation                     | Western Alliance Bancorp                      | CUSIP: 957638109<br>LEI: 5493003VJXZ5JXT9S762 | Long             | EC               | CORP              | US        |      1090 | NS      | $74708.60     | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Alaska Air Group Incorporation                      | Alaska Air Group, Inc.                        | CUSIP: 011659109<br>LEI: 529900G48RT4KWLC6C27 | Long             | EC               | CORP              | US        |      1696 | NS      | $80458.24     | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Albertsons Companies Inc                            | Albertsons Companies, Inc.                    | CUSIP: 013091103<br>LEI: 549300YKWOC0AOR16R51 | Long             | EC               | CORP              | US        |      2481 | NS      | $51976.95     | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| East West Bancorp Inc                               | East West Bancorp, Inc.                       | CUSIP: 27579R104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       995 | NS      | $69858.95     | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Civitas Resources Inc                               | Civitas Resources, Inc.                       | CUSIP: 17888H103<br>LEI: IIVIHPH28S64K95M2381 | Long             | EC               | CORP              | US        |      1035 | NS      | $69717.60     | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Nucor Corporation                                   | Nucor Corporation                             | CUSIP: 670346105<br>LEI: 549300GGJCRSI2TIEJ46 | Long             | EC               | CORP              | US        |       573 | NS      | $85921.35     | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Medical Properties Trust Inc.                       | Medical Properties Trust, Inc.                | CUSIP: 58463J304<br>LEI: 254900U6E39J1MQCCY14 | Long             | EC               | CORP              | US        |      6428 | NS      | $84335.36     | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Fifth Third Bancorp                                 | Fifth Third Bancorp                           | CUSIP: 316773100<br>LEI: THRNG6BD57P9QWTQLG42 | Long             | EC               | CORP              | US        |      2069 | NS      | $75228.84     | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Range Resources Corp.                               | Range Resources Corporation                   | CUSIP: 75281A109<br>LEI: H3Y3WLYCX0BTO1TRW162 | Long             | EC               | CORP              | US        |      2470 | NS      | $71308.90     | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Tapestry Inc                                        | Tapestry, Inc.                                | CUSIP: 876030107<br>LEI: 549300LJNVY5SW3VTN33 | Long             | EC               | CORP              | US        |      2284 | NS      | $86266.68     | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Webster Financial Corp.                             | Webster Financial Corporation                 | CUSIP: 947890109<br>LEI: KMRURHT0VWKYS6Z5KU67 | Long             | EC               | CORP              | US        |      1481 | NS      | $80477.54     | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Popular, Inc.                                       | Popular, Inc.                                 | CUSIP: 733174700<br>LEI: 5493008CARDZMVQ3LO89 | Long             | EC               | CORP              | PR        |       974 | NS      | $71121.48     | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| The Bank of New York Mellon Corporation             | Bank of New York Mellon Corporation (The)     | CUSIP: 064058100<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | EC               | CORP              | US        |      1812 | NS      | $83170.80     | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Stifel Financial Corporation                        | Stifel Financial Corporation                  | CUSIP: 860630102<br>LEI: 549300E5F07FE5GHJX84 | Long             | EC               | CORP              | US        |      1307 | NS      | $83974.75     | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Pioneer Natural Resources Company                   | Pioneer Natural Resources Company             | CUSIP: 723787107<br>LEI: FY8JBF7CCL2VE4F1B628 | Long             | EC               | CORP              | US        |       280 | NS      | $66077.20     | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| F N B Corp (Pennsylvania)                           | FNB Corporation                               | CUSIP: 302520101<br>LEI: PCYSKIGYNYFDTBLVZU83 | Long             | EC               | CORP              | US        |      5547 | NS      | $78212.70     | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Eastman Chemical Company                            | Eastman Chemical Company                      | CUSIP: 277432100<br>LEI: FDPVHDGJ1IQZFK9KH630 | Long             | EC               | CORP              | US        |       961 | NS      | $83241.82     | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Ovintiv Inc                                         | Ovintiv, Inc.                                 | CUSIP: 69047Q102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1337 | NS      | $74551.12     | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| WestRock Company                                    | Westrock Company                              | CUSIP: 96145D105<br>LEI: 5493004Z9TCQW68YVL89 | Long             | EC               | CORP              | US        |      2214 | NS      | $83954.88     | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| The Western Union Company                           | Western Union Company (The)                   | CUSIP: 959802109<br>LEI: 28ID94QU1140NC23S047 | Long             | EC               | CORP              | US        |      5060 | NS      | $74179.60     | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Wesco International, Inc.                           | WESCO International, Inc.                     | CUSIP: 95082P105<br>LEI: 529900TXOGREY3WNJ434 | Long             | EC               | CORP              | US        |       567 | NS      | $73097.64     | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Lumen Technologies Inc                              | Lumen Technologies, Inc.                      | CUSIP: 550241103<br>LEI: 8M3THTGWLTYZVE6BBY25 | Long             | EC               | CORP              | US        |     10385 | NS      | $56805.95     | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| AT&T Inc                                            | AT&T, Inc.                                    | CUSIP: 00206R102<br>LEI: 549300Z40J86GGSTL398 | Long             | EC               | CORP              | US        |      4695 | NS      | $90519.60     | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Huntsman Corporation                                | Huntsman Corporation                          | CUSIP: 447011107<br>LEI: 5299000V56320A7RIQ67 | Long             | EC               | CORP              | US        |      2732 | NS      | $75894.96     | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Macy's, Inc.                                        | Macy's, Inc.                                  | CUSIP: 55616P104<br>LEI: 529900NZQ81TIOW3CW52 | Long             | EC               | CORP              | US        |      3945 | NS      | $92707.50     | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Valley National Bancorp                             | Valley National Bancorp                       | CUSIP: 919794107<br>LEI: 549300ET52S1UBIB9762 | Long             | EC               | CORP              | US        |      6131 | NS      | $77618.46     | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Equitable Holdings Inc                              | Equitable Holdings, Inc.                      | CUSIP: 29452E101<br>LEI: 549300FIBAKMNHPZ4009 | Long             | EC               | CORP              | US        |      2523 | NS      | $80080.02     | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| SM Energy Co.                                       | SM Energy Company                             | CUSIP: 78454L100<br>LEI: 84BUTVXV5ODI6BXNMH43 | Long             | EC               | CORP              | US        |      1576 | NS      | $67941.36     | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Alcoa Corporation                                   | Alcoa Corporation                             | CUSIP: 013872106<br>LEI: 549300T12EZ1F6PWWU29 | Long             | EC               | CORP              | US        |      1738 | NS      | $87125.94     | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| MetLife Inc.                                        | MetLife, Inc.                                 | CUSIP: 59156R108<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | EC               | CORP              | US        |      1089 | NS      | $83526.30     | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Applovin Corporation                                | AppLovin Corporation                          | CUSIP: 03831W108<br>LEI: 549300LLVXMUAOL3SQ07 | Long             | EC               | CORP              | US        |      3874 | NS      | $55824.34     | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Regions Financial Corporation                       | Regions Financial Corporation                 | CUSIP: 7591EP100<br>LEI: CW05CS5KW59QTC0DG824 | Long             | EC               | CORP              | US        |      3403 | NS      | $78983.63     | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity National Financial, Inc.                   | Fidelity National Financial, Inc.             | CUSIP: 31620R303<br>LEI: 549300CAZYIH39SYQ287 | Long             | EC               | CORP              | US        |      1828 | NS      | $73778.08     | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Plains All American Pipeline L.P./PAA Finance Corp. | Plains All American Pipeline, L.P.            | CUSIP: 726503105<br>LEI: 5521FA2ITF25TVH63740 | Long             | EC               | CORP              | US        |      6273 | NS      | $77910.66     | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Energy Transfer LP                                  | Energy Transfer, L.P.                         | CUSIP: 29273V100<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | EC               | CORP              | US        |      6065 | NS      | $76055.10     | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| EOG Resources, Inc.                                 | EOG Resources, Inc.                           | CUSIP: 26875P101<br>LEI: XWTZDRYZPBUHIQBKDB46 | Long             | EC               | CORP              | US        |       557 | NS      | $79055.01     | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Comcast Corporation                                 | Comcast Corporation                           | CUSIP: 20030N101<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | EC               | CORP              | US        |      2349 | NS      | $86067.36     | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Flex Ltd.                                           | Flex Ltd.                                     | CUSIP: Y2573F102<br>LEI: 549300EAQH74YHD07T53 | Long             | EC               | CORP              | US        |      4125 | NS      | $90667.50     | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Cleveland-Cliffs Inc                                | Cleveland-Cliffs, Inc.                        | CUSIP: 185899101<br>LEI: 549300TM2WLI2BJMDD86 | Long             | EC               | CORP              | US        |      4633 | NS      | $71718.84     | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| American International Group, Inc.                  | American International Group, Inc.            | CUSIP: 026874784<br>LEI: ODVCVCQG2BP6VHV36M30 | Long             | EC               | CORP              | US        |      1394 | NS      | $87975.34     | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Crocs Inc                                           | Crocs, Inc.                                   | CUSIP: 227046109<br>LEI: 549300B0J6YCXD63OG72 | Long             | EC               | CORP              | US        |       910 | NS      | $91910.00     | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Reliance Steel & Aluminum Co.                       | Reliance Steel & Aluminum Company             | CUSIP: 759509102<br>LEI: 549300E287ZOFT3C5Z56 | Long             | EC               | CORP              | US        |       379 | NS      | $80078.91     | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Chesapeake Energy Corporation                       | Chesapeake Energy Corporation                 | CUSIP: 165167735<br>LEI: X2MT1W32SPAZ9WSKLE78 | Long             | EC               | CORP              | US        |       697 | NS      | $72139.50     | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Hewlett Packard Enterprise Company                  | Hewlett Packard Enterprise Company            | CUSIP: 42824C109<br>LEI: 549300BX44RGX6ANDV88 | Long             | EC               | CORP              | US        |      5536 | NS      | $92894.08     | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Signature Bank                                      | Signature Bank                                | CUSIP: 82669G104<br>LEI: VLP5AP0XK2GM6GKD1007 | Long             | EC               | CORP              | US        |       462 | NS      | $64449.00     | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| ConocoPhillips Co.                                  | ConocoPhillips                                | CUSIP: 20825C104<br>LEI: WPTL2Z3FIYTHSP5V2253 | Long             | EC               | CORP              | US        |       579 | NS      | $71512.29     | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Moderna Inc                                         | Moderna, Inc.                                 | CUSIP: 60770K107<br>LEI: 549300EI6OKH5K5Q2G38 | Long             | EC               | CORP              | US        |       528 | NS      | $92880.48     | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Tempur Sealy International Inc                      | Tempur Sealy International, Inc.              | CUSIP: 88023U101<br>LEI: 549300HFEKVR3US71V91 | Long             | EC               | CORP              | US        |      2755 | NS      | $87526.35     | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Whirlpool Corporation                               | Whirlpool Corporation                         | CUSIP: 963320106<br>LEI: WHENKOULSSK7WUM60H03 | Long             | EC               | CORP              | US        |       495 | NS      | $72532.35     | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Graphic Packaging Holding Company                   | Graphic Packaging Holding Company             | CUSIP: 388689101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3428 | NS      | $78775.44     | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Cadence Bank                                        | Cadence Bank                                  | CUSIP: 12740C103<br>LEI: Q7C315HKI8VX0SSKBS64 | Long             | EC               | CORP              | US        |      2578 | NS      | $74349.52     | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Pfizer Inc.                                         | Pfizer, Inc.                                  | CUSIP: 717081103<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | EC               | CORP              | US        |      1652 | NS      | $82814.76     | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Agnc Investment Corp                                | AGNC Investment Corporation                   | CUSIP: 00123Q104<br>LEI: 5TRACI5HRMELWV32OF39 | Long             | EC               | CORP              | US        |      8836 | NS      | $88271.64     | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Jabil Inc                                           | Jabil, Inc.                                   | CUSIP: 466313103<br>LEI: 5493000CGCQY2OQU7669 | Long             | EC               | CORP              | US        |      1199 | NS      | $86555.81     | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Lincoln National Corporation                        | Lincoln National Corporation                  | CUSIP: 534187109<br>LEI: EFQMQROEDSNBRIP7LE47 | Long             | EC               | CORP              | US        |      1473 | NS      | $57358.62     | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Ford Motor Company                                  | Ford Motor Company                            | CUSIP: 345370860<br>LEI: 20S05OYHG0MQM4VUIC57 | Long             | EC               | CORP              | US        |      6035 | NS      | $83886.50     | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| AutoNation, Inc.                                    | AutoNation, Inc.                              | CUSIP: 05329W102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       678 | NS      | $84010.98     | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Commercial Metals Company                           | Commercial Metals Company                     | CUSIP: 201723103<br>LEI: 549300OQS2LO07ZJ7N73 | Long             | EC               | CORP              | US        |      1689 | NS      | $83132.58     | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Dow Inc                                             | Dow, Inc.                                     | CUSIP: 260557103<br>LEI: 5493003S21INSLK2IP73 | Long             | EC               | CORP              | US        |      1547 | NS      | $78850.59     | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Avis Budget Group, Inc.                             | Avis Budget Group, Inc.                       | CUSIP: 053774105<br>LEI: 529900E95812SYWMCE44 | Long             | EC               | CORP              | US        |       391 | NS      | $87427.60     | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Tyson Foods, Inc.                                   | Tyson Foods, Inc.                             | CUSIP: 902494103<br>LEI: WD6L6041MNRW1JE49D58 | Long             | EC               | CORP              | US        |      1085 | NS      | $71913.80     | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Antero Resources Corporation                        | Antero Resources Corporation                  | CUSIP: 03674X106<br>LEI: APVBKPOULHUX7YZLKU17 | Long             | EC               | CORP              | US        |      1987 | NS      | $72624.85     | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Citizens Financial Group Inc                        | Citizens Financial Group, Inc.                | CUSIP: 174610105<br>LEI: 2138004JDDA4ZQUPFW65 | Long             | EC               | CORP              | US        |      1966 | NS      | $83319.08     | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Western Midstream Partners LP                       | Western Midstream Partners, L.P.              | CUSIP: 958669103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2661 | NS      | $74454.78     | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Occidental Petroleum Corporation                    | Occidental Petroleum Corporation              | CUSIP: 674599105<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | EC               | CORP              | US        |      1044 | NS      | $72547.56     | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| NRG Energy, Inc.                                    | NRG Energy, Inc.                              | CUSIP: 629377508<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | EC               | CORP              | US        |      1725 | NS      | $73226.25     | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Builders Firstsource, Inc.                          | Builders FirstSource, Inc.                    | CUSIP: 12008R107<br>LEI: 549300W0SKP6L3H7DP63 | Long             | EC               | CORP              | US        |      1140 | NS      | $72880.20     | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Verizon Communications Inc.                         | Verizon Communications, Inc.                  | CUSIP: 92343V104<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | EC               | CORP              | US        |      1951 | NS      | $76049.98     | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Olin Corporation                                    | Olin Corporation                              | CUSIP: 680665205<br>LEI: 549300GKK294V7W57P06 | Long             | EC               | CORP              | US        |      1479 | NS      | $84273.42     | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Jones Lang LaSalle Incorporated                     | Jones Lang LaSalle, Inc.                      | CUSIP: 48020Q107<br>LEI: 6SYKCME112RT8TQUO411 | Long             | EC               | CORP              | US        |       441 | NS      | $74162.97     | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Vistra Energy Corporation                           | Vistra Corporation                            | CUSIP: 92840M102<br>LEI: 549300KP43CPCUJOOG15 | Long             | EC               | CORP              | US        |      3277 | NS      | $79729.41     | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Concentrix Corporation                              | Concentrix Corporation                        | CUSIP: 20602D101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       588 | NS      | $71959.44     | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Harley-Davidson, Inc.                               | Harley-Davidson, Inc.                         | CUSIP: 412822108<br>LEI: ZDNAWZWXIKMWI51R2A08 | Long             | EC               | CORP              | US        |      1974 | NS      | $93034.62     | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Chevron Corporation                                 | Chevron Corporation                           | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       430 | NS      | $78823.30     | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Tenet Healthcare Corporation                        | Tenet Healthcare Corporation                  | CUSIP: 88033G407<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | EC               | CORP              | US        |      1313 | NS      | $60634.34     | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Old Republic International Corporation              | Old Republic International Corporation        | CUSIP: 680223104<br>LEI: 549300IV6O2YY2A1KH37 | Long             | EC               | CORP              | US        |      3080 | NS      | $75460.00     | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Nexstar Media Group Inc                             | Nexstar Media Group, Inc.                     | CUSIP: 65336K103<br>LEI: 52990083ZRR5UT591988 | Long             | EC               | CORP              | US        |       404 | NS      | $76582.24     | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2022-12-21

**Name of Applicant:** US Value ETF

**Signature:** Daniel Bauer

**Name of Signer:** Daniel Bauer

**Title:** Assistant Treasurer