Table of Contents

Management Discussion of Fund Performance		1
Schedules of Investments/Consolidated Schedule of Investments
KFA Large Cap Quality Dividend Index ETF		10
KFA Small Cap Quality Dividend Index ETF		15
KFA Value Line^® Dynamic Core Equity Index ETF		17
KFA Mount Lucas Index Strategy ETF		20
Statements of Assets and Liabilities/Consolidated Statement of Assets and Liabilities		22
Statements of Operations/Consolidated Statement of Operations		24
Statements of Changes in Net Assets/Consolidated Statements of Changes in Net Assets		26
Financial Highlights/Consolidated Financial Highlights		30
Notes to Financial Statements/Consolidated Notes to Financial Statements		32
Report of Independent Registered Public Accounting Firm		47
Trustees and Officers of the Trust		49
Disclosure of Fund Expenses		52
Notice to the Shareholders		54
Supplemental Information		55

The Funds file their complete schedules of Fund holdings with the Securities and Exchange Commission (the “Commission”) for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds’ Form N-PORT reports are available on the Commission’s website at http://www.sec.gov.

A description of the policies and procedures that KraneShares Trust uses to determine how to vote proxies relating to Fund securities, as well as information relating to how the Funds voted proxies relating to Fund securities during the most recent 12-month year ended June 30, are available (i) without charge, upon request, by calling 855-857-2638; and (ii) on the Commission’s website at http://www.sec.gov.

Fund shares may only be purchased or redeemed from a Fund in Creation Unit aggregations. Investors who cannot transact in Creation Units of a Fund’s shares must buy or sell Fund shares in the secondary market at their market price, which may be at a premium or discount to a Fund’s net asset value, with the assistance of a broker. In doing so, the investor may incur brokerage commissions and may pay more than net asset value when buying Fund shares and receive less than net asset value when selling Fund shares.

Dear Shareholders:

We are pleased to provide you with the Annual Report for the four exchange-traded funds (“ETFs”) that are the subject of this report (“KFA Funds”), for the 12-month period ended March 31, 2022. Despite recent market volatility, we are encouraged by the long-term prospects for our high-conviction investment strategies. Thank you for investing with us.

For the period, the KFA Funds delivered the following returns*:

Fund	Return*	Underlying Index Return		Morningstar Peer Group Median
KFA Large Cap Quality Dividend Index ETF (KLCD)	13.82%	14.27	%(a)	13.98	%(1)
KFA Small Cap Quality Dividend Index ETF (KSCD)	0.97%	1.30	%(b)	2.22	%(2)
KFA Value Line^® Dynamic Core Equity Index ETF (KVLE)	12.62%	13.33	%(c)	13.98	%(1)
KFA Mount Lucas Index Strategy ETF (KMLM)	22.21%	26.11	%(d)	N/A

We believe that investing in diversifying stock, bond, and managed futures strategies is an important way to help manage portfolio risk.

Jonathan Krane, CEO

March 31, 2022

* Returns based on change in net asset value as of March 31, 2022.

	Morningstar Peer Group Median Return	Morningstar Peer Group Name
(1)	13.98%	U.S. ETF Large Blend
(2)	2.22%	U.S. ETF Small Blend

(a) The underlying index for KFA Large Cap Quality Dividend Index ETF.

(b) The underlying index for KFA Small Cap Quality Dividend Index ETF.

(d) The underlying index for KFA Mount Lucas Index Strategy ETF.

The Morningstar Fund Large Blend Category portfolios are fairly representative of the overall U.S. stock market in size, growth rates, and price. Stocks in the top 70% of the capitalization of the U.S. equity market are defined as large cap. The blend style is assigned to portfolios where neither growth nor value characteristics predominate. These portfolios tend to invest across the spectrum of U.S. industries, and owing to their broad exposure, the portfolios’ returns are often similar to those of the S&P 500 Index.

The Morningstar Fund Small Blend Category portfolios invest in stocks of small companies where neither growth nor value characteristics predominate. Stocks in the bottom 10% of the capitalization of the U.S. equity market are defined as small cap.

The KFA Large Cap Quality Dividend Index ETF (the “Fund”) seeks to track the performance of the Russell 1000 Dividend Select Equal Weight Index (the “Underlying Index”). The Underlying Index is designed to measure the equity market performance of large cap companies that have increased their dividend payments over a period of ten years (subject to certain exceptions).

U.S. Large Cap Dividend Review:

Global equity markets followed an upward trend in the second half of 2021, as the world continued to recover from COVID-19. Equity markets in the U.S. and Europe were largely up for the period whereas China has experienced a bear market while remaining above pre-pandemic levels. However, a global equity and bond selloff occurred in the first quarter of 2022 as investors assessed the impact of the war in Ukraine, inflation, rising rates in the U.S., and supply chain disruptions, among other risks. Meanwhile, the yield on the 10-Year U.S. Treasury bond increased by nearly 0.66% in the first three months of 2022 from 1.67% to 2.33% along with rising inflation in the United States. Interest rates in China did not follow the U.S. and fell by 0.10% during the same three-month period.

Given U.S. Federal Reserve rate hikes and surging inflation in the U.S., we have seen an increase in interest in dividend-paying equity strategies. Investors are looking to diversify beyond growth equities and investment grade bonds, both of which saw steep declines in the first quarter of 2022.

We see two potential catalysts for the U.S. dividend-paying equity market in the year to come:

• A continuation of the rotation into dividend stocks to hedge against inflation in 2022.

• A strong U.S. economy and dollar that is drawing in investors from other countries and asset classes.

• The potential for a prolonged period of market volatility, leading investors to seek a defensive return stream through investing in dividend paying U.S. equities.

For the one-year period ending on March 31, 2022 (the “reporting period”), the NAV of the Fund increased by 13.82%, while the Underlying Index increased by 14.27%.

At the end of the reporting period, the Fund held 21.33% of the portfolio in the Financials sector, 16.56% in the Industrials sector, 9.52% in the Consumer Staples sector, and 8.85% in the Information Technology sector.

Growth of a $10,000 Investment‡

(at Net Asset Value)‡

AVERAGE TOTAL RETURN FOR THE PERIOD ENDED MARCH 31, 2022*

One Year
Return

Annualized
Inception to Date

Net Asset
Value

Market
Price^

Net Asset
Value

Market
Price^

KFA Large Cap Quality Dividend Index ETF

13.82

13.53

%‡

13.84

%‡

13.91

%‡

Russell 1000 Dividend Select Equal Weight Index

N/A

14.27

%‡

N/A

14.32

%‡

Russell 1000 Index

N/A

13.27

%‡

N/A

19.22

%‡

* The Fund commenced operations on June 11, 2019.

‡ Unaudited.

^ Beginning December 23, 2020, market price returns are based on the official closing price of an ETF share or, if it more accurately reflects the market value of an ETF share at the time as of which the ETF calculates current NAV per share, the midpoint between the national best bid and national best offer (“NBBO”) as of that time. Prior to that date, market price returns were based on the midpoint between the Bid and Ask price. NAVs are calculated using prices as of 4:00 PM Eastern Time.

The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, may be worth less than its original cost. Current performance may be lower or higher than the performance data quoted. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. For performance data current to the most recent month end, please call (855-857-2638) or visit www.kraneshares.com. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike a Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. As stated in the Fund’s prospectus, the Fund’s operating expense ratio is 0.41%. Please note that one cannot invest directly in an unmanaged index. There are no assurances that the Fund will meet its stated objectives. The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities. For further information on the Fund’s objectives, risks, and strategies, see the Fund’s prospectus. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

The KFA Small Cap Quality Dividend Index ETF (the “Fund”) seeks to track the performance of the Russell 2000 Dividend Select Equal Weight Index (the “Underlying Index”). The Underlying Index is designed to measure the equity market performance of small cap companies that have increased their dividend payments over a period of ten years (subject to certain exceptions).

U.S. Small Cap Dividend Review:

Global equity markets followed an upward trend in the second half of 2021, as the world continued to recover from COVID-19. Equity markets in the US and Europe were largely up for the period whereas China has experienced a bear market while remaining above pre-pandemic levels. However, a global equity and bond selloff occurred in the first quarter of 2022 as investors assessed the impact of the war in Ukraine, inflation, rising rates in the US, and supply chain disruptions, among other risks. Meanwhile, the yield on the 10-Year US Treasury bond slightly increased by nearly 0.66% in the first three months of 2022 from 1.67% to 2.33% along with rising inflation in the United States. Interest rates in China did not follow the U.S. and fell by 0.10% during the same three-month period.

We see two potential catalysts for the U.S. dividend-paying equity market in the year to come:

• A continuation of the rotation into dividend stocks to hedge against inflation in 2022.

• A strong U.S. economy and dollar that is drawing in investors from other countries and asset classes.

• The potential for a prolonged period of market volatility, leading investors to seek a defensive return stream through investing in dividend paying U.S. equities.

For the one-year period ending on March 31, 2022 (the “reporting period”), the NAV of the Fund increased by 0.97%, while the Underlying Index increased by 1.30%.

At the end of the reporting period, the Fund held 27.82% of the portfolio in the Financials sector, 19.47% in the Industrials sector, and 17.55% in the Utilities sector, and 12.77% in the Materials sector.

Growth of a $10,000 Investment‡

(at Net Asset Value)‡

AVERAGE TOTAL RETURN FOR THE PERIOD ENDED MARCH 31, 2022*

One Year
Return

Annualized
Inception to Date

Net Asset
Value

Market
Price^

Net Asset
Value

Market
Price^

KFA Small Cap Quality Dividend Index ETF

0.97

0.34

%‡

6.08

%‡

6.11

%‡

Russell 2000 Dividend Select Equal Weight Index

N/A

1.30

%‡

N/A

6.63

%‡

Russell 2000 Index

N/A

-5.79

%‡

N/A

13.06

%‡

* The Fund commenced operations on June 11, 2019.

‡ Unaudited.

The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, may be worth less than its original cost. Current performance may be lower or higher than the performance data quoted. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. For performance data current to the most recent month end, please call (855-857-2638) or visit www.kraneshares.com. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike a Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. As stated in the Fund’s prospectus, the Fund’s operating expense ratio is 0.51%. Please note that one cannot invest directly in an unmanaged index. There are no assurances that the Fund will meet its stated objectives. The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities. For further information on the Fund’s objectives, risks, and strategies, see the Fund’s prospectus. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

The KFA Value Line^® Dynamic Core Equity Index ETF (the “Fund”) seeks to track the performance of the 3D/L Value Line^® Dynamic Core Equity Index (the “Underlying Index”). The Underlying Index seeks to capture quality U.S. large cap companies based on a three-factor process which selects stocks that have high dividend yields that are among the highest rated by Value Line^®’s Safety™ and Timeliness™ Ranking Systems. Careful quantitative modelling, that incorporates a unique set of risk management tools, adjusts the beta of the overall portfolio based on the market environment. The Underlying index is rebalanced monthly.

U.S. Large Cap Dividend Review:

Global equity markets followed an upward trend in the second half of 2021, as the world continued to recover from COVID-19. Equity markets in the US and Europe were largely up for the period whereas China has experienced a bear market while remaining above pre-pandemic levels. However, a global equity and bond selloff occurred in the first quarter of 2022 as investors assessed the impact of the war in Ukraine, inflation, rising rates in the U.S., and supply chain disruptions, among other risks. Meanwhile, the yield on the 10-Year U.S. Treasury bond slightly increased by nearly 0.66% in the first three months of 2022 from 1.67% to 2.33% along with rising inflation in the United States. Interest rates in China did not follow the U.S. and fell by 0.10% during the same three-month period.

The first quarter of 2022 was challenging for the equity markets. The S&P 500 gave up -4.60% on a total return basis, its first down quarter since the pandemic-driven first quarter of 2020. Of course, Q1 2020 was just two years ago, but it is worth reminding ourselves how comparatively rare S&P 500 down quarters have been recently. Indeed, Q1 2022 was only the fourth red quarter for the S&P in the 25 quarters since September 2015.

We believe the Fund can help investors position themselves for rocky markets. Steady companies with strong balance sheets that pay healthy dividends should do well compared to the S&P 500 or overall market in most times of difficulty. This is even more so in an environment characterized by reluctant equity investors, who increase U.S. equity allocations for lack of alternatives and naturally favor the less risky stocks.

We see two potential catalysts for the U.S. dividend-paying equity market in the year to come:

• A continuation of the rotation into dividend stocks to hedge against inflation in 2022.

• A strong U.S. economy and dollar that is drawing in investors from other countries and asset classes.

• The potential for a prolonged period of market volatility, leading investors to seek a defensive return stream through investing in dividend paying U.S. equities.

For the one-year period ending on March 31, 2022 (the “reporting period”), the NAV of the Fund increased by 12.62% while the Underlying Index increased by 13.33%.

At the end of the reporting period, the Fund held 24.67% of the portfolio in the Information Technology sector, 20.82% in the Utilities sector, 16.79% in the Industrials sector, and 9.19% in the Financials sector.

Growth of a $10,000 Investment‡

(at Net Asset Value)‡

AVERAGE TOTAL RETURN FOR THE PERIOD ENDED MARCH 31, 2022*

One Year Return

Annualized
Inception to Date

Net Asset
Value

Market
Price^

Net Asset
Value

Market
Price^

KFA Value Line^® Dynamic Core Equity Index ETF

12.62

12.81

%‡

21.42

%‡

21.57

%‡

3D/L Value Line^® Dynamic Core Equity Index

N/A

13.33

%‡

N/A

21.96

%‡

S&P 500 Index

N/A

15.65

%‡

N/A

20.83

%‡

* The Fund commenced operations on November 23, 2020.

‡ Unaudited

The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, may be worth less than its original cost. Current performance may be lower or higher than the performance data quoted. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. For performance data current to the most recent month end, please call (855-857-2638) or visit www.kraneshares.com. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike a Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. As stated in the Fund’s prospectus, the Fund’s operating expense ratio is 0.55%. Please note that one cannot invest directly in an unmanaged index. There are no assurances that the Fund will meet its stated objectives. The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities. For further information on the Fund’s objectives, risks, and strategies, see the Fund’s prospectus. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

The KFA Mount Lucas Index Strategy ETF (the “Fund”) seeks to track the performance of the KFA MLM Index (the “Index”) which consists of a portfolio of twenty-two liquid futures contracts traded on U.S. and foreign exchanges. The Index includes futures contracts on 11 commodities, 6 currencies, and 5 global bond markets. These three baskets are weighted by their relative historical volatility, and within each basket, the constituent markets are equal dollar weighted.

Managed Futures Review:

Global commodity prices have rebounded from pandemic lows and are reaching record highs as global energy demand is soaring. Increased activity in commodity markets driven by supply chain issues, geopolitical tensions, and the reopening of economies globally benefitted trend-following commodities futures trading strategies. West Texas Intermediate (WTI)1 crude has led the commodity rebound with a 17.94% rise year to date. Gold is on the rise as well with a 8.69% gain over the last year.

We see two potential catalysts for the commodities futures market in the year to come:

• Going into 2022, we expect the disruptions we have seen in supply chains to improve. This should mean that prices edge lower from current levels. But importantly, we still expect them to remain above long-term averages.

• Central banks are set to tighten monetary policy over the course of 2022. Forecasts predict a stronger U.S. dollar in the year to come.

For the one-year period ending on March 31, 2022 (the “reporting period”), the NAV of the Fund increased by 22.21%, while the Underlying Index increased by 26.11%.

At the end of the reporting period, the Fund’s largest exposure in each of its three respective asset classes (fixed income, currencies, commodities) were the Canada 10-Year Bond (short) at 25.14% of NAV, the Euro (short) at 16.40% of NAV, and Natural Gas at 8.86% of NAV.

1 WTI — West Texas Intermediate, which is the type of oil the futures contract is based on.

Growth of a $10,000 Investment‡

(at Net Asset Value)‡

AVERAGE TOTAL RETURN FOR THE PERIOD ENDED MARCH 31, 2022*

One Year Return

Annualized
Inception to Date

Net Asset
Value

Market
Price^

Net Asset
Value

Market
Price^

KFA Mount Lucas Index Strategy ETF

22.21

22.24

%‡

25.07

%‡

25.27

%‡

KFA MLM Index

N/A

26.11

%‡

N/A

28.32

%‡

* The Fund commenced operations on December 1, 2020.

‡ Unaudited

The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, may be worth less than its original cost. Current performance may be lower or higher than the performance data quoted. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. For performance data current to the most recent month end, please call (855-857-2638) or visit www.kraneshares.com. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike a Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. As stated in the Fund’s prospectus, the Fund’s operating expense ratio is 0.90%. Please note that one cannot invest directly in an unmanaged index. There are no assurances that the Fund will meet its stated objectives. The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities. For further information on the Fund’s objectives, risks, and strategies, see the Fund’s prospectus. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

	Shares	Value
COMMON STOCK — 99.8%‡
UNITED STATES — 99.8%
Communication Services — 2.4%
Interpublic Group of Companies	11,650	$	412,992
Omnicom Group	4,969		421,769
Verizon Communications	7,173		365,393
			1,200,154
Consumer Discretionary — 6.9%
Churchill Downs	1,687		374,143
Genuine Parts	3,216		405,280
Home Depot	1,217		364,284
Lowe’s	1,774		358,685
McDonald’s	1,663		411,227
Polaris	3,225		339,657
Pool	837		353,926
Service International	6,398		421,116
Tractor Supply	1,787		417,032
			3,445,350
Consumer Staples — 9.5%
Altria Group	7,373		385,239
Archer-Daniels-Midland	4,768		430,360
Church & Dwight	3,944		391,955
Coca-Cola	6,286		389,732
Costco Wholesale	740		426,129
Flowers Foods	14,599		375,340
Hershey	1,864		403,798
J M Smucker	2,983		403,928

	Shares	Value
COMMON STOCK (continued)
Consumer Staples (continued)
Kroger	6,693	$	383,978
McCormick	3,874		386,625
PepsiCo	2,362		395,352
Procter & Gamble	2,549		389,487
			4,761,923
Energy — 1.7%
Marathon Petroleum	4,994		426,987
ONEOK	5,749		406,052
			833,039
Financials — 21.3%
Aflac	6,590		424,330
American Express	2,234		417,758
American Financial Group	2,877		418,948
Ameriprise Financial	1,398		419,903
Aon, Cl A	1,328		432,437
Arthur J Gallagher	2,440		426,024
Assurant	2,335		424,573
Assured Guaranty	6,577		418,692
BOK Financial	3,967		372,700
Brown & Brown	5,637		407,386
Chubb	1,919		410,474
Cincinnati Financial	3,261		443,365
CME Group, Cl A	1,588		377,722
Comerica	4,384		396,445
Cullen/Frost Bankers	2,927		405,126
FactSet Research Systems	933		405,062
First American Financial	5,989		388,207
First Horizon	16,638		390,827
Hanover Insurance Group	2,761		412,825
Marsh & McLennan	2,492		424,687
Morningstar	1,447		395,277
Old Republic International	14,903		385,540
People’s United Financial	19,560		391,004
Raymond James Financial	3,913		430,078
Travelers	2,290		418,452
W R Berkley	6,531		434,899
			10,672,741
Health Care — 8.1%
AmerisourceBergen, Cl A	2,683		415,087
Anthem	821		403,292
Becton Dickinson	1,439		382,774
Bristol-Myers Squibb	5,680		414,810

	Shares	Value
COMMON STOCK (continued)
Health Care (continued)
Humana	889	$	386,866
Merck	5,033		412,958
Pfizer	8,089		418,767
STERIS	1,604		387,799
UnitedHealth Group	791		403,386
West Pharmaceutical Services	983		403,728
			4,029,467
Industrials — 17.4%
A O Smith	5,767		368,454
Carlisle	1,726		424,458
CH Robinson Worldwide	3,732		401,974
Dover	2,583		405,273
Eaton	2,617		397,156
General Dynamics	1,610		388,300
HEICO	2,625		403,042
JB Hunt Transport Services	1,935		388,529
L3Harris Technologies	1,502		373,202
Lockheed Martin	867		382,694
Nordson	1,717		389,896
Norfolk Southern	1,387		395,600
Northrop Grumman	845		377,901
PACCAR	4,543		400,102
Regal Rexnord	2,528		376,116
Republic Services, Cl A	3,035		402,137
Robert Half International	3,332		380,448
Roper Technologies	861		406,590
Union Pacific	1,499		409,542
United Parcel Service, Cl B	1,895		406,402
Waste Management	2,501		396,408
WW Grainger	807		416,242
			8,690,466
Information Technology — 8.0%
Amphenol, Cl A	5,126		386,244
Automatic Data Processing	1,880		427,775
Cisco Systems	6,983		389,372
Corning	10,107		373,049
Intuit	834		401,021
Jack Henry & Associates	2,134		420,505
Mastercard, Cl A	1,168		417,420
Microsoft	1,342		413,752

	Shares	Value
COMMON STOCK (continued)
Information Technology (continued)
Paychex	3,138	$	428,243
QUALCOMM	2,393		365,698
			4,023,079
Materials — 8.3%
Albemarle	2,183		482,771
Eastman Chemical	3,446		386,159
Nucor	2,880		428,112
Reliance Steel & Aluminum	2,095		384,118
Royal Gold	3,056		431,752
RPM International	4,855		395,391
Sherwin-Williams	1,516		378,424
Silgan Holdings	9,345		432,019
Steel Dynamics	5,080		423,824
Westlake	3,482		429,679
			4,172,249
Real Estate — 7.9%
Alexandria Real Estate Equities†	2,005		403,506
AvalonBay Communities†	1,594		395,902
Camden Property Trust†	2,298		381,928
CubeSmart†	7,699		400,579
Essex Property Trust†	1,166		402,830
Extra Space Storage†	1,970		405,032
Iron Mountain†	7,553		418,512
Mid-America Apartment Communities†	1,851		387,692
UDR†	6,796		389,886
WP Carey†	4,860		392,882
			3,978,749
Utilities — 8.3%
Alliant Energy	6,576		410,869
American Electric Power	4,138		412,848
Atmos Energy	3,414		407,939
CMS Energy	5,927		414,534
Consolidated Edison	4,452		421,515
Edison International	6,112		428,451
IDACORP	3,560		410,682
National Fuel Gas	6,060		416,322
Public Service Enterprise Group	5,885		411,950
Sempra Energy	2,592		435,767
			4,170,877

	Shares	Value
COMMON STOCK — 99.7%‡
UNITED STATES — 99.7%
Communication Services — 2.3%
Telephone and Data Systems	44,517	$	840,481

Consumer Staples — 10.9%
Andersons	16,522		830,396
J & J Snack Foods	4,850		752,235
SpartanNash	23,613		778,993
Tootsie Roll Industries	23,752		830,378
Universal	13,792		800,902
			3,992,904
Financials — 27.8%
Associated Banc-Corp	34,227		779,007
Atlantic Union Bankshares	20,657		757,905
BancFirst	10,272		854,733
Cohen & Steers	10,008		859,587
Federal Agricultural Mortgage, Cl C	6,771		734,518
Fulton Financial	46,285		769,257
Independent Bank	9,596		783,897
Lakeland Bancorp	45,937		767,148
Lakeland Financial	10,197		744,381
Sandy Spring Bancorp	17,695		794,859
Southside Bancshares	19,346		789,897
Washington Trust Bancorp	15,069		791,123
WesBanco	22,844		784,920
			10,211,232
Health Care — 4.4%
Atrion	1,111		792,143
Ensign Group	9,204		828,452
			1,620,595

	Shares	Value
COMMON STOCK (continued)
Industrials — 19.4%
Apogee Enterprises	17,351	$	823,478
Applied Industrial Technologies	8,004		821,691
Franklin Electric	9,515		790,125
GATX	7,015		865,160
Hillenbrand	16,900		746,473
HNI	20,547		761,266
Matthews International, Cl A	23,449		758,810
McGrath RentCorp	9,868		838,583
Standex International	7,397		739,108
			7,144,694
Materials — 12.7%
Avient	16,006		768,288
Balchem	5,692		778,097
HB Fuller	12,034		795,086
Materion	9,635		826,105
Sensient Technologies	9,968		836,814
Worthington Industries	13,291		683,290
			4,687,680
Real Estate — 4.7%
Kennedy-Wilson Holdings	36,049		879,235
Terreno Realty†	11,297		836,543
			1,715,778
Utilities — 17.5%
Avista	17,049		769,762
Black Hills	10,996		846,912
Chesapeake Utilities	5,656		779,171
Middlesex Water	7,372		775,313
New Jersey Resources	17,643		809,108
Portland General Electric	14,919		822,783
South Jersey Industries	22,997		794,546
Southwest Gas Holdings	10,772		843,340
			6,440,935
TOTAL UNITED STATES			36,654,299
TOTAL COMMON STOCK (Cost $34,794,857)			36,654,299
TOTAL INVESTMENTS — 99.7% (Cost $34,794,857)			36,654,299
OTHER ASSETS LESS LIABILITIES — 0.3%			92,154
NET ASSETS — 100%		$	36,746,453

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

† Real Estate Investment Trust

Cl — Class

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

	Shares	Value
COMMON STOCK — 99.9%‡
UNITED STATES — 99.9%
Communication Services — 4.7%
Alphabet, Cl C*	136	$	379,847
AT&T	18,550		438,336
Verizon Communications	11,954		608,937
			1,427,120
Consumer Discretionary — 5.1%
Amazon.com*	78		254,276
Home Depot	2,276		681,275
Lowe’s	2,501		505,677
Pool	281		118,821
			1,560,049
Consumer Staples — 4.9%
Clorox	3,183		442,532
Coca-Cola	7,395		458,490
PepsiCo	3,621		606,083
			1,507,105
Financials — 9.2%
Aflac	6,431		414,092
Bank of New York Mellon	3,877		192,416
BlackRock, Cl A	448		342,348
Houlihan Lokey, Cl A	2,430		213,354
JPMorgan Chase	3,914		533,557
Morgan Stanley	6,713		586,716
T Rowe Price Group	463		70,001
US Bancorp	8,596		456,877
			2,809,361

	Shares	Value
COMMON STOCK (continued)
Health Care — 8.2%
Amgen	1,723	$	416,656
Bristol-Myers Squibb	7,909		577,594
Eli Lilly	786		225,087
Gilead Sciences	8,649		514,183
Merck	4,548		373,164
UnitedHealth Group	793		404,406
			2,511,090
Industrials — 16.9%
3M	3,612

	Value
TOTAL UNITED STATES	$	49,978,094
TOTAL COMMON STOCK (Cost $45,298,848)		49,978,094

TOTAL INVESTMENTS — 99.8% (Cost $45,298,848)		49,978,094
OTHER ASSETS LESS LIABILITIES — 0.2%		105,901
NET ASSETS — 100%	$	50,083,995