# EDGAR Filing Document

**Accession Number:** 0000320351
**File Stem:** 0000035402-26-000509
**Filing Date:** 2026-1
**Character Count:** 36828
**Document Hash:** d55fe14d0c987fff44ffd6c9a2c7cde2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000035402-26-000509.hdr.sgml**: 20260123

**ACCESSION NUMBER**: 0000035402-26-000509

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251130

**FILED AS OF DATE**: 20260123

**DATE AS OF CHANGE**: 20260123

**PERIOD START**: 20260228

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FIDELITY SELECT PORTFOLIOS
- **CENTRAL INDEX KEY:** 0000320351

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0228

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-03114
- **FILM NUMBER:** 26555462

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

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

## Series and Classes Contracts Data

### Financials Portfolio (Series ID: S000007462)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000020436 | Financials Portfolio | FIDSX           |

## Nport-Ex

**Quarterly Holdings Report**

**for**

**Fidelity® Select Portfolios®**

**Financials Portfolio**

**November 30, 2025**

FIN-NPRT3-0126

1.810693.121 ---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 99.8%** | &nbsp;&nbsp;**Common Stocks - 99.8%** | &nbsp;&nbsp;**Common Stocks - 99.8%** |
|  | Shares | Value ($)<br>|
| AUSTRALIA - 1.0%  |  |  |
| Financials - 1.0% |  |  |
| Insurance - 1.0% |  |  |
| AUB Group Ltd  | 406166 | 9912212 |
| FRANCE - 1.2%  |  |  |
| Financials - 1.2% |  |  |
| Capital Markets - 1.2% |  |  |
| Amundi SA (a)(b) | 156800 | 12554059 |
| GRAND CAYMAN (UK OVERSEAS TER) - 0.9%  |  |  |
| Financials - 0.9% |  |  |
| Capital Markets - 0.9% |  |  |
| Patria Investments Ltd Class A (c) | 621600 | 9367512 |
| MEXICO - 0.4%  |  |  |
| Financials - 0.4% |  |  |
| Capital Markets - 0.4% |  |  |
| Bolsa Mexicana de Valores SAB de CV  | 2225900 | 4506288 |
| PUERTO RICO - 1.0%  |  |  |
| Financials - 1.0% |  |  |
| Banks - 1.0% |  |  |
| Popular Inc  | 87400 | 10025654 |
| UNITED KINGDOM - 2.0%  |  |  |
| Financials - 2.0% |  |  |
| Insurance - 2.0% |  |  |
| Hiscox Ltd  | 724500 | 12850877 |
| Lancashire Holdings Ltd  | 905892 | 7014906 |
| TOTAL UNITED KINGDOM |  | 19865783 |
| UNITED STATES - 93.3%  |  |  |
| Financials - 92.5% |  |  |
| Banks - 34.5% |  |  |
| Associated Banc-Corp  | 341600 | 8980664 |
| Bank of America Corp  | 1294200 | 69433830 |
| BOK Financial Corp  | 109500 | 12331890 |
| Citigroup Inc  | 339300 | 35151480 |
| East West Bancorp Inc  | 69500 | 7415650 |
| Eastern Bankshares Inc  | 529000 | 9961070 |
| First Hawaiian Inc (c) | 234300 | 5838756 |
| First Interstate BancSystem Inc Class A  | 326221 | 10713098 |
| KeyCorp (c) | 472100 | 8677198 |
| M&T Bank Corp (c) | 84337 | 16042584 |
| Old National Bancorp/IN  | 592100 | 12866333 |
| TriCo Bancshares  | 168200 | 8090420 |
| Truist Financial Corp  | 432100 | 20092650 |
| UMB Financial Corp  | 102458 | 11381035 |
| United Community Bank/SC  | 185700 | 5674992 |
| US Bancorp  | 364800 | 17893440 |
| Wells Fargo & Co  | 833290 | 71537947 |
| WesBanco Inc (c) | 187300 | 6044171 |
| Wintrust Financial Corp  | 60100 | 8054602 |
| Zions Bancorp NA  | 86200 | 4588425 |
|  |  | 350770235 |
| Capital Markets - 22.1% |  |  |
| AllianceBernstein Holding LP  | 204400 | 8443764 |
| Blue Owl Capital Inc Class A (c) | 919700 | 13795500 |
| Carlyle Group Inc/The  | 134300 | 7323379 |
| Charles Schwab Corp/The  | 328200 | 30433986 |
| Lazard Inc  | 247592 | 12503396 |
| LPL Financial Holdings Inc  | 100 | 35604 |
| MarketAxess Holdings Inc  | 68600 | 11242854 |
| Moody's Corp  | 32400 | 15901272 |
| Morgan Stanley  | 160000 | 27145600 |
| Nasdaq Inc  | 179500 | 16320140 |
| Northern Trust Corp  | 65000 | 8537100 |
| Perella Weinberg Partners Class A  | 204523 | 3734590 |
| Raymond James Financial Inc  | 62400 | 9768096 |
| State Street Corp  | 267200 | 31802144 |
| Stifel Financial Corp  | 99500 | 12139000 |
| Virtu Financial Inc Class A  | 427100 | 15273096 |
|  |  | 224399521 |
| Consumer Finance - 4.4% |  |  |
| Capital One Financial Corp  | 94946 | 20799820 |
| FirstCash Holdings Inc  | 67611 | 10710258 |
| SLM Corp (c) | 456700 | 13381310 |
|  |  | 44891388 |
| Financial Services - 16.3% |  |  |
| Apollo Global Management Inc  | 193336 | 25491352 |
| Corpay Inc (d) | 53000 | 15677400 |
| Essent Group Ltd  | 197200 | 12376272 |
| Mastercard Inc Class A  | 177200 | 97553916 |
| PayPal Holdings Inc  | 900 | 56421 |
| Voya Financial Inc  | 210400 | 14791120 |
|  |  | 165946481 |
| Insurance - 15.2% |  |  |
| American Financial Group Inc/OH  | 95600 | 13166032 |
| Arthur J Gallagher & Co  | 55000 | 13619100 |
| Assurant Inc  | 73300 | 16724128 |
| Baldwin Insurance Group Inc/The Class A (c)(d) | 343449 | 9791731 |
| Brown & Brown Inc  | 168900 | 13584627 |
| Chubb Ltd  | 87500 | 25915750 |
| First American Financial Corp  | 203522 | 13383607 |
| Neptune Insurance Holdings Inc Class A  | 600 | 13992 |
| Reinsurance Group of America Inc  | 196593 | 37327113 |
| Selective Insurance Group Inc  | 142000 | 11155520 |
|  |  | 154681600 |
| TOTAL FINANCIALS |  | 940689225 |
| Industrials - 0.8% |  |  |
| Professional Services - 0.8% |  |  |
| TransUnion (c) | 94700 | 8054235 |
| TOTAL UNITED STATES |  | 948743460 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $728,796,323) |  | <br> **1014974968** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 3.8%** | &nbsp;&nbsp;**Money Market Funds - 3.8%** | &nbsp;&nbsp;**Money Market Funds - 3.8%** | &nbsp;&nbsp;**Money Market Funds - 3.8%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (e) | 4.02 | 1565475 | 1565788 |
| Fidelity Securities Lending Cash Central Fund (e)(f) | 4.02 | 37535994 | 37539748 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $39,105,536) |  |  | **39105536** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 103.6%**<br> (Cost $767,901,859)<br>| <br>**1054080504** |
| **NET OTHER ASSETS (LIABILITIES) - (3.6)%**  | **(36575323)** |
| **NET ASSETS - 100.0%** | **1017505181** |

---

**Legend**

(a) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $12,554,059 or 1.2% of net assets.

(b) Security exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $12,554,059 or 1.2% of net assets.

(c) Security or a portion of the security is on loan at period end.

(d) Non-income producing.

(e) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

(f) Investment made with cash collateral received from securities on loan.

At period end, the value of non-cash collateral for securities on loan amounted to $14,909,174.

**Affiliated Central Funds**

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 4695880 | 103390242 | 106520356 | 71940 | 22 | - | 1565788 | 1565475 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 51068928 | 623292997 | 636823829 | 204240 | 1652 | - | 37539748 | 37535994 | 0.1% |
| Total | 55764808 | 726683239 | 743344185 | 276180 | 1674 | - | 39105536 |  |  |

---

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds.

Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium income received for lending certain types of securities.

**Investment Valuation**

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

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

Level 1 - Unadjusted quoted prices in active markets for identical investments

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

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

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

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

Investments in any open-end mutual funds are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

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

For additional information on the Fund's 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 annual report.*

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

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** Fidelity Select Portfolios

- **b. Investment Company Act file number:** 811-03114

- **c. CIK number of Registrant:** 0000320351

- **d. LEI of Registrant:** Z57125JG1LHEQKDYS630

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

  - **Street Address 1:** 245 Summer Street

  - **City:** Boston

  - **State:** MA

  - **Foreign country:** US

  - **Zip / Postal Code:** 02210

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

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

- **a. Name of Series:** Select Financials Portfolio

- **b. EDGAR series identifier (if any):** S000007462

- **c. LEI of Series:** VX6P37DFEQ4YJFO2T487

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

- **a. Date of fiscal year-end:** 2026-02-28

- **b. Date as of which information is reported:** 2025-11-30

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $1055060648.44

**Total Liabilities:** $37342348.75

**Net Assets:** $1017718299.69

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000020436 | -0.98%               | -3.27%               | 2.81%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $3845974.53              | $-16315804.73                              |
| Month 2  | $4965784.46              | $-39556060.58                              |
| Month 3  | $1244108.06              | $23796822.81                               |

### Schedule of Portfolio Investments

| Name                             | Title                                         | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| CHUBB LTD                        | CHUBB LTD                                     | CUSIP: N/A<br>LEI: E0JAN6VLUDI1HITHT809       | Long             | EC               | CORP              | CH        |     87500 | NS      | $25915750.00  | 2.55%             |  |  |  | No            |                  1 | On Loan: No      |
| LAZARD INC                       | LAZARD INC                                    | CUSIP: 52110M109<br>LEI: 254900RIBCDJSUFG1A11 | Long             | EC               | CORP              | US        |    247592 | NS      | $12503396.00  | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| ALLIANCEBERNSTEIN HOLDING LP     | ALLIANCEBERNSTEIN HOLDING LP                  | CUSIP: 01881G106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    204400 | NS      | $8443764.00   | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERICAN FINL GROUP INC OHIO     | AMERICAN FINL GROUP INC OHIO                  | CUSIP: 025932104<br>LEI: 549300AFOM7IVKIU1G39 | Long             | EC               | CORP              | US        |     95600 | NS      | $13166032.00  | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| AUB GROUP LTD                    | AUB GROUP LTD                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | AU        |    406166 | NS      | $9912212.13   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| ASSOCIATED BANC CORP             | ASSOCIATED BANC CORP                          | CUSIP: 045487105<br>LEI: 549300N3CIN473IW5094 | Long             | EC               | CORP              | US        |    341600 | NS      | $8980664.00   | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| ASSURANT INC                     | ASSURANT INC                                  | CUSIP: 04621X108<br>LEI: H3F39CAXWQRVWURFXL38 | Long             | EC               | CORP              | US        |     73300 | NS      | $16724128.00  | 1.64%             |  |  |  | No            |                  1 | On Loan: No      |
| LANCASHIRE HOLDINGS LTD          | LANCASHIRE HOLDINGS LTD                       | CUSIP: N/A<br>LEI: 5493002UNUYXLHOWF752       | Long             | EC               | CORP              | BM        |    905892 | NS      | $7014906.01   | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| TRUIST FINANCIAL CORP            | TRUIST FINL CORP                              | CUSIP: 89832Q109<br>LEI: 549300DRQQI75D2JP341 | Long             | EC               | CORP              | US        |    432100 | NS      | $20092650.00  | 1.97%             |  |  |  | No            |                  1 | On Loan: No      |
| BOK FINANCIAL CORP               | BOK FINANCIAL COMMON NEW                      | CUSIP: 05561Q201<br>LEI: GRI2NT5QHYW751NMR949 | Long             | EC               | CORP              | US        |    109500 | NS      | $12331890.00  | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| BANK OF AMERICA CORPORATION      | BANK OF AMERICA CORPORATION                   | CUSIP: 060505104<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EC               | CORP              | US        |   1294200 | NS      | $69433830.00  | 6.82%             |  |  |  | No            |                  1 | On Loan: No      |
| BROWN and BROWN INC              | BROWN and BROWN INC                           | CUSIP: 115236101<br>LEI: 549300PC8KTJ71XKFY89 | Long             | EC               | CORP              | US        |    168900 | NS      | $13584627.00  | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| HISCOX LTD                       | HISCOX LTD (NE HISCOX BERMUDA)                | CUSIP: N/A<br>LEI: 5493007JXOLJ0QCY2D70       | Long             | EC               | CORP              | BM        |    724500 | NS      | $12850876.63  | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| CAPITAL ONE FINANCIAL CORP       | CAPITAL ONE FINANCIAL CORP                    | CUSIP: 14040H105<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | EC               | CORP              | US        |     94946 | NS      | $20799820.22  | 2.04%             |  |  |  | No            |                  1 | On Loan: No      |
| CARLYLE GROUP INC/THE            | CARLYLE GROUP INC (THE)                       | CUSIP: 14316J108<br>LEI: 529900NGGVF94UK6PG95 | Long             | EC               | CORP              | US        |    134300 | NS      | $7323379.00   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| CITIGROUP INC                    | CITIGROUP INC                                 | CUSIP: 172967424<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EC               | CORP              | US        |    339300 | NS      | $35151480.00  | 3.45%             |  |  |  | No            |                  1 | On Loan: No      |
| BOLSA MEXICANA DE VALORES SA     | BOLSA MEXICANA DE VALORES SA                  | CUSIP: N/A<br>LEI: 894500CS2D6RLGW61A19       | Long             | EC               | CORP              | MX        |   2225900 | NS      | $4506289.00   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| EAST WEST BANCORP INC            | EAST WEST BANCORP INC                         | CUSIP: 27579R104<br>LEI: 254900O4X656YXFOYB11 | Long             | EC               | CORP              | US        |     69500 | NS      | $7415650.00   | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity Revere Street Trust     | Fidelity Cash Central Fund                    | CUSIP: 31635A105<br>LEI: 549300BDV45LJNXBZC55 | Long             | STIV             | RF                | US        |   1829137 | NS      | $1829503.07   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity Revere Street Trust     | Fidelity Securities Lending Cash Central Fund | CUSIP: 31635A303<br>LEI: 549300BDV45LJNXBZC55 | Long             | STIV             | RF                | US        |  36755879 | NS      | $36759554.68  | 3.61%             |  |  |  | No            |                  1 | On Loan: No      |
| FIRST AMERICAN FINANCIAL CORP    | FIRST AMERICAN FINANCIAL CORP                 | CUSIP: 31847R102<br>LEI: 549300B6VEZK3N0A1P55 | Long             | EC               | CORP              | US        |    203522 | NS      | $13383606.72  | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| FIRST INTERSTATE BANCSYSTEM INC  | FIRST INTST BANCSYST INC CL A                 | CUSIP: 32055Y201<br>LEI: 549300WRWYTYX0RCNJ43 | Long             | EC               | CORP              | US        |    326221 | NS      | $10713097.64  | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| CORPAY INC                       | CORPAY INC                                    | CUSIP: 219948106<br>LEI: 549300DG6RR0NQSFLN74 | Long             | EC               | CORP              | US        |     53000 | NS      | $15677400.00  | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| GALLAGHER (ARTHUR J.) and CO     | ARTHUR J GALLAGHAR AND CO                     | CUSIP: 363576109<br>LEI: 54930049QLLMPART6V29 | Long             | EC               | CORP              | US        |     55000 | NS      | $13619100.00  | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| KEYCORP                          | KEYCORP                                       | CUSIP: 493267108<br>LEI: RKPI3RZGV1V1FJTH5T61 | Long             | EC               | CORP              | US        |    472100 | NS      | $8677198.00   | 0.85%             |  |  |  | No            |                  1 | On Loan: —       |
| LPL FINANCIAL HOLDINGS INC       | LPL FINL HLDGS INC                            | CUSIP: 50212V100<br>LEI: 549300XROQ4Y8G2L7682 | Long             | EC               | CORP              | US        |       100 | NS      | $35604.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| M and T BANK CORP                | M and T BANK CORP                             | CUSIP: 55261F104<br>LEI: 549300WYXDDBYRASEG81 | Long             | EC               | CORP              | US        |     84337 | NS      | $16042584.14  | 1.58%             |  |  |  | No            |                  1 | On Loan: —       |
| MARKETAXESS HOLDINGS INC         | MARKETAXESS HLDGS INC                         | CUSIP: 57060D108<br>LEI: 5493002U1CA1XJOVID83 | Long             | EC               | CORP              | US        |     68600 | NS      | $11242854.00  | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| MASTERCARD INC                   | MASTERCARD INC CL A                           | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               | CORP              | US        |    177200 | NS      | $97553916.00  | 9.59%             |  |  |  | No            |                  1 | On Loan: No      |
| MOODYS CORP                      | MOODYS CORP                                   | CUSIP: 615369105<br>LEI: 549300GCEDD8YCF5WU84 | Long             | EC               | CORP              | US        |     32400 | NS      | $15901272.00  | 1.56%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY                   | MORGAN STANLEY                                | CUSIP: 617446448<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | EC               | CORP              | US        |    160000 | NS      | $27145600.00  | 2.67%             |  |  |  | No            |                  1 | On Loan: No      |
| ESSENT GROUP LTD                 | ESSENT GROUP LTD                              | CUSIP: N/A<br>LEI: 254900QUO860OUT6ZF83       | Long             | EC               | CORP              | BM        |    197200 | NS      | $12376272.00  | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| NASDAQ INC                       | NASDAQ INC                                    | CUSIP: 631103108<br>LEI: 549300L8X1Q78ERXFD06 | Long             | EC               | CORP              | US        |    179500 | NS      | $16320140.00  | 1.60%             |  |  |  | No            |                  1 | On Loan: No      |
| NORTHERN TRUST CORP              | NORTHERN TRUST CORP                           | CUSIP: 665859104<br>LEI: 549300GLF98S992BC502 | Long             | EC               | CORP              | US        |     65000 | NS      | $8537100.00   | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| OLD NATIONAL BANCORP (IND)       | OLD NATIONAL BANCORP (IND)                    | CUSIP: 680033107<br>LEI: 549300MMK90CL5KMVX16 | Long             | EC               | CORP              | US        |    592100 | NS      | $12866333.00  | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| PAYPAL HOLDINGS INC              | PAYPAL HLDGS INC                              | CUSIP: 70450Y103<br>LEI: 5493005X2GO78EFZ3E94 | Long             | EC               | CORP              | US        |       900 | NS      | $56421.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| POPULAR INC                      | POPULAR INC                                   | CUSIP: 733174700<br>LEI: 5493008CARDZMVQ3LO89 | Long             | EC               | CORP              | PR        |     87400 | NS      | $10025654.00  | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| RAYMOND JAMES FINANCIAL INC.     | RAYMOND JAMES FINANCIAL INC.                  | CUSIP: 754730109<br>LEI: RGUZHJ05YTITL6D76949 | Long             | EC               | CORP              | US        |     62400 | NS      | $9768096.00   | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| REINSURANCE GROUP OF AMERICA INC | REINSURANCE GROUP OF AMERICA                  | CUSIP: 759351604<br>LEI: LORM1GNEU1DKEW527V90 | Long             | EC               | CORP              | US        |    196593 | NS      | $37327112.91  | 3.67%             |  |  |  | No            |                  1 | On Loan: No      |
| AMUNDI SA                        | AMUNDI SA                                     | CUSIP: N/A<br>LEI: 96950010FL2T1TJKR531       | Long             | EC               | CORP              | FR        |    156800 | NS      | $12554058.68  | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| SLM CORP                         | SLM CORP                                      | CUSIP: 78442P106<br>LEI: 4K8SLPBF5DXXGPW03H93 | Long             | EC               | CORP              | US        |    456700 | NS      | $13381310.00  | 1.31%             |  |  |  | No            |                  1 | On Loan: —       |
| SCHWAB CHARLES CORP              | SCHWAB CHARLES CORP                           | CUSIP: 808513105<br>LEI: 549300VSGCJ7E698NM85 | Long             | EC               | CORP              | US        |    328200 | NS      | $30433986.00  | 2.99%             |  |  |  | No            |                  1 | On Loan: No      |
| SELECTIVE INSURANCE GROUP INC    | SELECTIVE INSURANCE GROUP INC                 | CUSIP: 816300107<br>LEI: 549300R3WGJWLE40R258 | Long             | EC               | CORP              | US        |    142000 | NS      | $11155520.00  | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| STATE STREET CORP                | STATE STREET CORP                             | CUSIP: 857477103<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | EC               | CORP              | US        |    267200 | NS      | $31802144.00  | 3.12%             |  |  |  | No            |                  1 | On Loan: No      |
| STIFEL FINANCIAL CORP            | STIFEL FINANCIAL CORP                         | CUSIP: 860630102<br>LEI: 549300E5F07FE5GHJX84 | Long             | EC               | CORP              | US        |     99500 | NS      | $12139000.00  | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| TRANSUNION                       | TRANSUNION                                    | CUSIP: 89400J107<br>LEI: 549300ZS772LUNUMRB03 | Long             | EC               | CORP              | US        |     94700 | NS      | $8054235.00   | 0.79%             |  |  |  | No            |                  1 | On Loan: —       |
| TRICO BANCSHARES                 | TRICO BANCSHARES                              | CUSIP: 896095106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    168200 | NS      | $8090420.00   | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| UMB FINANCIAL CORP               | UMB FINANCIAL CORP                            | CUSIP: 902788108<br>LEI: 549300MGEH3N3CUCV828 | Long             | EC               | CORP              | US        |    102458 | NS      | $11381034.64  | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| US BANCORP DEL                   | US BANCORP DEL                                | CUSIP: 902973304<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | EC               | CORP              | US        |    364800 | NS      | $17893440.00  | 1.76%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITED COMMUNITY BANK/SC         | UNITED COMMUNITY BANKS GA                     | CUSIP: 90984P303<br>LEI: T68X8LLAQYRNDV034K14 | Long             | EC               | CORP              | US        |    185700 | NS      | $5674992.00   | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| VIRTU FINANCIAL INC              | VIRTU FINANCIAL INC- CL A                     | CUSIP: 928254101<br>LEI: 5493001OPW2K42CH3884 | Long             | EC               | CORP              | US        |    427100 | NS      | $15273096.00  | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| VOYA FINANCIAL INC               | VOYA FINANCIAL INC                            | CUSIP: 929089100<br>LEI: 549300T065Z4KJ686G75 | Long             | EC               | CORP              | US        |    210400 | NS      | $14791120.00  | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| WELLS FARGO and CO               | WELLS FARGO and CO                            | CUSIP: 949746101<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EC               | CORP              | US        |    833290 | NS      | $71537946.50  | 7.03%             |  |  |  | No            |                  1 | On Loan: No      |
| WESBANCO INC                     | WESBANCO INC                                  | CUSIP: 950810101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    187300 | NS      | $6044171.00   | 0.59%             |  |  |  | No            |                  1 | On Loan: —       |
| WINTRUST FINANCIAL CORP          | WINTRUST FINANCIAL CORP                       | CUSIP: 97650W108<br>LEI: Q774KI4AW80FHFW33O61 | Long             | EC               | CORP              | US        |     60100 | NS      | $8054602.00   | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| ZIONS BANCORPORATION NA          | ZIONS BANCORP                                 | CUSIP: 989701107<br>LEI: 8WH0EE09O9V05QJZ3V89 | Long             | EC               | CORP              | US        |     86200 | NS      | $4588426.00   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| FIRST HAWAIIAN INC               | FIRST HAWAIIAN INC                            | CUSIP: 32051X108<br>LEI: 5493002DJSH46F5OLV06 | Long             | EC               | CORP              | US        |    234300 | NS      | $5838756.00   | 0.57%             |  |  |  | No            |                  1 | On Loan: —       |
| BALDWIN INSURANCE GROUP INC/THE  | BALDWIN INSURANCE GROUP INC/THE               | CUSIP: 05589G102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    343449 | NS      | $9791730.99   | 0.96%             |  |  |  | No            |                  1 | On Loan: —       |
| EASTERN BANKSHARES INC           | EASTERN BANKSHARES INC                        | CUSIP: 27627N105<br>LEI: 549300J245MBQU3DO403 | Long             | EC               | CORP              | US        |    529000 | NS      | $9961070.00   | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| PERELLA WEINBERG PARTNERS        | PERELLA WEINBERG PARTNERS                     | CUSIP: 71367G102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    204523 | NS      | $3734589.98   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| BLUE OWL CAPITAL INC             | BLUE OWL CAPITAL INC A                        | CUSIP: 09581B103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    919700 | NS      | $13795500.00  | 1.36%             |  |  |  | No            |                  1 | On Loan: —       |
| PATRIA INVESTMENTS LTD           | PATRIA INVESTMENTS LTD                        | CUSIP: N/A<br>LEI: 254900MZMZN2NNVXYO82       | Long             | EC               | CORP              | KY        |    621600 | NS      | $9367512.00   | 0.92%             |  |  |  | No            |                  1 | On Loan: —       |
| FIRSTCASH HOLDINGS INC           | FIRSTCASH HOLDINGS INC                        | CUSIP: 33768G107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     67611 | NS      | $10710258.51  | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| APOLLO GLOBAL MANAGEMENT, INC    | APOLLO GLOBAL MANAGEMENT INC                  | CUSIP: 03769M106<br>LEI: 254900LMFT1CY9IYB476 | Long             | EC               | CORP              | US        |    193336 | NS      | $25491351.60  | 2.50%             |  |  |  | No            |                  1 | On Loan: No      |
| NEPTUNE INSURANCE HOLDINGS INC   | NEPTUNE INSURANCE HOLDINGS INC                | CUSIP: 64073B103<br>LEI: 529900I3QTHC0Q1C2D65 | Long             | EC               | CORP              | US        |       600 | NS      | $13992.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: —       |

### Signature

**Date Signed:** 2025-12-30

**Name of Applicant:** Stacie M. Smith

**Signature:** Stacie M. Smith

**Name of Signer:** Stacie M. Smith

**Title:** President and Treasurer