# EDGAR Filing Document

**Accession Number:** 0000945908
**File Stem:** 0001410368-25-040131
**Filing Date:** 2025-12
**Character Count:** 215655
**Document Hash:** 1f410ab373c10686daac6247bcf15a0d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-25-040131.hdr.sgml**: 20251222

**ACCESSION NUMBER**: 0001410368-25-040131

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20251222

**DATE AS OF CHANGE**: 20251222

**PERIOD START**: 20260731

**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:** 251589915

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

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

## Series and Classes Contracts Data

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

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

## Nport-Ex

### Quarterly Holdings Report

### for

### Fidelity® MSCI Financials Index ETF

### October 31, 2025
T04-NPRT1-1225

1.9584809.111 ------

### Schedule of Investments October 31, 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;**Shares** | &nbsp;&nbsp;**Value** |
| **BANKS – 28.9%** | **BANKS – 28.9%** | **BANKS – 28.9%** |
| **Diversified Banks – 22.7%** | **Diversified Banks – 22.7%** | **Diversified Banks – 22.7%** |
| Bank of America Corp. | 1977006 | &nbsp;&nbsp;&nbsp;$105670971 |
| Citigroup, Inc. | &nbsp;&nbsp;&nbsp;508652 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51490842 |
| Comerica, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;36894 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2822391 |
| Fifth Third Bancorp | &nbsp;&nbsp;&nbsp;185773 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7731872 |
| First Citizens BancShares, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2557 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4666065 |
| JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp;767722 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238853669 |
| KeyCorp | &nbsp;&nbsp;&nbsp;258455 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4546223 |
| PNC Financial Services Group, Inc. | &nbsp;&nbsp;&nbsp;109236 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19941032 |
| U.S. Bancorp | &nbsp;&nbsp;&nbsp;431939 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20162913 |
| Wells Fargo & Co. | &nbsp;&nbsp;&nbsp;890017 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77404778 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;533290756 |
| **Regional Banks – 6.2%** | **Regional Banks – 6.2%** | **Regional Banks – 6.2%** |
| 1st Source Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305700 |
| Amalgamated Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6159 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167894 |
| Amerant Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8677 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145513 |
| Ameris Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;18235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1305991 |
| Arrow Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 |
| Associated Banc-Corp. | &nbsp;&nbsp;&nbsp;&nbsp;45992 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1139222 |
| Atlantic Union Bankshares Corp. | &nbsp;&nbsp;&nbsp;&nbsp;39205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1274947 |
| Axos Financial, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;14948 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1165645 |
| Banc of California, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;32619 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;553544 |
| BancFirst Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5636 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;613535 |
| Bancorp, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;12236 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;799867 |
| Bank First Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2528 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;308719 |
| Bank of Hawaii Corp. | &nbsp;&nbsp;&nbsp;&nbsp;10726 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;696439 |
| Bank OZK | &nbsp;&nbsp;&nbsp;&nbsp;30225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1359823 |
| BankUnited, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;20304 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;813784 |
| Banner Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9498 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;573584 |
| Bar Harbor Bankshares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149876 |
| Beacon Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;23486 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;571649 |
| BOK Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;663037 |
| Burke & Herbert Financial Services Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3599 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211837 |
| Business First Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8643 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211926 |
| Byline Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8352 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223332 |
| Cadence Bank | &nbsp;&nbsp;&nbsp;&nbsp;43307 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1634406 |
| Camden National Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5361 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204522 |
| Capital City Bank Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3801 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147859 |
| Capitol Federal Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;32364 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195479 |
| Cathay General Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;18215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;827872 |
| Central Pacific Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6737 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192072 |
| Citizens Financial Group, Inc. | &nbsp;&nbsp;&nbsp;121890 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6200544 |
| City Holding Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3712 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;437571 |
| Coastal Financial Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3755 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;399908 |
| Columbia Banking System, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;84188 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2256238 |
| Columbia Financial, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6552 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96642 |
| Commerce Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;34484 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1814893 |
| Community Financial System, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;14406 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;799245 |
| Community Trust Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4344 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222391 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;****  | &nbsp;&nbsp;****  | &nbsp;&nbsp;****  |
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| ConnectOne Bancorp, Inc. | &nbsp;&nbsp;13223 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$318145 |
| Cullen/Frost Bankers, Inc. | &nbsp;&nbsp;17025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2096459 |
| Customers Bancorp, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;8678 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;582467 |
| CVB Financial Corp. | &nbsp;&nbsp;39084 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;717973 |
| Dime Community Bancshares, Inc. | &nbsp;&nbsp;12247 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;321484 |
| Eagle Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8491 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142224 |
| East West Bancorp, Inc. | &nbsp;&nbsp;38487 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3910279 |
| Eastern Bankshares, Inc. | &nbsp;&nbsp;56325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;987377 |
| Enterprise Financial Services Corp. | &nbsp;&nbsp;10051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;526371 |
| Equity Bancshares, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;4574 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185293 |
| Esquire Financial Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1879 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176250 |
| Farmers National Banc Corp. | &nbsp;&nbsp;10384 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134784 |
| FB Financial Corp. | &nbsp;&nbsp;10657 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;575585 |
| First BanCorp | &nbsp;&nbsp;42840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;834952 |
| First Bancorp/Southern Pines NC | &nbsp;&nbsp;11063 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;536998 |
| First Busey Corp. | &nbsp;&nbsp;24593 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;549900 |
| First Commonwealth Financial Corp. | &nbsp;&nbsp;28383 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;433976 |
| First Community Bankshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129877 |
| First Financial Bancorp | &nbsp;&nbsp;26474 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;619756 |
| First Financial Bankshares, Inc. | &nbsp;&nbsp;32859 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1015015 |
| First Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3524 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187900 |
| First Hawaiian, Inc. | &nbsp;&nbsp;36079 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;885018 |
| First Horizon Corp. | 142384 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3041322 |
| First Interstate BancSystem, Inc. Class A | &nbsp;&nbsp;25609 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800281 |
| First Merchants Corp. | &nbsp;&nbsp;16639 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;590352 |
| First Mid Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5982 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213737 |
| Firstsun Capital Bancorp (a) | &nbsp;&nbsp;&nbsp;&nbsp;3279 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111617 |
| Five Star Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;5200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184652 |
| Flagstar Bank NA | &nbsp;&nbsp;85425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;975554 |
| FNB Corp. | 101194 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1590770 |
| Fulton Financial Corp. | &nbsp;&nbsp;49136 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;853492 |
| German American Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9011 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;347284 |
| Glacier Bancorp, Inc. | &nbsp;&nbsp;35821 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1463288 |
| Great Southern Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2349 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130839 |
| Hancock Whitney Corp. | &nbsp;&nbsp;25029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1429406 |
| Hanmi Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;8362 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220757 |
| HBT Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3964 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96682 |
| Heritage Commerce Corp. | &nbsp;&nbsp;19811 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206034 |
| Heritage Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;9375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208031 |
| Hilltop Holdings, Inc. | &nbsp;&nbsp;13421 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;433498 |
| Home BancShares, Inc. | &nbsp;&nbsp;51634 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1379144 |
| Hope Bancorp, Inc. | &nbsp;&nbsp;36890 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;386976 |
| Horizon Bancorp, Inc. | &nbsp;&nbsp;15186 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236902 |
| Huntington Bancshares, Inc. | 433986 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6700744 |
| Independent Bank Corp. | &nbsp;&nbsp;13900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;935331 |
| Independent Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;6344 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191716 |
| International Bancshares Corp. | &nbsp;&nbsp;15446 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1025306 |
| Lakeland Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;6680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;381094 |
| Live Oak Bancshares, Inc. | &nbsp;&nbsp;10332 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;321738 |
| M&T Bank Corp. | &nbsp;&nbsp;44595 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8199683 |

---

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

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks – continued** | &nbsp;&nbsp;**Common Stocks – continued** | &nbsp;&nbsp;**Common Stocks – continued** |
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **BANKS – continued** | **BANKS – continued** | **BANKS – continued** |
| **Regional Banks – continued** | **Regional Banks – continued** | **Regional Banks – continued** |
| Mercantile Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$206095 |
| Metrocity Bankshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5958 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152584 |
| Metropolitan Bank Holding Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199473 |
| National Bank Holdings Corp. Class A | &nbsp;&nbsp;10048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;358312 |
| NB Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7818 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141271 |
| NBT Bancorp, Inc. | &nbsp;&nbsp;13928 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;563666 |
| Nicolet Bankshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3829 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;452358 |
| Northeast Bank | &nbsp;&nbsp;&nbsp;&nbsp;2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175925 |
| Northfield Bancorp, Inc. | &nbsp;&nbsp;11457 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117091 |
| Northwest Bancshares, Inc. | &nbsp;&nbsp;41374 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;484490 |
| OceanFirst Financial Corp. | &nbsp;&nbsp;18183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330567 |
| OFG Bancorp | &nbsp;&nbsp;12338 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;476987 |
| Old National Bancorp | &nbsp;&nbsp;96973 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1981158 |
| Old Second Bancorp, Inc. | &nbsp;&nbsp;13451 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241445 |
| Origin Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8422 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;291907 |
| Orrstown Financial Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4632 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154153 |
| Park National Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3991 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;607390 |
| Pathward Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6318 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;430003 |
| Peapack-Gladstone Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3528 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89258 |
| Peoples Bancorp, Inc. | &nbsp;&nbsp;12023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;343858 |
| Pinnacle Financial Partners, Inc. | &nbsp;&nbsp;21511 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1832952 |
| Popular, Inc. | &nbsp;&nbsp;19104 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2129523 |
| Preferred Bank | &nbsp;&nbsp;&nbsp;&nbsp;1971 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177883 |
| Prosperity Bancshares, Inc. | &nbsp;&nbsp;26523 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1745744 |
| Provident Financial Services, Inc. | &nbsp;&nbsp;29627 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;541878 |
| QCR Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4601 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;342268 |
| Regions Financial Corp. | 251194 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6078895 |
| Renasant Corp. | &nbsp;&nbsp;26342 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;885881 |
| Republic Bancorp, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;2581 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170088 |
| S&T Bancorp, Inc. | &nbsp;&nbsp;10704 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;392195 |
| Seacoast Banking Corp. of Florida | &nbsp;&nbsp;22816 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;691325 |
| ServisFirst Bancshares, Inc. | &nbsp;&nbsp;14171 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;995796 |
| Simmons First National Corp. Class A | &nbsp;&nbsp;39424 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;685189 |
| South Plains Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131765 |
| Southern Missouri Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2698 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141483 |
| Southside Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8094 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227603 |
| Southstate Bank Corp. | &nbsp;&nbsp;27810 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2465357 |
| Stellar Bancorp, Inc. | &nbsp;&nbsp;13253 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390036 |
| Stock Yards Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7434 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;483359 |
| Synovus Financial Corp. | &nbsp;&nbsp;39284 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1753638 |
| Texas Capital Bancshares, Inc. (a) | &nbsp;&nbsp;12761 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1069882 |
| TFS Financial Corp. | &nbsp;&nbsp;13723 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182516 |
| Tompkins Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3283 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208339 |
| Towne Bank | &nbsp;&nbsp;19260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;626143 |
| TriCo Bancshares | &nbsp;&nbsp;&nbsp;&nbsp;9033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;399530 |
| Triumph Financial, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;6450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;351267 |
| Truist Financial Corp. | 362027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16157265 |
| TrustCo Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4761 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179537 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;****  | &nbsp;&nbsp;****  | &nbsp;&nbsp;****  | &nbsp;&nbsp;****  |
|  |  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Trustmark Corp. | Trustmark Corp. | &nbsp;&nbsp;15520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$577654 |
| UMB Financial Corp. | UMB Financial Corp. | &nbsp;&nbsp;20774 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2220325 |
| United Bankshares, Inc. | United Bankshares, Inc. | &nbsp;&nbsp;39611 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1417678 |
| United Community Banks, Inc. | United Community Banks, Inc. | &nbsp;&nbsp;32398 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;946022 |
| Univest Financial Corp. | Univest Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;7954 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233529 |
| Valley National Bancorp | Valley National Bancorp | 141957 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1543073 |
| WaFd, Inc. | WaFd, Inc. | &nbsp;&nbsp;22191 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;644205 |
| Washington Trust Bancorp, Inc. | Washington Trust Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5863 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159708 |
| Webster Financial Corp. | Webster Financial Corp. | &nbsp;&nbsp;47233 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2694170 |
| WesBanco, Inc. | WesBanco, Inc. | &nbsp;&nbsp;26947 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;811105 |
| Westamerica BanCorp | Westamerica BanCorp | &nbsp;&nbsp;&nbsp;&nbsp;7457 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;355326 |
| Western Alliance Bancorp | Western Alliance Bancorp | &nbsp;&nbsp;29024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2245006 |
| Wintrust Financial Corp. | Wintrust Financial Corp. | &nbsp;&nbsp;18506 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2406150 |
| WSFS Financial Corp. | WSFS Financial Corp. | &nbsp;&nbsp;15385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;801405 |
| Zions Bancorp NA | Zions Bancorp NA | &nbsp;&nbsp;41326 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2153498 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145654018 |
| TOTAL BANKS | &nbsp;&nbsp;&nbsp;&nbsp;678944774 |  |  |
| **CAPITAL MARKETS – 25.5%** | **CAPITAL MARKETS – 25.5%** | **CAPITAL MARKETS – 25.5%** | **CAPITAL MARKETS – 25.5%** |
| **Asset Management & Custody Banks – 7.9%** | **Asset Management & Custody Banks – 7.9%** | **Asset Management & Custody Banks – 7.9%** | **Asset Management & Custody Banks – 7.9%** |
| Acadian Asset Management, Inc. | Acadian Asset Management, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7416 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;356710 |
| Affiliated Managers Group, Inc. | Affiliated Managers Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7952 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1892258 |
| Ameriprise Financial, Inc. | Ameriprise Financial, Inc. | &nbsp;&nbsp;26310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11912379 |
| ARES Management Corp. Class A | ARES Management Corp. Class A | &nbsp;&nbsp;59660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8872038 |
| Artisan Partners Asset Management, Inc. Class A | Artisan Partners Asset Management, Inc. Class A | &nbsp;&nbsp;20192 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;881583 |
| Bank of New York Mellon Corp. | Bank of New York Mellon Corp. | 197809 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21349525 |
| Blackrock, Inc. | Blackrock, Inc. | &nbsp;&nbsp;40624 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43988073 |
| Blackstone, Inc. | Blackstone, Inc. | 201423 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29536669 |
| Blue Owl Capital, Inc. | Blue Owl Capital, Inc. | 164756 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2598202 |
| Carlyle Group, Inc. | Carlyle Group, Inc. | &nbsp;&nbsp;65030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3467400 |
| Cohen & Steers, Inc. | Cohen & Steers, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7935 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;542119 |
| Federated Hermes, Inc. | Federated Hermes, Inc. | &nbsp;&nbsp;20827 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1009693 |
| Franklin Resources, Inc. | Franklin Resources, Inc. | &nbsp;&nbsp;81778 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1849000 |
| Galaxy Digital, Inc. Class A (a) | Galaxy Digital, Inc. Class A (a) | &nbsp;&nbsp;47176 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1651632 |
| Hamilton Lane, Inc. Class A | Hamilton Lane, Inc. Class A | &nbsp;&nbsp;10842 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1235554 |
| Invesco Ltd. | Invesco Ltd. | 100480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2381376 |
| Janus Henderson Group PLC | Janus Henderson Group PLC | &nbsp;&nbsp;35919 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1564632 |
| KKR & Co., Inc. | KKR & Co., Inc. | 172117 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20366605 |
| Northern Trust Corp. | Northern Trust Corp. | &nbsp;&nbsp;54068 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6956929 |
| P10, Inc. Class A | P10, Inc. Class A | &nbsp;&nbsp;12040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122326 |
| SEI Investments Co. | SEI Investments Co. | &nbsp;&nbsp;28777 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2319714 |
| State Street Corp. | State Street Corp. | &nbsp;&nbsp;79398 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9183173 |
| StepStone Group, Inc. Class A | StepStone Group, Inc. Class A | &nbsp;&nbsp;19695 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1199032 |
| T. Rowe Price Group, Inc. | T. Rowe Price Group, Inc. | &nbsp;&nbsp;61368 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6292061 |
| TPG, Inc. | TPG, Inc. | &nbsp;&nbsp;36578 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2013253 |
| Victory Capital Holdings, Inc. Class A | Victory Capital Holdings, Inc. Class A | &nbsp;&nbsp;12475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;776818 |
| Virtus Investment Partners, Inc. | Virtus Investment Partners, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2092 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340619 |
| WisdomTree, Inc. | WisdomTree, Inc. | &nbsp;&nbsp;34658 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;414510 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185073883 |

---

---

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

---

------

Schedule of Investments (Unaudited)–continued

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks – continued** | &nbsp;&nbsp;**Common Stocks – continued** | &nbsp;&nbsp;**Common Stocks – continued** | &nbsp;&nbsp;**Common Stocks – continued** |
|  |  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **CAPITAL MARKETS – continued** | **CAPITAL MARKETS – continued** | **CAPITAL MARKETS – continued** | **CAPITAL MARKETS – continued** |
| **Financial Exchanges & Data – 7.3%** | **Financial Exchanges & Data – 7.3%** | **Financial Exchanges & Data – 7.3%** | **Financial Exchanges & Data – 7.3%** |
| Cboe Global Markets, Inc. | Cboe Global Markets, Inc. | &nbsp;&nbsp;28841 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$7084503 |
| CME Group, Inc. | CME Group, Inc. | &nbsp;&nbsp;99395 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26388379 |
| Coinbase Global, Inc. Class A (a) | Coinbase Global, Inc. Class A (a) | &nbsp;&nbsp;55521 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19087009 |
| Donnelley Financial Solutions, Inc. (a) | Donnelley Financial Solutions, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;7449 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;342282 |
| FactSet Research Systems, Inc. | FactSet Research Systems, Inc. | &nbsp;&nbsp;10390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2772052 |
| Intercontinental Exchange, Inc. | Intercontinental Exchange, Inc. | 158381 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23169556 |
| MarketAxess Holdings, Inc. | MarketAxess Holdings, Inc. | &nbsp;&nbsp;10109 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1618046 |
| Moody's Corp. | Moody's Corp. | &nbsp;&nbsp;44636 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21438671 |
| Morningstar, Inc. | Morningstar, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7606 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1614754 |
| MSCI, Inc. | MSCI, Inc. | &nbsp;&nbsp;21289 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12529641 |
| Nasdaq, Inc. | Nasdaq, Inc. | 118583 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10137661 |
| S&P Global, Inc. | S&P Global, Inc. | &nbsp;&nbsp;86610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42197258 |
| Tradeweb Markets, Inc. Class A | Tradeweb Markets, Inc. Class A | &nbsp;&nbsp;32013 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3373850 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171753662 |
| **Investment Banking & Brokerage – 10.3%** | **Investment Banking & Brokerage – 10.3%** | **Investment Banking & Brokerage – 10.3%** | **Investment Banking & Brokerage – 10.3%** |
| BGC Group, Inc. Class A | BGC Group, Inc. Class A | 104607 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;956108 |
| Charles Schwab Corp. | Charles Schwab Corp. | 477092 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45094736 |
| Evercore, Inc. Class A | Evercore, Inc. Class A | &nbsp;&nbsp;10707 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3153854 |
| Freedom Holding Corp. (a) | Freedom Holding Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;5071 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;779210 |
| Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. | &nbsp;&nbsp;84864 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66989096 |
| Houlihan Lokey, Inc. | Houlihan Lokey, Inc. | &nbsp;&nbsp;14592 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2613135 |
| Interactive Brokers Group, Inc. Class A | Interactive Brokers Group, Inc. Class A | 120851 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8503076 |
| Jefferies Financial Group, Inc. | Jefferies Financial Group, Inc. | &nbsp;&nbsp;42966 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2269894 |
| Lazard, Inc. | Lazard, Inc. | &nbsp;&nbsp;26523 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1294322 |
| LPL Financial Holdings, Inc. | LPL Financial Holdings, Inc. | &nbsp;&nbsp;22179 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8368359 |
| Moelis & Co. Class A | Moelis & Co. Class A | &nbsp;&nbsp;15775 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;999031 |
| Morgan Stanley | Morgan Stanley | 331574 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54378136 |
| Perella Weinberg Partners | Perella Weinberg Partners | &nbsp;&nbsp;16821 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;314216 |
| Piper Sandler Cos. | Piper Sandler Cos. | &nbsp;&nbsp;&nbsp;&nbsp;4912 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1568205 |
| PJT Partners, Inc. Class A | PJT Partners, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;6507 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1048343 |
| Raymond James Financial, Inc. | Raymond James Financial, Inc. | &nbsp;&nbsp;52984 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8406971 |
| Robinhood Markets, Inc. Class A (a) | Robinhood Markets, Inc. Class A (a) | 201493 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29575143 |
| Stifel Financial Corp. | Stifel Financial Corp. | &nbsp;&nbsp;28791 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3409718 |
| StoneX Group, Inc. (a) | StoneX Group, Inc. (a) | &nbsp;&nbsp;12272 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1128042 |
| Virtu Financial, Inc. Class A | Virtu Financial, Inc. Class A | &nbsp;&nbsp;22794 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;794143 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241643738 |
| TOTAL CAPITAL MARKETS | &nbsp;&nbsp;&nbsp;&nbsp;598471283 |  |  |
| **CONSUMER FINANCE – 5.4%** | **CONSUMER FINANCE – 5.4%** | **CONSUMER FINANCE – 5.4%** | **CONSUMER FINANCE – 5.4%** |
| **Consumer Finance – 5.4%** | **Consumer Finance – 5.4%** | **Consumer Finance – 5.4%** | **Consumer Finance – 5.4%** |
| Ally Financial, Inc. | Ally Financial, Inc. | &nbsp;&nbsp;76896 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2996637 |
| American Express Co. | American Express Co. | 154822 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55848940 |
| Atlanticus Holdings Corp. (a) | Atlanticus Holdings Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;1943 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107079 |
| Bread Financial Holdings, Inc. | Bread Financial Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2886 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180808 |
| Capital One Financial Corp. | Capital One Financial Corp. | 176906 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38917551 |
| Credit Acceptance Corp. (a) | Credit Acceptance Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;1619 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;724243 |
| Encore Capital Group, Inc. (a) | Encore Capital Group, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;6328 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263118 |
| Enova International, Inc. (a) | Enova International, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;6985 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;835196 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;****  | &nbsp;&nbsp;****  | &nbsp;&nbsp;****  | &nbsp;&nbsp;****  |
|  |  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| EZCORP, Inc. Class A (a) | EZCORP, Inc. Class A (a) | &nbsp;&nbsp;14351 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$261906 |
| FirstCash Holdings, Inc. | FirstCash Holdings, Inc. | &nbsp;&nbsp;10943 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1734466 |
| LendingClub Corp. (a) | LendingClub Corp. (a) | &nbsp;&nbsp;32351 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;562584 |
| LendingTree, Inc. (a) | LendingTree, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;3156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201984 |
| Navient Corp. | Navient Corp. | &nbsp;&nbsp;23678 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;289582 |
| Nelnet, Inc. Class A | Nelnet, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;3808 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;491422 |
| NerdWallet, Inc. Class A (a) | NerdWallet, Inc. Class A (a) | &nbsp;&nbsp;10910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127320 |
| OneMain Holdings, Inc. | OneMain Holdings, Inc. | &nbsp;&nbsp;34154 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021575 |
| PRA Group, Inc. (a) | PRA Group, Inc. (a) | &nbsp;&nbsp;11675 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160064 |
| PROG Holdings, Inc. | PROG Holdings, Inc. | &nbsp;&nbsp;11891 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;344007 |
| SLM Corp. | SLM Corp. | &nbsp;&nbsp;56080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1505748 |
| SoFi Technologies, Inc. (a) | SoFi Technologies, Inc. (a) | 305112 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9055724 |
| Synchrony Financial | Synchrony Financial | 106752 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7940214 |
| Upstart Holdings, Inc. (a) | Upstart Holdings, Inc. (a) | &nbsp;&nbsp;23763 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1129218 |
| World Acceptance Corp. (a) | World Acceptance Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107075 |
| TOTAL CONSUMER FINANCE | &nbsp;&nbsp;&nbsp;&nbsp;125806461 |  |  |
| **FINANCIAL SERVICES – 25.0%** | **FINANCIAL SERVICES – 25.0%** | **FINANCIAL SERVICES – 25.0%** | **FINANCIAL SERVICES – 25.0%** |
| **Commercial & Residential Mortgage Finance – 0.6%** | **Commercial & Residential Mortgage Finance – 0.6%** | **Commercial & Residential Mortgage Finance – 0.6%** | **Commercial & Residential Mortgage Finance – 0.6%** |
| Enact Holdings, Inc. | Enact Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9483 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;338733 |
| Essent Group Ltd. | Essent Group Ltd. | &nbsp;&nbsp;28463 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1724004 |
| Federal Agricultural Mortgage Corp. Class C | Federal Agricultural Mortgage Corp. Class C | &nbsp;&nbsp;&nbsp;&nbsp;2642 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;419127 |
| Merchants Bancorp | Merchants Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;6467 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201706 |
| MGIC Investment Corp. | MGIC Investment Corp. | &nbsp;&nbsp;66056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1811255 |
| NMI Holdings, Inc. (a) | NMI Holdings, Inc. (a) | &nbsp;&nbsp;22831 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;831733 |
| PennyMac Financial Services, Inc. | PennyMac Financial Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8579 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1079324 |
| Radian Group, Inc. | Radian Group, Inc. | &nbsp;&nbsp;37801 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1282966 |
| Rocket Cos., Inc. Class A | Rocket Cos., Inc. Class A | 252506 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4206750 |
| UWM Holdings Corp. | UWM Holdings Corp. | &nbsp;&nbsp;51381 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;289275 |
| Walker & Dunlop, Inc. | Walker & Dunlop, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9751 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;779300 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12964173 |
| **Diversified Financial Services – 1.0%** | **Diversified Financial Services – 1.0%** | **Diversified Financial Services – 1.0%** | **Diversified Financial Services – 1.0%** |
| Apollo Global Management, Inc. | Apollo Global Management, Inc. | 120548 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14985322 |
| Equitable Holdings, Inc. | Equitable Holdings, Inc. | &nbsp;&nbsp;80423 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3972896 |
| Jackson Financial, Inc. Class A | Jackson Financial, Inc. Class A | &nbsp;&nbsp;16706 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1684132 |
| Voya Financial, Inc. | Voya Financial, Inc. | &nbsp;&nbsp;27184 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024121 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22666471 |
| **Multi-Sector Holdings – 7.6%** | **Multi-Sector Holdings – 7.6%** | **Multi-Sector Holdings – 7.6%** | **Multi-Sector Holdings – 7.6%** |
| Berkshire Hathaway, Inc. Class B (a) | Berkshire Hathaway, Inc. Class B (a) | 374473 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178825836 |
| Cannae Holdings, Inc. | Cannae Holdings, Inc. | &nbsp;&nbsp;15399 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275334 |
| Compass Diversified Holdings | Compass Diversified Holdings | &nbsp;&nbsp;18788 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119868 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179221038 |
| **Specialized Finance – 0.0%** | **Specialized Finance – 0.0%** | **Specialized Finance – 0.0%** | **Specialized Finance – 0.0%** |
| Burford Capital Ltd. | Burford Capital Ltd. | &nbsp;&nbsp;55699 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;554205 |
| **Transaction & Payment Processing Services – 15.8%** | **Transaction & Payment Processing Services – 15.8%** | **Transaction & Payment Processing Services – 15.8%** | **Transaction & Payment Processing Services – 15.8%** |
| Affirm Holdings, Inc. (a) | Affirm Holdings, Inc. (a) | &nbsp;&nbsp;73890 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5311214 |
| Block, Inc. (a) | Block, Inc. (a) | 153492 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11656182 |
| Cantaloupe, Inc. (a) | Cantaloupe, Inc. (a) | &nbsp;&nbsp;17994 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190017 |
| Cass Information Systems, Inc. | Cass Information Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4781 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188993 |
| Corpay, Inc. (a) | Corpay, Inc. (a) | &nbsp;&nbsp;18689 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4865681 |
| Euronet Worldwide, Inc. (a) | Euronet Worldwide, Inc. (a) | &nbsp;&nbsp;11953 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;906755 |

---

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

------

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks – continued** | &nbsp;&nbsp;**Common Stocks – continued** | &nbsp;&nbsp;**Common Stocks – continued** | &nbsp;&nbsp;**Common Stocks – continued** |
|  |  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **FINANCIAL SERVICES – continued** | **FINANCIAL SERVICES – continued** | **FINANCIAL SERVICES – continued** | **FINANCIAL SERVICES – continued** |
| **Transaction & Payment Processing Services – continued** | **Transaction & Payment Processing Services – continued** | **Transaction & Payment Processing Services – continued** | **Transaction & Payment Processing Services – continued** |
| EVERTEC, Inc. | EVERTEC, Inc. | &nbsp;&nbsp;18031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$513343 |
| Fidelity National Information Services, Inc. | Fidelity National Information Services, Inc. | 146035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9130108 |
| Fiserv, Inc. (a) | Fiserv, Inc. (a) | 153144 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10213173 |
| Flywire Corp. (a) | Flywire Corp. (a) | &nbsp;&nbsp;31072 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;413879 |
| Global Payments, Inc. | Global Payments, Inc. | &nbsp;&nbsp;68098 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5295300 |
| Jack Henry & Associates, Inc. | Jack Henry & Associates, Inc. | &nbsp;&nbsp;20243 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3014992 |
| Marqeta, Inc. Class A (a) | Marqeta, Inc. Class A (a) | 110385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500044 |
| Mastercard, Inc. Class A | Mastercard, Inc. Class A | 236485 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130537355 |
| NCR Atleos Corp. (a) | NCR Atleos Corp. (a) | &nbsp;&nbsp;20444 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;754384 |
| Paymentus Holdings, Inc. Class A (a) | Paymentus Holdings, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;8844 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252938 |
| Payoneer Global, Inc. (a) | Payoneer Global, Inc. (a) | &nbsp;&nbsp;80507 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;466136 |
| PayPal Holdings, Inc. (a) | PayPal Holdings, Inc. (a) | 256311 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17754663 |
| Remitly Global, Inc. (a) | Remitly Global, Inc. (a) | &nbsp;&nbsp;48531 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;778437 |
| Sezzle, Inc. (a) | Sezzle, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;5257 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;344596 |
| Shift4 Payments, Inc. Class A (a) | Shift4 Payments, Inc. Class A (a) | &nbsp;&nbsp;16839 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1163575 |
| Toast, Inc. Class A (a) | Toast, Inc. Class A (a) | 124804 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4510417 |
| Visa, Inc. Class A | Visa, Inc. Class A | 472848 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161118227 |
| Western Union Co. | Western Union Co. | &nbsp;&nbsp;76039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;709444 |
| WEX, Inc. (a) | WEX, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;8895 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1297603 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;371887456 |
| TOTAL FINANCIAL SERVICES | &nbsp;&nbsp;&nbsp;&nbsp;587293343 |  |  |
| **INSURANCE – 14.3%** | **INSURANCE – 14.3%** | **INSURANCE – 14.3%** | **INSURANCE – 14.3%** |
| **Insurance Brokers – 3.4%** | **Insurance Brokers – 3.4%** | **Insurance Brokers – 3.4%** | **Insurance Brokers – 3.4%** |
| Abacus Global Management, Inc. (a) | Abacus Global Management, Inc. (a) | &nbsp;&nbsp;13302 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66776 |
| Aon PLC Class A | Aon PLC Class A | &nbsp;&nbsp;56700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19316556 |
| Arthur J Gallagher & Co. | Arthur J Gallagher & Co. | &nbsp;&nbsp;70581 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17609254 |
| Baldwin Insurance Group, Inc. (a) | Baldwin Insurance Group, Inc. (a) | &nbsp;&nbsp;19450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;429845 |
| Brown & Brown, Inc. | Brown & Brown, Inc. | &nbsp;&nbsp;82033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6541312 |
| Crawford & Co. Class A | Crawford & Co. Class A | &nbsp;&nbsp;12946 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140205 |
| Goosehead Insurance, Inc. Class A | Goosehead Insurance, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;6911 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;474578 |
| Hagerty, Inc. Class A (a) | Hagerty, Inc. Class A (a) | &nbsp;&nbsp;10008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112290 |
| Marsh & McLennan Cos., Inc. | Marsh & McLennan Cos., Inc. | 136214 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24266524 |
| Ryan Specialty Holdings, Inc. | Ryan Specialty Holdings, Inc. | &nbsp;&nbsp;29656 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1625149 |
| Willis Towers Watson PLC | Willis Towers Watson PLC | &nbsp;&nbsp;27362 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8567042 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79149531 |
| **Life & Health Insurance – 2.5%** | **Life & Health Insurance – 2.5%** | **Life & Health Insurance – 2.5%** | **Life & Health Insurance – 2.5%** |
| Aflac, Inc. | Aflac, Inc. | 143540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15386053 |
| Brighthouse Financial, Inc. (a) | Brighthouse Financial, Inc. (a) | &nbsp;&nbsp;17212 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;982289 |
| CNO Financial Group, Inc. | CNO Financial Group, Inc. | &nbsp;&nbsp;31753 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1270755 |
| F&G Annuities & Life, Inc. | F&G Annuities & Life, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244020 |
| Genworth Financial, Inc. (a) | Genworth Financial, Inc. (a) | 114792 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;968844 |
| Globe Life, Inc. | Globe Life, Inc. | &nbsp;&nbsp;23743 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3122442 |
| Lincoln National Corp. | Lincoln National Corp. | &nbsp;&nbsp;40682 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1708644 |
| MetLife, Inc. | MetLife, Inc. | 159677 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12745418 |
| Oscar Health, Inc. Class A (a) | Oscar Health, Inc. Class A (a) | &nbsp;&nbsp;55314 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;995652 |
| Primerica, Inc. | Primerica, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9741 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2531394 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;****  | &nbsp;&nbsp;****  | &nbsp;&nbsp;****  |
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Principal Financial Group, Inc. | &nbsp;&nbsp;63936 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$5373181 |
| Prudential Financial, Inc. | &nbsp;&nbsp;99279 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10325016 |
| Unum Group | &nbsp;&nbsp;47114 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3459110 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59112818 |
| **Multi-line Insurance – 0.7%** | **Multi-line Insurance – 0.7%** | **Multi-line Insurance – 0.7%** |
| American International Group, Inc. | 160988 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12711612 |
| Assurant, Inc. | &nbsp;&nbsp;14699 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3112072 |
| Horace Mann Educators Corp. | &nbsp;&nbsp;10984 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;491095 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16314779 |
| **Property & Casualty Insurance – 7.2%** | **Property & Casualty Insurance – 7.2%** | **Property & Casualty Insurance – 7.2%** |
| Allstate Corp. | &nbsp;&nbsp;73305 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14039374 |
| American Financial Group, Inc. | &nbsp;&nbsp;18484 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2433973 |
| AMERISAFE, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5623 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225370 |
| Arch Capital Group Ltd. | 103729 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8952850 |
| Assured Guaranty Ltd. | &nbsp;&nbsp;13371 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1077435 |
| Axis Capital Holdings Ltd. | &nbsp;&nbsp;22881 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2143034 |
| Bowhead Specialty Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;4529 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108515 |
| Chubb Ltd. | 105382 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29184491 |
| Cincinnati Financial Corp. | &nbsp;&nbsp;43562 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6734250 |
| Donegal Group, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;4831 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90581 |
| Employers Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248417 |
| Erie Indemnity Co. Class A | &nbsp;&nbsp;&nbsp;&nbsp;7021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2054625 |
| Fidelity National Financial, Inc. | &nbsp;&nbsp;72051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3980097 |
| First American Financial Corp. | &nbsp;&nbsp;28391 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1774721 |
| Hamilton Insurance Group Ltd. Class B (a) | &nbsp;&nbsp;13240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;313391 |
| Hanover Insurance Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1693421 |
| Hartford Insurance Group, Inc. | &nbsp;&nbsp;79742 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9902362 |
| HCI Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2753 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;561640 |
| Kemper Corp. | &nbsp;&nbsp;17254 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;776257 |
| Kinsale Capital Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6116 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2443159 |
| Lemonade, Inc. (a) | &nbsp;&nbsp;16294 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;978944 |
| Loews Corp. | &nbsp;&nbsp;49915 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4969537 |
| Markel Group, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;3532 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6974040 |
| Mercury General Corp. | &nbsp;&nbsp;&nbsp;&nbsp;7884 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;609433 |
| Old Republic International Corp. | &nbsp;&nbsp;65089 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2568412 |
| Palomar Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;7349 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;837860 |
| ProAssurance Corp. (a) | &nbsp;&nbsp;12727 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;304812 |
| Progressive Corp. | 161810 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33332860 |
| RLI Corp. | &nbsp;&nbsp;22700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1338392 |
| Root, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;3098 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249451 |
| Safety Insurance Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4232 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290865 |
| Selective Insurance Group, Inc. | &nbsp;&nbsp;16874 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1271287 |
| Skyward Specialty Insurance Group, Inc. (a) | &nbsp;&nbsp;10546 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;480792 |
| Stewart Information Services Corp. | &nbsp;&nbsp;&nbsp;&nbsp;7724 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;527317 |
| Tiptree, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6663 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118002 |
| Travelers Cos., Inc. | &nbsp;&nbsp;62657 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16830923 |
| Trupanion, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;9697 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;387783 |
| United Fire Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6835 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206622 |
| Universal Insurance Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256885 |

---

---

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

---

------

Schedule of Investments (Unaudited)–continued

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks – continued** | &nbsp;&nbsp;**Common Stocks – continued** | &nbsp;&nbsp;**Common Stocks – continued** | &nbsp;&nbsp;**Common Stocks – continued** |
|  |  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **INSURANCE – continued** | **INSURANCE – continued** | **INSURANCE – continued** | **INSURANCE – continued** |
| **Property & Casualty Insurance – continued** | **Property & Casualty Insurance – continued** | **Property & Casualty Insurance – continued** | **Property & Casualty Insurance – continued** |
| W.R. Berkley Corp. | W.R. Berkley Corp. | &nbsp;&nbsp;83198 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$5935345 |
| White Mountains Insurance Group Ltd. | White Mountains Insurance Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;709 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1350333 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168557858 |
| **Reinsurance – 0.5%** | **Reinsurance – 0.5%** | **Reinsurance – 0.5%** | **Reinsurance – 0.5%** |
| Everest Group Ltd. | Everest Group Ltd. | &nbsp;&nbsp;11874 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3734610 |
| Reinsurance Group of America, Inc. | Reinsurance Group of America, Inc. | &nbsp;&nbsp;18484 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3372591 |
| RenaissanceRe Holdings Ltd. | RenaissanceRe Holdings Ltd. | &nbsp;&nbsp;13656 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3469853 |
| SiriusPoint Ltd. (a) | SiriusPoint Ltd. (a) | &nbsp;&nbsp;20450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;372190 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10949244 |
| TOTAL INSURANCE | &nbsp;&nbsp;&nbsp;&nbsp;334084230 |  |  |
| **MORTGAGE REAL ESTATE INVESTMENT TRUSTS (REITS) – 0.7%** | **MORTGAGE REAL ESTATE INVESTMENT TRUSTS (REITS) – 0.7%** | **MORTGAGE REAL ESTATE INVESTMENT TRUSTS (REITS) – 0.7%** | **MORTGAGE REAL ESTATE INVESTMENT TRUSTS (REITS) – 0.7%** |
| **Mortgage REITs – 0.7%** | **Mortgage REITs – 0.7%** | **Mortgage REITs – 0.7%** | **Mortgage REITs – 0.7%** |
| Adamas Trust, Inc. | Adamas Trust, Inc. | &nbsp;&nbsp;22933 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152963 |
| AGNC Investment Corp. | AGNC Investment Corp. | 279831 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2798310 |
| Annaly Capital Management, Inc. | Annaly Capital Management, Inc. | 166779 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3530711 |
| Apollo Commercial Real Estate Finance, Inc. | Apollo Commercial Real Estate Finance, Inc. | &nbsp;&nbsp;34452 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;337285 |
| Arbor Realty Trust, Inc. | Arbor Realty Trust, Inc. | &nbsp;&nbsp;42371 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;427523 |
| ARMOUR Residential REIT, Inc. | ARMOUR Residential REIT, Inc. | &nbsp;&nbsp;29752 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;482577 |
| Blackstone Mortgage Trust, Inc. Class A | Blackstone Mortgage Trust, Inc. Class A | &nbsp;&nbsp;45169 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;834723 |
| BrightSpire Capital, Inc. | BrightSpire Capital, Inc. | &nbsp;&nbsp;37447 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193227 |
| Chimera Investment Corp. | Chimera Investment Corp. | &nbsp;&nbsp;22578 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288095 |
| Dynex Capital, Inc. | Dynex Capital, Inc. | &nbsp;&nbsp;27780 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;367807 |
| Ellington Financial, Inc. | Ellington Financial, Inc. | &nbsp;&nbsp;24638 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;328178 |
| Franklin BSP Realty Trust, Inc. | Franklin BSP Realty Trust, Inc. | &nbsp;&nbsp;21138 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214339 |
| HA Sustainable Infrastructure Capital, Inc. | HA Sustainable Infrastructure Capital, Inc. | &nbsp;&nbsp;34474 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;955275 |
| Invesco Mortgage Capital, Inc. | Invesco Mortgage Capital, Inc. | &nbsp;&nbsp;26047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196134 |
| KKR Real Estate Finance Trust, Inc. | KKR Real Estate Finance Trust, Inc. | &nbsp;&nbsp;14569 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118592 |
| Ladder Capital Corp. | Ladder Capital Corp. | &nbsp;&nbsp;34415 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;363767 |
| MFA Financial, Inc. | MFA Financial, Inc. | &nbsp;&nbsp;29227 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262751 |
| Orchid Island Capital, Inc. | Orchid Island Capital, Inc. | &nbsp;&nbsp;31131 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225077 |
| PennyMac Mortgage Investment Trust | PennyMac Mortgage Investment Trust | &nbsp;&nbsp;23020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;277161 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;****  | &nbsp;&nbsp;****  | &nbsp;&nbsp;****  | &nbsp;&nbsp;****  |
|  |  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Ready Capital Corp. | Ready Capital Corp. | &nbsp;&nbsp;&nbsp;&nbsp;43822 | &nbsp;&nbsp;&nbsp;&nbsp;$128398 |
| Redwood Trust, Inc. | Redwood Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;43306 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229955 |
| Rithm Capital Corp. | Rithm Capital Corp. | &nbsp;&nbsp;&nbsp;156877 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1720941 |
| Starwood Property Trust, Inc. | Starwood Property Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;90562 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1646417 |
| TPG RE Finance Trust, Inc. | TPG RE Finance Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;19086 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165094 |
| Two Harbors Investment Corp. | Two Harbors Investment Corp. | &nbsp;&nbsp;&nbsp;&nbsp;33528 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325892 |
| TOTAL MORTGAGE REAL ESTATE INVESTMENT TRUSTS (REITS) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16571192 |  |  |
| **REAL ESTATE MANAGEMENT & DEVELOPMENT – 0.0%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT – 0.0%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT – 0.0%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT – 0.0%** |
| **Real Estate Operating Companies – 0.0%** | **Real Estate Operating Companies – 0.0%** | **Real Estate Operating Companies – 0.0%** | **Real Estate Operating Companies – 0.0%** |
| DigitalBridge Group, Inc. | DigitalBridge Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;49720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;588188 |
| **SOFTWARE – 0.0%** | **SOFTWARE – 0.0%** | **SOFTWARE – 0.0%** | **SOFTWARE – 0.0%** |
| **Application Software – 0.0%** | **Application Software – 0.0%** | **Application Software – 0.0%** | **Application Software – 0.0%** |
| Dave, Inc. (a) | Dave, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2634 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;630369 |
| **TOTAL COMMON STOCKS<br> (Cost $1,614,756,768)** | **TOTAL COMMON STOCKS<br> (Cost $1,614,756,768)** | **TOTAL COMMON STOCKS<br> (Cost $1,614,756,768)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2342389840** |
| &nbsp;&nbsp;**Money Market Fund – 0.1%** | &nbsp;&nbsp;**Money Market Fund – 0.1%** | &nbsp;&nbsp;**Money Market Fund – 0.1%** | &nbsp;&nbsp;**Money Market Fund – 0.1%** |
| State Street Institutional Treasury Plus Money Market Fund, Trust Class, 3.93% (b)<br> (Cost $2,909,000) | State Street Institutional Treasury Plus Money Market Fund, Trust Class, 3.93% (b)<br> (Cost $2,909,000) | 2909000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2909000 |
| **TOTAL INVESTMENT IN SECURITIES – 99.9%<br> (Cost $1,617,665,768)** | &nbsp;&nbsp;**2345298840** |  |  |
| **NET OTHER ASSETS (LIABILITIES) (c) – 0.1%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1472776** |  |  |
| **NET ASSETS – 100.0%** | **$2346771616** |  |  |

---

---

| | |
|:---|:---|
| **Legend** | **Legend** |
| (a) | Non-income producing. |
| (b) | The rate quoted is the annualized seven-day yield of the fund at period end. |
| (c) | Includes $216,540 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 Financial Select Sector Index Contracts (United States) | 21 | &nbsp;&nbsp;December 2025 | &nbsp;&nbsp;3403208 | &nbsp;&nbsp;$(81646) | &nbsp;&nbsp;$(81646) |
| CME E-mini Russell 2000 Index Contracts (United States) | 3 | &nbsp;&nbsp;December 2025 | &nbsp;&nbsp;&nbsp;&nbsp;373485 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;329 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;329 |
| Total Equity Index Contracts |  |  |  |  | &nbsp;&nbsp;&nbsp;$(81317) |

---

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

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

------

#### 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.

---

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

---

------

*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.* 

 ***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 Financials Index ETF

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

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

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

- **a. Date of fiscal year-end:** 2026-07-31

- **b. Date as of which information is reported:** 2025-10-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $2347030010.79

**Total Liabilities:** $261589.99

**Net Assets:** $2346768420.80

**Cash Not Reported:** $571363.13

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000131666 | 3.31%                | -0.16%               | -2.89%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-166991.68              | $72475503.50                               |
| Month 2  | $-383370.82              | $-6233773.62                               |
| Month 3  | $1713611.35              | $-73777380.11                              |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Aflac Inc                                  | Aflac Inc                                                  | CUSIP: 001055102<br>LEI: 549300N0B7DOGLXWPP39 | Long             | EC               | CORP              | US        |    143540 | NS      | $15386052.60  | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| AGNC Investment Corp                       | AGNC Investment Corp                                       | CUSIP: 00123Q104<br>LEI: 5TRACI5HRMELWV32OF39 | Long             | EC               |  | US        |    279831 | NS      | $2798310.00   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Abacus Global Management Inc               | Abacus Global Management Inc                               | CUSIP: 00258Y104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     13302 | NS      | $66776.04     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Affiliated Managers Group Inc              | Affiliated Managers Group Inc                              | CUSIP: 008252108<br>LEI: 2JE75BUE3T1BLCYYGK54 | Long             | EC               | CORP              | US        |      7952 | NS      | $1892257.92   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Affirm Holdings Inc                        | Affirm Holdings Inc                                        | CUSIP: 00827B106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     73890 | NS      | $5311213.20   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Bread Financial Holdings Inc               | Bread Financial Holdings Inc                               | CUSIP: 018581108<br>LEI: 549300G8S4PO686J7H97 | Long             | EC               | CORP              | US        |      2886 | NS      | $180807.90    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Allstate Corp/The                          | Allstate Corp/The                                          | CUSIP: 020002101<br>LEI: OBT0W1ED8G0NWVOLOJ77 | Long             | EC               | CORP              | US        |     73305 | NS      | $14039373.60  | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Ally Financial Inc                         | Ally Financial Inc                                         | CUSIP: 02005N100<br>LEI: 549300JBN1OSM8YNAI90 | Long             | EC               | CORP              | US        |     76896 | NS      | $2996637.12   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Amalgamated Financial Corp                 | Amalgamated Financial Corp                                 | CUSIP: 022671101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6159 | NS      | $167894.34    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Amerant Bancorp Inc                        | Amerant Bancorp Inc                                        | CUSIP: 023576101<br>LEI: 54930071V6LIG79MTL10 | Long             | EC               | CORP              | US        |      8677 | NS      | $145513.29    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| American Express Co                        | American Express Co                                        | CUSIP: 025816109<br>LEI: R4PP93JZOLY261QX3811 | Long             | EC               | CORP              | US        |    154822 | NS      | $55848940.06  | 2.38%             |  |  |  | No            |                  1 | On Loan: No      |
| American Financial Group Inc/OH            | American Financial Group Inc/OH                            | CUSIP: 025932104<br>LEI: 549300AFOM7IVKIU1G39 | Long             | EC               | CORP              | US        |     18484 | NS      | $2433973.12   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| American International Group Inc           | American International Group Inc                           | CUSIP: 026874784<br>LEI: ODVCVCQG2BP6VHV36M30 | Long             | EC               | CORP              | US        |    160988 | NS      | $12711612.48  | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERISAFE Inc                              | AMERISAFE Inc                                              | CUSIP: 03071H100<br>LEI: 2549002B4EXPBLGMNN22 | Long             | EC               | CORP              | US        |      5623 | NS      | $225369.84    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Ameriprise Financial Inc                   | Ameriprise Financial Inc                                   | CUSIP: 03076C106<br>LEI: 6ZLKQF7QB6JAEKQS5388 | Long             | EC               | CORP              | US        |     26310 | NS      | $11912378.70  | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Ameris Bancorp                             | Ameris Bancorp                                             | CUSIP: 03076K108<br>LEI: PBJHNT51T5V6G5UQFV42 | Long             | EC               | CORP              | US        |     18235 | NS      | $1305990.70   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Annaly Capital Management Inc              | Annaly Capital Management Inc                              | CUSIP: 035710839<br>LEI: 2DTL0G3FPRYUT58TI025 | Long             | EC               |  | US        |    166779 | NS      | $3530711.43   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Apollo Commercial Real Estate Finance Inc  | Apollo Commercial Real Estate Finance Inc                  | CUSIP: 03762U105<br>LEI: 549300E0AN7M2AQHSY29 | Long             | EC               |  | US        |     34452 | NS      | $337285.08    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Apollo Global Management Inc               | Apollo Global Management Inc                               | CUSIP: 03769M106<br>LEI: 254900LMFT1CY9IYB476 | Long             | EC               | CORP              | US        |    120548 | NS      | $14985321.88  | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Arbor Realty Trust Inc                     | Arbor Realty Trust Inc                                     | CUSIP: 038923108<br>LEI: 549300ASFUWYQO0RW077 | Long             | EC               |  | US        |     42371 | NS      | $427523.39    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Ares Management Corp                       | Ares Management Corp                                       | CUSIP: 03990B101<br>LEI: 529900JUV61FH7B8VW38 | Long             | EC               | CORP              | US        |     59660 | NS      | $8872038.60   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| ARMOUR Residential REIT Inc                | ARMOUR Residential REIT Inc                                | CUSIP: 042315705<br>LEI: 549300K0WA0EJUX74V72 | Long             | EC               |  | US        |     29752 | NS      | $482577.44    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Arrow Financial Corp                       | Arrow Financial Corp                                       | CUSIP: 042744102<br>LEI: 2549007Z8GI9ZZIQ1817 | Long             | EC               | CORP              | US        |         1 | NS      | $17.24        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Artisan Partners Asset Management Inc      | Artisan Partners Asset Management Inc                      | CUSIP: 04316A108<br>LEI: 549300T1FUI6JF63XU51 | Long             | EC               | CORP              | US        |     20192 | NS      | $881582.72    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Associated Banc-Corp                       | Associated Banc-Corp                                       | CUSIP: 045487105<br>LEI: 549300N3CIN473IW5094 | Long             | EC               | CORP              | US        |     45992 | NS      | $1139221.84   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Assurant Inc                               | Assurant Inc                                               | CUSIP: 04621X108<br>LEI: H3F39CAXWQRVWURFXL38 | Long             | EC               | CORP              | US        |     14699 | NS      | $3112072.28   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Atlantic Union Bankshares Corp             | Atlantic Union Bankshares Corp                             | CUSIP: 04911A107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     39205 | NS      | $1274946.60   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Atlanticus Holdings Corp                   | Atlanticus Holdings Corp                                   | CUSIP: 04914Y102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1943 | NS      | $107078.73    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Axos Financial Inc                         | Axos Financial Inc                                         | CUSIP: 05465C100<br>LEI: 529900D8M56422GK9O25 | Long             | EC               | CORP              | US        |     14948 | NS      | $1165645.04   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| BOK Financial Corp                         | BOK Financial Corp                                         | CUSIP: 05561Q201<br>LEI: GRI2NT5QHYW751NMR949 | Long             | EC               | CORP              | US        |      6340 | NS      | $663037.20    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Baldwin Insurance Group Inc/The            | Baldwin Insurance Group Inc/The                            | CUSIP: 05589G102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     19450 | NS      | $429845.00    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| BancFirst Corp                             | BancFirst Corp                                             | CUSIP: 05945F103<br>LEI: 549300EJEHGBP4IO2J30 | Long             | EC               | CORP              | US        |      5636 | NS      | $613534.96    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Bancorp Inc/The                            | Bancorp Inc/The                                            | CUSIP: 05969A105<br>LEI: 894500FP2ICT1B019Y71 | Long             | EC               | CORP              | US        |     12236 | NS      | $799867.32    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Banc of California Inc                     | Banc of California Inc                                     | CUSIP: 05990K106<br>LEI: 549300ZKWUJDP6LJ1X87 | Long             | EC               | CORP              | US        |     32619 | NS      | $553544.43    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of America Corp                       | Bank of America Corp                                       | CUSIP: 060505104<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EC               | CORP              | US        |   1977006 | NS      | $105670970.70 | 4.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank First Corp                            | Bank First Corp                                            | CUSIP: 06211J100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2528 | NS      | $308719.36    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of Hawaii Corp                        | Bank of Hawaii Corp                                        | CUSIP: 062540109<br>LEI: 5493006Q8BQ8AD8M2U33 | Long             | EC               | CORP              | US        |     10726 | NS      | $696439.18    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of New York Mellon Corp/The           | Bank of New York Mellon Corp/The                           | CUSIP: 064058100<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | EC               | CORP              | US        |    197809 | NS      | $21349525.37  | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank OZK                                   | Bank OZK                                                   | CUSIP: 06417N103<br>LEI: 549300VYK2WBD7SST478 | Long             | EC               | CORP              | US        |     30225 | NS      | $1359822.75   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| BankUnited Inc                             | BankUnited Inc                                             | CUSIP: 06652K103<br>LEI: 96OVUWEW5D4YX6PFXD91 | Long             | EC               | CORP              | US        |     20304 | NS      | $813784.32    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Banner Corp                                | Banner Corp                                                | CUSIP: 06652V208<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      9498 | NS      | $573584.22    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Bar Harbor Bankshares                      | Bar Harbor Bankshares                                      | CUSIP: 066849100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5110 | NS      | $149876.30    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| W R Berkley Corp                           | W R Berkley Corp                                           | CUSIP: 084423102<br>LEI: SQOAGCLKBDWNVYV1OV80 | Long             | EC               | CORP              | US        |     83198 | NS      | $5935345.32   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Berkshire Hathaway Inc                     | Berkshire Hathaway Inc                                     | CUSIP: 084670702<br>LEI: 5493000C01ZX7D35SD85 | Long             | EC               | CORP              | US        |    374473 | NS      | $178825836.42 | 7.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Beacon Financial Corp                      | Beacon Financial Corp                                      | CUSIP: 084680107<br>LEI: 549300AS2OC6UMMBNO37 | Long             | EC               | CORP              | US        |     23486 | NS      | $571649.24    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| BGC Group Inc                              | BGC Group Inc                                              | CUSIP: 088929104<br>LEI: 2549001IGRCG4F0RLD36 | Long             | EC               | CORP              | US        |    104607 | NS      | $956107.98    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Blackstone Mortgage Trust Inc              | Blackstone Mortgage Trust Inc                              | CUSIP: 09257W100<br>LEI: 549300OLDJ20R2Y2UW20 | Long             | EC               |  | US        |     45169 | NS      | $834723.12    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Blackstone Inc                             | Blackstone Inc                                             | CUSIP: 09260D107<br>LEI: 5299004LW4QWGZUB8Y96 | Long             | EC               | CORP              | US        |    201423 | NS      | $29536668.72  | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Blackrock Inc                              | Blackrock Inc                                              | CUSIP: 09290D101<br>LEI: 529900VBK42Y5HHRMD23 | Long             | EC               | CORP              | US        |     40624 | NS      | $43988073.44  | 1.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Blue Owl Capital Inc                       | Blue Owl Capital Inc                                       | CUSIP: 09581B103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    164756 | NS      | $2598202.12   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Bowhead Specialty Holdings Inc             | Bowhead Specialty Holdings Inc                             | CUSIP: 10240L102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4529 | NS      | $108514.84    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Brighthouse Financial Inc                  | Brighthouse Financial Inc                                  | CUSIP: 10922N103<br>LEI: 5493003T8SZSHOGGAW52 | Long             | EC               | CORP              | US        |     17212 | NS      | $982288.84    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Acadian Asset Management Inc               | Acadian Asset Management Inc                               | CUSIP: 10948W103<br>LEI: 5493004FTLQNQTBOP608 | Long             | EC               | CORP              | US        |      7416 | NS      | $356709.60    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| BrightSpire Capital Inc                    | BrightSpire Capital Inc                                    | CUSIP: 10949T109<br>LEI: 549300BOIFLLMVU37752 | Long             | EC               |  | US        |     37447 | NS      | $193226.52    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Brown & Brown Inc                          | Brown & Brown Inc                                          | CUSIP: 115236101<br>LEI: 549300PC8KTJ71XKFY89 | Long             | EC               | CORP              | US        |     82033 | NS      | $6541311.42   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Burke & Herbert Financial Services Corp    | Burke & Herbert Financial Services Corp                    | CUSIP: 12135Y108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3599 | NS      | $211837.14    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Business First Bancshares Inc              | Business First Bancshares Inc                              | CUSIP: 12326C105<br>LEI: 549300ILTC50KHDX4A08 | Long             | EC               | CORP              | US        |      8643 | NS      | $211926.36    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Byline Bancorp Inc                         | Byline Bancorp Inc                                         | CUSIP: 124411109<br>LEI: 549300W7ODP4YL2H4823 | Long             | EC               | CORP              | US        |      8352 | NS      | $223332.48    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Cboe Global Markets Inc                    | Cboe Global Markets Inc                                    | CUSIP: 12503M108<br>LEI: 529900RLNSGA90UPEH54 | Long             | EC               | CORP              | US        |     28841 | NS      | $7084503.24   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| CME Group Inc                              | CME Group Inc                                              | CUSIP: 12572Q105<br>LEI: LCZ7XYGSLJUHFXXNXD88 | Long             | EC               | CORP              | US        |     99395 | NS      | $26388378.55  | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| CNO Financial Group Inc                    | CNO Financial Group Inc                                    | CUSIP: 12621E103<br>LEI: 11XPYHB76MPM4Y4P2897 | Long             | EC               | CORP              | US        |     31753 | NS      | $1270755.06   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| CVB Financial Corp                         | CVB Financial Corp                                         | CUSIP: 126600105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     39084 | NS      | $717973.08    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Cadence Bank                               | Cadence Bank                                               | CUSIP: 12740C103<br>LEI: Q7C315HKI8VX0SSKBS64 | Long             | EC               | CORP              | US        |     43307 | NS      | $1634406.18   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Camden National Corp                       | Camden National Corp                                       | CUSIP: 133034108<br>LEI: 549300ZVEDL2L8UW4F28 | Long             | EC               | CORP              | US        |      5361 | NS      | $204522.15    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Cannae Holdings Inc                        | Cannae Holdings Inc                                        | CUSIP: 13765N107<br>LEI: 549300OGRF1ICI7D2V77 | Long             | EC               | CORP              | US        |     15399 | NS      | $275334.12    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Cantaloupe Inc                             | Cantaloupe Inc                                             | CUSIP: 138103106<br>LEI: 529900O54DBQQVWO9Q85 | Long             | EC               | CORP              | US        |     17994 | NS      | $190016.64    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Capital City Bank Group Inc                | Capital City Bank Group Inc                                | CUSIP: 139674105<br>LEI: 254900NVLVUJQZKTQE82 | Long             | EC               | CORP              | US        |      3801 | NS      | $147858.90    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Capital One Financial Corp                 | Capital One Financial Corp                                 | CUSIP: 14040H105<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | EC               | CORP              | US        |    176906 | NS      | $38917550.94  | 1.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Capitol Federal Financial Inc              | Capitol Federal Financial Inc                              | CUSIP: 14057J101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     32364 | NS      | $195478.56    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Carlyle Group Inc/The                      | Carlyle Group Inc/The                                      | CUSIP: 14316J108<br>LEI: 529900NGGVF94UK6PG95 | Long             | EC               | CORP              | US        |     65030 | NS      | $3467399.60   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Cass Information Systems Inc               | Cass Information Systems Inc                               | CUSIP: 14808P109<br>LEI: 549300G7XPIPR7SJ2F38 | Long             | EC               | CORP              | US        |      4781 | NS      | $188992.93    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Cathay General Bancorp                     | Cathay General Bancorp                                     | CUSIP: 149150104<br>LEI: 549300K1SLJ8C97H5L68 | Long             | EC               | CORP              | US        |     18215 | NS      | $827871.75    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Central Pacific Financial Corp             | Central Pacific Financial Corp                             | CUSIP: 154760409<br>LEI: 549300W3YEAOZ4KGG849 | Long             | EC               | CORP              | US        |      6737 | NS      | $192071.87    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Chimera Investment Corp                    | Chimera Investment Corp                                    | CUSIP: 16934Q802<br>LEI: 2JBBQFJOL123LOUBE657 | Long             | EC               |  | US        |     22578 | NS      | $288095.28    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Cincinnati Financial Corp                  | Cincinnati Financial Corp                                  | CUSIP: 172062101<br>LEI: 254900Q4WEDMZBOZ0002 | Long             | EC               | CORP              | US        |     43562 | NS      | $6734249.58   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Citigroup Inc                              | Citigroup Inc                                              | CUSIP: 172967424<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EC               | CORP              | US        |    508652 | NS      | $51490841.96  | 2.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Citizens Financial Group Inc               | Citizens Financial Group Inc                               | CUSIP: 174610105<br>LEI: 2138004JDDA4ZQUPFW65 | Long             | EC               | CORP              | US        |    121890 | NS      | $6200544.30   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| City Holding Co                            | City Holding Co                                            | CUSIP: 177835105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3712 | NS      | $437570.56    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Coastal Financial Corp/WA                  | Coastal Financial Corp/WA                                  | CUSIP: 19046P209<br>LEI: 549300XG5L36T6IU0B47 | Long             | EC               | CORP              | US        |      3755 | NS      | $399907.50    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Cohen & Steers Inc                         | Cohen & Steers Inc                                         | CUSIP: 19247A100<br>LEI: 549300XXIA338A0X2K65 | Long             | EC               | CORP              | US        |      7935 | NS      | $542119.20    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Coinbase Global Inc                        | Coinbase Global Inc                                        | CUSIP: 19260Q107<br>LEI: 5493004G3J2SC154DU06 | Long             | EC               | CORP              | US        |     55521 | NS      | $19087009.38  | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Columbia Banking System Inc                | Columbia Banking System Inc                                | CUSIP: 197236102<br>LEI: 254900CTRJTQZ3BJ2V17 | Long             | EC               | CORP              | US        |     84188 | NS      | $2256238.40   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Columbia Financial Inc                     | Columbia Financial Inc                                     | CUSIP: 197641103<br>LEI: 254900B9UDXFOJAZKN61 | Long             | EC               | CORP              | US        |      6552 | NS      | $96642.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Comerica Inc                               | Comerica Inc                                               | CUSIP: 200340107<br>LEI: I9Q57JVPWHHZ3ZGBW498 | Long             | EC               | CORP              | US        |     36894 | NS      | $2822391.00   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Commerce Bancshares Inc/MO                 | Commerce Bancshares Inc/MO                                 | CUSIP: 200525103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     34484 | NS      | $1814892.92   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Community Financial System Inc             | Community Financial System Inc                             | CUSIP: 203607106<br>LEI: 5299008N6YHE6GCP1E80 | Long             | EC               | CORP              | US        |     14406 | NS      | $799244.88    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Community Trust Bancorp Inc                | Community Trust Bancorp Inc                                | CUSIP: 204149108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4344 | NS      | $222391.08    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Compass Diversified Holdings               | Compass Diversified Holdings                               | CUSIP: 20451Q104<br>LEI: 5299001SM1LBYANJRR58 | Long             | EC               | CORP              | US        |     18788 | NS      | $119867.44    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| ConnectOne Bancorp Inc                     | ConnectOne Bancorp Inc                                     | CUSIP: 20786W107<br>LEI: 549300E2M5ZYAZKUK134 | Long             | EC               | CORP              | US        |     13223 | NS      | $318145.38    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Corpay Inc                                 | Corpay Inc                                                 | CUSIP: 219948106<br>LEI: 549300DG6RR0NQSFLN74 | Long             | EC               | CORP              | US        |     18689 | NS      | $4865681.15   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Crawford & Co                              | Crawford & Co                                              | CUSIP: 224633206<br>LEI: 7TZZFJ2GPOGLWIKIXY82 | Long             | EC               | CORP              | US        |     12946 | NS      | $140205.18    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Credit Acceptance Corp                     | Credit Acceptance Corp                                     | CUSIP: 225310101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1619 | NS      | $724243.46    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Cullen/Frost Bankers Inc                   | Cullen/Frost Bankers Inc                                   | CUSIP: 229899109<br>LEI: 529900V2E9G9AY665O34 | Long             | EC               | CORP              | US        |     17025 | NS      | $2096458.50   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Customers Bancorp Inc                      | Customers Bancorp Inc                                      | CUSIP: 23204G100<br>LEI: 549300WLBCHYKZ53FN68 | Long             | EC               | CORP              | US        |      8678 | NS      | $582467.36    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Dave Inc                                   | Dave Inc                                                   | CUSIP: 23834J201<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2634 | NS      | $630368.88    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| DigitalBridge Group Inc                    | DigitalBridge Group Inc                                    | CUSIP: 25401T603<br>LEI: 549300XG87L902AGBO89 | Long             | EC               | CORP              | US        |     49720 | NS      | $588187.60    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Dime Community Bancshares Inc              | Dime Community Bancshares Inc                              | CUSIP: 25432X102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     12247 | NS      | $321483.75    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Donegal Group Inc                          | Donegal Group Inc                                          | CUSIP: 257701201<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4831 | NS      | $90581.25     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Donnelley Financial Solutions Inc          | Donnelley Financial Solutions Inc                          | CUSIP: 25787G100<br>LEI: 549300O1NPY4J56QCU04 | Long             | EC               | CORP              | US        |      7449 | NS      | $342281.55    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Dynex Capital Inc                          | Dynex Capital Inc                                          | CUSIP: 26817Q886<br>LEI: 5CIJ4S9HAEBWILA19B65 | Long             | EC               |  | US        |     27780 | NS      | $367807.20    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Eagle Bancorp Inc                          | Eagle Bancorp Inc                                          | CUSIP: 268948106<br>LEI: 549300B47NZODRMG3D47 | Long             | EC               | CORP              | US        |      8491 | NS      | $142224.25    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| East West Bancorp Inc                      | East West Bancorp Inc                                      | CUSIP: 27579R104<br>LEI: 254900O4X656YXFOYB11 | Long             | EC               | CORP              | US        |     38487 | NS      | $3910279.20   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Eastern Bankshares Inc                     | Eastern Bankshares Inc                                     | CUSIP: 27627N105<br>LEI: 549300J245MBQU3DO403 | Long             | EC               | CORP              | US        |     50588 | NS      | $886807.64    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Ellington Financial Inc                    | Ellington Financial Inc                                    | CUSIP: 28852N109<br>LEI: 60GS1D1R1YY5G1W7IT74 | Long             | EC               |  | US        |     24638 | NS      | $328178.16    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Employers Holdings Inc                     | Employers Holdings Inc                                     | CUSIP: 292218104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6515 | NS      | $248416.95    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Enact Holdings Inc                         | Enact Holdings Inc                                         | CUSIP: 29249E109<br>LEI: 9845003CA5664B741N19 | Long             | EC               | CORP              | US        |      9483 | NS      | $338732.76    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Encore Capital Group Inc                   | Encore Capital Group Inc                                   | CUSIP: 292554102<br>LEI: 5493000UVC6H49CIH830 | Long             | EC               | CORP              | US        |      6328 | NS      | $263118.24    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Enova International Inc                    | Enova International Inc                                    | CUSIP: 29357K103<br>LEI: 549300O8XOCQSB49UO63 | Long             | EC               | CORP              | US        |      6985 | NS      | $835196.45    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Enterprise Financial Services Corp         | Enterprise Financial Services Corp                         | CUSIP: 293712105<br>LEI: 5493001XTU5DLD632129 | Long             | EC               | CORP              | US        |     10051 | NS      | $526370.87    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Equitable Holdings Inc                     | Equitable Holdings Inc                                     | CUSIP: 29452E101<br>LEI: 549300FIBAKMNHPZ4009 | Long             | EC               | CORP              | US        |     80423 | NS      | $3972896.20   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Equity Bancshares Inc                      | Equity Bancshares Inc                                      | CUSIP: 29460X109<br>LEI: 549300BPQ2EJNU4WF694 | Long             | EC               | CORP              | US        |      4574 | NS      | $185292.74    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Erie Indemnity Co                          | Erie Indemnity Co                                          | CUSIP: 29530P102<br>LEI: 549300WA5KP94KRUFZ80 | Long             | EC               | CORP              | US        |      7021 | NS      | $2054625.44   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Esquire Financial Holdings Inc             | Esquire Financial Holdings Inc                             | CUSIP: 29667J101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1879 | NS      | $176250.20    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Euronet Worldwide Inc                      | Euronet Worldwide Inc                                      | CUSIP: 298736109<br>LEI: YG3575C4DSHJPA5KET68 | Long             | EC               | CORP              | US        |     11953 | NS      | $906754.58    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Evercore Inc                               | Evercore Inc                                               | CUSIP: 29977A105<br>LEI: 529900P6KLPT95DW3W58 | Long             | EC               | CORP              | US        |     10707 | NS      | $3153853.92   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| EVERTEC Inc                                | EVERTEC Inc                                                | CUSIP: 30040P103<br>LEI: N/A                  | Long             | EC               | CORP              | PR        |     18031 | NS      | $513342.57    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| F&G Annuities & Life Inc                   | F&G Annuities & Life Inc                                   | CUSIP: 30190A104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      8230 | NS      | $244019.50    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| EZCORP Inc                                 | EZCORP Inc                                                 | CUSIP: 302301106<br>LEI: 5493003K6PG3ZQ7TUQ63 | Long             | EC               | CORP              | US        |     14351 | NS      | $261905.75    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Flywire Corp                               | Flywire Corp                                               | CUSIP: 302492103<br>LEI: 54930055DSV7NNY4VY66 | Long             | EC               | CORP              | US        |     31072 | NS      | $413879.04    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| FNB Corp/PA                                | FNB Corp/PA                                                | CUSIP: 302520101<br>LEI: PCYSKIGYNYFDTBLVZU83 | Long             | EC               | CORP              | US        |    101194 | NS      | $1590769.68   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| FB Financial Corp                          | FB Financial Corp                                          | CUSIP: 30257X104<br>LEI: 5493000B2LD2C2A6C435 | Long             | EC               | CORP              | US        |     10657 | NS      | $575584.57    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| FactSet Research Systems Inc               | FactSet Research Systems Inc                               | CUSIP: 303075105<br>LEI: 549300ZSJE7NBK6K9P30 | Long             | EC               | CORP              | US        |     10390 | NS      | $2772052.00   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Farmers National Banc Corp                 | Farmers National Banc Corp                                 | CUSIP: 309627107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10384 | NS      | $134784.32    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal Agricultural Mortgage Corp         | Federal Agricultural Mortgage Corp                         | CUSIP: 313148306<br>LEI: 549300MS654K78GYF580 | Long             | EC               | USGSE             | US        |      2642 | NS      | $419126.88    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Federated Hermes Inc                       | Federated Hermes Inc                                       | CUSIP: 314211103<br>LEI: R05X5UQ874RGFF7HHD84 | Long             | EC               | CORP              | US        |     20827 | NS      | $1009692.96   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity National Information Services Inc | Fidelity National Information Services Inc                 | CUSIP: 31620M106<br>LEI: 6WQI0GK1PRFVBA061U48 | Long             | EC               | CORP              | US        |    146035 | NS      | $9130108.20   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity National Financial Inc            | Fidelity National Financial Inc                            | CUSIP: 31620R303<br>LEI: 549300CAZYIH39SYQ287 | Long             | EC               | CORP              | US        |     72051 | NS      | $3980097.24   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Fifth Third Bancorp                        | Fifth Third Bancorp                                        | CUSIP: 316773100<br>LEI: THRNG6BD57P9QWTQLG42 | Long             | EC               | CORP              | US        |    185773 | NS      | $7731872.26   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Financial Corp              | First American Financial Corp                              | CUSIP: 31847R102<br>LEI: 549300B6VEZK3N0A1P55 | Long             | EC               | CORP              | US        |     28391 | NS      | $1774721.41   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| First BanCorp/Puerto Rico                  | First BanCorp/Puerto Rico                                  | CUSIP: 318672706<br>LEI: N/A                  | Long             | EC               | CORP              | PR        |     42840 | NS      | $834951.60    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| First Bancorp/Southern Pines NC            | First Bancorp/Southern Pines NC                            | CUSIP: 318910106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     11063 | NS      | $536998.02    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| First Busey Corp                           | First Busey Corp                                           | CUSIP: 319383204<br>LEI: 549300X4ZNLYSX7GUY60 | Long             | EC               | CORP              | US        |     24593 | NS      | $549899.48    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| First Citizens BancShares Inc/NC           | First Citizens BancShares Inc/NC                           | CUSIP: 31946M103<br>LEI: 549300N3Z00ZHE2XC526 | Long             | EC               | CORP              | US        |      2557 | NS      | $4666064.74   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| First Commonwealth Financial Corp          | First Commonwealth Financial Corp                          | CUSIP: 319829107<br>LEI: 549300ZHLQ42NXDETL24 | Long             | EC               | CORP              | US        |     28383 | NS      | $433976.07    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| First Community Bankshares Inc             | First Community Bankshares Inc                             | CUSIP: 31983A103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4016 | NS      | $129877.44    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| First Financial Bancorp                    | First Financial Bancorp                                    | CUSIP: 320209109<br>LEI: 549300D3F5B3EZMY7P77 | Long             | EC               | CORP              | US        |     26474 | NS      | $619756.34    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| First Financial Bankshares Inc             | First Financial Bankshares Inc                             | CUSIP: 32020R109<br>LEI: 549300XN3GTGOENGNV49 | Long             | EC               | CORP              | US        |     32859 | NS      | $1015014.51   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| First Financial Corp                       | First Financial Corp                                       | CUSIP: 320218100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3524 | NS      | $187899.68    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| First Horizon Corp                         | First Horizon Corp                                         | CUSIP: 320517105<br>LEI: TF3RXI1ZB1TQ30H9JV10 | Long             | EC               | CORP              | US        |    142384 | NS      | $3041322.24   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| First Hawaiian Inc                         | First Hawaiian Inc                                         | CUSIP: 32051X108<br>LEI: 5493002DJSH46F5OLV06 | Long             | EC               | CORP              | US        |     36079 | NS      | $885017.87    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| First Interstate BancSystem Inc            | First Interstate BancSystem Inc                            | CUSIP: 32055Y201<br>LEI: 549300WRWYTYX0RCNJ43 | Long             | EC               | CORP              | US        |     25609 | NS      | $800281.25    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| First Merchants Corp                       | First Merchants Corp                                       | CUSIP: 320817109<br>LEI: TZTBT0OTGQ2FEK6XMX94 | Long             | EC               | CORP              | US        |     16639 | NS      | $590351.72    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| First Mid Bancshares Inc                   | First Mid Bancshares Inc                                   | CUSIP: 320866106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5982 | NS      | $213736.86    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| 1st Source Corp                            | 1st Source Corp                                            | CUSIP: 336901103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5143 | NS      | $305699.92    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Firstsun Capital Bancorp                   | Firstsun Capital Bancorp                                   | CUSIP: 33767U107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3279 | NS      | $111617.16    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| FirstCash Holdings Inc                     | FirstCash Holdings Inc                                     | CUSIP: 33768G107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10943 | NS      | $1734465.50   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Fiserv Inc                                 | Fiserv Inc                                                 | CUSIP: 337738108<br>LEI: GI7UBEJLXYLGR2C7GV83 | Long             | EC               | CORP              | US        |    153144 | NS      | $10213173.36  | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Five Star Bancorp                          | Five Star Bancorp                                          | CUSIP: 33830T103<br>LEI: 5493008ZRBIHKWC0JA73 | Long             | EC               | CORP              | US        |      5200 | NS      | $184652.00    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Franklin BSP Realty Trust Inc              | Franklin BSP Realty Trust Inc                              | CUSIP: 35243J101<br>LEI: 549300LH3QNZK9Y1KC93 | Long             | EC               |  | US        |     21138 | NS      | $214339.32    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Franklin Resources Inc                     | Franklin Resources Inc                                     | CUSIP: 354613101<br>LEI: RIFQSET379FOGTEFKS80 | Long             | EC               | CORP              | US        |     81778 | NS      | $1849000.58   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Freedom Holding Corp/NV                    | Freedom Holding Corp/NV                                    | CUSIP: 356390104<br>LEI: 254900RKI81EPUJ3RW71 | Long             | EC               | CORP              | US        |      5071 | NS      | $779209.86    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Fulton Financial Corp                      | Fulton Financial Corp                                      | CUSIP: 360271100<br>LEI: 5493005QLZ6O1BNC0C11 | Long             | EC               | CORP              | US        |     49136 | NS      | $853492.32    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Galaxy Digital Inc                         | Galaxy Digital Inc                                         | CUSIP: 36317J209<br>LEI: 9845001C4070E5N07806 | Long             | EC               | CORP              | US        |     47176 | NS      | $1651631.76   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Arthur J Gallagher & Co                    | Arthur J Gallagher & Co                                    | CUSIP: 363576109<br>LEI: 54930049QLLMPART6V29 | Long             | EC               | CORP              | US        |     70581 | NS      | $17609253.69  | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Genworth Financial Inc                     | Genworth Financial Inc                                     | CUSIP: 37247D106<br>LEI: 549300EMCG286BDNKJ33 | Long             | EC               | CORP              | US        |    114792 | NS      | $968844.48    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| German American Bancorp Inc                | German American Bancorp Inc                                | CUSIP: 373865104<br>LEI: 5493002JDOI3GTNVUD76 | Long             | EC               | CORP              | US        |      9011 | NS      | $347283.94    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Glacier Bancorp Inc                        | Glacier Bancorp Inc                                        | CUSIP: 37637Q105<br>LEI: 549300SMJAUKZB5D7V74 | Long             | EC               | CORP              | US        |     35821 | NS      | $1463287.85   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Global Payments Inc                        | Global Payments Inc                                        | CUSIP: 37940X102<br>LEI: 549300NOMHGVQBX6S778 | Long             | EC               | CORP              | US        |     68098 | NS      | $5295300.48   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Globe Life Inc                             | Globe Life Inc                                             | CUSIP: 37959E102<br>LEI: 5493001JFHKQOPP6XA71 | Long             | EC               | CORP              | US        |     23743 | NS      | $3122441.93   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Group Inc/The                | Goldman Sachs Group Inc/The                                | CUSIP: 38141G104<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | EC               | CORP              | US        |     84864 | NS      | $66989095.68  | 2.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Goosehead Insurance Inc                    | Goosehead Insurance Inc                                    | CUSIP: 38267D109<br>LEI: 549300WH5MBIWHJ9XY95 | Long             | EC               | CORP              | US        |      6911 | NS      | $474578.37    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Great Southern Bancorp Inc                 | Great Southern Bancorp Inc                                 | CUSIP: 390905107<br>LEI: 5493000ZL7DLNMN1AB26 | Long             | EC               | CORP              | US        |      2349 | NS      | $130839.30    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| HBT Financial Inc                          | HBT Financial Inc                                          | CUSIP: 404111106<br>LEI: 549300NTXD4Q6UK5BY66 | Long             | EC               | CORP              | US        |      3964 | NS      | $96681.96     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| HCI Group Inc                              | HCI Group Inc                                              | CUSIP: 40416E103<br>LEI: 549300CZF7EZJH0MPH74 | Long             | EC               | CORP              | US        |      2753 | NS      | $561639.53    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Hagerty Inc                                | Hagerty Inc                                                | CUSIP: 405166109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10008 | NS      | $112289.76    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Hamilton Lane Inc                          | Hamilton Lane Inc                                          | CUSIP: 407497106<br>LEI: 5493006OKN3V1NORM833 | Long             | EC               | CORP              | US        |     10842 | NS      | $1235554.32   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Hancock Whitney Corp                       | Hancock Whitney Corp                                       | CUSIP: 410120109<br>LEI: 549300GRNBWY8HIICT41 | Long             | EC               | CORP              | US        |     25029 | NS      | $1429406.19   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Hanmi Financial Corp                       | Hanmi Financial Corp                                       | CUSIP: 410495204<br>LEI: 549300MSZ7RCG7EA6587 | Long             | EC               | CORP              | US        |      8362 | NS      | $220756.80    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| HA Sustainable Infrastructure Capital Inc  | HA Sustainable Infrastructure Capital Inc                  | CUSIP: 41068X100<br>LEI: 254900ZZRL7MWL1X8E92 | Long             | EC               | CORP              | US        |     34474 | NS      | $955274.54    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Hanover Insurance Group Inc/The            | Hanover Insurance Group Inc/The                            | CUSIP: 410867105<br>LEI: JJYR6MFKFF6CF8DBZ078 | Long             | EC               | CORP              | US        |      9910 | NS      | $1693420.80   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Hartford Insurance Group Inc/The           | Hartford Insurance Group Inc/The                           | CUSIP: 416515104<br>LEI: IU7C3FTM7Y3BQM112U94 | Long             | EC               | CORP              | US        |     79742 | NS      | $9902361.56   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Jack Henry & Associates Inc                | Jack Henry & Associates Inc                                | CUSIP: 426281101<br>LEI: 529900X1QS8C54W0JB21 | Long             | EC               | CORP              | US        |     20243 | NS      | $3014992.42   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Heritage Commerce Corp                     | Heritage Commerce Corp                                     | CUSIP: 426927109<br>LEI: 549300CLIS851ELSR406 | Long             | EC               | CORP              | US        |     19811 | NS      | $206034.40    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Heritage Financial Corp/WA                 | Heritage Financial Corp/WA                                 | CUSIP: 42722X106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      9375 | NS      | $208031.25    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Hilltop Holdings Inc                       | Hilltop Holdings Inc                                       | CUSIP: 432748101<br>LEI: 54930010TA543US0PM65 | Long             | EC               | CORP              | US        |     13421 | NS      | $433498.30    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Home BancShares Inc/AR                     | Home BancShares Inc/AR                                     | CUSIP: 436893200<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     51634 | NS      | $1379144.14   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Hope Bancorp Inc                           | Hope Bancorp Inc                                           | CUSIP: 43940T109<br>LEI: 549300UTF4QGMBHIZ219 | Long             | EC               | CORP              | US        |     36890 | NS      | $386976.10    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Horace Mann Educators Corp                 | Horace Mann Educators Corp                                 | CUSIP: 440327104<br>LEI: 254900G5YAV3A2YK8T32 | Long             | EC               | CORP              | US        |     10984 | NS      | $491094.64    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Horizon Bancorp Inc/IN                     | Horizon Bancorp Inc/IN                                     | CUSIP: 440407104<br>LEI: 549300U2OQ2EIT5MXG39 | Long             | EC               | CORP              | US        |     15186 | NS      | $236901.60    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Houlihan Lokey Inc                         | Houlihan Lokey Inc                                         | CUSIP: 441593100<br>LEI: 549300S3CNGTQ1QZVY46 | Long             | EC               | CORP              | US        |     14592 | NS      | $2613135.36   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Huntington Bancshares Inc/OH               | Huntington Bancshares Inc/OH                               | CUSIP: 446150104<br>LEI: 549300XTVCVV9I7B5T19 | Long             | EC               | CORP              | US        |    433986 | NS      | $6700743.84   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Independent Bank Corp                      | Independent Bank Corp                                      | CUSIP: 453836108<br>LEI: 549300C5K3W8THR3GE10 | Long             | EC               | CORP              | US        |     13900 | NS      | $935331.00    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Independent Bank Corp/MI                   | Independent Bank Corp/MI                                   | CUSIP: 453838609<br>LEI: 549300C5K3W8THR3GE10 | Long             | EC               | CORP              | US        |      6344 | NS      | $191715.68    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Interactive Brokers Group Inc              | Interactive Brokers Group Inc                              | CUSIP: 45841N107<br>LEI: 5493004DT6DCDUZNDM53 | Long             | EC               | CORP              | US        |    120851 | NS      | $8503076.36   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Intercontinental Exchange Inc              | Intercontinental Exchange Inc                              | CUSIP: 45866F104<br>LEI: 5493000F4ZO33MV32P92 | Long             | EC               | CORP              | US        |    158381 | NS      | $23169556.49  | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| International Bancshares Corp              | International Bancshares Corp                              | CUSIP: 459044103<br>LEI: 549300Y16R531AU8TX77 | Long             | EC               | CORP              | US        |     15446 | NS      | $1025305.48   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Invesco Mortgage Capital Inc               | Invesco Mortgage Capital Inc                               | CUSIP: 46131B704<br>LEI: PV3BDP2HFZL2FNXQBL39 | Long             | EC               |  | US        |     26047 | NS      | $196133.91    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase & Co                        | JPMorgan Chase & Co                                        | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |    767722 | NS      | $238853668.64 | 10.18%            |  |  |  | No            |                  1 | On Loan: No      |
| Jackson Financial Inc                      | Jackson Financial Inc                                      | CUSIP: 46817M107<br>LEI: 213800WXW2KG1N4CO374 | Long             | EC               | CORP              | US        |     16706 | NS      | $1684131.86   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Jefferies Financial Group Inc              | Jefferies Financial Group Inc                              | CUSIP: 47233W109<br>LEI: 549300HOF34RGOJ5YL07 | Long             | EC               | CORP              | US        |     42966 | NS      | $2269893.78   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| KKR Real Estate Finance Trust Inc          | KKR Real Estate Finance Trust Inc                          | CUSIP: 48251K100<br>LEI: 549300K23AYZDZ2REL62 | Long             | EC               |  | US        |     14569 | NS      | $118591.66    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| KKR & Co Inc                               | KKR & Co Inc                                               | CUSIP: 48251W104<br>LEI: 54930013V5I303TF9571 | Long             | EC               | CORP              | US        |    172117 | NS      | $20366604.61  | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Kemper Corp                                | Kemper Corp                                                | CUSIP: 488401100<br>LEI: 549300FNI1JKTRY2PV09 | Long             | EC               | CORP              | US        |     17254 | NS      | $776257.46    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| KeyCorp                                    | KeyCorp                                                    | CUSIP: 493267108<br>LEI: RKPI3RZGV1V1FJTH5T61 | Long             | EC               | CORP              | US        |    258455 | NS      | $4546223.45   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Kinsale Capital Group Inc                  | Kinsale Capital Group Inc                                  | CUSIP: 49714P108<br>LEI: 529900QTUQHNZ6HOA508 | Long             | EC               | CORP              | US        |      6116 | NS      | $2443158.52   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| LPL Financial Holdings Inc                 | LPL Financial Holdings Inc                                 | CUSIP: 50212V100<br>LEI: 549300XROQ4Y8G2L7682 | Long             | EC               | CORP              | US        |     22179 | NS      | $8368358.49   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Ladder Capital Corp                        | Ladder Capital Corp                                        | CUSIP: 505743104<br>LEI: 549300Q6LLV2QCV67C06 | Long             | EC               |  | US        |     34415 | NS      | $363766.55    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Lakeland Financial Corp                    | Lakeland Financial Corp                                    | CUSIP: 511656100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6680 | NS      | $381094.00    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Lazard Inc                                 | Lazard Inc                                                 | CUSIP: 52110M109<br>LEI: 254900RIBCDJSUFG1A11 | Long             | EC               | CORP              | US        |     26523 | NS      | $1294322.40   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Lemonade Inc                               | Lemonade Inc                                               | CUSIP: 52567D107<br>LEI: 5493009BKR06OXXU6853 | Long             | EC               | CORP              | US        |     16294 | NS      | $978943.52    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| LendingClub Corp                           | LendingClub Corp                                           | CUSIP: 52603A208<br>LEI: 549300YC50YO7Y1OJR92 | Long             | EC               | CORP              | US        |     32351 | NS      | $562583.89    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| LendingTree Inc                            | LendingTree Inc                                            | CUSIP: 52603B107<br>LEI: 549300ISY5YHUJZTON08 | Long             | EC               | CORP              | US        |      3156 | NS      | $201984.00    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Lincoln National Corp                      | Lincoln National Corp                                      | CUSIP: 534187109<br>LEI: EFQMQROEDSNBRIP7LE47 | Long             | EC               | CORP              | US        |     40682 | NS      | $1708644.00   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Live Oak Bancshares Inc                    | Live Oak Bancshares Inc                                    | CUSIP: 53803X105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10332 | NS      | $321738.48    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Loews Corp                                 | Loews Corp                                                 | CUSIP: 540424108<br>LEI: R8V1FN4M5ITGZOG7BS19 | Long             | EC               | CORP              | US        |     49915 | NS      | $4969537.40   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| M&T Bank Corp                              | M&T Bank Corp                                              | CUSIP: 55261F104<br>LEI: 549300WYXDDBYRASEG81 | Long             | EC               | CORP              | US        |     44595 | NS      | $8199682.65   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| MFA Financial Inc                          | MFA Financial Inc                                          | CUSIP: 55272X607<br>LEI: YW72IMH2RRC8Z1TGLG58 | Long             | EC               |  | US        |     29227 | NS      | $262750.73    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| MGIC Investment Corp                       | MGIC Investment Corp                                       | CUSIP: 552848103<br>LEI: 254900S8483WM4M98R28 | Long             | EC               | CORP              | US        |     66056 | NS      | $1811255.52   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| MSCI Inc                                   | MSCI Inc                                                   | CUSIP: 55354G100<br>LEI: 549300HTIN2PD78UB763 | Long             | EC               | CORP              | US        |     21289 | NS      | $12529640.95  | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Markel Group Inc                           | Markel Group Inc                                           | CUSIP: 570535104<br>LEI: 549300SCNO12JLWIK605 | Long             | EC               | CORP              | US        |      3532 | NS      | $6974039.96   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| MarketAxess Holdings Inc                   | MarketAxess Holdings Inc                                   | CUSIP: 57060D108<br>LEI: 5493002U1CA1XJOVID83 | Long             | EC               | CORP              | US        |     10109 | NS      | $1618046.54   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Marqeta Inc                                | Marqeta Inc                                                | CUSIP: 57142B104<br>LEI: 254900UZARK0FMZGZE18 | Long             | EC               | CORP              | US        |    110385 | NS      | $500044.05    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Marsh & McLennan Cos Inc                   | Marsh & McLennan Cos Inc                                   | CUSIP: 571748102<br>LEI: 549300XMP3KDCKJXIU47 | Long             | EC               | CORP              | US        |    136214 | NS      | $24266524.10  | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Mastercard Inc                             | Mastercard Inc                                             | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               | CORP              | US        |    236485 | NS      | $130537355.15 | 5.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Mercantile Bank Corp                       | Mercantile Bank Corp                                       | CUSIP: 587376104<br>LEI: P16VZZCKTJ5IONL6XE37 | Long             | EC               | CORP              | US        |      4700 | NS      | $206095.00    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Merchants Bancorp/IN                       | Merchants Bancorp/IN                                       | CUSIP: 58844R108<br>LEI: 54930008Y0GPVLF81889 | Long             | EC               | CORP              | US        |      6467 | NS      | $201705.73    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Mercury General Corp                       | Mercury General Corp                                       | CUSIP: 589400100<br>LEI: 5493001Q9EXPCEL4W527 | Long             | EC               | CORP              | US        |      7884 | NS      | $609433.20    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Pathward Financial Inc                     | Pathward Financial Inc                                     | CUSIP: 59100U108<br>LEI: 5493004X52BH1NBLW813 | Long             | EC               | CORP              | US        |      6318 | NS      | $430003.08    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| MetLife Inc                                | MetLife Inc                                                | CUSIP: 59156R108<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | EC               | CORP              | US        |    159677 | NS      | $12745418.14  | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Metrocity Bankshares Inc                   | Metrocity Bankshares Inc                                   | CUSIP: 59165J105<br>LEI: 549300TC6QB7YG0P6F52 | Long             | EC               | CORP              | US        |      5958 | NS      | $152584.38    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Metropolitan Bank Holding Corp             | Metropolitan Bank Holding Corp                             | CUSIP: 591774104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3010 | NS      | $199472.70    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Moelis & Co                                | Moelis & Co                                                | CUSIP: 60786M105<br>LEI: 549300891QNU7VTQUR83 | Long             | EC               | CORP              | US        |     15775 | NS      | $999030.75    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Moody's Corp                               | Moody's Corp                                               | CUSIP: 615369105<br>LEI: 549300GCEDD8YCF5WU84 | Long             | EC               | CORP              | US        |     44636 | NS      | $21438670.80  | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley                             | Morgan Stanley                                             | CUSIP: 617446448<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | EC               | CORP              | US        |    331574 | NS      | $54378136.00  | 2.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Morningstar Inc                            | Morningstar Inc                                            | CUSIP: 617700109<br>LEI: 529900YGNQPOVAXQ7F29 | Long             | EC               | CORP              | US        |      7606 | NS      | $1614753.80   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| NBT Bancorp Inc                            | NBT Bancorp Inc                                            | CUSIP: 628778102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     13928 | NS      | $563666.16    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| NMI Holdings Inc                           | NMI Holdings Inc                                           | CUSIP: 629209305<br>LEI: 529900KNNGFXJX1C3Z08 | Long             | EC               | CORP              | US        |     22831 | NS      | $831733.33    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| NCR Atleos Corp                            | NCR Atleos Corp                                            | CUSIP: 63001N106<br>LEI: 9845005FC3S0VA714741 | Long             | EC               | CORP              | US        |     20444 | NS      | $754383.60    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Nasdaq Inc                                 | Nasdaq Inc                                                 | CUSIP: 631103108<br>LEI: 549300L8X1Q78ERXFD06 | Long             | EC               | CORP              | US        |    118583 | NS      | $10137660.67  | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| National Bank Holdings Corp                | National Bank Holdings Corp                                | CUSIP: 633707104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10048 | NS      | $358311.68    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Navient Corp                               | Navient Corp                                               | CUSIP: 63938C108<br>LEI: 54930067J0ZNOEBRW338 | Long             | EC               | CORP              | US        |     23678 | NS      | $289581.94    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| NB Bancorp Inc                             | NB Bancorp Inc                                             | CUSIP: 63945M107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      7818 | NS      | $141271.26    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Nelnet Inc                                 | Nelnet Inc                                                 | CUSIP: 64031N108<br>LEI: 549300T6B0Q52I6OM558 | Long             | EC               | CORP              | US        |      3808 | NS      | $491422.40    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| NerdWallet Inc                             | NerdWallet Inc                                             | CUSIP: 64082B102<br>LEI: 254900FJ2Y4SH71DJ379 | Long             | EC               | CORP              | US        |     10910 | NS      | $127319.70    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Rithm Capital Corp                         | Rithm Capital Corp                                         | CUSIP: 64828T201<br>LEI: 549300WNTHGEO5LP2G31 | Long             | EC               |  | US        |    156877 | NS      | $1720940.69   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Flagstar Bank NA                           | Flagstar Bank NA                                           | CUSIP: 649445400<br>LEI: SS1TRMSN6BRNMOREEV51 | Long             | EC               | CORP              | US        |     85425 | NS      | $975553.50    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Adamas Trust Inc                           | Adamas Trust Inc                                           | CUSIP: 649604840<br>LEI: 549300JFGR0M7ULHWG48 | Long             | EC               |  | US        |     22933 | NS      | $152963.11    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Nicolet Bankshares Inc                     | Nicolet Bankshares Inc                                     | CUSIP: 65406E102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3829 | NS      | $452358.06    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Northeast Bank                             | Northeast Bank                                             | CUSIP: 66405S100<br>LEI: 549300F0LV9TSW34E306 | Long             | EC               | CORP              | US        |      2039 | NS      | $175924.92    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Northern Trust Corp                        | Northern Trust Corp                                        | CUSIP: 665859104<br>LEI: 549300GLF98S992BC502 | Long             | EC               | CORP              | US        |     54068 | NS      | $6956929.56   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Northfield Bancorp Inc                     | Northfield Bancorp Inc                                     | CUSIP: 66611T108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     11457 | NS      | $117090.54    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Northwest Bancshares Inc                   | Northwest Bancshares Inc                                   | CUSIP: 667340103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     41374 | NS      | $484489.54    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| OFG Bancorp                                | OFG Bancorp                                                | CUSIP: 67103X102<br>LEI: 549300Q4QEXJ37LEXQ06 | Long             | EC               | CORP              | PR        |     12338 | NS      | $476987.08    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| OceanFirst Financial Corp                  | OceanFirst Financial Corp                                  | CUSIP: 675234108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     18183 | NS      | $330566.94    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Old National Bancorp/IN                    | Old National Bancorp/IN                                    | CUSIP: 680033107<br>LEI: 549300MMK90CL5KMVX16 | Long             | EC               | CORP              | US        |     96973 | NS      | $1981158.39   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Old Republic International Corp            | Old Republic International Corp                            | CUSIP: 680223104<br>LEI: 549300IV6O2YY2A1KH37 | Long             | EC               | CORP              | US        |     65089 | NS      | $2568411.94   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Old Second Bancorp Inc                     | Old Second Bancorp Inc                                     | CUSIP: 680277100<br>LEI: 549300XVJC1MPUT81C04 | Long             | EC               | CORP              | US        |     13451 | NS      | $241445.45    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| OneMain Holdings Inc                       | OneMain Holdings Inc                                       | CUSIP: 68268W103<br>LEI: 549300E3VEW8SMS5XW09 | Long             | EC               | CORP              | US        |     34154 | NS      | $2021575.26   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Orchid Island Capital Inc                  | Orchid Island Capital Inc                                  | CUSIP: 68571X301<br>LEI: 549300KBIHGT19K9DY89 | Long             | EC               |  | US        |     31131 | NS      | $225077.13    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Origin Bancorp Inc                         | Origin Bancorp Inc                                         | CUSIP: 68621T102<br>LEI: 54930055DO2Z4KO3NB45 | Long             | EC               | CORP              | US        |      8422 | NS      | $291906.52    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Orrstown Financial Services Inc            | Orrstown Financial Services Inc                            | CUSIP: 687380105<br>LEI: 5493008IR3FINUFGVM95 | Long             | EC               | CORP              | US        |      4632 | NS      | $154152.96    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Oscar Health Inc                           | Oscar Health Inc                                           | CUSIP: 687793109<br>LEI: 254900AE8KDLFDOPKZ19 | Long             | EC               | CORP              | US        |     55314 | NS      | $995652.00    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| PJT Partners Inc                           | PJT Partners Inc                                           | CUSIP: 69343T107<br>LEI: 549300W3WBEQUBKYTN87 | Long             | EC               | CORP              | US        |      6507 | NS      | $1048342.77   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| PNC Financial Services Group Inc/The       | PNC Financial Services Group Inc/The                       | CUSIP: 693475105<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | EC               | CORP              | US        |    109236 | NS      | $19941031.80  | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| PRA Group Inc                              | PRA Group Inc                                              | CUSIP: 69354N106<br>LEI: 549300Q5HW3JSSB86K27 | Long             | EC               | CORP              | US        |     11675 | NS      | $160064.25    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| P10 Inc                                    | P10 Inc                                                    | CUSIP: 69376K106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     12040 | NS      | $122326.40    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Palomar Holdings Inc                       | Palomar Holdings Inc                                       | CUSIP: 69753M105<br>LEI: 549300DOI1MUW11BLX74 | Long             | EC               | CORP              | US        |      7349 | NS      | $837859.49    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Park National Corp                         | Park National Corp                                         | CUSIP: 700658107<br>LEI: 984500Q3E941TDF87712 | Long             | EC               | CORP              | US        |      3991 | NS      | $607390.29    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Paymentus Holdings Inc                     | Paymentus Holdings Inc                                     | CUSIP: 70439P108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      8844 | NS      | $252938.40    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| PayPal Holdings Inc                        | PayPal Holdings Inc                                        | CUSIP: 70450Y103<br>LEI: 5493005X2GO78EFZ3E94 | Long             | EC               | CORP              | US        |    256311 | NS      | $17754662.97  | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Payoneer Global Inc                        | Payoneer Global Inc                                        | CUSIP: 70451X104<br>LEI: 984500491C64C70FF033 | Long             | EC               | CORP              | US        |     80507 | NS      | $466135.53    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Peapack-Gladstone Financial Corp           | Peapack-Gladstone Financial Corp                           | CUSIP: 704699107<br>LEI: 549300G8DN2UK8K0ET30 | Long             | EC               | CORP              | US        |      3528 | NS      | $89258.40     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| PennyMac Mortgage Investment Trust         | PennyMac Mortgage Investment Trust                         | CUSIP: 70931T103<br>LEI: 549300BSSOQO1ZWDUJ97 | Long             | EC               |  | US        |     23020 | NS      | $277160.80    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| PennyMac Financial Services Inc            | PennyMac Financial Services Inc                            | CUSIP: 70932M107<br>LEI: 549300W1D516HBDEU871 | Long             | EC               | CORP              | US        |      8579 | NS      | $1079323.99   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Peoples Bancorp Inc/OH                     | Peoples Bancorp Inc/OH                                     | CUSIP: 709789101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     12023 | NS      | $343857.80    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Perella Weinberg Partners                  | Perella Weinberg Partners                                  | CUSIP: 71367G102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     16821 | NS      | $314216.28    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Pinnacle Financial Partners Inc            | Pinnacle Financial Partners Inc                            | CUSIP: 72346Q104<br>LEI: 54930098EZ8JMSAZGS24 | Long             | EC               | CORP              | US        |     21511 | NS      | $1832952.31   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Piper Sandler Cos                          | Piper Sandler Cos                                          | CUSIP: 724078100<br>LEI: QUQDBTUSOAKFEVMRMF78 | Long             | EC               | CORP              | US        |      4912 | NS      | $1568205.12   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Popular Inc                                | Popular Inc                                                | CUSIP: 733174700<br>LEI: 5493008CARDZMVQ3LO89 | Long             | EC               | CORP              | PR        |     19104 | NS      | $2129522.88   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Preferred Bank/Los Angeles CA              | Preferred Bank/Los Angeles CA                              | CUSIP: 740367404<br>LEI: 5493007K6HGI9G0ECX16 | Long             | EC               | CORP              | US        |      1971 | NS      | $177882.75    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| T Rowe Price Group Inc                     | T Rowe Price Group Inc                                     | CUSIP: 74144T108<br>LEI: 549300SIV6FPS9Y7IH33 | Long             | EC               | CORP              | US        |     61368 | NS      | $6292061.04   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Primerica Inc                              | Primerica Inc                                              | CUSIP: 74164M108<br>LEI: 254900621R686KJR7022 | Long             | EC               | CORP              | US        |      9741 | NS      | $2531393.67   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Principal Financial Group Inc              | Principal Financial Group Inc                              | CUSIP: 74251V102<br>LEI: CUMYEZJOAF02RYZ1JJ85 | Long             | EC               | CORP              | US        |     63936 | NS      | $5373181.44   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| ProAssurance Corp                          | ProAssurance Corp                                          | CUSIP: 74267C106<br>LEI: 54930015E5J57R675E89 | Long             | EC               | CORP              | US        |     12727 | NS      | $304811.65    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| PROG Holdings Inc                          | PROG Holdings Inc                                          | CUSIP: 74319R101<br>LEI: 549300DHYTLBOVRXIG52 | Long             | EC               | CORP              | US        |     11891 | NS      | $344006.63    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Progressive Corp/The                       | Progressive Corp/The                                       | CUSIP: 743315103<br>LEI: 529900TACNVLY9DCR586 | Long             | EC               | CORP              | US        |    161810 | NS      | $33332860.00  | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Prosperity Bancshares Inc                  | Prosperity Bancshares Inc                                  | CUSIP: 743606105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     26523 | NS      | $1745743.86   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Provident Financial Services Inc           | Provident Financial Services Inc                           | CUSIP: 74386T105<br>LEI: 529900JOSO3SXEDVE477 | Long             | EC               | CORP              | US        |     29627 | NS      | $541877.83    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Prudential Financial Inc                   | Prudential Financial Inc                                   | CUSIP: 744320102<br>LEI: 5PRBRS5FEH7NREC8OR45 | Long             | EC               | CORP              | US        |     99279 | NS      | $10325016.00  | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| QCR Holdings Inc                           | QCR Holdings Inc                                           | CUSIP: 74727A104<br>LEI: 549300MWKWM7KWJVQO33 | Long             | EC               | CORP              | US        |      4601 | NS      | $342268.39    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| RLI Corp                                   | RLI Corp                                                   | CUSIP: 749607107<br>LEI: 529900AMTJE5ECN9PS55 | Long             | EC               | CORP              | US        |     22700 | NS      | $1338392.00   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Radian Group Inc                           | Radian Group Inc                                           | CUSIP: 750236101<br>LEI: 54930005OUP720S5U385 | Long             | EC               | CORP              | US        |     37801 | NS      | $1282965.94   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Raymond James Financial Inc                | Raymond James Financial Inc                                | CUSIP: 754730109<br>LEI: RGUZHJ05YTITL6D76949 | Long             | EC               | CORP              | US        |     52984 | NS      | $8406971.28   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Ready Capital Corp                         | Ready Capital Corp                                         | CUSIP: 75574U101<br>LEI: 549300MYWGZUG7ZUYO87 | Long             | EC               |  | US        |     43822 | NS      | $128398.46    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Redwood Trust Inc                          | Redwood Trust Inc                                          | CUSIP: 758075402<br>LEI: DRBV4N1ERQLEMIF11G78 | Long             | EC               |  | US        |     43306 | NS      | $229954.86    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Regions Financial Corp                     | Regions Financial Corp                                     | CUSIP: 7591EP100<br>LEI: CW05CS5KW59QTC0DG824 | Long             | EC               | CORP              | US        |    251194 | NS      | $6078894.80   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Reinsurance Group of America Inc           | Reinsurance Group of America Inc                           | CUSIP: 759351604<br>LEI: LORM1GNEU1DKEW527V90 | Long             | EC               | CORP              | US        |     18484 | NS      | $3372590.64   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Remitly Global Inc                         | Remitly Global Inc                                         | CUSIP: 75960P104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     48531 | NS      | $778437.24    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Renasant Corp                              | Renasant Corp                                              | CUSIP: 75970E107<br>LEI: 549300OVE6OZHW2UUH81 | Long             | EC               | CORP              | US        |     26342 | NS      | $885881.46    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Republic Bancorp Inc/KY                    | Republic Bancorp Inc/KY                                    | CUSIP: 760281204<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2581 | NS      | $170087.90    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Robinhood Markets Inc                      | Robinhood Markets Inc                                      | CUSIP: 770700102<br>LEI: 213800FS5AO3YWIE6F63 | Long             | EC               | CORP              | US        |    201493 | NS      | $29575142.54  | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Rocket Cos Inc                             | Rocket Cos Inc                                             | CUSIP: 77311W101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    252506 | NS      | $4206749.96   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Root Inc/OH                                | Root Inc/OH                                                | CUSIP: 77664L207<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3098 | NS      | $249450.96    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Ryan Specialty Holdings Inc                | Ryan Specialty Holdings Inc                                | CUSIP: 78351F107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     29656 | NS      | $1625148.80   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| S&T Bancorp Inc                            | S&T Bancorp Inc                                            | CUSIP: 783859101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10704 | NS      | $392194.56    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| S&P Global Inc                             | S&P Global Inc                                             | CUSIP: 78409V104<br>LEI: Y6X4K52KMJMZE7I7MY94 | Long             | EC               | CORP              | US        |     86610 | NS      | $42197258.10  | 1.80%             |  |  |  | No            |                  1 | On Loan: No      |
| SEI Investments Co                         | SEI Investments Co                                         | CUSIP: 784117103<br>LEI: 5LJTIFADGZ6XH1RVOC11 | Long             | EC               | CORP              | US        |     28777 | NS      | $2319713.97   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Sezzle Inc                                 | Sezzle Inc                                                 | CUSIP: 78435P105<br>LEI: 9845000CA64541AE3I35 | Long             | EC               | CORP              | US        |      5257 | NS      | $344596.35    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| SLM Corp                                   | SLM Corp                                                   | CUSIP: 78442P106<br>LEI: 4K8SLPBF5DXXGPW03H93 | Long             | EC               | CORP              | US        |     56080 | NS      | $1505748.00   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Safety Insurance Group Inc                 | Safety Insurance Group Inc                                 | CUSIP: 78648T100<br>LEI: 254900LDCFLA3J746840 | Long             | EC               | CORP              | US        |      4232 | NS      | $290865.36    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Charles Schwab Corp/The                    | Charles Schwab Corp/The                                    | CUSIP: 808513105<br>LEI: 549300VSGCJ7E698NM85 | Long             | EC               | CORP              | US        |    477092 | NS      | $45094735.84  | 1.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Seacoast Banking Corp of Florida           | Seacoast Banking Corp of Florida                           | CUSIP: 811707801<br>LEI: 549300V6IC06XYQYPG88 | Long             | EC               | CORP              | US        |     22816 | NS      | $691324.80    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Selective Insurance Group Inc              | Selective Insurance Group Inc                              | CUSIP: 816300107<br>LEI: 549300R3WGJWLE40R258 | Long             | EC               | CORP              | US        |     16874 | NS      | $1271287.16   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| ServisFirst Bancshares Inc                 | ServisFirst Bancshares Inc                                 | CUSIP: 81768T108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     14171 | NS      | $995796.17    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Shift4 Payments Inc                        | Shift4 Payments Inc                                        | CUSIP: 82452J109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     16839 | NS      | $1163574.90   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Simmons First National Corp                | Simmons First National Corp                                | CUSIP: 828730200<br>LEI: 549300IVR5AJKUVOGN05 | Long             | EC               | CORP              | US        |     39424 | NS      | $685189.12    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Skyward Specialty Insurance Group Inc      | Skyward Specialty Insurance Group Inc                      | CUSIP: 830940102<br>LEI: 549300GXGXJG0YH4VN21 | Long             | EC               | CORP              | US        |     10546 | NS      | $480792.14    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| SoFi Technologies Inc                      | SoFi Technologies Inc                                      | CUSIP: 83406F102<br>LEI: 549300SW81JCMVZDDY09 | Long             | EC               | CORP              | US        |    305112 | NS      | $9055724.16   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| South Plains Financial Inc                 | South Plains Financial Inc                                 | CUSIP: 83946P107<br>LEI: 549300SNEBP48642N493 | Long             | EC               | CORP              | US        |      3610 | NS      | $131765.00    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Southern Missouri Bancorp Inc              | Southern Missouri Bancorp Inc                              | CUSIP: 843380106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2698 | NS      | $141483.12    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Southside Bancshares Inc                   | Southside Bancshares Inc                                   | CUSIP: 84470P109<br>LEI: 549300TC83207VQA2K65 | Long             | EC               | CORP              | US        |      8094 | NS      | $227603.28    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| SOUTHSTATE BANK CORP                       | SOUTHSTATE BANK CORP                                       | CUSIP: 84472E102<br>LEI: 549300JZUANXM0YQ4W53 | Long             | EC               | CORP              | US        |     27810 | NS      | $2465356.50   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Block Inc                                  | Block Inc                                                  | CUSIP: 852234103<br>LEI: 549300OHIIUWSTIZME52 | Long             | EC               | CORP              | US        |    153492 | NS      | $11656182.48  | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Starwood Property Trust Inc                | Starwood Property Trust Inc                                | CUSIP: 85571B105<br>LEI: BUGSFQZERKRBFWIG5267 | Long             | EC               |  | US        |     90562 | NS      | $1646417.16   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| State Street Corp                          | State Street Corp                                          | CUSIP: 857477103<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | EC               | CORP              | US        |     79398 | NS      | $9183172.68   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Stellar Bancorp Inc                        | Stellar Bancorp Inc                                        | CUSIP: 858927106<br>LEI: 54930070P8Z0WHFBB536 | Long             | EC               | CORP              | US        |     13253 | NS      | $390035.79    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| StepStone Group Inc                        | StepStone Group Inc                                        | CUSIP: 85914M107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     19695 | NS      | $1199031.60   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Stewart Information Services Corp          | Stewart Information Services Corp                          | CUSIP: 860372101<br>LEI: 529900TV1XI0PLKENU10 | Long             | EC               | CORP              | US        |      7724 | NS      | $527317.48    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Stifel Financial Corp                      | Stifel Financial Corp                                      | CUSIP: 860630102<br>LEI: 549300E5F07FE5GHJX84 | Long             | EC               | CORP              | US        |     28791 | NS      | $3409718.13   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Stock Yards Bancorp Inc                    | Stock Yards Bancorp Inc                                    | CUSIP: 861025104<br>LEI: 549300YERP9H5TDIQW16 | Long             | EC               | CORP              | US        |      7434 | NS      | $483358.68    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| StoneX Group Inc                           | StoneX Group Inc                                           | CUSIP: 861896108<br>LEI: 549300JUF07L8VF02M60 | Long             | EC               | CORP              | US        |     12272 | NS      | $1128042.24   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Synovus Financial Corp                     | Synovus Financial Corp                                     | CUSIP: 87161C501<br>LEI: 549300EIUS8UN5JTLE54 | Long             | EC               | CORP              | US        |     39284 | NS      | $1753637.76   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Synchrony Financial                        | Synchrony Financial                                        | CUSIP: 87165B103<br>LEI: 549300RS7EWPM9MA6C78 | Long             | EC               | CORP              | US        |    106752 | NS      | $7940213.76   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| TFS Financial Corp                         | TFS Financial Corp                                         | CUSIP: 87240R107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     13723 | NS      | $182515.90    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| TPG Inc                                    | TPG Inc                                                    | CUSIP: 872657101<br>LEI: 549300NLO4R8MX77XJ02 | Long             | EC               | CORP              | US        |     36578 | NS      | $2013253.12   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| TPG RE Finance Trust Inc                   | TPG RE Finance Trust Inc                                   | CUSIP: 87266M107<br>LEI: N/A                  | Long             | EC               |  | US        |     19086 | NS      | $165093.90    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Texas Capital Bancshares Inc               | Texas Capital Bancshares Inc                               | CUSIP: 88224Q107<br>LEI: 549300466Q2SXRX0YM48 | Long             | EC               | CORP              | US        |     12761 | NS      | $1069882.24   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Tiptree Inc                                | Tiptree Inc                                                | CUSIP: 88822Q103<br>LEI: 254900EH52HA4YXENT37 | Long             | EC               | CORP              | US        |      6663 | NS      | $118001.73    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Toast Inc                                  | Toast Inc                                                  | CUSIP: 888787108<br>LEI: 549300TN1PZNLCD4I551 | Long             | EC               | CORP              | US        |    124804 | NS      | $4510416.56   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Tompkins Financial Corp                    | Tompkins Financial Corp                                    | CUSIP: 890110109<br>LEI: 254900QDQ6V0QJ0Z2348 | Long             | EC               | CORP              | US        |      3283 | NS      | $208339.18    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Towne Bank/Portsmouth VA                   | Towne Bank/Portsmouth VA                                   | CUSIP: 89214P109<br>LEI: 54930039UO39UJGI7078 | Long             | EC               | CORP              | US        |     19260 | NS      | $626142.60    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Tradeweb Markets Inc                       | Tradeweb Markets Inc                                       | CUSIP: 892672106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     32013 | NS      | $3373850.07   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Travelers Cos Inc/The                      | Travelers Cos Inc/The                                      | CUSIP: 89417E109<br>LEI: 549300Y650407RU8B149 | Long             | EC               | CORP              | US        |     62657 | NS      | $16830923.34  | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| TriCo Bancshares                           | TriCo Bancshares                                           | CUSIP: 896095106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      9033 | NS      | $399529.59    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Triumph Financial Inc                      | Triumph Financial Inc                                      | CUSIP: 89679E300<br>LEI: 5493003RNRMEVYDZ1Q52 | Long             | EC               | CORP              | US        |      6450 | NS      | $351267.00    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Trupanion Inc                              | Trupanion Inc                                              | CUSIP: 898202106<br>LEI: 549300J86GFKIDGMQP18 | Long             | EC               | CORP              | US        |      9697 | NS      | $387783.03    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Truist Financial Corp                      | Truist Financial Corp                                      | CUSIP: 89832Q109<br>LEI: 549300DRQQI75D2JP341 | Long             | EC               | CORP              | US        |    362027 | NS      | $16157265.01  | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| TrustCo Bank Corp NY                       | TrustCo Bank Corp NY                                       | CUSIP: 898349204<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4761 | NS      | $179537.31    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Trustmark Corp                             | Trustmark Corp                                             | CUSIP: 898402102<br>LEI: 5493000HPQ4D2RZ79739 | Long             | EC               | CORP              | US        |     15520 | NS      | $577654.40    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Two Harbors Investment Corp                | Two Harbors Investment Corp                                | CUSIP: 90187B804<br>LEI: 549300ZUIBT6KH4HU823 | Long             | EC               |  | US        |     33528 | NS      | $325892.16    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| UMB Financial Corp                         | UMB Financial Corp                                         | CUSIP: 902788108<br>LEI: 549300MGEH3N3CUCV828 | Long             | EC               | CORP              | US        |     20774 | NS      | $2220325.12   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| US Bancorp                                 | US Bancorp                                                 | CUSIP: 902973304<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | EC               | CORP              | US        |    431939 | NS      | $20162912.52  | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| United Community Banks Inc/GA              | United Community Banks Inc/GA                              | CUSIP: 90984P303<br>LEI: 549300GVW0FV66X3U703 | Long             | EC               | CORP              | US        |     32398 | NS      | $946021.60    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| United Bankshares Inc/WV                   | United Bankshares Inc/WV                                   | CUSIP: 909907107<br>LEI: 5299005O3BAMJ9Z92V62 | Long             | EC               | CORP              | US        |     39611 | NS      | $1417677.69   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| United Fire Group Inc                      | United Fire Group Inc                                      | CUSIP: 910340108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6835 | NS      | $206622.05    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Universal Insurance Holdings Inc           | Universal Insurance Holdings Inc                           | CUSIP: 91359V107<br>LEI: 529900GGAZ6WVUCWQM46 | Long             | EC               | CORP              | US        |      8335 | NS      | $256884.70    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Univest Financial Corp                     | Univest Financial Corp                                     | CUSIP: 915271100<br>LEI: 4WII2HCR8UEWNU03U507 | Long             | EC               | CORP              | US        |      7954 | NS      | $233529.44    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Unum Group                                 | Unum Group                                                 | CUSIP: 91529Y106<br>LEI: 549300E32YFDO6TZ8R31 | Long             | EC               | CORP              | US        |     47114 | NS      | $3459109.88   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Upstart Holdings Inc                       | Upstart Holdings Inc                                       | CUSIP: 91680M107<br>LEI: 549300WNB47JRNENIC75 | Long             | EC               | CORP              | US        |     23763 | NS      | $1129217.76   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| UWM Holdings Corp                          | UWM Holdings Corp                                          | CUSIP: 91823B109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     51381 | NS      | $289275.03    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Valley National Bancorp                    | Valley National Bancorp                                    | CUSIP: 919794107<br>LEI: 549300ET52S1UBIB9762 | Long             | EC               | CORP              | US        |    141957 | NS      | $1543072.59   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Victory Capital Holdings Inc               | Victory Capital Holdings Inc                               | CUSIP: 92645B103<br>LEI: 549300BN5LH2CIPPHS71 | Long             | EC               | CORP              | US        |     12475 | NS      | $776818.25    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Virtu Financial Inc                        | Virtu Financial Inc                                        | CUSIP: 928254101<br>LEI: 5493001OPW2K42CH3884 | Long             | EC               | CORP              | US        |     22794 | NS      | $794142.96    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Visa Inc                                   | Visa Inc                                                   | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |    472848 | NS      | $161118227.52 | 6.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Virtus Investment Partners Inc             | Virtus Investment Partners Inc                             | CUSIP: 92828Q109<br>LEI: 549300HWF93HB8BDM648 | Long             | EC               | CORP              | US        |      2092 | NS      | $340619.44    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Voya Financial Inc                         | Voya Financial Inc                                         | CUSIP: 929089100<br>LEI: 549300T065Z4KJ686G75 | Long             | EC               | CORP              | US        |     27184 | NS      | $2024120.64   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| WSFS Financial Corp                        | WSFS Financial Corp                                        | CUSIP: 929328102<br>LEI: 549300SU7VQHD6QRG886 | Long             | EC               | CORP              | US        |     15385 | NS      | $801404.65    | 0.03%             |  |  |  | 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        |   2909000 | NS      | $2909000.48   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Walker & Dunlop Inc                        | Walker & Dunlop Inc                                        | CUSIP: 93148P102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      9751 | NS      | $779299.92    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| WaFd Inc                                   | WaFd Inc                                                   | CUSIP: 938824109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     22191 | NS      | $644204.73    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Washington Trust Bancorp Inc               | Washington Trust Bancorp Inc                               | CUSIP: 940610108<br>LEI: J66MZFCNJPP3PERHZW54 | Long             | EC               | CORP              | US        |      5863 | NS      | $159708.12    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Webster Financial Corp                     | Webster Financial Corp                                     | CUSIP: 947890109<br>LEI: KMRURHT0VWKYS6Z5KU67 | Long             | EC               | CORP              | US        |     47233 | NS      | $2694170.32   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Wells Fargo & Co                           | Wells Fargo & Co                                           | CUSIP: 949746101<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EC               | CORP              | US        |    890017 | NS      | $77404778.49  | 3.30%             |  |  |  | No            |                  1 | On Loan: No      |
| WesBanco Inc                               | WesBanco Inc                                               | CUSIP: 950810101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     26947 | NS      | $811104.70    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Westamerica BanCorp                        | Westamerica BanCorp                                        | CUSIP: 957090103<br>LEI: 984500CF4F8115C11D96 | Long             | EC               | CORP              | US        |      7457 | NS      | $355326.05    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Western Alliance Bancorp                   | Western Alliance Bancorp                                   | CUSIP: 957638109<br>LEI: 5493003VJXZ5JXT9S762 | Long             | EC               | CORP              | US        |     29024 | NS      | $2245006.40   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Western Union Co/The                       | Western Union Co/The                                       | CUSIP: 959802109<br>LEI: 28ID94QU1140NC23S047 | Long             | EC               | CORP              | US        |     76039 | NS      | $709443.87    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| WEX Inc                                    | WEX Inc                                                    | CUSIP: 96208T104<br>LEI: T9M5IGROL1TL1G5OV478 | Long             | EC               | CORP              | US        |      8895 | NS      | $1297602.60   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Wintrust Financial Corp                    | Wintrust Financial Corp                                    | CUSIP: 97650W108<br>LEI: Q774KI4AW80FHFW33O61 | Long             | EC               | CORP              | US        |     18506 | NS      | $2406150.12   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| WisdomTree Inc                             | WisdomTree Inc                                             | CUSIP: 97717P104<br>LEI: 549300WIU8IS7UFO7871 | Long             | EC               | CORP              | US        |     34658 | NS      | $414509.68    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| World Acceptance Corp                      | World Acceptance Corp                                      | CUSIP: 981419104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       840 | NS      | $107074.80    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Zions Bancorp NA                           | Zions Bancorp NA                                           | CUSIP: 989701107<br>LEI: 8WH0EE09O9V05QJZ3V89 | Long             | EC               | CORP              | US        |     41326 | NS      | $2153497.86   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                | E-MINI RUSS 2000 DEC25                                     | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DE               |  | US        |         3 | NC      | $329.03       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                | XAF FINANCIAL DEC25                                        | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DE               |  | US        |        21 | NC      | $-81646.42    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Aon PLC                                    | Aon PLC                                                    | CUSIP: 000000000<br>LEI: 635400FALWQYX5E6QC64 | Long             | EC               | CORP              | IE        |     56700 | NS      | $19316556.00  | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Arch Capital Group Ltd                     | Arch Capital Group Ltd                                     | CUSIP: 000000000<br>LEI: 549300AYR4P8AFKDCE43 | Long             | EC               | CORP              | BM        |    103729 | NS      | $8952849.99   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Assured Guaranty Ltd                       | Assured Guaranty Ltd                                       | CUSIP: 000000000<br>LEI: 549300BBOQUJEPH87M14 | Long             | EC               | CORP              | BM        |     13371 | NS      | $1077435.18   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Axis Capital Holdings Ltd                  | Axis Capital Holdings Ltd                                  | CUSIP: 000000000<br>LEI: 635400VD2NQBYAHMEM55 | Long             | EC               | CORP              | BM        |     22881 | NS      | $2143034.46   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Burford Capital Ltd                        | Burford Capital Ltd                                        | CUSIP: 000000000<br>LEI: 549300FUKUWFYJMT2277 | Long             | EC               | CORP              | GG        |     55699 | NS      | $554205.05    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Essent Group Ltd                           | Essent Group Ltd                                           | CUSIP: 000000000<br>LEI: 254900QUO860OUT6ZF83 | Long             | EC               | CORP              | BM        |     28463 | NS      | $1724003.91   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Everest Group Ltd                          | Everest Group Ltd                                          | CUSIP: 000000000<br>LEI: 549300N24XF2VV0B3570 | Long             | EC               | CORP              | BM        |     11874 | NS      | $3734610.48   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Hamilton Insurance Group Ltd               | Hamilton Insurance Group Ltd                               | CUSIP: 000000000<br>LEI: 549300W92BN1FIEXG871 | Long             | EC               | CORP              | BM        |     13240 | NS      | $313390.80    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Janus Henderson Group PLC                  | Janus Henderson Group PLC                                  | CUSIP: 000000000<br>LEI: 2138009WPYMWJN3RVF44 | Long             | EC               | CORP              | JE        |     35919 | NS      | $1564631.64   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Invesco Ltd                                | Invesco Ltd                                                | CUSIP: 000000000<br>LEI: ECPGFXU8A2SHKVVGJI15 | Long             | EC               | CORP              | BM        |    100480 | NS      | $2381376.00   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| RenaissanceRe Holdings Ltd                 | RenaissanceRe Holdings Ltd                                 | CUSIP: 000000000<br>LEI: EK6GB9U3U58PDI411C94 | Long             | EC               | CORP              | BM        |     13656 | NS      | $3469853.04   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| SiriusPoint Ltd                            | SiriusPoint Ltd                                            | CUSIP: 000000000<br>LEI: 549300OGXFI85N3YZZ51 | Long             | EC               | CORP              | BM        |     20450 | NS      | $372190.00    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| White Mountains Insurance Group Ltd        | White Mountains Insurance Group Ltd                        | CUSIP: 000000000<br>LEI: 549300N3FL068JERBG02 | Long             | EC               | CORP              | BM        |       709 | NS      | $1350333.04   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Willis Towers Watson PLC                   | Willis Towers Watson PLC                                   | CUSIP: 000000000<br>LEI: 549300WHC56FF48KL350 | Long             | EC               | CORP              | IE        |     27362 | NS      | $8567042.20   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Chubb Ltd                                  | Chubb Ltd                                                  | CUSIP: 000000000<br>LEI: E0JAN6VLUDI1HITHT809 | Long             | EC               | CORP              | CH        |    105382 | NS      | $29184491.08  | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-12-01

**Name of Applicant:** FIDELITY COVINGTON TRUST

**Signature:** Stacie M Smith

**Name of Signer:** Stacie M Smith

**Title:** President and Treasurer