# EDGAR Filing Document

**Accession Number:** 0000945908
**File Stem:** 0001752724-25-154396
**Filing Date:** 2025-6
**Character Count:** 222959
**Document Hash:** 150be1ce7f6aa4d345904ab969948292
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-154396.hdr.sgml**: 20250625

**ACCESSION NUMBER**: 0001752724-25-154396

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250625

**DATE AS OF CHANGE**: 20250625

**PERIOD START**: 20250731

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FIDELITY COVINGTON TRUST
- **CENTRAL INDEX KEY:** 0000945908

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07319
- **FILM NUMBER:** 251071283

**BUSINESS ADDRESS:**
- **STREET 1:** 245 SUMMER STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02210
- **BUSINESS PHONE:** 617-563-7000

**MAIL ADDRESS:**
- **STREET 1:** 245 SUMMER STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02210

## Series and Classes Contracts Data

### Fidelity MSCI Financials Index ETF (Series ID: S000042574)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000131666 | Fidelity MSCI Financials Index ETF | FNCL            |

## Nport-Ex

### Quarterly Holdings Report

### for

### Fidelity® MSCI Financials Index ETF

### April 30, 2025
T04-NPRT3-0625

1.9584808.111 ------

### Schedule of Investments April 30, 2025 (Unaudited)
Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks – 99.7%** | &nbsp;&nbsp;**Common Stocks – 99.7%** | &nbsp;&nbsp;**Common Stocks – 99.7%** |
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **BANKS – 25.7%** | **BANKS – 25.7%** | **BANKS – 25.7%** |
| **Diversified Banks – 19.5%** | **Diversified Banks – 19.5%** | **Diversified Banks – 19.5%** |
| Bank of America Corp. | 1860996 | &nbsp;&nbsp;&nbsp;&nbsp;$74216521 |
| Citigroup, Inc. | &nbsp;&nbsp;&nbsp;514273 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35165988 |
| Comerica, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;36618 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1968217 |
| Fifth Third Bancorp | &nbsp;&nbsp;&nbsp;183960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6611522 |
| First Citizens BancShares, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2652 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4718279 |
| JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp;764821 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187090513 |
| KeyCorp | &nbsp;&nbsp;&nbsp;253559 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3762816 |
| PNC Financial Services Group, Inc. | &nbsp;&nbsp;&nbsp;108158 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17379909 |
| U.S. Bancorp | &nbsp;&nbsp;&nbsp;425678 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17171851 |
| Wells Fargo & Co. | &nbsp;&nbsp;&nbsp;892936 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63407385 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;411493001 |
| **Regional Banks – 6.2%** | **Regional Banks – 6.2%** | **Regional Banks – 6.2%** |
| 1st Source Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5408 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;324210 |
| Amalgamated Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170058 |
| Amerant Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8509 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143292 |
| Ameris Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;17317 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1014776 |
| Arrow Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 |
| Associated Banc-Corp. | &nbsp;&nbsp;&nbsp;&nbsp;45116 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;995259 |
| Atlantic Union Bankshares Corp. | &nbsp;&nbsp;&nbsp;&nbsp;32289 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;894405 |
| Axos Financial, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;14708 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;933664 |
| Banc of California, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;37804 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;509598 |
| BancFirst Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5528 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;651309 |
| Bancorp, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;12363 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;597257 |
| Bank First Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2296 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250677 |
| Bank of Hawaii Corp. | &nbsp;&nbsp;&nbsp;&nbsp;10796 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;713724 |
| Bank OZK | &nbsp;&nbsp;&nbsp;&nbsp;29649 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1263047 |
| BankUnited, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;20304 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;664144 |
| Banner Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8339 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;509846 |
| Bar Harbor Bankshares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5779 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171290 |
| Berkshire Hills Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;11783 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;292572 |
| BOK Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;579517 |
| Brookline Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;21217 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221505 |
| Burke & Herbert Financial Services Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3527 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197195 |
| Business First Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195349 |
| Byline Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9509 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242860 |
| Cadence Bank | &nbsp;&nbsp;&nbsp;&nbsp;43307 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1267163 |
| Camden National Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5873 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226228 |
| Capital City Bank Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4872 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178023 |
| Capitol Federal Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;31752 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180034 |
| Cathay General Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;16893 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;704269 |
| Central Pacific Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5914 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151931 |
| Citizens Financial Group, Inc. | &nbsp;&nbsp;&nbsp;122381 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4514635 |
| City Holding Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3892 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450966 |
| Coastal Financial Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3736 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;306912 |
| Columbia Banking System, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;58793 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1318139 |
| Columbia Financial, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6432 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86639 |
| Commerce Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;33942 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2061637 |
| Community Financial System, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;14199 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;775123 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;****  | &nbsp;&nbsp;****  | &nbsp;&nbsp;****  |
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Community Trust Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5357 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$262279 |
| ConnectOne Bancorp, Inc. | &nbsp;&nbsp;11246 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253372 |
| Cullen/Frost Bankers, Inc. | &nbsp;&nbsp;16334 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1902421 |
| Customers Bancorp, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;7365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;368250 |
| CVB Financial Corp. | &nbsp;&nbsp;38340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;710824 |
| Dime Community Bancshares, Inc. | &nbsp;&nbsp;12019 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;308768 |
| Eagle Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7064 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126799 |
| East West Bancorp, Inc. | &nbsp;&nbsp;38008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3251584 |
| Eastern Bankshares, Inc. | &nbsp;&nbsp;50685 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;756220 |
| Enterprise Financial Services Corp. | &nbsp;&nbsp;10933 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;568735 |
| Equity Bancshares, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;5260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202457 |
| Esquire Financial Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2013 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166918 |
| Farmers National Banc Corp. | &nbsp;&nbsp;13474 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175701 |
| FB Financial Corp. | &nbsp;&nbsp;11197 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;476544 |
| First BanCorp | &nbsp;&nbsp;39661 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;778942 |
| First Bancorp/Southern Pines NC | &nbsp;&nbsp;10202 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;412773 |
| First Busey Corp. | &nbsp;&nbsp;25389 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;527837 |
| First Commonwealth Financial Corp. | &nbsp;&nbsp;25003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;383046 |
| First Community Bankshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4535 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170879 |
| First Financial Bancorp | &nbsp;&nbsp;25970 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;601205 |
| First Financial Bankshares, Inc. | &nbsp;&nbsp;31926 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1069840 |
| First Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199033 |
| First Hawaiian, Inc. | &nbsp;&nbsp;39995 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;914286 |
| First Horizon Corp. | 147112 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2659785 |
| First Interstate BancSystem, Inc. Class A | &nbsp;&nbsp;27818 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;728692 |
| First Merchants Corp. | &nbsp;&nbsp;16909 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;602637 |
| First Mid Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5874 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196368 |
| Firstsun Capital Bancorp (a) | &nbsp;&nbsp;&nbsp;&nbsp;2608 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91254 |
| Five Star Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;5846 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161817 |
| Flagstar Financial, Inc. | &nbsp;&nbsp;83805 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;981357 |
| FNB Corp. | 100706 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1318242 |
| Fulton Financial Corp. | &nbsp;&nbsp;42736 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;712836 |
| German American Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9615 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;364505 |
| Glacier Bancorp, Inc. | &nbsp;&nbsp;30580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1246441 |
| Great Southern Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2676 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147180 |
| Greene County Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2223 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49462 |
| Hancock Whitney Corp. | &nbsp;&nbsp;25073 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1306053 |
| Hanmi Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;5332 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121943 |
| HarborOne Bancorp, Inc. | &nbsp;&nbsp;11997 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135806 |
| HBT Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4866 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112770 |
| Heritage Commerce Corp. | &nbsp;&nbsp;21850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197524 |
| Heritage Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;8116 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185207 |
| Hilltop Holdings, Inc. | &nbsp;&nbsp;13169 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;388881 |
| Home BancShares, Inc. | &nbsp;&nbsp;50650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1405537 |
| Hope Bancorp, Inc. | &nbsp;&nbsp;29854 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;297644 |
| Horizon Bancorp, Inc. | &nbsp;&nbsp;13389 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196551 |
| Huntington Bancshares, Inc. | 399957 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5811375 |
| Independent Bank Corp. | &nbsp;&nbsp;11541 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;681958 |
| Independent Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;7040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214438 |
| International Bancshares Corp. | &nbsp;&nbsp;15512 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;946852 |

---

 ***Quarterly Report*** <sub>2</sub>

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks – continued** | &nbsp;&nbsp;**Common Stocks – continued** | &nbsp;&nbsp;**Common Stocks – continued** |
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **BANKS – continued** | **BANKS – continued** | **BANKS – continued** |
| **Regional Banks – continued** | **Regional Banks – continued** | **Regional Banks – continued** |
| Kearny Financial Corp. | &nbsp;&nbsp;12442 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$77887 |
| Lakeland Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;6084 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;338696 |
| Live Oak Bancshares, Inc. | &nbsp;&nbsp;10080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263491 |
| M&T Bank Corp. | &nbsp;&nbsp;45298 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7689788 |
| Mercantile Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;5112 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216289 |
| Metrocity Bankshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6639 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183037 |
| Metropolitan Bank Holding Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;2950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182693 |
| Midland States Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5536 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90126 |
| National Bank Holdings Corp. Class A | &nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;361600 |
| NB Bancorp, Inc. (a) | &nbsp;&nbsp;10068 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172666 |
| NBT Bancorp, Inc. | &nbsp;&nbsp;12850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;544069 |
| Nicolet Bankshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3779 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;441425 |
| Northeast Bank | &nbsp;&nbsp;&nbsp;&nbsp;2311 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191397 |
| Northfield Bancorp, Inc. | &nbsp;&nbsp;11241 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118593 |
| Northwest Bancshares, Inc. | &nbsp;&nbsp;31074 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;383764 |
| OceanFirst Financial Corp. | &nbsp;&nbsp;17835 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295348 |
| OFG Bancorp | &nbsp;&nbsp;11205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;440917 |
| Old National Bancorp | &nbsp;&nbsp;86983 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1790980 |
| Old Second Bancorp, Inc. | &nbsp;&nbsp;11871 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187443 |
| Origin Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8298 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265868 |
| Orrstown Financial Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5363 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160729 |
| Pacific Premier Bancorp, Inc. | &nbsp;&nbsp;26197 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;532847 |
| Park National Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4585 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;688208 |
| Pathward Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5997 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;475982 |
| Peapack-Gladstone Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;5069 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140310 |
| Peoples Bancorp, Inc. | &nbsp;&nbsp;12553 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;364163 |
| Pinnacle Financial Partners, Inc. | &nbsp;&nbsp;21062 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2111255 |
| Popular, Inc. | &nbsp;&nbsp;19662 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1876148 |
| Preferred Bank | &nbsp;&nbsp;&nbsp;&nbsp;2071 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165390 |
| Prosperity Bancshares, Inc. | &nbsp;&nbsp;25703 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1745234 |
| Provident Financial Services, Inc. | &nbsp;&nbsp;29627 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;484994 |
| QCR Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4877 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;316761 |
| Regions Financial Corp. | 251948 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5142259 |
| Renasant Corp. | &nbsp;&nbsp;24500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;785715 |
| Republic Bancorp, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;3025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205246 |
| S&T Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9434 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;343775 |
| Seacoast Banking Corp. of Florida | &nbsp;&nbsp;23269 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;551708 |
| ServisFirst Bancshares, Inc. | &nbsp;&nbsp;13907 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;990457 |
| Simmons First National Corp. Class A | &nbsp;&nbsp;34147 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;637183 |
| South Plains Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4159 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140200 |
| Southern Missouri Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3059 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161056 |
| Southside Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6591 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185800 |
| SouthState Corp. | &nbsp;&nbsp;27533 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2389314 |
| Stellar Bancorp, Inc. | &nbsp;&nbsp;13178 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;328923 |
| Stock Yards Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8364 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;608816 |
| Synovus Financial Corp. | &nbsp;&nbsp;40384 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1749435 |
| Texas Capital Bancshares, Inc. (a) | &nbsp;&nbsp;12562 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;856100 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;****  | &nbsp;&nbsp;****  | &nbsp;&nbsp;****  | &nbsp;&nbsp;****  |
|  |  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| TFS Financial Corp. | TFS Financial Corp. | &nbsp;&nbsp;13498 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$174934 |
| Tompkins Financial Corp. | Tompkins Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3924 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233870 |
| Towne Bank | Towne Bank | &nbsp;&nbsp;20527 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;676365 |
| TriCo Bancshares | TriCo Bancshares | &nbsp;&nbsp;10002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385877 |
| Triumph Financial, Inc. (a) | Triumph Financial, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;5948 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;317742 |
| Truist Financial Corp. | Truist Financial Corp. | 360760 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13831538 |
| TrustCo Bank Corp. | TrustCo Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4091 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124571 |
| Trustmark Corp. | Trustmark Corp. | &nbsp;&nbsp;13852 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;464735 |
| UMB Financial Corp. | UMB Financial Corp. | &nbsp;&nbsp;19808 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1873243 |
| United Bankshares, Inc. | United Bankshares, Inc. | &nbsp;&nbsp;36512 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1251996 |
| United Community Banks, Inc. | United Community Banks, Inc. | &nbsp;&nbsp;32398 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;894509 |
| Univest Financial Corp. | Univest Financial Corp. | &nbsp;&nbsp;10555 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;311795 |
| Valley National Bancorp | Valley National Bancorp | 138583 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1191814 |
| Veritex Holdings, Inc. | Veritex Holdings, Inc. | &nbsp;&nbsp;12848 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;299101 |
| WaFd, Inc. | WaFd, Inc. | &nbsp;&nbsp;22165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;632367 |
| Washington Trust Bancorp, Inc. | Washington Trust Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5751 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158728 |
| Webster Financial Corp. | Webster Financial Corp. | &nbsp;&nbsp;47108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2228208 |
| WesBanco, Inc. | WesBanco, Inc. | &nbsp;&nbsp;27517 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;819456 |
| Westamerica BanCorp | Westamerica BanCorp | &nbsp;&nbsp;&nbsp;&nbsp;6254 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;302881 |
| Western Alliance Bancorp | Western Alliance Bancorp | &nbsp;&nbsp;28732 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2002908 |
| Wintrust Financial Corp. | Wintrust Financial Corp. | &nbsp;&nbsp;18158 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2018625 |
| WSFS Financial Corp. | WSFS Financial Corp. | &nbsp;&nbsp;14439 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;744330 |
| Zions Bancorp NA | Zions Bancorp NA | &nbsp;&nbsp;40546 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1823354 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130746128 |
| TOTAL BANKS | &nbsp;&nbsp;&nbsp;&nbsp;542239129 |  |  |
| **CAPITAL MARKETS – 23.2%** | **CAPITAL MARKETS – 23.2%** | **CAPITAL MARKETS – 23.2%** | **CAPITAL MARKETS – 23.2%** |
| **Asset Management & Custody Banks – 7.4%** | **Asset Management & Custody Banks – 7.4%** | **Asset Management & Custody Banks – 7.4%** | **Asset Management & Custody Banks – 7.4%** |
| Acadian Asset Management, Inc. | Acadian Asset Management, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8626 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232384 |
| Affiliated Managers Group, Inc. | Affiliated Managers Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8161 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1351706 |
| Ameriprise Financial, Inc. | Ameriprise Financial, Inc. | &nbsp;&nbsp;26300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12387826 |
| ARES Management Corp. Class A | ARES Management Corp. Class A | &nbsp;&nbsp;51128 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7798554 |
| Artisan Partners Asset Management, Inc. Class A | Artisan Partners Asset Management, Inc. Class A | &nbsp;&nbsp;19053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;704580 |
| Bank of New York Mellon Corp. | Bank of New York Mellon Corp. | 196007 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15760923 |
| Blackrock, Inc. | Blackrock, Inc. | &nbsp;&nbsp;39975 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36547544 |
| Blackstone, Inc. | Blackstone, Inc. | 195913 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25803701 |
| Blue Owl Capital, Inc. | Blue Owl Capital, Inc. | 147023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2724336 |
| Carlyle Group, Inc. | Carlyle Group, Inc. | &nbsp;&nbsp;63510 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2454026 |
| Cohen & Steers, Inc. | Cohen & Steers, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7486 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;571332 |
| DigitalBridge Group, Inc. | DigitalBridge Group, Inc. | &nbsp;&nbsp;46813 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;393229 |
| Federated Hermes, Inc. | Federated Hermes, Inc. | &nbsp;&nbsp;21879 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;888506 |
| Franklin Resources, Inc. | Franklin Resources, Inc. | &nbsp;&nbsp;78205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1467126 |
| Hamilton Lane, Inc. Class A | Hamilton Lane, Inc. Class A | &nbsp;&nbsp;10611 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1639293 |
| Invesco Ltd. | Invesco Ltd. | &nbsp;&nbsp;92019 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1281825 |
| Janus Henderson Group PLC | Janus Henderson Group PLC | &nbsp;&nbsp;36228 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1203132 |
| KKR & Co., Inc. | KKR & Co., Inc. | 168659 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19272664 |
| Northern Trust Corp. | Northern Trust Corp. | &nbsp;&nbsp;54568 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5128301 |
| P10, Inc. Class A | P10, Inc. Class A | &nbsp;&nbsp;11812 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130759 |
| SEI Investments Co. | SEI Investments Co. | &nbsp;&nbsp;29173 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2283954 |
| State Street Corp. | State Street Corp. | &nbsp;&nbsp;80365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7080157 |
| StepStone Group, Inc. Class A | StepStone Group, Inc. Class A | &nbsp;&nbsp;17704 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;885377 |

---

---

| | |
|:---|:---|
| **3** | ***Quarterly Report*** |

---

------

Schedule of Investments (Unaudited)–continued

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks – continued** | &nbsp;&nbsp;**Common Stocks – continued** | &nbsp;&nbsp;**Common Stocks – continued** | &nbsp;&nbsp;**Common Stocks – continued** |
|  |  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **CAPITAL MARKETS – continued** | **CAPITAL MARKETS – continued** | **CAPITAL MARKETS – continued** | **CAPITAL MARKETS – continued** |
| **Asset Management & Custody Banks – continued** | **Asset Management & Custody Banks – continued** | **Asset Management & Custody Banks – continued** | **Asset Management & Custody Banks – continued** |
| T. Rowe Price Group, Inc. | T. Rowe Price Group, Inc. | &nbsp;&nbsp;60324 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$5341690 |
| TPG, Inc. | TPG, Inc. | &nbsp;&nbsp;21232 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;986226 |
| Victory Capital Holdings, Inc. Class A | Victory Capital Holdings, Inc. Class A | &nbsp;&nbsp;12235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700943 |
| Virtus Investment Partners, Inc. | Virtus Investment Partners, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2088 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320696 |
| WisdomTree, Inc. | WisdomTree, Inc. | &nbsp;&nbsp;30198 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262723 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155603513 |
| **Financial Exchanges & Data – 7.9%** | **Financial Exchanges & Data – 7.9%** | **Financial Exchanges & Data – 7.9%** | **Financial Exchanges & Data – 7.9%** |
| Cboe Global Markets, Inc. | Cboe Global Markets, Inc. | &nbsp;&nbsp;28240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6263632 |
| CME Group, Inc. | CME Group, Inc. | &nbsp;&nbsp;97911 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27129180 |
| Coinbase Global, Inc. Class A (a) | Coinbase Global, Inc. Class A (a) | &nbsp;&nbsp;52857 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10724157 |
| Donnelley Financial Solutions, Inc. (a) | Donnelley Financial Solutions, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;7706 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;371429 |
| FactSet Research Systems, Inc. | FactSet Research Systems, Inc. | &nbsp;&nbsp;10250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4430255 |
| Intercontinental Exchange, Inc. | Intercontinental Exchange, Inc. | 156009 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26204832 |
| MarketAxess Holdings, Inc. | MarketAxess Holdings, Inc. | &nbsp;&nbsp;10112 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2240718 |
| Moody's Corp. | Moody's Corp. | &nbsp;&nbsp;44265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20057357 |
| Morningstar, Inc. | Morningstar, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7463 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2124865 |
| MSCI, Inc. | MSCI, Inc. | &nbsp;&nbsp;21230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11572685 |
| Nasdaq, Inc. | Nasdaq, Inc. | 116622 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8887763 |
| Open Lending Corp. (a) | Open Lending Corp. (a) | &nbsp;&nbsp;26250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32550 |
| S&P Global, Inc. | S&P Global, Inc. | &nbsp;&nbsp;86175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43091809 |
| Tradeweb Markets, Inc. Class A | Tradeweb Markets, Inc. Class A | &nbsp;&nbsp;31248 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4321598 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167452830 |
| **Investment Banking & Brokerage – 7.9%** | **Investment Banking & Brokerage – 7.9%** | **Investment Banking & Brokerage – 7.9%** | **Investment Banking & Brokerage – 7.9%** |
| BGC Group, Inc. Class A | BGC Group, Inc. Class A | &nbsp;&nbsp;87922 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;796573 |
| Charles Schwab Corp. | Charles Schwab Corp. | 467369 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38043837 |
| Evercore, Inc. Class A | Evercore, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;9823 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2016564 |
| Freedom Holding Corp. (a) | Freedom Holding Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;4975 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;710579 |
| Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. | &nbsp;&nbsp;85436 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46780482 |
| Houlihan Lokey, Inc. | Houlihan Lokey, Inc. | &nbsp;&nbsp;14333 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2323093 |
| Interactive Brokers Group, Inc. Class A | Interactive Brokers Group, Inc. Class A | &nbsp;&nbsp;29642 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5093978 |
| Jefferies Financial Group, Inc. | Jefferies Financial Group, Inc. | &nbsp;&nbsp;42638 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1992474 |
| Lazard, Inc. | Lazard, Inc. | &nbsp;&nbsp;24758 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;963086 |
| LPL Financial Holdings, Inc. | LPL Financial Holdings, Inc. | &nbsp;&nbsp;21596 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6906185 |
| Moelis & Co. Class A | Moelis & Co. Class A | &nbsp;&nbsp;15775 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;845224 |
| Morgan Stanley | Morgan Stanley | 328647 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37932437 |
| Perella Weinberg Partners | Perella Weinberg Partners | &nbsp;&nbsp;15297 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262649 |
| Piper Sandler Cos. | Piper Sandler Cos. | &nbsp;&nbsp;&nbsp;&nbsp;4896 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1180523 |
| PJT Partners, Inc. Class A | PJT Partners, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;6332 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;897308 |
| Raymond James Financial, Inc. | Raymond James Financial, Inc. | &nbsp;&nbsp;52952 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7256542 |
| Robinhood Markets, Inc. Class A (a) | Robinhood Markets, Inc. Class A (a) | 167152 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8208835 |
| Stifel Financial Corp. | Stifel Financial Corp. | &nbsp;&nbsp;28453 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2438137 |
| StoneX Group, Inc. (a) | StoneX Group, Inc. (a) | &nbsp;&nbsp;12130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1074293 |
| Virtu Financial, Inc. Class A | Virtu Financial, Inc. Class A | &nbsp;&nbsp;22604 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;884947 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166607746 |
| TOTAL CAPITAL MARKETS | &nbsp;&nbsp;&nbsp;&nbsp;489664089 |  |  |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;****  | &nbsp;&nbsp;****  | &nbsp;&nbsp;****  | &nbsp;&nbsp;****  |
|  |  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **CONSUMER FINANCE – 4.4%** | **CONSUMER FINANCE – 4.4%** | **CONSUMER FINANCE – 4.4%** | **CONSUMER FINANCE – 4.4%** |
| **Consumer Finance – 4.4%** | **Consumer Finance – 4.4%** | **Consumer Finance – 4.4%** | **Consumer Finance – 4.4%** |
| Ally Financial, Inc. | Ally Financial, Inc. | &nbsp;&nbsp;74253 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2425103 |
| American Express Co. | American Express Co. | 152956 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40749008 |
| Atlanticus Holdings Corp. (a) | Atlanticus Holdings Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;1950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106899 |
| Bread Financial Holdings, Inc. | Bread Financial Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3086 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146431 |
| Capital One Financial Corp. | Capital One Financial Corp. | 103750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18701975 |
| Credit Acceptance Corp. (a) | Credit Acceptance Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;1772 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;863708 |
| Dave, Inc. (a) | Dave, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;2471 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;234300 |
| Discover Financial Services | Discover Financial Services | &nbsp;&nbsp;68405 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12495541 |
| Encore Capital Group, Inc. (a) | Encore Capital Group, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;5607 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192881 |
| Enova International, Inc. (a) | Enova International, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;7346 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;674289 |
| EZCORP, Inc. Class A (a) | EZCORP, Inc. Class A (a) | &nbsp;&nbsp;14041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229851 |
| FirstCash Holdings, Inc. | FirstCash Holdings, Inc. | &nbsp;&nbsp;10740 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1438730 |
| Green Dot Corp. Class A (a) | Green Dot Corp. Class A (a) | &nbsp;&nbsp;11661 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97603 |
| LendingClub Corp. (a) | LendingClub Corp. (a) | &nbsp;&nbsp;31739 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310090 |
| LendingTree, Inc. (a) | LendingTree, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;3072 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158484 |
| Navient Corp. | Navient Corp. | &nbsp;&nbsp;25430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;314823 |
| Nelnet, Inc. Class A | Nelnet, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;3740 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;396777 |
| NerdWallet, Inc. Class A (a) | NerdWallet, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;8454 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75748 |
| OneMain Holdings, Inc. | OneMain Holdings, Inc. | &nbsp;&nbsp;33692 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1585882 |
| PRA Group, Inc. (a) | PRA Group, Inc. (a) | &nbsp;&nbsp;10096 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184757 |
| PROG Holdings, Inc. | PROG Holdings, Inc. | &nbsp;&nbsp;11663 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;307437 |
| SLM Corp. | SLM Corp. | &nbsp;&nbsp;55012 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1590397 |
| SoFi Technologies, Inc. (a) | SoFi Technologies, Inc. (a) | 281453 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3520977 |
| Synchrony Financial | Synchrony Financial | 107623 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5591015 |
| Upstart Holdings, Inc. (a) | Upstart Holdings, Inc. (a) | &nbsp;&nbsp;22442 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1072728 |
| World Acceptance Corp. (a) | World Acceptance Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;1058 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136609 |
| TOTAL CONSUMER FINANCE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93602043 |  |  |
| **FINANCIAL SERVICES – 28.8%** | **FINANCIAL SERVICES – 28.8%** | **FINANCIAL SERVICES – 28.8%** | **FINANCIAL SERVICES – 28.8%** |
| **Commercial & Residential Mortgage Finance – 0.5%** | **Commercial & Residential Mortgage Finance – 0.5%** | **Commercial & Residential Mortgage Finance – 0.5%** | **Commercial & Residential Mortgage Finance – 0.5%** |
| Enact Holdings, Inc. | Enact Holdings, Inc. | &nbsp;&nbsp;10713 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;383418 |
| Essent Group Ltd. | Essent Group Ltd. | &nbsp;&nbsp;29319 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1669131 |
| Federal Agricultural Mortgage Corp. Class C | Federal Agricultural Mortgage Corp. Class C | &nbsp;&nbsp;&nbsp;&nbsp;2827 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;495658 |
| Merchants Bancorp | Merchants Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;5670 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170553 |
| MGIC Investment Corp. | MGIC Investment Corp. | &nbsp;&nbsp;71769 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1787766 |
| Mr. Cooper Group, Inc. (a) | Mr. Cooper Group, Inc. (a) | &nbsp;&nbsp;17804 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2118854 |
| NMI Holdings, Inc. (a) | NMI Holdings, Inc. (a) | &nbsp;&nbsp;21873 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;791146 |
| PennyMac Financial Services, Inc. | PennyMac Financial Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8345 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;813137 |
| Radian Group, Inc. | Radian Group, Inc. | &nbsp;&nbsp;42815 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1367511 |
| Rocket Cos., Inc. Class A | Rocket Cos., Inc. Class A | &nbsp;&nbsp;38524 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;497345 |
| UWM Holdings Corp. | UWM Holdings Corp. | &nbsp;&nbsp;35656 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167583 |
| Walker & Dunlop, Inc. | Walker & Dunlop, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9279 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;710215 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10972317 |
| **Diversified Financial Services – 1.0%** | **Diversified Financial Services – 1.0%** | **Diversified Financial Services – 1.0%** | **Diversified Financial Services – 1.0%** |
| Apollo Global Management, Inc. | Apollo Global Management, Inc. | 107645 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14691390 |
| Equitable Holdings, Inc. | Equitable Holdings, Inc. | &nbsp;&nbsp;80423 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3976917 |
| Jackson Financial, Inc. Class A | Jackson Financial, Inc. Class A | &nbsp;&nbsp;16706 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1301564 |
| Voya Financial, Inc. | Voya Financial, Inc. | &nbsp;&nbsp;26543 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1571346 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21541217 |

---

 ***Quarterly Report*** <sub>4</sub>

------

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks – continued** | &nbsp;&nbsp;**Common Stocks – continued** | &nbsp;&nbsp;**Common Stocks – continued** | &nbsp;&nbsp;**Common Stocks – continued** |
|  |  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **FINANCIAL SERVICES – continued** | **FINANCIAL SERVICES – continued** | **FINANCIAL SERVICES – continued** | **FINANCIAL SERVICES – continued** |
| **Mortgage REITs – 0.0%** | **Mortgage REITs – 0.0%** | **Mortgage REITs – 0.0%** | **Mortgage REITs – 0.0%** |
| HA Sustainable Infrastructure Capital, Inc. | HA Sustainable Infrastructure Capital, Inc. | &nbsp;&nbsp;33009 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$824565 |
| **Multi-Sector Holdings – 9.2%** | **Multi-Sector Holdings – 9.2%** | **Multi-Sector Holdings – 9.2%** | **Multi-Sector Holdings – 9.2%** |
| Berkshire Hathaway, Inc. Class B (a) | Berkshire Hathaway, Inc. Class B (a) | 361554 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192798671 |
| Cannae Holdings, Inc. | Cannae Holdings, Inc. | &nbsp;&nbsp;15052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;266571 |
| Compass Diversified Holdings | Compass Diversified Holdings | &nbsp;&nbsp;18428 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;316777 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193382019 |
| **Transaction & Payment Processing Services – 18.1%** | **Transaction & Payment Processing Services – 18.1%** | **Transaction & Payment Processing Services – 18.1%** | **Transaction & Payment Processing Services – 18.1%** |
| Affirm Holdings, Inc. (a) | Affirm Holdings, Inc. (a) | &nbsp;&nbsp;66049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3286598 |
| AvidXchange Holdings, Inc. (a) | AvidXchange Holdings, Inc. (a) | &nbsp;&nbsp;49039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;398687 |
| Block, Inc. (a) | Block, Inc. (a) | 150983 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8827976 |
| Cantaloupe, Inc. (a) | Cantaloupe, Inc. (a) | &nbsp;&nbsp;17531 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140248 |
| Cass Information Systems, Inc. | Cass Information Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5740 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233848 |
| Corpay, Inc. (a) | Corpay, Inc. (a) | &nbsp;&nbsp;18088 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5885292 |
| Euronet Worldwide, Inc. (a) | Euronet Worldwide, Inc. (a) | &nbsp;&nbsp;11696 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1159074 |
| EVERTEC, Inc. | EVERTEC, Inc. | &nbsp;&nbsp;17736 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;601960 |
| Fidelity National Information Services, Inc. | Fidelity National Information Services, Inc. | 146507 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11556472 |
| Fiserv, Inc. (a) | Fiserv, Inc. (a) | 154753 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28562761 |
| Flywire Corp. (a) | Flywire Corp. (a) | &nbsp;&nbsp;30636 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288285 |
| Global Payments, Inc. | Global Payments, Inc. | &nbsp;&nbsp;69528 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5305682 |
| International Money Express, Inc. (a) | International Money Express, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;9403 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116785 |
| Jack Henry & Associates, Inc. | Jack Henry & Associates, Inc. | &nbsp;&nbsp;19886 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3448829 |
| Marqeta, Inc. Class A (a) | Marqeta, Inc. Class A (a) | 114483 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;478539 |
| Mastercard, Inc. Class A | Mastercard, Inc. Class A | 222693 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122049125 |
| NCR Atleos Corp. (a) | NCR Atleos Corp. (a) | &nbsp;&nbsp;19102 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;533328 |
| Paymentus Holdings, Inc. Class A (a) | Paymentus Holdings, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;5682 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184438 |
| Payoneer Global, Inc. (a) | Payoneer Global, Inc. (a) | &nbsp;&nbsp;67190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;472346 |
| PayPal Holdings, Inc. (a) | PayPal Holdings, Inc. (a) | 258964 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17050190 |
| Remitly Global, Inc. (a) | Remitly Global, Inc. (a) | &nbsp;&nbsp;41627 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;841698 |
| Repay Holdings Corp. (a) | Repay Holdings Corp. (a) | &nbsp;&nbsp;24242 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96968 |
| Sezzle, Inc. (a) | Sezzle, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;5226 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;271491 |
| Shift4 Payments, Inc. Class A (a) | Shift4 Payments, Inc. Class A (a) | &nbsp;&nbsp;16818 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1375712 |
| Toast, Inc. Class A (a) | Toast, Inc. Class A (a) | 109576 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3898714 |
| Visa, Inc. Class A | Visa, Inc. Class A | 469798 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162315209 |
| Western Union Co. | Western Union Co. | &nbsp;&nbsp;60678 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;601319 |
| WEX, Inc. (a) | WEX, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;8769 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1143214 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;381124788 |
| TOTAL FINANCIAL SERVICES | &nbsp;&nbsp;&nbsp;&nbsp;607844906 |  |  |
| **INSURANCE – 16.9%** | **INSURANCE – 16.9%** | **INSURANCE – 16.9%** | **INSURANCE – 16.9%** |
| **Insurance Brokers – 4.3%** | **Insurance Brokers – 4.3%** | **Insurance Brokers – 4.3%** | **Insurance Brokers – 4.3%** |
| Aon PLC Class A | Aon PLC Class A | &nbsp;&nbsp;52758 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18718011 |
| Arthur J Gallagher & Co. | Arthur J Gallagher & Co. | &nbsp;&nbsp;67800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21742782 |
| Baldwin Insurance Group, Inc. (a) | Baldwin Insurance Group, Inc. (a) | &nbsp;&nbsp;18397 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;765683 |
| Brown & Brown, Inc. | Brown & Brown, Inc. | &nbsp;&nbsp;65742 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7271065 |
| Crawford & Co. Class A | Crawford & Co. Class A | &nbsp;&nbsp;10595 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117816 |
| Goosehead Insurance, Inc. Class A | Goosehead Insurance, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;6250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;607563 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;****  | &nbsp;&nbsp;****  | &nbsp;&nbsp;****  |
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Hagerty, Inc. Class A (a) | &nbsp;&nbsp;10004 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$88135 |
| Marsh & McLennan Cos., Inc. | 133299 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30054926 |
| Ryan Specialty Holdings, Inc. | &nbsp;&nbsp;28775 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1885050 |
| Selectquote, Inc. (a) | &nbsp;&nbsp;42873 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135908 |
| Willis Towers Watson PLC | &nbsp;&nbsp;27309 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8405710 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89792649 |
| **Life & Health Insurance – 2.7%** | **Life & Health Insurance – 2.7%** | **Life & Health Insurance – 2.7%** |
| Aflac, Inc. | 144695 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15725453 |
| Brighthouse Financial, Inc. (a) | &nbsp;&nbsp;17836 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1038412 |
| CNO Financial Group, Inc. | &nbsp;&nbsp;31102 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1180010 |
| F&G Annuities & Life, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5188 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180594 |
| Genworth Financial, Inc. (a) | 107482 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;737327 |
| Globe Life, Inc. | &nbsp;&nbsp;23851 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2941782 |
| Lincoln National Corp. | &nbsp;&nbsp;40682 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1296535 |
| MetLife, Inc. | 161644 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12183108 |
| Oscar Health, Inc. Class A (a) | &nbsp;&nbsp;47825 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;622203 |
| Primerica, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9598 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2515348 |
| Principal Financial Group, Inc. | &nbsp;&nbsp;62266 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4617024 |
| Prudential Financial, Inc. | &nbsp;&nbsp;97990 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10064553 |
| Unum Group | &nbsp;&nbsp;46793 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3633944 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56736293 |
| **Multi-line Insurance – 0.0%** | **Multi-line Insurance – 0.0%** | **Multi-line Insurance – 0.0%** |
| Horace Mann Educators Corp. | &nbsp;&nbsp;10194 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;423459 |
| **Property & Casualty Insurance – 9.3%** | **Property & Casualty Insurance – 9.3%** | **Property & Casualty Insurance – 9.3%** |
| Allstate Corp. | &nbsp;&nbsp;72072 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14298364 |
| Ambac Financial Group, Inc. (a) | &nbsp;&nbsp;13238 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105639 |
| American Financial Group, Inc. | &nbsp;&nbsp;19756 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2502295 |
| American International Group, Inc. | 170735 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13918317 |
| AMERISAFE, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5988 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;278382 |
| Arch Capital Group Ltd. | 102289 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9275567 |
| Assurant, Inc. | &nbsp;&nbsp;14637 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2821135 |
| Assured Guaranty Ltd. | &nbsp;&nbsp;13749 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1206200 |
| Axis Capital Holdings Ltd. | &nbsp;&nbsp;23062 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2221332 |
| Bowhead Specialty Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;4018 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161483 |
| Chubb Ltd. | 103993 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29750317 |
| Cincinnati Financial Corp. | &nbsp;&nbsp;43036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5991042 |
| Donegal Group, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;6829 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132141 |
| Employers Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5839 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283717 |
| Erie Indemnity Co. Class A | &nbsp;&nbsp;&nbsp;&nbsp;6887 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2469816 |
| Fidelity National Financial, Inc. | &nbsp;&nbsp;70595 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4521610 |
| First American Financial Corp. | &nbsp;&nbsp;28204 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1715085 |
| Hamilton Insurance Group Ltd. Class B (a) | &nbsp;&nbsp;13967 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;258390 |
| Hanover Insurance Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9994 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1660003 |
| Hartford Insurance Group, Inc. | &nbsp;&nbsp;80001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9813723 |
| HCI Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2372 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;347024 |
| Kemper Corp. | &nbsp;&nbsp;17935 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1060317 |
| Kinsale Capital Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5996 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2609819 |
| Lemonade, Inc. (a) | &nbsp;&nbsp;14476 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;422989 |
| Loews Corp. | &nbsp;&nbsp;50735 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4405320 |
| Markel Group, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;3517 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6396016 |

---

---

| | |
|:---|:---|
| **5** | ***Quarterly Report*** |

---

------

Schedule of Investments (Unaudited)–continued

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks – continued** | &nbsp;&nbsp;**Common Stocks – continued** | &nbsp;&nbsp;**Common Stocks – continued** | &nbsp;&nbsp;**Common Stocks – continued** |
|  |  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **INSURANCE – continued** | **INSURANCE – continued** | **INSURANCE – continued** | **INSURANCE – continued** |
| **Property & Casualty Insurance – continued** | **Property & Casualty Insurance – continued** | **Property & Casualty Insurance – continued** | **Property & Casualty Insurance – continued** |
| Mercury General Corp. | Mercury General Corp. | &nbsp;&nbsp;&nbsp;&nbsp;7740 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$428951 |
| Old Republic International Corp. | Old Republic International Corp. | &nbsp;&nbsp;69547 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2614967 |
| Palomar Holdings, Inc. (a) | Palomar Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;7205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1044869 |
| ProAssurance Corp. (a) | ProAssurance Corp. (a) | &nbsp;&nbsp;12528 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290775 |
| Progressive Corp. | Progressive Corp. | 159174 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44845683 |
| RLI Corp. | RLI Corp. | &nbsp;&nbsp;21921 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1622373 |
| Root, Inc. Class A (a) | Root, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;2195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;306576 |
| Safety Insurance Group, Inc. | Safety Insurance Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4128 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315792 |
| Selective Insurance Group, Inc. | Selective Insurance Group, Inc. | &nbsp;&nbsp;16286 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1420628 |
| Skyward Specialty Insurance Group, Inc. (a) | Skyward Specialty Insurance Group, Inc. (a) | &nbsp;&nbsp;10268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;545128 |
| Stewart Information Services Corp. | Stewart Information Services Corp. | &nbsp;&nbsp;&nbsp;&nbsp;7955 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520893 |
| Tiptree, Inc. | Tiptree, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6531 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145707 |
| Travelers Cos., Inc. | Travelers Cos., Inc. | &nbsp;&nbsp;61772 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16315838 |
| Trupanion, Inc. (a) | Trupanion, Inc. (a) | &nbsp;&nbsp;10128 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370685 |
| United Fire Group, Inc. | United Fire Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5939 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164332 |
| Universal Insurance Holdings, Inc. | Universal Insurance Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9117 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220996 |
| W.R. Berkley Corp. | W.R. Berkley Corp. | &nbsp;&nbsp;82576 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5919873 |
| White Mountains Insurance Group Ltd. | White Mountains Insurance Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;682 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1205401 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196925510 |
| **Reinsurance – 0.6%** | **Reinsurance – 0.6%** | **Reinsurance – 0.6%** | **Reinsurance – 0.6%** |
| Enstar Group Ltd. (a) | Enstar Group Ltd. (a) | &nbsp;&nbsp;&nbsp;&nbsp;3470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1160403 |
| Everest Group Ltd. | Everest Group Ltd. | &nbsp;&nbsp;11778 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4226300 |
| Reinsurance Group of America, Inc. | Reinsurance Group of America, Inc. | &nbsp;&nbsp;18013 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3374015 |
| RenaissanceRe Holdings Ltd. | RenaissanceRe Holdings Ltd. | &nbsp;&nbsp;14294 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3458147 |
| SiriusPoint Ltd. (a) | SiriusPoint Ltd. (a) | &nbsp;&nbsp;20450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;343560 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12562425 |
| TOTAL INSURANCE | &nbsp;&nbsp;&nbsp;&nbsp;356440336 |  |  |
| **MORTGAGE REAL ESTATE INVESTMENT TRUSTS (REITS) – 0.7%** | **MORTGAGE REAL ESTATE INVESTMENT TRUSTS (REITS) – 0.7%** | **MORTGAGE REAL ESTATE INVESTMENT TRUSTS (REITS) – 0.7%** | **MORTGAGE REAL ESTATE INVESTMENT TRUSTS (REITS) – 0.7%** |
| **Mortgage REITs – 0.7%** | **Mortgage REITs – 0.7%** | **Mortgage REITs – 0.7%** | **Mortgage REITs – 0.7%** |
| AGNC Investment Corp. | AGNC Investment Corp. | 238173 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2103068 |
| Annaly Capital Management, Inc. | Annaly Capital Management, Inc. | 149779 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2935668 |
| Apollo Commercial Real Estate Finance, Inc. | Apollo Commercial Real Estate Finance, Inc. | &nbsp;&nbsp;33804 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;316743 |
| Arbor Realty Trust, Inc. | Arbor Realty Trust, Inc. | &nbsp;&nbsp;42371 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;488538 |
| ARMOUR Residential REIT, Inc. | ARMOUR Residential REIT, Inc. | &nbsp;&nbsp;14393 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237053 |
| Blackstone Mortgage Trust, Inc. Class A | Blackstone Mortgage Trust, Inc. Class A | &nbsp;&nbsp;43106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;821169 |
| BrightSpire Capital, Inc. | BrightSpire Capital, Inc. | &nbsp;&nbsp;36456 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182645 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;****  | &nbsp;&nbsp;****  | &nbsp;&nbsp;****  | &nbsp;&nbsp;****  |
|  |  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Chimera Investment Corp. | Chimera Investment Corp. | &nbsp;&nbsp;&nbsp;&nbsp;22146 | &nbsp;&nbsp;&nbsp;&nbsp;$273282 |
| Claros Mortgage Trust, Inc. | Claros Mortgage Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;30537 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75121 |
| Dynex Capital, Inc. | Dynex Capital, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;20454 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252198 |
| Ellington Financial, Inc. | Ellington Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;25978 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;338493 |
| Franklin BSP Realty Trust, Inc. | Franklin BSP Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;20995 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238923 |
| Invesco Mortgage Capital, Inc. | Invesco Mortgage Capital, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;22601 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165665 |
| KKR Real Estate Finance Trust, Inc. | KKR Real Estate Finance Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;14293 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132210 |
| Ladder Capital Corp. | Ladder Capital Corp. | &nbsp;&nbsp;&nbsp;&nbsp;38134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;398119 |
| MFA Financial, Inc. | MFA Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;28675 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;281589 |
| New York Mortgage Trust, Inc. | New York Mortgage Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;22533 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132269 |
| PennyMac Mortgage Investment Trust | PennyMac Mortgage Investment Trust | &nbsp;&nbsp;&nbsp;&nbsp;23181 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;297644 |
| Ready Capital Corp. | Ready Capital Corp. | &nbsp;&nbsp;&nbsp;&nbsp;42994 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191323 |
| Redwood Trust, Inc. | Redwood Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;42490 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263863 |
| Rithm Capital Corp. | Rithm Capital Corp. | &nbsp;&nbsp;&nbsp;148546 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1660744 |
| Starwood Property Trust, Inc. | Starwood Property Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;84892 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1629077 |
| TPG RE Finance Trust, Inc. | TPG RE Finance Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;21290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162656 |
| Two Harbors Investment Corp. | Two Harbors Investment Corp. | &nbsp;&nbsp;&nbsp;&nbsp;30141 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;357774 |
| TOTAL MORTGAGE REAL ESTATE INVESTMENT TRUSTS (REITS) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13935834 |  |  |
| **TOTAL COMMON STOCKS<br> (Cost $1,546,908,435)** | **TOTAL COMMON STOCKS<br> (Cost $1,546,908,435)** | **TOTAL COMMON STOCKS<br> (Cost $1,546,908,435)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2103726337** |
| &nbsp;&nbsp;**Money Market Fund – 0.2%** | &nbsp;&nbsp;**Money Market Fund – 0.2%** | &nbsp;&nbsp;**Money Market Fund – 0.2%** | &nbsp;&nbsp;**Money Market Fund – 0.2%** |
| State Street Institutional Treasury Plus Money Market Fund, Trust Class, 4.22% (b)<br> (Cost $5,459,000) | State Street Institutional Treasury Plus Money Market Fund, Trust Class, 4.22% (b)<br> (Cost $5,459,000) | 5459000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5459000 |
| **TOTAL INVESTMENT IN SECURITIES – 99.9%<br> (Cost $1,552,367,435)** | &nbsp;&nbsp;**2109185337** |  |  |
| **NET OTHER ASSETS (LIABILITIES) (c) – 0.1%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1643304** |  |  |
| **NET ASSETS – 100.0%** | **$2110828641** |  |  |

---

---

| | |
|:---|:---|
| **Legend** | **Legend** |
| (a) | Non-income producing. |
| (b) | The rate quoted is the annualized seven-day yield of the fund at period end. |
| (c) | Includes $439,522 of cash collateral to cover margin requirements for futures contracts. |

---

 ***Quarterly Report*** <sub>6</sub>

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Futures Contracts** | &nbsp;&nbsp;**Futures Contracts** | &nbsp;&nbsp;**Futures Contracts** | &nbsp;&nbsp;**Futures Contracts** | &nbsp;&nbsp;**Futures Contracts** | &nbsp;&nbsp;**Futures Contracts** |
|  | **Number of<br> contracts** | &nbsp;&nbsp;**Expiration<br> Date** | &nbsp;&nbsp;**Notional<br> Amount** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**Unrealized<br> Appreciation/<br> (Depreciation)** |
| **Purchased** |  |  |  |  |  |
| **Equity Index Contracts** |  |  |  |  |  |
| CME E-mini Financial Select Sector Index Contracts (United States) | 39 | &nbsp;&nbsp;June 2025 | &nbsp;&nbsp;5887148 | &nbsp;&nbsp;$141375 | &nbsp;&nbsp;$141375 |
| CME E-mini Russell 2000 Index Contracts (United States) | 10 | &nbsp;&nbsp;June 2025 | &nbsp;&nbsp;&nbsp;&nbsp;984900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5696) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5696) |
| Total Equity Index Contracts |  |  |  |  | &nbsp;&nbsp;&nbsp;$135679 |

---

The notional amount of futures purchased as a percentage of Net Assets is 0.3%

#### Investment Valuation
Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Securities transactions are accounted for as of trade date. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.

The inputs to valuation techniques used to value investments are categorized into a disclosure hierarchy consisting of three levels as shown below:

Level 1 – unadjusted quoted prices in active markets for identical investments

Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For any foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in any open-end mutual funds are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy. If an unaffiliated open-end mutual fund's NAV is unavailable, shares of that fund may be valued by another method that the Board believes reflects fair value in accordance with the Board's fair value pricing policies and is categorized as Level 2 in the hierarchy.

---

| | |
|:---|:---|
| **7** | ***Quarterly Report*** |

---

------

Schedule of Investments (Unaudited)–continued

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy.

#### Derivative Instruments
Risk Exposures and the Use of Derivative Instruments: The Fund's investment objectives allow the Fund to enter into various types of derivative contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.

The Fund used derivatives to increase returns, to gain exposure to certain types of assets and/or to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the Fund may not achieve its objectives.

The Fund's use of derivatives increased or decreased its exposure to the following risk(s):

Equity Risk - Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment.

Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.

Futures Contracts: A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a specified price at a specified future date.

The Fund used futures contracts to manage its exposure to the stock market.

Open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The underlying face amount at value reflects each contract's exposure to the underlying instrument or index at period end. Any securities and/or cash deposited to meet initial margin requirements are identified in the Schedule of Investments.

For additional information on the Fund's significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.

 ***Quarterly Report*** <sub>8</sub>

------

*The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.*

*Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC or an affiliate.* 

---

| | |
|:---|:---|
| **9** | ***Quarterly Report*** |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>

 ***Quarterly Report*** <sub>10</sub>

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** FIDELITY COVINGTON TRUST

- **b. Investment Company Act file number:** 811-07319

- **c. CIK number of Registrant:** 0000945908

- **d. LEI of Registrant:** 549300JFYFTF85QAQR28

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

  - **Street Address 1:** 245 SUMMER STREET

  - **City:** BOSTON

  - **State:** MA

  - **Foreign country:** US

  - **Zip / Postal Code:** 02210

  - **Telephone number:** 1-800-FIDELITY

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

- **a. Name of Series:** Fidelity MSCI Financials Index ETF

- **b. EDGAR series identifier (if any):** S000042574

- **c. LEI of Series:** 549300SRWT16HXDPN049

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

- **a. Date of fiscal year-end:** 2025-07-31

- **b. Date as of which information is reported:** 2025-04-30

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $2110971548.43

**Total Liabilities:** $140063.83

**Net Assets:** $2110831484.60

**Cash Not Reported:** $333100.39

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000131666 | 0.26%                | -4.92%               | -2.16%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $21160.71                | $2599782.73                                |
| Month 2  | $6611750.30              | $-122508368.50                             |
| Month 3  | $6169008.87              | $-55904383.49                              |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Discover Financial Services                | Discover Financial Services                                | CUSIP: 254709108<br>LEI: Z1YLO2USPORE63VVUL20 | Long             | EC               | CORP              | US        |     68405 | NS      | $12495541.35  | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| United Bankshares Inc/WV                   | United Bankshares Inc/WV                                   | CUSIP: 909907107<br>LEI: 5299005O3BAMJ9Z92V62 | Long             | EC               | CORP              | US        |     36512 | NS      | $1251996.48   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Dime Community Bancshares Inc              | Dime Community Bancshares Inc                              | CUSIP: 25432X102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     12019 | NS      | $308768.11    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Equity Bancshares Inc                      | Equity Bancshares Inc                                      | CUSIP: 29460X109<br>LEI: 549300BPQ2EJNU4WF694 | Long             | EC               | CORP              | US        |      5260 | NS      | $202457.40    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Stock Yards Bancorp Inc                    | Stock Yards Bancorp Inc                                    | CUSIP: 861025104<br>LEI: 549300YERP9H5TDIQW16 | Long             | EC               | CORP              | US        |      8364 | NS      | $608815.56    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| PennyMac Financial Services Inc            | PennyMac Financial Services Inc                            | CUSIP: 70932M107<br>LEI: 549300W1D516HBDEU871 | Long             | EC               | CORP              | US        |      8345 | NS      | $813136.80    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| First BanCorp/Puerto Rico                  | First BanCorp/Puerto Rico                                  | CUSIP: 318672706<br>LEI: N/A                  | Long             | EC               | CORP              | PR        |     39661 | NS      | $778942.04    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| LendingTree Inc                            | LendingTree Inc                                            | CUSIP: 52603B107<br>LEI: 549300ISY5YHUJZTON08 | Long             | EC               | CORP              | US        |      3072 | NS      | $158484.48    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Equitable Holdings Inc                     | Equitable Holdings Inc                                     | CUSIP: 29452E101<br>LEI: 549300FIBAKMNHPZ4009 | Long             | EC               | CORP              | US        |     80423 | NS      | $3976917.35   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| BancFirst Corp                             | BancFirst Corp                                             | CUSIP: 05945F103<br>LEI: 549300EJEHGBP4IO2J30 | Long             | EC               | CORP              | US        |      5528 | NS      | $651308.96    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Assurant Inc                               | Assurant Inc                                               | CUSIP: 04621X108<br>LEI: H3F39CAXWQRVWURFXL38 | Long             | EC               | CORP              | US        |     14637 | NS      | $2821135.38   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| First Interstate BancSystem Inc            | First Interstate BancSystem Inc                            | CUSIP: 32055Y201<br>LEI: 549300WRWYTYX0RCNJ43 | Long             | EC               | CORP              | US        |     27818 | NS      | $728692.51    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank OZK                                   | Bank OZK                                                   | CUSIP: 06417N103<br>LEI: 549300VYK2WBD7SST478 | Long             | EC               | CORP              | US        |     29649 | NS      | $1263047.40   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Byline Bancorp Inc                         | Byline Bancorp Inc                                         | CUSIP: 124411109<br>LEI: 549300W7ODP4YL2H4823 | Long             | EC               | CORP              | US        |      9509 | NS      | $242859.86    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Piper Sandler Cos                          | Piper Sandler Cos                                          | CUSIP: 724078100<br>LEI: QUQDBTUSOAKFEVMRMF78 | Long             | EC               | CORP              | US        |      4896 | NS      | $1180523.52   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Donegal Group Inc                          | Donegal Group Inc                                          | CUSIP: 257701201<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6829 | NS      | $132141.15    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Mercantile Bank Corp                       | Mercantile Bank Corp                                       | CUSIP: 587376104<br>LEI: P16VZZCKTJ5IONL6XE37 | Long             | EC               | CORP              | US        |      5112 | NS      | $216288.72    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Hanmi Financial Corp                       | Hanmi Financial Corp                                       | CUSIP: 410495204<br>LEI: 549300MSZ7RCG7EA6587 | Long             | EC               | CORP              | US        |      5332 | NS      | $121942.84    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Blackrock Inc                              | Blackrock Inc                                              | CUSIP: 09290D101<br>LEI: 529900VBK42Y5HHRMD23 | Long             | EC               | CORP              | US        |     39975 | NS      | $36547543.50  | 1.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity National Financial Inc            | Fidelity National Financial Inc                            | CUSIP: 31620R303<br>LEI: 549300CAZYIH39SYQ287 | Long             | EC               | CORP              | US        |     70595 | NS      | $4521609.75   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Stifel Financial Corp                      | Stifel Financial Corp                                      | CUSIP: 860630102<br>LEI: 549300E5F07FE5GHJX84 | Long             | EC               | CORP              | US        |     28453 | NS      | $2438137.57   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Simmons First National Corp                | Simmons First National Corp                                | CUSIP: 828730200<br>LEI: 549300IVR5AJKUVOGN05 | Long             | EC               | CORP              | US        |     34147 | NS      | $637183.02    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Navient Corp                               | Navient Corp                                               | CUSIP: 63938C108<br>LEI: 54930067J0ZNOEBRW338 | Long             | EC               | CORP              | US        |     25430 | NS      | $314823.40    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Safety Insurance Group Inc                 | Safety Insurance Group Inc                                 | CUSIP: 78648T100<br>LEI: 254900LDCFLA3J746840 | Long             | EC               | CORP              | US        |      4128 | NS      | $315792.00    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Comerica Inc                               | Comerica Inc                                               | CUSIP: 200340107<br>LEI: I9Q57JVPWHHZ3ZGBW498 | Long             | EC               | CORP              | US        |     36618 | NS      | $1968217.50   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| ServisFirst Bancshares Inc                 | ServisFirst Bancshares Inc                                 | CUSIP: 81768T108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     13907 | NS      | $990456.54    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Esquire Financial Holdings Inc             | Esquire Financial Holdings Inc                             | CUSIP: 29667J101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2013 | NS      | $166917.96    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| F&G Annuities & Life Inc                   | F&G Annuities & Life Inc                                   | CUSIP: 30190A104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5188 | NS      | $180594.28    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| MSCI Inc                                   | MSCI Inc                                                   | CUSIP: 55354G100<br>LEI: 549300HTIN2PD78UB763 | Long             | EC               | CORP              | US        |     21230 | NS      | $11572685.30  | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Payoneer Global Inc                        | Payoneer Global Inc                                        | CUSIP: 70451X104<br>LEI: 984500491C64C70FF033 | Long             | EC               | CORP              | US        |     67190 | NS      | $472345.70    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| P10 Inc                                    | P10 Inc                                                    | CUSIP: 69376K106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     11812 | NS      | $130758.84    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Progressive Corp/The                       | Progressive Corp/The                                       | CUSIP: 743315103<br>LEI: 529900TACNVLY9DCR586 | Long             | EC               | CORP              | US        |    159174 | NS      | $44845682.76  | 2.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Live Oak Bancshares Inc                    | Live Oak Bancshares Inc                                    | CUSIP: 53803X105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10080 | NS      | $263491.20    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Jack Henry & Associates Inc                | Jack Henry & Associates Inc                                | CUSIP: 426281101<br>LEI: 529900X1QS8C54W0JB21 | Long             | EC               | CORP              | US        |     19886 | NS      | $3448828.98   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Eastern Bankshares Inc                     | Eastern Bankshares Inc                                     | CUSIP: 27627N105<br>LEI: 549300J245MBQU3DO403 | Long             | EC               | CORP              | US        |     50685 | NS      | $756220.20    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Evercore Inc                               | Evercore Inc                                               | CUSIP: 29977A105<br>LEI: 529900P6KLPT95DW3W58 | Long             | EC               | CORP              | US        |      9823 | NS      | $2016563.67   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Jackson Financial Inc                      | Jackson Financial Inc                                      | CUSIP: 46817M107<br>LEI: 213800WXW2KG1N4CO374 | Long             | EC               | CORP              | US        |     16706 | NS      | $1301564.46   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Mercury General Corp                       | Mercury General Corp                                       | CUSIP: 589400100<br>LEI: 5493001Q9EXPCEL4W527 | Long             | EC               | CORP              | US        |      7740 | NS      | $428950.80    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Acadian Asset Management Inc               | Acadian Asset Management Inc                               | CUSIP: 10948W103<br>LEI: 5493004FTLQNQTBOP608 | Long             | EC               | CORP              | US        |      8626 | NS      | $232384.44    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| International Bancshares Corp              | International Bancshares Corp                              | CUSIP: 459044103<br>LEI: 549300Y16R531AU8TX77 | Long             | EC               | CORP              | US        |     15512 | NS      | $946852.48    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Franklin BSP Realty Trust Inc              | Franklin BSP Realty Trust Inc                              | CUSIP: 35243J101<br>LEI: 549300LH3QNZK9Y1KC93 | Long             | EC               |  | US        |     20995 | NS      | $238923.10    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Old National Bancorp/IN                    | Old National Bancorp/IN                                    | CUSIP: 680033107<br>LEI: 549300MMK90CL5KMVX16 | Long             | EC               | CORP              | US        |     86983 | NS      | $1790979.97   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Pathward Financial Inc                     | Pathward Financial Inc                                     | CUSIP: 59100U108<br>LEI: 5493004X52BH1NBLW813 | Long             | EC               | CORP              | US        |      5997 | NS      | $475981.89    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Virtu Financial Inc                        | Virtu Financial Inc                                        | CUSIP: 928254101<br>LEI: 5493001OPW2K42CH3884 | Long             | EC               | CORP              | US        |     22604 | NS      | $884946.60    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Univest Financial Corp                     | Univest Financial Corp                                     | CUSIP: 915271100<br>LEI: 4WII2HCR8UEWNU03U507 | Long             | EC               | CORP              | US        |     10555 | NS      | $311794.70    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Nicolet Bankshares Inc                     | Nicolet Bankshares Inc                                     | CUSIP: 65406E102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3779 | NS      | $441424.99    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERISAFE Inc                              | AMERISAFE Inc                                              | CUSIP: 03071H100<br>LEI: 2549002B4EXPBLGMNN22 | Long             | EC               | CORP              | US        |      5988 | NS      | $278382.12    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| NBT Bancorp Inc                            | NBT Bancorp Inc                                            | CUSIP: 628778102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     12850 | NS      | $544069.00    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Wells Fargo & Co                           | Wells Fargo & Co                                           | CUSIP: 949746101<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EC               | CORP              | US        |    892936 | NS      | $63407385.36  | 3.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Northern Trust Corp                        | Northern Trust Corp                                        | CUSIP: 665859104<br>LEI: 549300GLF98S992BC502 | Long             | EC               | CORP              | US        |     54568 | NS      | $5128300.64   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| FirstCash Holdings Inc                     | FirstCash Holdings Inc                                     | CUSIP: 33768G107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10740 | NS      | $1438730.40   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Hamilton Lane Inc                          | Hamilton Lane Inc                                          | CUSIP: 407497106<br>LEI: 5493006OKN3V1NORM833 | Long             | EC               | CORP              | US        |     10611 | NS      | $1639293.39   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Northeast Bank                             | Northeast Bank                                             | CUSIP: 66405S100<br>LEI: 549300F0LV9TSW34E306 | Long             | EC               | CORP              | US        |      2311 | NS      | $191397.02    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| AGNC Investment Corp                       | AGNC Investment Corp                                       | CUSIP: 00123Q104<br>LEI: 5TRACI5HRMELWV32OF39 | Long             | EC               |  | US        |    238173 | NS      | $2103067.59   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| MarketAxess Holdings Inc                   | MarketAxess Holdings Inc                                   | CUSIP: 57060D108<br>LEI: 5493002U1CA1XJOVID83 | Long             | EC               | CORP              | US        |     10112 | NS      | $2240718.08   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Interactive Brokers Group Inc              | Interactive Brokers Group Inc                              | CUSIP: 45841N107<br>LEI: 5493004DT6DCDUZNDM53 | Long             | EC               | CORP              | US        |     29642 | NS      | $5093977.70   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Reinsurance Group of America Inc           | Reinsurance Group of America Inc                           | CUSIP: 759351604<br>LEI: LORM1GNEU1DKEW527V90 | Long             | EC               | CORP              | US        |     18013 | NS      | $3374015.03   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| First Merchants Corp                       | First Merchants Corp                                       | CUSIP: 320817109<br>LEI: TZTBT0OTGQ2FEK6XMX94 | Long             | EC               | CORP              | US        |     16909 | NS      | $602636.76    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Walker & Dunlop Inc                        | Walker & Dunlop Inc                                        | CUSIP: 93148P102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      9279 | NS      | $710214.66    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Cannae Holdings Inc                        | Cannae Holdings Inc                                        | CUSIP: 13765N107<br>LEI: 549300OGRF1ICI7D2V77 | Long             | EC               | CORP              | US        |     15052 | NS      | $266570.92    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Southern Missouri Bancorp Inc              | Southern Missouri Bancorp Inc                              | CUSIP: 843380106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3059 | NS      | $161056.35    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Redwood Trust Inc                          | Redwood Trust Inc                                          | CUSIP: 758075402<br>LEI: DRBV4N1ERQLEMIF11G78 | Long             | EC               |  | US        |     42490 | NS      | $263862.90    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Customers Bancorp Inc                      | Customers Bancorp Inc                                      | CUSIP: 23204G100<br>LEI: 549300WLBCHYKZ53FN68 | Long             | EC               | CORP              | US        |      7365 | NS      | $368250.00    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Flagstar Financial Inc                     | Flagstar Financial Inc                                     | CUSIP: 649445400<br>LEI: 529900HVXOTLY61GL030 | Long             | EC               | CORP              | US        |     83805 | NS      | $981356.55    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| ConnectOne Bancorp Inc                     | ConnectOne Bancorp Inc                                     | CUSIP: 20786W107<br>LEI: 549300E2M5ZYAZKUK134 | Long             | EC               | CORP              | US        |     11246 | NS      | $253372.38    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| OFG Bancorp                                | OFG Bancorp                                                | CUSIP: 67103X102<br>LEI: 549300Q4QEXJ37LEXQ06 | Long             | EC               | CORP              | PR        |     11205 | NS      | $440916.75    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Ryan Specialty Holdings Inc                | Ryan Specialty Holdings Inc                                | CUSIP: 78351F107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     28775 | NS      | $1885050.25   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Artisan Partners Asset Management Inc      | Artisan Partners Asset Management Inc                      | CUSIP: 04316A108<br>LEI: 549300T1FUI6JF63XU51 | Long             | EC               | CORP              | US        |     19053 | NS      | $704579.94    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Ready Capital Corp                         | Ready Capital Corp                                         | CUSIP: 75574U101<br>LEI: 549300MYWGZUG7ZUYO87 | Long             | EC               |  | US        |     42994 | NS      | $191323.30    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Tradeweb Markets Inc                       | Tradeweb Markets Inc                                       | CUSIP: 892672106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     31248 | NS      | $4321598.40   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Primerica Inc                              | Primerica Inc                                              | CUSIP: 74164M108<br>LEI: 254900621R686KJR7022 | Long             | EC               | CORP              | US        |      9598 | NS      | $2515347.86   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Everest Group Ltd                          | Everest Group Ltd                                          | CUSIP: 000000000<br>LEI: 549300N24XF2VV0B3570 | Long             | EC               | CORP              | BM        |     11778 | NS      | $4226299.74   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Great Southern Bancorp Inc                 | Great Southern Bancorp Inc                                 | CUSIP: 390905107<br>LEI: 5493000ZL7DLNMN1AB26 | Long             | EC               | CORP              | US        |      2676 | NS      | $147180.00    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Park National Corp                         | Park National Corp                                         | CUSIP: 700658107<br>LEI: 984500Q3E941TDF87712 | Long             | EC               | CORP              | US        |      4585 | NS      | $688208.50    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Universal Insurance Holdings Inc           | Universal Insurance Holdings Inc                           | CUSIP: 91359V107<br>LEI: 529900GGAZ6WVUCWQM46 | Long             | EC               | CORP              | US        |      9117 | NS      | $220996.08    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| KKR Real Estate Finance Trust Inc          | KKR Real Estate Finance Trust Inc                          | CUSIP: 48251K100<br>LEI: 549300K23AYZDZ2REL62 | Long             | EC               |  | US        |     14293 | NS      | $132210.25    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Columbia Banking System Inc                | Columbia Banking System Inc                                | CUSIP: 197236102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     58793 | NS      | $1318139.06   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Western Union Co/The                       | Western Union Co/The                                       | CUSIP: 959802109<br>LEI: 28ID94QU1140NC23S047 | Long             | EC               | CORP              | US        |     60678 | NS      | $601318.98    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| WSFS Financial Corp                        | WSFS Financial Corp                                        | CUSIP: 929328102<br>LEI: 549300SU7VQHD6QRG886 | Long             | EC               | CORP              | US        |     14439 | NS      | $744330.45    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Marqeta Inc                                | Marqeta Inc                                                | CUSIP: 57142B104<br>LEI: 254900UZARK0FMZGZE18 | Long             | EC               | CORP              | US        |    114483 | NS      | $478538.94    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Arch Capital Group Ltd                     | Arch Capital Group Ltd                                     | CUSIP: 000000000<br>LEI: 549300AYR4P8AFKDCE43 | Long             | EC               | CORP              | BM        |    102289 | NS      | $9275566.52   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| OceanFirst Financial Corp                  | OceanFirst Financial Corp                                  | CUSIP: 675234108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     17835 | NS      | $295347.60    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Chimera Investment Corp                    | Chimera Investment Corp                                    | CUSIP: 16934Q802<br>LEI: 2JBBQFJOL123LOUBE657 | Long             | EC               |  | US        |     22146 | NS      | $273281.64    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Financial Corp              | First American Financial Corp                              | CUSIP: 31847R102<br>LEI: 549300B6VEZK3N0A1P55 | Long             | EC               | CORP              | US        |     28204 | NS      | $1715085.24   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Cantaloupe Inc                             | Cantaloupe Inc                                             | CUSIP: 138103106<br>LEI: 529900O54DBQQVWO9Q85 | Long             | EC               | CORP              | US        |     17531 | NS      | $140248.00    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                | E-MINI RUSS 2000 JUN25                                     | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DE               |  | US        |         9 | NC      | $-5690.09     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Citigroup Inc                              | Citigroup Inc                                              | CUSIP: 172967424<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EC               | CORP              | US        |    514273 | NS      | $35165987.74  | 1.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Chubb Ltd                                  | Chubb Ltd                                                  | CUSIP: 000000000<br>LEI: E0JAN6VLUDI1HITHT809 | Long             | EC               | CORP              | CH        |    103993 | NS      | $29750317.44  | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Affiliated Managers Group Inc              | Affiliated Managers Group Inc                              | CUSIP: 008252108<br>LEI: 2JE75BUE3T1BLCYYGK54 | Long             | EC               | CORP              | US        |      8161 | NS      | $1351706.43   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Associated Banc-Corp                       | Associated Banc-Corp                                       | CUSIP: 045487105<br>LEI: 549300N3CIN473IW5094 | Long             | EC               | CORP              | US        |     45116 | NS      | $995258.96    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| MFA Financial Inc                          | MFA Financial Inc                                          | CUSIP: 55272X607<br>LEI: YW72IMH2RRC8Z1TGLG58 | Long             | EC               |  | US        |     28675 | NS      | $281588.50    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Cohen & Steers Inc                         | Cohen & Steers Inc                                         | CUSIP: 19247A100<br>LEI: 549300XXIA338A0X2K65 | Long             | EC               | CORP              | US        |      7486 | NS      | $571331.52    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| PNC Financial Services Group Inc/The       | PNC Financial Services Group Inc/The                       | CUSIP: 693475105<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | EC               | CORP              | US        |    108158 | NS      | $17379909.02  | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Bread Financial Holdings Inc               | Bread Financial Holdings Inc                               | CUSIP: 018581108<br>LEI: 549300G8S4PO686J7H97 | Long             | EC               | CORP              | US        |      3086 | NS      | $146430.70    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Robinhood Markets Inc                      | Robinhood Markets Inc                                      | CUSIP: 770700102<br>LEI: 213800FS5AO3YWIE6F63 | Long             | EC               | CORP              | US        |    167152 | NS      | $8208834.72   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Prosperity Bancshares Inc                  | Prosperity Bancshares Inc                                  | CUSIP: 743606105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     25703 | NS      | $1745233.70   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| First Horizon Corp                         | First Horizon Corp                                         | CUSIP: 320517105<br>LEI: TF3RXI1ZB1TQ30H9JV10 | Long             | EC               | CORP              | US        |    147112 | NS      | $2659784.96   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Invesco Ltd                                | Invesco Ltd                                                | CUSIP: 000000000<br>LEI: ECPGFXU8A2SHKVVGJI15 | Long             | EC               | CORP              | BM        |     92019 | NS      | $1281824.67   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| First Mid Bancshares Inc                   | First Mid Bancshares Inc                                   | CUSIP: 320866106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5874 | NS      | $196367.82    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Moody's Corp                               | Moody's Corp                                               | CUSIP: 615369105<br>LEI: 549300GCEDD8YCF5WU84 | Long             | EC               | CORP              | US        |     44265 | NS      | $20057356.80  | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| BGC Group Inc                              | BGC Group Inc                                              | CUSIP: 088929104<br>LEI: 2549001IGRCG4F0RLD36 | Long             | EC               | CORP              | US        |     87922 | NS      | $796573.32    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Freedom Holding Corp/NV                    | Freedom Holding Corp/NV                                    | CUSIP: 356390104<br>LEI: 254900RKI81EPUJ3RW71 | Long             | EC               | CORP              | US        |      4975 | NS      | $710579.25    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Amalgamated Financial Corp                 | Amalgamated Financial Corp                                 | CUSIP: 022671101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6039 | NS      | $170058.24    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Hope Bancorp Inc                           | Hope Bancorp Inc                                           | CUSIP: 43940T109<br>LEI: 549300UTF4QGMBHIZ219 | Long             | EC               | CORP              | US        |     29854 | NS      | $297644.38    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Truist Financial Corp                      | Truist Financial Corp                                      | CUSIP: 89832Q109<br>LEI: 549300DRQQI75D2JP341 | Long             | EC               | CORP              | US        |    360760 | NS      | $13831538.40  | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Triumph Financial Inc                      | Triumph Financial Inc                                      | CUSIP: 89679E300<br>LEI: 5493003RNRMEVYDZ1Q52 | Long             | EC               | CORP              | US        |      5948 | NS      | $317742.16    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Huntington Bancshares Inc/OH               | Huntington Bancshares Inc/OH                               | CUSIP: 446150104<br>LEI: 549300XTVCVV9I7B5T19 | Long             | EC               | CORP              | US        |    399957 | NS      | $5811375.21   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Southside Bancshares Inc                   | Southside Bancshares Inc                                   | CUSIP: 84470P109<br>LEI: 549300TC83207VQA2K65 | Long             | EC               | CORP              | US        |      6591 | NS      | $185800.29    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Tiptree Inc                                | Tiptree Inc                                                | CUSIP: 88822Q103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6531 | NS      | $145706.61    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| First Commonwealth Financial Corp          | First Commonwealth Financial Corp                          | CUSIP: 319829107<br>LEI: 549300ZHLQ42NXDETL24 | Long             | EC               | CORP              | US        |     25003 | NS      | $383045.96    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| CME Group Inc                              | CME Group Inc                                              | CUSIP: 12572Q105<br>LEI: LCZ7XYGSLJUHFXXNXD88 | Long             | EC               | CORP              | US        |     97911 | NS      | $27129179.88  | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| AvidXchange Holdings Inc                   | AvidXchange Holdings Inc                                   | CUSIP: 05368X102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     49039 | NS      | $398687.07    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Brighthouse Financial Inc                  | Brighthouse Financial Inc                                  | CUSIP: 10922N103<br>LEI: 5493003T8SZSHOGGAW52 | Long             | EC               | CORP              | US        |     17836 | NS      | $1038411.92   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| World Acceptance Corp                      | World Acceptance Corp                                      | CUSIP: 981419104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1058 | NS      | $136608.96    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Remitly Global Inc                         | Remitly Global Inc                                         | CUSIP: 75960P104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     41627 | NS      | $841697.94    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| MGIC Investment Corp                       | MGIC Investment Corp                                       | CUSIP: 552848103<br>LEI: 254900S8483WM4M98R28 | Long             | EC               | CORP              | US        |     71769 | NS      | $1787765.79   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| PayPal Holdings Inc                        | PayPal Holdings Inc                                        | CUSIP: 70450Y103<br>LEI: 5493005X2GO78EFZ3E94 | Long             | EC               | CORP              | US        |    258964 | NS      | $17050189.76  | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| NB Bancorp Inc                             | NB Bancorp Inc                                             | CUSIP: 63945M107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10068 | NS      | $172666.20    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Victory Capital Holdings Inc               | Victory Capital Holdings Inc                               | CUSIP: 92645B103<br>LEI: 549300BN5LH2CIPPHS71 | Long             | EC               | CORP              | US        |     12235 | NS      | $700943.15    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Community Financial System Inc             | Community Financial System Inc                             | CUSIP: 203607106<br>LEI: 5299008N6YHE6GCP1E80 | Long             | EC               | CORP              | US        |     14199 | NS      | $775123.41    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Synovus Financial Corp                     | Synovus Financial Corp                                     | CUSIP: 87161C501<br>LEI: 549300EIUS8UN5JTLE54 | Long             | EC               | CORP              | US        |     40384 | NS      | $1749434.88   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| CNO Financial Group Inc                    | CNO Financial Group Inc                                    | CUSIP: 12621E103<br>LEI: 11XPYHB76MPM4Y4P2897 | Long             | EC               | CORP              | US        |     31102 | NS      | $1180009.88   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Trustmark Corp                             | Trustmark Corp                                             | CUSIP: 898402102<br>LEI: 5493000HPQ4D2RZ79739 | Long             | EC               | CORP              | US        |     13852 | NS      | $464734.60    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Ameris Bancorp                             | Ameris Bancorp                                             | CUSIP: 03076K108<br>LEI: PBJHNT51T5V6G5UQFV42 | Long             | EC               | CORP              | US        |     17317 | NS      | $1014776.20   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Blue Owl Capital Inc                       | Blue Owl Capital Inc                                       | CUSIP: 09581B103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    147023 | NS      | $2724336.19   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Lincoln National Corp                      | Lincoln National Corp                                      | CUSIP: 534187109<br>LEI: EFQMQROEDSNBRIP7LE47 | Long             | EC               | CORP              | US        |     40682 | NS      | $1296535.34   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Visa Inc                                   | Visa Inc                                                   | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |    469798 | NS      | $162315209.00 | 7.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Kemper Corp                                | Kemper Corp                                                | CUSIP: 488401100<br>LEI: 549300FNI1JKTRY2PV09 | Long             | EC               | CORP              | US        |     17935 | NS      | $1060317.20   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Kearny Financial Corp/MD                   | Kearny Financial Corp/MD                                   | CUSIP: 48716P108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     12442 | NS      | $77886.92     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| TrustCo Bank Corp NY                       | TrustCo Bank Corp NY                                       | CUSIP: 898349204<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4091 | NS      | $124570.95    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Carlyle Group Inc/The                      | Carlyle Group Inc/The                                      | CUSIP: 14316J108<br>LEI: 529900NGGVF94UK6PG95 | Long             | EC               | CORP              | US        |     63510 | NS      | $2454026.40   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Firstsun Capital Bancorp                   | Firstsun Capital Bancorp                                   | CUSIP: 33767U107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2608 | NS      | $91253.92     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Wintrust Financial Corp                    | Wintrust Financial Corp                                    | CUSIP: 97650W108<br>LEI: Q774KI4AW80FHFW33O61 | Long             | EC               | CORP              | US        |     18158 | NS      | $2018624.86   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Axos Financial Inc                         | Axos Financial Inc                                         | CUSIP: 05465C100<br>LEI: 529900D8M56422GK9O25 | Long             | EC               | CORP              | US        |     14708 | NS      | $933663.84    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| First Financial Bankshares Inc             | First Financial Bankshares Inc                             | CUSIP: 32020R109<br>LEI: 549300XN3GTGOENGNV49 | Long             | EC               | CORP              | US        |     31926 | NS      | $1069840.26   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Raymond James Financial Inc                | Raymond James Financial Inc                                | CUSIP: 754730109<br>LEI: RGUZHJ05YTITL6D76949 | Long             | EC               | CORP              | US        |     52952 | NS      | $7256542.08   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Block Inc                                  | Block Inc                                                  | CUSIP: 852234103<br>LEI: 549300OHIIUWSTIZME52 | Long             | EC               | CORP              | US        |    150983 | NS      | $8827976.01   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| StoneX Group Inc                           | StoneX Group Inc                                           | CUSIP: 861896108<br>LEI: 549300JUF07L8VF02M60 | Long             | EC               | CORP              | US        |     12130 | NS      | $1074293.45   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Fiserv Inc                                 | Fiserv Inc                                                 | CUSIP: 337738108<br>LEI: GI7UBEJLXYLGR2C7GV83 | Long             | EC               | CORP              | US        |    154753 | NS      | $28562761.21  | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| First Financial Bancorp                    | First Financial Bancorp                                    | CUSIP: 320209109<br>LEI: 549300D3F5B3EZMY7P77 | Long             | EC               | CORP              | US        |     25970 | NS      | $601205.50    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| LendingClub Corp                           | LendingClub Corp                                           | CUSIP: 52603A208<br>LEI: 549300YC50YO7Y1OJR92 | Long             | EC               | CORP              | US        |     31739 | NS      | $310090.03    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| First Hawaiian Inc                         | First Hawaiian Inc                                         | CUSIP: 32051X108<br>LEI: 5493002DJSH46F5OLV06 | Long             | EC               | CORP              | US        |     39995 | NS      | $914285.70    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| State Street Corp                          | State Street Corp                                          | CUSIP: 857477103<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | EC               | CORP              | US        |     80365 | NS      | $7080156.50   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Banc of California Inc                     | Banc of California Inc                                     | CUSIP: 05990K106<br>LEI: 549300ZKWUJDP6LJ1X87 | Long             | EC               | CORP              | US        |     37804 | NS      | $509597.92    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Atlanticus Holdings Corp                   | Atlanticus Holdings Corp                                   | CUSIP: 04914Y102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1950 | NS      | $106899.00    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Horizon Bancorp Inc/IN                     | Horizon Bancorp Inc/IN                                     | CUSIP: 440407104<br>LEI: 549300U2OQ2EIT5MXG39 | Long             | EC               | CORP              | US        |     13389 | NS      | $196550.52    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Lemonade Inc                               | Lemonade Inc                                               | CUSIP: 52567D107<br>LEI: 5493009BKR06OXXU6853 | Long             | EC               | CORP              | US        |     14476 | NS      | $422988.72    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| New York Mortgage Trust Inc                | New York Mortgage Trust Inc                                | CUSIP: 649604840<br>LEI: 549300JFGR0M7ULHWG48 | Long             | EC               |  | US        |     22533 | NS      | $132268.71    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Western Alliance Bancorp                   | Western Alliance Bancorp                                   | CUSIP: 957638109<br>LEI: 5493003VJXZ5JXT9S762 | Long             | EC               | CORP              | US        |     28732 | NS      | $2002907.72   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Ambac Financial Group Inc                  | Ambac Financial Group Inc                                  | CUSIP: 023139884<br>LEI: 5493000UC0RBBNDHI717 | Long             | EC               | CORP              | US        |     13238 | NS      | $105639.24    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Five Star Bancorp                          | Five Star Bancorp                                          | CUSIP: 33830T103<br>LEI: 5493008ZRBIHKWC0JA73 | Long             | EC               | CORP              | US        |      5846 | NS      | $161817.28    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| SouthState Corp                            | SouthState Corp                                            | CUSIP: 840441109<br>LEI: 549300JZUANXM0YQ4W53 | Long             | EC               | CORP              | US        |     27533 | NS      | $2389313.74   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Independent Bank Corp/MI                   | Independent Bank Corp/MI                                   | CUSIP: 453838609<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      7040 | NS      | $214438.40    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Hamilton Insurance Group Ltd               | Hamilton Insurance Group Ltd                               | CUSIP: 000000000<br>LEI: 549300W92BN1FIEXG871 | Long             | EC               | CORP              | BM        |     13967 | NS      | $258389.50    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| EZCORP Inc                                 | EZCORP Inc                                                 | CUSIP: 302301106<br>LEI: 5493003K6PG3ZQ7TUQ63 | Long             | EC               | CORP              | US        |     14041 | NS      | $229851.17    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Nelnet Inc                                 | Nelnet Inc                                                 | CUSIP: 64031N108<br>LEI: 549300T6B0Q52I6OM558 | Long             | EC               | CORP              | US        |      3740 | NS      | $396776.60    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Houlihan Lokey Inc                         | Houlihan Lokey Inc                                         | CUSIP: 441593100<br>LEI: 549300S3CNGTQ1QZVY46 | Long             | EC               | CORP              | US        |     14333 | NS      | $2323092.64   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Intercontinental Exchange Inc              | Intercontinental Exchange Inc                              | CUSIP: 45866F104<br>LEI: 5493000F4ZO33MV32P92 | Long             | EC               | CORP              | US        |    156009 | NS      | $26204831.73  | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Origin Bancorp Inc                         | Origin Bancorp Inc                                         | CUSIP: 68621T102<br>LEI: 54930055DO2Z4KO3NB45 | Long             | EC               | CORP              | US        |      8298 | NS      | $265867.92    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| UMB Financial Corp                         | UMB Financial Corp                                         | CUSIP: 902788108<br>LEI: 549300MGEH3N3CUCV828 | Long             | EC               | CORP              | US        |     19808 | NS      | $1873242.56   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Enstar Group Ltd                           | Enstar Group Ltd                                           | CUSIP: 000000000<br>LEI: 213800AMAL5QFXVUCN04 | Long             | EC               | CORP              | BM        |      3470 | NS      | $1160402.70   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Zions Bancorp NA                           | Zions Bancorp NA                                           | CUSIP: 989701107<br>LEI: 8WH0EE09O9V05QJZ3V89 | Long             | EC               | CORP              | US        |     40546 | NS      | $1823353.62   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Willis Towers Watson PLC                   | Willis Towers Watson PLC                                   | CUSIP: 000000000<br>LEI: 549300WHC56FF48KL350 | Long             | EC               | CORP              | IE        |     27309 | NS      | $8405710.20   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                | XAF FINANCIAL JUN25                                        | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DE               |  | US        |        36 | NC      | $141699.89    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Farmers National Banc Corp                 | Farmers National Banc Corp                                 | CUSIP: 309627107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     13474 | NS      | $175700.96    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| KeyCorp                                    | KeyCorp                                                    | CUSIP: 493267108<br>LEI: RKPI3RZGV1V1FJTH5T61 | Long             | EC               | CORP              | US        |    253559 | NS      | $3762815.56   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Lakeland Financial Corp                    | Lakeland Financial Corp                                    | CUSIP: 511656100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6084 | NS      | $338696.28    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Hagerty Inc                                | Hagerty Inc                                                | CUSIP: 405166109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10004 | NS      | $88135.24     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| BankUnited Inc                             | BankUnited Inc                                             | CUSIP: 06652K103<br>LEI: 96OVUWEW5D4YX6PFXD91 | Long             | EC               | CORP              | US        |     20304 | NS      | $664143.84    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| WesBanco Inc                               | WesBanco Inc                                               | CUSIP: 950810101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     27517 | NS      | $819456.26    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Apollo Commercial Real Estate Finance Inc  | Apollo Commercial Real Estate Finance Inc                  | CUSIP: 03762U105<br>LEI: 549300E0AN7M2AQHSY29 | Long             | EC               |  | US        |     33804 | NS      | $316743.48    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| UWM Holdings Corp                          | UWM Holdings Corp                                          | CUSIP: 91823B109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     35656 | NS      | $167583.20    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| First Bancorp/Southern Pines NC            | First Bancorp/Southern Pines NC                            | CUSIP: 318910106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10202 | NS      | $412772.92    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| South Plains Financial Inc                 | South Plains Financial Inc                                 | CUSIP: 83946P107<br>LEI: 549300SNEBP48642N493 | Long             | EC               | CORP              | US        |      4159 | NS      | $140199.89    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| M&T Bank Corp                              | M&T Bank Corp                                              | CUSIP: 55261F104<br>LEI: 549300WYXDDBYRASEG81 | Long             | EC               | CORP              | US        |     45298 | NS      | $7689788.48   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| W R Berkley Corp                           | W R Berkley Corp                                           | CUSIP: 084423102<br>LEI: SQOAGCLKBDWNVYV1OV80 | Long             | EC               | CORP              | US        |     82576 | NS      | $5919873.44   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| TFS Financial Corp                         | TFS Financial Corp                                         | CUSIP: 87240R107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     13498 | NS      | $174934.08    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Invesco Mortgage Capital Inc               | Invesco Mortgage Capital Inc                               | CUSIP: 46131B704<br>LEI: PV3BDP2HFZL2FNXQBL39 | Long             | EC               |  | US        |     22601 | NS      | $165665.33    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Horace Mann Educators Corp                 | Horace Mann Educators Corp                                 | CUSIP: 440327104<br>LEI: 254900G5YAV3A2YK8T32 | Long             | EC               | CORP              | US        |     10194 | NS      | $423458.76    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| NerdWallet Inc                             | NerdWallet Inc                                             | CUSIP: 64082B102<br>LEI: 254900FJ2Y4SH71DJ379 | Long             | EC               | CORP              | US        |      8454 | NS      | $75747.84     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Compass Diversified Holdings               | Compass Diversified Holdings                               | CUSIP: 20451Q104<br>LEI: 5299001SM1LBYANJRR58 | Long             | EC               | CORP              | US        |     18428 | NS      | $316777.32    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank First Corp                            | Bank First Corp                                            | CUSIP: 06211J100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2296 | NS      | $250677.28    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Bancorp Inc/The                            | Bancorp Inc/The                                            | CUSIP: 05969A105<br>LEI: 894500FP2ICT1B019Y71 | Long             | EC               | CORP              | US        |     12363 | NS      | $597256.53    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Marsh & McLennan Cos Inc                   | Marsh & McLennan Cos Inc                                   | CUSIP: 571748102<br>LEI: 549300XMP3KDCKJXIU47 | Long             | EC               | CORP              | US        |    133299 | NS      | $30054925.53  | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Principal Financial Group Inc              | Principal Financial Group Inc                              | CUSIP: 74251V102<br>LEI: CUMYEZJOAF02RYZ1JJ85 | Long             | EC               | CORP              | US        |     62266 | NS      | $4617023.90   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| WisdomTree Inc                             | WisdomTree Inc                                             | CUSIP: 97717P104<br>LEI: 549300WIU8IS7UFO7871 | Long             | EC               | CORP              | US        |     30198 | NS      | $262722.60    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| BOK Financial Corp                         | BOK Financial Corp                                         | CUSIP: 05561Q201<br>LEI: GRI2NT5QHYW751NMR949 | Long             | EC               | CORP              | US        |      6220 | NS      | $579517.40    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Two Harbors Investment Corp                | Two Harbors Investment Corp                                | CUSIP: 90187B804<br>LEI: 549300ZUIBT6KH4HU823 | Long             | EC               |  | US        |     30141 | NS      | $357773.67    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Ares Management Corp                       | Ares Management Corp                                       | CUSIP: 03990B101<br>LEI: 529900JUV61FH7B8VW38 | Long             | EC               | CORP              | US        |     51128 | NS      | $7798553.84   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Bar Harbor Bankshares                      | Bar Harbor Bankshares                                      | CUSIP: 066849100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5779 | NS      | $171289.56    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Rithm Capital Corp                         | Rithm Capital Corp                                         | CUSIP: 64828T201<br>LEI: 549300WNTHGEO5LP2G31 | Long             | EC               |  | US        |    148546 | NS      | $1660744.28   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Crawford & Co                              | Crawford & Co                                              | CUSIP: 224633206<br>LEI: 7TZZFJ2GPOGLWIKIXY82 | Long             | EC               | CORP              | US        |     10595 | NS      | $117816.40    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Franklin Resources Inc                     | Franklin Resources Inc                                     | CUSIP: 354613101<br>LEI: RIFQSET379FOGTEFKS80 | Long             | EC               | CORP              | US        |     78205 | NS      | $1467125.80   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Axis Capital Holdings Ltd                  | Axis Capital Holdings Ltd                                  | CUSIP: 000000000<br>LEI: 635400VD2NQBYAHMEM55 | Long             | EC               | CORP              | BM        |     23062 | NS      | $2221331.84   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Hilltop Holdings Inc                       | Hilltop Holdings Inc                                       | CUSIP: 432748101<br>LEI: 54930010TA543US0PM65 | Long             | EC               | CORP              | US        |     13169 | NS      | $388880.57    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Selective Insurance Group Inc              | Selective Insurance Group Inc                              | CUSIP: 816300107<br>LEI: 549300R3WGJWLE40R258 | Long             | EC               | CORP              | US        |     16286 | NS      | $1420627.78   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| PJT Partners Inc                           | PJT Partners Inc                                           | CUSIP: 69343T107<br>LEI: 549300W3WBEQUBKYTN87 | Long             | EC               | CORP              | US        |      6332 | NS      | $897307.72    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| American Financial Group Inc/OH            | American Financial Group Inc/OH                            | CUSIP: 025932104<br>LEI: 549300AFOM7IVKIU1G39 | Long             | EC               | CORP              | US        |     19756 | NS      | $2502294.96   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Assured Guaranty Ltd                       | Assured Guaranty Ltd                                       | CUSIP: 000000000<br>LEI: 549300BBOQUJEPH87M14 | Long             | EC               | CORP              | BM        |     13749 | NS      | $1206199.77   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| PennyMac Mortgage Investment Trust         | PennyMac Mortgage Investment Trust                         | CUSIP: 70931T103<br>LEI: 549300BSSOQO1ZWDUJ97 | Long             | EC               |  | US        |     23181 | NS      | $297644.04    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| FB Financial Corp                          | FB Financial Corp                                          | CUSIP: 30257X104<br>LEI: 5493000B2LD2C2A6C435 | Long             | EC               | CORP              | US        |     11197 | NS      | $476544.32    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Bowhead Specialty Holdings Inc             | Bowhead Specialty Holdings Inc                             | CUSIP: 10240L102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4018 | NS      | $161483.42    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Shift4 Payments Inc                        | Shift4 Payments Inc                                        | CUSIP: 82452J109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     16818 | NS      | $1375712.40   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| HCI Group Inc                              | HCI Group Inc                                              | CUSIP: 40416E103<br>LEI: 549300CZF7EZJH0MPH74 | Long             | EC               | CORP              | US        |      2372 | NS      | $347023.60    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| RLI Corp                                   | RLI Corp                                                   | CUSIP: 749607107<br>LEI: 529900AMTJE5ECN9PS55 | Long             | EC               | CORP              | US        |     21921 | NS      | $1622373.21   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Old Second Bancorp Inc                     | Old Second Bancorp Inc                                     | CUSIP: 680277100<br>LEI: 549300XVJC1MPUT81C04 | Long             | EC               | CORP              | US        |     11871 | NS      | $187443.09    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Berkshire Hathaway Inc                     | Berkshire Hathaway Inc                                     | CUSIP: 084670702<br>LEI: 5493000C01ZX7D35SD85 | Long             | EC               | CORP              | US        |    361554 | NS      | $192798670.50 | 9.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Markel Group Inc                           | Markel Group Inc                                           | CUSIP: 570535104<br>LEI: 549300SCNO12JLWIK605 | Long             | EC               | CORP              | US        |      3517 | NS      | $6396016.20   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Janus Henderson Group PLC                  | Janus Henderson Group PLC                                  | CUSIP: 000000000<br>LEI: 2138009WPYMWJN3RVF44 | Long             | EC               | CORP              | JE        |     36228 | NS      | $1203131.88   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Sezzle Inc                                 | Sezzle Inc                                                 | CUSIP: 78435P105<br>LEI: 9845000CA64541AE3I35 | Long             | EC               | CORP              | US        |      5226 | NS      | $271490.70    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| First Busey Corp                           | First Busey Corp                                           | CUSIP: 319383204<br>LEI: 549300X4ZNLYSX7GUY60 | Long             | EC               | CORP              | US        |     25389 | NS      | $527837.31    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Burke & Herbert Financial Services Corp    | Burke & Herbert Financial Services Corp                    | CUSIP: 12135Y108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3527 | NS      | $197194.57    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| First Citizens BancShares Inc/NC           | First Citizens BancShares Inc/NC                           | CUSIP: 31946M103<br>LEI: 549300N3Z00ZHE2XC526 | Long             | EC               | CORP              | US        |      2652 | NS      | $4718279.28   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| OneMain Holdings Inc                       | OneMain Holdings Inc                                       | CUSIP: 68268W103<br>LEI: 549300E3VEW8SMS5XW09 | Long             | EC               | CORP              | US        |     33692 | NS      | $1585882.44   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Paymentus Holdings Inc                     | Paymentus Holdings Inc                                     | CUSIP: 70439P108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5682 | NS      | $184437.72    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Starwood Property Trust Inc                | Starwood Property Trust Inc                                | CUSIP: 85571B105<br>LEI: BUGSFQZERKRBFWIG5267 | Long             | EC               |  | US        |     84892 | NS      | $1629077.48   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Ladder Capital Corp                        | Ladder Capital Corp                                        | CUSIP: 505743104<br>LEI: 549300Q6LLV2QCV67C06 | Long             | EC               |  | US        |     38134 | NS      | $398118.96    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Tompkins Financial Corp                    | Tompkins Financial Corp                                    | CUSIP: 890110109<br>LEI: 254900QDQ6V0QJ0Z2348 | Long             | EC               | CORP              | US        |      3924 | NS      | $233870.40    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Essent Group Ltd                           | Essent Group Ltd                                           | CUSIP: 000000000<br>LEI: 254900QUO860OUT6ZF83 | Long             | EC               | CORP              | BM        |     29319 | NS      | $1669130.67   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| German American Bancorp Inc                | German American Bancorp Inc                                | CUSIP: 373865104<br>LEI: 5493002JDOI3GTNVUD76 | Long             | EC               | CORP              | US        |      9615 | NS      | $364504.65    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Mastercard Inc                             | Mastercard Inc                                             | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               | CORP              | US        |    222693 | NS      | $122049125.58 | 5.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Ellington Financial Inc                    | Ellington Financial Inc                                    | CUSIP: 28852N109<br>LEI: 60GS1D1R1YY5G1W7IT74 | Long             | EC               |  | US        |     25978 | NS      | $338493.34    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Home BancShares Inc/AR                     | Home BancShares Inc/AR                                     | CUSIP: 436893200<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     50650 | NS      | $1405537.50   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| SiriusPoint Ltd                            | SiriusPoint Ltd                                            | CUSIP: 000000000<br>LEI: 549300OGXFI85N3YZZ51 | Long             | EC               | CORP              | BM        |     20450 | NS      | $343560.00    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Popular Inc                                | Popular Inc                                                | CUSIP: 733174700<br>LEI: 5493008CARDZMVQ3LO89 | Long             | EC               | CORP              | PR        |     19662 | NS      | $1876148.04   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Amerant Bancorp Inc                        | Amerant Bancorp Inc                                        | CUSIP: 023576101<br>LEI: 54930071V6LIG79MTL10 | Long             | EC               | CORP              | US        |      8509 | NS      | $143291.56    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of America Corp                       | Bank of America Corp                                       | CUSIP: 060505104<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EC               | CORP              | US        |   1860996 | NS      | $74216520.48  | 3.52%             |  |  |  | No            |                  1 | On Loan: No      |
| HarborOne Bancorp Inc                      | HarborOne Bancorp Inc                                      | CUSIP: 41165Y100<br>LEI: 549300CNOEY2QUB7F917 | Long             | EC               | CORP              | US        |     11997 | NS      | $135806.04    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Unum Group                                 | Unum Group                                                 | CUSIP: 91529Y106<br>LEI: 549300E32YFDO6TZ8R31 | Long             | EC               | CORP              | US        |     46793 | NS      | $3633944.38   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| SoFi Technologies Inc                      | SoFi Technologies Inc                                      | CUSIP: 83406F102<br>LEI: 549300SW81JCMVZDDY09 | Long             | EC               | CORP              | US        |    281453 | NS      | $3520977.03   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Veritex Holdings Inc                       | Veritex Holdings Inc                                       | CUSIP: 923451108<br>LEI: 549300F3SMOML02SC814 | Long             | EC               | CORP              | US        |     12848 | NS      | $299101.44    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Community Trust Bancorp Inc                | Community Trust Bancorp Inc                                | CUSIP: 204149108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5357 | NS      | $262278.72    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Towne Bank/Portsmouth VA                   | Towne Bank/Portsmouth VA                                   | CUSIP: 89214P109<br>LEI: 54930039UO39UJGI7078 | Long             | EC               | CORP              | US        |     20527 | NS      | $676364.65    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Eagle Bancorp Inc                          | Eagle Bancorp Inc                                          | CUSIP: 268948106<br>LEI: 549300B47NZODRMG3D47 | Long             | EC               | CORP              | US        |      7064 | NS      | $126798.80    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Heritage Financial Corp/WA                 | Heritage Financial Corp/WA                                 | CUSIP: 42722X106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      8116 | NS      | $185207.12    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| US Bancorp                                 | US Bancorp                                                 | CUSIP: 902973304<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | EC               | CORP              | US        |    425678 | NS      | $17171850.52  | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| NMI Holdings Inc                           | NMI Holdings Inc                                           | CUSIP: 629209305<br>LEI: 529900KNNGFXJX1C3Z08 | Long             | EC               | CORP              | US        |     21873 | NS      | $791146.41    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Baldwin Insurance Group Inc/The            | Baldwin Insurance Group Inc/The                            | CUSIP: 05589G102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     18397 | NS      | $765683.14    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| United Community Banks Inc/GA              | United Community Banks Inc/GA                              | CUSIP: 90984P303<br>LEI: 549300GVW0FV66X3U703 | Long             | EC               | CORP              | US        |     32398 | NS      | $894508.78    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Green Dot Corp                             | Green Dot Corp                                             | CUSIP: 39304D102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     11661 | NS      | $97602.57     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Arrow Financial Corp                       | Arrow Financial Corp                                       | CUSIP: 042744102<br>LEI: 2549007Z8GI9ZZIQ1817 | Long             | EC               | CORP              | US        |         1 | NS      | $15.16        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Washington Trust Bancorp Inc               | Washington Trust Bancorp Inc                               | CUSIP: 940610108<br>LEI: J66MZFCNJPP3PERHZW54 | Long             | EC               | CORP              | US        |      5751 | NS      | $158727.60    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Stewart Information Services Corp          | Stewart Information Services Corp                          | CUSIP: 860372101<br>LEI: 529900TV1XI0PLKENU10 | Long             | EC               | CORP              | US        |      7955 | NS      | $520893.40    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Peapack-Gladstone Financial Corp           | Peapack-Gladstone Financial Corp                           | CUSIP: 704699107<br>LEI: 549300G8DN2UK8K0ET30 | Long             | EC               | CORP              | US        |      5069 | NS      | $140309.92    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Enterprise Financial Services Corp         | Enterprise Financial Services Corp                         | CUSIP: 293712105<br>LEI: 5493001XTU5DLD632129 | Long             | EC               | CORP              | US        |     10933 | NS      | $568734.66    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Lazard Inc                                 | Lazard Inc                                                 | CUSIP: 52110M109<br>LEI: 254900RIBCDJSUFG1A11 | Long             | EC               | CORP              | US        |     24758 | NS      | $963086.20    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Banner Corp                                | Banner Corp                                                | CUSIP: 06652V208<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      8339 | NS      | $509846.46    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Radian Group Inc                           | Radian Group Inc                                           | CUSIP: 750236101<br>LEI: 54930005OUP720S5U385 | Long             | EC               | CORP              | US        |     42815 | NS      | $1367511.10   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| East West Bancorp Inc                      | East West Bancorp Inc                                      | CUSIP: 27579R104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     38008 | NS      | $3251584.40   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Pinnacle Financial Partners Inc            | Pinnacle Financial Partners Inc                            | CUSIP: 72346Q104<br>LEI: 54930098EZ8JMSAZGS24 | Long             | EC               | CORP              | US        |     21062 | NS      | $2111254.88   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Dynex Capital Inc                          | Dynex Capital Inc                                          | CUSIP: 26817Q886<br>LEI: 5CIJ4S9HAEBWILA19B65 | Long             | EC               |  | US        |     20454 | NS      | $252197.82    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| City Holding Co                            | City Holding Co                                            | CUSIP: 177835105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3892 | NS      | $450966.04    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Synchrony Financial                        | Synchrony Financial                                        | CUSIP: 87165B103<br>LEI: 549300RS7EWPM9MA6C78 | Long             | EC               | CORP              | US        |    107623 | NS      | $5591014.85   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Employers Holdings Inc                     | Employers Holdings Inc                                     | CUSIP: 292218104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5839 | NS      | $283717.01    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Heritage Commerce Corp                     | Heritage Commerce Corp                                     | CUSIP: 426927109<br>LEI: 549300CLIS851ELSR406 | Long             | EC               | CORP              | US        |     21850 | NS      | $197524.00    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Apollo Global Management Inc               | Apollo Global Management Inc                               | CUSIP: 03769M106<br>LEI: 254900LMFT1CY9IYB476 | Long             | EC               | CORP              | US        |    107645 | NS      | $14691389.60  | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Greene County Bancorp Inc                  | Greene County Bancorp Inc                                  | CUSIP: 394357107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2223 | NS      | $49461.75     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| SLM Corp                                   | SLM Corp                                                   | CUSIP: 78442P106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     55012 | NS      | $1590396.92   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Camden National Corp                       | Camden National Corp                                       | CUSIP: 133034108<br>LEI: 549300ZVEDL2L8UW4F28 | Long             | EC               | CORP              | US        |      5873 | NS      | $226227.96    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Corpay Inc                                 | Corpay Inc                                                 | CUSIP: 219948106<br>LEI: 549300DG6RR0NQSFLN74 | Long             | EC               | CORP              | US        |     18088 | NS      | $5885292.56   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Perella Weinberg Partners                  | Perella Weinberg Partners                                  | CUSIP: 71367G102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     15297 | NS      | $262649.49    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Merchants Bancorp/IN                       | Merchants Bancorp/IN                                       | CUSIP: 58844R108<br>LEI: 54930008Y0GPVLF81889 | Long             | EC               | CORP              | US        |      5670 | NS      | $170553.60    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Cincinnati Financial Corp                  | Cincinnati Financial Corp                                  | CUSIP: 172062101<br>LEI: 254900Q4WEDMZBOZ0002 | Long             | EC               | CORP              | US        |     43036 | NS      | $5991041.56   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Group Inc/The                | Goldman Sachs Group Inc/The                                | CUSIP: 38141G104<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | EC               | CORP              | US        |     85436 | NS      | $46780481.80  | 2.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Preferred Bank/Los Angeles CA              | Preferred Bank/Los Angeles CA                              | CUSIP: 740367404<br>LEI: 5493007K6HGI9G0ECX16 | Long             | EC               | CORP              | US        |      2071 | NS      | $165390.06    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| HBT Financial Inc                          | HBT Financial Inc                                          | CUSIP: 404111106<br>LEI: 549300NTXD4Q6UK5BY66 | Long             | EC               | CORP              | US        |      4866 | NS      | $112769.55    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Goosehead Insurance Inc                    | Goosehead Insurance Inc                                    | CUSIP: 38267D109<br>LEI: 549300WH5MBIWHJ9XY95 | Long             | EC               | CORP              | US        |      6250 | NS      | $607562.50    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Affirm Holdings Inc                        | Affirm Holdings Inc                                        | CUSIP: 00827B106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     66049 | NS      | $3286598.24   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Stellar Bancorp Inc                        | Stellar Bancorp Inc                                        | CUSIP: 858927106<br>LEI: 54930070P8Z0WHFBB536 | Long             | EC               | CORP              | US        |     13178 | NS      | $328922.88    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| FactSet Research Systems Inc               | FactSet Research Systems Inc                               | CUSIP: 303075105<br>LEI: 549300ZSJE7NBK6K9P30 | Long             | EC               | CORP              | US        |     10250 | NS      | $4430255.00   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity National Information Services Inc | Fidelity National Information Services Inc                 | CUSIP: 31620M106<br>LEI: 6WQI0GK1PRFVBA061U48 | Long             | EC               | CORP              | US        |    146507 | NS      | $11556472.16  | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Cathay General Bancorp                     | Cathay General Bancorp                                     | CUSIP: 149150104<br>LEI: 549300K1SLJ8C97H5L68 | Long             | EC               | CORP              | US        |     16893 | NS      | $704269.17    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Erie Indemnity Co                          | Erie Indemnity Co                                          | CUSIP: 29530P102<br>LEI: 549300WA5KP94KRUFZ80 | Long             | EC               | CORP              | US        |      6887 | NS      | $2469815.94   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Skyward Specialty Insurance Group Inc      | Skyward Specialty Insurance Group Inc                      | CUSIP: 830940102<br>LEI: 549300GXGXJG0YH4VN21 | Long             | EC               | CORP              | US        |     10268 | NS      | $545128.12    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Atlantic Union Bankshares Corp             | Atlantic Union Bankshares Corp                             | CUSIP: 04911A107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     32289 | NS      | $894405.30    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Flywire Corp                               | Flywire Corp                                               | CUSIP: 302492103<br>LEI: 54930055DSV7NNY4VY66 | Long             | EC               | CORP              | US        |     30636 | NS      | $288284.76    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Open Lending Corp                          | Open Lending Corp                                          | CUSIP: 68373J104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     26250 | NS      | $32550.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Charles Schwab Corp/The                    | Charles Schwab Corp/The                                    | CUSIP: 808513105<br>LEI: 549300VSGCJ7E698NM85 | Long             | EC               | CORP              | US        |    467369 | NS      | $38043836.60  | 1.80%             |  |  |  | No            |                  1 | On Loan: No      |
| MetLife Inc                                | MetLife Inc                                                | CUSIP: 59156R108<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | EC               | CORP              | US        |    161644 | NS      | $12183108.28  | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Seacoast Banking Corp of Florida           | Seacoast Banking Corp of Florida                           | CUSIP: 811707801<br>LEI: 549300V6IC06XYQYPG88 | Long             | EC               | CORP              | US        |     23269 | NS      | $551707.99    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Aflac Inc                                  | Aflac Inc                                                  | CUSIP: 001055102<br>LEI: 549300N0B7DOGLXWPP39 | Long             | EC               | CORP              | US        |    144695 | NS      | $15725452.60  | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Business First Bancshares Inc              | Business First Bancshares Inc                              | CUSIP: 12326C105<br>LEI: 549300ILTC50KHDX4A08 | Long             | EC               | CORP              | US        |      8475 | NS      | $195348.75    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Northwest Bancshares Inc                   | Northwest Bancshares Inc                                   | CUSIP: 667340103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     31074 | NS      | $383763.90    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Capital City Bank Group Inc                | Capital City Bank Group Inc                                | CUSIP: 139674105<br>LEI: 254900NVLVUJQZKTQE82 | Long             | EC               | CORP              | US        |      4872 | NS      | $178022.88    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Cullen/Frost Bankers Inc                   | Cullen/Frost Bankers Inc                                   | CUSIP: 229899109<br>LEI: 529900V2E9G9AY665O34 | Long             | EC               | CORP              | US        |     16334 | NS      | $1902420.98   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Voya Financial Inc                         | Voya Financial Inc                                         | CUSIP: 929089100<br>LEI: 549300T065Z4KJ686G75 | Long             | EC               | CORP              | US        |     26543 | NS      | $1571345.60   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| ARMOUR Residential REIT Inc                | ARMOUR Residential REIT Inc                                | CUSIP: 042315705<br>LEI: 549300K0WA0EJUX74V72 | Long             | EC               |  | US        |     14393 | NS      | $237052.71    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| KKR & Co Inc                               | KKR & Co Inc                                               | CUSIP: 48251W104<br>LEI: 54930013V5I303TF9571 | Long             | EC               | CORP              | US        |    168659 | NS      | $19272663.93  | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Globe Life Inc                             | Globe Life Inc                                             | CUSIP: 37959E102<br>LEI: 5493001JFHKQOPP6XA71 | Long             | EC               | CORP              | US        |     23851 | NS      | $2941782.34   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| National Bank Holdings Corp                | National Bank Holdings Corp                                | CUSIP: 633707104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10000 | NS      | $361600.00    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Brown & Brown Inc                          | Brown & Brown Inc                                          | CUSIP: 115236101<br>LEI: 549300PC8KTJ71XKFY89 | Long             | EC               | CORP              | US        |     65742 | NS      | $7271065.20   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| WaFd Inc                                   | WaFd Inc                                                   | CUSIP: 938824109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     22165 | NS      | $632367.45    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Selectquote Inc                            | Selectquote Inc                                            | CUSIP: 816307300<br>LEI: 549300BV28BWDIN9SP24 | Long             | EC               | CORP              | US        |     42873 | NS      | $135907.41    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Central Pacific Financial Corp             | Central Pacific Financial Corp                             | CUSIP: 154760409<br>LEI: 549300W3YEAOZ4KGG849 | Long             | EC               | CORP              | US        |      5914 | NS      | $151930.66    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Aon PLC                                    | Aon PLC                                                    | CUSIP: 000000000<br>LEI: 635400FALWQYX5E6QC64 | Long             | EC               | CORP              | IE        |     52758 | NS      | $18718010.82  | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Hancock Whitney Corp                       | Hancock Whitney Corp                                       | CUSIP: 410120109<br>LEI: 549300GRNBWY8HIICT41 | Long             | EC               | CORP              | US        |     25073 | NS      | $1306052.57   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Rocket Cos Inc                             | Rocket Cos Inc                                             | CUSIP: 77311W101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     38524 | NS      | $497344.84    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Blackstone Inc                             | Blackstone Inc                                             | CUSIP: 09260D107<br>LEI: 5299004LW4QWGZUB8Y96 | Long             | EC               | CORP              | US        |    195913 | NS      | $25803701.23  | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| WEX Inc                                    | WEX Inc                                                    | CUSIP: 96208T104<br>LEI: T9M5IGROL1TL1G5OV478 | Long             | EC               | CORP              | US        |      8769 | NS      | $1143214.53   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Allstate Corp/The                          | Allstate Corp/The                                          | CUSIP: 020002101<br>LEI: OBT0W1ED8G0NWVOLOJ77 | Long             | EC               | CORP              | US        |     72072 | NS      | $14298364.08  | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Palomar Holdings Inc                       | Palomar Holdings Inc                                       | CUSIP: 69753M105<br>LEI: 549300DOI1MUW11BLX74 | Long             | EC               | CORP              | US        |      7205 | NS      | $1044869.10   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Federated Hermes Inc                       | Federated Hermes Inc                                       | CUSIP: 314211103<br>LEI: R05X5UQ874RGFF7HHD84 | Long             | EC               | CORP              | US        |     21879 | NS      | $888506.19    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Renasant Corp                              | Renasant Corp                                              | CUSIP: 75970E107<br>LEI: 549300OVE6OZHW2UUH81 | Long             | EC               | CORP              | US        |     24500 | NS      | $785715.00    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| LPL Financial Holdings Inc                 | LPL Financial Holdings Inc                                 | CUSIP: 50212V100<br>LEI: 549300XROQ4Y8G2L7682 | Long             | EC               | CORP              | US        |     21596 | NS      | $6906184.84   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Mr Cooper Group Inc                        | Mr Cooper Group Inc                                        | CUSIP: 62482R107<br>LEI: 549300KD8C6DPXYC2M26 | Long             | EC               | CORP              | US        |     17804 | NS      | $2118854.04   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| S&T Bancorp Inc                            | S&T Bancorp Inc                                            | CUSIP: 783859101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      9434 | NS      | $343774.96    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Citizens Financial Group Inc               | Citizens Financial Group Inc                               | CUSIP: 174610105<br>LEI: 2138004JDDA4ZQUPFW65 | Long             | EC               | CORP              | US        |    122381 | NS      | $4514635.09   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Euronet Worldwide Inc                      | Euronet Worldwide Inc                                      | CUSIP: 298736109<br>LEI: YG3575C4DSHJPA5KET68 | Long             | EC               | CORP              | US        |     11696 | NS      | $1159073.60   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| PRA Group Inc                              | PRA Group Inc                                              | CUSIP: 69354N106<br>LEI: 549300Q5HW3JSSB86K27 | Long             | EC               | CORP              | US        |     10096 | NS      | $184756.80    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Texas Capital Bancshares Inc               | Texas Capital Bancshares Inc                               | CUSIP: 88224Q107<br>LEI: 549300466Q2SXRX0YM48 | Long             | EC               | CORP              | US        |     12562 | NS      | $856100.30    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of New York Mellon Corp/The           | Bank of New York Mellon Corp/The                           | CUSIP: 064058100<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | EC               | CORP              | US        |    196007 | NS      | $15760922.87  | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley                             | Morgan Stanley                                             | CUSIP: 617446448<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | EC               | CORP              | US        |    328647 | NS      | $37932436.74  | 1.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Pacific Premier Bancorp Inc                | Pacific Premier Bancorp Inc                                | CUSIP: 69478X105<br>LEI: 549300Q1KIC3KLI0XG98 | Long             | EC               | CORP              | US        |     26197 | NS      | $532846.98    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| PROG Holdings Inc                          | PROG Holdings Inc                                          | CUSIP: 74319R101<br>LEI: 549300DHYTLBOVRXIG52 | Long             | EC               | CORP              | US        |     11663 | NS      | $307436.68    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Fulton Financial Corp                      | Fulton Financial Corp                                      | CUSIP: 360271100<br>LEI: 5493005QLZ6O1BNC0C11 | Long             | EC               | CORP              | US        |     42736 | NS      | $712836.48    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Credit Acceptance Corp                     | Credit Acceptance Corp                                     | CUSIP: 225310101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1772 | NS      | $863708.24    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Republic Bancorp Inc/KY                    | Republic Bancorp Inc/KY                                    | CUSIP: 760281204<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3025 | NS      | $205246.25    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Coastal Financial Corp/WA                  | Coastal Financial Corp/WA                                  | CUSIP: 19046P209<br>LEI: 549300XG5L36T6IU0B47 | Long             | EC               | CORP              | US        |      3736 | NS      | $306912.40    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Virtus Investment Partners Inc             | Virtus Investment Partners Inc                             | CUSIP: 92828Q109<br>LEI: 549300HWF93HB8BDM648 | Long             | EC               | CORP              | US        |      2088 | NS      | $320695.92    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| State Street Global Advisors               | State Street Institutional Treasury Plus Money Market Fund | CUSIP: 857492862<br>LEI: 549300PNASLVKQG64331 | Long             | STIV             | RF                | US        |   5459000 | NS      | $5459000.48   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| 1st Source Corp                            | 1st Source Corp                                            | CUSIP: 336901103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5408 | NS      | $324209.60    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Ally Financial Inc                         | Ally Financial Inc                                         | CUSIP: 02005N100<br>LEI: 549300JBN1OSM8YNAI90 | Long             | EC               | CORP              | US        |     74253 | NS      | $2425102.98   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| QCR Holdings Inc                           | QCR Holdings Inc                                           | CUSIP: 74727A104<br>LEI: 549300MWKWM7KWJVQO33 | Long             | EC               | CORP              | US        |      4877 | NS      | $316761.15    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| HA Sustainable Infrastructure Capital Inc  | HA Sustainable Infrastructure Capital Inc                  | CUSIP: 41068X100<br>LEI: 254900ZZRL7MWL1X8E92 | Long             | EC               | CORP              | US        |     33009 | NS      | $824564.82    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Webster Financial Corp                     | Webster Financial Corp                                     | CUSIP: 947890109<br>LEI: KMRURHT0VWKYS6Z5KU67 | Long             | EC               | CORP              | US        |     47108 | NS      | $2228208.40   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Ameriprise Financial Inc                   | Ameriprise Financial Inc                                   | CUSIP: 03076C106<br>LEI: 6ZLKQF7QB6JAEKQS5388 | Long             | EC               | CORP              | US        |     26300 | NS      | $12387826.00  | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Arbor Realty Trust Inc                     | Arbor Realty Trust Inc                                     | CUSIP: 038923108<br>LEI: 549300ASFUWYQO0RW077 | Long             | EC               |  | US        |     42371 | NS      | $488537.63    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Brookline Bancorp Inc                      | Brookline Bancorp Inc                                      | CUSIP: 11373M107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     21217 | NS      | $221505.48    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| BrightSpire Capital Inc                    | BrightSpire Capital Inc                                    | CUSIP: 10949T109<br>LEI: 549300BOIFLLMVU37752 | Long             | EC               |  | US        |     36456 | NS      | $182644.56    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Cadence Bank                               | Cadence Bank                                               | CUSIP: 12740C103<br>LEI: Q7C315HKI8VX0SSKBS64 | Long             | EC               | CORP              | US        |     43307 | NS      | $1267162.82   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Blackstone Mortgage Trust Inc              | Blackstone Mortgage Trust Inc                              | CUSIP: 09257W100<br>LEI: 549300OLDJ20R2Y2UW20 | Long             | EC               |  | US        |     43106 | NS      | $821169.30    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| White Mountains Insurance Group Ltd        | White Mountains Insurance Group Ltd                        | CUSIP: 000000000<br>LEI: 549300N3FL068JERBG02 | Long             | EC               | CORP              | BM        |       682 | NS      | $1205400.90   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Hartford Insurance Group Inc/The           | Hartford Insurance Group Inc/The                           | CUSIP: 416515104<br>LEI: IU7C3FTM7Y3BQM112U94 | Long             | EC               | CORP              | US        |     80001 | NS      | $9813722.67   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Kinsale Capital Group Inc                  | Kinsale Capital Group Inc                                  | CUSIP: 49714P108<br>LEI: 529900QTUQHNZ6HOA508 | Long             | EC               | CORP              | US        |      5996 | NS      | $2609818.96   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Regions Financial Corp                     | Regions Financial Corp                                     | CUSIP: 7591EP100<br>LEI: CW05CS5KW59QTC0DG824 | Long             | EC               | CORP              | US        |    251948 | NS      | $5142258.68   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Berkshire Hills Bancorp Inc                | Berkshire Hills Bancorp Inc                                | CUSIP: 084680107<br>LEI: 549300AS2OC6UMMBNO37 | Long             | EC               | CORP              | US        |     11783 | NS      | $292571.89    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| International Money Express Inc            | International Money Express Inc                            | CUSIP: 46005L101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      9403 | NS      | $116785.26    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| NCR Atleos Corp                            | NCR Atleos Corp                                            | CUSIP: 63001N106<br>LEI: 9845005FC3S0VA714741 | Long             | EC               | CORP              | US        |     19102 | NS      | $533327.84    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| EVERTEC Inc                                | EVERTEC Inc                                                | CUSIP: 30040P103<br>LEI: N/A                  | Long             | EC               | CORP              | PR        |     17736 | NS      | $601959.84    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Moelis & Co                                | Moelis & Co                                                | CUSIP: 60786M105<br>LEI: 549300891QNU7VTQUR83 | Long             | EC               | CORP              | US        |     15775 | NS      | $845224.50    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Donnelley Financial Solutions Inc          | Donnelley Financial Solutions Inc                          | CUSIP: 25787G100<br>LEI: 549300O1NPY4J56QCU04 | Long             | EC               | CORP              | US        |      7706 | NS      | $371429.20    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Commerce Bancshares Inc/MO                 | Commerce Bancshares Inc/MO                                 | CUSIP: 200525103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     33942 | NS      | $2061637.08   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal Agricultural Mortgage Corp         | Federal Agricultural Mortgage Corp                         | CUSIP: 313148306<br>LEI: 549300MS654K78GYF580 | Long             | EC               | USGSE             | US        |      2827 | NS      | $495657.91    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Cass Information Systems Inc               | Cass Information Systems Inc                               | CUSIP: 14808P109<br>LEI: 549300G7XPIPR7SJ2F38 | Long             | EC               | CORP              | US        |      5740 | NS      | $233847.60    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| First Community Bankshares Inc             | First Community Bankshares Inc                             | CUSIP: 31983A103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4535 | NS      | $170878.80    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Cboe Global Markets Inc                    | Cboe Global Markets Inc                                    | CUSIP: 12503M108<br>LEI: 529900RLNSGA90UPEH54 | Long             | EC               | CORP              | US        |     28240 | NS      | $6263632.00   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Jefferies Financial Group Inc              | Jefferies Financial Group Inc                              | CUSIP: 47233W109<br>LEI: 549300HOF34RGOJ5YL07 | Long             | EC               | CORP              | US        |     42638 | NS      | $1992473.74   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| First Financial Corp                       | First Financial Corp                                       | CUSIP: 320218100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4029 | NS      | $199032.60    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Encore Capital Group Inc                   | Encore Capital Group Inc                                   | CUSIP: 292554102<br>LEI: 5493000UVC6H49CIH830 | Long             | EC               | CORP              | US        |      5607 | NS      | $192880.80    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Prudential Financial Inc                   | Prudential Financial Inc                                   | CUSIP: 744320102<br>LEI: 5PRBRS5FEH7NREC8OR45 | Long             | EC               | CORP              | US        |     97990 | NS      | $10064552.90  | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Metrocity Bankshares Inc                   | Metrocity Bankshares Inc                                   | CUSIP: 59165J105<br>LEI: 549300TC6QB7YG0P6F52 | Long             | EC               | CORP              | US        |      6639 | NS      | $183037.23    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Nasdaq Inc                                 | Nasdaq Inc                                                 | CUSIP: 631103108<br>LEI: 549300L8X1Q78ERXFD06 | Long             | EC               | CORP              | US        |    116622 | NS      | $8887762.62   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Oscar Health Inc                           | Oscar Health Inc                                           | CUSIP: 687793109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     47825 | NS      | $622203.25    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Enova International Inc                    | Enova International Inc                                    | CUSIP: 29357K103<br>LEI: 549300O8XOCQSB49UO63 | Long             | EC               | CORP              | US        |      7346 | NS      | $674289.34    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Metropolitan Bank Holding Corp             | Metropolitan Bank Holding Corp                             | CUSIP: 591774104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2950 | NS      | $182693.50    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Northfield Bancorp Inc                     | Northfield Bancorp Inc                                     | CUSIP: 66611T108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     11241 | NS      | $118592.55    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Peoples Bancorp Inc/OH                     | Peoples Bancorp Inc/OH                                     | CUSIP: 709789101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     12553 | NS      | $364162.53    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Columbia Financial Inc                     | Columbia Financial Inc                                     | CUSIP: 197641103<br>LEI: 254900B9UDXFOJAZKN61 | Long             | EC               | CORP              | US        |      6432 | NS      | $86639.04     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Glacier Bancorp Inc                        | Glacier Bancorp Inc                                        | CUSIP: 37637Q105<br>LEI: 549300SMJAUKZB5D7V74 | Long             | EC               | CORP              | US        |     30580 | NS      | $1246440.80   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Fifth Third Bancorp                        | Fifth Third Bancorp                                        | CUSIP: 316773100<br>LEI: THRNG6BD57P9QWTQLG42 | Long             | EC               | CORP              | US        |    183960 | NS      | $6611522.40   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Westamerica BanCorp                        | Westamerica BanCorp                                        | CUSIP: 957090103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6254 | NS      | $302881.22    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Trupanion Inc                              | Trupanion Inc                                              | CUSIP: 898202106<br>LEI: 549300J86GFKIDGMQP18 | Long             | EC               | CORP              | US        |     10128 | NS      | $370684.80    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Orrstown Financial Services Inc            | Orrstown Financial Services Inc                            | CUSIP: 687380105<br>LEI: 5493008IR3FINUFGVM95 | Long             | EC               | CORP              | US        |      5363 | NS      | $160729.11    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| TPG Inc                                    | TPG Inc                                                    | CUSIP: 872657101<br>LEI: 549300NLO4R8MX77XJ02 | Long             | EC               | CORP              | US        |     21232 | NS      | $986226.40    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Travelers Cos Inc/The                      | Travelers Cos Inc/The                                      | CUSIP: 89417E109<br>LEI: 549300Y650407RU8B149 | Long             | EC               | CORP              | US        |     61772 | NS      | $16315838.36  | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Enact Holdings Inc                         | Enact Holdings Inc                                         | CUSIP: 29249E109<br>LEI: 9845003CA5664B741N19 | Long             | EC               | CORP              | US        |     10713 | NS      | $383418.27    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Dave Inc                                   | Dave Inc                                                   | CUSIP: 23834J201<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2471 | NS      | $234300.22    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Root Inc/OH                                | Root Inc/OH                                                | CUSIP: 77664L207<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2195 | NS      | $306575.65    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Toast Inc                                  | Toast Inc                                                  | CUSIP: 888787108<br>LEI: 549300TN1PZNLCD4I551 | Long             | EC               | CORP              | US        |    109576 | NS      | $3898714.08   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| T Rowe Price Group Inc                     | T Rowe Price Group Inc                                     | CUSIP: 74144T108<br>LEI: 549300SIV6FPS9Y7IH33 | Long             | EC               | CORP              | US        |     60324 | NS      | $5341690.20   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| United Fire Group Inc                      | United Fire Group Inc                                      | CUSIP: 910340108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5939 | NS      | $164332.13    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| StepStone Group Inc                        | StepStone Group Inc                                        | CUSIP: 85914M107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     17704 | NS      | $885377.04    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of Hawaii Corp                        | Bank of Hawaii Corp                                        | CUSIP: 062540109<br>LEI: 5493006Q8BQ8AD8M2U33 | Long             | EC               | CORP              | US        |     10796 | NS      | $713723.56    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Valley National Bancorp                    | Valley National Bancorp                                    | CUSIP: 919794107<br>LEI: 549300ET52S1UBIB9762 | Long             | EC               | CORP              | US        |    138583 | NS      | $1191813.80   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| S&P Global Inc                             | S&P Global Inc                                             | CUSIP: 78409V104<br>LEI: Y6X4K52KMJMZE7I7MY94 | Long             | EC               | CORP              | US        |     86175 | NS      | $43091808.75  | 2.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Independent Bank Corp                      | Independent Bank Corp                                      | CUSIP: 453836108<br>LEI: 549300C5K3W8THR3GE10 | Long             | EC               | CORP              | US        |     11541 | NS      | $681957.69    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Morningstar Inc                            | Morningstar Inc                                            | CUSIP: 617700109<br>LEI: 529900YGNQPOVAXQ7F29 | Long             | EC               | CORP              | US        |      7463 | NS      | $2124865.36   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Arthur J Gallagher & Co                    | Arthur J Gallagher & Co                                    | CUSIP: 363576109<br>LEI: 54930049QLLMPART6V29 | Long             | EC               | CORP              | US        |     67800 | NS      | $21742782.00  | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| ProAssurance Corp                          | ProAssurance Corp                                          | CUSIP: 74267C106<br>LEI: 54930015E5J57R675E89 | Long             | EC               | CORP              | US        |     12528 | NS      | $290774.88    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Global Payments Inc                        | Global Payments Inc                                        | CUSIP: 37940X102<br>LEI: 549300NOMHGVQBX6S778 | Long             | EC               | CORP              | US        |     69528 | NS      | $5305681.68   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase & Co                        | JPMorgan Chase & Co                                        | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |    764821 | NS      | $187090513.02 | 8.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Genworth Financial Inc                     | Genworth Financial Inc                                     | CUSIP: 37247D106<br>LEI: 549300EMCG286BDNKJ33 | Long             | EC               | CORP              | US        |    107482 | NS      | $737326.52    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| FNB Corp/PA                                | FNB Corp/PA                                                | CUSIP: 302520101<br>LEI: PCYSKIGYNYFDTBLVZU83 | Long             | EC               | CORP              | US        |    100706 | NS      | $1318241.54   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| TriCo Bancshares                           | TriCo Bancshares                                           | CUSIP: 896095106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10002 | NS      | $385877.16    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| DigitalBridge Group Inc                    | DigitalBridge Group Inc                                    | CUSIP: 25401T603<br>LEI: 549300XG87L902AGBO89 | Long             | EC               | CORP              | US        |     46813 | NS      | $393229.20    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Loews Corp                                 | Loews Corp                                                 | CUSIP: 540424108<br>LEI: R8V1FN4M5ITGZOG7BS19 | Long             | EC               | CORP              | US        |     50735 | NS      | $4405320.05   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Capitol Federal Financial Inc              | Capitol Federal Financial Inc                              | CUSIP: 14057J101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     31752 | NS      | $180033.84    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| TPG RE Finance Trust Inc                   | TPG RE Finance Trust Inc                                   | CUSIP: 87266M107<br>LEI: N/A                  | Long             | EC               |  | US        |     21290 | NS      | $162655.60    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Claros Mortgage Trust Inc                  | Claros Mortgage Trust Inc                                  | CUSIP: 18270D106<br>LEI: 549300Z9LU2CZ3K30C16 | Long             | EC               |  | US        |     30537 | NS      | $75121.02     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Coinbase Global Inc                        | Coinbase Global Inc                                        | CUSIP: 19260Q107<br>LEI: 5493004G3J2SC154DU06 | Long             | EC               | CORP              | US        |     52857 | NS      | $10724156.73  | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Old Republic International Corp            | Old Republic International Corp                            | CUSIP: 680223104<br>LEI: 549300IV6O2YY2A1KH37 | Long             | EC               | CORP              | US        |     69547 | NS      | $2614967.20   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| American Express Co                        | American Express Co                                        | CUSIP: 025816109<br>LEI: R4PP93JZOLY261QX3811 | Long             | EC               | CORP              | US        |    152956 | NS      | $40749007.96  | 1.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Upstart Holdings Inc                       | Upstart Holdings Inc                                       | CUSIP: 91680M107<br>LEI: 549300WNB47JRNENIC75 | Long             | EC               | CORP              | US        |     22442 | NS      | $1072727.60   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Midland States Bancorp Inc                 | Midland States Bancorp Inc                                 | CUSIP: 597742105<br>LEI: 5493006RHXW9TTBWYC94 | Long             | EC               | CORP              | US        |      5536 | NS      | $90126.08     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Hanover Insurance Group Inc/The            | Hanover Insurance Group Inc/The                            | CUSIP: 410867105<br>LEI: JJYR6MFKFF6CF8DBZ078 | Long             | EC               | CORP              | US        |      9994 | NS      | $1660003.40   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| RenaissanceRe Holdings Ltd                 | RenaissanceRe Holdings Ltd                                 | CUSIP: 000000000<br>LEI: EK6GB9U3U58PDI411C94 | Long             | EC               | CORP              | BM        |     14294 | NS      | $3458147.42   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Capital One Financial Corp                 | Capital One Financial Corp                                 | CUSIP: 14040H105<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | EC               | CORP              | US        |    103750 | NS      | $18701975.00  | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| American International Group Inc           | American International Group Inc                           | CUSIP: 026874784<br>LEI: ODVCVCQG2BP6VHV36M30 | Long             | EC               | CORP              | US        |    170735 | NS      | $13918317.20  | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| CVB Financial Corp                         | CVB Financial Corp                                         | CUSIP: 126600105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     38340 | NS      | $710823.60    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Provident Financial Services Inc           | Provident Financial Services Inc                           | CUSIP: 74386T105<br>LEI: 529900JOSO3SXEDVE477 | Long             | EC               | CORP              | US        |     29627 | NS      | $484993.99    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Annaly Capital Management Inc              | Annaly Capital Management Inc                              | CUSIP: 035710839<br>LEI: 2DTL0G3FPRYUT58TI025 | Long             | EC               |  | US        |    149779 | NS      | $2935668.40   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| SEI Investments Co                         | SEI Investments Co                                         | CUSIP: 784117103<br>LEI: 5LJTIFADGZ6XH1RVOC11 | Long             | EC               | CORP              | US        |     29173 | NS      | $2283954.17   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Repay Holdings Corp                        | Repay Holdings Corp                                        | CUSIP: 76029L100<br>LEI: 2549006EJ42T73ZKUI98 | Long             | EC               | CORP              | US        |     24242 | NS      | $96968.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-05-28

**Name of Applicant:** FIDELITY COVINGTON TRUST

**Signature:** Stacie M Smith

**Name of Signer:** Stacie M Smith

**Title:** President and Treasurer