Fidelity Covington Trust


Common Stocks – 99.9%
	Shares		Value
AUTO COMPONENTS – 3.6%
Auto Parts & Equipment – 3.3%
American Axle & Manufacturing Holdings, Inc. (a)		5,694	$	88,314
Autoliv, Inc.		7,387		904,686
BorgWarner, Inc.		18,836		676,589
Cooper-Standard Holding, Inc. (a)		1,076		82,970
Dana Holding Corp.		12,821		165,775
Delphi Automotive PLC		23,488		1,729,421
Dorman Products, Inc. (a)		2,671		143,673
Drew Industries, Inc.		1,931		125,187
Federal-Mogul Holdings Corp. Class A (a)		3,039		28,080
Fox Factory Holding Corp. (a)		1,914		33,131
Gentex Corp.		24,509		393,124
Gentherm, Inc. (a)		2,917		107,171
Johnson Controls, Inc.		54,317		2,248,724
Lear Corp.		6,331		728,888
Metaldyne Performance Group, Inc.		915		14,576
Modine Manufacturing Co. (a)		4,013		43,381
Motorcar Parts of America, Inc. (a)		1,508		48,362
Standard Motor Products, Inc.		1,758		62,427
Superior Industries International, Inc.		1,765		46,102
Tenneco, Inc. (a)		4,842		258,079
Tower International, Inc.		1,830		41,998
Visteon Corp.		3,417		272,232

				8,242,890

Tires & Rubber – 0.3%
Cooper Tire & Rubber Co.		4,474		154,532
The Goodyear Tire & Rubber Co.		22,537		652,897

				807,429


TOTAL AUTO COMPONENTS				9,050,319

AUTOMOBILES – 4.4%
Automobile Manufacturers – 4.1%
Ford Motor Co.		310,515		4,210,583
General Motors Co.		118,611		3,771,830
Tesla Motors, Inc. (a)		8,238		1,983,381
Thor Industries, Inc.		3,967		253,967
Winnebago Industries, Inc.		2,254		48,777

				10,268,538

Motorcycle Manufacturers – 0.3%
Harley-Davidson, Inc.		16,080		769,106


TOTAL AUTOMOBILES				11,037,644

DISTRIBUTORS – 1.0%
Distributors – 1.0%
Core-Mark Holding Co., Inc.		1,953		159,482
Genuine Parts Co.		12,647		1,213,733
LKQ Corp. (a)		25,602		820,544
Pool Corp.		3,571		312,141
Weyco Group, Inc.		602		16,880


TOTAL DISTRIBUTORS				2,522,780



	Shares		Value
DIVERSIFIED CONSUMER SERVICES – 1.1%
Education Services – 0.5%
2U, Inc. (a)		2,346	$	65,758
American Public Education, Inc. (a)		1,352		31,312
Apollo Group, Inc. Class A (non-vtg.) (a)		8,017		62,533
Bridgepoint Education, Inc. (a)		1,708		16,294
Bright Horizons Family Solutions, Inc. (a)		3,753		246,272
Capella Education Co.		949		52,489
Career Education Corp. (a)		5,175		27,634
Chegg, Inc. (a)		3,669		16,657
DeVry Education Group, Inc.		5,011		86,941
Graham Holdings Co. Class B		390		185,851
Grand Canyon Education, Inc. (a)		3,746		163,813
Houghton Mifflin Harcourt Co. (a)		11,269		231,127
K12, Inc. (a)		2,730		33,552
Strayer Education, Inc. (a)		940		46,662

				1,266,895

Specialized Consumer Services – 0.6%
Ascent Capital Group, Inc. Class A (a)		965		14,542
Carriage Services, Inc.		1,389		33,933
H&R Block, Inc.		19,769		400,125
LifeLock, Inc. (a)		6,777		78,884
Regis Corp. (a)		3,219		44,004
Service Corp. International		16,459		438,961
ServiceMaster Global Holdings, Inc. (a)		11,384		436,235
Sotheby’s		4,770		129,935
Weight Watchers International, Inc. (a)		2,683		34,745

				1,611,364


TOTAL DIVERSIFIED CONSUMER SERVICES				2,878,259

HOTELS, RESTAURANTS & LEISURE – 15.7%
Casinos & Gaming – 1.4%
Boyd Gaming Corp. (a)		7,065		131,692
Caesars Acquisition Co. Class A (a)		4,253		32,195
Caesars Entertainment Corp. (a)		4,812		32,866
Churchill Downs, Inc.		1,050		140,889
Isle of Capri Casinos, Inc. (a)		1,910		28,459
Las Vegas Sands Corp.		33,376		1,506,926
MGM Resorts International (a)		37,787		804,863
Penn National Gaming, Inc. (a)		6,020		97,103
Pinnacle Entertainment, Inc. (a)		4,852		53,566
Scientific Games Corp. Class A (a)		4,323		42,884
Wynn Resorts Ltd.		6,830		603,089

				3,474,532

Hotels, Resorts & Cruise Lines – 3.3%
Belmond Ltd. Class A (a)		7,862		72,016
Carnival Corp.		34,643		1,699,239
Choice Hotels International, Inc.		3,059		154,969
Diamond Resorts International, Inc. (a)		3,931		83,376
Extended Stay America, Inc.		6,873		107,562
Hilton Worldwide Holdings, Inc.		41,479		914,612
Interval Leisure Group, Inc.		3,388		47,839
La Quinta Holdings, Inc. (a)		7,687		98,163


Common Stocks – continued
	Shares		Value
HOTELS, RESTAURANTS & LEISURE – continued
Hotels, Resorts & Cruise Lines – continued
Lindblad Expeditions Holdings, Inc. (a)		1,761	$	17,610
Marcus Corp.		1,434		27,748
Marriott International, Inc. Class A		17,254		1,209,333
Marriott Vacations Worldwide Corp.		2,213		138,622
Norwegian Cruise Line Holdings Ltd. (a)		13,471		658,597
Royal Caribbean Cruises Ltd.		14,759		1,142,347
Starwood Hotels & Resorts Worldwide, Inc.		14,155		1,159,011
Wyndham Worldwide Corp.		9,749		691,692

				8,222,736

Leisure Facilities – 0.4%
ClubCorp Holdings, Inc.		5,444		72,677
International Speedway Corp. Class A		2,229		74,649
Intrawest Resorts Holdings, Inc. (a)		1,046		9,038
Planet Fitness, Inc., Class A (a)		1,427		21,919
SeaWorld Entertainment, Inc.		6,056		120,696
Six Flags Entertainment Corp.		6,151		369,368
Speedway Motorsports, Inc.		1,070		18,746
Vail Resorts, Inc.		3,053		395,791

				1,082,884

Restaurants – 10.6%
Aramark		19,135		641,214
Biglari Holdings, Inc. (a)		98		36,646
BJ’s Restaurants, Inc. (a)		1,641		73,189
Bloomin’ Brands, Inc.		10,176		190,291
Bob Evans Farms, Inc.		1,579		71,908
Bojangles’, Inc. (a)		802		14,139
Brinker International, Inc.		4,999		231,554
Buffalo Wild Wings, Inc. (a)		1,599		213,722
Carrols Restaurant Group, Inc. (a)		2,880		40,061
Chipotle Mexican Grill, Inc. (a)		2,620		1,102,941
Chuys Holdings, Inc. (a)		1,390		42,451
Cracker Barrel Old Country Store, Inc.		1,607		235,281
Darden Restaurants, Inc.		9,665		601,646
Dave & Buster’s Entertainment, Inc. (a)		2,624		101,549
Del Frisco’s Restaurant Group, Inc. (a)		1,975		31,462
Del Taco Restaurants, Inc. (a)		3,283		29,711
Denny’s Corp. (a)		6,545		64,730
DineEquity, Inc.		1,430		122,980
Domino’s Pizza, Inc.		4,588		554,597
Dunkin’ Brands Group, Inc.		7,758		360,747
El Pollo Loco Holdings, Inc. (a)		1,267		16,712
Fiesta Restaurant Group, Inc. (a)		2,222		71,348
Jack in the Box, Inc.		3,027		204,474
Krispy Kreme Doughnuts, Inc. (a)		5,343		93,022
McDonald’s Corp.		77,001		9,739,857
Noodles & Co. (a)		1,193		13,302
Panera Bread Co. Class A (a)		1,999		428,766
Papa John’s International, Inc.		2,469		139,721
Popeyes Louisiana Kitchen, Inc. (a)		1,825		98,112



	Shares		Value
Potbelly Corp. (a)		1,129	$	16,088
Red Robin Gourmet Burgers, Inc. (a)		1,161		75,302
Ruby Tuesday, Inc. (a)		5,150		22,660
Ruth’s Hospitality Group, Inc.		3,005		47,719
Shake Shack, Inc. Class A (a)		897		32,758
Sonic Corp.		3,971		136,483
Starbucks Corp.		124,513		7,001,366
Texas Roadhouse, Inc. Class A		5,296		215,653
The Cheesecake Factory, Inc.		3,914		199,653
The Habit Restaurants, Inc. Class A (a)		1,007		16,867
Wendy’s Co.		17,192		186,705
Wingstop, Inc. (a)		1,207		30,103
Yum! Brands, Inc.		36,162		2,877,049
Zoe’s Kitchen, Inc. (a)		1,542		57,810

				26,482,349


TOTAL HOTELS, RESTAURANTS & LEISURE				39,262,501

HOUSEHOLD DURABLES – 4.2%
Consumer Electronics – 0.4%
Garmin Ltd.		9,608		409,589
Harman International Industries, Inc.		5,958		457,336
Universal Electronics, Inc. (a)		1,249		82,946

				949,871

Home Furnishings – 0.8%
Ethan Allen Interiors, Inc.		2,136		72,709
La-Z-Boy, Inc.		4,241		109,715
Leggett & Platt, Inc.		11,408		562,300
Mohawk Industries, Inc. (a)		5,271		1,015,353
Tempur Sealy International, Inc. (a)		5,208		315,969

				2,076,046

Homebuilding – 1.6%
Beazer Homes U.S.A., Inc. (a)		2,791		22,942
CalAtlantic Group, Inc.		6,596		213,513
Cavco Industries, Inc. (a)		682		59,805
Century Communities, Inc. (a)		1,346		23,205
D.R. Horton, Inc.		28,350		852,201
Green Brick Partners, Inc. (a)		1,380		10,171
Hovnanian Enterprises, Inc. Class A (a)		9,821		16,401
Installed Building Products, Inc. (a)		1,610		42,794
KB Home		6,877		93,321
Lennar Corp. Class A		15,001		679,695
LGI Homes, Inc. (a)		1,229		34,424
M.D.C. Holdings, Inc.		3,253		80,056
M/I Homes, Inc. (a)		2,060		41,406
Meritage Homes Corp. (a)		3,162		107,603
NVR, Inc. (a)		310		515,000
PulteGroup, Inc.		26,455		486,508
Taylor Morrison Home Corp. Class A (a)		2,805		40,392
Toll Brothers, Inc. (a)		14,031		383,046
TopBuild Corp. (a)		3,213		100,310
TRI Pointe Group, Inc. (a)		12,827		148,793


Common Stocks – continued
	Shares		Value
HOUSEHOLD DURABLES – continued
Homebuilding – continued
WCI Communities, Inc. (a)		1,636	$	26,143
William Lyon Homes Class A (a)		1,833		25,845

				4,003,574

Household Appliances – 0.6%
Helen of Troy Ltd. (a)		2,254		224,340
iRobot Corp. (a)		2,378		88,890
NACCO Industries, Inc. Class A		334		19,880
Whirlpool Corp.		6,558		1,142,010

				1,475,120

Housewares & Specialties – 0.8%
CSS Industries, Inc.		703		19,656
Libbey, Inc.		1,872		34,819
Newell Rubbermaid, Inc.		37,151		1,691,857
Tupperware Brands Corp.		4,217		244,881

				1,991,213


TOTAL HOUSEHOLD DURABLES				10,495,824

INTERNET & CATALOG RETAIL – 14.0%
Catalog Retail – 0.5%
HSN, Inc.		2,882		152,833
Liberty Interactive Corp. QVC Group Series A (a)		37,271		976,500

				1,129,333

Internet Retail – 13.5%
1-800-FLOWERS.com, Inc. Class A (a)		2,137		16,775
Amazon.com, Inc. (a)		33,439		22,056,030
Blue Nile, Inc.		978		25,213
Etsy, Inc. (a)		5,694		49,993
Expedia, Inc.		10,356		1,198,914
FTD Cos., Inc. (a)		1,618		44,997
Groupon, Inc. Class A (a)		38,457		139,214
Lands’ End, Inc. (a)		1,462		35,570
Liberty Media Corp. Series A (a)		11,294		451,760
Liberty TripAdvisor Holdings, Inc. Class A (a)		6,085		134,235
Netflix, Inc. (a)		34,051		3,065,612
NutriSystem, Inc.		2,429		53,487
Overstock.com, Inc. (a)		1,439		20,995
PetMed Express, Inc.		1,781		32,592
priceline.com, Inc. (a)		4,175		5,609,781
Shutterfly, Inc. (a)		2,998		137,848
TripAdvisor, Inc. (a)		9,921		640,797
Wayfair, Inc. Class A (a)		1,890		71,348

				33,785,161


TOTAL INTERNET & CATALOG RETAIL				34,914,494

LEISURE PRODUCTS – 1.3%
Leisure Products – 1.3%
Arctic Cat, Inc.		1,067		17,744
Brunswick Corp.		7,656		367,718



	Shares		Value
Callaway Golf Co.		7,552	$	70,536
Hasbro, Inc.		9,417		797,055
Mattel, Inc.		28,448		884,448
Nautilus, Inc. (a)		2,482		43,782
Polaris Industries, Inc.		5,235		512,402
Smith & Wesson Holding Corp. (a)		4,604		100,505
Sturm, Ruger & Co., Inc.		1,585		101,488
Vista Outdoor, Inc. (a)		5,264		252,567


TOTAL LEISURE PRODUCTS				3,148,245

MEDIA – 24.3%
Advertising – 1.0%
Clear Channel Outdoor Holding, Inc. Class A		3,604		18,416
Harte-Hanks, Inc.		3,864		7,033
Interpublic Group of Companies, Inc.		34,118		782,667
National CineMedia, Inc.		5,165		73,343
Omnicom Group, Inc.		20,318		1,685,784

				2,567,243

Broadcasting – 1.9%
CBS Corp. Class B (non-vtg.)		36,370		2,033,447
Discovery Communications, Inc. Class A (a)		12,559		342,986
Discovery Communications, Inc. Class C (non-vtg.) (a)		23,004		616,047
E.W. Scripps Co. Class A (a)		4,518		68,583
Entercom Communications Corp. Class A (a)		1,873		21,240
Entravision Communications Corp. Class A		5,350		42,533
Gray Television, Inc. (a)		5,219		67,064
Media General, Inc. (a)		7,036		121,934
Nexstar Broadcasting Group, Inc. Class A		2,567		131,764
Scripps Networks Interactive, Inc. Class A		6,335		394,987
Sinclair Broadcast Group, Inc. Class A		5,528		177,283
TEGNA, Inc.		17,656		412,444
Tribune Media Co. Class A		6,722		259,133

				4,689,445

Cable & Satellite – 10.5%
AMC Networks, Inc. Class A (a)		5,129		334,565
Cable One, Inc.		415		190,468
Cablevision Systems Corp. – NY Group Class A		16,784		560,418
Charter Communications, Inc. Class A (a)		7,060		1,498,414
Comcast Corp. Class A		208,379		12,661,108
DISH Network Corp. Class A (a)		18,901		931,630
Liberty Broadband Corp. Class A (a)		1,961		112,405
Liberty Broadband Corp. Class C (a)		5,654		323,691
Liberty Global PLC LiLAC Series A (a)		1,067		40,045
Liberty Global PLC LiLAC Series C (a)		2,587		105,058


Common Stocks – continued
	Shares		Value
MEDIA – continued
Cable & Satellite – continued
Liberty Global PLC Series A (a)		21,188	$	799,423
Liberty Global PLC Series C (a)		50,065		1,832,379
Liberty SiriusXM Group Class A (a)		7,710		252,657
Liberty SiriusXM Group Class C (a)		16,788		537,552
Loral Space & Communications Ltd. (a)		1,174		43,062
MSG Networks, Inc. (a)		4,643		79,349
Sirius XM Holdings, Inc. (a)		174,693		690,037
Starz – Liberty Capital Series A (a)		7,312		198,960
Time Warner Cable, Inc.		23,747		5,036,976

				26,228,197

Movies & Entertainment – 10.4%
AMC Entertainment Holdings, Inc. Class A		1,830		51,569
Carmike Cinemas, Inc. (a)		2,089		62,649
Cinemark Holdings, Inc.		8,796		304,781
DreamWorks Animation SKG, Inc. Class A (a)		6,271		250,338
Global Eagle Entertainment, Inc. (a)		3,315		26,553
IMAX Corp. (a)		5,261		168,352
Liberty Braves Group Class A (a)		797		12,465
Liberty Braves Group Class C (a)		1,719		25,648
Liberty Media Group Class A (a)		1,993		36,472
Liberty Media Group Class C (a)		4,299		77,382
Lions Gate Entertainment Corp.		8,761		194,494
Live Nation Entertainment, Inc. (a)		12,761		274,106
Regal Entertainment Group Class A		7,300		152,205
The Madison Square Garden Co. (a)		1,552		243,633
The Walt Disney Co.		131,802		13,609,875
Time Warner, Inc.		67,045		5,037,761
Twenty-First Century Fox, Inc. Class A		98,177		2,970,836
Twenty-First Century Fox, Inc. Class B		36,832		1,109,380
Viacom, Inc. Class B (non-vtg.)		29,226		1,195,344
World Wrestling Entertainment, Inc. Class A		2,868		47,724

				25,851,567

Publishing – 0.5%
Gannett Co., Inc.		9,120		153,672
John Wiley & Sons, Inc. Class A		3,920		194,393
Meredith Corp.		3,175		162,909
New Media Investment Group, Inc.		3,576		57,395
News Corp. Class A		31,991		397,328
Scholastic Corp.		2,033		73,960
The New York Times Co. Class A		10,941		140,264
Time, Inc.		9,171		134,814
Tribune Publishing Co.		1,884		21,346

				1,336,081


TOTAL MEDIA				60,672,533



	Shares		Value
MULTILINE RETAIL – 4.2%
Department Stores – 1.1%
Dillard’s, Inc. Class A		1,899	$	133,784
J.C. Penney Co., Inc. (a)		24,372		226,172
Kohl’s Corp.		16,351		724,349
Macy’s, Inc.		26,408		1,045,493
Nordstrom, Inc.		11,560		591,063
Sears Holdings Corp. (a)		2,263		37,057

				2,757,918

General Merchandise Stores – 3.1%
Big Lots, Inc.		4,158		190,686
Dollar General Corp.		24,713		2,024,242
Dollar Tree, Inc. (a)		18,713		1,491,613
Fred’s, Inc. Class A		2,939		43,115
Ollie’s Bargain Outlet Holdings, Inc. (a)		1,479		39,120
Target Corp.		49,077		3,901,621
Tuesday Morning Corp. (a)		3,960		34,373

				7,724,770


TOTAL MULTILINE RETAIL				10,482,688

SPECIALTY RETAIL – 19.4%
Apparel Retail – 4.6%
Abercrombie & Fitch Co. Class A		5,842		156,157
American Eagle Outfitters, Inc.		15,645		223,880
Ascena Retail Group, Inc. (a)		14,938		131,604
Boot Barn Holdings, Inc. (a)		979		8,028
Burlington Stores, Inc. (a)		6,377		363,298
Caleres, Inc.		3,502		88,285
Chico’s FAS, Inc.		11,186		141,055
Citi Trends, Inc.		1,353		24,300
DSW, Inc. Class A		6,608		162,359
Express, Inc. (a)		6,404		116,425
Finish Line, Inc. Class A		3,731		73,687
Foot Locker, Inc.		11,693		718,418
Francescas Holdings Corp. (a)		3,328		55,245
Gap, Inc.		20,308		470,739
Genesco, Inc. (a)		2,028		140,297
Guess?, Inc.		5,409		99,255
L Brands, Inc.		20,697		1,620,368
Ross Stores, Inc.		34,219		1,942,955
Shoe Carnival, Inc.		1,338		34,293
Stage Stores, Inc.		2,830		20,829
Stein Mart, Inc.		2,554		18,491
Tailored Brands, Inc.		3,505		61,057
The Buckle, Inc.		2,481		71,800
The Cato Corp. Class A		2,193		80,242
The Children’s Place Retail Stores, Inc.		1,730		134,784
TJX Companies, Inc.		56,144		4,256,838
Urban Outfitters, Inc. (a)		7,717		233,979
Zumiez, Inc. (a)		1,666		27,956

				11,476,624


Common Stocks – continued
	Shares		Value
SPECIALTY RETAIL – continued
Automotive Retail – 3.0%
Advance Auto Parts, Inc.		6,152	$	960,327
America’s Car Mart, Inc. (a)		694		18,440
Asbury Automotive Group, Inc. (a)		1,803		109,298
AutoNation, Inc. (a)		6,015		304,660
AutoZone, Inc. (a)		2,556		1,955,928
CarMax, Inc. (a)		17,009		900,627
CST Brands, Inc.		6,378		240,897
Group 1 Automotive, Inc.		1,991		131,087
Lithia Motors, Inc. Class A		1,982		164,546
Monro Muffler Brake, Inc.		2,697		186,686
Murphy USA, Inc. (a)		3,908		224,397
O’Reilly Automotive, Inc. (a)		8,275		2,173,677
Penske Automotive Group, Inc.		3,799		148,655
Sonic Automotive, Inc. Class A		2,748		51,553
TravelCenters of America LLC (a)		2,798		20,313

				7,591,091

Computer & Electronics Retail – 0.5%
Best Buy Co., Inc.		26,044		835,491
Conn’s, Inc. (a)		1,511		20,761
GameStop Corp. Class A		8,910		292,248
Rent-A-Center, Inc.		4,398		64,651

				1,213,151

Home Improvement Retail – 8.1%
Home Depot, Inc.		106,404		14,246,431
Lowe’s Companies, Inc.		76,895		5,845,558
Lumber Liquidators Holdings, Inc. (a)		2,248		33,518
Tile Shop Holdings, Inc. (a)		2,313		41,264

				20,166,771

Homefurnishing Retail – 0.6%
Aarons, Inc. Class A		5,450		142,844
Bed Bath & Beyond, Inc. (a)		13,988		660,513
Haverty Furniture Companies, Inc.		1,582		29,536
Kirkland’s, Inc.		1,356		22,266
Mattress Firm Holding Corp. (a)		1,323		51,623
Pier 1 Imports, Inc.		7,345		50,607
Restoration Hardware Holdings, Inc. (a)		3,181		137,642
Select Comfort Corp. (a)		4,287		105,803
Williams-Sonoma, Inc.		7,184		422,276

				1,623,110

Specialty Stores – 2.6%
Barnes & Noble Education, Inc. (a)		3,279		30,691
Barnes & Noble, Inc.		5,140		60,395
Big 5 Sporting Goods Corp.		1,638		19,803
Cabela’s, Inc. Class A (a)		4,385		228,678
Dick’s Sporting Goods, Inc.		7,551		349,913
Five Below, Inc. (a)		4,559		190,110
GNC Holdings, Inc. Class A		6,925		168,693
Hibbett Sports, Inc. (a)		2,035		73,463
MarineMax, Inc. (a)		2,187		41,575



	Shares		Value
Office Depot, Inc. (a)		41,586	$	244,526
Outerwall, Inc.		1,425		58,867
Party City Holdings, Inc. (a)		2,547		36,499
Sally Beauty Holdings, Inc. (a)		12,724		399,534
Signet Jewelers Ltd.		6,346		688,922
Sportsman’s Warehouse Holdings, Inc. (a)		2,657		30,237
Staples, Inc.		53,943		550,219
The Container Store Group, Inc. (a)		1,595		11,324
The Michaels Cos., Inc. (a)		7,813		222,124
Tiffany & Co., Inc.		10,762		767,869
Tractor Supply Co.		11,287		1,068,427
Ulta Salon, Cosmetics & Fragrance, Inc. (a)		5,098		1,061,811
Vitamin Shoppe, Inc. (a)		2,516		68,863
Winmark Corp.		186		17,707

				6,390,250


TOTAL SPECIALTY RETAIL				48,460,997

TEXTILES, APPAREL & LUXURY GOODS – 6.7%
Apparel, Accessories & Luxury Goods – 3.6%
Carter’s, Inc.		4,353		464,335
Coach, Inc.		23,309		938,653
Columbia Sportswear Co.		2,388		139,865
Fossil Group, Inc. (a)		3,653		147,946
G-III Apparel Group Ltd. (a)		3,420		154,755
Hanesbrands, Inc.		32,923		955,755
Iconix Brand Group, Inc. (a)		4,017		34,064
Kate Spade & Co. (a)		10,693		275,131
lululemon athletica, Inc. (a)		9,436		618,530
Michael Kors Holdings Ltd. (a)		15,427		796,959
Movado Group, Inc.		1,394		39,325
Oxford Industries, Inc.		1,269		84,287
PVH Corp.		6,919		661,456
Ralph Lauren Corp.		4,937		460,178
Sequential Brands Group, Inc. (a)		3,123		17,333
Tumi Holdings, Inc. (a)		4,884		130,305
Under Armour, Inc. Class A (a)		15,060		661,736
Under Armour, Inc. Class C (a)		15,060		614,448
Vera Bradley, Inc. (a)		1,627		28,538
VF Corp.		28,599		1,803,167

				9,026,766

Footwear – 3.1%
Crocs, Inc. (a)		6,219		51,929
Deckers Outdoor Corp. (a)		2,708		156,550
NIKE, Inc. Class B		113,712		6,702,185
Skechers U.S.A., Inc. Class A (a)		10,902		360,311
Steven Madden Ltd. (a)		4,736		165,807
Wolverine World Wide, Inc.		8,638		163,690

				7,600,472


Money Market Funds – 0.1%
	Shares		Value

SSgA US Treasury Money Market Fund, 0.10% (b) (Cost $183,150)		183,150	$	183,150


TOTAL INVESTMENT PORTFOLIO – 100.0% (Cost $260,649,412)				249,769,799

NET OTHER ASSETS (LIABILITIES) – 0.0%				25,243


NET ASSETS – 100%			$	249,795,042

Legend

(a)

Non-income producing.

(b)

The rate quoted is the annualized seven-day yield of the fund at period end.

The following is a summary of the inputs used, as of April 30, 2016, involving the Fund’s assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing.

At April 30, 2016, the cost of investment securities for income tax purposes was $260,808,750. Net unrealized depreciation aggregated $11,038,951, of which $11,304,974 related to appreciated investment securities and $22,343,925 related to depreciated investment securities.

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund’s investments to the Fidelity SelectCo, LLC (SelectCo) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors 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 procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund’s valuation policies and procedures and reports to the Board on the Committee’s activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund’s investments and ratifies the fair value determinations of the Committee. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 – 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). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund’s 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 vendor 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 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 in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. 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.

Investments in open-end mutual funds (Underlying 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 underlying 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.

For additional information on the Fund’s policy regarding valuation of investments and other significant accounting policies, please refer to the Fund’s most recent semiannual or annual shareholder 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 semiannual report.

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


Common Stocks – 99.8%
	Shares		Value
BEVERAGES – 22.2%
Brewers – 1.0%
Molson Coors Brewing Co. Class B		25,218	$	2,411,597
The Boston Beer Co., Inc. Class A (a)		1,323		206,494

				2,618,091

Distillers & Vintners – 1.9%
Brown-Forman Corp. Class B		15,896		1,531,103
Constellation Brands, Inc. Class A		23,206		3,621,528

				5,152,631

Soft Drinks – 19.3%
Coca-Cola Bottling Co. Consolidated		712		113,471
Coca-Cola Enterprises, Inc.		29,131		1,528,795
Dr Pepper Snapple Group, Inc.		25,731		2,339,205
Monster Beverage Corp. (a)		19,155		2,762,534
National Beverage Corp. (a)		1,705		79,692
PepsiCo, Inc.		195,200		20,097,792
The Coca-Cola Co.		553,532		24,798,234

				51,719,723


TOTAL BEVERAGES				59,490,445


FOOD & STAPLES RETAILING – 21.9%
Drug Retail – 9.5%
CVS Health Corp.		148,672		14,941,536
Rite Aid Corp. (a)		144,664		1,164,545
Walgreens Boots Alliance, Inc.		118,212		9,371,848

				25,477,929

Food Distributors – 1.6%
SpartanNash Co.		5,277		146,173
Sysco Corp.		76,549		3,526,612
The Andersons, Inc.		3,877		129,918
The Chefs’ Warehouse, Inc. (a)		2,898		55,845
United Natural Foods, Inc. (a)		7,102		253,328

				4,111,876

Food Retail – 2.9%
Casey’s General Stores, Inc.		6,301		705,712
Ingles Markets, Inc. Class A		39		1,407
Natural Grocers by Vitamin Cottage, Inc. (a)		6,989		93,373
Smart & Final Stores, Inc. (a)		10,814		172,159
Sprouts Farmers Market, Inc. (a)		22,555		633,119
SUPERVALU, Inc. (a)		33,654		169,280
The Kroger Co.		127,260		4,503,731
Village Super Market, Inc. Class A		934		22,789
Weis Markets, Inc.		4,227		192,413
Whole Foods Market, Inc.		41,034		1,193,269

				7,687,252

Hypermarkets & Super Centers – 7.9%
Costco Wholesale Corp.		59,404		8,799,514
PriceSmart, Inc.		3,996		345,814
Wal-Mart Stores, Inc.		179,609		12,010,454

				21,155,782


TOTAL FOOD & STAPLES RETAILING				58,432,839



	Shares		Value
FOOD PRODUCTS – 19.4%
Agricultural Products – 2.3%
Alico, Inc.		706	$	20,411
Archer-Daniels-Midland Co.		81,693		3,262,818
Bunge Ltd.		19,596		1,224,750
Darling Ingredients, Inc. (a)		22,557		326,851
Fresh Del Monte Produce, Inc.		4,705		203,538
Ingredion, Inc.		9,661		1,111,885

				6,150,253

Packaged Foods & Meats – 17.1%
Amplify Snack Brands, Inc. (a)		2,528		38,956
B&G Foods, Inc.		8,507		350,573
Blue Buffalo Pet Products, Inc. (a)		5,536		137,071
Cal-Maine Foods, Inc.		4,223		214,359
Calavo Growers, Inc.		2,100		120,057
Campbell Soup Co.		25,020		1,543,984
ConAgra Foods, Inc.		58,062		2,587,243
Dean Foods Co.		12,620		217,443
Farmer Bros Co. (a)		1,119		33,805
Flowers Foods, Inc.		19,666		376,801
Freshpet, Inc. (a)		5,280		43,718
General Mills, Inc.		81,650		5,008,411
Hormel Foods Corp.		39,188		1,510,697
J&J Snack Foods Corp.		2,068		209,137
John B Sanfilippo & Son, Inc.		1,096		60,642
Kellogg Co.		36,325		2,790,123
Lancaster Colony Corp.		2,628		306,162
Landec Corp. (a)		3,283		36,934
McCormick & Co., Inc. (non-vtg.)		15,665		1,469,064
Mead Johnson Nutrition Co.		26,698		2,326,731
Mondelez International, Inc. Class A		214,248		9,204,094
Pinnacle Foods, Inc.		14,856		632,717
Post Holdings, Inc. (a)		8,320		597,709
Sanderson Farms, Inc.		2,775		254,578
Seaboard Corp. (a)		57		171,171
Seneca Foods Corp. Class A (a)		931		30,341
Snyders-Lance, Inc.		10,438		333,703
The Hain Celestial Group, Inc. (a)		11,181		468,037
The Hershey Co.		20,699		1,927,284
The JM Smucker Co.		16,052		2,038,283
The Kraft Heinz Co.		82,412		6,433,905
The WhiteWave Foods Co. (a)		23,802		957,078
Tootsie Roll Industries, Inc.		2,634		93,876
TreeHouse Foods, Inc. (a)		7,328		647,795
Tyson Foods, Inc. Class A		39,652		2,609,895

				45,782,377


TOTAL FOOD PRODUCTS				51,932,630


HOUSEHOLD PRODUCTS – 18.3%
Household Products – 18.3%
Central Garden and Pet Co. (a)		1,499		24,389
Central Garden and Pet Co. Class A (a)		4,400		71,676
Church & Dwight Co., Inc.		18,746		1,737,754


Common Stocks – continued
	Shares		Value
HOUSEHOLD PRODUCTS – continued
Household Products – continued
Colgate-Palmolive Co.		115,864	$	8,217,075
Energizer Holdings, Inc.		8,505		369,882
HRG Group, Inc. (a)		12,628		181,843
Kimberly-Clark Corp.		49,592		6,208,423
Spectrum Brands Holdings, Inc.		3,620		411,232
The Clorox Co.		18,104		2,267,164
The Procter & Gamble Co.		364,619		29,213,274
WD-40 Co.		1,937		198,155


TOTAL HOUSEHOLD PRODUCTS				48,900,867


PERSONAL PRODUCTS – 1.9%
Personal Products – 1.9%
Avon Products, Inc.		60,989		287,258
Edgewell Personal Care Co.		8,119		666,326
Elizabeth Arden, Inc. (a)		3,802		38,895
Herbalife Ltd. (a)		9,312		539,630
Inter Parfums, Inc.		2,504		76,673
Medifast, Inc.		1,207		38,057
Natural Health Trends Corp.		1,076		38,940
Nu Skin Enterprises, Inc. Class A		8,113		330,767
Revlon, Inc. Class A (a)		1,769		64,445
The Estee Lauder Cos., Inc. Class A		30,577		2,931,417
USANA Health Sciences, Inc. (a)		838		99,253


TOTAL PERSONAL PRODUCTS				5,111,661



	Shares		Value
TOBACCO – 16.1%
Tobacco – 16.1%
Altria Group, Inc.		262,734	$	16,476,049
Philip Morris International, Inc.		207,586		20,368,338
Reynolds American, Inc.		116,097		5,758,411
Universal Corp.		3,014		164,414
Vector Group Ltd.		12,619		272,571


TOTAL TOBACCO				43,039,783


TOTAL COMMON STOCKS (Cost $258,220,857)				266,908,225


Money Market Funds – 0.2%

SSgA US Treasury Money Market Fund, 0.10% (b) (Cost $494,037)		494,037		494,037


TOTAL INVESTMENT PORTFOLIO – 100.0% (Cost $258,714,894)				267,402,262

NET OTHER ASSETS (LIABILITIES) – 0.0%				73,209


NET ASSETS – 100%			$	267,475,471

Legend

(a)

Non-income producing.

(b)

The rate quoted is the annualized seven-day yield of the fund at period end.

At April 30, 2016, the cost of investment securities for income tax purposes was $260,530,786. Net unrealized appreciation aggregated $6,871,476, of which $13,076,002 related to appreciated investment securities and $6,204,526 related to depreciated investment securities.

the Committee. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 – 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). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund’s investments by major category are as follows:

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


Common Stocks – 99.8%
	Shares		Value
ENERGY EQUIPMENT & SERVICES – 17.4%
Oil & Gas Drilling – 2.0%
Atwood Oceanics, Inc.		16,722	$	161,534
Diamond Offshore Drilling, Inc.		18,729		454,365
Ensco PLC Class A		78,801		942,460
Helmerich & Payne, Inc.		30,323		2,004,957
Nabors Industries Ltd.		76,382		748,544
Noble Corp. PLC		65,008		730,040
Parker Drilling Co. (a)		34,407		105,285
Patterson-UTI Energy, Inc.		39,674		783,561
Rowan Cos. PLC Class A		32,308		607,713
Transocean Ltd.		97,795		1,083,569
Transocean Partners LLC		5,797		68,521
Unit Corp. (a)		13,162		166,631

				7,857,180

Oil & Gas Equipment & Services – 15.4%
Archrock, Inc.		18,143		178,709
Baker Hughes, Inc.		119,440		5,776,118
Bristow Group, Inc.		9,460		216,823
C&J Energy Services Ltd. (a)		13,208		19,152
CARBO Ceramics, Inc.		5,745		85,313
Core Laboratories N.V.		12,156		1,624,771
Dril-Quip, Inc. (a)		10,927		708,288
Era Group, Inc. (a)		5,451		51,948
Exterran Corp. (a)		9,025		138,082
Fairmount Santrol Holdings, Inc. (a)		11,562		46,248
FMC Technologies, Inc. (a)		62,772		1,913,918
Forum Energy Technologies, Inc. (a)		17,317		289,887
Frank’s International N.V.		11,623		193,523
Geospace Technologies Corp. (a)		3,714		60,761
Halliburton Co.		232,745		9,614,696
Helix Energy Solutions Group, Inc. (a)		27,751		239,491
Hornbeck Offshore Services, Inc. (a)		9,015		105,836
Matrix Service Co. (a)		8,013		150,965
McDermott International, Inc. (a)		64,562		293,111
National Oilwell Varco, Inc. (a)		103,041		3,713,598
Natural Gas Services Group, Inc. (a)		3,893		89,500
Newpark Resources, Inc. (a)		23,121		107,975
Oceaneering International, Inc.		27,451		1,006,079
Oil States International, Inc. (a)		14,245		493,447
PHI, Inc. (non-vtg.) (a)		3,684		82,595
RigNet, Inc. (a)		3,705		63,356
RPC, Inc.		18,345		277,376
Schlumberger Ltd.		375,876		30,197,878
SEACOR Holdings, Inc. (a)		5,265		309,424
Superior Energy Services, Inc.		40,424		681,549
Tesco Corp.		9,549		90,334
TETRA Technologies, Inc. (a)		22,013		158,494
Tidewater, Inc.		12,848		112,548
US Silica Holdings, Inc.		16,680		426,174
Weatherford International PLC (a)		236,982		1,926,664

				61,444,631


TOTAL ENERGY EQUIPMENT & SERVICES				69,301,811



	Shares		Value
OIL, GAS & CONSUMABLE FUELS – 82.4%
Coal & Consumable Fuels – 0.2%
CONSOL Energy, Inc.		49,254	$	741,273

Integrated Oil & Gas – 41.1%
Chevron Corp.		507,475		51,853,796
Exxon Mobil Corp.		1,085,476		95,956,078
Occidental Petroleum Corp.		206,845		15,854,669

				163,664,543

Oil & Gas Exploration & Production – 25.5%
Anadarko Petroleum Corp.		137,855		7,273,230
Antero Resources Corp. (a)		22,542		637,939
Apache Corp.		103,528		5,631,923
Bill Barrett Corp. (a)		13,693		108,996
Bonanza Creek Energy, Inc. (a)		11,677		45,307
Cabot Oil & Gas Corp.		127,452		2,982,377
California Resources Corp.		106,279		233,814
Callon Petroleum Co. (a)		31,640		332,536
Carrizo Oil & Gas, Inc. (a)		15,026		531,470
Chesapeake Energy Corp.		160,890		1,105,314
Cimarex Energy Co.		26,310		2,864,633
Clayton Williams Energy, Inc. (a)		1,676		30,386
Cobalt International Energy, Inc. (a)		89,767		289,947
Concho Resources, Inc. (a)		35,592		4,134,723
ConocoPhillips		334,360		15,979,064
Continental Resources, Inc. (a)		25,073		934,220
Denbury Resources, Inc.		94,945		366,488
Devon Energy Corp.		123,814		4,293,869
Diamondback Energy, Inc. (a)		20,198		1,748,743
Eclipse Resources Corp. (a)		15,897		38,630
Energen Corp.		25,669		1,090,676
EOG Resources, Inc.		149,155		12,323,186
EQT Corp.		42,472		2,977,287
EXCO Resources, Inc. (a)		52,235		79,397
Gran Tierra Energy, Inc. (a)		76,670		226,943
Gulfport Energy Corp. (a)		33,147		1,037,501
Halcon Resources Corp. (a)		21,618		26,374
Hess Corp.		77,010		4,591,336
Jones Energy, Inc. Class A (a)		8,355		40,104
Kosmos Energy Ltd. (a)		36,400		235,872
Laredo Petroleum, Inc. (a)		43,700		532,266
LinnCo LLC		35,177		14,352
Marathon Oil Corp.		221,380		3,119,244
Matador Resources Co. (a)		22,936		494,271
Memorial Resource Development Corp. (a)		27,737		362,800
Murphy Oil Corp.		44,046		1,574,204
Newfield Exploration Co. (a)		53,601		1,943,036
Noble Energy, Inc.		118,073		4,263,616
Northern Oil and Gas, Inc. (a)		15,041		82,124
Oasis Petroleum, Inc. (a)		42,867		415,381
Parsley Energy, Inc. Class A (a)		39,638		928,322
PDC Energy, Inc. (a)		13,118		823,679
Pioneer Natural Resources Co.		44,068		7,319,695
QEP Resources, Inc.		56,557		1,014,067
Range Resources Corp.		45,641		2,013,224


Common Stocks – continued
	Shares		Value
OIL, GAS & CONSUMABLE FUELS – continued
Oil & Gas Exploration & Production – continued
Rice Energy, Inc. (a)		5,339	$	92,418
RSP Permian, Inc. (a)		18,470		565,367
Sanchez Energy Corp. (a)		9,716		87,347
SM Energy Co.		18,610		579,888
Southwestern Energy Co. (a)		103,611		1,391,496
Stone Energy Corp. (a)		16,073		15,753
Synergy Resources Corp. (a)		35,182		254,014
Ultra Petroleum Corp. (a)		41,976		13,105
W&T Offshore, Inc. (a)		10,377		25,009
Whiting Petroleum Corp. (a)		55,527		666,324
WPX Energy, Inc. (a)		74,710		721,699

				101,504,986

Oil & Gas Refining & Marketing – 8.3%
Alon USA Energy, Inc.		7,813		82,037
Clean Energy Fuels Corp. (a)		20,297		58,049
CVR Energy, Inc.		5,720		138,882
Delek US Holdings, Inc.		14,292		227,100
Green Plains, Inc.		10,320		186,792
HollyFrontier Corp.		48,757		1,735,749
Marathon Petroleum Corp.		145,864		5,700,365
Par Pacific Holdings, Inc. (a)		5,819		111,201
PBF Energy, Inc. Class A		27,327		879,383
Phillips 66		144,695		11,880,906
Renewable Energy Group, Inc. (a)		8,248		80,171
REX American Resources Corp. (a)		2,567		139,568
Tesoro Corp.		33,568		2,675,034
Valero Energy Corp.		131,218		7,724,804
Western Refining, Inc.		20,698		553,878
World Fuel Services Corp.		20,873		975,395

				33,149,314



	Shares		Value
Oil & Gas Storage & Transportation – 7.3%
Cheniere Energy, Inc. (a)		60,425	$	2,349,324
Columbia Pipeline Group, Inc.		108,603		2,782,409
Enbridge Energy Management LLC (a)		15,872		336,328
EnLink Midstream LLC		13,565		194,386
Gener8 Maritime, Inc. (a)		14,561		105,276
Kinder Morgan, Inc.		511,223		9,079,321
ONEOK, Inc.		57,275		2,070,491
Plains GP Holdings LP Class A		61,592		609,761
SemGroup Corp. Class A		11,912		365,222
Spectra Energy Corp.		183,881		5,749,959
Tallgrass Energy GP LP		13,017		271,144
Targa Resources Corp.		43,253		1,750,016
The Williams Cos., Inc.		192,060		3,724,043

				29,387,680


TOTAL OIL, GAS & CONSUMABLE FUELS				328,447,796


TOTAL COMMON STOCKS (Cost $443,136,323)				397,749,607


Money Market Funds – 0.1%

SSgA US Treasury Money Market Fund, 0.10% (b) (Cost $337,055)		337,055		337,055


TOTAL INVESTMENT PORTFOLIO – 99.9% (Cost $443,473,378)				398,086,662

NET OTHER ASSETS (LIABILITIES) – 0.1%				206,490


NET ASSETS – 100%			$	398,293,152

Legend

(a)

Non-income producing.

(b)

The rate quoted is the annualized seven-day yield of the fund at period end.

At April 30, 2016, the cost of investment securities for income tax purposes was $457,763,801. Net unrealized depreciation aggregated $59,677,139, of which $6,052,472 related to appreciated investment securities and $65,729,611 related to depreciated investment securities.

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


Common Stocks – 99.9%
	Shares		Value
BANKS – 32.8%
Diversified Banks – 22.3%
Bank of America Corp.		670,408	$	9,761,140
Citigroup, Inc.		191,806		8,876,782
Comerica, Inc.		11,369		504,783
JPMorgan Chase & Co.		236,999		14,978,337
US Bancorp		112,617		4,807,620
Wells Fargo & Co.		312,408		15,614,152

				54,542,814

Regional Banks – 10.5%
1st Source Corp.		845		29,102
Ameris Bancorp		2,105		66,097
Arrow Financial Corp.		812		22,866
Associated Banc-Corp		9,821		179,135
Banc of California, Inc.		2,439		49,634
Bancfirst Corp.		461		28,753
BancorpSouth, Inc.		5,511		129,453
Bank of Hawaii Corp.		2,772		189,633
Bank of the Ozarks, Inc.		5,102		210,713
BankUnited, Inc.		6,727		232,082
Banner Corp.		1,352		57,839
BB&T Corp.		52,296		1,850,232
BBCN Bancorp, Inc.		5,211		81,396
Berkshire Hills Bancorp, Inc.		1,876		50,915
Blue Hills Bancorp, Inc.		1,683		24,538
BNC Bancorp		2,321		51,898
BOK Financial Corp.		1,535		92,376
Boston Private Financial Holdings, Inc.		5,391		65,878
Bridge Bancorp, Inc.		989		30,105
Brookline Bancorp, Inc.		4,609		52,450
Bryn Mawr Bank Corp.		859		24,413
Camden National Corp.		682		29,674
Capital Bank Financial Corp. Class A		1,566		47,340
Cardinal Financial Corp.		2,087		46,185
Cascade Bancorp (a)		2,084		12,608
Cathay General Bancorp		4,931		150,494
Centerstate Banks, Inc.		3,019		49,180
Central Pacific Financial Corp.		2,012		46,960
Chemical Financial Corp.		2,425		93,266
CIT Group, Inc.		10,970		379,233
Citizens Financial Group, Inc.		33,972		776,260
City Holding Co.		1,012		49,709
CoBiz Financial, Inc.		2,424		29,355
Columbia Banking System, Inc.		3,747		110,499
Commerce Bancshares, Inc.		5,712		267,436
Community Bank System, Inc.		2,803		110,915
Community Trust Bancorp, Inc.		1,075		38,560
ConnectOne Bancorp, Inc.		1,869		32,165
Cullen/Frost Bankers, Inc.		3,599		230,300
Customers Bancorp, Inc. (a)		1,733		45,023
CVB Financial Corp.		6,541		112,374
Eagle Bancorp, Inc. (a)		1,916		97,141
East West Bancorp, Inc.		9,312		349,107



	Shares		Value
Enterprise Financial Services Corp.		1,244	$	34,048
FCB Financial Holdings, Inc. Class A (a)		2,179		76,156
Fidelity Southern Corp.		1,082		17,485
Fifth Third Bancorp		51,134		936,264
First BanCorp (a)		7,531		29,371
First BanCorp/NC		1,195		24,378
First Busey Corp.		1,570		32,091
First Citizens BancShares, Inc. Class A		460		117,300
First Commonwealth Financial Corp.		5,758		52,858
First Community Bancshares, Inc.		1,044		21,726
First Financial Bancorp		4,073		79,424
First Financial Bankshares, Inc.		3,361		108,829
First Financial Corp.		595		21,081
First Horizon National Corp.		15,215		214,227
First Interstate Bancsystem, Inc. Class A		1,381		37,425
First Merchants Corp.		2,493		63,945
First Midwest Bancorp, Inc.		5,053		93,379
First NBC Bank Holding Co. (a)		1,013		22,023
First Niagara Financial Group, Inc.		23,686		250,124
First Republic Bank		9,402		661,149
FirstMerit Corp.		10,767		238,597
Flushing Financial Corp.		1,750		34,913
FNB Corp.		13,538		178,972
Fulton Financial Corp.		11,147		155,947
German American Bancorp, Inc.		784		25,268
Glacier Bancorp, Inc.		4,982		128,984
Great Southern Bancorp, Inc.		636		24,079
Great Western Bancorp, Inc.		3,349		105,560
Hancock Holding Co.		5,036		130,785
Hanmi Financial Corp.		2,099		48,529
Heartland Financial USA, Inc.		1,071		35,889
Heritage Financial Corp.		1,865		34,409
Hilltop Holdings, Inc. (a)		4,883		96,976
Home BancShares, Inc.		4,086		175,657
HomeTrust Bancshares, Inc. (a)		1,274		23,633
Huntington Bancshares, Inc.		51,210		515,173
Iberiabank Corp.		2,691		158,742
Independent Bank Corp.		1,625		76,424
Independent Bank Group, Inc.		772		28,255
International Bancshares Corp.		3,654		95,698
Investors Bancorp, Inc.		21,991		253,996
KeyCorp		53,676		659,678
Lakeland Bancorp, Inc.		2,708		30,032
Lakeland Financial Corp.		1,113		52,634
LegacyTexas Financial Group, Inc.		2,927		72,180
Live Oak Bancshares, Inc.		377		5,934
M&T Bank Corp.		9,270		1,096,826
MainSource Financial Group, Inc.		1,312		28,667
MB Financial, Inc.		4,747		165,006
National Bank Holdings Corp. Class A		1,966		39,300
NBT Bancorp, Inc.		2,873		81,421
OFG Bancorp		2,861		25,263
Old National Bancorp		7,312		97,981
Opus Bank		1,285		46,414


Common Stocks – continued
	Shares		Value
BANKS – continued
Regional Banks – continuied
Pacific Premier Bancorp, Inc. (a)		1,311	$	30,494
PacWest Bancorp		7,406		296,092
Park National Corp.		829		76,102
People’s United Financial, Inc.		20,010		310,155
Peoples Bancorp, Inc.		1,106		23,768
Pinnacle Financial Partners, Inc.		2,517		123,761
Popular, Inc.		6,751		200,640
Preferred Bank		763		24,233
PrivateBancorp, Inc.		4,822		200,643
Prosperity Bancshares, Inc.		4,321		228,019
Regions Financial Corp.		84,019		788,098
Renasant Corp.		2,458		84,408
Republic Bancorp, Inc. Class A		686		18,735
S&T Bancorp, Inc.		2,166		55,601
Sandy Spring Bancorp, Inc.		1,563		44,686
Seacoast Banking Corp. of Florida (a)		1,615		26,195
ServisFirst Bancshares, Inc.		1,402		69,091
Signature Bank (a)		3,292		453,736
Simmons First National Corp. Class A		1,819		84,947
South State Corp.		1,596		111,688
Southside Bancshares, Inc.		1,517		44,312
State Bank Financial Corp.		2,291		47,836
Sterling Bancorp/DE		7,516		122,811
Stock Yards Bancorp, Inc.		943		38,135
SunTrust Banks, Inc.		32,784		1,368,404
SVB Financial Group (a)		3,336		347,878
Synovus Financial Corp.		8,406		261,931
Talmer Bancorp, Inc. Class A		4,291		83,245
TCF Financial Corp.		10,330		140,901
Texas Capital Bancshares, Inc. (a)		2,939		134,665
The Bancorp, Inc. (a)		2,340		13,268
The PNC Financial Services Group, Inc.		32,704		2,870,757
Tompkins Financial Corp.		854		55,800
Towne Bank		2,667		56,007
Trico Bancshares		1,414		38,065
TriState Capital Holdings Inc. (a)		1,479		19,759
Trustmark Corp.		4,075		99,878
UMB Financial Corp.		2,674		149,076
Umpqua Holdings Corp.		14,313		226,575
Union Bankshares Corp.		2,966		78,332
United Bankshares, Inc.		4,474		173,099
United Community Banks, Inc.		3,680		74,078
Univest Corp. of Pennsylvania		1,299		25,642
Valley National Bancorp		15,509		146,715
Washington Trust Bancorp, Inc.		947		34,689
Webster Financial Corp.		5,872		215,150
WesBanco, Inc.		2,265		72,774
Westamerica BanCorp.		1,651		80,437
Western Alliance Bancorp (a)		5,594		204,629
Wilshire Bancorp, Inc.		4,752		51,179
Wintrust Financial Corp.		2,935		152,679
Yadkin Financial Corp.		2,865		71,682



	Shares		Value
Zions BanCorp.		13,207	$	363,457

				25,599,334


TOTAL BANKS				80,142,148


CAPITAL MARKETS – 10.7%
Asset Management & Custody Banks – 6.1%
Affiliated Managers Group, Inc. (a)		3,482		593,054
Ameriprise Financial, Inc.		11,208		1,074,847
Arlington Asset Investment Corp. Class A		892		11,543
Artisan Partners Asset Management, Inc. Class A		2,258		72,956
Associated Capital Group, Inc. Class A (a)		335		10,208
BlackRock, Inc.		7,925		2,823,915
Cohen & Steers, Inc.		1,341		52,661
Diamond Hill Investment Group, Inc.		197		34,526
Eaton Vance Corp.		7,411		255,902
Federated Investors, Inc. Class B		5,731		181,100
Financial Engines, Inc.		3,293		106,068
Franklin Resources, Inc.		25,162		939,549
GAMCO Investors, Inc. Class A		335		13,256
Invesco Ltd.		27,285		846,108
Janus Capital Group, Inc.		9,653		140,934
Legg Mason, Inc.		6,285		201,811
Northern Trust Corp.		14,134		1,004,645
NorthStar Asset Management Group, Inc.		12,512		155,649
OM Asset Management PLC		2,748		36,878
Pzena Investment Management, Inc. Class A		771		6,985
Safeguard Scientifics, Inc. (a)		1,398		19,292
SEI Investments Co.		8,990		432,239
State Street Corp.		26,016		1,620,797
T Rowe Price Group, Inc.		16,159		1,216,611
The Bank of New York Mellon Corp.		70,391		2,832,534
Virtus Investment Partners, Inc.		454		35,512
Waddell & Reed Financial, Inc. Class A		5,348		108,778
Westwood Holdings Group, Inc.		493		28,372
WisdomTree Investments, Inc.		7,618		82,960

				14,939,690

Diversified Capital Markets – 0.0%
HFF, Inc. Class A		2,218		70,599

Investment Banking & Brokerage – 4.6%
BGC Partners, Inc. Class A		13,066		118,639
Cowen Group, Inc. Class A (a)		6,651		23,179
E*TRADE Financial Corp. (a)		18,882		475,449
Evercore Partners, Inc. Class A		2,545		131,424
Greenhill & Co., Inc.		1,788		39,372
Houlihan Lokey, Inc.		778		19,613
Interactive Brokers Group, Inc. Class A		3,928		149,264
INTL. FCStone, Inc. (a)		988		26,972
KCG Holdings, Inc. Class A (a)		3,097		42,429
Ladenburg Thalmann Financial Services, Inc. (a)		6,499		17,417
LPL Financial Holdings, Inc.		4,891		129,122


Common Stocks – continued
	Shares		Value
CAPITAL MARKETS – continued
Investment Banking & Brokerage – continued
Moelis & Co. Class A		1,165	$	32,748
Morgan Stanley		93,562		2,531,788
Oppenheimer Holdings, Inc. Class A		767		11,720
Piper Jaffray Cos. (a)		1,026		42,795
Raymond James Financial, Inc.		8,337		434,941
Stifel Financial Corp. (a)		4,286		141,052
TD Ameritrade Holding Corp.		17,272		515,224
The Charles Schwab Corp.		76,342		2,168,876
The Goldman Sachs Group, Inc.		24,712		4,055,486
Virtu Financial, Inc. Class A		2,175		45,349

				11,152,859


TOTAL CAPITAL MARKETS				26,163,148


CONSUMER FINANCE – 4.5%
Consumer Finance – 4.5%
Ally Financial, Inc. (a)		27,942		497,647
American Express Co.		53,868		3,524,583
Capital One Financial Corp.		34,279		2,481,457
Cash America International, Inc.		1,633		60,356
Credit Acceptance Corp. (a)		472		92,639
Discover Financial Services		27,497		1,547,256
Encore Capital Group, Inc. (a)		1,594		44,871
Enova International, Inc. (a)		1,688		14,871
Ezcorp, Inc. Class A (a)		3,171		15,696
First Cash Financial Services, Inc.		1,787		81,720
Green Dot Corp. Class A (a)		2,491		55,375
Navient Corp.		23,333		318,962
Nelnet, Inc. Class A		1,592		66,721
OneMain Holdings, Inc. (a)		3,892		123,843
PRA Group, Inc. (a)		3,094		102,659
SLM Corp. (a)		27,475		186,006
Synchrony Financial (a)		53,640		1,639,775
World Acceptance Corp. (a)		427		18,528


TOTAL CONSUMER FINANCE				10,872,965


DIVERSIFIED FINANCIAL SERVICES – 8.5%
Multi-Sector Holdings – 4.7%
Berkshire Hathaway, Inc. Class B (a)		76,356		11,108,271
FNFV Group (a)		5,211		56,122
Leucadia National Corp.		21,042		350,981
PICO Holdings, Inc. (a)		1,475		14,647
Texas Pacific Land Trust		522		79,083

				11,609,104

Other Diversified Financial Services – 0.2%
Voya Financial Inc.		13,866		450,229

Specialized Finance – 3.6%
CBOE Holdings, Inc.		5,338		330,743
CME Group, Inc.		20,706		1,903,089
FactSet Research Systems, Inc.		2,539		382,754
Intercontinental Exchange, Inc.		7,652		1,836,710



	Shares		Value
MarketAxess Holdings, Inc.		2,415	$	296,465
Moody’s Corp.		11,449		1,095,898
Morningstar, Inc.		1,273		105,914
MSCI, Inc.		6,284		477,207
Nasdaq, Inc.		7,402		456,777
NewStar Financial, Inc. (a)		1,311		12,612
On Deck Capital, Inc. (a)		2,208		19,055
S&P Global, Inc.		17,427		1,862,075

				8,779,299


TOTAL DIVERSIFIED FINANCIAL SERVICES				20,838,632


INSURANCE – 17.0%
Insurance Brokers – 2.4%
Aon PLC		17,656		1,855,999
Arthur J Gallagher & Co.		11,390		524,396
Brown & Brown, Inc.		7,773		272,910
Marsh & McLennan Cos., Inc.		33,616		2,122,850
Willis Towers Watson PLC		8,408		1,050,159

				5,826,314

Life & Health Insurance – 4.1%
Aflac, Inc.		27,506		1,897,089
American Equity Investment Life Holding Co.		5,033		70,462
Citizens, Inc. (a)		3,032		24,711
CNO Financial Group, Inc.		11,979		220,054
FBL Financial Group, Inc. Class A		698		42,208
Fidelity & Guaranty Life		843		22,289
Genworth Financial, Inc. Class A (a)		30,431		104,378
Lincoln National Corp.		15,905		691,072
MetLife, Inc.		60,857		2,744,651
National Western Life Group, Inc. Class A		151		32,722
Primerica, Inc.		3,159		156,560
Principal Financial Group, Inc.		18,816		803,067
Prudential Financial, Inc.		28,929		2,246,048
Torchmark Corp.		7,978		461,846
Unum Group		15,724		537,918

				10,055,075

Multi-line Insurance – 3.0%
American Financial Group, Inc.		4,478		309,475
American International Group, Inc.		79,648		4,445,951
American National Insurance Co.		515		59,802
Assurant, Inc.		4,262		360,437
Hartford Financial Services Group, Inc.		26,357		1,169,724
Horace Mann Educators Corp.		2,515		78,216
Kemper Corp.		2,685		83,128
Loews Corp.		18,255		724,358
National General Holdings Corp.		3,164		63,881

				7,294,972

Property & Casualty Insurance – 6.5%
Allied World Assurance Co. Holdings AG		5,917		210,527
Ambac Financial Group, Inc. (a)		2,596		42,133
AMERISAFE, Inc.		1,263		68,050


Common Stocks – continued
	Shares		Value
INSURANCE – continued
Property & Casualty Insurance – continued
Amtrust Financial Services, Inc.		5,676	$	141,049
Arch Capital Group Ltd. (a)		7,891		556,237
Argo Group International Holdings Ltd.		1,784		98,067
Aspen Insurance Holdings Ltd.		3,964		183,731
Assured Guaranty Ltd.		9,105		235,546
Axis Capital Holdings Ltd.		6,202		330,381
Baldwin & Lyons, Inc. Class B		637		15,568
Chubb Ltd.		29,677		3,497,731
Cincinnati Financial Corp.		10,018		661,288
Donegal Group, Inc. Class A		700		10,717
EMC Insurance Group, Inc.		583		15,426
Employers Holdings, Inc.		1,948		57,856
Erie Indemnity Co. Class A		1,621		153,006
Federated National Holding Co.		906		17,259
First American Financial Corp.		7,070		254,661
FNF Group		16,036		511,548
Global Indemnity PLC (a)		643		20,222
HCI Group, Inc.		637		19,085
Heritage Insurance Holdings, Inc.		1,655		21,995
Infinity Property & Casualty Corp.		676		54,188
James River Group Holdings Ltd.		758		23,468
Markel Corp. (a)		897		806,502
MBIA, Inc. (a)		8,376		65,333
Mercury General Corp.		813		43,008
National Interstate Corp.		522		16,072
Old Republic International Corp.		16,053		296,820
OneBeacon Insurance Group Ltd. Class A		1,419		17,596
ProAssurance Corp.		3,440		164,191
RLI Corp.		2,372		147,491
Safety Insurance Group, Inc.		868		49,137
Selective Insurance Group, Inc.		3,525		122,353
State Auto Financial Corp.		1,070		21,946
State National Cos., Inc.		2,044		23,056
Stewart Information Services Corp.		1,235		43,003
The Allstate Corp.		24,915		1,620,721
The Hanover Insurance Group, Inc.		2,787		239,013
The Navigators Group, Inc. (a)		746		61,627
The Progressive Corp.		37,607		1,225,988
The Travelers Cos., Inc.		19,602		2,154,260
United Fire Group, Inc.		1,357		60,821
United Insurance Holdings Corp.		1,127		18,381
Universal Insurance Holdings Inc.		2,146		37,791
White Mountains Insurance Group Ltd.		365		302,950
WR Berkley Corp.		6,366		356,496
XL Group PLC		19,172		627,500

				15,721,795

Reinsurance – 1.0%
Alleghany Corp. (a)		1,006		524,408
Endurance Specialty Holdings Ltd.		4,092		261,806
Enstar Group Ltd. (a)		691		109,482



	Shares		Value
Everest Re Group Ltd.		2,775	$	513,098
Greenlight Capital Re Ltd. (a)		1,966		42,328
Maiden Holdings Ltd.		3,539		43,282
Reinsurance Group of America, Inc.		4,237		403,447
RenaissanceRe Holdings Ltd.		2,647		293,579
Third Point Reinsurance Ltd. (a)		3,806		43,312
Validus Holdings Ltd.		5,272		242,986

				2,477,728


TOTAL INSURANCE				41,375,884


REAL ESTATE INVESTMENT TRUSTS (REITS) – 24.6%
Diversified REIT’s – 1.7%
American Assets Trust, Inc.		2,146		85,132
Cousins Properties, Inc.		13,089		135,471
Duke Realty Corp.		22,213		485,798
Empire State Realty Trust, Inc. Class A		7,245		134,105
First Potomac Realty Trust		3,867		32,521
Forest City Realty Trust, Inc. Class A		15,481		321,695
Global Net Lease, Inc.		10,799		91,468
Gramercy Property Trust		27,336		231,536
Investors Real Estate Trust		7,941		47,805
Lexington Realty Trust		13,704		120,321
Liberty Property Trust		9,578		334,272
NorthStar Realty Finance Corp.		12,254		156,729
One Liberty Properties, Inc.		918		21,500
PS Business Parks, Inc.		1,305		124,967
RAIT Financial Trust		5,929		18,024
Select Income REIT		4,332		100,286
Spirit Realty Capital, Inc.		30,557		349,266
STORE Capital Corp.		9,058		232,519
VEREIT, Inc.		58,231		517,091
Washington Real Estate Investment Trust		4,698		134,692
Winthrop Realty Trust (a)		2,091		26,597
WP Carey, Inc.		6,390		390,365

				4,092,160

Health Care REIT’s – 2.5%
Care Capital Properties, Inc.		5,482		146,205
CareTrust REIT, Inc.		3,767		47,916
HCP, Inc.		29,928		1,012,464
Healthcare Realty Trust, Inc.		6,556		198,516
Healthcare Trust of America, Inc. Class A		8,139		235,136
LTC Properties, Inc.		2,311		107,207
Medical Properties Trust, Inc.		15,217		202,538
National Health Investors, Inc.		2,314		157,560
New Senior Investment Group, Inc.		5,517		59,584
Omega Healthcare Investors, Inc.		12,085		408,110
Physicians Realty Trust		8,427		152,782
Sabra Health Care REIT, Inc.		4,218		88,958
Senior Housing Properties Trust		15,297		268,921
Universal Health Realty Income Trust		416		22,714
Ventas, Inc.		21,425		1,330,921
Welltower, Inc.		22,763		1,580,207

				6,019,739


Common Stocks – continued
	Shares		Value
REAL ESTATE INVESTMENT TRUSTS (REITS) – continued
Hotel & Resort REIT’s – 1.1%
Apple Hospitality REIT, Inc.		10,623	$	201,093
Ashford Hospitality Prime, Inc.		1,959		21,921
Ashford Hospitality Trust, Inc.		6,080		33,987
Chatham Lodging Trust		2,505		53,382
Chesapeake Lodging Trust		3,848		94,776
DiamondRock Hospitality Co.		12,995		115,786
FelCor Lodging Trust, Inc.		8,682		62,163
Hersha Hospitality Trust		2,706		52,199
Hospitality Properties Trust		9,293		237,808
Host Hotels & Resorts, Inc.		48,385		765,451
LaSalle Hotel Properties		7,218		172,510
Pebblebrook Hotel Trust		4,642		128,305
RLJ Lodging Trust		8,095		170,562
Ryman Hospitality Properties, Inc.		3,014		155,311
Summit Hotel Properties, Inc.		5,565		63,441
Sunstone Hotel Investors, Inc.		14,041		179,865
Xenia Hotels & Resorts, Inc.		6,897		106,076

				2,614,636

Industrial REIT’s – 0.9%
DCT Industrial Trust, Inc.		5,704		230,270
EastGroup Properties, Inc.		2,103		125,654
First Industrial Realty Trust, Inc.		6,802		156,038
Monmouth Real Estate Investment Corp. Class A		3,552		40,848
Prologis, Inc.		33,734		1,531,861
Rexford Industrial Realty, Inc.		4,158		78,046
STAG Industrial, Inc.		4,439		88,602
Terreno Realty Corp.		2,741		62,413

				2,313,732

Mortgage REIT’s – 1.3%
AG Mortgage Investment Trust, Inc.		1,898		25,414
Altisource Residential Corp.		3,598		41,809
American Capital Agency Corp.		22,239		408,531
American Capital Mortgage Investment Corp.		3,361		49,844
Annaly Capital Management, Inc.		61,261		638,340
Anworth Mortgage Asset Corp.		6,797		32,082
Apollo Commercial Real Estate Finance, Inc.		4,382		69,805
Apollo Residential Mortgage, Inc.		2,122		28,774
ARMOUR Residential REIT, Inc.		2,575		54,796
Blackstone Mortgage Trust, Inc. Class A		5,659		155,509
Capstead Mortgage Corp.		6,312		61,353
Chimera Investment Corp.		11,565		164,223
Colony Financial, Inc. Class A		7,114		125,776
CYS Investments, Inc.		10,238		83,030
Dynex Capital, Inc.		2,952		19,188
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		2,303		44,678
Hatteras Financial Corp.		6,344		100,806
Invesco Mortgage Capital, Inc.		7,681		98,701
iStar, Inc. (a)		5,523		54,125



	Shares		Value
Ladder Capital Corp.		2,923	$	34,813
MFA Financial, Inc.		23,873		164,962
New Residential Investment Corp.		15,022		181,766
New York Mortgage Trust, Inc.		6,888		35,818
Newcastle Investment Corp.		4,333		18,805
PennyMac Mortgage Investment Trust		1,036		14,079
Redwood Trust, Inc.		5,187		67,224
Resource Capital Corp.		2,182		25,922
Starwood Property Trust, Inc.		15,349		297,157
Two Harbors Investment Corp.		23,417		183,355
United Development Funding IV		1,832		5,862
Western Asset Mortgage Capital Corp.		2,768		27,597

				3,314,144

Office REIT’s – 2.5%
Alexandria Real Estate Equities, Inc.		4,688		435,750
Boston Properties, Inc.		9,879		1,273,008
Brandywine Realty Trust		11,279		168,621
Columbia Property Trust, Inc.		7,698		171,665
Corporate Office Properties Trust		6,155		158,060
Douglas Emmett, Inc.		9,051		293,705
Easterly Government Properties, Inc.		930		17,159
Equity Commonwealth (a)		7,696		214,795
Franklin Street Properties Corp.		5,920		62,870
Government Properties Income Trust		4,038		76,399
Highwoods Properties, Inc.		6,163		287,997
Hudson Pacific Properties, Inc.		4,876		142,623
Kilroy Realty Corp.		5,949		385,555
Mack-Cali Realty Corp.		5,453		139,379
New York REIT, Inc.		10,356		101,800
NorthStar Realty Europe Corp.		4,271		50,953
Paramount Group, Inc.		10,379		173,329
Parkway Properties, Inc.		5,394		88,731
Piedmont Office Realty Trust, Inc. Class A		9,366		186,477
SL Green Realty Corp.		6,417		674,298
Tier REIT, Inc.		3,026		45,632
Vornado Realty Trust		10,920		1,045,372

				6,194,178

Residential REIT’s – 3.2%
American Campus Communities, Inc.		8,273		370,217
American Homes 4 Rent Class A		11,043		174,700
Apartment Investment & Management Co. Class A		10,062		403,084
AvalonBay Communities, Inc.		8,804		1,556,459
Camden Property Trust		5,611		452,976
Colony Starwood Homes		2,721		66,311
Education Realty Trust, Inc.		4,016		159,716
Equity Lifestyle Properties, Inc.		5,169		354,025
Equity Residential		23,427		1,594,676
Essex Property Trust, Inc.		4,249		936,692
Mid-America Apartment Communities, Inc.		4,863		465,438
Monogram Residential Trust, Inc.		10,113		102,444
Post Properties, Inc.		3,475		199,326


Common Stocks – continued
	Shares		Value
REAL ESTATE INVESTMENT TRUSTS (REITS) – continued
Residential REIT’s – continued
Silver Bay Realty Trust Corp.		2,188	$	31,945
Sun Communities, Inc.		3,916		265,779
UDR, Inc.		16,876		589,310

				7,723,098

Retail REIT’s – 5.0%
Acadia Realty Trust		4,437		149,527
Agree Realty Corp.		1,289		49,987
Alexander’s, Inc.		154		58,931
Brixmor Property Group, Inc.		13,531		341,658
CBL & Associates Properties, Inc.		11,035		128,889
Cedar Realty Trust, Inc.		4,938		34,171
DDR Corp.		19,889		348,057
Equity One, Inc.		5,888		166,630
Federal Realty Investment Trust		4,466		679,189
General Growth Properties, Inc.		36,913		1,034,671
Getty Realty Corp.		1,806		35,542
Kimco Realty Corp.		26,607		748,189
Kite Realty Group Trust		5,316		144,755
National Retail Properties, Inc.		8,795		384,869
Pennsylvania Real Estate Investment Trust		4,561		104,629
Ramco-Gershenson Properties Trust		5,108		90,463
Realty Income Corp.		16,060		950,752
Regency Centers Corp.		6,086		448,538
Retail Opportunity Investments Corp.		6,462		127,108
Retail Properties of America, Inc. Class A		15,233		243,576
Rouse Properties, Inc.		2,606		48,133
Saul Centers, Inc.		838		44,565
Seritage Growth Properties, Class A		1,595		85,125
Simon Property Group, Inc.		19,920		4,007,306
Tanger Factory Outlet Centers		6,210		217,847
Taubman Centers, Inc.		3,893		270,369
The Macerich Co.		8,664		659,157
Urban Edge Properties		6,481		168,117
Urstadt Biddle Properties, Inc. Class A		1,360		27,962
Weingarten Realty Investors		7,593		280,334
WP Glimcher, Inc.		11,923		125,072

				12,204,118

Specialized REIT’s – 6.4%
American Tower Corp.		27,278		2,860,917
CatchMark Timber Trust, Inc. Class A		2,678		28,414
Communications Sales & Leasing, Inc.		8,211		190,742
CoreSite Realty Corp.		1,968		147,462
Corrections Corp. of America		7,619		231,770
Crown Castle International Corp.		21,513		1,869,049
CubeSmart		11,144		329,974
CyrusOne, Inc.		4,563		201,365
Digital Realty Trust, Inc.		9,426		829,299
DuPont Fabros Technology, Inc.		4,747		189,026
EPR Properties		3,865		254,626
Equinix, Inc.		4,301		1,420,835



	Shares		Value
Extra Space Storage, Inc.		7,554	$	641,712
Four Corners Property Trust, Inc.		3,734		66,278
Gaming and Leisure Properties, Inc.		11,221		367,937
InfraREIT, Inc.		2,640		43,771
Iron Mountain, Inc.		16,224		592,663
Lamar Advertising Co. Class A		5,285		327,881
Outfront Media, Inc.		8,882		192,651
Potlatch Corp.		2,653		93,439
Public Storage		9,483		2,321,533
QTS Realty Trust, Inc. Class A		3,009		145,696
Rayonier, Inc.		8,016		197,835
Sovran Self Storage, Inc.		2,522		267,887
The Geo Group, Inc.		4,823		154,481
Weyerhaeuser Co.		50,752		1,630,154

				15,597,397


TOTAL REAL ESTATE INVESTMENT TRUSTS (REITS)				60,073,202


REAL ESTATE MANAGEMENT & DEVELOPMENT – 0.8%
Diversified Real Estate Activities – 0.1%
Alexander & Baldwin, Inc.		3,055		116,823
Tejon Ranch Co. (a)		1,034		23,286
The RMR Group, Inc. Class A		494		12,311
The St Joe Co. (a)		1,832		30,869

				183,289

Real Estate Development – 0.1%
Forestar Group, Inc. (a)		2,220		29,970
The Howard Hughes Corp. (a)		2,320		243,994

				273,964

Real Estate Services – 0.6%
Altisource Portfolio Solutions S.A. (a)		989		30,946
CBRE Group, Inc. Class A (a)		19,377		574,140
Jones Lang LaSalle, Inc.		2,921		336,412
Kennedy-Wilson Holdings, Inc.		5,572		120,411
Marcus & Millichap, Inc. (a)		951		23,851
RE/MAX Holdings, Inc. Class A		1,075		39,560
Realogy Holdings Corp. (a)		9,483		338,922

				1,464,242


TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT				1,921,495


THRIFTS & MORTGAGE FINANCE – 1.0%
Thrifts & Mortgage Finance – 1.0%
Anchor BanCorp Wisconsin, Inc. (a)		431		20,628
Astoria Financial Corp.		5,771		86,796
Bank Mutual Corp.		3,054		24,676
Beneficial Bancorp, Inc. (a)		5,406		75,089
BofI Holding, Inc. (a)		3,472		70,725
Capitol Federal Financial, Inc.		8,369		111,224
Dime Community Bancshares, Inc.		2,011		36,419
Essent Group Ltd. (a)		3,931		80,271
EverBank Financial Corp.		5,293		79,818


Common Stocks – continued
	Shares		Value
THRIFTS & MORTGAGE FINANCE – continued
Thrifts & Mortgage Finance – continued
Federal Agricultural Mortgage Corp. Class C		672	$	27,337
Flagstar Bancorp, Inc. (a)		1,530		36,215
HomeStreet, Inc. (a)		1,299		27,993
Kearny Financial Corp.		5,961		75,228
LendingTree, Inc. (a)		448		40,083
Meridian Bancorp, Inc.		1,423		20,804
MGIC Investment Corp. (a)		21,677		156,725
Nationstar Mortgage Holdings, Inc. (a)		2,815		32,626
New York Community Bancorp, Inc.		31,170		468,485
NMI Holdings, Inc. Class A (a)		3,415		21,480
Northfield Bancorp, Inc.		2,748		43,583
Northwest Bancshares, Inc.		6,277		88,004
Ocwen Financial Corp. (a)		7,009		15,840
Oritani Financial Corp.		2,525		43,758
PHH Corp. (a)		3,810		48,882
Provident Financial Services, Inc.		3,810		76,124
Radian Group, Inc.		13,271		169,736
TFS Financial Corp.		4,779		85,544
TrustCo Bank Corp.		6,186		39,652
United Financial Bancorp, Inc.		3,063		39,758



	Shares		Value
Walker & Dunlop, Inc. (a)		1,831	$	40,374
Walter Investment Management Corp. (a)		2,433		17,639
Washington Federal, Inc.		5,989		145,473
Waterstone Financial, Inc.		1,825		25,587
WSFS Financial Corp.		1,812		61,862


TOTAL THRIFTS & MORTGAGE FINANCE				2,434,438


TOTAL COMMON STOCKS (Cost $260,605,560)				243,821,912


Money Market Funds – 0.2%

SSgA US Treasury Money Market Fund, 0.10% (b) (Cost $401,194)		401,194		401,194


TOTAL INVESTMENT PORTFOLIO – 100.1% (Cost $261,006,754)				244,223,106

NET OTHER ASSETS (LIABILITIES) – (0.1%)				(164,530	)


NET ASSETS – 100%			$	244,058,576

Legend

(a)

Non-income producing.

(b)

The rate quoted is the annualized seven-day yield of the fund at period end.

At April 30, 2016, the cost of investment securities for income tax purposes was $261,419,429. Net unrealized depreciation aggregated $17,196,323, of which $4,771,020 related to appreciated investment securities and $21,967,343 related to depreciated investment securities.

prepayment speeds etc.): Level 3 – unobservable inputs (including the Fund’s own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund’s investments by major category are as follows:

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


Common Stocks – 99.8%
	Shares		Value
BIOTECHNOLOGY – 23.9%
Biotechnology – 23.9%
AbbVie, Inc.		313,546	$	19,126,306
ACADIA Pharmaceuticals, Inc. (a)		18,076		583,855
Acceleron Pharma, Inc. (a)		5,364		160,652
Achillion Pharmaceuticals, Inc. (a)		21,031		179,815
Acorda Therapeutics, Inc. (a)		8,406		217,295
Aduro Biotech, Inc. (a)		4,191		54,273
Advaxis, Inc. (a)		6,321		48,925
Aegerion Pharmaceuticals, Inc. (a)		5,218		14,871
Agios Pharmaceuticals, Inc. (a)		4,360		213,422
Aimmune Therapeutics, Inc. (a)		2,475		32,051
Alder Biopharmaceuticals, Inc. (a)		7,566		200,877
Alexion Pharmaceuticals, Inc. (a)		43,262		6,025,531
Alkermes PLC (a)		28,894		1,148,536
Alnylam Pharmaceuticals, Inc. (a)		14,712		986,292
AMAG Pharmaceuticals, Inc. (a)		6,617		175,483
Amgen, Inc.		144,744		22,912,975
Amicus Therapeutics, Inc. (a)		21,866		163,339
Anacor Pharmaceuticals, Inc. (a)		7,237		454,049
Ardelyx, Inc. (a)		3,701		29,645
Arena Pharmaceuticals, Inc. (a)		46,443		79,882
Ariad Pharmaceuticals, Inc. (a)		34,566		248,184
Array BioPharma, Inc. (a)		27,666		88,255
Arrowhead Pharmaceuticals, Inc. (a)		11,585		67,077
Atara Biotherapeutics, Inc. (a)		3,316		59,721
Axovant Sciences Ltd. (a)		4,836		62,868
Baxalta, Inc.		130,816		5,487,731
Bellicum Pharmaceuticals, Inc. (a)		4,075		41,321
BioCryst Pharmaceuticals, Inc. (a)		11,326		36,923
Biogen, Inc. (a)		42,757		11,757,747
BioMarin Pharmaceutical, Inc. (a)		31,006		2,625,588
Biotime, Inc. (a)		12,924		37,738
Bluebird Bio, Inc. (a)		6,413		284,417
Blueprint Medicines Corp. (a)		3,493		53,024
Cara Therapeutics, Inc. (a)		3,182		19,410
Celgene Corp. (a)		150,688		15,582,646
Celldex Therapeutics, Inc. (a)		19,049		76,196
Cepheid, Inc. (a)		13,902		396,763
Chiasma, Inc. (a)		2,110		7,111
Chimerix, Inc. (a)		7,943		47,499
Clovis Oncology, Inc. (a)		5,858		81,485
Coherus Biosciences, Inc. (a)		3,275		61,668
Concert Pharmaceuticals, Inc. (a)		2,761		38,488
Dyax Corp. (a)		31,822		75,100
Dynavax Technologies Corp. (a)		7,418		121,729
Eagle Pharmaceuticals, Inc. (a)		1,620		61,333
Emergent Biosolutions, Inc. (a)		5,953		229,310
Enanta Pharmaceuticals, Inc. (a)		1,989		58,079
Epizyme, Inc. (a)		7,397		77,077
Esperion Therapeutics, Inc. (a)		2,351		38,533
Exact Sciences Corp. (a)		18,560		130,291
Exelixis, Inc. (a)		43,388		200,019



	Shares		Value
FibroGen, Inc. (a)		9,362	$	168,516
Five Prime Therapeutics, Inc. (a)		4,020		191,312
Foundation Medicine, Inc. (a)		1,989		31,725
Genomic Health, Inc. (a)		3,598		94,555
Geron Corp. (a)		31,190		92,011
Gilead Sciences, Inc.		276,519		24,391,741
Global Blood Therapeutics, Inc. (a)		1,768		35,661
Halozyme Therapeutics, Inc. (a)		20,754		218,955
Heron Therapeutics, Inc. (a)		5,863		125,703
Immune Design Corp. (a)		1,555		21,210
ImmunoGen, Inc. (a)		16,649		114,046
Immunomedics, Inc. (a)		18,667		66,268
Incyte Corp. Ltd. (a)		32,189		2,326,299
Infinity Pharmaceuticals, Inc. (a)		9,497		55,083
Inovio Pharmaceuticals, Inc. (a)		13,377		140,191
Insmed, Inc. (a)		11,368		138,121
Insys Therapeutics, Inc. (a)		4,834		70,045
Intercept Pharmaceuticals, Inc. (a)		3,304		498,045
Intrexon Corp. (a)		9,076		242,601
Ionis Pharmaceuticals, Inc. (a)		23,198		950,422
Ironwood Pharmaceuticals, Inc. (a)		24,725		258,376
Juno Therapeutics, Inc. (a)		8,694		365,930
Karyopharm Therapeutics, Inc. (a)		3,794		35,284
Keryx Biopharmaceuticals, Inc. (a)		20,112		109,409
Kite Pharma, Inc. (a)		7,368		340,991
La Jolla Pharmaceutical Co. (a)		2,742		50,754
Lexicon Pharmaceuticals, Inc. (a)		7,930		109,513
Ligand Pharmaceuticals, Inc. (a)		3,425		413,980
Lion Biotechnologies, Inc. (a)		8,277		46,931
MacroGenics, Inc. (a)		5,306		109,091
MannKind Corp. (a)		51,446		69,452
Medivation, Inc. (a)		31,510		1,821,278
Merrimack Pharmaceuticals, Inc. (a)		20,306		143,766
MiMedx Group, Inc. (a)		18,163		136,767
Mirati Therapeutics, Inc. (a)		2,412		49,977
Momenta Pharmaceuticals, Inc. (a)		12,644		120,244
Myriad Genetics, Inc. (a)		13,463		484,668
NantKwest, Inc. (a)		3,899		32,323
Neurocrine Biosciences, Inc. (a)		16,655		759,135
NewLink Genetics Corp. (a)		4,148		67,239
Northwest Biotherapeutics, Inc. (a)		13,575		19,005
Novavax, Inc. (a)		51,620		270,489
OncoMed Pharmaceuticals, Inc. (a)		2,275		28,210
Ophthotech Corp. (a)		4,809		224,773
Opko Health, Inc. (a)		63,087		678,185
Organovo Holdings, Inc. (a)		16,783		45,650
Osiris Therapeutics, Inc. (a)		3,676		20,622
Otonomy, Inc. (a)		3,901		55,628
OvaScience, Inc. (a)		4,156		34,827
PDL BioPharma, Inc.		29,874		112,625
Portola Pharmaceuticals, Inc. (a)		10,669		253,495
Progenics Pharmaceuticals, Inc. (a)		13,678		72,630
Pronai Therapeutics, Inc. (a)		3,484		19,510


Common Stocks – continued
	Shares		Value
BIOTECHNOLOGY – continued
Biotechnology – continued
Prothena Corp. PLC (a)		5,504	$	237,718
Radius Health, Inc. (a)		5,366		191,030
Raptor Pharmaceutical Corp. (a)		16,465		80,843
Regeneron Pharmaceuticals, Inc. (a)		14,710		5,541,404
Regulus Therapeutics, Inc. (a)		5,927		34,614
Repligen Corp. (a)		6,064		161,545
Retrophin, Inc. (a)		6,151		84,761
Sage Therapeutics, Inc. (a)		3,979		149,969
Sangamo Biosciences, Inc. (a)		13,356		84,143
Sarepta Therapeutics, Inc. (a)		8,126		115,308
Seattle Genetics, Inc. (a)		21,507		763,068
Seres Therapeutics, Inc. (a)		1,916		56,560
Spark Therapeutics, Inc. (a)		3,347		120,124
Spectrum Pharmaceuticals, Inc. (a)		13,397		94,985
Synergy Pharmaceuticals, Inc. (a)		20,669		64,901
Synta Pharmaceuticals Corp. (a)		17,294		6,918
TESARO, Inc. (a)		5,583		231,360
TG Therapeutics, Inc. (a)		7,316		66,649
Trevena, Inc. (a)		6,285		48,960
Ultragenyx Pharmaceutical, Inc. (a)		5,238		354,194
United Therapeutics Corp. (a)		8,786		924,287
Vanda Pharmaceuticals, Inc. (a)		8,081		71,921
Versartis, Inc. (a)		3,633		32,915
Vertex Pharmaceuticals, Inc. (a)		47,206		3,981,354
Xencor, Inc. (a)		5,516		67,571
Zafgen, Inc. (a)		3,238		20,626
ZIOPHARM Oncology, Inc. (a)		22,907		180,049


TOTAL BIOTECHNOLOGY				142,062,449


HEALTH CARE EQUIPMENT & SUPPLIES – 17.3%
Health Care Equipment – 15.8%
Abaxis, Inc.		4,155		188,305
Abbott Laboratories		286,130		11,130,457
ABIOMED, Inc. (a)		7,767		754,486
Accuray, Inc. (a)		15,279		81,895
Analogic Corp.		2,417		190,919
AngioDynamics, Inc. (a)		5,199		63,688
AtriCure, Inc. (a)		5,991		95,257
Baxter International, Inc.		105,087		4,646,947
Becton Dickinson and Co.		40,457		6,524,096
Boston Scientific Corp. (a)		258,353		5,663,098
Cantel Medical Corp.		6,861		459,618
Cardiovascular Systems, Inc. (a)		5,591		78,162
ConforMIS, Inc. (a)		4,913		60,872
CONMED Corp.		4,765		197,366
CR Bard, Inc.		14,162		3,004,751
Cynosure, Inc. Class A (a)		3,940		192,824
DexCom, Inc. (a)		15,657		1,007,998
Edwards Lifesciences Corp. (a)		41,442		4,401,555
Entellus Medical, Inc. (a)		1,201		17,463
Exactech, Inc. (a)		1,991		45,275



	Shares		Value
GenMark Diagnostics, Inc. (a)		7,749	$	45,797
Glaukos Corp. (a)		2,276		42,880
Globus Medical, Inc. Class A (a)		13,759		344,525
Greatbatch, Inc. (a)		5,332		185,554
HeartWare International, Inc. (a)		3,183		106,185
Hill-Rom Holdings, Inc.		12,588		608,630
Hologic, Inc. (a)		46,272		1,554,276
IDEXX Laboratories, Inc. (a)		17,467		1,473,341
Inogen, Inc. (a)		2,536		123,909
Insulet Corp. (a)		10,899		362,937
Integra LifeSciences Holdings Corp. (a)		5,718		404,949
Intuitive Surgical, Inc. (a)		7,163		4,486,617
Invacare Corp.		5,705		64,124
K2M Group Holdings, Inc. (a)		4,756		77,333
LDR Holding Corp. (a)		5,113		137,795
LivaNova PLC (a)		8,366		441,139
Masimo Corp. (a)		9,250		400,987
Medtronic PLC		271,260		21,470,229
Natus Medical, Inc. (a)		6,321		201,450
Nevro Corp. (a)		2,923		196,572
NuVasive, Inc. (a)		9,490		502,401
NxStage Medical, Inc. (a)		10,698		172,452
Orthofix International N.V. (a)		3,681		161,081
ResMed, Inc.		26,884		1,500,127
Rockwell Medical, Inc. (a)		8,648		79,994
St Jude Medical, Inc.		54,172		4,127,906
STERIS PLC		16,477		1,164,430
Stryker Corp.		64,953		7,080,526
SurModics, Inc. (a)		2,531		50,924
Teleflex, Inc.		8,013		1,248,265
Varian Medical Systems, Inc. (a)		18,564		1,507,025
Wright Medical Group N.V. (a)		17,970		337,477
Zeltiq Aesthetics, Inc. (a)		5,952		177,965
Zimmer Biomet Holdings, Inc.		36,198		4,190,642

				93,835,476


Health Care Supplies – 1.5%
Alere, Inc. (a)		15,783		615,537
Align Technology, Inc. (a)		13,036		941,069
Anika Therapeutics, Inc. (a)		2,852		130,222
Atrion Corp.		292		116,012
Cerus Corp. (a)		18,595		116,405
DENTSPLY SIRONA, Inc.		46,293		2,759,063
Endologix, Inc. (a)		14,239		159,619
Haemonetics Corp. (a)		9,737		315,771
Halyard Health, Inc. (a)		8,889		250,314
ICU Medical, Inc. (a)		2,790		277,158
Meridian Bioscience, Inc.		7,990		152,689
Merit Medical Systems, Inc. (a)		8,156		165,159
Neogen Corp. (a)		7,224		341,262
OraSure Technologies, Inc. (a)		10,870		78,047
Quidel Corp. (a)		5,461		94,475


Common Stocks – continued
	Shares		Value
HEALTH CARE EQUIPMENT & SUPPLIES – continued
Health Care Supplies – continued
Staar Surgical Co. (a)		6,899	$	53,191
The Cooper Cos., Inc.		9,365		1,433,594
The Spectranetics Corp. (a)		8,126		138,142
Vascular Solutions, Inc. (a)		3,425		119,704
West Pharmaceutical Services, Inc.		13,887		988,754

				9,246,187


TOTAL HEALTH CARE EQUIPMENT & SUPPLIES				103,081,663


HEALTH CARE PROVIDERS & SERVICES – 18.6%
Health Care Services – 3.7%
Addus HomeCare Corp. (a)		1,309		24,217
Adeptus Health, Inc. Class A (a)		2,360		160,763
Air Methods Corp. (a)		7,130		263,667
Almost Family, Inc. (a)		1,616		67,888
Amedisys, Inc. (a)		4,857		250,087
AMN Healthcare Services, Inc. (a)		9,202		326,763
Chemed Corp.		3,236		419,968
Civitas Solutions, Inc. (a)		3,084		61,803
Corvel Corp. (a)		2,154		97,361
Cross Country Healthcare, Inc. (a)		5,953		73,996
DaVita HealthCare Partners, Inc. (a)		32,361		2,391,478
Diplomat Pharmacy, Inc. (a)		7,397		224,055
Envision Healthcare Holdings, Inc. (a)		36,050		815,811
ExamWorks Group, Inc. (a)		7,719		278,270
Express Scripts Holding Co. (a)		129,755		9,566,836
Healthways, Inc. (a)		6,178		71,974
Laboratory Corp. of America Holdings (a)		19,463		2,439,103
Landauer, Inc.		1,982		68,855
LHC Group, Inc. (a)		2,700		108,918
MEDNAX, Inc. (a)		18,100		1,290,349
Premier, Inc. Class A (a)		8,401		284,038
Quest Diagnostics, Inc.		27,584		2,073,489
Team Health Holdings, Inc. (a)		13,829		578,467
Teladoc, Inc. (a)		3,464		42,088
The Providence Service Corp. (a)		2,433		121,261

				22,101,505

Health Care Distributors – 3.3%
Aceto Corp.		5,592		125,429
AmerisourceBergen Corp.		37,445		3,186,569
Cardinal Health, Inc.		63,176		4,956,789
Henry Schein, Inc. (a)		15,896		2,681,655
McKesson Corp.		44,165		7,411,770
Owens & Minor, Inc.		12,063		438,973
Patterson Cos., Inc.		16,868		731,228
PharMerica Corp. (a)		5,833		137,892

				19,670,305

Health Care Facilities – 2.4%
AAC Holdings, Inc. (a)		1,817		37,412
Acadia Healthcare Co., Inc. (a)		13,390		846,114
Amsurg Corp. (a)		10,418		843,650



	Shares		Value
Brookdale Senior Living, Inc. (a)		35,402	$	653,521
Capital Senior Living Corp. (a)		5,645		113,239
Community Health Systems, Inc. (a)		22,663		432,410
Genesis Healthcare, Inc. (a)		7,817		19,699
HCA Holdings, Inc. (a)		62,639		5,049,956
HealthSouth Corp.		17,642		731,437
Kindred Healthcare, Inc.		16,489		243,378
LifePoint Health, Inc. (a)		8,354		564,396
National HealthCare Corp.		1,907		122,906
Select Medical Holdings Corp. (a)		17,585		235,287
Surgical Care Affiliates, Inc. (a)		5,438		262,927
Tenet Healthcare Corp. (a)		19,103		605,374
The Ensign Group, Inc.		9,517		214,704
Universal Health Services, Inc. Class B		17,529		2,343,277
US Physical Therapy, Inc.		2,454		122,356
VCA, Inc. (a)		15,532		978,050

				14,420,093

Managed Health Care – 9.2%
Aetna, Inc.		66,917		7,512,772
Anthem, Inc.		50,108		7,053,703
Centene Corp. (a)		32,593		2,019,462
Cigna Corp.		49,444		6,849,972
HealthEquity, Inc. (a)		6,684		168,103
Humana, Inc.		28,469		5,041,006
Magellan Health, Inc. (a)		4,902		345,395
Molina Healthcare, Inc. (a)		8,116		420,084
Triple-S Management Corp. Class B (a)		4,508		117,388
UnitedHealth Group, Inc.		182,888		24,082,692
Universal American Corp.		9,253		68,842
WellCare Health Plans, Inc. (a)		8,305		747,367

				54,426,786


TOTAL HEALTH CARE PROVIDERS & SERVICES				110,618,689


HEALTH CARE TECHNOLOGY – 1.3%
Health Care Technology – 1.3%
Allscripts Healthcare Solutions, Inc. (a)		34,479		462,019
athenahealth, Inc. (a)		7,474		996,284
Castlight Health, Inc. Class B (a)		9,030		32,508
Cerner Corp. (a)		59,014		3,313,046
Computer Programs & Systems, Inc.		2,030		104,200
Evolent Health, Inc. (a)		2,441		29,316
HealthStream, Inc. (a)		4,877		110,318
HMS Holdings Corp. (a)		16,918		285,745
IMS Health Holdings, Inc. (a)		31,521		839,719
Inovalon Holdings, Inc. Class A (a)		9,649		164,998
Medidata Solutions, Inc. (a)		10,653		464,790
Omnicell, Inc. (a)		6,843		218,018
Press Ganey Holdings, Inc. (a)		4,143		126,237
Quality Systems, Inc.		8,685		122,285
Veeva Systems, Inc. Class A (a)		14,669		403,544
Vocera Communications, Inc. (a)		4,509		52,846


TOTAL HEALTH CARE TECHNOLOGY				7,725,873


Common Stocks – continued
	Shares		Value
LIFE SCIENCES TOOLS & SERVICES – 4.8%
Life Sciences Tools & Services – 4.8%
Accelerate Diagnostics, Inc. (a)		5,911	$	74,183
Agilent Technologies, Inc.		63,480		2,597,601
Albany Molecular Research, Inc. (a)		5,256		79,103
Bio-Rad Laboratories, Inc. Class A (a)		3,984		565,130
Bio-Techne Corp.		7,136		664,932
Bruker Corp.		22,552		638,222
Cambrex Corp. (a)		6,186		298,413
Charles River Laboratories International, Inc. (a)		8,940		708,674
Fluidigm Corp. (a)		5,539		53,064
Illumina, Inc. (a)		28,120		3,795,919
INC Research Holdings, Inc. Class A (a)		6,682		321,605
Luminex Corp. (a)		7,397		148,680
Mettler-Toledo International, Inc. (a)		5,243		1,876,732
Pacific Biosciences of California, Inc. (a)		13,050		125,932
PAREXEL International Corp. (a)		10,221		624,503
PerkinElmer, Inc.		21,493		1,083,677
PRA Health Sciences, Inc. (a)		5,260		249,587
Quintiles Transnational Holdings, Inc. (a)		17,771		1,227,443
Sequenom, Inc. (a)		22,663		29,009
Thermo Fisher Scientific, Inc.		76,558		11,043,491
VWR Corp. (a)		13,910		370,562
Waters Corp. (a)		15,636		2,035,182


TOTAL LIFE SCIENCES TOOLS & SERVICES				28,611,644


PHARMACEUTICALS – 33.9%
Pharmaceuticals – 33.9%
Aerie Pharmaceuticals, Inc. (a)		4,384		69,530
Akorn, Inc. (a)		15,433		392,770
Allergan PLC (a)		75,609		16,373,885
Amphastar Pharmaceuticals, Inc. (a)		6,509		80,061
ANI Pharmaceuticals, Inc. (a)		1,548		70,388
BioDelivery Sciences International, Inc. (a)		9,563		32,323
Bristol-Myers Squibb Co.		320,130		23,106,983
Catalent, Inc. (a)		17,988		531,186
Cempra, Inc. (a)		7,390		125,113
Corcept Therapeutics, Inc. (a)		12,676		60,464
Depomed, Inc. (a)		11,522		200,252
Dermira, Inc. (a)		2,831		71,596
Eli Lilly & Co.		191,279		14,447,303
Endo International PLC (a)		32,234		870,318
Horizon Pharma PLC (a)		25,973		399,205
Impax Laboratories, Inc. (a)		12,862		428,948
Innoviva, Inc.		16,732		206,473
Intersect ENT, Inc. (a)		3,685		73,884
Intra-Cellular Therapies, Inc. (a)		6,270		215,186
Jazz Pharmaceuticals PLC (a)		11,834		1,783,384



	Shares		Value
Johnson & Johnson		530,798	$	59,491,840
Mallinckrodt PLC (a)		22,190		1,387,319
Merck & Co., Inc.		535,979		29,393,088
Mylan N.V. (a)		80,316		3,349,980
Nektar Therapeutics (a)		25,960		407,053
Ocular Therapeutix, Inc. (a)		2,358		28,956
Omeros Corp. (a)		7,317		96,950
Pacira Pharmaceuticals, Inc. (a)		7,035		380,664
Paratek Pharmaceuticals, Inc. (a)		2,260		30,781
Perrigo Co. PLC		28,135		2,719,810
Pfizer, Inc.		1,184,370		38,740,743
Phibro Animal Health Corp. Class A		3,090		64,087
Prestige Brands Holdings, Inc. (a)		10,145		576,033
Relypsa, Inc. (a)		4,790		86,699
Revance Therapeutics, Inc. (a)		3,747		68,870
Sagent Pharmaceuticals, Inc. (a)		4,522		52,636
Sciclone Pharmaceuticals, Inc. (a)		9,263		122,272
Sucampo Pharmaceuticals, Inc. Class A (a)		4,329		46,667
Supernus Pharmaceuticals, Inc. (a)		6,716		115,246
Teligent, Inc. (a)		7,057		38,955
Tetraphase Pharmaceuticals, Inc. (a)		5,565		31,164
The Medicines Co. (a)		13,408		477,191
TherapeuticsMD, Inc. (a)		29,812		245,949
Theravance Biopharma, Inc. (a)		5,560		115,370
XenoPort, Inc. (a)		11,453		50,393
Zoetis, Inc.		90,664		4,263,928


TOTAL PHARMACEUTICALS				201,921,896


TOTAL COMMON STOCKS (Cost $621,304,945)				594,022,214


Money Market Funds – 0.1%

SSgA US Treasury Money Market Fund, 0.10% (b) (Cost $653,527)		653,527		653,527


TOTAL INVESTMENT PORTFOLIO – 99.9% (Cost $621,958,472)				594,675,741

NET OTHER ASSETS (LIABILITIES) – 0.1%				324,371


NET ASSETS – 100%			$	595,000,112

Legend

(a)

Non-income producing.

(b)

The rate quoted is the annualized seven-day yield of the fund at period end.

At April 30, 2016, the cost of investment securities for income tax purposes was $623,498,575. Net unrealized depreciation aggregated $28,822,834, of which $28,469,355 related to appreciated investment securities and $57,292,189 related to depreciated investment securities.

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


Common Stocks – 99.9%
	Shares		Value
AEROSPACE & DEFENSE – 23.4%
Aerospace & Defense – 23.4%
AAR Corp.		2,363	$	56,806
Aerojet Rocketdyne Holdings, Inc. (a)		3,694		66,935
Aerovironment, Inc. (a)		1,450		41,876
American Science & Engineering, Inc.		464		13,294
Astronics Corp. (a)		1,225		45,264
B/E Aerospace, Inc.		7,330		356,458
BWX Technologies, Inc.		7,108		237,336
Cubic Corp.		1,641		68,216
Curtiss-Wright Corp.		3,041		232,880
DigitalGlobe, Inc. (a)		4,718		104,551
Engility Holdings, Inc. (a)		1,306		25,689
Esterline Technologies Corp. (a)		1,976		135,672
General Dynamics Corp.		18,861		2,650,348
HEICO Corp.		1,410		86,447
HEICO Corp. Class A		2,676		136,958
Hexcel Corp.		6,631		300,185
Honeywell International, Inc.		51,398		5,873,249
Huntington Ingalls Industries, Inc.		3,289		476,149
KLX, Inc. (a)		3,748		126,383
Kratos Defense & Security Solutions, Inc. (a)		3,081		16,360
L-3 Communications Holdings, Inc.		5,504		723,941
Lockheed Martin Corp.		19,413		4,511,193
Mercury Systems, Inc. (a)		2,759		57,994
Moog, Inc. Class A (a)		2,338		114,235
National Presto Industries, Inc.		354		30,865
Northrop Grumman Corp.		12,164		2,508,947
Orbital ATK, Inc.		4,138		360,006
Raytheon Co.		21,137		2,670,660
Rockwell Collins, Inc.		9,239		814,787
Spirit Aerosystems Holdings, Inc. Class A (a)		9,847		464,286
Taser International, Inc. (a)		3,829		69,918
Teledyne Technologies, Inc. (a)		2,374		220,663
Textron, Inc.		19,221		743,468
The Boeing Co.		44,679		6,022,729
The KEYW Holding Corp. (a)		2,197		15,137
TransDigm Group, Inc. (a)		3,765		857,931
Triumph Group, Inc.		3,444		124,604
United Technologies Corp.		59,154		6,173,903


TOTAL AEROSPACE & DEFENSE				37,536,323


AIR FREIGHT & LOGISTICS – 6.3%
Air Freight & Logistics – 6.3%
Air Transport Services Group, Inc. (a)		1,110		15,640
Atlas Air Worldwide Holdings, Inc. (a)		444		17,733
CH Robinson Worldwide, Inc.		10,078		715,236
Echo Global Logistics, Inc. (a)		1,854		43,328
Expeditors International of Washington, Inc.		13,073		648,551
FedEx Corp.		18,833		3,109,517
Forward Air Corp.		2,181		99,410



	Shares		Value
Hub Group, Inc. Class A (a)		2,475	$	95,337
Park-Ohio Holdings Corp.		593		15,092
United Parcel Service, Inc. Class B		48,866		5,134,350
XPO Logistics, Inc. (a)		7,636		230,149


TOTAL AIR FREIGHT & LOGISTICS				10,124,343


AIRLINES – 1.2%
Airlines – 1.2%
Allegiant Travel Co.		299		48,010
American Airlines Group, Inc.		11,075		384,192
Delta Air Lines, Inc.		13,782		574,296
Hawaiian Holdings, Inc. (a)		915		38,494
SkyWest, Inc.		855		20,093
Southwest Airlines Co.		11,404		508,732
Spirit Airlines, Inc. (a)		1,246		54,737
United Continental Holdings, Inc. (a)		6,524		298,864
Virgin America, Inc. (a)		754		41,990


TOTAL AIRLINES				1,969,408


BUILDING PRODUCTS – 2.8%
Building Products – 2.8%
AAON, Inc.		3,001		79,586
Advanced Drainage Systems, Inc.		2,432		56,228
Allegion PLC		6,741		441,198
American Woodmark Corp. (a)		966		70,363
AO Smith Corp.		5,249		405,328
Apogee Enterprises, Inc.		2,030		84,123
Armstrong Flooring, Inc. (a)		1,370		19,947
Armstrong World Industries, Inc. (a)		2,722		111,085
Builders FirstSource, Inc. (a)		5,252		58,245
Continental Building Products, Inc. (a)		2,868		56,241
Fortune Brands Home & Security, Inc.		11,221		621,756
Gibraltar Industries, Inc. (a)		2,070		54,751
Griffon Corp.		2,307		36,474
Insteel Industries, Inc.		1,243		36,035
Lennox International, Inc.		3,008		405,930
Masco Corp.		23,618		725,309
Masonite International Corp. (a)		1,808		122,329
NCI Building Systems, Inc. (a)		2,021		29,790
Nortek, Inc. (a)		678		31,974
Owens Corning		7,773		358,102
Patrick Industries, Inc. (a)		809		37,093
PGT, Inc. (a)		3,251		34,038
Ply Gem Holdings, Inc. (a)		1,491		21,843
Quanex Building Products Corp.		2,443		46,026
Simpson Manufacturing Co., Inc.		2,882		108,363
Trex Co., Inc. (a)		2,144		101,733
Universal Forest Products, Inc.		1,412		108,230
USG Corp. (a)		6,677		180,346


TOTAL BUILDING PRODUCTS				4,442,466


Common Stocks – continued
	Shares		Value
COMMERCIAL SERVICES & SUPPLIES – 6.4%
Commercial Printing – 0.4%
Brady Corp. Class A		3,308	$	87,629
Deluxe Corp.		3,468		217,721
Ennis, Inc.		1,776		34,703
InnerWorkings, Inc. (a)		2,550		20,833
Multi-Color Corp.		964		57,676
Quad/Graphics, Inc.		1,949		24,460
RR Donnelley & Sons Co.		14,675		255,345

				698,367

Diversified Support Services – 1.3%
Cintas Corp.		6,437		577,914
Copart, Inc. (a)		8,015		343,363
G&K Services, Inc. Class A		1,404		99,193
Healthcare Services Group, Inc.		4,801		181,718
KAR Auction Services, Inc.		9,652		362,915
Matthews International Corp. Class A		2,298		120,967
McGrath RentCorp		1,647		40,154
Mobile Mini, Inc.		3,213		103,619
UniFirst Corp.		1,072		116,183
Viad Corp.		1,432		42,602
VSE Corp.		310		19,232

				2,007,860

Environmental & Facilities Services – 2.9%
ABM Industries, Inc.		3,749		120,605
Ceco Environmental Corp.		1,887		12,454
Clean Harbors, Inc. (a)		3,422		169,047
Covanta Holding Corp.		8,356		135,868
Republic Services, Inc.		17,083		804,097
Rollins, Inc.		6,908		185,618
SP Plus Corp. (a)		1,136		25,310
Stericycle, Inc. (a)		5,971		570,589
Team, Inc. (a)		2,006		57,632
Tetra Tech, Inc.		4,134		121,540
US Ecology, Inc.		1,527		68,761
Waste Connections, Inc.		8,578		577,128
Waste Management, Inc.		31,340		1,842,479

				4,691,128

Office Services & Supplies – 0.7%
ACCO Brands Corp. (a)		7,437		70,949
ARC Document Solutions, Inc. (a)		2,861		11,787
Essendant, Inc.		2,641		81,316
Herman Miller, Inc.		4,196		126,593
HNI Corp.		3,100		135,532
Interface, Inc.		4,619		78,615
Kimball International, Inc. Class B		2,308		26,865
Knoll, Inc.		3,424		79,951
MSA Safety, Inc.		2,201		105,846
Pitney Bowes, Inc.		13,844		290,309
Steelcase, Inc. Class A		6,321		96,459
West Corp.		3,186		68,276

				1,172,498



	Shares		Value
Security & Alarm Services – 1.1%
The ADT Corp.		11,560	$	485,289
The Brink’s Co.		3,280		110,995
Tyco International PLC		29,692		1,143,736

				1,740,020


TOTAL COMMERCIAL SERVICES & SUPPLIES				10,309,873


CONSTRUCTION & ENGINEERING – 1.9%
Construction & Engineering – 1.9%
AECOM (a)		10,085		327,662
Aegion Corp. (a)		2,581		54,795
Ameresco, Inc. Class A (a)		1,531		6,844
Argan, Inc.		862		29,463
Chicago Bridge & Iron Co. N.V.		6,651		267,703
Comfort Systems USA, Inc.		2,678		78,974
Dycom Industries, Inc. (a)		2,299		162,309
EMCOR Group, Inc.		4,418		214,185
Fluor Corp.		9,957		544,250
Granite Construction, Inc.		2,758		122,979
Great Lakes Dredge & Dock Corp. (a)		4,444		20,309
Jacobs Engineering Group, Inc. (a)		8,629		384,681
KBR, Inc.		10,133		157,669
MasTec, Inc. (a)		4,763		107,930
MYR Group, Inc. (a)		1,406		35,867
Primoris Services Corp.		2,696		63,059
Quanta Services, Inc. (a)		11,228		266,328
Tutor Perini Corp. (a)		2,760		43,663
Valmont Industries, Inc.		1,621		227,556


TOTAL CONSTRUCTION & ENGINEERING				3,116,226


ELECTRICAL EQUIPMENT – 5.7%
Electrical Components & Equipment – 5.6%
Acuity Brands, Inc.		3,072		749,230
AMETEK, Inc.		16,710		803,584
Eaton Corp. PLC		32,486		2,055,389
Emerson Electric Co.		45,948		2,510,139
Encore Wire Corp.		1,364		52,173
EnerSys, Inc.		3,112		181,648
FuelCell Energy, Inc. (a)		1,412		8,416
Generac Holdings, Inc. (a)		4,693		178,897
General Cable Corp.		3,344		52,300
Hubbell, Inc.		3,859		408,128
Plug Power, Inc. (a)		12,119		24,965
Powell Industries, Inc.		681		21,193
Regal-Beloit Corp.		3,123		201,184
Rockwell Automation, Inc.		9,268		1,051,640
Sensata Technologies Holding N.V. (a)		11,962		450,609
SolarCity Corp. (a)		4,095		124,160
Sunrun, Inc. (a)		1,472		11,599
Thermon Group Holdings, Inc. (a)		2,193		41,097
Vicor Corp. (a)		1,209		11,594

				8,937,945


Common Stocks – continued
	Shares		Value

ELECTRICAL EQUIPMENT – continued
Heavy Electrical Equipment – 0.1%
AZZ, Inc.		1,794	$	98,526
Babcock & Wilcox Enterprises, Inc. (a)		3,542		80,935
Power Solutions International, Inc. (a)		316		4,092

				183,553


TOTAL ELECTRICAL EQUIPMENT				9,121,498


INDUSTRIAL CONGLOMERATES – 20.9%
Industrial Conglomerates – 20.9%
3M Co.		43,222		7,234,498
Carlisle Cos., Inc.		4,565		465,174
Danaher Corp.		43,297		4,188,985
General Electric Co.		662,533		20,372,890
Raven Industries, Inc.		2,682		43,153
Roper Industries, Inc.		7,071		1,245,132


TOTAL INDUSTRIAL CONGLOMERATES				33,549,832


MACHINERY – 16.3%
Agricultural & Farm Machinery – 1.6%
AGCO Corp.		4,796		256,442
Deere & Co.		21,885		1,840,747
Lindsay Corp.		785		60,021
The Toro Co.		3,851		332,919
Titan International, Inc.		3,085		20,454

				2,510,583

Construction & Farm Machinery & Heavy Trucks – 5.4%
Alamo Group, Inc.		688		38,831
Allison Transmission Holdings, Inc.		10,786		310,745
American Railcar Industries, Inc.		647		26,533
Astec Industries, Inc.		1,359		65,776
Caterpillar, Inc.		40,869		3,176,339
Cummins, Inc.		11,835		1,385,050
Douglas Dynamics, Inc.		1,586		36,335
Federal Signal Corp.		4,307		58,963
FreightCar America, Inc.		864		14,818
Joy Global, Inc.		6,894		146,842
Meritor, Inc. (a)		6,238		53,023
Navistar International Corp. (a)		3,349		50,536
Oshkosh Corp.		5,237		255,827
PACCAR, Inc.		24,816		1,461,910
Terex Corp.		7,631		182,305
The Greenbrier Cos., Inc.		1,965		58,930
The Manitowoc Co., Inc.		8,953		51,032
Trinity Industries, Inc.		10,770		210,123
Wabash National Corp. (a)		4,651		66,277
WABCO Holdings, Inc. (a)		3,826		429,124
Wabtec Corp.		6,784		562,597

				8,641,916

Industrial Machinery – 9.3%
Actuant Corp. Class A		3,996		106,733
Albany International Corp. Class A		2,003		80,701
Altra Industrial Motion Corp.		1,862		53,439
Barnes Group, Inc.		3,456		112,285



	Shares		Value
Briggs & Stratton Corp.		3,104	$	65,712
Chart Industries, Inc. (a)		2,187		56,293
CIRCOR International, Inc.		1,001		56,506
CLARCOR, Inc.		3,529		207,399
Colfax Corp. (a)		6,083		197,272
Columbus McKinnon Corp.		1,340		22,123
Crane Co.		3,246		180,380
Donaldson Co., Inc.		8,832		288,630
Dover Corp.		10,883		715,013
EnPro Industries, Inc.		1,534		89,862
ESCO Technologies, Inc.		1,832		70,495
Flowserve Corp.		9,193		448,710
Franklin Electric Co., Inc.		2,751		86,904
Global Brass & Copper Holdings, Inc.		1,527		41,382
Graco, Inc.		3,938		308,700
Harsco Corp.		5,675		40,236
Hillenbrand, Inc.		4,421		134,000
Hyster-Yale Materials Handling, Inc.		623		38,159
IDEX Corp.		5,359		438,902
Illinois Tool Works, Inc.		22,962		2,399,988
Ingersoll-Rand PLC		18,341		1,202,069
ITT Corp.		6,301		241,769
John Bean Technologies Corp.		2,026		105,636
Kadant, Inc.		756		35,797
Kennametal, Inc.		5,541		129,549
Lincoln Electric Holdings, Inc.		4,571		286,465
Lydall, Inc. (a)		1,194		43,927
Manitowoc Foodservice, Inc. (a)		9,134		137,101
Milacron Holdings Corp. (a)		1,142		19,562
Mueller Industries, Inc.		3,839		121,159
Mueller Water Products, Inc. Class A		11,325		121,744
NN, Inc.		1,788		26,891
Nordson Corp.		4,015		308,071
Parker Hannifin Corp.		9,534		1,106,135
Pentair PLC		12,632		733,666
Proto Labs, Inc. (a)		1,643		98,301
RBC Bearings, Inc. (a)		1,634		119,772
Rexnord Corp. (a)		7,077		154,279
Snap-on, Inc.		4,077		649,385
SPX Corp.		2,621		42,198
SPX FLOW, Inc. (a)		2,634		78,915
Standex International Corp.		882		67,641
Stanley Black & Decker, Inc.		10,512		1,176,503
Sun Hydraulics Corp.		1,578		55,830
Tennant Co.		1,199		64,039
The Gorman-Rupp Co.		1,637		46,311
The Middleby Corp. (a)		4,012		439,876
The Timken Co.		4,957		176,618
Trimas Corp. (a)		3,186		57,667
Watts Water Technologies, Inc. Class A		1,893		105,762
Woodward, Inc.		3,996		216,623
Xylem, Inc.		12,617		527,138

				14,936,223


TOTAL MACHINERY				26,088,722


Common Stocks – continued
	Shares		Value
MARINE – 0.1%
Marine – 0.1%
Kirby Corp. (a)		964	$	61,522
Matson, Inc.		666		25,894


TOTAL MARINE				87,416


PROFESSIONAL SERVICES – 3.9%
Human Resource & Employment Services – 0.9%
Barrett Business Services, Inc.		473		14,668
GP Strategies Corp. (a)		967		22,570
Heidrick & Struggles International, Inc.		1,230		24,268
Insperity, Inc.		1,033		54,511
Kelly Services, Inc. Class A		2,099		39,398
Kforce, Inc.		1,775		33,743
Korn/Ferry International		3,623		98,328
Manpowergroup, Inc.		5,185		399,401
On Assignment, Inc. (a)		3,354		120,945
Robert Half International, Inc.		9,292		355,977
TriNet Group, Inc. (a)		2,742		45,572
TrueBlue, Inc. (a)		2,902		54,238
WageWorks, Inc. (a)		2,520		135,727

				1,399,346

Research & Consulting Services – 3.0%
Acacia Research Corp.		2,847		13,723
CBIZ, Inc. (a)		3,325		33,848
CEB, Inc.		2,312		142,627
Equifax, Inc.		8,308		999,037
Exponent, Inc.		1,808		90,111
FTI Consulting, Inc. (a)		2,964		119,449
Huron Consulting Group, Inc. (a)		1,627		90,477
ICF International, Inc. (a)		1,198		47,165
IHS, Inc. Class A (a)		4,785		589,416
Mistras Group, Inc. (a)		1,245		30,341
Navigant Consulting, Inc. (a)		3,330		53,147
Nielsen Holdings PLC		24,283		1,266,116
Resources Connection, Inc.		2,528		37,339
RPX Corp. (a)		3,695		40,941
The Advisory Board Co. (a)		2,984		94,414
The Dun & Bradstreet Corp.		2,545		280,993
TransUnion (a)		3,813		114,199
Verisk Analytics, Inc. Class A (a)		11,289		875,801

				4,919,144


TOTAL PROFESSIONAL SERVICES				6,318,490


ROAD & RAIL – 7.8%
Railroads – 6.2%
CSX Corp.		68,433		1,866,168
Genesee & Wyoming, Inc. Class A (a)		3,985		259,464
Kansas City Southern		7,672		726,922
Norfolk Southern Corp.		20,965		1,889,156
Union Pacific Corp.		59,958		5,230,136

				9,971,846



	Shares		Value
Trucking – 1.6%
AMERCO		549	$	193,248
ArcBest Corp.		1,776		33,904
Avis Budget Group, Inc. (a)		7,032		176,503
Celadon Group, Inc.		1,782		17,945
Covenant Transportation Group, Inc. Class A (a)		778		15,490
Heartland Express, Inc.		3,575		64,743
Hertz Global Holdings, Inc. (a)		26,510		245,483
JB Hunt Transport Services, Inc.		6,430		532,918
Knight Transportation, Inc.		4,233		112,471
Landstar System, Inc.		3,026		198,354
Marten Transport Ltd.		1,796		33,513
Old Dominion Freight Line, Inc. (a)		4,450		293,922
PAM Transportation Services, Inc. (a)		231		5,708
Roadrunner Transportation Systems, Inc. (a)		2,086		24,657
Ryder System, Inc.		3,741		257,830
Saia, Inc. (a)		1,791		51,796
Swift Transportation Co. (a)		6,476		107,631
Universal Truckload Services, Inc.		566		8,071
Werner Enterprises, Inc.		3,284		83,217
YRC Worldwide, Inc. (a)		1,416		13,027

				2,470,431


TOTAL ROAD & RAIL				12,442,277


TRADING COMPANIES & DISTRIBUTORS – 2.9%
Trading Companies & Distributors – 2.9%
Air Lease Corp.		6,793		207,051
Aircastle Ltd.		4,635		100,579
Applied Industrial Technologies, Inc.		2,648		121,358
Beacon Roofing Supply, Inc. (a)		3,519		150,367
BMC Stock Holdings, Inc. (a)		1,092		19,164
DXP Enterprises, Inc. (a)		855		18,682
Fastenal Co.		19,290		902,579
GATX Corp.		2,821		129,597
H&E Equipment Services, Inc.		2,252		45,558
HD Supply Holdings, Inc. (a)		13,971		478,926
Kaman Corp.		1,686		70,964
MRC Global, Inc. (a)		7,096		99,202
MSC Industrial Direct Co., Inc. Class A		3,402		263,655
NOW, Inc. (a)		7,502		135,486
Rush Enterprises, Inc. Class A (a)		2,112		41,585
TAL International Group, Inc. (a)		2,298		39,296
Titan Machinery, Inc. (a)		1,198		15,574
United Rentals, Inc. (a)		6,526		436,785
Univar, Inc. (a)		2,363		41,116
Veritiv Corp. (a)		641		26,294
Watsco, Inc.		1,802		242,315
WESCO International, Inc. (a)		2,972		174,724
WW Grainger, Inc.		3,965		929,872


TOTAL TRADING COMPANIES & DISTRIBUTORS				4,690,729


Money Market Funds – 0.1%
	Shares		Value

SSgA US Treasury Money Market Fund, 0.10% (b) (Cost $84,164)		84,164	$	84,164


TOTAL INVESTMENT PORTFOLIO – 100.0% (Cost $164,164,848)				160,327,015

NET OTHER ASSETS (LIABILITIES) – 0.0%				22,294


NET ASSETS – 100%			$	160,349,309

Legend

(a)

Non-income producing.

(b)

The rate quoted is the annualized seven-day yield of the fund at period end.

At April 30, 2016, the cost of investment securities for income tax purposes was $164,262,279. Net unrealized depreciation aggregated $3,935,264, of which $3,637,342 related to appreciated investment securities and $7,572,606 related to depreciated investment securities.

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


Common Stocks – 99.9%
	Shares		Value
COMMUNICATIONS EQUIPMENT – 5.6%
Communications Equipment – 5.6%
ADTRAN, Inc.		4,606	$	88,988
Arista Networks, Inc. (a)		3,579		238,433
ARRIS International PLC (a)		17,475		397,906
Black Box Corp.		1,440		21,053
Brocade Communications Systems, Inc.		39,136		376,097
CalAmp Corp. (a)		3,441		51,512
Calix, Inc. (a)		3,961		27,450
Ciena Corp. (a)		12,221		205,679
Cisco Systems, Inc.		482,281		13,257,905
CommScope Holding Co., Inc. (a)		12,714		386,633
Comtech Telecommunications Corp.		1,506		36,445
EchoStar Corp. Class A (a)		4,314		176,529
Extreme Networks, Inc. (a)		9,452		33,176
F5 Networks, Inc. (a)		6,712		703,082
Finisar Corp. (a)		10,058		165,555
Harmonic, Inc. (a)		8,293		28,694
Harris Corp.		11,811		944,998
Infinera Corp. (a)		13,306		158,208
InterDigital, Inc.		3,343		190,484
Ixia (a)		5,446		55,113
Juniper Networks, Inc.		32,965		771,381
Lumentum Holdings, Inc. (a)		4,572		115,672
Mitel Networks Corp. (a)		9,341		65,200
Motorola Solutions, Inc.		15,082		1,134,015
NETGEAR, Inc. (a)		2,855		121,052
Netscout Systems, Inc. (a)		8,868		197,402
Palo Alto Networks, Inc. (a)		7,771		1,172,411
Plantronics, Inc.		3,168		121,809
Polycom, Inc. (a)		12,404		148,228
Ruckus Wireless, Inc. (a)		7,935		109,027
ShoreTel, Inc. (a)		5,989		36,653
Sonus Networks, Inc. (a)		4,208		34,758
Ubiquiti Networks, Inc. (a)		2,923		104,117
ViaSat, Inc. (a)		4,356		334,105
Viavi Solutions, Inc. (a)		22,286		145,082


TOTAL COMMUNICATIONS EQUIPMENT				22,154,852


ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS – 4.1%
Electronic Components – 1.3%
Amphenol Corp. Class A		29,281		1,634,758
AVX Corp.		4,946		65,386
Belden, Inc.		3,965		250,350
Corning, Inc.		112,436		2,099,180
Dolby Laboratories, Inc. Class A		4,928		234,622
DTS, Inc. (a)		1,554		33,908
II-VI, Inc. (a)		5,029		104,955
InvenSense, Inc. (a)		7,962		61,148
Knowles Corp. (a)		8,303		111,011
Littelfuse, Inc.		2,110		245,773
Rogers Corp. (a)		1,729		99,176



	Shares		Value
Universal Display Corp. (a)		4,042	$	235,689
Vishay Intertechnology, Inc.		12,784		155,454

				5,331,410

Electronic Equipment & Instruments – 0.8%
Badger Meter, Inc.		1,404		100,147
Checkpoint Systems, Inc. (a)		4,026		40,743
Cognex Corp.		7,637		271,343
Coherent, Inc. (a)		2,288		213,699
Daktronics, Inc.		3,450		30,015
FARO Technologies, Inc. (a)		1,714		49,775
FEI Co.		3,910		348,068
FLIR Systems, Inc.		13,154		397,382
GSI Group, Inc. (a)		2,824		41,089
Itron, Inc. (a)		3,571		146,840
Keysight Technologies, Inc. (a)		16,151		421,218
MTS Systems Corp.		1,430		80,395
National Instruments Corp.		9,675		266,740
Newport Corp. (a)		3,673		84,442
OSI Systems, Inc. (a)		1,757		89,414
Rofin-Sinar Technologies, Inc. (a)		2,723		87,653
VeriFone Systems, Inc. (a)		10,946		311,523
Zebra Technologies Corp. Class A (a)		4,969		310,861

				3,291,347

Electronic Manufacturing Services – 1.2%
Benchmark Electronics, Inc. (a)		4,858		94,342
CTS Corp.		2,761		45,750
Fabrinet (a)		2,997		95,814
Flextronics International Ltd. (a)		52,786		641,350
IPG Photonics Corp. (a)		3,494		302,825
Jabil Circuit, Inc.		16,137		280,138
Kimball Electronics, Inc. (a)		2,679		29,308
Methode Electronics, Inc.		3,493		103,847
Multi-Fineline Electronix, Inc. (a)		935		21,505
Park Electrochemical Corp.		1,792		29,228
Plexus Corp. (a)		3,188		133,131
QLogic Corp. (a)		8,012		104,877
Sanmina Corp. (a)		7,492		177,186
TE Connectivity Ltd.		36,706		2,183,273
Trimble Navigation Ltd. (a)		23,764		569,148
TTM Technologies, Inc. (a)		6,020		39,250

				4,850,972

Technology Distributors – 0.8%
Anixter International, Inc. (a)		2,826		176,060
Arrow Electronics, Inc. (a)		8,870		550,827
Avnet, Inc.		12,530		515,233
CDW Corp.		13,606		523,831
Electro Rent Corp.		1,799		18,008
ePlus, Inc. (a)		602		48,395
Ingram Micro, Inc. Class A		14,212		496,709
Insight Enterprises, Inc. (a)		3,597		88,882
PC Connection, Inc.		998		23,722
ScanSource, Inc. (a)		2,582		105,036


Common Stocks – continued
	Shares		Value
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS – continued
Technology Distributors – continued
SYNNEX Corp.		2,838	$	234,334
Tech Data Corp. (a)		3,335		229,081

				3,010,118


TOTAL ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS				16,483,847


INTERNET SOFTWARE & SERVICES – 20.2%
Internet Software & Services – 20.2%
Actua Corp. (a)		3,923		37,190
Akamai Technologies, Inc. (a)		16,878		860,609
Alphabet, Inc. Class A (a)		27,680		19,594,118
Alphabet, Inc. Class C (a)		29,544		20,474,288
Angie’s List, Inc. (a)		4,051		35,446
Bankrate, Inc. (a)		5,837		53,350
Bazaarvoice, Inc. (a)		5,607		18,784
Benefitfocus, Inc. (a)		1,488		56,395
Blucora, Inc. (a)		4,116		32,969
Box, Inc. Class A (a)		3,113		40,251
Carbonite, Inc. (a)		1,021		7,698
ChannelAdvisor Corp. (a)		2,102		26,191
Cimpress N.V. (a)		2,685		235,931
comScore, Inc. (a)		4,292		131,421
Cornerstone OnDemand, Inc. (a)		4,595		157,838
CoStar Group, Inc. (a)		3,095		610,675
Cvent, Inc. (a)		2,218		78,406
Demandware, Inc. (a)		3,184		146,719
DHI Group, Inc. (a)		4,430		31,497
EarthLink Holdings Corp.		10,383		60,325
eBay, Inc. (a)		102,680		2,508,472
Endurance International Group Holdings, Inc. (a)		6,122		65,567
Envestnet, Inc. (a)		3,514		110,269
Facebook, Inc. Class A (a)		215,717		25,364,005
GoDaddy, Inc. Class A (a)		4,110		124,821
Gogo, Inc. (a)		5,099		53,998
GrubHub, Inc. (a)		5,995		157,189
GTT Communications, Inc. (a)		2,736		43,721
Hortonworks, Inc. (a)		3,302		38,204
IAC/InterActiveCorp		7,381		342,036
inContact, Inc. (a)		5,841		54,380
Internap Corp. (a)		4,252		9,695
IntraLinks Holdings, Inc. (a)		3,739		33,315
j2 Global, Inc.		4,416		280,504
LinkedIn Corp. Class A (a)		10,978		1,375,653
Liquidity Services, Inc. (a)		2,286		12,756
LivePerson, Inc. (a)		5,003		30,268
LogMeIn, Inc. (a)		2,339		139,638
Marketo, Inc. (a)		3,063		67,355
MercadoLibre, Inc.		3,173		396,276
Monster Worldwide, Inc. (a)		8,578		27,450



	Shares		Value
New Relic, Inc. (a)		2,075	$	53,494
NIC, Inc.		6,050		107,146
OPOWER, Inc. (a)		1,767		13,959
Pandora Media, Inc. (a)		19,599		194,618
Q2 Holdings, Inc. (a)		2,214		52,937
Quotient Technology, Inc. (a)		5,763		66,966
Rackspace Hosting, Inc. (a)		10,224		233,823
RetailMeNot, Inc. (a)		2,730		23,014
SciQuest, Inc. (a)		2,822		39,000
Shutterstock, Inc. (a)		1,858		76,215
SPS Commerce, Inc. (a)		1,566		79,756
Stamps.com, Inc. (a)		1,417		116,704
TrueCar, Inc. (a)		4,180		28,591
Twitter, Inc. (a)		55,149		806,278
VeriSign, Inc. (a)		9,522		822,701
Web.com Group, Inc. (a)		4,070		81,359
WebMD Health Corp. (a)		3,056		191,733
XO Group, Inc. (a)		2,275		40,177
Yahoo!, Inc. (a)		85,241		3,119,821
Yelp, Inc. (a)		6,204		130,284
Zillow Group, Inc. Class C (a)		9,588		230,496


TOTAL INTERNET SOFTWARE & SERVICES				80,434,745


IT SERVICES – 19.0%
Data Processing & Outsourced Services – 12.3%
Alliance Data Systems Corp. (a)		5,816		1,182,451
Automatic Data Processing, Inc.		43,821		3,875,529
Black Knight Financial Services, Inc. Class A (a)		2,313		73,970
Blackhawk Network Holdings, Inc. (a)		4,870		156,473
Broadridge Financial Solutions, Inc.		11,301		676,252
Cardtronics, Inc. (a)		4,224		166,510
Cass Information Systems, Inc.		902		44,622
Convergys Corp.		9,281		245,947
CoreLogic, Inc. (a)		8,461		300,196
CSG Systems International, Inc.		3,057		135,670
DST Systems, Inc.		2,964		357,696
Euronet Worldwide, Inc. (a)		4,740		365,454
Everi Holdings, Inc. (a)		6,255		10,508
EVERTEC, Inc.		6,300		84,861
ExlService Holdings, Inc. (a)		2,980		144,202
Fidelity National Information Services, Inc.		26,796		1,763,177
Fiserv, Inc. (a)		21,720		2,122,478
FleetCor Technologies, Inc. (a)		7,432		1,149,582
Global Payments, Inc.		14,718		1,062,345
Jack Henry & Associates, Inc.		7,568		613,235
Mastercard, Inc. Class A		94,081		9,124,916
MAXIMUS, Inc.		6,188		327,345
MoneyGram International, Inc. (a)		2,738		16,839
Net 1 UEPS Technologies, Inc. (a)		3,986		47,513
Paychex, Inc.		30,813		1,605,974


Common Stocks – continued
	Shares		Value
IT SERVICES – continued
Data Processing & Outsourced Services – continued
PayPal Holdings, Inc. (a)		104,469	$	4,093,095
Sabre Corp.		19,592		567,188
Sykes Enterprises, Inc. (a)		3,745		109,167
Syntel, Inc. (a)		3,170		134,820
TeleTech Holdings, Inc.		1,562		43,408
The Western Union Co.		47,910		958,200
Total System Services, Inc.		15,775		806,734
Travelport Worldwide Ltd.		11,205		156,310
Vantiv, Inc. Class A (a)		14,798		807,083
Visa, Inc. Class A		184,933		14,284,225
WEX, Inc. (a)		3,692		348,857
Xerox Corp.		86,832		833,587

				48,796,419

IT Consulting & Other Services – 6.7%
Accenture PLC Class A		59,364		6,703,383
Acxiom Corp. (a)		7,502		164,819
Booz Allen Hamilton Holding Corp.		11,361		313,223
CACI International, Inc. Class A (a)		2,178		209,415
CIBER, Inc. (a)		7,938		18,416
Cognizant Technology Solutions Corp. Class A (a)		57,775		3,372,327
Computer Sciences Corp.		13,124		434,798
CSRA, Inc.		15,623		405,573
EPAM Systems, Inc. (a)		4,010		292,449
Forrester Research, Inc.		841		28,274
Gartner, Inc. (a)		7,851		684,372
International Business Machines Corp.		87,563		12,778,944
Leidos Holdings, Inc.		5,793		287,391
Lionbridge Technologies, Inc. (a)		5,285		26,372
ManTech International Corp. Class A		2,260		76,388
Perficient, Inc. (a)		3,474		72,537
Science Applications International Corp.		3,928		208,538
ServiceSource International, Inc. (a)		6,424		25,889
Teradata Corp. (a)		12,588		318,476
The Hackett Group, Inc.		2,120		31,546
Unisys Corp. (a)		4,719		36,383
Virtusa Corp. (a)		2,675		95,069

				26,584,582


TOTAL IT SERVICES				75,381,001


SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – 13.5%
Semiconductor Equipment – 1.6%
Advanced Energy Industries, Inc. (a)		3,692		119,436
Amkor Technology, Inc. (a)		10,353		59,116
Applied Materials, Inc.		114,181		2,337,285
Brooks Automation, Inc.		6,505		61,537
Cabot Microelectronics Corp.		2,284		95,677
Cohu, Inc.		2,259		26,114
Entegris, Inc. (a)		11,951		158,829



	Shares		Value
FormFactor, Inc. (a)		5,611	$	43,205
KLA-Tencor Corp.		14,794		1,034,692
Kulicke & Soffa Industries, Inc. (a)		6,819		73,100
Lam Research Corp.		15,045		1,149,438
MKS Instruments, Inc.		5,122		183,675
Nanometrics, Inc. (a)		2,350		41,971
PDF Solutions, Inc. (a)		2,441		32,831
Photronics, Inc. (a)		6,217		65,776
Rudolph Technologies, Inc. (a)		3,020		41,887
SolarEdge Technologies, Inc. (a)		1,453		38,926
SunEdison Semiconductor Ltd. (a)		3,981		22,891
Teradyne, Inc.		19,503		368,802
Tessera Technologies, Inc.		4,309		123,754
Ultratech, Inc. (a)		2,594		56,264
Veeco Instruments, Inc. (a)		3,821		70,344
Xcerra Corp. (a)		5,261		31,040

				6,236,590

Semiconductors – 11.9%
Advanced Micro Devices, Inc. (a)		63,323		224,797
Ambarella, Inc. (a)		2,966		121,903
Analog Devices, Inc.		29,659		1,670,395
Applied Micro Circuits Corp. (a)		7,121		44,435
Broadcom Ltd.		36,901		5,378,321
Cavium, Inc. (a)		5,275		260,427
Ceva, Inc. (a)		2,008		46,304
Cirrus Logic, Inc. (a)		6,123		221,040
Cree, Inc. (a)		9,850		241,423
Cypress Semiconductor Corp.		31,977		288,752
Diodes, Inc. (a)		3,753		69,881
Exar Corp. (a)		3,986		24,315
Fairchild Semiconductor International, Inc. (a)		10,903		218,060
First Solar, Inc. (a)		7,175		400,652
Inphi Corp. (a)		2,854		84,678
Integrated Device Technology, Inc. (a)		13,954		269,033
Intel Corp.		448,355		13,576,189
Intersil Corp. Class A		12,724		148,744
IXYS Corp.		2,668		28,814
Lattice Semiconductor Corp. (a)		11,473		63,905
Linear Technology Corp.		22,777		1,013,121
M/A-COM Technology Solutions Holdings, Inc. (a)		1,977		80,840
Marvell Technology Group Ltd.		39,159		390,807
Maxim Integrated Products, Inc.		27,027		965,404
MaxLinear, Inc. Class A (a)		5,031		84,269
Mellanox Technologies Ltd. (a)		4,019		173,822
Microchip Technology, Inc.		20,324		987,543
Micron Technology, Inc. (a)		103,104		1,108,368
Microsemi Corp. (a)		10,549		356,451
Monolithic Power Systems, Inc.		3,576		223,214
NVE Corp.		414		23,755
NVIDIA Corp.		51,184		1,818,567


Common Stocks – continued
	Shares		Value
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – continued
Semiconductors – continued
ON Semiconductor Corp. (a)		39,075	$	370,040
Power Integrations, Inc.		2,716		131,047
Qorvo, Inc. (a)		13,486		607,275
QUALCOMM, Inc.		142,811		7,214,812
Rambus, Inc. (a)		11,135		129,389
Semtech Corp. (a)		6,270		135,683
Silicon Laboratories, Inc. (a)		3,744		175,219
Skyworks Solutions, Inc.		18,134		1,211,714
SunPower Corp. (a)		5,206		104,849
Synaptics, Inc. (a)		3,437		245,917
Texas Instruments, Inc.		96,382		5,497,629
Xilinx, Inc.		24,386		1,050,549

				47,482,352


TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT				53,718,942


SOFTWARE – 21.3%
Application Software – 6.3%
ACI Worldwide, Inc. (a)		11,297		225,827
Adobe Systems, Inc. (a)		47,393		4,465,368
ANSYS, Inc. (a)		8,456		767,551
Aspen Technology, Inc. (a)		7,983		303,593
Autodesk, Inc. (a)		21,498		1,286,010
Blackbaud, Inc.		4,503		278,150
Bottomline Technologies de, Inc. (a)		3,866		94,949
BroadSoft, Inc. (a)		2,609		102,181
Cadence Design Systems, Inc. (a)		28,292		656,091
Callidus Software, Inc. (a)		5,293		96,862
CDK Global, Inc.		12,844		610,989
Citrix Systems, Inc. (a)		14,640		1,198,138
Ebix, Inc.		2,596		124,920
Ellie Mae, Inc. (a)		2,722		227,559
EnerNOC, Inc. (a)		2,601		17,739
Epiq Systems, Inc.		1,837		27,132
Fair Isaac Corp.		2,981		318,103
Glu Mobile, Inc. (a)		12,202		32,579
Guidewire Software, Inc. (a)		6,800		387,396
HubSpot, Inc. (a)		1,434		63,512
Interactive Intelligence Group, Inc. (a)		1,741		64,713
Intuit, Inc.		23,832		2,404,410
Jive Software, Inc. (a)		3,952		16,085
Manhattan Associates, Inc. (a)		6,953		420,935
Mentor Graphics Corp.		9,610		191,816
MicroStrategy, Inc. Class A (a)		911		163,361
MobileIron, Inc. (a)		2,949		11,295
Monotype Imaging Holdings, Inc.		3,736		82,304
Nuance Communications, Inc. (a)		23,622		405,826
Paycom Software, Inc. (a)		4,003		152,955
Paylocity Holding Corp. (a)		1,953		74,741
Pegasystems, Inc.		3,761		99,253



	Shares		Value
PROS Holdings, Inc. (a)		2,491	$	29,294
PTC, Inc. (a)		10,893		397,159
QAD, Inc. Class A		842		16,512
Qlik Technologies, Inc. (a)		8,816		271,445
RealPage, Inc. (a)		4,209		92,556
RingCentral, Inc. Class A (a)		4,513		86,108
Salesforce.com, Inc. (a)		59,934		4,542,997
Silver Spring Networks, Inc. (a)		2,986		41,953
Splunk, Inc. (a)		12,231		635,767
SS&C Technologies Holdings, Inc.		8,336		509,746
Synchronoss Technologies, Inc. (a)		3,565		110,765
Synopsys, Inc. (a)		14,780		702,346
Tangoe, Inc. (a)		3,682		32,475
Telenav, Inc. (a)		2,928		16,690
Textura Corp. (a)		1,787		47,159
The Ultimate Software Group, Inc. (a)		2,591		509,365
TiVo, Inc. (a)		9,625		96,057
Tyler Technologies, Inc. (a)		3,057		447,575
Verint Systems, Inc. (a)		5,981		202,397
Workday, Inc. Class A (a)		10,624		796,588
Workiva, Inc. (a)		2,166		25,797
Xura, Inc. (a)		2,175		48,698
Zendesk, Inc. (a)		4,577		103,440

				25,135,232


Home Entertainment Software – 1.0%
Activision Blizzard, Inc.		48,604		1,675,380
Electronic Arts, Inc. (a)		29,519		1,825,750
Take-Two Interactive Software, Inc. (a)		8,001		273,474
Zynga, Inc. Class A (a)		76,970		183,189

				3,957,793

Systems Software – 14.0%
A10 Networks, Inc. (a)		2,830		16,895
Barracuda Networks, Inc. (a)		1,770		31,187
CA, Inc.		31,216		925,867
CommVault Systems, Inc. (a)		4,091		179,063
FireEye, Inc. (a)		13,895		241,078
Fleetmatics Group PLC (a)		3,670		133,038
Fortinet, Inc. (a)		13,986		454,685
Gigamon, Inc. (a)		1,549		50,482
Imperva, Inc. (a)		2,667		123,962
Infoblox, Inc. (a)		5,540		92,684
Microsoft Corp.		720,984		35,955,472
NetSuite, Inc. (a)		3,750		303,900
Oracle Corp.		303,889		12,113,016
Progress Software Corp. (a)		4,239		108,179
Proofpoint, Inc. (a)		3,604		209,969
Qualys, Inc. (a)		2,332		58,720
Rapid7, Inc. (a)		1,477		18,492
Red Hat, Inc. (a)		17,403		1,276,858
Rovi Corp. (a)		7,821		137,806
ServiceNow, Inc. (a)		14,343		1,025,238


Common Stocks – continued
	Shares		Value
SOFTWARE – continued
Systems Software – continued
Symantec Corp.		64,051	$	1,066,129
Tableau Software, Inc. Class A (a)		4,984		257,673
The Rubicon Project, Inc. (a)		2,667		51,660
TubeMogul, Inc. (a)		1,593		20,645
Varonis Systems, Inc. (a)		1,028		19,686
VASCO Data Security International, Inc. (a)		3,053		52,908
VMware, Inc. Class A (a)		7,472		425,232

				55,350,524


TOTAL SOFTWARE				84,443,549


TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS – 16.2%
Technology Hardware, Storage & Peripherals – 16.2%
3D Systems Corp. (a)		10,195		180,350
Apple, Inc.		529,711		49,655,109
Cray, Inc. (a)		3,850		145,799
Diebold, Inc.		5,860		153,942
Eastman Kodak Co. (a)		1,775		20,980
Electronics For Imaging, Inc. (a)		4,563		181,790
EMC Corp.		184,214		4,809,828
Hewlett Packard Enterprise Co.		171,501		2,857,207
HP, Inc.		170,861		2,096,464
Immersion Corp. (a)		2,464		18,012
Lexmark International, Inc. Class A		5,821		224,691
NCR Corp. (a)		12,057		350,738
NetApp, Inc.		27,696		654,733



	Shares		Value
Nimble Storage, Inc. (a)		3,283	$	24,229
Quantum Corp. (a)		22,526		10,369
SanDisk Corp.		19,041		1,430,550
Seagate Technology PLC		28,500		620,445
Super Micro Computer, Inc. (a)		3,709		99,809
Western Digital Corp.		22,023		899,970


TOTAL TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS				64,435,015


TOTAL COMMON STOCKS (Cost $422,785,768)				397,051,951


Money Market Funds – 0.2%

SSgA US Treasury Money Market Fund, 0.10% (b) (Cost $764,768)		764,768		764,768


TOTAL INVESTMENT PORTFOLIO – 100.1% (Cost $423,550,536)				397,816,719

NET OTHER ASSETS (LIABILITIES) – (0.1%)				(552,879	)


NET ASSETS – 100%			$	397,263,840

Legend

(a)

Non-income producing.

(b)

The rate quoted is the annualized seven-day yield of the fund at period end.

At April 30, 2016, the cost of investment securities for income tax purposes was $423,893,775. Net unrealized depreciation aggregated $26,077,056, of which $11,462,934 related to appreciated investment securities and $37,539,990 related to depreciated investment securities.

utilized to a significant extent. The Committee oversees the Fund’s valuation policies and procedures and reports to the Board on the Committee’s activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund’s investments and ratifies the fair value determinations of the Committee. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 – 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). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund’s investments by major category are as follows:

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


Common Stocks – 99.9%
	Shares		Value
CHEMICALS – 66.7%
Commodity Chemicals – 6.2%
Axiall Corp.		7,577	$	178,439
Cabot Corp.		6,771		330,357
Calgon Carbon Corp.		5,639		92,423
Hawkins, Inc.		1,062		41,556
Koppers Holdings, Inc. (a)		2,233		56,115
Kronos Worldwide, Inc.		2,505		16,658
LyondellBasell Industries N.V. Class A		41,313		3,415,346
Olin Corp.		17,885		389,714
Tredegar Corp.		2,500		39,900
Trinseo S.A. (a)		2,288		97,904
Tronox Ltd. Class A		7,147		52,030
Westlake Chemical Corp.		4,974		249,645

				4,960,087

Diversified Chemicals – 18.1%
Eastman Chemical Co.		16,061		1,226,739
EI du Pont de Nemours & Co.		94,775		6,246,621
Huntsman Corp.		22,661		356,684
LSB Industries, Inc. (a)		2,038		26,820
The Chemours Co.		19,622		178,953
The Dow Chemical Co.		121,584		6,396,534

				14,432,351

Fertilizers & Agricultural Chemicals – 9.2%
AgroFresh Solutions, Inc. (a)		2,394		14,915
American Vanguard Corp. (a)		2,875		47,581
CF Industries Holdings, Inc.		25,183		832,802
FMC Corp.		14,456		625,367
Intrepid Potash, Inc. (a)		5,928		7,588
Monsanto Co.		47,564		4,455,795
The Mosaic Co.		34,480		965,095
The Scotts Miracle-Gro Co. Class A		4,994		353,475

				7,302,618

Industrial Gases – 9.9%
Air Products & Chemicals, Inc.		22,131		3,228,691
Airgas, Inc.		7,011		998,647
Praxair, Inc.		30,800		3,617,768

				7,845,106

Specialty Chemicals – 23.3%
A Schulman, Inc. Class A		3,129		87,268
Albemarle Corp.		12,141		803,249
Ashland, Inc.		6,873		767,027
Axalta Coating Systems Ltd. (a)		15,466		440,317
Balchem Corp.		3,403		208,808
Celanese Corp. Class A		15,878		1,122,575
Chemtura Corp. (a)		6,524		181,693
Ecolab, Inc.		28,739		3,304,410
Ferro Corp. (a)		8,476		107,984
Flotek Industries, Inc. (a)		5,772		54,545
FutureFuel Corp.		2,647		29,752
GCP Applied Technologies, Inc. (a)		7,848		173,676
HB Fuller Co.		5,477		244,931
Innophos Holdings, Inc.		2,086		77,099
Innospec, Inc.		2,619		126,655



	Shares		Value
International Flavors & Fragrances, Inc.		8,681	$	1,037,119
Kraton Performance Polymers, Inc. (a)		3,285		74,602
Minerals Technologies, Inc.		3,765		225,523
NewMarket Corp.		1,099		446,260
OMNOVA Solutions, Inc. (a)		5,027		35,943
Platform Specialty Products Corp. (a)		16,000		164,800
PolyOne Corp.		9,353		336,521
PPG Industries, Inc.		29,116		3,214,115
Quaker Chemical Corp.		1,426		127,000
Rayonier Advanced Materials, Inc.		4,670		47,868
RPM International, Inc.		14,392		727,228
Sensient Technologies Corp.		4,903		329,727
Solazyme, Inc. (a)		6,468		15,135
Stepan Co.		2,159		132,325
The Sherwin-Williams Co.		8,559		2,459,086
The Valspar Corp.		8,171		871,764
WR Grace & Co. (a)		7,638		585,682

				18,560,687


TOTAL CHEMICALS				53,100,849


CONSTRUCTION MATERIALS – 4.3%
Construction Materials – 4.3%
Eagle Materials, Inc.		5,398		400,100
Headwaters, Inc. (a)		7,937		158,819
Martin Marietta Materials, Inc.		6,081		1,029,087
Summit Materials, Inc. Class A (a)		6,442		134,638
United States Lime & Minerals, Inc.		245		13,125
US Concrete, Inc. (a)		1,517		93,690
Vulcan Materials Co.		14,419		1,551,917


TOTAL CONSTRUCTION MATERIALS				3,381,376


CONTAINERS & PACKAGING – 13.0%
Metal & Glass Containers – 4.3%
Aptargroup, Inc.		6,737		512,012
Ball Corp.		14,017		1,000,533
Berry Plastics Group, Inc. (a)		12,975		467,360
Crown Holdings, Inc. (a)		15,086		798,955
Greif, Inc. Class A		2,804		97,299
Myers Industries, Inc.		2,628		35,425
Owens-Illinois, Inc. (a)		16,565		305,790
Silgan Holdings, Inc.		4,916		249,438

				3,466,812

Paper Packaging – 8.7%
Avery Dennison Corp.		9,857		715,717
Bemis Co., Inc.		10,363		520,015
Graphic Packaging Holding Co.		35,505		471,506
International Paper Co.		42,589		1,842,826
Packaging Corp. of America		10,486		680,332
Sealed Air Corp.		21,359		1,011,562
Sonoco Products Co.		10,919		511,992
WestRock Co.		27,829		1,164,644

				6,918,594


TOTAL CONTAINERS & PACKAGING				10,385,406


Common Stocks – continued
	Shares		Value
METALS & MINING – 14.2%
Aluminum – 2.2%
Alcoa, Inc.		141,710	$	1,582,901
Century Aluminum Co. (a)		5,570		49,127
Kaiser Aluminum Corp.		1,473		139,685

				1,771,713

Diversified Metals & Mining – 2.6%
Compass Minerals International, Inc.		3,653		273,829
Freeport-McMoRan, Inc.		125,038		1,750,532
Materion Corp.		2,057		59,632

				2,083,993

Gold – 3.2%
McEwen Mining, Inc.		24,132		62,743
Newmont Mining Corp.		57,213		2,000,739
Royal Gold, Inc.		7,073		442,911

				2,506,393

Precious Metals & Minerals – 0.2%
Stillwater Mining Co. (a)		13,188		160,894

Silver – 0.4%
Coeur Mining, Inc. (a)		15,047		121,881
Hecla Mining Co.		41,097		177,128

				299,009

Steel – 5.6%
AK Steel Holding Corp. (a)		24,899		116,527
Allegheny Technologies, Inc.		11,772		192,354
Carpenter Technology Corp.		5,297		187,567
Cliffs Natural Resources, Inc. (a)		15,087		79,508
Commercial Metals Co.		12,668		227,011
Haynes International, Inc.		1,367		51,304
Nucor Corp.		34,559		1,720,347
Reliance Steel & Aluminum Co.		7,756		573,711
Schnitzer Steel Industries, Inc. Class A		2,884		59,468
Steel Dynamics, Inc.		26,186		660,149
SunCoke Energy, Inc.		7,047		52,359
TimkenSteel Corp.		3,731		47,533
United States Steel Corp.		15,797		301,881
Worthington Industries, Inc.		5,176		195,394

				4,465,113


TOTAL METALS & MINING				11,287,115



	Shares		Value
PAPER & FOREST PRODUCTS – 1.7%
Forest Products – 0.5%
Boise Cascade Co. (a)		4,185	$	87,341
Deltic Timber Corp.		1,202		75,125
Louisiana-Pacific Corp. (a)		15,476		263,092

				425,558

Paper Products – 1.2%
Clearwater Paper Corp. (a)		1,925		115,000
Domtar Corp.		6,833		264,027
KapStone Paper and Packaging Corp.		9,414		149,588
Mercer International, Inc.		5,119		43,000
Neenah Paper, Inc.		1,819		118,399
PH Glatfelter Co.		4,719		108,207
Resolute Forest Products, Inc. (a)		6,914		40,170
Schweitzer-Mauduit International, Inc.		3,349		115,172

				953,563


TOTAL PAPER & FOREST PRODUCTS				1,379,121


TOTAL COMMON STOCKS (Cost $85,979,600)				79,533,867


Money Market Funds – 0.1%

SSgA US Treasury Money Market Fund, 0.10% (b) (Cost $48,307)		48,307		48,307


TOTAL INVESTMENT PORTFOLIO – 100.0% (Cost $86,027,907)				79,582,174

NET OTHER ASSETS (LIABILITIES) – 0.0%				11,435


NET ASSETS – 100%			$	79,593,609

Legend

(a)

Non-income producing.

(b)

The rate quoted is the annualized seven-day yield of the fund at period end.

At April 30, 2016, the cost of investment securities for income tax purposes was $86,109,262. Net unrealized depreciation aggregated $6,527,088, of which $1,183,657 related to appreciated investment securities and $7,710,745 related to depreciated investment securities.

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


Common Stocks – 99.9%
	Shares		Value
REAL ESTATE INVESTMENT TRUSTS (REITS) – 96.8%
Diversified REIT’s – 6.6%
American Assets Trust, Inc.		2,249	$	89,218
Cousins Properties, Inc.		13,587		140,625
Duke Realty Corp.		22,736		497,236
Empire State Realty Trust, Inc. Class A		7,414		137,233
First Potomac Realty Trust		3,999		33,632
Forest City Realty Trust, Inc. Class A		15,944		331,316
Global Net Lease, Inc.		11,335		96,007
Gramercy Property Trust		27,880		236,144
Investors Real Estate Trust		8,412		50,640
Lexington Realty Trust		13,986		122,797
Liberty Property Trust		9,733		339,682
NorthStar Realty Finance Corp.		12,469		159,478
One Liberty Properties, Inc.		934		21,874
PS Business Parks, Inc.		1,339		128,223
RAIT Financial Trust		6,020		18,301
Select Income REIT		4,457		103,180
Spirit Realty Capital, Inc.		31,366		358,513
STORE Capital Corp.		9,331		239,527
VEREIT, Inc.		59,593		529,186
Washington Real Estate Investment Trust		4,794		137,444
Winthrop Realty Trust		2,154		27,399
WP Carey, Inc.		6,557		400,567

				4,198,222

Health Care REIT’s – 9.7%
Care Capital Properties, Inc.		5,575		148,685
CareTrust REIT, Inc.		3,859		49,087
HCP, Inc.		30,633		1,036,314
Healthcare Realty Trust, Inc.		6,677		202,180
Healthcare Trust of America, Inc. Class A		8,421		243,283
LTC Properties, Inc.		2,384		110,594
Medical Properties Trust, Inc.		15,790		210,165
National Health Investors, Inc.		2,376		161,782
New Senior Investment Group, Inc.		5,817		62,824
Omega Healthcare Investors, Inc.		12,369		417,701
Physicians Realty Trust		8,695		157,640
Sabra Health Care REIT, Inc.		4,301		90,708
Senior Housing Properties Trust		15,430		271,259
Universal Health Realty Income Trust		112		6,115
Ventas, Inc.		21,933		1,362,478
Welltower, Inc.		23,307		1,617,972

				6,148,787

Hotel & Resort REIT’s – 4.2%
Apple Hospitality REIT, Inc.		10,992		208,078
Ashford Hospitality Prime, Inc.		1,879		21,026
Ashford Hospitality Trust, Inc.		6,583		36,799
Chatham Lodging Trust		2,580		54,980
Chesapeake Lodging Trust		4,003		98,594
DiamondRock Hospitality Co.		13,404		119,430
FelCor Lodging Trust, Inc.		9,138		65,428
Hersha Hospitality Trust		2,811		54,224
Hospitality Properties Trust		9,276		237,373



	Shares		Value
Host Hotels & Resorts, Inc.		49,502	$	783,121
LaSalle Hotel Properties		7,491		179,035
Pebblebrook Hotel Trust		4,792		132,451
RLJ Lodging Trust		8,352		175,977
Ryman Hospitality Properties, Inc.		3,073		158,352
Summit Hotel Properties, Inc.		5,873		66,952
Sunstone Hotel Investors, Inc.		14,346		183,772
Xenia Hotels & Resorts, Inc.		7,087		108,998

				2,684,590

Industrial REIT’s – 3.7%
DCT Industrial Trust, Inc.		5,863		236,689
EastGroup Properties, Inc.		2,143		128,044
First Industrial Realty Trust, Inc.		6,173		141,609
Monmouth Real Estate Investment Corp. Class A		3,747		43,091
Prologis, Inc.		34,532		1,568,098
Rexford Industrial Realty, Inc.		4,269		80,129
STAG Industrial, Inc.		4,568		91,177
Terreno Realty Corp.		2,920		66,489

				2,355,326

Mortgage REIT’s – 5.4%
AG Mortgage Investment Trust, Inc.		1,918		25,682
Altisource Residential Corp.		3,858		44,830
American Capital Agency Corp.		22,814		419,093
American Capital Mortgage Investment Corp.		3,429		50,852
Annaly Capital Management, Inc.		62,419		650,406
Anworth Mortgage Asset Corp.		6,884		32,493
Apollo Commercial Real Estate Finance, Inc.		4,524		72,067
Apollo Residential Mortgage, Inc.		2,201		29,846
ARMOUR Residential REIT, Inc.		2,712		57,711
Blackstone Mortgage Trust, Inc. Class A		5,902		162,187
Capstead Mortgage Corp.		6,420		62,402
Chimera Investment Corp.		11,931		169,420
Colony Financial, Inc. Class A		7,369		130,284
CYS Investments, Inc.		10,439		84,660
Dynex Capital, Inc.		3,302		21,463
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		2,462		47,763
Hatteras Financial Corp.		6,485		103,047
Invesco Mortgage Capital, Inc.		7,893		101,425
iStar, Inc. (a)		5,720		56,056
Ladder Capital Corp.		3,090		36,802
MFA Financial, Inc.		24,630		170,193
New Residential Investment Corp.		15,309		185,239
New York Mortgage Trust, Inc.		7,473		38,860
Newcastle Investment Corp.		4,450		19,313
Redwood Trust, Inc.		5,536		71,747
Resource Capital Corp.		2,257		26,813
Starwood Property Trust, Inc.		15,738		304,688
Two Harbors Investment Corp.		24,182		189,345
United Development Funding IV		1,811		5,795
Western Asset Mortgage Capital Corp.		2,923		29,142

				3,399,624


Common Stocks – continued
	Shares		Value
REAL ESTATE INVESTMENT TRUSTS (REITS) – continued
Office REIT’s – 9.9%
Alexandria Real Estate Equities, Inc.		4,792	$	445,416
Boston Properties, Inc.		10,117		1,303,677
Brandywine Realty Trust		11,643		174,063
Columbia Property Trust, Inc.		7,850		175,055
Corporate Office Properties Trust		6,265		160,885
Douglas Emmett, Inc.		9,239		299,806
Easterly Government Properties, Inc.		1,034		19,077
Equity Commonwealth (a)		7,965		222,303
Franklin Street Properties Corp.		6,050		64,251
Government Properties Income Trust		1,943		36,762
Highwoods Properties, Inc.		6,315		295,100
Hudson Pacific Properties, Inc.		5,070		148,297
Kilroy Realty Corp.		6,074		393,656
Mack-Cali Realty Corp.		5,655		144,542
New York REIT, Inc.		10,840		106,557
NorthStar Realty Europe Corp.		4,299		51,287
Paramount Group, Inc.		10,572		176,552
Parkway Properties, Inc.		5,533		91,018
Piedmont Office Realty Trust, Inc. Class A		9,666		192,450
SL Green Realty Corp.		6,569		690,271
Tier REIT, Inc.		3,243		48,904
Vornado Realty Trust		11,178		1,070,070

				6,309,999

Residential REIT’s – 12.5%
American Campus Communities, Inc.		8,462		378,674
American Homes 4 Rent Class A		11,287		178,560
Apartment Investment & Management Co. Class A		10,343		414,341
AvalonBay Communities, Inc.		9,015		1,593,762
Camden Property Trust		5,738		463,229
Colony Starwood Homes		2,788		67,943
Education Realty Trust, Inc.		4,118		163,773
Equity Lifestyle Properties, Inc.		5,294		362,586
Equity Residential		23,989		1,632,931
Essex Property Trust, Inc.		4,349		958,737
Mid-America Apartment Communities, Inc.		4,967		475,392
Monogram Residential Trust, Inc.		10,602		107,398
Post Properties, Inc.		3,588		205,808
Silver Bay Realty Trust Corp.		2,365		34,529
Sun Communities, Inc.		4,015		272,498
UDR, Inc.		17,255		602,545

				7,912,706

Retail REIT’s – 19.7%
Acadia Realty Trust		4,586		154,548
Agree Realty Corp.		1,325		51,383
Alexander’s, Inc.		156		59,696
Brixmor Property Group, Inc.		13,808		348,652
CBL & Associates Properties, Inc.		11,349		132,556
Cedar Realty Trust, Inc.		4,894		33,866
DDR Corp.		20,364		356,370
Equity One, Inc.		6,042		170,989



	Shares		Value
Federal Realty Investment Trust		4,571	$	695,158
General Growth Properties, Inc.		37,787		1,059,170
Getty Realty Corp.		1,804		35,503
Kimco Realty Corp.		27,220		765,426
Kite Realty Group Trust		5,557		151,317
National Retail Properties, Inc.		9,007		394,146
Pennsylvania Real Estate Investment Trust		4,623		106,052
Ramco-Gershenson Properties Trust		5,325		94,306
Realty Income Corp.		16,440		973,248
Regency Centers Corp.		6,222		458,561
Retail Opportunity Investments Corp.		6,603		129,881
Retail Properties of America, Inc. Class A		15,728		251,491
Rouse Properties, Inc.		2,759		50,959
Saul Centers, Inc.		845		44,937
Seritage Growth Properties, Class A		1,653		88,221
Simon Property Group, Inc.		20,368		4,097,431
Tanger Factory Outlet Centers		6,362		223,179
Taubman Centers, Inc.		3,974		275,994
The Macerich Co.		8,866		674,525
Urban Edge Properties		6,614		171,567
Urstadt Biddle Properties, Inc. Class A		662		13,611
Weingarten Realty Investors		7,800		287,976
WP Glimcher, Inc.		12,241		128,408

				12,479,127

Specialized REIT’s – 25.1%
American Tower Corp.		27,886		2,924,684
CatchMark Timber Trust, Inc. Class A		2,588		27,459
Communications Sales & Leasing, Inc.		8,504		197,548
CoreSite Realty Corp.		1,989		149,036
Corrections Corp. of America		7,768		236,302
Crown Castle International Corp.		21,979		1,909,535
CubeSmart		11,418		338,087
CyrusOne, Inc.		4,648		205,116
Digital Realty Trust, Inc.		9,642		848,303
DuPont Fabros Technology, Inc.		4,860		193,525
EPR Properties		3,960		260,885
Equinix, Inc.		4,395		1,451,888
Extra Space Storage, Inc.		7,725		656,239
Four Corners Property Trust, Inc.		3,801		67,468
Gaming and Leisure Properties, Inc.		11,454		375,577
InfraREIT, Inc.		2,823		46,805
Iron Mountain, Inc.		16,641		607,896
Lamar Advertising Co. Class A		5,401		335,078
Outfront Media, Inc.		9,136		198,160
Potlatch Corp.		2,689		94,707
Public Storage		9,691		2,372,454
QTS Realty Trust, Inc. Class A		3,115		150,828
Rayonier, Inc.		8,215		202,746
Sovran Self Storage, Inc.		2,584		274,472
The Geo Group, Inc.		4,934		158,036
Weyerhaeuser Co.		51,964		1,669,084

				15,951,918


TOTAL REAL ESTATE INVESTMENT TRUSTS (REITS)				61,440,299


Common Stocks – continued
	Shares		Value
REAL ESTATE MANAGEMENT & DEVELOPMENT – 3.1%
Diversified Real Estate Activities – 0.3%
Alexander & Baldwin, Inc.		3,097	$	118,430
Tejon Ranch Co. (a)		1,108		24,952
The RMR Group, Inc. Class A		497		12,385
The St Joe Co. (a)		2,134		35,958

				191,725

Real Estate Development – 0.4%
Forestar Group, Inc. (a)		2,255		30,442
The Howard Hughes Corp. (a)		2,369		249,148

				279,590

Real Estate Services – 2.4%
Altisource Portfolio Solutions S.A. (a)		993		31,071
CBRE Group, Inc. Class A (a)		19,808		586,911
Jones Lang LaSalle, Inc.		2,979		343,091
Kennedy-Wilson Holdings, Inc.		5,728		123,782
Marcus & Millichap, Inc. (a)		980		24,578
RE/MAX Holdings, Inc. Class A		1,152		42,394
Realogy Holdings Corp. (a)		9,665		345,427

				1,497,254


TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT				1,968,569


TOTAL COMMON STOCKS (Cost $63,530,902)				63,408,868


Money Market Funds – 0.1%
	Shares		Value
SSgA US Treasury Money Market Fund, 0.10% (b) (Cost $96,842)		96,842	$	96,842


TOTAL INVESTMENT PORTFOLIO – 100.0% (Cost $63,627,744)				63,505,710

NET OTHER ASSETS (LIABILITIES) – 0.0%				(26,291	)


NET ASSETS – 100%			$	63,479,419

Legend

(a)

Non-income producing.

(b)

The rate quoted is the annualized seven-day yield of the fund at period end.

At April 30, 2016, the cost of investment securities for income tax purposes was $63,864,062. Net unrealized depreciation aggregated $358,352, of which $2,023,577 related to appreciated investment securities and $2,381,929 related to depreciated investment securities.

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


Common Stocks – 99.9%
	Shares		Value
DIVERSIFIED TELECOMMUNICATION SERVICES – 85.2%
Alternative Carriers – 21.5%
8x8, Inc. (a)		206,727	$	2,344,284
Cogent Communications Holdings, Inc.		76,038		2,942,671
Globalstar, Inc. (a)		1,794,084		3,498,464
Inteliquent, Inc.		123,476		2,048,467
Iridium Communications, Inc. (a)		292,785		2,362,775
Level 3 Communications, Inc. (a)		133,206		6,961,345
Lumos Networks Corp. (a)		173,602		2,213,425
ORBCOMM, Inc. (a)		323,426		3,205,152
pdvWireless, Inc. (a)		82,177		3,318,307
Straight Path Communications, Inc. (a)		117,360		4,295,376
Vonage Holdings Corp. (a)		447,719		2,090,848

				35,281,114

Integrated Telecommunication Services – 63.7%
AT&T, Inc.		931,671		36,167,468
Atlantic Tele-Network, Inc.		29,879		2,148,599
CenturyLink, Inc.		234,167		7,247,469
Cincinnati Bell, Inc. (a)		682,028		2,605,347
Consolidated Communications Holdings, Inc.		109,031		2,577,493
FairPoint Communications, Inc. (a)		148,280		1,966,193
Frontier Communications Corp.		734,951		4,086,327
General Communication, Inc. Class A (a)		114,029		1,927,090
IDT Corp. Class B		168,894		2,590,834
SBA Communications Corp. Class A (a)		58,846		6,063,492
Verizon Communications, Inc.		676,076		34,439,311
Windstream Holding, Inc.		333,717		2,896,664

				104,716,287


TOTAL DIVERSIFIED TELECOMMUNICATION SERVICES				139,997,401



	Shares		Value
WIRELESS TELECOMMUNICATION SERVICES – 14.7%
Wireless Telecommunication Services – 14.7%
Boingo Wireless, Inc. (a)		341,846	$	2,628,796
Contra Leap Wireless (a)		18,242		47,064
NII Holdings, Inc. (a)		495,196		2,614,635
Shenandoah Telecommunications Co.		99,721		2,860,995
Spok Holdings, Inc.		121,739		2,068,345
Sprint Corp. (a)		859,848		2,949,279
T-Mobile US, Inc. (a)		140,989		5,538,048
Telephone & Data Systems, Inc.		107,432		3,176,764
United States Cellular Corp. (a)		55,639		2,372,447


TOTAL WIRELESS TELECOMMUNICATION SERVICES				24,256,373


TOTAL COMMON STOCKS (Cost $150,481,682)				164,253,774


Money Market Funds – 0.1%

SSgA US Treasury Money Market Fund, 0.10% (b) (Cost $137,706)		137,706		137,706


TOTAL INVESTMENT PORTFOLIO – 100.0% (Cost $150,619,388)				164,391,480

NET OTHER ASSETS (LIABILITIES) – 0.0%				(68,998	)


NET ASSETS – 100%			$	164,322,482

Legend

(a)

Non-income producing.

(b)

The rate quoted is the annualized seven-day yield of the fund at period end.

At April 30, 2016, the cost of investment securities for income tax purposes was $151,484,084. Net unrealized appreciation aggregated $12,907,396, of which $14,623,250 related to appreciated investment securities and $1,715,854 related to depreciated investment securities.

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund’s investments to the Fidelity SelectCo, LLC (SelectCo) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors 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 procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund’s valuation policies and procedures and reports to the Board on the Committee’s activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund’s investments and ratifies the fair value determinations of the Committee. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 – 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). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund’s investments by major category are as follows:

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


Common Stocks – 99.8%
	Shares		Value
ELECTRIC UTILITIES – 56.6%
Electric Utilities – 56.6%
ALLETE, Inc.		15,764	$	885,779
Alliant Energy Corp.		38,393		2,707,474
American Electric Power Co., Inc.		166,224		10,555,224
Duke Energy Corp.		233,116		18,364,878
Edison International		110,343		7,802,354
El Paso Electric Co.		13,704		618,050
Empire District Electric Co.		14,784		497,777
Entergy Corp.		60,415		4,542,000
Eversource Energy		107,424		6,063,011
Exelon Corp.		311,428		10,928,009
FirstEnergy Corp.		143,274		4,669,300
Great Plains Energy, Inc.		52,282		1,632,767
Hawaiian Electric Industries, Inc.		36,394		1,189,720
IDACORP, Inc.		17,052		1,240,192
ITC Holdings Corp.		51,959		2,289,833
MGE Energy, Inc.		11,767		586,585
NextEra Energy, Inc.		155,967		18,338,600
OGE Energy Corp.		67,635		2,001,320
Otter Tail Corp.		11,428		330,498
PG&E Corp.		166,102		9,667,136
Pinnacle West Capital Corp.		37,542		2,727,426
PNM Resources, Inc.		26,974		854,536
Portland General Electric Co.		30,065		1,194,182
PPL Corp.		227,516		8,563,702
The Southern Co.		307,828		15,422,183
Westar Energy, Inc.		47,870		2,470,571
Xcel Energy, Inc.		171,874		6,880,116


TOTAL ELECTRIC UTILITIES				143,023,223


GAS UTILITIES – 7.3%
Gas Utilities – 7.3%
AGL Resources, Inc.		40,724		2,682,083
Atmos Energy Corp.		34,564		2,507,618
Chesapeake Utilities Corp.		5,146		306,290
National Fuel Gas Co.		24,367		1,352,368
New Jersey Resources Corp.		29,061		1,036,896
Northwest Natural Gas Co.		9,256		477,054
ONE Gas, Inc.		17,665		1,032,873
Piedmont Natural Gas Co., Inc.		26,876		1,607,185
Questar Corp.		59,216		1,484,545
South Jersey Industries, Inc.		23,493		655,690
Southwest Gas Corp.		16,046		1,041,546
Spire, Inc.		14,682		939,061
UGI Corp.		58,401		2,350,056
WGL Holdings, Inc.		16,879		1,145,915


TOTAL GAS UTILITIES				18,619,180


INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS – 3.6%
Independent Power Producers & Energy Traders – 2.9%
AES Corp.		227,882		2,543,163
Calpine Corp. (a)		114,813		1,811,749



	Shares		Value
Dynegy, Inc. (a)		30,726	$	541,699
NRG Energy, Inc.		106,407		1,606,746
NRG Yield, Inc. Class A		11,688		176,840
NRG Yield, Inc. Class C		21,214		343,243
Talen Energy Corp. (a)		28,193		328,730

				7,352,170

Renewable Electricity – 0.7%
8Point3 Energy Partners LP		6,705		105,738
NextEra Energy Partners LP		13,728		396,602
Ormat Technologies, Inc.		12,432		539,549
Pattern Energy Group, Inc.		20,173		423,633
TerraForm Global, Inc. Class A (a)		16,083		46,801
TerraForm Power, Inc. Class A (a)		16,183		172,834
Vivint Solar, Inc. (a)		7,076		23,634

				1,708,791


TOTAL INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS				9,060,961


MULTI-UTILITIES – 29.2%
Multi-Utilities – 29.2%
Ameren Corp.		82,175		3,944,400
Avista Corp.		21,116		846,118
Black Hills Corp.		17,335		1,050,328
CenterPoint Energy, Inc.		138,431		2,969,345
CMS Energy Corp.		94,110		3,828,395
Consolidated Edison, Inc.		99,295		7,407,407
Dominion Resources, Inc.		201,618		14,409,638
DTE Energy Co.		60,784		5,419,501
MDU Resources Group, Inc.		62,828		1,260,330
NiSource, Inc.		107,928		2,451,045
NorthWestern Corp.		16,314		927,288
Public Service Enterprise Group, Inc.		171,353		7,904,514
SCANA Corp.		45,982		3,158,504
Sempra Energy		79,858		8,253,324
TECO Energy, Inc.		79,667		2,212,353
Unitil Corp.		4,495		177,642
Vectren Corp.		28,011		1,368,337
WEC Energy Group, Inc.		106,913		6,223,406


TOTAL MULTI-UTILITIES				73,811,875


WATER UTILITIES – 3.1%
Water Utilities – 3.1%
American States Water Co.		12,437		518,499
American Water Works Co., Inc.		60,782		4,422,498
Aqua America, Inc.		59,753		1,891,780
California Water Service Group		16,164		451,460
Connecticut Water Service, Inc.		3,760		176,795
Middlesex Water Co.		5,463		199,837
SJW Corp.		5,174		178,037


TOTAL WATER UTILITIES				7,838,906


TOTAL COMMON STOCKS (Cost $245,551,201)				252,354,145

At April 30, 2016, the cost of investment securities for income tax purposes was $246,086,204. Net unrealized appreciation aggregated $6,525,811, of which $10,087,743 related to appreciated investment securities and $3,561,932 related to depreciated investment securities.

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

(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the Fidelity Covington Trust’s (the “Trust”) disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the Trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.

(a)(ii) There was no change in the Trust’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the Trust’s last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Trust’s internal control over financial reporting.

Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.


Common Stocks – continued
	Shares		Value
TEXTILES, APPAREL & LUXURY GOODS – continued
Textiles – 0.0%
Unifi, Inc. (a)		1,286	$	33,127


TOTAL TEXTILES, APPAREL & LUXURY GOODS				16,660,365


TOTAL COMMON STOCKS (Cost $260,466,262)				249,586,649


Valuation Inputs at Reporting Date:
Description	Total		Level 1		Level 2		Level 3
Investments in Securities:
Common Stocks	$	249,586,649	$	249,586,649	$	—	$	—
Money Market Funds		183,150		183,150		—		—

Total Investments in Securities:	$	249,769,799	$	249,769,799	$	—	$	—


Valuation Inputs at Reporting Date:
Description	Total		Level 1		Level 2		Level 3
Investments in Securities:
Common Stocks	$	266,908,225	$	266,908,225	$	—	$	—
Money Market Funds		494,037		494,037		—		—

Total Investments in Securities:	$	267,402,262	$	267,402,262	$	—	$	—


Valuation Inputs at Reporting Date:
Description	Total		Level 1		Level 2		Level 3
Investments in Securities:
Common Stocks	$	397,749,607	$	397,749,607	$	—	$	—
Money Market Funds		337,055		337,055		—		—

Total Investments in Securities:	$	398,086,662	$	398,086,662	$	—	$	—


Valuation Inputs at Reporting Date:
Description	Total		Level 1		Level 2		Level 3
Investments in Securities:
Common Stocks	$	243,821,912	$	243,816,050	$	—	$	5,862
Money Market Funds		401,194		401,194		—		—

Total Investments in Securities:	$	244,223,106	$	244,217,244	$	—	$	5,862


By:		/s/ Adrien E. Deberghes
		Adrien E. Deberghes
		President and Treasurer

Date:		June 28, 2016


By:		/s/ Howard J. Galligan III
		Howard J. Galligan III
		Chief Financial Officer

Date:		June 28, 2016


*Quarterly Report*		2


		3		*Quarterly Report*


*Quarterly Report*		4


		5		*Quarterly Report*