# EDGAR Filing Document

**Accession Number:** 0000945908
**File Stem:** 0001752724-25-154398
**Filing Date:** 2025-6
**Character Count:** 153693
**Document Hash:** a375c162bf4a7eb2316e2181be3b485c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-154398.hdr.sgml**: 20250625

**ACCESSION NUMBER**: 0001752724-25-154398

**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:** 251071285

**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 Consumer Discretionary Index ETF (Series ID: S000042570)

| Class ID   | Class Name                                     | Ticker Symbol   |
|:---|:---|:---|
| C000131662 | Fidelity MSCI Consumer Discretionary Index ETF | FDIS            |

## Nport-Ex

### Quarterly Holdings Report

### for

### Fidelity® MSCI Consumer Discretionary Index ETF

### April 30, 2025
T01-NPRT3-0625

1.9584802.111 ------

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

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks – 99.8%** | &nbsp;&nbsp;**Common Stocks – 99.8%** | &nbsp;&nbsp;**Common Stocks – 99.8%** | &nbsp;&nbsp;**Common Stocks – 99.8%** |
|  |  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **AUTOMOBILE COMPONENTS – 1.7%** | **AUTOMOBILE COMPONENTS – 1.7%** | **AUTOMOBILE COMPONENTS – 1.7%** | **AUTOMOBILE COMPONENTS – 1.7%** |
| **Automotive Parts & Equipment – 1.6%** | **Automotive Parts & Equipment – 1.6%** | **Automotive Parts & Equipment – 1.6%** | **Automotive Parts & Equipment – 1.6%** |
| Adient PLC (a) | Adient PLC (a) | &nbsp;&nbsp;&nbsp;&nbsp;53867 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$681418 |
| American Axle & Manufacturing Holdings, Inc. (a) | American Axle & Manufacturing Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;122094 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;466399 |
| Aptiv PLC (a) | Aptiv PLC (a) | &nbsp;&nbsp;&nbsp;&nbsp;84289 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4809530 |
| Autoliv, Inc. | Autoliv, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;28132 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2622746 |
| BorgWarner, Inc. | BorgWarner, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;85123 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2415791 |
| Dana, Inc. | Dana, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;78829 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1083111 |
| Dorman Products, Inc. (a) | Dorman Products, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;13950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1580535 |
| Fox Factory Holding Corp. (a) | Fox Factory Holding Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;31694 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;643705 |
| Garrett Motion, Inc. | Garrett Motion, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;85361 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;787028 |
| Gentex Corp. | Gentex Corp. | &nbsp;&nbsp;&nbsp;&nbsp;88273 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1922586 |
| Gentherm, Inc. (a) | Gentherm, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;23164 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;602496 |
| LCI Industries | LCI Industries | &nbsp;&nbsp;&nbsp;&nbsp;12662 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;975987 |
| Lear Corp. | Lear Corp. | &nbsp;&nbsp;&nbsp;&nbsp;21606 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1852715 |
| Modine Manufacturing Co. (a) | Modine Manufacturing Co. (a) | &nbsp;&nbsp;&nbsp;&nbsp;20855 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1702602 |
| Patrick Industries, Inc. | Patrick Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;17034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1311277 |
| Phinia, Inc. | Phinia, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;26927 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1081119 |
| QuantumScape Corp. (a) | QuantumScape Corp. (a) | &nbsp;&nbsp;&nbsp;207362 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;810786 |
| Standard Motor Products, Inc. | Standard Motor Products, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;24051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;651782 |
| Visteon Corp. (a) | Visteon Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;14017 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1110006 |
| XPEL, Inc. (a)(b) | XPEL, Inc. (a)(b) | &nbsp;&nbsp;&nbsp;&nbsp;22549 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;645803 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27757422 |
| **Tires & Rubber – 0.1%** | **Tires & Rubber – 0.1%** | **Tires & Rubber – 0.1%** | **Tires & Rubber – 0.1%** |
| Goodyear Tire & Rubber Co. (a) | Goodyear Tire & Rubber Co. (a) | &nbsp;&nbsp;&nbsp;130606 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1420993 |
| TOTAL AUTOMOBILE COMPONENTS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29178415 |  |  |
| **AUTOMOBILES – 16.5%** | **AUTOMOBILES – 16.5%** | **AUTOMOBILES – 16.5%** | **AUTOMOBILES – 16.5%** |
| **Automobile Manufacturers – 16.4%** | **Automobile Manufacturers – 16.4%** | **Automobile Manufacturers – 16.4%** | **Automobile Manufacturers – 16.4%** |
| Ford Motor Co. | Ford Motor Co. | 1235375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12366104 |
| General Motors Co. | General Motors Co. | &nbsp;&nbsp;&nbsp;345668 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15638020 |
| Lucid Group, Inc. (a) | Lucid Group, Inc. (a) | &nbsp;&nbsp;&nbsp;616852 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1548298 |
| Rivian Automotive, Inc. Class A (a) | Rivian Automotive, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;276051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3770857 |
| Tesla, Inc. (a) | Tesla, Inc. (a) | &nbsp;&nbsp;&nbsp;868992 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245194783 |
| Thor Industries, Inc. | Thor Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;20911 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1514375 |
| Winnebago Industries, Inc. | Winnebago Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;19793 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;629813 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280662250 |
| **Motorcycle Manufacturers – 0.1%** | **Motorcycle Manufacturers – 0.1%** | **Motorcycle Manufacturers – 0.1%** | **Motorcycle Manufacturers – 0.1%** |
| Harley-Davidson, Inc. | Harley-Davidson, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;55164 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1236777 |
| TOTAL AUTOMOBILES | &nbsp;&nbsp;&nbsp;&nbsp;281899027 |  |  |
| **BROADLINE RETAIL – 25.6%** | **BROADLINE RETAIL – 25.6%** | **BROADLINE RETAIL – 25.6%** | **BROADLINE RETAIL – 25.6%** |
| **Broadline Retail – 25.6%** | **Broadline Retail – 25.6%** | **Broadline Retail – 25.6%** | **Broadline Retail – 25.6%** |
| Amazon.com, Inc. (a) | Amazon.com, Inc. (a) | 2093499 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;386083086 |
| Dillard's, Inc. Class A | Dillard's, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2355 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;816384 |
| eBay, Inc. | eBay, Inc. | &nbsp;&nbsp;&nbsp;154382 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10522677 |
| Etsy, Inc. (a) | Etsy, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;44682 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1942773 |
| Kohl's Corp. | Kohl's Corp. | &nbsp;&nbsp;&nbsp;&nbsp;75824 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;508021 |
| Macy's, Inc. | Macy's, Inc. | &nbsp;&nbsp;&nbsp;115812 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1322573 |
| MercadoLibre, Inc. (a) | MercadoLibre, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;14018 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32673855 |
| Nordstrom, Inc. | Nordstrom, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;55600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1342184 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;****  | &nbsp;&nbsp;****  | &nbsp;&nbsp;****  | &nbsp;&nbsp;****  |
|  |  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Ollie's Bargain Outlet Holdings, Inc. (a) | Ollie's Bargain Outlet Holdings, Inc. (a) | &nbsp;&nbsp;24759 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2627178 |
| Savers Value Village, Inc. (a) | Savers Value Village, Inc. (a) | &nbsp;&nbsp;38238 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;366702 |
| TOTAL BROADLINE RETAIL | &nbsp;&nbsp;&nbsp;&nbsp;438205433 |  |  |
| **COMMERCIAL SERVICES & SUPPLIES – 0.0%** | **COMMERCIAL SERVICES & SUPPLIES – 0.0%** | **COMMERCIAL SERVICES & SUPPLIES – 0.0%** | **COMMERCIAL SERVICES & SUPPLIES – 0.0%** |
| **Diversified Support Services – 0.0%** | **Diversified Support Services – 0.0%** | **Diversified Support Services – 0.0%** | **Diversified Support Services – 0.0%** |
| Matthews International Corp. Class A | Matthews International Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;2255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46115 |
| **DISTRIBUTORS – 0.8%** | **DISTRIBUTORS – 0.8%** | **DISTRIBUTORS – 0.8%** | **DISTRIBUTORS – 0.8%** |
| **Distributors – 0.8%** | **Distributors – 0.8%** | **Distributors – 0.8%** | **Distributors – 0.8%** |
| A-Mark Precious Metals, Inc. | A-Mark Precious Metals, Inc. | &nbsp;&nbsp;22184 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;540402 |
| Genuine Parts Co. | Genuine Parts Co. | &nbsp;&nbsp;46086 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5417410 |
| GigaCloud Technology, Inc. Class A (a) | GigaCloud Technology, Inc. Class A (a) | &nbsp;&nbsp;33162 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;415852 |
| LKQ Corp. | LKQ Corp. | &nbsp;&nbsp;93344 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3566674 |
| Pool Corp. | Pool Corp. | &nbsp;&nbsp;13152 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3855377 |
| TOTAL DISTRIBUTORS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13795715 |  |  |
| **DIVERSIFIED CONSUMER SERVICES – 2.0%** | **DIVERSIFIED CONSUMER SERVICES – 2.0%** | **DIVERSIFIED CONSUMER SERVICES – 2.0%** | **DIVERSIFIED CONSUMER SERVICES – 2.0%** |
| **Education Services – 1.3%** | **Education Services – 1.3%** | **Education Services – 1.3%** | **Education Services – 1.3%** |
| Adtalem Global Education, Inc. (a) | Adtalem Global Education, Inc. (a) | &nbsp;&nbsp;17985 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1910007 |
| Bright Horizons Family Solutions, Inc. (a) | Bright Horizons Family Solutions, Inc. (a) | &nbsp;&nbsp;21433 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2688127 |
| Coursera, Inc. (a) | Coursera, Inc. (a) | 107003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900965 |
| Duolingo, Inc. (a) | Duolingo, Inc. (a) | &nbsp;&nbsp;12416 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4835784 |
| Graham Holdings Co. Class B | Graham Holdings Co. Class B | &nbsp;&nbsp;&nbsp;&nbsp;1745 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1605487 |
| Grand Canyon Education, Inc. (a) | Grand Canyon Education, Inc. (a) | &nbsp;&nbsp;12855 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2292947 |
| KinderCare Learning Cos., Inc. (a) | KinderCare Learning Cos., Inc. (a) | &nbsp;&nbsp;33055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;405254 |
| Laureate Education, Inc. (a) | Laureate Education, Inc. (a) | &nbsp;&nbsp;74432 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1493850 |
| Perdoceo Education Corp. | Perdoceo Education Corp. | &nbsp;&nbsp;41122 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1032985 |
| Strategic Education, Inc. | Strategic Education, Inc. | &nbsp;&nbsp;11867 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;968110 |
| Stride, Inc. (a) | Stride, Inc. (a) | &nbsp;&nbsp;18333 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2607869 |
| Udemy, Inc. (a) | Udemy, Inc. (a) | &nbsp;&nbsp;81406 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;559259 |
| Universal Technical Institute, Inc. (a) | Universal Technical Institute, Inc. (a) | &nbsp;&nbsp;39205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100092 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22400736 |
| **Specialized Consumer Services – 0.7%** | **Specialized Consumer Services – 0.7%** | **Specialized Consumer Services – 0.7%** | **Specialized Consumer Services – 0.7%** |
| ADT, Inc. | ADT, Inc. | 169075 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1355982 |
| Frontdoor, Inc. (a) | Frontdoor, Inc. (a) | &nbsp;&nbsp;39513 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1624379 |
| H&R Block, Inc. | H&R Block, Inc. | &nbsp;&nbsp;52846 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3190313 |
| Mister Car Wash, Inc. (a) | Mister Car Wash, Inc. (a) | 107234 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;735625 |
| OneSpaWorld Holdings Ltd. | OneSpaWorld Holdings Ltd. | &nbsp;&nbsp;63360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1058112 |
| Service Corp. International | Service Corp. International | &nbsp;&nbsp;52312 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4179729 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12144140 |
| TOTAL DIVERSIFIED CONSUMER SERVICES | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34544876 |  |  |
| **HOTELS, RESTAURANTS & LEISURE – 23.2%** | **HOTELS, RESTAURANTS & LEISURE – 23.2%** | **HOTELS, RESTAURANTS & LEISURE – 23.2%** | **HOTELS, RESTAURANTS & LEISURE – 23.2%** |
| **Casinos & Gaming – 2.5%** | **Casinos & Gaming – 2.5%** | **Casinos & Gaming – 2.5%** | **Casinos & Gaming – 2.5%** |
| Accel Entertainment, Inc. (a) | Accel Entertainment, Inc. (a) | &nbsp;&nbsp;59059 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;608308 |
| Boyd Gaming Corp. | Boyd Gaming Corp. | &nbsp;&nbsp;29608 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2047097 |
| Caesars Entertainment, Inc. (a) | Caesars Entertainment, Inc. (a) | &nbsp;&nbsp;80808 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2186664 |

---

 ***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** |
| **HOTELS, RESTAURANTS & LEISURE – continued** | **HOTELS, RESTAURANTS & LEISURE – continued** | **HOTELS, RESTAURANTS & LEISURE – continued** |
| **Casinos & Gaming – continued** | **Casinos & Gaming – continued** | **Casinos & Gaming – continued** |
| Churchill Downs, Inc. | &nbsp;&nbsp;24222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2189911 |
| DraftKings, Inc. Class A (a) | 142754 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4752281 |
| Everi Holdings, Inc. (a) | &nbsp;&nbsp;77809 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1093216 |
| Flutter Entertainment PLC (a) | &nbsp;&nbsp;54720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13186973 |
| Golden Entertainment, Inc. | &nbsp;&nbsp;23772 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;610940 |
| Las Vegas Sands Corp. | 125079 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4586647 |
| Light & Wonder, Inc. (a) | &nbsp;&nbsp;32844 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2804221 |
| MGM Resorts International (a) | &nbsp;&nbsp;90815 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2857040 |
| Monarch Casino & Resort, Inc. | &nbsp;&nbsp;12413 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;970572 |
| Penn Entertainment, Inc. (a) | &nbsp;&nbsp;75072 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1142596 |
| Red Rock Resorts, Inc. Class A | &nbsp;&nbsp;26005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1110414 |
| Rush Street Interactive, Inc. (a) | &nbsp;&nbsp;56537 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;685794 |
| Wynn Resorts Ltd. | &nbsp;&nbsp;36253 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2911478 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43744152 |
| **Hotels, Resorts & Cruise Lines – 8.7%** | **Hotels, Resorts & Cruise Lines – 8.7%** | **Hotels, Resorts & Cruise Lines – 8.7%** |
| Airbnb, Inc. Class A (a) | 136108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16594287 |
| Booking Holdings, Inc. | &nbsp;&nbsp;10078 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51390544 |
| Carnival Corp. (a) | 340604 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6246677 |
| Choice Hotels International, Inc. | &nbsp;&nbsp;14209 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1791897 |
| Expedia Group, Inc. | &nbsp;&nbsp;41551 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6520599 |
| Global Business Travel Group I (a) | &nbsp;&nbsp;84406 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;566364 |
| Hilton Grand Vacations, Inc. (a) | &nbsp;&nbsp;35340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1188484 |
| Hilton Worldwide Holdings, Inc. | &nbsp;&nbsp;76475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17243583 |
| Hyatt Hotels Corp. Class A | &nbsp;&nbsp;17373 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1957590 |
| Lindblad Expeditions Holdings, Inc. (a) | &nbsp;&nbsp;45592 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;403033 |
| Marriott International, Inc. Class A | &nbsp;&nbsp;74052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17667326 |
| Marriott Vacations Worldwide Corp. | &nbsp;&nbsp;15925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;872849 |
| Norwegian Cruise Line Holdings Ltd. (a) | 161195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2583956 |
| Playa Hotels & Resorts NV (a) | &nbsp;&nbsp;77037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1033837 |
| Royal Caribbean Cruises Ltd. | &nbsp;&nbsp;78094 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16783182 |
| Sabre Corp. (a) | 290628 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;688788 |
| Soho House & Co., Inc. (a) | &nbsp;&nbsp;40855 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245539 |
| Target Hospitality Corp. (a) | &nbsp;&nbsp;40510 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275468 |
| Travel & Leisure Co. | &nbsp;&nbsp;33755 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1482857 |
| Wyndham Hotels & Resorts, Inc. | &nbsp;&nbsp;32107 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2738727 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148275587 |
| **Leisure Facilities – 0.6%** | **Leisure Facilities – 0.6%** | **Leisure Facilities – 0.6%** |
| Dave & Buster's Entertainment, Inc. (a) | &nbsp;&nbsp;29157 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;559523 |
| Life Time Group Holdings, Inc. (a) | &nbsp;&nbsp;51982 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1593768 |
| Lucky Strike Entertainment Corp. | &nbsp;&nbsp;26420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248348 |
| Planet Fitness, Inc. Class A (a) | &nbsp;&nbsp;32860 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3108227 |
| Six Flags Entertainment Corp. | &nbsp;&nbsp;46302 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1593252 |
| United Parks & Resorts, Inc. (a) | &nbsp;&nbsp;22067 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;963225 |
| Vail Resorts, Inc. | &nbsp;&nbsp;14295 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1989864 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10056207 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;****  | &nbsp;&nbsp;****  | &nbsp;&nbsp;****  | &nbsp;&nbsp;****  |
|  |  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **Restaurants – 11.4%** | **Restaurants – 11.4%** | **Restaurants – 11.4%** | **Restaurants – 11.4%** |
| Aramark | Aramark | &nbsp;&nbsp;92155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3080742 |
| BJ's Restaurants, Inc. (a) | BJ's Restaurants, Inc. (a) | &nbsp;&nbsp;21714 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;722859 |
| Bloomin' Brands, Inc. | Bloomin' Brands, Inc. | &nbsp;&nbsp;64084 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;513954 |
| Brinker International, Inc. (a) | Brinker International, Inc. (a) | &nbsp;&nbsp;17980 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2414714 |
| Cava Group, Inc. (a) | Cava Group, Inc. (a) | &nbsp;&nbsp;29465 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2723450 |
| Cheesecake Factory, Inc. | Cheesecake Factory, Inc. | &nbsp;&nbsp;29307 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1476194 |
| Chipotle Mexican Grill, Inc. (a) | Chipotle Mexican Grill, Inc. (a) | 423305 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21385369 |
| Cracker Barrel Old Country Store, Inc. | Cracker Barrel Old Country Store, Inc. | &nbsp;&nbsp;17693 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;755491 |
| Darden Restaurants, Inc. | Darden Restaurants, Inc. | &nbsp;&nbsp;38689 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7762561 |
| Domino's Pizza, Inc. | Domino's Pizza, Inc. | &nbsp;&nbsp;11654 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5714772 |
| DoorDash, Inc. Class A (a) | DoorDash, Inc. Class A (a) | 106973 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20634022 |
| Dutch Bros, Inc. Class A (a) | Dutch Bros, Inc. Class A (a) | &nbsp;&nbsp;46397 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2771757 |
| First Watch Restaurant Group, Inc. (a) | First Watch Restaurant Group, Inc. (a) | &nbsp;&nbsp;49037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;865993 |
| Jack in the Box, Inc. | Jack in the Box, Inc. | &nbsp;&nbsp;18108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;471532 |
| Krispy Kreme, Inc. | Krispy Kreme, Inc. | &nbsp;&nbsp;80585 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330398 |
| Kura Sushi USA, Inc. Class A (a) | Kura Sushi USA, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;7939 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;467448 |
| McDonald's Corp. | McDonald's Corp. | 217113 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69400170 |
| Papa John's International, Inc. | Papa John's International, Inc. | &nbsp;&nbsp;21105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;728756 |
| Portillo's, Inc. Class A (a) | Portillo's, Inc. Class A (a) | &nbsp;&nbsp;59284 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;612996 |
| Serve Robotics, Inc. (a) | Serve Robotics, Inc. (a) | &nbsp;&nbsp;37692 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232560 |
| Shake Shack, Inc. Class A (a) | Shake Shack, Inc. Class A (a) | &nbsp;&nbsp;16861 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1479384 |
| Starbucks Corp. | Starbucks Corp. | 348648 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27909272 |
| Sweetgreen, Inc. Class A (a) | Sweetgreen, Inc. Class A (a) | &nbsp;&nbsp;53638 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1044868 |
| Texas Roadhouse, Inc. | Texas Roadhouse, Inc. | &nbsp;&nbsp;23555 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3909188 |
| Wendy's Co. | Wendy's Co. | &nbsp;&nbsp;85320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1066500 |
| Wingstop, Inc. | Wingstop, Inc. | &nbsp;&nbsp;10363 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2734692 |
| Yum! Brands, Inc. | Yum! Brands, Inc. | &nbsp;&nbsp;88647 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13336055 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194545697 |
| TOTAL HOTELS, RESTAURANTS & LEISURE | &nbsp;&nbsp;&nbsp;&nbsp;396621643 |  |  |
| **HOUSEHOLD DURABLES – 4.8%** | **HOUSEHOLD DURABLES – 4.8%** | **HOUSEHOLD DURABLES – 4.8%** | **HOUSEHOLD DURABLES – 4.8%** |
| **Consumer Electronics – 0.6%** | **Consumer Electronics – 0.6%** | **Consumer Electronics – 0.6%** | **Consumer Electronics – 0.6%** |
| Garmin Ltd. | Garmin Ltd. | &nbsp;&nbsp;49803 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9306687 |
| Sonos, Inc. (a) | Sonos, Inc. (a) | &nbsp;&nbsp;74926 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;690068 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9996755 |
| **Home Furnishings – 0.5%** | **Home Furnishings – 0.5%** | **Home Furnishings – 0.5%** | **Home Furnishings – 0.5%** |
| Ethan Allen Interiors, Inc. | Ethan Allen Interiors, Inc. | &nbsp;&nbsp;25711 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;730964 |
| La-Z-Boy, Inc. | La-Z-Boy, Inc. | &nbsp;&nbsp;28214 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1114453 |
| Leggett & Platt, Inc. | Leggett & Platt, Inc. | &nbsp;&nbsp;89706 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;862972 |
| Mohawk Industries, Inc. (a) | Mohawk Industries, Inc. (a) | &nbsp;&nbsp;21085 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2242390 |
| Somnigroup International, Inc. | Somnigroup International, Inc. | &nbsp;&nbsp;63243 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3861617 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8812396 |
| **Homebuilding – 3.5%** | **Homebuilding – 3.5%** | **Homebuilding – 3.5%** | **Homebuilding – 3.5%** |
| Beazer Homes USA, Inc. (a) | Beazer Homes USA, Inc. (a) | &nbsp;&nbsp;29610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;579172 |
| Cavco Industries, Inc. (a) | Cavco Industries, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;3782 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1867741 |
| Century Communities, Inc. | Century Communities, Inc. | &nbsp;&nbsp;15274 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;833044 |
| Champion Homes, Inc. (a) | Champion Homes, Inc. (a) | &nbsp;&nbsp;23717 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2051520 |
| DR Horton, Inc. | DR Horton, Inc. | &nbsp;&nbsp;92456 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11680891 |

---

---

| | |
|:---|:---|
| **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** |
| **HOUSEHOLD DURABLES – continued** | **HOUSEHOLD DURABLES – continued** | **HOUSEHOLD DURABLES – continued** | **HOUSEHOLD DURABLES – continued** |
| **Homebuilding – continued** | **Homebuilding – continued** | **Homebuilding – continued** | **Homebuilding – continued** |
| Dream Finders Homes, Inc. Class A (a) | Dream Finders Homes, Inc. Class A (a) | &nbsp;&nbsp;31378 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$711025 |
| Green Brick Partners, Inc. (a) | Green Brick Partners, Inc. (a) | &nbsp;&nbsp;19236 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1134732 |
| Hovnanian Enterprises, Inc. Class A (a) | Hovnanian Enterprises, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;5383 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;521074 |
| Installed Building Products, Inc. | Installed Building Products, Inc. | &nbsp;&nbsp;10052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1666923 |
| KB Home | KB Home | &nbsp;&nbsp;30845 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1666555 |
| Legacy Housing Corp. (a) | Legacy Housing Corp. (a) | &nbsp;&nbsp;12772 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310679 |
| Lennar Corp. Class A | Lennar Corp. Class A | &nbsp;&nbsp;77588 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8426833 |
| LGI Homes, Inc. (a) | LGI Homes, Inc. (a) | &nbsp;&nbsp;12309 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;672194 |
| M/I Homes, Inc. (a) | M/I Homes, Inc. (a) | &nbsp;&nbsp;12717 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1356650 |
| Meritage Homes Corp. | Meritage Homes Corp. | &nbsp;&nbsp;28419 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1936471 |
| NVR, Inc. (a) | NVR, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;1018 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7254013 |
| PulteGroup, Inc. | PulteGroup, Inc. | &nbsp;&nbsp;69010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7079046 |
| Taylor Morrison Home Corp. (a) | Taylor Morrison Home Corp. (a) | &nbsp;&nbsp;41654 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2388857 |
| Toll Brothers, Inc. | Toll Brothers, Inc. | &nbsp;&nbsp;35930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3624259 |
| TopBuild Corp. (a) | TopBuild Corp. (a) | &nbsp;&nbsp;10981 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3247741 |
| Tri Pointe Homes, Inc. (a) | Tri Pointe Homes, Inc. (a) | &nbsp;&nbsp;43253 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1330030 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60339450 |
| **Household Appliances – 0.1%** | **Household Appliances – 0.1%** | **Household Appliances – 0.1%** | **Household Appliances – 0.1%** |
| Cricut, Inc. Class A | Cricut, Inc. Class A | &nbsp;&nbsp;53407 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265967 |
| Helen of Troy Ltd. (a) | Helen of Troy Ltd. (a) | &nbsp;&nbsp;15764 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;439185 |
| Whirlpool Corp. | Whirlpool Corp. | &nbsp;&nbsp;22702 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1731708 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2436860 |
| **Housewares & Specialties – 0.1%** | **Housewares & Specialties – 0.1%** | **Housewares & Specialties – 0.1%** | **Housewares & Specialties – 0.1%** |
| Newell Brands, Inc. | Newell Brands, Inc. | 197484 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;943974 |
| TOTAL HOUSEHOLD DURABLES | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82529435 |  |  |
| **LEISURE PRODUCTS – 0.8%** | **LEISURE PRODUCTS – 0.8%** | **LEISURE PRODUCTS – 0.8%** | **LEISURE PRODUCTS – 0.8%** |
| **Leisure Products – 0.8%** | **Leisure Products – 0.8%** | **Leisure Products – 0.8%** | **Leisure Products – 0.8%** |
| Acushnet Holdings Corp. | Acushnet Holdings Corp. | &nbsp;&nbsp;18308 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1212356 |
| Brunswick Corp. | Brunswick Corp. | &nbsp;&nbsp;27413 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1262369 |
| Hasbro, Inc. | Hasbro, Inc. | &nbsp;&nbsp;49018 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3034214 |
| Latham Group, Inc. (a) | Latham Group, Inc. (a) | &nbsp;&nbsp;48384 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264419 |
| Malibu Boats, Inc. Class A (a) | Malibu Boats, Inc. Class A (a) | &nbsp;&nbsp;22016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;628777 |
| Mattel, Inc. (a) | Mattel, Inc. (a) | 137560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2185828 |
| Peloton Interactive, Inc. Class A (a) | Peloton Interactive, Inc. Class A (a) | 230750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1589868 |
| Polaris, Inc. | Polaris, Inc. | &nbsp;&nbsp;26717 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;907309 |
| Smith & Wesson Brands, Inc. | Smith & Wesson Brands, Inc. | &nbsp;&nbsp;52616 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;501430 |
| Sturm Ruger & Co., Inc. | Sturm Ruger & Co., Inc. | &nbsp;&nbsp;19345 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;786568 |
| Topgolf Callaway Brands Corp. (a) | Topgolf Callaway Brands Corp. (a) | 108494 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;717145 |
| YETI Holdings, Inc. (a) | YETI Holdings, Inc. (a) | &nbsp;&nbsp;40124 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1145540 |
| TOTAL LEISURE PRODUCTS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14235823 |  |  |
| **SPECIALTY RETAIL – 20.7%** | **SPECIALTY RETAIL – 20.7%** | **SPECIALTY RETAIL – 20.7%** | **SPECIALTY RETAIL – 20.7%** |
| **Apparel Retail – 4.5%** | **Apparel Retail – 4.5%** | **Apparel Retail – 4.5%** | **Apparel Retail – 4.5%** |
| Abercrombie & Fitch Co. Class A (a) | Abercrombie & Fitch Co. Class A (a) | &nbsp;&nbsp;20117 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1396522 |
| American Eagle Outfitters, Inc. | American Eagle Outfitters, Inc. | &nbsp;&nbsp;88695 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;933958 |
| Boot Barn Holdings, Inc. (a) | Boot Barn Holdings, Inc. (a) | &nbsp;&nbsp;14028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1463682 |
| Buckle, Inc. | Buckle, Inc. | &nbsp;&nbsp;23707 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;824055 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;****  | &nbsp;&nbsp;****  | &nbsp;&nbsp;****  |
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Burlington Stores, Inc. (a) | &nbsp;&nbsp;22236 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$5003989 |
| Caleres, Inc. | &nbsp;&nbsp;40181 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;612358 |
| Foot Locker, Inc. (a) | &nbsp;&nbsp;51196 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;628175 |
| Gap, Inc. | &nbsp;&nbsp;94617 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2072112 |
| Guess?, Inc. | &nbsp;&nbsp;36909 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;415226 |
| RealReal, Inc. (a) | &nbsp;&nbsp;85951 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;498516 |
| Revolve Group, Inc. (a) | &nbsp;&nbsp;37601 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;747508 |
| Ross Stores, Inc. | 104024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14459336 |
| Shoe Carnival, Inc. | &nbsp;&nbsp;21217 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;368752 |
| TJX Cos., Inc. | 342585 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44083838 |
| Urban Outfitters, Inc. (a) | &nbsp;&nbsp;31688 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1672493 |
| Victoria's Secret & Co. (a) | &nbsp;&nbsp;47820 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;899016 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76079536 |
| **Automotive Retail – 4.5%** | **Automotive Retail – 4.5%** | **Automotive Retail – 4.5%** |
| Advance Auto Parts, Inc. | &nbsp;&nbsp;29144 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;953592 |
| Arko Corp. | &nbsp;&nbsp;62475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251462 |
| Asbury Automotive Group, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;7860 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1714580 |
| AutoNation, Inc. (a) | &nbsp;&nbsp;11469 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1997326 |
| AutoZone, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;5229 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19674635 |
| Camping World Holdings, Inc. Class A | &nbsp;&nbsp;53434 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;644414 |
| CarMax, Inc. (a) | &nbsp;&nbsp;55278 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3574828 |
| Carvana Co. (a) | &nbsp;&nbsp;36900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9016515 |
| EVgo, Inc. (a) | 148424 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;409650 |
| Group 1 Automotive, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5820 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2349127 |
| Lithia Motors, Inc. | &nbsp;&nbsp;10430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3053487 |
| Monro, Inc. | &nbsp;&nbsp;34817 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;485349 |
| Murphy USA, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7168 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3573750 |
| O'Reilly Automotive, Inc. (a) | &nbsp;&nbsp;17820 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25218864 |
| Penske Automotive Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9608 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1495677 |
| Sonic Automotive, Inc. Class A | &nbsp;&nbsp;14223 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;863621 |
| Valvoline, Inc. (a) | &nbsp;&nbsp;50781 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1739757 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77016634 |
| **Computer & Electronics Retail – 0.5%** | **Computer & Electronics Retail – 0.5%** | **Computer & Electronics Retail – 0.5%** |
| Best Buy Co., Inc. | &nbsp;&nbsp;66450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4431551 |
| GameStop Corp. Class A (a) | 144765 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4033153 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8464704 |
| **Home Improvement Retail – 8.7%** | **Home Improvement Retail – 8.7%** | **Home Improvement Retail – 8.7%** |
| Floor & Decor Holdings, Inc. Class A (a) | &nbsp;&nbsp;36943 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2639208 |
| Home Depot, Inc. | 299787 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108070216 |
| Lowe's Cos., Inc. | 172527 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38570136 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149279560 |
| **Homefurnishing Retail – 0.5%** | **Homefurnishing Retail – 0.5%** | **Homefurnishing Retail – 0.5%** |
| Arhaus, Inc. (a) | &nbsp;&nbsp;54466 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;428103 |
| RH (a) | &nbsp;&nbsp;&nbsp;&nbsp;6481 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1192698 |
| Wayfair, Inc. Class A (a) | &nbsp;&nbsp;38520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1161763 |
| Williams-Sonoma, Inc. | &nbsp;&nbsp;42040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6493919 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9276483 |
| **Other Specialty Retail – 2.0%** | **Other Specialty Retail – 2.0%** | **Other Specialty Retail – 2.0%** |
| 1-800-Flowers.com, Inc. Class A (a) | &nbsp;&nbsp;33776 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186781 |
| Academy Sports & Outdoors, Inc. | &nbsp;&nbsp;32881 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1238956 |

---

 ***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** |
| **SPECIALTY RETAIL – continued** | **SPECIALTY RETAIL – continued** | **SPECIALTY RETAIL – continued** | **SPECIALTY RETAIL – continued** |
| **Other Specialty Retail – continued** | **Other Specialty Retail – continued** | **Other Specialty Retail – continued** | **Other Specialty Retail – continued** |
| Bath & Body Works, Inc. | Bath & Body Works, Inc. | &nbsp;&nbsp;75640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2307776 |
| Chewy, Inc. Class A (a) | Chewy, Inc. Class A (a) | &nbsp;&nbsp;76504 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2868900 |
| Dick's Sporting Goods, Inc. | Dick's Sporting Goods, Inc. | &nbsp;&nbsp;20939 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3931088 |
| Five Below, Inc. (a) | Five Below, Inc. (a) | &nbsp;&nbsp;21761 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1651442 |
| MarineMax, Inc. (a) | MarineMax, Inc. (a) | &nbsp;&nbsp;24462 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;524954 |
| National Vision Holdings, Inc. (a) | National Vision Holdings, Inc. (a) | &nbsp;&nbsp;64602 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;797835 |
| ODP Corp. (a) | ODP Corp. (a) | &nbsp;&nbsp;35940 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;491659 |
| Petco Health & Wellness Co., Inc. (a) | Petco Health & Wellness Co., Inc. (a) | 112928 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333138 |
| Sally Beauty Holdings, Inc. (a) | Sally Beauty Holdings, Inc. (a) | &nbsp;&nbsp;84751 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;689873 |
| Signet Jewelers Ltd. | Signet Jewelers Ltd. | &nbsp;&nbsp;21976 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1303177 |
| Tractor Supply Co. | Tractor Supply Co. | 173856 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8800591 |
| Ulta Beauty, Inc. (a) | Ulta Beauty, Inc. (a) | &nbsp;&nbsp;15900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6290676 |
| Upbound Group, Inc. | Upbound Group, Inc. | &nbsp;&nbsp;31044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;617776 |
| Warby Parker, Inc. Class A (a) | Warby Parker, Inc. Class A (a) | &nbsp;&nbsp;57759 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;953601 |
| Winmark Corp. | Winmark Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2391 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;860784 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33849007 |
| TOTAL SPECIALTY RETAIL | &nbsp;&nbsp;&nbsp;&nbsp;353965924 |  |  |
| **TEXTILES, APPAREL & LUXURY GOODS – 3.7%** | **TEXTILES, APPAREL & LUXURY GOODS – 3.7%** | **TEXTILES, APPAREL & LUXURY GOODS – 3.7%** | **TEXTILES, APPAREL & LUXURY GOODS – 3.7%** |
| **Apparel, Accessories & Luxury Goods – 1.8%** | **Apparel, Accessories & Luxury Goods – 1.8%** | **Apparel, Accessories & Luxury Goods – 1.8%** | **Apparel, Accessories & Luxury Goods – 1.8%** |
| Capri Holdings Ltd. (a) | Capri Holdings Ltd. (a) | &nbsp;&nbsp;58609 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;881479 |
| Carter's, Inc. | Carter's, Inc. | &nbsp;&nbsp;20472 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;676600 |
| Columbia Sportswear Co. | Columbia Sportswear Co. | &nbsp;&nbsp;17244 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1072059 |
| Figs, Inc. Class A (a) | Figs, Inc. Class A (a) | 115852 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;466884 |
| G-III Apparel Group Ltd. (a) | G-III Apparel Group Ltd. (a) | &nbsp;&nbsp;32272 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;813900 |
| Hanesbrands, Inc. (a) | Hanesbrands, Inc. (a) | 216546 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;993946 |
| Kontoor Brands, Inc. | Kontoor Brands, Inc. | &nbsp;&nbsp;22753 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1368593 |
| Levi Strauss & Co. Class A | Levi Strauss & Co. Class A | &nbsp;&nbsp;55950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;895760 |
| Lululemon Athletica, Inc. (a) | Lululemon Athletica, Inc. (a) | &nbsp;&nbsp;36073 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9767486 |
| Oxford Industries, Inc. | Oxford Industries, Inc. | &nbsp;&nbsp;11431 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;555547 |
| PVH Corp. | PVH Corp. | &nbsp;&nbsp;22935 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1582056 |
| Ralph Lauren Corp. | Ralph Lauren Corp. | &nbsp;&nbsp;15135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3404618 |
| Tapestry, Inc. | Tapestry, Inc. | &nbsp;&nbsp;81097 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5729503 |
| Under Armour, Inc. Class A (a) | Under Armour, Inc. Class A (a) | 137207 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;784824 |
| Under Armour, Inc. Class C (a) | Under Armour, Inc. Class C (a) | 127689 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;694628 |
| VF Corp. | VF Corp. | 144531 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1717028 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31404911 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;****  | &nbsp;&nbsp;****  | &nbsp;&nbsp;****  | &nbsp;&nbsp;****  |
|  |  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **Footwear – 1.9%** | **Footwear – 1.9%** | **Footwear – 1.9%** | **Footwear – 1.9%** |
| Crocs, Inc. (a) | Crocs, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;22210 | &nbsp;&nbsp;&nbsp;&nbsp;$2141488 |
| Deckers Outdoor Corp. (a) | Deckers Outdoor Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;50413 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5587273 |
| NIKE, Inc. Class B | NIKE, Inc. Class B | &nbsp;&nbsp;&nbsp;366920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20694288 |
| Skechers USA, Inc. Class A (a) | Skechers USA, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;49182 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2361720 |
| Steven Madden Ltd. | Steven Madden Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;34352 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;721392 |
| Wolverine World Wide, Inc. | Wolverine World Wide, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;67816 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;884999 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32391160 |
| TOTAL TEXTILES, APPAREL & LUXURY GOODS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63796071 |  |  |
| **TOTAL COMMON STOCKS<br> (Cost $1,533,320,309)** | **TOTAL COMMON STOCKS<br> (Cost $1,533,320,309)** | **TOTAL COMMON STOCKS<br> (Cost $1,533,320,309)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1708818477** |
| &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% (c)<br> (Cost $3,820,000) | State Street Institutional Treasury Plus Money Market Fund, Trust Class, 4.22% (c)<br> (Cost $3,820,000) | 3820000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3820000 |
| **TOTAL INVESTMENT IN SECURITIES – 100.0%<br> (Cost $1,537,140,309)** | &nbsp;&nbsp;**1712638477** |  |  |
| **NET OTHER ASSETS (LIABILITIES) (d) – (0.0%)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(510444)** |  |  |
| **NET ASSETS – 100.0%** | **$1712128033** |  |  |

---

---

| | |
|:---|:---|
| **Legend** | **Legend** |
| (a) | Non-income producing. |
| (b) | Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $645,803 or 0.0% of net assets. |
| (c) | The rate quoted is the annualized seven-day yield of the fund at period end. |
| (d) | Includes $243,899 of cash collateral to cover margin requirements for futures contracts. |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &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 Consumer Discretionary Select Sector Index Contracts (United States) | 13 | &nbsp;&nbsp;June 2025 | &nbsp;&nbsp;2604030 | &nbsp;&nbsp;$40810 | &nbsp;&nbsp;$40810 |
| CME E-mini Russell 2000 Index Contracts (United States) | 2 | &nbsp;&nbsp;June 2025 | &nbsp;&nbsp;&nbsp;&nbsp;196980 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4315) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4315) |
| Total Equity Index Contracts |  |  |  |  | &nbsp;&nbsp;&nbsp;$36495 |

---

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

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Schedule of Investments (Unaudited)–continued

The notional amount of futures purchased as a percentage of Net Assets is 0.2%

#### 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.

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>6</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.* 

---

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

---

------

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

 ***Quarterly Report*** <sub>8</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 Consumer Discretionary Index ETF

- **b. EDGAR series identifier (if any):** S000042570

- **c. LEI of Series:** 5493007BOJJU5J05J835

**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:** $1712245850.16

**Total Liabilities:** $114475.72

**Net Assets:** $1712131374.44

**Cash Not Reported:** $303653.50

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000131662 | -8.21%               | -8.89%               | -0.01%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $2946822.73              | $-179981116.03                             |
| Month 2  | $29861877.44             | $-206293541.78                             |
| Month 3  | $16104119.23             | $-19165242.12                              |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Revolve Group Inc                          | Revolve Group Inc                                          | CUSIP: 76156B107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     37601 | NS      | $747507.88    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Playa Hotels & Resorts NV                  | Playa Hotels & Resorts NV                                  | CUSIP: 000000000<br>LEI: 529900BUP3KWPCJNLS49 | Long             | EC               | CORP              | NL        |     92789 | NS      | $1245228.38   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Soho House & Co Inc                        | Soho House & Co Inc                                        | CUSIP: 586001109<br>LEI: 213800XNSPPBRF2E5A41 | Long             | EC               | CORP              | US        |     40855 | NS      | $245538.55    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Victoria's Secret & Co                     | Victoria's Secret & Co                                     | CUSIP: 926400102<br>LEI: 5493006T3O70U3UWVF17 | Long             | EC               | CORP              | US        |     47820 | NS      | $899016.00    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| BJ's Restaurants Inc                       | BJ's Restaurants Inc                                       | CUSIP: 09180C106<br>LEI: 5299000EOW66I1OJNQ23 | Long             | EC               | CORP              | US        |     21714 | NS      | $722859.06    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Penn Entertainment Inc                     | Penn Entertainment Inc                                     | CUSIP: 707569109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     75072 | NS      | $1142595.84   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Laureate Education Inc                     | Laureate Education Inc                                     | CUSIP: 518613203<br>LEI: 5JL7TMOH5TY3IUYSUP91 | Long             | EC               | CORP              | US        |     74432 | NS      | $1493850.24   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Sonos Inc                                  | Sonos Inc                                                  | CUSIP: 83570H108<br>LEI: 549300WEPU6075I77M08 | Long             | EC               | CORP              | US        |     74926 | NS      | $690068.46    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Hyatt Hotels Corp                          | Hyatt Hotels Corp                                          | CUSIP: 448579102<br>LEI: T27JQIMTYSH41TCD5186 | Long             | EC               | CORP              | US        |     17373 | NS      | $1957589.64   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Champion Homes Inc                         | Champion Homes Inc                                         | CUSIP: 830830105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     23717 | NS      | $2051520.50   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Camping World Holdings Inc                 | Camping World Holdings Inc                                 | CUSIP: 13462K109<br>LEI: 549300E828QQI7MWI432 | Long             | EC               | CORP              | US        |     53434 | NS      | $644414.04    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| General Motors Co                          | General Motors Co                                          | CUSIP: 37045V100<br>LEI: 54930070NSV60J38I987 | Long             | EC               | CORP              | US        |    362016 | NS      | $16377603.84  | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Krispy Kreme Inc                           | Krispy Kreme Inc                                           | CUSIP: 50101L106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     80585 | NS      | $330398.50    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Meritage Homes Corp                        | Meritage Homes Corp                                        | CUSIP: 59001A102<br>LEI: 52990044W9UMFJO2FB97 | Long             | EC               | CORP              | US        |     28419 | NS      | $1936470.66   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Genuine Parts Co                           | Genuine Parts Co                                           | CUSIP: 372460105<br>LEI: 549300D46DQVEU651W04 | Long             | EC               | CORP              | US        |     46086 | NS      | $5417409.30   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Chipotle Mexican Grill Inc                 | Chipotle Mexican Grill Inc                                 | CUSIP: 169656105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    428468 | NS      | $21646203.36  | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Pool Corp                                  | Pool Corp                                                  | CUSIP: 73278L105<br>LEI: 5493005VZK1KMN6CO617 | Long             | EC               | CORP              | US        |     13152 | NS      | $3855377.28   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Rush Street Interactive Inc                | Rush Street Interactive Inc                                | CUSIP: 782011100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     56537 | NS      | $685793.81    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Kontoor Brands Inc                         | Kontoor Brands Inc                                         | CUSIP: 50050N103<br>LEI: 549300M0CPXV65RFF271 | Long             | EC               | CORP              | US        |     22753 | NS      | $1368592.95   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| McDonald's Corp                            | McDonald's Corp                                            | CUSIP: 580135101<br>LEI: UE2136O97NLB5BYP9H04 | Long             | EC               | CORP              | US        |    220916 | NS      | $70615799.40  | 4.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Goodyear Tire & Rubber Co/The              | Goodyear Tire & Rubber Co/The                              | CUSIP: 382550101<br>LEI: 5493002BI0S2ZQUY3437 | Long             | EC               | CORP              | US        |    130606 | NS      | $1420993.28   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| United Parks & Resorts Inc                 | United Parks & Resorts Inc                                 | CUSIP: 81282V100<br>LEI: 529900G0H4NV3IIK3269 | Long             | EC               | CORP              | US        |     22067 | NS      | $963224.55    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Valvoline Inc                              | Valvoline Inc                                              | CUSIP: 92047W101<br>LEI: 549300CMHPBEY6VPOT75 | Long             | EC               | CORP              | US        |     50781 | NS      | $1739757.06   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Hilton Worldwide Holdings Inc              | Hilton Worldwide Holdings Inc                              | CUSIP: 43300A203<br>LEI: 549300HVGPK36ICB0B89 | Long             | EC               | CORP              | US        |     79331 | NS      | $17887553.88  | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| DR Horton Inc                              | DR Horton Inc                                              | CUSIP: 23331A109<br>LEI: 529900ZIUEYVSB8QDD25 | Long             | EC               | CORP              | US        |     94020 | NS      | $11878486.80  | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Target Hospitality Corp                    | Target Hospitality Corp                                    | CUSIP: 87615L107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     40510 | NS      | $275468.00    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Tractor Supply Co                          | Tractor Supply Co                                          | CUSIP: 892356106<br>LEI: 549300OJ9VZHZRO6I137 | Long             | EC               | CORP              | US        |    173856 | NS      | $8800590.72   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Warby Parker Inc                           | Warby Parker Inc                                           | CUSIP: 93403J106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     57759 | NS      | $953601.09    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Jack in the Box Inc                        | Jack in the Box Inc                                        | CUSIP: 466367109<br>LEI: 5493002OJW26P0SUUP68 | Long             | EC               | CORP              | US        |     18108 | NS      | $471532.32    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Expedia Group Inc                          | Expedia Group Inc                                          | CUSIP: 30212P303<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     44152 | NS      | $6928773.36   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Cava Group Inc                             | Cava Group Inc                                             | CUSIP: 148929102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     29465 | NS      | $2723449.95   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Planet Fitness Inc                         | Planet Fitness Inc                                         | CUSIP: 72703H101<br>LEI: 549300LLE5HUPF6H8G33 | Long             | EC               | CORP              | US        |     34878 | NS      | $3299110.02   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Ollie's Bargain Outlet Holdings Inc        | Ollie's Bargain Outlet Holdings Inc                        | CUSIP: 681116109<br>LEI: 529900YO5DSQCPEFDZ05 | Long             | EC               | CORP              | US        |     26164 | NS      | $2776262.04   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| eBay Inc                                   | eBay Inc                                                   | CUSIP: 278642103<br>LEI: OML71K8X303XQONU6T67 | Long             | EC               | CORP              | US        |    165491 | NS      | $11279866.56  | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| NIKE Inc                                   | NIKE Inc                                                   | CUSIP: 654106103<br>LEI: 787RXPR0UX0O0XUXPZ81 | Long             | EC               | CORP              | US        |    376027 | NS      | $21207922.80  | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                | XAY CONS DISCRET JUN25                                     | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DE               |  | US        |        19 | NC      | $63116.91     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Aramark                                    | Aramark                                                    | CUSIP: 03852U106<br>LEI: 549300MR6PG2DWZUIL39 | Long             | EC               | CORP              | US        |     92155 | NS      | $3080741.65   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| H&R Block Inc                              | H&R Block Inc                                              | CUSIP: 093671105<br>LEI: 549300CE3KUCWLZBG404 | Long             | EC               | CORP              | US        |     52846 | NS      | $3190313.02   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| QuantumScape Corp                          | QuantumScape Corp                                          | CUSIP: 74767V109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    207362 | NS      | $810785.42    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Burlington Stores Inc                      | Burlington Stores Inc                                      | CUSIP: 122017106<br>LEI: 5299003Z37DVGKKC1W09 | Long             | EC               | CORP              | US        |     22236 | NS      | $5003989.44   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                | E-MINI RUSS 2000 JUN25                                     | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DE               |  | US        |         3 | NC      | $-6472.67     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Polaris Inc                                | Polaris Inc                                                | CUSIP: 731068102<br>LEI: 549300QJSN8UVWN1EI78 | Long             | EC               | CORP              | US        |     26717 | NS      | $907309.32    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Under Armour Inc                           | Under Armour Inc                                           | CUSIP: 904311206<br>LEI: 549300D4549QKWETZ406 | Long             | EC               | CORP              | US        |    127689 | NS      | $694628.16    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Gentherm Inc                               | Gentherm Inc                                               | CUSIP: 37253A103<br>LEI: HKM6YX1U5JS60TCUB219 | Long             | EC               | CORP              | US        |     23164 | NS      | $602495.64    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Capri Holdings Ltd                         | Capri Holdings Ltd                                         | CUSIP: 000000000<br>LEI: 549300LPG8W0H1OX3A26 | Long             | EC               | CORP              | VG        |     58609 | NS      | $881479.36    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Caesars Entertainment Inc                  | Caesars Entertainment Inc                                  | CUSIP: 12769G100<br>LEI: 549300FA4CTCW903Y781 | Long             | EC               | CORP              | US        |     80808 | NS      | $2186664.48   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Red Rock Resorts Inc                       | Red Rock Resorts Inc                                       | CUSIP: 75700L108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     26005 | NS      | $1110413.50   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Lithia Motors Inc                          | Lithia Motors Inc                                          | CUSIP: 536797103<br>LEI: SE8N1EZEHPZQBCBVKD53 | Long             | EC               | CORP              | US        |     10430 | NS      | $3053486.80   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Helen of Troy Ltd                          | Helen of Troy Ltd                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | BM        |     15764 | NS      | $439185.04    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Under Armour Inc                           | Under Armour Inc                                           | CUSIP: 904311107<br>LEI: 549300D4549QKWETZ406 | Long             | EC               | CORP              | US        |    137207 | NS      | $784824.04    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Marriott International Inc/MD              | Marriott International Inc/MD                              | CUSIP: 571903202<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | EC               | CORP              | US        |     76955 | NS      | $18359923.90  | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| National Vision Holdings Inc               | National Vision Holdings Inc                               | CUSIP: 63845R107<br>LEI: 549300JHURCBLI5ROA42 | Long             | EC               | CORP              | US        |     64602 | NS      | $797834.70    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Buckle Inc/The                             | Buckle Inc/The                                             | CUSIP: 118440106<br>LEI: 5299007IU0461T3GDL34 | Long             | EC               | CORP              | US        |     23707 | NS      | $824055.32    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Carvana Co                                 | Carvana Co                                                 | CUSIP: 146869102<br>LEI: 5493003WEAK2PJ5WS063 | Long             | EC               | CORP              | US        |     36900 | NS      | $9016515.00   | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Levi Strauss & Co                          | Levi Strauss & Co                                          | CUSIP: 52736R102<br>LEI: MB0UERO0RDFKU8258G77 | Long             | EC               | CORP              | US        |     55950 | NS      | $895759.50    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Winnebago Industries Inc                   | Winnebago Industries Inc                                   | CUSIP: 974637100<br>LEI: 549300B7OYKYJLTE3G11 | Long             | EC               | CORP              | US        |     19793 | NS      | $629813.26    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Lear Corp                                  | Lear Corp                                                  | CUSIP: 521865204<br>LEI: 549300UPNBTXA1SYTQ33 | Long             | EC               | CORP              | US        |     21606 | NS      | $1852714.50   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Vail Resorts Inc                           | Vail Resorts Inc                                           | CUSIP: 91879Q109<br>LEI: 529900PSZHRNU9HKH870 | Long             | EC               | CORP              | US        |     14295 | NS      | $1989864.00   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Wayfair Inc                                | Wayfair Inc                                                | CUSIP: 94419L101<br>LEI: 54930027N9ZAVYFDHK53 | Long             | EC               | CORP              | US        |     38520 | NS      | $1161763.20   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Hanesbrands Inc                            | Hanesbrands Inc                                            | CUSIP: 410345102<br>LEI: GX5LWVWZLL5S4W1L2F20 | Long             | EC               | CORP              | US        |    216546 | NS      | $993946.14    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Churchill Downs Inc                        | Churchill Downs Inc                                        | CUSIP: 171484108<br>LEI: 529900FODTBQC8MIS994 | Long             | EC               | CORP              | US        |     24222 | NS      | $2189911.02   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Modine Manufacturing Co                    | Modine Manufacturing Co                                    | CUSIP: 607828100<br>LEI: Z35SZFYJR8GZZRSIUU09 | Long             | EC               | CORP              | US        |     20855 | NS      | $1702602.20   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Dutch Bros Inc                             | Dutch Bros Inc                                             | CUSIP: 26701L100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     59478 | NS      | $3553215.72   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Frontdoor Inc                              | Frontdoor Inc                                              | CUSIP: 35905A109<br>LEI: 5493008RB0JZJI3QGZ06 | Long             | EC               | CORP              | US        |     39513 | NS      | $1624379.43   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Tri Pointe Homes Inc                       | Tri Pointe Homes Inc                                       | CUSIP: 87265H109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     43253 | NS      | $1330029.75   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Latham Group Inc                           | Latham Group Inc                                           | CUSIP: 51819L107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     48384 | NS      | $264418.56    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Fox Factory Holding Corp                   | Fox Factory Holding Corp                                   | CUSIP: 35138V102<br>LEI: 529900GE1HSV0617R721 | Long             | EC               | CORP              | US        |     31694 | NS      | $643705.14    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Somnigroup International Inc               | Somnigroup International Inc                               | CUSIP: 88023U101<br>LEI: 549300HFEKVR3US71V91 | Long             | EC               | CORP              | US        |     63243 | NS      | $3861617.58   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Asbury Automotive Group Inc                | Asbury Automotive Group Inc                                | CUSIP: 043436104<br>LEI: 549300JH4DTA7U42GL91 | Long             | EC               | CORP              | US        |      7860 | NS      | $1714580.40   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Group 1 Automotive Inc                     | Group 1 Automotive Inc                                     | CUSIP: 398905109<br>LEI: 549300US8QAZJLWYAF63 | Long             | EC               | CORP              | US        |      5908 | NS      | $2384646.04   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Dream Finders Homes Inc                    | Dream Finders Homes Inc                                    | CUSIP: 26154D100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     31378 | NS      | $711025.48    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Papa John's International Inc              | Papa John's International Inc                              | CUSIP: 698813102<br>LEI: HZYLD3DK5XOX0WBVNB56 | Long             | EC               | CORP              | US        |     21105 | NS      | $728755.65    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Cheesecake Factory Inc/The                 | Cheesecake Factory Inc/The                                 | CUSIP: 163072101<br>LEI: 529900872XMLK10SY247 | Long             | EC               | CORP              | US        |     29307 | NS      | $1476193.59   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Oxford Industries Inc                      | Oxford Industries Inc                                      | CUSIP: 691497309<br>LEI: IDZ20O0XD3GS4UOI2L88 | Long             | EC               | CORP              | US        |     11431 | NS      | $555546.60    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Udemy Inc                                  | Udemy Inc                                                  | CUSIP: 902685106<br>LEI: 2549000T304QU9SAM180 | Long             | EC               | CORP              | US        |     81406 | NS      | $559259.22    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Lennar Corp                                | Lennar Corp                                                | CUSIP: 526057104<br>LEI: 529900G61XVRLX5TJX09 | Long             | EC               | CORP              | US        |     77588 | NS      | $8426832.68   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Boot Barn Holdings Inc                     | Boot Barn Holdings Inc                                     | CUSIP: 099406100<br>LEI: 529900QE1BFMYA3N4E71 | Long             | EC               | CORP              | US        |     14028 | NS      | $1463681.52   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| American Eagle Outfitters Inc              | American Eagle Outfitters Inc                              | CUSIP: 02553E106<br>LEI: 5299001Z9HXK01DHW793 | Long             | EC               | CORP              | US        |     88695 | NS      | $933958.35    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| First Watch Restaurant Group Inc           | First Watch Restaurant Group Inc                           | CUSIP: 33748L101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     49037 | NS      | $865993.42    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Dorman Products Inc                        | Dorman Products Inc                                        | CUSIP: 258278100<br>LEI: 2549000O0BBUX740XR59 | Long             | EC               | CORP              | US        |     13950 | NS      | $1580535.00   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Toll Brothers Inc                          | Toll Brothers Inc                                          | CUSIP: 889478103<br>LEI: 529900JB6IS9MSZGVR44 | Long             | EC               | CORP              | US        |     35930 | NS      | $3624259.10   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Shoe Carnival Inc                          | Shoe Carnival Inc                                          | CUSIP: 824889109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     21217 | NS      | $368751.46    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Hovnanian Enterprises Inc                  | Hovnanian Enterprises Inc                                  | CUSIP: 442487401<br>LEI: 549300805N4EF0ROBT53 | Long             | EC               | CORP              | US        |      5383 | NS      | $521074.40    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Lowe's Cos Inc                             | Lowe's Cos Inc                                             | CUSIP: 548661107<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | EC               | CORP              | US        |    175746 | NS      | $39289775.76  | 2.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Green Brick Partners Inc                   | Green Brick Partners Inc                                   | CUSIP: 392709101<br>LEI: 549300R7SCIV7FQI6T56 | Long             | EC               | CORP              | US        |     19236 | NS      | $1134731.64   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Hasbro Inc                                 | Hasbro Inc                                                 | CUSIP: 418056107<br>LEI: 549300NUB6D2R1ITYR45 | Long             | EC               | CORP              | US        |     49018 | NS      | $3034214.20   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Royal Caribbean Cruises Ltd                | Royal Caribbean Cruises Ltd                                | CUSIP: 000000000<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | EC               | CORP              | LR        |     78094 | NS      | $16783181.54  | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Ralph Lauren Corp                          | Ralph Lauren Corp                                          | CUSIP: 751212101<br>LEI: HO1QNWM0IXBZ0QSMMO20 | Long             | EC               | CORP              | US        |     15135 | NS      | $3404618.25   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Upbound Group Inc                          | Upbound Group Inc                                          | CUSIP: 76009N100<br>LEI: 529900QUHE15UQNCCJ63 | Long             | EC               | CORP              | US        |     31044 | NS      | $617775.60    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Phinia Inc                                 | Phinia Inc                                                 | CUSIP: 71880K101<br>LEI: 254900HG6MORZE1FFM18 | Long             | EC               | CORP              | US        |     26927 | NS      | $1081119.05   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Kohl's Corp                                | Kohl's Corp                                                | CUSIP: 500255104<br>LEI: 549300JF6LPRTRJ0FH50 | Long             | EC               | CORP              | US        |     75824 | NS      | $508020.80    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Service Corp International/US              | Service Corp International/US                              | CUSIP: 817565104<br>LEI: 549300RKVM2ME20JHZ15 | Long             | EC               | CORP              | US        |     52312 | NS      | $4179728.80   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Century Communities Inc                    | Century Communities Inc                                    | CUSIP: 156504300<br>LEI: 5299002QMB2O7ZL1CA26 | Long             | EC               | CORP              | US        |     15274 | NS      | $833043.96    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Aptiv PLC                                  | Aptiv PLC                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JE        |     91531 | NS      | $5222758.86   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Hilton Grand Vacations Inc                 | Hilton Grand Vacations Inc                                 | CUSIP: 43283X105<br>LEI: 549300O9K6MFD8D07574 | Long             | EC               | CORP              | US        |     35340 | NS      | $1188484.20   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Best Buy Co Inc                            | Best Buy Co Inc                                            | CUSIP: 086516101<br>LEI: HL5XPTVRV0O8TUN5LL90 | Long             | EC               | CORP              | US        |     66450 | NS      | $4431550.50   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Wingstop Inc                               | Wingstop Inc                                               | CUSIP: 974155103<br>LEI: 549300SSH3F8HPIM3Q47 | Long             | EC               | CORP              | US        |     10363 | NS      | $2734692.07   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Williams-Sonoma Inc                        | Williams-Sonoma Inc                                        | CUSIP: 969904101<br>LEI: 549300IARG6YWVTZ1I92 | Long             | EC               | CORP              | US        |     42333 | NS      | $6539178.51   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Wendy's Co/The                             | Wendy's Co/The                                             | CUSIP: 95058W100<br>LEI: 529900M0JIUCMWVKHG76 | Long             | EC               | CORP              | US        |     85320 | NS      | $1066500.00   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Sweetgreen Inc                             | Sweetgreen Inc                                             | CUSIP: 87043Q108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     53638 | NS      | $1044868.24   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Coursera Inc                               | Coursera Inc                                               | CUSIP: 22266M104<br>LEI: 984500573CA1QB7DAC30 | Long             | EC               | CORP              | US        |    107003 | NS      | $900965.26    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| La-Z-Boy Inc                               | La-Z-Boy Inc                                               | CUSIP: 505336107<br>LEI: 549300WNO1WMN9ZG2519 | Long             | EC               | CORP              | US        |     28214 | NS      | $1114453.00   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Duolingo Inc                               | Duolingo Inc                                               | CUSIP: 26603R106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     12493 | NS      | $4865773.64   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Shake Shack Inc                            | Shake Shack Inc                                            | CUSIP: 819047101<br>LEI: 529900J74GJAHYP80N79 | Long             | EC               | CORP              | US        |     16861 | NS      | $1479384.14   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Cavco Industries Inc                       | Cavco Industries Inc                                       | CUSIP: 149568107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3782 | NS      | $1867740.70   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| O'Reilly Automotive Inc                    | O'Reilly Automotive Inc                                    | CUSIP: 67103H107<br>LEI: 549300K2RLMQL149Q332 | Long             | EC               | CORP              | US        |     18516 | NS      | $26203843.20  | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| RealReal Inc/The                           | RealReal Inc/The                                           | CUSIP: 88339P101<br>LEI: 549300O00VUGT4H1PE90 | Long             | EC               | CORP              | US        |     85951 | NS      | $498515.80    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| GigaCloud Technology Inc                   | GigaCloud Technology Inc                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |     33162 | NS      | $415851.48    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Patrick Industries Inc                     | Patrick Industries Inc                                     | CUSIP: 703343103<br>LEI: 549300FZ5ZTCCJ3Z5W14 | Long             | EC               | CORP              | US        |     17034 | NS      | $1311277.32   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Everi Holdings Inc                         | Everi Holdings Inc                                         | CUSIP: 30034T103<br>LEI: 5299006DK5S7BG10K532 | Long             | EC               | CORP              | US        |     84822 | NS      | $1191749.10   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Garmin Ltd                                 | Garmin Ltd                                                 | CUSIP: 000000000<br>LEI: 2549001E0HIPIJQ0W046 | Long             | EC               | CORP              | CH        |     50116 | NS      | $9365176.92   | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Signet Jewelers Ltd                        | Signet Jewelers Ltd                                        | CUSIP: 000000000<br>LEI: 549300N3XPGE91WV7M22 | Long             | EC               | CORP              | BM        |     21976 | NS      | $1303176.80   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Dick's Sporting Goods Inc                  | Dick's Sporting Goods Inc                                  | CUSIP: 253393102<br>LEI: 529900SSBV5I4LWSK313 | Long             | EC               | CORP              | US        |     20939 | NS      | $3931087.86   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Universal Technical Institute Inc          | Universal Technical Institute Inc                          | CUSIP: 913915104<br>LEI: 2549003YOJGAZ0PVFV48 | Long             | EC               | CORP              | US        |     51127 | NS      | $1434623.62   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Mister Car Wash Inc                        | Mister Car Wash Inc                                        | CUSIP: 60646V105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    107234 | NS      | $735625.24    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Adtalem Global Education Inc               | Adtalem Global Education Inc                               | CUSIP: 00737L103<br>LEI: 549300Z467EZLMODV621 | Long             | EC               | CORP              | US        |     20949 | NS      | $2224783.80   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Marriott Vacations Worldwide Corp          | Marriott Vacations Worldwide Corp                          | CUSIP: 57164Y107<br>LEI: 549300WA6BT5H4F7IO94 | Long             | EC               | CORP              | US        |     15925 | NS      | $872849.25    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Golden Entertainment Inc                   | Golden Entertainment Inc                                   | CUSIP: 381013101<br>LEI: 549300P8YYCKQVJ0Y638 | Long             | EC               | CORP              | US        |     23772 | NS      | $610940.40    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Airbnb Inc                                 | Airbnb Inc                                                 | CUSIP: 009066101<br>LEI: 549300HMUDNO0RY56D37 | Long             | EC               | CORP              | US        |    138204 | NS      | $16849831.68  | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Newell Brands Inc                          | Newell Brands Inc                                          | CUSIP: 651229106<br>LEI: 549300LWGYFM1TVO1Z12 | Long             | EC               | CORP              | US        |    197484 | NS      | $943973.52    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Etsy Inc                                   | Etsy Inc                                                   | CUSIP: 29786A106<br>LEI: 54930089Q7XT501AEA40 | Long             | EC               | CORP              | US        |     44682 | NS      | $1942773.36   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Darden Restaurants Inc                     | Darden Restaurants Inc                                     | CUSIP: 237194105<br>LEI: CY1NFSCCB5GUXC7WZC70 | Long             | EC               | CORP              | US        |     39912 | NS      | $8007943.68   | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Brunswick Corp/DE                          | Brunswick Corp/DE                                          | CUSIP: 117043109<br>LEI: YM4O38W15AX4YLLQKU27 | Long             | EC               | CORP              | US        |     27413 | NS      | $1262368.65   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Serve Robotics Inc                         | Serve Robotics Inc                                         | CUSIP: 81758H106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     37692 | NS      | $232559.64    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Lucid Group Inc                            | Lucid Group Inc                                            | CUSIP: 549498103<br>LEI: 529900MRL9Z13ZCRVD74 | Long             | EC               | CORP              | US        |    616852 | NS      | $1548298.52   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| TJX Cos Inc/The                            | TJX Cos Inc/The                                            | CUSIP: 872540109<br>LEI: V167QI9I69W364E2DY52 | Long             | EC               | CORP              | US        |    348994 | NS      | $44908547.92  | 2.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Texas Roadhouse Inc                        | Texas Roadhouse Inc                                        | CUSIP: 882681109<br>LEI: 5299002Y1CNRPDGXTQ75 | Long             | EC               | CORP              | US        |     23555 | NS      | $3909187.80   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Skechers USA Inc                           | Skechers USA Inc                                           | CUSIP: 830566105<br>LEI: 529900D2R54KZPA4XR56 | Long             | EC               | CORP              | US        |     49182 | NS      | $2361719.64   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| DoorDash Inc                               | DoorDash Inc                                               | CUSIP: 25809K105<br>LEI: 549300NUQ43FGGSK5051 | Long             | EC               | CORP              | US        |    106973 | NS      | $20634021.97  | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Topgolf Callaway Brands Corp               | Topgolf Callaway Brands Corp                               | CUSIP: 131193104<br>LEI: 5493005UB0KFRKBPCU72 | Long             | EC               | CORP              | US        |    108494 | NS      | $717145.34    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Cracker Barrel Old Country Store Inc       | Cracker Barrel Old Country Store Inc                       | CUSIP: 22410J106<br>LEI: 8P4PHQIUWPIECBFBW745 | Long             | EC               | CORP              | US        |     17693 | NS      | $755491.10    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Accel Entertainment Inc                    | Accel Entertainment Inc                                    | CUSIP: 00436Q106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     59059 | NS      | $608307.70    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Academy Sports & Outdoors Inc              | Academy Sports & Outdoors Inc                              | CUSIP: 00402L107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     32881 | NS      | $1238956.08   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| LGI Homes Inc                              | LGI Homes Inc                                              | CUSIP: 50187T106<br>LEI: 549300W02B4WNV8CV109 | Long             | EC               | CORP              | US        |     12309 | NS      | $672194.49    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Arhaus Inc                                 | Arhaus Inc                                                 | CUSIP: 04035M102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     54466 | NS      | $428102.76    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Norwegian Cruise Line Holdings Ltd         | Norwegian Cruise Line Holdings Ltd                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | BM        |    161195 | NS      | $2583955.85   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Tesla Inc                                  | Tesla Inc                                                  | CUSIP: 88160R101<br>LEI: 54930043XZGB27CTOV49 | Long             | EC               | CORP              | US        |    872616 | NS      | $246217330.56 | 14.38%            |  |  |  | No            |                  1 | On Loan: No      |
| Winmark Corp                               | Winmark Corp                                               | CUSIP: 974250102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2391 | NS      | $860783.91    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Home Depot Inc/The                         | Home Depot Inc/The                                         | CUSIP: 437076102<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | EC               | CORP              | US        |    302360 | NS      | $108997756.40 | 6.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Crocs Inc                                  | Crocs Inc                                                  | CUSIP: 227046109<br>LEI: 549300B0J6YCXD63OG72 | Long             | EC               | CORP              | US        |     22210 | NS      | $2141488.20   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Dillard's Inc                              | Dillard's Inc                                              | CUSIP: 254067101<br>LEI: 529900FGYKMWL6019P91 | Long             | EC               | CORP              | US        |      2355 | NS      | $816384.30    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Bright Horizons Family Solutions Inc       | Bright Horizons Family Solutions Inc                       | CUSIP: 109194100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     21433 | NS      | $2688126.86   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Grand Canyon Education Inc                 | Grand Canyon Education Inc                                 | CUSIP: 38526M106<br>LEI: 529900XFER799IYOSW74 | Long             | EC               | CORP              | US        |     12855 | NS      | $2292946.35   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Mattel Inc                                 | Mattel Inc                                                 | CUSIP: 577081102<br>LEI: 549300VELLG24KHTJ564 | Long             | EC               | CORP              | US        |    137560 | NS      | $2185828.40   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| BorgWarner Inc                             | BorgWarner Inc                                             | CUSIP: 099724106<br>LEI: 549300DSFX2IE88NSX47 | Long             | EC               | CORP              | US        |     85123 | NS      | $2415790.74   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| AutoNation Inc                             | AutoNation Inc                                             | CUSIP: 05329W102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     11469 | NS      | $1997326.35   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Lindblad Expeditions Holdings Inc          | Lindblad Expeditions Holdings Inc                          | CUSIP: 535219109<br>LEI: 549300GSPW24GZE6R597 | Long             | EC               | CORP              | US        |     45592 | NS      | $403033.28    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Autoliv Inc                                | Autoliv Inc                                                | CUSIP: 052800109<br>LEI: A23RUXWKASG834LTMK28 | Long             | EC               | CORP              | US        |     28132 | NS      | $2622746.36   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Ford Motor Co                              | Ford Motor Co                                              | CUSIP: 345370860<br>LEI: 20S05OYHG0MQM4VUIC57 | Long             | EC               | CORP              | US        |   1235375 | NS      | $12366103.75  | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Domino's Pizza Inc                         | Domino's Pizza Inc                                         | CUSIP: 25754A201<br>LEI: 25490005ZWM1IF9UXU57 | Long             | EC               | CORP              | US        |     11654 | NS      | $5714771.98   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Guess? Inc                                 | Guess? Inc                                                 | CUSIP: 401617105<br>LEI: 549300QVH3ZK2DW0KP86 | Long             | EC               | CORP              | US        |     36909 | NS      | $415226.25    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Wynn Resorts Ltd                           | Wynn Resorts Ltd                                           | CUSIP: 983134107<br>LEI: 254900CEKKWIHTEAB172 | Long             | EC               | CORP              | US        |     36253 | NS      | $2911478.43   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| OneSpaWorld Holdings Ltd                   | OneSpaWorld Holdings Ltd                                   | CUSIP: 000000000<br>LEI: 5493007W8PZ8W6UC2X76 | Long             | EC               | CORP              | BS        |     63360 | NS      | $1058112.00   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Macy's Inc                                 | Macy's Inc                                                 | CUSIP: 55616P104<br>LEI: 529900NZQ81TIOW3CW52 | Long             | EC               | CORP              | US        |    115812 | NS      | $1322573.04   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| DraftKings Inc                             | DraftKings Inc                                             | CUSIP: 26142V105<br>LEI: 2549006G33IUL6IVOD83 | Long             | EC               | CORP              | US        |    142754 | NS      | $4752280.66   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Foot Locker Inc                            | Foot Locker Inc                                            | CUSIP: 344849104<br>LEI: 549300X383CBNP6MTV94 | Long             | EC               | CORP              | US        |     51196 | NS      | $628174.92    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| G-III Apparel Group Ltd                    | G-III Apparel Group Ltd                                    | CUSIP: 36237H101<br>LEI: 529900O5KABM3R3SFM87 | Long             | EC               | CORP              | US        |     32272 | NS      | $813899.84    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| YETI Holdings Inc                          | YETI Holdings Inc                                          | CUSIP: 98585X104<br>LEI: 549300DSQICIGNT5GO63 | Long             | EC               | CORP              | US        |     40124 | NS      | $1145540.20   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Smith & Wesson Brands Inc                  | Smith & Wesson Brands Inc                                  | CUSIP: 831754106<br>LEI: 5493004PFHUPOR1PWN79 | Long             | EC               | CORP              | US        |     52616 | NS      | $501430.48    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Nordstrom Inc                              | Nordstrom Inc                                              | CUSIP: 655664100<br>LEI: 549300S3IZB5P35KNV16 | Long             | EC               | CORP              | US        |     55600 | NS      | $1342184.00   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Sonic Automotive Inc                       | Sonic Automotive Inc                                       | CUSIP: 83545G102<br>LEI: 549300NTLRGJ2JCBZU03 | Long             | EC               | CORP              | US        |     14223 | NS      | $863620.56    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| MGM Resorts International                  | MGM Resorts International                                  | CUSIP: 552953101<br>LEI: 54930066VBP7DZEGGJ87 | Long             | EC               | CORP              | US        |     90815 | NS      | $2857039.90   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Taylor Morrison Home Corp                  | Taylor Morrison Home Corp                                  | CUSIP: 87724P106<br>LEI: 5299009UDLLGLKOOJE30 | Long             | EC               | CORP              | US        |     41654 | NS      | $2388856.90   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Graham Holdings Co                         | Graham Holdings Co                                         | CUSIP: 384637104<br>LEI: 529900BOSCEEEMAFQJ29 | Long             | EC               | CORP              | US        |      1745 | NS      | $1605487.25   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Ross Stores Inc                            | Ross Stores Inc                                            | CUSIP: 778296103<br>LEI: 549300ENZFLPGRDFZQ60 | Long             | EC               | CORP              | US        |    106096 | NS      | $14747344.00  | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Perdoceo Education Corp                    | Perdoceo Education Corp                                    | CUSIP: 71363P106<br>LEI: 529900X5PCA184O9LY90 | Long             | EC               | CORP              | US        |     41122 | NS      | $1032984.64   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Lululemon Athletica Inc                    | Lululemon Athletica Inc                                    | CUSIP: 550021109<br>LEI: 549300D9GZ4BMLDW5T40 | Long             | EC               | CORP              | US        |     36631 | NS      | $9918575.87   | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| CarMax Inc                                 | CarMax Inc                                                 | CUSIP: 143130102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     55278 | NS      | $3574828.26   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Bath & Body Works Inc                      | Bath & Body Works Inc                                      | CUSIP: 070830104<br>LEI: GR3KVMWVCR54YWQNXU90 | Long             | EC               | CORP              | US        |     75640 | NS      | $2307776.40   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Carter's Inc                               | Carter's Inc                                               | CUSIP: 146229109<br>LEI: 5299003WAQK4R3L3ZU36 | Long             | EC               | CORP              | US        |     20472 | NS      | $676599.60    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Columbia Sportswear Co                     | Columbia Sportswear Co                                     | CUSIP: 198516106<br>LEI: 549300OTMCIEUXAH5Z60 | Long             | EC               | CORP              | US        |     17244 | NS      | $1072059.48   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Kura Sushi USA Inc                         | Kura Sushi USA Inc                                         | CUSIP: 501270102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      7939 | NS      | $467448.32    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| LCI Industries                             | LCI Industries                                             | CUSIP: 50189K103<br>LEI: 549300E1B98YNJ1WIQ04 | Long             | EC               | CORP              | US        |     12662 | NS      | $975986.96    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Bloomin' Brands Inc                        | Bloomin' Brands Inc                                        | CUSIP: 094235108<br>LEI: E1UJ2GO305B5FXGV7N04 | Long             | EC               | CORP              | US        |     64084 | NS      | $513953.68    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Boyd Gaming Corp                           | Boyd Gaming Corp                                           | CUSIP: 103304101<br>LEI: 254900787YGRYS2A1Z35 | Long             | EC               | CORP              | US        |     31753 | NS      | $2195402.42   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Malibu Boats Inc                           | Malibu Boats Inc                                           | CUSIP: 56117J100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     22016 | NS      | $628776.96    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Penske Automotive Group Inc                | Penske Automotive Group Inc                                | CUSIP: 70959W103<br>LEI: 549300W7UTQ0M4C7LB15 | Long             | EC               | CORP              | US        |      9608 | NS      | $1495677.36   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Advance Auto Parts Inc                     | Advance Auto Parts Inc                                     | CUSIP: 00751Y106<br>LEI: 529900UCNQ5H9FSL0Y70 | Long             | EC               | CORP              | US        |     29144 | NS      | $953591.68    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| LKQ Corp                                   | LKQ Corp                                                   | CUSIP: 501889208<br>LEI: DS830JTTZQN6GK0I2E41 | Long             | EC               | CORP              | US        |     93344 | NS      | $3566674.24   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Global Business Travel Group I             | Global Business Travel Group I                             | CUSIP: 37890B100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     84406 | NS      | $566364.26    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Savers Value Village Inc                   | Savers Value Village Inc                                   | CUSIP: 80517M109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     38238 | NS      | $366702.42    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Travel + Leisure Co                        | Travel + Leisure Co                                        | CUSIP: 894164102<br>LEI: T4VNTWMFQ7JQB65L7T35 | Long             | EC               | CORP              | US        |     33755 | NS      | $1482857.15   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Beazer Homes USA Inc                       | Beazer Homes USA Inc                                       | CUSIP: 07556Q881<br>LEI: 549300DUPYT2T0F60I45 | Long             | EC               | CORP              | US        |     29610 | NS      | $579171.60    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Starbucks Corp                             | Starbucks Corp                                             | CUSIP: 855244109<br>LEI: OQSJ1DU9TAOC51A47K68 | Long             | EC               | CORP              | US        |    351244 | NS      | $28117082.20  | 1.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Sturm Ruger & Co Inc                       | Sturm Ruger & Co Inc                                       | CUSIP: 864159108<br>LEI: 529900DV1BWFJSHFO847 | Long             | EC               | CORP              | US        |     19345 | NS      | $786567.70    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Yum! Brands Inc                            | Yum! Brands Inc                                            | CUSIP: 988498101<br>LEI: 549300JE8XHZZ7OHN517 | Long             | EC               | CORP              | US        |     89475 | NS      | $13460619.00  | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Garrett Motion Inc                         | Garrett Motion Inc                                         | CUSIP: 366505105<br>LEI: 549300LS5WT7EMBNV724 | Long             | EC               | CORP              | US        |     85361 | NS      | $787028.42    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Abercrombie & Fitch Co                     | Abercrombie & Fitch Co                                     | CUSIP: 002896207<br>LEI: 5493000J7LL72TOGT983 | Long             | EC               | CORP              | US        |     20117 | NS      | $1396522.14   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Sabre Corp                                 | Sabre Corp                                                 | CUSIP: 78573M104<br>LEI: 529900VKCYZW8GZ4WW58 | Long             | EC               | CORP              | US        |    290628 | NS      | $688788.36    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Lucky Strike Entertainment Corp            | Lucky Strike Entertainment Corp                            | CUSIP: 10258P102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     26420 | NS      | $248348.00    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| PulteGroup Inc                             | PulteGroup Inc                                             | CUSIP: 745867101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     69790 | NS      | $7159058.20   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Figs Inc                                   | Figs Inc                                                   | CUSIP: 30260D103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    115852 | NS      | $466883.56    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Sally Beauty Holdings Inc                  | Sally Beauty Holdings Inc                                  | CUSIP: 79546E104<br>LEI: 529900VXW6E8ONDIQ271 | Long             | EC               | CORP              | US        |     84751 | NS      | $689873.14    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Carnival Corp                              | Carnival Corp                                              | CUSIP: 143658300<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | EC               | CORP              | PA        |    340604 | NS      | $6246677.36   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Ulta Beauty Inc                            | Ulta Beauty Inc                                            | CUSIP: 90384S303<br>LEI: 529900CIV6HN8M28YM82 | Long             | EC               | CORP              | US        |     16107 | NS      | $6372573.48   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| RH                                         | RH                                                         | CUSIP: 74967X103<br>LEI: 5493008MTS3OGGMHGK69 | Long             | EC               | CORP              | US        |      6481 | NS      | $1192698.43   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Six Flags Entertainment Corp               | Six Flags Entertainment Corp                               | CUSIP: 83001C108<br>LEI: 529900AS2CYWYFHRS781 | Long             | EC               | CORP              | US        |     46302 | NS      | $1593251.82   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Gentex Corp                                | Gentex Corp                                                | CUSIP: 371901109<br>LEI: 549300S3UD8XV1MN0287 | Long             | EC               | CORP              | US        |     88273 | NS      | $1922585.94   | 0.11%             |  |  |  | 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        |   3820000 | NS      | $3820000.00   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| AutoZone Inc                               | AutoZone Inc                                               | CUSIP: 053332102<br>LEI: GA3JGKJ41LJKXDN23E90 | Long             | EC               | CORP              | US        |      5414 | NS      | $20370716.40  | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| ADT Inc                                    | ADT Inc                                                    | CUSIP: 00090Q103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    169075 | NS      | $1355981.50   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Portillo's Inc                             | Portillo's Inc                                             | CUSIP: 73642K106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     59284 | NS      | $612996.56    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Five Below Inc                             | Five Below Inc                                             | CUSIP: 33829M101<br>LEI: 529900AAXP5Z6BGI7418 | Long             | EC               | CORP              | US        |     21761 | NS      | $1651442.29   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Ethan Allen Interiors Inc                  | Ethan Allen Interiors Inc                                  | CUSIP: 297602104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     25711 | NS      | $730963.73    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Peloton Interactive Inc                    | Peloton Interactive Inc                                    | CUSIP: 70614W100<br>LEI: 5493002YS021166W0339 | Long             | EC               | CORP              | US        |    267938 | NS      | $1846092.82   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| NVR Inc                                    | NVR Inc                                                    | CUSIP: 62944T105<br>LEI: 529900RWXR4JI3JYTV70 | Long             | EC               | CORP              | US        |      1037 | NS      | $7389402.75   | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Leggett & Platt Inc                        | Leggett & Platt Inc                                        | CUSIP: 524660107<br>LEI: DKOVQUCDW4ZLYCUD4T55 | Long             | EC               | CORP              | US        |     89706 | NS      | $862971.72    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| PVH Corp                                   | PVH Corp                                                   | CUSIP: 693656100<br>LEI: 123WALMHY1GZXG2YDL90 | Long             | EC               | CORP              | US        |     22935 | NS      | $1582056.30   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| ODP Corp/The                               | ODP Corp/The                                               | CUSIP: 88337F105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     35940 | NS      | $491659.20    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Tapestry Inc                               | Tapestry Inc                                               | CUSIP: 876030107<br>LEI: 549300LJNVY5SW3VTN33 | Long             | EC               | CORP              | US        |     82736 | NS      | $5845298.40   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Petco Health & Wellness Co Inc             | Petco Health & Wellness Co Inc                             | CUSIP: 71601V105<br>LEI: 2549007TYGV6RVSE9M61 | Long             | EC               | CORP              | US        |    112928 | NS      | $333137.60    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Life Time Group Holdings Inc               | Life Time Group Holdings Inc                               | CUSIP: 53190C102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     68423 | NS      | $2097849.18   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Choice Hotels International Inc            | Choice Hotels International Inc                            | CUSIP: 169905106<br>LEI: 5493003CYRY5RFGTIR97 | Long             | EC               | CORP              | US        |     14444 | NS      | $1821532.84   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| EVgo Inc                                   | EVgo Inc                                                   | CUSIP: 30052F100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    148424 | NS      | $409650.24    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Monarch Casino & Resort Inc                | Monarch Casino & Resort Inc                                | CUSIP: 609027107<br>LEI: 549300AK5FF7KY11V997 | Long             | EC               | CORP              | US        |     12413 | NS      | $970572.47    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Strategic Education Inc                    | Strategic Education Inc                                    | CUSIP: 86272C103<br>LEI: 2549002UYIM8Q5EC8H36 | Long             | EC               | CORP              | US        |     11867 | NS      | $968109.86    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| GameStop Corp                              | GameStop Corp                                              | CUSIP: 36467W109<br>LEI: 549300505KLOET039L77 | Long             | EC               | CORP              | US        |    144765 | NS      | $4033152.90   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| MarineMax Inc                              | MarineMax Inc                                              | CUSIP: 567908108<br>LEI: 254900TIXTN8WY3FNN63 | Long             | EC               | CORP              | US        |     24462 | NS      | $524954.52    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Chewy Inc                                  | Chewy Inc                                                  | CUSIP: 16679L109<br>LEI: 254900NPQSTG9I422879 | Long             | EC               | CORP              | US        |     87231 | NS      | $3271162.50   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Rivian Automotive Inc                      | Rivian Automotive Inc                                      | CUSIP: 76954A103<br>LEI: 25490004LNKJ84MFYY24 | Long             | EC               | CORP              | US        |    276051 | NS      | $3770856.66   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| MercadoLibre Inc                           | MercadoLibre Inc                                           | CUSIP: 58733R102<br>LEI: 549300DKPDN9M5S8GB14 | Long             | EC               | CORP              | US        |     14184 | NS      | $33060776.40  | 1.93%             |  |  |  | No            |                  1 | On Loan: No      |
| 1-800-Flowers.com Inc                      | 1-800-Flowers.com Inc                                      | CUSIP: 68243Q106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     33776 | NS      | $186781.28    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Murphy USA Inc                             | Murphy USA Inc                                             | CUSIP: 626755102<br>LEI: 549300Y081F8XIKQIO72 | Long             | EC               | CORP              | US        |      7251 | NS      | $3615131.07   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Harley-Davidson Inc                        | Harley-Davidson Inc                                        | CUSIP: 412822108<br>LEI: ZDNAWZWXIKMWI51R2A08 | Long             | EC               | CORP              | US        |     55164 | NS      | $1236776.88   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Visteon Corp                               | Visteon Corp                                               | CUSIP: 92839U206<br>LEI: 549300MOVLYHRW4GGW78 | Long             | EC               | CORP              | US        |     14017 | NS      | $1110006.23   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Gap Inc/The                                | Gap Inc/The                                                | CUSIP: 364760108<br>LEI: T2ZG1WRWZ4BUCMQL9224 | Long             | EC               | CORP              | US        |     94617 | NS      | $2072112.30   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Urban Outfitters Inc                       | Urban Outfitters Inc                                       | CUSIP: 917047102<br>LEI: 549300N3DUFR5U6NRN38 | Long             | EC               | CORP              | US        |     31688 | NS      | $1672492.64   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Installed Building Products Inc            | Installed Building Products Inc                            | CUSIP: 45780R101<br>LEI: 549300I95Y9P9YM5FI86 | Long             | EC               | CORP              | US        |     10052 | NS      | $1666923.16   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Deckers Outdoor Corp                       | Deckers Outdoor Corp                                       | CUSIP: 243537107<br>LEI: 5493008LG4W3I6K8J118 | Long             | EC               | CORP              | US        |     50413 | NS      | $5587272.79   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Legacy Housing Corp                        | Legacy Housing Corp                                        | CUSIP: 52472M101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     12772 | NS      | $310678.90    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Wolverine World Wide Inc                   | Wolverine World Wide Inc                                   | CUSIP: 978097103<br>LEI: 549300OVC7PK14LQ8D87 | Long             | EC               | CORP              | US        |     67816 | NS      | $884998.80    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Wyndham Hotels & Resorts Inc               | Wyndham Hotels & Resorts Inc                               | CUSIP: 98311A105<br>LEI: 549300FE3MQ4RVXXC673 | Long             | EC               | CORP              | US        |     32400 | NS      | $2763720.00   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Las Vegas Sands Corp                       | Las Vegas Sands Corp                                       | CUSIP: 517834107<br>LEI: 549300DUOO1KXOHPM605 | Long             | EC               | CORP              | US        |    125079 | NS      | $4586646.93   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Adient PLC                                 | Adient PLC                                                 | CUSIP: 000000000<br>LEI: 5493002QLDY8O75RTR78 | Long             | EC               | CORP              | IE        |     53867 | NS      | $681417.55    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Standard Motor Products Inc                | Standard Motor Products Inc                                | CUSIP: 853666105<br>LEI: THGK1EO5B5HK0JHQVZ90 | Long             | EC               | CORP              | US        |     24051 | NS      | $651782.10    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Booking Holdings Inc                       | Booking Holdings Inc                                       | CUSIP: 09857L108<br>LEI: FXM8FAOHMYDIPD38UZ17 | Long             | EC               | CORP              | US        |     10483 | NS      | $53455752.24  | 3.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Thor Industries Inc                        | Thor Industries Inc                                        | CUSIP: 885160101<br>LEI: 254900XZO1228PDSG060 | Long             | EC               | CORP              | US        |     20911 | NS      | $1514374.62   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Acushnet Holdings Corp                     | Acushnet Holdings Corp                                     | CUSIP: 005098108<br>LEI: 529900W5FI106H543E43 | Long             | EC               | CORP              | US        |     18308 | NS      | $1212355.76   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| XPEL Inc                                   | XPEL Inc                                                   | CUSIP: 98379L100<br>LEI: 549300KWSE3IGXLJNW66 | Long             | EC               | CORP              | US        |     22549 | NS      | $645803.36    | 0.04%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Steven Madden Ltd                          | Steven Madden Ltd                                          | CUSIP: 556269108<br>LEI: 549300Z9GZ7GYJWSGF43 | Long             | EC               | CORP              | US        |     34352 | NS      | $721392.00    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| VF Corp                                    | VF Corp                                                    | CUSIP: 918204108<br>LEI: CWAJJ9DJ5Z7P057HV541 | Long             | EC               | CORP              | US        |    144531 | NS      | $1717028.28   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Dave & Buster's Entertainment Inc          | Dave & Buster's Entertainment Inc                          | CUSIP: 238337109<br>LEI: 529900WTVU85QZLYHR86 | Long             | EC               | CORP              | US        |     29157 | NS      | $559522.83    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| American Axle & Manufacturing Holdings Inc | American Axle & Manufacturing Holdings Inc                 | CUSIP: 024061103<br>LEI: 254900SMQY98VFKNCC32 | Long             | EC               | CORP              | US        |    122094 | NS      | $466399.08    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Flutter Entertainment PLC                  | Flutter Entertainment PLC                                  | CUSIP: 000000000<br>LEI: 635400EG4YIJLJMZJ782 | Long             | EC               | CORP              | IE        |     54720 | NS      | $13186972.80  | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Cricut Inc                                 | Cricut Inc                                                 | CUSIP: 22658D100<br>LEI: 254900R3DKAJ28MC0Q39 | Long             | EC               | CORP              | US        |     53407 | NS      | $265966.86    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Whirlpool Corp                             | Whirlpool Corp                                             | CUSIP: 963320106<br>LEI: WHENKOULSSK7WUM60H03 | Long             | EC               | CORP              | US        |     22702 | NS      | $1731708.56   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Amazon.com Inc                             | Amazon.com Inc                                             | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |   1980709 | NS      | $365282353.78 | 21.33%            |  |  |  | No            |                  1 | On Loan: No      |
| Light & Wonder Inc                         | Light & Wonder Inc                                         | CUSIP: 80874P109<br>LEI: 529900JXALYBOHXKFM62 | Long             | EC               | CORP              | US        |     32844 | NS      | $2804220.72   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| A-Mark Precious Metals Inc                 | A-Mark Precious Metals Inc                                 | CUSIP: 00181T107<br>LEI: XP6XYFDZQGKLUMOFGT37 | Long             | EC               | CORP              | US        |     22184 | NS      | $540402.24    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Arko Corp                                  | Arko Corp                                                  | CUSIP: 041242108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     62475 | NS      | $251461.88    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| KinderCare Learning Cos Inc                | KinderCare Learning Cos Inc                                | CUSIP: 49456W105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     33055 | NS      | $405254.30    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Dana Inc                                   | Dana Inc                                                   | CUSIP: 235825205<br>LEI: KVWHW7YLZPFJM8QYNJ51 | Long             | EC               | CORP              | US        |     78829 | NS      | $1083110.46   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| TopBuild Corp                              | TopBuild Corp                                              | CUSIP: 89055F103<br>LEI: 5493007YSKHOL4RWII46 | Long             | EC               | CORP              | US        |     10981 | NS      | $3247740.56   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Caleres Inc                                | Caleres Inc                                                | CUSIP: 129500104<br>LEI: JFU6RQQJ8Z1CPOLBXQ18 | Long             | EC               | CORP              | US        |     40181 | NS      | $612358.44    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| M/I Homes Inc                              | M/I Homes Inc                                              | CUSIP: 55305B101<br>LEI: 5299005M71FH9CCSFB69 | Long             | EC               | CORP              | US        |     12717 | NS      | $1356649.56   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Stride Inc                                 | Stride Inc                                                 | CUSIP: 86333M108<br>LEI: 254900BRWS3AFONWU277 | Long             | EC               | CORP              | US        |     20341 | NS      | $2893507.25   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Mohawk Industries Inc                      | Mohawk Industries Inc                                      | CUSIP: 608190104<br>LEI: 549300JI1115MG3Q6322 | Long             | EC               | CORP              | US        |     21085 | NS      | $2242389.75   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Floor & Decor Holdings Inc                 | Floor & Decor Holdings Inc                                 | CUSIP: 339750101<br>LEI: 549300M5FR3N688XGQ36 | Long             | EC               | CORP              | US        |     36943 | NS      | $2639207.92   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| KB Home                                    | KB Home                                                    | CUSIP: 48666K109<br>LEI: 549300LGUCWQURMWLG09 | Long             | EC               | CORP              | US        |     30845 | NS      | $1666555.35   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Monro Inc                                  | Monro Inc                                                  | CUSIP: 610236101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     34817 | NS      | $485348.98    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Brinker International Inc                  | Brinker International Inc                                  | CUSIP: 109641100<br>LEI: 52990067JY6PBGJNTG76 | Long             | EC               | CORP              | US        |     22494 | NS      | $3020944.20   | 0.18%             |  |  |  | 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