# EDGAR Filing Document

**Accession Number:** 0000778206
**File Stem:** 0002000324-25-002544
**Filing Date:** 2025-7
**Character Count:** 292800
**Document Hash:** b0d74fe2e28a1e6d2578169d49419fbb
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002000324-25-002544.hdr.sgml**: 20250730

**ACCESSION NUMBER**: 0002000324-25-002544

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250531

**FILED AS OF DATE**: 20250730

**DATE AS OF CHANGE**: 20250730

**PERIOD START**: 20250831

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SHELTON FUNDS
- **CENTRAL INDEX KEY:** 0000778206

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **FISCAL YEAR END:** 0831

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04417
- **FILM NUMBER:** 251167571

**BUSINESS ADDRESS:**
- **STREET 1:** 1875 LAWRENCE STREET
- **STREET 2:** SUITE 300
- **CITY:** DENVER
- **STATE:** CO
- **ZIP:** 80202-1805
- **BUSINESS PHONE:** 4153982727

**MAIL ADDRESS:**
- **STREET 1:** 1875 LAWRENCE STREET
- **STREET 2:** SUITE 300
- **CITY:** DENVER
- **STATE:** CO
- **ZIP:** 80202-1805

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CALIFORNIA INVESTMENT TRUST
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CALIFORNIA INVESTMENT TRUST I
- **DATE OF NAME CHANGE:** 19870115

## Series and Classes Contracts Data

### S&P 500 Index Fund (Series ID: S000016022)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000044029 | Investor Shares | SPFIX           |
| C000044030 | K Shares        | SPXKX           |

## Nport-Ex

---

| |
|:---|
| **Green CALIFORNIA TAX FREE INCOME FUND** |
| **Portfolio of Investments** |
| **5/31/2025** |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **Par Value** | **Value** |
| **Municipal Bonds (91.46%)** |  |  |
| CALIFORNIA EDUCATIONAL FACILITIES AUTHORITY |  |  |
| California Educational Facilities Authority, 5.000%, 04/01/2051 | 1500000 | $1612185 |
| CALIFORNIA HEALTH FACILITIES FINANCING AUTHORITY |  |  |
| California Health Facilities Financing Authority, 5.000%, 11/01/2027 | 1200000 | 1261112 |
| CALIFORNIA HOUSING FINANCE AGENCY |  |  |
| California Housing Finance Agency, 4.000%, 03/20/2033 | 324365 | 322134 |
| CALIFORNIA INFRASTRUCTURE & ECONOMIC DEVELOPMENT BANK |  |  |
| California Infrastructure & Economic Development Bank, 5.000%, 10/01/2031 | 300000 | 310724 |
| California Infrastructure & Economic Development Bank, 5.000%, 10/01/2033 | 1200000 | 1215986 |
| CALIFORNIA MUNICIPAL FINANCE AUTHORITY |  |  |
| California Municipal Finance Authority, 5.000%, 5/15/2038 | 800000 | 812186 |
| California Municipal Finance Authority, 5.000%, 10/01/2044 | 480000 | 492117 |
| CHAFFEY COMMUNITY COLLEGE DISTRICT |  |  |
| Chaffey Community College District, 5.500%, 06/01/2049 | 500000 | 544876 |
| CITY OF LOS ANGELES CA WASTEWATER SYSTEM REVENUE |  |  |
| City of Los Angeles CA Wastewater System Revenue, 5.250%, 06/01/2047 | 1500000 | 1518170 |
| DESERT COMMUNITY COLLEGE DISTRICT |  |  |
| Desert Community College District, 4.000%, 08/01/2051 | 750000 | 681398 |
| EAST BAY MUNICIPAL UTILITY DISTRICT WATER SYSTEM REVENUE |  |  |
| East Bay Municipal Utility District Water System Revenue, 5.000%, 06/01/2026 | 1050000 | 1050779 |
| East Bay Municipal Utility District Water System Revenue, 5.000%, 06/01/2032 | 150000 | 155965 |
| FOOTHILL-DE ANZA COMMUNITY COLLEGE DISTRICT |  |  |
| Foothill-De Anza Community College District, 0.000%, 8/1/2027 | 1500000 | 1406621 |
| LOS ANGELES COUNTY METROPOLITAN TRANSPORTATION AUTHORITY SALES TAX REVENUE |  |  |
| Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue, 5.000%, 06/01/2033 | 590000 | 645230 |
| Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue, 4.000%, 07/01/2028 | 500000 | 500298 |
| LOS ANGELES UNIFIED SCHOOL DISTRICT |  |  |
| Los Angeles Unified School District, 5.000%, 07/01/2045 | 750000 | 785163 |
| Los Angeles Unified School District, 5.000%, 07/01/2026 | 600000 | 614387 |
| MILPITAS UNIFIED SCHOOL DISTRICT |  |  |
| Milpitas Unified School District, 3.000%, 08/01/2034 | 1500000 | 1426548 |
| PENINSULA CORRIDOR JOINT POWERS BOARD MEASURE RR SALES TAX REVENUE |  |  |
| Peninsula Corridor Joint Powers Board Measure RR Sales Tax Revenue, 5.000%, 06/01/2036 | 200000 | 219416 |
| SACRAMENTO MUNICIPAL UTILITY DISTRICT |  |  |
| Sacramento Municipal Utility District, 5.000%, 11/15/2033 | 500000 | 575241 |
| Sacramento Municipal Utility District, 5.000%, 11/15/2054 | 565000 | 585876 |
| SAN DIEGO COUNTY REGIONAL TRANSPORTATION COMMISSION |  |  |
| San Diego County Regional Transportation Commission, 5.000%, 04/01/2037 | 500000 | 559917 |

---

---

| | | |
|:---|:---|:---|
| SAN DIEGO PUBLIC FACILITIES FINANCING AUTHORITY |  |  |
| San Diego Public Facilities Financing Authority, 5.000%, 05/15/2052 | 1500000.0 | 1546090 |
| SAN DIEGO UNIFIED SCHOOL DISTRICT |  |  |
| San Diego Unified School District, 4.000%, 07/01/2054 | 1300000.0 | 1143148 |
| SAN FRANCISCO BAY AREA RAPID TRANSIT DISTRICT |  |  |
| San Francisco Bay Area Rapid Transit District, 5.000%, 08/01/2036 | 1300000.0 | 1336025 |
| SAN FRANCISCO CITY & COUNTY PUBLIC UTILITIES COMMISSION POWER REVENUE |  |  |
| San Francisco City & County Public Utilities Commission Power Revenue, 5.000%, 11/1/2036 | 170000.0 | 170124 |
| San Francisco City & County Public Utilities Commission Power Revenue, 5.000%, 11/1/2030 | 180000.0 | 180244 |
| SAN FRANCISCO CITY & COUNTY PUBLIC UTILITIES COMMISSION WASTEWATER REVENUE |  |  |
| San Francisco City & County Public Utilities Commission Wastewater Revenue, 5.000%, 10/01/2049 | 1000000.0 | 1035618 |
| SAN JOSE FINANCING AUTHORITY |  |  |
| San Jose Financing Authority, 5.000%, 11/01/2052 | 1500000.0 | 1554973 |
| SAN MATEO FOSTER CITY PUBLIC FINANCING AUTHORITY |  |  |
| San Mateo Foster City Public Financing Authority, 4.000%, 08/01/2044 | 1500000.0 | 1398014 |
| SANTA MARIA JOINT UNION HIGH SCHOOL DISTRICT |  |  |
| Santa Maria Joint Union High School District, 0.000%, 08/01/2029 | 1500000.0 | 1307522 |
| STATE OF CALIFORNIA |  |  |
| State of California, 5.250%, 10/01/2045 | 500000.0 | 531776 |
| State of California, 3.000%, 10/01/2028 | 900000.0 | 895647 |
| TURLOCK IRRIGATION DISTRICT |  |  |
| Turlock Irrigation District, 5.000%, 01/01/2036 | 300000.0 | 322671 |
| WALNUT Valley UNIFIED SCHOOL DISTRICT |  |  |
| Walnut Valley Unified School District, 5.000%, 08/01/2036 | 835000.0 | 932376 |
| WILLIAM S HART UNION HIGH SCHOOL DISTRICT |  |  |
| William S Hart Union High School District, 0.000%, 09/01/2029 | 1595000.0 | 13944414 |
| **Total Municipal Bonds (Cost $32,461,780)** |  | 31044971 |
| **Variable Rate Demand Notes\* (7.54%)** |  |  |
| California Statewide Communities Development Authority, 0.650%, 08/15/2047 \*<sup>,</sup>\*\*<sup>,</sup>\*\*\* | 760000.0 | 760000 |
| Regents of the University of California Medical Center Pooled Revenue, 0.700%, 05/15/2045\*<sup>,</sup>\*\*<sup>,</sup>\*\*\* | 300000.0 | 300000 |
| University of California, 0.650%, 05/15/2048\*<sup>,</sup>\*\*<sup>,</sup>\*\*\* | 500000.0 | 500000 |
| University of California, 0.650%, 05/15/2048\*<sup>,</sup>\*\*<sup>,</sup>\*\*\* | 1000000.0 | 1000000 |
| **Total Variable Rate Demand Notes (Cost $2,560,000)** |  | 2560000 |
| **Total Investments (Cost $35,021,780) (99.00%)** |  | $33604978 |
| **Other Net Assets (1.00%)** |  | 340673 |
| **Net Assets (100.00%)** |  | $33945651 |

---

---

| |
|:---|
| \* Stated maturity reflects next reset date. |
| \*\* In accordance with the offering documents, daily interest rates are determined by the Remarketing Agents who are selected by issuer to set the interest rate for variable rate issues. |
| \*\*\* Rate Effective as of May 31, 2025 |

---

---

| |
|:---|
| **U.S. GOVERNMENT SECURITIES FUND** |
| **Portfolio of Investments** |
| **5/31/2025** |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Par Value** | **Value** |
| **Government National Mortgage Association (1.55%)** |  |  |
| 3.500%, 11/20/2044 | 82106 | $74736 |
| 5.000%, 03/15/2038 | 69989 | 69551 |
| 5.500%, 04/15/2036 | 45353 | 45497 |
| 6.000%, 01/15/2026 | 8273 | 8293 |
| 6.000%, 06/15/2038 | 10636 | 10949 |
| **Total Government National Mortgage Association (Cost $218,348)** |  | 209026 |
| **United States Treasury Bonds (31.67%)** |  |  |
| 2.000%, 11/15/2041 | 2000000 | 1344883 |
| 2.250%, 05/15/2041 | 1200000 | 852398 |
| 2.875%, 08/15/2045 | 800000 | 583531 |
| 4.000%, 11/15/2052 | 800000 | 683125 |
| 6.000%, 02/15/2026 | 800000 | 809743 |
| **Total United States Treasury Bonds (Cost $4,745,048)** |  | 4273680 |
| **United States Treasury Notes (18.28%)** |  |  |
| 0.625%, 03/31/2027 | 900000 | 847969 |
| 2.375%, 04/30/2026 | 800000 | 787157 |
| 4.875%, 10/31/2030 | 800000 | 832109 |
| **Total United States Treasury Notes (Cost $2,503,940)** |  | 2467235 |
| **United States Treasury Bills (47.37%)** |  |  |
| 0.000%, 07/31/2025 | 300000 | 297923 |
| 3.500%, 09/30/2029 | 1000000 | 982051 |
| 3.875%, 03/15/2028 | 1800000 | 1800211 |
| 3.875%, 08/15/2034 | 1000000 | 961621 |
| 4.000%, 04/30/2032 | 1200000 | 1186875 |
| 4.500%, 11/15/2054 | 1250000 | 1163965 |
| **Total United States Treasury Bills (Cost $6,502,874)** |  | 6392646 |
| **Total Investments (Cost $13,970,211) (98.87%)** |  | $13342587 |
| **Other Net Assets (1.13%)** |  | 152515 |
| **Net Assets (100.00%)** |  | $13495102 |

---

---

| |
|:---|
| **THE UNITED STATES TREASURY TRUST** |
| **Portfolio of Investments** |
| **5/31/2025** |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Par Value** | **Value** |
| **United States Treasury Bills, DN**<sup>(a)</sup> (100.11%)** |  |  |
| 06/03/2025 | 1900000 | $1899333 |
| 06/12/2025 | 2100000 | 2097072 |
| 06/17/2025 | 1600000 | 1596844 |
| 06/26/2025 | 1500000 | 1495494 |
| 07/03/2025 | 2000000 | 1992308 |
| 07/10/2025 | 1600000 | 1592717 |
| 07/15/2025 | 2700000 | 2685763 |
| 07/22/2025 | 2900000 | 2882460 |
| 07/31/2025 | 1500000 | 1489351 |
| 08/07/2025 | 1900000 | 1884925 |
| 08/21/2025 | 2100000 | 2079657 |
| 09/04/2025 | 1800000 | 1780116 |
| 10/02/2025 | 1200000 | 1182723 |
| **Total United States Treasury Bills, DN (Cost $24,658,762)** |  | 24658763 |
| **Total Investments (Cost $24,658,762) (100.11%)** |  | $24658763 |
| **Liabilities in Excess of Other Assets (-0.11%)** |  | (26720) |
| **Net Assets (100.00%)** |  | $24632043 |
| (a) Discount Note. Yield to maturity is between 2.14% - 4.28% |  |  |

---

**S&P 500 INDEX FUND**

**Portfolio of Investments**

**5/31/2025**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **Common Stock (99.18%)** |  |  |
| **Basic Materials (1.51%)** |  |  |
| Air Products and Chemicals Inc | 1230 | $343059 |
| Albemarle Corp<sup>#</sup> | 650 | 36244 |
| CF Industries Holdings Inc | 983 | 89168 |
| Dow Inc<sup>#</sup> | 3918 | 108685 |
| DuPont de Nemours Inc<sup>#</sup> | 2313 | 154508 |
| Eastman Chemical Co | 637 | 49922 |
| Ecolab Inc | 1384 | 367618 |
| Freeport-McMoRan Inc | 7951 | 305954 |
| International Flavors & Fragrances Inc | 1414 | 108256 |
| International Paper Co<sup>#</sup> | 2047 | 97867 |
| Linde PLC | 2614 | 1222254 |
| LyondellBasell Industries NV<sup>#</sup> | 1434 | 81007 |
| The Mosaic Co | 1777 | 64221 |
| Newmont Corp<sup>#</sup> | 6252 | 329605 |
| Nucor Corp | 1314 | 143699 |
| PPG Industries Inc | 1311 | 145259 |
| The Sherwin-Williams Co | 1287 | 461788 |
| Steel Dynamics Inc<sup>#</sup> | 810 | 99687 |
| **Total Basic Materials** |  | 4208801 |
| **Communications (15.63%)** |  |  |
| Airbnb Inc\* | 2395 | 308955 |
| Alphabet Inc - Class A | 32033 | 5501347 |
| Alphabet Inc - Class C | 25962 | 4487532 |
| Amazon.com Inc\* | 51798 | 10619108 |
| Arista Networks Inc\* | 5715 | 495148 |
| AT&T Inc | 39421 | 1095904 |
| Booking Holdings Inc | 181 | 998926 |
| CDW Corp | 745 | 134368 |
| Charter Communications Inc\* | 534 | 211608 |
| Cisco Systems Inc | 21872 | 1378811 |
| Comcast Corp | 20712 | 716014 |
| Corning Inc<sup>#</sup> | 4356 | 216014 |
| DoorDash Inc\* | 1885 | 393305 |
| eBay Inc | 2680 | 196096 |
| Expedia Group Inc | 704 | 117392 |
| F5 Inc\* | 325 | 92749 |
| FactSet Research Systems Inc | 214 | 98068 |
| Fox Corp - Class B | 739 | 37157 |
| Fox Corp - Class A | 1250 | 68675 |
| Gen Digital Inc | 3034 | 86408 |
| GoDaddy Inc\* | 793 | 144445 |
| The Interpublic Group of Cos Inc | 2061 | 49382 |
| Juniper Networks Inc | 1886 | 67764 |
| Match Group Inc | 1419 | 42485 |
| Meta Platforms Inc | 12026 | 7786715 |
| Motorola Solutions Inc | 924 | 383811 |
| Netflix Inc\* | 2349 | 2835783 |
| News Corp - Class B | 632 | 20679 |
| News Corp - Class A | 2235 | 63116 |
| Omnicom Group Inc<sup>#</sup> | 1091 | 80123 |
| Palo Alto Networks Inc\*<sup>,#</sup> | 3658 | 703872 |
| Paramount Global<sup>#</sup> | 3111 | 37643 |
| T-Mobile US Inc | 2633 | 637713 |
| Uber Technologies Inc\* | 11472 | 965484 |
| VeriSign Inc | 450 | 122612 |
| Verizon Communications Inc | 23119 | 1016311 |
| The Walt Disney Co | 9928 | 1122261 |
| Warner Bros Discovery Inc\* | 12604 | 125662 |
| **Total Communications** |  | 43459446 |
| **Consumer, Cyclical (8.52%)** |  |  |
| Aptiv PLC\* | 1328 | 88724 |
| AutoZone Inc\* | 93 | 347173 |
| Best Buy Co Inc | 1135 | 75228 |
| Caesars Entertainment Inc\* | 945 | 25402 |
| CarMax Inc\* | 881 | 56789 |
| Carnival Corp\* | 5174 | 120140 |
| Chipotle Mexican Grill Inc\* | 7533 | 377253 |
| Copart Inc\* | 4851 | 249729 |
| Costco Wholesale Corp | 2437 | 2534919 |
| Cummins Inc | 767 | 246575 |

---

---

| | | |
|:---|:---|:---|
| Darden Restaurants Inc | 648.0 | 138808 |
| Deckers Outdoor Corp\* | 850.0 | 89692 |
| Delta Air Lines Inc | 3624.0 | 175365 |
| Dollar General Corp | 1222.0 | 118840 |
| Dollar Tree Inc\* | 1142.0 | 103077 |
| Domino's Pizza Inc | 191.0 | 90500 |
| DR Horton Inc | 1576.0 | 186063 |
| Fastenal Co | 6344.0 | 262261 |
| Ford Motor Co | 21538.0 | 223564 |
| General Motors Co | 5530.0 | 274343 |
| Genuine Parts Co | 769.0 | 97294 |
| Hasbro Inc | 771.0 | 51433 |
| Hilton Worldwide Holdings Inc<sup>#</sup> | 1337.0 | 332164 |
| The Home Depot Inc | 5455.0 | 2009022 |
| Las Vegas Sands Corp | 1947.0 | 80139 |
| Lennar Corp | 1292.0 | 137055 |
| Live Nation Entertainment Inc\*<sup>,#</sup> | 839.0 | 115102 |
| LKQ Corp | 1454.0 | 58843 |
| Lowe's Cos Inc | 3100.0 | 699763 |
| Lululemon Athletica Inc\* | 632.0 | 200135 |
| Marriott International Inc | 1271.0 | 335328 |
| McDonald's Corp | 3935.0 | 1235000 |
| MGM Resorts International\*<sup>,#</sup> | 1279.0 | 40480 |
| NIKE Inc | 6565.0 | 397773 |
| Norwegian Cruise Line Holdings Ltd\* | 2490.0 | 43949 |
| NVR Inc\* | 16.0 | 113855 |
| O'Reilly Automotive Inc\* | 319.0 | 436233 |
| PACCAR Inc | 2901.0 | 272259 |
| Pool Corp | 212.0 | 63725 |
| PulteGroup Inc | 1125.0 | 110284 |
| Ralph Lauren Corp | 230.0 | 63666 |
| Ross Stores Inc | 1825.0 | 255664 |
| Royal Caribbean Cruises Ltd | 1341.0 | 344597 |
| Southwest Airlines Co<sup>#</sup> | 3416.0 | 114026 |
| Starbucks Corp | 6284.0 | 527542 |
| Tapestry Inc | 1150.0 | 90333 |
| Target Corp<sup>#</sup> | 2535.0 | 238315 |
| Tesla Inc\* | 15368.0 | 5324397 |
| The TJX Cos Inc | 6173.0 | 783354 |
| Tractor Supply Co<sup>#</sup> | 3019.0 | 146120 |
| Ulta Beauty Inc\*<sup>,#</sup> | 266.0 | 125408 |
| United Airlines Holdings Inc\* | 1732.0 | 137599 |
| Walgreens Boots Alliance Inc | 4016.0 | 45180 |
| Walmart Inc | 23823.0 | 2351807 |
| WW Grainger Inc | 245.0 | 266452 |
| Wynn Resorts Ltd | 526.0 | 47624 |
| Yum! Brands Inc | 1544.0 | 222243 |
| **Total Consumer, Cyclical** |  | 23698608 |
| **Consumer, Non-Cyclical (15.07%)** |  |  |
| Abbott Laboratories | 9525.0 | 1272350 |
| AbbVie Inc | 9695.0 | 1804336 |
| Agilent Technologies Inc | 1578.0 | 176610 |
| Align Technology Inc\* | 388.0 | 70205 |
| Altria Group Inc | 9377.0 | 568340 |
| Amgen Inc | 2950.0 | 850131 |
| Archer-Daniels-Midland Co | 2702.0 | 130426 |
| Automatic Data Processing Inc | 2251.0 | 732768 |
| Avery Dennison Corp | 463.0 | 82289 |
| Baxter International Inc | 2886.0 | 88023 |
| Becton Dickinson & Co | 1588.0 | 274073 |
| Biogen Inc\* | 815.0 | 105779 |
| Bio-Techne Corp | 889.0 | 43028 |
| Boston Scientific Corp\* | 8094.0 | 851974 |
| Bristol-Myers Squibb Co | 11228.0 | 542088 |
| Brown-Forman Corp | 1007.0 | 33573 |
| Bunge Global SA | 781.0 | 61035 |
| Cardinal Health Inc | 1336.0 | 206332 |
| Cencora Inc | 952.0 | 277260 |
| Centene Corp\* | 2743.0 | 154815 |
| Charles River Laboratories International Inc\* | 286.0 | 38790 |
| Church & Dwight Co Inc | 1371.0 | 134783 |
| The Cigna Group | 1503.0 | 475910 |
| Cintas Corp | 1897.0 | 429671 |
| The Clorox Co | 681.0 | 89810 |
| The Coca-Cola Co | 21263.0 | 1533062 |
| Colgate-Palmolive Co | 4490.0 | 417301 |
| Conagra Brands Inc | 2697.0 | 61734 |
| Constellation Brands Inc | 863.0 | 153864 |
| The Cooper Cos Inc\* | 1104.0 | 75381 |

---

---

| | | |
|:---|:---|:---|
| Corpay Inc\* | 392.0 | 127443 |
| Corteva Inc | 3793.0 | 268544 |
| CVS Health Corp | 6976.0 | 446743 |
| Danaher Corp | 3514.0 | 667309 |
| DaVita Inc\* | 254.0 | 34610 |
| Dexcom Inc\* | 2186.0 | 187559 |
| Edwards Lifesciences Corp\* | 3301.0 | 258204 |
| Elevance Health Inc | 1283.0 | 492467 |
| Eli Lilly & Co | 4327.0 | 3191898 |
| Equifax Inc | 693.0 | 183084 |
| The Estee Lauder Cos Inc | 1319.0 | 88294 |
| GE HealthCare Technologies Inc<sup>#</sup> | 2588.0 | 182558 |
| General Mills Inc | 3107.0 | 168586 |
| Gilead Sciences Inc | 6895.0 | 759002 |
| Global Payments Inc | 1424.0 | 107669 |
| HCA Healthcare Inc | 993.0 | 378720 |
| Henry Schein Inc\* | 704.0 | 49273 |
| The Hershey Co<sup>#</sup> | 826.0 | 132730 |
| Hologic Inc\* | 1313.0 | 81629 |
| Hormel Foods Corp | 1626.0 | 49886 |
| Humana Inc | 667.0 | 155498 |
| IDEXX Laboratories Inc\* | 449.0 | 230499 |
| Incyte Corp\* | 937.0 | 60961 |
| Insulet Corp\* | 396.0 | 128712 |
| Intuitive Surgical Inc\* | 1958.0 | 1081482 |
| IQVIA Holdings Inc\* | 925.0 | 129805 |
| The J M Smucker Co | 588.0 | 66215 |
| Johnson & Johnson | 13222.0 | 2052187 |
| Kellanova | 1519.0 | 125515 |
| Kenvue Inc | 10198.0 | 243426 |
| Keurig Dr Pepper Inc | 6378.0 | 214747 |
| Kimberly-Clark Corp | 1843.0 | 264950 |
| The Kraft Heinz Co | 4826.0 | 128999 |
| The Kroger Co | 3683.0 | 251291 |
| Labcorp Holdings Inc | 468.0 | 116518 |
| Lamb Weston Holdings Inc | 806.0 | 44959 |
| MarketAxess Holdings Inc | 217.0 | 46961 |
| McCormick & Co Inc | 1450.0 | 105459 |
| McKesson Corp | 696.0 | 500779 |
| Medtronic PLC | 7094.0 | 588660 |
| Merck & Co Inc | 13892.0 | 1067461 |
| Moderna Inc\* | 1873.0 | 49747 |
| Molina Healthcare Inc\* | 320.0 | 97613 |
| Molson Coors Beverage Co | 992.0 | 53161 |
| Mondelez International Inc | 7189.0 | 485186 |
| Monster Beverage Corp\* | 3919.0 | 250620 |
| Moody's Corp<sup>#</sup> | 860.0 | 412215 |
| PayPal Holdings Inc\* | 5498.0 | 386399 |
| PepsiCo Inc | 7532.0 | 990081 |
| Pfizer Inc | 31355.0 | 736529 |
| Philip Morris International Inc | 8539.0 | 1542058 |
| The Procter & Gamble Co | 12877.0 | 2187674 |
| Quanta Services Inc | 816.0 | 279529 |
| Quest Diagnostics Inc | 624.0 | 108164 |
| Regeneron Pharmaceuticals Inc | 584.0 | 286324 |
| ResMed Inc | 829.0 | 202931 |
| Revvity Inc | 687.0 | 62119 |
| Rollins Inc | 1591.0 | 91085 |
| S&P Global Inc | 1729.0 | 886735 |
| Solventum Corp\* | 817.0 | 59715 |
| STERIS PLC | 557.0 | 136582 |
| Stryker Corp | 1900.0 | 727016 |
| Sysco Corp | 2749.0 | 200677 |
| The Campbell's Company | 1162.0 | 39554 |
| Thermo Fisher Scientific Inc | 2100.0 | 845922 |
| Tyson Foods Inc<sup>#</sup> | 1599.0 | 89800 |
| United Rentals Inc | 361.0 | 255725 |
| UnitedHealth Group Inc<sup>#</sup> | 5054.0 | 1525853 |
| Universal Health Services Inc | 324.0 | 61673 |
| Verisk Analytics Inc | 781.0 | 245343 |
| Vertex Pharmaceuticals Inc\* | 1410.0 | 623291 |
| Viatris Inc | 6761.0 | 59429 |
| Waters Corp\* | 332.0 | 115948 |
| West Pharmaceutical Services Inc | 409.0 | 86238 |
| Zimmer Biomet Holdings Inc | 1125.0 | 103691 |
| Zoetis Inc | 2488.0 | 419551 |
| **Total Consumer, Non-Cyclical** |  | 41901211 |
| **Energy (3.03%)** |  |  |
| APA Corp<sup>#</sup> | 1815.0 | 30873 |
| Baker Hughes Co | 5478.0 | 202960 |

---

---

| | | |
|:---|:---|:---|
| Chevron Corp | 9178 | 1254633 |
| ConocoPhillips | 7006.0 | 597962 |
| Coterra Energy Inc<sup>#</sup> | 4122.0 | 100206 |
| Devon Energy Corp | 3603.0 | 109027 |
| Diamondback Energy Inc | 1031.0 | 138721 |
| Enphase Energy Inc\* | 825.0 | 34147 |
| EOG Resources Inc | 3112.0 | 337870 |
| EQT Corp | 3365.0 | 185512 |
| Expand Energy Corp | 1168.0 | 135640 |
| Exxon Mobil Corp | 23905.0 | 2445482 |
| First Solar Inc\* | 610.0 | 96429 |
| Halliburton Co | 4966.0 | 97284 |
| Hess Corp | 1529.0 | 202119 |
| Kinder Morgan Inc | 10696.0 | 299916 |
| Marathon Petroleum Corp | 1756.0 | 282259 |
| Occidental Petroleum Corp<sup>#</sup> | 3819.0 | 155739 |
| ONEOK Inc | 3308.0 | 267419 |
| Phillips 66 | 2285.0 | 259302 |
| Schlumberger NV | 7750.0 | 256138 |
| Targa Resources Corp | 1206.0 | 190464 |
| Texas Pacific Land Corp | 106.0 | 118087 |
| Valero Energy Corp | 1771.0 | 228406 |
| The Williams Cos Inc | 6744.0 | 408079 |
| **Total Energy** |  | 8434674 |
| **Financial (15.10%)** |  |  |
| Aflac Inc | 2738.0 | 283493 |
| Alexandria Real Estate Equities Inc | 870.0 | 61065 |
| The Allstate Corp | 1466.0 | 307669 |
| American Express Co | 3047.0 | 895970 |
| American International Group Inc | 3297.0 | 279058 |
| American Tower Corp | 2585.0 | 554870 |
| Ameriprise Financial Inc | 532.0 | 270916 |
| Aon PLC | 1196.0 | 445008 |
| Apollo Global Management Inc | 2488.0 | 325157 |
| Arch Capital Group Ltd | 2083.0 | 197968 |
| Arthur J Gallagher & Co | 1256.0 | 436385 |
| Assurant Inc | 289.0 | 58661 |
| AvalonBay Communities Inc | 786.0 | 162521 |
| Bank of America Corp | 36363.0 | 1604699 |
| The Bank of New York Mellon Corp | 3988.0 | 353377 |
| Berkshire Hathaway Inc\* | 10066.0 | 5072861 |
| Blackrock Inc | 786.0 | 770194 |
| Blackstone Inc | 4019.0 | 557676 |
| Brown & Brown Inc | 1313.0 | 148238 |
| BXP Inc | 814.0 | 54807 |
| Camden Property Trust | 597.0 | 70142 |
| Capital One Financial Corp | 3523.0 | 666375 |
| Cboe Global Markets Inc<sup>#</sup> | 585.0 | 134035 |
| CBRE Group Inc\* | 1642.0 | 205283 |
| The Charles Schwab Corp | 8439.0 | 745501 |
| Chubb Ltd | 2046.0 | 608071 |
| Cincinnati Financial Corp | 874.0 | 131817 |
| Citigroup Inc | 10308.0 | 776399 |
| Citizens Financial Group Inc | 2491.0 | 100512 |
| CME Group Inc | 1993.0 | 575977 |
| CoStar Group Inc\* | 2358.0 | 173454 |
| Crown Castle Inc | 2404.0 | 241241 |
| Digital Realty Trust Inc | 1745.0 | 299302 |
| Equinix Inc | 536.0 | 476408 |
| Equity Residential | 1910.0 | 133967 |
| Erie Indemnity Co | 143.0 | 51267 |
| Essex Property Trust Inc | 359.0 | 101920 |
| Everest Group Ltd | 249.0 | 86450 |
| Extra Space Storage Inc | 1200.0 | 181380 |
| Federal Realty Investment Trust | 449.0 | 42871 |
| Fifth Third Bancorp | 3790.0 | 144740 |
| Franklin Resources Inc<sup>#</sup> | 1715.0 | 37113 |
| Globe Life Inc | 464.0 | 56548 |
| The Goldman Sachs Group Inc | 1713.0 | 1028571 |
| The Hartford Insurance Group Inc | 1622.0 | 210600 |
| Healthpeak Properties Inc | 3987.0 | 69414 |
| Host Hotels & Resorts Inc | 3951.0 | 61201 |
| Huntington Bancshares Inc | 8228.0 | 128604 |
| Intercontinental Exchange Inc | 3155.0 | 567269 |
| Invesco Ltd | 2486.0 | 35948 |
| Invitation Homes Inc | 3188.0 | 107436 |
| Iron Mountain Inc | 1661.0 | 163957 |
| JPMorgan Chase & Co | 15355.0 | 4053720 |
| KeyCorp | 5341.0 | 84708 |
| Kimco Realty Corp | 3818.0 | 81171 |

---

---

| | | |
|:---|:---|:---|
| KKR & Co Inc | 3735 | 453653 |
| Loews Corp | 1011.0 | 90272 |
| M&T Bank Corp | 928.0 | 169490 |
| Marsh & McLennan Cos Inc | 2717.0 | 634854 |
| Mastercard Inc | 4472.0 | 2618803 |
| MetLife Inc | 3203.0 | 251692 |
| Mid-America Apartment Communities Inc | 660.0 | 103389 |
| Morgan Stanley | 6795.0 | 869964 |
| Nasdaq Inc | 2344.0 | 195818 |
| Northern Trust Corp | 1120.0 | 119549 |
| The PNC Financial Services Group Inc | 2200.0 | 382382 |
| Principal Financial Group Inc | 1189.0 | 92611 |
| The Progressive Corp | 3217.0 | 916620 |
| Prologis Inc | 5128.0 | 556901 |
| Prudential Financial Inc | 1958.0 | 203417 |
| Public Storage | 882.0 | 272018 |
| Raymond James Financial Inc | 1034.0 | 151977 |
| Realty Income Corp | 4842.0 | 274154 |
| Regency Centers Corp | 940.0 | 67821 |
| Regions Financial Corp | 5137.0 | 110137 |
| SBA Communications Corp | 594.0 | 137743 |
| Simon Property Group Inc | 1716.0 | 279828 |
| State Street Corp | 1603.0 | 154337 |
| Synchrony Financial | 2232.0 | 128675 |
| T Rowe Price Group Inc | 1243.0 | 116332 |
| The Travelers Cos Inc | 1260.0 | 347382 |
| Truist Financial Corp | 7281.0 | 287600 |
| UDR Inc | 1665.0 | 68981 |
| US Bancorp | 8670.0 | 377925 |
| Ventas Inc | 2377.0 | 152794 |
| VICI Properties Inc | 5900.0 | 187089 |
| Visa Inc | 9464.0 | 3456158 |
| W R Berkley Corp | 1684.0 | 125778 |
| Wells Fargo & Co | 18062.0 | 1350676 |
| Welltower Inc | 3278.0 | 505730 |
| Weyerhaeuser Co | 4066.0 | 105350 |
| Willis Towers Watson PLC | 552.0 | 174736 |
| **Total Financial** |  | 41966601 |
| **Industrial (7.60%)** |  |  |
| 3M Co | 3017.0 | 447572 |
| A O Smith Corp | 653.0 | 41994 |
| Allegion plc | 501.0 | 71493 |
| Amcor PLC<sup>#</sup> | 8317.0 | 75768 |
| AMETEK Inc | 1279.0 | 228608 |
| Amphenol Corp | 6700.0 | 602531 |
| Axon Enterprise Inc\* | 405.0 | 303896 |
| Ball Corp | 1686.0 | 90336 |
| The Boeing Co\* | 4139.0 | 858097 |
| Builders FirstSource Inc\* | 670.0 | 72146 |
| Carrier Global Corp | 4488.0 | 319546 |
| Caterpillar Inc | 2624.0 | 913231 |
| CH Robinson Worldwide Inc | 690.0 | 66219 |
| CSX Corp<sup>#</sup> | 10590.0 | 334538 |
| Deere & Co | 1391.0 | 704208 |
| Dover Corp | 775.0 | 137756 |
| Eaton Corp PLC | 2186.0 | 699957 |
| Emerson Electric Co | 3134.0 | 374137 |
| Expeditors International of Washington Inc | 783.0 | 88268 |
| FedEx Corp | 1226.0 | 267391 |
| Fortive Corp<sup>#</sup> | 1941.0 | 136239 |
| Garmin Ltd | 859.0 | 174351 |
| GE Vernova Inc | 1526.0 | 721768 |
| Generac Holdings Inc\* | 285.0 | 34807 |
| General Dynamics Corp | 1410.0 | 392671 |
| General Electric Co | 5894.0 | 1449394 |
| Honeywell International Inc | 3597.0 | 815332 |
| Howmet Aerospace Inc | 2241.0 | 380723 |
| Hubbell Inc<sup>#</sup> | 300.0 | 116874 |
| Huntington Ingalls Industries Inc<sup>#</sup> | 235.0 | 52419 |
| IDEX Corp | 418.0 | 75620 |
| Illinois Tool Works Inc | 1484.0 | 363699 |
| Ingersoll Rand Inc<sup>#</sup> | 2278.0 | 185976 |
| Jabil Inc | 606.0 | 101814 |
| Jacobs Solutions Inc | 695.0 | 87779 |
| JB Hunt Transport Services Inc | 463.0 | 64288 |
| Johnson Controls International plc | 3669.0 | 371927 |
| Keysight Technologies Inc\* | 981.0 | 154056 |
| L3Harris Technologies Inc<sup>#</sup> | 1041.0 | 254358 |
| Lennox International Inc<sup>#</sup> | 182.0 | 102730 |

---

---

| | | |
|:---|:---|:---|
| Lockheed Martin Corp | 1150 | 554737 |
| Martin Marietta Materials Inc | 345.0 | 188905 |
| Masco Corp | 1219.0 | 76090 |
| Mettler-Toledo International Inc\* | 115.0 | 132885 |
| Mohawk Industries Inc\* | 301.0 | 30284 |
| Nordson Corp | 304.0 | 64445 |
| Norfolk Southern Corp | 1252.0 | 309394 |
| Northrop Grumman Corp | 752.0 | 364547 |
| Old Dominion Freight Line Inc | 1058.0 | 169460 |
| Otis Worldwide Corp | 2235.0 | 213107 |
| Packaging Corp of America | 499.0 | 96392 |
| Parker-Hannifin Corp | 712.0 | 473266 |
| Pentair PLC | 914.0 | 90651 |
| Republic Services Inc | 1123.0 | 288937 |
| Rockwell Automation Inc | 638.0 | 201321 |
| RTX Corp | 7315.0 | 998351 |
| Smurfit WestRock PLC | 2795.0 | 121107 |
| Snap-on Inc | 293.0 | 93980 |
| Stanley Black & Decker Inc<sup>#</sup> | 862.0 | 56401 |
| TE Connectivity PLC | 1650.0 | 264116 |
| Teledyne Technologies Inc\* | 260.0 | 129704 |
| Textron Inc | 1038.0 | 76843 |
| Trane Technologies PLC | 1231.0 | 529662 |
| TransDigm Group Inc | 311.0 | 456682 |
| Trimble Inc\* | 1405.0 | 100134 |
| Union Pacific Corp | 3318.0 | 735468 |
| United Parcel Service Inc | 4065.0 | 396500 |
| Veralto Corp | 1344.0 | 135784 |
| Vulcan Materials Co | 746.0 | 197742 |
| Waste Management Inc | 2020.0 | 486759 |
| Westinghouse Air Brake Technologies Corp | 949.0 | 192002 |
| Xylem Inc | 1376.0 | 173431 |
| **Total Industrial** |  | 21133604 |
| **Technology (30.23%)** |  |  |
| Accenture PLC | 3435.0 | 1088277 |
| Adobe Inc\* | 2390.0 | 992065 |
| Advanced Micro Devices Inc\* | 8899.0 | 985386 |
| Akamai Technologies Inc\* | 831.0 | 63098 |
| Amentum Holdings Inc\* | 42.0 | 874 |
| Analog Devices Inc | 2744.0 | 587161 |
| ANSYS Inc\* | 489.0 | 161771 |
| Apple Inc | 82498.0 | 16569723 |
| Applied Materials Inc | 4463.0 | 699575 |
| Autodesk Inc\* | 1189.0 | 352087 |
| Broadcom Inc | 25742.0 | 6231366 |
| Broadridge Financial Solutions Inc | 660.0 | 160268 |
| Cadence Design Systems Inc\* | 1517.0 | 435485 |
| Cognizant Technology Solutions Corp | 2736.0 | 221589 |
| Crowdstrike Holdings Inc\* | 1302.0 | 613724 |
| Dayforce Inc\*<sup>,#</sup> | 855.0 | 50513 |
| Dell Technologies Inc | 1655.0 | 184152 |
| Electronic Arts Inc | 1312.0 | 188639 |
| EPAM Systems Inc\* | 320.0 | 55837 |
| Fair Isaac Corp\* | 135.0 | 233048 |
| Fidelity National Information Services Inc | 2930.0 | 233257 |
| Fiserv Inc\* | 3147.0 | 512300 |
| Fortinet Inc\* | 3519.0 | 358164 |
| Gartner Inc\* | 421.0 | 183733 |
| Hewlett Packard Enterprise Co | 7267.0 | 125574 |
| HP Inc | 5146.0 | 128135 |
| Intel Corp | 23779.0 | 464879 |
| International Business Machines Corp | 5078.0 | 1315507 |
| Intuit Inc | 1537.0 | 1158083 |
| Jack Henry & Associates Inc | 412.0 | 74642 |
| KLA Corp | 729.0 | 551766 |
| Lam Research Corp | 7049.0 | 569489 |
| Leidos Holdings Inc | 746.0 | 110796 |
| Microchip Technology Inc | 2975.0 | 172669 |
| Micron Technology Inc | 6118.0 | 577906 |
| Microsoft Corp | 40826.0 | 18794639 |
| Monolithic Power Systems Inc | 267.0 | 176727 |
| MSCI Inc | 431.0 | 243093 |
| NetApp Inc | 1157.0 | 114728 |
| NVIDIA Corp | 134495.0 | 18174309 |
| NXP Semiconductors NV | 1422.0 | 271787 |
| ON Semiconductor Corp\* | 2383.0 | 100134 |
| Oracle Corp | 8909.0 | 1474707 |
| Palantir Technologies Inc\* | 11257.0 | 1483447 |
| Paychex Inc | 1773.0 | 279974 |
| Paycom Software Inc | 272.0 | 70472 |

---

---

| | | |
|:---|:---|:---|
| PTC Inc\* | 681.0 | 114626 |
| QUALCOMM Inc | 6073.0 | 881800 |
| Roper Technologies Inc | 593.0 | 338170 |
| Salesforce Inc | 5255.0 | 1394519 |
| Seagate Technology Holdings PLC | 1151.0 | 135749 |
| ServiceNow Inc\* | 1131.0 | 1143543 |
| Skyworks Solutions Inc | 943.0 | 65095 |
| Super Micro Computer Inc\*<sup>,#</sup> | 2880.0 | 115258 |
| Synopsys Inc\* | 855.0 | 396703 |
| Take-Two Interactive Software Inc\* | 923.0 | 208856 |
| Teradyne Inc | 920.0 | 72312 |
| Texas Instruments Inc | 4999.0 | 914067 |
| Tyler Technologies Inc\* | 236.0 | 136170 |
| Western Digital Corp | 1916.0 | 98770 |
| Workday Inc\* | 1184.0 | 293289 |
| Zebra Technologies Corp\* | 284.0 | 82295 |
| **Total Technology** |  | 83986777 |
| **Utilities (2.49%)** |  |  |
| The AES Corp | 4344.0 | 43831 |
| Alliant Energy Corp | 1436.0 | 89362 |
| Ameren Corp | 1535.0 | 148711 |
| American Electric Power Co Inc | 2950.0 | 305296 |
| American Water Works Co Inc<sup>#</sup> | 1101.0 | 157410 |
| Atmos Energy Corp | 820.0 | 126838 |
| CenterPoint Energy Inc | 3692.0 | 137490 |
| CMS Energy Corp | 1687.0 | 118478 |
| Consolidated Edison Inc | 1938.0 | 202502 |
| Constellation Energy Corp | 1730.0 | 529640 |
| Dominion Energy Inc | 4701.0 | 266406 |
| DTE Energy Co | 1170.0 | 159881 |
| Duke Energy Corp | 4261.0 | 501605 |
| Edison International | 2166.0 | 120538 |
| Entergy Corp | 2414.0 | 201038 |
| Evergy Inc | 1272.0 | 84474 |
| Eversource Energy | 2050.0 | 132861 |
| Exelon Corp | 5561.0 | 243683 |
| FirstEnergy Corp | 2870.0 | 120368 |
| NextEra Energy Inc | 11293.0 | 797738 |
| NiSource Inc | 2445.0 | 96675 |
| NRG Energy Inc | 1120.0 | 174608 |
| PG&E Corp | 12108.0 | 204383 |
| Pinnacle West Capital Corp | 669.0 | 61033 |
| PPL Corp | 4085.0 | 141954 |
| Public Service Enterprise Group Inc | 2756.0 | 223319 |
| Sempra<sup>#</sup> | 3504.0 | 275379 |
| The Southern Co | 6062.0 | 545580 |
| Vistra Corp | 1882.0 | 302193 |
| WEC Energy Group Inc | 1770.0 | 190169 |
| Xcel Energy Inc | 3208.0 | 224881 |
| **Total Utilities** |  | 6928324 |
| **Total Common Stock (Cost $95,470,610)** |  | 275718046 |
| **United States Treasury Bills (0.75%)** |  |  |
| United States Treasury Bill, 0.00%, 06/20/2025<sup>(a)</sup> (Cost $2,095,079) | 2100000.0 | 2095552 |
| **Collateral Received for Securities on Loan (2.78%)** |  |  |
| Mount Vernon Liquid Assets Portfolio, 7-Day Yield: 4.45% (Cost $7,735,533) |  | 7735533 |
| **Total Investments (Cost $105,301,222) (102.71%)** |  | $285549131 |
| **Liabilities in Excess of Other Assets (-2.71%)** |  | (7539814) |
| **Net Assets (100.00%)** |  | $278009318 |

---

---

| |
|:---|
| \* Non-income producing security. |
| # Loaned security; a portion of the security is on loan at May 31, 2025. |
| A portion of these securities, a total of $299,366, have been pledged or segregated in connection with obligations for futures contracts. |
| **Futures contracts at May 31, 2025:** |
| Contracts - $50 times premium / delivery month / commitment / exchange |

---

---

| | | | |
|:---|:---|:---|:---|
| S&P 500 E-MINI | **Notional Amount** | **Value** | **Unrealized Appreciation** |
| 7 / JUN 2025 / Long / CME | $1989888 | $2070600 | $80713 |

---

**S&P MIDCAP INDEX FUND**

**Portfolio of Investments**

**5/31/2025**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **Common Stock (99.03%)** |  |  |
| **Basic Materials (4.20%)** |  |  |
| Alcoa Corp | 9164 | $245320 |
| Ashland Inc | 1690 | 83672 |
| ATI Inc\* | 5060 | 402978 |
| Avient Corp | 3380 | 122119 |
| Axalta Coating Systems Ltd\* | 7815 | 240702 |
| Cabot Corp | 1942 | 145048 |
| Carpenter Technology Corp | 1790 | 420650 |
| Cleveland-Cliffs Inc\* | 17908 | 104404 |
| Commercial Metals Co | 4145 | 193116 |
| NewMarket Corp | 274 | 176472 |
| Olin Corp | 4313 | 83715 |
| Reliance Inc | 1919 | 561922 |
| Royal Gold Inc | 2356 | 419651 |
| RPM International Inc | 4606 | 524347 |
| United States Steel Corp | 7987 | 429860 |
| Westlake Corp | 1239 | 88006 |
| **Total Basic Materials** |  | 4241982 |
| **Communications (2.24%)** |  |  |
| Chewy Inc\* | 5337 | 241499 |
| Ciena Corp\* | 5041 | 403582 |
| EchoStar Corp\* | 4384 | 77728 |
| Frontier Communications Parent Inc\* | 7861 | 284804 |
| Hims & Hers Health Inc\* | 6782 | 383590 |
| Iridium Communications Inc | 3940 | 100076 |
| Maplebear Inc\* | 5858 | 267535 |
| The New York Times Co | 5846 | 333924 |
| Nexstar Media Group Inc | 1034 | 176214 |
| **Total Communications** |  | 2268952 |
| **Consumer, Cyclical (14.38%)** |  |  |
| Abercrombie & Fitch Co\* | 1595 | 125192 |
| Alaska Air Group Inc\* | 4466 | 227453 |
| American Airlines Group Inc\* | 23599 | 269265 |
| Aramark | 9498 | 384669 |
| Autoliv Inc | 2588 | 266098 |
| AutoNation Inc\* | 933 | 171532 |
| Bath & Body Works Inc | 7682 | 216018 |
| BJ's Wholesale Club Holdings Inc\* | 4685 | 530389 |
| Boyd Gaming Corp | 2375 | 178054 |
| Brunswick Corp | 2441 | 123563 |
| Burlington Stores Inc\* | 2228 | 508586 |
| Capri Holdings Ltd\* | 4367 | 79130 |
| Casey's General Stores Inc | 1320 | 577843 |
| Cava Group Inc\* | 2885 | 234464 |
| Choice Hotels International Inc<sup>#</sup> | 835 | 105778 |
| Churchill Downs Inc | 2644 | 252423 |
| Columbia Sportswear Co | 1147 | 73156 |
| Core & Main Inc\* | 6713 | 367940 |
| Crocs Inc\* | 2029 | 206958 |
| Dick's Sporting Goods Inc | 2077 | 372489 |
| Dolby Laboratories Inc | 2207 | 163892 |
| FirstCash Holdings Inc | 1416 | 181121 |
| Five Below Inc\* | 1951 | 227428 |
| Floor & Decor Holdings Inc\* | 3841 | 275361 |

---

---

| | | |
|:---|:---|:---|
| GameStop Corp\* | 14423.0 | 429805 |
| The Gap Inc | 7538.0 | 168173 |
| Gentex Corp | 8067.0 | 174005 |
| The Goodyear Tire & Rubber Co\* | 10210.0 | 116496 |
| Harley-Davidson Inc | 4115.0 | 99624 |
| Hilton Grand Vacations Inc\* | 2251.0 | 85921 |
| Hyatt Hotels Corp | 1527.0 | 201610 |
| KB Home | 2461.0 | 126938 |
| Lear Corp | 1941.0 | 175505 |
| Light & Wonder Inc\* | 3163.0 | 285050 |
| Lithia Motors Inc | 950.0 | 301065 |
| Macy's Inc | 10261.0 | 122003 |
| Marriott Vacations Worldwide Corp | 1178.0 | 77583 |
| Mattel Inc\* | 12070.0 | 228606 |
| MSC Industrial Direct Co Inc | 1601.0 | 130001 |
| Murphy USA Inc | 643.0 | 274426 |
| Ollie's Bargain Outlet Holdings Inc\* | 2218.0 | 247196 |
| Penske Automotive Group Inc | 691.0 | 113448 |
| Planet Fitness Inc\* | 3023.0 | 310855 |
| Polaris Inc | 1939.0 | 76048 |
| PVH Corp | 2013.0 | 168629 |
| RH\* | 534.0 | 96713 |
| The Scotts Miracle-Gro Co | 1544.0 | 91961 |
| Skechers USA Inc\* | 4725.0 | 293139 |
| Somnigroup International Inc<sup>#</sup> | 6373.0 | 414627 |
| Taylor Morrison Home Corp\* | 3670.0 | 206548 |
| Texas Roadhouse Inc | 2366.0 | 461867 |
| Thor Industries Inc | 1627.0 | 132096 |
| Toll Brothers Inc | 3543.0 | 369358 |
| Travel + Leisure Co | 2426.0 | 117831 |
| Vail Resorts Inc | 1363.0 | 218312 |
| VF Corp | 12015.0 | 149707 |
| Visteon Corp\* | 1002.0 | 84594 |
| Warner Music Group Corp | 5238.0 | 137864 |
| Watsco Inc | 1235.0 | 547809 |
| The Wendy's Co | 6134.0 | 69928 |
| WESCO International Inc | 1607.0 | 269799 |
| Whirlpool Corp | 1984.0 | 154931 |
| Wingstop Inc | 1046.0 | 357418 |
| Wyndham Hotels & Resorts Inc | 2785.0 | 230542 |
| YETI Holdings Inc\* | 3086.0 | 94308 |
| **Total Consumer, Cyclical** |  | 14531141 |
| **Consumer, Non-Cyclical (15.85%)** |  |  |
| Acadia Healthcare Co Inc\* | 3436.0 | 77791 |
| Albertsons Cos Inc | 14477.0 | 321824 |
| Amedisys Inc\* | 1213.0 | 114107 |
| Avantor Inc\* | 24442.0 | 315546 |
| BellRing Brands Inc\* | 4550.0 | 286423 |
| BioMarin Pharmaceutical Inc\* | 6760.0 | 392553 |
| Bio-Rad Laboratories Inc\* | 690.0 | 156582 |
| The Boston Beer Co Inc\* | 312.0 | 71713 |
| The Brink's Co | 1548.0 | 127029 |
| Bruker Corp | 3778.0 | 138653 |
| Celsius Holdings Inc\* | 5523.0 | 209211 |
| Chemed Corp | 536.0 | 308114 |
| Coca-Cola Consolidated Inc | 1830.0 | 209810 |
| Coty Inc\* | 13258.0 | 65362 |
| Cytokinetics Inc\* | 3995.0 | 123925 |
| Darling Ingredients Inc\* | 5698.0 | 177550 |
| DENTSPLY SIRONA Inc | 7138.0 | 114065 |
| elf Beauty Inc\* | 2000.0 | 224980 |
| Encompass Health Corp | 3609.0 | 436328 |
| The Ensign Group Inc | 2022.0 | 297760 |
| Envista Holdings Corp\* | 6374.0 | 116453 |
| Euronet Worldwide Inc\* | 1502.0 | 162637 |
| Exelixis Inc\* | 10027.0 | 431562 |
| Flowers Foods Inc | 7245.0 | 122441 |

---

---

| | | |
|:---|:---|:---|
| FTI Consulting Inc\* | 1265 | 207662 |
| Globus Medical Inc\* | 3944.0 | 233406 |
| Graham Holdings Co | 121.0 | 115484 |
| Grand Canyon Education Inc\* | 1045.0 | 206748 |
| GXO Logistics Inc\* | 4238.0 | 174351 |
| H&R Block Inc | 4748.0 | 270399 |
| Haemonetics Corp\* | 1858.0 | 125805 |
| Halozyme Therapeutics Inc\* | 4513.0 | 253044 |
| HealthEquity Inc\* | 3104.0 | 312293 |
| Illumina Inc\* | 5675.0 | 466712 |
| Ingredion Inc | 2288.0 | 318307 |
| Insperity Inc | 1315.0 | 85107 |
| Jazz Pharmaceuticals PLC\* | 2171.0 | 234620 |
| Lancaster Colony Corp | 691.0 | 115673 |
| Lantheus Holdings Inc\* | 2496.0 | 188598 |
| LivaNova PLC\* | 2011.0 | 86976 |
| ManpowerGroup Inc | 1736.0 | 72825 |
| Masimo Corp\* | 1592.0 | 258700 |
| Medpace Holdings Inc\* | 895.0 | 263936 |
| Morningstar Inc | 970.0 | 299167 |
| Neurocrine Biosciences Inc\* | 3572.0 | 439427 |
| Option Care Health Inc\* | 6097.0 | 199250 |
| Paylocity Holding Corp\* | 1546.0 | 295131 |
| Penumbra Inc\* | 1378.0 | 367885 |
| Performance Food Group Co\* | 5547.0 | 496789 |
| Perrigo Co PLC | 4839.0 | 129540 |
| Pilgrim's Pride Corp | 1463.0 | 71921 |
| Post Holdings Inc\* | 1639.0 | 181257 |
| RB Global Inc | 6541.0 | 688767 |
| Repligen Corp\* | 1870.0 | 220791 |
| Roivant Sciences Ltd\* | 13285.0 | 146002 |
| Sarepta Therapeutics Inc\* | 3505.0 | 131788 |
| Service Corp International | 5115.0 | 398970 |
| Shift4 Payments Inc\* | 2456.0 | 232804 |
| Sotera Health Co\* | 5549.0 | 67920 |
| Sprouts Farmers Market Inc\* | 3547.0 | 613134 |
| Tenet Healthcare Corp\* | 3373.0 | 569261 |
| United Therapeutics Corp\* | 1599.0 | 509841 |
| US Foods Holding Corp\* | 8172.0 | 646569 |
| Valvoline Inc\* | 4553.0 | 157488 |
| WEX Inc\*<sup>,#</sup> | 1263.0 | 167891 |
| **Total Consumer, Non-Cyclical** |  | 16024658 |
| **Energy (3.53%)** |  |  |
| Antero Midstream Corp | 11988.0 | 225135 |
| Antero Resources Corp\* | 10261.0 | 384274 |
| ChampionX Corp | 6768.0 | 162906 |
| Chord Energy Corp | 2117.0 | 190530 |
| Civitas Resources Inc | 3285.0 | 89910 |
| CNX Resources Corp\* | 5432.0 | 175345 |
| DT Midstream Inc | 3565.0 | 373398 |
| HF Sinclair Corp | 5487.0 | 198245 |
| Matador Resources Co | 3983.0 | 171309 |
| Murphy Oil Corp | 4673.0 | 97806 |
| NOV Inc | 13509.0 | 162108 |
| Ovintiv Inc | 8899.0 | 318762 |
| PBF Energy Inc | 3476.0 | 66218 |
| Permian Resources Corp | 21796.0 | 274848 |
| Range Resources Corp | 8443.0 | 321172 |
| Valaris Ltd\* | 2368.0 | 89084 |
| Viper Energy Inc | 3829.0 | 151973 |
| Weatherford International PLC | 2687.0 | 117153 |
| **Total Energy** |  | 3570176 |
| **Financial (24.01%)** |  |  |
| *Banks (6.38%)* |  |  |
| Associated Banc-Corp | 5947.0 | 137792 |
| Bank OZK | 3742.0 | 165883 |

---

---

| | | |
|:---|:---|:---|
| Cadence Bank | 6570 | 199071 |
| Columbia Banking System Inc | 7524.0 | 175911 |
| Comerica Inc | 4675.0 | 266896 |
| Commerce Bancshares Inc | 4373.0 | 275543 |
| Cullen/Frost Bankers Inc | 2278.0 | 289260 |
| East West Bancorp Inc | 4966.0 | 452899 |
| First Financial Bankshares Inc | 4562.0 | 160856 |
| First Horizon Corp | 18735.0 | 372452 |
| FNB Corp<sup>#</sup> | 12913.0 | 179103 |
| Glacier Bancorp Inc | 4062.0 | 168451 |
| Hancock Whitney Corp | 3052.0 | 166853 |
| Home BancShares Inc | 6616.0 | 187167 |
| International Bancshares Corp | 1981.0 | 124070 |
| Old National Bancorp | 11315.0 | 236031 |
| Pinnacle Financial Partners Inc | 2741.0 | 291313 |
| Prosperity Bancshares Inc | 3379.0 | 235347 |
| SouthState Corp | 3482.0 | 305720 |
| Synovus Financial Corp | 5016.0 | 239915 |
| Texas Capital Bancshares Inc\* | 1632.0 | 116998 |
| UMB Financial Corp | 2414.0 | 248932 |
| United Bankshares Inc | 4844.0 | 175062 |
| Valley National Bancorp | 16910.0 | 148470 |
| Webster Financial Corp | 6140.0 | 316087 |
| Western Alliance Bancorp | 3855.0 | 279141 |
| Wintrust Financial Corp | 2358.0 | 281569 |
| Zions Bancorp NA | 5297.0 | 250866 |
|  |  | 6447658 |
| *Diversified Financial Service (3.96%)* |  |  |
| Affiliated Managers Group Inc | 1059.0 | 186384 |
| Ally Financial Inc | 9847.0 | 344645 |
| Evercore Inc | 1268.0 | 293529 |
| Federated Hermes Inc | 2882.0 | 121620 |
| Hamilton Lane Inc | 1529.0 | 227821 |
| Houlihan Lokey Inc | 1924.0 | 336084 |
| Interactive Brokers Group Inc | 3862.0 | 809784 |
| Janus Henderson Group PLC | 4567.0 | 165919 |
| Jefferies Financial Group Inc | 5830.0 | 283338 |
| SEI Investments Co | 3419.0 | 291504 |
| SLM Corp | 7625.0 | 246821 |
| Stifel Financial Corp | 3675.0 | 346259 |
| Voya Financial Inc | 3447.0 | 229294 |
| The Western Union Co | 12497.0 | 115972 |
|  |  | 3998974 |
| *Insurance (5.73%)* |  |  |
| American Financial Group Inc | 2567.0 | 318257 |
| Brighthouse Financial Inc\* | 2159.0 | 129130 |
| CNO Financial Group Inc | 3604.0 | 136808 |
| Equitable Holdings Inc | 10993.0 | 581200 |
| Essent Group Ltd | 3801.0 | 220458 |
| Fidelity National Financial Inc | 9221.0 | 505034 |
| First American Financial Corp | 3653.0 | 203874 |
| The Hanover Insurance Group Inc | 1290.0 | 227014 |
| Kemper Corp | 2130.0 | 135745 |
| Kinsale Capital Group Inc | 794.0 | 374760 |
| MGIC Investment Corp | 8994.0 | 237891 |
| Old Republic International Corp | 8377.0 | 316651 |
| Primerica Inc | 1198.0 | 324179 |
| Reinsurance Group of America Inc | 2336.0 | 474885 |
| RenaissanceRe Holdings Ltd | 1747.0 | 435737 |
| RLI Corp | 2958.0 | 227381 |
| Ryan Specialty Holdings Inc | 3774.0 | 270105 |
| Selective Insurance Group Inc | 2183.0 | 192148 |
| Unum Group | 5828.0 | 476206 |
|  |  | 5787463 |
| *Private Equity (0.34%)* |  |  |
| The Carlyle Group Inc | 7560.0 | 341712 |

---

---

| | | |
|:---|:---|:---|
| *Real Estate (7.48%)* |  |  |
| Agree Realty Corp | 3709.0 | 279288 |
| American Homes 4 Rent | 11365.0 | 430165 |
| Annaly Capital Management Inc | 18910.0 | 358345 |
| Brixmor Property Group Inc | 10992.0 | 279307 |
| COPT Defense Properties | 4160.0 | 114192 |
| Cousins Properties Inc | 6012.0 | 168757 |
| CubeSmart | 8022.0 | 343021 |
| EastGroup Properties Inc | 1774.0 | 300782 |
| EPR Properties | 2686.0 | 149583 |
| Equity LifeStyle Properties Inc | 6861.0 | 436154 |
| First Industrial Realty Trust Inc | 4743.0 | 234446 |
| Gaming and Leisure Properties Inc | 9830.0 | 459061 |
| Healthcare Realty Trust Inc | 12696.0 | 184092 |
| Independence Realty Trust Inc | 8314.0 | 154557 |
| Jones Lang LaSalle Inc\* | 1699.0 | 378367 |
| Kilroy Realty Corp | 3930.0 | 126546 |
| Kite Realty Group Trust | 7870.0 | 174084 |
| Lamar Advertising Co | 3158.0 | 380665 |
| National Storage Affiliates Trust | 2552.0 | 87789 |
| NNN REIT Inc | 6734.0 | 281212 |
| Omega Healthcare Investors Inc | 9699.0 | 358863 |
| Park Hotels & Resorts Inc | 7645.0 | 79202 |
| PotlatchDeltic Corp | 2543.0 | 100042 |
| Rayonier Inc | 4880.0 | 115656 |
| Rexford Industrial Realty Inc | 7972.0 | 280933 |
| Sabra Health Care REIT Inc | 8392.0 | 146692 |
| STAG Industrial Inc | 6741.0 | 239845 |
| Starwood Property Trust Inc | 11362.0 | 224400 |
| Vornado Realty Trust | 5889.0 | 221839 |
| WP Carey Inc | 7840.0 | 492038 |
|  |  | 7579923 |
| *Savings&Loans (0.12%)* |  |  |
| Flagstar Financial Inc | 10544.0 | 121467 |
| **Total Financial** |  | 24277197 |
| **Industrial (21.86%)** |  |  |
| AAON Inc | 2393.0 | 230422 |
| Acuity Inc | 1097.0 | 285099 |
| Advanced Drainage Systems Inc | 2533.0 | 278529 |
| AECOM | 4706.0 | 516954 |
| AGCO Corp | 2219.0 | 217418 |
| Applied Industrial Technologies Inc | 1374.0 | 311238 |
| AptarGroup Inc | 2382.0 | 377309 |
| Arrow Electronics Inc\* | 1888.0 | 223501 |
| Avnet Inc | 3163.0 | 158182 |
| Belden Inc | 1428.0 | 151654 |
| BWX Technologies Inc | 3284.0 | 412470 |
| Carlisle Cos Inc | 1577.0 | 599544 |
| Chart Industries Inc\* | 1491.0 | 233878 |
| Clean Harbors Inc\* | 1811.0 | 410717 |
| CNH Industrial NV | 31398.0 | 392789 |
| Cognex Corp | 6085.0 | 182367 |
| Coherent Corp\* | 5552.0 | 419898 |
| Comfort Systems USA Inc | 1258.0 | 601613 |
| Crane Co | 1725.0 | 295665 |
| Crown Holdings Inc | 4152.0 | 408972 |
| Curtiss-Wright Corp | 1335.0 | 587547 |
| Donaldson Co Inc | 4300.0 | 299065 |
| Eagle Materials Inc | 1192.0 | 241034 |
| EMCOR Group Inc | 1631.0 | 769604 |
| EnerSys | 1398.0 | 116915 |
| Esab Corp | 2035.0 | 250285 |
| Exponent Inc | 1800.0 | 137412 |
| Fabrinet\* | 1289.0 | 300169 |
| Flex Ltd\* | 13590.0 | 574857 |
| Flowserve Corp | 4660.0 | 232581 |
| Fluor Corp\* | 6084.0 | 252973 |

---

---

| | | |
|:---|:---|:---|
| Fortune Brands Innovations Inc | 4450 | 224280 |
| GATX Corp | 1273.0 | 202713 |
| Graco Inc | 6049.0 | 512108 |
| Graphic Packaging Holding Co | 10756.0 | 238998 |
| Hexcel Corp | 2878.0 | 152217 |
| ITT Inc | 2887.0 | 434609 |
| Kirby Corp\* | 2036.0 | 225263 |
| Knife River Corp\* | 2028.0 | 190835 |
| Knight-Swift Transportation Holdings Inc | 5800.0 | 257056 |
| Landstar System Inc | 1285.0 | 176328 |
| Lincoln Electric Holdings Inc | 2026.0 | 392213 |
| Littelfuse Inc | 880.0 | 180453 |
| Louisiana-Pacific Corp | 2274.0 | 204819 |
| MasTec Inc\* | 2205.0 | 343826 |
| The Middleby Corp\* | 1931.0 | 282177 |
| MSA Safety Inc | 1406.0 | 229136 |
| Mueller Industries Inc | 4034.0 | 314128 |
| NEXTracker Inc\* | 4845.0 | 274663 |
| Novanta Inc\* | 1274.0 | 157747 |
| nVent Electric PLC | 5919.0 | 389470 |
| Oshkosh Corp | 2331.0 | 231212 |
| Owens Corning | 3073.0 | 411628 |
| RBC Bearings Inc\* | 1096.0 | 400994 |
| Regal Rexnord Corp | 2378.0 | 317320 |
| Ryder System Inc | 1507.0 | 221725 |
| Saia Inc\* | 933.0 | 246695 |
| Sensata Technologies Holding PLC | 5533.0 | 144190 |
| Silgan Holdings Inc | 2879.0 | 158547 |
| Simpson Manufacturing Co Inc | 1495.0 | 232772 |
| Sonoco Products Co | 3575.0 | 162806 |
| TD SYNNEX Corp | 2672.0 | 324220 |
| Terex Corp | 2474.0 | 111355 |
| Tetra Tech Inc | 9614.0 | 335913 |
| The Timken Co | 2291.0 | 156911 |
| TopBuild Corp\* | 1053.0 | 297883 |
| The Toro Co | 3569.0 | 270459 |
| Trex Co Inc\* | 3838.0 | 214429 |
| UFP Industries Inc | 2175.0 | 212193 |
| Universal Display Corp | 1581.0 | 226636 |
| Valmont Industries Inc | 710.0 | 225808 |
| Vontier Corp | 5327.0 | 190440 |
| Watts Water Technologies Inc | 970.0 | 234856 |
| Woodward Inc | 2105.0 | 455375 |
| XPO Inc\* | 4057.0 | 461808 |
| **Total Industrial** |  | 22099875 |
| **Technology (10.01%)** |  |  |
| Allegro MicroSystems Inc\* | 4884.0 | 123809 |
| Amkor Technology Inc | 4077.0 | 73468 |
| Appfolio Inc\* | 824.0 | 174004 |
| ASGN Inc\* | 1567.0 | 82753 |
| BILL Holdings Inc\* | 3360.0 | 146765 |
| Blackbaud Inc\* | 1362.0 | 84757 |
| CACI International Inc\* | 795.0 | 340260 |
| Cirrus Logic Inc\* | 1904.0 | 187277 |
| Commvault Systems Inc\* | 1576.0 | 288644 |
| Concentrix Corp | 1682.0 | 94133 |
| Crane NXT Co | 1744.0 | 93496 |
| Docusign Inc\* | 7166.0 | 634979 |
| Doximity Inc\* | 4662.0 | 242844 |
| Dropbox Inc\* | 7754.0 | 223780 |
| Duolingo Inc\* | 1340.0 | 696277 |
| Dynatrace Inc\* | 10725.0 | 579257 |
| Entegris Inc | 5422.0 | 372708 |
| ExlService Holdings Inc\* | 5777.0 | 265684 |
| Genpact Ltd | 5826.0 | 250809 |
| Guidewire Software Inc\* | 2962.0 | 636889 |
| IPG Photonics Corp\* | 957.0 | 63411 |

---

---

| | | |
|:---|:---|:---|
| KBR Inc | 4726 | 246650 |
| Kyndryl Holdings Inc\* | 8341.0 | 325633 |
| Lattice Semiconductor Corp\* | 4954.0 | 222633 |
| Lumentum Holdings Inc\* | 2454.0 | 177375 |
| MACOM Technology Solutions Holdings Inc\* | 2107.0 | 256232 |
| Manhattan Associates Inc\* | 2193.0 | 413995 |
| Maximus Inc | 2048.0 | 148500 |
| MKS Inc | 2387.0 | 196188 |
| Okta Inc\* | 5803.0 | 598696 |
| Onto Innovation Inc\* | 1752.0 | 161079 |
| Parsons Corp\* | 1674.0 | 108542 |
| Power Integrations Inc | 2103.0 | 104582 |
| Pure Storage Inc\* | 11103.0 | 595010 |
| Qualys Inc\* | 1297.0 | 179699 |
| Rambus Inc\* | 3780.0 | 202117 |
| Science Applications International Corp | 1769.0 | 204390 |
| Silicon Laboratories Inc\* | 1151.0 | 138730 |
| Synaptics Inc\* | 1390.0 | 81676 |
| ZoomInfo Technologies Inc\* | 10035.0 | 95834 |
| **Total Technology** |  | 10113565 |
| **Utilities (2.95%)** |  |  |
| ALLETE Inc | 2053.0 | 133527 |
| Black Hills Corp | 2592.0 | 151554 |
| Essential Utilities Inc | 9051.0 | 348735 |
| IDACORP Inc | 1908.0 | 226957 |
| National Fuel Gas Co | 3244.0 | 267760 |
| New Jersey Resources Corp<sup>#</sup> | 3668.0 | 168325 |
| Northwestern Energy Group Inc | 2175.0 | 120343 |
| OGE Energy Corp | 7128.0 | 316982 |
| ONE Gas Inc | 2009.0 | 150193 |
| Ormat Technologies Inc | 2058.0 | 152971 |
| Portland General Electric Co | 3906.0 | 165614 |
| Southwest Gas Holdings Inc | 2137.0 | 153501 |
| Spire Inc | 2139.0 | 161024 |
| TXNM Energy Inc | 3231.0 | 183165 |
| UGI Corp | 7696.0 | 277518 |
| **Total Utilities** |  | 2978169 |
| **Total Common Stock (Cost $68,837,225)** |  | 100105715 |
| **United States Treasury Bills (0.89%)** |  |  |
| United State Treasury Bill, 0.00%, 06/20/2025<sup>(a)</sup> (Cost $897,890) | 900000.0 | 898094 |
| **Collateral Received for Securities on Loan (0.74%)** |  |  |
| Mount Vernon Liquid Assets Portfolio, 7-Day Yield: 4.45% (Cost $744,260) |  | 744260 |
| **Total Investments (Cost $70,749,375) (100.66%)** |  | $101748069 |
| **Liabilities in Excess of Other Assets (-0.66%)** |  | (663956) |
| **Net Assets (100.00%)** |  | $101084114 |

---

\* Non-income producing security.

# Loaned security; a portion of the security is on loan at May 31, 2025.

(a) A portion of these securities, a total of $99,789, have been pledged or segregated in connection with obligations for futures contracts.

(144A) Security was purchased pursuant to Rule 144A or Section 4(a)(2) under the Securities Act of 1933 and may be resold in transactions exempt from registration only to qualified institutional buyers. As of May 31, 2025, these securities had a total aggregate market value of $630,748, which represented approximately 2.71% of net assets.

**Futures contracts at May 31, 2025:**

Contracts - $100 times premium / delivery month / commitment / exchange

---

| | | | |
|:---|:---|:---|:---|
| S&P MidCap E-MINI | **Notional Amount** | **Value** | **Unrealized Depreciation** |
| 2 / JUN 2025 / Long / CME | $604570 | $600820 | $(3750) |

---

**S&P SMALLCAP INDEX FUND**

**Portfolio of Investments**

**5/31/2025**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **Common Stock (99.46%)** |  |  |
| **Basic Materials (3.78%)** |  |  |
| AdvanSix Inc | 1043 | $24521 |
| Balchem Corp | 1188 | 198040 |
| Celanese Corp | 4057 | 214331 |
| Century Aluminum Co\* | 2029 | 31429 |
| The Chemours Co | 5552 | 56242 |
| Element Solutions Inc | 5788 | 123747 |
| FMC Corp | 4639 | 188158 |
| Hawkins Inc | 718 | 95846 |
| HB Fuller Co | 2020 | 112756 |
| Ingevity Corp\* | 1383 | 57215 |
| Innospec Inc | 911 | 77508 |
| Kaiser Aluminum Corp | 606 | 43990 |
| Koppers Holdings Inc | 801 | 24607 |
| Minerals Technologies Inc | 1223 | 69442 |
| MP Materials Corp\*<sup>,#</sup> | 4488 | 97794 |
| Quaker Chemical Corp | 538 | 58341 |
| Rogers Corp\* | 646 | 43004 |
| Sensient Technologies Corp | 1574 | 148790 |
| Stepan Co | 805 | 43703 |
| Sylvamo Corp | 1246 | 66001 |
| **Total Basic Materials** |  | 1775465 |
| **Communications (4.22%)** |  |  |
| A10 Networks Inc | 2694 | 46498 |
| Angi Inc\* | 1449 | 22677 |
| Cable One Inc | 191 | 27949 |
| Calix Inc\* | 2287 | 105751 |
| Cargurus Inc\* | 3266 | 102356 |
| Cars.com Inc\* | 2248 | 23042 |
| Cogent Communications Holdings Inc | 1646 | 75239 |
| ePlus Inc\* | 994 | 70942 |
| Etsy Inc\* | 4180 | 231363 |
| Extreme Networks Inc\* | 5090 | 79760 |
| Harmonic Inc\* | 4401 | 39697 |
| HealthStream Inc | 938 | 26283 |
| IAC Inc\* | 2589 | 93100 |
| InterDigital Inc | 954 | 207266 |
| Lumen Technologies Inc\* | 38327 | 150242 |
| QuinStreet Inc\* | 2158 | 32953 |
| Scholastic Corp | 975 | 16838 |
| Shenandoah Telecommunications Co | 1790 | 22518 |
| Shutterstock Inc<sup>#</sup> | 1114 | 20553 |
| Sprinklr Inc\* | 4702 | 39685 |
| TechTarget Inc\* | 1004 | 8122 |
| TEGNA Inc | 5987 | 100103 |
| Telephone and Data Systems Inc | 3624 | 124521 |
| TripAdvisor Inc\* | 4275 | 60876 |
| Viasat Inc\* | 3449 | 30110 |
| Viavi Solutions Inc\* | 8666 | 78947 |
| Yelp Inc\* | 2445 | 93326 |
| Ziff Davis Inc\* | 1562 | 50671 |
| **Total Communications** |  | 1981388 |
| **Consumer, Cyclical (14.57%)** |  |  |
| Academy Sports & Outdoors Inc | 2655 | 108616 |
| Acushnet Holdings Corp<sup>#</sup> | 1033 | 70492 |
| Adient PLC\* | 3405 | 53084 |
| Advance Auto Parts Inc | 2328 | 111581 |
| Allegiant Travel Co | 568 | 31569 |
| American Axle & Manufacturing Holdings Inc\* | 4591 | 20154 |
| American Eagle Outfitters Inc | 6704 | 73476 |
| Asbury Automotive Group Inc\* | 716 | 163184 |
| BJ's Restaurants Inc\* | 847 | 37785 |
| Bloomin' Brands Inc | 2953 | 22531 |
| Boot Barn Holdings Inc\* | 1130 | 181150 |
| BorgWarner Inc | 8116 | 268558 |
| Brinker International Inc\* | 1623 | 280178 |
| The Buckle Inc | 1123 | 47851 |
| Caleres Inc | 1555 | 20915 |
| Carter's Inc | 1381 | 43322 |
| Cavco Industries Inc\* | 292 | 126610 |
| Century Communities Inc | 1049 | 54412 |
| Champion Homes Inc\* | 1958 | 128053 |

---

---

| | | |
|:---|:---|:---|
| The Cheesecake Factory Inc<sup>#</sup> | 1787 | 98589 |
| Cinemark Holdings Inc | 3946.0 | 133256 |
| Cracker Barrel Old Country Store Inc | 828.0 | 47560 |
| Dana Inc | 3349.0 | 55694 |
| Dave & Buster's Entertainment Inc\* | 1126.0 | 24727 |
| Dorman Products Inc\* | 1009.0 | 130474 |
| Dream Finders Homes Inc\* | 1080.0 | 22529 |
| Ethan Allen Interiors Inc | 836.0 | 21845 |
| Foot Locker Inc\* | 3218.0 | 76460 |
| Fox Factory Holding Corp\* | 1574.0 | 40373 |
| Freshpet Inc\* | 1803.0 | 144528 |
| Gentherm Inc\* | 1323.0 | 36204 |
| G-III Apparel Group Ltd\* | 1546.0 | 44911 |
| GMS Inc\* | 1419.0 | 107461 |
| Golden Entertainment Inc | 829.0 | 23651 |
| Green Brick Partners Inc\* | 1183.0 | 69146 |
| Group 1 Automotive Inc | 474.0 | 200938 |
| Hanesbrands Inc\* | 13734.0 | 67983 |
| HNI Corp | 1840.0 | 85615 |
| Installed Building Products Inc | 862.0 | 137472 |
| Interface Inc | 2276.0 | 45725 |
| Jack in the Box Inc | 728.0 | 13807 |
| JetBlue Airways Corp\* | 11648.0 | 58822 |
| Kohl's Corp | 4710.0 | 38292 |
| Kontoor Brands Inc | 1844.0 | 126498 |
| La-Z-Boy Inc | 1642.0 | 68783 |
| LCI Industries | 994.0 | 86617 |
| Leggett & Platt Inc | 4913.0 | 44512 |
| LGI Homes Inc\* | 853.0 | 42735 |
| M/I Homes Inc\* | 1010.0 | 107676 |
| Madison Square Garden Sports Corp\* | 641.0 | 121719 |
| MarineMax Inc\* | 928.0 | 19674 |
| Meritage Homes Corp | 2645.0 | 168248 |
| MillerKnoll Inc | 2727.0 | 46004 |
| Monarch Casino & Resort Inc | 483.0 | 40446 |
| National Vision Holdings Inc\* | 2998.0 | 59390 |
| Newell Brands Inc | 15586.0 | 82606 |
| OPENLANE Inc\* | 4155.0 | 95274 |
| Oxford Industries Inc | 559.0 | 30007 |
| Papa John's International Inc | 1274.0 | 57649 |
| Patrick Industries Inc | 1228.0 | 105436 |
| PC Connection Inc | 526.0 | 34400 |
| Penn Entertainment Inc\* | 5373.0 | 79682 |
| Phinia Inc | 1492.0 | 64753 |
| PriceSmart Inc | 916.0 | 98910 |
| Pursuit Attractions and Hospitality Inc\* | 790.0 | 22033 |
| Resideo Technologies Inc\* | 5373.0 | 111221 |
| Rush Enterprises Inc | 2278.0 | 113103 |
| Sabre Corp\* | 14691.0 | 37021 |
| Sally Beauty Holdings Inc\* | 4008.0 | 34910 |
| ScanSource Inc\* | 887.0 | 35817 |
| Shake Shack Inc\* | 1479.0 | 191959 |
| Shoe Carnival Inc | 840.0 | 16145 |
| Signet Jewelers Ltd | 1613.0 | 107377 |
| Six Flags Entertainment Corp | 3446.0 | 115648 |
| SkyWest Inc\* | 1490.0 | 151161 |
| Sonic Automotive Inc | 556.0 | 38881 |
| Sonos Inc\* | 4735.0 | 48676 |
| Standard Motor Products Inc | 766.0 | 23210 |
| Steven Madden Ltd | 2876.0 | 70893 |
| Topgolf Callaway Brands Corp\* | 5919.0 | 37526 |
| Tri Pointe Homes Inc\* | 3458.0 | 101942 |
| UniFirst Corp | 548.0 | 103331 |
| Urban Outfitters Inc\* | 2091.0 | 146161 |
| Victoria's Secret & Co\* | 3057.0 | 64839 |
| Winnebago Industries Inc | 1130.0 | 38341 |
| Wolverine World Wide Inc | 2980.0 | 50839 |
| XPEL Inc\* | 828.0 | 29783 |
| **Total Consumer, Cyclical** |  | 6841419 |
| **Consumer, Non-Cyclical (18.03%)** |  |  |
| ABM Industries Inc | 2311.0 | 121674 |
| ACADIA Pharmaceuticals Inc\* | 4712.0 | 101638 |
| AdaptHealth Corp\* | 3607.0 | 32391 |
| Addus HomeCare Corp\* | 681.0 | 75530 |
| ADMA Biologics Inc\* | 8908.0 | 176735 |
| Adtalem Global Education Inc\* | 1362.0 | 179825 |
| Alarm.com Holdings Inc\* | 1807.0 | 103722 |
| Alkermes PLC\* | 5945.0 | 181976 |
| AMN Healthcare Services Inc\* | 1437.0 | 30335 |
| Amphastar Pharmaceuticals Inc\* | 1482.0 | 38102 |
| The Andersons Inc | 1254.0 | 44530 |

---

---

| | | |
|:---|:---|:---|
| ANI Pharmaceuticals Inc\* | 626 | 36759 |
| Arcus Biosciences Inc\* | 2383 | 21280 |
| Arlo Technologies Inc\* | 3668 | 52526 |
| Arrowhead Pharmaceuticals Inc\* | 4765 | 76574 |
| Artivion Inc\* | 1472 | 43542 |
| Astrana Health Inc\* | 1622 | 40209 |
| Avanos Medical Inc\* | 2108 | 26498 |
| Azenta Inc\* | 1720 | 45958 |
| BioLife Solutions Inc\* | 1405 | 30741 |
| Cal-Maine Foods Inc | 1512 | 145046 |
| Catalyst Pharmaceuticals Inc\* | 4268 | 106529 |
| Central Garden & Pet Co\* | 1980 | 63301 |
| Certara Inc\* | 4198 | 47689 |
| The Chefs' Warehouse Inc\* | 1338 | 85338 |
| Collegium Pharmaceutical Inc\* | 1258 | 36658 |
| Concentra Group Holdings Parent Inc | 3319 | 71790 |
| CONMED Corp | 1202 | 68214 |
| Corcept Therapeutics Inc\* | 3461 | 268435 |
| CoreCivic Inc\* | 4016 | 88191 |
| CorVel Corp\* | 1005 | 111826 |
| Cytek Biosciences Inc\* | 4159 | 11520 |
| Deluxe Corp | 1636 | 23346 |
| Dynavax Technologies Corp\* | 4759 | 46591 |
| Edgewell Personal Care Co | 1894 | 52312 |
| Embecta Corp | 2125 | 22376 |
| Enovis Corp\* | 2144 | 67107 |
| EVERTEC Inc | 2422 | 87749 |
| Fortrea Holdings Inc\* | 3421 | 14710 |
| Fresh Del Monte Produce Inc | 1267 | 44750 |
| The GEO Group Inc\* | 5057 | 137247 |
| Glaukos Corp\* | 2015 | 189994 |
| Grocery Outlet Holding Corp\* | 3620 | 49160 |
| Harmony Biosciences Holdings Inc\* | 1410 | 48645 |
| Healthcare Services Group Inc\* | 2715 | 38282 |
| Heidrick & Struggles International Inc | 770 | 33618 |
| Helen of Troy Ltd\* | 890 | 23932 |
| ICU Medical Inc\* | 854 | 115170 |
| Innoviva Inc\* | 2079 | 40686 |
| Inspire Medical Systems Inc\* | 1096 | 151467 |
| Integer Holdings Corp\* | 1246 | 147975 |
| Integra LifeSciences Holdings Corp\* | 2605 | 32979 |
| Interparfums Inc | 700 | 95354 |
| J & J Snack Foods Corp | 606 | 69793 |
| John B Sanfilippo & Son Inc | 404 | 25105 |
| John Wiley & Sons Inc | 1609 | 62944 |
| Korn Ferry | 1916 | 130307 |
| Krystal Biotech Inc\* | 940 | 118402 |
| LeMaitre Vascular Inc | 798 | 65596 |
| Ligand Pharmaceuticals Inc\* | 738 | 75416 |
| Matthews International Corp | 1194 | 25611 |
| Merit Medical Systems Inc\* | 2130 | 202414 |
| MGP Ingredients Inc | 549 | 16152 |
| Mister Car Wash Inc\* | 3644 | 25800 |
| Monro Inc | 1416 | 21707 |
| Myriad Genetics Inc\* | 3903 | 16354 |
| National Beverage Corp | 883 | 39938 |
| National HealthCare Corp | 481 | 50091 |
| Neogen Corp\* | 7336 | 42989 |
| NeoGenomics Inc\* | 5020 | 36546 |
| Omnicell Inc\* | 1796 | 54545 |
| Organon & Co | 9570 | 88235 |
| Owens & Minor Inc\* | 2885 | 19041 |
| Pacira BioSciences Inc\* | 1566 | 40465 |
| Payoneer Global Inc\* | 9883 | 67303 |
| Pediatrix Medical Group Inc\* | 3218 | 45535 |
| Perdoceo Education Corp | 2410 | 82036 |
| Premier Inc<sup>#</sup> | 3393 | 77971 |
| Prestige Consumer Healthcare Inc\* | 1840 | 157633 |
| PROG Holdings Inc | 1652 | 47627 |
| Progyny Inc\* | 2753 | 59190 |
| Protagonist Therapeutics Inc\* | 2250 | 106808 |
| Quanex Building Products Corp | 1564 | 26166 |
| QuidelOrtho Corp\* | 2086 | 63978 |
| RadNet Inc\* | 2480 | 142575 |
| Robert Half Inc<sup>#</sup> | 3732 | 170888 |
| Select Medical Holdings Corp | 4113 | 62888 |
| The Simply Good Foods Co\* | 3498 | 120716 |
| SpartanNash Co | 1254 | 24403 |
| STAAR Surgical Co\* | 1830 | 32592 |
| Strategic Education Inc | 889 | 81103 |
| Stride Inc\* | 1584 | 239802 |
| Supernus Pharmaceuticals Inc\* | 2152 | 68218 |

---

---

| | | |
|:---|:---|:---|
| Tandem Diabetes Care Inc\* | 2401 | 47588 |
| Teleflex Inc | 1724.0 | 210793 |
| TG Therapeutics Inc\* | 5010.0 | 175901 |
| TransMedics Group Inc\* | 1227.0 | 155976 |
| TreeHouse Foods Inc\* | 1740.0 | 39080 |
| UFP Technologies Inc\* | 284.0 | 66513 |
| United Natural Foods Inc\* | 2298.0 | 70250 |
| Universal Corp | 960.0 | 62774 |
| Upbound Group Inc | 1962.0 | 45008 |
| US Physical Therapy Inc | 588.0 | 44094 |
| Vericel Corp\* | 1914.0 | 79039 |
| Verra Mobility Corp\* | 6124.0 | 144833 |
| Vestis Corp | 4467.0 | 27517 |
| Vir Biotechnology Inc\* | 3582.0 | 17695 |
| WD-40 Co | 503.0 | 122546 |
| WillScot Holdings Corp | 5777.0 | 155690 |
| WK Kellogg Co | 2583.0 | 43704 |
| Xencor Inc\* | 2742.0 | 21936 |
| **Total Consumer, Non-Cyclical** |  | 8464352 |
| **Energy (3.95%)** |  |  |
| Alpha Metallurgical Resources Inc\* | 426.0 | 47729 |
| Archrock Inc | 5711.0 | 142204 |
| Atlas Energy Solutions Inc<sup>#</sup> | 2364.0 | 28723 |
| Bristow Group Inc\* | 1081.0 | 31630 |
| California Resources Corp | 2605.0 | 115063 |
| Comstock Resources Inc\* | 3538.0 | 82435 |
| Core Laboratories Inc | 2054.0 | 22081 |
| Core Natural Resources Inc | 1931.0 | 133818 |
| Crescent Energy Co | 5988.0 | 50239 |
| DNOW Inc\* | 4029.0 | 58098 |
| Helix Energy Solutions Group Inc\* | 5581.0 | 34546 |
| Helmerich & Payne Inc | 3561.0 | 54305 |
| Liberty Energy Inc | 6376.0 | 73898 |
| Magnolia Oil & Gas Corp | 7025.0 | 151038 |
| Northern Oil & Gas Inc | 3630.0 | 96485 |
| Oceaneering International Inc\* | 3963.0 | 75574 |
| Par Pacific Holdings Inc\* | 2055.0 | 44367 |
| Patterson-UTI Energy Inc | 12876.0 | 71076 |
| Peabody Energy Corp | 4440.0 | 58430 |
| ProPetro Holding Corp\* | 2936.0 | 15854 |
| REX American Resources Corp\* | 565.0 | 23809 |
| SM Energy Co | 4242.0 | 99348 |
| SolarEdge Technologies Inc\*<sup>,#</sup> | 2118.0 | 37827 |
| SunCoke Energy Inc | 3134.0 | 25511 |
| Sunrun Inc\* | 8541.0 | 63972 |
| Talos Energy Inc\* | 4854.0 | 39026 |
| Tidewater Inc\* | 1826.0 | 72510 |
| Vital Energy Inc\* | 1053.0 | 15669 |
| Warrior Met Coal Inc | 1991.0 | 90491 |
| **Total Energy** |  | 1855756 |
| **Financial (26.83%)** |  |  |
| *Banks (7.64%)* |  |  |
| Ameris Bancorp | 2403.0 | 147712 |
| Atlantic Union Bankshares Corp | 3379.0 | 101438 |
| BancFirst Corp | 707.0 | 87459 |
| The Bancorp Inc\* | 1773.0 | 90600 |
| Bank of Hawaii Corp | 1513.0 | 100630 |
| BankUnited Inc | 2732.0 | 92833 |
| Banner Corp | 1345.0 | 82919 |
| Cathay General Bancorp | 2645.0 | 113351 |
| Central Pacific Financial Corp | 989.0 | 26406 |
| City Holding Co | 574.0 | 67669 |
| Community Financial System Inc | 1925.0 | 108262 |
| Customers Bancorp Inc\* | 1151.0 | 58655 |
| CVB Financial Corp | 5036.0 | 94425 |
| Dime Community Bancshares Inc | 1639.0 | 42057 |
| Eagle Bancorp Inc | 1393.0 | 24517 |
| FB Financial Corp | 1366.0 | 59626 |
| First BanCorp/Puerto Rico | 6018.0 | 120240 |
| First Bancorp/Southern Pines NC | 1612.0 | 66688 |
| First Commonwealth Financial Corp | 3985.0 | 62246 |
| First Financial Bancorp | 3491.0 | 84343 |
| First Hawaiian Inc | 4698.0 | 112188 |
| Fulton Financial Corp | 6729.0 | 116075 |
| Hanmi Financial Corp | 1174.0 | 26908 |
| Heritage Financial Corp | 1300.0 | 30394 |
| Hilltop Holdings Inc | 1801.0 | 53706 |
| Hope Bancorp Inc | 4715.0 | 47339 |
| Independent Bank Corp | 1553.0 | 95510 |
| Lakeland Financial Corp | 996.0 | 59631 |

---

---

| | | |
|:---|:---|:---|
| National Bank Holdings Corp | 1406 | 50827 |
| NBT Bancorp Inc | 1842.0 | 77088 |
| OFG Bancorp | 1678.0 | 69033 |
| Park National Corp | 553.0 | 89896 |
| Pathward Financial Inc | 886.0 | 69152 |
| Preferred Bank | 484.0 | 40467 |
| Renasant Corp | 2400.0 | 84120 |
| S&T Bancorp Inc | 1494.0 | 54770 |
| Seacoast Banking Corp of Florida | 3224.0 | 83276 |
| ServisFirst Bancshares Inc | 1865.0 | 138812 |
| Simmons First National Corp | 4593.0 | 86165 |
| Southside Bancshares Inc | 1075.0 | 30304 |
| Stellar Bancorp Inc | 1704.0 | 45872 |
| Tompkins Financial Corp | 472.0 | 28981 |
| Triumph Financial Inc\* | 855.0 | 49393 |
| TrustCo Bank Corp NY | 742.0 | 23032 |
| Trustmark Corp | 2390.0 | 82359 |
| United Community Banks Inc | 4411.0 | 126772 |
| Veritex Holdings Inc | 2123.0 | 51377 |
| Walker & Dunlop Inc | 1172.0 | 80270 |
| Westamerica BanCorp | 1042.0 | 50068 |
|  |  | 3585861 |
| *Diversified Financial Service (4.76%)* |  |  |
| Acadian Asset Management Inc | 1085.0 | 32669 |
| Air Lease Corp | 3849.0 | 221741 |
| Artisan Partners Asset Management Inc | 2687.0 | 108286 |
| BGC Group Inc | 13984.0 | 129772 |
| Bread Financial Holdings Inc | 1814.0 | 92949 |
| Cohen & Steers Inc | 1012.0 | 77762 |
| Encore Capital Group Inc\* | 902.0 | 34186 |
| Enova International Inc\* | 959.0 | 88871 |
| Moelis & Co | 2623.0 | 149800 |
| Mr Cooper Group Inc\* | 2363.0 | 306079 |
| Navient Corp | 3076.0 | 41341 |
| Piper Sandler Cos | 588.0 | 147853 |
| PJT Partners Inc | 866.0 | 130472 |
| PRA Group Inc\* | 1730.0 | 24549 |
| Radian Group Inc | 5390.0 | 184069 |
| StepStone Group Inc | 2167.0 | 125361 |
| StoneX Group Inc\* | 1583.0 | 134009 |
| Virtu Financial Inc | 3002.0 | 120650 |
| Virtus Investment Partners Inc | 259.0 | 44211 |
| WisdomTree Inc | 4321.0 | 40790 |
|  |  | 2235420 |
| *Insurance (3.38%)* |  |  |
| AMERISAFE Inc | 707.0 | 33561 |
| Assured Guaranty Ltd | 1748.0 | 147793 |
| Employers Holdings Inc | 969.0 | 47161 |
| Genworth Financial Inc\* | 15869.0 | 111876 |
| Goosehead Insurance Inc | 945.0 | 102306 |
| HCI Group Inc | 329.0 | 55525 |
| Horace Mann Educators Corp | 1592.0 | 69141 |
| Jackson Financial Inc | 2729.0 | 223532 |
| Lincoln National Corp | 6227.0 | 206363 |
| Mercury General Corp | 1037.0 | 66866 |
| NMI Holdings Inc\* | 2915.0 | 115784 |
| Palomar Holdings Inc\* | 969.0 | 166154 |
| Safety Insurance Group Inc | 576.0 | 47313 |
| SiriusPoint Ltd\* | 3428.0 | 67155 |
| Stewart Information Services Corp | 1080.0 | 65167 |
| Trupanion Inc\* | 1300.0 | 61347 |
|  |  | 1587044 |
| *Investment Companies (0.78%)* |  |  |
| Cleanspark Inc\*<sup>,#</sup> | 10331.0 | 89157 |
| HA Sustainable Infrastructure Capital Inc | 4547.0 | 113902 |
| MARA Holdings Inc\*<sup>,#</sup> | 11494.0 | 162295 |
|  |  | 365354 |
| *Real Estate (8.68%)* |  |  |
| Acadia Realty Trust | 4113.0 | 79216 |
| Alexander & Baldwin Inc | 2836.0 | 50793 |
| American Assets Trust Inc | 1855.0 | 36989 |
| Apollo Commercial Real Estate Finance Inc | 4907.0 | 48236 |
| Apple Hospitality REIT Inc | 8157.0 | 94540 |
| Arbor Realty Trust Inc | 7181.0 | 68794 |
| Armada Hoffler Properties Inc | 3138.0 | 21840 |
| Blackstone Mortgage Trust Inc | 6376.0 | 120443 |
| Brandywine Realty Trust | 6521.0 | 27584 |
| CareTrust REIT Inc | 6561.0 | 188694 |
| Centerspace | 663.0 | 42266 |
| Curbline Properties Corp | 3500.0 | 79415 |
| Cushman & Wakefield PLC\* | 7831.0 | 78545 |
| DiamondRock Hospitality Co | 8094.0 | 61838 |

---

---

| | | |
|:---|:---|:---|
| Douglas Emmett Inc | 6121 | 87102 |
| Easterly Government Properties Inc | 1500.0 | 32595 |
| Ellington Financial Inc | 3507.0 | 44083 |
| Elme Communities | 3350.0 | 53801 |
| Essential Properties Realty Trust Inc | 6621.0 | 215183 |
| eXp World Holdings Inc | 3302.0 | 28133 |
| Four Corners Property Trust Inc | 3618.0 | 99893 |
| Franklin BSP Realty Trust Inc | 3116.0 | 34369 |
| Getty Realty Corp | 2047.0 | 59895 |
| Global Net Lease Inc | 5985.0 | 46444 |
| Highwoods Properties Inc | 3934.0 | 116840 |
| Innovative Industrial Properties Inc | 1070.0 | 59085 |
| JBG SMITH Properties | 2821.0 | 48239 |
| Kennedy-Wilson Holdings Inc | 4615.0 | 29398 |
| KKR Real Estate Finance Trust Inc | 2207.0 | 19709 |
| LTC Properties Inc | 1681.0 | 59491 |
| LXP Industrial Trust | 11213.0 | 96208 |
| The Macerich Co | 8435.0 | 136478 |
| Marcus & Millichap Inc | 879.0 | 25324 |
| Medical Properties Trust Inc | 22312.0 | 101966 |
| Millrose Properties Inc\* | 4469.0 | 124551 |
| NexPoint Residential Trust Inc | 954.0 | 32436 |
| Outfront Media Inc<sup>#</sup> | 5356.0 | 88481 |
| Pebblebrook Hotel Trust | 3747.0 | 34397 |
| PennyMac Mortgage Investment Trust | 3307.0 | 40610 |
| Phillips Edison & Co Inc | 4576.0 | 162265 |
| Ready Capital Corp | 7374.0 | 32962 |
| Redwood Trust Inc | 5524.0 | 30106 |
| Ryman Hospitality Properties Inc | 1873.0 | 181887 |
| Safehold Inc | 1980.0 | 29839 |
| SITE Centers Corp | 2027.0 | 24162 |
| SL Green Realty Corp | 2531.0 | 143685 |
| The St Joe Co | 1443.0 | 64517 |
| Summit Hotel Properties Inc | 5009.0 | 21939 |
| Sunstone Hotel Investors Inc | 7941.0 | 71151 |
| Tanger Inc | 4221.0 | 125786 |
| Terreno Realty Corp | 3647.0 | 205764 |
| Two Harbors Investment Corp | 3852.0 | 40793 |
| Uniti Group Inc | 9534.0 | 40996 |
| Urban Edge Properties | 4738.0 | 86042 |
| Veris Residential Inc | 3077.0 | 46770 |
| Xenia Hotels & Resorts Inc | 3982.0 | 48700 |
|  |  | 4071268 |
| *Savings&Loans (1.59%)* |  |  |
| Axos Financial Inc\* | 2004.0 | 139358 |
| Banc of California Inc | 5416.0 | 74308 |
| Berkshire Hills Bancorp Inc | 1648.0 | 40804 |
| Brookline Bancorp Inc | 3392.0 | 35039 |
| Capitol Federal Financial Inc | 4612.0 | 26335 |
| Northwest Bancshares Inc | 4974.0 | 61081 |
| Pacific Premier Bancorp Inc | 3765.0 | 79818 |
| Provident Financial Services Inc | 4968.0 | 82966 |
| WaFd Inc | 3136.0 | 89125 |
| WSFS Financial Corp | 2179.0 | 115247 |
|  |  | 744081 |
| **Total Financial** |  | 12589028 |
| **Industrial (17.92%)** |  |  |
| AAR Corp\* | 1316.0 | 80816 |
| Advanced Energy Industries Inc | 1392.0 | 159774 |
| AeroVironment Inc\* | 1040.0 | 185151 |
| Alamo Group Inc | 405.0 | 80206 |
| Albany International Corp | 1218.0 | 80473 |
| American Woodmark Corp\* | 608.0 | 34273 |
| Apogee Enterprises Inc | 856.0 | 33084 |
| ArcBest Corp | 923.0 | 57863 |
| Arcosa Inc | 1812.0 | 156321 |
| Armstrong World Industries Inc | 1593.0 | 247919 |
| Astec Industries Inc | 833.0 | 32729 |
| AZZ Inc | 1105.0 | 100212 |
| Badger Meter Inc | 1075.0 | 266837 |
| Benchmark Electronics Inc | 1410.0 | 51493 |
| Boise Cascade Co | 1450.0 | 125976 |
| Brady Corp | 1616.0 | 112748 |
| Cactus Inc | 2436.0 | 99876 |
| CSW Industrials Inc | 623.0 | 190507 |
| CTS Corp | 1185.0 | 48218 |
| Dorian LPG Ltd | 1330.0 | 28475 |
| DXP Enterprises Inc\* | 499.0 | 41257 |
| Dycom Industries Inc\* | 1084.0 | 249233 |
| Energizer Holdings Inc | 2551.0 | 59413 |

---

---

| | | |
|:---|:---|:---|
| Enerpac Tool Group Corp | 1988 | 85245 |
| Enpro Inc | 775.0 | 143484 |
| Enviri Corp\* | 3023.0 | 24637 |
| ESCO Technologies Inc | 959.0 | 173809 |
| Everus Construction Group Inc\* | 1863.0 | 107886 |
| Federal Signal Corp | 2296.0 | 215985 |
| Forward Air Corp\*<sup>,#</sup> | 746.0 | 12518 |
| Franklin Electric Co Inc | 1460.0 | 126129 |
| Frontdoor Inc\* | 2817.0 | 154963 |
| Gates Industrial Corp PLC\* | 7814.0 | 165266 |
| Gibraltar Industries Inc\* | 1145.0 | 67074 |
| Granite Construction Inc | 1614.0 | 144372 |
| The Greenbrier Cos Inc | 1215.0 | 54760 |
| Griffon Corp | 1442.0 | 99138 |
| Hayward Holdings Inc\* | 5369.0 | 74898 |
| Hillenbrand Inc | 2742.0 | 53579 |
| Hub Group Inc | 2220.0 | 74836 |
| Ichor Holdings Ltd\* | 1323.0 | 20877 |
| International Seaways Inc | 737.0 | 27306 |
| Itron Inc\* | 1675.0 | 193630 |
| JBT Marel Corp | 1688.0 | 193799 |
| Kadant Inc | 447.0 | 140318 |
| Kennametal Inc | 3042.0 | 65494 |
| Knowles Corp\* | 3453.0 | 56664 |
| Kratos Defense & Security Solutions Inc\* | 5679.0 | 209498 |
| Lindsay Corp | 425.0 | 59245 |
| Marten Transport Ltd | 2137.0 | 27866 |
| Masterbrand Inc\* | 4962.0 | 50612 |
| Materion Corp | 810.0 | 62718 |
| Matson Inc | 1254.0 | 141514 |
| Mercury Systems Inc\* | 1972.0 | 97121 |
| Mesa Laboratories Inc | 211.0 | 21231 |
| Moog Inc | 1053.0 | 195131 |
| Mueller Water Products Inc | 4316.0 | 105871 |
| MYR Group Inc\* | 589.0 | 92385 |
| NV5 Global Inc\* | 1966.0 | 43449 |
| O-I Glass Inc\* | 5632.0 | 73836 |
| OSI Systems Inc\* | 596.0 | 130590 |
| Plexus Corp\* | 1004.0 | 131785 |
| Powell Industries Inc<sup>#</sup> | 365.0 | 61900 |
| Proto Labs Inc\* | 949.0 | 35094 |
| RXO Inc\* | 5000.0 | 77650 |
| Sanmina Corp\* | 2018.0 | 170904 |
| Schneider National Inc | 1836.0 | 42540 |
| Sealed Air Corp | 5414.0 | 174331 |
| SPX Technologies Inc\* | 1694.0 | 257640 |
| Standex International Corp | 462.0 | 69734 |
| Sterling Infrastructure Inc\* | 1135.0 | 213391 |
| Sturm Ruger & Co Inc | 623.0 | 22553 |
| Tennant Co | 738.0 | 54922 |
| Trinity Industries Inc | 3084.0 | 79382 |
| Triumph Group Inc\* | 3019.0 | 77860 |
| TTM Technologies Inc\* | 3882.0 | 115917 |
| Vicor Corp\* | 898.0 | 39189 |
| Vishay Intertechnology Inc | 4316.0 | 60726 |
| Werner Enterprises Inc<sup>#</sup> | 2413.0 | 62617 |
| World Kinect Corp | 2307.0 | 63189 |
| Worthington Enterprises Inc | 1172.0 | 69043 |
| Worthington Steel Inc | 1357.0 | 33789 |
| Zurn Elkay Water Solutions Corp | 5222.0 | 188984 |
| **Total Industrial** |  | 8413728 |
| **Technology (7.75%)** |  |  |
| ACI Worldwide Inc\* | 3893.0 | 180090 |
| Adeia Inc | 4253.0 | 54609 |
| Agilysys Inc\* | 839.0 | 88858 |
| Alpha & Omega Semiconductor Ltd\* | 927.0 | 19671 |
| Amentum Holdings Inc\* | 4826.0 | 99705 |
| Axcelis Technologies Inc\* | 1227.0 | 69129 |
| BlackLine Inc\* | 1896.0 | 106043 |
| Box Inc\* | 5409.0 | 204568 |
| Clear Secure Inc | 3602.0 | 89150 |
| Cohu Inc\* | 1950.0 | 33287 |
| CSG Systems International Inc | 1009.0 | 66655 |
| Digi International Inc\* | 1375.0 | 44564 |
| DigitalOcean Holdings Inc\* | 2470.0 | 69901 |
| Diodes Inc\* | 1764.0 | 78322 |
| Donnelley Financial Solutions Inc\* | 986.0 | 53717 |
| DoubleVerify Holdings Inc\* | 5511.0 | 75721 |
| DXC Technology Co\* | 6944.0 | 105549 |
| FormFactor Inc\* | 2911.0 | 86893 |
| Grid Dynamics Holdings Inc\* | 2423.0 | 30360 |

---

---

| | | |
|:---|:---|:---|
| Impinj Inc\* | 845 | 96406 |
| Insight Enterprises Inc\* | 1029 | 134171 |
| Kulicke & Soffa Industries Inc | 2088 | 67129 |
| LiveRamp Holdings Inc\* | 2484 | 80929 |
| MaxLinear Inc\* | 2880 | 32803 |
| N-able Inc\* | 2748 | 21407 |
| NCR Atleos Corp\* | 2818 | 74705 |
| NCR Voyix Corp\* | 5336 | 59176 |
| NetScout Systems Inc\* | 2758 | 62993 |
| PDF Solutions Inc\* | 1379 | 24408 |
| Penguin Solutions Inc\* | 1860 | 33034 |
| Photronics Inc\* | 2474 | 41341 |
| Pitney Bowes Inc | 6063 | 62449 |
| Privia Health Group Inc\* | 3773 | 85873 |
| Progress Software Corp | 1670 | 102805 |
| Qorvo Inc\* | 3470 | 263789 |
| Sandisk Corp\* | 4213 | 158788 |
| Schrodinger Inc/United States\* | 2104 | 45488 |
| Semtech Corp\* | 3297 | 123077 |
| SiTime Corp\* | 646 | 126661 |
| SPS Commerce Inc\* | 1402 | 197346 |
| Teradata Corp\* | 3556 | 78090 |
| Ultra Clean Holdings Inc\* | 1855 | 35931 |
| Veeco Instruments Inc\* | 2331 | 45012 |
| Wolfspeed Inc\*<sup>,#</sup> | 4915 | 5849 |
| Xerox Holdings Corp | 4296 | 21007 |
| **Total Technology** |  | 3637459 |
| **Utilities (2.41%)** |  |  |
| American States Water Co | 1381 | 108919 |
| Avista Corp | 2926 | 112680 |
| California Water Service Group | 2246 | 106124 |
| Chesapeake Utilities Corp | 832 | 101662 |
| Clearway Energy Inc - Class C | 3128 | 96249 |
| Clearway Energy Inc - Class A | 1351 | 38976 |
| H2O America | 1162 | 60982 |
| MDU Resources Group Inc | 7700 | 132363 |
| MGE Energy Inc | 1345 | 121480 |
| Middlesex Water Co | 674 | 39058 |
| Northwest Natural Holding Co | 1515 | 62070 |
| Otter Tail Corp | 1529 | 118008 |
| Unitil Corp | 603 | 33062 |
| **Total Utilities** |  | 1131633 |
| **Total Common Stock (Cost $37,707,354)** |  | 46690228 |
| **United States Treasury Bills (0.43%)** |  |  |
| United States Treasury Bill, 0.00%, 06/20/2025<sup>(a)</sup> (Cost $199,531) | 200000 | 199576 |
| **Right (0.00%)** |  |  |
| OmniAb Inc- 12.5\*<sup>,(b)</sup> | 401 |  |
| OmniAb Inc - 15\*<sup>,(b)</sup> | 401 |  |
| **Collateral Received for Securities on Loan (2.10%)** |  |  |
| Mount Vernon Liquid Assets Portfolio, 7-Day Yield: 4.45% (Cost $987,401) |  | 987401 |
| **Total Investments (Cost $37,906,885) (101.99%)** |  | $47877205 |
| **Liabilities in Excess of Other Assets (-1.99%)** |  | (932495) |
| **Net Assets (100.00%)** |  | $46944710 |

---

\* Non-income producing security.

# Loaned security; a portion of the security is on loan at May 31, 2025.

(a) A portion of these securities, a total of $99,789, have been pledged or segregated in connection with obligations for futures contracts.

(b) Level 3 security fair valued under procedures utilized by the valuation designee, represents 0% of the net assets. The total value of the fair value securities is $0.

---

| | | | |
|:---|:---|:---|:---|
| **Futures contracts at May 31, 2025:** | | | |
| Contracts - $50 times premium / delivery month / commitment / exchange |  |  |  |
| **Russell 2000 MINI** | **Notional Amount** | **Value** | **Unrealized Appreciation** |
| 2 / JUN 2025 / Long / CME | $202850 | $206830 | $3980 |

---

---

| |
|:---|
| **SHELTON EQUITY INCOME FUND** |
| **Portfolio of Investments** |
| **5/31/2025** |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **Common Stock (91.74%)** |  |  |
| **Basic Materials (2.15%)** |  |  |
| CF Industries Holdings Inc<sup>(a)</sup> | 67800 | $6150138 |
| Dow Inc<sup>(a)</sup> | 34400 | 954256 |
| Linde PLC<sup>(a)</sup> | 20600 | 9632148 |
| Newmont Corp<sup>(a)</sup> | 47100 | 2483112 |
| **Total Basic Materials** |  | 19219654 |
| **Communications (16.60%)** |  |  |
| Alphabet Inc<sup>(a)</sup> | 76200 | 13086588 |
| Amazon.com Inc\*<sup>,(a)</sup> | 85300 | 17487353 |
| Arista Networks Inc\*<sup>,(a)</sup> | 91800 | 7953552 |
| AT&T Inc<sup>(a)</sup> | 570900 | 15871020 |
| Booking Holdings Inc<sup>(a)</sup> | 500 | 2759465 |
| Cisco Systems Inc<sup>(a)</sup> | 153000 | 9645120 |
| Comcast Corp<sup>(a)</sup> | 259400 | 8967458 |
| Corning Inc<sup>(a)</sup> | 168600 | 8360874 |
| eBay Inc<sup>(a)</sup> | 41900 | 3065823 |
| Expedia Group Inc<sup>(a)</sup> | 26600 | 4435550 |
| Meta Platforms Inc<sup>(a)</sup> | 23700 | 15345513 |
| Netflix Inc\*<sup>,(a)</sup> | 12500 | 15090375 |
| Palo Alto Networks Inc\*<sup>,(a)</sup> | 42400 | 8158608 |
| Uber Technologies Inc\*<sup>,(a)</sup> | 34800 | 2928768 |
| Verizon Communications Inc<sup>(a)</sup> | 69900 | 3072804 |
| The Walt Disney Co<sup>(a)</sup> | 106300 | 12016152 |
| Warner Bros Discovery Inc\*<sup>,(a)</sup> | 30191 | 301004 |
| **Total Communications** |  | 148546027 |
| **Consumer, Cyclical (9.18%)** |  |  |
| Amerityre Corp\*<sup>,#</sup> | 20000000 | 740000 |
| AutoZone Inc\*<sup>,(a)</sup> | 2200 | 8212688 |
| Chipotle Mexican Grill Inc\*<sup>,(a)</sup> | 115000 | 5759200 |
| Costco Wholesale Corp<sup>(a)</sup> | 4200 | 4368756 |
| Deckers Outdoor Corp\*<sup>,(a)</sup> | 29400 | 3102288 |
| Domino's Pizza Inc<sup>(a)</sup> | 1900 | 900258 |
| Hilton Worldwide Holdings Inc<sup>(a)</sup> | 10300 | 2558932 |
| The Home Depot Inc<sup>(a)</sup> | 31100 | 11453819 |
| Lowe's Cos Inc<sup>(a)</sup> | 10000 | 2257300 |
| Marriott International Inc<sup>(a)</sup> | 8000 | 2110640 |
| NIKE Inc<sup>(a)</sup> | 22100 | 1339039 |
| O'Reilly Automotive Inc\*<sup>,(a)</sup> | 3200 | 4376000 |
| PulteGroup Inc<sup>(a)</sup> | 8300 | 813649 |
| Starbucks Corp<sup>(a)</sup> | 29100 | 2442945 |
| Target Corp<sup>(a)</sup> | 12700 | 1193927 |
| Tesla Inc\*<sup>,(a)</sup> | 24400 | 8453624 |
| The TJX Cos Inc<sup>(a)</sup> | 24800 | 3147120 |
| Ulta Beauty Inc\*<sup>,(a)</sup> | 12100 | 5704666 |
| Walmart Inc<sup>(a)</sup> | 102800 | 10148416 |
| Yum! Brands Inc<sup>(a)</sup> | 21200 | 3051528 |
| **Total Consumer, Cyclical** |  | 82134795 |
| **Consumer, Non-Cyclical (14.63%)** |  |  |
| Abbott Laboratories<sup>(a)</sup> | 46300 | 6184754 |
| AbbVie Inc<sup>(a)</sup> | 23800 | 4429418 |
| Amgen Inc<sup>(a)</sup> | 16100 | 4639698 |
| Automatic Data Processing Inc<sup>(a)</sup> | 6500 | 2115945 |
| Biogen Inc\*<sup>,(a)</sup> | 2500 | 324475 |
| Bristol-Myers Squibb Co<sup>(a)</sup> | 157200 | 7589616 |
| Centene Corp\*<sup>,(a)</sup> | 42800 | 2415632 |
| The Coca-Cola Co<sup>(a)</sup> | 30100 | 2170210 |
| Colgate-Palmolive Co<sup>(a)</sup> | 64600 | 6003924 |
| Conagra Brands Inc<sup>(a)</sup> | 113300 | 2593437 |
| Constellation Brands Inc<sup>(a)</sup> | 15100 | 2692179 |
| CVS Health Corp<sup>(a)</sup> | 64100 | 4104964 |
| Eli Lilly & Co<sup>(a)</sup> | 8000 | 5901360 |
| Global Payments Inc<sup>(a)</sup> | 19500 | 1474395 |
| The Hershey Co<sup>(a)</sup> | 7800 | 1253382 |
| Humana Inc<sup>(a)</sup> | 11200 | 2611056 |

---

---

| | | |
|:---|:---|:---|
| Intuitive Surgical Inc\*<sup>,(a)</sup> | 18800.0 | 10383992 |
| Johnson & Johnson<sup>(a)</sup> | 46400.0 | 7201744 |
| McKesson Corp<sup>(a)</sup> | 3600.0 | 2590236 |
| Merck & Co Inc<sup>(a)</sup> | 24500.0 | 1882580 |
| Molson Coors Beverage Co<sup>(a)</sup> | 34100.0 | 1827419 |
| Monster Beverage Corp\*<sup>,(a)</sup> | 106600.0 | 6817070 |
| PayPal Holdings Inc\*<sup>,(a)</sup> | 113300.0 | 7962724 |
| Pfizer Inc<sup>(a)</sup> | 119900.0 | 2816451 |
| The Procter & Gamble Co<sup>(a)</sup> | 40100.0 | 6812589 |
| Regeneron Pharmaceuticals Inc<sup>(a)</sup> | 5500.0 | 2696540 |
| S&P Global Inc<sup>(a)</sup> | 7200.0 | 3692592 |
| Stryker Corp<sup>(a)</sup> | 8900.0 | 3405496 |
| Thermo Fisher Scientific Inc<sup>(a)</sup> | 1700.0 | 684794 |
| UnitedHealth Group Inc<sup>(a)</sup> | 20600.0 | 6219346 |
| Vertex Pharmaceuticals Inc\*<sup>,(a)</sup> | 21400.0 | 9459870 |
| **Total Consumer, Non-Cyclical** |  | 130957888 |
| **Energy (3.02%)** |  |  |
| Chevron Corp<sup>(a)</sup> | 37400.0 | 5112580 |
| ConocoPhillips<sup>(a)</sup> | 55800.0 | 4762530 |
| Devon Energy Corp<sup>(a)</sup> | 78500.0 | 2375410 |
| Exxon Mobil Corp<sup>(a)</sup> | 60100.0 | 6148230 |
| Marathon Petroleum Corp<sup>(a)</sup> | 6600.0 | 1060884 |
| Schlumberger NV<sup>(a)</sup> | 35700.0 | 1179885 |
| The Williams Cos Inc<sup>(a)</sup> | 105100.0 | 6359601 |
| **Total Energy** |  | 26999120 |
| **Financial (14.20%)** |  |  |
| *Banks (5.54%)* |  |  |
| Bank of America Corp<sup>(a)</sup> | 134900.0 | 5953137 |
| Citigroup Inc<sup>(a)</sup> | 150800.0 | 11358256 |
| The Goldman Sachs Group Inc<sup>(a)</sup> | 32700.0 | 19634715 |
| JPMorgan Chase & Co<sup>(a)</sup> | 19900.0 | 5253600 |
| Truist Financial Corp<sup>(a)</sup> | 123700.0 | 4886150 |
| Wells Fargo & Co<sup>(a)</sup> | 33800.0 | 2527564 |
|  |  | 49613422 |
| *Diversified Financial Service (3.12%)* |  |  |
| American Express Co<sup>(a)</sup> | 32800.0 | 9644840 |
| The Charles Schwab Corp<sup>(a)</sup> | 98800.0 | 8727992 |
| Mastercard Inc<sup>(a)</sup> | 16300.0 | 9545280 |
|  |  | 27918112 |
| *Insurance (3.50%)* |  |  |
| Berkshire Hathaway Inc\*<sup>,(a)</sup> | 21100.0 | 10633556 |
| The Progressive Corp<sup>(a)</sup> | 23400.0 | 6667362 |
| The Travelers Cos Inc<sup>(a)</sup> | 51000.0 | 14060700 |
|  |  | 31361618 |
| *Real Estate (2.04%)* |  |  |
| American Tower Corp<sup>(a)</sup> | 7400.0 | 1588410 |
| CBRE Group Inc\*<sup>,(a)</sup> | 74700.0 | 9338994 |
| Extra Space Storage Inc<sup>(a)</sup> | 16100.0 | 2433515 |
| Iron Mountain Inc<sup>(a)</sup> | 24000.0 | 2369040 |
| Prologis Inc<sup>(a)</sup> | 23100.0 | 2508660 |
|  |  | 18238619 |
| **Total Financial** |  | 127131771 |
| **Industrial (7.47%)** |  |  |
| The Boeing Co\*<sup>,(a)</sup> | 13300.0 | 2757356 |
| Carrier Global Corp<sup>(a)</sup> | 87800.0 | 6251360 |
| Caterpillar Inc<sup>(a)</sup> | 28200.0 | 9814446 |
| Deere & Co<sup>(a)</sup> | 20100.0 | 10175826 |
| Ingersoll Rand Inc<sup>(a)</sup> | 39200.0 | 3200288 |
| RTX Corp<sup>(a)</sup> | 17500.0 | 2388400 |
| Trane Technologies PLC<sup>(a)</sup> | 33900.0 | 14586153 |
| Union Pacific Corp<sup>(a)</sup> | 26800.0 | 5940488 |
| United Parcel Service Inc<sup>(a)</sup> | 49500.0 | 4828230 |
| Waste Management Inc<sup>(a)</sup> | 28600.0 | 6891742 |
| **Total Industrial** |  | 66834289 |
| **Technology (22.07%)** |  |  |
| Accenture PLC<sup>(a)</sup> | 28100.0 | 8902642 |
| Adobe Inc\*<sup>,(a)</sup> | 10300.0 | 4275427 |
| Advanced Micro Devices Inc\*<sup>,(a)</sup> | 25600.0 | 2834688 |
| Apple Inc<sup>(a)</sup> | 118300.0 | 23760555 |

---

---

| | | |
|:---|:---|:---|
| Broadcom Inc<sup>(a)</sup> | 92400.0 | 22367268 |
| Cadence Design Systems Inc\*<sup>,(a)</sup> | 33700.0 | 9674259 |
| Crowdstrike Holdings Inc\*<sup>,(a)</sup> | 9200.0 | 4336604 |
| Fidelity National Information Services Inc<sup>(a)</sup> | 17900.0 | 1425019 |
| Gartner Inc\*<sup>,(a)</sup> | 7900.0 | 3447718 |
| Hewlett Packard Enterprise Co<sup>(a)</sup> | 419100.0 | 7242048 |
| Intel Corp<sup>(a)</sup> | 30500.0 | 596275 |
| International Business Machines Corp<sup>(a)</sup> | 42400.0 | 10984144 |
| Intuit Inc<sup>(a)</sup> | 8800.0 | 6630536 |
| Jack Henry & Associates Inc<sup>(a)</sup> | 3000.0 | 543510 |
| Microchip Technology Inc<sup>(a)</sup> | 13100.0 | 760324 |
| Microsoft Corp<sup>(a)</sup> | 45800.0 | 21084488 |
| MSCI Inc<sup>(a)</sup> | 3300.0 | 1861266 |
| NetApp Inc<sup>(a)</sup> | 64800.0 | 6425568 |
| NVIDIA Corp<sup>(a)</sup> | 123600.0 | 16702068 |
| NXP Semiconductors NV<sup>(a)</sup> | 42400.0 | 8103912 |
| ON Semiconductor Corp\*<sup>,(a)</sup> | 3000.0 | 126060 |
| Oracle Corp<sup>(a)</sup> | 42100.0 | 6968813 |
| Salesforce Inc<sup>(a)</sup> | 29800.0 | 7908026 |
| ServiceNow Inc\*<sup>,(a)</sup> | 8000.0 | 8088720 |
| Skyworks Solutions Inc<sup>(a)</sup> | 16900.0 | 1166607 |
| Synopsys Inc\*<sup>,(a)</sup> | 12800.0 | 5938944 |
| Texas Instruments Inc<sup>(a)</sup> | 29700.0 | 5430645 |
| **Total Technology** |  | 197586134 |
| **Utilities (2.42%)** |  |  |
| American Water Works Co Inc<sup>(a)</sup> | 40100.0 | 5733097 |
| Constellation Energy Corp<sup>(a)</sup> | 31000.0 | 9490650 |
| NextEra Energy Inc<sup>(a)</sup> | 91000.0 | 6428240 |
| **Total Utilities** |  | 21651987 |
| **Total Common Stock (Cost $825,340,796)** |  | 821061665 |
| **United States Treasury Bills (9.36%)** |  |  |
| United States Treasury Bill, 0.00%, 06/20/2025 (Cost $83,703,477) | 83900000.0 | 83722279 |
| **Total Investments (Cost $909,044,273) (101.10%)** |  | $904783944 |
| **Liabilities in Excess of Other Assets (-1.10%)** |  | (9837286) |
| **Net Assets (100.00%)** |  | $894946658 |

---

---

| |
|:---|
| \* Non-income producing security. |
| # Security is illiquid. Aggregate value of illiquid secuities is $740,000. |
| (a) A portion of these securities, a total of $820,321,665, have been pledged or segregated in connection with obligations for written call options. |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Written Call Options** | **Expiration Date** | **Contracts** | **Strike Price** | **Notional Amount** | **Value** |
| Abbott Laboratories | 6/20/2025 | (50) | $140.00 | $700000 | $(3650) |
| AbbVie Inc | 6/20/2025 | (75) | 190.00 | 1425000 | (24675) |
| Accenture PLC | 6/20/2025 | (120) | 320.00 | 3840000 | (122400) |
| Adobe Inc | 6/20/2025 | (30) | 400.00 | 1200000 | (88800) |
| Advanced Micro Devices Inc | 6/20/2025 | (35) | 110.00 | 385000 | (17850) |
| Alphabet Inc | 6/20/2025 | (180) | 170.00 | 3060000 | (100620) |
| Amazon.com Inc | 6/20/2025 | (445) | 210.00 | 9345000 | (158420) |
| American Express Co | 7/18/2025 | (185) | 300.00 | 5550000 | (199060) |
| American Tower Corp | 6/20/2025 | (24) | 220.00 | 528000 | (4680) |
| American Water Works Co Inc | 6/20/2025 | (275) | 155.00 | 4262500 | (4125) |
| Amgen Inc | 6/20/2025 | (38) | 280.00 | 1064000 | (49400) |
| Apple Inc | 6/20/2025 | (270) | 225.00 | 6075000 | (11880) |
| Arista Networks Inc | 6/20/2025 | (415) | 95.00 | 3942500 | (31125) |
| AT&T Inc | 6/20/2025 | (1800) | 27.00 | 4860000 | (178200) |
| Automatic Data Processing Inc | 6/20/2025 | (45) | 320.00 | 1440000 | (38250) |
| Automatic Data Processing Inc | 6/20/2025 | (20) | 310.00 | 620000 | (33300) |
| AutoZone Inc | 6/20/2025 | (7) | 3950.00 | 2765000 | (8246) |
| Bank of America Corp | 6/20/2025 | (700) | 43.00 | 3010000 | (119000) |
| Berkshire Hathaway Inc | 6/20/2025 | (100) | 520.00 | 5200000 | (19800) |
| Biogen Inc | 6/20/2025 | (6) | 135.00 | 81000 | (1818) |
| The Boeing Co | 6/20/2025 | (35) | 200.00 | 700000 | (36680) |
| Booking Holdings Inc | 6/20/2025 | (3) | 5200.00 | 1560000 | (107685) |
| Bristol-Myers Squibb Co | 6/20/2025 | (350) | 49.00 | 1715000 | (38850) |
| Broadcom Inc | 6/20/2025 | (430) | 220.00 | 9460000 | (1118000) |
| Cadence Design Systems Inc | 6/20/2025 | (170) | 310.00 | 5270000 | (34000) |
| Carrier Global Corp | 6/20/2025 | (878) | 72.50 | 6365500 | (117652) |
| Caterpillar Inc | 6/20/2025 | (95) | 340.00 | 3230000 | (157700) |
| CBRE Group Inc | 6/20/2025 | (165) | 130.00 | 2145000 | (24338) |
| Centene Corp | 6/20/2025 | (100) | 65.00 | 650000 | (1500) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| CF Industries Holdings Inc | 6/20/2025 | (250) | 90.0 | 2250000 | (59500) |
| The Charles Schwab Corp | 6/20/2025 | (525) | 85.0 | 4462500 | (228375) |
| Chevron Corp | 6/20/2025 | (95) | 140.0 | 1330000 | (17385) |
| Chipotle Mexican Grill Inc | 6/20/2025 | (500) | 55.0 | 2750000 | (9500) |
| Cisco Systems Inc | 6/20/2025 | (800) | 62.5 | 5000000 | (120000) |
| Citigroup Inc | 6/20/2025 | (1250) | 75.0 | 9375000 | (271250) |
| The Coca-Cola Co | 6/20/2025 | (100) | 72.5 | 725000 | (8300) |
| Colgate-Palmolive Co | 6/20/2025 | (300) | 100.0 | 3000000 | (3300) |
| Comcast Corp | 6/20/2025 | (1000) | 40.0 | 4000000 | (2000) |
| Conagra Brands Inc | 6/20/2025 | (400) | 27.0 | 1080000 | (1600) |
| ConocoPhillips | 6/20/2025 | (380) | 95.0 | 3610000 | (7600) |
| Constellation Brands Inc | 6/20/2025 | (60) | 200.0 | 1200000 | (1560) |
| Constellation Energy Corp | 6/20/2025 | (165) | 290.0 | 4785000 | (354090) |
| Corning Inc | 8/15/2025 | (270) | 50.0 | 1350000 | (75600) |
| Corning Inc | 6/20/2025 | (650) | 45.0 | 2925000 | (286000) |
| Costco Wholesale Corp | 6/20/2025 | (23) | 1100.0 | 2530000 | (8165) |
| Crowdstrike Holdings Inc | 6/20/2025 | (20) | 430.0 | 860000 | (103200) |
| CVS Health Corp | 6/20/2025 | (170) | 65.0 | 1105000 | (23800) |
| Deckers Outdoor Corp | 6/20/2025 | (100) | 140.0 | 1400000 | (500) |
| Deere & Co | 6/20/2025 | (90) | 480.0 | 4320000 | (289080) |
| Devon Energy Corp | 6/20/2025 | (150) | 35.0 | 525000 | (1200) |
| Domino's Pizza Inc | 6/20/2025 | (10) | 530.0 | 530000 | (300) |
| Domino's Pizza Inc | 6/20/2025 | (9) | 480.0 | 432000 | (6930) |
| Dow Inc | 6/20/2025 | (100) | 32.5 | 325000 | (600) |
| eBay Inc | 6/20/2025 | (65) | 72.5 | 471250 | (14755) |
| Eli Lilly & Co | 6/20/2025 | (20) | 780.0 | 1560000 | (23420) |
| Expedia Group Inc | 6/20/2025 | (166) | 180.0 | 2988000 | (18924) |
| Extra Space Storage Inc | 6/20/2025 | (40) | 160.0 | 640000 | (1720) |
| Exxon Mobil Corp | 6/20/2025 | (290) | 110.0 | 3190000 | (6960) |
| Fidelity National Information Services Inc | 6/20/2025 | (100) | 82.5 | 825000 | (4250) |
| Fidelity National Information Services Inc | 6/20/2025 | (79) | 80.0 | 632000 | (6873) |
| Gartner Inc | 6/20/2025 | (20) | 450.0 | 900000 | (5500) |
| Global Payments Inc | 6/20/2025 | (70) | 85.0 | 595000 | (1540) |
| The Goldman Sachs Group Inc | 6/20/2025 | (250) | 595.0 | 14875000 | (468750) |
| The Hershey Co | 6/20/2025 | (20) | 160.0 | 320000 | (9960) |
| Hewlett Packard Enterprise Co | 6/20/2025 | (750) | 18.0 | 1350000 | (48000) |
| Hilton Worldwide Holdings Inc | 6/20/2025 | (75) | 250.0 | 1875000 | (40500) |
| The Home Depot Inc | 6/20/2025 | (90) | 390.0 | 3510000 | (7830) |
| Humana Inc | 6/20/2025 | (15) | 310.0 | 465000 | (510) |
| Ingersoll Rand Inc | 6/20/2025 | (150) | 80.0 | 1200000 | (48375) |
| Intel Corp | 6/20/2025 | (230) | 25.0 | 575000 | (1150) |
| International Business Machines Corp | 6/20/2025 | (90) | 260.0 | 2340000 | (48150) |
| Intuit Inc | 6/20/2025 | (30) | 660.0 | 1980000 | (288900) |
| Intuitive Surgical Inc | 6/20/2025 | (60) | 560.0 | 3360000 | (71400) |
| Iron Mountain Inc | 6/20/2025 | (65) | 100.0 | 650000 | (10075) |
| Jack Henry & Associates Inc | 6/20/2025 | (30) | 180.0 | 540000 | (12300) |
| Johnson & Johnson | 6/20/2025 | (100) | 155.0 | 1550000 | (27500) |
| JPMorgan Chase & Co | 6/20/2025 | (125) | 260.0 | 3250000 | (102500) |
| Linde PLC | 6/20/2025 | (150) | 470.0 | 7050000 | (77400) |
| Lowe's Cos Inc | 6/20/2025 | (25) | 240.0 | 600000 | (1750) |
| Lowe's Cos Inc | 6/20/2025 | (75) | 230.0 | 1725000 | (21375) |
| Marathon Petroleum Corp | 6/20/2025 | (66) | 150.0 | 990000 | (77880) |
| Marriott International Inc | 6/20/2025 | (80) | 250.0 | 2000000 | (133600) |
| Mastercard Inc | 6/20/2025 | (100) | 575.0 | 5750000 | (132100) |
| McKesson Corp | 6/20/2025 | (20) | 680.0 | 1360000 | (86000) |
| Merck & Co Inc | 6/20/2025 | (35) | 80.0 | 280000 | (4165) |
| Meta Platforms Inc | 6/20/2025 | (160) | 640.0 | 10240000 | (360800) |
| Microchip Technology Inc | 6/20/2025 | (131) | 60.0 | 786000 | (18602) |
| Microsoft Corp | 7/18/2025 | (424) | 450.0 | 19080000 | (892520) |
| Molson Coors Beverage Co | 6/20/2025 | (125) | 57.5 | 718750 | (875) |
| Monster Beverage Corp | 6/20/2025 | (500) | 62.5 | 3125000 | (107000) |
| MSCI Inc | 6/20/2025 | (33) | 580.0 | 1914000 | (18810) |
| NetApp Inc | 6/20/2025 | (220) | 100.0 | 2200000 | (50600) |
| Netflix Inc | 6/20/2025 | (30) | 1160.0 | 3480000 | (195000) |
| Newmont Corp | 6/20/2025 | (160) | 55.0 | 880000 | (12640) |
| NextEra Energy Inc | 6/20/2025 | (365) | 75.0 | 2737500 | (12775) |
| NIKE Inc | 6/20/2025 | (100) | 65.0 | 650000 | (4200) |
| NVIDIA Corp | 6/20/2025 | (300) | 120.0 | 3600000 | (478500) |
| NXP Semiconductors NV | 6/20/2025 | (160) | 210.0 | 3360000 | (19200) |
| ON Semiconductor Corp | 6/20/2025 | (30) | 45.0 | 135000 | (3300) |
| Oracle Corp | 6/20/2025 | (225) | 160.0 | 3600000 | (253125) |
| O'Reilly Automotive Inc | 6/20/2025 | (10) | 1400.0 | 1400000 | (16300) |
| Palo Alto Networks Inc | 6/20/2025 | (130) | 210.0 | 2730000 | (7540) |
| PayPal Holdings Inc | 6/20/2025 | (420) | 75.0 | 3150000 | (19320) |
| Pfizer Inc | 6/20/2025 | (500) | 25.0 | 1250000 | (6000) |
| The Procter & Gamble Co | 6/20/2025 | (200) | 170.0 | 3400000 | (59600) |
| The Progressive Corp | 6/20/2025 | (90) | 290.0 | 2610000 | (33750) |
| Prologis Inc | 6/20/2025 | (80) | 115.0 | 920000 | (4320) |
| PulteGroup Inc | 6/20/2025 | (30) | 110.0 | 330000 | (600) |
| PulteGroup Inc | 6/20/2025 | (53) | 105.0 | 556500 | (4081) |
| Regeneron Pharmaceuticals Inc | 6/20/2025 | (10) | 630.0 | 630000 | (1500) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| RTX Corp | 6/20/2025 | (35) | 140.0 | 490000 | (4200) |
| S&P Global Inc | 6/20/2025 | (45) | 520.0 | 2340000 | (29700) |
| Salesforce Inc | 6/20/2025 | (88) | 290.0 | 2552000 | (6512) |
| Schlumberger NV | 6/20/2025 | (125) | 40.0 | 500000 | (500) |
| ServiceNow Inc | 6/20/2025 | (45) | 1000.0 | 4500000 | (163530) |
| Skyworks Solutions Inc | 6/20/2025 | (60) | 75.0 | 450000 | (2760) |
| Starbucks Corp | 6/20/2025 | (118) | 95.0 | 1121000 | (2360) |
| Stryker Corp | 6/20/2025 | (40) | 390.0 | 1560000 | (21120) |
| Synopsys Inc | 6/20/2025 | (90) | 510.0 | 4590000 | (24300) |
| Target Corp | 6/20/2025 | (60) | 110.0 | 660000 | (780) |
| Tesla Inc | 6/20/2025 | (60) | 320.0 | 1920000 | (215160) |
| Texas Instruments Inc | 7/18/2025 | (270) | 185.0 | 4995000 | (202500) |
| Thermo Fisher Scientific Inc | 6/20/2025 | (4) | 420.0 | 168000 | (2288) |
| The TJX Cos Inc | 6/20/2025 | (80) | 135.0 | 1080000 | (1040) |
| Trane Technologies PLC | 6/20/2025 | (327) | 410.0 | 13407000 | (778260) |
| The Travelers Cos Inc | 6/20/2025 | (160) | 270.0 | 4320000 | (152800) |
| Truist Financial Corp | 6/20/2025 | (300) | 40.0 | 1200000 | (25200) |
| Uber Technologies Inc | 6/20/2025 | (65) | 87.5 | 568750 | (10530) |
| Ulta Beauty Inc | 6/20/2025 | (35) | 415.0 | 1452500 | (196000) |
| Union Pacific Corp | 6/20/2025 | (130) | 235.0 | 3055000 | (7930) |
| United Parcel Service Inc | 6/20/2025 | (120) | 100.0 | 1200000 | (17280) |
| UnitedHealth Group Inc | 6/20/2025 | (106) | 510.0 | 5406000 | (954) |
| Verizon Communications Inc | 6/20/2025 | (540) | 45.0 | 2430000 | (19980) |
| Vertex Pharmaceuticals Inc | 6/20/2025 | (55) | 450.0 | 2475000 | (44550) |
| Walmart Inc | 6/20/2025 | (400) | 100.0 | 4000000 | (58400) |
| The Walt Disney Co | 6/20/2025 | (200) | 95.0 | 1900000 | (370600) |
| Warner Bros Discovery Inc | 6/20/2025 | (75) | 10.0 | 75000 | (3300) |
| Waste Management Inc | 6/20/2025 | (175) | 240.0 | 4200000 | (73500) |
| Wells Fargo & Co | 6/20/2025 | (170) | 70.0 | 1190000 | (91460) |
| The Williams Cos Inc | 6/20/2025 | (700) | 60.0 | 4200000 | (105700) |
| Yum! Brands Inc | 6/20/2025 | (110) | 150.0 | 1650000 | (6600) |
| **Total Written Call Options** |  |  |  | $372852250 | $(11756403) |
| **(Premiums Received $10,746,897)** |  |  |  |  |  |

---

---

| |
|:---|
| **NASDAQ 100 INDEX FUND** |
| **Portfolio of Investments** |
| **5/31/2025** |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **Common Stock (99.21%)** |  |  |
| **Basic Materials (1.36%)** |  |  |
| Linde PLC | 53785 | $25148790 |
| **Communications (26.74%)** |  |  |
| *Advertising (0.21%)* |  |  |
| The Trade Desk Inc\* | 51165 | 3848631 |
| *Internet (21.98%)* |  |  |
| Airbnb Inc\* | 48954 | 6315066 |
| Alphabet Inc - Class A | 269649 | 46309519 |
| Alphabet Inc - Class C | 254116 | 43923951 |
| Amazon.com Inc\* | 489914 | 100437269 |
| Booking Holdings Inc | 3732 | 20596647 |
| CDW Corp | 14983 | 2702334 |
| DoorDash Inc\* | 44866 | 9361291 |
| MercadoLibre Inc\* | 5765 | 14777367 |
| Meta Platforms Inc | 101235 | 65548650 |
| Netflix Inc\* | 48650 | 58731740 |
| Palo Alto Networks Inc\*<sup>,#</sup> | 75302 | 14489611 |
| PDD Holdings Inc\* | 75537 | 7290076 |
| Shopify Inc\* | 138525 | 14852651 |
|  |  | 405336172 |
| *Media (1.30%)* |  |  |
| Charter Communications Inc\* | 16053 | 6361322 |
| Comcast Corp | 428953 | 14828905 |
| Warner Bros Discovery Inc\* | 277613 | 2767802 |
|  |  | 23958029 |
| *Telecommunications (3.25%)* |  |  |
| Cisco Systems Inc | 452464 | 28523331 |
| T-Mobile US Inc | 129854 | 31450639 |
|  |  | 59973970 |
| **Total Communications** |  | 493116802 |
| **Consumer, Cyclical (8.94%)** |  |  |
| Copart Inc\* | 109728 | 5648797 |
| Costco Wholesale Corp | 50486 | 52514527 |
| Fastenal Co | 130710 | 5403551 |
| Lululemon Athletica Inc\* | 13150 | 4164211 |
| Marriott International Inc | 31355 | 8272390 |
| O'Reilly Automotive Inc\* | 6513 | 8906528 |
| PACCAR Inc | 59637 | 5596932 |
| Ross Stores Inc | 37312 | 5227038 |
| Starbucks Corp | 129189 | 10845417 |
| Tesla Inc\* | 168023 | 58213249 |
| **Total Consumer, Cyclical** |  | 164792640 |
| **Consumer, Non-Cyclical (9.92%)** |  |  |
| Amgen Inc | 61098 | 17607222 |
| AstraZeneca PLC | 66251 | 4825060 |
| Automatic Data Processing Inc | 46274 | 15063575 |
| Biogen Inc\* | 16553 | 2148414 |
| Cintas Corp | 45896 | 10395444 |
| Coca-Cola Europacific Partners PLC | 52129 | 4784921 |
| Dexcom Inc\* | 44193 | 3791759 |

---

---

| | | |
|:---|:---|:---|
| GE HealthCare Technologies Inc<sup>#</sup> | 51697.0 | 3646706 |
| Gilead Sciences Inc | 141637.0 | 15591401 |
| IDEXX Laboratories Inc\* | 9197.0 | 4721372 |
| Intuitive Surgical Inc\* | 40563.0 | 22404567 |
| Keurig Dr Pepper Inc | 154311.0 | 5195651 |
| The Kraft Heinz Co | 135143.0 | 3612372 |
| Mondelez International Inc | 147116.0 | 9928859 |
| Monster Beverage Corp\* | 110056.0 | 7038081 |
| PayPal Holdings Inc\* | 111875.0 | 7862575 |
| PepsiCo Inc | 155985.0 | 20504228 |
| Regeneron Pharmaceuticals Inc | 12158.0 | 5960824 |
| Verisk Analytics Inc | 15864.0 | 4983517 |
| Vertex Pharmaceuticals Inc\* | 29205.0 | 12910070 |
| **Total Consumer, Non-Cyclical** |  | 182976618 |
| **Energy (0.46%)** |  |  |
| Baker Hughes Co | 111973.0 | 4148600 |
| Diamondback Energy Inc | 32733.0 | 4404225 |
| **Total Energy** |  | 8552825 |
| **Financial (0.19%)** |  |  |
| CoStar Group Inc\* | 46405.0 | 3413552 |
| **Industrial (1.84%)** |  |  |
| Axon Enterprise Inc\* | 8665.0 | 6501869 |
| CSX Corp | 214266.0 | 6768663 |
| Honeywell International Inc | 73917.0 | 16754766 |
| Old Dominion Freight Line Inc | 24185.0 | 3873711 |
| **Total Industrial** |  | 33899009 |
| **Technology (48.31%)** |  |  |
| *Computers (9.23%)* |  |  |
| Apple Inc | 694443.0 | 139478877 |
| Cognizant Technology Solutions Corp | 56106.0 | 4544025 |
| Crowdstrike Holdings Inc\* | 26596.0 | 12536557 |
| Fortinet Inc\* | 87457.0 | 8901373 |
| Zscaler Inc\* | 17352.0 | 4783946 |
|  |  | 170244778 |
| *Semiconductors (21.51%)* |  |  |
| Advanced Micro Devices Inc\* | 184302.0 | 20407760 |
| Analog Devices Inc | 56409.0 | 12070398 |
| Applied Materials Inc | 92401.0 | 14483857 |
| ARM Holdings PLC\*<sup>,#</sup> | 14889.0 | 1854276 |
| ASML Holding NV | 10271.0 | 7567365 |
| Broadcom Inc | 358381.0 | 86753289 |
| GLOBALFOUNDRIES Inc\*<sup>,#</sup> | 62500.0 | 2237500 |
| Intel Corp | 492465.0 | 9627691 |
| KLA Corp | 15113.0 | 11438727 |
| Lam Research Corp | 145995.0 | 11794936 |
| Marvell Technology Inc | 97858.0 | 5890073 |
| Microchip Technology Inc | 60617.0 | 3518211 |
| Micron Technology Inc | 126718.0 | 11969782 |
| NVIDIA Corp | 1127968.0 | 152422316 |
| NXP Semiconductors NV | 28682.0 | 5481991 |
| ON Semiconductor Corp\* | 47659.0 | 2002631 |
| QUALCOMM Inc | 125789.0 | 18264563 |
| Texas Instruments Inc | 103535.0 | 18931375 |
|  |  | 396716741 |
| *Software (17.57%)* |  |  |
| Adobe Inc\* | 49462.0 | 20531182 |

---

---

| | | |
|:---|:---|:---|
| ANSYS Inc\* | 9912 | 3279088 |
| AppLovin Corp\* | 35174.0 | 13823382 |
| Atlassian Corp\* | 18546.0 | 3850706 |
| Autodesk Inc\* | 24314.0 | 7199862 |
| Cadence Design Systems Inc\* | 31175.0 | 8949407 |
| Datadog Inc\* | 35879.0 | 4229417 |
| Electronic Arts Inc | 29597.0 | 4255457 |
| Intuit Inc | 31795.0 | 23956579 |
| Microsoft Corp | 343659.0 | 158206857 |
| MicroStrategy Inc\*<sup>,#</sup> | 27035.0 | 9977537 |
| Palantir Technologies Inc\* | 255780.0 | 33706688 |
| Paychex Inc | 40720.0 | 6430095 |
| Roper Technologies Inc | 12198.0 | 6956153 |
| Synopsys Inc\* | 17585.0 | 8159088 |
| Take-Two Interactive Software Inc\* | 19960.0 | 4516549 |
| Workday Inc\* | 24224.0 | 6000527 |
|  |  | 324028574 |
| **Total Technology** |  | 890990093 |
| **Utilities (1.45%)** |  |  |
| American Electric Power Co Inc | 60301.0 | 6240550 |
| Constellation Energy Corp | 35581.0 | 10893123 |
| Exelon Corp | 114401.0 | 5013052 |
| Xcel Energy Inc | 64977.0 | 4554888 |
| **Total Utilities** |  | 26701613 |
| **Total Common Stock (Cost $862,290,725)** |  | 1829591942 |
| **United States Treasury Bills (0.77%)** |  |  |
| United States Treasury Bill, 0.00%, 06/20/2025<sup>(a)</sup> (Cost $14,266,518) | 14300000.0 | 14269709 |
| **Collateral Received for Securities on Loan (1.17%)** |  |  |
| Mount Vernon Liquid Assets Portfolio, 7-Day Yield: 4.45% (Cost $21,543,121) |  | 21543121 |
| **Total Investments (Cost $898,101,363) (101.15%)** |  | $1865404772 |
| **Liabilities in Excess of Other Assets (-1.15%)** |  | (21218888) |
| **Net Assets (100.00%)** |  | $1844185884 |

---

---

| |
|:---|
| \* Non-income producing security. |
| # Loaned security; a portion of the security is on loan at May 31, 2025. |
| (a) A portion of these securities, a total of $1,995,770, have been pledged or segregated in connection with obligations for futures contracts. |

---

---

| | | | |
|:---|:---|:---|:---|
| **Futures contracts at May 31, 2025:** | | | |
| Contracts - $20 times premium / delivery month / commitment / exchange |  |  |  |
| Nasdaq 100 E-MINI | **Notional Amount** | **Value** | **Unrealized Appreciation** |
| 34 / JUN 2025 / Long / CME | $13908330 | $14536190 | $627860 |

---

---

| |
|:---|
| **SHELTON SUSTAINABLE EQUITY** |
| **Portfolio of Investments** |
| **5/31/2025** |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| **Common Stock (99.59%)** |  |  |
| **Basic Materials (9.99%)** |  |  |
| Cabot Corp | 14272 | $1065976 |
| Centrus Energy Corp\* | 20000 | 2538400 |
| CF Industries Holdings Inc | 33000 | 2993430 |
| The Chemours Co | 100000 | 1013000 |
| **Total Basic Materials** |  | 7610806 |
| **Communications (1.23%)** |  |  |
| Pinterest Inc\* | 30000 | 933300 |
| **Consumer, Cyclical (12.24%)** |  |  |
| Aramark | 75000 | 3037500 |
| H&E Equipment Services Inc | 35000 | 3312400 |
| On Holding AG\* | 50000 | 2969500 |
| **Total Consumer, Cyclical** |  | 9319400 |
| **Consumer, Non-Cyclical (14.53%)** |  |  |
| Bunge Global SA | 31000 | 2422650 |
| Corteva Inc | 20000 | 1416000 |
| Darling Ingredients Inc\* | 60000 | 1869600 |
| Dexcom Inc\* | 16000 | 1372800 |
| elf Beauty Inc\* | 15000 | 1687350 |
| Moderna Inc\* | 6720 | 178483 |
| Siemens Healthineers AG (144A) | 40000 | 2115350 |
| **Total Consumer, Non-Cyclical** |  | 11062233 |
| **Energy (8.49%)** |  |  |
| First Solar Inc\* | 16722 | 2643414 |
| Fluence Energy Inc\* | 40000 | 188000 |
| Gaztransport Et Technigaz SA | 15000 | 2787807 |
| Shoals Technologies Group Inc\* | 100000 | 472000 |
| Sunrun Inc\* | 50000 | 374500 |
| **Total Energy** |  | 6465721 |
| **Financial (3.44%)** |  |  |
| HA Sustainable Infrastructure Capital Inc | 104500 | 2617725 |
| **Industrial (40.07%)** |  |  |
| Advanced Energy Industries Inc | 21000 | 2410380 |
| AECOM | 17850 | 1960823 |
| Ag Growth International Inc | 54900 | 1515567 |
| Clean Harbors Inc\* | 6000 | 1360740 |
| Deere & Co | 5500 | 2784430 |
| Energy Recovery Inc\* | 86000 | 1084460 |
| EnerSys | 10000 | 836300 |
| Gibraltar Industries Inc\* | 24000 | 1405920 |
| Itron Inc\* | 7000 | 809200 |
| Johnson Controls International plc | 23300 | 2361921 |

---

---

| | | |
|:---|:---|:---|
| Net Power Inc\* | 200000.0 | 426000 |
| Ryerson Holding Corp | 46266.0 | 960482 |
| Schneider Electric SE | 10000.0 | 2513056 |
| Siemens AG | 10000.0 | 2404632 |
| Teledyne Technologies Inc\* | 5500.0 | 2743730 |
| Trane Technologies PLC | 2000.0 | 860540 |
| Valmont Industries Inc | 4300.0 | 1367572 |
| Vertiv Holdings Co | 10000.0 | 1079300 |
| Xylem Inc | 13000.0 | 1638520 |
| **Total Industrial** |  | 30523573 |
| **Technology (4.24%)** |  |  |
| Box Inc\* | 40000.0 | 1512800 |
| KBR Inc | 15000.0 | 782850 |
| Samsara Inc\* | 20000.0 | 930800 |
| **Total Technology** |  | 3226450 |
| **Utilities (5.36%)** |  |  |
| Essential Utilities Inc | 38400.0 | 1479552 |
| Ormat Technologies Inc | 35000.0 | 2601550 |
| **Total Utilities** |  | 4081102 |
| **Total Common Stock (Cost $70,173,285)** |  | 75840310 |
| **United States Treasury Bills (0.26%)** |  |  |
| United States Treasury Bill, 0.00%, 06/20/2025 (Cost $199,531) | 200000.0 | 199576 |
| **Total Investments (Cost $70,372,817) (99.85%)** |  | $76039886 |
| **Other Net Assets (0.15%)** |  | 112163 |
| **Net Assets (100.00%)** |  | $76152049 |

---

---

| |
|:---|
| \* Non-income producing security. |
| (144A) Security was purchased pursuant to Rule 144A or Section 4(a)(2) under the Securities Act of 1933 and may be resold in transactions exempt from registration only to qualified institutional buyers. As of May 31, 2025, these securities had a total aggregate market value of $2,115,350, which represented approximately 2.78% of net assets. |

---

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** SHELTON FUNDS

- **b. Investment Company Act file number:** 811-04417

- **c. CIK number of Registrant:** 0000778206

- **d. LEI of Registrant:** 254900S73SCF59AAL583

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

  - **Street Address 1:** 1125 17th Street, Ste. 2550

  - **City:** Denver

  - **State:** CO

  - **Foreign country:** US

  - **Zip / Postal Code:** 80202-1805

  - **Telephone number:** 800-955-9888

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

- **a. Name of Series:** S&P 500 Index Fund

- **b. EDGAR series identifier (if any):** S000016022

- **c. LEI of Series:** 254900RZ4OG9RYV7LZ19

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

- **a. Date of fiscal year-end:** 2025-08-31

- **b. Date as of which information is reported:** 2025-05-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $278125138.46

**Total Liabilities:** $115820.92

**Net Assets:** $278009317.54

**Cash Not Reported:** $17858.14

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000044029 | 6.26%                | -0.72%               | -5.65%               |
| Class ID C000044030 | 6.21%                | -0.75%               | -5.70%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $601997.92               | $15410269.18                               |
| Month 2  | $1033438.71              | $-3288455.59                               |
| Month 3  | $679255.05               | $-17303435.07                              |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| The Boeing Company                             | The Boeing Company COM USD5.00                                 | CUSIP: 097023105<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | EC               | CORP              | US        |      4139 | NS      | $858097.48    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| NiSource Inc.                                  | NiSource Inc. COM USD0.01                                      | CUSIP: 65473P105<br>LEI: 549300D8GOWWH0SJB189 | Long             | EC               | CORP              | US        |      2445 | NS      | $96675.30     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Carrier Global Corporation                     | Carrier Global Corporation COM                                 | CUSIP: 14448C104<br>LEI: 549300JE3W6CWY2NAN77 | Long             | EC               | CORP              | US        |      4488 | NS      | $319545.60    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp.                                | Microsoft Corp. COM USD0.00000625                              | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |     40826 | NS      | $18794657.36  | 6.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Capital One Financial Corp.                    | Capital One Financial Corp. COM USD0.01                        | CUSIP: 14040H105<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | EC               | CORP              | US        |      3523 | NS      | $666375.45    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| General Motors Company                         | General Motors Company COM USD0.01                             | CUSIP: 37045V100<br>LEI: 54930070NSV60J38I987 | Long             | EC               | CORP              | US        |      5530 | NS      | $274343.30    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Texas Instruments Incorporated                 | Texas Instruments Incorporated COM USD1.00                     | CUSIP: 882508104<br>LEI: WDJNR2L6D8RWOEB8T652 | Long             | EC               | CORP              | US        |      4999 | NS      | $914067.15    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| GE Aerospace                                   | GE Aerospace COM NEW                                           | CUSIP: 369604301<br>LEI: 3C7474T6CDKPR9K6YT90 | Long             | EC               | CORP              | US        |      5894 | NS      | $1449393.54   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| NXP Semiconductors NV                          | NXP Semiconductors NV EUR0.20                                  | CUSIP: N6596X109<br>LEI: 724500M9BY5293JDF951 | Long             | EC               | CORP              | NL        |      1422 | NS      | $271786.86    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Agilent Technologies Inc.                      | Agilent Technologies Inc. COM USD0.01                          | CUSIP: 00846U101<br>LEI: QUIX8Y7A2WP0XRMW7G29 | Long             | EC               | CORP              | US        |      1578 | NS      | $176609.76    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Truist Financial Corp.                         | Truist Financial Corp. COM                                     | CUSIP: 89832Q109<br>LEI: 549300DRQQI75D2JP341 | Long             | EC               | CORP              | US        |      7281 | NS      | $287599.50    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Wells Fargo & Co.                              | Wells Fargo & Co. COM USD1.666                                 | CUSIP: 949746101<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EC               | CORP              | US        |     18062 | NS      | $1350676.36   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Nike, Inc.                                     | Nike, Inc. CLASS'B'COM NPV                                     | CUSIP: 654106103<br>LEI: 787RXPR0UX0O0XUXPZ81 | Long             | EC               | CORP              | US        |      6565 | NS      | $397773.35    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Quest Diagnostics Incorporated                 | Quest Diagnostics Incorporated COM USD0.01                     | CUSIP: 74834L100<br>LEI: 8MCWUBXQ0WE04KMXBX50 | Long             | EC               | CORP              | US        |       624 | NS      | $108164.16    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Workday Inc                                    | Workday Inc COM USD0.001 CL A                                  | CUSIP: 98138H101<br>LEI: 549300J0DYC0N31V7G13 | Long             | EC               | CORP              | US        |      1184 | NS      | $293288.64    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| U.S. Bancorp.                                  | U.S. Bancorp. COM USD0.01                                      | CUSIP: 902973304<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | EC               | CORP              | US        |      8670 | NS      | $377925.30    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Arch Capital Group Ltd.                        | Arch Capital Group Ltd. COM USD0.01                            | CUSIP: G0450A105<br>LEI: 549300AYR4P8AFKDCE43 | Long             | EC               | CORP              | BM        |      2083 | NS      | $197968.32    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Skyworks Solutions, Inc.                       | Skyworks Solutions, Inc. COM USD0.25                           | CUSIP: 83088M102<br>LEI: 549300WZ3ORQ2BVKBD96 | Long             | EC               | CORP              | US        |       943 | NS      | $65095.29     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Verizon Communications Inc.                    | Verizon Communications Inc. COM USD0.10                        | CUSIP: 92343V104<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | EC               | CORP              | US        |     23119 | NS      | $1016311.24   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Target Corp.                                   | Target Corp. COM STK USD0.0833                                 | CUSIP: 87612E106<br>LEI: 8WDDFXB5T1Z6J0XC1L66 | Long             | EC               | CORP              | US        |      2535 | NS      | $238315.35    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Eaton Corporation PLC                          | Eaton Corporation PLC COM USD0.01                              | CUSIP: G29183103<br>LEI: 549300VDIGTMXUNT7H71 | Long             | EC               | CORP              | IE        |      2186 | NS      | $699957.20    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Everest Group Ltd                              | Everest Group Ltd COM USD0.01                                  | CUSIP: G3223R108<br>LEI: 549300N24XF2VV0B3570 | Long             | EC               | CORP              | BM        |       249 | NS      | $86450.31     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Xcel Energy Inc                                | Xcel Energy Inc COM USD2.5                                     | CUSIP: 98389B100<br>LEI: LGJNMI9GH8XIDG5RCM61 | Long             | EC               | CORP              | US        |      3208 | NS      | $224880.80    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| T-Mobile US Inc                                | T-Mobile US Inc COM USD0.00001                                 | CUSIP: 872590104<br>LEI: 549300QHIJYOHPACPG31 | Long             | EC               | CORP              | US        |      2633 | NS      | $637712.60    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| 3M Company                                     | 3M Company COM USD0.01                                         | CUSIP: 88579Y101<br>LEI: LUZQVYP4VS22CLWDAR65 | Long             | EC               | CORP              | US        |      3017 | NS      | $447571.95    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Regeneron Pharmaceuticals, Inc.                | Regeneron Pharmaceuticals, Inc. COM USD0.001                   | CUSIP: 75886F107<br>LEI: 549300RCBFWIRX3HYQ56 | Long             | EC               | CORP              | US        |       584 | NS      | $286323.52    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Regions Financial Corporation                  | Regions Financial Corporation COM STK USD0.01                  | CUSIP: 7591EP100<br>LEI: CW05CS5KW59QTC0DG824 | Long             | EC               | CORP              | US        |      5137 | NS      | $110137.28    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Republic Services, Inc.                        | Republic Services, Inc. COM USD0.01                            | CUSIP: 760759100<br>LEI: NKNQHM6BLECKVOQP7O46 | Long             | EC               | CORP              | US        |      1123 | NS      | $288936.67    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| ResMed Inc.                                    | ResMed Inc. COM USD0.004                                       | CUSIP: 761152107<br>LEI: 529900T3QE5253CCXF22 | Long             | EC               | CORP              | US        |       829 | NS      | $202930.91    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Rockwell Automation, Inc.                      | Rockwell Automation, Inc. COM USD1                             | CUSIP: 773903109<br>LEI: VH3R4HHBHH12O0EXZJ88 | Long             | EC               | CORP              | US        |       638 | NS      | $201320.90    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Rollins Inc                                    | Rollins Inc COM USD1                                           | CUSIP: 775711104<br>LEI: 549300F2A0BXT4SGWD84 | Long             | EC               | CORP              | US        |      1591 | NS      | $91084.75     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Roper Technologies Inc                         | Roper Technologies Inc COM USD0.01                             | CUSIP: 776696106<br>LEI: 54930003T4SXCIWVXY35 | Long             | EC               | CORP              | US        |       593 | NS      | $338170.11    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Ross Stores Inc                                | Ross Stores Inc COM USD0.01                                    | CUSIP: 778296103<br>LEI: 549300ENZFLPGRDFZQ60 | Long             | EC               | CORP              | US        |      1825 | NS      | $255664.25    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Travelers Companies, Inc.                      | Travelers Companies, Inc. COM NPV                              | CUSIP: 89417E109<br>LEI: 549300Y650407RU8B149 | Long             | EC               | CORP              | US        |      1260 | NS      | $347382.00    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Salesforce Inc.                                | Salesforce Inc. COM USD0.001                                   | CUSIP: 79466L302<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | EC               | CORP              | US        |      5255 | NS      | $1394519.35   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Sysco Corporation                              | Sysco Corporation COM USD1                                     | CUSIP: 871829107<br>LEI: 5RGWIFLMGH3YS7KWI652 | Long             | EC               | CORP              | US        |      2749 | NS      | $200677.00    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Synopsys Inc                                   | Synopsys Inc COM USD0.01                                       | CUSIP: 871607107<br>LEI: QG7T915N9S0NY5UKNE63 | Long             | EC               | CORP              | US        |       855 | NS      | $396702.90    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| The TJX Companies Inc.                         | The TJX Companies Inc. COM USD1                                | CUSIP: 872540109<br>LEI: V167QI9I69W364E2DY52 | Long             | EC               | CORP              | US        |      6173 | NS      | $783353.70    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Take-Two Interactive Software Inc.             | Take-Two Interactive Software Inc. COM USD0.01                 | CUSIP: 874054109<br>LEI: BOMSTHHJK882EWYX3334 | Long             | EC               | CORP              | US        |       923 | NS      | $208856.44    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Targa Resources Corp.                          | Targa Resources Corp. COM USD0.001                             | CUSIP: 87612G101<br>LEI: 5493003QENHHS261UR94 | Long             | EC               | CORP              | US        |      1206 | NS      | $190463.58    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Teledyne Technologies Inc                      | Teledyne Technologies Inc COM USD0.01                          | CUSIP: 879360105<br>LEI: 549300VSMO9KYQWDND94 | Long             | EC               | CORP              | US        |       260 | NS      | $129703.60    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Teradyne Inc.                                  | Teradyne Inc. COM USD0.125                                     | CUSIP: 880770102<br>LEI: C3X4YJ278QNZHRJULN75 | Long             | EC               | CORP              | US        |       920 | NS      | $72312.00     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Tesla Inc                                      | Tesla Inc COM USD0.001                                         | CUSIP: 88160R101<br>LEI: 54930043XZGB27CTOV49 | Long             | EC               | CORP              | US        |     15368 | NS      | $5324397.28   | 1.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Texas Pacific Land Corporation                 | Texas Pacific Land Corporation COM                             | CUSIP: 88262P102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       106 | NS      | $118087.18    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Textron Inc.                                   | Textron Inc. COM STK USD0.125                                  | CUSIP: 883203101<br>LEI: 3PPKBHUG1HD6BO7RNR87 | Long             | EC               | CORP              | US        |      1038 | NS      | $76843.14     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Thermo Fisher Scientific Inc                   | Thermo Fisher Scientific Inc COM USD1                          | CUSIP: 883556102<br>LEI: HCHV7422L5HDJZCRFL38 | Long             | EC               | CORP              | US        |      2100 | NS      | $845922.00    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Tractor Supply Co                              | Tractor Supply Co COM USD0.008                                 | CUSIP: 892356106<br>LEI: 549300OJ9VZHZRO6I137 | Long             | EC               | CORP              | US        |      3019 | NS      | $146119.60    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Transdigm Group Inc.                           | Transdigm Group Inc. COM USD0.01                               | CUSIP: 893641100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       311 | NS      | $456681.73    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Trimble Inc                                    | Trimble Inc COM NPV                                            | CUSIP: 896239100<br>LEI: 549300E2MI7NSZFQWS19 | Long             | EC               | CORP              | US        |      1405 | NS      | $100134.35    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Yum! Brands Inc.                               | Yum! Brands Inc. COM NPV                                       | CUSIP: 988498101<br>LEI: 549300JE8XHZZ7OHN517 | Long             | EC               | CORP              | US        |      1544 | NS      | $222243.36    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Tyler Technologies Inc.                        | Tyler Technologies Inc. COM USD0.01                            | CUSIP: 902252105<br>LEI: 25490040SMU4Z8LBCW70 | Long             | EC               | CORP              | US        |       236 | NS      | $136169.64    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Tyson Foods, Inc.                              | Tyson Foods, Inc. CLASS'A'COM USD0.10                          | CUSIP: 902494103<br>LEI: WD6L6041MNRW1JE49D58 | Long             | EC               | CORP              | US        |      1599 | NS      | $89799.84     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| United Airlines Holdings Inc                   | United Airlines Holdings Inc COM USD0.01                       | CUSIP: 910047109<br>LEI: 98450079DA0B78DD6764 | Long             | EC               | CORP              | US        |      1732 | NS      | $137598.74    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| UDR Inc                                        | UDR Inc COM USD0.01                                            | CUSIP: 902653104<br>LEI: P3CH2EG5X6Z1XWU1OO74 | Long             | EC               | CORP              | US        |      1665 | NS      | $68980.95     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Waste Management, Inc.                         | Waste Management, Inc. COM USD0.01                             | CUSIP: 94106L109<br>LEI: 549300YX8JIID70NFS41 | Long             | EC               | CORP              | US        |      2020 | NS      | $486759.40    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Ulta Beauty Inc                                | Ulta Beauty Inc COM STK USD0.01                                | CUSIP: 90384S303<br>LEI: 529900CIV6HN8M28YM82 | Long             | EC               | CORP              | US        |       266 | NS      | $125408.36    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Union Pacific Corporation                      | Union Pacific Corporation COM USD2.50                          | CUSIP: 907818108<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | EC               | CORP              | US        |      3318 | NS      | $735467.88    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| UnitedHealth Group Inc.                        | UnitedHealth Group Inc. COM USD0.01                            | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |      5054 | NS      | $1525853.14   | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| United Parcel Service, Inc.                    | United Parcel Service, Inc. CLASS'B'COM USD0.01                | CUSIP: 911312106<br>LEI: D01LMJZU09ULLNCY6Z23 | Long             | EC               | CORP              | US        |      4065 | NS      | $396500.10    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| United Rentals, Inc.                           | United Rentals, Inc. COM USD0.01                               | CUSIP: 911363109<br>LEI: 5323X5O7RN0NKFCDRY08 | Long             | EC               | CORP              | US        |       361 | NS      | $255725.18    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Henry Schein, Inc.                             | Henry Schein, Inc. COM USD0.01                                 | CUSIP: 806407102<br>LEI: VGO3WGL8H45T73F4RR92 | Long             | EC               | CORP              | US        |       704 | NS      | $49272.96     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Schlumberger Limited                           | Schlumberger Limited COM USD0.01                               | CUSIP: 806857108<br>LEI: 213800ZUA17OK3QLGM62 | Long             | EC               | CORP              | CW        |      7750 | NS      | $256137.50    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| The Charles Schwab Corporation                 | The Charles Schwab Corporation COM USD0.01                     | CUSIP: 808513105<br>LEI: 549300VSGCJ7E698NM85 | Long             | EC               | CORP              | US        |      8439 | NS      | $745501.26    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Sempra                                         | Sempra COM NPV                                                 | CUSIP: 816851109<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | EC               | CORP              | US        |      3504 | NS      | $275379.36    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Servicenow Inc                                 | Servicenow Inc COM USD0.001                                    | CUSIP: 81762P102<br>LEI: 549300HJTQM36M0E1G39 | Long             | EC               | CORP              | US        |      1131 | NS      | $1143542.79   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| The Sherwin-Williams Company                   | The Sherwin-Williams Company COM USD1                          | CUSIP: 824348106<br>LEI: Z15BMIOX8DDH0X2OBP21 | Long             | EC               | CORP              | US        |      1287 | NS      | $461788.47    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Simon Property Group Inc                       | Simon Property Group Inc COM USD0.0001                         | CUSIP: 828806109<br>LEI: 529900GQL5X8H7AO3T64 | Long             | EC               | CORP              | US        |      1716 | NS      | $279828.12    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Smith(Ao)Corp                                  | Smith(Ao)Corp COM USD1                                         | CUSIP: 831865209<br>LEI: 549300XG4US7UJNECY36 | Long             | EC               | CORP              | US        |       653 | NS      | $41994.43     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| The J M Smucker Company                        | The J M Smucker Company COM NPV                                | CUSIP: 832696405<br>LEI: 5493000WDH6A0LHDJD55 | Long             | EC               | CORP              | US        |       588 | NS      | $66214.68     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Snap-On Incorporated                           | Snap-On Incorporated COM USD1                                  | CUSIP: 833034101<br>LEI: HHWAT5TDOYZMM26KKQ73 | Long             | EC               | CORP              | US        |       293 | NS      | $93979.75     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Southern Co.                                   | Southern Co. COM USD5                                          | CUSIP: 842587107<br>LEI: 549300FC3G3YU2FBZD92 | Long             | EC               | CORP              | US        |      6062 | NS      | $545580.00    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Southwest Airlines Co.                         | Southwest Airlines Co. COM USD1                                | CUSIP: 844741108<br>LEI: UDTZ87G0STFETI6HGH41 | Long             | EC               | CORP              | US        |      3416 | NS      | $114026.08    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Stanley Black & Decker, Inc.                   | Stanley Black & Decker, Inc. COM USD2.50                       | CUSIP: 854502101<br>LEI: 549300DJ09SMTO561131 | Long             | EC               | CORP              | US        |       862 | NS      | $56400.66     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Starbucks Corp.                                | Starbucks Corp. COM USD0.001                                   | CUSIP: 855244109<br>LEI: OQSJ1DU9TAOC51A47K68 | Long             | EC               | CORP              | US        |      6284 | NS      | $527541.80    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| State Street Corp.                             | State Street Corp. COM STK USD1                                | CUSIP: 857477103<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | EC               | CORP              | US        |      1603 | NS      | $154336.84    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Steel Dynamics, Inc.                           | Steel Dynamics, Inc. COM STK USD0.01                           | CUSIP: 858119100<br>LEI: 549300HGGKEL4FYTTQ83 | Long             | EC               | CORP              | US        |       810 | NS      | $99686.70     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Stryker Corporation                            | Stryker Corporation COM USD0.10                                | CUSIP: 863667101<br>LEI: 5493002F0SC4JTBU5137 | Long             | EC               | CORP              | US        |      1900 | NS      | $727016.00    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Wynn Resorts Limited                           | Wynn Resorts Limited COM USD0.01                               | CUSIP: 983134107<br>LEI: 254900CEKKWIHTEAB172 | Long             | EC               | CORP              | US        |       526 | NS      | $47624.04     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Xylem, Inc.                                    | Xylem, Inc. COM USD0.01                                        | CUSIP: 98419M100<br>LEI: 549300DF5MV96DRYLQ48 | Long             | EC               | CORP              | US        |      1376 | NS      | $173431.04    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Zebra Technologies Corporation                 | Zebra Technologies Corporation 'A'COM USD0.01                  | CUSIP: 989207105<br>LEI: PO0I32GKZ3HZMMDPZZ08 | Long             | EC               | CORP              | US        |       284 | NS      | $82294.68     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Zimmer Biomet Holdings Inc                     | Zimmer Biomet Holdings Inc COM USD0.01                         | CUSIP: 98956P102<br>LEI: 2P2YLDVPES3BXQ1FRB91 | Long             | EC               | CORP              | US        |      1125 | NS      | $103691.25    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Zoetis Inc.                                    | Zoetis Inc. COM USD0.01 CL 'A'                                 | CUSIP: 98978V103<br>LEI: 549300HD9Q1LOC9KLJ48 | Long             | EC               | CORP              | US        |      2488 | NS      | $419551.44    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Chubb Ltd.                                     | Chubb Ltd. ORD CHF24.15                                        | CUSIP: H1467J104<br>LEI: E0JAN6VLUDI1HITHT809 | Long             | EC               | CORP              | CH        |      2046 | NS      | $608071.20    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Accenture PLC                                  | Accenture PLC CLS'A'USD0.0000225                               | CUSIP: G1151C101<br>LEI: 5493000EWHDSR3MZWH98 | Long             | EC               | CORP              | IE        |      3435 | NS      | $1088276.70   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Garmin Ltd                                     | Garmin Ltd COM CHF10.00                                        | CUSIP: H2906T109<br>LEI: 2549001E0HIPIJQ0W046 | Long             | EC               | CORP              | CH        |       859 | NS      | $174351.23    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Invesco Ltd                                    | Invesco Ltd COM STK USD0.20                                    | CUSIP: G491BT108<br>LEI: ECPGFXU8A2SHKVVGJI15 | Long             | EC               | CORP              | BM        |      2486 | NS      | $35947.56     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Norwegian Cruise Line Holdings Ltd             | Norwegian Cruise Line Holdings Ltd COM USD0.001                | CUSIP: G66721104<br>LEI: N/A                  | Long             | EC               | CORP              | BM        |      2490 | NS      | $43948.50     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| LyondellBasell Industries NV                   | LyondellBasell Industries NV COM EUR0.04 CLASS 'A'             | CUSIP: N53745100<br>LEI: BN6WCCZ8OVP3ITUUVN49 | Long             | EC               | CORP              | NL        |      1434 | NS      | $81006.66     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Universal Health Services, Inc.                | Universal Health Services, Inc. CLASS'B'COM USD0.01            | CUSIP: 913903100<br>LEI: 549300YGMGQDO0NMJD09 | Long             | EC               | CORP              | US        |       324 | NS      | $61673.40     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Valero Energy Corp.                            | Valero Energy Corp. COM USD0.01                                | CUSIP: 91913Y100<br>LEI: 549300XTO5VR8SKV1V74 | Long             | EC               | CORP              | US        |      1771 | NS      | $228405.87    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Ventas Inc.                                    | Ventas Inc. COM USD0.25                                        | CUSIP: 92276F100<br>LEI: ORQTRC074CWLT3DKHT41 | Long             | EC               | CORP              | US        |      2377 | NS      | $152793.56    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Verisign, Inc.                                 | Verisign, Inc. COM USD0.001                                    | CUSIP: 92343E102<br>LEI: LMPL4N8ZOJRMF0KOF759 | Long             | EC               | CORP              | US        |       450 | NS      | $122611.50    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Verisk Analytics, Inc.                         | Verisk Analytics, Inc. COM USD0.001                            | CUSIP: 92345Y106<br>LEI: 549300I1YSWNIRKBWP67 | Long             | EC               | CORP              | US        |       781 | NS      | $245343.34    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Vertex Pharmaceuticals Incorporated            | Vertex Pharmaceuticals Incorporated COM USD0.01                | CUSIP: 92532F100<br>LEI: 54930015RAQRRZ5ZGJ91 | Long             | EC               | CORP              | US        |      1410 | NS      | $623290.50    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Visa Inc                                       | Visa Inc COM STK USD0.0001                                     | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |      9464 | NS      | $3456158.16   | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Vulcan Materials Company                       | Vulcan Materials Company COM STK USD1                          | CUSIP: 929160109<br>LEI: 549300Q8LSNHAVWBNI21 | Long             | EC               | CORP              | US        |       746 | NS      | $197742.22    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Wabtec Corp                                    | Wabtec Corp COM USD0.01                                        | CUSIP: 929740108<br>LEI: 06BTX5UWZD0GQ5N5Y745 | Long             | EC               | CORP              | US        |       949 | NS      | $192001.68    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Walmart Inc                                    | Walmart Inc COM USD0.10                                        | CUSIP: 931142103<br>LEI: Y87794H0US1R65VBXU25 | Long             | EC               | CORP              | US        |     23823 | NS      | $2351806.56   | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Waters Corporation                             | Waters Corporation COM USD0.01                                 | CUSIP: 941848103<br>LEI: 5T547R1474YC9HOD8Q74 | Long             | EC               | CORP              | US        |       332 | NS      | $115947.68    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| West Pharmaceutical Services Incorporated      | West Pharmaceutical Services Incorporated COM USD0.25          | CUSIP: 955306105<br>LEI: 5493007NKRGM1RJQ1P16 | Long             | EC               | CORP              | US        |       409 | NS      | $86237.65     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Western Digital Corp.                          | Western Digital Corp. COM USD0.01                              | CUSIP: 958102105<br>LEI: 549300QQXOOYEF89IC56 | Long             | EC               | CORP              | US        |      1916 | NS      | $98769.80     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Weyerhaeuser Company                           | Weyerhaeuser Company COM USD1.25                               | CUSIP: 962166104<br>LEI: 08IRJODWFYBI7QWRGS31 | Long             | EC               | CORP              | US        |      4066 | NS      | $105350.06    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Williams Companies Inc. (The)                  | Williams Companies Inc. (The) COM USD1.00                      | CUSIP: 969457100<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | EC               | CORP              | US        |      6744 | NS      | $408079.44    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Royal Caribbean Group                          | Royal Caribbean Group COM USD0.01                              | CUSIP: V7780T103<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | EC               | CORP              | LR        |      1341 | NS      | $344596.77    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Allegion PLC                                   | Allegion PLC COM USD0.01                                       | CUSIP: G0176J109<br>LEI: 984500560CAC2E6FB757 | Long             | EC               | CORP              | IE        |       501 | NS      | $71492.70     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Pentair PLC                                    | Pentair PLC COM USD0.01                                        | CUSIP: G7S00T104<br>LEI: 549300EVR9D56WPSRP15 | Long             | EC               | CORP              | IE        |       914 | NS      | $90650.52     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Synchrony Financial                            | Synchrony Financial COM USD0.001                               | CUSIP: 87165B103<br>LEI: 549300RS7EWPM9MA6C78 | Long             | EC               | CORP              | US        |      2232 | NS      | $128674.80    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Medtronic PLC                                  | Medtronic PLC USD0.0001                                        | CUSIP: G5960L103<br>LEI: 549300GX3ZBSQWUXY261 | Long             | EC               | CORP              | IE        |      7094 | NS      | $588660.12    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Walgreens Boots Alliance Inc.                  | Walgreens Boots Alliance Inc. COM USD0.01                      | CUSIP: 931427108<br>LEI: 549300RPTUOIXG4LIH86 | Long             | EC               | CORP              | US        |      4016 | NS      | $45180.00     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Welltower OP LLC                               | Welltower OP LLC COM USD1                                      | CUSIP: 95040Q104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3278 | NS      | $505729.84    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| WEC Energy Group Inc.                          | WEC Energy Group Inc. COM USD0.01                              | CUSIP: 92939U106<br>LEI: 549300IGLYTZUK3PVP70 | Long             | EC               | CORP              | US        |      1770 | NS      | $190168.80    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| S&P Global Inc                                 | S&P Global Inc COM USD1                                        | CUSIP: 78409V104<br>LEI: Y6X4K52KMJMZE7I7MY94 | Long             | EC               | CORP              | US        |      1729 | NS      | $886734.94    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Willis Towers Watson Public Limited Company    | Willis Towers Watson Public Limited Company COM USD0.000304635 | CUSIP: G96629103<br>LEI: 549300WHC56FF48KL350 | Long             | EC               | CORP              | IE        |       552 | NS      | $174735.60    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| SBA Communications Corp.                       | SBA Communications Corp. COM USD0.01 CL A                      | CUSIP: 78410G104<br>LEI: 5299001HX8ZN8Y8QIT49 | Long             | EC               | CORP              | US        |       594 | NS      | $137742.66    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Vistra Corp                                    | Vistra Corp COM USD0.01                                        | CUSIP: 92840M102<br>LEI: 549300KP43CPCUJOOG15 | Long             | EC               | CORP              | US        |      1882 | NS      | $302192.74    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson Controls International PLC             | Johnson Controls International PLC COM USD1.00                 | CUSIP: G51502105<br>LEI: 549300XQ6S1GYKGBL205 | Long             | EC               | CORP              | IE        |      3669 | NS      | $371926.53    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Tapestry Inc                                   | Tapestry Inc COM USD0.01                                       | CUSIP: 876030107<br>LEI: 549300LJNVY5SW3VTN33 | Long             | EC               | CORP              | US        |      1150 | NS      | $90332.50     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Vici Properties Inc                            | Vici Properties Inc COM USD0.01                                | CUSIP: 925652109<br>LEI: 254900RKH6RY9KCJQH63 | Long             | EC               | CORP              | US        |      5900 | NS      | $187089.00    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Steris PLC                                     | Steris PLC ORD USD0.001                                        | CUSIP: G8473T100<br>LEI: N/A                  | Long             | EC               | CORP              | IE        |       557 | NS      | $136581.97    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Amcor PLC                                      | Amcor PLC COM USD0.01                                          | CUSIP: G0250X107<br>LEI: 549300GSODGFCDQ3DI89 | Long             | EC               | CORP              | JE        |      8317 | NS      | $75767.87     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Uber Technologies Inc                          | Uber Technologies Inc COM USD0.00001                           | CUSIP: 90353T100<br>LEI: 549300B2FTG34FILDR98 | Long             | EC               | CORP              | US        |     11472 | NS      | $965483.52    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Paramount Global                               | Paramount Global CLASS B COM                                   | CUSIP: 92556H206<br>LEI: 5KYC8KF17ROCY24M3H09 | Long             | EC               | CORP              | US        |      3111 | NS      | $37643.10     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Aon PLC                                        | Aon PLC SHS CL A                                               | CUSIP: G0403H108<br>LEI: 635400FALWQYX5E6QC64 | Long             | EC               | CORP              | IE        |      1196 | NS      | $445007.68    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Viatris Inc                                    | Viatris Inc COM                                                | CUSIP: 92556V106<br>LEI: 254900ZZTSW7NL773X71 | Long             | EC               | CORP              | US        |      6761 | NS      | $59429.19     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Trane Technologies PLC                         | Trane Technologies PLC COM USD1                                | CUSIP: G8994E103<br>LEI: 549300BURLR9SLYY2705 | Long             | EC               | CORP              | IE        |      1231 | NS      | $529662.37    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Seagate Technology Holdings PLC                | Seagate Technology Holdings PLC ORD SHS                        | CUSIP: G7997R103<br>LEI: 635400RUXIFEZSRU8X70 | Long             | EC               | CORP              | IE        |      1151 | NS      | $135748.94    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Warner Bros. Discovery Inc.                    | Warner Bros. Discovery Inc. COM SER A                          | CUSIP: 934423104<br>LEI: 5493006ZCRFWKF6B1K26 | Long             | EC               | CORP              | US        |     12604 | NS      | $125661.88    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Linde PLC                                      | Linde PLC COM EUR0.001                                         | CUSIP: G54950103<br>LEI: 5299003QR1WT0EF88V51 | Long             | EC               | CORP              | IE        |      2614 | NS      | $1222254.12   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE                    | E-mini S&P 500 Index Futures,Jun-2025,ETH                      | CUSIP: N/A<br>LEI: SNZ2OJLFK8MNNCLQOF39       | Long             | DE               | CORP              | US        |         7 | NC      | $2070600.00   | 0.74%             |  |  |  | No            |                  2 | On Loan: No      |
| Bunge Global SA                                | Bunge Global SA COM SHS                                        | CUSIP: H11356104<br>LEI: 254900IVXSV9K0B7PO26 | Long             | EC               | CORP              | CH        |       781 | NS      | $61035.15     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Veralto Corp.                                  | Veralto Corp. COM SHS                                          | CUSIP: 92338C103<br>LEI: 635400FJE6GSOJUSNY27 | Long             | EC               | CORP              | US        |      1344 | NS      | $135784.32    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Solventum Corp.                                | Solventum Corp. COM SHS                                        | CUSIP: 83444M101<br>LEI: 254900I70403OSGY4M28 | Long             | EC               | CORP              | US        |       817 | NS      | $59714.53     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| TE Connectivity PLC                            | TE Connectivity PLC ORD SHS                                    | CUSIP: G87052109<br>LEI: 6367003TB6K484NFHE54 | Long             | EC               | CORP              | IE        |      1650 | NS      | $264115.50    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Smurfit WestRock plc                           | Smurfit WestRock plc COM USD0.001                              | CUSIP: G8267P108<br>LEI: 635400EGSEOPDW2EXS14 | Long             | EC               | CORP              | IE        |      2795 | NS      | $121107.35    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Super Micro Computer Inc.                      | Super Micro Computer Inc. COM NEW                              | CUSIP: 86800U302<br>LEI: 54930022CZO1N2UGVW07 | Long             | EC               | CORP              | US        |      2880 | NS      | $115257.60    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Aptiv PLC                                      | Aptiv PLC COM SHS                                              | CUSIP: G3265R107<br>LEI: N/A                  | Long             | EC               | CORP              | JE        |      1328 | NS      | $88723.68     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Aflac Incorporated                             | Aflac Incorporated COM USD0.10                                 | CUSIP: 001055102<br>LEI: 549300N0B7DOGLXWPP39 | Long             | EC               | CORP              | US        |      2738 | NS      | $283492.52    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| AES Corp.                                      | AES Corp. COM USD0.01                                          | CUSIP: 00130H105<br>LEI: 2NUNNB7D43COUIRE5295 | Long             | EC               | CORP              | US        |      4344 | NS      | $43830.96     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Prologis Inc.                                  | Prologis Inc. COM USD0.01                                      | CUSIP: 74340W103<br>LEI: 529900DFH19P073LZ636 | Long             | EC               | CORP              | US        |      5128 | NS      | $556900.80    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| AT&T Inc                                       | AT&T Inc COM USD1                                              | CUSIP: 00206R102<br>LEI: 549300Z40J86GGSTL398 | Long             | EC               | CORP              | US        |     39421 | NS      | $1095903.80   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Pinnacle West Capital Corp.                    | Pinnacle West Capital Corp. COM NPV                            | CUSIP: 723484101<br>LEI: TWSEY0NEDUDCKS27AH81 | Long             | EC               | CORP              | US        |       669 | NS      | $61032.87     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Abbott Laboratories                            | Abbott Laboratories COM NPV                                    | CUSIP: 002824100<br>LEI: HQD377W2YR662HK5JX27 | Long             | EC               | CORP              | US        |      9525 | NS      | $1272349.50   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| AbbVie Inc.                                    | AbbVie Inc. COM USD0.01                                        | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               | CORP              | US        |      9695 | NS      | $1804336.45   | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Adobe Inc                                      | Adobe Inc COM USD0.0001                                        | CUSIP: 00724F101<br>LEI: FU4LY2G4933NH2E1CP29 | Long             | EC               | CORP              | US        |      2390 | NS      | $992065.10    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Advanced Micro Devices Inc.                    | Advanced Micro Devices Inc. COM USD0.01                        | CUSIP: 007903107<br>LEI: R2I72C950HOYXII45366 | Long             | EC               | CORP              | US        |      8899 | NS      | $985386.27    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Air Products & Chemicals, Inc.                 | Air Products & Chemicals, Inc. COM USD1                        | CUSIP: 009158106<br>LEI: 7QEON6Y1RL5XR3R1W237 | Long             | EC               | CORP              | US        |      1230 | NS      | $343059.30    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Akamai Technologies, Inc.                      | Akamai Technologies, Inc. COM USD0.01                          | CUSIP: 00971T101<br>LEI: OC1LZNN2LF5WTJ5RIL89 | Long             | EC               | CORP              | US        |       831 | NS      | $63097.83     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Albemarle Corp                                 | Albemarle Corp COM USD0.01                                     | CUSIP: 012653101<br>LEI: HDBLS2Q6GV1LSKQPBS54 | Long             | EC               | CORP              | US        |       650 | NS      | $36244.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Alexandria Real Estate Equities, Inc.          | Alexandria Real Estate Equities, Inc. COM USD0.01              | CUSIP: 015271109<br>LEI: MGCJBT4MKTQBVLNUIS88 | Long             | EC               | CORP              | US        |       870 | NS      | $61065.30     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Align Technology Inc.                          | Align Technology Inc. COM USD0.0001                            | CUSIP: 016255101<br>LEI: 549300N5YSE0U3LCP840 | Long             | EC               | CORP              | US        |       388 | NS      | $70204.72     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Alliant Energy Corporation                     | Alliant Energy Corporation COM USD0.01                         | CUSIP: 018802108<br>LEI: 5493009ML300G373MZ12 | Long             | EC               | CORP              | US        |      1436 | NS      | $89362.28     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Honeywell International Inc.                   | Honeywell International Inc. COM USD1                          | CUSIP: 438516106<br>LEI: ISRPG12PN4EIEOEMW547 | Long             | EC               | CORP              | US        |      3597 | NS      | $815331.99    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| The Allstate Corporation                       | The Allstate Corporation COM USD0.01                           | CUSIP: 020002101<br>LEI: OBT0W1ED8G0NWVOLOJ77 | Long             | EC               | CORP              | US        |      1466 | NS      | $307669.42    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Altria Group, Inc.                             | Altria Group, Inc. COM USD0.333333                             | CUSIP: 02209S103<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | EC               | CORP              | US        |      9377 | NS      | $568339.97    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Amazon.com, Inc.                               | Amazon.com, Inc. COM USD0.01                                   | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |     51798 | NS      | $10619107.98  | 3.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Hess Corporation                               | Hess Corporation COM USD1.00                                   | CUSIP: 42809H107<br>LEI: UASVRYNXNK17ULIGK870 | Long             | EC               | CORP              | US        |      1529 | NS      | $202118.51    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Ameren Corp.                                   | Ameren Corp. COM USD0.01                                       | CUSIP: 023608102<br>LEI: XRZQ5S7HYJFPHJ78L959 | Long             | EC               | CORP              | US        |      1535 | NS      | $148710.80    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Molson Coors Beverage Company                  | Molson Coors Beverage Company COM USD0.01 CLASS B              | CUSIP: 60871R209<br>LEI: 54930073LBBH6ZCBE225 | Long             | EC               | CORP              | US        |       992 | NS      | $53161.28     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley                                 | Morgan Stanley COM USD0.01                                     | CUSIP: 617446448<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | EC               | CORP              | US        |      6795 | NS      | $869963.88    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Dollar General Corporation                     | Dollar General Corporation COM USD0.875                        | CUSIP: 256677105<br>LEI: OPX52SQVOZI8IVSWYU66 | Long             | EC               | CORP              | US        |      1222 | NS      | $118839.50    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Dollar Tree Inc                                | Dollar Tree Inc COM USD0.01                                    | CUSIP: 256746108<br>LEI: 549300PMSTQITB1WHR43 | Long             | EC               | CORP              | US        |      1142 | NS      | $103076.92    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Dominion Energy Inc                            | Dominion Energy Inc COM STK NPV                                | CUSIP: 25746U109<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | EC               | CORP              | US        |      4701 | NS      | $266405.67    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Dominos Pizza Inc.                             | Dominos Pizza Inc. COM USD0.01                                 | CUSIP: 25754A201<br>LEI: 25490005ZWM1IF9UXU57 | Long             | EC               | CORP              | US        |       191 | NS      | $90499.62     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Dover Corporation                              | Dover Corporation COM USD1.00                                  | CUSIP: 260003108<br>LEI: 549300FMC2ALGA7N9E80 | Long             | EC               | CORP              | US        |       775 | NS      | $137756.25    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Omnicom Group Inc                              | Omnicom Group Inc COM USD0.15                                  | CUSIP: 681919106<br>LEI: HKUPACFHSSASQK8HLS17 | Long             | EC               | CORP              | US        |      1091 | NS      | $80123.04     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Duke Energy Corp                               | Duke Energy Corp COM USD0.001                                  | CUSIP: 26441C204<br>LEI: I1BZKREC126H0VB1BL91 | Long             | EC               | CORP              | US        |      4261 | NS      | $501604.92    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Moodys Corp.                                   | Moodys Corp. COM USD0.01                                       | CUSIP: 615369105<br>LEI: 549300GCEDD8YCF5WU84 | Long             | EC               | CORP              | US        |       860 | NS      | $412215.20    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Revvity Inc                                    | Revvity Inc COM USD1.00                                        | CUSIP: 714046109<br>LEI: 549300IKL1SDPFI7N655 | Long             | EC               | CORP              | US        |       687 | NS      | $62118.54     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Live Nation Entertainment, Inc.                | Live Nation Entertainment, Inc. COM USD0.01                    | CUSIP: 538034109<br>LEI: 5493007B9BM9ZXJINO78 | Long             | EC               | CORP              | US        |       839 | NS      | $115102.41    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity National Information Services Inc     | Fidelity National Information Services Inc COM USD0.01         | CUSIP: 31620M106<br>LEI: 6WQI0GK1PRFVBA061U48 | Long             | EC               | CORP              | US        |      2930 | NS      | $233257.30    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase & Co.                           | JPMorgan Chase & Co. COM USD1.00                               | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |     15355 | NS      | $4053720.00   | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Meta Platforms Inc                             | Meta Platforms Inc COM USD0.000006 CL 'A'                      | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |     12026 | NS      | $7786714.74   | 2.80%             |  |  |  | No            |                  1 | On Loan: No      |
| FactSet Research Systems Inc.                  | FactSet Research Systems Inc. COM USD0.01                      | CUSIP: 303075105<br>LEI: 549300ZSJE7NBK6K9P30 | Long             | EC               | CORP              | US        |       214 | NS      | $98067.64     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Fair Isaac Corporation                         | Fair Isaac Corporation COM USD0.01                             | CUSIP: 303250104<br>LEI: RI6HET5SJUEY30V1PS26 | Long             | EC               | CORP              | US        |       135 | NS      | $233047.80    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Fastenal Co.                                   | Fastenal Co. COM USD0.01                                       | CUSIP: 311900104<br>LEI: 529900PP0C7H2HHPSJ32 | Long             | EC               | CORP              | US        |      6344 | NS      | $262260.96    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| FedEx Corporation                              | FedEx Corporation COM USD0.10                                  | CUSIP: 31428X106<br>LEI: 549300E707U7WNPZN687 | Long             | EC               | CORP              | US        |      1226 | NS      | $267390.60    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| EOG Resources Inc.                             | EOG Resources Inc. COM USD0.01                                 | CUSIP: 26875P101<br>LEI: XWTZDRYZPBUHIQBKDB46 | Long             | EC               | CORP              | US        |      3112 | NS      | $337869.84    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| EQT Corporation                                | EQT Corporation COM NPV                                        | CUSIP: 26884L109<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | EC               | CORP              | US        |      3365 | NS      | $185512.45    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Eastman Chemical Company                       | Eastman Chemical Company COM USD0.01                           | CUSIP: 277432100<br>LEI: FDPVHDGJ1IQZFK9KH630 | Long             | EC               | CORP              | US        |       637 | NS      | $49921.69     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| eBay Inc.                                      | eBay Inc. COM USD0.001                                         | CUSIP: 278642103<br>LEI: OML71K8X303XQONU6T67 | Long             | EC               | CORP              | US        |      2680 | NS      | $196095.60    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Ecolab Inc.                                    | Ecolab Inc. COM USD1                                           | CUSIP: 278865100<br>LEI: 82DYEISM090VG8LTLS26 | Long             | EC               | CORP              | US        |      1384 | NS      | $367618.08    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Edwards Lifesciences Corporation               | Edwards Lifesciences Corporation COM USD1                      | CUSIP: 28176E108<br>LEI: YA13X31F3V31L8TMPR58 | Long             | EC               | CORP              | US        |      3301 | NS      | $258204.22    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Edison International                           | Edison International COM NPV                                   | CUSIP: 281020107<br>LEI: 549300I7ROF15MAEVP56 | Long             | EC               | CORP              | US        |      2166 | NS      | $120537.90    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Electronic Arts Inc.                           | Electronic Arts Inc. COM USD0.01                               | CUSIP: 285512109<br>LEI: 549300O7A67PUEYKDL45 | Long             | EC               | CORP              | US        |      1312 | NS      | $188639.36    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Emerson Electric Co.                           | Emerson Electric Co. COM USD0.50                               | CUSIP: 291011104<br>LEI: FGLT0EWZSUIRRITFOA30 | Long             | EC               | CORP              | US        |      3134 | NS      | $374136.92    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Enphase Energy Inc                             | Enphase Energy Inc COM USD0.00001                              | CUSIP: 29355A107<br>LEI: 5493008U7KIGMI59Z314 | Long             | EC               | CORP              | US        |       825 | NS      | $34146.75     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Entergy Corporation                            | Entergy Corporation COM USD0.01                                | CUSIP: 29364G103<br>LEI: 4XM3TW50JULSLG8BNC79 | Long             | EC               | CORP              | US        |      2414 | NS      | $201037.92    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Equifax Inc.                                   | Equifax Inc. COM USD1.25                                       | CUSIP: 294429105<br>LEI: 5493004MCF8JDC86VS77 | Long             | EC               | CORP              | US        |       693 | NS      | $183083.67    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| EPAM Systems Inc.                              | EPAM Systems Inc. COM USD0.001                                 | CUSIP: 29414B104<br>LEI: 549300XCR4R530HJP604 | Long             | EC               | CORP              | US        |       320 | NS      | $55836.80     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Equity Residential                             | Equity Residential SBI USD0.01                                 | CUSIP: 29476L107<br>LEI: 5493008RACSH5EP3PI59 | Long             | EC               | CORP              | US        |      1910 | NS      | $133967.40    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Erie Indemnity Co                              | Erie Indemnity Co CLASS'A' COM STK NPV                         | CUSIP: 29530P102<br>LEI: 549300WA5KP94KRUFZ80 | Long             | EC               | CORP              | US        |       143 | NS      | $51266.93     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Essex Property Trust, Inc.                     | Essex Property Trust, Inc. COM USD0.0001                       | CUSIP: 297178105<br>LEI: 549300TR2H2VEFX0NC60 | Long             | EC               | CORP              | US        |       359 | NS      | $101920.10    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Exelon Corp.                                   | Exelon Corp. COM NPV                                           | CUSIP: 30161N101<br>LEI: 3SOUA6IRML7435B56G12 | Long             | EC               | CORP              | US        |      5561 | NS      | $243683.02    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Expedia Group Inc                              | Expedia Group Inc COM USD0.001                                 | CUSIP: 30212P303<br>LEI: CI7MUJI4USF3V0NJ1H64 | Long             | EC               | CORP              | US        |       704 | NS      | $117392.00    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Expeditors International Of Washington Inc.    | Expeditors International Of Washington Inc. COM USD0.01        | CUSIP: 302130109<br>LEI: 984500B055A804AB6E40 | Long             | EC               | CORP              | US        |       783 | NS      | $88267.59     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Extra Space Storage Inc.                       | Extra Space Storage Inc. COM USD0.01                           | CUSIP: 30225T102<br>LEI: 529900SDJHKRQWED6A16 | Long             | EC               | CORP              | US        |      1200 | NS      | $181380.00    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Exxon Mobil Corp.                              | Exxon Mobil Corp. COM NPV                                      | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        |     23905 | NS      | $2445481.50   | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| NextEra Energy Inc                             | NextEra Energy Inc COM USD0.01                                 | CUSIP: 65339F101<br>LEI: 254900RHL9MEUS5NKX63 | Long             | EC               | CORP              | US        |     11293 | NS      | $797737.52    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| F5 Inc                                         | F5 Inc COM STK NPV                                             | CUSIP: 315616102<br>LEI: 54930015FPK9KT966303 | Long             | EC               | CORP              | US        |       325 | NS      | $92748.50     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Fifth Third Bancorp                            | Fifth Third Bancorp COM NPV                                    | CUSIP: 316773100<br>LEI: THRNG6BD57P9QWTQLG42 | Long             | EC               | CORP              | US        |      3790 | NS      | $144740.10    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| M&T Bank Corporation                           | M&T Bank Corporation COM USD0.50                               | CUSIP: 55261F104<br>LEI: 549300WYXDDBYRASEG81 | Long             | EC               | CORP              | US        |       928 | NS      | $169489.92    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| First Solar Inc                                | First Solar Inc COM STK USD0.001                               | CUSIP: 336433107<br>LEI: 549300NPYMLM4NHTOF27 | Long             | EC               | CORP              | US        |       610 | NS      | $96428.80     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Fiserv Inc.                                    | Fiserv Inc. COM USD0.01                                        | CUSIP: 337738108<br>LEI: GI7UBEJLXYLGR2C7GV83 | Long             | EC               | CORP              | US        |      3147 | NS      | $512300.13    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| FirstEnergy Corp.                              | FirstEnergy Corp. COM USD0.10                                  | CUSIP: 337932107<br>LEI: 549300SVYJS666PQJH88 | Long             | EC               | CORP              | US        |      2870 | NS      | $120367.80    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Ford Motor Company                             | Ford Motor Company COM USD0.01                                 | CUSIP: 345370860<br>LEI: 20S05OYHG0MQM4VUIC57 | Long             | EC               | CORP              | US        |     21538 | NS      | $223564.44    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Fortinet Inc                                   | Fortinet Inc COM USD0.001                                      | CUSIP: 34959E109<br>LEI: 549300O0QJWDBAS0QX03 | Long             | EC               | CORP              | US        |      3519 | NS      | $358163.82    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| HCA Healthcare Inc                             | HCA Healthcare Inc COM USD0.01                                 | CUSIP: 40412C101<br>LEI: 529900PH4ZGUH2MNEU89 | Long             | EC               | CORP              | US        |       993 | NS      | $378720.27    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Halliburton Company                            | Halliburton Company COM USD2.50                                | CUSIP: 406216101<br>LEI: ENYF8GB5SMQZ25S06U51 | Long             | EC               | CORP              | US        |      4966 | NS      | $97283.94     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| The Hartford Insurance Group Inc.              | The Hartford Insurance Group Inc. COM USD0.01                  | CUSIP: 416515104<br>LEI: IU7C3FTM7Y3BQM112U94 | Long             | EC               | CORP              | US        |      1622 | NS      | $210600.48    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Hasbro Inc                                     | Hasbro Inc COM USD0.50                                         | CUSIP: 418056107<br>LEI: 549300NUB6D2R1ITYR45 | Long             | EC               | CORP              | US        |       771 | NS      | $51433.41     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Henry Jack & Associates Inc.                   | Henry Jack & Associates Inc. COM USD0.01                       | CUSIP: 426281101<br>LEI: 529900X1QS8C54W0JB21 | Long             | EC               | CORP              | US        |       412 | NS      | $74642.04     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Hershey Co. (The)                              | Hershey Co. (The) COM USD1.00                                  | CUSIP: 427866108<br>LEI: 21X2CX66SU2BR6QTAD08 | Long             | EC               | CORP              | US        |       826 | NS      | $132729.94    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Hologic Inc                                    | Hologic Inc COM USD0.01                                        | CUSIP: 436440101<br>LEI: 549300DYP6F5ZJL0LB74 | Long             | EC               | CORP              | US        |      1313 | NS      | $81629.21     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Home Depot Inc.                                | Home Depot Inc. COM USD0.05                                    | CUSIP: 437076102<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | EC               | CORP              | US        |      5455 | NS      | $2009021.95   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Hormel Foods Corp                              | Hormel Foods Corp COM USD0.0586                                | CUSIP: 440452100<br>LEI: MSD54751OJP1FS2ND863 | Long             | EC               | CORP              | US        |      1626 | NS      | $49885.68     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Host Hotels & Resorts Inc                      | Host Hotels & Resorts Inc COM STK USD0.01                      | CUSIP: 44107P104<br>LEI: N6EL63S0K3PB1YFTDI24 | Long             | EC               | CORP              | US        |      3951 | NS      | $61200.99     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| J. B. Hunt Transport Services, Inc.            | J. B. Hunt Transport Services, Inc. COM USD0.01                | CUSIP: 445658107<br>LEI: 549300XCD1MPI1C5GK90 | Long             | EC               | CORP              | US        |       463 | NS      | $64287.55     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Humana Inc.                                    | Humana Inc. COM USD0.166                                       | CUSIP: 444859102<br>LEI: 529900YLDW34GJAO4J06 | Long             | EC               | CORP              | US        |       667 | NS      | $155497.71    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Huntington Bancshares Incorporated             | Huntington Bancshares Incorporated COM USD0.01                 | CUSIP: 446150104<br>LEI: 549300XTVCVV9I7B5T19 | Long             | EC               | CORP              | US        |      8228 | NS      | $128603.64    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Huntington Ingalls Industries, Inc.            | Huntington Ingalls Industries, Inc. COM USD0.01                | CUSIP: 446413106<br>LEI: 5TZLZ6WJTBVJ0QWBG121 | Long             | EC               | CORP              | US        |       235 | NS      | $52419.10     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Idex Corporation                               | Idex Corporation COM USD0.01                                   | CUSIP: 45167R104<br>LEI: 549300U5Y5EL6PHYLF13 | Long             | EC               | CORP              | US        |       418 | NS      | $75620.38     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| IDEXX Laboratories Inc.                        | IDEXX Laboratories Inc. COM USD0.10                            | CUSIP: 45168D104<br>LEI: OGMTXK0LUU1HKV2P0J84 | Long             | EC               | CORP              | US        |       449 | NS      | $230498.64    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Illinois Tool Works Inc.                       | Illinois Tool Works Inc. COM USD0.01                           | CUSIP: 452308109<br>LEI: 76NA4I14SZCFAYMNSV04 | Long             | EC               | CORP              | US        |      1484 | NS      | $363698.72    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Incyte Corporation.                            | Incyte Corporation. COM USD0.001                               | CUSIP: 45337C102<br>LEI: 549300Z4WN6JVZ3T4680 | Long             | EC               | CORP              | US        |       937 | NS      | $60961.22     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Insulet Corporation                            | Insulet Corporation COM STK USD0.001                           | CUSIP: 45784P101<br>LEI: 549300TZTYD2PYN92D43 | Long             | EC               | CORP              | US        |       396 | NS      | $128711.88    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Franklin Resources Inc.                        | Franklin Resources Inc. COM USD0.10                            | CUSIP: 354613101<br>LEI: RIFQSET379FOGTEFKS80 | Long             | EC               | CORP              | US        |      1715 | NS      | $37112.60     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Freeport-McMoRan Inc.                          | Freeport-McMoRan Inc. COM USD0.10                              | CUSIP: 35671D857<br>LEI: 549300IRDTHJQ1PVET45 | Long             | EC               | CORP              | US        |      7951 | NS      | $305954.48    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Gallagher Aj &Co                               | Gallagher Aj &Co COM USD1.00                                   | CUSIP: 363576109<br>LEI: 54930049QLLMPART6V29 | Long             | EC               | CORP              | US        |      1256 | NS      | $436384.64    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Gartner Inc.                                   | Gartner Inc. COM USD0.0005                                     | CUSIP: 366651107<br>LEI: PP55B5R38BFB8O8HH686 | Long             | EC               | CORP              | US        |       421 | NS      | $183732.82    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Generac Holdings Inc.                          | Generac Holdings Inc. COM USD0.01                              | CUSIP: 368736104<br>LEI: 529900S2H2AHJHSFFI84 | Long             | EC               | CORP              | US        |       285 | NS      | $34807.05     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| General Dynamics Corporation                   | General Dynamics Corporation COM USD1.00                       | CUSIP: 369550108<br>LEI: 9C1X8XOOTYY2FNYTVH06 | Long             | EC               | CORP              | US        |      1410 | NS      | $392670.90    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| General Mills, Inc.                            | General Mills, Inc. COM USD0.10                                | CUSIP: 370334104<br>LEI: 2TGYMUGI08PO8X8L6150 | Long             | EC               | CORP              | US        |      3107 | NS      | $168585.82    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Genuine Parts Co                               | Genuine Parts Co COM USD1.00                                   | CUSIP: 372460105<br>LEI: 549300D46DQVEU651W04 | Long             | EC               | CORP              | US        |       769 | NS      | $97293.88     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Gilead Sciences Inc.                           | Gilead Sciences Inc. COM USD0.001                              | CUSIP: 375558103<br>LEI: 549300WTZWR07K8MNV44 | Long             | EC               | CORP              | US        |      6895 | NS      | $759001.60    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Global Payments Inc                            | Global Payments Inc COM NPV                                    | CUSIP: 37940X102<br>LEI: 549300NOMHGVQBX6S778 | Long             | EC               | CORP              | US        |      1424 | NS      | $107668.64    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Group, Inc.                      | Goldman Sachs Group, Inc. COM USD0.01                          | CUSIP: 38141G104<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | EC               | CORP              | US        |      1713 | NS      | $1028570.85   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Grainger W W Inc                               | Grainger W W Inc COM USD0.50                                   | CUSIP: 384802104<br>LEI: 549300TWZSP6O1IH2V34 | Long             | EC               | CORP              | US        |       245 | NS      | $266452.20    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| The Estee Lauder Companies Inc.                | The Estee Lauder Companies Inc. COM USD0.01 CLASS A            | CUSIP: 518439104<br>LEI: 549300VFZ8XJ9NUPU221 | Long             | EC               | CORP              | US        |      1319 | NS      | $88293.86     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Lennar Corp.                                   | Lennar Corp. COM USD0.10 CLASS A                               | CUSIP: 526057104<br>LEI: 529900G61XVRLX5TJX09 | Long             | EC               | CORP              | US        |      1292 | NS      | $137055.36    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Lennox International Inc.                      | Lennox International Inc. COM USD0.01                          | CUSIP: 526107107<br>LEI: S7DWAC87RDMPBF77GJ92 | Long             | EC               | CORP              | US        |       182 | NS      | $102729.90    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Eli Lilly & Co.                                | Eli Lilly & Co. COM NPV                                        | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               | CORP              | US        |      4327 | NS      | $3191898.09   | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Lockheed Martin Corporation                    | Lockheed Martin Corporation COM USD1.00                        | CUSIP: 539830109<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | EC               | CORP              | US        |      1150 | NS      | $554737.00    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Loews Corporation                              | Loews Corporation COM USD0.01                                  | CUSIP: 540424108<br>LEI: R8V1FN4M5ITGZOG7BS19 | Long             | EC               | CORP              | US        |      1011 | NS      | $90272.19     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Lowes Companies, Inc.                          | Lowes Companies, Inc. COM USD0.50                              | CUSIP: 548661107<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | EC               | CORP              | US        |      3100 | NS      | $699763.00    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Lululemon Athletica Inc.                       | Lululemon Athletica Inc. COM USD0.005                          | CUSIP: 550021109<br>LEI: 549300D9GZ4BMLDW5T40 | Long             | EC               | CORP              | US        |       632 | NS      | $200135.44    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| MGM Resorts International                      | MGM Resorts International COM USD0.01                          | CUSIP: 552953101<br>LEI: 54930066VBP7DZEGGJ87 | Long             | EC               | CORP              | US        |      1279 | NS      | $40480.35     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| MSCI Inc.                                      | MSCI Inc. COM USD0.01                                          | CUSIP: 55354G100<br>LEI: 549300HTIN2PD78UB763 | Long             | EC               | CORP              | US        |       431 | NS      | $243092.62    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Marathon Petroleum Corp.                       | Marathon Petroleum Corp. COM USD0.01                           | CUSIP: 56585A102<br>LEI: 3BNYRYQHD39K4LCKQF12 | Long             | EC               | CORP              | US        |      1756 | NS      | $282259.44    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| MarketAxess Holdings Inc.                      | MarketAxess Holdings Inc. COM USD0.003                         | CUSIP: 57060D108<br>LEI: 5493002U1CA1XJOVID83 | Long             | EC               | CORP              | US        |       217 | NS      | $46960.97     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Marsh & McLennan Companies, Inc.               | Marsh & McLennan Companies, Inc. COM USD1.00                   | CUSIP: 571748102<br>LEI: 549300XMP3KDCKJXIU47 | Long             | EC               | CORP              | US        |      2717 | NS      | $634854.22    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Marriott International, Inc.                   | Marriott International, Inc. COM USD0.01 CLASS A               | CUSIP: 571903202<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | EC               | CORP              | US        |      1271 | NS      | $335327.93    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Martin Marietta Materials Inc                  | Martin Marietta Materials Inc COM USD0.01                      | CUSIP: 573284106<br>LEI: 5299005MZ4WZECVATV08 | Long             | EC               | CORP              | US        |       345 | NS      | $188904.75    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Masco Corporation                              | Masco Corporation COM USD1.00                                  | CUSIP: 574599106<br>LEI: 5GCSNMQXHEYA1JO8QN11 | Long             | EC               | CORP              | US        |      1219 | NS      | $76089.98     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| MasterCard Incorporated                        | MasterCard Incorporated COM USD0.0001 CLASS A                  | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               | CORP              | US        |      4472 | NS      | $2618803.20   | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| McCormick & Company, Incorporated              | McCormick & Company, Incorporated COM NPV                      | CUSIP: 579780206<br>LEI: 549300JQQA6MQ4OJP259 | Long             | EC               | CORP              | US        |      1450 | NS      | $105458.50    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| McDonald's Corp.                               | McDonald's Corp. COM USD0.01                                   | CUSIP: 580135101<br>LEI: UE2136O97NLB5BYP9H04 | Long             | EC               | CORP              | US        |      3935 | NS      | $1234999.75   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Mckesson Corp.                                 | Mckesson Corp. COM USD0.01                                     | CUSIP: 58155Q103<br>LEI: 549300WZWOM80UCFSF54 | Long             | EC               | CORP              | US        |       696 | NS      | $500778.96    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Merck & Co., Inc                               | Merck & Co., Inc COM USD0.50                                   | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |     13892 | NS      | $1067461.28   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Intel Corporation                              | Intel Corporation COM USD0.001                                 | CUSIP: 458140100<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | EC               | CORP              | US        |     23779 | NS      | $464879.45    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| International Business Machines Corp.          | International Business Machines Corp. COM USD0.20              | CUSIP: 459200101<br>LEI: VGRQXHF3J8VDLUA7XE92 | Long             | EC               | CORP              | US        |      5078 | NS      | $1315506.68   | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| International Flavors & Fragrances Inc.        | International Flavors & Fragrances Inc. COM USD0.125           | CUSIP: 459506101<br>LEI: BZLRL03D3GPGMOGFO832 | Long             | EC               | CORP              | US        |      1414 | NS      | $108255.84    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| International Paper Co.                        | International Paper Co. COM USD1.00                            | CUSIP: 460146103<br>LEI: 824LMFJDH41EY779Q875 | Long             | EC               | CORP              | US        |      2047 | NS      | $97867.07     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| The Interpublic Group of Companies, Inc.       | The Interpublic Group of Companies, Inc. COM USD0.10           | CUSIP: 460690100<br>LEI: 5493008IUOJ5VWTRC333 | Long             | EC               | CORP              | US        |      2061 | NS      | $49381.56     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Intuit Inc                                     | Intuit Inc COM USD0.01                                         | CUSIP: 461202103<br>LEI: VI90HBPH7XSFMB9E4M29 | Long             | EC               | CORP              | US        |      1537 | NS      | $1158083.39   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Intuitive Surgical Inc.                        | Intuitive Surgical Inc. COM USD0.001                           | CUSIP: 46120E602<br>LEI: 54930052SRG011710797 | Long             | EC               | CORP              | US        |      1958 | NS      | $1081481.72   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Jabil Inc                                      | Jabil Inc COM USD0.001                                         | CUSIP: 466313103<br>LEI: 5493000CGCQY2OQU7669 | Long             | EC               | CORP              | US        |       606 | NS      | $101814.06    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson & Johnson                              | Johnson & Johnson COM USD1.00                                  | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |     13222 | NS      | $2052186.62   | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Juniper Networks, Inc.                         | Juniper Networks, Inc. COM USD0.00001                          | CUSIP: 48203R104<br>LEI: AUHIXNGG7U2U7JEHM527 | Long             | EC               | CORP              | US        |      1886 | NS      | $67763.98     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| KLA Corp.                                      | KLA Corp. COM USD0.001                                         | CUSIP: 482480100<br>LEI: 549300H0BF5JCG96TJ81 | Long             | EC               | CORP              | US        |       729 | NS      | $551765.52    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Kellanova                                      | Kellanova COM USD0.25                                          | CUSIP: 487836108<br>LEI: LONOZNOJYIBXOHXWDB86 | Long             | EC               | CORP              | US        |      1519 | NS      | $125514.97    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| KeyCorp                                        | KeyCorp COM USD1.00                                            | CUSIP: 493267108<br>LEI: RKPI3RZGV1V1FJTH5T61 | Long             | EC               | CORP              | US        |      5341 | NS      | $84708.26     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Kimberly-Clark Corporation                     | Kimberly-Clark Corporation COM USD1.25                         | CUSIP: 494368103<br>LEI: MP3J6QPYPGN75NVW2S34 | Long             | EC               | CORP              | US        |      1843 | NS      | $264949.68    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Kimco Realty Corporation                       | Kimco Realty Corporation COM USD0.01                           | CUSIP: 49446R109<br>LEI: 254900ARY41P4V1JL861 | Long             | EC               | CORP              | US        |      3818 | NS      | $81170.68     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Kinder Morgan, Inc.                            | Kinder Morgan, Inc. COM USD0.01                                | CUSIP: 49456B101<br>LEI: 549300WR7IX8XE0TBO16 | Long             | EC               | CORP              | US        |     10696 | NS      | $299915.84    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Mondelez International, Inc.                   | Mondelez International, Inc. COM NPV                           | CUSIP: 609207105<br>LEI: 549300DV9GIB88LZ5P30 | Long             | EC               | CORP              | US        |      7189 | NS      | $485185.61    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| The Kroger Co.                                 | The Kroger Co. COM USD1.00                                     | CUSIP: 501044101<br>LEI: 6CPEOKI6OYJ13Q6O7870 | Long             | EC               | CORP              | US        |      3683 | NS      | $251291.09    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| LKQ Corporation                                | LKQ Corporation COM USD0.01                                    | CUSIP: 501889208<br>LEI: DS830JTTZQN6GK0I2E41 | Long             | EC               | CORP              | US        |      1454 | NS      | $58843.38     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Las Vegas Sands Corp                           | Las Vegas Sands Corp COM USD0.001                              | CUSIP: 517834107<br>LEI: 549300DUOO1KXOHPM605 | Long             | EC               | CORP              | US        |      1947 | NS      | $80138.52     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| NetApp Inc.                                    | NetApp Inc. COM USD0.001                                       | CUSIP: 64110D104<br>LEI: QTX3D84DZDD5JYOCYH15 | Long             | EC               | CORP              | US        |      1157 | NS      | $114728.12    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Netflix, Inc.                                  | Netflix, Inc. COM USD0.001                                     | CUSIP: 64110L106<br>LEI: 549300Y7VHGU0I7CE873 | Long             | EC               | CORP              | US        |      2349 | NS      | $2835783.27   | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Newmont Corporation                            | Newmont Corporation COM USD1.60                                | CUSIP: 651639106<br>LEI: 549300VSP3RIX7FGDZ51 | Long             | EC               | CORP              | US        |      6252 | NS      | $329605.44    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Nordson Corp                                   | Nordson Corp COM NPV                                           | CUSIP: 655663102<br>LEI: 14OS6Q5N55N95WM84M53 | Long             | EC               | CORP              | US        |       304 | NS      | $64444.96     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Norfolk Southern Corporation                   | Norfolk Southern Corporation COM USD1                          | CUSIP: 655844108<br>LEI: 54930036C8MWP850MI84 | Long             | EC               | CORP              | US        |      1252 | NS      | $309394.24    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Northern Trust Corporation                     | Northern Trust Corporation COM USD1.666                        | CUSIP: 665859104<br>LEI: 549300GLF98S992BC502 | Long             | EC               | CORP              | US        |      1120 | NS      | $119548.80    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Northrop Grumman Corporation                   | Northrop Grumman Corporation COM USD1                          | CUSIP: 666807102<br>LEI: RIMU48P07456QXSO0R61 | Long             | EC               | CORP              | US        |       752 | NS      | $364547.04    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Nucor Corporation                              | Nucor Corporation COM USD0.40                                  | CUSIP: 670346105<br>LEI: 549300GGJCRSI2TIEJ46 | Long             | EC               | CORP              | US        |      1314 | NS      | $143699.04    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA Corp.                                   | NVIDIA Corp. COM USD0.001                                      | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |    134495 | NS      | $18174309.35  | 6.54%             |  |  |  | No            |                  1 | On Loan: No      |
| MetLife Inc.                                   | MetLife Inc. COM USD0.01                                       | CUSIP: 59156R108<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | EC               | CORP              | US        |      3203 | NS      | $251691.74    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Mettler-Toledo International Inc               | Mettler-Toledo International Inc COM USD0.01                   | CUSIP: 592688105<br>LEI: 5493000BD5GJNUDIUG10 | Long             | EC               | CORP              | US        |       115 | NS      | $132884.80    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Microchip Technology Incorporated              | Microchip Technology Incorporated COM USD0.001                 | CUSIP: 595017104<br>LEI: 5493007PTFULNYZJ1R12 | Long             | EC               | CORP              | US        |      2975 | NS      | $172669.00    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Mid-America Apartment Communities, Inc.        | Mid-America Apartment Communities, Inc. COM USD0.01            | CUSIP: 59522J103<br>LEI: 549300FQZKFR5YNSHZ21 | Long             | EC               | CORP              | US        |       660 | NS      | $103389.00    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Micron Technology Inc.                         | Micron Technology Inc. COM USD0.10                             | CUSIP: 595112103<br>LEI: B3DXGBC8GAIYWI2Z0172 | Long             | EC               | CORP              | US        |      6118 | NS      | $577906.28    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Molina Healthcare, Inc.                        | Molina Healthcare, Inc. COM USD0.001                           | CUSIP: 60855R100<br>LEI: 549300NQQCEQ46YHZ591 | Long             | EC               | CORP              | US        |       320 | NS      | $97612.80     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Mohawk Industries, Inc.                        | Mohawk Industries, Inc. COM USD0.01                            | CUSIP: 608190104<br>LEI: 549300JI1115MG3Q6322 | Long             | EC               | CORP              | US        |       301 | NS      | $30283.61     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Monolithic Power Systems Inc.                  | Monolithic Power Systems Inc. COM STK USD0.001                 | CUSIP: 609839105<br>LEI: 529900TB7O85LSZ1XU31 | Long             | EC               | CORP              | US        |       267 | NS      | $176727.30    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Motorola Solutions Inc                         | Motorola Solutions Inc COM USD0.01                             | CUSIP: 620076307<br>LEI: 6S552MUG6KGJVEBSEC55 | Long             | EC               | CORP              | US        |       924 | NS      | $383811.12    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| The Mosaic Company                             | The Mosaic Company COM USD0.01                                 | CUSIP: 61945C103<br>LEI: 2YD5STGSJNMUB7H76907 | Long             | EC               | CORP              | US        |      1777 | NS      | $64220.78     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| NRG Energy, Inc.                               | NRG Energy, Inc. COM USD0.01                                   | CUSIP: 629377508<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | EC               | CORP              | US        |      1120 | NS      | $174608.00    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| NVR Inc                                        | NVR Inc COM USD0.01                                            | CUSIP: 62944T105<br>LEI: 529900RWXR4JI3JYTV70 | Long             | EC               | CORP              | US        |        16 | NS      | $113854.88    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Nasdaq Inc                                     | Nasdaq Inc COM USD0.01                                         | CUSIP: 631103108<br>LEI: 549300L8X1Q78ERXFD06 | Long             | EC               | CORP              | US        |      2344 | NS      | $195817.76    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| The Procter & Gamble Co.                       | The Procter & Gamble Co. COM NPV                               | CUSIP: 742718109<br>LEI: 2572IBTT8CCZW6AU4141 | Long             | EC               | CORP              | US        |     12877 | NS      | $2187673.53   | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| The Progressive Corporation                    | The Progressive Corporation COM USD1.00                        | CUSIP: 743315103<br>LEI: 529900TACNVLY9DCR586 | Long             | EC               | CORP              | US        |      3217 | NS      | $916619.81    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Prudential Financial, Inc.                     | Prudential Financial, Inc. COM USD0.01                         | CUSIP: 744320102<br>LEI: 5PRBRS5FEH7NREC8OR45 | Long             | EC               | CORP              | US        |      1958 | NS      | $203416.62    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Public Service Enterprise Group Incorporated   | Public Service Enterprise Group Incorporated COM NPV           | CUSIP: 744573106<br>LEI: PUSS41EMO3E6XXNV3U28 | Long             | EC               | CORP              | US        |      2756 | NS      | $223318.68    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Public Storage                                 | Public Storage COM USD0.10                                     | CUSIP: 74460D109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       882 | NS      | $272017.62    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| QUALCOMM Inc.                                  | QUALCOMM Inc. COM USD0.0001                                    | CUSIP: 747525103<br>LEI: H1J8DDZKZP6H7RWC0H53 | Long             | EC               | CORP              | US        |      6073 | NS      | $881799.60    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Quanta Services, Inc.                          | Quanta Services, Inc. COM USD0.00001                           | CUSIP: 74762E102<br>LEI: SHVRXXEACT60MMH07S24 | Long             | EC               | CORP              | US        |       816 | NS      | $279528.96    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Raymond James Financial Inc.                   | Raymond James Financial Inc. COM USD0.01                       | CUSIP: 754730109<br>LEI: RGUZHJ05YTITL6D76949 | Long             | EC               | CORP              | US        |      1034 | NS      | $151977.32    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Realty Income Corporation                      | Realty Income Corporation COM USD1                             | CUSIP: 756109104<br>LEI: 549300CUWDAUZSH43859 | Long             | EC               | CORP              | US        |      4842 | NS      | $274154.04    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Regency Centers Corp.                          | Regency Centers Corp. COM USD0.01                              | CUSIP: 758849103<br>LEI: 529900053A7X7FJ97S58 | Long             | EC               | CORP              | US        |       940 | NS      | $67821.00     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| O'Reilly Automotive Inc.                       | O'Reilly Automotive Inc. USD0.01                               | CUSIP: 67103H107<br>LEI: 549300K2RLMQL149Q332 | Long             | EC               | CORP              | US        |       319 | NS      | $436232.50    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Occidental Petroleum Corp.                     | Occidental Petroleum Corp. COM USD0.20                         | CUSIP: 674599105<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | EC               | CORP              | US        |      3819 | NS      | $155738.82    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Old Dominion Freight Line Inc.                 | Old Dominion Freight Line Inc. COM USD0.10                     | CUSIP: 679580100<br>LEI: 5299009TWK32WE417T96 | Long             | EC               | CORP              | US        |      1058 | NS      | $169459.86    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| ON Semiconductor Corp.                         | ON Semiconductor Corp. COM USD0.01                             | CUSIP: 682189105<br>LEI: ZV20P4CNJVT8V1ZGJ064 | Long             | EC               | CORP              | US        |      2383 | NS      | $100133.66    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Oneok Inc.                                     | Oneok Inc. COM USD0.01                                         | CUSIP: 682680103<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | EC               | CORP              | US        |      3308 | NS      | $267418.72    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Oracle Corp.                                   | Oracle Corp. COM USD0.01                                       | CUSIP: 68389X105<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | EC               | CORP              | US        |      8909 | NS      | $1474706.77   | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| PG&E Corporation                               | PG&E Corporation COM NPV                                       | CUSIP: 69331C108<br>LEI: 8YQ2GSDWYZXO2EDN3511 | Long             | EC               | CORP              | US        |     12108 | NS      | $204383.04    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Pulte Group Inc                                | Pulte Group Inc COM USD0.01                                    | CUSIP: 745867101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1125 | NS      | $110283.75    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| PNC Financial Services Group Inc.              | PNC Financial Services Group Inc. COM USD5                     | CUSIP: 693475105<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | EC               | CORP              | US        |      2200 | NS      | $382382.00    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| PPG Industries, Inc.                           | PPG Industries, Inc. COM USD1.666                              | CUSIP: 693506107<br>LEI: 549300BKPEP01R3V6C59 | Long             | EC               | CORP              | US        |      1311 | NS      | $145258.80    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| PPL Corporation                                | PPL Corporation COM USD0.01                                    | CUSIP: 69351T106<br>LEI: 9N3UAJSNOUXFKQLF3V18 | Long             | EC               | CORP              | US        |      4085 | NS      | $141953.75    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| PTC Inc                                        | PTC Inc COM USD0.01                                            | CUSIP: 69370C100<br>LEI: 54930050SSMU8SKDJ030 | Long             | EC               | CORP              | US        |       681 | NS      | $114625.92    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Paccar Inc                                     | Paccar Inc COM USD1.00                                         | CUSIP: 693718108<br>LEI: KDTEY8BWE486IKZ3CC07 | Long             | EC               | CORP              | US        |      2901 | NS      | $272258.85    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Packaging Corporation of America               | Packaging Corporation of America COM USD0.01                   | CUSIP: 695156109<br>LEI: 549300XZP8MFZFY8TJ84 | Long             | EC               | CORP              | US        |       499 | NS      | $96391.83     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Palo Alto Networks Inc                         | Palo Alto Networks Inc COM USD0.0001                           | CUSIP: 697435105<br>LEI: 549300QXR2YVZV231H43 | Long             | EC               | CORP              | US        |      3658 | NS      | $703872.36    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Parker-Hannifin Corp.                          | Parker-Hannifin Corp. COM USD0.50                              | CUSIP: 701094104<br>LEI: 5493002CONDB4N2HKI23 | Long             | EC               | CORP              | US        |       712 | NS      | $473266.40    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Paychex Inc                                    | Paychex Inc COM USD0.01                                        | CUSIP: 704326107<br>LEI: 529900K900DW6SUBM174 | Long             | EC               | CORP              | US        |      1773 | NS      | $279974.43    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Pepsico Inc                                    | Pepsico Inc CAP USD0.016666                                    | CUSIP: 713448108<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | EC               | CORP              | US        |      7532 | NS      | $990081.40    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Pfizer Inc.                                    | Pfizer Inc. COM USD0.05                                        | CUSIP: 717081103<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | EC               | CORP              | US        |     31355 | NS      | $736528.95    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Phillips 66                                    | Phillips 66 COM USD0.01                                        | CUSIP: 718546104<br>LEI: 5493005JBO5YSIGK1814 | Long             | EC               | CORP              | US        |      2285 | NS      | $259301.80    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Philip Morris International Inc.               | Philip Morris International Inc. COM NPV                       | CUSIP: 718172109<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | EC               | CORP              | US        |      8539 | NS      | $1542058.01   | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Ralph Lauren Corp.                             | Ralph Lauren Corp. COM USD0.01 CLASS 'A'                       | CUSIP: 751212101<br>LEI: HO1QNWM0IXBZ0QSMMO20 | Long             | EC               | CORP              | US        |       230 | NS      | $63666.30     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Pool Corporation                               | Pool Corporation COM USD0.001                                  | CUSIP: 73278L105<br>LEI: 5493005VZK1KMN6CO617 | Long             | EC               | CORP              | US        |       212 | NS      | $63725.08     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Price T Rowe Group Inc.                        | Price T Rowe Group Inc. COM USD0.20                            | CUSIP: 74144T108<br>LEI: 549300SIV6FPS9Y7IH33 | Long             | EC               | CORP              | US        |      1243 | NS      | $116332.37    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Principal Financial Group Inc.                 | Principal Financial Group Inc. COM USD0.01                     | CUSIP: 74251V102<br>LEI: CUMYEZJOAF02RYZ1JJ85 | Long             | EC               | CORP              | US        |      1189 | NS      | $92611.21     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| News Corporation                               | News Corporation COM USD0.01 CL'A'                             | CUSIP: 65249B109<br>LEI: 549300ITS31QK8VRBQ14 | Long             | EC               | CORP              | US        |      2235 | NS      | $63116.40     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| News Corporation                               | News Corporation COM USD0.01 CL'B'                             | CUSIP: 65249B208<br>LEI: 549300ITS31QK8VRBQ14 | Long             | EC               | CORP              | US        |       632 | NS      | $20679.04     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Leidos Holdings Inc                            | Leidos Holdings Inc COM USD0.0001                              | CUSIP: 525327102<br>LEI: 549300IUTGTP6EJP8124 | Long             | EC               | CORP              | US        |       746 | NS      | $110795.92    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Intercontinental Exchange Inc                  | Intercontinental Exchange Inc COM USD0.01                      | CUSIP: 45866F104<br>LEI: 5493000F4ZO33MV32P92 | Long             | EC               | CORP              | US        |      3155 | NS      | $567269.00    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Paycom Software Inc                            | Paycom Software Inc COM USD0.01                                | CUSIP: 70432V102<br>LEI: 254900LSB0HNJUDC6Q18 | Long             | EC               | CORP              | US        |       272 | NS      | $70472.48     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Iron Mountain Inc.                             | Iron Mountain Inc. COM USD0.01                                 | CUSIP: 46284V101<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | EC               | CORP              | US        |      1661 | NS      | $163957.31    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Equinix, Inc.                                  | Equinix, Inc. COM USD0.001                                     | CUSIP: 29444U700<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | EC               | CORP              | US        |       536 | NS      | $476407.52    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Eversource Energy                              | Eversource Energy COM USD5                                     | CUSIP: 30040W108<br>LEI: SJ7XXD41SQU3ZNWUJ746 | Long             | EC               | CORP              | US        |      2050 | NS      | $132860.50    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Godaddy Inc                                    | Godaddy Inc COM USD0.001 CLASS A                               | CUSIP: 380237107<br>LEI: 549300J8H1TB0I2CB447 | Long             | EC               | CORP              | US        |       793 | NS      | $144444.95    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Paypal Holdings Inc.                           | Paypal Holdings Inc. COM USD0.0001                             | CUSIP: 70450Y103<br>LEI: 5493005X2GO78EFZ3E94 | Long             | EC               | CORP              | US        |      5498 | NS      | $386399.44    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Keysight Technologies, Inc.                    | Keysight Technologies, Inc. COM USD0.01 WD                     | CUSIP: 49338L103<br>LEI: 549300GLKVIO8YRCYN02 | Long             | EC               | CORP              | US        |       981 | NS      | $154056.24    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| HP Inc                                         | HP Inc COM USD0.01                                             | CUSIP: 40434L105<br>LEI: WHKXQACZ14C5XRO8LW03 | Long             | EC               | CORP              | US        |      5146 | NS      | $128135.40    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Hubbell Incorporated                           | Hubbell Incorporated COM USD0.001                              | CUSIP: 443510607<br>LEI: 54930088VDQ6840Y6597 | Long             | EC               | CORP              | US        |       300 | NS      | $116874.00    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| The Kraft Heinz Co.                            | The Kraft Heinz Co. COM USD0.01                                | CUSIP: 500754106<br>LEI: 9845007488EC87F5AF14 | Long             | EC               | CORP              | US        |      4826 | NS      | $128998.98    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Monster Beverage Corp                          | Monster Beverage Corp COM USD0.005                             | CUSIP: 61174X109<br>LEI: 52990090AP0E7HCB6F33 | Long             | EC               | CORP              | US        |      3919 | NS      | $250620.05    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Hewlett Packard Enterprise Co.                 | Hewlett Packard Enterprise Co. COM USD0.01                     | CUSIP: 42824C109<br>LEI: 549300BX44RGX6ANDV88 | Long             | EC               | CORP              | US        |      7267 | NS      | $125573.76    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc.                                  | Alphabet Inc. CAP USD0.001 CL C                                | CUSIP: 02079K107<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |     25962 | NS      | $4487531.70   | 1.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc.                                  | Alphabet Inc. CAP STK USD0.001 CL A                            | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |     32033 | NS      | $5501347.42   | 1.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Fortive Corporation                            | Fortive Corporation COM USD0.01                                | CUSIP: 34959J108<br>LEI: 549300MU9YQJYHDQEF63 | Long             | EC               | CORP              | US        |      1941 | NS      | $136238.79    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Lamb Weston Holdings Inc                       | Lamb Weston Holdings Inc COM USD1.00                           | CUSIP: 513272104<br>LEI: 5493005SMYID1D2OY946 | Long             | EC               | CORP              | US        |       806 | NS      | $44958.68     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Hilton Worldwide Holdings Inc                  | Hilton Worldwide Holdings Inc COM USD0.01                      | CUSIP: 43300A203<br>LEI: 549300HVGPK36ICB0B89 | Long             | EC               | CORP              | US        |      1337 | NS      | $332164.28    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Invitation Homes Inc.                          | Invitation Homes Inc. COM USD0.01                              | CUSIP: 46187W107<br>LEI: 984500FE452E665C9F85 | Long             | EC               | CORP              | US        |      3188 | NS      | $107435.60    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| IQVIA Holdings Inc.                            | IQVIA Holdings Inc. COM USD0.01                                | CUSIP: 46266C105<br>LEI: 549300W3R20NM4KQPH86 | Long             | EC               | CORP              | US        |       925 | NS      | $129805.25    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Evergy Inc                                     | Evergy Inc COM NPV                                             | CUSIP: 30034W106<br>LEI: 549300PGTHDQY6PSUI61 | Long             | EC               | CORP              | US        |      1272 | NS      | $84473.52     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| KKR & Co Inc.                                  | KKR & Co Inc. COM USD0.01                                      | CUSIP: 48251W104<br>LEI: 54930013V5I303TF9571 | Long             | EC               | CORP              | US        |      3735 | NS      | $453653.10    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Keurig Dr Pepper Inc                           | Keurig Dr Pepper Inc COM USD0.01                               | CUSIP: 49271V100<br>LEI: DYTQ8KRTKO7Y2BVU5K74 | Long             | EC               | CORP              | US        |      6378 | NS      | $214747.26    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Moderna Inc                                    | Moderna Inc COM USD0.0001                                      | CUSIP: 60770K107<br>LEI: 549300EI6OKH5K5Q2G38 | Long             | EC               | CORP              | US        |      1873 | NS      | $49746.88     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| L3 Harris Technologies Inc                     | L3 Harris Technologies Inc COM USD1.00                         | CUSIP: 502431109<br>LEI: 549300UTE50ZMDBG8A20 | Long             | EC               | CORP              | US        |      1041 | NS      | $254357.94    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Dow Inc                                        | Dow Inc COM USD0.01                                            | CUSIP: 260557103<br>LEI: 5493003S21INSLK2IP73 | Long             | EC               | CORP              | US        |      3918 | NS      | $108685.33    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Fox Corporation                                | Fox Corporation COM USD0.01 CL B                               | CUSIP: 35137L204<br>LEI: 549300DDU6FDRBIELS05 | Long             | EC               | CORP              | US        |       739 | NS      | $37156.91     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Fox Corporation                                | Fox Corporation COM USD0.01 CL A                               | CUSIP: 35137L105<br>LEI: 549300DDU6FDRBIELS05 | Long             | EC               | CORP              | US        |      1250 | NS      | $68675.00     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Globe Life Inc                                 | Globe Life Inc COM USD1.00                                     | CUSIP: 37959E102<br>LEI: 5493001JFHKQOPP6XA71 | Long             | EC               | CORP              | US        |       464 | NS      | $56547.68     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Dupont De Nemours Inc                          | Dupont De Nemours Inc COM USD0.01                              | CUSIP: 26614N102<br>LEI: 5493004JF0SDFLM8GD76 | Long             | EC               | CORP              | US        |      2313 | NS      | $154508.40    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Gen Digital Inc                                | Gen Digital Inc COM                                            | CUSIP: 668771108<br>LEI: YF6ZV0M6AU4FY94MK914 | Long             | EC               | CORP              | US        |      3034 | NS      | $86408.32     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Healthpeak Properties Inc                      | Healthpeak Properties Inc COM                                  | CUSIP: 42250P103<br>LEI: 254900M6MTMZM0I22L81 | Long             | EC               | CORP              | US        |      3987 | NS      | $69413.67     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Howmet Aerospace Inc                           | Howmet Aerospace Inc COM                                       | CUSIP: 443201108<br>LEI: 549300HO5WFZUT5N2T22 | Long             | EC               | CORP              | US        |      2241 | NS      | $380723.49    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Otis Worldwide Corp.                           | Otis Worldwide Corp. COM                                       | CUSIP: 68902V107<br>LEI: 549300ZLBKR8VSU25153 | Long             | EC               | CORP              | US        |      2235 | NS      | $213107.26    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| RTX Corp.                                      | RTX Corp. COM                                                  | CUSIP: 75513E101<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | EC               | CORP              | US        |      7315 | NS      | $998351.20    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Ingersoll Rand Inc                             | Ingersoll Rand Inc COM                                         | CUSIP: 45687V106<br>LEI: 5299004C02FMZCUOIR50 | Long             | EC               | CORP              | US        |      2278 | NS      | $185975.92    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Palantir Technologies Inc                      | Palantir Technologies Inc CL A                                 | CUSIP: 69608A108<br>LEI: 549300UVN46B3BBDHO85 | Long             | EC               | CORP              | US        |     11257 | NS      | $1483447.46   | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Match Group Inc                                | Match Group Inc COM                                            | CUSIP: 57667L107<br>LEI: 15OMOPB0A8K0EFUVD031 | Long             | EC               | CORP              | US        |      1419 | NS      | $42484.86     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| DoorDash Inc                                   | DoorDash Inc CL A                                              | CUSIP: 25809K105<br>LEI: 549300NUQ43FGGSK5051 | Long             | EC               | CORP              | US        |      1885 | NS      | $393305.25    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Airbnb Inc                                     | Airbnb Inc COM CL A                                            | CUSIP: 009066101<br>LEI: 549300HMUDNO0RY56D37 | Long             | EC               | CORP              | US        |      2395 | NS      | $308955.00    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal Realty Investment Trust                | Federal Realty Investment Trust SH BEN INT NEW                 | CUSIP: 313745101<br>LEI: 549300FHEI1SLVZ0RB48 | Long             | EC               | CORP              | US        |       449 | NS      | $42870.52     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Jacobs Solutions Inc.                          | Jacobs Solutions Inc. COM                                      | CUSIP: 46982L108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       695 | NS      | $87778.50     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| GE Healthcare Technologies Inc.                | GE Healthcare Technologies Inc. COMMON STOCK                   | CUSIP: 36266G107<br>LEI: 549300OI9J7XOWZMUN85 | Long             | EC               | CORP              | US        |      2588 | NS      | $182557.52    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Kenvue Inc.                                    | Kenvue Inc. COM                                                | CUSIP: 49177J102<br>LEI: 5493008HSF8L4M2LIJ82 | Long             | EC               | CORP              | US        |     10198 | NS      | $243426.26    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| GE Vernova Inc.                                | GE Vernova Inc. COM                                            | CUSIP: 36828A101<br>LEI: 254900DP080RU6OK2553 | Long             | EC               | CORP              | US        |      1526 | NS      | $721767.53    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Labcorp Holdings Inc                           | Labcorp Holdings Inc COM SHS                                   | CUSIP: 504922105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       468 | NS      | $116517.96    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Lam Research Corporation                       | Lam Research Corporation COM NEW                               | CUSIP: 512807306<br>LEI: 549300I4GMO6D34U1T02 | Long             | EC               | CORP              | US        |      7049 | NS      | $569488.71    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Amgen Inc.                                     | Amgen Inc. COM USD0.0001                                       | CUSIP: 031162100<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | EC               | CORP              | US        |      2950 | NS      | $850131.00    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Coca-Cola Co (The)                             | Coca-Cola Co (The) COM USD0.25                                 | CUSIP: 191216100<br>LEI: UWJKFUJFZ02DKWI3RY53 | Long             | EC               | CORP              | US        |     21263 | NS      | $1533062.30   | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Chevron Corp.                                  | Chevron Corp. COM USD0.75                                      | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      9178 | NS      | $1254632.60   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Cardinal Health, Inc.                          | Cardinal Health, Inc. COM NPV                                  | CUSIP: 14149Y108<br>LEI: CCU46N3GJMF4OK4N7U60 | Long             | EC               | CORP              | US        |      1336 | NS      | $206331.84    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Avery Dennison Corporation                     | Avery Dennison Corporation COM USD1                            | CUSIP: 053611109<br>LEI: 549300PW7VPFCYKLIV37 | Long             | EC               | CORP              | US        |       463 | NS      | $82288.99     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Delta Air Lines Inc.                           | Delta Air Lines Inc. COM USD0.0001                             | CUSIP: 247361702<br>LEI: Q2CCMS6R0AS67HJMBN42 | Long             | EC               | CORP              | US        |      3624 | NS      | $175365.36    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of America Corp.                          | Bank of America Corp. COM USD0.01                              | CUSIP: 060505104<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EC               | CORP              | US        |     36363 | NS      | $1604699.19   | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadridge Financial Solutions Inc.            | Broadridge Financial Solutions Inc. COM USD0.01                | CUSIP: 11133T103<br>LEI: 549300KZDJZQ2YIHRC28 | Long             | EC               | CORP              | US        |       660 | NS      | $160267.80    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple Inc.                                     | Apple Inc. COM USD0.00001                                      | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |     82498 | NS      | $16569723.30  | 5.96%             |  |  |  | No            |                  1 | On Loan: No      |
| The Cigna Group                                | The Cigna Group COM USD0.01                                    | CUSIP: 125523100<br>LEI: 549300VIWYMSIGT1U456 | Long             | EC               | CORP              | US        |      1503 | NS      | $475909.92    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Crowdstrike Holdings Inc                       | Crowdstrike Holdings Inc COM USD0.0005 CL A                    | CUSIP: 22788C105<br>LEI: 549300YBY08K9KM4HX32 | Long             | EC               | CORP              | US        |      1302 | NS      | $613723.74    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Walt Disney Company                            | Walt Disney Company COM DISNEY USD0.01                         | CUSIP: 254687106<br>LEI: 549300GZKULIZ0WOW665 | Long             | EC               | CORP              | US        |      9928 | NS      | $1122261.12   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Caterpillar Inc                                | Caterpillar Inc COM USD1.00                                    | CUSIP: 149123101<br>LEI: WRJR7GS4GTRECRRTVX92 | Long             | EC               | CORP              | US        |      2624 | NS      | $913230.72    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| CME Group Inc.                                 | CME Group Inc. COM USD0.01                                     | CUSIP: 12572Q105<br>LEI: LCZ7XYGSLJUHFXXNXD88 | Long             | EC               | CORP              | US        |      1993 | NS      | $575977.00    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Crown Castle Inc.                              | Crown Castle Inc. COM USD0.01                                  | CUSIP: 22822V101<br>LEI: 54930012H97VSM0I2R19 | Long             | EC               | CORP              | US        |      2404 | NS      | $241241.40    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Costco Wholesale Corporation                   | Costco Wholesale Corporation COM USD0.01                       | CUSIP: 22160K105<br>LEI: 29DX7H14B9S6O3FD6V18 | Long             | EC               | CORP              | US        |      2437 | NS      | $2534918.66   | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Autodesk Inc                                   | Autodesk Inc COM USD0.01                                       | CUSIP: 052769106<br>LEI: FRKKVKAIQEF3FCSTPG55 | Long             | EC               | CORP              | US        |      1189 | NS      | $352086.68    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury Bills                   | B 0 06/20/25                                                   | CUSIP: 912797NV5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2100000 | PA      | $2095551.68   | 0.75%             | 2025-06-20      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Digital Realty Trust Inc.                      | Digital Realty Trust Inc. COM STK USD0.01                      | CUSIP: 253868103<br>LEI: 549300HKCZ31D08NEI41 | Long             | EC               | CORP              | US        |      1745 | NS      | $299302.40    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Diamondback Energy Inc                         | Diamondback Energy Inc COM USD0.01                             | CUSIP: 25278X109<br>LEI: 549300R22LSX6OHWEN64 | Long             | EC               | CORP              | US        |      1031 | NS      | $138721.05    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| DexCom Inc                                     | DexCom Inc COM USD0.001                                        | CUSIP: 252131107<br>LEI: 549300YSK3QDSFR5EU59 | Long             | EC               | CORP              | US        |      2186 | NS      | $187558.80    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Devon Energy Corporation                       | Devon Energy Corporation COM USD0.10                           | CUSIP: 25179M103<br>LEI: 54930042348RKR3ZPN35 | Long             | EC               | CORP              | US        |      3603 | NS      | $109026.78    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Dell Technologies Inc                          | Dell Technologies Inc COM USD0.01 CL C                         | CUSIP: 24703L202<br>LEI: 549300TJB5YBRUPOG437 | Long             | EC               | CORP              | US        |      1655 | NS      | $184151.85    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Deere & Company                                | Deere & Company COM USD1                                       | CUSIP: 244199105<br>LEI: PWFTNG3EI0Y73OXWDH08 | Long             | EC               | CORP              | US        |      1391 | NS      | $704207.66    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Deckers Outdoor Corp.                          | Deckers Outdoor Corp. COM USD0.01                              | CUSIP: 243537107<br>LEI: 5493008LG4W3I6K8J118 | Long             | EC               | CORP              | US        |       850 | NS      | $89692.00     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Davita Inc                                     | Davita Inc COM USD0.001                                        | CUSIP: 23918K108<br>LEI: M2XHYMU3TZNEZURC6H66 | Long             | EC               | CORP              | US        |       254 | NS      | $34610.04     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Darden Restaurants, Inc.                       | Darden Restaurants, Inc. COM NPV                               | CUSIP: 237194105<br>LEI: CY1NFSCCB5GUXC7WZC70 | Long             | EC               | CORP              | US        |       648 | NS      | $138808.08    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Danaher Corporation                            | Danaher Corporation COM USD0.01                                | CUSIP: 235851102<br>LEI: S4BKK9OTCEWQ3YHPFM11 | Long             | EC               | CORP              | US        |      3514 | NS      | $667308.60    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| DTE Energy Co.                                 | DTE Energy Co. COM NPV                                         | CUSIP: 233331107<br>LEI: 549300IX8SD6XXD71I78 | Long             | EC               | CORP              | US        |      1170 | NS      | $159880.50    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| D.R. Horton, Inc.                              | D.R. Horton, Inc. COM USD0.01                                  | CUSIP: 23331A109<br>LEI: 529900ZIUEYVSB8QDD25 | Long             | EC               | CORP              | US        |      1576 | NS      | $186062.56    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Cummins Inc.                                   | Cummins Inc. COM USD2.50                                       | CUSIP: 231021106<br>LEI: ZUNI8PYC725B6H8JU438 | Long             | EC               | CORP              | US        |       767 | NS      | $246575.16    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Costar Group Inc                               | Costar Group Inc COM USD0.01                                   | CUSIP: 22160N109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2358 | NS      | $173454.48    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Corteva Inc                                    | Corteva Inc COM USD0.01                                        | CUSIP: 22052L104<br>LEI: 549300WZN9I2QKLS0O94 | Long             | EC               | CORP              | US        |      3793 | NS      | $268544.40    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Corpay Inc                                     | Corpay Inc COM SHS                                             | CUSIP: 219948106<br>LEI: 549300DG6RR0NQSFLN74 | Long             | EC               | CORP              | US        |       392 | NS      | $127443.12    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Corning Incorporated                           | Corning Incorporated COM USD0.50                               | CUSIP: 219350105<br>LEI: 549300X2937PB0CJ7I56 | Long             | EC               | CORP              | US        |      4356 | NS      | $216014.04    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Copart Inc                                     | Copart Inc COM USD0.0001                                       | CUSIP: 217204106<br>LEI: 549300KVYX3JWMYEHU61 | Long             | EC               | CORP              | US        |      4851 | NS      | $249729.48    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| The Cooper Companies, Inc.                     | The Cooper Companies, Inc. COM                                 | CUSIP: 216648501<br>LEI: QJKMVPIGLH7530PCUE20 | Long             | EC               | CORP              | US        |      1104 | NS      | $75381.12     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Constellation Energy Corp.                     | Constellation Energy Corp. COM                                 | CUSIP: 21037T109<br>LEI: 549300F8Y20RYGNGV346 | Long             | EC               | CORP              | US        |      1730 | NS      | $529639.50    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Constellation Brands, Inc.                     | Constellation Brands, Inc. COM USD0.01 CLASS A                 | CUSIP: 21036P108<br>LEI: 5493005GKEG8QCVY7037 | Long             | EC               | CORP              | US        |       863 | NS      | $153864.27    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Consolidated Edison, Inc.                      | Consolidated Edison, Inc. COM USD0.10                          | CUSIP: 209115104<br>LEI: 54930033SBW53OO8T749 | Long             | EC               | CORP              | US        |      1938 | NS      | $202501.62    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| ConocoPhillips                                 | ConocoPhillips COM USD0.01                                     | CUSIP: 20825C104<br>LEI: WPTL2Z3FIYTHSP5V2253 | Long             | EC               | CORP              | US        |      7006 | NS      | $597962.10    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Conagra Brands Inc                             | Conagra Brands Inc COM USD5.00                                 | CUSIP: 205887102<br>LEI: 54930035UDEIH090K650 | Long             | EC               | CORP              | US        |      2697 | NS      | $61734.33     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Comcast Corporation                            | Comcast Corporation COM USD0.01 CL A                           | CUSIP: 20030N101<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | EC               | CORP              | US        |     20712 | NS      | $716013.84    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Colgate-Palmolive Co.                          | Colgate-Palmolive Co. COM USD1.00                              | CUSIP: 194162103<br>LEI: YMEGZFW4SBUSS5BQXF88 | Long             | EC               | CORP              | US        |      4490 | NS      | $417300.60    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Cognizant Technology Solutions Corp.           | Cognizant Technology Solutions Corp. COM CL A USD0.01          | CUSIP: 192446102<br>LEI: 5493006IEVQEFQO40L83 | Long             | EC               | CORP              | US        |      2736 | NS      | $221588.64    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| The Clorox Company                             | The Clorox Company COM USD1.00                                 | CUSIP: 189054109<br>LEI: 54930044KVSC06Z79I06 | Long             | EC               | CORP              | US        |       681 | NS      | $89810.28     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Citizens Financial Group Inc                   | Citizens Financial Group Inc COM USD0.01                       | CUSIP: 174610105<br>LEI: 2138004JDDA4ZQUPFW65 | Long             | EC               | CORP              | US        |      2491 | NS      | $100511.85    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Citigroup Inc.                                 | Citigroup Inc. COM USD0.01                                     | CUSIP: 172967424<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EC               | CORP              | US        |     10308 | NS      | $776398.56    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Cintas Corporation                             | Cintas Corporation COM NPV                                     | CUSIP: 172908105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1897 | NS      | $429670.50    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Cisco Systems, Inc.                            | Cisco Systems, Inc. COM USD0.001                               | CUSIP: 17275R102<br>LEI: 549300LKFJ962MZ46593 | Long             | EC               | CORP              | US        |     21872 | NS      | $1378810.88   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Cincinnati Financial Corporation               | Cincinnati Financial Corporation COM USD2.00                   | CUSIP: 172062101<br>LEI: 254900Q4WEDMZBOZ0002 | Long             | EC               | CORP              | US        |       874 | NS      | $131816.68    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Church & Dwight Co Inc.                        | Church & Dwight Co Inc. COM USD1.00                            | CUSIP: 171340102<br>LEI: POOXSI30AWAQGYJZC921 | Long             | EC               | CORP              | US        |      1371 | NS      | $134783.01    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Chipotle Mexican Grill Inc                     | Chipotle Mexican Grill Inc COM USD0.01                         | CUSIP: 169656105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      7533 | NS      | $377252.64    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Expand Energy Corp.                            | Expand Energy Corp. COM                                        | CUSIP: 165167735<br>LEI: X2MT1W32SPAZ9WSKLE78 | Long             | EC               | CORP              | US        |      1168 | NS      | $135639.84    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Charter Communications, Inc.                   | Charter Communications, Inc. COM USD0.001 CLASS A              | CUSIP: 16119P108<br>LEI: 0J0XRGZE3PBRFEZ7MV65 | Long             | EC               | CORP              | US        |       534 | NS      | $211608.18    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Charles River Laboratories International, Inc. | Charles River Laboratories International, Inc. COM STK USD0.01 | CUSIP: 159864107<br>LEI: 549300BSQ0R4UZ5KX287 | Long             | EC               | CORP              | US        |       286 | NS      | $38790.18     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Dayforce Inc                                   | Dayforce Inc COM USD0.01                                       | CUSIP: 15677J108<br>LEI: 549300T64GVCHFJ8L449 | Long             | EC               | CORP              | US        |       855 | NS      | $50513.40     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Centerpoint Energy Inc                         | Centerpoint Energy Inc COM STK USD0.01                         | CUSIP: 15189T107<br>LEI: 21TPXMRRHFKOBHDC8J74 | Long             | EC               | CORP              | US        |      3692 | NS      | $137490.08    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Centene Corp.                                  | Centene Corp. COM USD0.001                                     | CUSIP: 15135B101<br>LEI: 549300Z7JJ4TQSQGT333 | Long             | EC               | CORP              | US        |      2743 | NS      | $154814.92    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Carnival Corporation                           | Carnival Corporation UNITS (COMPR 1 COM & 1 TR                 | CUSIP: 143658300<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | EC               | CORP              | PA        |      5174 | NS      | $120140.28    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Carmax Inc                                     | Carmax Inc COM USD0.50                                         | CUSIP: 143130102<br>LEI: 529900F60CID3NCZM330 | Long             | EC               | CORP              | US        |       881 | NS      | $56789.26     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| The Campbells Co.                              | The Campbells Co. CAP USD0.0375                                | CUSIP: 134429109<br>LEI: 5493007JDSMX8Z5Z1902 | Long             | EC               | CORP              | US        |      1162 | NS      | $39554.48     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Camden Property Trust                          | Camden Property Trust SBI USD0.01                              | CUSIP: 133131102<br>LEI: 5493002MYX22OHYJBD89 | Long             | EC               | CORP              | US        |       597 | NS      | $70141.53     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Caesars Entertainment Inc.                     | Caesars Entertainment Inc. COM                                 | CUSIP: 12769G100<br>LEI: 549300FA4CTCW903Y781 | Long             | EC               | CORP              | US        |       945 | NS      | $25401.60     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Cadence Design Systems, Inc.                   | Cadence Design Systems, Inc. COM USD0.01                       | CUSIP: 127387108<br>LEI: GCT7RXJOGLXPV0NXZY22 | Long             | EC               | CORP              | US        |      1517 | NS      | $435485.19    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Coterra Energy Inc                             | Coterra Energy Inc COM USD0.10                                 | CUSIP: 127097103<br>LEI: FCNMH6O7VWU7LHXMK351 | Long             | EC               | CORP              | US        |      4122 | NS      | $100205.82    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| CVS Health Corp                                | CVS Health Corp COM USD0.01                                    | CUSIP: 126650100<br>LEI: 549300EJG376EN5NQE29 | Long             | EC               | CORP              | US        |      6976 | NS      | $446743.04    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| CSX Corporation                                | CSX Corporation COM USD1                                       | CUSIP: 126408103<br>LEI: 549300JVQR4N1MMP3Q88 | Long             | EC               | CORP              | US        |     10590 | NS      | $334538.10    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| CMS Energy Corporation                         | CMS Energy Corporation COM USD0.01                             | CUSIP: 125896100<br>LEI: 549300IA9XFBAGNIBW29 | Long             | EC               | CORP              | US        |      1687 | NS      | $118478.01    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| C.H. Robinson Worldwide Inc                    | C.H. Robinson Worldwide Inc COM USD0.10                        | CUSIP: 12541W209<br>LEI: 529900WNWN5L0OVDHA79 | Long             | EC               | CORP              | US        |       690 | NS      | $66219.30     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| CF Industries Holdings, Inc.                   | CF Industries Holdings, Inc. COM USD0.01                       | CUSIP: 125269100<br>LEI: 529900CG8YAQFZ2JMV97 | Long             | EC               | CORP              | US        |       983 | NS      | $89167.93     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| CDW Corp                                       | CDW Corp COM USD0.01                                           | CUSIP: 12514G108<br>LEI: 9845001B052ABF0B6755 | Long             | EC               | CORP              | US        |       745 | NS      | $134368.20    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| CBRE Group Inc.                                | CBRE Group Inc. COM USD0.01 CLASS A                            | CUSIP: 12504L109<br>LEI: 52990016II9MJ2OSWA10 | Long             | EC               | CORP              | US        |      1642 | NS      | $205282.84    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Cboe Global Markets Inc                        | Cboe Global Markets Inc COM USD0.01                            | CUSIP: 12503M108<br>LEI: 529900RLNSGA90UPEH54 | Long             | EC               | CORP              | US        |       585 | NS      | $134035.20    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Builders Firstsource, Inc.                     | Builders Firstsource, Inc. COM USD0.01                         | CUSIP: 12008R107<br>LEI: 549300W0SKP6L3H7DP63 | Long             | EC               | CORP              | US        |       670 | NS      | $72145.60     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Brown-Forman Corp.                             | Brown-Forman Corp. COM USD0.15 CLASS B                         | CUSIP: 115637209<br>LEI: 549300873K3LXF7ARU34 | Long             | EC               | CORP              | US        |      1007 | NS      | $33573.38     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Brown & Brown Inc                              | Brown & Brown Inc COM USD0.10                                  | CUSIP: 115236101<br>LEI: 549300PC8KTJ71XKFY89 | Long             | EC               | CORP              | US        |      1313 | NS      | $148237.70    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadcom Inc                                   | Broadcom Inc COM USD0.001                                      | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |     25742 | NS      | $6231365.94   | 2.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Bristol-Myers Squibb Company                   | Bristol-Myers Squibb Company COM USD0.10                       | CUSIP: 110122108<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | EC               | CORP              | US        |     11228 | NS      | $542087.84    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Boston Scientific Corporation                  | Boston Scientific Corporation COM USD0.01                      | CUSIP: 101137107<br>LEI: Y6ZDD9FP4P8JSSJMW954 | Long             | EC               | CORP              | US        |      8094 | NS      | $851974.44    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| BXP Inc                                        | BXP Inc COM USD0.01                                            | CUSIP: 101121101<br>LEI: 549300OF70FSEUQBT254 | Long             | EC               | CORP              | US        |       814 | NS      | $54806.62     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Booking Holdings Inc                           | Booking Holdings Inc COM USD0.008                              | CUSIP: 09857L108<br>LEI: FXM8FAOHMYDIPD38UZ17 | Long             | EC               | CORP              | US        |       181 | NS      | $998926.33    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Blackrock Inc.                                 | Blackrock Inc. COM                                             | CUSIP: 09290D101<br>LEI: 529900VBK42Y5HHRMD23 | Long             | EC               | CORP              | US        |       786 | NS      | $770193.54    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Blackstone Inc                                 | Blackstone Inc COM USD0.00001 CLASS A                          | CUSIP: 09260D107<br>LEI: 5299004LW4QWGZUB8Y96 | Long             | EC               | CORP              | US        |      4019 | NS      | $557676.44    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Bio-Techne Corp                                | Bio-Techne Corp COM USD0.01                                    | CUSIP: 09073M104<br>LEI: 54930073RLKQ51TILZ35 | Long             | EC               | CORP              | US        |       889 | NS      | $43027.60     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Biogen Inc                                     | Biogen Inc COM USD0.0005                                       | CUSIP: 09062X103<br>LEI: W8J5WZB5IY3K0NDQT671 | Long             | EC               | CORP              | US        |       815 | NS      | $105778.85    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Best Buy Co Inc.                               | Best Buy Co Inc. COM USD0.10                                   | CUSIP: 086516101<br>LEI: HL5XPTVRV0O8TUN5LL90 | Long             | EC               | CORP              | US        |      1135 | NS      | $75227.80     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Berkshire Hathaway Inc.                        | Berkshire Hathaway Inc. COM USD0.0033 CLASS'B'                 | CUSIP: 084670702<br>LEI: 5493000C01ZX7D35SD85 | Long             | EC               | CORP              | US        |     10066 | NS      | $5072861.36   | 1.82%             |  |  |  | No            |                  1 | On Loan: No      |
| W.R. Berkley Corporation                       | W.R. Berkley Corporation COM USD0.20                           | CUSIP: 084423102<br>LEI: SQOAGCLKBDWNVYV1OV80 | Long             | EC               | CORP              | US        |      1684 | NS      | $125777.96    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Becton, Dickinson and Company                  | Becton, Dickinson and Company COM USD1.00                      | CUSIP: 075887109<br>LEI: ICE2EP6D98PQUILVRZ91 | Long             | EC               | CORP              | US        |      1588 | NS      | $274072.92    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Baxter International, Inc.                     | Baxter International, Inc. COM USD1.00                         | CUSIP: 071813109<br>LEI: J5OIVXX3P24RJRW5CK77 | Long             | EC               | CORP              | US        |      2886 | NS      | $88023.01     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| The Bank of New York Mellon Corp.              | The Bank of New York Mellon Corp. COM USD0.01                  | CUSIP: 064058100<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | EC               | CORP              | US        |      3988 | NS      | $353376.68    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Ball Corporation                               | Ball Corporation COM NPV                                       | CUSIP: 058498106<br>LEI: 0BGI85ALH27ZJP15DY16 | Long             | EC               | CORP              | US        |      1686 | NS      | $90335.88     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Baker Hughes Company                           | Baker Hughes Company COM USD0.0001 CL A                        | CUSIP: 05722G100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5478 | NS      | $202959.90    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Axon Enterprise Inc                            | Axon Enterprise Inc COM USD0.00001                             | CUSIP: 05464C101<br>LEI: 549300QP2IEEGFE16681 | Long             | EC               | CORP              | US        |       405 | NS      | $303895.80    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| AvalonBay Communities, Inc.                    | AvalonBay Communities, Inc. COM USD0.01                        | CUSIP: 053484101<br>LEI: K9G90K85RBWD2LAGQX17 | Long             | EC               | CORP              | US        |       786 | NS      | $162521.22    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Autozone, Inc.                                 | Autozone, Inc. COM USD0.01                                     | CUSIP: 053332102<br>LEI: GA3JGKJ41LJKXDN23E90 | Long             | EC               | CORP              | US        |        93 | NS      | $347172.72    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Automatic Data Processing, Inc.                | Automatic Data Processing, Inc. COM USD0.10                    | CUSIP: 053015103<br>LEI: HGBOLILQXWER4SAL2I23 | Long             | EC               | CORP              | US        |      2251 | NS      | $732768.03    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Atmos Energy Corp.                             | Atmos Energy Corp. COM NPV                                     | CUSIP: 049560105<br>LEI: QVLWEGTD2S8GJMO8D383 | Long             | EC               | CORP              | US        |       820 | NS      | $126837.60    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Assurant Inc.                                  | Assurant Inc. COM USD0.01                                      | CUSIP: 04621X108<br>LEI: H3F39CAXWQRVWURFXL38 | Long             | EC               | CORP              | US        |       289 | NS      | $58661.22     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Arista Networks Inc                            | Arista Networks Inc COM SHS                                    | CUSIP: 040413205<br>LEI: 635400H1WKBLOQERUU95 | Long             | EC               | CORP              | US        |      5715 | NS      | $495147.60    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Archer-Daniels-Midland Co.                     | Archer-Daniels-Midland Co. COM NPV                             | CUSIP: 039483102<br>LEI: 549300LO13MQ9HYSTR83 | Long             | EC               | CORP              | US        |      2702 | NS      | $130425.54    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Applied Materials Inc.                         | Applied Materials Inc. COM USD0.01                             | CUSIP: 038222105<br>LEI: 41BNNE1AFPNAZELZ6K07 | Long             | EC               | CORP              | US        |      4463 | NS      | $699575.25    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Apollo Global Management Inc                   | Apollo Global Management Inc COM                               | CUSIP: 03769M106<br>LEI: 254900LMFT1CY9IYB476 | Long             | EC               | CORP              | US        |      2488 | NS      | $325156.72    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| APA Corp.                                      | APA Corp. COM                                                  | CUSIP: 03743Q108<br>LEI: 549300VCIWLRHYVSHC79 | Long             | EC               | CORP              | US        |      1815 | NS      | $30873.15     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Elevance Health Inc.                           | Elevance Health Inc. COM USD0.01                               | CUSIP: 036752103<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | EC               | CORP              | US        |      1283 | NS      | $492466.72    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Ansys Inc                                      | Ansys Inc COM USD0.01                                          | CUSIP: 03662Q105<br>LEI: 549300VJV8H15Z5FJ571 | Long             | EC               | CORP              | US        |       489 | NS      | $161770.98    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Analog Devices Inc.                            | Analog Devices Inc. COM USD0.16 2/3                            | CUSIP: 032654105<br>LEI: GYVOE5EZ4GDAVTU4CQ61 | Long             | EC               | CORP              | US        |      2744 | NS      | $587161.12    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Amphenol Corporation                           | Amphenol Corporation CL'A'COM USD0.001                         | CUSIP: 032095101<br>LEI: 549300D3L3G0R4U4VT04 | Long             | EC               | CORP              | US        |      6700 | NS      | $602531.00    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Ametek, Inc.                                   | Ametek, Inc. COM USD0.01                                       | CUSIP: 031100100<br>LEI: 549300WZDEF9KKE40E98 | Long             | EC               | CORP              | US        |      1279 | NS      | $228608.46    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Ameriprise Financial, Inc.                     | Ameriprise Financial, Inc. COM USD0.01                         | CUSIP: 03076C106<br>LEI: 6ZLKQF7QB6JAEKQS5388 | Long             | EC               | CORP              | US        |       532 | NS      | $270915.68    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Cencora Inc                                    | Cencora Inc COM USD0.01                                        | CUSIP: 03073E105<br>LEI: AI8GXW8LG5WK7E9UD086 | Long             | EC               | CORP              | US        |       952 | NS      | $277260.48    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| American Water Works Company, Inc.             | American Water Works Company, Inc. COM USD0.01                 | CUSIP: 030420103<br>LEI: 549300DXHIJQMD5WFW18 | Long             | EC               | CORP              | US        |      1101 | NS      | $157409.97    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| American Tower Corporation                     | American Tower Corporation COM USD0.01                         | CUSIP: 03027X100<br>LEI: 5493006ORUSIL88JOE18 | Long             | EC               | CORP              | US        |      2585 | NS      | $554870.25    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| American International Group Inc.              | American International Group Inc. COM USD2.50                  | CUSIP: 026874784<br>LEI: ODVCVCQG2BP6VHV36M30 | Long             | EC               | CORP              | US        |      3297 | NS      | $279058.08    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| American Express Company                       | American Express Company COM USD0.20                           | CUSIP: 025816109<br>LEI: R4PP93JZOLY261QX3811 | Long             | EC               | CORP              | US        |      3047 | NS      | $895970.35    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| American Electric Power Co, Inc.               | American Electric Power Co, Inc. COM USD6.50                   | CUSIP: 025537101<br>LEI: 1B4S6S7G0TW5EE83BO58 | Long             | EC               | CORP              | US        |      2950 | NS      | $305295.50    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Amentum Holdings, Inc.                         | Amentum Holdings, Inc. COM                                     | CUSIP: 023939101<br>LEI: 2549009FJIBLW40CU216 | Long             | EC               | CORP              | US        |        42 | NS      | $873.51       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| MOUNT VERNON LIQUID ASSETS PORTFOLIO           | MOUNT VERNON LIQUID ASSETS PORTFOLIO                           | CUSIP: 990VR1110<br>LEI: 549300HR54NVNP038048 | N/A              | STIV             | CORP              | US        |   7735533 | PA      | $7735533.25   | 2.78%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-07-25

**Name of Applicant:** SHELTON FUNDS

**Signature:** /s/ Gregory Pusch

**Name of Signer:** Gregory Pusch

**Title:** General Counsel and CCO